Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 08, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | ERASCA, INC. | |
Entity Central Index Key | 0001761918 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity File Number | 001-40602 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-1217027 | |
Entity Address, Address Line One | 3115 Merryfield Row | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | 858 | |
Local Phone Number | 465-6511 | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 150,756,577 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | ERAS | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 272,756,000 | $ 284,217,000 |
Short-term marketable securities | 116,985,000 | 151,403,000 |
Prepaid expenses and other current assets | 8,142,000 | 8,876,000 |
Total current assets | 397,883,000 | 444,496,000 |
Property and equipment, net | 24,621,000 | 24,815,000 |
Operating lease assets | 39,794,000 | 40,418,000 |
Restricted cash | 408,000 | 408,000 |
Other assets | 4,836,000 | 4,772,000 |
Total assets | 467,542,000 | 514,909,000 |
Current liabilities: | ||
Accounts payable | 3,353,000 | 23,049,000 |
Accrued expenses and other current liabilities | 19,052,000 | 24,336,000 |
Operating lease liabilities | 3,118,000 | 1,305,000 |
Total current liabilities | 25,523,000 | 48,690,000 |
Operating lease liabilities, net of current portion | 54,937,000 | 53,793,000 |
Other liabilities | 630,000 | 573,000 |
Total liabilities | 81,090,000 | 103,056,000 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 80,000,000 shares authorized at March 31, 2023 and December 31, 2022; no shares issued and outstanding at March 31, 2023 and December 31, 2022 | ||
Common stock, $0.0001 par value; 800,000,000 shares authorized at March 31, 2023 and December 31, 2022; 150,647,707 and 150,448,363 shares issued at March 31, 2023 and December 31, 2022, respectively; 149,699,528 and 149,333,258 shares outstanding at March 31, 2023 and December 31, 2022, respectively | 15,000 | 15,000 |
Additional paid-in capital | 901,121,000 | 893,850,000 |
Accumulated other comprehensive loss | (514,000) | (1,041,000) |
Accumulated deficit | (514,170,000) | (480,971,000) |
Total stockholders' equity | 386,452,000 | 411,853,000 |
Total liabilities and stockholders' equity | $ 467,542,000 | $ 514,909,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 80,000,000 | 80,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 150,647,707 | 150,448,363 |
Common stock, shares outstanding | 149,699,528 | 149,333,258 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating expenses: | ||
Research and development | $ 27,585 | $ 27,429 |
In-process research and development | 2,000 | |
General and administrative | 9,440 | 7,076 |
Total operating expenses | 37,025 | 36,505 |
Loss from operations | (37,025) | (36,505) |
Other income (expense) | ||
Interest income | 3,877 | 114 |
Other expense | (51) | (67) |
Total other income (expense), net | 3,826 | 47 |
Net loss | $ (33,199) | $ (36,458) |
Net loss per share, basic | $ (0.22) | $ (0.31) |
Net loss per share, diluted | $ (0.22) | $ (0.31) |
Weighted-average shares of common stock used in computing net loss per share, basic | 149,504,216 | 119,491,433 |
Weighted-average shares of common stock used in computing net loss per share, diluted | 149,504,216 | 119,491,433 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on marketable securities, net | $ 527 | $ (789) |
Comprehensive loss | $ (32,672) | $ (37,247) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance, shares at Dec. 31, 2021 | 121,382,547 | ||||
Beginning balance at Dec. 31, 2021 | $ 456,528 | $ 12 | $ 694,844 | $ (162) | $ (238,166) |
Exercise of stock options, shares | 357,244 | ||||
Exercise of stock options | 460 | 460 | |||
Vesting of early exercised stock options | 479 | 479 | |||
Repurchases of restricted stock | (6,945) | ||||
Stock-based compensation expense | 4,442 | 4,442 | |||
Net loss | (36,458) | (36,458) | |||
Unrealized gain (loss) on marketable securities, net | (789) | (789) | |||
Ending balance, shares at Mar. 31, 2022 | 121,732,846 | ||||
Ending balance at Mar. 31, 2022 | $ 424,662 | $ 12 | 700,225 | (951) | (274,624) |
Beginning balance, shares at Dec. 31, 2022 | 150,448,363 | 150,448,363 | |||
Beginning balance at Dec. 31, 2022 | $ 411,853 | $ 15 | 893,850 | (1,041) | (480,971) |
Exercise of stock options, shares | 199,344 | ||||
Exercise of stock options | 183 | 183 | |||
Vesting of early exercised stock options | 243 | 243 | |||
Stock-based compensation expense | 6,845 | 6,845 | |||
Net loss | (33,199) | (33,199) | |||
Unrealized gain (loss) on marketable securities, net | $ 527 | 527 | |||
Ending balance, shares at Mar. 31, 2023 | 150,647,707 | 150,647,707 | |||
Ending balance at Mar. 31, 2023 | $ 386,452 | $ 15 | $ 901,121 | $ (514) | $ (514,170) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Cash flows from operating activities: | |||
Net loss | $ (33,199,000) | $ (36,458,000) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 894,000 | 403,000 | |
Stock-based compensation expense | 6,845,000 | 4,442,000 | |
In-process research and development expenses | 2,000,000 | ||
(Accretion) amortization on marketable securities, net | (975,000) | 17,000 | |
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current and long-term assets | 670,000 | (5,515,000) | |
Accounts payable | 446,000 | 1,898,000 | |
Accrued expenses and other current and long-term liabilities | (4,363,000) | (3,656,000) | |
Operating lease assets and liabilities, net | 3,324,000 | 11,063,000 | |
Net cash used in operating activities | (26,358,000) | (25,806,000) | |
Cash flows from investing activities: | |||
Purchases of marketable securities | (24,280,000) | (9,758,000) | |
Maturities of marketable securities | 60,200,000 | 19,300,000 | |
In-process research and development | (20,000,000) | (2,000,000) | |
Payment made for investment in equity securities | (2,000,000) | ||
Purchases of property and equipment | (1,206,000) | (7,336,000) | |
Net cash provided by (used in) investing activities | 14,714,000 | (1,794,000) | |
Cash flows from financing activities: | |||
Proceeds from the exercise of stock options | 183,000 | 460,000 | |
Net cash provided by financing activities | 183,000 | 460,000 | |
Net decrease in cash, cash equivalents and restricted cash | (11,461,000) | (27,140,000) | |
Cash, cash equivalents and restricted cash at beginning of the period | 284,625,000 | 360,895,000 | $ 360,895,000 |
Cash, cash equivalents and restricted cash at end of the period | 273,164,000 | 333,755,000 | $ 284,625,000 |
Supplemental disclosure of noncash investing and financing activities: | |||
Amounts accrued for purchases of property and equipment | 38,000 | 1,324,000 | |
Vesting of early exercised options | $ 243,000 | $ 479,000 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1. Organization and basis of presentation Organization and nature of operations Erasca, Inc. (Erasca or the Company) is a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for RAS/MAPK pathway-driven cancers. The Company has assembled a wholly-owned or controlled RAS/MAPK pathway-focused pipeline including 12 disclosed modality-agnostic programs aligned with its three therapeutic strategies of: (i) targeting key upstream and downstream signaling nodes in the RAS/MAPK pathway; (ii) targeting RAS directly; and (iii) targeting escape routes that emerge in response to treatment. The Company was incorporated under the laws of the State of Delaware on July 2, 2018, as Erasca, Inc., and is headquartered in San Diego, California. In September 2020, the Company established a wholly-owned Australian subsidiary, Erasca Australia Pty Ltd (Erasca Australia), in order to conduct clinical activities in Australia for its development candidates. In November 2020, the Company entered into an agreement and plan of merger with Asana BioSciences, LLC (Asana) and ASN Product Development, Inc. (ASN) (the Asana Merger Agreement), pursuant to which ASN became the Company's wholly-owned subsidiary. In March 2021, the Company established a wholly-owned subsidiary, Erasca Ventures, LLC (Erasca Ventures), to make equity investments in early-stage biotechnology companies that are aligned with the Company’s mission and strategy. Since inception, the Company has devoted substantially all of its efforts and resources to organizing and staffing the Company, business planning, raising capital, identifying, acquiring and in-licensing the Company’s product candidates, establishing its intellectual property portfolio, conducting research, preclinical studies, and clinical trials, establishing arrangements with third parties for the manufacture of its product candidates and related raw materials, and providing general and administrative support for these operations. As of March 31, 2023, the Company had $ 389.7 million in cash, cash equivalents, and short-term marketable securities. As of March 31, 2023, the Company had an accumulated deficit of $ 514.2 million. The Company has incurred significant operating losses and negative cash flows from operations. From its inception through March 31, 2023, the Company’s financial support has primarily been provided from the sale of its convertible preferred stock and the sale of its common stock in its initial public offering (IPO) and underwritten offering (2022 Offering). As the Company continues its expansion, it expects to use its cash, cash equivalents, and short-term marketable securities to fund research and development, working capital, and other general corporate purposes. The Company does not expect to generate any revenues from product sales unless and until the Company successfully completes development and obtains regulatory approval for any of its product candidates, which will not be for at least the next several years, if ever. Accordingly, until such time as the Company can generate significant revenue from sales of its product candidates, if ever, the Company expects to finance its cash needs through equity offerings, debt financings, or other capital sources, including potential collaborations, licenses or other similar arrangements. However, the Company may not be able to secure additional financing or enter into such other arrangements in a timely manner or on favorable terms, if at all. The Company’s failure to raise capital or enter into such other arrangements when needed would have a negative impact on the Company’s financial condition and could force the Company to delay, limit, reduce or terminate its research and development programs or other operations, or grant rights to develop and market product candidates that the Company would otherwise prefer to develop and market itself. The Company believes its cash, cash equivalents, and short-term marketable securities as of March 31, 2023 will be sufficient for the Company to fund operations for at least one year from the issuance date of these condensed consolidated financial statements. Underwritten offering In December 2022, the Company completed the 2022 Offering pursuant to which the Company issued and sold 15,384,616 shares of its common stock at a price to the public of $ 6.50 per share. Proceeds from the offering were $ 94.9 million, net of underwriting discounts and commissions and offering costs of $ 5.1 million. Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with US generally accepted accounting principles (US GAAP) for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. Any reference in these notes to applicable guidance is meant to refer to US GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB). The Company’s condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Erasca Australia, ASN, and Erasca Ventures. All intercompany balances and transactions have been eliminated. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of significant accounting policies Use of estimates The preparation of the Company’s condensed consolidated financial statements in conformity with US GAAP requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities, expenses, and the disclosure of contingent assets and liabilities in the condensed consolidated financial statements and accompanying notes. Accounting estimates and management judgments reflected in the condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses, fair value of common stock, stock-based compensation expense, and the incremental borrowing rate for determining the operating lease asset and liability. Management evaluates its estimates on an ongoing basis. Although estimates are based on the Company’s historical experience, knowledge of current events, and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Unaudited interim financial information The accompanying condensed consolidated balance sheet as of March 31, 2023, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2023 and 2022, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2023 and 2022 and the condensed consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 are unaudited. The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s condensed consolidated financial position as of March 31, 2023 and the condensed consolidated results of its operations and cash flows for the three months ended March 31, 2023 and 2022. The condensed consolidated financial data and other information disclosed in these notes related to the three months ended March 31, 2023 and 2022 are unaudited. The condensed consolidated results for the three months ended March 31, 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. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 23, 2023 . Concentration of credit risk and off-balance sheet risk Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company’s investment policy includes guidelines for the quality of the related institutions and financial instruments and defines allowable investments that the Company may invest in, which the Company believes minimizes the exposure to concentration of credit risk. Cash, cash equivalents and restricted cash Cash and cash equivalents include cash in readily available checking and savings accounts, money market funds, and US treasury securities. The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. The Company had deposited cash of $ 408,000 as of March 31, 2023 and December 31, 2022 to secure a letter of credit in connection with the lease of the Company’s facilities (see Note 10). The Company has classified the restricted cash as a noncurrent asset on its condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands): March 31, 2023 2022 Cash and cash equivalents $ 272,756 $ 333,347 Restricted cash 408 408 Total cash, cash equivalents and restricted cash $ 273,164 $ 333,755 Marketable securities and investments The Company classifies all marketable securities as available-for-sale, as the sale of such securities may be required prior to maturity. Management determines the appropriate classification of its marketable securities at the time of purchase. Marketable securities with original maturities beyond three months at the date of purchase and which mature at, or less than 12 months from, the balance sheet date are classified as short-term marketable securities. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported as accumulated other comprehensive income (loss) until realized. The amortized cost of available-for-sale debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. The Company regularly reviews all of its marketable securities for declines in fair value. The review includes the consideration of the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity of the unrealized loss(es), whether the Company has the intent to sell the securities and whether it is more likely than not that the Company will be required to sell the securities before the recovery of their amortized cost basis. If the decline in fair value is due to credit-related factors, a loss is recognized in net income; whereas, if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive income (loss). Realized gains and losses on available-for-sale securities are included in other income or expense. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. Through its wholly-owned subsidiary, Erasca Ventures, the Company has also invested in equity securities of a company whose securities are not publicly traded and whose fair value is not readily available (see Notes 3 and 15). This investment is recorded using cost minus impairment, plus or minus changes in its estimated fair value resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Investments in equity securities without readily determinable fair values are assessed for potential impairment on a quarterly basis based on qualitative factors. This investment is included in other assets in the Company's condensed consolidated balance sheets. Fair value measurements Certain assets and liabilities are carried at fair value under US GAAP. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Financial assets and liabilities carried at fair value are 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—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Recently issued accounting pronouncements not yet adopted From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act) and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company can adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Note 3. Fair value measurements The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands): Fair value measurements as of March 31, 2023 using Quoted prices in Significant Significant active markets other unobservable March 31, for identical observable inputs 2023 assets (level 1) inputs (level 2) (level 3) Assets: Money market funds (1) $ 260,436 $ 260,436 $ — $ — US treasury securities (1) 1,999 1,999 — — US treasury securities (2) 88,892 88,892 — — US government agency securities (2) 9,538 — 9,538 — Corporate debt securities (2) 3,306 — 3,306 — Commercial paper (2) 14,603 — 14,603 — Supranational debt securities (2) 646 — 646 — Total fair value of assets $ 379,420 $ 351,327 $ 28,093 $ — (1) Included as cash and cash equivalents on the condensed consolidated balance sheets. (2) Included as short-term marketable securities on the condensed consolidated balance sheets. Fair value measurements as of December 31, 2022 using Quoted prices in Significant Significant active markets other unobservable December 31, for identical observable inputs 2022 assets (level 1) inputs (level 2) (level 3) Assets: Money market funds (1) $ 255,080 $ 255,080 $ — $ — US treasury securities (2) 127,476 127,476 — — US government agency securities (2) 1,468 — 1,468 Corporate debt securities (2) 3,301 — 3,301 — Commercial paper (2) 18,519 — 18,519 — Supranational debt securities (2) 639 — 639 — Total fair value of assets $ 406,483 $ 382,556 $ 23,927 $ — (1) Included as cash and cash equivalents on the condensed consolidated balance sheets. (2) Included as short-term marketable securities on the condensed consolidated balance sheets. The carrying amounts of the Company’s financial instruments, including cash, prepaid expenses and other current assets, accounts payable, and accrued expenses and other current liabilities, approximate fair value due to their short maturities. As of March 31, 2023 and December 31, 2022 , the Company held a $ 2.0 million equity investment in Affini-T Therapeutics, Inc. (Affini-T) at cost. No adjustments have been made to the value of the Company’s investment in Affini-T since its initial measurement either due to impairment or based on observable price changes. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. Cash equivalents consist of money market funds and US treasury securities and short-term marketable securities consist of US treasury securities, US government agency securities, corporate debt securities, commercial paper, and supranational debt securities. The Company obtains pricing information from its investment manager and generally determines the fair value of marketable securities usi ng standard observable inputs, including reported trades, broker/dealer quotes, and bid and/or offers. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Note 4. Marketable securities The following tables summarize the Company’s marketable securities accounted for as available-for-sale securities (in thousands, except years): March 31, 2023 Maturity Amortized Unrealized Unrealized Estimated (in years) cost gains losses fair value US treasury securities 1 or less $ 89,411 $ 13 $ ( 532 ) $ 88,892 US government agency securities 1 or less 9,525 13 — 9,538 Corporate debt securities 1 or less 3,308 1 ( 3 ) 3,306 Commercial paper 1 or less 14,607 1 ( 5 ) 14,603 Supranational debt securities 1 or less 648 — ( 2 ) 646 Total $ 117,499 $ 28 $ ( 542 ) $ 116,985 December 31, 2022 Maturity Amortized Unrealized Unrealized Estimated (in years) cost gains losses fair value US treasury securities 1 or less $ 128,504 $ 5 $ ( 1,033 ) $ 127,476 US government agency securities 1 or less 1,467 1 — 1,468 Corporate debt securities 1 or less 3,309 — ( 8 ) 3,301 Commercial paper 1 or less 18,519 — — 18,519 Supranational debt securities 1 or less 645 — ( 6 ) 639 Total $ 152,444 $ 6 $ ( 1,047 ) $ 151,403 The following tables present fair values and gross unrealized losses for those available-for-sale securities that were in an unrealized loss position as of March 31, 2023 and December 31, 2022, aggregated by category and the length of time that the securities have been in a continuous loss position (in thousands): March 31, 2023 Unrealized losses less than 12 months Unrealized losses 12 months or greater Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses US treasury securities $ 37,143 $ ( 48 ) $ 29,483 $ ( 484 ) $ 66,626 $ ( 532 ) Corporate debt securities 2,567 ( 3 ) — — 2,567 ( 3 ) Commercial paper 9,389 ( 5 ) — — 9,389 ( 5 ) Supranational debt securities 646 ( 2 ) — — 646 ( 2 ) Total $ 49,745 $ ( 58 ) $ 29,483 $ ( 484 ) $ 79,228 $ ( 542 ) December 31, 2022 Unrealized losses less than 12 months Unrealized losses 12 months or greater Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses US treasury securities $ 60,652 $ ( 129 ) $ 44,048 $ ( 904 ) $ 104,700 $ ( 1,033 ) Corporate debt securities 2,560 ( 8 ) — — 2,560 ( 8 ) Supranational debt securities 639 ( 6 ) — — 639 ( 6 ) Total $ 63,851 $ ( 143 ) $ 44,048 $ ( 904 ) $ 107,899 $ ( 1,047 ) As of March 31, 2023, there were 34 available-for-sale securities with an estimated fair value of $ 79.2 million in gross unrealized loss positions, of which 6 available-for-sale securities with an estimated fair value of $ 29.5 million were in an unrealized loss position for more than 12 mont hs. As of December 31, 2022 , there were 35 available-for-sale securities with an estimated fair value of $ 107.9 million in gross unrealized loss positions , of which 10 available-for-sale securities with an estimated fair value of $ 44.0 million were in an unrealized loss position for more than 12 months. As of March 31, 2023 and December 31, 2022, unrealized losses on available-for-sale securities are not attributed to credit risk. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s available-for-sale securities are due to market factors and interest rate increases. Additionally, the Company does not intend to sell the securities nor is it more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis. Accrued interest on the Company’s available-for-sale securities was $ 1.0 million and $ 748,000 as of March 31, 2023 and December 31, 2022 , respectively, and was included in prepaid expenses and other current assets on the condensed consolidated balance sheets. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Note 5. Property and equipment, net Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2023 2022 Laboratory equipment $ 5,205 $ 4,815 Furniture and fixtures 4,099 4,104 Leasehold improvements 18,100 17,837 Computer equipment and software 1,611 1,559 Property and equipment 29,015 28,315 Less accumulated depreciation and amortization ( 4,394 ) ( 3,500 ) Property and equipment, net $ 24,621 $ 24,815 Depreciation and amortization expense related to property and equipment was $ 894,000 and $ 403,000 for the three months ended March 31, 2023 and 2022 , respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Note 6. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, 2023 2022 Accrued research and development expenses $ 11,491 $ 11,523 Accrued compensation 5,568 9,395 Unvested early exercised stock option liability 1,452 1,690 Accrued professional services 342 873 Accrued property and equipment 17 638 Other accruals 182 217 Total $ 19,052 $ 24,336 |
Asset Acquisitions
Asset Acquisitions | 3 Months Ended |
Mar. 31, 2023 | |
Asset Acquisition [Abstract] | |
Asset Acquisitions | Note 7. Asset acquisitions The following purchased assets were accounted for as asset acquisitions as substantially all of the fair value of the assets acquired were concentrated in a group of similar assets, and the acquired assets did not have outputs or employees. Because the assets had not yet received regulatory approval, the fair value attributable to these assets was recorded as in-process research and development expenses in the Company’s condensed consolidated statements of operations and comprehensive loss. Asana BioSciences, LLC In November 2020, the Company entered into the Asana Merger Agreement, pursuant to which ASN became its wholly-owned subsidiary. Asana and ASN had previously entered into a license agreement, which was amended and restated prior to the closing of the merger transaction (the Asana License Agreement, and collectively with the Asana Merger Agreement, the Asana Agreements), pursuant to which ASN acquired an exclusive, worldwide license to certain intellectual property rights relating to inhibitors of ERK1 and ERK2 owned or controlled by Asana to develop and commercialize ERAS-007 and certain other related compounds for all applications. Under the Asana Merger Agreement, in 2020, the Company made an upfront payment of $ 20.0 million and issued 4,000,000 shares of its Series B-2 convertible preferred stock to Asana at a value of $ 7.50 per share or a total fair value of equity of $ 30.0 million. In connection with the Company's IPO, these shares of Series B-2 convertible preferred stock were converted into 3,333,333 shares of the Company’s common stock. The Company is obligated to make future development and regulatory milestone cash payments for a licensed product in an amount of up to $ 90.0 million. Additionally, upon achieving a development milestone related to demonstration of successful proof-of-concept in a specified clinical trial, the Company will also be required to issue 3,888,889 shares of its common stock to Asana. The Company is not obligated to pay royalties on the net sales of licensed products. No IPR&D expense was recorded during the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022 , no milestones had been accrued as the underlying contingencies were not probable or estimable. Emerge Life Sciences, Pte. Ltd. In March 2021, the Company entered into an asset purchase agreement (ELS Purchase Agreement) with Emerge Life Sciences, Pte. Ltd. (ELS) wherein it purchased all rights, title, and interest (including all patent and other intellectual property rights) to EGFR antibodies directed against the EGFR domain II (EGFR-D2) and domain III (EGFR-D3) as well as a bispecific antibody where one arm is directed against EGFR-D2 and the other is directed against EGFR-D3 (the Antibodies). Under the terms of the ELS Purchase Agreement, in 2021, the Company made an upfront payment of $ 2.0 million and issued to ELS 500,000 shares of the Company’s common stock at a value of $ 3.36 per share or a total fair value of equity of $ 1.7 million. No IPR&D expense was recorded during the three months ended March 31, 2023 and 2022 . |
License Agreements
License Agreements | 3 Months Ended |
Mar. 31, 2023 | |
License Agreements [Abstract] | |
License Agreements | Note 8. License agreements Novartis Pharma AG In December 2022, the Company entered into an exclusive license agreement (the Novartis Agreement) with Novartis Pharma AG (Novartis) under which the Company was granted an exclusive, worldwide, royalty-bearing license to certain patent and other intellectual property rights owned or controlled by Novartis to develop, manufacture, use, and commercialize naporafenib in all fields of use. The Company has the right to sublicense (through multiple tiers) its rights under the Novartis Agreement, subject to certain limitations and conditions, and is required to use commercially reasonable efforts to commercialize licensed products in certain geographical markets. The license granted under the Novartis Agreement is subject to Novartis’ reserved right to: (i) develop, manufacture, use, and commercialize compounds unrelated to naporafenib under the licensed patent rights and know-how, (ii) use the licensed patent rights and know-how for non-clinical research purposes, and (iii) use the licensed patent rights and know-how to the extent necessary to perform ongoing clinical trials and perform its obligations under existing contracts and under the Novartis Agreement. Under the Novartis Agreement, the Company made an upfront cash payment to Novartis of $ 20.0 million and issued to Novartis 12,307,692 shares of common stock of the Company having an aggregate value of approximately $ 80.0 million. The Company is obligated to make future regulatory milestone payments of up to $ 80.0 million and sales milestone payments of up to $ 200.0 million. The Company is also obligated to pay royalties on net sales of all licensed products, in the low-single digit percentages, subject to certain reductions. The Company recorded $ 100.0 million in IPR&D expense during the year ended December 31, 2022 in connection with the Novartis Agreement. As of March 31, 2023 and December 31, 2022 , the Company had recorded $ 0 and $ 20.0 million in accounts payable on the condensed consolidated balance sheets related to the upfront cash payment, respectively. As of March 31, 2023 and December 31, 2022 , no milestones are accrued as the underlying contingencies are not probable or estimable. The Novartis Agreement will expire upon the last to expire royalty term, which is determined on a licensed product-by-licensed product and country-by-country basis, and is the later of: (i) ten years from the date of first commercial sale for the licensed product in such country, (ii) the last to expire valid claim within the licensed patent rights covering such licensed product, or (iii) the expiration of all regulatory exclusivity for the licensed product in such country. Upon expiration of the Novartis Agreement, on a licensed product-by-licensed product and country-by-country basis, the Company will have a fully paid-up, perpetual, and irrevocable license to develop, manufacture, use, and commercialize the licensed products. The Novartis Agreement may be terminated in its entirety by either party in the event of an uncured material breach by the other party. Novartis may terminate the Novartis Agreement upon written notice in the event the Company becomes subject to specified bankruptcy, insolvency, or similar circumstances. The Company may terminate the Novartis Agreement in its entirety at any time upon the provision of prior written notice to Novartis. Upon termination of the Novartis Agreement for any reason, all rights and licenses granted to the Company will terminate. In addition, upon termination of the Novartis Agreement for any reason other than its natural expiration, Novartis has an option to negotiate a license under any patent rights, know-how, or other intellectual property rights relating to the licensed products that are owned or controlled by the Company for the purpose of developing, manufacturing and commercializing the licensed products on terms to be negotiated between the parties. NiKang Therapeutics, Inc. In February 2020, the Company entered into a license agreement (the NiKang Agreement) with NiKang Therapeutics, Inc. (NiKang) under which the Company was granted an exclusive, worldwide license to certain intellectual property rights owned or controlled by NiKang related to certain SHP2 inhibitors to develop and commercialize ERAS-601 and certain other related compounds for all applications. Under the NiKang Agreement, in 2020, the Company made an upfront payment of $ 5.0 million to NiKang and reimbursed NiKang $ 0.4 million for certain initial manufacturing costs. In addition, the Company paid $ 7.0 million in 2020 related to the publication of a US patent application that covered the composition of matter of ERAS-601. The Company is also obligated to pay (i) development and regulatory milestone payments in an aggregate amount of up to $ 16.0 million for the first licensed product, of which $ 4.0 million was paid in January 2021, and $ 12.0 million for a second licensed product, and (ii) commercial milestone payments in an aggregate amount of up to $ 157.0 million for the first licensed product and $ 151.0 million for a second licensed product. The Company is also obligated to: (i) pay tiered royalties on net sales of all licensed products in the mid-single digit percentages, subject to certain reductions; and (ii) equally split all net sublicensing revenues earned under sublicense agreements that the Company enters into with any third party before commencement of the first Phase I clinical trial for a licensed product. No IPR&D expense was recorded during the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022 , no milestones are accrued as the underlying contingencies are not probable or estimable. Katmai Pharmaceuticals, Inc. In March 2020, the Company entered into a license agreement (the Katmai Agreement) with Katmai Pharmaceuticals, Inc. (Katmai) under which the Company was granted an exclusive, worldwide, royalty-bearing license to certain patent rights and know-how controlled by Katmai related to the development of small molecule therapeutic and diagnostic products that modulate EGFR and enable the identification, diagnosis, selection, treatment, and/or monitoring of patients for neuro-oncological applications to develop, manufacture, use, and commercialize ERAS-801 and certain other related compounds in all fields of use. Under the Katmai Agreement, the Company made an upfront payment of $ 5.7 million and Katmai agreed to purchase shares of the Company’s Series B-1 convertible preferred stock and Series B-2 convertible preferred stock having an aggregate value of $ 2.7 million. In April 2020, Katmai purchased 356,000 shares of the Company’s Series B-1 convertible preferred stock for $ 1.8 million, and in January 2021, Katmai purchased 118,666 shares of the Company’s Series B-2 convertible preferred stock for $ 0.9 million. In connection with the Company's IPO, these shares of Series B-1 convertible preferred stock and Series B-2 convertible preferred stock were converted into 395,555 shares of the Company's common stock, in the aggregate. The Company is obligated to make future development and regulatory milestone payments of up to $ 26.0 million, of which $ 2.0 million was paid in March 2022, and commercial milestone payments of up to $ 101.0 million. The Company is also obligated to pay tiered royalties on net sales of each licensed product, at rates ranging from the mid- to high-single digit percentages, subject to a minimum annual royalty payment in the low six figures and certain permitted deductions. No IPR&D expense was recorded during the three months ended March 31, 2023 . The Company recorded IPR&D expense of $ 2.0 million in connection with a development milestone payment made during the three months ended March 31, 2022. As of March 31, 2023 and December 31, 2022 , no milestones are accrued as the underlying contingencies are not probable or estimable. LifeArc In April 2020, the Company entered into a license agreement with LifeArc (the LifeArc Agreement) under which the Company was granted an exclusive, worldwide license to certain materials, know-how, and intellectual property rights owned or controlled by LifeArc to develop, manufacture, use, and commercialize certain ULK inhibitors for all applications. Under the LifeArc Agreement, the Company was granted the license at no upfront cost and a period of three months after the effective date to conduct experiments on LifeArc’s compounds. Upon completion of this initial testing period, the Company had the option to continue the license and make a one-time license payment of $ 75,000 to LifeArc, which payment was subsequently made in 2020. The Company is obligated to make future development milestone payments for a licensed product of up to $ 11.0 million and sales milestone payments of up to $ 50.0 million. The Company is also obligated to pay royalties on net sales of all licensed products, in the low-single digit percentages, subject to certain reductions. No IPR&D expense was recorded during the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022 , no milestones are accrued as the underlying contingencies are not probable or estimable. University of California, San Francisco In December 2018, the Company entered into a license agreement, as amended (the UCSF Agreement), with The Regents of the University of California, San Francisco (the Regents), under which the Company was granted an exclusive, worldwide, royalty-bearing license under certain patent rights claiming novel covalent inhibitors of GTP- and GDP-bound RAS for the development and commercialization of products covered by such patent rights for the prevention, treatment and amelioration of human cancers and other diseases and conditions. The UCSF Agreement was amended in May 2021. Under the UCSF Agreement, the Company made upfront payments of $ 50,000 to the Regents and pays the Regents an annual license maintenance fee during the term of the license, but such fee will not be due on any anniversary if, on that date, the Company is making royalty payments to the Regents. The Company is obligated to make future development and regulatory milestone payments of up to $ 6.4 million and a sales milestone payment of $ 2.0 million for either of the first two licensed products. The Company is also obligated to pay royalties on net sales of all licensed products in the low-single digit percentages, subject to a minimum annual royalty payment in the low six figures, commencing on the year of the first sale of a licensed product and continuing, on a licensed product-by-licensed product and country-by-country basis, until there are no valid claims of the licensed patent rights covering the licensed product in such country. Additionally, the Company is obligated to pay tiered sublicensing fees, with the first two tiers in the low-to-mid teen percentages and the third tier at 30 %, on certain fees the Company receives from any sublicense that the Company grants, depending on the stage of development of a licensed product when such sublicense is granted. Prior to the execution of the amendment, the Company was obligated to make a cash payment to the Regents in the event of the Company’s initial public offering, a change of control transaction or a reverse merger (the Corporate Milestone). In the amendment, the amount of the cash payment payable upon the Company’s achievement of a Corporate Milestone was reduced and the Company agreed to issue the Regents 944,945 shares of the Company’s common stock, which issuance was not contingent upon the achievement of a Corporate Milestone and occurred in May 2021. In August 2021, following the achievement of the Corporate Milestone, the Company made a cash payment to the Regents in the amount of $ 1.7 million. No IPR&D expense was recorded during the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022 , no milestones are accrued as the underlying contingencies are not probable or estimable. |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Note 9. Stock-based compensation In July 2021, the Company’s board of directors adopted and the Company’s stockholders approved the Company’s 2021 Incentive Award Plan (the 2021 Plan), which became effective in connection with the IPO. Upon the adoption of the 2021 Plan, the Company ceased making equity grants under its 2018 Equity Incentive Plan (the 2018 Plan). Under the 2021 Plan, the Company may grant stock options, restricted stock, restricted stock units, stock appreciation rights, and other stock or cash-based awards to individuals who are then employees, officers, directors or non-entity consultants of the Company. A total of 15,150,000 shares of common stock were initially reserved for issuance under the 2021 Plan. In addition, the number of shares of common stock available for issuance under the 2021 Plan may be increased annually on the first day of each calendar year during the term of the 2021 Plan, beginning in 2022, by an amount equal to the lesser of (i) 5 % of the shares of common stock outstanding on the final day of the immediately preceding calendar year or (ii) such smaller number of shares as determined by the Company’s board of directors or an authorized committee of the board of directors. As of March 31, 2023, there were 14,846,946 stock-based awards available for future grant under the 2021 Plan. Subsequent to July 2021, no further awards will be granted under the 2018 Plan and all future stock-based awards will be granted under the 2021 Plan. To the extent outstanding options or restricted stock granted under the 2018 Plan are cancelled, forfeited, repurchased, or otherwise terminated without being exercised or becoming vested, and would otherwise have been returned to the share reserve under the 2018 Plan, the number of shares underlying such awards will be available for future grant under the 2021 Plan. Options granted are exercisable at various dates as determined upon grant and will expire no more than ten years from their date of grant. Stock options generally vest over a four-year term. The exercise price of each option shall be determined by the Company’s board of directors based on the estimated fair value of the Company’s stock on the date of the option grant. The exercise price shall not be less than 100 % of the fair market value of the Company’s common stock at the time the option is granted. For holders of more than 10% of the Company’s total combined voting power of all classes of stock, incentive stock options may not be granted at less than 110 % of the fair market value of the Company’s common stock on the date of grant and for a term that exceeds five years . Early exercise is permitted for certain grants under the 2018 Plan. Stock options A summary of the Company’s stock option activity under the 2021 Plan and 2018 Plan is as follows (in thousands, except share and per share data and years): Weighted- Weighted- average remaining Aggregate average contractual intrinsic Shares exercise price term (years) value Outstanding at December 31, 2022 17,393,396 $ 5.84 8.20 $ 18,295 Granted 9,025,337 4.00 Exercised ( 199,344 ) 0.92 Canceled ( 327,118 ) 5.48 Outstanding at March 31, 2023 25,892,271 $ 5.24 8.61 $ 8,752 Options exercisable at March 31, 2023 8,166,304 $ 4.45 7.54 $ 6,553 The weighted-average grant date fair value of options granted for the three months ended March 31, 2023 and 2022 was $ 2.94 and $ 8.36 , respectively. As of March 31, 2023, the unrecognized compensation cost related to unvested stock option grants was $ 72.0 million and is expected to be recognized as expense over approximately 2.87 years. The intrinsic value of the options exercised for the three months ended March 31, 2023 and 2022 was $ 517,000 and $ 3.4 million, respectively. Prior to the IPO, certain individuals were granted the ability to early exercise their stock options. The shares of common stock issued from the early exercise of unvested stock options are restricted and continue to vest in accordance with the original vesting schedule. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees and non-employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest. The cash received in exchange for exercised and unvested shares related to stock options granted is recorded as a liability for the early exercise of stock options on the accompanying condensed consolidated balance sheets and will be transferred into common stock and additional paid-in capital as the shares vest. As of March 31, 2023 and December 31, 2022, there were 948,179 shares and 1,115,105 shares subject to repurchase by the Company, respectively. As of March 31, 2023 and December 31, 2022, the Company recorded $ 1.5 million and $ 1.7 million of liabilities associated with shares issued with repurchase rights, respectively, which is recorded in accrued expenses and other current liabilities. The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants were as follows: Three Months Ended March 31, 2023 2022 Risk-free interest rate 3.46 %- 4.22 % 1.46 %- 1.74 % Expected volatility 85.52 %- 85.81 % 85.86 %- 85.99 % Expected term (in years) 6.02 - 6.07 5.99 - 6.08 Expected dividend yield - -% - -% Employee stock purchase plan In July 2021, the Company’s board of directors adopted and the Company’s stockholders approved the Company's 2021 Employee Stock Purchase Plan (the ESPP), which became effective in connection with the IPO. The ESPP permits participants to contribute up to a specified percentage of their eligible compensation during a series of offering periods of 24 months , each comprised of four six-month purchase periods, to purchase the Company’s common stock. The purchase price of the shares will be 85 % of the fair market value of the Company’s common stock on the first day of trading of the applicable offering period or on the applicable purchase date, whichever is lower. A total of 1,260,000 shares of common stock was initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP may be increased annually on the first day of each calendar year during the term of the ESPP, beginning in 2022, by an amount equal to the lesser of (i) 1% of the shares of common stock outstanding on the final day of the immediately preceding calendar year or (ii) such smaller number of shares as determined by the Company’s board of directors or an authorized committee of the board of directors. The Company recognized stock-based compensation expense related to the ESPP of $ 707,000 and $ 501,000 during the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the unrecognized compensation cost related to the ESPP was $ 2.2 million and is expected to be recognized as expense over approximately 1.24 years. As of March 31, 2023 and December 31, 2022, $ 418,000 and $ 74,000 h as been withheld on behalf of employees for future purchase under the ESPP, respectively, and is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. No shares were issued and sold under the ESPP during the three months ended March 31, 2023 and 2022. Stock-based compensation expense The allocation of stock-based compensation for all stock awards was as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 3,880 $ 2,732 General and administrative 2,965 1,710 Total $ 6,845 $ 4,442 Common stock reserved for future issuance Common stock reserved for future issuance consisted of the following as of March 31, 2023 and December 31, 2022: March 31, December 31, 2023 2022 Stock options issued and outstanding 25,892,271 17,393,396 Awards available for future grant 14,846,946 16,022,747 Shares available for purchase under the ESPP 2,469,614 965,131 Total 43,208,831 34,381,274 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 10. Leases Operating leases The Company has facility leases for office space under non-cancellable and cancelable operating leases with various expiration dates through 2032 and equipment under a non-cancellable operating lease with a term expiring in 2026 . Total lease costs were approximately $ 3.1 million and $ 1.2 million, including operating lease costs of $ 1.9 million and $ 1.0 million, variable lease costs of $ 1.2 million and $ 117,000 , and short-term lease costs of $ 0 and $ 31,000 , durin g the three months ended March 31, 2023 and 2022, respectively. The Company paid $ 863,000 and $ 273,000 in cash for operating leases that were included in the operating activities section of the condensed consolidated statements of cash flows for the three months ended March 31, 2023 and 2022, respectively. The weighted-average remaining lease term and the weighted-average discount rate of the Company’s operating leases were 9.02 years and 8.95 % at March 31, 2023 , respectively. The weighted-average remaining lease term and the weighted-average discount rate of the Company’s operating leases was 9.26 years and 8.96 % at December 31, 2022, respectively. The weighted-average remaining lease term does not include any renewal options at the election of the Company. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Facility leases In September 2020, the Company entered into a lease agreement for 59,407 square feet of laboratory and office space in San Diego, California, which represented a portion of a new facility that was under construction and which was subsequently amended in March 2021 to expand the rented premises by 18,421 square feet (the 2020 Lease). The construction and design of the asset was the primary responsibility of the lessor. The Company was involved in certain aspects of construction and design for certain interior features and leasehold improvements that is beneficial to the Company to better suit its business needs and intended purpose of the space. The lease is accounted for as an operating lease and commenced in August 2021 . In April 2022, the 2020 Lease was modified to amend the rent commencement date from February 2022 to May 2022 . The 2020 Lease, as amended, has an initial term of 10.75 years and includes aggregate monthly payments to the lessor of approximately $ 51.6 million beginning in May 2023 with a rent escalation clause, and a tenant improvement allowance of approximately $ 16.8 million. The Company is responsible for its share of operating expenses based on actual operating expenses incurred by the landlord. The 2020 Lease is cancellable at the Company’s request after the 84 th month with 12 months written notice and a lump-sum cancellation payment of $ 2.5 million. As discussed in Note 2, the Company provided a letter of credit to the lessor for $ 408,000 , which expires October 31, 2031 . In December 2021, the Company entered into a lease agreement for 29,542 square feet of office and laboratory space in South San Francisco, California. The lease is accounted for as an operating lease with the associated operating lease assets and liabilities recorded upon commencement, which occurred in July 2022 . T he non-cancellable operating lease has an initial term of 124 months with an option to extend the lease term by 5 years at the then current market rates and includes aggregate monthly payments to the lessor of approximately $ 34.4 million beginning in November 2022 with a rent escalation clause and a tenant improvement allowance of approximately $ 8.2 million. The Company is responsible for its share of operating expenses based on actual operating expenses incurred by the landlord. The construction and design of the tenant improvements was the primary responsibility of the lessor. While the Company was involved in certain aspects of construction and design for certain interior features and leasehold improvements that is beneficial to the Company to better suit its business needs and intended purpose of the space, all construction was handled directly by the landlord. The Company was not deemed to be the accounting owner of the tenant improvements prior to or after the construction period. All payments made by the Company for landlord-owned tenant improvements were recorded as prepaid rent on the condensed consolidated balance sheets prior to lease commencement and included in the operating lease asset upon lease commencement . In February 2022, the expected project costs exceeded the tenant improvement allowances by $ 5.1 million, which was paid directly to the landlord by the Company and was recorded as prepaid rent in the condensed consolidated balance sheets and as a cash outflow from operating activities in the condensed consolidated statements of cash flows. Upon lease commencement, the $ 5.1 million of prepaid rent was included in the operating lease asset . The Company paid a security deposit of $ 874,000 in December 2021 that was recorded as other assets in the condensed consolidated balance sheets. Future minimum lease payments under the operating leases with initial lease terms in excess of one year as of March 31, 2023 are as follows (in thousands): Year ending December 31, 2023 (remaining nine months) $ 5,995 2024 8,752 2025 9,024 2026 9,170 2027 9,199 Thereafter 44,376 Total lease payments $ 86,516 Less: Amount representing interest ( 28,461 ) Operating lease liabilities $ 58,055 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11. Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are no matters currently outstanding for which any such liabilities have been accrued. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12. Income taxes No provision for federal, state or foreign income taxes has been recorded for the three months ended March 31, 2 0 23 and 2 0 22 . The Company has incurred net operating losses for all the periods presented and has not reflected any benefit of such net operating loss carryforwards in the accompanying condensed consolidated financial statements due to uncertainty around utilizing these tax attributes within their respective carryforward periods. The Company has recorded a full valuation allowance against all of its deferred tax assets as it is not more likely than not that such assets will be realized in the near future. The Company’s policy is to recognize interest expense and penalties related to income tax matters as tax expense. For the three months ended March 31, 2023 and 2022 , the Company has no t recognized any interest or penalties related to income taxes. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 13. Net loss per share The following table summarizes the computation of basic and diluted net loss per share of the Company (in thousands, except share and per share data): Three Months Ended March 31, 2023 2022 Net loss $ ( 33,199 ) $ ( 36,458 ) Weighted-average shares of common stock used in computing net loss per share, basic and diluted 149,504,216 119,491,433 Net loss per share, basic and diluted $ ( 0.22 ) $ ( 0.31 ) The Company’s potentially dilutive securities, which include options to purchase common stock, shares purchasable under the ESPP and common stock subject to repurchase related to unvested restricted stock and options early exercised, 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 as 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: March 31, March 31, 2023 2022 Options to purchase common stock 25,892,271 17,312,703 Restricted stock subject to future vesting — 241,328 Options early exercised subject to future vesting 948,179 1,615,888 Estimated shares purchasable under the ESPP 755,809 371,779 Total potentially dilutive shares 27,596,259 19,541,698 |
COVID-19 pandemic
COVID-19 pandemic | 3 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
COVID-19 Pandemic | Note 14. COVID-19 pandemic The current COVID-19 pandemic, which is impacting worldwide economic activity, poses the risk that the Company or its employees, contractors, suppliers, and other partners may be prevented from conducting business activities for an indefinite period of time, including due to shutdowns that may be requested or mandated by governmental authorities. During the three months ended March 31, 2023 and 2022 , the Company has not experienced significant impact from the pandemic. The extent to which the COVID-19 pandemic will impact the Company’s business will depend on future developments that are highly uncertain and cannot be predicted at this time. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15. Related party transactions Erasca Foundation In May 2021, the Company established the Erasca Foundation to provide support such as direct research grants, hardship grants, patient advocacy, patient education in underserved populations, and funding for other initiatives to positively impact society that align with the Company’s mission. The Company's chief executive officer and certain board members serve as directors of the Erasca Foundation and the Company's chief executive officer, chief financial officer, and general counsel are also officers of the Erasca Foundation. In December 2021, the Company loaned the Erasca Foundation $ 100,000 in exchange for a non-interest bearing promissory note that matures one year following the date of the note. In November 2022, the Erasca Foundation repaid the promissory note. As of March 31, 2023 and December 31, 2022 , no amounts related to the non-interest bearing promissory note were recorded in the condensed consolidated balance sheets. Affini-T Therapeutics, Inc. The Company holds a $ 2.0 million equity investment in Affini-T. One of the Company’s board members is also a member of the board of Affini-T. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of estimates The preparation of the Company’s condensed consolidated financial statements in conformity with US GAAP requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities, expenses, and the disclosure of contingent assets and liabilities in the condensed consolidated financial statements and accompanying notes. Accounting estimates and management judgments reflected in the condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses, fair value of common stock, stock-based compensation expense, and the incremental borrowing rate for determining the operating lease asset and liability. Management evaluates its estimates on an ongoing basis. Although estimates are based on the Company’s historical experience, knowledge of current events, and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. |
Unaudited Interim Financial Information | Unaudited interim financial information The accompanying condensed consolidated balance sheet as of March 31, 2023, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2023 and 2022, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2023 and 2022 and the condensed consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 are unaudited. The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s condensed consolidated financial position as of March 31, 2023 and the condensed consolidated results of its operations and cash flows for the three months ended March 31, 2023 and 2022. The condensed consolidated financial data and other information disclosed in these notes related to the three months ended March 31, 2023 and 2022 are unaudited. The condensed consolidated results for the three months ended March 31, 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. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 23, 2023 . |
Concentration of Credit Risk and Off-Balance Sheet Risk | Concentration of credit risk and off-balance sheet risk Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company’s investment policy includes guidelines for the quality of the related institutions and financial instruments and defines allowable investments that the Company may invest in, which the Company believes minimizes the exposure to concentration of credit risk. |
Cash, Cash Equivalents and Restricted Cash | Cash, cash equivalents and restricted cash Cash and cash equivalents include cash in readily available checking and savings accounts, money market funds, and US treasury securities. The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. The Company had deposited cash of $ 408,000 as of March 31, 2023 and December 31, 2022 to secure a letter of credit in connection with the lease of the Company’s facilities (see Note 10). The Company has classified the restricted cash as a noncurrent asset on its condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands): March 31, 2023 2022 Cash and cash equivalents $ 272,756 $ 333,347 Restricted cash 408 408 Total cash, cash equivalents and restricted cash $ 273,164 $ 333,755 |
Marketable Securities and Investments | Marketable securities and investments The Company classifies all marketable securities as available-for-sale, as the sale of such securities may be required prior to maturity. Management determines the appropriate classification of its marketable securities at the time of purchase. Marketable securities with original maturities beyond three months at the date of purchase and which mature at, or less than 12 months from, the balance sheet date are classified as short-term marketable securities. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported as accumulated other comprehensive income (loss) until realized. The amortized cost of available-for-sale debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. The Company regularly reviews all of its marketable securities for declines in fair value. The review includes the consideration of the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity of the unrealized loss(es), whether the Company has the intent to sell the securities and whether it is more likely than not that the Company will be required to sell the securities before the recovery of their amortized cost basis. If the decline in fair value is due to credit-related factors, a loss is recognized in net income; whereas, if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive income (loss). Realized gains and losses on available-for-sale securities are included in other income or expense. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. Through its wholly-owned subsidiary, Erasca Ventures, the Company has also invested in equity securities of a company whose securities are not publicly traded and whose fair value is not readily available (see Notes 3 and 15). This investment is recorded using cost minus impairment, plus or minus changes in its estimated fair value resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Investments in equity securities without readily determinable fair values are assessed for potential impairment on a quarterly basis based on qualitative factors. This investment is included in other assets in the Company's condensed consolidated balance sheets. |
Fair Value Measurements | Fair value measurements Certain assets and liabilities are carried at fair value under US GAAP. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Financial assets and liabilities carried at fair value are 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—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently issued accounting pronouncements not yet adopted From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act) and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company can adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands): March 31, 2023 2022 Cash and cash equivalents $ 272,756 $ 333,347 Restricted cash 408 408 Total cash, cash equivalents and restricted cash $ 273,164 $ 333,755 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands): Fair value measurements as of March 31, 2023 using Quoted prices in Significant Significant active markets other unobservable March 31, for identical observable inputs 2023 assets (level 1) inputs (level 2) (level 3) Assets: Money market funds (1) $ 260,436 $ 260,436 $ — $ — US treasury securities (1) 1,999 1,999 — — US treasury securities (2) 88,892 88,892 — — US government agency securities (2) 9,538 — 9,538 — Corporate debt securities (2) 3,306 — 3,306 — Commercial paper (2) 14,603 — 14,603 — Supranational debt securities (2) 646 — 646 — Total fair value of assets $ 379,420 $ 351,327 $ 28,093 $ — (1) Included as cash and cash equivalents on the condensed consolidated balance sheets. (2) Included as short-term marketable securities on the condensed consolidated balance sheets. Fair value measurements as of December 31, 2022 using Quoted prices in Significant Significant active markets other unobservable December 31, for identical observable inputs 2022 assets (level 1) inputs (level 2) (level 3) Assets: Money market funds (1) $ 255,080 $ 255,080 $ — $ — US treasury securities (2) 127,476 127,476 — — US government agency securities (2) 1,468 — 1,468 Corporate debt securities (2) 3,301 — 3,301 — Commercial paper (2) 18,519 — 18,519 — Supranational debt securities (2) 639 — 639 — Total fair value of assets $ 406,483 $ 382,556 $ 23,927 $ — (1) Included as cash and cash equivalents on the condensed consolidated balance sheets. (2) Included as short-term marketable securities on the condensed consolidated balance sheets. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Marketable Securities Accounted for Available-for-Sale Securities | The following tables summarize the Company’s marketable securities accounted for as available-for-sale securities (in thousands, except years): March 31, 2023 Maturity Amortized Unrealized Unrealized Estimated (in years) cost gains losses fair value US treasury securities 1 or less $ 89,411 $ 13 $ ( 532 ) $ 88,892 US government agency securities 1 or less 9,525 13 — 9,538 Corporate debt securities 1 or less 3,308 1 ( 3 ) 3,306 Commercial paper 1 or less 14,607 1 ( 5 ) 14,603 Supranational debt securities 1 or less 648 — ( 2 ) 646 Total $ 117,499 $ 28 $ ( 542 ) $ 116,985 December 31, 2022 Maturity Amortized Unrealized Unrealized Estimated (in years) cost gains losses fair value US treasury securities 1 or less $ 128,504 $ 5 $ ( 1,033 ) $ 127,476 US government agency securities 1 or less 1,467 1 — 1,468 Corporate debt securities 1 or less 3,309 — ( 8 ) 3,301 Commercial paper 1 or less 18,519 — — 18,519 Supranational debt securities 1 or less 645 — ( 6 ) 639 Total $ 152,444 $ 6 $ ( 1,047 ) $ 151,403 |
Summary of Fair Values and Gross Unrealized Losses for Available-for-sale Securities | The following tables present fair values and gross unrealized losses for those available-for-sale securities that were in an unrealized loss position as of March 31, 2023 and December 31, 2022, aggregated by category and the length of time that the securities have been in a continuous loss position (in thousands): March 31, 2023 Unrealized losses less than 12 months Unrealized losses 12 months or greater Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses US treasury securities $ 37,143 $ ( 48 ) $ 29,483 $ ( 484 ) $ 66,626 $ ( 532 ) Corporate debt securities 2,567 ( 3 ) — — 2,567 ( 3 ) Commercial paper 9,389 ( 5 ) — — 9,389 ( 5 ) Supranational debt securities 646 ( 2 ) — — 646 ( 2 ) Total $ 49,745 $ ( 58 ) $ 29,483 $ ( 484 ) $ 79,228 $ ( 542 ) December 31, 2022 Unrealized losses less than 12 months Unrealized losses 12 months or greater Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses US treasury securities $ 60,652 $ ( 129 ) $ 44,048 $ ( 904 ) $ 104,700 $ ( 1,033 ) Corporate debt securities 2,560 ( 8 ) — — 2,560 ( 8 ) Supranational debt securities 639 ( 6 ) — — 639 ( 6 ) Total $ 63,851 $ ( 143 ) $ 44,048 $ ( 904 ) $ 107,899 $ ( 1,047 ) |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): March 31, December 31, 2023 2022 Laboratory equipment $ 5,205 $ 4,815 Furniture and fixtures 4,099 4,104 Leasehold improvements 18,100 17,837 Computer equipment and software 1,611 1,559 Property and equipment 29,015 28,315 Less accumulated depreciation and amortization ( 4,394 ) ( 3,500 ) Property and equipment, net $ 24,621 $ 24,815 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, 2023 2022 Accrued research and development expenses $ 11,491 $ 11,523 Accrued compensation 5,568 9,395 Unvested early exercised stock option liability 1,452 1,690 Accrued professional services 342 873 Accrued property and equipment 17 638 Other accruals 182 217 Total $ 19,052 $ 24,336 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Stock Option Activity | A summary of the Company’s stock option activity under the 2021 Plan and 2018 Plan is as follows (in thousands, except share and per share data and years): Weighted- Weighted- average remaining Aggregate average contractual intrinsic Shares exercise price term (years) value Outstanding at December 31, 2022 17,393,396 $ 5.84 8.20 $ 18,295 Granted 9,025,337 4.00 Exercised ( 199,344 ) 0.92 Canceled ( 327,118 ) 5.48 Outstanding at March 31, 2023 25,892,271 $ 5.24 8.61 $ 8,752 Options exercisable at March 31, 2023 8,166,304 $ 4.45 7.54 $ 6,553 |
Schedule of Stock-based Compensation Expense | The allocation of stock-based compensation for all stock awards was as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 3,880 $ 2,732 General and administrative 2,965 1,710 Total $ 6,845 $ 4,442 |
Summary of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consisted of the following as of March 31, 2023 and December 31, 2022: March 31, December 31, 2023 2022 Stock options issued and outstanding 25,892,271 17,393,396 Awards available for future grant 14,846,946 16,022,747 Shares available for purchase under the ESPP 2,469,614 965,131 Total 43,208,831 34,381,274 |
Stock Options | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Assumptions used to Determine Fair Value of Stock Option Grants and Stock to be Purchased under ESPP | The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants were as follows: Three Months Ended March 31, 2023 2022 Risk-free interest rate 3.46 %- 4.22 % 1.46 %- 1.74 % Expected volatility 85.52 %- 85.81 % 85.86 %- 85.99 % Expected term (in years) 6.02 - 6.07 5.99 - 6.08 Expected dividend yield - -% - -% |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments under Operating Leases | Future minimum lease payments under the operating leases with initial lease terms in excess of one year as of March 31, 2023 are as follows (in thousands): Year ending December 31, 2023 (remaining nine months) $ 5,995 2024 8,752 2025 9,024 2026 9,170 2027 9,199 Thereafter 44,376 Total lease payments $ 86,516 Less: Amount representing interest ( 28,461 ) Operating lease liabilities $ 58,055 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Loss Per Share | The following table summarizes the computation of basic and diluted net loss per share of the Company (in thousands, except share and per share data): Three Months Ended March 31, 2023 2022 Net loss $ ( 33,199 ) $ ( 36,458 ) Weighted-average shares of common stock used in computing net loss per share, basic and diluted 149,504,216 119,491,433 Net loss per share, basic and diluted $ ( 0.22 ) $ ( 0.31 ) |
Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share | The Company’s potentially dilutive securities, which include options to purchase common stock, shares purchasable under the ESPP and common stock subject to repurchase related to unvested restricted stock and options early exercised, 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 as 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: March 31, March 31, 2023 2022 Options to purchase common stock 25,892,271 17,312,703 Restricted stock subject to future vesting — 241,328 Options early exercised subject to future vesting 948,179 1,615,888 Estimated shares purchasable under the ESPP 755,809 371,779 Total potentially dilutive shares 27,596,259 19,541,698 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | |
Dec. 31, 2022 | Mar. 31, 2023 | |
Organization And Basis Of Presentation [Line Items] | ||
Cash, cash equivalents, and short-term marketable securities | $ 389,700 | |
Accumulated deficit | $ (480,971) | $ (514,170) |
Common Stock | 2022 Registered Direct Offering | ||
Organization And Basis Of Presentation [Line Items] | ||
Stock issued and sold | 15,384,616 | |
Price per share | $ 6.50 | |
Net proceeds from offering | $ 94,900 | |
Underwriting discounts and commissions and offering costs | $ 5,100 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Restricted cash | $ 408,000 | $ 408,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | |||
Cash and cash equivalents | $ 272,756 | $ 284,217 | $ 333,347 |
Restricted cash | 408 | 408 | |
Total cash, cash equivalents and restricted cash | $ 273,164 | $ 333,755 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |||
Assets: | |||||
Total fair value of assets | $ 379,420 | $ 406,483 | |||
Money Market Funds | Cash and Cash Equivalents | |||||
Assets: | |||||
Total fair value of assets | 260,436 | [1] | 255,080 | [2] | |
US Treasury Securities | Cash and Cash Equivalents | |||||
Assets: | |||||
Total fair value of assets | [1] | 1,999 | |||
US Treasury Securities | Short-Term Investments | |||||
Assets: | |||||
Total fair value of assets | 88,892 | [3] | 127,476 | [4] | |
US Government Agency Securities | Short-Term Investments | |||||
Assets: | |||||
Total fair value of assets | [3] | 9,538 | 1,468 | ||
Corporate Debt Securities | Short-Term Investments | |||||
Assets: | |||||
Total fair value of assets | 3,306 | [3] | 3,301 | [4] | |
Commercial Paper | Short-Term Investments | |||||
Assets: | |||||
Total fair value of assets | 14,603 | [3] | 18,519 | [4] | |
Supranational Debt Securities | Short-Term Investments | |||||
Assets: | |||||
Total fair value of assets | 646 | [3] | 639 | [4] | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Assets: | |||||
Total fair value of assets | 351,327 | 382,556 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Funds | Cash and Cash Equivalents | |||||
Assets: | |||||
Total fair value of assets | 260,436 | [1] | 255,080 | [2] | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | US Treasury Securities | Cash and Cash Equivalents | |||||
Assets: | |||||
Total fair value of assets | [1] | 1,999 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | US Treasury Securities | Short-Term Investments | |||||
Assets: | |||||
Total fair value of assets | 88,892 | [3] | 127,476 | [4] | |
Significant Other Observable Inputs (Level 2) | |||||
Assets: | |||||
Total fair value of assets | 28,093 | 23,927 | |||
Significant Other Observable Inputs (Level 2) | US Government Agency Securities | Short-Term Investments | |||||
Assets: | |||||
Total fair value of assets | [3] | 9,538 | 1,468 | ||
Significant Other Observable Inputs (Level 2) | Corporate Debt Securities | Short-Term Investments | |||||
Assets: | |||||
Total fair value of assets | 3,306 | [3] | 3,301 | [4] | |
Significant Other Observable Inputs (Level 2) | Commercial Paper | Short-Term Investments | |||||
Assets: | |||||
Total fair value of assets | 14,603 | [3] | 18,519 | [4] | |
Significant Other Observable Inputs (Level 2) | Supranational Debt Securities | Short-Term Investments | |||||
Assets: | |||||
Total fair value of assets | $ 646 | [3] | $ 639 | [4] | |
[1] Included as cash and cash equivalents on the condensed consolidated balance sheets. Included as cash and cash equivalents on the condensed consolidated balance sheets. Included as short-term marketable securities on the condensed consolidated balance sheets. Included as short-term marketable securities on the condensed consolidated balance sheets. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Measurement at fair value, transfers among Level 1, Level 2 or Level 3 | $ 0 | |
Affini T Therapeutics, Inc. | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investment in equity securities | 2,000,000 | $ 2,000,000 |
Adjustments to value of investment in equity securities | $ 0 |
Marketable Securities - Summary
Marketable Securities - Summary of Marketable Securities Accounted for Available-for-Sale-Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities, Amortized cost | $ 117,499 | $ 152,444 |
Available for sale securities, Unrealized gains | 28 | 6 |
Available for sale securities, Unrealized losses | (542) | (1,047) |
Available for sale securities, Estimated fair value | 116,985 | 151,403 |
US Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities, Amortized cost | 89,411 | 128,504 |
Available for sale securities, Unrealized gains | 13 | 5 |
Available for sale securities, Unrealized losses | (532) | (1,033) |
Available for sale securities, Estimated fair value | $ 88,892 | $ 127,476 |
US Treasury Securities | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturity | 1 year | 1 year |
US Government Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities, Amortized cost | $ 9,525 | $ 1,467 |
Available for sale securities, Unrealized gains | 13 | 1 |
Available for sale securities, Estimated fair value | $ 9,538 | $ 1,468 |
US Government Agency Securities | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturity | 1 year | 1 year |
Corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities, Amortized cost | $ 3,308 | $ 3,309 |
Available for sale securities, Unrealized gains | 1 | |
Available for sale securities, Unrealized losses | (3) | (8) |
Available for sale securities, Estimated fair value | $ 3,306 | $ 3,301 |
Corporate debt securities | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturity | 1 year | 1 year |
Commercial paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities, Amortized cost | $ 14,607 | $ 18,519 |
Available for sale securities, Unrealized gains | 1 | |
Available for sale securities, Unrealized losses | (5) | |
Available for sale securities, Estimated fair value | $ 14,603 | $ 18,519 |
Commercial paper | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturity | 1 year | 1 year |
Supranational debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities, Amortized cost | $ 648 | $ 645 |
Available for sale securities, Unrealized losses | (2) | (6) |
Available for sale securities, Estimated fair value | $ 646 | $ 639 |
Supranational debt securities | Maximum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maturity | 1 year | 1 year |
Marketable Securities - Summa_2
Marketable Securities - Summary of Fair Values and Gross Unrealized Losses for Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Unrealized losses less than 12 months, Fair value | $ 49,745 | $ 63,851 |
Unrealized losses less than 12 months, Unrealized losses | (58) | (143) |
Unrealized losses 12 months or greater, Fair value | 29,483 | 44,048 |
Unrealized losses 12 months or greater, Unrealized losses | (484) | (904) |
Fair value, Total | 79,228 | 107,899 |
Unrealized losses, Total | (542) | (1,047) |
US Treasury Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Unrealized losses less than 12 months, Fair value | 37,143 | 60,652 |
Unrealized losses less than 12 months, Unrealized losses | (48) | (129) |
Unrealized losses 12 months or greater, Fair value | 29,483 | 44,048 |
Unrealized losses 12 months or greater, Unrealized losses | (484) | (904) |
Fair value, Total | 66,626 | 104,700 |
Unrealized losses, Total | (532) | (1,033) |
Corporate Debt Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Unrealized losses less than 12 months, Fair value | 2,567 | 2,560 |
Unrealized losses less than 12 months, Unrealized losses | (3) | (8) |
Fair value, Total | 2,567 | 2,560 |
Unrealized losses, Total | (3) | (8) |
Commercial Paper | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Unrealized losses less than 12 months, Fair value | 9,389 | |
Unrealized losses less than 12 months, Unrealized losses | (5) | |
Fair value, Total | 9,389 | |
Unrealized losses, Total | (5) | |
Supranational Debt Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Unrealized losses less than 12 months, Fair value | 646 | 639 |
Unrealized losses less than 12 months, Unrealized losses | (2) | (6) |
Fair value, Total | 646 | 639 |
Unrealized losses, Total | $ (2) | $ (6) |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) | Mar. 31, 2023 USD ($) Position | Dec. 31, 2022 USD ($) Position |
Investments, Debt and Equity Securities [Abstract] | ||
Available of sale securities, unrealized loss position, Number of positions | Position | 34 | 35 |
Available for sale securities, gross unrealized loss position | $ 79,228,000 | $ 107,899,000 |
Available of sale securities, unrealized loss position, greater than 12 months, Number of positions | Position | 6 | 10 |
Available of sale securities, unrealized loss position, greater than 12 months | $ 29,483,000 | $ 44,048,000 |
Available-for-sale securities, accrued interest | $ 1,000,000 | $ 748,000 |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other current assets | Prepaid expenses and other current assets |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 29,015 | $ 28,315 |
Less accumulated depreciation and amortization | (4,394) | (3,500) |
Property and equipment, net | 24,621 | 24,815 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 5,205 | 4,815 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 4,099 | 4,104 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 18,100 | 17,837 |
Computer Equipment and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 1,611 | $ 1,559 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 894,000 | $ 403,000 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued research and development expenses | $ 11,491 | $ 11,523 |
Accrued compensation | 5,568 | 9,395 |
Unvested early exercised stock option liability | 1,452 | 1,690 |
Accrued professional services | 342 | 873 |
Accrued property and equipment | 17 | 638 |
Other accruals | 182 | 217 |
Total | $ 19,052 | $ 24,336 |
Asset Acquisitions - Additional
Asset Acquisitions - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2021 | Nov. 30, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Asset Acquisition [Line Items] | |||||
In-process research and development | $ 2,000,000 | ||||
Asana Merger Agreement | |||||
Asset Acquisition [Line Items] | |||||
Upfront payment made | $ 20,000,000 | ||||
Future development and regulatory milestone cash payments maximum | $ 90,000,000 | ||||
Additional shares required to issue upon achieving development milestone | 3,888,889 | ||||
In-process research and development | $ 0 | 0 | |||
Milestones accrued | 0 | $ 0 | |||
Asana Merger Agreement | Series B-2 Convertible Preferred Stock | |||||
Asset Acquisition [Line Items] | |||||
Shares issued | 4,000,000 | ||||
Value per share | $ 7.50 | ||||
Total fair value of equity | $ 30,000,000 | ||||
Asana Merger Agreement | Series B-2 Convertible Preferred Stock | Common Stock | IPO | |||||
Asset Acquisition [Line Items] | |||||
Convertible preferred stock converted into shares of common stock | 3,333,333 | ||||
ELS Purchase Agreement | |||||
Asset Acquisition [Line Items] | |||||
Upfront payment made | $ 2,000,000 | ||||
In-process research and development | $ 0 | $ 0 | |||
ELS Purchase Agreement | Common Stock | |||||
Asset Acquisition [Line Items] | |||||
Shares issued | 500,000 | ||||
Value per share | $ 3.36 | ||||
Total fair value of equity | $ 1,700,000 |
License Agreements - Additional
License Agreements - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Mar. 31, 2022 | Aug. 31, 2021 | May 31, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Mar. 31, 2020 | Feb. 29, 2020 | Dec. 31, 2018 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
License Agreements [Line Items] | ||||||||||||
In-process research and development | $ 2,000,000 | |||||||||||
Accounts payable | $ 23,049,000 | $ 3,353,000 | $ 23,049,000 | |||||||||
License Agreement | Novartis Pharma AG | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Upfront payment | 20,000,000 | |||||||||||
In-process research and development | 100,000,000 | |||||||||||
Accounts payable | 20,000,000 | 0 | 20,000,000 | |||||||||
Accrued milestone payment as underlying contingencies | 0 | 0 | 0 | |||||||||
Stock issued, value | $ 80,000,000 | |||||||||||
Stock issued and sold | 12,307,692 | |||||||||||
License Agreement | Novartis Pharma AG | Maximum | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Development and regulatory milestone payments obligation | $ 80,000,000 | |||||||||||
Sales milestone payments obligation | 200,000,000 | |||||||||||
License Agreement | NiKang Therapeutics, Inc. | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Upfront payment | $ 5,000,000 | |||||||||||
Reimbursement of certain initial manufacturing costs | 400,000 | |||||||||||
Payment for US patent application | $ 7,000,000 | |||||||||||
In-process research and development | 0 | 0 | ||||||||||
Accrued milestone payment as underlying contingencies | 0 | 0 | 0 | |||||||||
License Agreement | NiKang Therapeutics, Inc. | First Licensed Product | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Payment of development and regulatory milestone obligation | $ 4,000,000 | |||||||||||
License Agreement | NiKang Therapeutics, Inc. | First Licensed Product | Maximum | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Development and regulatory milestone payments obligation | 16,000,000 | |||||||||||
Commercial milestone payments obligation | 157,000,000 | |||||||||||
License Agreement | NiKang Therapeutics, Inc. | Second Licensed Product | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Development and regulatory milestone payments obligation | 12,000,000 | |||||||||||
Commercial milestone payments obligation | $ 151,000,000 | |||||||||||
License Agreement | Katmai Pharmaceuticals, Inc. | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Upfront payment | $ 5,700,000 | |||||||||||
Payment of development and regulatory milestone obligation | $ 2,000,000 | |||||||||||
In-process research and development | 0 | 2,000,000 | ||||||||||
Accrued milestone payment as underlying contingencies | 0 | 0 | 0 | |||||||||
License Agreement | Katmai Pharmaceuticals, Inc. | Series B-1 Convertible Preferred Stock and Series B-2 Convertible Preferred Stock | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Stock issued, value | $ 2,700,000 | |||||||||||
License Agreement | Katmai Pharmaceuticals, Inc. | Series B-1 Convertible Preferred Stock and Series B-2 Convertible Preferred Stock | IPO | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Conversion of convertible preferred stock into common stock | 395,555 | |||||||||||
License Agreement | Katmai Pharmaceuticals, Inc. | Series B-1 Convertible Preferred Stock | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Stock issued, value | $ 1,800,000 | |||||||||||
Stock issued and sold | 356,000 | |||||||||||
License Agreement | Katmai Pharmaceuticals, Inc. | Series B-2 Convertible Preferred Stock | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Stock issued, value | $ 900,000 | |||||||||||
Stock issued and sold | 118,666 | |||||||||||
License Agreement | Katmai Pharmaceuticals, Inc. | Maximum | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Development and regulatory milestone payments obligation | $ 26,000,000 | |||||||||||
Commercial milestone payments obligation | $ 101,000,000 | |||||||||||
License Agreement | LifeArc | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Upfront payment | $ 0 | |||||||||||
In-process research and development | 0 | 0 | ||||||||||
Accrued milestone payment as underlying contingencies | 0 | 0 | 0 | |||||||||
One-time license payment | 75,000 | |||||||||||
License Agreement | LifeArc | Maximum | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Development and regulatory milestone payments obligation | 11,000,000 | |||||||||||
Sales milestone payments obligation | $ 50,000,000 | |||||||||||
License Agreement | The Regents | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Upfront payment | $ 50,000 | |||||||||||
In-process research and development | 0 | $ 0 | ||||||||||
Sales milestone payments obligation | $ 2,000,000 | |||||||||||
Percentage of third tier sublicensing fees | 30% | |||||||||||
Cash payments in license agreement upon achievement of corporate milestone | $ 1,700,000 | |||||||||||
Milestones accrued | $ 0 | $ 0 | $ 0 | |||||||||
License Agreement | The Regents | Common Stock | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Stock issued and sold | 944,945 | |||||||||||
License Agreement | The Regents | Maximum | ||||||||||||
License Agreements [Line Items] | ||||||||||||
Development and regulatory milestone payments obligation | $ 6,400,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||||
Common stock, shares authorized | 800,000,000 | 800,000,000 | ||
Undesignated preferred stock authorized | 80,000,000 | 80,000,000 | ||
Undesignated preferred stock par value | $ 0.0001 | $ 0.0001 | ||
Common stock, shares issued | 150,647,707 | 150,448,363 | ||
Common stock, shares outstanding | 149,699,528 | 149,333,258 | ||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued | 150,647,707 | 150,448,363 | 121,732,846 | 121,382,547 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | ||
Jul. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for future issuance | 43,208,831 | 34,381,274 | |||
Share-based compensation, shares subject to repurchase | 948,179 | 1,115,105 | |||
Stock-based compensation | $ 6,845,000 | $ 4,442,000 | |||
Accrued Expenses and Other Current Liabilities | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation, liabilities associated with shares issued with repurchase rights | $ 1,500,000 | $ 1,700,000 | |||
Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation, common stock grant in period, term | 5 years | ||||
Stock Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for future issuance | 25,892,271 | 17,393,396 | |||
Stock vesting period | 4 years | ||||
Weighted-average grant date fair value of options granted | $ 2.94 | $ 8.36 | |||
Unrecognized compensation cost related to unvested stock option grants | $ 72,000,000 | ||||
Unrecognized compensation cost expected to be recognized as expense, period | 2 years 10 months 13 days | ||||
Intrinsic value of options exercised | $ 517,000 | $ 3,400,000 | |||
Share-based compensation, options granted that vest based on performance milestone | 9,025,337 | ||||
Stock Options | Minimum | At the Time Option is Granted | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of fair market value of common stock | 100% | ||||
Stock Options | Minimum | For Holders of More Than 10% of Company's Total Combined Voting Power of All Classes of Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of fair market value of common stock | 110% | ||||
Stock Options | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation, plan expiration period | 10 years | ||||
2018 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation, options granted that vest based on performance milestone | 0 | ||||
2021 Incentive Award Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for future issuance | 14,846,946 | ||||
Shares of common stock, authorized for issuance | 15,150,000 | ||||
Percentage of outstanding common stock maximum | 5% | ||||
ESPP | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for future issuance | 1,260,000 | ||||
Unrecognized compensation cost related to unvested stock option grants | $ 2,200,000 | ||||
Unrecognized compensation cost expected to be recognized as expense, period | 1 year 2 months 26 days | ||||
Stock-based compensation | $ 707,000 | $ 501,000 | |||
Share-based payment arrangement, withheld on behalf of employees for future purchase | $ 418,000 | $ 74,000 | |||
Offering period | 24 months | ||||
Purchase period | 6 months | ||||
Shares issued under ESPP | 0 | 0 | |||
ESPP | Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of fair market value of common stock | 85% |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares Outstanding at December 31, 2022 | 17,393,396 | |
Shares Granted | 9,025,337 | |
Shares Exercised | (199,344) | |
Shares Canceled | (327,118) | |
Shares Outstanding at March 31, 2023 | 25,892,271 | 17,393,396 |
Shares Options exercisable at March 31, 2023 | 8,166,304 | |
Weighted-average exercise price, Outstanding at December 31, 2022 | $ 5.84 | |
Weighted-average exercise price, Granted | 4 | |
Weighted-average exercise price, Exercised | 0.92 | |
Weighted-average exercise price, Canceled | 5.48 | |
Weighted-average exercise price, Outstanding at March 31, 2023 | 5.24 | $ 5.84 |
Weighted-average exercise price, Options exercisable at March 31, 2023 | $ 4.45 | |
Weighted-average remaining contractual term (years), Outstanding | 8 years 7 months 9 days | 8 years 2 months 12 days |
Weighted-average remaining contractual term (years), Options exercisable at March 31, 2023 | 7 years 6 months 14 days | |
Aggregate intrinsic value, Outstanding | $ 8,752 | $ 18,295 |
Aggregate intrinsic value, Options exercisable at March 31, 2023 | $ 6,553 |
Stock-based Compensation - Assu
Stock-based Compensation - Assumptions used to Determine Fair Value of Stock Option Grants and Stock to be Purchased under ESPP (Details) - Stock Options | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk-free interest rate, minimum | 3.46% | 1.46% |
Risk-free interest rate, maximum | 4.22% | 1.74% |
Expected volatility, minimum | 85.52% | 85.86% |
Expected volatility, maximum | 85.81% | 85.99% |
Expected dividend yield | 0% | 0% |
Minimum | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 7 days | 5 years 11 months 26 days |
Maximum | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 25 days | 6 years 29 days |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation | $ 6,845 | $ 4,442 |
Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation | 3,880 | 2,732 |
General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation | $ 2,965 | $ 1,710 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Common Stock Reserved for Future Issuance (Details) - shares | Mar. 31, 2023 | Dec. 31, 2022 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 43,208,831 | 34,381,274 |
Stock Options Issued and Outstanding | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 25,892,271 | 17,393,396 |
Awards Available for Future Grant | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 14,846,946 | 16,022,747 |
Shares Available for Purchase Under ESPP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 2,469,614 | 965,131 |
Leases - Additional Information
Leases - Additional Information (Details) | 1 Months Ended | 3 Months Ended | |||||
Apr. 30, 2022 | Dec. 31, 2021 USD ($) ft² | Mar. 31, 2021 ft² | Sep. 30, 2020 USD ($) ft² | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Lessee Lease Description [Line Items] | |||||||
Operating leases cancelable and non-cancellable expiration dates | 2032 | ||||||
Operating leases Noncancelable expiration dates | 2026 | ||||||
Total lease cost | $ 3,100,000 | $ 1,200,000 | |||||
Operating lease cost | 1,900,000 | 1,000,000 | |||||
Variable lease costs | 1,200,000 | 117,000 | |||||
Short-term lease costs | 0 | 31,000 | |||||
Cash paid for operating leases | $ 863,000 | $ 273,000 | |||||
Operating lease, weighted-average remaining lease term | 9 years 7 days | 9 years 3 months 3 days | |||||
Operating lease, weighted-average discount rate | 8.95% | 8.96% | |||||
Operating lease, aggregate monthly payments to lessor | $ 86,516,000 | ||||||
Letter of credit provided to lessor | $ 408,000 | $ 408,000 | |||||
2020 Lease | |||||||
Lessee Lease Description [Line Items] | |||||||
Office space leases | ft² | 59,407 | ||||||
Lease commencement month and year | 2021-08 | ||||||
Operating lease initial term | 10 years 9 months | ||||||
Operating lease, aggregate monthly payments to lessor | $ 51,600,000 | ||||||
Tenant improvement allowance | $ 16,800,000 | ||||||
Term for cancellation of lease | 84 months | ||||||
Notice period for cancellation of lease | 12 months | ||||||
Operating lease cancellation payment | $ 2,500,000 | ||||||
2020 Lease | Letter of Credit | |||||||
Lessee Lease Description [Line Items] | |||||||
Letter of credit provided to lessor | $ 408,000 | ||||||
Line of credit facility, expiration date | Oct. 31, 2031 | ||||||
First Amendment to 2020 Lease | |||||||
Lessee Lease Description [Line Items] | |||||||
Office space leases | ft² | 18,421 | ||||||
Lease commencement month and year | 2022-05 | 2022-02 | |||||
2021 Lease | |||||||
Lessee Lease Description [Line Items] | |||||||
Office space leases | ft² | 29,542 | ||||||
Lease commencement month and year | 2022-07 | ||||||
Operating lease initial term | 124 months | ||||||
Operating lease option to extend | 5 years | ||||||
Operating lease existence of option to extend [true false] | true | ||||||
Operating lease, aggregate monthly payments to lessor | $ 34,400,000 | ||||||
Tenant improvement allowance | 8,200,000 | ||||||
Prepaid rent | $ 5,100,000 | ||||||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Operating Lease, Right-of-Use Asset | ||||||
2021 Lease | Other Assets | |||||||
Lessee Lease Description [Line Items] | |||||||
Security deposit paid | $ 874,000 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Operating Leases (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Leases [Abstract] | |
2023 (remaining nine months) | $ 5,995 |
2024 | 8,752 |
2025 | 9,024 |
2026 | 9,170 |
2027 | 9,199 |
Thereafter | 44,376 |
Total lease payments | 86,516 |
Less: Amount representing interest | (28,461) |
Operating lease liabilities | $ 58,055 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Provision for federal income taxes | $ 0 | $ 0 |
Provision for state income taxes | 0 | 0 |
Provision for foreign income taxes | 0 | 0 |
Interest or penalties related to income taxes | $ 0 | $ 0 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (33,199) | $ (36,458) |
Weighted-average shares of common stock used in computing net loss per share, basic | 149,504,216 | 119,491,433 |
Weighted-average shares of common stock used in computing net loss per share, diluted | 149,504,216 | 119,491,433 |
Net loss per share, basic | $ (0.22) | $ (0.31) |
Net loss per share, diluted | $ (0.22) | $ (0.31) |
Net Loss Per Share - Anti-dilut
Net Loss Per Share - Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 27,596,259 | 19,541,698 |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 25,892,271 | 17,312,703 |
Restricted Stock Subject to Future Vesting | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 241,328 | |
Options Early Exercised Subject to Future Vesting | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 948,179 | 1,615,888 |
Estimated Shares Purchasable Under the ESPP | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 755,809 | 371,779 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 1 Months Ended | ||
Dec. 31, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | |
Affini T Therapeutics, Inc. | |||
Related Party Transaction [Line Items] | |||
Investment in equity securities | $ 2,000,000 | ||
Erasca Foundation | |||
Related Party Transaction [Line Items] | |||
Amount loaned in exchange of non-interest bearing promissory note | $ 100,000 | ||
Non-interest bearing promissory note | $ 0 | $ 0 |