IDEAYA Biosciences (IDYA) 10-Q 4 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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
Entity Common Stock, Shares Outstanding		86,431,799
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	5000 Shoreline Court
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	443-6209
Document Quarterly Report	true
Document Transition Report	false

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 400,283	$ 157,018
Short-term marketable securities	519,746	368,096
Accounts receivable	20	18
Prepaid expenses and other current assets	12,165	7,500
Total current assets	932,214	532,632
Restricted cash	911	757
Long-term marketable securities	280,128	107,492
Property and equipment, net	8,235	6,164
Right-of-use assets	18,385	2,246
Other non-current assets		25
Total assets	1,239,873	649,316
Current liabilities
Accounts payable	12,567	6,598
Accrued liabilities	28,092	18,756
Operating lease liabilities - current	0	1,747
Total current liabilities	40,659	27,101
Long-term operating lease liabilities	18,796	1,125
Total liabilities	59,455	28,226
Commitments and contingencies (Note 6)
Stockholders’ equity
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023; no shares issued and outstanding as of September 30, 2024 and December 31, 2023
Common stock, $0.0001 par value, 300,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 86,357,856 and 65,039,369 shares issued and outstanding as of September 30, 2024 and December 31, 2023	9	7
Additional paid-in capital	1,669,102	968,885
Accumulated other comprehensive income	3,836	562
Accumulated deficit	(492,529)	(348,364)
Total stockholders’ equity	1,180,418	621,090
Total liabilities and stockholders’ equity	$ 1,239,873	$ 649,316

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	86,357,856	65,039,369
Common stock, shares outstanding	86,357,856	65,039,369

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Collaboration revenue	$ 0	$ 8,038	$ 0	$ 19,463
Operating expenses
Research and development	57,152	33,701	154,490	90,738
General and administrative	9,741	7,863	28,347	21,237
Total operating expenses	66,893	41,564	182,837	111,975
Loss from operations	(66,893)	(33,526)	(182,837)	(92,512)
Interest income and other income, net	15,072	6,086	38,672	13,506
Net loss	(51,821)	(27,440)	(144,165)	(79,006)
Unrealized gains on marketable securities	5,252	429	3,274	2,121
Comprehensive loss	$ (46,569)	$ (27,011)	$ (140,891)	$ (76,885)
Net loss per common share, basic	$ (0.6)	$ (0.46)	$ (1.81)	$ (1.44)
Net loss per common share, diluted	$ (0.6)	$ (0.46)	$ (1.81)	$ (1.44)
Weighted-average common shares outstanding, basic	86,188,510	59,999,449	79,776,728	54,916,150
Weighted-average common shares outstanding, diluted	86,188,510	59,999,449	79,776,728	54,916,150

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	At The Market Offering	Follow On Public Offering	Common Stock	Common Stock At The Market Offering	Common Stock Follow On Public Offering	Additional Paid-In Capital	Additional Paid-In Capital At The Market Offering	Additional Paid-In Capital Follow On Public Offering	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2022	$ 349,455			$ 5			$ 587,724			$ (2,871)	$ (235,403)
Beginning balance, shares at Dec. 31, 2022				48,193,179
Issuance of common stock, net of issuance cost		$ 28,719	$ 153,591			$ 1		$ 28,719	$ 153,590
Issuance of common stock, net of issuance costs, shares					1,188,705	8,858,121
Issuance of pre-funded warrants to purchase common stock	35,132						35,132
Issuance of common stock upon exercise of stock options	3,709						3,709
Issuance of common stock upon exercise of stock options, shares				344,278
Employee stock purchase plan (ESPP) purchase, shares				42,154
Employee stock purchase plan (ESPP) purchase	637						637
Stock-based compensation	13,691						13,691
Other comprehensive income	2,121									2,121
Net Income (Loss)	(79,006)										(79,006)
Ending balance at Sep. 30, 2023	508,049			$ 6			823,202			(750)	(314,409)
Ending balance, shares at Sep. 30, 2023				58,626,437
Beginning balance at Jun. 30, 2023	501,609			$ 6			789,751			(1,179)	(286,969)
Beginning balance, shares at Jun. 30, 2023				57,440,328
Issuance of common stock, net of issuance cost		26,294						26,294
Issuance of common stock, net of issuance costs, shares					1,036,421
Issuance of common stock upon exercise of stock options	1,856						1,856
Issuance of common stock upon exercise of stock options, shares				149,688
Stock-based compensation	5,301						5,301
Other comprehensive income	429									429
Net Income (Loss)	(27,440)										(27,440)
Ending balance at Sep. 30, 2023	508,049			$ 6			823,202			(750)	(314,409)
Ending balance, shares at Sep. 30, 2023				58,626,437
Beginning balance at Dec. 31, 2023	621,090			$ 7			968,885			562	(348,364)
Beginning balance, shares at Dec. 31, 2023				65,039,369
Issuance of common stock, net of issuance cost		379,928	274,356		$ 1	$ 1		379,927	274,355
Issuance of common stock, net of issuance costs, shares					10,182,382	8,355,714
Exercise of pre-funded warrants				1,749,993
Issuance of pre-funded warrants to purchase common stock	9,400						9,400
Issuance of common stock upon exercise of stock options	10,493						10,493
Issuance of common stock upon exercise of stock options, shares				1,001,355
Employee stock purchase plan (ESPP) purchase, shares				29,043
Employee stock purchase plan (ESPP) purchase	781						781
Stock-based compensation	25,261						25,261
Other comprehensive income	3,274									3,274
Net Income (Loss)	(144,165)										(144,165)
Ending balance at Sep. 30, 2024	1,180,418			$ 9			1,669,102			3,836	(492,529)
Ending balance, shares at Sep. 30, 2024				86,357,856
Beginning balance at Jun. 30, 2024	931,658			$ 8			1,373,774			(1,416)	(440,708)
Beginning balance, shares at Jun. 30, 2024				76,090,834
Issuance of common stock, net of issuance cost		$ (27)	$ 274,356			$ 1		$ (27)	$ 274,355
Issuance of common stock, net of issuance costs, shares						8,355,714
Exercise of pre-funded warrants				1,749,993
Issuance of pre-funded warrants to purchase common stock	9,400						9,400
Issuance of common stock upon exercise of stock options	2,385						2,385
Issuance of common stock upon exercise of stock options, shares				161,315
Stock-based compensation	9,215						9,215
Other comprehensive income	5,252									5,252
Net Income (Loss)	(51,821)										(51,821)
Ending balance at Sep. 30, 2024	$ 1,180,418			$ 9			$ 1,669,102			$ 3,836	$ (492,529)
Ending balance, shares at Sep. 30, 2024				86,357,856

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (144,165)	$ (79,006)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	1,815	1,847
Net amortization (accretion) of premiums (discounts) on marketable securities	(18,317)	(7,677)
Stock-based compensation	25,261	13,691
Amortization of right-of-use assets	1,376	1,137
Changes in assets and liabilities
Accounts receivable	(2)	(6,492)
Prepaid expenses and other assets	(4,438)	(1,321)
Accounts payable	5,304	890
Accrued and other liabilities	8,520	(846)
Contract liabilities	0	(12,314)
Lease liabilities	(1,283)	(1,385)
Net cash used in operating activities	(125,929)	(91,476)
Cash flows from investing activities
Purchases of property and equipment, net	(2,755)	(1,530)
Purchases of marketable securities	(854,268)	(374,375)
Maturities of marketable securities	551,573	329,392
Net cash used in investing activities	(305,450)	(46,513)
Cash flows from financing activities
Proceeds from issuance of common stock upon public offering, net of issuance costs	274,690	153,591
Proceeds from issuance of pre-funded warrants to purchase common stock, net of issuance costs	9,400	35,132
Proceeds from issuance of common stock related to at-the-market offering program, net of issuance costs	379,944	28,754
Proceeds from ESPP purchase	781	637
Proceeds from exercise of common stock options	9,983	3,709
Net cash provided by financing activities	674,798	221,823
Net increase in cash, cash equivalents and restricted cash	243,419	83,834
Cash, cash equivalents and restricted cash, at beginning of period	157,775	68,738
Cash, cash equivalents and restricted cash, at end of period	401,194	152,572
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	400,283	151,850
Restricted cash	911	722
Cash, cash equivalents and restricted cash	401,194	152,572
Supplemental disclosure of cash flow information:
Cash paid for interest	25	37
Supplemental non-cash investing and financing activities:
Right-of-use asset obtained in exchange for a new operating lease liability	17,515	0
Purchases of property and equipment in accounts payable and accrued liabilities	1,278	0
Unpaid offering costs	334	35
Unpaid at-the-market offering program costs	$ 16	$ 0

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (51,821)	$ (27,440)	$ (144,165)	$ (79,006)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Trading Plans , our Section 16 officers and directors adopted or terminated contracts, instructions or written plans for the purchase or sale of our securities as noted below: Name and Title Trading Arrangement Rule 10b5-1* Non-Rule 10b5‑1** Yujiro S. Hata President and Chief Executive Officer Adopt August 9, 2024 X 264,454 July 15, 2025 Andres Ruiz Briseno Senior Vice President, Head of Finance and Investor Relations Adopt August 16, 2024 X 24,531 August 18, 2025 * Intended to satisfy the affirmative defense of Rule 10b5-1(c) ** No t intended to satisfy the affirmative defense of Rule 10b5-1(c)
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Yujiro S. Hata
Trading Arrangements, by Individual
Name	Yujiro S. Hata
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 9, 2024
Expiration Date	July 15, 2025
Aggregate Available	264,454
Andres Ruiz Briseno
Trading Arrangements, by Individual
Name	Andres Ruiz Briseno
Title	Senior Vice President,Head of Finance andInvestor Relations
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 16, 2024
Expiration Date	August 18, 2025
Aggregate Available	24,531

Organization

Organization	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Description of the Business IDEAYA Biosciences, Inc. (the “Company”) is a 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 July 11, 2024, the Company completed an underwritten public follow-on offering. The offering consisted of 8,355,714 shares of the Company's common stock, par value $ 0.0001 per share ("common stock"), at an offering price to the public of $ 35.00 per share, including 1,127,142 shares of common stock upon the exercise in full of the overallotment option by the underwriters, as well as pre-funded warrants to purchase 285,715 shares of common stock at a public offering price of $ 34.9999 per underlying share, in each case before underwriting discounts and commissions. Pursuant to the offering, the Company received aggregate gross proceeds of approximately $ 302.4 million, before deducting underwriting discounts and commissions and other offering expenses, resulting in net proceeds of approximately $ 283.8 million, after deducting underwriting discounts and commissions and other offering expenses. On October 27, 2023, the Company completed an underwritten public follow-on offering. The offering consisted of 5,797,872 shares of 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, the Company 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 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, the Company 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. At-the-Market Offering On January 19, 2024, the Company entered into a new Open Market Sales Agreement (the “January 2024 Sales Agreement”) with Jefferies relating to an at-the-market offering program under which the Company may offer and sell, from time to time at its sole discretion, shares of common stock having aggregate gross proceeds of up to $ 350.0 million through Jefferies as sales agent. During the three months ended September 30, 2024 , pursuant to the January 2024 Sales Agreement, the Company sold no shares of common stock through at-the-market offerings. As of September 30, 2024, approximately $ 182.1 million of common stock remained available to be sold pursuant to the January 2024 Sales Agreement. The Company may cancel its 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 $ 492.5 million as of September 30, 2024. The Company has financed its operations primarily through the sale and issuance of common stock and the upfront payment and certain milestone payments received from GSK. 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 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 September 30, 2024, the Company had cash, cash equivalents and marketable securities of $ 1.2 billion. 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	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation These condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, the unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024 . Unaudited Condensed Financial Statements The accompanying financial information for the three and nine months ended September 30, 2024 and September 30, 2023 are unaudited. The unaudited condensed financial statements have been prepared on the same basis as the annual audited financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position as of September 30, 2024 and its results of operations for the three and nine months ended September 30, 2024 and September 30, 2023 and cash flows for the nine months ended September 30, 2024 and September 30, 2023 . The results for interim periods are not necessarily indicative of the results expected for the full fiscal year or any other periods. 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. 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, cash equivalents and marketable securities are held by three 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. Summary of Significant Accounting Policies There have been no material changes in the accounting policies from those disclosed in the financial statements and the related notes included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 20, 2024. 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, Not yet Adopted In 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. The Company is currently evaluating the effect of adopting this ASU. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. These amendments enhance interim disclosure requirements, require disclosure of the title and position of the chief operating decision maker (“CODM”), require disclosure of significant segment expenses that are regularly provided to the CODM, clarify circumstances for disclosure of more than one segment profit or loss measure and require that a public entity that has a single reportable segment provide all disclosures required by ASC 280 and amendments. This ASU update is effective for fiscal years beginning after December 15, 2023 for the Company’s annual report, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the effect of adopting the ASU, but does not expect any material impact upon adoption. 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 impact upon adoption.

Fair Value Measurement and Mark

Fair Value Measurement and Marketable Securities	9 Months Ended
	Sep. 30, 2024
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 consider counterparty credit risk in its assessment of fair value. As of September 30, 2024, financial assets measured and recognized at fair value are as follows (in thousands): September 30, 2024 Amortized Gross Gross Estimated Assets U.S. government securities (1) Level 2 $ 541,459 $ 2,662 $ ( 12 ) $ 544,109 Corporate bonds Level 2 203,011 1,133 ( 8 ) 204,136 Commercial paper (2) Level 2 102,092 64 ( 2 ) 102,154 Marketable securities 846,562 3,859 ( 22 ) 850,399 Money market funds (3) Level 1 339,312 — — 339,312 Total fair value of assets $ 1,185,874 $ 3,859 $ ( 22 ) $ 1,189,711 (1) $ 10.4 million was included in cash and cash equivalents on the condensed balance sheets due to securities with purchase dates within 90 days of maturity dates. (2) $ 40.1 million was included in cash and cash equivalents on the condensed balance sheets due to securities with purchase dates within 90 days of maturity dates. (3) Included in cash and cash equivalents on the condensed balance sheets. As of December 31, 2023, financial assets measured and recognized 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 condensed balance sheets 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 condensed balance sheets due to securities with purchase dates within 90 days of maturity dates. (3) Included in cash and cash equivalents on the condensed balance sheets. As of September 30, 2024 and December 31, 2023, all marketable securities had a remaining maturity of less than three years . There were no financial liabilities measured and recognized at fair value as of September 30, 2024 and December 31, 2023. 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 September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023 .

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2024
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 September 30, December 31, (In Years) 2024 2023 Laboratory equipment 5 $ 12,675 $ 11,455 Computer equipment 3 406 261 Software 3 231 231 Leasehold improvements Shorter of useful life or lease term 4,652 3,321 Furniture and fixtures 5 1,420 507 Total property and equipment 19,384 15,775 Less: Accumulated depreciation and amortization ( 11,149 ) ( 9,611 ) Property and equipment, net $ 8,235 $ 6,164 Depreciation and amortization expense was $ 0.6 million and $ 0.6 million for the three months ended September 30, 2024 and September 30, 2023, respectively, and $ 1.8 million and $ 1.8 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): September 30, December 31, 2024 2023 Accrued research and development expenses $ 19,026 $ 10,676 Accrued salaries and benefits 7,432 6,974 Legal and professional fees 1,019 959 Other 615 147 Accrued liabilities $ 28,092 $ 18,756

Operating Leases

Operating Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Operating Leases	5. Operating Leases In June 2023, the Company entered into a lease agreement for approximately 44,000 square feet of laboratory and office facilities at 5000 Shoreline Court, South San Francisco, California. The lease term is 120 months , and the Company has an option to extend the lease term for a total of two consecutive five-year periods. This lease agreement commenced in August 2024. In May 2024, the Company amended its 5000 Shoreline Court facility lease agreement to expand the size of the original premises by adding approximately 11,321 rentable square feet of additional space. The lease term for the expanded premises will not begin until the landlord makes certain improvements and offers to deliver possession of the expansion premises to the Company. The lease term for the expanded premises has not yet commenced as of September 30, 2024. The Company's lease at 7000 Shoreline Court, South San Francisco, California, expired in September 2024. In November 2023, the Company 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 term commenced in December 2023 and expires in March 2028 . The Company has an option to renew the lease for three years . Future minimum lease payments under operating leases included on the Company's condensed balance sheet are as follows: As of September 30, 2024 Operating Leases 2024 $ 94 2025 386 2026 2,694 2027 4,424 2028 4,260 Thereafter 25,994 Total future minimum lease payments 37,852 Less: imputed interest ( 19,056 ) Total operating lease liabilities $ 18,796 The following table summarizes other information about the Company’s operating leases: As of September 30, 2024 December 31, 2023 Remaining Lease Term 9.4 2.4 Discount Rate 13.1 % 8.0 % Operating lease costs were $ 0.7 million and $ 1.7 million for the three and nine months ended September 30, 2024 and $ 0.4 million and $ 1.3 million for the three and nine months ended September 30, 2023. Variable lease costs were $ 0.4 million and $ 1.1 million for the three and nine months ended September 30, 2024 and $ 0.3 million and $ 1.0 million for the three and nine months ended September 30, 2023. 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 nine months ended September 30, 2024 and September 30, 2023, cash paid for amounts included in the measurement of lease liabilities were $ 1.6 million and $ 1.5 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024, 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 September 30, 2024 .

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes For the three and nine months ended September 30, 2024 and September 30, 2023 , the Company did no t record a federal or state income tax provision due to its recurring net losses. In addition, the Company has taken a full valuation allowance against its net deferred tax assets as the Company believes it is not more likely than not that the benefit will be realized. The Company is under audit in California for tax years 2020-2021.

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Common Stock	8. Common Stock As of September 30, 2024 and December 31, 2023 , 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 September 30, 2024 and December 31, 2023 , no dividends have been declared to date. On July 11, 2024, the Company completed an underwritten public follow-on offering. The offering consisted of 8,355,714 shares of common stock at an offering price to the public of $ 35.00 per share, including 1,127,142 shares of common stock upon the exercise in full of the overallotment option by the underwriters, as well as pre-funded warrants to purchase 285,715 shares of common stock at a public offering price of $ 34.9999 per underlying share, in each case before underwriting discounts and commissions. Pursuant to the offering, the Company received aggregate gross proceeds of approximately $ 302.4 million, before deducting underwriting discounts and commissions and other offering expenses, resulting in net proceeds of approximately $ 283.8 million, after deducting underwriting discounts and commissions and other offering expenses. On October 27, 2023, the Company completed an underwritten public follow-on offering. The offering consisted of 5,797,872 shares of 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, the Company 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 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, the Company 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 September 30, 2024, 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 July 11, 2024 None $ 0.0001 285,715 October 27, 2023 None $ 0.0001 319,150 April 27, 2023 None $ 0.0001 270,270 (1) (1) In September 2024, 1,750,000 shares of common stock subject to outstanding pre-funded warrants were cashless exercised and 1,749,993 shares of common stock were issued. The warrants are classified as a component of Stockholders’ Equity within Additional Paid-in-Capital. The warrants are classified as equity 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. The Company had reserved common stock for future issuance as follows: September 30, December 31, 2024 2023 Outstanding options under the 2015, 2019 and 2023 Plans 7,686,468 6,269,975 Shares available for grant under the 2019 Plan 1,817,948 964,622 Shares available for grant under the 2023 Inducement Plan 854,700 524,300 Shares available under the Employee Stock Purchase Plan 1,939,324 1,317,974 Pre-funded warrants issued and outstanding 875,135 2,339,420 Total 13,173,575 11,416,291

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
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. On June 25, 2024, the Company amended the 2023 Employment Inducement Award Plan, increasing the number of shares available for issuance by 1,000,000 . As of September 30, 2024, the number of shares available for issuance under the 2023 Inducement Plan was 854,700 . 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, directors 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 smaller 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 September 30, 2024, the number of shares available for issuance under the 2019 Plan was 1,817,948 . 2015 Equity Incentive Plan In 2015, the Company established its 2015 Plan which provides for the granting of stock options to employees, directors 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 smaller 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 September 30, 2024, the number of shares available for issuance under the ESPP was 1,939,324 . For the nine months ended September 30, 2024 and September 30, 2023, the Company recorded $ 0.4 million 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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development $ 5,957 $ 3,051 $ 15,640 $ 7,843 General and administrative 3,258 2,250 9,621 5,848 Total stock-based compensation expense $ 9,215 $ 5,301 $ 25,261 $ 13,691 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 Intrinsic Value (Millions) Balance, January 1, 2024 6,269,975 $ 15.53 7.82 $ 128.49 Options granted 2,941,238 $ 43.39 Options exercised ( 1,001,355 ) $ 10.48 Options canceled ( 523,390 ) $ 29.05 Balance, September 30, 2024 7,686,468 $ 25.97 8.01 $ 72.68 Exercisable as of September 30, 2024 3,015,675 $ 15.38 6.67 $ 47.40 Vested and expected to vest as of 7,686,468 $ 25.97 8.01 $ 72.68 The weighted-average grant-date fair value of options granted during the nine months ended September 30, 2024 and September 30, 2023 was $ 31.05 and $ 13.54 per share, respectively. The aggregate intrinsic value of options exercised for the nine months ended September 30, 2024 and September 30, 2023 was $ 30.4 million and $ 4.0 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 September 30, 2024 and December 31, 2023, total unrecognized stock-based compensation expense for stock options was $ 96.9 million and $ 41.1 million, respectively, which is expected to be recognized over a weighted-average period of 2.72 years and 2.59 years, respectively. Black-Scholes Assumptions The fair values of options were calculated using the assumptions set forth below: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Expected term 6.1 years 6.1 years 5.5 - 6.1 years 6.1 years Expected volatility 77.8 % - 78.7 % 83.3 % - 84.5 % 77.8 % - 81.3 % 83.3 % - 86.9 % Risk-free interest rate 3.6 % - 4.2 % 4.2 % - 4.6 % 3.6 % - 4.7 % 3.6 % - 4.6 % Dividend yield 0 % 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 the market price on the date of grant.

Significant Agreements

Significant Agreements	9 Months Ended
	Sep. 30, 2024
Significant Agreements [Abstract]
Significant Agreements	10. Significant Agreements GSK Collaboration, Option and License Agreement In June 2020, the Company entered into the Collaboration, Option and License Agreement (the “GSK Collaboration Agreement”), with an affiliate of GSK plc, GLAXOSMITHKLINE INTELLECTUAL PROPERTY (NO. 4) LIMITED (“GSK”), pursuant to which the Company and GSK have entered into a collaboration for its synthetic lethality programs targeting MAT2A, Pol Theta and Werner Helicase (“WRN”). On July 27, 2020, the Company and GSK received Hart-Scott-Rodino Antitrust Improvements Act 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. As of September 30, 2024 , 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 - 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. The Company 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. The Company will be eligible to receive total development and regulatory milestones of up to $ 485.0 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, the Company will be eligible to receive up to $ 475.0 million of commercial milestones with respect to each Pol Theta product. The Company is 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, the Company announced the nomination of a Pol Theta Helicase Inhibitor development candidate (“DC”), and in August 2022, the Company announced the achievement of an initial preclinical development milestone in connection with ongoing investigational new drug (“IND”)-enabling studies to support evaluation of Pol Theta Helicase Inhibitor DC, triggering a $ 3.0 million milestone payment, which the Company 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. The Company has 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 $ 465.0 million. 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. The Company and GSK are collaborating on ongoing preclinical research for the WRN program, and GSK will lead clinical development for the WRN program, with the Company 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. The Company 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, the Company will be eligible to receive up to $ 475.0 million of commercial milestones with respect to each WRN product. The Company 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. The Company 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, the Company earned a $ 3.0 million milestone from GSK in connection with IND-enabling studies for the Werner Helicase Inhibitor DC. The Company has the potential to earn up to an additional $ 17.0 million aggregate milestone payments through early Phase 1 clinical studies, including $ 7.0 million upon IND clearance. The Company is also eligible to receive additional future aggregate total development milestones of up to $ 465.0 million. GSK Collaboration – General Under the terms of the GSK Collaboration Agreement, subject to certain exceptions, the Company 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. The Company 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 10 th 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. The Company may terminate the GSK Collaboration Agreement if GSK or any of its sublicensees or affiliates challenge certain patents of the Company. GSK may terminate the GSK Collaboration Agreement in its entirety or on a target-by-target basis upon 90-day notice to the Company. Novartis License Agreement In September 2018, the Company entered into a license agreement with Novartis to develop and commercialize Novartis’ LXS196 (also known as IDE196), a Phase 1 PKC inhibitor, for the treatment of cancers having GNAQ and GNA11 mutations. The Company renamed Novartis’ LXS196 oncology as IDE196, and which has a non-proprietary name of darovasertib. Under the license agreement, Novartis granted to the Company a worldwide, exclusive, sublicensable license to research, develop, manufacture, and commercialize certain defined compounds and products, including IDE196 and certain other PKC inhibitors as well as companion diagnostic products, collectively referred to as the licensed products, for any purpose. The Company paid Novartis an upfront payment of $ 2.5 million and issued 263,615 shares of its Series B redeemable convertible preferred stock concurrently with the execution of the license agreement. Subject to completion of certain clinical and regulatory development milestones, the Company agreed to make milestone payments in the aggregate of up to $ 9.0 million, and subject to achievement of certain commercial sales milestones, the Company agreed to make milestone payments in the aggregate of up to $ 20.0 million. The Company also agreed to pay mid to high single-digit tiered royalty payments based on annual worldwide net sales of licensed products, payable on a licensed product-by-licensed product and country by country basis until the latest of the expiration of the last to expire exclusively licensed patent, the expiration of regulatory exclusivity, and the ten year anniversary of the first commercial sale of such product in such country. The royalty payments are subject to reductions for lack of patent coverage, loss of market exclusivity, and payment obligations for third-party licenses. Pfizer Clinical Trial Collaboration and Supply Agreements In March 2020, the Company entered into a clinical trial collaboration and supply agreement with Pfizer, Inc. (as amended in September 2020, April 2021, September 2021 and May 2023, the “Pfizer Agreement”). Pursuant to the Pfizer Agreement, Pfizer supplies the Company 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, the Company is 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 the Company. The Pfizer Agreement provides that the Company 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. The Company and Pfizer have formed a joint development committee responsible for coordinating all regulatory and other activities under the agreement. In March 2022, the Company and Pfizer entered into a second clinical trial collaboration and supply agreement (as amended in May 2023, the “Second Pfizer Agreement”), pursuant to which the Company is evaluating 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, the Company is the sponsor of the combination trial and the Company 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 the Company for up to an agreed-upon number of MUM patients. The Company and Pfizer will jointly own clinical data from the planned combination trial and all inventions relating to the combined use of darovasertib and crizotinib. The Company 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, the Company and Pfizer also entered into a third clinical trial collaboration and supply agreement (the “Third Pfizer Agreement”), pursuant to which the Company could, 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, the Company was the sponsor of the planned combination trial, and the Company would provide darovasertib and pay for the costs of the combination trial; Pfizer would provide crizotinib for the planned combination trial at no cost to the Company. Pursuant to Amendment No. 1 to the Second Pfizer Agreement, as described below, the Company and Pfizer terminated the Third Pfizer Agreement. In May 2023, the Company continued its 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 the Company with an additional defined quantity of crizotinib at no cost. The Company also expanded its 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 the Company 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, the Company and Pfizer also terminated the Third Pfizer Agreement. 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, the Company 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. Amgen Clinical Trial Collaboration and Supply Agreement In July 2022, the Company entered into a clinical trial collaboration and supply agreement with Amgen Inc. (the “Amgen CTCSA”), to clinically evaluate IDE397 in combination with AMG 193, the Amgen investigational MTA-cooperative PRMT5 inhibitor, in patients having MTAP-null solid tumors, in a Phase 1/2 clinical trial. Under the mutually non-exclusive Amgen CTCSA, the Company 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. The Company 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. The Company and Amgen each retain commercial rights to its respective compounds, including with respect to use as a monotherapy agent or combination agent. Gilead Clinical Study Collaboration and Supply Agreement In November 2023, the Company entered into a clinical study collaboration and supply agreement with Gilead Sciences, Inc. (“Gilead”) (the “Gilead CSCSA”), to clinically evaluate IDE397 in combination with Trodelvy (sacacituzumab-govitecan-hziy), a Trop-2 directed ADC, in patients having MTAP-deletion urothelial cancer, in a Phase 1 clinical trial. Under the mutually non-exclusive Gilead CSCSA, the Company 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. The Company will bear all internal and external costs and expenses associated with the conduct of the combination study. The Company 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. The Company and Gilead each retain commercial rights to its respective compounds, including with respect to use as a monotherapy agent or combination agent. Merck Clinical Trial Collaboration and Supply Agreement In March 2024, the Company entered into a Clinical Trial Collaboration and Supply Agreement (the “Merck CTCSA”), with Merck (known as MSD outside of the US and Canada) to evaluate the combination of IDE161 with Merck’s anti-PD-1 therapy, KEYTRUDA ® (pembrolizumab), in patients with microsatellite instability (“MSI”)-high and MSS endometrial cancer. Pursuant to the Merck CTCSA, the Company is the sponsor of the combination study, and the Company will provide the IDE161 compound and pay for the costs of the combination study. Merck will provide KEYTRUDA at no cost to the Company. The Company and Merck will jointly own clinical data from the combination. Each party retains commercial rights to its respective compounds, including with respect to use as a monotherapy or combination agent. Biocytogen Option and License Agreement In July 2024, the Company entered into an option and license agreement for a potential first-in-class B7H3/PTK7 topoisomerase-I-inhibitor-payload BsADC program with Biocytogen Pharmaceuticals (Beijing) Co., Ltd. (“Biocytogen”). The agreement grants the Company an option for an exclusive worldwide license from Biocytogen for a potential first-in-class B7H3/PTK7 topoisomerase-I-inhibitor-payload BsADC program (the “Option”). Under the terms of the agreement, the Company will pay Biocytogen an upfront fee and, upon the Company’s potential exercise of the Option, an exercise fee totaling up to $ 6.5 million. The Option is exercisable by the Company within a specified time period after the Company obtains all data and results from certain non-GLP toxicology studies specified in the Agreement, which the Company will conduct at its own cost. Subject to the Company’s exercise of the Option, Biocytogen will be eligible to receive an option exercise fee, development and regulatory milestone payments and commercial milestone payments, as well as low to mid single-digit royalties on net sales. Total potential milestone payments equal an aggregate of $ 400.0 million, including development and regulatory milestone payments of up to $ 100.0 million.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2024
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 Note 10, Significant Agreements). Disaggregation of Revenue The Company recognized no revenue for the three months ended September 30, 2024 and $ 8.0 million for the three months ended September 30, 2023, consisting of $ 3.4 million, $ 2.0 million, and $ 2.6 million related to the WRN, Pol Theta and MAT2A programs, respectively. The Company recognized no revenue for the nine months ended September 30, 2024 and $ 19.5 million for the nine months ended September 30, 2023, consisting of $ 14.5 million, $ 2.2 million and $ 2.8 million related to the WRN, Pol Theta and MAT2A programs, respectively. The Company completed all performance obligations related to the upfront payment under the GSK Collaboration Agreement as of December 31, 2023. Future collaboration revenue recognized under the GSK Collaboration Agreement will be related to future milestone payments as they are earned. Contract Balances As of September 30, 2024 and December 31, 2023 , the Company had no accounts receivable and no contract liabilities related to the GSK Collaboration Agreement. 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 (“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. For the Pol Theta product, the Company 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. The Company has the potential to receive an additional $ 10.0 million milestone payment upon initiation of Phase 1 clinical dose expansion. For the WRN product, the Company 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. The Company is, in collaboration with GSK, targeting an IND submission in 2024 to enable first-in-human clinical evaluation of its 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 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. The Company completed WRN R&D services during December 2023. Accordingly, the performance obligation related to the WRN R&D services has been fulfilled. Since December 31, 2023, there have been no remaining performance obligations related to the WRN, Pol Theta and MAT2A programs. 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.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2024
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): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ ( 51,821 ) $ ( 27,440 ) $ ( 144,165 ) $ ( 79,006 ) Denominator: Weighted-average common shares outstanding, basic and diluted (1) 86,188,510 59,999,449 79,776,728 54,916,150 Net loss per share attributable to common stockholders, basic and diluted $ ( 0.60 ) $ ( 0.46 ) $ ( 1.81 ) $ ( 1.44 ) (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 three and nine months ended September 30, 2024 . 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 September 30, 2024 2023 Options to purchase common stock 7,686,468 7,050,373 Total 7,686,468 7,050,373

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events In October 2024, the Company, in collaboration with GSK, received IND clearance for IDE275 (GSK959), a potential first-in-class WRN inhibitor, to enable first-in-human clinical evaluation of IDE275 (GSK959) for patients having tumors with high MSI. GSK will lead clinical development for the Werner Helicase program. As a result of the IND clearance, the Company earned a $ 7.0 million milestone payment during the period after the three months ended September 30, 2024.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, the unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024
Unaudited Condensed Financial Statements	Unaudited Condensed Financial Statements The accompanying financial information for the three and nine months ended September 30, 2024 and September 30, 2023 are unaudited. The unaudited condensed financial statements have been prepared on the same basis as the annual audited financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position as of September 30, 2024 and its results of operations for the three and nine months ended September 30, 2024 and September 30, 2023 and cash flows for the nine months ended September 30, 2024 and September 30, 2023 . The results for interim periods are not necessarily indicative of the results expected for the full fiscal year or any other periods.
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.
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, cash equivalents and marketable securities are held by three 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.
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, Not yet Adopted In 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. The Company is currently evaluating the effect of adopting this ASU. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. These amendments enhance interim disclosure requirements, require disclosure of the title and position of the chief operating decision maker (“CODM”), require disclosure of significant segment expenses that are regularly provided to the CODM, clarify circumstances for disclosure of more than one segment profit or loss measure and require that a public entity that has a single reportable segment provide all disclosures required by ASC 280 and amendments. This ASU update is effective for fiscal years beginning after December 15, 2023 for the Company’s annual report, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the effect of adopting the ASU, but does not expect any material impact upon adoption. 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 impact upon adoption.
Fair Value Measurement and Marketable Securities	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.
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)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured and Recognized at Fair Value	As of September 30, 2024, financial assets measured and recognized at fair value are as follows (in thousands): September 30, 2024 Amortized Gross Gross Estimated Assets U.S. government securities (1) Level 2 $ 541,459 $ 2,662 $ ( 12 ) $ 544,109 Corporate bonds Level 2 203,011 1,133 ( 8 ) 204,136 Commercial paper (2) Level 2 102,092 64 ( 2 ) 102,154 Marketable securities 846,562 3,859 ( 22 ) 850,399 Money market funds (3) Level 1 339,312 — — 339,312 Total fair value of assets $ 1,185,874 $ 3,859 $ ( 22 ) $ 1,189,711 (1) $ 10.4 million was included in cash and cash equivalents on the condensed balance sheets due to securities with purchase dates within 90 days of maturity dates. (2) $ 40.1 million was included in cash and cash equivalents on the condensed balance sheets due to securities with purchase dates within 90 days of maturity dates. (3) Included in cash and cash equivalents on the condensed balance sheets. As of December 31, 2023, financial assets measured and recognized 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 condensed balance sheets 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 condensed balance sheets due to securities with purchase dates within 90 days of maturity dates. (3) Included in cash and cash equivalents on the condensed balance sheets.

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): Useful Life September 30, December 31, (In Years) 2024 2023 Laboratory equipment 5 $ 12,675 $ 11,455 Computer equipment 3 406 261 Software 3 231 231 Leasehold improvements Shorter of useful life or lease term 4,652 3,321 Furniture and fixtures 5 1,420 507 Total property and equipment 19,384 15,775 Less: Accumulated depreciation and amortization ( 11,149 ) ( 9,611 ) Property and equipment, net $ 8,235 $ 6,164
Summary of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): September 30, December 31, 2024 2023 Accrued research and development expenses $ 19,026 $ 10,676 Accrued salaries and benefits 7,432 6,974 Legal and professional fees 1,019 959 Other 615 147 Accrued liabilities $ 28,092 $ 18,756

Operating Leases (Tables)

Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Future Minimum Lease Payments under Operating Leases	Future minimum lease payments under operating leases included on the Company's condensed balance sheet are as follows: As of September 30, 2024 Operating Leases 2024 $ 94 2025 386 2026 2,694 2027 4,424 2028 4,260 Thereafter 25,994 Total future minimum lease payments 37,852 Less: imputed interest ( 19,056 ) Total operating lease liabilities $ 18,796
Schedule of Operating Lease Disclosures	The following table summarizes other information about the Company’s operating leases: As of September 30, 2024 December 31, 2023 Remaining Lease Term 9.4 2.4 Discount Rate 13.1 % 8.0 %

Common Stock (Tables)

Common Stock (Tables)	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Aggregate Warrants	As of September 30, 2024, 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 July 11, 2024 None $ 0.0001 285,715 October 27, 2023 None $ 0.0001 319,150 April 27, 2023 None $ 0.0001 270,270 (1) (1) In September 2024, 1,750,000 shares of common stock subject to outstanding pre-funded warrants were cashless exercised and 1,749,993 shares of common stock were issued.
Schedule of Number of Common Stock Reserved for Future Issuance	The Company had reserved common stock for future issuance as follows: September 30, December 31, 2024 2023 Outstanding options under the 2015, 2019 and 2023 Plans 7,686,468 6,269,975 Shares available for grant under the 2019 Plan 1,817,948 964,622 Shares available for grant under the 2023 Inducement Plan 854,700 524,300 Shares available under the Employee Stock Purchase Plan 1,939,324 1,317,974 Pre-funded warrants issued and outstanding 875,135 2,339,420 Total 13,173,575 11,416,291

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development $ 5,957 $ 3,051 $ 15,640 $ 7,843 General and administrative 3,258 2,250 9,621 5,848 Total stock-based compensation expense $ 9,215 $ 5,301 $ 25,261 $ 13,691
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 Intrinsic Value (Millions) Balance, January 1, 2024 6,269,975 $ 15.53 7.82 $ 128.49 Options granted 2,941,238 $ 43.39 Options exercised ( 1,001,355 ) $ 10.48 Options canceled ( 523,390 ) $ 29.05 Balance, September 30, 2024 7,686,468 $ 25.97 8.01 $ 72.68 Exercisable as of September 30, 2024 3,015,675 $ 15.38 6.67 $ 47.40 Vested and expected to vest as of 7,686,468 $ 25.97 8.01 $ 72.68
Assumptions Used to Calculate Fair Values of Options	The fair values of options were calculated using the assumptions set forth below: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Expected term 6.1 years 6.1 years 5.5 - 6.1 years 6.1 years Expected volatility 77.8 % - 78.7 % 83.3 % - 84.5 % 77.8 % - 81.3 % 83.3 % - 86.9 % Risk-free interest rate 3.6 % - 4.2 % 4.2 % - 4.6 % 3.6 % - 4.7 % 3.6 % - 4.6 % Dividend yield 0 % 0 % 0 % 0 %

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2024
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): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ ( 51,821 ) $ ( 27,440 ) $ ( 144,165 ) $ ( 79,006 ) Denominator: Weighted-average common shares outstanding, basic and diluted (1) 86,188,510 59,999,449 79,776,728 54,916,150 Net loss per share attributable to common stockholders, basic and diluted $ ( 0.60 ) $ ( 0.46 ) $ ( 1.81 ) $ ( 1.44 ) (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 three and nine months ended September 30, 2024 .
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 September 30, 2024 2023 Options to purchase common stock 7,686,468 7,050,373 Total 7,686,468 7,050,373

Organization - Additional Infor

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		9 Months Ended
	Jul. 11, 2024	Jan. 19, 2024	Oct. 27, 2023	Apr. 27, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Subsidiary Sale Of Stock [Line Items]
Common stock, par value					$ 0.0001		$ 0.0001		$ 0.0001
Warrants to purchase shares of common stock	285,715		319,150	270,270
Proceeds from issuance of common stock upon public offering, net of issuance costs							$ 274,690	$ 153,591
Accumulated deficit					$ 492,529		492,529		$ 348,364
Cash, cash equivalents and marketable securities					$ 1,200,000		$ 1,200,000
At The Market Offering | Common Stock
Subsidiary Sale Of Stock [Line Items]
Issuance of common stock, net of issuance costs, shares						1,036,421	10,182,382	1,188,705
At The Market Offering | Jefferies LLC | Common Stock | Maximum
Subsidiary Sale Of Stock [Line Items]
Sale of common stock aggregate offering price		$ 350,000
At The Market Offering | Jefferies LLC | January 2024 Sales Agreement | Common Stock
Subsidiary Sale Of Stock [Line Items]
Issuance of common stock, net of issuance costs, shares					0
Common stock remained available to be sold					$ 182,100		$ 182,100
Follow On Public Offering
Subsidiary Sale Of Stock [Line Items]
Share Price	$ 34.9999		$ 23.4999	$ 18.4999
Proceeds from issuance of common stock upon public offering, net of issuance costs	$ 302,400		$ 143,700	$ 201,300
Proceeds from issuance of common stock net of underwriting discounts and commissions and other offering expenses	$ 283,800		$ 134,600	$ 188,700
Follow On Public Offering | Common Stock
Subsidiary Sale Of Stock [Line Items]
Issuance of common stock, net of issuance costs, shares	8,355,714		5,797,872	8,858,121	8,355,714		8,355,714	8,858,121
Common stock offering price	$ 35		$ 23.5	$ 18.5
Common stock, par value	$ 0.0001
Warrants to purchase shares of common stock	285,715		319,150	2,020,270
Overallotment Option | Common Stock
Subsidiary Sale Of Stock [Line Items]
Issuance of common stock, net of issuance costs, shares	1,127,142		797,872	1,418,920

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	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities, amortized cost	$ 846,562	$ 593,263
Marketable securities, gross unrealized gains	3,859	788
Marketable securities, gross unrealized losses	(22)	(225)
Marketable securities, estimated fair value	850,399	593,826
Amortized Cost	1,185,874	631,563
Estimated Fair Value	1,189,711	632,126
U.S. Government Securities | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities, amortized cost	541,459	412,679
Marketable securities, gross unrealized gains	2,662	591
Marketable securities, gross unrealized losses	(12)	(135)
Marketable securities, estimated fair value	544,109	413,135
Corporate Bonds | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities, amortized cost	203,011	53,983
Marketable securities, gross unrealized gains	1,133	197
Marketable securities, gross unrealized losses	(8)	(32)
Marketable securities, estimated fair value	204,136	54,148
Commercial Paper | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities, amortized cost	102,092	126,601
Marketable securities, gross unrealized gains	64	0
Marketable securities, gross unrealized losses	(2)	(58)
Marketable securities, estimated fair value	102,154	126,543
Money Market Funds | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Money market funds, amortized Cost	339,312	38,300
Money market funds, estimated Fair Value	$ 339,312	$ 38,300

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	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 400,283	$ 157,018	$ 151,850
U.S. Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	10,400	37,800
Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 40,100	$ 80,400

Fair Value Measurement and Ma_5

Fair Value Measurement and Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
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	3 years

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment	$ 19,384	$ 15,775
Less: Accumulated depreciation and amortization	(11,149)	(9,611)
Property and equipment, net	8,235	6,164
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 12,675	11,455
Property and equipment net, useful life	5 years
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 406	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	$ 4,652	3,321
Property and equipment net, useful life	Shorter of useful life or lease term
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	$ 1,420	$ 507
Property and equipment net, useful life	5 years

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization expense	$ 0.6	$ 0.6	$ 1.8	$ 1.8

Balance Sheet Components - Su_2

Balance Sheet Components - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued research and development expenses	$ 19,026	$ 10,676
Accrued salaries and benefits	7,432	6,974
Legal and professional fees	1,019	959
Other	615	147
Accrued liabilities	$ 28,092	$ 18,756

Operating Leases - Additional I

Operating Leases - Additional Information (Details) $ in Millions	1 Months Ended			3 Months Ended		9 Months Ended
	Dec. 31, 2023	Nov. 30, 2023 ft²	Jun. 30, 2023 ft²	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	May 31, 2024 ft²
Operating Leased Assets [Line Items]
Operating lease cost | $				$ 0.7	$ 0.4	$ 1.7	$ 1.3
Variable lease cost | $				$ 0.4	$ 0.3	1.1	1
Cash paid included in measurement of operating lease liabilities included in cash flow from operating activities | $						$ 1.6	$ 1.5
Lease Agreement | South San Francisco, California
Operating Leased Assets [Line Items]
Area of space leased | ft²			44,000
Operating lease commencement, description						The lease term is 120 months
Operating lease term			120 months
Operating lease, option to extend, description						the Company has an option to extend the lease term for a total of two consecutive five-year periods.
Operating lease option to extend			true
Additional area of space leased | ft²								11,321
Lease Agreement | San Diego, California member
Operating Leased Assets [Line Items]
Area of space leased | ft²		5,700
Operating lease commencement, description						The lease term commenced in December 2023 and expires in March 2028.
Operating lease term commencement month and year	2023-12
Lease expiration		2028-03
Operating lease existence of option to renew		true
Operating lease renewal term		3 years

Operating Leases - Schedule of

Operating Leases - Schedule of Future Minimum Lease Payments under Operating Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 94
2025	386
2026	2,694
2027	4,424
2028	4,260
Thereafter	25,994
Total future minimum lease payments	37,852
Less: imputed interest	(19,056)
Total operating lease liabilities	$ 18,796

Operating Leases - Schedule O_2

Operating Leases - Schedule Of Operating Lease Disclosures (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remaining Lease Term	9 years 4 months 24 days	2 years 4 months 24 days
Discount Rate	13.10%	8%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Examination [Line Items]
Federal or state income tax provision	$ 0	$ 0	$ 0	$ 0

Common Stock - Additional Infor

Common Stock - Additional Information (Details)				3 Months Ended	9 Months Ended		12 Months Ended
	Jul. 11, 2024 USD ($) $ / shares shares	Oct. 27, 2023 USD ($) $ / shares shares	Apr. 27, 2023 USD ($) $ / shares shares	Sep. 30, 2024 Vote $ / shares shares	Sep. 30, 2024 USD ($) Vote $ / shares shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized				300,000,000	300,000,000		300,000,000
Common stock, par value | $ / shares				$ 0.0001	$ 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	1
Common stock, dividends declared | $					$ 0		$ 0
Warrants to purchase shares of common stock	285,715	319,150	270,270
Proceeds from issuance of common stock upon public offering, net of issuance costs | $					$ 274,690,000	$ 153,591,000
Common Stock
Class of Stock [Line Items]
Offering price per share | $ / shares	$ 35	$ 23.5	$ 18.5
Follow On Public Offering
Class of Stock [Line Items]
Proceeds from issuance of common stock upon public offering, net of issuance costs | $	$ 302,400,000	$ 143,700,000	$ 201,300,000
Proceeds from issuance of common stock net of underwriting discounts and commissions and other offering expenses | $	$ 283,800,000	$ 134,600,000	$ 188,700,000
Follow On Public Offering | Common Stock
Class of Stock [Line Items]
Common stock, par value | $ / shares	$ 0.0001
Issuance of common stock, net of issuance costs, shares	8,355,714	5,797,872	8,858,121	8,355,714	8,355,714	8,858,121
Offering price per share | $ / shares	$ 34.9999	$ 23.4999	$ 18.4999
Warrants to purchase shares of common stock	285,715	319,150	2,020,270
Overallotment Option | Common Stock
Class of Stock [Line Items]
Issuance of common stock, net of issuance costs, shares	1,127,142	797,872	1,418,920

Common Stock - Schedule of Aggr

Common Stock - Schedule of Aggregate Warrants (Details) - $ / shares	Jul. 11, 2024	Oct. 27, 2023	Apr. 27, 2023
Stockholders' Equity Note [Abstract]
Issue Date	Jul. 11, 2024	Oct. 27, 2023	Apr. 27, 2023
Exercise Price per Share	$ 0.0001	$ 0.0001	$ 0.0001
Number of Shares subject to Outstanding Warrants	285,715	319,150	270,270

Common Stock - Schedule of Ag_2

Common Stock - Schedule of Aggregate Warrants (Parenthetical) (Details) - shares	1 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares issued	86,357,856	65,039,369
Warrant
Class of Stock [Line Items]
Common stock subject to outstanding pre-funded warrants exercised	1,750,000
Common stock, shares issued	1,749,993

Common Stock - Schedule of Numb

Common Stock - Schedule of Number of Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023	Feb. 24, 2023	May 31, 2019
Class Of Stock [Line Items]
Number of common stock reserved for future issuance	13,173,575	11,416,291		195,000
Pre-funded Warrants Issued and Outstanding
Class Of Stock [Line Items]
Number of common stock reserved for future issuance	875,135	2,339,420
2019 Plan
Class Of Stock [Line Items]
Number of common stock reserved for future issuance	1,817,948
2023 Inducement Plan
Class Of Stock [Line Items]
Number of common stock reserved for future issuance	854,700		1,000,000
Employee Stock Purchase Plan
Class Of Stock [Line Items]
Number of common stock reserved for future issuance	1,939,324	1,317,974
Outstanding Options | 2015, 2019 and 2023 Plans
Class Of Stock [Line Items]
Number of common stock reserved for future issuance	7,686,468	6,269,975
Employee Stock Option | 2019 Plan
Class Of Stock [Line Items]
Number of common stock reserved for future issuance	1,817,948	964,622
Employee Stock Option | 2023 Inducement Plan
Class Of Stock [Line Items]
Number of common stock reserved for future issuance	854,700	524,300

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 25, 2024	Feb. 24, 2023	May 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum shares issues under ESPP	2,500,000		2,500,000
Common stock, initially reserved for issuance	13,173,575		13,173,575		11,416,291			195,000
Stock-based compensation expense	$ 9,215	$ 5,301	$ 25,261	$ 13,691
Weighted-average grant-date fair value of options granted			$ 31.05	$ 13.54
Aggregate intrinsic value of options exercised			$ 30,400	$ 4,000
Total unrecognized stock-based compensation expense for stock options	$ 96,900		$ 96,900		$ 41,100
Total unrecognized stock-based compensation expense, weighted-average period of recognition			2 years 8 months 19 days		2 years 7 months 2 days
Estimated dividend yield	0%	0%	0%	0%
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	854,700		854,700				1,000,000
Increase in number of shares available for issuance						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
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	1,817,948		1,817,948
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	1,939,324		1,939,324
Stock-based compensation expense			$ 400	$ 400
Maximum offering period under ESPP			27 months
Maximum eligible rate of compensation	15%		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%		85%
Shares outstanding under ESPP			1%
Maximum number of shares purchasable	4,000		4,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 9,215	$ 5,301	$ 25,261	$ 13,691
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	5,957	3,051	15,640	7,843
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 3,258	$ 2,250	$ 9,621	$ 5,848

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Activity under Plans (Details) - 2015 and 2019 Plans and 2023 Inducement Plan $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding Options, Shares, Beginning balance | shares	6,269,975
Outstanding Options, Shares, Options granted | shares	2,941,238
Outstanding Options, Shares, Options exercised | shares	(1,001,355)
Outstanding Options, Shares, Options canceled | shares	(523,390)
Outstanding Options, Shares, Ending balance | shares	7,686,468	6,269,975
Outstanding Options, Shares, Exercisable | shares	3,015,675
Outstanding Options, Shares, Vested and expected to vest | shares	7,686,468
Outstanding Options, Weighted-Average Exercise Price, Beginning balance | $ / shares	$ 15.53
Outstanding Options, Weighted-Average Exercise Price, Options granted | $ / shares	43.39
Outstanding Options, Weighted-Average Exercise Price, Options exercised | $ / shares	10.48
Outstanding Options, Weighted-Average Exercise Price, Options canceled | $ / shares	29.05
Outstanding Options, Weighted-Average Exercise Price, Ending balance | $ / shares	25.97	$ 15.53
Outstanding Options, Weighted-Average Exercise Price, Exercisable | $ / shares	15.38
Outstanding Options, Weighted-Average Exercise Price, Vested and expected to vest | $ / shares	$ 25.97
Outstanding Options, Weighted Average Remaining Contractual Term (Years)	8 years 3 days	7 years 9 months 25 days
Outstanding Options, Weighted Average Remaining Contractual Term (Years), Exercisable	6 years 8 months 1 day
Outstanding Options, Weighted Average Remaining Contractual Term (Years), Vested and expected to vest	8 years 3 days
Outstanding Options, Aggregate Intrinsic Value | $	$ 72,680	$ 128,490
Outstanding Options, Aggregate Intrinsic Value, Exercisable | $	47,400
Outstanding Options, Aggregate Intrinsic Value, Vested and expected to vest | $	$ 72,680

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used to Calculate Fair Values of Options (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	6 years 1 month 6 days	6 years 1 month 6 days		6 years 1 month 6 days
Expected volatility, minimum	77.80%	83.30%	77.80%	83.30%
Expected volatility, maximum	78.70%	84.50%	81.30%	86.90%
Risk-free interest rate, minimum	3.60%	4.20%	3.60%	3.60%
Risk-free interest rate, maximum	4.20%	4.60%	4.70%	4.60%
Dividend yield	0%	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

Jul. 31, 2024 USD ($)

Jul. 31, 2020 USD ($)

Oct. 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 ($) shares

Sep. 30, 2024 USD ($) shares

Sep. 30, 2024 GBP (£) shares

Dec. 31, 2023 shares

Aug. 31, 2023 USD ($)

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Preferred stock, shares issued | shares

0

0

0

License Agreement | Novartis International Pharmaceuticals Limited

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Upfront payment

$ 2.5

License Agreement | Novartis International Pharmaceuticals Limited | Series B Redeemable Convertible Preferred Stock

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Preferred stock, shares issued | shares

263,615

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

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Early clinical development milestone payment potential to receive

$ 17

Maximum | License Agreement | Novartis International Pharmaceuticals Limited

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Certain clinical and regulatory development milestones, agreed to make a payment

$ 9

Certain commercial sales milestones, agreed to make a payment

$ 20

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 two relating to first and second tumor histologies | £

£ 2.25

Biocytogen Pharmaceuticals (Beijing) Co., Ltd. | Maximum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Development and regulatory milestone payment eligible to receive

$ 100

Payment of option exercise fee

6.5

Total potential milestone payments

$ 400

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

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

Preclinical development milestone payment potential to receive

7

Development milestone payment eligible to receive

$ 465

$ 485

WRN Program | GSK

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Development costs sharing percentage

80%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenue recognized	$ 0	$ 8,000,000	$ 0	$ 19,500,000
MAT2A Program
Disaggregation Of Revenue [Line Items]
Revenue recognized		2,600,000		2,800,000
Pol Theta Program
Disaggregation Of Revenue [Line Items]
Revenue recognized		2,000,000		2,200,000
WRN Program
Disaggregation Of Revenue [Line Items]
Revenue recognized		$ 3,400,000		$ 14,500,000

Revenue Recognition - Contract

Revenue Recognition - Contract Balances - Additional Information (Details)	1 Months Ended		9 Months Ended
	Oct. 31, 2023 USD ($)	Aug. 31, 2022 USD ($)	Sep. 30, 2024 USD ($) Obligation	Dec. 31, 2023 USD ($)	Aug. 31, 2023 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Accounts receivable			$ 0	$ 0
Contract liabilities			$ 0	$ 0
Reimbursement period of costs incurred for quarter ended			75 days
GSK
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Reimbursement period of costs incurred for quarter ended			75 days
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]
Additional milestone payment potentially received clinical evaluation			$ 10,000,000
Milestone payment received for achievement of earlier preclinical development milestone		$ 3,000,000
Milestone payment received clinical evaluation					$ 7,000,000
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 for achievement of earlier preclinical development milestone	$ 3,000,000
Milestone payment received clinical evaluation	$ 3,000,000
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 Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss attributable to common stockholders	$ (51,821)	$ (27,440)	$ (144,165)	$ (79,006)
Denominator:
Weighted-average common shares outstanding, basic	86,188,510	59,999,449	79,776,728	54,916,150
Weighted-average common shares outstanding, diluted	86,188,510	59,999,449	79,776,728	54,916,150
Net loss per share attributable to common stockholders, basic	$ (0.6)	$ (0.46)	$ (1.81)	$ (1.44)
Net loss per share attributable to common stockholders, diluted	$ (0.6)	$ (0.46)	$ (1.81)	$ (1.44)

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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities	7,686,468	7,050,373
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities	7,686,468	7,050,373

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Millions	Nov. 04, 2024 USD ($)
Subsequent Event | Werner Helicase Program
Subsequent Event [Line Items]
Milestone payment received for achievement of clinical development milestone	$ 7