Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 16, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IDYA | ||
Entity Registrant Name | IDEAYA Biosciences, Inc. | ||
Entity Central Index Key | 0001676725 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Common Stock, Shares Outstanding | 74,560,273 | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 001-38915 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-4268251 | ||
Entity Address, Address Line One | 7000 Shoreline Court | ||
Entity Address, Address Line Two | Suite 350 | ||
Entity Address, City or Town | South San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94080 | ||
City Area Code | 650 | ||
Local Phone Number | 443-6209 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 1.3 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Firm ID | 238 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | San Jose, California | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement relating to the 2024 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. The proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2023 . |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 157,018 | $ 68,632 |
Short-term marketable securities | 368,096 | 296,197 |
Accounts receivable | 18 | 211 |
Prepaid expenses and other current assets | 7,500 | 5,414 |
Total current assets | 532,632 | 370,454 |
Restricted cash | 757 | 106 |
Long-term marketable securities | 107,492 | 8,317 |
Property and equipment, net | 6,164 | 6,509 |
Right-of-use asset | 2,246 | 2,484 |
Other non-current assets | 25 | 99 |
Total assets | 649,316 | 387,969 |
Current liabilities | ||
Accounts payable | 6,598 | 4,280 |
Accrued liabilities | 18,756 | 16,999 |
Contract liability | 8,568 | |
Operating lease liabilities, current | 1,747 | 1,871 |
Total current liabilities | 27,101 | 31,718 |
Long-term contract liability | 5,185 | |
Long-term operating lease liabilities | 1,125 | 1,611 |
Total liabilities | 28,226 | 38,514 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of December 31, 2023 and December 31, 2022; no shares issued and outstanding as of December 31, 2023 and December 31, 2022 | ||
Common stock, $0.0001 par value, 300,000,000 shares authorized as of December 31, 2023 and December 31, 2022; 65,039,369 and 48,193,179 shares issued and outstanding as of December 31, 2023 and December 31, 2022 | 7 | 5 |
Additional paid-in capital | 968,885 | 587,724 |
Accumulated other comprehensive income (loss) | 562 | (2,871) |
Accumulated deficit | (348,364) | (235,403) |
Total stockholders’ equity | 621,090 | 349,455 |
Total liabilities and stockholders’ equity | $ 649,316 | $ 387,969 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 65,039,369 | 48,193,179 |
Common stock, shares outstanding | 65,039,369 | 48,193,179 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Collaboration revenue | $ 23,385 | $ 50,931 | $ 27,941 |
Operating expenses | |||
Research and development | 129,508 | 89,536 | 58,158 |
General and administrative | 28,306 | 23,897 | 20,051 |
Total operating expenses | 157,814 | 113,433 | 78,209 |
Loss from operations | (134,429) | (62,502) | (50,268) |
Interest income and other income (expense), net | 21,468 | 3,847 | 506 |
Net loss | (112,961) | (58,655) | (49,762) |
Unrealized gains (losses) on marketable securities | 3,433 | (2,159) | (719) |
Comprehensive loss | $ (109,528) | $ (60,814) | $ (50,481) |
Net loss per common share, basic | $ (1.96) | $ (1.42) | $ (1.41) |
Net loss per common share, diluted | $ (1.96) | $ (1.42) | $ (1.41) |
Weighted-average number of common shares outstanding used in computing net loss per share, basic | 57,519,929 | 41,444,696 | 35,252,443 |
Weighted-average number of common shares outstanding used in computing net loss per share, diluted | 57,519,929 | 41,444,696 | 35,252,443 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Follow-on Public Offering | At-the-market Offering | Common Stock | Common Stock Follow-on Public Offering | Common Stock At-the-market Offering | Additional Paid-In Capital | Additional Paid-In Capital Follow-on Public Offering | Additional Paid-In Capital At-the-market Offering | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2020 | $ 198,274 | $ 3 | $ 325,250 | $ 7 | $ (126,986) | ||||||
Beginning balance, shares at Dec. 31, 2020 | 29,537,216 | ||||||||||
Issuance of common stock, net of issuance cost | $ 85,990 | $ 57,263 | $ 1 | $ 85,989 | $ 57,263 | ||||||
Issuance of common stock, net of issuance costs, shares | 5,333,333 | 3,407,872 | |||||||||
Issuance of common stock upon exercise of stock options | 1,510 | 1,510 | |||||||||
Issuance of common stock upon exercise of stock options, shares | 211,900 | ||||||||||
Employee stock purchase plan (ESPP) purchase | 697 | 697 | |||||||||
Employee stock purchase plan (ESPP) purchase, shares | 50,037 | ||||||||||
Repurchase of unvested restricted stock | (7,313) | ||||||||||
Vesting of early exercised common stock options and restricted stock | 24 | 24 | |||||||||
Stock-based compensation | 8,237 | 8,237 | |||||||||
Other comprehensive gain (loss) | (719) | (719) | |||||||||
Net Income (Loss) | (49,762) | (49,762) | |||||||||
Ending balance at Dec. 31, 2021 | 301,514 | $ 4 | 478,970 | (712) | (176,748) | ||||||
Ending balance, shares at Dec. 31, 2021 | 38,533,045 | ||||||||||
Issuance of common stock, net of issuance cost | 86,081 | 8,842 | $ 1 | 86,080 | 8,842 | ||||||
Issuance of common stock, net of issuance costs, shares | 8,761,905 | 601,844 | |||||||||
Issuance of common stock upon exercise of stock options | 1,448 | 1,448 | |||||||||
Issuance of common stock upon exercise of stock options, shares | 214,643 | ||||||||||
Employee stock purchase plan (ESPP) purchase | 755 | 755 | |||||||||
Employee stock purchase plan (ESPP) purchase, shares | 81,742 | ||||||||||
Stock-based compensation | 11,629 | 11,629 | |||||||||
Other comprehensive gain (loss) | (2,159) | (2,159) | |||||||||
Net Income (Loss) | (58,655) | (58,655) | |||||||||
Ending balance at Dec. 31, 2022 | 349,455 | $ 5 | 587,724 | (2,871) | (235,403) | ||||||
Ending balance, shares at Dec. 31, 2022 | 48,193,179 | ||||||||||
Issuance of common stock, net of issuance cost | $ 281,122 | $ 28,598 | $ 2 | $ 281,120 | $ 28,598 | ||||||
Issuance of common stock, net of issuance costs, shares | 14,655,993 | 1,188,705 | |||||||||
Issuance of pre-funded warrants for the purchase of common stock | 42,182 | 42,182 | |||||||||
Issuance of common stock upon exercise of stock options | 9,559 | 9,559 | |||||||||
Issuance of common stock upon exercise of stock options, shares | 931,012 | ||||||||||
Employee stock purchase plan (ESPP) purchase | 1,213 | 1,213 | |||||||||
Employee stock purchase plan (ESPP) purchase, shares | 70,480 | ||||||||||
Stock-based compensation | 18,489 | 18,489 | |||||||||
Other comprehensive gain (loss) | 3,433 | 3,433 | |||||||||
Net Income (Loss) | (112,961) | (112,961) | |||||||||
Ending balance at Dec. 31, 2023 | $ 621,090 | $ 7 | $ 968,885 | $ 562 | $ (348,364) | ||||||
Ending balance, shares at Dec. 31, 2023 | 65,039,369 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net loss | $ (112,961) | $ (58,655) | $ (49,762) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Depreciation and amortization | 2,476 | 2,101 | 1,725 |
Net amortization (accretion) of premiums (discounts) on marketable securities | (11,553) | (695) | 1,834 |
Stock-based compensation | 18,489 | 11,629 | 8,237 |
Amortization of right of use assets | 1,532 | 1,414 | 1,307 |
Changes in assets and liabilities | |||
Accounts receivable | 193 | 892 | 774 |
Prepaid expenses and other assets | (2,045) | (2,119) | (189) |
Accounts payable | 2,635 | 1,864 | 1,166 |
Accrued and other liabilities | 1,635 | 4,572 | 4,212 |
Contract liabilities | (13,753) | (46,479) | (23,541) |
Lease liabilities | (1,872) | (1,699) | (1,542) |
Net cash used in operating activities | (115,224) | (87,175) | (55,779) |
Cash flows from investing activities | |||
Purchases of property and equipment, net | (2,368) | (3,443) | (2,644) |
Purchases of marketable securities | (595,980) | (255,808) | (314,996) |
Maturities of marketable securities | 439,892 | 225,847 | 243,956 |
Sales of marketable securities | 0 | 0 | 4,018 |
Net cash used in investing activities | (158,456) | (33,404) | (69,666) |
Cash flows from financing activities | |||
Proceeds from issuance of common stock in public offering, net of issuance costs | 281,165 | 86,105 | 85,990 |
Proceeds from issuances of pre-funded warrants | 42,182 | 0 | 0 |
Proceeds from issuance of common stock related to at-the-market offering program, net of issuance costs | 28,598 | 8,857 | 57,263 |
Proceeds from exercise of common stock options, net of repurchases | 9,559 | 1,448 | 1,504 |
Proceeds from ESPP purchases | 1,213 | 755 | 697 |
Net cash provided by financing activities | 362,717 | 97,165 | 145,454 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 89,037 | (23,414) | 20,009 |
Cash, cash equivalents and restricted cash, at beginning of period | 68,738 | 92,152 | 72,143 |
Cash, cash equivalents and restricted cash, at end of period | 157,775 | 68,738 | 92,152 |
Reconciliation of cash, cash equivalents and restricted cash | |||
Cash and cash equivalents | 157,018 | 68,632 | 92,046 |
Restricted cash | 757 | 106 | 106 |
Cash, cash equivalents and restricted cash | 157,775 | 68,738 | 92,152 |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 0 | 0 | 4 |
Cash paid for interest | 69 | 60 | 71 |
Supplemental non-cash investing and financing activities: | |||
Vesting of early exercised options and restricted stock | 0 | 0 | 24 |
Purchases of property and equipment in accounts payable and accrued liabilities | 147 | 384 | 92 |
Right-of-use asset obtained in exchange for a new operating lease liability | 1,294 | 0 | 0 |
Unpaid offering costs | $ 43 | $ 39 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (112,961) | $ (58,655) | $ (49,762) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Trading Plans Name and Title Trading Arrangement Non-Rule 10b5‑1** Yujiro S. Hata President and Chief Executive Officer Adopt December 22, 2023 X 175,000 November 14, 2024 * Intended to satisfy the affirmative defense of Rule 10b5-1(c) ** No t intended to satisfy the affirmative defense of Rule 10b5-1(c) |
Name | Yujiro S. Hata |
Title | President and Chief Executive Officer |
Rule 10b5-1 Arrangement Adopted | true |
Non-Rule 10b5-1 Arrangement Adopted | false |
Adoption Date | December 22, 2023 |
Aggregate Available | 175,000 |
Expiration Date | November 14, 2024 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Description of the Business IDEAYA Biosciences, Inc. (the “Company”) is a synthetic lethality-focused precision medicine oncology company committed to the discovery and development of targeted therapeutics for patient populations selected using molecular diagnostics. The Company is headquartered in South San Francisco, California and was incorporated in the State of Delaware in June 2015. To date, the Company has been primarily engaged in business planning, research, development, recruiting and raising capital. Follow-On Offering On September 19, 2022, we completed an underwritten public offering of 8,761,905 shares of our common stock at an offering price to the public of $ 10.50 per share, including 1,142,857 shares of common stock upon the exercise in full of the overallotment option by the underwriters, pursuant to which we received aggregate net proceeds of $ 86.1 million, after deducting underwriting discounts and commissions and other offering expenses. On April 27, 2023, the Company completed an underwritten public follow-on offering. The offering consisted of 8,858,121 shares of our common stock at an offering price to the public of $ 18.50 per share, including 1,418,920 shares of common stock upon the exercise in full of the overallotment option by the underwriters, as well as pre-funded warrants to purchase 2,020,270 shares of common stock at a public offering price of $ 18.4999 per underlying share, in each case before underwriting discounts and commissions. Pursuant to the offering, we received aggregate gross proceeds of approximately $ 201.3 million, before deducting underwriting discounts and commissions and other offering expenses, resulting in net proceeds of approximately $ 188.7 million, after deducting underwriting discounts and commissions and other offering expenses. On October 27, 2023, the Company completed a further underwritten public follow-on offering. The offering consisted of 5,797,872 shares of our common stock at an offering price to the public of $ 23.50 per share, including 797,872 shares of common stock upon the exercise in full of the overallotment option by the underwriters, as well as pre-funded warrants to purchase 319,150 shares of common stock at a public offering price of $ 23.4999 per underlying share, in each case before underwriting discounts and commissions. Pursuant to the offering, we received aggregate gross proceeds of approximately $ 143.7 million, before deducting underwriting discounts and commissions and other offering expenses, resulting in net proceeds of approximately $ 134.6 million, after deducting underwriting discounts and commissions and other offering expenses. At-the-Market Offering Our Registration Statement on Form S-3, which was filed under the Securities Act, and became effective as of June 10, 2020, lapsed in June 2023. The January 2021 Sales Agreement was automatically terminated concurrently therewith. As of the termination date of the January 2021 Sales Agreement, approximately $ 61.8 million of common stock remained available to be sold under the at-the-market facility associated therewith. On June 26, 2023, we filed a new Registration Statement on Form S-3 (File No. 333- 272936) under the Securities Act as an automatic shelf registration statement as a “well-known seasoned issuer”, as defined in Rule 405 under the Securities Act. On June 26, 2023, we also entered into a new Open Market Sales Agreement, or June 2023 Sales Agreement, with Jefferies LLC (“Jefferies”) relating to an at-the-market offering program under which we may offer and sell, from time to time at our sole discretion, shares of our common stock, par value $ 0.0001 per share, having aggregate gross proceeds of up to $ 250.0 million through Jefferies as sales agent. During the year ended December 31, 2023, we sold an aggregate of 1,188,705 shares of our common stock through at-the-market offerings for aggregate net proceeds of $ 28.6 million, after deducting underwriting discounts and commissions and other offering expenses, at a weighted average sales price of approximately $ 25.30 per share under the at-the-market offering pursuant to the January 2021 Sales Agreement and June 2023 Sales Agreement with Jefferies as sales agent. As of December 31, 2023, approximately $ 222.5 million of common stock remained available to be sold under the June 2023 Sales Agreement with Jefferies as sales agent. We may cancel our at-the-market program at any time upon written notice, pursuant to its terms. Liquidity The Company has incurred significant losses and negative cash flows from operations in all periods since inception and had an accumulated deficit of $ 348.4 million as of December 31, 2023. The Company has historically financed its operations primarily through the sale of convertible notes, redeemable convertible preferred stock and common stock, pre-funded warrants, and payments received from its collaboration arrangement. To date, none of the Company’s product candidates have been approved for sale, and the Company has not generated any revenue from commercial products since inception. Management expects operating losses to continue and increase for the foreseeable future, as the Company progresses into clinical development activities for its lead product candidates. The Company’s prospects are subject to risks, expenses and uncertainties frequently encountered by companies in the biotechnology industry as discussed under Risks and Uncertainties in Note 2. While the Company has been able to raise multiple rounds of financing, there can be no assurance that in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all. Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending would have a material adverse effect on the Company’s ability to achieve its intended business objectives. As of December 31, 2023, the Company had cash, cash equivalents and marketable securities of $ 632.6 million. Management believes that the Company’s current cash, cash equivalents and marketable securities will be sufficient to fund its planned operations for at least 12 months from the date of the issuance of these financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates include useful lives of property and equipment, determination of the discount rate for operating leases, accruals for research and development activities, revenue recognition, stock-based compensation, and income taxes. On an ongoing basis, management reviews these estimates and assumptions. Changes in facts and circumstances may alter such estimates and actual results could differ from those estimates. Segments The Company operates and manages its business as one operating and reportable segment, which is the business of research and development for oncology-focused precision medicine. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. All of the Company's long-lived assets are located in the United States. Risks and Uncertainties The Company operates in a dynamic and highly competitive industry and is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, contract manufacturers, contract research organizations and collaboration partners, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies and clinical trials and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting. The Company believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations, or cash flows: ability to obtain future financing; advances and trends in new technologies and industry standards; results of clinical trials and collaboration activities; regulatory approval and market acceptance of the Company’s products; development of sales channels; certain strategic relationships; litigation or claims against the Company based on intellectual property, patent, product, regulatory, or other factors; and the Company’s ability to attract and retain employees necessary to support its growth. Products developed by the Company require approvals from the U.S. Food and Drug Administration (“FDA”) or other international regulatory agencies prior to commercial sales. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that the products will receive the necessary approvals, or that any approved products will be commercially viable. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval, it could have a materially adverse impact on the Company. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties. The Company has expended and will continue to expend substantial funds to complete the research, development and clinical testing of product candidates. The Company also will be required to expend additional funds to establish commercial-scale manufacturing arrangements and to provide for the marketing and distribution of products that receive regulatory approval. The Company may require additional funds to commercialize its products. The Company is unable to entirely fund these efforts with its current financial resources. If adequate funds are unavailable on a timely basis from operations or additional sources of financing, the Company may have to delay, reduce the scope of or eliminate one or more of its research or development programs which would materially and adversely affect its business, financial condition and operations. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and marketable securities. Substantially all the Company’s cash is held by two financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company’s investment policy addresses credit ratings, diversification, and maturity dates. The Company invests its cash equivalents and marketable securities in money market funds, U.S. government securities, commercial paper, and corporate bonds. The Company limits its credit risk associated with cash equivalents and marketable securities by placing them with banks and institutions it believes are creditworthy and in highly rated investments and, by policy, limits the amount of credit exposure with any one commercial issuer. The Company has not experienced any credit losses on its deposits of cash, cash equivalents or marketable securities. Cash Equivalents Cash equivalents that are readily convertible to cash are stated at cost, which approximates fair value. The Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. Restricted Cash Restricted cash as of December 31, 2023 and December 31, 2022 consisted of cash balances held as security in connection with the Company’s facility lease agreements in South San Francisco, California and San Diego, California. The balances are classified as long-term assets on the Company’s balance sheet. Marketable Securities Marketable securities are investments in marketable securities with maturities greater than three months at the time of purchase. The Company determines the appropriate classification of its investments in marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable securities as available-for-sale. After consideration of the Company’s risk versus reward objectives and liquidity requirements, the Company may sell these securities prior to their stated maturities. The Company classifies highly liquid securities with maturities beyond 12 months as long-term marketable securities in the balance sheet. These securities are carried at fair value as determined based upon quoted market prices or pricing models for similar securities. Unrealized gains and losses, if any, are excluded from earnings and are reported as a component of accumulated other comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income and other income (expense), net on the statements of operations and comprehensive loss. Realized gains and losses, if any, on available-for-sale securities are included in interest income and other income (expense), net. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. Fair Value of Financial Instruments The carrying amounts of the Company’s certain financial instruments, including cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities and market interest rates if applicable. Refer to Note 3 for details on the fair value of marketable securities. Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which is generally between three and five years . Leasehold improvements are stated at cost and amortized over the shorter of the useful lives of the assets or the lease term. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in the statements of operations and comprehensive loss in the period realized. Impairment of Long-Lived Assets The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amount of the asset or asset group to the future net cash flows which the asset or asset group is expected to generate. If such asset or asset group is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. There have been no such impairments of long-lived assets for the years ended December 31, 2023 and December 31, 2022 . Leases The Company determines if an arrangement is a lease, or contains a lease, at its inception. Operating leases are included in right-of-use (“ROU”) assets, lease liabilities, and long-term lease liabilities on the Company’s balance sheet. ROU assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The ROU asset also includes any lease payments made to the lessor at or before the commencement date, minus lease incentives received, and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company combines lease and nonlease components. Cloud Computing Arrangements The Company capitalizes certain implementation costs incurred under a cloud computing arrangement that is a service contract. Costs incurred during the application development stage related to the implementation of the hosting arrangement are capitalized and included within prepaid expenses and other current assets, and other non-current assets on the accompanying balance sheets. Amortization of capitalized implementation costs is recognized on a straight-line basis over the term of the associated hosting arrangement when it is ready for its intended use. Costs related to preliminary project activities and post-implementation activities are expensed as incurred. Revenue Recognition The Company follows Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company applies the five-step model to contracts when (1) parties have approved the contract and are committed to performing respective obligations, (2) the Company can identify each party’s rights regarding the goods or services to be transferred, (3) the Company can identify the payment terms for the goods or services to be transferred, (4) the contract has commercial substance, and (5) it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract and determines the performance obligations by assessing whether each promised good or service is distinct. Goods or services that are not distinct are bundled with other goods or services in the contract until a bundle of goods or services that is distinct is created. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligations when (or as) the performance obligations are satisfied. The Company constrains its estimate of the transaction price up to the amount (the “variable consideration constraint”) that a significant reversal of recognized revenue is not probable. Licenses of intellectual property: If a license to the Company’s intellectual property is determined to be distinct from the other promised goods or services identified in an arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license at the point in time when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other goods or services, the Company applies judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress toward satisfying the performance obligation for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of progress and related revenue recognition. Customer options for additional goods or services: If a contract contains customer options that allow the customer to acquire additional goods or services, including a license to the Company’s intellectual property, the goods and services underlying the customer options are evaluated to determine whether they are deemed to represent a material right. In determining whether the customer option has a material right, the Company assesses whether there is an option to acquire additional goods or services at a discount. If the customer option is determined not to represent a material right, the option is not considered to be a performance obligation. If the customer option is determined to represent a material right, the material right is recognized as a separate performance obligation. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until the option is exercised. Milestone payments: At the inception of each arrangement or amendment that includes development, regulatory or commercial milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. ASC 606 prescribes two methods to use when estimating the amount of variable consideration: the expected value method and the most likely amount method. Under the expected value method, an entity considers the sum of probability-weighted amounts in a range of possible consideration amounts. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. The Company uses the expected value method to estimate the amount of variable consideration related to the reimbursement of Pol Theta and WRN program costs which is consistently applied throughout the life of the contract: however, it is not necessary for the Company to use the same approach for all contracts. If it is probable that a significant revenue reversal would not occur when the uncertainty associated with the milestone is resolved, the associated milestone value is included in the transaction price. Milestone payments that are highly susceptible to factors outside the Company’s influence, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. If there is more than one performance obligation, the transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis. The Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability or achievement of each milestone and any related constraint, and if necessary, adjusts its estimates of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Upfront payments and fees are recorded as contract liabilities upon receipt or when due and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. Contractual cost sharing payments received from a customer or collaboration partner are accounted for as variable consideration. The Company includes an expected value in the transaction price. Contractual cost sharing payments made to a customer or collaboration partner are accounted for as a reduction to the transaction price if such payments are not related to distinct goods or services received from the customer or collaboration partner. Contracts may be amended to account for changes in contract specifications and requirements. Contract modifications exist when the amendment either creates new, or changes existing, enforceable rights and obligations. When contract modifications create new performance obligations and the increase in consideration approximates the standalone selling price for goods and services related to such new performance obligations as adjusted for specific facts and circumstances of the contract, the modification is accounted for as a separate contract. If a contract modification is not accounted for as a separate contract, the Company accounts for the promised goods or services not yet transferred at the date of the contract modification (the remaining promised goods or services) prospectively, as if it were a termination of the existing contract and the creation of a new contract, if the remaining goods or services are distinct from the goods or services transferred on or before the date of the contract modification. The Company accounts for a contract modification as if it were a part of the existing contract if the remaining goods or services are not distinct and, therefore, form part of a single performance obligation that is partially satisfied at the date of the contract modification. In such case, the effect that the contract modification has on the transaction price, and on the entity’s measure of progress toward complete satisfaction of the performance obligation, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) at the date of the contract modification (the adjustment to revenue is made on a cumulative catch-up basis). Upfront payment contract liabilities resulting from the Company’s license and collaboration agreements do not represent a financing component as the payment is not financing the transfer of goods and services, and the technology underlying the licenses granted reflects research and development expenses already incurred by the Company. As such, the Company does not adjust its revenues for the effects of a significant financing component. Amounts received prior to satisfying the revenue recognition criteria are recorded as contract liability in the Company’s balance sheets. If the related performance obligation is expected to be satisfied within the next twelve (12) months, this will be classified and included within current contract liability. Research and Development Expenses Research and development expenses consist of compensation costs, employee benefit costs, costs for contract manufacturing organizations (“CMOs”), costs for contract research organizations (“CROs”), costs for clinical trials, costs for sponsored research, consulting costs, costs for laboratory supplies, costs for product licenses, facility-related expenses and depreciation. All research and development costs are charged to research and development expenses as incurred and included within the statements of operations and comprehensive loss. Payments associated with licensing agreements to acquire exclusive licenses to develop, use, manufacture and commercialize products that have not reached technological feasibility and do not have alternate commercial use are also expensed as incurred. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered. Accrued Research and Development Expenses The Company has entered into various agreements with CMOs and CROs. The Company’s research and development accruals are estimated based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The estimated costs of research and development provided, but not yet invoiced, are included in accrued liabilities on the balance sheet. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accrual accordingly. Payments made to CMOs and CROs under these arrangements in advance of the performance of the related services are recorded as prepaid expenses and other current assets until the services are rendered. Management’s process involves reviewing open contracts and purchase orders, communicating with applicable personnel to identify services that have been performed, and estimating the level of service performed and the associated costs incurred based on vendor estimates for the services when the Company has not yet been invoiced or otherwise notified of actual costs. Stock-Based Compensation The Company accounts for stock-based compensation arrangements with employees and non-employees in accordance with ASC 718, Stock Compensation. The Company accounts for stock-based compensation arrangements using a fair value method which requires the recognition of compensation expense related to all stock-based awards. The fair value method requires the Company to estimate the fair value of stock option awards on the date of grant using an option pricing model. The Company uses the Black-Scholes option pricing model to determine the fair value of options granted, which is expensed on a straight-line basis over the vesting period. Generally, the stock options granted by the Company to its employees have a 10-year term and vest over a 4 -year period with 1 -year cliff vesting. Income Taxes The Company accounts for income taxes using the asset and liability method whereby deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are currently in effect unless such rate is expected to be different when the deferred item reverses. Valuation allowances are established where necessary to reduce deferred tax assets to the amounts expected to be realized. Deferred tax assets and liabilities are classified as noncurrent on the balance sheet. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that has a greater than 50 % likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in interest expense and other expense, respectively. Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ equity that are excluded from net loss, primarily unrealized gains and losses from the Company’s marketable securities. Net Loss per Share Attributable to Common Stockholders Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. Pre-funded warrants are included in the calculation of basic and diluted earnings per share. For purposes of the diluted net loss per share calculation, stock options, restricted stock and restricted stock that is subject to repurchase at the original purchase price are considered to be potentially dilutive securities. The Company considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities, because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) under its accounting standard codifications (“ASC”) or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. New Accounting Pronouncements Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The FASB subsequently issued supplemental guidance to ASC 326 within ASU 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief , ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses . ASU 2019-05 provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2019-10 extended the effectiveness of Topic 326 for smaller reporting companies until fiscal years beginning after December 15, 2022. As of January 1, 2024, the Company is no longer a smaller reporting company. The Company adopted this ASU on January 1, 2023 , and evaluated the impact of the adoption of the ASU. It did no t result in a material impact on the Company's financial statements and related disclosures. New Accounting Pronouncements Issued, Not yet Adopted On October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative, which modifies the disclosure or presentation requirements related to variety of FASB Accounting Standard Codification topics. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K is effective. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the associated amendment will be removed from the Codification and will not become effective for any entities. We are currently evaluating the effect of adopting this ASU. On December 14, 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which amends the guidance in ASC 740, Income Taxes. The ASU is intended to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU’s amendments are effective for public business entities for annual periods beginning after December 15, 2024. Entities are permitted to early adopt the standard “for annual financial statements that have not yet been issued or made available for issuance.” Adoption is either prospectively or retrospectively, the Company will adopt this ASU on a prospective basis. The Company is currently evaluating the impact of the ASU but does not expect any material impacts upon adoption. |
Fair Value Measurement and Mark
Fair Value Measurement and Marketable Securities | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Marketable Securities | 3. Fair Value Measurement and Marketable Securities The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. As of December 31, 2023, financial assets measured and recorded at fair value are as follows (in thousands): December 31, 2023 Amortized Gross Gross Estimated Assets U.S. government securities (1) Level 2 $ 412,679 $ 591 $ ( 135 ) $ 413,135 Corporate bonds Level 2 53,983 197 ( 32 ) 54,148 Commercial paper (2) Level 2 126,601 — ( 58 ) 126,543 Marketable securities 593,263 788 ( 225 ) 593,826 Money market funds (3) Level 1 38,300 — — 38,300 Total fair value of assets $ 631,563 $ 788 $ ( 225 ) $ 632,126 (1) $ 37.8 million was included in cash and cash equivalents on the balance sheet due to securities with purchase dates within 90 days of maturity dates (2) $ 80.4 million was included in cash and cash equivalents on the balance sheet due to securities with purchase dates within 90 days of maturity dates (3) Included in cash and cash equivalents on the balance sheet As of December 31, 2022, financial assets measured and recognized at fair value are as follows (in thousands): December 31, 2022 Amortized Gross Gross Estimated Assets U.S. government securities Level 2 $ 146,030 $ — $ ( 2,291 ) $ 143,739 Corporate bonds Level 2 86,546 — ( 580 ) 85,966 Commercial paper (1) Level 2 78,797 — — 78,797 Marketable securities 311,373 — ( 2,871 ) 308,502 Money market funds (2) Level 1 64,153 — — 64,153 Total fair value of assets $ 375,526 $ — $ ( 2,871 ) $ 372,655 (1) $ 4.0 million was included in cash and cash equivalents on the balance sheet due to securities with purchase dates within 90 days of maturity dates (2) Included in cash and cash equivalents on the balance sheet As of December 31, 2023 and December 31, 2022 , all marketable securities had a remaining maturity of less than two years . There were no financial liabilities measured and recognized at fair value as of December 31, 2023 and December 31, 2022. The Company considers available evidence in evaluating potential other-than-temporary impairments of its marketable securities, including the duration and extent to which fair value is less than cost, and the Company’s ability and intent to hold the investment. As of December 31, 2023 and December 31, 2022, the Company held certain securities in an unrealized loss position. These unrealized losses were considered to be temporary as the Company expects to recover the entire amortized cost basis on the securities in unrealized loss positions based on the creditworthiness of the underlying issuer, and the Company neither intends to sell these securities nor considers it more likely than not that the Company would be required to sell any such security before its anticipated recovery. As a result, the Company did not consider any of these investments to be other-than-temporarily impaired at December 31, 2023 and December 31, 2022 . |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 4. Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): Useful Life As of December 31, (In Years) 2023 2022 Laboratory equipment 5 $ 11,455 $ 9,743 Computer equipment 3 261 261 Software 3 231 231 Leasehold improvements Shorter of useful 3,321 3,321 Furniture and fixtures 5 507 506 Total property and equipment 15,775 14,062 Less: Accumulated depreciation and amortization ( 9,611 ) ( 7,553 ) Property and equipment, net $ 6,164 $ 6,509 Depreciation and amortization expense was $ 2.5 million, $ 2.1 million and $ 1.7 million for the years ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): As of December 31, 2023 2022 Accrued research and development expenses $ 10,676 $ 11,146 Accrued salaries and benefits 6,974 5,248 Legal and professional fees 959 513 Other 147 92 Accrued liabilities $ 18,756 $ 16,999 |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Operating Leases | 5. Operating Leases The Company leases its laboratory and office facilities in South San Francisco for approximately 29,000 square feet with an expiration date in July 2024 . In June 2023, we entered into a lease agreement for approximately 44,000 square feet of space at 5000 Shoreline Court, South San Francisco, California. The estimated commencement date is June 2024 and the lease term is one hundred twenty months . The Company has the option to extend the lease term for two consecutive five-year periods. In November 2023, we entered into a lease agreement for approximately 5,700 square feet of space at 11710 El Camino Real, San Diego, California for corporate office space. The lease commenced in December 2023 and expires in March 2028 . We have an option to renew the lease for 3 years . The Company recorded a right-of-use asset and lease liability related to the lease upon its commencement date in December 2023. As of December 31, 2023, the balances of the right-of-use asset and the lease liability were $ 1.3 million each. Future minimum lease payments under operating leases included on the Company's balance sheet are as follows: As of (in thousands) December 31, 2023 2024 1,897 2025 387 2026 398 2027 410 2028 106 Total future minimum lease payments 3,198 Less: imputed interest ( 326 ) Total operating lease liabilities 2,872 The following table summarizes other information about the Company's operating leases: As of December 31, 2023 2022 Weighted-average remaining lease term 2.4 1.6 Weighted-average discount rate 8.0 % 6.9 % Operating lease costs were $ 1.7 million for each of the years ended December 31, 2023, 2022 and 2021. Variable lease costs were $ 1.4 million, $ 1.0 million, and $ 1.0 million for the years ended December 31, 2023, 2022, and 2021, respectively. Variable lease costs represent additional costs incurred, related to administration, maintenance and property tax costs incurred, which are billed based on both usage and as a percentage of the Company's share of total square footage. During the years ended December 31, 2023, 2022 and 2021, cash paid for amounts included in the measurement of lease liabilities and included within cash used in operating activities in the statement of cash flows was $ 2.0 million, $ 2.0 million and $ 1.9 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Contingencies From time to time, the Company may be involved in litigation related to claims that arise in the ordinary course of its business activities. The Company accrues for these matters when it is probable that future expenditures will be made and these expenditures can be reasonably estimated. As of December 31, 2023, the Company does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows. Indemnification The Company enters into standard indemnification arrangements in the ordinary course of business with vendors, clinical trial sites and other parties. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these arrangements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. Accordingly, the Company has not recorded a liability related to such indemnification agreements as of December 31, 2023 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes No provision for income taxes was recorded for the years ended December 31, 2023, December 31, 2022 and December 31, 2021. The Company has incurred net operating losses only in the United States since its inception. The Company has not reflected any benefit of such net operating loss carryforwards in the financial statements. The provision for income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows: Year Ended December 31, 2023 2022 2021 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes 1.3 % 1.9 % 0.7 % Change in valuation allowance ( 29.1 %) ( 23.4 %) ( 25.2 %) Stock Based Compensation 0.7 % ( 1.2 %) ( 0.2 %) Research tax credits 8.3 % 4.4 % 3.8 % Other permanent differences ( 0.1 %) ( 0.1 %) ( 0.1 %) Section 162(m) Limitation ( 2.1 %) ( 2.6 %) 0.0 % Provision for income taxes 0.0 % 0.0 % 0.0 % The tax effects of temporary differences and carryforwards of the deferred tax assets are presented below (in thousands): As of December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 34,717 $ 31,777 Research and development credit carryforwards 19,997 9,454 Lease liability 610 739 Intangible assets 1,096 1,166 Stock-based compensation 2,593 1,713 Accruals and reserves 1,257 1,666 Deferred revenue - 2,881 Capitalized research & development expenditures 36,267 15,134 Gross deferred tax assets 96,537 64,530 Less: Valuation allowance ( 95,888 ) ( 63,761 ) Deferred tax assets, net of valuation allowance 649 769 Deferred tax liabilities: Right-of-use assets ( 477 ) ( 527 ) Property and equipment ( 172 ) ( 242 ) Net deferred tax assets $ — $ — The Company has established a full valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets. ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. Because of the Company’s recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. As of December 31, 2023 , the Company had net operating loss carryforwards of $ 135.3 million available to reduce future taxable income, if any, for federal income tax purposes. As of December 31, 2023, the Company had net operating loss carryforwards of $ 89.6 million available to reduce future taxable income, if any, for state income tax purposes. If not utilized, the federal carryforwards of $ 11.6 million and the state carryforwards of $ 89.6 million will begin to expire in 2037 and 2036 , respectively. The federal net operating loss carryforwards of $ 123.7 million arising after December 31, 2017 do not expire. The Company also had federal and state research and development credit carryforwards of $ 12.0 million and $ 6.4 million, respectively. The Company also had Orphan Drug Credits, or ODC, related to the orphan drug designation of darovasertib in 2022, of $ 6.3 million. The federal credits will expire starting in 2037 if not utilized, and the state research credit can be carried forward indefinitely. The Tax Reform Act of 1986 limits the use of net operating loss carryforwards in certain situations where changes occur in the stock ownership of a company. The annual limitation may result in the expiration of net operating losses and credits before utilization. The Company performed a Section 382 analysis through December 31, 2023. The Company has not experienced ownership changes in the current year. Subsequent ownership changes may affect the limitation in future years. Related to unrecognized tax benefits noted below, the Company accrued no penalties or interest during the years ended December 31, 2023, December 31, 2022 and December 31, 2021. The Company does not expect its unrecognized tax benefit balance to change materially over the next 12 months. The Company had $ 3.8 million and $ 2.0 million of unrecognized tax benefits as of December 31, 2023 and December 31, 2022, respectively. The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands). Balance as of January 1, 2022 $ 1,304 Increase related to prior year tax positions 51 Increase related to current year tax positions 607 Balance as of December 31, 2022 $ 1,962 Increase related to prior year tax positions 372 Increase related to current year tax positions 1,488 Balance as of December 31, 2023 $ 3,822 The Company files income tax returns in the U.S. federal jurisdiction and in the state of Arizona, California, New Jersey, Wisconsin, North Carolina and Pennsylvania. For jurisdictions in which tax filings have been filed, all tax years remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating losses or credits. The Inflation Reduction Act was signed into law on August 16, 2022, and contained several tax provisions to curb inflation by reducing the deficit, lowering prescription drug prices, investing into domestic energy production while promoting clean energy, and introduced the topic of corporate alternative minimum tax on applicable corporations. There is no impact to the Company’s current tax provision. In accordance with the 2017 Tax Act, research and experimental (R&E) expenses under Internal Revenue Code Section 174 are required to be capitalized beginning in 2022. R&E expenses are required to be amortized over a period of 5 years for domestic expenses and 15 years for foreign expenses. The Company has reflected this in its current tax provision. The Company is under audit in California for tax years 2020-2021 . |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | 8. Common Stock As of December 31, 2023 and December 31, 2022 , the Company’s certificate of incorporation authorized the Company to issue 300,000,000 shares of common stock at a par value of $ 0.0001 per share. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Company’s board of directors. As of December 31, 2023 , no dividends have been declared to date. On October 27, 2023, the Company completed a further underwritten public follow-on offering. The offering consisted of 5,797,872 shares of our common stock at an offering price to the public of $ 23.50 per share, including 797,872 shares of common stock upon the exercise in full of the overallotment option by the underwriters, as well as pre-funded warrants to purchase 319,150 shares of common stock at a public offering price of $ 23.4999 per underlying share, in each case before underwriting discounts and commissions. Pursuant to the offering, we received aggregate gross proceeds of approximately $ 143.7 million, before deducting underwriting discounts and commissions and other offering expenses, resulting in net proceeds of approximately $ 134.6 million, after deducting underwriting discounts and commissions and other offering expenses. On April 27, 2023, the Company completed an underwritten public follow-on offering. The offering consisted of 8,858,121 shares of our common stock at an offering price to the public of $ 18.50 per share, including 1,418,920 shares of common stock upon the exercise in full of the overallotment option by the underwriters, as well as pre-funded warrants to purchase 2,020,270 shares of common stock at a public offering price of $ 18.4999 per underlying share, in each case before underwriting discounts and commissions. Pursuant to the offering, we received aggregate gross proceeds of approximately $ 201.3 million, before deducting underwriting discounts and commissions and other offering expenses, resulting in net proceeds of approximately $ 188.7 million, after deducting underwriting discounts and commissions and other offering expenses. As of December 31, 2023, the following aggregate warrants to purchase shares of the Company’s common stock were issued and outstanding: Issue Date Expiration Date Exercise Price per Share Number of Shares subject to Outstanding Warrants April 27, 2023 None $ 0.0001 2,020,270 October 27, 2023 None $ 0.0001 319,150 The Warrants are classified as a component of Stockholders’ Equity within Additional Paid-in-Capital. The Warrants are equity classified because they are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, are indexed to the Company’s common stock and meet the equity classification criteria. The Warrants will not expire until they are fully exercised. As of December 31, 2023, no shares underlying the Warrants had been exercised. The Company had reserved common stock for future issuance as follows: As of December 31, 2023 2022 Exercise of outstanding options under the 2015, 2019 and 2023 Plans 6,269,975 5,097,263 Shares available for grant under the 2019 Plan 964,622 664,919 Shares available for grant under the 2023 Inducement Plan 524,300 — Shares available under the Employee Stock Purchase Plan 1,317,974 906,523 Pre-funded warrants issued and outstanding 2,339,420 — Total 11,416,291 6,668,705 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation 2023 Inducement Plan On February 24, 2023, the Company adopted the IDEAYA Biosciences, Inc. 2023 Employment Inducement Award Plan (the “2023 Inducement Plan”), pursuant to which the Company reserved 1,000,000 shares of its common stock to be used exclusively for grants of awards to individuals who were not previously employees or directors of the Company as an inducement material to the individual’s entry into employment with the Company within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules. The 2023 Inducement Plan was approved by the Company’s board of directors without stockholder approval in accordance with such rule. Options granted under the 2023 Inducement Plan have a term of 10 years and generally vest over a 4 -year period with 1 -year cliff vesting. As of December 31, 2023, the number of shares available for issuance under the 2023 Inducement Plan was 524,300 . 2019 Incentive Award Plan In May 2019, the Company’s board of directors adopted and the Company’s stockholders approved the 2019 Incentive Award Plan (the “2019 Plan”), under which the Company may grant cash and equity-based incentive awards to the Company’s employees, consultants and directors. Following the effectiveness of the 2019 Plan, the Company will not make any further grants under the 2015 Equity Incentive Plan (the “2015 Plan”). However, the 2015 Plan continues to govern the terms and conditions of the outstanding awards granted under it. Shares of common stock subject to awards granted under the 2015 Plan that are forfeited or lapse unexercised and which following the effective date of the 2019 Plan are not issued under the 2015 Plan will be available for issuance under the 2019 Plan. Options granted under the 2019 Plan may be either incentive stock options (“ISOs”) or nonqualified stock options (“NSOs”). ISOs may be granted only to Company employees (including officers and directors who are also employees). NSOs may be granted to Company employees and consultants. The 2019 Plan is subject to an annual increase on the first day of each year beginning in 2020 and ending in 2029, equal to the lesser of 4 % of the shares outstanding on the last day of the immediately preceding fiscal year, and such small number of shares as determined by the Company's board of directors. Options granted under the 2019 Plan have a term of 10 years (or five years if granted to a 10% stockholder) and generally vest over a 4 -year period with 1 -year cliff vesting. As of December 31, 2023, the number of shares available for issuance under the 2019 Plan was 964,622 . 2015 Equity Incentive Plan In 2015, the Company established its 2015 Plan which provides for the granting of stock options to employees and consultants of the Company. Options granted under the 2015 Plan may be either ISOs or NSOs. 2019 Employee Stock Purchase Plan In May 2019, the Company’s board of directors adopted and the Company’s stockholders approved the 2019 Employee Stock Purchase Plan (the “ESPP”). The ESPP provides eligible employees with the opportunity to acquire an ownership interest in the Company through periodic payroll deductions up to 15 % of eligible compensation. The offering period is determined by the Company in its discretion but may not exceed 27 months. The per-share purchase price on the applicable exercise date for an offering period is equal to the lesser of 85 % of the fair market value of the common stock at either the first business day or last business day of the offering period, provided that no more than 4,000 shares of common stock may be purchased by any one employee during each offering period. The ESPP is intended to constitute an “employee stock purchase plan” under Section 423(b) of the Internal Revenue Code of 1986, as amended. A total of 195,000 shares of common stock were initially reserved for issuance under the ESPP, subject to an annual increase on January 1 of each year, beginning on January 1, 2020, equal to the lesser of 1 % of the shares outstanding on the last day of the immediately preceding fiscal year and such number of shares as may be determined by the Company's board of directors, provided, however, that no more than 2,500,000 shares may be issued under the ESPP. As of December 31, 2023, the number of shares available for issuance under the ESPP was 1,317,974 . For the years ended December 31, 2023 and December 31, 2022, the Company recorded $ 0.6 million and $ 0.4 million, respectively, of compensation expense related to employee participation in the ESPP. Stock-Based Compensation Expense Total stock-based compensation expense recorded related to awards granted to employees and non-employees was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Research and development $ 10,826 $ 6,050 $ 3,492 General and administrative 7,663 5,579 4,745 Total stock-based compensation expense $ 18,489 $ 11,629 $ 8,237 Stock Options Activity under the Company’s 2015 and 2019 Plans and 2023 Inducement Plan is set forth below: Outstanding Options Shares Weighted- Weighted- Aggregate Balance, January 1, 2023 5,097,263 $ 12.93 7.84 $ 29.58 Options granted 2,694,871 $ 18.95 Options exercised ( 931,012 ) $ 10.27 Options canceled ( 591,147 ) $ 16.93 Balance, December 31, 2023 6,269,975 $ 15.53 7.82 $ 128.49 Exercisable as of December 31, 2023 2,612,605 $ 12.21 6.39 $ 62.22 Vested and expected to vest as of 6,269,975 $ 15.53 7.82 $ 128.49 The weighted-average grant-date fair value of options granted during the years ended December 31, 2023 and December 31, 2022 was $ 13.98 and $ 10.10 per share, respectively. The aggregate intrinsic value of options exercised for the years ended December 31, 2023 and December 31, 2022 was $ 16.9 million and $ 1.8 million, respectively. Intrinsic values are calculated as the difference between the exercise price of the underlying options and the fair value of the common stock on the date of exercise. As of December 31, 2023 and December 31, 2022, the total unrecognized stock-based compensation expense for stock options was $ 41.1 million and $ 28.0 million, respectively, which is expected to be recognized over a weighted-average period of 2.59 years and 2.65 years, respectively. Black-Scholes Assumptions The fair values of options were calculated using the assumptions set forth below: Year Ended December 31, 2023 2022 2021 Expected term 6.1 years 6.1 years 5.5 - 6.1 years Expected volatility 81.76 % - 86.90 % 86.76 % - 89.88 % 90.0 % - 103.6 % Risk-free interest rate 3.56 % - 4.83 % 1.62 % - 4.05 % 0.6 % - 1.4 % Dividend yield 0 % 0 % 0 % Expected term . The expected term represents the weighted-average period the stock options are expected to remain outstanding and is based on the options’ vesting terms, contractual terms and industry peers, as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior. Expected Volatility . The expected volatility is based on the Company's historical stock price volatility. The historical stock price volatility is calculated based on a period of time commensurate with the expected term assumption for each grant. Risk-Free Interest Rate . The risk-free rate assumption is based on U.S. Treasury instruments whose term was consistent with the expected term of the Company’s stock options. Expected Dividend Rate . The Company has not paid and does not anticipate paying any dividends in the near future. Accordingly, the Company has estimated the dividend yield to be zero . The Company accounts for forfeitures as they occur. Fair Value of Common Stock The fair value of the Company’s common stock is determined based on its market price on the date of grant. |
Significant Agreements
Significant Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Significant Agreements [Abstract] | |
Significant Agreements | 10. Significant Agreements GSK Collaboration, Option and License Agreement In June 2020, we entered into the GSK Collaboration Agreement, with GSK, pursuant to which we and GSK have entered into a collaboration for its synthetic lethality programs targeting MAT2A, Pol Theta and Werner Helicase. On July 27, 2020, ("the Effective Date"), we and GSK received Hart-Scott-Rodino Antitrust Improvements Act clearance, or HSR Clearance, and the GSK Collaboration Agreement became effective. Pursuant to the GSK Collaboration Agreement, GSK paid the Company $ 100.0 million on July 31, 2020. Pursuant to the Agreement, GSK paid the Company $ 100.0 million on July 31, 2020. As of December 31, 2023 , GSK has made aggregate payments in the amount of $ 13.0 million for the achievement of certain development and regulatory milestones with respect to Pol Theta and WRN products. GSK Collaboration - MAT2A Program Under the MAT2A program, we led research and development through early clinical development stage, and GSK had an exclusive option to obtain an exclusive license to continue development of and commercialize MAT2A products arising out of the MAT2A program, or the Option. We delivered an Option data package resulting from our conduct of a dose escalation portion of a MAT2A Phase 1 monotherapy clinical trial pursuant to the GSK Collaboration Agreement, following which the Option was exercisable within a specified time period. In January 2022, GSK waived its rights under the GSK Collaboration Agreement to initiate, or request that we initiate, prior to GSK’s exercise of the Option, a Phase 1 combination clinical trial for a MAT2A product and GSK’s Type I PRMT inhibitor (GSK3368715) product, or the MAT2A Combination Trial. Accordingly, we have no further obligation under the GSK Collaboration Agreement to supply MAT2A product for the MAT2A Combination Trial at its own cost. Our obligation to supply the MAT2A compound for the MAT2A Combination Study was deemed a material right under the GSK Collaboration Agreement. In August 2022, we received notice from GSK waiving its rights to exercise its Option, or the MAT2A Option Waiver, pursuant to the GSK Collaboration Agreement. As such, we retain and fully own all right, title and interest in and to IDE397 and the MAT2A program, including all worldwide commercial rights thereto. We will be responsible for the costs of further research and clinical development activities that we conduct for the MAT2A program following the MAT2A Option Waiver. GSK Collaboration - Pol Theta Program Pursuant to the GSK Collaboration Agreement, GSK holds a global, exclusive license to develop and commercialize Pol Theta products arising out of the Pol Theta program. We and GSK collaborated on preclinical research for the Pol Theta program, and GSK is leading clinical development for the Pol Theta program. GSK is responsible for all research and development costs for the Pol Theta program. We will be eligible to receive total development and regulatory milestones of up to $ 485 million, with respect to each Pol Theta product, including as applicable, for multiple Pol Theta products that target certain alternative protein domains or are based on alternative modalities. Additionally, we will be eligible to receive up to $ 475 million of commercial milestones with respect to the Pol Theta product. We are also entitled to receive tiered royalties on global net sales of Pol Theta products by GSK, its affiliates and their sublicensees ranging from high single digit to sub-teen double digit percentages, subject to certain customary reductions. In June 2022, we announced the nomination of a Pol Theta Helicase Inhibitor DC and in August 2022, announced the achievement of an initial preclinical development milestone in connection with ongoing IND-enabling studies to support evaluation of Pol Theta Helicase Inhibitor DC , triggering a $ 3.0 million milestone payment, which we received in October 2022. An IND was submitted and was cleared by the FDA in August 2023 to enable clinical evaluation in combination with niraparib, triggering a $ 7.0 million milestone payment. We have the potential to achieve an additional $ 10.0 million development milestone upon initiation of Phase 1 clinical dose expansion, as well as potential further aggregate late-stage development and regulatory milestones of up to $ 465 million. We are also entitled to receive tiered royalties on global net sales of Pol Theta products by GSK, its affiliates and their sublicensees ranging from high single digit to sub-teen double digit percentages, subject to certain customary reductions. GSK Collaboration - Werner Helicase Program Pursuant to the GSK Collaboration Agreement, GSK holds a global, exclusive license to develop and commercialize WRN products arising out of the WRN program. We and GSK are collaborating on ongoing preclinical research for the WRN program, and GSK will lead clinical development for the WRN program, with IDEAYA responsible for 20 % and GSK responsible for 80 % of such global research and development costs. The cost-sharing percentages will be adjusted based on the actual ratio of U.S. to global profits for WRN products, as measured three and six years after global commercial launch thereof. We will be eligible to receive total development milestones of up to $ 485.0 million, with respect to each WRN product, including as applicable, for multiple WRN products that are based on alternative modalities. Additionally, we will be eligible to receive up to $ 475 million of commercial milestones with respect to each WRN product. We will be entitled to receive 50 % of U.S. net profits and tiered royalties on global non-U.S. net sales of WRN products by GSK, its affiliates and their sublicensees ranging from high single digit to sub-teen double digit percentages, subject to certain customary reductions. We will have a right to opt-out of the 50 % U.S. net profit share and corresponding research and development cost share for the WRN program, and would be eligible to receive tiered royalties on U.S. net sales of WRN products by GSK, its affiliates and their sublicensees at the same royalty rates as for global non-U.S. net sales thereafter, with economic adjustments based on the stage of the WRN program at the time of opt-out. In October 2023, we earned a $ 3.0 million milestone from GSK in connection with IND-enabling studies for the Werner Helicase Inhibitor DC. GSK Collaboration - General Under the terms of the GSK Collaboration Agreement, subject to certain exceptions, we and GSK will not, directly or through third parties, develop or commercialize other products whose primary and intended mechanism of action is the modulation of WRN or Pol Theta for an agreed upon period of time. We and GSK have formed a joint steering committee, joint development committees, and joint commercialization committees responsible for coordinating all activities under the GSK Collaboration Agreement. Ownership of intellectual property developed under the GSK Collaboration Agreement is allocated between or shared by the parties depending on development and subject matter. GSK’s royalty obligations continue with respect to each country and each product until the later of (i) the date on which such product is no longer covered by certain intellectual property rights in such country and (ii) the 10th anniversary of the first commercial sale of such product in such country. Each party has the right to sublicense its rights under the GSK Collaboration Agreement subject to certain conditions. The GSK Collaboration Agreement will continue in effect on a product-by-product and country-by-country basis until the expiration of the obligation to make payments under the GSK Collaboration Agreement with respect to such product in each country, unless earlier terminated by either party pursuant to its terms. Either party may terminate the GSK Collaboration Agreement for the other party’s insolvency or certain uncured breaches. We may terminate the GSK Collaboration Agreement if GSK or any of its sublicensees or affiliates challenge certain patents of ours. GSK may terminate the GSK Collaboration Agreement in its entirety or on a target-by-target basis upon 90-day notice to us. Pfizer Clinical Trial Collaboration and Supply Agreements In March 2020, we entered into the Pfizer Agreement. Pursuant to the Pfizer Agreement, as amended in September 2020, April 2021, September 2021 and May 2023, Pfizer supplies us with their MEK inhibitor, binimetinib, and their cMET inhibitor, crizotinib, to evaluate combinations of darovasertib independently with each of the Pfizer compounds, in patients with tumors harboring activating GNAQ or GNA11 mutations. Under the Pfizer Agreement, we are the sponsor of the combination studies and will provide darovasertib and pay for the costs of the combination studies. Pfizer will provide binimetinib and crizotinib for use in the clinical trial at no cost to us. The Pfizer Agreement provides that we and Pfizer will jointly own clinical data generated from the clinical trial and will also jointly own inventions, if any, relating to the combined use of darovasertib and binimetinib, or independently, to the combined use of darovasertib and crizotinib. We and Pfizer have formed a joint development committee responsible for coordinating all regulatory and other activities under the agreement. In March 2022, we and Pfizer entered into the Second Pfizer Agreement pursuant to which we may, subject to FDA feedback and guidance, evaluate darovasertib and crizotinib as a combination therapy in MUM in a planned Phase 2/3 potential registration-enabling clinical trial. Pursuant to the Second Pfizer Agreement, we are the sponsor of the planned combination trial and we will provide darovasertib and pay for the costs of the combination trial; Pfizer will provide crizotinib for the planned combination trial at no cost to us for up to an agreed-upon number of MUM patients. We and Pfizer will jointly own clinical data from the planned combination trial and all inventions relating to the combined use of darovasertib and crizotinib. We and Pfizer have formed a joint development committee responsible for coordinating all regulatory and other activities under the Second Pfizer Agreement. Separately, in March 2022, we and Pfizer also entered into the Third Pfizer Agreement pursuant to which we may, subject to preclinical validation and FDA feedback and guidance, evaluate darovasertib and crizotinib, as a combination therapy in cMET-driven tumors such as NSCLC and/or HCC in a Phase 1 clinical trial. Pursuant to the Third Pfizer Agreement, we are the sponsor of the planned combination trial, and we will provide darovasertib and pay for the costs of the combination trial; Pfizer will provide crizotinib for the planned combination trial at no cost to us. We and Pfizer will jointly own clinical data from the planned combination trial and all inventions relating to the combined use of darovasertib and crizotinib. We and Pfizer had formed a joint development committee responsible for coordinating all regulatory and other activities under the Third Pfizer Agreement. In May 2023, we continued our relationship with Pfizer by entering into Amendment No. 4 to the Pfizer Agreement relating to the supply of crizotinib in support of this Phase 2 clinical trial, pursuant to which Pfizer will continue to provide us with an additional defined quantity of crizotinib at no cost. We also expanded our relationship with Pfizer in May 2023 under an Amendment No. 1 to the Second Pfizer Agreement to support the Phase 2/3 registrational trial to evaluate darovasertib and crizotinib as a combination therapy in MUM. Under the as-amended Second Pfizer Agreement, Pfizer will provide us with a first defined quantity of crizotinib at no cost, as well as an additional second defined quantity of crizotinib at a lump-sum cost. Under Amendment No. 1 to the Second Pfizer Agreement, we also terminated the Third Pfizer Agreement. Novartis License Agreement In September 2018, we entered into a license agreement with Novartis International Pharmaceuticals Ltd. ("Novartis") to develop and commercialize Novartis’ LXS196 (also known as IDE196), a Phase 1 protein kinase C ("PKC") inhibitor, for the treatment of cancers having GNAQ and GNA11 mutations. We have renamed Novartis’ LXS196 oncology as IDE196, and which has a non-proprietary name of darovasertib. Under the license agreement, the Company is liable to make contingent development and sales-based milestone payments of up to $ 29.0 million and mid to high single-digit royalty payments based on net sales of the licensed products. Because the achievement of these milestones had not occurred or was not considered probable as of December 31, 2023, such contingencies have not been recorded in the Company's financial statements. Amgen Clinical Trial Collaboration and Supply Agreement In July 2022, we entered into the Amgen CTCSA to clinically evaluate IDE397 in combination with AMG 193 in patients having MTAP-null solid tumors, in a Phase 1/2 clinical trial. Under the mutually non-exclusive Amgen CTCSA, we will provide IDE397 drug supply to Amgen, who will be the sponsor of the Phase 1 clinical combination trial evaluating IDE397 and AMG 193. Each party will pay for fifty percent ( 50 %) of the external third-party costs of the combination study. Each party will be responsible for its own internal costs and expenses in support of the combination study. We and Amgen will jointly oversee clinical development of the combination therapy through a Joint Oversight Committee responsible for coordinating all regulatory and other activities under the Amgen CTCSA. The parties will jointly own collaboration data and combination-related intellectual property, if any, arising from the combination clinical trial. We and Amgen each retain commercial rights to our respective compounds, including with respect to use as a monotherapy agent or combination agent. Gilead Clinical Trial Collaboration and Supply Agreement In November 2023, the Company entered into the Gilead CSCSA with Gilead to clinically evaluate IDE397 in combination with Trodelvy, the Gilead Trop-2 directed ADC, in patients having MTAP deletion bladder cancer, in an IDEAYA-sponsored clinical trial pursuant to the Gilead CSCSA. Under the mutually non-exclusive Gilead CSCSA, we will receive Trodelvy drug supply from Gilead and will sponsor the Phase 1 clinical combination trial evaluating ID397 and Trodelvy. Gilead will bear internal or external costs incurred in connection with its supply of Trodelvy. We will bear all internal and external costs and expenses associated with the conduct of the combination study. We and Gilead will jointly oversee clinical development of the combination therapy through a Joint Steering Committee responsible for coordinating all regulatory and other activities under the Gilead CSCSA. We and Gilead each retain commercial rights to our respective compounds, including with respect to use as a monotherapy agent or combination agent. Cancer Research UK and University of Manchester Exclusive Option and License Agreement In January 2022, the Company exercised its option for an exclusive worldwide license covering a broad class of PARG inhibitors from Cancer Research Technology Ltd. (CRT) and the University of Manchester, and in connection therewith, paid a one-time option exercise fee of £ 250,000 . The Company will be obligated to make payments to CRT aggregating up to a total of £ 19.5 million upon the achievement of specific development and regulatory approval events for development of a PARG inhibitor in oncologic diseases. The Company will also pay low single-digit tiered royalties, and potentially also sales-based milestones, to CRT based on net sales of licensed products. In addition, in the event the Company sublicenses the intellectual property, it will also be obligated to pay CRT a specified percentage of any sublicense revenue. In April 2023, we incurred an obligation to pay milestone payments in an aggregate amount of £ 750,000 to CRT based upon the achievement of certain milestones relating to first and second tumor histologies in connection with the Phase 1 portion of the Phase 1/2 clinical trial in oncologic diseases. The Company will be obligated to make additional payments to CRT aggregating up to £ 18.75 million upon the achievement of specific development and regulatory approval events for development of a PARG inhibitor in oncologic diseases, including an aggregate of up to £ 1.5 million and up to £ 2.25 for the achievement of certain Phase 2 and Phase 3 development milestones, respectively, in each case as relating to first and second tumor histologies. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 11. Revenue Recognition The Company recognizes revenue in accordance with ASC 606 for the GSK Collaboration Agreement (see No. 10, Significant Agreements). Disaggregation of Revenue The following table presents revenue disaggregated by research program (in thousands): Year Ended December 31, 2023 2022 MAT2A $ 3,722 $ 29,756 Pol Theta 3,002 13,894 WRN 16,661 7,281 Total collaboration revenue $ 23,385 $ 50,931 Contract balances As of December 31, 2023 and December 31, 2022 , the Company had accounts receivable of zero and $ 0.2 million, respectively, and contract liabilities of zero and $ 13.8 million, respectively, related to the GSK Collaboration Agreement. As of December 31, 2023, we have fully recognized the contract liabilities related to the upfront payment and reimbursements for the research and development performance obligations under the GSK Collaboration Agreement. There are no remaining contract liabilities as of December 31, 2023 as we concluded all the research and development performance obligations under the GSK Collaboration Agreement. The future revenue recognition will be contingent on additional milestones earned, profit sharing and royalties on any net product sales under our collaborations. We expect that any revenue we recognize or generate under the GSK Collaboration Agreement will fluctuate from period to period due to period to period variability in milestone payments and other payments. Performance obligations The Company has identified the following six performance obligations associated with the GSK Collaboration Agreement: (i) Preclinical and Phase 1 Monotherapy clinical research and development services under the MAT2A program (“MAT2A R&D Services”) (ii) Preclinical research services and the related license to IDEAYA-owned technology under the Pol Theta program (“Pol Theta R&D Services”) (iii) Preclinical research services and the related license to IDEAYA-owned technology under the WRN program (“WRN R&D Services”) (iv) Material right associated with the option to license IDEAYA-owned technology under the MAT2A program (“Option”) (v) Material right associated with the option to license to IDEAYA-owned technology under the MAT2A program to the extent necessary for preclinical activities in preparation for the MAT2A Combination Trial (“Preclinical MAT2A License”) (vi) Material right associated with the supply of MAT2A product for the MAT2A Combination Trial (“MAT2A Supply”) The Company recognizes revenue related to amounts allocated to the MAT2A R&D services as the underlying services are performed over the period through the delivery of the Option data package, which is generated from its conduct of the dose escalation portion of the MAT2A Phase 1 monotherapy clinical trial. The Company uses its internal research and development capability and also engages third-party clinical research organizations, or CROs, for which the Company acts as a principal. The Company has delivered the Option data package to GSK. Accordingly, the performance obligation related to the MAT2A R&D services has been fulfilled. With respect to the Pol Theta and WRN programs, the Company identified two promises: (1) granting of the license to develop and commercialize Pol Theta and WRN products, respectively, and (2) the preclinical research services. The Company has determined that these two promises are not distinct within the context of the contract. After the Company and GSK identify a development candidate, a series of IND-enabling studies will be conducted before an Investigational New Drug application is submitted to the FDA. Due to the early stage of development, the Company’s preclinical research services are expected to transform the underlying technology and significantly modify or customize the license. Therefore, the two promises are not distinct from each other and are accounted for as a single performance obligation for each of the Pol Theta and WRN programs, respectively. An IND for GSK101 was submitted and has been cleared by the FDA and GSK has dosed a first patient in the Phase 1 clinical trial. GSK plans to evaluate GSK101 in combination with niraparib, the GSK small molecule inhibitor of PARP for the treatment of patients having tumors with BRCA or other HRD. For the Pol Theta product, we achieved and earned a $ 7.0 million payment for a milestone in August 2023 based on acceptance of the IND by the FDA, payment. An earlier preclinical development $ 3.0 million milestone payment from GSK was achieved in August 2022 in connection with ongoing IND-enabling studies to support evaluation of GSK101. We have the potential to receive an additional $ 10.0 million milestone payment upon initiation of Phase 1 clinical dose expansion. For the WRN product, we achieved and earned a $ 3.0 million payment for a milestone in October 2023 in connection with IND-enabling studies for the Werner Helicase Inhibitor DC. We are, in collaboration with GSK, targeting an IND submission in 2024 to enable first-in-human clinical evaluation of our Werner Helicase Inhibitor DC in high MSI tumors. The Company recognized revenue related to amounts allocated to the Pol Theta R&D Services and WRN R&D Services as the underlying services are performed over the period through the completion of the Pol Theta and WRN preclinical research programs, respectively. Within 90 days from the end of each calendar quarter, GSK reimbursed the Pol Theta program costs incurred by the Company. Within 75 days from the end of each calendar quarter, the Company and GSK determined the amounts of WRN program costs incurred by both parties and the net amount owed by GSK to the Company or by the Company to GSK, which was paid within 75 days from such determination by a reimbursing party. The Company used its internal research capability and may also engage third-party clinical research organizations, or CROs, in transferring the Pol Theta R&D services and WRN R&D services, for which the Company acts as a principal. The Company completed Pol Theta R&D services during December 2022. Accordingly, the performance obligation related to the Pol Theta R&D services has been fulfilled. Subject to exercise of the Option, at Option closing following HSR clearance, GSK would have obtained an exclusive license to develop and commercialize MAT2A products. The Company has concluded that this Option results in a material right as the option exercise fee contains a discount that GSK would not have otherwise received. The Company has determined the nature of the license to develop and commercialize MAT2A products to be functional. The Company delivered an Option data package to GSK pursuant to the GSK Collaboration Agreement comprising preclinical and clinical data resulting from the Company's conduct of a dose-escalation portion of the MAT2A Phase 1 monotherapy clinical trial, following which, the Option was exercisable by GSK within a specified period of time. In August 2022, the Company received notice from GSK waiving its rights to exercise its Option to obtain an exclusive license to further develop and commercialize IDE397, as well as other IDEAYA compounds, if any, directly targeting MAT2A, or the GSK MAT2A Option Waiver, pursuant to the GSK Collaboration Agreement. As such, the Company retains and fully owns all right, title and interest in and to IDE397 and the MAT2A program, including all worldwide commercial rights thereto. The Company will be responsible for the costs of further research and clinical development activities that the Company conducts for the MAT2A program following the GSK MAT2A Option Waiver. Accordingly, the Company recognized revenue of $ 17.4 million related to GSK's waiver of its rights to exercise its Option during the year ended December 31, 2022. If GSK had elected to conduct the MAT2A Combination Trial, the Company would have an obligation to supply MAT2A product to be used for the MAT2A Combination Trial at its own cost. The Company has concluded that this supply option results in a material right as it involves a discount that GSK would not have otherwise received. The Company would have recognized revenue, as it transferred the control of the MAT2A product to GSK. In January 2022, GSK waived its rights under the GSK Collaboration Agreement to initiate, or request that the Company initiate, prior to GSK’s exercise of the Option, a Phase 1 combination clinical trial for a MAT2A product and GSK’s Type I PRMT inhibitor (GSK3368715) product, or the MAT2A Combination Trial. Accordingly, the Company has no further obligation under the GSK Collaboration Agreement to supply MAT2A product for the MAT2A Combination Trial at its own cost. The Company recognized revenue of $ 2.4 million during the year ended 2022 related to the material right to supply MAT2A compound as the material right no longer exists and the Company has no further obligation related to the MAT2A Combination Trial. As of December 31, 2023, there are no remaining performance obligations related to the WRN, Pol Theta and MAT2A program. Significant judgments In applying ASC 606 to the GSK Collaboration Agreement, the Company made the following judgments that significantly affect the timing and amount of revenue recognition: (i) Determination of the transaction price, including whether any variable consideration is included at inception of the contract The transaction price is the amount of consideration that the Company expects to be entitled to in exchange for transferring promised goods or services to the customer. The transaction price must be determined at inception of a contract and may include amounts of variable consideration. However, there is a constraint on inclusion of variable consideration in the transaction price, if there is uncertainty at inception of the contract as to whether such consideration will be recognized in the future. The decision as to whether or not it is probable that a significant reversal of revenue will occur in the future, depends on the likelihood and magnitude of the reversal and is highly susceptible to factors outside the Company’s influence (for example, the Company cannot determine the outcome of clinical trials; the Company cannot determine if or when the counterparty will initiate or complete clinical trials; and the Company cannot determine if or when an regulatory agency provides any approval). In addition, the uncertainty is not expected to be resolved for a long period and finally, the Company has limited experience in the field. Therefore, at inception of the GSK Collaboration Agreement, development and regulatory milestones were fully constrained and were not included in the transaction price based on the factors noted above. The Company constrains estimates of other variable consideration, such as reimbursable program costs, to amounts that are not expected to result in a significant revenue reversal in the future. The Company re-evaluates the transaction price, including the estimated variable consideration included in the transaction price and all constrained amounts, in each reporting period and as uncertain events are resolved or other changes in circumstances occur. (ii) Determination of the timing of satisfaction of performance obligations The Company recognizes revenue from the MAT2A R&D Services, Pol Theta R&D Services and WRN R&D Services over time, as GSK simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs. The Company measures its progress toward complete satisfaction of the MAT2A R&D Services, Pol Theta R&D Services and WRN R&D Services based on the costs incurred as a percentage of the estimated total costs to be incurred to complete the performance obligations. As the Company performs, it shares the results of research and development studies with GSK through the joint development committee. Accordingly, the cost incurred method faithfully depicts the Company’s performance of the MAT2A R&D Services, Pol Theta R&D Services and WRN R&D Services. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | 12. Net Loss Per Share Attributable to Common Stockholders The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Year Ended December 31, 2023 2022 2021 Numerator: Net loss attributable to common stockholders $ ( 112,961 ) $ ( 58,655 ) $ ( 49,762 ) Denominator: Weighted-average shares outstanding, basic (1) 57,519,929 41,444,696 35,262,987 Less: weighted-average shares of restricted stock that are — — ( 10,544 ) Weighted-average shares used in computing net loss per share (1) 57,519,929 41,444,696 35,252,443 Net loss per share attributable to common stockholders, basic and $ ( 1.96 ) $ ( 1.42 ) $ ( 1.41 ) (1) The shares underlying the pre-funded warrants to purchase shares of the Company's common stock have been included in the calculation of the weighted-average number of shares outstanding, basic and diluted, for the twelve months ended December 31, 2023. The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: As of December 31, 2023 2022 2021 Options to purchase common stock 6,269,975 5,097,263 3,620,666 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events Subsequent to December 31, 2023, from January 1, 2024 through January 17, 2024, we sold an aggregate of 6,115,516 shares of our common stock for aggregate net proceeds of $ 215.9 million at a weighted average sales price of approximately $ 36.39 per share under the at-the-market offering pursuant to the June 2023 Sales Agreement with Jefferies as sales agent. On January 19, 2024, we entered into a new Open Market Sales Agreement, or January 2024 Sales Agreement , with Jefferies relating to an at-the-market offering program under which we may offer and sell, from time to time at our sole discretion, shares of our common stock, par value $ 0.0001 per share, having aggregate gross proceeds of up to $ 350.0 million through Jefferies as sales agent. On January 24, 2024, pursuant to the January Open Market Sales Agreement, we sold an aggregate of 3,119,866 shares of our common stock for aggregate net proceeds of $ 126.4 million at a weighted average sales price of approximately $ 41.50 per share under the at-the-market offering pursuant to the January 2024 Sales Agreement with Jefferies as sales agent. As of January 24, 2024, approximately $ 220.5 million of common stock remained available to be sold under the ATM facility. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates include useful lives of property and equipment, determination of the discount rate for operating leases, accruals for research and development activities, revenue recognition, stock-based compensation, and income taxes. On an ongoing basis, management reviews these estimates and assumptions. Changes in facts and circumstances may alter such estimates and actual results could differ from those estimates. |
Segments | Segments The Company operates and manages its business as one operating and reportable segment, which is the business of research and development for oncology-focused precision medicine. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. All of the Company's long-lived assets are located in the United States. |
Risks and Uncertainties | Risks and Uncertainties The Company operates in a dynamic and highly competitive industry and is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, contract manufacturers, contract research organizations and collaboration partners, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies and clinical trials and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting. The Company believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations, or cash flows: ability to obtain future financing; advances and trends in new technologies and industry standards; results of clinical trials and collaboration activities; regulatory approval and market acceptance of the Company’s products; development of sales channels; certain strategic relationships; litigation or claims against the Company based on intellectual property, patent, product, regulatory, or other factors; and the Company’s ability to attract and retain employees necessary to support its growth. Products developed by the Company require approvals from the U.S. Food and Drug Administration (“FDA”) or other international regulatory agencies prior to commercial sales. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that the products will receive the necessary approvals, or that any approved products will be commercially viable. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval, it could have a materially adverse impact on the Company. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties. The Company has expended and will continue to expend substantial funds to complete the research, development and clinical testing of product candidates. The Company also will be required to expend additional funds to establish commercial-scale manufacturing arrangements and to provide for the marketing and distribution of products that receive regulatory approval. The Company may require additional funds to commercialize its products. The Company is unable to entirely fund these efforts with its current financial resources. If adequate funds are unavailable on a timely basis from operations or additional sources of financing, the Company may have to delay, reduce the scope of or eliminate one or more of its research or development programs which would materially and adversely affect its business, financial condition and operations. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and marketable securities. Substantially all the Company’s cash is held by two financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company’s investment policy addresses credit ratings, diversification, and maturity dates. The Company invests its cash equivalents and marketable securities in money market funds, U.S. government securities, commercial paper, and corporate bonds. The Company limits its credit risk associated with cash equivalents and marketable securities by placing them with banks and institutions it believes are creditworthy and in highly rated investments and, by policy, limits the amount of credit exposure with any one commercial issuer. The Company has not experienced any credit losses on its deposits of cash, cash equivalents or marketable securities. |
Cash Equivalents | Cash Equivalents Cash equivalents that are readily convertible to cash are stated at cost, which approximates fair value. The Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash as of December 31, 2023 and December 31, 2022 consisted of cash balances held as security in connection with the Company’s facility lease agreements in South San Francisco, California and San Diego, California. The balances are classified as long-term assets on the Company’s balance sheet. |
Marketable Securities | Marketable Securities Marketable securities are investments in marketable securities with maturities greater than three months at the time of purchase. The Company determines the appropriate classification of its investments in marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable securities as available-for-sale. After consideration of the Company’s risk versus reward objectives and liquidity requirements, the Company may sell these securities prior to their stated maturities. The Company classifies highly liquid securities with maturities beyond 12 months as long-term marketable securities in the balance sheet. These securities are carried at fair value as determined based upon quoted market prices or pricing models for similar securities. Unrealized gains and losses, if any, are excluded from earnings and are reported as a component of accumulated other comprehensive income (loss). The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income and other income (expense), net on the statements of operations and comprehensive loss. Realized gains and losses, if any, on available-for-sale securities are included in interest income and other income (expense), net. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of the Company’s certain financial instruments, including cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities and market interest rates if applicable. Refer to Note 3 for details on the fair value of marketable securities. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which is generally between three and five years . Leasehold improvements are stated at cost and amortized over the shorter of the useful lives of the assets or the lease term. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in the statements of operations and comprehensive loss in the period realized. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amount of the asset or asset group to the future net cash flows which the asset or asset group is expected to generate. If such asset or asset group is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. There have been no such impairments of long-lived assets for the years ended December 31, 2023 and December 31, 2022 . |
Leases | Leases The Company determines if an arrangement is a lease, or contains a lease, at its inception. Operating leases are included in right-of-use (“ROU”) assets, lease liabilities, and long-term lease liabilities on the Company’s balance sheet. ROU assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The ROU asset also includes any lease payments made to the lessor at or before the commencement date, minus lease incentives received, and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company combines lease and nonlease components. |
Cloud Computing Arrangements | Cloud Computing Arrangements The Company capitalizes certain implementation costs incurred under a cloud computing arrangement that is a service contract. Costs incurred during the application development stage related to the implementation of the hosting arrangement are capitalized and included within prepaid expenses and other current assets, and other non-current assets on the accompanying balance sheets. Amortization of capitalized implementation costs is recognized on a straight-line basis over the term of the associated hosting arrangement when it is ready for its intended use. Costs related to preliminary project activities and post-implementation activities are expensed as incurred. |
Revenue Recognition | Revenue Recognition The Company follows Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company applies the five-step model to contracts when (1) parties have approved the contract and are committed to performing respective obligations, (2) the Company can identify each party’s rights regarding the goods or services to be transferred, (3) the Company can identify the payment terms for the goods or services to be transferred, (4) the contract has commercial substance, and (5) it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract and determines the performance obligations by assessing whether each promised good or service is distinct. Goods or services that are not distinct are bundled with other goods or services in the contract until a bundle of goods or services that is distinct is created. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligations when (or as) the performance obligations are satisfied. The Company constrains its estimate of the transaction price up to the amount (the “variable consideration constraint”) that a significant reversal of recognized revenue is not probable. Licenses of intellectual property: If a license to the Company’s intellectual property is determined to be distinct from the other promised goods or services identified in an arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license at the point in time when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other goods or services, the Company applies judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress toward satisfying the performance obligation for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of progress and related revenue recognition. Customer options for additional goods or services: If a contract contains customer options that allow the customer to acquire additional goods or services, including a license to the Company’s intellectual property, the goods and services underlying the customer options are evaluated to determine whether they are deemed to represent a material right. In determining whether the customer option has a material right, the Company assesses whether there is an option to acquire additional goods or services at a discount. If the customer option is determined not to represent a material right, the option is not considered to be a performance obligation. If the customer option is determined to represent a material right, the material right is recognized as a separate performance obligation. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until the option is exercised. Milestone payments: At the inception of each arrangement or amendment that includes development, regulatory or commercial milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. ASC 606 prescribes two methods to use when estimating the amount of variable consideration: the expected value method and the most likely amount method. Under the expected value method, an entity considers the sum of probability-weighted amounts in a range of possible consideration amounts. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. The Company uses the expected value method to estimate the amount of variable consideration related to the reimbursement of Pol Theta and WRN program costs which is consistently applied throughout the life of the contract: however, it is not necessary for the Company to use the same approach for all contracts. If it is probable that a significant revenue reversal would not occur when the uncertainty associated with the milestone is resolved, the associated milestone value is included in the transaction price. Milestone payments that are highly susceptible to factors outside the Company’s influence, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. If there is more than one performance obligation, the transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis. The Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability or achievement of each milestone and any related constraint, and if necessary, adjusts its estimates of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Upfront payments and fees are recorded as contract liabilities upon receipt or when due and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. Contractual cost sharing payments received from a customer or collaboration partner are accounted for as variable consideration. The Company includes an expected value in the transaction price. Contractual cost sharing payments made to a customer or collaboration partner are accounted for as a reduction to the transaction price if such payments are not related to distinct goods or services received from the customer or collaboration partner. Contracts may be amended to account for changes in contract specifications and requirements. Contract modifications exist when the amendment either creates new, or changes existing, enforceable rights and obligations. When contract modifications create new performance obligations and the increase in consideration approximates the standalone selling price for goods and services related to such new performance obligations as adjusted for specific facts and circumstances of the contract, the modification is accounted for as a separate contract. If a contract modification is not accounted for as a separate contract, the Company accounts for the promised goods or services not yet transferred at the date of the contract modification (the remaining promised goods or services) prospectively, as if it were a termination of the existing contract and the creation of a new contract, if the remaining goods or services are distinct from the goods or services transferred on or before the date of the contract modification. The Company accounts for a contract modification as if it were a part of the existing contract if the remaining goods or services are not distinct and, therefore, form part of a single performance obligation that is partially satisfied at the date of the contract modification. In such case, the effect that the contract modification has on the transaction price, and on the entity’s measure of progress toward complete satisfaction of the performance obligation, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) at the date of the contract modification (the adjustment to revenue is made on a cumulative catch-up basis). Upfront payment contract liabilities resulting from the Company’s license and collaboration agreements do not represent a financing component as the payment is not financing the transfer of goods and services, and the technology underlying the licenses granted reflects research and development expenses already incurred by the Company. As such, the Company does not adjust its revenues for the effects of a significant financing component. Amounts received prior to satisfying the revenue recognition criteria are recorded as contract liability in the Company’s balance sheets. If the related performance obligation is expected to be satisfied within the next twelve (12) months, this will be classified and included within current contract liability. |
Research and Development Expenses | Research and Development Expenses Research and development expenses consist of compensation costs, employee benefit costs, costs for contract manufacturing organizations (“CMOs”), costs for contract research organizations (“CROs”), costs for clinical trials, costs for sponsored research, consulting costs, costs for laboratory supplies, costs for product licenses, facility-related expenses and depreciation. All research and development costs are charged to research and development expenses as incurred and included within the statements of operations and comprehensive loss. Payments associated with licensing agreements to acquire exclusive licenses to develop, use, manufacture and commercialize products that have not reached technological feasibility and do not have alternate commercial use are also expensed as incurred. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered. |
Accrued Research and Development Expenses | Accrued Research and Development Expenses The Company has entered into various agreements with CMOs and CROs. The Company’s research and development accruals are estimated based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The estimated costs of research and development provided, but not yet invoiced, are included in accrued liabilities on the balance sheet. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accrual accordingly. Payments made to CMOs and CROs under these arrangements in advance of the performance of the related services are recorded as prepaid expenses and other current assets until the services are rendered. Management’s process involves reviewing open contracts and purchase orders, communicating with applicable personnel to identify services that have been performed, and estimating the level of service performed and the associated costs incurred based on vendor estimates for the services when the Company has not yet been invoiced or otherwise notified of actual costs. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation arrangements with employees and non-employees in accordance with ASC 718, Stock Compensation. The Company accounts for stock-based compensation arrangements using a fair value method which requires the recognition of compensation expense related to all stock-based awards. The fair value method requires the Company to estimate the fair value of stock option awards on the date of grant using an option pricing model. The Company uses the Black-Scholes option pricing model to determine the fair value of options granted, which is expensed on a straight-line basis over the vesting period. Generally, the stock options granted by the Company to its employees have a 10-year term and vest over a 4 -year period with 1 -year cliff vesting. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method whereby deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are currently in effect unless such rate is expected to be different when the deferred item reverses. Valuation allowances are established where necessary to reduce deferred tax assets to the amounts expected to be realized. Deferred tax assets and liabilities are classified as noncurrent on the balance sheet. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that has a greater than 50 % likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in interest expense and other expense, respectively. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ equity that are excluded from net loss, primarily unrealized gains and losses from the Company’s marketable securities. |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. Pre-funded warrants are included in the calculation of basic and diluted earnings per share. For purposes of the diluted net loss per share calculation, stock options, restricted stock and restricted stock that is subject to repurchase at the original purchase price are considered to be potentially dilutive securities. The Company considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities, because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) under its accounting standard codifications (“ASC”) or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. New Accounting Pronouncements Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The FASB subsequently issued supplemental guidance to ASC 326 within ASU 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief , ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses . ASU 2019-05 provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2019-10 extended the effectiveness of Topic 326 for smaller reporting companies until fiscal years beginning after December 15, 2022. As of January 1, 2024, the Company is no longer a smaller reporting company. The Company adopted this ASU on January 1, 2023 , and evaluated the impact of the adoption of the ASU. It did no t result in a material impact on the Company's financial statements and related disclosures. New Accounting Pronouncements Issued, Not yet Adopted On October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative, which modifies the disclosure or presentation requirements related to variety of FASB Accounting Standard Codification topics. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K is effective. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the associated amendment will be removed from the Codification and will not become effective for any entities. We are currently evaluating the effect of adopting this ASU. On December 14, 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which amends the guidance in ASC 740, Income Taxes. The ASU is intended to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU’s amendments are effective for public business entities for annual periods beginning after December 15, 2024. Entities are permitted to early adopt the standard “for annual financial statements that have not yet been issued or made available for issuance.” Adoption is either prospectively or retrospectively, the Company will adopt this ASU on a prospective basis. The Company is currently evaluating the impact of the ASU but does not expect any material impacts upon adoption. |
Fair Value Measurement and Marketable Securities | The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. |
Share Based Compensation Forfeiture | The Company accounts for forfeitures as they occur. |
Fair Value Measurement and Ma_2
Fair Value Measurement and Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured and Recognized at Fair Value | As of December 31, 2023, financial assets measured and recorded at fair value are as follows (in thousands): December 31, 2023 Amortized Gross Gross Estimated Assets U.S. government securities (1) Level 2 $ 412,679 $ 591 $ ( 135 ) $ 413,135 Corporate bonds Level 2 53,983 197 ( 32 ) 54,148 Commercial paper (2) Level 2 126,601 — ( 58 ) 126,543 Marketable securities 593,263 788 ( 225 ) 593,826 Money market funds (3) Level 1 38,300 — — 38,300 Total fair value of assets $ 631,563 $ 788 $ ( 225 ) $ 632,126 (1) $ 37.8 million was included in cash and cash equivalents on the balance sheet due to securities with purchase dates within 90 days of maturity dates (2) $ 80.4 million was included in cash and cash equivalents on the balance sheet due to securities with purchase dates within 90 days of maturity dates (3) Included in cash and cash equivalents on the balance sheet As of December 31, 2022, financial assets measured and recognized at fair value are as follows (in thousands): December 31, 2022 Amortized Gross Gross Estimated Assets U.S. government securities Level 2 $ 146,030 $ — $ ( 2,291 ) $ 143,739 Corporate bonds Level 2 86,546 — ( 580 ) 85,966 Commercial paper (1) Level 2 78,797 — — 78,797 Marketable securities 311,373 — ( 2,871 ) 308,502 Money market funds (2) Level 1 64,153 — — 64,153 Total fair value of assets $ 375,526 $ — $ ( 2,871 ) $ 372,655 (1) $ 4.0 million was included in cash and cash equivalents on the balance sheet due to securities with purchase dates within 90 days of maturity dates (2) Included in cash and cash equivalents on the balance sheet |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): Useful Life As of December 31, (In Years) 2023 2022 Laboratory equipment 5 $ 11,455 $ 9,743 Computer equipment 3 261 261 Software 3 231 231 Leasehold improvements Shorter of useful 3,321 3,321 Furniture and fixtures 5 507 506 Total property and equipment 15,775 14,062 Less: Accumulated depreciation and amortization ( 9,611 ) ( 7,553 ) Property and equipment, net $ 6,164 $ 6,509 |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): As of December 31, 2023 2022 Accrued research and development expenses $ 10,676 $ 11,146 Accrued salaries and benefits 6,974 5,248 Legal and professional fees 959 513 Other 147 92 Accrued liabilities $ 18,756 $ 16,999 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments under Operating Leases | Future minimum lease payments under operating leases included on the Company's balance sheet are as follows: As of (in thousands) December 31, 2023 2024 1,897 2025 387 2026 398 2027 410 2028 106 Total future minimum lease payments 3,198 Less: imputed interest ( 326 ) Total operating lease liabilities 2,872 |
Schedule of Operating Lease Disclosures | The following table summarizes other information about the Company's operating leases: As of December 31, 2023 2022 Weighted-average remaining lease term 2.4 1.6 Weighted-average discount rate 8.0 % 6.9 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The provision for income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows: Year Ended December 31, 2023 2022 2021 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % State income taxes 1.3 % 1.9 % 0.7 % Change in valuation allowance ( 29.1 %) ( 23.4 %) ( 25.2 %) Stock Based Compensation 0.7 % ( 1.2 %) ( 0.2 %) Research tax credits 8.3 % 4.4 % 3.8 % Other permanent differences ( 0.1 %) ( 0.1 %) ( 0.1 %) Section 162(m) Limitation ( 2.1 %) ( 2.6 %) 0.0 % Provision for income taxes 0.0 % 0.0 % 0.0 % |
Schedule of Tax Effects of Temporary Differences and Carryforwards of Deferred Tax Assets | The tax effects of temporary differences and carryforwards of the deferred tax assets are presented below (in thousands): As of December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 34,717 $ 31,777 Research and development credit carryforwards 19,997 9,454 Lease liability 610 739 Intangible assets 1,096 1,166 Stock-based compensation 2,593 1,713 Accruals and reserves 1,257 1,666 Deferred revenue - 2,881 Capitalized research & development expenditures 36,267 15,134 Gross deferred tax assets 96,537 64,530 Less: Valuation allowance ( 95,888 ) ( 63,761 ) Deferred tax assets, net of valuation allowance 649 769 Deferred tax liabilities: Right-of-use assets ( 477 ) ( 527 ) Property and equipment ( 172 ) ( 242 ) Net deferred tax assets $ — $ — |
Summary of Activity Related to Company?s Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands). Balance as of January 1, 2022 $ 1,304 Increase related to prior year tax positions 51 Increase related to current year tax positions 607 Balance as of December 31, 2022 $ 1,962 Increase related to prior year tax positions 372 Increase related to current year tax positions 1,488 Balance as of December 31, 2023 $ 3,822 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Aggregate Warrants | As of December 31, 2023, the following aggregate warrants to purchase shares of the Company’s common stock were issued and outstanding: Issue Date Expiration Date Exercise Price per Share Number of Shares subject to Outstanding Warrants April 27, 2023 None $ 0.0001 2,020,270 October 27, 2023 None $ 0.0001 319,150 |
Schedule of Number of Common Stock Reserved for Future Issuance | The Company had reserved common stock for future issuance as follows: As of December 31, 2023 2022 Exercise of outstanding options under the 2015, 2019 and 2023 Plans 6,269,975 5,097,263 Shares available for grant under the 2019 Plan 964,622 664,919 Shares available for grant under the 2023 Inducement Plan 524,300 — Shares available under the Employee Stock Purchase Plan 1,317,974 906,523 Pre-funded warrants issued and outstanding 2,339,420 — Total 11,416,291 6,668,705 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense recorded related to awards granted to employees and non-employees was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Research and development $ 10,826 $ 6,050 $ 3,492 General and administrative 7,663 5,579 4,745 Total stock-based compensation expense $ 18,489 $ 11,629 $ 8,237 |
Summary of Activity under Plans | Activity under the Company’s 2015 and 2019 Plans and 2023 Inducement Plan is set forth below: Outstanding Options Shares Weighted- Weighted- Aggregate Balance, January 1, 2023 5,097,263 $ 12.93 7.84 $ 29.58 Options granted 2,694,871 $ 18.95 Options exercised ( 931,012 ) $ 10.27 Options canceled ( 591,147 ) $ 16.93 Balance, December 31, 2023 6,269,975 $ 15.53 7.82 $ 128.49 Exercisable as of December 31, 2023 2,612,605 $ 12.21 6.39 $ 62.22 Vested and expected to vest as of 6,269,975 $ 15.53 7.82 $ 128.49 |
Assumptions Used to Calculate Fair Values of Options | The fair values of options were calculated using the assumptions set forth below: Year Ended December 31, 2023 2022 2021 Expected term 6.1 years 6.1 years 5.5 - 6.1 years Expected volatility 81.76 % - 86.90 % 86.76 % - 89.88 % 90.0 % - 103.6 % Risk-free interest rate 3.56 % - 4.83 % 1.62 % - 4.05 % 0.6 % - 1.4 % Dividend yield 0 % 0 % 0 % |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue Disaggregated by Research Program | The following table presents revenue disaggregated by research program (in thousands): Year Ended December 31, 2023 2022 MAT2A $ 3,722 $ 29,756 Pol Theta 3,002 13,894 WRN 16,661 7,281 Total collaboration revenue $ 23,385 $ 50,931 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Year Ended December 31, 2023 2022 2021 Numerator: Net loss attributable to common stockholders $ ( 112,961 ) $ ( 58,655 ) $ ( 49,762 ) Denominator: Weighted-average shares outstanding, basic (1) 57,519,929 41,444,696 35,262,987 Less: weighted-average shares of restricted stock that are — — ( 10,544 ) Weighted-average shares used in computing net loss per share (1) 57,519,929 41,444,696 35,252,443 Net loss per share attributable to common stockholders, basic and $ ( 1.96 ) $ ( 1.42 ) $ ( 1.41 ) (1) The shares underlying the pre-funded warrants to purchase shares of the Company's common stock have been included in the calculation of the weighted-average number of shares outstanding, basic and diluted, for the twelve months ended December 31, 2023. |
Schedule of Outstanding Shares of Potentially Dilutive Securities Excluded From the Computation of Diluted Net Loss Per Share | The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: As of December 31, 2023 2022 2021 Options to purchase common stock 6,269,975 5,097,263 3,620,666 |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) | 12 Months Ended | ||||||
Oct. 27, 2023 | Jun. 26, 2023 | Apr. 27, 2023 | Sep. 19, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsidiary Sale Of Stock [Line Items] | |||||||
Proceeds from issuance of common stock upon public offering, net of issuance costs | $ 281,165,000 | $ 86,105,000 | $ 85,990,000 | ||||
Accumulated deficit | 348,364,000 | $ 235,403,000 | |||||
Cash, cash equivalents and marketable securities | $ 632,600,000 | ||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||
Warrants to purchase shares of common stock | 319,150 | 2,020,270 | |||||
At The Market Offering | Common Stock | |||||||
Subsidiary Sale Of Stock [Line Items] | |||||||
Issuance of common stock, net of issuance costs, shares | 1,188,705 | 601,844 | 3,407,872 | ||||
At The Market Offering | Jefferies LLC | January 2021 Sales Agreement | Common Stock | |||||||
Subsidiary Sale Of Stock [Line Items] | |||||||
Common stock remained available to be sold | $ 61,800,000 | ||||||
At The Market Offering | Jefferies LLC | June 2023 Sales Agreement | Common Stock | |||||||
Subsidiary Sale Of Stock [Line Items] | |||||||
Common stock remained available to be sold | $ 222,500,000 | ||||||
Common stock, par value | $ 0.0001 | ||||||
At The Market Offering | Jefferies LLC | June 2023 Sales Agreement | Common Stock | Maximum | |||||||
Subsidiary Sale Of Stock [Line Items] | |||||||
Sale of common stock aggregate offering price | $ 250,000,000 | ||||||
At The Market Offering | Jefferies LLC | January 2021 Sales Agreement and June 2023 Sales Agreement | Common Stock | |||||||
Subsidiary Sale Of Stock [Line Items] | |||||||
Issuance of common stock, net of issuance costs, shares | 1,188,705 | ||||||
Proceeds from issuance of common stock upon public offering, net of issuance costs | $ 28,600,000 | ||||||
Weighted average sales price | $ 25.30 | ||||||
Follow On Public Offering | |||||||
Subsidiary Sale Of Stock [Line Items] | |||||||
Issuance of common stock, net of issuance costs, shares | 8,761,905 | ||||||
Common stock price per share | $ 23.4999 | $ 18.4999 | |||||
Common stock offering price | $ 10.5 | ||||||
Proceeds from issuance of common stock net of underwriting discounts and commissions and other offering expenses | $ 134,600,000 | $ 188,700,000 | |||||
Proceeds from issuance of common stock upon public offering, net of issuance costs | $ 143,700,000 | $ 201,300,000 | $ 86,100,000 | ||||
Follow On Public Offering | Common Stock | |||||||
Subsidiary Sale Of Stock [Line Items] | |||||||
Issuance of common stock, net of issuance costs, shares | 5,797,872 | 8,858,121 | 14,655,993 | 8,761,905 | 5,333,333 | ||
Common stock offering price | $ 23.5 | $ 18.5 | |||||
Warrants to purchase shares of common stock | 319,150 | 2,020,270 | |||||
Overallotment Option | Common Stock | |||||||
Subsidiary Sale Of Stock [Line Items] | |||||||
Issuance of common stock, net of issuance costs, shares | 797,872 | 1,418,920 | 1,142,857 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||
Number of operating segments | 1 | |
Number of reportable segments | 1 | |
Impairment of long-lived assets | $ | $ 0 | $ 0 |
ASU 2016-13 | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Change in accounting principle, accounting standards update, adopted | true | |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2023 | |
Change in accounting principle, accounting standards update, immaterial effect | true | |
2019 Equity Incentive Plan | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Term of options | 10 years | |
Vesting period of options | 4 years | |
2019 Equity Incentive Plan | Cliff Vesting | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Vesting period of options | 1 year | |
Minimum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the assets | 3 years | |
Recognized income tax positions measured at percentage of likelihood of realization | 50% | |
Maximum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of the assets | 5 years |
Fair Value Measurement and Ma_3
Fair Value Measurement and Marketable Securities - Schedule of Financial Assets Measured and Recognized at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, amortized cost | $ 593,263 | $ 311,373 |
Marketable securities, gross unrealized gains | 788 | 0 |
Marketable securities, gross unrealized losses | (225) | (2,871) |
Marketable securities, estimated fair value | 593,826 | 308,502 |
Amortized Cost | 631,563 | 375,526 |
Estimated Fair Value | 632,126 | 372,655 |
U.S. Government Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, amortized cost | 412,679 | 146,030 |
Marketable securities, gross unrealized gains | 591 | 0 |
Marketable securities, gross unrealized losses | (135) | (2,291) |
Marketable securities, estimated fair value | 413,135 | 143,739 |
Corporate Bonds | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, amortized cost | 53,983 | 86,546 |
Marketable securities, gross unrealized gains | 197 | 0 |
Marketable securities, gross unrealized losses | (32) | (580) |
Marketable securities, estimated fair value | 54,148 | 85,966 |
Commercial Paper | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities, amortized cost | 126,601 | 78,797 |
Marketable securities, gross unrealized gains | 0 | 0 |
Marketable securities, gross unrealized losses | (58) | 0 |
Marketable securities, estimated fair value | 126,543 | 78,797 |
Money Market Funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Money market funds, amortized Cost | 38,300 | 64,153 |
Money market funds, estimated Fair Value | $ 38,300 | $ 64,153 |
Fair Value Measurement and Ma_4
Fair Value Measurement and Marketable Securities - Schedule of Financial Assets Measured and Recognized at Fair Value (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | $ 157,018 | $ 68,632 | $ 92,046 |
U.S. Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 37,800 | ||
Commercial Paper | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | $ 80,400 | $ 4,000 |
Fair Value Measurement and Ma_5
Fair Value Measurement and Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities recognized at fair value | $ 0 | $ 0 |
Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities remaining maturity period | 2 years | 2 years |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 15,775 | $ 14,062 |
Less: Accumulated depreciation and amortization | (9,611) | (7,553) |
Property and equipment, net | 6,164 | 6,509 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 11,455 | 9,743 |
Property and equipment net, useful life | 5 years | |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 261 | 261 |
Property and equipment net, useful life | 3 years | |
Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 231 | 231 |
Property and equipment net, useful life | 3 years | |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 3,321 | 3,321 |
Property and equipment net, useful life | Shorter of usefullife or lease term | |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 507 | $ 506 |
Property and equipment net, useful life | 5 years |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |||
Depreciation and amortization expense | $ 2.5 | $ 2.1 | $ 1.7 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued research and development expenses | $ 10,676 | $ 11,146 |
Accrued salaries and benefits | 6,974 | 5,248 |
Legal and professional fees | 959 | 513 |
Other | 147 | 92 |
Accrued liabilities | $ 18,756 | $ 16,999 |
Operating Leases - Additional I
Operating Leases - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2023 ft² | Jun. 30, 2023 ft² | Dec. 31, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Operating Leased Assets [Line Items] | |||||
Right-of-use asset | $ 2,246 | $ 2,484 | |||
Operating lease liability | 2,872 | ||||
Operating lease cost | 1,700 | 1,700 | $ 1,700 | ||
Variable lease cost | 1,400 | 1,000 | 1,000 | ||
Cash paid included in measurement of operating lease liabilities included in cash flow from operating activities | $ 2,000 | $ 2,000 | $ 1,900 | ||
South San Francisco, California | Lease Agreement | |||||
Operating Leased Assets [Line Items] | |||||
Area of space leased | ft² | 44,000 | ||||
Operating lease, option to extend, description | The Company has the option to extend the lease term for two consecutive five-year periods. | ||||
Operating lease option to extend | true | ||||
Operating lease commencement month and year | 2024-06 | ||||
Operating lease term | 120 months | ||||
South San Francisco | Lease Agreement | Laboratory and Office Facilities | |||||
Operating Leased Assets [Line Items] | |||||
Area of space leased | ft² | 29,000 | ||||
Lease expiration | 2024-07 | ||||
San Diego, California | Lease Agreement | |||||
Operating Leased Assets [Line Items] | |||||
Area of space leased | ft² | 5,700 | ||||
Lease expiration | 2028-03 | ||||
Right-of-use asset | $ 1,300 | ||||
Operating lease liability | $ 1,300 | ||||
Operating lease existence of option to renew | true | ||||
Operating lease renewal term | 3 years | ||||
Operating lease commencement month and year | 2023-12 |
Operating Leases - Schedule of
Operating Leases - Schedule of Operating Lease in Balance Sheet and Other Lease Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right of use assets | $ 2,246 | $ 2,484 |
Current operating lease liabilities | 1,747 | 1,871 |
Operating lease liabilities, net of current position | $ 1,125 | $ 1,611 |
Operating Leases - Schedule o_2
Operating Leases - Schedule of Future Minimum Lease Payments under Operating Leases (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 1,897 |
2025 | 387 |
2026 | 398 |
2027 | 410 |
2028 | 106 |
Total future minimum lease payments | 3,198 |
Less: imputed interest | (326) |
Total operating lease liabilities | $ 2,872 |
Operating Leases - Schedule O_3
Operating Leases - Schedule Of Operating Lease Disclosures (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating leases, Weighted-average remaining lease term | 2 years 4 months 24 days | 1 year 7 months 6 days |
Operating lease, Weighted-average discount rate | 8% | 6.90% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Line Items] | |||
Provision for income taxes | $ 0 | $ 0 | $ 0 |
Deferred tax assets, net operating loss carryforwards | 34,717,000 | 31,777,000 | |
Research and development credit carryforwards | 19,997,000 | 9,454,000 | |
Penalties or interest accrued | 0 | 0 | 0 |
Unrecognized tax benefits | 3,822,000 | 1,962,000 | $ 1,304,000 |
Orphan Drug Credits | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carry forward amount | $ 6,300,000 | ||
Federal Income Tax | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, net operating loss carryforwards | 135,300,000 | ||
Deferred tax assets, operating loss carryforwards subject to expire | $ 11,600,000 | ||
Tax credit carry forward expiration year | 2037 | ||
Deferred tax assets, operating loss carryforwards subject to do not expire | $ 123,700,000 | ||
Research and development credit carryforwards | $ 12,000,000 | ||
Research and experimental expenditures amortize period (in years) | 5 years | ||
California State Income Tax | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, net operating loss carryforwards | $ 89,600,000 | ||
Deferred tax assets, operating loss carryforwards subject to expire | $ 89,600,000 | ||
Tax credit carry forward expiration year | 2036 | ||
Research and development credit carryforwards | $ 6,400,000 | ||
Foreign Income Tax | |||
Income Tax Disclosure [Line Items] | |||
Research and experimental expenditures amortize period (in years) | 15 years | ||
California | |||
Income Tax Disclosure [Line Items] | |||
Tax years | 2020 2021 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 21% | 21% | 21% |
State income taxes | 1.30% | 1.90% | 0.70% |
Change in valuation allowance | (29.10%) | (23.40%) | (25.20%) |
Stock Based Compensation | 0.70% | (1.20%) | (0.20%) |
Research tax credits | 8.30% | 4.40% | 3.80% |
Other permanent differences | (0.10%) | (0.10%) | (0.10%) |
Section 162(m) Limitation | (2.10%) | (2.60%) | 0% |
Provision for income taxes | 0% | 0% | 0% |
Income Taxes - Schedule of Tax
Income Taxes - Schedule of Tax Effects of Temporary Differences and Carryforwards of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 34,717 | $ 31,777 |
Research and development credit carryforwards | 19,997 | 9,454 |
Lease liability | 610 | 739 |
Intangible assets | 1,096 | 1,166 |
Stock-based compensation | 2,593 | 1,713 |
Accruals and reserves | 1,257 | 1,666 |
Deferred revenue | 0 | 2,881 |
Capitalized research & development expenditures | 36,267 | 15,134 |
Gross deferred tax assets | 96,537 | 64,530 |
Less: Valuation allowance | (95,888) | (63,761) |
Deferred tax assets, net of valuation allowance | 649 | 769 |
Deferred tax liabilities: | ||
Right-of-use assets | (477) | (527) |
Property and equipment | (172) | (242) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity Related to Company's Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Balance | $ 1,962 | $ 1,304 |
Increase related to prior year tax positions | 372 | 51 |
Increase related to current year tax positions | 1,488 | 607 |
Balance | $ 3,822 | $ 1,962 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) | 12 Months Ended | |||||
Oct. 27, 2023 USD ($) $ / shares shares | Apr. 27, 2023 USD ($) $ / shares shares | Sep. 19, 2022 USD ($) shares | Dec. 31, 2023 USD ($) Vote $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | |
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Common stock, voting rights | Each share of common stock is entitled to one vote. | |||||
Number of common stock voting rights held per share | Vote | 1 | |||||
Common stock, dividends declared | $ | $ 0 | |||||
Warrants to purchase shares of common stock | 319,150 | 2,020,270 | ||||
Proceeds from issuance of common stock in public offering, net of issuance costs | $ | $ 281,165,000 | $ 86,105,000 | $ 85,990,000 | |||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Offering price per share | $ / shares | $ 23.5 | $ 18.5 | ||||
Follow On Public Offering | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock, net of issuance costs, shares | 8,761,905 | |||||
Proceeds from issuance of common stock in public offering, net of issuance costs | $ | $ 143,700,000 | $ 201,300,000 | $ 86,100,000 | |||
Proceeds from issuance of common stock net of underwriting discounts and commissions and other offering expenses | $ | $ 134,600,000 | $ 188,700,000 | ||||
Follow On Public Offering | Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock, net of issuance costs, shares | 5,797,872 | 8,858,121 | 14,655,993 | 8,761,905 | 5,333,333 | |
Offering price per share | $ / shares | $ 23.4999 | $ 18.4999 | ||||
Warrants to purchase shares of common stock | 319,150 | 2,020,270 | ||||
Overallotment Option | Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock, net of issuance costs, shares | 797,872 | 1,418,920 | 1,142,857 |
Common Stock - Schedule of Aggr
Common Stock - Schedule of Aggregate Warrants (Details) - $ / shares | Oct. 27, 2023 | Apr. 27, 2023 |
Stockholders' Equity Note [Abstract] | ||
Issue Date | Oct. 27, 2023 | Apr. 27, 2023 |
Exercise Price per Share | $ 0.0001 | $ 0.0001 |
Number of Shares subject to Outstanding Warrants | 319,150 | 2,020,270 |
Common Stock - Schedule of Numb
Common Stock - Schedule of Number of Common Stock Reserved for Future Issuance (Details) - shares | Feb. 24, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | May 31, 2019 |
Class Of Stock [Line Items] | ||||
Number of common stock reserved for future issuance | 11,416,291 | 6,668,705 | 195,000 | |
Pre-funded Warrants Issued and Outstanding | ||||
Class Of Stock [Line Items] | ||||
Number of common stock reserved for future issuance | 2,339,420 | |||
2019 Plan | ||||
Class Of Stock [Line Items] | ||||
Number of common stock reserved for future issuance | 964,622 | |||
2023 Inducement Plan | ||||
Class Of Stock [Line Items] | ||||
Number of common stock reserved for future issuance | 1,000,000 | 524,300 | ||
Employee Stock Purchase Plan | ||||
Class Of Stock [Line Items] | ||||
Number of common stock reserved for future issuance | 1,317,974 | 906,523 | ||
Outstanding Options | 2015, 2019 and 2023 Plans | ||||
Class Of Stock [Line Items] | ||||
Number of common stock reserved for future issuance | 6,269,975 | 5,097,263 | ||
Employee Stock Option | 2019 Plan | ||||
Class Of Stock [Line Items] | ||||
Number of common stock reserved for future issuance | 964,622 | 664,919 | ||
Employee Stock Option | 2023 Inducement Plan | ||||
Class Of Stock [Line Items] | ||||
Number of common stock reserved for future issuance | 524,300 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 24, 2024 | May 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock, initially reserved for issuance | 11,416,291 | 6,668,705 | 195,000 | ||
Shares issues under ESPP | 2,500,000 | ||||
Stock-based compensation expense | $ 18,489 | $ 11,629 | $ 8,237 | ||
Weighted-average grant-date fair value of options granted | $ 13.98 | $ 10.10 | |||
Aggregate intrinsic value of options exercised | $ 16,900 | $ 1,800 | |||
Total unrecognized stock-based compensation expense for stock options | $ 41,100 | $ 28,000 | |||
Total unrecognized stock-based compensation expense, weighted-average period of recognition | 2 years 7 months 2 days | 2 years 7 months 24 days | |||
Estimated dividend yield | 0% | 0% | 0% | ||
2019 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Term of options | 10 years | ||||
Incentive award plan description | Options granted under the 2019 Plan have a term of 10 years (or five years if granted to a 10% stockholder) and generally vest over a 4-year period with 1-year cliff vesting. | ||||
Vesting period of options | 4 years | ||||
Common stock, initially reserved for issuance | 964,622 | ||||
2019 Equity Incentive Plan | Cliff Vesting | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period of options | 1 year | ||||
2019 Equity Incentive Plan | 10% Stockholder | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Term of options | 5 years | ||||
2019 Equity Incentive Plan | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares outstanding under ESPP | 4% | ||||
2019 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock, initially reserved for issuance | 1,317,974 | ||||
Stock-based compensation expense | $ 600 | $ 400 | |||
Maximum offering period under ESPP | 27 months | ||||
Maximum eligible rate of compensation | 15% | ||||
2019 Employee Stock Purchase Plan | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of the fair value of common stock | 85% | ||||
Maximum number of shares purchasable | 4,000 | ||||
Shares outstanding under ESPP | 1% | ||||
2023 Inducement Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Term of options | 10 years | ||||
Vesting period of options | 4 years | ||||
Common stock, initially reserved for issuance | 524,300 | 1,000,000 | |||
2023 Inducement Plan | Cliff Vesting | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period of options | 1 year |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $ 18,489 | $ 11,629 | $ 8,237 |
Research and Development | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 10,826 | 6,050 | 3,492 |
General and Administrative | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $ 7,663 | $ 5,579 | $ 4,745 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Activity under Plans (Details) - 2015 and 2019 Plans and 2023 Inducement Plan - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding Options, Shares, Beginning balance | 5,097,263 | |
Outstanding Options, Shares, Options granted | 2,694,871 | |
Outstanding Options, Shares, Options exercised | (931,012) | |
Outstanding Options, Shares, Options canceled | (591,147) | |
Outstanding Options, Shares, Ending balance | 6,269,975 | 5,097,263 |
Outstanding Options, Shares, Exercisable | 2,612,605 | |
Outstanding Options, Shares, Vested and expected to vest | 6,269,975 | |
Outstanding Options, Weighted-Average Exercise Price, Beginning balance | $ 12.93 | |
Outstanding Options, Weighted-Average Exercise Price, Options granted | 18.95 | |
Outstanding Options, Weighted-Average Exercise Price, Options exercised | 10.27 | |
Outstanding Options, Weighted-Average Exercise Price, Options canceled | 16.93 | |
Outstanding Options, Weighted-Average Exercise Price, Ending balance | 15.53 | $ 12.93 |
Outstanding Options, Weighted-Average Exercise Price, Exercisable | 12.21 | |
Outstanding Options, Weighted-Average Exercise Price, Vested and expected to vest | $ 15.53 | |
Outstanding Options, Weighted Average Remaining Contractual Term (Years) | 7 years 9 months 25 days | 7 years 10 months 2 days |
Outstanding Options, Weighted Average Remaining Contractual Term (Years), Exercisable | 6 years 4 months 20 days | |
Outstanding Options, Weighted Average Remaining Contractual Term (Years), Vested and expected to vest | 7 years 9 months 25 days | |
Outstanding Options, Aggregate Intrinsic Value | $ 128,490 | $ 29,580 |
Outstanding Options, Aggregate Intrinsic Value, Exercisable | 62,220 | |
Outstanding Options, Aggregate Intrinsic Value, Vested and expected to vest | $ 128,490 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used to Calculate Fair Values of Options (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term | 6 years 1 month 6 days | 6 years 1 month 6 days | |
Expected volatility, minimum | 81.76% | 86.76% | 90% |
Expected volatility, maximum | 86.90% | 89.88% | 103.60% |
Risk-free interest rate, minimum | 3.56% | 1.62% | 0.60% |
Risk-free interest rate, maximum | 4.83% | 4.05% | 1.40% |
Dividend yield | 0% | 0% | 0% |
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term | 5 years 6 months | ||
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term | 6 years 1 month 6 days |
Significant Agreements - Additi
Significant Agreements - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2020 USD ($) | Oct. 31, 2023 USD ($) | Aug. 31, 2023 USD ($) | Apr. 30, 2023 GBP (£) | Aug. 31, 2022 USD ($) | Jul. 31, 2022 | Jan. 31, 2022 GBP (£) | Jun. 30, 2020 USD ($) | Sep. 30, 2018 USD ($) | Dec. 31, 2023 GBP (£) | Dec. 31, 2023 USD ($) | |
License Agreement | Cancer Research Technology and the University of Manchester | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Payment of one-time option exercise fee | £ | £ 250,000 | ||||||||||
Payments for achievement of specific development and regulatory approval events | £ | £ 19,500,000 | ||||||||||
Milestone payments relating to first and second tumor histologies | £ | £ 750,000 | ||||||||||
License Agreement | Amgen Clinical Trial Collaboration and Supply Agreement | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Pay for external third-party cost percentage | 50% | ||||||||||
Maximum | License Agreement | Novartis International Pharmaceuticals Limited | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Contingent development and sales-based milestone payments | $ 29 | ||||||||||
Maximum | License Agreement | Cancer Research Technology and the University of Manchester | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Additional payments for achievement of specific development and regulatory approval events | £ | £ 18,750,000 | ||||||||||
Milestone payments of phase two relating to first and second tumor histologies | £ | 1,500,000 | ||||||||||
Milestone payments of phase three relating to first and second tumor histologies | £ | £ 2,250,000 | ||||||||||
GSK Collaboration Agreement | GSK | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Development and regulatory milestone payment eligible to receive | $ 13 | ||||||||||
GSK Collaboration Agreement | GSK | License Agreement | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Upfront payment | $ 100 | ||||||||||
Number of days of notice period for terminating agreement | 90 days | ||||||||||
Pol Theta Program | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Milestone payment received for achievement of initial preclinical development milestone | $ 3 | $ 3 | |||||||||
Milestone payment received clinical evaluation | $ 7 | ||||||||||
Additional payment of development milestone to achieve | 10 | ||||||||||
Pol Theta Program | Maximum | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Development and regulatory milestone payment eligible to receive | $ 485 | ||||||||||
Commercial milestone payment eligible to receive | $ 475 | ||||||||||
Development milestone payment eligible to receive | $ 465 | ||||||||||
WRN Program | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Development costs sharing percentage | 20% | ||||||||||
Milestone payment received for achievement of initial preclinical development milestone | $ 3 | ||||||||||
Milestone payment received clinical evaluation | $ 3 | ||||||||||
Percentage of profit share | 50% | ||||||||||
WRN Program | Maximum | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Commercial milestone payment eligible to receive | $ 475 | ||||||||||
Development milestone payment eligible to receive | $ 485 | ||||||||||
WRN Program | GSK | |||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||
Development costs sharing percentage | 80% |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenue Disaggregated by Research Program (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Total collaboration revenue | $ 23,385 | $ 50,931 |
MAT2A Program | ||
Disaggregation Of Revenue [Line Items] | ||
Total collaboration revenue | 3,722 | 29,756 |
Pol Theta Program | ||
Disaggregation Of Revenue [Line Items] | ||
Total collaboration revenue | 3,002 | 13,894 |
WRN Program | ||
Disaggregation Of Revenue [Line Items] | ||
Total collaboration revenue | $ 16,661 | $ 7,281 |
Revenue Recognition - Contract
Revenue Recognition - Contract Balance - Additional Information (Details) - GSK Collaboration Agreement - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Accounts receivable | $ 0 | $ 0.2 |
Contract liabilities | $ 0 | $ 13.8 |
Revenue Recognition - Performan
Revenue Recognition - Performance Obligations - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jul. 27, 2020 Obligation | Oct. 31, 2023 USD ($) | Aug. 31, 2023 USD ($) | Aug. 31, 2022 USD ($) | Dec. 31, 2023 | Dec. 31, 2022 USD ($) | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||||||
Reimbursement period of costs incurred for quarter ended | 75 days | |||||
MAT2A Supply | ||||||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||||||
Revenue recognized | $ 2.4 | |||||
GSK | ||||||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||||||
Reimbursement period of costs incurred for quarter ended | 75 days | |||||
Revenue recognized | $ 17.4 | |||||
GSK Collaboration Agreement | ||||||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||||||
Number of performance obligations | Obligation | 6 | |||||
Pol Theta Program | ||||||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||||||
Milestone payment received clinical evaluation | $ 7 | |||||
Milestone payment received for achievement of earlier preclinical development milestone | 3 | $ 3 | ||||
Additional milestone payment potentially received clinical evaluation | $ 10 | |||||
Reimbursement period of costs incurred for quarter ended | 90 days | |||||
WRN Program | ||||||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||||||
Milestone payment received clinical evaluation | $ 3 | |||||
Milestone payment received for achievement of earlier preclinical development milestone | $ 3 | |||||
Reimbursement period of costs incurred for quarter ended | 75 days | |||||
Determination period of costs incurred | 75 days |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | |||
Net loss attributable to common stockholders | $ (112,961) | $ (58,655) | $ (49,762) |
Denominator: | |||
Weighted-average shares outstanding, basic | 57,519,929 | 41,444,696 | 35,262,987 |
Less:weighted-average shares of restricted stock that are subject to repurchase | (10,544) | ||
Weighted-average shares used in computing net loss per share attributable to common stock, basic | 57,519,929 | 41,444,696 | 35,252,443 |
Weighted-average shares used in computing net loss per share attributable to common stock, diluted | 57,519,929 | 41,444,696 | 35,252,443 |
Net loss per share attributable to common stockholders, basic | $ (1.96) | $ (1.42) | $ (1.41) |
Net loss per share attributable to common stockholders, diluted | $ (1.96) | $ (1.42) | $ (1.41) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Schedule of Outstanding Shares of Potentially Dilutive Securities Excluded From the Computation of Diluted Net Loss Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Stock Option | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 6,269,975 | 5,097,263 | 3,620,666 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Jan. 24, 2024 | Jan. 19, 2024 | Jun. 26, 2023 | Jan. 17, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | |||||||
Proceeds from issuance of common stock upon public offering, net of issuance costs | $ 281,165,000 | $ 86,105,000 | $ 85,990,000 | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||
At The Market Offering | Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Issuance of common stock, net of issuance costs, shares | 1,188,705 | 601,844 | 3,407,872 | ||||
At The Market Offering | Jefferies LLC | January 2021 Sales Agreement | Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Common stock remained available to be sold | $ 61,800,000 | ||||||
At The Market Offering | Jefferies LLC | June 2023 Sales Agreement | Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Common stock, par value | $ 0.0001 | ||||||
Common stock remained available to be sold | $ 222,500,000 | ||||||
At The Market Offering | Jefferies LLC | June 2023 Sales Agreement | Common Stock | Maximum | |||||||
Subsequent Event [Line Items] | |||||||
Sale of common stock aggregate offering price | $ 250,000,000 | ||||||
At The Market Offering | Subsequent Event | Jefferies LLC | June 2023 Sales Agreement | Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Issuance of common stock, net of issuance costs, shares | 6,115,516 | ||||||
Proceeds from issuance of common stock upon public offering, net of issuance costs | $ 215,900,000 | ||||||
Weighted average sales price | $ 36.39 | ||||||
At The Market Offering | Subsequent Event | Jefferies LLC | January 2024 Sales Agreement | Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Issuance of common stock, net of issuance costs, shares | 3,119,866 | ||||||
Proceeds from issuance of common stock upon public offering, net of issuance costs | $ 126,400,000 | ||||||
Weighted average sales price | $ 41.50 | ||||||
Common stock, par value | $ 0.0001 | ||||||
Common stock remained available to be sold | $ 220,500,000 | ||||||
At The Market Offering | Subsequent Event | Jefferies LLC | January 2024 Sales Agreement | Common Stock | Maximum | |||||||
Subsequent Event [Line Items] | |||||||
Sale of common stock aggregate offering price | $ 350,000,000 |