Akero Therapeutics (AKRO) 10-Q 10 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Securities Act File Number	001-38944
Entity Registrant Name	Akero Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-5266573
Entity Address, Address Line One	601 Gateway Boulevard, Suite 350
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	487-6488
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	AKRO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,602,175
Entity Central Index Key	0001744659
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 444,156	$ 249,773
Short-term marketable securities	195,288	101,676
Prepaid expenses and other current assets	3,759	3,724
Total current assets	643,203	355,173
Long-term marketable securities	19,451
Property and equipment, net	25	47
Right of use asset	1,127	1,242
Other assets, noncurrent		108
Total assets	663,806	356,570
Current liabilities:
Accounts payable	10,121	7,968
Accrued expenses and other current liabilities	11,481	11,115
Total current liabilities	21,602	19,083
Loan payable, noncurrent	24,728	9,541
Warrant liability	85	305
Operating lease liability, noncurrent	954	1,079
Total liabilities	47,369	30,008
Commitments and contingencies (Note 12)
Stockholders' equity:
Common stock, $0.0001 par value, 150,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 55,547,959 and 46,865,206 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	6	5
Additional paid-in capital	1,095,933	748,857
Accumulated other comprehensive (loss) income	(251)	37
Accumulated deficit	(479,251)	(422,337)
Total stockholders' equity	616,437	326,562
Total liabilities and stockholders' equity	$ 663,806	$ 356,570

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized		150,000,000	150,000,000
Common stock, shares issued		55,547,959	46,865,206
Common stock, shares outstanding		55,547,959	46,865,206

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 27,985	$ 21,363	$ 49,772	$ 41,877
General and administrative	7,644	6,231	14,610	11,768
Total operating expenses	35,629	27,594	64,382	53,645
Loss from operations	(35,629)	(27,594)	(64,382)	(53,645)
Interest expense	(857)	(53)	(1,314)	(53)
Other income, net	5,403	244	8,782	266
Net loss	(31,083)	(27,403)	(56,914)	(53,432)
Net unrealized (loss) gain on marketable securities	(272)	27	(288)	24
Comprehensive loss	$ (31,355)	$ (27,376)	$ (57,202)	$ (53,408)
Net loss per share, basic	$ (0.6)	$ (0.77)	$ (1.15)	$ (1.52)
Net loss per share, diluted	$ (0.6)	$ (0.77)	$ (1.15)	$ (1.52)
Weighted-average number of shares used in computing net loss per common share, basic	51,867,854	35,383,685	49,419,558	35,195,638
Weighted-average number of shares used in computing net loss per common share, diluted	51,867,854	35,383,685	49,419,558	35,195,638

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($)	Total	ATM Offering	Direct Offering	Common Stock	Common Stock ATM Offering	Common Stock Direct Offering	Additional Paid-In-Capital	Additional Paid-In-Capital ATM Offering	Additional Paid-In-Capital Direct Offering	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Balance at beginning at Dec. 31, 2021	$ 169,109,000			$ 4,000			$ 479,436,000			$ (27,000)	$ (310,304,000)
Balance at beginning (in shares) at Dec. 31, 2021				34,900,727
Exercise of stock options	147,000						147,000
Exercise of stock options (in shares)				122,208
Stock-based compensation expense	3,311,000						3,311,000
Net unrealized (loss) gain on marketable securities	(3,000)									(3,000)
Net loss	(26,029,000)										(26,029,000)
Balance at ending at Mar. 31, 2022	146,535,000			$ 4,000			482,894,000			(30,000)	(336,333,000)
Balance at ending (in shares) at Mar. 31, 2022				35,022,935
Balance at beginning at Dec. 31, 2021	169,109,000			$ 4,000			479,436,000			(27,000)	(310,304,000)
Balance at beginning (in shares) at Dec. 31, 2021				34,900,727
Vested warrants issued pursuant to loan agreement	227,000
Net unrealized (loss) gain on marketable securities	24,000
Net loss	(53,432,000)
Balance at ending at Jun. 30, 2022	148,372,000			$ 4,000			512,107,000			(3,000)	(363,736,000)
Balance at ending (in shares) at Jun. 30, 2022				37,570,326
Balance at beginning at Dec. 31, 2021	169,109,000			$ 4,000			479,436,000			(27,000)	(310,304,000)
Balance at beginning (in shares) at Dec. 31, 2021				34,900,727
Net loss	(112,033,000)
Balance at ending at Dec. 31, 2022	326,562,000			$ 5,000			748,857,000			37,000	(422,337,000)
Balance at ending (in shares) at Dec. 31, 2022				46,865,206
Balance at beginning at Mar. 31, 2022	146,535,000			$ 4,000			482,894,000			(30,000)	(336,333,000)
Balance at beginning (in shares) at Mar. 31, 2022				35,022,935
Issuance of common stock pursuant to ESPP purchases	178,000						178,000
Issuance of common stock pursuant to ESPP purchases (in shares)				22,139
Issuance of common stock, net of issuance costs	24,647,000						24,647,000
Issuance of common stock (in shares)				2,525,252
Vested warrants issued pursuant to loan agreement							227,000
Stock-based compensation expense	4,161,000						4,161,000
Net unrealized (loss) gain on marketable securities	27,000									27,000
Net loss	(27,403,000)										(27,403,000)
Balance at ending at Jun. 30, 2022	148,372,000			$ 4,000			512,107,000			(3,000)	(363,736,000)
Balance at ending (in shares) at Jun. 30, 2022				37,570,326
Balance at beginning at Dec. 31, 2022	326,562,000			$ 5,000			748,857,000			37,000	(422,337,000)
Balance at beginning (in shares) at Dec. 31, 2022				46,865,206
Exercise of stock options	456,000						456,000
Exercise of stock options (in shares)				105,783
Common stock issued for vested restricted stock units, Shares				8,067
Vested warrants issued pursuant to loan agreement	330,000						330,000
Stock-based compensation expense	4,844,000						4,844,000
Net unrealized (loss) gain on marketable securities	(16,000)									(16,000)
Net loss	(25,831,000)										(25,831,000)
Balance at ending at Mar. 31, 2023	306,345,000			$ 5,000			754,487,000			21,000	(448,168,000)
Balance at ending (in shares) at Mar. 31, 2023				46,979,056
Balance at beginning at Dec. 31, 2022	$ 326,562,000			$ 5,000			748,857,000			37,000	(422,337,000)
Balance at beginning (in shares) at Dec. 31, 2022				46,865,206
Exercise of stock options (in shares)	412,293
Vested warrants issued pursuant to loan agreement	$ 330,000
Net unrealized (loss) gain on marketable securities	(288,000)
Net loss	(56,914,000)
Balance at ending at Jun. 30, 2023	616,437,000			$ 6,000			1,095,933,000			(251,000)	(479,251,000)
Balance at ending (in shares) at Jun. 30, 2023				55,547,959
Balance at beginning at Mar. 31, 2023	306,345,000			$ 5,000			754,487,000			21,000	(448,168,000)
Balance at beginning (in shares) at Mar. 31, 2023				46,979,056
Exercise of stock options	1,556,000						1,556,000
Exercise of stock options (in shares)				306,510
Common stock issued for vested restricted stock units, Shares				9,956
Issuance of common stock pursuant to ESPP purchases	313,000						313,000
Issuance of common stock pursuant to ESPP purchases (in shares)				7,885
Issuance of common stock, net of issuance costs		$ 123,824,000	$ 210,956,000			$ 1,000		$ 123,824,000	$ 210,955,000
Issuance of common stock (in shares)					3,006,052	5,238,500
Stock-based compensation expense	4,798,000						4,798,000
Net unrealized (loss) gain on marketable securities	(272,000)									(272,000)
Net loss	(31,083,000)										(31,083,000)
Balance at ending at Jun. 30, 2023	$ 616,437,000			$ 6,000			$ 1,095,933,000			$ (251,000)	$ (479,251,000)
Balance at ending (in shares) at Jun. 30, 2023				55,547,959

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (56,914)	$ (53,432)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	9,642	7,472
Depreciation	22	22
Non-cash lease expense	115	107
Net amortization of premiums and discounts on short-term investments	(2,639)	181
Amortization of debt issuance costs and discount	212	16
Fair value change in warrant liability	110
Write-off of deferred offering costs	337
Unrealized foreign exchange gain and loss	(20)	(24)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(372)	2,122
Accounts payable	2,245	145
Accrued expenses and other current liabilities	352	1,105
Operating lease liability	(111)	(99)
Net cash used in operating activities	(47,021)	(42,385)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of short-term and long-term marketable securities	(213,712)
Proceeds from maturities of short-term marketable securities	103,000	34,620
Net cash (used in) provided by investing activities	(110,712)	34,620
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the exercise of stock options	2,011	147
Proceeds from the issuance of common stock pursuant to employee stock purchase plan purchases	313	178
Proceeds from the issuance of common stock pursuant to the ATM offering	124,212
Proceeds from the issuance of common stock pursuant to registered direct offering	211,217
Proceeds from the issuance of common stock pursuant to private offering		25,000
Proceeds from loan payable	15,000	10,000
Payment of debt and equity issuance costs	(745)	(316)
Net cash provided by financing activities	352,008	35,009
Net increase in cash, cash equivalents and restricted cash	194,275	27,244
Cash, cash equivalents and restricted cash at the beginning of the period	249,881	150,591
Cash, cash equivalents and restricted cash at the end of the period	444,156	177,835
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	949
NON-CASH INVESTING AND FINANCING INFORMATION:
Change in net unrealizable (loss) gain on marketable securities	$ (288)	24
Warrant liability costs reclassified to additional paid-in equity on vested warrants issued	330
Debt and equity issuance costs included in accounts payable and accrued expenses and other current liabilities	$ 206	344
Deferred offering costs reclassified to additional paid-in equity	$ 364	$ 150

Nature of the business and basi

Nature of the business and basis of presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the business and basis of presentation	1. Nature of the business and basis of presentation Akero Therapeutics, Inc., together with its wholly owned subsidiary Akero Securities Corporation, (“Akero” or the “Company”) is a clinical-stage company dedicated to developing transformational treatments for patients with serious metabolic diseases marked by high unmet medical need, including non-alcoholic steatohepatitis ("NASH") a disease without any approved therapies. NASH is a severe form of nonalcoholic fatty liver disease ("NAFLD") characterized by inflammation and fibrosis in the liver that can progress to cirrhosis, liver failure, cancer and death. The Company’s lead product candidate is efruxifermin ("EFX") an analog of fibroblast growth factor 21 ("FGF21") which is an endogenously expressed hormone that protects against cellular stress and regulates metabolism of lipids, carbohydrates and proteins throughout the body. EFX is currently being evaluated in two Phase 2b clinical trials in patients with biopsy-confirmed NASH: the HARMONY study in patients with pre-cirrhotic NASH (F2-F3 fibrosis) and the SYMMETRY study in patients with cirrhotic NASH (F4 fibrosis, compensated). The SYMMETRY study includes an expansion cohort, known as Cohort D, evaluating the safety and tolerability of EFX compared to placebo when added to an existing GLP-1 receptor agonist in patients with pre-cirrhotic NASH (F1-F3 fibrosis) and Type 2 diabetes. In the third quarter of 2022, the Company reported Week 24 results from the HARMONY study, which showed statistically significant response rates for both the 50mg and 28mg dose groups on both fibrosis regression and NASH resolution among patients with biopsy-confirmed NASH. In June 2023, the Company reported positive topline results from an expansion cohort of the SYMMETRY study, Cohort D, comparing the safety and tolerability of EFX to placebo when added to an existing GLP-1 receptor agonist in patients with pre-cirrhotic NASH (F1-F3 fibrosis) and Type 2 diabetes. Based on these data and data from the BALANCED study, the Company believes EFX has the potential, if approved, to be a best-in-class medicine for treating NASH. In March of 2023, following an End-of-Phase 2 meeting with FDA, the Company announced plans for a multi-trial Phase 3 program named SYNCHRONY, the first two trials of which are expected to initiate in the second half of 2023. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, completion and success of clinical testing, development by competitors of new technological innovations, compliance with governmental regulations, dependence on key personnel and protection of proprietary technology and the ability to secure additional capital to fund operations. EFX will require extensive clinical testing prior to regulatory approval and commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Basis of presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company after elimination of all intercompany accounts and transactions. All adjustments necessary for the fair presentation of the Company’s condensed consolidated financial statements for the periods presented have been reflected. Liquidity In accordance with Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40) , the Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. Since its inception, the Company has funded its operations primarily with $ 90,500 in proceeds from the sale of redeemable convertible preferred stock, $ 105,800 in proceeds from its initial public offering (“IPO”) in June 2019, and $ 818,900 in proceeds from the sales of common stock in equity offerings, including a $ 25,000 equity investment from Pfizer, Inc., in 2020, 2022 and 2023. The Company has incurred recurring losses since its inception, including net losses of $ 56,914 and $ 53,432 for the six months ended June 30, 2023 and 2022, respectively, and net losses of $ 112,033 and $ 100,777 for the years ended December 31, 2022 and 2021, respectively. In addition, as of June 30, 2023, the Company had an accumulated deficit of $ 479,251 . The Company expects to continue to generate operating losses for the foreseeable future. As of August 11, 2023, the issuance date of these condensed consolidated financial statements, the Company expects that its existing cash, cash equivalents, short-term and long-term marketable securities of $ 658,895 as of June 30, 2023, will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of these condensed consolidated financial statements. The Company expects that it will require additional funding to complete the clinical development of EFX, commercialize EFX, if it receives regulatory approval, and pursue in-licenses or acquisitions of other product candidates. If the Company is unable to obtain funding, the Company will be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management 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	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of significant accounting policies	2. Summary of significant accounting policies Unaudited interim financial statements The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with GAAP for interim financial reporting and as required by Regulation S-X, Rule 10-01. The unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated balance sheet as of June 30, 2023, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2023 and 2022, the condensed consolidated statement of stockholders’ equity (deficit) as of June 30, 2023 and the condensed consolidated statements of cash flows for the six months ended June 30, 2023. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2023 and 2022 are unaudited. The results for the three and six months ended June 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. Use of estimates The preparation of the Company's condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the recognition of research and development expenses, stock-based compensation expense, warrant liabilities and the valuation allowance for deferred tax assets. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. Cash and cash equivalents The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts. Short-term and long-term marketable securities The Company invests in short and long-term marketable securities, primarily money market funds, commercial paper, U.S. treasury securities and corporate debt securities. The Company continually evaluates the credit ratings of its investment portfolio and underlying securities. The Company invests in accordance with its investment policy and invests at the date of purchase in securities with high ratings from top rating agencies. The Company classifies its short-term and long-term marketable securities as available-for-sale securities and reports them at fair value in short-term and long-term marketable securities on the condensed consolidated balance sheets with related unrealized gains and losses included within accumulated other comprehensive gain (loss) on the condensed consolidated balance sheets. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in other income on the condensed consolidated statements of operations and comprehensive loss. When the fair value is below the amortized cost of a marketable security, the Company reviews and determines whether the impairment is due to credit-related factors or noncredit-related factors. The credit-related impairment amount is recognized in other income on the condensed consolidated statements of operations and comprehensive loss, with a corresponding allowance for credit losses account in the condensed consolidated balance sheet. Subsequent improvements in expected credit losses are recognized as a reversal of an amount in the allowance account. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis, then the allowance for the credit loss is written-off and the excess of the amortized cost basis of the asset over its fair value is recorded in the condensed consolidated statements of operations. There were no credit losses recorded during the periods ended June 30, 2023 and December 31, 2022. Restricted cash As of December 31, 2022, the Company was required to maintain a separate cash balance of $ 108 for the benefit of the landlord in connection with the Company’s Gateway office space lease in South San Francisco, California (the “Gateway Lease”), which is classified within other assets (non-current) on the condensed consolidated balance sheets (see Note 12). The Company was not required to maintain a separate cash balance for the benefit of the landlord as of June 30, 2023. Concentrations of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, short and long-term marketable securities. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash investments in financial institutions that it believes have high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. At June 30, 2023, all of the Company's cash, cash equivalents, short and long-term investments were held at four accredited financial institutions. As of December 31, 2022, the Company held cash deposits at Silicon Valley Bank ("SVB") in excess of government insured limits. On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver. No losses were incurred by the Company on deposits that were held at SVB. Management believes that the Company is not currently exposed to significant credit risk as the vast majority of the Company’s deposits were either owned directly by the Company and held in custody at a third-party financial institution or, subsequent to March 10, 2023, have been transferred to a third-party financial institution. On March 27, 2023, SVB was acquired by First-Citizen BancShares, Inc ("First-Citizen"). As of June 30, 2023, the Company had approximately € 8,426 on deposit with SVB, which it may transfer to another financial institution in the near term. The Company does not currently have any other significant relationships with SVB or First-Citizen. Leases The Company determines whether an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether the Company has the right to control the identified asset. Right-of-use ("ROU") assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and are further adjusted by any lease payments made prior to or on lease commencement, lease incentives received and initial direct costs incurred, as applicable. The Company has elected not to recognize leases with a lease term of one year or less on its balance sheet. Operating lease costs included in the measurement of the lease are recognized on a straight-line basis over the lease term. Variable lease costs are expensed as incurred as an operating expense. The Company determines the lease classification and the present value of future lease payments at the time of the lease commencement using an incremental borrowing rate that it estimates based upon the Company’s credit risk and term of the lease. The interest rate implicit in lease contracts has not historically been readily determinable and the Company must therefore use the appropriate incremental borrowing rate to measure its leases. To estimate the incremental borrowing rate, a credit rating applicable to the Company is estimated using a synthetic credit rating analysis since the Company does not currently have a rating agency-based credit rating. Research and development costs Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred to discover, research and develop drug candidates, including personnel expenses, stock-based compensation expense, third-party license fees and external costs including fees paid to consultants, contract manufacturing organizations ("CMOs") and clinical research organizations ("CROs") in connection with drug product manufacturing, nonclinical studies and clinical trials, and other related clinical trial fees, such as for investigator grants, patient screening, laboratory work, clinical trial database management, clinical trial material management and statistical compilation and analysis. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are recorded as prepaid expenses. Such amounts are recognized as an expense as the goods are delivered or the related services are performed, or until it is no longer expected that the goods will be delivered or the services rendered. Foreign currency transaction gains and losses related to the purchase of contract manufacturing services are included as a component of research and development expense. Costs incurred in obtaining technology licenses are charged immediately to research and development expense if the technology licensed has not reached technological feasibility and has no alternative future uses. Research contract costs and accruals The Company has entered into various research and development and other agreements with commercial firms, researchers and others for provisions of goods and services. These agreements are generally cancelable, and the related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company's estimates . Stock-based compensation The Company grants stock-based awards from its stock compensation plans (see Note 7). The Company measures all stock-based awards granted to employees and nonemployees based on the fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award, on a straight-line basis. The Company recognizes stock-based compensation expense for awards that contain performance-based conditions using the accelerated attribution method when management determines it is probable that the performance condition will be satisfied. The Company accounts for forfeitures as they occur. Stock-based compensation for restricted stock units is measured based on the market closing price of our common stock on the grant date. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period, generally four years. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model, which requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the option, the risk-free interest rate for a period that approximates the expected term of the option, and the Company's expected dividend yield. The Company went public in June 2019 and accordingly, lacks sufficient company-specific historical and implied volatility information for its shares traded in the public markets. Therefore, it estimates its expected share price volatility based on the historical volatility of publicly traded peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded share price. The expected term of the Company's stock options has been determined utilizing the "simplified" method for awards that qualify as "plain-vanilla" options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future. The fair value of each common stock award is estimated on the date of grant based on the fair value of the Company's common stock on that same date. Compensation expense for purchases under the Employee Stock Purchase Plan is recognized based on the fair value of the common stock estimated based on the closing price of our common stock as reported on the date of offering, less the purchase discount percentage provided for in the plan. The Company classifies stock-based compensation expense in its condensed consolidated statement of operations and comprehensive loss in the same manner in which the award recipient's payroll costs are classified or in which the award recipient's service payments are classified. Loan Payable Loan Payable represents the Loan and Security Agreement (“Loan Agreement”) with Hercules Capital, Inc. (“Hercules”), which the Company has accounted for as a debt financing arrangement. Interest expense is accrued using the effective interest rate method over the estimated period the loan will be repaid. Loan issuance costs have been recorded as a debt discount in the condensed consolidated balance sheets and are being amortized and recorded as interest expense throughout the life of the Loan Agreement using the effective interest rate method. The Company determined that there are not any embedded features in the Loan Agreement that require bifurcation and separate accounting as derivative financial instruments pursuant to Accounting Standards Codification ("ASC") Topic 815, Derivatives and Hedging. Warrant Liabilities The Company accounts for warrants anticipated to be issued in the future under the Loan Agreement as liabilities and measures them at fair value using the Black-Scholes valuation model. The warrants are subject to remeasurement at each prospective balance sheet date, with any changes in the fair value recorded in the condensed consolidated statements of operations. Comprehensive loss Comprehensive loss includes net loss as well as other changes in stockholders' equity (deficit) that result from transactions and economic events other than those with stockholders. The Company’s comprehensive loss is comprised of net loss and changes in unrealized gains and losses on its short and long-term marketable securities . Recently adopted accounting pronouncements As of June 30, 2023, and for the period then ended, there were no recently adopted accounting standards that had a material impact on the Company’s condensed consolidated financial statements. There were no recently issued accounting standards not yet adopted which would have a material effect on the Company’s condensed consolidated financial statements.

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair value measurements	3. Fair value measurements Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are no t active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The following is a summary of our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022: June 30, 2023 Total Level 1 Level 2 Level 3 Money market funds $ 398,021 $ 398,021 $ — $ — U.S. Treasury securities 39,692 39,692 — — U.S. Government agency securities 118,677 — 118,677 — Commercial paper 71,305 — 71,305 — Total assets $ 627,695 $ 437,713 $ 189,982 $ — Warrant liabilities $ 85 $ — $ — $ 85 Total liabilities $ 85 $ — $ — $ 85 December 31, 2022 Total Level 1 Level 2 Level 3 Money market funds $ 137,286 $ 137,286 $ — $ — U.S. Treasury securities 58,721 58,721 — — Corporate debt securities 5,476 — 5,476 — U.S. Government agency securities 62,955 — 62,955 — Commercial paper 27,738 — 27,738 — Total assets $ 292,176 $ 196,007 $ 96,169 $ — Warrant liabilities $ 305 $ — $ — $ 305 Total liabilities $ 305 $ — $ — $ 305 Corporate debt, commercial paper and U.S. Government agency securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. The carrying values of the Company’s prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. During the three and six months ended June 30, 2023 and the twelve months ended December 31, 2022, there were no transfers between Level 1, Level 2 and Level 3. The Loan Payable is classified as a Level 3 liability. As of June 30, 2023, the carrying value of the Loan Payable approximates its fair value. The Company estimated the fair value of the warrant liabilities using the Black-Scholes model based on key assumption and inputs (see Note 6). The Company utilizes a probability assessment to estimate the likelihood of vesting for the remaining Loan Agreement warrants and allocated the probability of occurrence percentage to the fair values calculated.

Marketable securities

Marketable securities	6 Months Ended
	Jun. 30, 2023
Debt Securities [Abstract]
Marketable securities	4. Marketable securities The following is a summary of marketable securities as of June 30, 2023 and December 31, 2022 : June 30, 2023 Amortized cost Gross unrealized gains Gross unrealized losses Credit losses Fair value Money market funds $ 398,021 $ — $ — $ — $ 398,021 U.S. Treasury securities 39,701 — ( 9 ) — 39,692 U.S. Government agency securities 118,822 — ( 145 ) — 118,677 Commercial paper 71,402 — ( 97 ) — 71,305 $ 627,946 $ — $ ( 251 ) $ — $ 627,695 Cash equivalents $ 412,956 Short-term marketable securities 195,288 Long-term marketable securities 19,451 $ 627,695 December 31, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Credit losses Fair value Money market funds $ 137,286 $ — $ — $ — $ 137,286 U.S. Treasury securities 58,698 23 — — 58,721 Corporate debt securities 5,478 — ( 2 ) — 5,476 U.S. Government agency securities 62,939 15 — — 62,954 Commercial paper 27,739 — — — 27,739 $ 292,140 $ 38 $ ( 2 ) $ — $ 292,176 Cash equivalents $ 190,500 Short-term marketable securities 101,676 $ 292,176 The following table presents the contractual maturities of our short and long-term marketable securities as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Due within one year $ 195,288 $ 101,676 Due after one year through five years 19,451 — Total $ 214,739 $ 101,676

Accrued expenses and other curr

Accrued expenses and other current liabilities	6 Months Ended
	Jun. 30, 2023
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	5. Accrued expenses and other current liabilities The following is a summary of accrued expenses and other current liabilities as of June 30, 2023 and December 31, 2022 : June 30, 2023 December 31, 2022 Accrued external research and development expenses $ 8,352 $ 9,789 Accrued employee compensation and benefits 2,372 804 Accrued legal and professional fees 264 197 Short-term lease liability and other 493 325 $ 11,481 $ 11,115

Loan Payable and Warrant Liabil

Loan Payable and Warrant Liability	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Loan Payable and Warrant Liability	6. Loan Payable and Warrant Liability On June 15, 2022, the Company entered into a Loan and Security Agreement (“Loan Agreement”) with Hercules Capital, Inc. (“Hercules”), for an aggregate principal amount of $ 100,000 (“Term Loan”). Pursuant to the Loan Agreement, the Term Loan is available to the Company in four tranches, subject to certain terms and conditions. Under the terms of the Loan Agreement, the Company received $ 10,000 upon closing, $ 15,000 was borrowed on March 10, 2023 and an additional $ 10,000 is available to the Company at its sole discretion until December 15, 2023. An additional $ 20,000 will become available to the Company upon the achievement of certain clinical and financial milestones. An additional $ 45,000 may become available to the Company at Hercules' sole discretion. The Term Loan will mature on January 1, 2027 (the “Maturity Date”). The Term Loan bears interest at a variable annual rate equal to the greater of (a) 7.65 % and (b) the Prime Rate (as reported in the Wall Street Journal) plus 3.65 % (the “Interest Rate”). The Company may make payments of interest only through July 1, 2024, which may be extended to July 1, 2025 upon the achievement of the third tranche milestones (the “interest-only period”). After the interest-only period, the principal balance and related interest will be required to be repaid in equal monthly installments and continuing until the Maturity Date. The Loan Agreement contains customary closing fees, events of default, and representations, warranties and covenants, including a financial covenant requiring the Company to maintain a minimum cash balance in relation to the outstanding principal balance of the Term Loan. The Loan Agreement provides for a prepayment charge equal to 3 % of the outstanding principal balance of the Term Loan if prepayment is made within the first twelve months after closing, 2 % if within the second twelve months after closing and 1 % thereafter. In addition, the Loan Agreement provides for an End of Term Charge that will be the greater of 5.85 % of the outstanding principal balance or $ 1,463 , which is recognized as a debt discount and is being accreted into the amortization of debt issuance costs and discount using the effective interest rate method over the term of the loan payable. Upon closing, the Company issued warrants to Hercules to purchase shares of the Company’s common stock, par value $ 0.0001 per share ("common stock"). The amount of shares that may be purchased for the Warrants will not exceed 1.5 % multiplied by the greater of Tranche I and the aggregate original amount of the term loan advances, divided by the exercise price of the Warrants. The Company was in compliance with all covenants of the Loan Agreement as of June 30, 2023. The Company determined in accordance with ASC 480-10 that the initial tranche one advance of $ 10,000 , the additional Term Loan advances available under tranches one, two, three and four and the warrants issued upon closing shall be accounted for as freestanding financial instruments as they are legally detachable and separately exercisable. The Company also determined in accordance with ASC 815-10 that the additional Term Loan advances available under tranches one, two, three and four do not qualify as derivative instruments and that the value associated with these commitments is immaterial. Upon closing, the Company issued to Hercules warrants to purchase 36,718 shares of Company’s common stock and recognized the initial warrants at their relative fair value of $ 227 in shareholders equity. In accordance with ASC 815-40, the additional remaining warrants to purchase shares of the Company’s common stock at the closing of the Loan Agreement were recognized at their fair value of $ 41 as warrant liabilities given the variable settlement amount of the warrant shares. The additional remaining warrants under the Loan Agreement are considered an outstanding instrument at close of the Loan Agreement. The total fair value of $ 268 associated with these equity and liability classified warrants, is recognized as a debt discount and is being accreted into the amortization of debt issuance costs and discount using the effective interest rate method over the term of the loan payable. The Company reassesses the fair value of the warrant liability at the end of each reporting period. On March 10, 2023, the Company borrowed an additional $ 15,000 and issued warrants to Hercules to purchase an additional 9,180 shares of Company's common stock. The fair value associated with these additional warrants of $ 330 were reclassified from warrant liability to additional paid in capital. The warrant liabilities were valued at $ 85 as of June 30, 2023. Future principal debt payments on the currently outstanding loan payable as of June 30, 2023 are as follows (in thousands): 2023 (remaining period) $ — 2024 4,237 2025 9,287 2026 10,471 2027 1,005 Total principal outstanding 25,000 End of term charge 1,463 Total principal outstanding and end of term charge 26,463 Unamortized discount and issuance costs ( 1,735 ) Loan Payable - noncurrent $ 24,728 The Company estimated the fair value of the warrant liability as of June 30, 2023 using probability assumptions of achieving the future milestones and using the Black-Scholes model based on the following key assumptions: As of June 30, 2023 Expected term (in years) 6.0 Expected volatility 78.85 % Risk-free interest rate 4.05 % Expected dividend yield 0.00 %

Stockholder's equity (deficit)

Stockholder's equity (deficit)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Stockholder's equity (deficit)	7. Stockholder’s equity (deficit) Common stock As of June 30, 2023 and December 31, 2022, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 150,000,000 shares of $ 0.0001 par value common stock. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. The holders of common stock, voting exclusively and as a separate class, have the exclusive right to vote for the election of directors of the Company. Common stockholders are entitled to receive dividends, as may be declared by the board of directors. Through June 30, 2023, no cash dividends had been declared or paid. On June 24, 2019, the Company completed its IPO at which time the Company issued 6,612,500 shares of common stock, including the exercise in full by the underwriters of their option to purchase up to 862,500 additional shares of common stock, at a public offering price of $ 16.00 per share. The Company received $ 98,394 , net of underwriting discounts and commissions, but before deducting offering costs paid by the Company, which were $ 2,942 . Upon the closing of the IPO, all outstanding shares of convertible preferred stock converted into 21,056,136 shares of common stock. On July 10, 2020, the Company completed a follow-on public offering at which time the Company issued 6,012,390 shares of common stock, including the exercise in full by the underwriters of their option to purchase up to 784,224 additional shares of common stock, at a public offering price of $ 36.00 per share. The Company received $ 203,460 net of underwriting discounts and commissions, but before deducting offering costs paid by the Company. On May 18, 2021, the Company filed a Form S-3 Registration Statement and the accompanying prospectus activating an At-The-Market ("ATM"), facility by entering into a sales agreement with J.P. Morgan Securities LLC, relating to shares of the Company’s common stock offered. Pursuant to the terms of the sales agreement, the Company may offer and sell shares of common stock, having an aggregate price of up to $ 100,000 , from time to time. The Company reserved 5,000,000 shares of common stock related to the ATM offering. In March 2023, the Company terminated the sales agreement with J.P. Morgan Securities LLC and separately entered into a sales agreement with Jefferies LLC (the "Sales Agreement"). Pursuant to the Sales Agreement, the Company filed a prospectus supplement on March 17, 2023, under which the Company may offer and sell shares of common stock, having an aggregate value of up to $ 200,000 . In April and May 2023, the Company sold 3,006,052 shares of common stock under the Sales Agreement, at an average price of $ 42.38 per share. The Company received net proceeds of $ 123,824 , after deducting sales agent commissions and issuance costs incurred by the Company of approximately $ 3,578 . On June 15, 2022, the Company entered into a securities purchase agreement for the sale of 2,525,252 shares of the Company's common stock to Pfizer Inc. at $ 9.90 per share in a registered direct offering conducted without an underwriter or placement agent and pursuant to the Company’s effective shelf registration statement on Form S-3ASR and a related prospectus supplement filed with the SEC. The offering closed on June 17, 2022 for net proceeds of $ 24,647 , after deducting offering costs paid by the Company. On September 19, 2022, the Company completed a follow-on public offering at which time the Company issued 8,846,154 shares of common stock, including the exercise in full by the underwriters of their option to purchase up to 1,153,846 additional shares of common stock, at a public offering price of $ 26.00 per share. The Company received $ 216,200 net of underwriting discounts and commissions of $ 13,800 , but before deducting offering costs incurred by the Company. On May 16, 2023, the Company entered into an underwriting agreement (the "Underwriting Agreement") with Jefferies LLC, ("Jefferies"), as a representative of the several underwriters, pursuant to which the Company agreed to issue and sell 5,238,500 shares of the Company's common stock at $ 42.00 per share in a registered direct offering pursuant to the Company’s effective shelf registration statement on Form S-3ASR and a related prospectus supplement filed with the SEC. The offering closed on May 16, 2023. The Company received net proceeds of $ 210,956 , after deducting underwriters commissions and offering costs incurred by the Company of approximately $ 9,061 . As of June 30, 2023 and December 31, 2022, there were 55,547,959 and 46,865,206 shares of common stock issued and outstanding, respectively. The following shares of common stock were reserved for issuance as follows: June 30, 2023 December 31, 2022 Options outstanding under the 2018 Stock Option and Grant Plan 1,283,548 1,633,173 Options outstanding under the 2019 Stock Option and Incentive Plan 4,495,497 4,146,831 Restricted stock units outstanding under the 2019 Stock Option and Incentive Plan 141,471 129,131 Warrants to purchase common stock associated with Loan Agreement 45,898 36,718 Options available for future grant 3,471,053 2,038,142 Warrants available for future grant 137,700 146,880 Common stock available for ATM program 2,708,234 5,000,000 2019 Employee Stock Purchase Plan 1,590,426 1,187,508 13,873,827 14,318,383 Undesignated preferred stock The Company’s fourth amended and restated certificate of incorporation authorizes the Company to issue up to 10,000,000 shares of undesignated preferred stock, par value $ 0.0001 per share. There were no undesignated preferred shares issued or outstanding as of June 30, 2023. Warrants Associated with Loan Agreement In connection with the entry into the Loan Agreement, the Company issued to Hercules warrants to purchase shares of the Company’s common stock. The amount of shares that may be purchased for the Warrants will not exceed 1.5 % multiplied by the greater of Tranche I and the aggregate original amount of the term loan advances, divided by the exercise price of the Warrants. Upon execution of the Loan Agreement on June 15, 2022, the Company issued 36,718 warrants to purchase shares of the Company’s common stock and recorded the initial warrants at their relative fair value in shareholder's equity. In March 2023, the Company issued an additional 9,180 warrants to purchase shares of the Company’s common stock to Hercules in connection with the borrowing on March 10, 2023.

Stock-based awards

Stock-based awards	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based awards	8. Stock-based awards 2018 Stock option and grant plan The Company’s 2018 Stock Option and Grant Plan (the “2018 Plan”) provided for the Company to grant incentive stock options or nonqualified stock options, restricted stock awards and other stock-based awards to employees, directors and consultants of the Company. The 2018 Plan was administered by the board of directors or, at the discretion of the board of directors, by a committee of the board of directors. The exercise prices, vesting and other restrictions were determined at the discretion of the board of directors, or its committee if so delegated. The total number of shares of common stock that could have been issued under the 2018 Plan was 3,071,960 shares, of which 107,635 shares remained available for grant on June 18, 2019, the date that the Company’s 2019 Stock Option and Incentive Plan (the “2019 Plan”) became effective. Upon the effectiveness of the 2019 Plan, the 107,635 remaining shares available under the 2018 Plan were transferred and became available for issuance under the 2019 Plan. Shares of common stock underlying outstanding awards under the 2018 Plan that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of stock, expire or are otherwise terminated (other than by exercise) will be added to the shares of common stock available for issuance under the 2019 Plan. 2019 Stock option and incentive plan The 2019 Plan was adopted and approved by the Company’s board of directors in May 2019 and by the Company’s stockholders in June 2019. The 2019 Plan became effective on June 18, 2019 and replaced the Company’s 2018 Plan on that date. The 2019 Plan allows the board of directors or the compensation committee of the board of directors to make equity-based incentive awards to the Company’s officers, employees, directors or other key persons (including consultants). The number of shares initially reserved for issuance under the 2019 Plan was 2,572,457 , which included the 107,635 shares transferred from the 2018 Plan, and shall be cumulatively increased on each January 1 by 4 % of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or such lesser number of shares determined by the Company’s board of directors or compensation committee of the board of directors. The 2019 Plan was increased by 1,396,029 shares on January 1, 2022 and by 1,874,608 shares on January 1, 2023. The 2019 Plan is administered by the board of directors or, at the discretion of the board of directors, by a committee of the board of directors. 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 stock option may not be greater than ten years . All incentive options granted to any person possessing more than 10% of the total combined voting power of all classes of shares may not have an exercise price of less than 110 % of the fair market value of the common stock on the grant date. Stock options granted to employees, officers, members of the board of directors and consultants will typically vest over a four-year period. Shares that are expired, terminated, surrendered or canceled under the 2019 Plan without having been fully exercised will be available for future awards. 2019 Employee stock purchase plan The 2019 Employee Stock Purchase Plan (the “2019 ESPP”) was adopted and approved by the Company’s board of directors in May 2019 and by the Company’s stockholders in June 2019. The 2019 ESPP became effective on June 18, 2019, at which time 273,869 shares were reserved for issuance. The 2019 ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2020 and each January 1 through January 1, 2029, by the least of (i) 1 % of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31, (ii) 410,803 shares or (iii) such number of shares as determined by the compensation committee. The 2019 ESPP was increased by 349,007 shares on January 1, 2022 and by 410,803 shares on January 1, 2023. Stock option valuation The assumptions that the Company used to determine the grant-date fair value of stock options granted to employees, directors and consultants as follows, presented on a weighted average basis: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Expected term (in years) 5.63 5.75 5.88 5.77 Expected volatility 78.90 % 74.24 % 78.05 % 73.10 % Weighted average risk-free interest rate 3.87 % 2.91 % 3.85 % 1.82 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Stock options The following table summarizes the Company’s stock option activity since December 31, 2022: Weighted- Weighted- Average Average Aggregate Exercise remaining Intrinsic Number Price per contractual Value of Options Share term (years) (000's) Balance outstanding, December 31, 2022 5,780,004 $ 18.88 7.80 $ 207,611 Options granted 411,334 $ 47.78 Options exercised ( 412,293 ) $ 4.88 Options cancelled — Balance outstanding, June 30, 2023 5,779,045 $ 21.94 7.59 $ 143,893 Vested and expected to vest, June 30, 2023 5,779,045 $ 21.94 7.59 $ 143,893 Exercisable, June 30, 2023 3,869,960 $ 16.56 7.01 $ 116,658 The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The weighted average grant-date fair value per share of stock options granted during the three months ended June 30, 2023 and 2022 was $ 48.40 and $ 8.67 , respectively. Additionally, the weighted average grant-date fair value per share of stock options granted during the six months ended June 30, 2023 and 2022 was $ 47.78 and $ 18.10 , respectively. Awards with performance-based vesting conditions granted under the 2019 Plan In December 2021, the Company granted 610,546 stock options to management at an exercise price of $ 21.10 , which would vest upon the achievement on or before December 31, 2022 of three pre-determined milestones regarding progress related to the HARMONY study, progress related to the SYMMETRY study, and progress related to availability of drug product for use in Phase 3 clinical trials. One-third of the options were to vest upon achievement of each of the milestones. In January 2022, the Company granted an additional 248,376 stock options to Company employees with the same performance-based milestones and vesting terms at an exercise price of $ 21.70 . In September 2022, two of the three performance-based awards milestones were achieved and were deemed vested. In December 2022, the third portion of the performance-based awards milestones was achieved and was deemed vested. During the three and six months ended June 30, 2023, the Company did not have any outstanding performance awards or recognize any performance-based stock compensation expense. Restricted Stock Units The 2019 Plan allows for the grants of Restricted Stock Units ("RSUs"). Generally, the RSUs are subject to a four-year vesting period, vesting in in equal quarterly installments over the vesting period. In December 2022, the Company granted 129,131 RSUs to executive management with a total grant date fair value of $ 5,546 . In January 2023, The Company granted 30,363 RSUs to non-executive employees with a total grant date fair value of $ 1,503 . The following table summarizes the Company’s RSUs activity since December 31, 2022: Weighted- Weighted- Average Average Aggregate Grant Date remaining Intrinsic Underlying Fair Value per contractual Value shares Share term (years) (000's) Balance outstanding, December 31, 2022 129,131 $ 42.95 2.07 $ 7,076 Granted 30,363 $ 49.49 Vested ( 18,023 ) $ 43.63 Cancelled or forfeited — $ — Balance outstanding, June 30, 2023 141,471 $ 44.27 1.80 $ 6,605 The weighted average grant-date fair value per share of RSUs granted during the three and six months ended June 30, 2023 and 2022 was $ 49.49 and $ 0 , respectively. Stock-based compensation The following table summarizes the Company’s stock-based compensation expense during the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Classified within research and development expense $ 1,802 $ 1,474 $ 3,499 $ 2,585 Classified within general and administrative expense 2,996 2,687 6,143 4,887 Total stock-based compensation expense $ 4,798 $ 4,161 $ 9,642 $ 7,472 As of June 30, 2023, total unrecognized compensation cost related to unvested stock options and RSUs was $ 41,119 and $ 6,091 , respectively. These unvested stock options and RSUs are expected to be recognized over a weighted average period of 2.48 years and 3.45 years, respectively.

Amgen license agreement

Amgen license agreement	6 Months Ended
	Jun. 30, 2023
Amgen license agreement
Amgen license agreement	9. Amgen license agreement In June 2018, the Company entered into a license agreement (the “Amgen Agreement”) with Amgen, Inc. (“Amgen”) pursuant to which the Company was granted an exclusive license to certain patents and intellectual property related to a long-acting FGF21 analog in order to commercially develop, manufacture, use and distribute FGF21 as a treatment for NASH and other serious metabolic diseases. The Amgen Agreement provides the Company with exclusive global rights to the licensed products and the right to grant sublicenses that cover EFX to third parties. In exchange for these rights, the Company made an upfront payment of $ 5,000 and issued 2,653,333 shares of Series A Preferred Stock with a fair value of $ 1,353 to Amgen. Amgen was also entitled to maintain a 10 % ownership interest of the outstanding shares of the Company’s common stock, on a fully diluted and converted basis, through the second closing of the Company’s Series A Preferred Stock financing. In November 2018, in connection with the second closing of the Company’s Series A Preferred Stock financing, the Company issued 3,205,128 shares of Series A Preferred Stock to Amgen for a total value of $ 7,404 , satisfying its anti-dilution obligation under the Amgen Agreement. Under the Amgen Agreement, the Company made a milestone payment in the third quarter of 2019 of $ 2,500 in connection with dosing the first patient in the BALANCED study and is obligated to pay Amgen $ 7,500 in connection with dosing the first patient in a Phase 3 clinical trial, up to $ 30,000 in connection with marketing approvals, and aggregate milestone payments of up to $ 75,000 upon the achievement of specified commercial milestones for all products licensed under the Amgen Agreement. Under the Amgen Agreement, the Company is obligated to pay Amgen tiered royalties ranging from a low to high single-digit percentages on annual net sales of the licensed products, beginning on the first commercial sale of such licensed products in each country and expiring on a country-by-country basis on the latest of (i) the expiration of the last valid patent claim covering such licensed products in such country, (ii) the loss of regulatory exclusivity in such country, and (iii) ten years after the first commercial sale of such licensed product in such country. The royalty payments are subject to reduction under specified conditions set forth in the Amgen Agreement. The Company is solely responsible for all development, manufacturing, and commercial activities and costs of the licensed products, including clinical studies or other tests necessary to support the use of a licensed product. The Company is also responsible for costs related to the filing, prosecution and maintenance of the licensed patent rights. The Amgen Agreement will remain in effect until the expiration of the royalty term in all countries for all licensed products. The Amgen Agreement may be terminated by either party with at least 90 days' notice in the event of material breach by the other party that remains uncured for 90 days, by either party for insolvency or bankruptcy of the other party and immediately by Amgen if the Company challenges the licensed patents. The Company may also terminate the Amgen Agreement with 90 days' written notice for discretionary reasons such as scientific, technical, regulatory or commercial issues, as defined in the Amgen Agreement. During the three and six months ended June 30, 2023 and 2022, the Company did no t record any research and development expense in connection with the Amgen Agreement.

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income taxes	10. Income taxes During the three and six months ended June 30, 2023 and 2022, the Company did no t record any income tax benefits for the net operating losses incurred or for the research and development tax credits generated in each period due to its uncertainty of realizing a benefit from those items. All of the Company’s operating losses since inception have been generated in the United States. On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA includes implementation of a new alternative minimum tax, an excise tax on stock buybacks, and significant tax incentives for energy and climate initiatives, among other provisions. The Company is evaluating the provisions included under the IRA and does not expect the provisions to have a material impact to the Company’s condensed consolidated financial statements. Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures in the period incurred and requires amortization over five years or fifteen years pursuant to IRC Section 174. Although Congress is considering legislation that would defer the amortization requirement to later years, there is no assurance that the requirement to amortize will be repealed or otherwise modified. The Company prepared an estimate of federal taxable income as of June 30, 2023, assuming that R&D expenses must be capitalized in accordance with the new requirement. In general, for taxable years beginning on or after January 1, 2015, California law conforms to the IRC as of January 1, 2015. California has not conformed to the federal changes made to the IRC by the Tax Cuts and Jobs Act (Public Law 115-97, enacted on December 22, 2017). In the context of IRC 174, California allows taxpayers to immediately expense R&D costs or capitalize and amortize R&D expenditures over a 5-year recovery period. Thus, the new requirements to capitalize R&D will have no material impact on the state income tax provision.

Net loss per share

Net loss per share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss per share	11. Net loss per share Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ ( 31,083 ) $ ( 27,403 ) $ ( 56,914 ) $ ( 53,432 ) Denominator: Weighted average common shares outstanding, basic and diluted 51,867,854 35,383,685 49,419,558 35,195,638 Net loss per share, basic and diluted $ ( 0.60 ) $ ( 0.77 ) $ ( 1.15 ) $ ( 1.52 ) The Company’s potentially dilutive securities, which include stock options, warrants and unvested restricted stock units, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three and six months ended June 30, 2023 2022 Options to purchase common stock 5,779,045 5,771,358 Unvested restricted stock units 141,471 — Warrants to purchase common stock 45,898 36,718 Warrants available for future grant 137,700 146,880 6,104,114 5,954,956

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	12. Commitments and contingencies Operating lease In February 2020, the Company entered into a seven-year agreement to occupy 6,647 square feet of office space in South San Francisco, California. The lease commenced on July 10, 2020 when the Company took occupancy of the leased space and the lease was determined to be operating classified. Under the agreement, the Company is required to make approximately $ 2,300 in total minimum payments during the term. The Company is also required to pay its proportionate share of building operating and tax costs after the first year under lease which are not included in the measurement of the lease and treated as variable lease cost and expensed when incurred. As of June 30, 2023, maturities of the Company’s operating lease liability was as follows: 2023 (remaining) 163 2024 331 2025 341 2026 351 2027 208 Total future minimum lease payments 1,394 Less imputed interest ( 195 ) Present value of operating lease liabilities $ 1,199 As of June 30, 2023, the total lease liability was $ 1,199 , of which $ 954 was noncurrent and $ 245 was short-term and classified within “ Accrued expenses and other current liabilities ” on the condensed consolidated balance sheet. For the three and six months ended June 30, 2023 and 2022, the components of operating lease cost were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease cost: Statement of Operations Classification: Operating lease cost General and administrative expense $ 81 $ 81 $ 162 $ 162 Short-term lease cost General and administrative expense 36 — 89 29 Variable operating lease cost General and administrative expense 12 31 19 43 Total operating lease cost $ 129 $ 112 $ 270 $ 234 Other information: Cash paid for amounts included in the measurement of operating lease liability $ 79 77 $ 159 $ 154 Weighted average remaining lease term 4.1 5.1 4.1 5.1 Weighted average discount rate 7.6 % 7.6 % 7.6 % 7.6 % Research and manufacturing and other commitments The Company has entered into agreements with contract research organizations and contract manufacturing organizations to provide services in connection with its nonclinical studies and clinical trials and to manufacture clinical development materials. As of June 30, 2023, the Company had non-cancelable purchase and other commitments under these agreements totaling $ 21,442 . Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will 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. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not currently aware of any indemnification claims and has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of June 30, 2023. Legal proceedings The Company is not a party to any litigation and does not have contingency reserves established for any litigation liabilities. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings.

Subsequent event

Subsequent event	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent event	13. Subsequent event The Company evaluated subsequent events through August 11, 2023, the date on which these condensed consolidated financial statements were issued. Based on this evaluation, it was determined that no subsequent events occurred that require recognition or disclosure in its financial statements for the three months and six months ended June 30, 2023.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Unaudited interim financial statements	Unaudited interim financial statements The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with GAAP for interim financial reporting and as required by Regulation S-X, Rule 10-01. The unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the Company’s condensed consolidated balance sheet as of June 30, 2023, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2023 and 2022, the condensed consolidated statement of stockholders’ equity (deficit) as of June 30, 2023 and the condensed consolidated statements of cash flows for the six months ended June 30, 2023. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2023 and 2022 are unaudited. The results for the three and six months ended June 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period.
Use of estimates	Use of estimates The preparation of the Company's condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the recognition of research and development expenses, stock-based compensation expense, warrant liabilities and the valuation allowance for deferred tax assets. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts.
Short-term marketable securities	Short-term and long-term marketable securities The Company invests in short and long-term marketable securities, primarily money market funds, commercial paper, U.S. treasury securities and corporate debt securities. The Company continually evaluates the credit ratings of its investment portfolio and underlying securities. The Company invests in accordance with its investment policy and invests at the date of purchase in securities with high ratings from top rating agencies. The Company classifies its short-term and long-term marketable securities as available-for-sale securities and reports them at fair value in short-term and long-term marketable securities on the condensed consolidated balance sheets with related unrealized gains and losses included within accumulated other comprehensive gain (loss) on the condensed consolidated balance sheets. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in other income on the condensed consolidated statements of operations and comprehensive loss. When the fair value is below the amortized cost of a marketable security, the Company reviews and determines whether the impairment is due to credit-related factors or noncredit-related factors. The credit-related impairment amount is recognized in other income on the condensed consolidated statements of operations and comprehensive loss, with a corresponding allowance for credit losses account in the condensed consolidated balance sheet. Subsequent improvements in expected credit losses are recognized as a reversal of an amount in the allowance account. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis, then the allowance for the credit loss is written-off and the excess of the amortized cost basis of the asset over its fair value is recorded in the condensed consolidated statements of operations. There were no credit losses recorded during the periods ended June 30, 2023 and December 31, 2022.
Restricted cash	Restricted cash As of December 31, 2022, the Company was required to maintain a separate cash balance of $ 108 for the benefit of the landlord in connection with the Company’s Gateway office space lease in South San Francisco, California (the “Gateway Lease”), which is classified within other assets (non-current) on the condensed consolidated balance sheets (see Note 12). The Company was not required to maintain a separate cash balance for the benefit of the landlord as of June 30, 2023.
Concentrations of credit risk	Concentrations of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, short and long-term marketable securities. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash investments in financial institutions that it believes have high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. At June 30, 2023, all of the Company's cash, cash equivalents, short and long-term investments were held at four accredited financial institutions. As of December 31, 2022, the Company held cash deposits at Silicon Valley Bank ("SVB") in excess of government insured limits. On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver. No losses were incurred by the Company on deposits that were held at SVB. Management believes that the Company is not currently exposed to significant credit risk as the vast majority of the Company’s deposits were either owned directly by the Company and held in custody at a third-party financial institution or, subsequent to March 10, 2023, have been transferred to a third-party financial institution. On March 27, 2023, SVB was acquired by First-Citizen BancShares, Inc ("First-Citizen"). As of June 30, 2023, the Company had approximately € 8,426 on deposit with SVB, which it may transfer to another financial institution in the near term. The Company does not currently have any other significant relationships with SVB or First-Citizen.
Leases	Leases The Company determines whether an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether the Company has the right to control the identified asset. Right-of-use ("ROU") assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and are further adjusted by any lease payments made prior to or on lease commencement, lease incentives received and initial direct costs incurred, as applicable. The Company has elected not to recognize leases with a lease term of one year or less on its balance sheet. Operating lease costs included in the measurement of the lease are recognized on a straight-line basis over the lease term. Variable lease costs are expensed as incurred as an operating expense. The Company determines the lease classification and the present value of future lease payments at the time of the lease commencement using an incremental borrowing rate that it estimates based upon the Company’s credit risk and term of the lease. The interest rate implicit in lease contracts has not historically been readily determinable and the Company must therefore use the appropriate incremental borrowing rate to measure its leases. To estimate the incremental borrowing rate, a credit rating applicable to the Company is estimated using a synthetic credit rating analysis since the Company does not currently have a rating agency-based credit rating.
Research and development costs	Research and development costs Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred to discover, research and develop drug candidates, including personnel expenses, stock-based compensation expense, third-party license fees and external costs including fees paid to consultants, contract manufacturing organizations ("CMOs") and clinical research organizations ("CROs") in connection with drug product manufacturing, nonclinical studies and clinical trials, and other related clinical trial fees, such as for investigator grants, patient screening, laboratory work, clinical trial database management, clinical trial material management and statistical compilation and analysis. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are recorded as prepaid expenses. Such amounts are recognized as an expense as the goods are delivered or the related services are performed, or until it is no longer expected that the goods will be delivered or the services rendered. Foreign currency transaction gains and losses related to the purchase of contract manufacturing services are included as a component of research and development expense. Costs incurred in obtaining technology licenses are charged immediately to research and development expense if the technology licensed has not reached technological feasibility and has no alternative future uses.
Research contract costs and accruals	Research contract costs and accruals The Company has entered into various research and development and other agreements with commercial firms, researchers and others for provisions of goods and services. These agreements are generally cancelable, and the related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company's estimates .
Stock-based compensation	Stock-based compensation The Company grants stock-based awards from its stock compensation plans (see Note 7). The Company measures all stock-based awards granted to employees and nonemployees based on the fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award, on a straight-line basis. The Company recognizes stock-based compensation expense for awards that contain performance-based conditions using the accelerated attribution method when management determines it is probable that the performance condition will be satisfied. The Company accounts for forfeitures as they occur. Stock-based compensation for restricted stock units is measured based on the market closing price of our common stock on the grant date. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period, generally four years. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model, which requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected term of the option, the risk-free interest rate for a period that approximates the expected term of the option, and the Company's expected dividend yield. The Company went public in June 2019 and accordingly, lacks sufficient company-specific historical and implied volatility information for its shares traded in the public markets. Therefore, it estimates its expected share price volatility based on the historical volatility of publicly traded peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded share price. The expected term of the Company's stock options has been determined utilizing the "simplified" method for awards that qualify as "plain-vanilla" options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future. The fair value of each common stock award is estimated on the date of grant based on the fair value of the Company's common stock on that same date. Compensation expense for purchases under the Employee Stock Purchase Plan is recognized based on the fair value of the common stock estimated based on the closing price of our common stock as reported on the date of offering, less the purchase discount percentage provided for in the plan. The Company classifies stock-based compensation expense in its condensed consolidated statement of operations and comprehensive loss in the same manner in which the award recipient's payroll costs are classified or in which the award recipient's service payments are classified.
Loan Payable	Loan Payable Loan Payable represents the Loan and Security Agreement (“Loan Agreement”) with Hercules Capital, Inc. (“Hercules”), which the Company has accounted for as a debt financing arrangement. Interest expense is accrued using the effective interest rate method over the estimated period the loan will be repaid. Loan issuance costs have been recorded as a debt discount in the condensed consolidated balance sheets and are being amortized and recorded as interest expense throughout the life of the Loan Agreement using the effective interest rate method. The Company determined that there are not any embedded features in the Loan Agreement that require bifurcation and separate accounting as derivative financial instruments pursuant to Accounting Standards Codification ("ASC") Topic 815, Derivatives and Hedging.
Warrant Liabilities	Warrant Liabilities The Company accounts for warrants anticipated to be issued in the future under the Loan Agreement as liabilities and measures them at fair value using the Black-Scholes valuation model. The warrants are subject to remeasurement at each prospective balance sheet date, with any changes in the fair value recorded in the condensed consolidated statements of operations.
Comprehensive loss	Comprehensive loss Comprehensive loss includes net loss as well as other changes in stockholders' equity (deficit) that result from transactions and economic events other than those with stockholders. The Company’s comprehensive loss is comprised of net loss and changes in unrealized gains and losses on its short and long-term marketable securities .
Recently adopted accounting pronouncements	Recently adopted accounting pronouncements As of June 30, 2023, and for the period then ended, there were no recently adopted accounting standards that had a material impact on the Company’s condensed consolidated financial statements. There were no recently issued accounting standards not yet adopted which would have a material effect on the Company’s condensed consolidated financial statements.

Fair value of financial assets

Fair value of financial assets and liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Summary of assets and liabilities measured at fair value on a recurring basis	The following is a summary of our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022: June 30, 2023 Total Level 1 Level 2 Level 3 Money market funds $ 398,021 $ 398,021 $ — $ — U.S. Treasury securities 39,692 39,692 — — U.S. Government agency securities 118,677 — 118,677 — Commercial paper 71,305 — 71,305 — Total assets $ 627,695 $ 437,713 $ 189,982 $ — Warrant liabilities $ 85 $ — $ — $ 85 Total liabilities $ 85 $ — $ — $ 85 December 31, 2022 Total Level 1 Level 2 Level 3 Money market funds $ 137,286 $ 137,286 $ — $ — U.S. Treasury securities 58,721 58,721 — — Corporate debt securities 5,476 — 5,476 — U.S. Government agency securities 62,955 — 62,955 — Commercial paper 27,738 — 27,738 — Total assets $ 292,176 $ 196,007 $ 96,169 $ — Warrant liabilities $ 305 $ — $ — $ 305 Total liabilities $ 305 $ — $ — $ 305

Marketable securities (Tables)

Marketable securities (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Securities [Abstract]
Summary of marketable securities	The following is a summary of marketable securities as of June 30, 2023 and December 31, 2022 : June 30, 2023 Amortized cost Gross unrealized gains Gross unrealized losses Credit losses Fair value Money market funds $ 398,021 $ — $ — $ — $ 398,021 U.S. Treasury securities 39,701 — ( 9 ) — 39,692 U.S. Government agency securities 118,822 — ( 145 ) — 118,677 Commercial paper 71,402 — ( 97 ) — 71,305 $ 627,946 $ — $ ( 251 ) $ — $ 627,695 Cash equivalents $ 412,956 Short-term marketable securities 195,288 Long-term marketable securities 19,451 $ 627,695 December 31, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Credit losses Fair value Money market funds $ 137,286 $ — $ — $ — $ 137,286 U.S. Treasury securities 58,698 23 — — 58,721 Corporate debt securities 5,478 — ( 2 ) — 5,476 U.S. Government agency securities 62,939 15 — — 62,954 Commercial paper 27,739 — — — 27,739 $ 292,140 $ 38 $ ( 2 ) $ — $ 292,176 Cash equivalents $ 190,500 Short-term marketable securities 101,676 $ 292,176
Schedule of contractual maturities of short and long term marketable securities	The following table presents the contractual maturities of our short and long-term marketable securities as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Due within one year $ 195,288 $ 101,676 Due after one year through five years 19,451 — Total $ 214,739 $ 101,676

Accrued expenses and other cu_2

Accrued expenses and other current liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Accrued expenses and other current liabilities
Schedule of accrued expenses and other current liabilities	The following is a summary of accrued expenses and other current liabilities as of June 30, 2023 and December 31, 2022 : June 30, 2023 December 31, 2022 Accrued external research and development expenses $ 8,352 $ 9,789 Accrued employee compensation and benefits 2,372 804 Accrued legal and professional fees 264 197 Short-term lease liability and other 493 325 $ 11,481 $ 11,115

Loan Payable and Warrant Liab_2

Loan Payable and Warrant Liability (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Future principal Debt Payments on Loan Payable	Future principal debt payments on the currently outstanding loan payable as of June 30, 2023 are as follows (in thousands): 2023 (remaining period) $ — 2024 4,237 2025 9,287 2026 10,471 2027 1,005 Total principal outstanding 25,000 End of term charge 1,463 Total principal outstanding and end of term charge 26,463 Unamortized discount and issuance costs ( 1,735 ) Loan Payable - noncurrent $ 24,728
Schedule of Assumptions Used to Determine Estimated Fair Value of Warrant Liability	The Company estimated the fair value of the warrant liability as of June 30, 2023 using probability assumptions of achieving the future milestones and using the Black-Scholes model based on the following key assumptions: As of June 30, 2023 Expected term (in years) 6.0 Expected volatility 78.85 % Risk-free interest rate 4.05 % Expected dividend yield 0.00 %

Stockholder's equity (deficit)

Stockholder's equity (deficit) (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of common stock reserved for issuance	The following shares of common stock were reserved for issuance as follows: June 30, 2023 December 31, 2022 Options outstanding under the 2018 Stock Option and Grant Plan 1,283,548 1,633,173 Options outstanding under the 2019 Stock Option and Incentive Plan 4,495,497 4,146,831 Restricted stock units outstanding under the 2019 Stock Option and Incentive Plan 141,471 129,131 Warrants to purchase common stock associated with Loan Agreement 45,898 36,718 Options available for future grant 3,471,053 2,038,142 Warrants available for future grant 137,700 146,880 Common stock available for ATM program 2,708,234 5,000,000 2019 Employee Stock Purchase Plan 1,590,426 1,187,508 13,873,827 14,318,383
Summary of restricted stock activity	The following table summarizes the Company’s RSUs activity since December 31, 2022: Weighted- Weighted- Average Average Aggregate Grant Date remaining Intrinsic Underlying Fair Value per contractual Value shares Share term (years) (000's) Balance outstanding, December 31, 2022 129,131 $ 42.95 2.07 $ 7,076 Granted 30,363 $ 49.49 Vested ( 18,023 ) $ 43.63 Cancelled or forfeited — $ — Balance outstanding, June 30, 2023 141,471 $ 44.27 1.80 $ 6,605 The weighted average grant-date fair value per share of RSUs granted during the three and six months ended June 30, 2023 and 2022 was $ 49.49 and $ 0 , respectively.

Stock-based awards (Tables)

Stock-based awards (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of assumptions used to determine grant-date fair value of stock options granted	The assumptions that the Company used to determine the grant-date fair value of stock options granted to employees, directors and consultants as follows, presented on a weighted average basis: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Expected term (in years) 5.63 5.75 5.88 5.77 Expected volatility 78.90 % 74.24 % 78.05 % 73.10 % Weighted average risk-free interest rate 3.87 % 2.91 % 3.85 % 1.82 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 %
Summary of stock option activity	The following table summarizes the Company’s stock option activity since December 31, 2022: Weighted- Weighted- Average Average Aggregate Exercise remaining Intrinsic Number Price per contractual Value of Options Share term (years) (000's) Balance outstanding, December 31, 2022 5,780,004 $ 18.88 7.80 $ 207,611 Options granted 411,334 $ 47.78 Options exercised ( 412,293 ) $ 4.88 Options cancelled — Balance outstanding, June 30, 2023 5,779,045 $ 21.94 7.59 $ 143,893 Vested and expected to vest, June 30, 2023 5,779,045 $ 21.94 7.59 $ 143,893 Exercisable, June 30, 2023 3,869,960 $ 16.56 7.01 $ 116,658
Summary of restricted stock activity	The following table summarizes the Company’s RSUs activity since December 31, 2022: Weighted- Weighted- Average Average Aggregate Grant Date remaining Intrinsic Underlying Fair Value per contractual Value shares Share term (years) (000's) Balance outstanding, December 31, 2022 129,131 $ 42.95 2.07 $ 7,076 Granted 30,363 $ 49.49 Vested ( 18,023 ) $ 43.63 Cancelled or forfeited — $ — Balance outstanding, June 30, 2023 141,471 $ 44.27 1.80 $ 6,605 The weighted average grant-date fair value per share of RSUs granted during the three and six months ended June 30, 2023 and 2022 was $ 49.49 and $ 0 , respectively.
Summary of stock-based compensation expense	The following table summarizes the Company’s stock-based compensation expense during the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Classified within research and development expense $ 1,802 $ 1,474 $ 3,499 $ 2,585 Classified within general and administrative expense 2,996 2,687 6,143 4,887 Total stock-based compensation expense $ 4,798 $ 4,161 $ 9,642 $ 7,472

Net loss per share (Tables)

Net loss per share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of basic and diluted net loss per share attributable to common stockholders	Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ ( 31,083 ) $ ( 27,403 ) $ ( 56,914 ) $ ( 53,432 ) Denominator: Weighted average common shares outstanding, basic and diluted 51,867,854 35,383,685 49,419,558 35,195,638 Net loss per share, basic and diluted $ ( 0.60 ) $ ( 0.77 ) $ ( 1.15 ) $ ( 1.52 )
Schedule of computation of diluted net loss per share attributable to common stockholders	Three and six months ended June 30, 2023 2022 Options to purchase common stock 5,779,045 5,771,358 Unvested restricted stock units 141,471 — Warrants to purchase common stock 45,898 36,718 Warrants available for future grant 137,700 146,880 6,104,114 5,954,956

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of maturity of the Company's operating lease liabilities	As of June 30, 2023, maturities of the Company’s operating lease liability was as follows: 2023 (remaining) 163 2024 331 2025 341 2026 351 2027 208 Total future minimum lease payments 1,394 Less imputed interest ( 195 ) Present value of operating lease liabilities $ 1,199
Schedule of components of operating lease expense	For the three and six months ended June 30, 2023 and 2022, the components of operating lease cost were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease cost: Statement of Operations Classification: Operating lease cost General and administrative expense $ 81 $ 81 $ 162 $ 162 Short-term lease cost General and administrative expense 36 — 89 29 Variable operating lease cost General and administrative expense 12 31 19 43 Total operating lease cost $ 129 $ 112 $ 270 $ 234 Other information: Cash paid for amounts included in the measurement of operating lease liability $ 79 77 $ 159 $ 154 Weighted average remaining lease term 4.1 5.1 4.1 5.1 Weighted average discount rate 7.6 % 7.6 % 7.6 % 7.6 %

Nature of the business and ba_2

Nature of the business and basis of presentation (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from the sale of redeemable convertible preferred stock					$ 90,500
Proceeds from its initial public offering					105,800
Proceeds from the sales of common stock in equity offerings					818,900
Proceeds from equity investment from Pfizer, Inc.					25,000
Net loss	$ 31,083	$ 25,831	$ 27,403	$ 26,029	56,914	$ 53,432	$ 112,033	$ 100,777
Accumulated deficit	(479,251)				(479,251)		(422,337)
Cash and cash equivalents	444,156				444,156		$ 249,773
Cash, cash equivalents and short-term marketable securities	$ 658,895				$ 658,895

Summary of significant accoun_3

Summary of significant accounting policies - Restricted cash (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Separate cash balance for the landlord	$ 108

Summary of significant accoun_4

Summary of significant accounting policies - Concentrations of credit risk (Details) € in Thousands	Jun. 30, 2023 EUR (€)
Silicon Valley Bank [Member]
Concentration Risk [Line Items]
Cash deposit expects to transfer to another financial institution	€ 8,426

Fair value of financial asset_2

Fair value of financial assets and liabilities - Textual (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers into level 3 Assets	$ 0	$ 0
Transfers out of level 3 Assets	0	0
Transfers into level 3 liabilities	0	0
Transfers out of level 3 liabilities	$ 0	$ 0

Fair value of financial asset_3

Fair value of financial assets and liabilities - Recurring (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 627,695	$ 292,176
Liabilities	85	305
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	398,021	137,286
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	39,692	58,721
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		5,476
U.S. Government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	118,677	62,955
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	71,305	27,738
Warrant liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	85	305
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	437,713	196,007
Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	398,021	137,286
Level 1 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	39,692	58,721
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	189,982	96,169
Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		5,476
Level 2 | U.S. Government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	118,677	62,955
Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	71,305	27,738
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	85	305
Level 3 | Warrant liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ 85	$ 305

Marketable securities - Summary

Marketable securities - Summary of marketable securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	$ 627,946	$ 292,140
Gross unrealized gains		38
Gross unrealized losses	(251)	(2)
Fair value	627,695	292,176
Cash equivalents	412,956	190,500
Short-term marketable securities	195,288	101,676
Long-term marketable securities	19,451
Total	627,695	292,176
Money market funds
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	398,021	137,286
Fair value	398,021	137,286
U.S. Treasury securities
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	39,701	58,698
Gross unrealized gains		23
Gross unrealized losses	(9)
Fair value	39,692	58,721
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized cost		5,478
Gross unrealized losses		(2)
Fair value		5,476
U.S. Government agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	118,822	62,939
Gross unrealized gains		15
Gross unrealized losses	(145)
Fair value	118,677	62,954
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	71,402	27,739
Gross unrealized losses	(97)
Fair value	$ 71,305	$ 27,739

Marketable securities - Schedul

Marketable securities - Schedule of contractual maturities of short and long term marketable securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities [Abstract]
Due within one year	$ 195,288	$ 101,676
Due after one year through five years	19,451
Total	$ 214,739	$ 101,676

Accrued expenses and other cu_3

Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued expenses and other current liabilities
Accrued external research and development expenses	$ 8,352	$ 9,789
Accrued employee compensation and benefits	2,372	804
Accrued legal and professional fees	264	197
Short-term lease liability and other	493	325
Total accrued expenses and other current liabilities	$ 11,481	$ 11,115

Loan Payable and Warrant Liab_3

Loan Payable and Warrant Liability - Textual (Details)			6 Months Ended
	Mar. 10, 2023 USD ($) shares	Jun. 15, 2022 USD ($) Tranche	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Aug. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Debt Instrument [Line Items]
Proceeds from term loan			$ 15,000,000	$ 10,000,000
Amortization of debt issuance costs and discount			$ 212,000	$ 16,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.0001		$ 0.0001	$ 0.0001
Fair value change in warrant liability			$ 110,000
Hercules Capital, Inc
Debt Instrument [Line Items]
Issued warrants to purchase shares of common stock | shares	9,180
Loan Agreement
Debt Instrument [Line Items]
End of term charge of outstanding principal balance, in percentage		5.85%
Amortization of debt issuance costs and discount		$ 1,463,000
Issued warrants to purchase shares of common stock | shares			36,718
Recognized initial warrants at relative fair value			$ 227,000
Additional remaining warrants were recognized at relative fair value at closing of agreement			41,000
Fair value associated with equity and liability classified warrants			268,000
Warrant liabilities			$ 85,000
Loan Agreement | First Twelve Months After Closing
Debt Instrument [Line Items]
Percentage of prepayment charge of outstanding principal balance		3%
Loan Agreement | Second Twelve Months After Closing
Debt Instrument [Line Items]
Percentage of prepayment charge of outstanding principal balance		2%
Loan Agreement | Thereafter
Debt Instrument [Line Items]
Percentage of prepayment charge of outstanding principal balance		1%
Loan Agreement | Term Loan | Hercules Capital, Inc
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 100,000,000
Number of tranches available for loan | Tranche		4
Proceeds from term loan		$ 10,000,000
Term loan, description			Under the terms of the Loan Agreement, the Company received $10,000 upon closing, $15,000 was borrowed on March 10, 2023 and an additional $10,000 is available to the Company at its sole discretion until December 15, 2023. An additional $20,000 will become available to the Company upon the achievement of certain clinical and financial milestones. An additional $45,000 may become available to the Company at Hercules' sole discretion.
Maturity date		Jan. 01, 2027
Variable annual rate		7.65%
Loan Agreement | Term Loan | Hercules Capital, Inc | Prime Rate
Debt Instrument [Line Items]
Variable annual rate		3.65%
Loan Agreement | Term Loan First Tranche
Debt Instrument [Line Items]
Additional loan advances available			$ 10,000,000
Loan Agreement | Term Loan First Tranche | Hercules Capital, Inc
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 10,000,000
Proceeds from term loan	$ 15,000,000
Loan Agreement | Term Loan Second Tranche | Hercules Capital, Inc
Debt Instrument [Line Items]
Maximum borrowing capacity		20,000,000
Loan Agreement | Term Loan Third Tranche | Hercules Capital, Inc
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 45,000,000
Warrants to Purchase Common Stock | Loan Agreement | Term Loan | Hercules Capital, Inc
Debt Instrument [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 0.0001
Maximum percentage of warrants purchased			1.50%

Loan Payable and Warrant Liab_4

Loan Payable and Warrant Liability - Schedule of Future principal Debt Payments on Loan Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Long-Term Debt, Fiscal Year Maturity [Abstract]
2024	$ 4,237
2025	9,287
2026	10,471
2027	1,005
Total principal outstanding	25,000
End of term charge	1,463
Total principal outstanding and end of term charge	26,463
Unamortized discount and issuance costs	(1,735)
Loan Payable - noncurrent	$ 24,728	$ 9,541

Loan Payable and Warrant Liab_5

Loan Payable and Warrant Liability - Schedule of Assumptions Used to Determine Estimated Fair Value of Warrant Liability (Details)	Jun. 30, 2023
Measurement Input, Expected Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)	6 years
Measurement Input, Price Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of the Warrants, Measurement input	0.7885
Measurement Input, Risk-Free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of the Warrants, Measurement input	0.0405
Measurement Input, Expected Dividend Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of the Warrants, Measurement input	0

Stockholder's equity (deficit_2

Stockholder's equity (deficit) - Common stock (Details)									1 Months Ended		3 Months Ended	6 Months Ended
	May 16, 2023 USD ($) $ / shares shares	Mar. 17, 2023 USD ($)	Sep. 19, 2022 USD ($) $ / shares shares	Jun. 17, 2022 USD ($)	Jun. 15, 2022 $ / shares shares	May 18, 2021 USD ($) shares	Jul. 10, 2020 USD ($) $ / shares shares	Jun. 24, 2019 USD ($) $ / shares shares	May 31, 2023 $ / shares shares	Apr. 30, 2023 $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Vote $ / shares shares	Aug. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares shares	Jun. 18, 2019 shares
Class of Stock [Line Items]
Common stock, shares authorized												150,000,000		150,000,000
Common stock, par value (in dollars per share) | $ / shares												$ 0.0001	$ 0.0001	$ 0.0001
Number of votes per share | Vote												1
Cash dividend declared | $ / shares												$ 0
Cash dividend paid | $ / shares												$ 0
Net proceeds from the sales of common stock in equity offerings | $												$ 818,900,000
Share Issued value under agreement | $											$ 24,647,000
Common stock, shares issued												55,547,959		46,865,206
Common stock, shares outstanding												55,547,959		46,865,206
Common stock were reserved for issuance
Options available for future grant												13,873,827		14,318,383
Jeffries
Class of Stock [Line Items]
Net proceeds from the sales of common stock in equity offerings | $	$ 210,956,000
Offering costs | $	$ 9,061,000
Common stock, shares issued	5,238,500
Sale of stock under agreement	5,238,500
Sale of stock, price per share | $ / shares	$ 42
Options available for future grant
Common stock were reserved for issuance
Options available for future grant												3,471,053		2,038,142
Common stock Available under ATM Offering
Class of Stock [Line Items]
Net proceeds from the sales of common stock in equity offerings | $				$ 24,647,000								$ 123,824,000
Offering costs | $												$ 3,578,000
Sale of stock under agreement									3,006,052	3,006,052
Sale of stock, price per share | $ / shares									$ 42.38	$ 42.38
Common stock were reserved for issuance
Options available for future grant						5,000,000						2,708,234		5,000,000
Common stock Available under ATM Offering | Pfizer Inc
Class of Stock [Line Items]
Sale of stock under agreement					2,525,252
Sale of stock, price per share | $ / shares					$ 9.9
Warrants to Purchase Common Stock
Common stock were reserved for issuance
Options available for future grant												45,898		36,718
Warrants Available for Future Grant
Common stock were reserved for issuance
Options available for future grant												137,700		146,880
2018 Stock option and grant plan
Common stock were reserved for issuance
Options available for future grant												1,283,548		1,633,173	107,635
2019 Stock Option and Incentive plan
Common stock were reserved for issuance
Options available for future grant												4,495,497		4,146,831
2019 Stock Option and Incentive plan | Restricted Stock Units
Common stock were reserved for issuance
Options available for future grant												141,471		129,131
2019 Employee Stock Purchase Plan
Common stock were reserved for issuance
Options available for future grant												1,590,426		1,187,508
Maximum | Common stock Available under ATM Offering
Class of Stock [Line Items]
Share Issued value under agreement | $		$ 200,000				$ 100,000
IPO
Class of Stock [Line Items]
Public offering price | $ / shares								$ 16
Net proceeds from the sales of common stock in equity offerings | $								$ 98,394,000
Offering costs | $								$ 2,942,000
Number of shares converted								21,056,136
Common stock, shares issued								6,612,500
Follow Up Public Offering
Class of Stock [Line Items]
Share Issued under agreement			8,846,154				6,012,390
Public offering price | $ / shares			$ 26				$ 36
Net proceeds from the sales of common stock in equity offerings | $			$ 216,200,000				$ 203,460,000
Offering costs | $			$ 13,800,000
Over allotment | Maximum
Class of Stock [Line Items]
Share Issued under agreement			1,153,846				784,224
Common stock, shares issued								862,500

Stockholder's equity (deficit_3

Stockholder's equity (deficit) - Undesignated preferred stock and Restricted common stock (Details) - Undesignated Preferred Stock	Jun. 30, 2023 $ / shares shares
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Maximum
Class of Stock [Line Items]
Preferred stock, shares authorized	10,000,000

Stockholder's equity (deficit_4

Stockholder's equity (deficit) - Warrants Associated with Loan Agreement (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 15, 2022
Class of Stock [Line Items]
Additional warrants to purchase shares	$ 330,000	$ 330,000	$ 227,000
Hercules Capital Inc and Hercules Private Global Venture Growth Fund I L.P.
Class of Stock [Line Items]
Maximum percentage of warrants purchased		1.50%
Issued warrants to purchase shares of common stock	9,180			36,718

Stock-based awards - Textual (D

Stock-based awards - Textual (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 18, 2019	Jan. 31, 2023	Jan. 31, 2022	Jun. 30, 2019	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Share-based awards
Number of shares remained available for grant					13,873,827		13,873,827		14,318,383
Weighted average grant-date fair value per share of stock options granted					$ 48.4	$ 8.67	$ 47.78	$ 18.1
Stock options granted ( in shares)							411,334
Exercise price							$ 47.78
Stock compensation expense					$ 4,798	$ 4,161	$ 9,642	$ 7,472
Total unrecognized compensation cost related to unvested stock-based awards					41,119		$ 41,119
Weighted average period of recognition for unrecognized compensation cost							2 years 5 months 23 days
Total unrecognized compensation cost related to RSU					$ 6,091		$ 6,091
Performance Shares
Share-based awards
Stock options granted ( in shares)									610,546
Additional stock options granted (in shares)			248,376
Exercise price			$ 21.7							$ 21.1
Options vesting description							One-third of the options were to vest upon achievement of each of the milestones.
Description of milestones achieved and deemed vested							In September 2022, two of the three performance-based awards milestones were achieved and were deemed vested.
Restricted Stock Units
Share-based awards
Weighted average period of recognition for unrecognized compensation cost							3 years 5 months 12 days
RSU granted (shares)							30,363		129,131
Total grant date fair value of RSU									$ 5,546
Weighted average grant-date fair value per share of RSUs granted					$ 49.49	$ 0	$ 49.49	$ 0
Restricted Stock Units | Non Executive Employees
Share-based awards
RSU granted (shares)		30,363
Total grant date fair value of RSU		$ 1,503
2018 Stock option and grant plan
Share-based awards
Number of shares of common stock issued	3,071,960
Number of shares remained available for grant	107,635				1,283,548		1,283,548		1,633,173
2019 Stock option and incentive plan
Share-based awards
Number of shares remained available for grant	107,635
Number of shares initially reserved for issuance				2,572,457
Number of additional shares reserved for issuance		1,874,608	1,396,029
Percent of shares reserved and available for issuance automatically increase annually on January 1				4%
Percentage of exercise price per share of stock options				100%
Percentage of minimum exercise price, holding more than 10% of voting power				110%
Stock options vesting period				4 years
2019 Employee stock purchase plan
Share-based awards
Number of shares initially reserved for issuance	273,869
Number of additional shares reserved for issuance		410,803	349,007
Percent of shares reserved and available for issuance automatically increase annually on January 1				1%
Number of shares reserved and available for issuance automatically increase annually on January 1 (in shares)				410,803
Maximum | 2019 Stock option and incentive plan
Share-based awards
Term of stock option				10 years

Stock-based awards - Stock opti

Stock-based awards - Stock option valuation (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Assumptions to determine grant-date fair value of stock options granted
Expected term (in years)	5 years 7 months 17 days	5 years 9 months	5 years 10 months 17 days	5 years 9 months 7 days
Expected volatility	78.90%	74.24%	78.05%	73.10%
Weighted average risk-free interest rate	3.87%	2.91%	3.85%	1.82%
Expected dividend yield	0%	0%	0%	0%

Stock based awards - Stock opti

Stock based awards - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Number of Options
Balance Outstanding, Beginning of the period (in shares)			5,780,004
Options granted ( in shares)			411,334
Options exercised ( in shares)			(412,293)
Balance Outstanding, End of the period (in shares)	5,779,045		5,779,045		5,780,004
Vested and expected to vest ( in shares)	5,779,045		5,779,045
Exercisable ( in shares)	3,869,960		3,869,960
Weighted-Average Exercise Price per Share
Weighted-average exercise price, Beginning of the period (in dollars per share)			$ 18.88
Weighted-average exercise price, Granted (in dollars per share)			47.78
Weighted-average exercise price, Exercised (in dollars per share)			4.88
Weighted-average exercise price, End of the period (in dollars per share)	$ 21.94		21.94		$ 18.88
Weighted-average exercise price, Vested and expected to vest at end of the period (in dollars per share)	21.94		21.94
Weighted-average exercise price, Exercisable ( in dollars per share )	$ 16.56		$ 16.56
Weighted-Average remaining contractual term (years) and Aggregate Intrinsic Value
Weighted-average remaining contractual term outstanding (in years)			7 years 7 months 2 days		7 years 9 months 18 days
Weighted-average remaining contractual term vested and expected to vest (in years)			7 years 7 months 2 days
Weighted-average remaining contractual term , Options Exercisable(in years)			7 years 3 days
Aggregate Intrinsic Value Balance outstanding	$ 143,893		$ 143,893		$ 207,611
Aggregate Intrinsic Value Vested and Expected to vest	116,658		116,658
Aggregate Intrinsic Value Exercisable	$ 143,893		$ 143,893
Weighted average grant-date fair value per share of stock options granted	$ 48.4	$ 8.67	$ 47.78	$ 18.1

Stock-based awards - Summary of

Stock-based awards - Summary of restricted stock activity (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance Outstanding, Beginning of the period (in shares)	141,471		141,471		129,131
Underlying shares, Granted			30,363		129,131
Underlying shares, vested			(18,023)
Balance Outstanding, End of the period (in shares)	141,471		141,471		129,131
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value per share beginning balance			$ 42.95
Weighted average grant date fair value per share granted	$ 49.49	$ 0	49.49	$ 0
Weighted average grant date fair value per share vested			43.63
Weighted average grant date fair value per share ending balance	$ 44.27		$ 44.27		$ 42.95
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Weighted-Average remaining contractual term (years)			1 year 9 months 18 days		2 years 25 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract]
Aggregate Intrinsic Value (000's)	$ 6,605		$ 6,605		$ 7,076

Stock based awards - Stock-base

Stock based awards - Stock-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-based compensation
Total stock-based compensation expense	$ 4,798	$ 4,161	$ 9,642	$ 7,472
Research and development expense
Stock-based compensation
Total stock-based compensation expense	1,802	1,474	3,499	2,585
General and administrative expense
Stock-based compensation
Total stock-based compensation expense	$ 2,996	$ 2,687	$ 6,143	$ 4,887

Amgen license agreement (Detail

Amgen license agreement (Details) - USD ($)	1 Months Ended		3 Months Ended			6 Months Ended
	Nov. 30, 2018	Jun. 30, 2018	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2019	Jun. 30, 2023	Jun. 30, 2022
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Share Issued value under agreement				$ 24,647,000
Research and development expense			$ 27,985,000	21,363,000		$ 49,772,000	$ 41,877,000
Amgen Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Initial fair value of the anti-dilution right liability	$ 7,404,000
Payment for clinical trail					$ 2,500,000
Obligation for payment in connection with dosing of the first patient					7,500,000
Amgen Agreement | Maximum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Aggregate milestone payments upon the achievement of specified commercial milestones					75,000,000
Payment in connection with dosing of the first patient					$ 30,000,000
Amgen Agreement | Research and development expense
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development expense			$ 0	$ 0		$ 0	$ 0
Amgen Agreement | Amgen
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront payment		$ 5,000,000
Amgen Agreement | Series A Preferred Stock
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Share Issued under agreement	3,205,128
Amgen Agreement | Series A Preferred Stock | Amgen
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Share Issued under agreement		2,653,333
Share Issued value under agreement		$ 1,353,000
Ownership Interest [Member] | Amgen Agreement | Amgen
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Ownership interest of the outstanding shares (as a percent)		10%

Income taxes - Textual (Details

Income taxes - Textual (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Loss Carryforwards [Line Items]
Income tax benefit related to operating losses and research and development tax credits	$ 0	$ 0	$ 0	$ 0

Net loss per share - Basic and

Net loss per share - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss	$ (31,083)	$ (25,831)	$ (27,403)	$ (26,029)	$ (56,914)	$ (53,432)	$ (112,033)	$ (100,777)
Denominator:
Weighted average common shares outstanding, basic	51,867,854		35,383,685		49,419,558	35,195,638
Weighted average common shares outstanding, diluted	51,867,854		35,383,685		49,419,558	35,195,638
Net loss per share, basic	$ (0.6)		$ (0.77)		$ (1.15)	$ (1.52)
Net loss per share, diluted	$ (0.6)		$ (0.77)		$ (1.15)	$ (1.52)

Net loss per share - Anti-Dilut

Net loss per share - Anti-Diluted (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from the calculation of diluted earnings per share, total	6,104,114	5,954,956	6,104,114	5,954,956
Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from the calculation of diluted earnings per share, total	5,779,045	5,771,358	5,779,045	5,771,358
Unvested Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from the calculation of diluted earnings per share, total	141,471		141,471
Warrants to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from the calculation of diluted earnings per share, total	45,898	36,718	45,898	36,718
Warrants Available for Future Grant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from the calculation of diluted earnings per share, total	137,700	146,880	137,700	146,880

Commitments and contingencies_2

Commitments and contingencies (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 10, 2020 ft²	Feb. 29, 2020 USD ($)
Lease agreement term				7 years
Square feet of office | ft²			6,647
Minimum payments during the term				$ 2,300
Non-cancelable purchase and other commitments with contract research organizations and contract manufacturing organizations	$ 21,442
Total lease liability	1,199
Operating lease liability, noncurrent	$ 954	$ 1,079
Accounting Standards Update 2016-13 [Member]
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Operating lease liability, noncurrent, Prepaid Expense and Other Assets, Current
Short-term Liabilities	$ 245

Commitments and contingencies -

Commitments and contingencies - Maturities Of Operating Leases (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2023 (remaining)	$ 163
2024	331
2025	341
2026	351
2027	208
Total future minimum lease payments	1,394
Less imputed interest	(195)
Present value of operating lease liabilities	$ 1,199

Commitments and contingencies_3

Commitments and contingencies - Components of operating lease expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating lease expense:
Total operating lease cost	$ 129	$ 112	$ 270	$ 234
Other information:
Cash paid for amounts included in the measurement of operating lease liability	$ 79	$ 77	$ 159	$ 154
Weighted average remaining lease term	4 years 1 month 6 days	5 years 1 month 6 days	4 years 1 month 6 days	5 years 1 month 6 days
Weighted average discount rate	7.60%	7.60%	7.60%	7.60%
General and administrative expense
Operating lease expense:
Operating lease cost	$ 81	$ 81	$ 162	$ 162
Short-term lease cost	36		89	29
Variable operating lease cost	$ 12	$ 31	$ 19	$ 43