Adicet Bio (ACET) 10-K 15 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 10, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Entity Registrant Name	Adicet Bio, Inc.
Entity Central Index Key	0001720580
Entity File Number	001-38359
Trading Symbol	ACET
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Public Float			$ 427.7
Entity Common Stock, Shares Outstanding		42,954,975
Document Annual Report	true
Document Transition Report	false
Entity Tax Identification Number	81-3305277
Entity Incorporation, State or Country Code	DE
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Entity Address, Address Line One	200 Berkeley Street
Entity Address, Address Line Two	19th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
City Area Code	650
Local Phone Number	503-9095
Entity Address, Postal Zip Code	02116
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
ICFR Auditor Attestation Flag	false
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Boston, Massachusetts
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates by reference certain information from the registrant’s definitive Proxy Statement for its 2023 annual meeting of shareholders, scheduled to be held on June 1, 2023, which the registrant intends to file pursuant to Regulation 14A with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year end of December 31, 2022 . Except with respect to information specifically incorporated by reference in this Form 10-K, the Proxy Statement is not deemed to be filed as part of this Form 10-K.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 257,656	$ 277,544
Accounts Receivable - related party	0	185
Prepaid expenses and other current assets	3,382	4,709
Total current assets	261,038	282,438
Property and equipment, net	28,710	14,643
Operating lease right-of-use asset	20,269	20,358
Goodwill	19,462	19,462
Restricted cash	0	150
Other non-current assets	1,211	1,887
Total assets	330,690	338,938
Current liabilities:
Accounts payable	4,404	3,263
Contract liabilities—related party, current	0	4,805
Accrued and other current liabilities	12,811	6,682
Operating lease liability	2,492	1,567
Total current liabilities	19,707	16,317
Operating lease liability, net of current portion	18,531	19,377
Other non-current liabilities	114	115
Total liabilities	38,352	35,809
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of December 31, 2022 and December 31, 2021, respectively; none issued and outstanding as of December 31, 2022and December 31, 2021, respectively
Common stock, $0.0001 par value, 150,000,000 shares authorized as of December 31, 2022 and December 31, 2021, respectively; 42,954,820 and 39,736,914 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	4	4
Additional paid-in capital	530,448	471,449
Accumulated deficit	(238,114)	(168,324)
Accumulated other comprehensive income	0	0
Total stockholders' equity	292,338	303,129
Total liabilities and stockholders' equity	$ 330,690	$ 338,938

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	42,954,820	42,954,820
Common stock, shares outstanding	39,736,914	39,736,914
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

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue—related party	$ 24,990	$ 9,730
Operating expenses:
Research and development	71,246	48,943
General and administrative	26,295	22,220
Total operating expenses	97,541	71,163
Loss from operations	(72,551)	(61,433)
Interest income	3,760	91
Interest expense	(80)	(176)
Other income (expense), net	(919)	(606)
Loss before income tax provision (benefit)	(69,790)	(62,124)
Income tax provision (benefit)	0	(125)
Net loss	$ (69,790)	$ (61,999)
Net loss per share, basic and diluted	$ (1.70)	$ (2)
Net loss per share, basic and diluted	$ (1.70)	$ (2)
Weighted-average common shares used in computing net loss per share, basic and diluted	41,080,286	30,952,152
Weighted-average common shares used in computing net loss per share, basic and diluted	41,080,286	30,952,152
Other comprehensive loss:
Unrealized gain (loss) on marketable debt securities, net of tax	$ 0	$ (24)
Total other comprehensive loss	0	(24)
Comprehensive loss	$ (69,790)	$ (62,023)

Consolidated Statements of Rede

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2020	$ 109,827	$ 2	$ 216,126	$ (106,325)	$ 24
Beginning Balance, shares at Dec. 31, 2020		19,677,249
Issuance of common stock upon exercise of stock options	4,688	$ 0	4,688
Issuance of common stock upon exercise of stock options, shares		1,125,339
Issuance of common stock related to financing, net of issuance costs of $823,940	237,997	$ 2	237,995
Issuance of common stock related to financing, net of issuance costs of $823,940, shares		18,916,853
Issuance of common stock for cashless exercise of warrants, shares		1,806
Issuance of common stock resulting from Employee Stock Purchase Plan	129		129
Issuance of common stock resulting from Employee Stock Purchase Plan, shares		15,667
Stock-based compensation expense	12,511		12,511
Net loss	(61,999)			(61,999)
Other comprehensive loss	(24)				(24)
Ending Balance at Dec. 31, 2021	303,129	$ 4	471,449	(168,324)	0
Ending Balance, shares at Dec. 31, 2021		39,736,914
Issuance of common stock upon exercise of stock options	$ 1,315		1,315
Issuance of common stock upon exercise of stock options, shares	126,176	126,176
Issuance of common stock for cashless exercise of warrants, shares		100,731
Issuance of common stock upon vesting of restricted stock		548,580
Shares withheld for taxes		(215,901)
Shares withheld for taxes, Value	$ (3,234)		(3,234)
Issuance of common stock resulting from Employee Stock Purchase Plan	432		432
Issuance of common stock resulting from Employee Stock Purchase Plan, shares		46,597
Issuance of common stock pursuant to at-the-market offering, net of issuance costs of $1.6 million,shares		2,611,723
issuance of common stock pursuant to at-the-market offering, net of issuance costs of $1.6 million,value	43,360		43,360
Stock-based compensation expense	17,126		17,126
Net loss	(69,790)			(69,790)
Ending Balance at Dec. 31, 2022	$ 292,338	$ 4	$ 530,448	$ (238,114)	$ 0
Ending Balance, shares at Dec. 31, 2022		42,954,820

Consolidated Statements of Re_2

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock issuance cost	$ 1,600	$ 823,940

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (69,790)	$ (61,999)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	2,575	1,538
Noncash lease expense	2,434	2,529
Stock-based compensation expense	17,126	12,511
Net amortization of premiums and accretion of discounts on investments		10
Loss on disposal of property, plant, and equipment	55
Loss on disposal of lease assets	(1)	31
Amortization of deferred debt issuance costs	92	175
Impairment of in-process research and development	0	1,190
Remeasurement of contingent consideration liability	0	(980)
Changes in operating assets and liabilities:
Accounts receivable - related party	185	(30)
Prepaid expenses and other current assets	1,343	1,634
Other non-current assets	929	42
Accounts payable	1,710	1,137
Contract liabilities—related party	(4,805)	(9,175)
Operating lease liability	(2,264)	(511)
Accrued and other current and non-current liabilities	5,646	846
Net cash used in operating activities	(44,765)	(51,052)
Cash flows from investing activities
Proceeds from sales of marketable debt securities	0	7,500
Proceeds from maturities of marketable debt securities	0	2,750
Purchase of property and equipment	(16,782)	(13,046)
Net cash provided by (used in) investing activities	(16,782)	(2,796)
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	0	238,129
Proceeds from Employee Stock Purchase Plan	432	129
Proceeds from issuance of common stock pursuant to at-the-market offering, net of issuance costs	43,360	0
Proceeds from exercise of stock options	1,315	4,688
Taxes withheld and paid related to net share settlement of equity awards	(3,234)	0
Deferred issuance costs	(364)	(261)
Net cash provided by financing activities	41,509	242,685
Net change in cash, cash equivalents and restricted cash	(20,038)	188,837
Cash, cash equivalents and restricted cash, at the beginning of the period	277,694	88,857
Cash, cash equivalents and restricted cash, at the end of the period	257,656	277,694
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	257,656	277,544
Restricted cash	0	150
Cash, cash equivalents and restricted cash	257,656	277,694
Supplemental cash flow information
Cash received form tax refunds	0	2,766
Cash paid for income taxes	0	43
Supplemental disclosures of noncash investing and financing activities
Purchase of property and equipment included in accounts payable and accrued liabilities	565	651
Operating right-of-use asset obtained in exchange for operating lease liability	2,329	0
Common stock offering costs included in accrued liabilities at period end	0	132
Adjustment to Goodwill	$ 0	$ 413

Organization and Nature of Busi

Organization and Nature of Business	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	1. Organization and Nature of the Business Adicet Bio, Inc. (formerly resTORbio, Inc. (resTORbio)), together with its subsidiaries, (the Company) is a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer. The Company is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors (CARs) and adaptors (CAds), to enhance selective tumor targeting and facilitate innate and adaptive anti-tumor immune response for durable activity in patients. The Company's approach to activate, engineer, and manufacture allogeneic gamma delta T cell product candidates derived from the peripheral blood cells of unrelated donors allows it to generate new product candidates in a rapid and cost-efficient manner. Adicet Bio, Inc. (when referred to prior to the merger, Former Adicet) was incorporated in November 2014 in Delaware. On September 15, 2020, Former Adicet completed a merger (Merger) with resTORbio, pursuant to which Former Adicet merged with a wholly owned subsidiary of resTORbio in an all-stock transaction with Former Adicet surviving as a wholly owned subsidiary of resTORbio and changing its name to “Adicet Therapeutics, Inc.” (Adicet Therapeutics). In connection with the Merger, the Company changed its name from “resTORbio, Inc.” to “Adicet Bio, Inc.” The Company’s principal executive offices are located in Boston, Massachusetts. The Company also has offices in Redwood City, California. Adicet Bio Israel Ltd. (formerly Applied Immune Technologies Ltd.) (Adicet Israel) is a wholly owned subsidiary of the Company and is located in Haifa, Israel. Adicet Israel was founded in 2006. During 2019, the Company consolidated its operations, including research and development activities, in the United States and as a result, substantially reduced its operations in Israel. Liquidity The Company has incurred significant net operating losses and negative cash flows from operations and has an accumulated deficit of $ 238.1 million as of December 31, 2022. The Company has historically financed its operations primarily through a collaboration and licensing arrangement, public and private placements of equity securities and debt, and cash received in the Merger with resTORbio. To date, none of the Company’s product candidates have been approved for sale and therefore the Company has not generated any revenue from product sales. Management expects operating losses and negative cash flows to continue for the foreseeable future, until such time, if ever, that it can generate significant sales of its product candidates currently in development. In February 2021, the Company completed an underwritten public offering of 10,575,513 shares of its common stock at a public offering price of $ 13.00 per share. The Company received net proceeds from the offering, after deducting underwriting discounts and commissions and offering expenses of approximately $ 128.8 million. In connection with the offering, the Company also entered into a stock purchase agreement with certain existing investors for $ 15.0 million of shares of the Company’s common stock at a price per share equal to the public offering price, with an initial closing for certain investors held simultaneously with the closing of the offering and a subsequent closing for certain additional investors. In December 2021, the Company closed an underwritten public offering of 7,187,500 shares of its common stock at a public offering price of $ 14.00 per share. The Company received net proceeds from the offering, after deducting underwriting discounts and commissions and offering expenses, of approximately $ 94.2 million. On March 12, 2021, the Company entered into a Capital On Demand™ Sales Agreement (the Sales Agreement) with JonesTrading Institutional Services LLC, as sales agent, to provide for the offering, issuance and sale of up to an aggregate amount of $ 75.0 million shares of common stock from time to time in “at-the-market” (ATM) offerings under a registration statement on Form S-3 (File No. 333-254193) (2021 Shelf Registration Statement) filed with the SEC, which was declared effective on March 30, 2021. In August 2022, pursuant to the Sales Agreement and subject to the limitations thereof, the Company sold an aggregate of 2,611,723 shares of common stock at $ 17.23 per share resulting in net proceeds to the Company of $ 43.4 million after deducting sales agent commissions and expenses. In November 2022, the Company filed a new prospectus supplement to the 2021 Shelf Registration Statement for the offer and sale of up to $ 100.0 million of shares of common stock from time to time through the sales agent, which includes the $ 30.0 million of shares of common stock not sold under the original prospectus and up to an additional $ 70.0 million of shares of common stock. The Company expects that its cash and cash equivalents will be sufficient to fund its forecasted operating expenses, capital expenditure requirements and debt service payments for at least the next twelve months from the issuance of these consolidated financial statements. All of the Company’s revenue to date has been generated from a collaboration and license agreement with Regeneron Pharmaceuticals Inc, (Regeneron). The Company does not expect to generate any significant product revenue until it obtains regulatory approval of and commercializes any of the Company’s product candidates or enters into additional collaborative agreements with third parties, and it does not know when, or if, either will occur. The Company expects to continue to incur significant losses for the foreseeable future, and it expects the losses to increase as the Company continues the development of, and seeks regulatory approvals for, its product candidates and begins to commercialize any approved products. The Company is subject to all of the risks typically related to the development of new product candidates, including, but not limited to, raising additional capital, development by its competitors of new technological innovations, risk of failure in preclinical and clinical studies, safety and efficacy of its product candidates in clinical trials, the risk of relying on external parties such as contract research organizations (CROs) and contract drug manufacturing organizations (CDMOs), the regulatory approval process, market acceptance of the Company’s products once approved, lack of marketing and sales history, dependence on key personnel and protection of proprietary technology and it may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors that may adversely affect its business. Until such time as the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operations through the sale of equity, debt financings, collaborative or other arrangements with corporate or other sources of financing. Adequate funding may not be available to the Company on acceptable terms or at all. The Company’s failure to raise capital as and when needed could have a negative impact on its financial condition and the Company’s ability to pursue its business strategies. Although the Company continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (United States GAAP or GAAP). Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The United States dollar is the functional and reporting currency of the Company and its subsidiaries. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. Such estimates include deferred tax assets, useful lives of property and equipment, accruals for research and development activities, revenue recognition and stock-based compensation and the Company’s incremental borrowing rate. Actual results could differ from those estimates. Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and identified intangible assets acquired in a business combination. Goodwill is not amortized but is evaluated at least annually for impairment or when a change in facts and circumstances indicate that the fair value of the goodwill may be below the carrying value. Goodwill is tested for impairment at the reporting unit level annually in the fourth quarter, or more frequently when events or changes in circumstances indicate that the asset might be impaired. Examples of such events or circumstances include, but are not limited to, a significant adverse change in legal or business climate, an adverse regulatory action or unanticipated competition. The Company has determined that it operates in a single operating segment and has a single reporting unit. Prior to performing the impairment test, the Company assesses qualitative factors to determine whether the existence of events or circumstances would indicate that it is more likely than not that the fair value of the reporting unit was less than the carrying amount. If after assessing the totality of events or circumstances, the Company were to determine that it is more likely than not that the fair value of the reporting unit is less than the carrying amount, then the Company would perform a quantitative impairment test. The quantitative impairment test involves comparing the fair value of the reporting unit to the carrying value. If the fair value of the reporting unit exceeds the carrying value of the net assets, goodwill is not impaired, and no further testing is required. If the fair value of the reporting unit is less than the carrying value, the Company measures the amount of impairment loss, if any, as the excess of the carrying value over the fair value of the reporting unit. The Company performed an annual test for goodwill impairment in the fourth quarter of the fiscal year ended December 31, 2022 and determined that goodwill was no t impaired. Segments The Company operates and manages its business as one reportable and operating segment, which is the business of research and development of allogeneic immunotherapies for cancer and other diseases. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company’s cash and cash equivalents are held at one financial institution in the U.S. and one financial institution in Israel and such amounts may, at times, exceed insured limits. The Company invests its cash equivalents in money market funds. The Company limits its credit risk associated with cash equivalents by placing them with banks and institutions it believes are highly creditworthy and in highly rated investments. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. The Company has one customer, Regeneron, which represents 100 % of the Company’s total revenue during the years ended December 31, 2022 and 2021 and outstanding accounts receivable as of December 31, 2021 (see Note 8). Risks and Uncertainties The Company 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, 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, 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’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from product 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 any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. 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. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with maturities of three months or less from the purchase date to be cash equivalents. As of December 31, 2022 and 2021, cash and cash equivalents consist of cash deposited with banks and investments in money market funds with maturities of three months or less from the date of purchase. Restricted Cash Restricted cash is comprised of cash that is restricted as to withdrawal or use under the terms of certain contractual agreements. The Company did no t have any restricted cash as of December 31, 2022 . Restricted cash for the year ended December 31, 2021 consists of collateral for letters of credit issued in connection with real estate leases (see Note 10). Fair Value of Financial Instruments The carrying amounts of certain financial instruments of the Company, including cash equivalents, restricted cash, accounts receivable, accounts payable and accrued and other current liabilities approximate fair value due to their relatively short maturities. Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, generally three years. Leasehold improvements are amortized using the straight-line method over the lesser of the assets’ estimated useful lives or the remaining term of the lease. Maintenance and repairs are charged to operations as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated balance sheet and any resulting gain or loss is reflected in the consolidated statements of operations and comprehensive loss in the period realized. Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amount of the asset or asset group to the future net cash flows which the asset or asset group is expected to generate. If such asset or asset group is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. The Company performed a review for impairment of in process research and development (IPR&D) during the second quarter of the year ended December 31, 2021 and recognized an impairment charge of $ 1.2 million, which was recorded as research and development expenses in the consolidated statement of operations and comprehensive loss. This impairment charge reduced the carrying value of the asset to $ 0 at December 31, 2021. There has been no such impairment of long-lived assets during the year ended December 31, 2022. Revenue Recognition Under ASC 606, Revenue from Contracts with Customers (ASC 606), the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps as prescribed by ASC 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. A contract with a customer exists when (i) the Company enters into a legally enforceable contract with a customer that defines each party’s rights regarding the products or services to be transferred and identifies the payment terms related to these products or services, (ii) the contract has commercial substance and (iii) the Company determines that collection of substantially all consideration for products or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company identifies the goods or services promised and determines the performance obligations by assessing whether each promised good or service is distinct. Goods or services that are not distinct are bundled with other goods or services in the contract until a bundle of goods or services that is distinct is created. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. All of the Company’s revenues for the years ended December 31, 2022 and 2021 are derived through a license and collaboration agreement with Regeneron (see Note 8). For revenue recognition purposes, the Company determines the term of its license or collaboration agreements by evaluating the period during which present and enforceable rights and obligations exist. This determination is impacted by the existence of substantive termination penalties, among other factors. The Company recognizes revenue under the Company’s license or collaboration agreements that are within the scope of ASC 606. These agreements include promises related to licenses to intellectual property and research and development services. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. Accordingly, the transaction price is generally comprised of a fixed fee due at contract inception and at specified future dates, variable consideration in the form of milestone payments due upon the achievement of specified events and tiered royalties earned when customers recognize net sales of licensed products. The Company measures the transaction price based on the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods and/or services to the customer. The Company utilizes the “most likely amount” method to estimate the amount of variable consideration to which it will be entitled for the contract. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. At the inception of each arrangement that includes development and regulatory milestone payments, the Company evaluates whether the associated event is considered most likely to be achieved and estimates the amount to be included in the transaction price. Payments or reimbursements for the Company’s research and development efforts where such efforts are considered part of or a single performance obligation are recognized over time using a measure of progress that best reflects the Company’s performance in satisfying the obligation. Upfront payments are recorded as contract liabilities upon receipt or when due and may require deferral of revenue recognition to a future period until the Company performs its obligation under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from its collaboration arrangement. Research and Development Expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including payroll and related expenses, costs for CDMOs, costs for CROs, materials, supplies, depreciation on and maintenance of research equipment, consulting costs, and the allocated portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation, information technology costs and general support services. All costs associated with research and development are expensed within the consolidated statements of operations and comprehensive loss as incurred. Costs incurred in obtaining technology licenses are charged to research and development expense as acquired in-process research and development if the technology licensed has not reached technological feasibility and has no alternative future use. Accrued CRO, CDMO, and Research and Development Expenses The Company has entered into various agreements with CDMOs and CROs. The Company’s research and development accruals are estimated based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The estimated costs of research and development provided, but not yet invoiced are included in accrued and other current liabilities on the consolidated balance sheets. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accrual accordingly. Payments made to CDMOs and CROs under these arrangements in advance of the performance of the related services are recorded as prepaid expenses and other current assets on the consolidated balance sheets until the services are rendered. Through December 31, 2022 there had been no material adjustments to the Company’s prior period estimates of accrued research and development expenses. Leases Consistent with ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02), the Company determines if an arrangement is a lease, or contains a lease, at inception. Leases with a term greater than 12 months are recognized on the balance sheet as Right-of-Use (ROU) assets and current and long-term operating lease liabilities, as applicable. The Company has elected not to recognize on the balance sheet leases with terms of 12 months or less. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. The Company monitors its plan to renew its leases no less than on a quarterly basis. In addition, the Company’s lease agreements generally do not contain any residual value guarantees or restrictive covenants. In accordance with ASU 2016-02, the ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate (IBR), which is the estimated rate the Company would be required to pay for a fully collateralized borrowing equal to the total lease payments over the term of the lease, to determine the present value of future minimum lease payments. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of ASU 2016-02, the Company does not combine lease and non-lease components. Variable lease payments are expenses as incurred. Assumptions made by the Company at the commencement date are re-evaluated upon occurrence of certain events, including a lease modification. A lease modification results in a separate contract when the modification grants the lessee an additional right of use not included in the original lease and when lease payments increase commensurate with the standalone price for the additional right of use. When a lease modification results in a separate contract, it is accounted for in the same manner as a new lease. Stock-Based Compensation The Company accounts for stock-based compensation arrangements with employees and non-employees using a fair value method which requires the recognition of compensation expense for costs related to all stock-based payments including stock options. The fair value method requires the Company to estimate the fair value of stock-based payment awards on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model to estimate the fair value of options granted that are expensed on a straight-line basis over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. Option valuation models, including the Black-Scholes option-pricing model, require the input of several assumptions. Changes in the assumptions used can materially affect the grant-date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility and the expected life of the award. For awards that have a performance condition, the Company recognizes compensation expense based on its assessment of the probability that the performance condition will be achieved, using an accelerated attribution model, over the explicit or implicit service period. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes and for operating loss and tax credit carryforwards. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company’s deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which these temporary differences are expected to be recovered or settled. A valuation allowance is recorded to reduce deferred tax assets if it is determined that it is more likely than not that all or a portion of the deferred tax asset will not be realized. The Company considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent earnings results, expectations of future taxable income, carryforward periods available and other relevant factors. The Company records changes in the required valuation allowance in the period that the determination is made. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available as of the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, the Company does not recognize a tax benefit in the consolidated financial statements. The Company records interest and penalties related to uncertain tax positions, if applicable, as a component of income tax expense (benefit). Other Comprehensive Loss Other comprehensive loss is defined as a change in equity of a business enterprise during a period, resulting from transactions from non-owner sources. There was no other comprehensive loss for the year ended December 31, 2022. The other comprehensive loss disclosed in the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2021 consists of unrealized losses on marketable debt securities. Net Loss per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. The Company’s potentially dilutive shares, which include outstanding stock options, Employee Stock Purchase Plan (ESPP) awards, unvested restricted stock units (RSUs), and shares issuable upon exercise of the warrants, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. Basic and diluted net loss per share is presented in conformity with the two-class method required for participating securities. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to share in undistributed earnings as if all income (loss) for the period had been distributed. The Company’s participating securities do not have a contractual obligation to share in the Company’s losses. As such, the net loss is attributed entirely to common stockholders. Since the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. Subsequent Events Considerations The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the consolidated financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. The Company has evaluated all subsequent events and determined that there are no material recognized or unrecognized subsequent events requiring disclosure, other than as disclosed in these notes to the consolidated financial statements. Refer to Note 18. Subsequent Events . Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB under its ASC or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently Adopted Accounting Pronouncements In July 2021, FASB issued ASU No. 2021-05, Lease (Topic 842), Lessors - Certain Leases with Variable Lease Payments (ASU 2021-05). ASU 2021-05 amends the lease classification requirements for lessors when classifying and accounting for a lease with variable lease payments that do not depend on a reference rate index or a rate. The update provides criteria, that if met, the lease would be classified and accounted for as an operating lease. ASU 2021-05 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. The Company adopted ASU 2021-05 in the first quarter of 2022. The impact on its consolidated financial statements and related disclosures was not material. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. For SEC filers that are eligible to be smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The Company plans to adopt the provisions of ASU 2016-13 effective January 1, 2023 and is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). The new guidance simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. SEC filers that are eligible to be smaller reporting companies should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2022. The amendment should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company plans to adopt the provisions of ASU 2017-04 effective January 1, 2023 and is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and related disclosures.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	. Fair Value Measurements The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy which establishes three level of inputs that may be used to measure fair value, as follows: Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) (2) $ 75,701 $ — $ — $ 75,701 Total fair value of assets $ 75,701 $ — $ — $ 75,701 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) (2) $ 147,071 $ — $ — $ 147,071 Total fair value of assets $ 147,071 $ — $ — $ 147,071 (1) Included in cash and cash equivalents in the consolidated balance sheets. (2) Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	4. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): December 31, December 31, Prepaid insurance $ 1,251 $ 1,884 Prepaid software subscription and licensing fees 529 206 Interest receivable 435 29 Prepayments to CROs 427 1,658 Prepaid maintenance 295 815 Prepayments to CDMOs 65 115 Other prepaid expenses and current assets 380 2 Total prepaid expenses and other current assets $ 3,382 $ 4,709

Property and Equipment, net

Property and Equipment, net	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	5. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): Useful life December 31, December 31, Laboratory equipment 3 $ 7,503 $ 5,502 Leasehold improvements Lesser of useful life or lease term 19,959 1,614 Furniture and fixtures 3 184 303 Construction in progress — 9,292 13,014 Computer equipment 3 172 216 Software 3 353 320 37,463 20,969 Less: Accumulated depreciation and amortization ( 8,753 ) ( 6,326 ) Property and equipment, net $ 28,710 $ 14,643 Depreciation and amortization expense for each of the years ended December 31, 2022 and 2021 was $ 2.6 million and $ 1.5 million, respectively. All of the Company’s property and equipment as of December 31, 2022 and 2021 is located in the U.S. On March 18, 2022, the Company's wholly-owned subsidiary Adicet Therapeutics entered into Change Order No. 3 (the Change Order No. 3) to a construction agreement between Adicet Therapeutics and CP Enterprises, Inc. d/b/a CP Construction (CP Construction) (the Construction Agreement). The Construction Agreement provides for pre-construction and construction services at the Company's office and laboratory space in Redwood City, California (1000 Bridge Parkway) for consideration of approximately $ 13.8 million to CP Construction, including previous change orders. The Change Order No. 3 increased the budget for the construction by approximately $ 5.3 million in order to build one good manufacturing practice (GMP) cell processing and one vector manufacturing suite in addition to controlled materials warehousing at 1000 Bridge Parkway. In June 2022, the Company moved its operations to 1000 Bridge Parkway which resulted in reclassifying $ 18.4 million from construction in progress to leasehold improvements for the twelve months ended December 31, 2022. The remaining $ 9.3 million in Construction in Progress as of December 31, 2022 primarily relates to leasehold improvements and laboratory equipment for the internal GMP manufacturing suite. In the year ended December 31, 2022, the Company disposed of an aggregate of $ 0.2 million of fixed assets within furniture and fixtures, computer equipment and software. This disposal related to assets obtained through the Merger with resTORbio as well as assets disposed of when the Company moved its operations to 1000 Bridge Parkway. The Company did not receive any proceeds as a result of these disposals and recognized a loss of less than $ 0.1 million related to this transaction.

Accrued and Other Current Liabi

Accrued and Other Current Liabilities	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued and Other Current Liabilities	6. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands): December 31, December 31, Accrued compensation $ 5,703 $ 4,020 Accrued CDMO costs $ 4,390 1,077 Accrued professional services $ 1,356 546 Accrued other research and development expenses $ 674 504 Accrued CRO costs $ 657 32 Accrued other liabilities $ 31 503 Total accrued and other liabilities $ 12,811 $ 6,682

Third Party Agreements

Third Party Agreements	12 Months Ended
	Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Third Party Agreements	8. Third Party Agreements Regeneron On July 29, 2016, the Company entered into a License and Collaboration Agreement with Regeneron, which was amended in April 2019, with such amendment becoming effective in connection with Regeneron’s investment in the Company’s Series B redeemable convertible preferred stock private placement transaction in July 2019 (as amended, the Regeneron Agreement). Agreement Terms. The Regeneron Agreement has two principal components: (a) a research collaboration component under which the parties will research, develop, and commercialize next-generation engineered gamma delta immune cell therapeutics (ICPs) namely engineered gamma delta immune cells with CARs and TCRs directed to disease-specific cell surface antigens, which includes the grant of certain licenses to intellectual property between the two parties, and (b) for a certain period following the effective date, a license that allows the Company to use certain of Regeneron’s proprietary mice to develop and commercialize ICPs generated by the Company, with certain limitations relating to targets under the Regeneron Agreement. The term of the Regeneron Agreement expires, on a product-by-product basis, on the expiration of the obligation to pay royalties for such product. The Regeneron Agreement is subject to early termination by either party upon uncured material breach by the other party. The licenses to develop and commercialize an ICP to a target that one party has exclusively licensed may be terminated by such party for convenience. Financial Terms. The Company received a non-refundable upfront payment of $ 25.0 million from Regeneron upon execution of the Regeneron Agreement and an aggregate of $ 20.0 million of additional payments for research funding from Regeneron through December 31, 2022 . In addition, Regeneron may have to pay the Company additional amounts in the future consisting of up to an aggregate of $ 80.0 million of option exercise fees, as specified in the Regeneron Agreement. Regeneron must also pay the Company high single digit royalties as a percentage of net sales for immune cell products (ICPs) to targets for which it has exclusive rights, and low single digit royalties as a percentage of net sales on any non-ICP product comprising a targeting moiety generated by the Company through the use of Regeneron’s proprietary mice. The Company must pay Regeneron mid-single to low double digit, but less than teens, of royalties as a percentage of net sales of ICPs to targets for which the Company has exercised exclusive rights, and low to mid-single digit of royalties as a percentage of net sales of targeting moieties generated from the Company’s license to use Regeneron’s proprietary mice. Royalties are payable until the longer of the expiration or invalidity of the licensed patent rights or twelve (12) years from first commercial sale. ASC 606 requires the Company to select a single revenue recognition method for the performance obligation that depicts the Company’s performance in transferring control of the services. The Company has determined that the combined performance obligation was satisfied over time. Accordingly, the Company utilizes a cost-based input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. The Company believes this is the best measure of progress because it reflects how the Company transfers its performance obligation to Regeneron. In applying the cost-based input method of revenue recognition, the Company uses actual costs incurred relative to budgeted costs to fulfill the combined performance obligation. These costs consist primarily of internal full-time equivalent effort and third-party contract costs. Revenue is recognized based on actual costs incurred as a percentage of total budgeted costs as the Company completes its performance obligations over the research term of five years. A cost-based input method of revenue recognition requires management to make estimates of costs to complete the Company’s performance obligations. In making such estimates, significant judgment is required to evaluate assumptions related to cost estimates. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligations has been recorded in the period in which changes are identified and amounts can be reasonably estimated. At contract inception, the Company determined the transaction price of the Regeneron Agreement to be $ 55.0 million, consisting of the $ 25.0 million upfront payment and the aggregate research funding fees of $ 30.0 million payable over the research term. In order to determine the transaction price, the Company evaluated all the payments to be received during the duration of the contract. Per the terms of the original Regeneron Agreement prior to the amendment becoming effective in April 2019, the research funding fees of $ 30.0 million were payable merely due to the passage of time and therefore did not represent a variable consideration. After the amendment became effective in April 2019, $ 20.0 million of these fees became contingent upon meeting certain development and regulatory milestones. Therefore, the Company concluded that after the amendment such potential payments became variable consideration. The receipt of the variable consideration was subject to substantial uncertainty and was therefore excluded from the transaction price upon the effective date of the amendment. Accordingly, the transaction price was reduced from $55.0 million to $ 35.0 million in July 2019. The Company re-evaluates the transaction price if there is a significant change in facts and circumstances at least at the end of each reporting period. The Company increased the transaction price by $ 10.0 million in June 2020 to $ 45.0 million when it achieved the milestone for the selection of a clinical candidate to the second collaboration target under the Regeneron Agreement. During the twelve months ended December 31, 2022, the Company recognized $ 5.0 million in revenue related to the Regeneron Agreement. The Company also recognized $ 20.0 million of revenue related to Regeneron's exercise of an option for ADI-002, which is described below, and resulted in an aggregate of $ 25.0 million recorded as revenue during the twelve months ended December 31, 2022. The Company's performance obligations under the Regeneron Agreement were completed during the first quarter of 2022. During the twelve months ended December 31, 2021, the Company recognized $ 9.7 million in revenue related to the Regeneron Agreement. The Company also evaluated whether the option provided to Regeneron represents a material right that would require separate deferral and recognition. The option exercise provided Regeneron with a development and commercial license to develop and commercialize the optioned collaboration ICPs. The Company concluded that the $25.0 million upfront payment to the Company was not negotiated to provide incremental discount for the future option fees payable upon Regeneron’s exercise of the option. The option provided Regeneron with a license for intellectual property that will be improved from the inception of the Regeneron Agreement. In addition, the option fee is significant compared to the sum total of the upfront payment and research funding fees in the original Regeneron Agreement. Therefore, the Company determined that the option provided to Regeneron did not represent a material right and that any potential exercise of the option should be accounted as a separate contract. Hence, upon the option exercise by Regeneron the option fee would be allocated to the development and commercial license which would be the only performance obligation in that separate contract and recognized as revenue on a point in time basis when control of the license rights is transferred to Regeneron. On January 28, 2022, Regeneron exercised its option to license the exclusive, worldwide rights to ADI-002, an allogeneic gamma delta CAR T-cell therapy directed against Glypican-3, pursuant to the Regeneron Agreement. In conjunction with the exercise of the Option, Regeneron paid an exercise fee of $ 20.0 million to the Company on January 28, 2022, and the Company completed the transfer of the associated license rights to Regeneron during the first quarter of 2022. Pursuant to the Regeneron Agreement, upon Regeneron’s exercise of the option, the Company had a specified period of time to elect to co-fund future development costs of ADI-002, and to participate in any potential profits with Regeneron up to a specified co-funding percentage in various geographic regions, including on a worldwide basis (Co-Funding Option). The Company elected not to exercise its Co-Funding Option for ADI-002. Accordingly, Regeneron is responsible, at its sole cost, for all development, manufacturing and commercialization of ADI-002 and must pay the Company high single digit royalties as a percentage of any net sales of ADI-002 for a period commencing on the first commercial sale until the longer of (i) the expiration or invalidity of the licensed patent rights or (ii) a low double digit amount of years from first commercial sale. The following tables present changes in the Company’s contract liabilities for the twelve months ended December 31, 2022 and 2021 (in thousands): Twelve Months Ended December 31, 2022 Balance at Deductions Balance at Contract liability $ 4,805 $ ( 4,805 ) $ — Twelve Months Ended December 31, 2021 Balance at Deductions Balance at Contract liability $ 13,980 $ ( 9,175 ) $ 4,805 (1) Deductions to contract liabilities relate to deferred revenue recognized as revenue during the reporting period. (2) Deductions are shown net of additions that are the result of a reduction to cumulative revenue recognized as a result of a change in overall estimated costs, primarily due to an extension of time to fulfill the combined performance obligation, which was recorded as a change in estimate during the twelve months ended December 31, 2021. As of December 31, 2022 , there were no contract liabilities and no contract assets related to the Regeneron Agreement. As of December 31, 2021, contract liabilities related to the Regeneron Agreement of $ 4.8 million was comprised of the $ 25.0 million upfront payment and additional $ 5.0 million research funding fees in each of 2017 and 2018, and $ 10.0 million for achievement of the milestone for the selection of a clinical candidate to the second collaboration target in June 2020, less $ 40.2 million of cumulative license and collaboration revenue recognized from the inception of the Regeneron Agreement as of December 31, 2021. Twist Bioscience In March 2021, the Company entered into an Antibody Discovery Agreement (the Twist Agreement) with Twist Bioscience Corporation (Twist). Under the terms of the Twist Agreement, Twist will utilize its proprietary platform technology to assist the Company with the discovery of novel antibodies related to target antigens selected by the Company. The Company maintains the sole and exclusive rights to any program antibodies discovered under the Twist Agreement and has the right to patent, assign, license or transfer any work product under the agreement. Furthermore, the Company has the right to sublicense its rights to program antibodies to third parties. The Company may terminate the Twist Agreement at any time, with or without cause, upon a specified period advance written notice. Per the terms of the agreement, the Company will pay Twist an upfront, non-refundable project initiation fee, a technology access fee, as well as a project fee for each project entered into under the agreement. Additionally, the Company will pay fees for development and regulatory milestones in the tens of millions of dollars and low single digit royalties on net sales to Twist for programs initiated under the agreement. In November 2022, the Company entered into an amendment to the Twist Agreement (the Twist Amendment). The Twist Amendment updates the language associated with Twist's audit rights as well as the amounts associated with technology access fees. On a cumulative basis as of December 31, 2022 , the Company has incurred and expensed $ 1.0 million related to project initiation fees, technology access fees and projects fees as research and development expense related to this agreement.

Term Loan

Term Loan	12 Months Ended
	Dec. 31, 2022
Term Loan [Abstract]
Term Loan	7. Term Loan On April 28, 2020, the Company entered into a Loan and Security Agreement with Pacific Western Bank (PacWest) for a term loan not exceeding $ 12.0 million (the Loan Agreement) to finance leasehold improvements for the facilities in Redwood City, CA and other purposes permitted under the Loan Agreement, with an interest rate equal to the greater of 0.25 % above the Prime Rate (as defined in the Loan Agreement) or 5.00 %. The Loan Agreement granted to Pacific Western Bank a security interest on substantially all of the Company’s assets other than intellectual property to secure the performance of the Company’s obligations under the Loan Agreement, and contains a variety of affirmative and negative covenants, including required financial reporting, limitations on certain dispositions of assets or distributions, limitations on the incurrence of additional debt or liens and other customary requirements. Pursuant to the Loan Agreement, the Company may request to draw upon the term loan at any time through the date eighteen months after the date of the Loan Agreement (Availability End Date), which was October 28, 2021 . On October 21, 2021, the Company amended the Loan Agreement with PacWest (the 2021 Loan Amendment) under which PacWest will provide one or more Term Loans, as well as Non-Formula Ancillary Services which shall not exceed $ 5.5 million in the aggregate. Non-Formula Ancillary Services are defined as automated clearinghouse transactions, corporate credit card services, letters of credit, or other treasury management services. The aggregate sum of the outstanding Term Loans and Non-Formula Ancillary Services shall at no time exceed $ 15.0 million, which each Term Loan to be in an amount of not less than $1.0 million. Pursuant to the 2021 Loan Amendment, the interest rate for the Term Loans shall be set at an annual rate equal to the greater of (i) 0.25% above the Prime Rate then in effect and (ii) 4.25%. On December 2, 2022, the Company further amended the Loan Agreement with PacWest (the 2022 Loan Amendment). The 2022 Loan Amendment extends the drawdown period for any Term Loan by one year from April 19, 2023 to April 19, 2024. In addition, pursuant to the 2022 Loan Amendment, if the Company receives at least $ 60.0 million from the sale or issuance of our equity securities and/or up-front cash payments from strategic partnerships other than payments from Regeneron on or before September 30, 2023, then the Interest Only End Date (as defined in the 2022 Loan Amendment) will be extended another six months from April 19, 2024 to October 19, 2024. Furthermore, the 2022 Loan Amendment extends the final maturity date of any Term Loan by one year from October 19, 2025 to October 19, 2026, and the maturity date of Non-Formula Ancillary Services to November 30, 2023. As of December 31, 2022, the Company has $ 10.6 million available under the Term Loan. As of the date of this Annual Report on Form 10-K, the Company was in compliance with the covenants of the 2022 Loan Amendment and had no indebtedness outstanding under the Term Loan. As of December 31, 2022, the deferred debt issuance costs were $ 0.4 million and are included in other non-current assets on the Company’s consolidated balance sheets.

License, Funding and Other Agre

License, Funding and Other Agreements	12 Months Ended
	Dec. 31, 2022
License Funding And Other Agreements [Abstract]
License, Funding and Other Agreements Related to the CVR	9. License, Funding and Other Agreements National Institute of Health In May 2019, the Company was awarded a 5 -year grant for up to $ 1.5 million from the National Institutes of Health (the NIH) to study RTB101 and the regulation of antiviral immunity in the elderly. The Company is entitled to use the award solely to conduct the research. The Company is solely responsible for commencing and conducting the research and will furnish periodic progress updates to the NIH throughout the term of the award. After completing the research, the Company must provide the NIH with a formal report describing the work performed and the results of the research. For funds received under the NIH funding agreement, the Company recognizes a reduction in research and development expenses in an amount equal to the qualifying expenses incurred in each period up to the amount funded by the NIH. Qualifying expenses incurred by the Company in advance of funding by the NIH are recorded in the consolidated balance sheets as other current assets. For the twelve months ended December 31, 2022 , no qualifying expenses have been incurred and no thing has been funded by the NIH. On a cumulative basis as of December 31, 2022 , $ 1.3 million has been incurred and $ 1.3 million has been funded by the NIH.

Commitments and Contingences

Commitments and Contingences	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingences	10. Commitments and Contingencies Operating Leases The Company leases office and laboratory space in Redwood City, CA, and Boston, MA. Redwood City On October 31, 2018, Adicet Therapeutics executed a non-cancelable lease agreement for an office and laboratory facility at 1000 Bridge Parkway, Redwood City, California (the Redwood City Lease), with an expiration date of February 28, 2030. The initial annual base rent for the Redwood City Lease is an aggregate of $ 1.3 million, and such amount will increase 3 % annually. On June 16, 2022, Adicet Therapeutics entered into a second lease amendment with Westport Office Park, LLC (the Second Amendment). The Second Amendment further amends the lease agreement, dated as of October 31, 2018, as amended on December 30, 2020, for the premises located at 1000 Bridge Parkway in Redwood City, CA. The Second Amendment expands the space leased by Adicet Therapeutics at 1000 Bridge Parkway to include a portion of 1200 Bridge Parkway, increasing Adicet Therapeutics’ leased space by 12,204 square feet (the Expansion Space). Adicet Therapeutics will pay a monthly fee for the Expansion Space increasing annually from $7 3,000 to $ 78,000 over the thirty-six (36) month term of the Second Amendment. The Second Amendment also provides Adicet Therapeutics with an allowance to construct improvements to the Expansion Space. The initial right-of-use asset and operating lease liability for 1200 Bridge Parkway at lease commencement was $ 2.3 million. On January 9, 2023, Adicet Therapeutics entered into a third lease amendment with Westport Office Park, LLC (the Third Amendment). The Third Amendment further amends the lease agreement, dated as of October 31, 2018, as amended on December 30, 2020 and June 16, 2022, for the premises located at 1000 Bridge Parkway. The Third Amendment increases the tenant improvement allowance as of January 1, 2023 for an additional $ 3.0 million, and the Company expects to utilize the full allowance for the continued buildout of office and laboratory space at 1000 Bridge Parkway. Per the terms of this amendment, this additional allowance will be repaid through equal monthly payments of principal amortization and interest on a monthly basis over the term of the lease at an interest rate of eight percent ( 8 %) per annum. The Company received the allowance on February 21, 2023. Boston On January 8, 2018, the Company entered into a lease agreement for office space at 500 Boylston St, Boston, Massachusetts (500 Boylston Lease). Under the terms of the 500 Boylston Lease, the Company rented 4,544 square feet of office space with an expiration date on February 28, 2021. The base monthly rent increased annually from $ 18,933 to $ 19,691 over the term of the lease. This lease was amended on April 1, 2019 to expand the office space to 9,501 square feet and extend the term of the lease until July 31, 2026 (500 Boylston St Amended Lease). The base monthly rent under the 500 Boylston St Amended Lease increases annually from $ 49,089 to $ 55,282 . Under the terms of this amended lease agreement, the Company was permitted to assign, sublease or transfer this lease, with the consent of the landlord. On July 19, 2021, the Company entered into a Sublease (the Sublease Agreement) with RFS OPCO LLC (Sublessee), whereby the Company agreed to sublease to Sublessee all of the 9,501 rentable square feet of 500 Boylston St. The term of the sublease started on September 1, 2021 and ends on July 30, 2026. The aggregate base rent due to the Company under the Sublease is approximately $ 3.5 million starting October 1, 2021. The Company records sublease income as a reduction of lease expense. Upon execution of the Sublease Agreement, the Company received a cash security deposit of $ 0.1 million from the Subleasee which is recorded as other non-current liabilities in the consolidated balance sheets. The expected undiscounted cash flows to be received from the sublease as of December 31, 2022 is as follows (in thousands): December 31, 2023 707 2024 722 2025 736 2026 and thereafter 438 Total $ 2,603 The Company recognized rent expense, net of sublease income, of $ 3.9 million and $ 4.3 million for the years ended December 31, 2022 and 2021, respectively. The IBR and the remaining lease terms of our facilities and their weighted average IBR and remaining terms are as follows as of December 31, 2022: Lease Locations IBR Remaining Terms Redwood City, CA (1000 Bridge Parkway) 6.90 % 7.20 Redwood City, CA (1200 Bridge Parkway) 6.80 % 2.50 Boston, MA 9.30 % 3.60 Weighted Average 7.10 % 6.50 The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the years ended December 31, 2022 and 2021: Year ended December 31, 2022 2021 Lease Cost Operating lease cost $ 4,508 $ 4,282 Short-term lease cost 133 235 Variable lease cost — — Sublease Income ( 704 ) ( 223 ) Total lease cost $ 3,937 $ 4,294 Other Information Operating cash flows used for lease liabilities $ 2,264 $ 511 As of December 31, 2022 , operating right-of-use assets were $ 20.3 million and operating lease liabilities were $ 21.0 million. The Company has no material finance leases. The maturities of the operating lease liabilities as of December 31, 2022 were as follows (in thousands): December 31, 2023 4,251 2024 4,439 2025 4,072 2026 and thereafter 13,729 Total undiscounted lease payments 26,491 Less: imputed interest 5,468 Total operating lease liability 21,023 Less: current portion 2,492 Operating lease liability, net of current maturities $ 18,531 The Company maintains letters of credit of $ 4.1 million and $ 0.2 million in connection with the Company’s office leases in Redwood City, CA and Boston, MA, respectively. As of December 31, 2021, all cash amounts were recorded as restricted cash on the consolidated balance sheet. As of December 31, 2022, these cash amounts are no longer restricted. Indemnification Agreements In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ liability insurance.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Common Stock	11. Stockholders' Equity Common Stock The Company’s Certificate of Incorporation, as amended, authorized the Company to issue 150,000,000 shares of $ 0.0001 par value common stock as of December 31, 2022. Common stockholders are entitled to dividends if and when declared by the Board of Directors of the Company subject to the prior rights of the preferred stockholders. As of December 31, 2022 , no dividends on common stock had been declared by the Board of Directors. The Company has the following shares of common stock reserved for future issuance: December 31, December 31, Stock options and restricted stock units available for future grant 2,871,705 1,961,338 Stock options issued and outstanding 6,203,020 3,875,317 Unvested restricted stock units 197,580 771,660 Common stock warrants issued and outstanding — 220,890 Total common stock reserved 9,272,305 6,829,205 Warrants to Purchase Shares of Common Stock In April 2022, a warrant holder exercised 220,890 warrants at an exercise price of $ 11.32 per warrant, which resulted in a net issuance of 100,731 shares to the warrant holder. There was no cash received by the Company as a result of this transaction. The following provides a roll forward of outstanding warrants to purchase common stock as of December 31, 2022: Issuance Date Number of Shares of Common Stock Issuable Weighted Average Exercise Price Weight Average Contractual Term (Years) Outstanding, December 31, 2021 220,890 $ 11.3177 4.66 Warrants issued — Warrants exercised 220,890 Outstanding, December 31, 2022 —

At-the-Market (ATM) Offering

At-the-Market (ATM) Offering	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
At-the-Market (ATM) Offering	16. At-the-Market (ATM) Offering On March 12, 2021, the Company entered into a Sales Agreement (Initial Sales Agreement) with JonesTrading Institutional Services LLC, as sales agent, to provide for the offering, issuance and sale of up to an aggregate amount of $ 75.0 million of common stock from time to time in ATM offerings under a registration statement on Form S-3 (File No. 333-254193) filed with the SEC, which was declared effective on March 30, 2021. On November 8, 2022, the Initial Sales Agreement was amended (Amended Sales Agreement) to cover the offer and sales of up to $ 100.0 million of shares of the Company’s common stock. The Amended Sales Agreement includes $ 30.0 million of shares of the Company’s common stock not sold pursuant to the Initial Sales Agreement and up to an additional $ 70.0 million of shares of the Company’s common stock. In August 2022, pursuant to the Initial Sales Agreement and subject to the limitations thereof, the Company sold an aggregate of 2,611,723 shares of common stock at $ 17.23 per share resulting in net proceeds to the Company of $ 43.4 million after deducting sales agent commissions and expenses.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	12. Stock-Based Compensation Stock-based Compensation Expense The following table presents stock-based compensation expense as reflected in the Company's consolidated statements of operations and comprehensive loss (in thousands): Year Ended December 31, 2022 2021 Research and development $ 7,225 $ 4,759 General and administrative 9,901 7,752 Total stock-based compensation $ 17,126 $ 12,511 The following table presents stock-based compensation expense by type of award (in thousands): Year Ended December 31, 2022 2021 Stock Options 14,054 10,511 Restricted stock units (including performance-based RSUs) 2,878 1,944 Employee Stock Purchase Plan 194 56 Total 17,126 12,511 Stock Options A summary of stock option activity is set forth below (in thousands, except share and per share data): Number of Weighted Weighted- Aggregate Outstanding, December 31, 2021 3,875,317 $ 14.08 8.8 $ 13,212 Options granted 2,692,500 $ 14.65 Options exercised ( 126,176 ) $ 10.44 Options forfeited or cancelled ( 238,621 ) $ 13.03 Outstanding, December 31, 2022 6,203,020 $ 14.44 8.4 $ 780 Options exercisable, December 31, 2022 2,237,041 $ 14.18 8.0 $ 609 Vested and expected to vest, December 31, 2022 6,203,020 $ 14.44 8.4 $ 780 The assumptions used in the Black Scholes Model to calculate stock-based compensation are as follows: Year Ended December 31, 2022 2021 Expected term (years) 5.5 - 6.1 years 0.9 - 6.1 years Volatility 77.4 % - 81.7 % 77.2 % - 79.8 % Risk free rates 1.6 % - 4.22 % 0.1 % - 1.4 % Dividend rate 0.0 % 0.0 % The fair value of each stock option was estimated at the date of grant using a Black-Scholes option-pricing model using the following assumptions: The assumptions are as follows: • Expected volatility. The Company has limited trading history. As such, the expected volatility was determined by examining the historical volatilities for comparable publicly traded companies within the biotechnology and pharmaceutical industry using an average of historical volatilities of the Company’s industry peers. • Risk-free interest rate. The risk-free interest rate is based on the United States Treasury yield with a maturity equal to the expected term of the option in effect at the time of grant. • Dividend yield. The expected dividend is assumed to be zero as dividends have never been paid and there are no current plans to pay dividends on common stock. • Expected term. The expected term represents the period that the stock-based awards are expected to be outstanding. The expected term is calculated using the simplified method which is used when there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting-tranche for awards with graded vesting. The mid-point between the vesting date and the maximum contractual expiration date is used as the expected term under this method. For awards with multiple vesting-tranches, the times from grant until the mid-points for each of the tranches may be averaged to provide an overall expected term. The Company will continue to use judgment in evaluating the expected volatility, risk-free interest rates, dividend yield and expected term, utilized for stock-based compensation on a prospective basis. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the fair value of the Company’s common stock for stock options that were in-the-money at December 31, 2022 and 2021. The aggregate intrinsic value of stock options exercised during the years ended on December 31, 2022 and 2021 was $ 1.0 million and $ 10.1 million, respectively. The total fair value of options that vested during the years ended December 31, 2022 and 2021 was $ 13.4 million and $ 2.3 million, respectively. The options granted during the years ended December 31, 2022 and 2021 had a weighted-average per share grant-date fair value of $ 10.07 per share and $ 9.68 per share, respectively. As of December 31, 2022 , the total unrecognized stock-based compensation expense related to unvested stock options was $ 35.5 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.7 years. Restricted Stock Units In October 2021, the Company granted 560,000 RSUs with service and performance conditions to certain employees, 448,000 of which vested during the year ended December 31, 2022. Vesting of these awards is contingent on the occurrence of certain milestone events and fulfilment of any remaining service condition. As a result, the related compensation cost is recognized as an expense when achievement of the milestone is considered probable. The Company determined that the achievement of the milestone was considered probable as of December 31, 2021. The expense recognized for these awards is based on the grant date fair value of the Company's common stock multiplied by the number of units granted. The aggregate fair value at of these RSU's as of the grant date was $ 4.5 million and the Company recognized $ 1.6 million and $ 2.2 million of related expense during the years ended December 31, 2021 and 2022, respectively. Number of Units Outstanding Weighted Average Outstanding, December 31, 2021 771,660 $ 7.85 RSUs granted (including performance-based RSUs) — — RSUs vested ( 548,580 ) 7.92 RSUs forfeited ( 25,500 ) 7.12 Outstanding, December 31, 2022 197,580 $ 7.80 The Company did no t grant any RSU's in 2022. The weighted-average grant date fair value of RSUs granted during the year ended December 31, 2021 was $ 7.84 . As of December 31, 2022, there was approximately $ 1.1 million of unrecognized compensation cost related to unvested RSUs including performance-based RSUs that the Company expects to recognize over a remaining weighted-average period of approximately 0.7 years. Summary of Plans The Company has a 2014 Share Option Plan (the 2014 Plan), 2015 Stock Incentive Plan (the 2015 Plan), 2017 Stock Incentive Plan (the 2017 Plan), 2018 Stock Incentive Plan (the 2018 Plan), 2018 Employee Stock Purchase Plan (the 2018 ESPP), and 2022 Inducement Plan (the Inducement Plan, and, collectively with the 2014 Plan, the 2015 Plan, the 2017 Plan, the 2018 Plan and the 2018 ESPP, the Plans). The Plans are administered by the Board of Directors or, at the discretion of the Board of Directors, by a committee of the Board of Directors or by the Chief Executive Officer. The exercise prices, vesting and other restrictions are determined at the discretion of the Board of Directors, or its committee if so delegated, except that the exercise price per share of stock options may not be less than 100 % of the fair market value of the share of common stock on the date of grant and the term of the stock option may not be greater than ten years. Incentive stock options granted to employees and restricted stock awards granted to employees, officers, members of the Board of Directors, advisors, and consultants of the Company typically vest over four years. Non-statutory options granted to employees, officers, members of the Board of Directors, advisors, and consultants of the Company typically vest over three or four years. Shares that are expired, terminated, surrendered or canceled under the Plans without having been fully exercised will be available for future awards. In addition, shares of common stock that are tendered to the Company by a participant to exercise an award are added to the number of shares of common stock available for the grant of awards. The 2014 Plan and 2015 Plan As of December 31, 2022 , the number of shares of common stock available for grant under the 2014 Plan and 2015 Plan is 118,172 shares. As of December 31, 2022 , an aggregate of 979,195 shares of common stock were issuable upon the exercise of outstanding stock options under the 2015 Plan at a weighted average exercise price of $ 12.06 per share and an aggregate of 22,987 shares of common stock were issuable upon the exercise of outstanding stock options under the 2014 Plan at a weighted average exercise price of $ 1.61 per share. The 2017 Plan and 2018 Plan As of December 31, 2022 , the number of shares of common stock available for grant under the 2017 Plan and 2018 Plan is 2,656,933 shares. As of December 31, 2022 , an aggregate of 3,798,935 shares of common stock were issuable upon the exercise of outstanding stock options under the 2017 Plan and 2018 Plan at a weighted average exercise price of $ 14.88 per share. Additionally, as of December 31, 2022 , there were 194,375 restricted stock units and 3,205 performance stock units outstanding under the 2017 and 2018 Plan. 2018 Employee Stock Purchase Plan On January 1, 2022, as a result of the foregoing evergreen provision, the number of shares of common stock available for issuance under the 2018 Employee Stock Purchase Plan (ESPP) automatically increased from 524,775 shares to 922,144 shares. For the years ended December 31, 2022 and 2021, 46,597 shares and 15,667 shares were issued under the 2018 ESPP, respectively. As of December 31, 2022 , 859,880 shares of common stock were available for issuance under the 2018 ESPP. Inducement Grants As of December 31, 2022 , the number of shares of common stock available for grant under the Inducement Plan is 96,600 shares and an aggregate of 903,400 shares of common stock were issuable upon the exercise of inducement grants of stock options, approved by the Company in accordance with Nasdaq listing Rule 5635(c)(4) and granted under the Inducement Plan, at a weighted average exercise price of $ 15.00 per share. In addition, as of December 31, 2022 , an aggregate of 498,503 shares of common stock were issuable upon the exercise of inducement grants of stock options, approved by the Company in accordance with Nasdaq listing Rule 5635(c)(4) prior to establishing the Inducement Plan, at a weighted average exercise price of $ 15.38 per share.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Net Loss per Share	13. Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data): Year Ended December 31, 2022 2021 Net loss - basic and diluted $ ( 69,790 ) $ ( 61,999 ) Weighted-average shares used in computing net loss per share, basic and diluted 41,080,286 30,952,152 Net loss per share, basic and diluted $ ( 1.70 ) $ ( 2.00 ) The Company's potentially dilutive shares as of December 31, 2022 and 2021, which include outstanding stock options and unvested RSUs, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the period presented because including them would have been antidilutive: As of December 31, 2022 2021 Options to purchase common stock 6,203,020 3,875,317 Unvested restricted stock awards 197,580 771,660 Common stock warrants — 220,890 Total 6,400,600 4,867,867

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes The components of the provision for (benefit from) income taxes are as follows (in thousands): December 31, 2022 2021 Current: Federal $ — $ — State — — Foreign — — Total current — — Deferred: Federal — ( 125 ) State — — Foreign — — Total deferred — ( 125 ) Provision for (benefit from) income taxes $ — $ ( 125 ) There was no income tax expense nor benefit for the year ended December 31, 2022 . Income tax benefit of $ 0.1 million for the year ended December 31, 2021 is primarily due to the adjustment in deferred tax liability arising from the impairment charge of $ 1.2 million of acquired IPR&D For the rate table below the (provision for) benefit from income taxes differ from the amount expected by applying the federal statutory rate to the loss before taxes as follows: Year Ended December 31, 2022 2021 Federal statutory income tax rate 21.0 % 21.0 % Other permanent differences ( 2.5 )% ( 1.9 )% State income taxes 8.5 % 6.9 % Change in valuation allowance ( 23.2 )% ( 24.8 )% 162m limitation ( 1.5 )% — Stock-based compensation ( 2.3 )% ( 1.0 )% Provision for income taxes ( 0.0 )% 0.2 % The tax effects of temporary differences and carryforwards of the deferred tax assets are presented below (in thousands): December 31, 2022 2021 Deferred Tax Assets: Net operating loss carryforwards $ 68,499 $ 67,675 Operating lease right-of-use asset liability 5,641 5,504 Deferred revenue — 1,263 Stock-based compensation 1,846 1,726 Intangible assets 1,060 1,081 Fixed assets 574 196 Accruals and reserves 1,480 1,042 Sec 174 Capitalized R&D 15,803 0 Research and development credit carryforwards 26 26 Gross deferred tax assets 94,928 78,513 Less: Valuation allowance ( 89,490 ) ( 73,163 ) Deferred tax assets, net of valuation allowance 5,439 5,350 Deferred tax liabilities: Fixed assets — — Basis Difference IPR&D — — Operating lease right-of-use asset ( 5,439 ) ( 5,350 ) Net deferred tax assets $ — $ — On September 15, 2020 Adicet Bio and resTORbio completed the Merger upon which Adicet Bio became the parent company of the consolidated group. The Merger did not create a step up in basis for tax basis of the asset as it was considered a tax-free merger. The above deferred tax table includes deferred related to resTORbio. The Company has established a valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets. IRC Section 174, as modified by the Tax Cuts and Jobs Act of 2017, no longer permit an immediate deduction for research and development expenditures in the tax year that such costs are incurred. As a result the Company capitalized such costs in its 2022 income tax provision, resulting in an increase in deferred tax assets. ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. Because of the Company’s recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. The valuation allowance increased by $ 16.3 million and $ 15.5 million during the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022 , the Company had net operating loss carryforwards of $ 271.2 million, $ 143.2 million, and $ 17.8 million to reduce future taxable income, if any, for federal, state and foreign income tax purposes, respectively. Of the federal net operating loss carryforwards, $ 7.6 million will begin to expire in 2036 if not utilized, and $ 263.6 million can be carried forward indefinitely. The state carryforwards will begin to expire in 2035. The Company also had approximately $ 5.5 million of federal and $ 3.4 million of California research and development tax credit carryforwards available to offset future taxable income as of December 31, 2022. The federal credits begin to expire in 2041 and the California research credits can be carried forward indefinitely. Utilization of the net operating loss carryforwards and research and development tax credit carryforwards may be subject to an annual limitation under Section 382 of the Internal Revenue Code of 1986, and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50% over a three-year period. If the Company has experienced an ownership change, as defined by Section 382, at any time since inception, utilization of the net operating loss carryforwards or research and development tax credit carryforwards would be subject to an annual limitation. As of December 31, 2022, the ownership change analysis has not been completed, however no material tax attributes are expected to be limited for full use before their respective carryforward periods expires. The Company files income tax returns in the United States federal jurisdiction, California, Massachusetts, New York and Israel. The tax years 2016 to 2022 remains open to United States federal and state examination to the extent of the utilization of net operating loss and credit carryovers. As of December 31, 2022 , the Company had unrecognized tax benefits of $ 0.8 million related to the transfer of certain intellectual property from its Israeli subsidiary. In addition, as of December 31, 2022 , the Company had unrecognized tax benefits of $ 9.0 million related to the federal and state research and development credits as a result of no formal research credit study performed. A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands): Year Ended December 31, 2022 2021 Balance at the beginning of the year $ 4,040 $ 797 Adjustment based on tax positions related to prior year $ ( 2 ) $ 0 Adjustment based on tax positions related to current year 5,721 3,243 Balance at the end of the year $ 9,759 $ 4,040 The Company recognizes interest expense and penalties related to the above unrecognized tax benefits within income tax expense (benefit). Management determined that no accrual for interest and penalties was required as of December 31, 2022 .

Defined Contribution Plan

Defined Contribution Plan	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Defined Contribution Plan	17. Defined Contribution Plan The Company maintains a defined contribution plan under Section 401(k) of the Internal Revenue Code covering substantially all full-time United States employees. Employee contributions are voluntary and are determined on an individual basis subject to the maximum allowable under federal tax regulations. During the years ended December 31, 2022 and December 31, 2021, the Company made aggregate matching contributions of $ 0.8 million and $ 0.3 million, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	15. Related Party Transactions As of December 31, 2022, Regeneron owned 883,568 shares of the Company's common stock. Regeneron became a related party in July 2019 as a result of a Series B redeemable convertible preferred stock financing. For the years ended December 31, 2022 and 2021, the Company recorded revenue related to the Regeneron Agreement of $ 25.0 million and $ 9.7 million, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events On March 13, 2023, the Company and PacWest executed a letter agreeing that, notwithstanding the covenants included in the 2022 Loan Amendment, until June 30, 2023 (i) the Company and its subsidiaries will not be required to maintain the lesser of $200 million or seventy percent (70%) of its combined balances in demand deposit accounts, money market funds and/or insured cash sweep (ICS) accounts with PacWest and (ii) the Company must maintain its combined balances at PacWest or its affiliates, including Pacific Western Asset Management (the “Letter”). At all times following June 30, 2023, the Company will again be required to comply with the terms of the 2022 Loan Amendment. Upon executing the Letter, the Company wired $ 187.2 million from its ICS accounts at PacWest to Pacific Western Asset Management who subsequently invested the funds into money market funds held in custody with U.S. Bank National Association. The Company’s remaining balance of approximately $ 10.0 million of funds held in demand deposit accounts and ICS accounts with PacWest represents approximately 4 % of its cash and cash equivalents as of the issuance date of these consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (United States GAAP or GAAP).
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The United States dollar is the functional and reporting currency of the Company and its subsidiaries.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. Such estimates include deferred tax assets, useful lives of property and equipment, accruals for research and development activities, revenue recognition and stock-based compensation and the Company’s incremental borrowing rate. Actual results could differ from those estimates.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and identified intangible assets acquired in a business combination. Goodwill is not amortized but is evaluated at least annually for impairment or when a change in facts and circumstances indicate that the fair value of the goodwill may be below the carrying value. Goodwill is tested for impairment at the reporting unit level annually in the fourth quarter, or more frequently when events or changes in circumstances indicate that the asset might be impaired. Examples of such events or circumstances include, but are not limited to, a significant adverse change in legal or business climate, an adverse regulatory action or unanticipated competition. The Company has determined that it operates in a single operating segment and has a single reporting unit. Prior to performing the impairment test, the Company assesses qualitative factors to determine whether the existence of events or circumstances would indicate that it is more likely than not that the fair value of the reporting unit was less than the carrying amount. If after assessing the totality of events or circumstances, the Company were to determine that it is more likely than not that the fair value of the reporting unit is less than the carrying amount, then the Company would perform a quantitative impairment test. The quantitative impairment test involves comparing the fair value of the reporting unit to the carrying value. If the fair value of the reporting unit exceeds the carrying value of the net assets, goodwill is not impaired, and no further testing is required. If the fair value of the reporting unit is less than the carrying value, the Company measures the amount of impairment loss, if any, as the excess of the carrying value over the fair value of the reporting unit. The Company performed an annual test for goodwill impairment in the fourth quarter of the fiscal year ended December 31, 2022 and determined that goodwill was no t impaired.
Segments	Segments The Company operates and manages its business as one reportable and operating segment, which is the business of research and development of allogeneic immunotherapies for cancer and other diseases. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company’s cash and cash equivalents are held at one financial institution in the U.S. and one financial institution in Israel and such amounts may, at times, exceed insured limits. The Company invests its cash equivalents in money market funds. The Company limits its credit risk associated with cash equivalents by placing them with banks and institutions it believes are highly creditworthy and in highly rated investments. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. The Company has one customer, Regeneron, which represents 100 % of the Company’s total revenue during the years ended December 31, 2022 and 2021 and outstanding accounts receivable as of December 31, 2021 (see Note 8).
Risks and Uncertainties	Risks and Uncertainties The Company 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, 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, 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’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from product 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 any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. 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.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with maturities of three months or less from the purchase date to be cash equivalents. As of December 31, 2022 and 2021, cash and cash equivalents consist of cash deposited with banks and investments in money market funds with maturities of three months or less from the date of purchase.
Restricted Cash	Restricted Cash Restricted cash is comprised of cash that is restricted as to withdrawal or use under the terms of certain contractual agreements. The Company did no t have any restricted cash as of December 31, 2022 . Restricted cash for the year ended December 31, 2021 consists of collateral for letters of credit issued in connection with real estate leases (see Note 10).
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of certain financial instruments of the Company, including cash equivalents, restricted cash, accounts receivable, accounts payable and accrued and other current liabilities approximate fair value due to their relatively short maturities.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, generally three years. Leasehold improvements are amortized using the straight-line method over the lesser of the assets’ estimated useful lives or the remaining term of the lease. Maintenance and repairs are charged to operations as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated balance sheet and any resulting gain or loss is reflected in the consolidated statements of operations and comprehensive loss in the period realized.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amount of the asset or asset group to the future net cash flows which the asset or asset group is expected to generate. If such asset or asset group is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. The Company performed a review for impairment of in process research and development (IPR&D) during the second quarter of the year ended December 31, 2021 and recognized an impairment charge of $ 1.2 million, which was recorded as research and development expenses in the consolidated statement of operations and comprehensive loss. This impairment charge reduced the carrying value of the asset to $ 0 at December 31, 2021. There has been no such impairment of long-lived assets during the year ended December 31, 2022.
Revenue Recognition	Revenue Recognition Under ASC 606, Revenue from Contracts with Customers (ASC 606), the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps as prescribed by ASC 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. A contract with a customer exists when (i) the Company enters into a legally enforceable contract with a customer that defines each party’s rights regarding the products or services to be transferred and identifies the payment terms related to these products or services, (ii) the contract has commercial substance and (iii) the Company determines that collection of substantially all consideration for products or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company identifies the goods or services promised and determines the performance obligations by assessing whether each promised good or service is distinct. Goods or services that are not distinct are bundled with other goods or services in the contract until a bundle of goods or services that is distinct is created. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. All of the Company’s revenues for the years ended December 31, 2022 and 2021 are derived through a license and collaboration agreement with Regeneron (see Note 8). For revenue recognition purposes, the Company determines the term of its license or collaboration agreements by evaluating the period during which present and enforceable rights and obligations exist. This determination is impacted by the existence of substantive termination penalties, among other factors. The Company recognizes revenue under the Company’s license or collaboration agreements that are within the scope of ASC 606. These agreements include promises related to licenses to intellectual property and research and development services. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. Accordingly, the transaction price is generally comprised of a fixed fee due at contract inception and at specified future dates, variable consideration in the form of milestone payments due upon the achievement of specified events and tiered royalties earned when customers recognize net sales of licensed products. The Company measures the transaction price based on the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods and/or services to the customer. The Company utilizes the “most likely amount” method to estimate the amount of variable consideration to which it will be entitled for the contract. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. At the inception of each arrangement that includes development and regulatory milestone payments, the Company evaluates whether the associated event is considered most likely to be achieved and estimates the amount to be included in the transaction price. Payments or reimbursements for the Company’s research and development efforts where such efforts are considered part of or a single performance obligation are recognized over time using a measure of progress that best reflects the Company’s performance in satisfying the obligation. Upfront payments are recorded as contract liabilities upon receipt or when due and may require deferral of revenue recognition to a future period until the Company performs its obligation under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from its collaboration arrangement.
Research and Development Expenses	Research and Development Expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including payroll and related expenses, costs for CDMOs, costs for CROs, materials, supplies, depreciation on and maintenance of research equipment, consulting costs, and the allocated portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation, information technology costs and general support services. All costs associated with research and development are expensed within the consolidated statements of operations and comprehensive loss as incurred. Costs incurred in obtaining technology licenses are charged to research and development expense as acquired in-process research and development if the technology licensed has not reached technological feasibility and has no alternative future use.
Accrued CRO, CMO, and Research and Development Expenses	Accrued CRO, CDMO, and Research and Development Expenses The Company has entered into various agreements with CDMOs and CROs. The Company’s research and development accruals are estimated based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The estimated costs of research and development provided, but not yet invoiced are included in accrued and other current liabilities on the consolidated balance sheets. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accrual accordingly. Payments made to CDMOs and CROs under these arrangements in advance of the performance of the related services are recorded as prepaid expenses and other current assets on the consolidated balance sheets until the services are rendered. Through December 31, 2022 there had been no material adjustments to the Company’s prior period estimates of accrued research and development expenses.
Leases	Leases Consistent with ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02), the Company determines if an arrangement is a lease, or contains a lease, at inception. Leases with a term greater than 12 months are recognized on the balance sheet as Right-of-Use (ROU) assets and current and long-term operating lease liabilities, as applicable. The Company has elected not to recognize on the balance sheet leases with terms of 12 months or less. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. The Company monitors its plan to renew its leases no less than on a quarterly basis. In addition, the Company’s lease agreements generally do not contain any residual value guarantees or restrictive covenants. In accordance with ASU 2016-02, the ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate (IBR), which is the estimated rate the Company would be required to pay for a fully collateralized borrowing equal to the total lease payments over the term of the lease, to determine the present value of future minimum lease payments. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of ASU 2016-02, the Company does not combine lease and non-lease components. Variable lease payments are expenses as incurred. Assumptions made by the Company at the commencement date are re-evaluated upon occurrence of certain events, including a lease modification. A lease modification results in a separate contract when the modification grants the lessee an additional right of use not included in the original lease and when lease payments increase commensurate with the standalone price for the additional right of use. When a lease modification results in a separate contract, it is accounted for in the same manner as a new lease.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation arrangements with employees and non-employees using a fair value method which requires the recognition of compensation expense for costs related to all stock-based payments including stock options. The fair value method requires the Company to estimate the fair value of stock-based payment awards on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model to estimate the fair value of options granted that are expensed on a straight-line basis over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. Option valuation models, including the Black-Scholes option-pricing model, require the input of several assumptions. Changes in the assumptions used can materially affect the grant-date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility and the expected life of the award. For awards that have a performance condition, the Company recognizes compensation expense based on its assessment of the probability that the performance condition will be achieved, using an accelerated attribution model, over the explicit or implicit service period.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes and for operating loss and tax credit carryforwards. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company’s deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which these temporary differences are expected to be recovered or settled. A valuation allowance is recorded to reduce deferred tax assets if it is determined that it is more likely than not that all or a portion of the deferred tax asset will not be realized. The Company considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent earnings results, expectations of future taxable income, carryforward periods available and other relevant factors. The Company records changes in the required valuation allowance in the period that the determination is made. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available as of the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, the Company does not recognize a tax benefit in the consolidated financial statements. The Company records interest and penalties related to uncertain tax positions, if applicable, as a component of income tax expense (benefit).
Comprehensive Income (Loss)	Other Comprehensive Loss Other comprehensive loss is defined as a change in equity of a business enterprise during a period, resulting from transactions from non-owner sources. There was no other comprehensive loss for the year ended December 31, 2022. The other comprehensive loss disclosed in the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2021 consists of unrealized losses on marketable debt securities.
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. The Company’s potentially dilutive shares, which include outstanding stock options, Employee Stock Purchase Plan (ESPP) awards, unvested restricted stock units (RSUs), and shares issuable upon exercise of the warrants, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. Basic and diluted net loss per share is presented in conformity with the two-class method required for participating securities. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income (loss) available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to share in undistributed earnings as if all income (loss) for the period had been distributed. The Company’s participating securities do not have a contractual obligation to share in the Company’s losses. As such, the net loss is attributed entirely to common stockholders. Since the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods.
Subsequent Events Considerations	Subsequent Events Considerations The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the consolidated financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. The Company has evaluated all subsequent events and determined that there are no material recognized or unrecognized subsequent events requiring disclosure, other than as disclosed in these notes to the consolidated financial statements. Refer to Note 18. Subsequent Events .
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB under its ASC or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently Adopted Accounting Pronouncements In July 2021, FASB issued ASU No. 2021-05, Lease (Topic 842), Lessors - Certain Leases with Variable Lease Payments (ASU 2021-05). ASU 2021-05 amends the lease classification requirements for lessors when classifying and accounting for a lease with variable lease payments that do not depend on a reference rate index or a rate. The update provides criteria, that if met, the lease would be classified and accounted for as an operating lease. ASU 2021-05 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. The Company adopted ASU 2021-05 in the first quarter of 2022. The impact on its consolidated financial statements and related disclosures was not material. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. For SEC filers that are eligible to be smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The Company plans to adopt the provisions of ASU 2016-13 effective January 1, 2023 and is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). The new guidance simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. SEC filers that are eligible to be smaller reporting companies should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2022. The amendment should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company plans to adopt the provisions of ASU 2017-04 effective January 1, 2023 and is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and related disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured on Recurring Basis	The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) (2) $ 75,701 $ — $ — $ 75,701 Total fair value of assets $ 75,701 $ — $ — $ 75,701 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) (2) $ 147,071 $ — $ — $ 147,071 Total fair value of assets $ 147,071 $ — $ — $ 147,071 (1) Included in cash and cash equivalents in the consolidated balance sheets. (2) Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices.

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Summary of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): December 31, December 31, Prepaid insurance $ 1,251 $ 1,884 Prepaid software subscription and licensing fees 529 206 Interest receivable 435 29 Prepayments to CROs 427 1,658 Prepaid maintenance 295 815 Prepayments to CDMOs 65 115 Other prepaid expenses and current assets 380 2 Total prepaid expenses and other current assets $ 3,382 $ 4,709

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): Useful life December 31, December 31, Laboratory equipment 3 $ 7,503 $ 5,502 Leasehold improvements Lesser of useful life or lease term 19,959 1,614 Furniture and fixtures 3 184 303 Construction in progress — 9,292 13,014 Computer equipment 3 172 216 Software 3 353 320 37,463 20,969 Less: Accumulated depreciation and amortization ( 8,753 ) ( 6,326 ) Property and equipment, net $ 28,710 $ 14,643

Accrued and Other Current Lia_2

Accrued and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Summary of Accrued and Other Current Liabilities	Accrued and other current liabilities consisted of the following (in thousands): December 31, December 31, Accrued compensation $ 5,703 $ 4,020 Accrued CDMO costs $ 4,390 1,077 Accrued professional services $ 1,356 546 Accrued other research and development expenses $ 674 504 Accrued CRO costs $ 657 32 Accrued other liabilities $ 31 503 Total accrued and other liabilities $ 12,811 $ 6,682

Third Party Agreements (Tables)

Third Party Agreements (Tables)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Change in Company's Contract Liabilities	The following tables present changes in the Company’s contract liabilities for the twelve months ended December 31, 2022 and 2021 (in thousands): Twelve Months Ended December 31, 2022 Balance at Deductions Balance at Contract liability $ 4,805 $ ( 4,805 ) $ — Twelve Months Ended December 31, 2021 Balance at Deductions Balance at Contract liability $ 13,980 $ ( 9,175 ) $ 4,805 (1) Deductions to contract liabilities relate to deferred revenue recognized as revenue during the reporting period. (2) Deductions are shown net of additions that are the result of a reduction to cumulative revenue recognized as a result of a change in overall estimated costs, primarily due to an extension of time to fulfill the combined performance obligation, which was recorded as a change in estimate during the twelve months ended December 31, 2021.

Commitments and Contingences (T

Commitments and Contingences (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule Of Sublease Income	The expected undiscounted cash flows to be received from the sublease as of December 31, 2022 is as follows (in thousands): December 31, 2023 707 2024 722 2025 736 2026 and thereafter 438 Total $ 2,603
Schedule of Weighted Average IBR and Remaining Lease Term	The IBR and the remaining lease terms of our facilities and their weighted average IBR and remaining terms are as follows as of December 31, 2022: Lease Locations IBR Remaining Terms Redwood City, CA (1000 Bridge Parkway) 6.90 % 7.20 Redwood City, CA (1200 Bridge Parkway) 6.80 % 2.50 Boston, MA 9.30 % 3.60 Weighted Average 7.10 % 6.50
Summary of Lease Costs and Other Information	The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the years ended December 31, 2022 and 2021: Year ended December 31, 2022 2021 Lease Cost Operating lease cost $ 4,508 $ 4,282 Short-term lease cost 133 235 Variable lease cost — — Sublease Income ( 704 ) ( 223 ) Total lease cost $ 3,937 $ 4,294 Other Information Operating cash flows used for lease liabilities $ 2,264 $ 511
Maturities Of Operating Lease Liabilities	The maturities of the operating lease liabilities as of December 31, 2022 were as follows (in thousands): December 31, 2023 4,251 2024 4,439 2025 4,072 2026 and thereafter 13,729 Total undiscounted lease payments 26,491 Less: imputed interest 5,468 Total operating lease liability 21,023 Less: current portion 2,492 Operating lease liability, net of current maturities $ 18,531

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Schedule of Number of Shares of Common Stock Reserved for Future Issuance	The Company has the following shares of common stock reserved for future issuance: December 31, December 31, Stock options and restricted stock units available for future grant 2,871,705 1,961,338 Stock options issued and outstanding 6,203,020 3,875,317 Unvested restricted stock units 197,580 771,660 Common stock warrants issued and outstanding — 220,890 Total common stock reserved 9,272,305 6,829,205
Schedule of Outstanding Warrants to Purchase Shares of Common Stock	The following provides a roll forward of outstanding warrants to purchase common stock as of December 31, 2022: Issuance Date Number of Shares of Common Stock Issuable Weighted Average Exercise Price Weight Average Contractual Term (Years) Outstanding, December 31, 2021 220,890 $ 11.3177 4.66 Warrants issued — Warrants exercised 220,890 Outstanding, December 31, 2022 —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock-Based Compensation Expense	The following table presents stock-based compensation expense as reflected in the Company's consolidated statements of operations and comprehensive loss (in thousands): Year Ended December 31, 2022 2021 Research and development $ 7,225 $ 4,759 General and administrative 9,901 7,752 Total stock-based compensation $ 17,126 $ 12,511 The following table presents stock-based compensation expense by type of award (in thousands): Year Ended December 31, 2022 2021 Stock Options 14,054 10,511 Restricted stock units (including performance-based RSUs) 2,878 1,944 Employee Stock Purchase Plan 194 56 Total 17,126 12,511
Summary of Stock Option Activity	Stock Options A summary of stock option activity is set forth below (in thousands, except share and per share data): Number of Weighted Weighted- Aggregate Outstanding, December 31, 2021 3,875,317 $ 14.08 8.8 $ 13,212 Options granted 2,692,500 $ 14.65 Options exercised ( 126,176 ) $ 10.44 Options forfeited or cancelled ( 238,621 ) $ 13.03 Outstanding, December 31, 2022 6,203,020 $ 14.44 8.4 $ 780 Options exercisable, December 31, 2022 2,237,041 $ 14.18 8.0 $ 609 Vested and expected to vest, December 31, 2022 6,203,020 $ 14.44 8.4 $ 780
Schedule of Assumptions to Estimate Fair Value of Stock Options Using Black-Scholes Option Pricing Model	The assumptions used in the Black Scholes Model to calculate stock-based compensation are as follows: Year Ended December 31, 2022 2021 Expected term (years) 5.5 - 6.1 years 0.9 - 6.1 years Volatility 77.4 % - 81.7 % 77.2 % - 79.8 % Risk free rates 1.6 % - 4.22 % 0.1 % - 1.4 % Dividend rate 0.0 % 0.0 %
Summary of Restricted Stock Unit Activity	Number of Units Outstanding Weighted Average Outstanding, December 31, 2021 771,660 $ 7.85 RSUs granted (including performance-based RSUs) — — RSUs vested ( 548,580 ) 7.92 RSUs forfeited ( 25,500 ) 7.12 Outstanding, December 31, 2022 197,580 $ 7.80

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule 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 (in thousands, except share and per share data): Year Ended December 31, 2022 2021 Net loss - basic and diluted $ ( 69,790 ) $ ( 61,999 ) Weighted-average shares used in computing net loss per share, basic and diluted 41,080,286 30,952,152 Net loss per share, basic and diluted $ ( 1.70 ) $ ( 2.00 )
Schedule of Potentially Dilutive Securities Excluded from 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 for the period presented because including them would have been antidilutive: As of December 31, 2022 2021 Options to purchase common stock 6,203,020 3,875,317 Unvested restricted stock awards 197,580 771,660 Common stock warrants — 220,890 Total 6,400,600 4,867,867

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Provision for (Benefit from) Income Taxes	The components of the provision for (benefit from) income taxes are as follows (in thousands): December 31, 2022 2021 Current: Federal $ — $ — State — — Foreign — — Total current — — Deferred: Federal — ( 125 ) State — — Foreign — — Total deferred — ( 125 ) Provision for (benefit from) income taxes $ — $ ( 125 )
Schedule of (Provision for) Benefit from Income Taxes Differs from Federal Statutory Rate to the Loss Before Taxes	For the rate table below the (provision for) benefit from income taxes differ from the amount expected by applying the federal statutory rate to the loss before taxes as follows: Year Ended December 31, 2022 2021 Federal statutory income tax rate 21.0 % 21.0 % Other permanent differences ( 2.5 )% ( 1.9 )% State income taxes 8.5 % 6.9 % Change in valuation allowance ( 23.2 )% ( 24.8 )% 162m limitation ( 1.5 )% — Stock-based compensation ( 2.3 )% ( 1.0 )% Provision for income taxes ( 0.0 )% 0.2 %
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences and carryforwards of the deferred tax assets are presented below (in thousands): December 31, 2022 2021 Deferred Tax Assets: Net operating loss carryforwards $ 68,499 $ 67,675 Operating lease right-of-use asset liability 5,641 5,504 Deferred revenue — 1,263 Stock-based compensation 1,846 1,726 Intangible assets 1,060 1,081 Fixed assets 574 196 Accruals and reserves 1,480 1,042 Sec 174 Capitalized R&D 15,803 0 Research and development credit carryforwards 26 26 Gross deferred tax assets 94,928 78,513 Less: Valuation allowance ( 89,490 ) ( 73,163 ) Deferred tax assets, net of valuation allowance 5,439 5,350 Deferred tax liabilities: Fixed assets — — Basis Difference IPR&D — — Operating lease right-of-use asset ( 5,439 ) ( 5,350 ) Net deferred tax assets $ — $ —
Schedule of Reconciliation of Unrecognized Tax Benefits	A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands): Year Ended December 31, 2022 2021 Balance at the beginning of the year $ 4,040 $ 797 Adjustment based on tax positions related to prior year $ ( 2 ) $ 0 Adjustment based on tax positions related to current year 5,721 3,243 Balance at the end of the year $ 9,759 $ 4,040

Organization and Nature of the

Organization and Nature of the Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		12 Months Ended
	Aug. 31, 2022	Mar. 12, 2021	Nov. 30, 2022	Feb. 28, 2021	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Accumulated deficit					$ 238,114	$ 168,324
Proceeds from issuance of common stock pursuant to at-the-market offering, net of issuance costs					43,360	0
Proceeds from issuance of common stock, net of issuance costs					$ 0	$ 238,129
Sales agent commissions and expenses	$ 43,400
Common stock, shares outstanding					39,736,914	39,736,914
Sales Agreement [Member]
Schedule Of Equity Method Investments [Line Items]
Proceeds from issuance of common stock, net of issuance costs			$ 100,000
Aggregate number of shares sold	2,611,723
Sale of Stock, Price Per Share	$ 17.23
Sales agent commissions and expenses	$ 43,400
Common Stock not sold			30,000
Additional Common Stock not sold			$ 70,000
Maximum [Member] | Sales Agreement [Member]
Schedule Of Equity Method Investments [Line Items]
Proceeds from issuance of common stock, net of issuance costs		$ 75,000
Adicet Therapeutics [Member]
Schedule Of Equity Method Investments [Line Items]
Accumulated deficit					$ (238,100)
Initial Public Offering
Schedule Of Equity Method Investments [Line Items]
Number of common stock shares sold				10,575,513		7,187,500
Issuance price per shares				$ 13		$ 14
Underwriting discounts and commissions and other offering expenses				$ 128,800		$ 94,200
Proceeds from issuance of common stock pursuant to at-the-market offering, net of issuance costs				$ 15,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Customer Segment	Dec. 31, 2021 USD ($)	Oct. 31, 2018 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Restricted Cash	$ 0
Goodwill impairment	0
Impairment charges	$ 0	$ 1,200,000
Carrying value of the asset		$ 0
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment Of In Process Research And Development
Number of customer | Customer	1
Customers percentage of total revenue	100%	100%
Number of Reportable Segments | Segment	1
Research and development	$ 71,246,000	$ 48,943,000
Accrued research and development	0
Other Comprehensive loss	0
Operating lease right-of-use asset	20,269,000	$ 20,358,000
Operating lease liability	$ 21,023,000		$ 1,300,000

Business Combination - Addition

Business Combination - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 19,462	$ 19,462
Common Stock
Business Acquisition [Line Items]
Number of common stock shares sold	18,916,853

Business Combination - Schedule

Business Combination - Schedule of Summarizes the Allocation of the Purchase Price to the Net Tangible and Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Net assets acquired:
Goodwill	$ 19,462	$ 19,462

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value Recurring [Member] - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets		$ 75,701	$ 147,071
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets	[1],[2]	75,701	147,071
Fair Value Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets		75,701	147,071
Fair Value Level 1 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets	[1],[2]	75,701	147,071
Fair Value Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets		0	0
Fair Value Level 2 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets	[1],[2]	0	0
Fair Value Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets		0	0
Fair Value Level 3 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets	[1],[2]	$ 0	$ 0
[1] Included in cash and cash equivalents in the consolidated balance sheets. Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices.

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrants outstanding	0	220,890

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 1,251	$ 1,884
Prepaid software subscription and licensing fees	529	206
Interest receivable	435	29
Prepayments to CRO's	427	1,658
Prepaid maintenance	295	815
Prepayments to CMO's	65	115
Other prepaid expenses and current assets	380	2
Total prepaid expenses and other current assets	$ 3,382	$ 4,709

Property and Equipment, net - S

Property and Equipment, net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 37,463	$ 20,969
Less: Accumulated depreciation and amortization	(8,753)	(6,326)
Property and equipment, net	28,710	14,643
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 7,503	5,502
Useful life (in years)	3 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	$ 19,959	1,614
Useful life (in years)	Lesser of useful life or lease term
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	$ 184	303
Useful life (in years)	3 years
Construction In Progress
Property Plant And Equipment [Line Items]
Total property and equipment	$ 9,292	13,014
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 172	216
Useful life (in years)	3 years
Software
Property Plant And Equipment [Line Items]
Total property and equipment	$ 353	$ 320
Useful life (in years)	3 years

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 18, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 2,575	$ 1,538
Construction Payable			$ 13,800
Increase in Construction Budget			$ 5,300
Leasehold Improvements, Gross	18,400
Construction in progress	9,300
Loss on disposition of fixed assets	(55)
Gain (Loss) on Disposition of Intangible Assets	200
Loss on disposition of assets	$ 100

Accrued and Other Current Lia_3

Accrued and Other Current Liabilities - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation	$ 5,703	$ 4,020
Accrued CDMO costs	4,390	1,077
Accrued professional services	1,356	546
Accrued research and development expenses	674	504
Accrued CRO costs	657	32
Accrued other liabilities	31	503
Total	$ 12,811	$ 6,682

Term Loan - Additional Informat

Term Loan - Additional Information (Details) - USD ($) $ in Millions			12 Months Ended
	Dec. 02, 2022	Oct. 21, 2021	Dec. 31, 2022	Apr. 28, 2020
Class Of Warrant Or Right [Line Items]
Interest rate for term loan to finance leasehold improvements				5%
Loan availability end date			Oct. 28, 2021
Debt issuance costs, gross			$ 0.4
2022 Loan Amendment [Member] | Pacific western bank
Class Of Warrant Or Right [Line Items]
Term loan Maturity Date	In addition, pursuant to the 2022 Loan Amendment, if the Company receives at least $60.0 million from the sale or issuance of our equity securities and/or up-front cash payments from strategic partnerships other than payments from Regeneron on or before September 30, 2023, then the Interest Only End Date (as defined in the 2022 Loan Amendment) will be extended another six months from April 19, 2024 to October 19, 2024. Furthermore, the 2022 Loan Amendment extends the final maturity date of any Term Loan by one year from October 19, 2025 to October 19, 2026, and the maturity date of Non-Formula Ancillary Services to November 30, 2023.
Term loan and non formula ancillary service			$ 10.6
2021 Loan Amendment [Member] | Pacific western bank
Class Of Warrant Or Right [Line Items]
Available Loan		$ 5.5
Term loan and non formula ancillary service		$ 15
Long-term Debt, Description		which each Term Loan to be in an amount of not less than $1.0 million. Pursuant to the 2021 Loan Amendment, the interest rate for the Term Loans shall be set at an annual rate equal to the greater of (i) 0.25% above the Prime Rate then in effect and (ii) 4.25%.
Maximum [Member]
Class Of Warrant Or Right [Line Items]
Term loan to finance leasehold improvements				$ 12
Minimum [Member] | 2022 Loan Amendment [Member] | Pacific western bank
Class Of Warrant Or Right [Line Items]
Proceeds from Issuance or Sale of Equity	$ 60
Minimum [Member] | Prime Rate
Class Of Warrant Or Right [Line Items]
Interest rate for term loan to finance leasehold improvements				0.25%

Third Party Agreements - Additi

Third Party Agreements - Additional Information (Details) - USD ($)			6 Months Ended	12 Months Ended
	Jul. 31, 2019	Jul. 29, 2016	Jun. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018	Dec. 31, 2017
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Licence agreement additional revenue recognised				$ 5,000,000
License agreement termination description				twelve (12) years
Related to project initiation fees				$ 1,000,000
Payment from Regeneron for exercise of its option to license exclusive rights				1,315,000	$ 4,688,000
Regeneron Pharmaceuticals, Inc.
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Non refundable upfront payment received				25,000,000
Additional payment for research funding received		$ 30,000,000		20,000,000		$ 5,000,000	$ 5,000,000
Licence agreement additional amount payable of option exercise fees				20,000,000
Exercise Fee Paid				20,000,000
Upfront payment		25,000,000			25,000,000
Licence agreement additional revenue recognised				25,000,000	9,700,000
Contingent Consideration fees		20,000,000
Agreement transaction price		55,000,000
Research funding fee		$ 30,000,000
Increase in estimated transaction price	$ 35,000,000
Licence agreement cumulative revenue recognised			$ 10,000,000	40,200,000
Contract liability				0	$ 4,800,000
Regeneron Pharmaceuticals, Inc. | Maximum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Licence agreement additional amount payable of option exercise fees				80,000,000
Increase in estimated transaction price				45,000,000
Regeneron Pharmaceuticals, Inc. | Minimum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Increase in estimated transaction price				$ 10,000,000

Third Party Agreements - Summar

Third Party Agreements - Summary of Change in Company's Contract Liabilities (Details) - Contract Liability - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Balance at beginning of period		$ 4,805	$ 13,980
Additions (Deductions)	[1]	(4,805)	(9,175)	[2]
Balance at end of period		$ 0	$ 4,805
[1] Deductions to contract liabilities relate to deferred revenue recognized as revenue during the reporting period. Deductions are shown net of additions that are the result of a reduction to cumulative revenue recognized as a result of a change in overall estimated costs, primarily due to an extension of time to fulfill the combined performance obligation, which was recorded as a change in estimate during the twelve months ended December 31, 2021.

License, Funding and Other Ag_2

License, Funding and Other Agreements - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2019	Dec. 31, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
License agreement termination description		twelve (12) years
National Institute of Health
Research And Development Arrangement Contract To Perform For Others [Line Items]
Grant term	5 years
Grants receivable	$ 1,500
Qualifying expenses		$ 0
Qualifying Expenses On Cumulative Basis		1,300
National Institute of Health | Research Funding Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Qualifying expenses		0
Qualifying Expenses On Cumulative Basis		$ 1,300

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details)						12 Months Ended
	Jan. 09, 2023 USD ($)	Jul. 19, 2021 USD ($) ft²	Apr. 01, 2019 USD ($) ft²	Oct. 31, 2018 USD ($)	Jan. 08, 2018 USD ($) ft²	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) ft²
Long Term Purchase Commitment [Line Items]
Change in lease Obligation				$ 3,000
Area of Sublease | ft²		9,501
Increase of leased space | ft²			9,501		4,544
Total operating lease liability				1,300,000		$ 21,023,000
Sublease Agreement Description		The term of the sublease started on September 1, 2021 and ends on July 30, 2026. The aggregate base rent due to the Company under the Sublease is approximately $3.5 million starting October 1, 2021. The Company records sublease income as a reduction of lease expense.
Operating Leases, Rent Expense, Sublease Rentals		$ 3,500,000
Cash security deposit received		$ 100,000
Operating lease right-of-use asset						20,269,000	$ 20,358,000
Operating lease liability				$ 1,300,000		21,023,000
Operating lease right-of-use asset						20,269,000	20,358,000
Topic 842
Long Term Purchase Commitment [Line Items]
Lease payments						3,900,000	4,300,000
Westport Office Park, LLC
Long Term Purchase Commitment [Line Items]
Annual rent			$ 49,089		$ 18,933	3,000
Increase of leased space | ft²								12,204
Total operating lease liability								$ 2,300,000
Increase in annual rent			$ 55,282		$ 19,691	$ 78,000
Operating lease liability								$ 2,300,000
Redwood City Lease Agreement [Member]
Long Term Purchase Commitment [Line Items]
Letters of Credit issued amount							4,100,000
Boston, Massachusetts [Member]
Long Term Purchase Commitment [Line Items]
Letters of Credit issued amount							$ 200,000
Subsequent Event [Member] | Westport Office Park, LLC
Long Term Purchase Commitment [Line Items]
Tenant improvements	$ 3,000,000
Interest rate	8%

Commitments And Contingencies -

Commitments And Contingencies - Schedule of Sublease Income (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 707
2024	722
2025	736
2026	438
Total	$ 2,603

Commitment and Contingencies _2

Commitment and Contingencies - Schedule of Weighted Average IBR and Remaining Lease Term (Details)	Dec. 31, 2022
Long Term Purchase Commitment [Line Items]
Weighted Average IBR	7.10%
Remaining Terms (in years)	6 years 6 months
Redwood City, CA (1000 Bridge Parkway)
Long Term Purchase Commitment [Line Items]
Weighted Average IBR	6.90%
Remaining Terms (in years)	7 years 2 months 12 days
Redwood City, CA (1200 Bridge Parkway)
Long Term Purchase Commitment [Line Items]
Weighted Average IBR	6.80%
Remaining Terms (in years)	2 years 6 months
Boston, MA
Long Term Purchase Commitment [Line Items]
Weighted Average IBR	9.30%
Remaining Terms (in years)	3 years 7 months 6 days

Commitment and Contingencies _3

Commitment and Contingencies - Summary of Lease Costs and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lease Cost
Operating lease cost	$ 4,508	$ 4,282
Short-term lease cost	133	235
Variable lease cost
Sublease Income	(704)	(223)
Total lease cost	3,937	4,294
Other Information
Operating cash flows used for lease liabilities	2,264	511
Operating lease right of use asset obtained in exchange of operating lease liability	$ 2,329	$ 0

Commitment and Contingencies _4

Commitment and Contingencies - Schedule Of Maturities Of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
2023	$ 4,251
2024	4,439
2025	4,072
2026 and thereafter	13,729
Total undiscounted lease payments	26,491
Less: imputed interest	5,468
Total operating lease liability	21,023		$ 1,300
Less: current portion	2,492	$ 1,567
Operating lease liability, net of current maturities	$ 18,531	$ 19,377

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Apr. 30, 2022	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Common stock, shares authorized		150,000,000			150,000,000
Common stock shares issued, par value		$ 0.0001			$ 0.0001
Dividends Payable		$ 0
Stock Issued During Period, Shares, Other	100,731
Exercise of warrant shares	220,890
Warrants outstanding and exercisable, Weighted average exercise price	$ 11.32				$ 11.3177
Class Of Warrant Exercised		220,890
Common stock dividends declared | $ / shares			$ 0	$ 0

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Number of Shares of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	9,272,305	6,829,205
Stock options issued and outstanding
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	6,203,020	3,875,317
Stock options and restricted stock units available for future grant
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	2,871,705	1,961,338
Unvested restricted stock units
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	197,580	771,660
Common stock warrants issued and outstanding
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	0	220,890

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Outstanding Warrants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Apr. 30, 2022
Liabilities and Equity [Abstract]
Number of warrants, Issued	0
Number of warrants, Exercised	220,890
Exercise price		$ 11.3177	$ 11.32
Warrants outstanding and exercisable, Weighted average remaining contractual term		4 years 7 months 28 days

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule Of Outstanding Warrants To Purchase Shares of Common Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Apr. 30, 2022
Class Of Stock [Line Items]
Number of Shares of Common Stock Issuable	0	220,890
Class Of Warrant Exercised	220,890
Number of warrants, Issued	0
Warrants outstanding and exercisable, Weighted average remaining contractual term		4 years 7 months 28 days
Exercise price		$ 11.3177	$ 11.32

At-The-Market (ATM) Offering -

At-The-Market (ATM) Offering - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 31, 2022	Mar. 12, 2021	Dec. 31, 2022	Nov. 08, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common Stock, Shares, Issued			42,954,820		42,954,820
Common Stock, Par or Stated Value Per Share			$ 0.0001		$ 0.0001
Sales agent commissions and expenses	$ 43,400
Common stock issued			$ 4		$ 4
Additional paid-in capital			$ 530,448		$ 471,449
Sales Agreement [Member]
Class Of Stock [Line Items]
Common Stock, Shares, Issued	2,611,723
Common Stock, Par or Stated Value Per Share	$ 17.23
Sales agent commissions and expenses	$ 43,400
At The Market Offering [Member] | Sales Agreement [Member] | Maximum [Member]
Class Of Stock [Line Items]
Maximum aggregate value of common stock available for offering at-the-market price		$ 75,000
At The Market Offering [Member] | Amended Sales Agreement [Member]
Class Of Stock [Line Items]
Common stock issued				$ 100,000
Unsold Common Stock Value				30,000
Additional paid-in capital				$ 70,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 17,126,000	$ 12,511,000
Research And Development Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	7,225,000	4,759,000
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	9,901,000	7,752,000
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	14,054,000	10,511,000
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	194,000	56,000
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	2,200,000	1,600
Performance Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,878,000	$ 1,944,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)			1 Months Ended	12 Months Ended
	Jan. 01, 2022	Jan. 01, 2021	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise Price Of Options Percentage Of Fair Market Value Of Common Stock				100%
Aggregate intrinsic value of options exercised				$ 1,000	$ 10,100,000
RSUs granted (includes PSUs)				2,692,500
Total stock-based compensation expense				$ 17,126,000	12,511,000
RSUs granted				2,692,500
Weighted-Average Exercise Price, Options exercised				$ 10.44
Options Issued and Outstanding
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of options vested				$ 13,400,000	$ 2,300,000
Weighted-Average Grant Date Fair Value,Vested				$ 10.07	$ 9.68
Unrecognized compensation expense				$ 35,500,000
Unrecognized compensation expense, estimated weighted-average period for recognition				2 years 8 months 12 days
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate Fair Value				$ 4,500,000
Weighted-Average Grant Date Fair Value,Vested				$ 7.92
Unrecognized compensation expense				$ 1,100,000
Unrecognized compensation expense, estimated weighted-average period for recognition				8 months 12 days
RSUs granted (includes PSUs)			560,000	0
RSUs Vested				548,580
Total stock-based compensation expense				$ 2,200,000	$ 1,600
RSUs granted			560,000	0
weighted-average grant date fair value				$ 7.84	$ 7.85
Performance Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Vested				448,000
2017 and 2018 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of common stock available for grant				2,656,933
Number of shares reserved for issuance				3,798,935
Weighted-Average Exercise Price, Options exercised				$ 14.88
2017 and 2018 Stock Incentive Plan | Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance				194,375
2017 and 2018 Stock Incentive Plan | Performance Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance				3,205
2014 Stock Incentive Plan Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance				22,987
Weighted-Average Exercise Price, Options exercised				$ 1.61
2015 Stock Incentive Plan Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance				979,195
Weighted-Average Exercise Price, Options exercised				$ 12.06
2014 and 2015 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of common stock available for grant				118,172
2018 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of additional shares reserved for issuance	922,144	524,775
Number of shares reserved for issuance				859,880
Number of shares available for sale under employee stock purchase plan				46,597	15,667
Inducement Grant [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of common stock available for grant				96,600
Number of shares reserved for issuance				903,400	498,503
Weighted-Average Exercise Price, Options exercised				$ 15	$ 15.38

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Number of Shares Underlying Outstanding Options, Beginning balance	3,875,317
RSUs granted	2,692,500
Number of Shares Underlying Outstanding Options, Options exercised	(126,176)
Number of Shares Underlying Outstanding Options, Options forfeited or cancelled	(238,621)
Number of Shares Underlying Outstanding Options, Ending balance	6,203,020	3,875,317
Number of Shares Underlying Outstanding Options, Shares exercisable	2,237,041
Number of Shares Underlying Outstanding Options, Vested and expected to vest	6,203,020
Weighted-Average Exercise Price, Outstanding beginning	$ 14.08
Weighted-Average Exercise Price, Options granted	14.65
Weighted-Average Exercise Price, Options exercised	10.44
Weighted-Average Exercise Price, Options forfeited or cancelled	13.03
Weighted-Average Exercise Price, Outstanding ending	14.44	$ 14.08
Weighted-Average Exercise Price, Shares exercisable	14.18
Weighted-Average Exercise Price, Vested and expected to vest	$ 14.44
Weighted-Average Remaining Contract Term, Outstanding	8 years 4 months 24 days	8 years 9 months 18 days
Weighted-Average Remaining Contract Term, Shares exercisable	8 years
Weighted-Average Remaining Contract Term, Vested and expected to vest	8 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding	$ 780	$ 13,212
Aggregate Intrinsic Value, Shares exercisable	609
Aggregate Intrinsic Value, Vested and expected to vest	$ 780

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Assumptions to Estimate Fair Value of Stock Options Using Black-Scholes Option Pricing Model (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	77.40%	77.20%
Expected volatility, maximum	81.70%	79.80%
Risk-free interest rate, minimum	1.60%	0.10%
Risk-free interest rate, maximum	4.22%	1.40%
Dividend yield	0%	0%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	10 months 24 days
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - $ / shares	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs granted (includes PSUs)		2,692,500
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding, December 31, 2021		771,660
RSUs granted (includes PSUs)	560,000	0
RSUs Vested		(548,580)
RSUs forfeited		(25,500)
Outstanding, December 31,2022		197,580
Weighted- Average Grant Date Fair Value, beginning balance		$ 7.85
Weighted- Average Grant Date Fair Value, RSUs granted		0
Weighted-Average Grant Date Fair Value,Vested		7.92
Weighted Average Grant Date Fair Value, RSUs forfeited		7.12
Weighted- Average Grant Date Fair Value, ending balance		$ 7.80

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (69,790)	$ (61,999)
Weighted-average shares used in computing net loss per share, basic	41,080,286	30,952,152
Weighted-average shares used in computing net loss per share, diluted	41,080,286	30,952,152
Net loss per share, basic and diluted	$ (1.70)	$ (2)
Net loss per share, basic and diluted	$ (1.70)	$ (2)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	6,400,600	4,867,867
Stock options issued and outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	6,203,020	3,875,317
Unvested restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	197,580	771,660
Common Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	0	220,890

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes Disclosure [Line Items]
Federal statutory income tax rate, percent	21%	21%
Income tax provision (benefit)	$ 0	$ (125)
Increase in valuation allowance	16,300	15,500
Net operating loss carryforwards	$ 68,499	67,675
Ownership change plan description	In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50% over a three-year period.
Unrecognized tax benefits	$ 9,759	4,040	$ 797
Impairment charges	0	1,200
Intellectual Property
Income Taxes Disclosure [Line Items]
Unrecognized tax benefits	800
California Research And Development
Income Taxes Disclosure [Line Items]
Tax credit carryforward, amount	3,400
Federal and state research and development [Member]
Income Taxes Disclosure [Line Items]
Tax credit carryforward, amount	5,500
Unrecognized tax benefits	9,000
Domestic Tax Authority
Income Taxes Disclosure [Line Items]
Operating loss carryforwards	271,200
Operating loss carryforwards, expiration date			Dec. 31, 2037
Net operating loss carryforwards	7,600
Operating Loss Carryforwards Indefinitely	263,600
State
Income Taxes Disclosure [Line Items]
Operating loss carryforwards	143,200
Operating loss carryforwards, expiration date			Dec. 31, 2035
Foreign Tax Authority
Income Taxes Disclosure [Line Items]
Operating loss carryforwards	17,800
C O V I D19
Income Taxes Disclosure [Line Items]
Income tax provision (benefit)	$ 0	100
Impairment charge		$ 1,200

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Provision for (benefit from) Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 0	$ 0
State	0	0
Foreign	0	0
Total current	0	0
Deferred:
Federal	0	(125)
State	0	0
Foreign	0	0
Total deferred	0	(125)
Provision for (benefit from) income taxes	$ 0	$ (125)

Income Taxes - Schedule of (Pro

Income Taxes - Schedule of (Provision for) Benefit from Income Taxes Differs from Federal Statutory Rate to the Loss Before Taxes (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory income tax rate, percent	21%	21%
Other permanent differences	(2.50%)	(1.90%)
State income taxes	8.50%	6.90%
Change in valuation allowance	(23.20%)	(24.80%)
162m limitation	(1.50%)	0%
Stock-based compensation	(2.30%)	(1.00%)
Provision for income taxes	0%	0.20%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets:
Net operating loss carryforwards	$ 68,499	$ 67,675
Operating lease right-of-use asset liability	5,641	5,504
Deferred revenue	0	1,263
Stock-based compensation	1,846	1,726
Intangible assets	1,060	1,081
Fixed Assets	574	196
Accruals and reserves	1,480	1,042
Sec 174 Capitalized R&D	15,803	0
Research and development credit carryforwards	26	26
Gross deferred tax assets	94,928	78,513
Less: Valuation allowance	(89,490)	(73,163)
Deferred tax assets, net of valuation allowance	5,439	5,350
Deferred tax liabilities:
Fixed assets	0	0
Basis Difference IPR&D	0	0
Operating lease right-of-use asset	(5,439)	(5,350)
Net deferred tax asset	$ 0	$ 0

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance at the beginning of the year	$ 4,040	$ 797
Adjustment based on tax positions related to prior years	2	0
Adjustment based on tax positions related to current year	5,721	3,243
Balance at the end of the year	$ 9,759	$ 4,040

Defined Contribution Plan - Add

Defined Contribution Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Company contribution in the plan	$ 0.8	$ 0.3

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Common stock, shares issued	42,954,820	42,954,820
Preferred Stock, Shares Issued	0	0
Revenue—related party	$ 24,990	$ 9,730
Regeneron Pharmaceuticals, Inc.
Related Party Transaction [Line Items]
Revenue—related party	$ 25,000	$ 9,700
Regeneron Pharmaceuticals, Inc. | Series B Convertible Preferred Stock [ Member ]
Related Party Transaction [Line Items]
Preferred Stock, Shares Issued	883,568

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 13, 2023
2022 Loan Amendment [Member]
Subsequent Event [Line Items]
Amendment description	(i) the Company and its subsidiaries will not be required to maintain the lesser of $200 million or seventy percent (70%) of its combined balances in demand deposit accounts, money market funds and/or insured cash sweep (ICS) accounts with PacWest and (ii) the Company must maintain its combined balances at PacWest or its affiliates, including Pacific Western Asset Management (the “Letter”). At all times following June 30, 2023, the Company will again be required to comply with the terms of the 2022 Loan Amendment.
PacWest
Subsequent Event [Line Items]
Percentage of cash fully insured	4%
Money Market Funds | PacWest
Subsequent Event [Line Items]
Cash, insured amount	$ 10
Subsequent Event | Money Market Funds | PacWest
Subsequent Event [Line Items]
Cash equivalents		$ 187.2