Arcellx (ACLX) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 10, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Registrant Name	ARCELLX, INC.
Entity Central Index Key	0001786205
Entity File Number	001-41259
Entity Tax Identification Number	47-2855917
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	ACLX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	25 West Watkins Mill Road
Entity Address, Address Line Two	Suite A
Entity Address, City or Town	Gaithersburg
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20878
City Area Code	240
Local Phone Number	327-0603
Entity Common Stock, Shares Outstanding		43,853,893

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets, Current [Abstract]
Cash and cash equivalents	$ 56,763	$ 30,833
Marketable securities	224,018	73,784
Prepaid expenses and other current assets	9,524	8,192
Total current assets	290,305	112,809
Restricted cash	2,501	199
Property and equipment, net	10,034	10,318
Operating lease right-of-use assets	28,969
Deferred offering costs		3,172
Prepaid research and development expenses and other long-term assets	5,518	2,284
Total assets	337,327	128,782
Current liabilities:
Accounts payable	2,962	1,333
Accrued liabilities	11,212	13,180
Operating lease liabilities, current portion	2,874
Finance lease liabilities, current portion	27,729
Deferred rent, current portion		183
Other current liabilities		149
Total current liabilities	44,777	14,845
Operating lease liabilities, net of current portion	29,212
Finance lease liabilities, net of current portion	27,054
Deferred Rent Credit, Noncurrent		1,895
Other long-term liabilities		178
Total liabilities	101,043	16,918
Redeemable convertible preferred stock:
Redeemable convertible preferred stock		233,379
Stockholders' equity (deficit):
Preferred stock, par value of $0.001 per share; 200,000,000 shares authorized and no shares issued and outstanding as of September 30, 2022; no shares authorized, issued or outstanding as of December 31, 2021
Common stock, par value of $0.001 per share; 1,000,000,000 shares authorized and 43,846,393 shares issued and outstanding as of September 30, 2022; 185,000,000 shares authorized and 544,210 shares issued and outstanding as of December 31, 2021	44	1
Additional paid-in capital	516,437	8,615
Accumulated other comprehensive loss	(399)	(20)
Accumulated Deficit	(279,798)	(130,111)
Total stockholders' equity (deficit)	236,284	(121,515)
Total liabilities, redeemable convertible preferred stock, and stockholders' equity	337,327	128,782
Series A Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock:
Redeemable convertible preferred stock		28,894
Series B Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock:
Redeemable convertible preferred stock		85,367
Series C Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock:
Redeemable convertible preferred stock		$ 119,118

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	200,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	185,000,000
Common stock, shares, issued	43,846,393	544,210
Common stock, shares, outstanding	43,846,393	544,210
Series A Redeemable Convertible Preferred Stock
Temporary equity, par or stated value per share	$ 0.001	$ 0.001
Temporary equity, shares authorized	0	29,795,227
Temporary equity, shares issued	0	5,413,272
Temporary equity, shares outstanding	0	5,413,272
Temporary Equity, Liquidation Preference	$ 0	$ 29,795
Series B Redeemable Convertible Preferred Stock
Temporary equity, par or stated value per share	$ 0.001	$ 0.001
Temporary equity, shares authorized	0	49,402,623
Temporary equity, shares issued	0	8,975,585
Temporary equity, shares outstanding	0	8,975,585
Temporary Equity, Liquidation Preference	$ 0	$ 85,681
Series C Redeemable Convertible Preferred Stock
Temporary equity, par or stated value per share	$ 0.001	$ 0.001
Temporary equity, shares authorized	0	57,224,618
Temporary equity, shares issued	0	10,396,707
Temporary equity, shares outstanding	0	10,396,707
Temporary Equity, Liquidation Preference	$ 0	$ 120,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues [Abstract]
Revenue	$ 0	$ 0	$ 0	$ 0
Operating expenses:
Research and development	83,473	12,325	123,612	33,489
General and administrative	10,402	4,785	27,643	10,831
Total operating expenses	93,875	17,110	151,255	44,320
Loss from operations	(93,875)	(17,110)	(151,255)	(44,320)
Other income, net	1,001	19	1,568	21
Net loss	(92,874)	(17,091)	(149,687)	(44,299)
Other comprehensive loss:
Unrealized loss on marketable securities	137	5	379	5
Comprehensive loss	$ (93,011)	$ (17,096)	$ (150,066)	$ (44,304)
Net loss per share attributable to common stockholders - basic	$ (2.12)	$ (34.72)	$ (4.43)	$ (104.77)
Net loss per share attributable to common stockholders - diluted	$ (2.12)	$ (34.72)	$ (4.43)	$ (104.77)
Weighted-average common shares outstanding - basic	43,819,365	492,199	33,814,418	422,825
Weighted-average common shares outstanding - diluted	43,819,365	492,199	33,814,418	422,825

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (unaudited) - USD ($) $ in Thousands	Total	Series A	Series B	Series C	IPO	Private Placement	Follow-on offering	Common Stock	Common Stock IPO	Common Stock Private Placement	Common Stock Follow-on offering	Additional Paid In Capital	Additional Paid In Capital IPO	Additional Paid In Capital Private Placement	Additional Paid In Capital Follow-on offering	Retained Earnings	Accumulated Other Comprehensive Income
Beginning Balance at Dec. 31, 2020	$ (63,720)							$ 1				$ 1,421				$ (65,142)
Beginning Balance, Shares at Dec. 31, 2020								333,658
Temporary Equity, Beginning Balance at Dec. 31, 2020		$ 28,894	$ 85,367
Temporary Equity, Beginning balance, shares at Dec. 31, 2020		5,413,272	8,975,585
Issuance of Series C redeemable convertible preferred stock, Value, net of transaction costs				$ 91,186
Issuance of Series C redeemable convertible preferred stock, shares, net of transaction costs				7,970,812
Issuance of Series C redeemable convertible preferred stock, subscriptions				$ (10,000)
Issuance of common stock from vesting of restricted stock, value	5											5
Issuance of common stock from vesting of restricted stock, shares								7,173
Exercise of stock options, value	7											7
Exercise of stock options, shares								7,522
Share-based compensation	757											757
Net loss	(11,281)															(11,281)
Ending Balance at Mar. 31, 2021	(74,232)							$ 1				2,190				(76,423)
Ending Balance, shares at Mar. 31, 2021								348,353
Temporary Equity, Ending Balance at Mar. 31, 2021		$ 28,894	$ 85,367	$ 91,186
Temporary Equity, Ending balance, Shares at Mar. 31, 2021		5,413,272	8,975,585	7,970,812
Issuance of Series C redeemable convertible preferred stock for cash, subscriptions receivable, ending balance at Mar. 31, 2021				$ (10,000)
Beginning Balance at Dec. 31, 2020	(63,720)							$ 1				1,421				(65,142)
Beginning Balance, Shares at Dec. 31, 2020								333,658
Temporary Equity, Beginning Balance at Dec. 31, 2020		$ 28,894	$ 85,367
Temporary Equity, Beginning balance, shares at Dec. 31, 2020		5,413,272	8,975,585
Net loss	(44,299)
Ending Balance at Sep. 30, 2021	(103,795)							$ 1				5,650				(109,441)	$ (5)
Ending Balance, shares at Sep. 30, 2021								507,970
Temporary Equity, Ending Balance at Sep. 30, 2021		$ 28,894	$ 85,367	$ 119,118
Temporary Equity, Ending balance, Shares at Sep. 30, 2021		5,413,272	8,975,585	10,396,707
Beginning Balance at Mar. 31, 2021	(74,232)							$ 1				2,190				(76,423)
Beginning Balance, Shares at Mar. 31, 2021								348,353
Temporary Equity, Beginning Balance at Mar. 31, 2021		$ 28,894	$ 85,367	$ 91,186
Temporary Equity, Beginning balance, shares at Mar. 31, 2021		5,413,272	8,975,585	7,970,812
Issuance of Series C redeemable convertible preferred stock, Value, net of transaction costs				$ 27,932
Issuance of Series C redeemable convertible preferred stock, shares, net of transaction costs				2,425,895
Issuance of Series C redeemable convertible preferred stock, subscriptions				$ 10,000
Issuance of common stock from vesting of restricted stock, value	2											2
Issuance of common stock from vesting of restricted stock, shares								3,264
Exercise of stock options, value	175											175
Exercise of stock options, shares								101,573
Share-based compensation	1,235											1,235
Net loss	(15,927)															(15,927)
Ending Balance at Jun. 30, 2021	(88,747)							$ 1				3,602				(92,350)
Ending Balance, shares at Jun. 30, 2021								453,190
Temporary Equity, Ending Balance at Jun. 30, 2021		$ 28,894	$ 85,367	$ 119,118
Temporary Equity, Ending balance, Shares at Jun. 30, 2021		5,413,272	8,975,585	10,396,707
Issuance of common stock from vesting of restricted stock, shares								5
Exercise of stock options, value	188											188
Exercise of stock options, shares								54,775
Share-based compensation	1,860											1,860
Unrealized loss on investment	(5)																(5)
Net loss	(17,091)															(17,091)
Ending Balance at Sep. 30, 2021	(103,795)							$ 1				5,650				(109,441)	(5)
Ending Balance, shares at Sep. 30, 2021								507,970
Temporary Equity, Ending Balance at Sep. 30, 2021		$ 28,894	$ 85,367	$ 119,118
Temporary Equity, Ending balance, Shares at Sep. 30, 2021		5,413,272	8,975,585	10,396,707
Beginning Balance at Dec. 31, 2021	(121,515)							$ 1				8,615				(130,111)	(20)
Beginning Balance, Shares at Dec. 31, 2021								544,210
Temporary Equity, Beginning Balance at Dec. 31, 2021	233,379	$ 28,894	$ 85,367	$ 119,118
Temporary Equity, Beginning balance, shares at Dec. 31, 2021		5,413,272	8,975,585	10,396,707
Issuance of common stock, net of transaction costs, value					$ 127,283	$ 9,958			$ 9	$ 1			$ 127,274	$ 9,957
Issuance of common stock , net of transaction costs, shares									9,487,500	590,318
Conversion of preferred stock to common stock, value	233,379							$ 25				233,354
Conversion of preferred stock to common stock, shares								24,785,564
Temporary Equity, Conversion of stock, value		$ (28,894)	$ (85,367)	$ (119,118)
Temporary Equity, Conversion of stock, shares		(5,413,272)	(8,975,585)	(10,396,707)
Issuance of common stock from vesting of restricted stock, value	107											107
Issuance of common stock from vesting of restricted stock, shares								24,889
Exercise of stock options, value	307											307
Exercise of stock options, shares								286,283
Share-based compensation	4,481											4,481
Unrealized loss on investment	(24)																(24)
Net loss	(26,041)															(26,041)
Ending Balance at Mar. 31, 2022	227,935							$ 36				384,095				(156,152)	(44)
Ending Balance, shares at Mar. 31, 2022								35,718,764
Beginning Balance at Dec. 31, 2021	(121,515)							$ 1				8,615				(130,111)	(20)
Beginning Balance, Shares at Dec. 31, 2021								544,210
Temporary Equity, Beginning Balance at Dec. 31, 2021	233,379	$ 28,894	$ 85,367	$ 119,118
Temporary Equity, Beginning balance, shares at Dec. 31, 2021		5,413,272	8,975,585	10,396,707
Net loss	(149,687)
Ending Balance at Sep. 30, 2022	236,284							$ 44				516,437				(279,798)	(399)
Ending Balance, shares at Sep. 30, 2022								43,846,393
Temporary Equity, Ending Balance at Sep. 30, 2022
Temporary Equity, Ending balance, Shares at Sep. 30, 2022		0	0	0
Beginning Balance at Mar. 31, 2022	227,935							$ 36				384,095				(156,152)	(44)
Beginning Balance, Shares at Mar. 31, 2022								35,718,764
Issuance of common stock, net of transaction costs, value							$ 120,719				$ 8				$ 120,711
Issuance of common stock , net of transaction costs, shares											8,050,000
Issuance of common stock from vesting of restricted stock, value	11											11
Issuance of common stock from vesting of restricted stock, shares								13,294
Share-based compensation	5,944											5,944
Unrealized loss on investment	(218)																(218)
Net loss	(30,772)															(30,772)
Ending Balance at Jun. 30, 2022	323,619							$ 44				510,761				(186,924)	(262)
Ending Balance, shares at Jun. 30, 2022								43,782,058
Issuance of common stock from vesting of restricted stock, value	4											4
Issuance of common stock from vesting of restricted stock, shares								4,526
Exercise of stock options, value	343											343
Exercise of stock options, shares								59,809
Share-based compensation	5,329											5,329
Unrealized loss on investment	(137)																(137)
Net loss	(92,874)															(92,874)
Ending Balance at Sep. 30, 2022	236,284							$ 44				$ 516,437				$ (279,798)	$ (399)
Ending Balance, shares at Sep. 30, 2022								43,846,393
Temporary Equity, Ending Balance at Sep. 30, 2022
Temporary Equity, Ending balance, Shares at Sep. 30, 2022		0	0	0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2021
Series C Redeemable Convertible Preferred Stock
Transaction costs			$ 814
Common Stock | IPO [Member]
Transaction costs		$ 15,029
Common Stock | Private Placement [Member]
Transaction costs		$ 42
Common Stock | Follow-on offering [Member]
Transaction costs	$ 8,081

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net loss	$ (149,687)	$ (44,299)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	904	710
Interest expense	595
Loss on disposal of property and equipment	1	3
Noncash operating lease expense	593
Right of use asset expensed	63,148
Amortization of premiums and discounts on marketable securities	(768)	60
Share-based compensation	15,754	3,852
Changes in operating assets and liabilities:
Prepaid expenses and other current and non-current assets	(4,150)	(649)
Accounts payable and other current liabilities	1,494	1,079
Accrued liabilities	(677)	6,494
Operating lease liabilities	1,010
Deferred rent		58
Net cash used in operating activities	(71,783)	(32,692)
Cash flows from investing activities
Purchases of property and equipment	(1,001)	(1,030)
Purchases of marketable securities	(247,980)	(61,283)
Proceeds from maturities of marketable securities	97,685
Net cash used in investing activities	(151,296)	(62,313)
Cash flows from financing activities
Proceeds from issuance of common stock (initial public offering), net of transactions costs	129,156
Proceeds from issuance of common stock (private placement), net of transactions costs	9,958
Proceeds from issuance of common stock (follow-on offering), net of transactions costs	120,719
Proceeds from issuance of Series C redeemable convertible preferred stock, net of transaction costs		119,118
Proceeds from exercise of stock options	773	369
Payments for repurchase of restricted stock		(24)
Payments under finance lease	(9,295)
Payments under capital leases		(359)
Payments of deferred offering costs		(668)
Net cash provided by financing activities	251,311	118,436
Net increase in cash and cash equivalents and restricted cash	28,232	23,431
Cash and cash equivalents and restricted cash, beginning of the year	31,032	46,795
Cash and cash equivalents and restricted cash, end of the period	59,264	70,226
Supplemental disclosures of noncash investing and financing activities:
Purchase of property and equipment included in accounts payable and accrued liabilities	$ 430	$ 850

Nature of the Business

Nature of the Business	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of The Business	1. Nature of the Business Organization Arcellx, Inc. (Arcellx or the Company) was incorporated in Delaware in December 2014 and is headquartered in Gaithersburg, Maryland. The Company is a clinical-stage biopharmaceutical company reimagining cell therapy through the development of innovative therapies for patients with cancer and other incurable diseases. On February 8, 2022, the Company closed its initial public offering (IPO) of 9,487,500 shares of its common stock, including the exercise in full by the underwriters of their option to purchase 1,237,500 additional shares of its common stock, at a public offering price of $ 15.00 per share. The Company received net proceeds of $ 127.3 million, after deducting underwriting discounts and commissions of and other offering expenses paid by the Company of approximately $ 15.0 million. The Company’s common stock began trading on the Nasdaq Global Select Market on February 4, 2022, under the ticker symbol “ACLX.” On June 21, 2022, the Company closed its follow-on public offering of 8,050,000 shares of its common stock, including the exercise in full by the underwriters of their option to purchase 1,050,000 additional shares of its common stock, at a public offering price of $ 16.00 per share. The Company received net proceeds of $ 120.7 million after deducting underwriting discounts and commissions and other offering expenses paid by the Company of approximately $ 8.1 million. Liquidity The Company has not commercialized any of its drug candidates and planned commercial operations have not commenced. The Company expects to incur additional operating losses and negative operating cash flows for the foreseeable future as it continues development of drug candidates, including preclinical and clinical testing and regulatory approval prior to commercialization. The Company has not generated any revenue to date from product sales and does not expect to generate any revenues from product sales in the foreseeable future. Even if drug development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales or generate operating income or cash flows. The Company expects that its cash and cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next twelve months. The Company has funded its operations primarily with proceeds from public and private offerings of its common and preferred stock. The Company plans to seek additional funding through public or private equity offerings, debt financings, marketing and distribution arrangements, other collaborations, strategic alliances, and licensing arrangements. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into strategic alliances or other arrangements on favorable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain funding, the Company could be required to delay, reduce or eliminate research and development programs, product portfolio expansion or future commercialization efforts, which could adversely affect its business prospects. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information required by U.S. generally accepted accounting principles for complete financial statements. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the accompanying notes to our consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 24, 2022. In our management’s opinion, the accompanying condensed consolidated financial statements contain all adjustments, including normal, recurring adjustments, necessary to fairly present our financial position as of September 30, 2022 and December 31, 2021, our condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2022 and 2021, our condensed consolidated statements of redeemable convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2022 and 2021, and our statements of condensed consolidated cash flows for the nine months ended September 30, 2022 and 2021 . Interim results are not necessarily indicative of results for an entire year.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies There have been no material changes to the significant accounting policies disclosed in the Company’s Annual Report on Form 10-K during the nine months ended September 30, 2022, except for the adoption of the new lease accounting standard effective January 1, 2022, as discussed below. Leases In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ( ASU) 2016-02 , Leases (Topic 842) . Topic 842 increases transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements for both lessees and lessors. The Company adopted the new standard effective January 1, 2022 , electing to use the package of practical expedients permitted under the transition guidance which allows for the carry forward of historical lease classification for existing leases on the adoption date and does not require the assessment of existing lease contracts to determine whether the contracts contain a lease or initial direct costs. The Company also elected the practical expedient to not separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component for leases associated with office and laboratory space, manufacturing facilities, and equipment. Prior periods were not retrospectively adjusted. The adoption of this standard resulted in the recognition of operating lease right-of-use (ROU) assets in the amount of $ 3.3 million and operating lease liabilities in the amount of $ 5.4 million on the consolidated balance sheet, with a $ 2.1 million reclassification of deferred rent and tenant improvement allowances. There was no cumulative effect adjustment to the opening balance of accumulated deficit as of January 1, 2022. The adoption of this standard did not have an impact on the consolidated statements of operations or cash flows on the effective date. The Company leases office and laboratory space and equipment. In addition, the Company enters into manufacturing supply agreements with contract manufacturing organizations (CMO) and contract development and manufacturing organizations (CDMO) to manufacture clinical product candidate materials. Such agreements may include an embedded lease due to the exclusive use of identified manufacturing facilities and equipment that are controlled by the Company and for which the Company obtains substantially all the output. The evaluation of leases that are embedded in the Company’s CMO and CDMO agreements is complex and requires judgment. If a lease arrangement is determined to exist with a lease term of more than 12 months at the lease commencement date, an ROU asset and corresponding lease liability are recorded on the consolidated balance sheet at the lease commencement date based on the present value of fixed lease payments over the lease term. The lease commencement date, defined as the date on which the lessor makes the underlying asset available for use by the lessee and the date from which the Company is required to recognize lease expenses, may be different from the inception date of the contract. An ROU asset represents the right to control the use of an identified asset over the lease term and a lease liability represents the obligation to make lease payments arising from the lease. The Company uses the discount rate implicit in the lease, if available, or its incremental borrowing rate on the lease commencement date to determine the present value of lease payments. The lease terms used to calculate the ROU assets and related lease liabilities include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company expenses ROU assets acquired for research and development activities under Accounting Standards Codification (ASC) Topic 730, Research and Development , if they do not have alternative future use, in research and development projects or otherwise. Leases are classified as either operating or finance leases based on the economic substance of the agreement. For operating leases, the Company recognizes lease expense related to fixed payments on a straight-line basis over the lease term. For finance leases, the Company recognizes the amortization of the ROU asset over the shorter of the lease term or useful life of the underlying asset. Interest accretion on the finance lease liabilities is recorded as interest expense. For both operating and finance leases, lease expense related to variable payments is recognized as incurred based on performance or usage in accordance with the contractual agreements. For short-term lease arrangements with a term of one year or less, the Company has elected to recognize the related lease payments on a straight-line basis over the lease term without recording related ROU assets and lease liabilities. The Company uses significant assumptions and judgment in evaluating its lease contracts and other agreements, including the determination of whether an agreement is or contains a lease, whether a change in the terms and conditions of a lease contract represent a new or modified lease, whether a lease represents an operating or finance lease, the discount rate used to determine the present value of lease obligations, and the term of a lease embedded in its manufacturing supply agreements. Pre-Launch Inventory Prior to FDA approval, the Company's policy is to recognize the cost associated with acquiring raw materials and production for clinical trials and pre-launch inventory, including third-party CMO and CDMO, as research and development expense in its consolidated statements of operations, in the period in which the costs are incurred.

Restricted Cash

Restricted Cash	9 Months Ended
	Sep. 30, 2022
Cash and Cash Equivalents [Abstract]
Restricted Cash	3. Restricted Cash The Company is required to maintain cash collateral on deposit in segregated money market bank accounts, as a condition of its lease agreements. The bank may restrict withdrawals or transfers by, or on behalf of, the Company. The required restricted cash reserve totaled $ 2.5 mi llion and $ 0.2 million as of September 30, 2022 and December 31, 2021, respectively. This amount is presented as restricted cash on the accompanying consolidated balance sheets. The following table reconciles cash and cash equivalents and restricted cash per the balance sheets to the statements of cash flows (in thousands): September 30, September 30, Cash and cash equivalents $ 56,763 $ 70,027 Restricted cash 2,501 199 Total $ 59,264 $ 70,226

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	4. Fair Value of Financial Instruments The fair value of the Company’s financial assets by level within the fair value hierarchy were as follows (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Money market fund (cash equivalent) $ 46,204 $ — $ — Money market fund (long-term restricted cash) 2,501 — — Marketable securities: Commercial paper — 133,194 — Corporate debt — 17,953 — Government agency — 72,871 — Total assets measured at fair value $ 48,705 $ 224,018 $ — December 31, 2021 Level 1 Level 2 Level 3 Money market fund (cash equivalent) $ 26,472 $ — $ — Money market fund (long-term restricted cash) 199 — — Marketable securities: (1) Commercial paper — 43,969 — Corporate debt — 17,072 — U.S. government agency — 5,053 — Asset-backed securities — 7,690 — Total assets measured at fair value $ 26,671 $ 73,784 $ — (1) These items have been reclassified to conform to current period presentation. The fair value of financial assets categorized within Level 1 of the fair value hierarchy is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. The fair value of financial assets categorized within Level 2 of the fair value hierarchy is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data. The Company did not transfer any assets measured at fair value on a recurring basis between levels during the nine months ended September 30, 2022 or the year ended December 31, 2021 .

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 30, 2022
Marketable Securities [Abstract]
Marketable Securities	5. Marketable Securities Available-for-sale marketable securities were as follows (in thousands): September 30, 2022 Amortized Unrealized Unrealized Fair Value Commercial paper $ 133,194 $ — $ — $ 133,194 Corporate debt 18,052 — ( 99 ) 17,953 Government agency 73,171 — ( 300 ) 72,871 Total $ 224,417 $ — $ ( 399 ) $ 224,018 December 31, 2021 (1) Amortized Unrealized Unrealized Fair Value Commercial paper $ 43,969 $ — $ — $ 43,969 Corporate debt 17,084 — ( 12 ) 17,072 U.S. government agency 5,056 — ( 3 ) 5,053 Asset-backed securities 7,695 — ( 5 ) 7,690 Total $ 73,804 $ — $ ( 20 ) $ 73,784 (1) These items have been reclassified to conform to current period presentation. All of the Company’s available-for-sale debt marketable securities held as of September 30, 2022 had contractual matu rities of less than one year . The Company had 17 securities in an unrealized loss position with an aggregate related fair value of $ 88.8 million as of September 30, 2022. All securities in an unrealized loss position as of September 30, 2022 had been in a loss position for less than 12 months. Unrealized losses on available-for-sale marketable securities as of September 30, 2022 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Accordingly, no allowance for credit losses related to the Company’s available-for-sale marketable securities was recorded for the nine months ended September 30, 2022. The Company does not intend to sell these securities or expect to be required to sell the investments before recov ery of their amortized cost bases, which may be at maturity.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	6. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): September 30, December 31, Prepaid research and development costs $ 6,909 $ 6,143 Other prepaid expense and current assets 2,615 2,049 Total prepaid expenses and other current assets $ 9,524 $ 8,192

Commitments

Commitments	9 Months Ended
	Sep. 30, 2022
Commitments [Abstract]
Commitments	7. Commitments Pursuant to the manufacturing services agreement with Lonza Houston, Inc. (Lonza) in connection with the development and manufacture of autologous drug product CART-ddBCMA (Lonza Agreement), the Company entered into a statement of work with Lonza (Lonza SOW) in February 2022, for the technology transfer and cGMP manufacturing of CART-ddBCMA and potentially other pipeline products. The Lonza SOW contains an embedded lease as the Company has exclusive use of, and control over, a portion of manufacturing facilities during the contractual term. The Lonza SOW also contains an agreement to purchase inventory that is accounted for separately. The term of the Lonza SOW expires December 31, 2024, unless earlier terminated by either party or unless extended due to certain delays or suspensions or by mutual agreement. The Lonza SOW was non-cancellable for the first six months of the term and carried minimum non-cancellable costs including upfront payments, milestone fees, and fixed monthly payments during the related period. Subsequent to the non-cancellable period, the Company may terminate the arrangement for any reason upon 12 months prior notification to Lonza. As of September 30, 2022 , the Company’s minimum non-cancellable costs payable to Lonza was approximately $ 47.7 million, of which $ 27.7 million is reflected in the current finance lease liabilities (see Note 9). Variable costs under this arrangement include materials, external testing, and other services. The Company paid $ 2.8 million and $ 13.7 million under this arrangement during the three and nine months ended September 30, 2022 .

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2022
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	8. Accrued Liabilities Accrued liabilities consist of the following (in thousands): September 30, December 31, Research and development accrued expenses $ 6,521 $ 6,626 Accrued offering costs — 1,301 Accrued bonus 2,856 3,429 Other liabilities 1,835 1,824 Total accrued liabilities $ 11,212 $ 13,180

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	9. Leases Operating Leases In July 2022, the Company entered into a new operating lease agreement for 57,902 square feet of office and laboratory space in Rockville, Maryland for a term of appr oximately 12.9 years with total undiscounted minimum lease payments of approximately $ 31.0 million. The Rockville lease contains annual rent escalation and rent abatement clauses as well as an allowance of approximately $ 12.1 million for tenant improv ements. The Rockville lease provides for optional two five-year extensions. The optional period is not included in the lease term used to determine the ROU asset or lease liability associated with this lease as the Company did not consider it reasonably certain it would exercise the option. The Company consulted a qualified third-party valuation specialist and determined an incremental borrowing rate of 12.0 % to be used as the discount rate of for measuring the related operating lease liabilities. In May 2022, the Company entered into a new operating lease agreement for 51,822 square feet of office and laboratory space in Redwood City, California for a term of approximately 11.7 years with total undiscounted minimum lease payments of approximately $ 56.5 million. The Redwood City lease contains annual rent escalation and rent abatement clauses as well as an allowance of approximately $ 9.8 million for tenant improvements. The Redwood City lease provides for an optional five-year extension. The optional period is not included in the lease term used to determine the ROU asset or lease liability associated with this lease as the Company did not consider it reasonably certain it would exercise the option. The Company consulted a qualified third-party valuation specialist and determined an incremental borrowing rate of 8.5 % to be used as the discount rate of for measuring the related operating lease liabilities. The Company also leases office and laboratory space in Gaithersburg, Maryland that has a term that expires in 2030 unless renewed. This operating lease agreement contains rent escalation, rent abatement clauses, tenant improvement allowances, and optional renewal clauses. All three operating leases include variable lease payments, which are primarily related to common area maintenance, taxes and utility charges. The Company also has short-term operating leases with a term of one year or less. Finance Leases The Lonza SOW contains an embedded lease as the Company has the exclusive use of, and control over, a portion of the manufacturing facility and equipment of the supplier during the contractual term of the manufacturing arrangement. Lease commencement occurred during the three months ended September 30, 2022 when the applicable manufacturing facility and equipment became available for cGMP manufacturing under the Company's exclusive use and control. The Company elected the practical expedient to combine the lease component and the non-lease components associated with the lease component as a single lease component, except as related to the non-lease component associated with purchase of inventory. As the Company acquired ROU assets that represented assets acquired for research and development activities that did not have an alternative future use, the Company recorded $ 63.1 million of research and development expense and $ 0.6 million of interest expense (included in other income, net in the accompanying condensed consolidated statements of operations) on its finance lease liabilities during the three months ended September 30, 2022 . The Company had $ 27.7 million and $ 27.1 million of current and non-current finance lease liabilities, respectively, for this lease arrangement as of September 30, 2022. The Company's total lease costs were as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2022 Finance lease costs: Right-of-use assets with no alternative future use $ 63,147 $ 63,147 Amortization of right-of-use assets 25 77 Interest on lease liabilities 598 604 Operating lease costs 1,472 2,299 Short-term lease costs 7 750 Variable lease costs 675 953 Total lease costs $ 65,924 $ 67,830 Future minimum lease payments were as follows (in thousands) as of September 30, 2022: Operating Leases Finance Leases Through December 31, 2022 $ 685 $ 8,314 2023 3,083 27,699 2024 6,045 23,866 2025 8,161 — 2026 8,412 — 2027 8,672 — Thereafter 58,873 — Total lease payments 93,931 59,879 Less: Tenant improvement incentive ( 21,936 ) — Imputed interest ( 39,909 ) ( 5,096 ) Present value of total lease liabilities $ 32,086 $ 54,783 Supplemental cash flow information related to leases is as follows (in thousands): Nine Months Ended September 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 1,191 Financing cash flows from finance leases 9,295 Right-of-use assets obtained in exchange for new operating lease liabilities 29,562 Weighted-average remaining lease terms and discount rates were as follows as of September 30, 2022: Weighted-average remaining lease term — finance leases 2.3 years Weighted-average remaining lease term — operating leases 11.5 years Weighted-average discount rate — finance leases 9.5 % Weighted-average discount rate — operating leases 9.6 %

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)	10. Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) Redeemable Convertible Preferred Stock In connection with the Company's IPO, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into shares of common stock at the applicable conversion ratio then in effect. The Company's outstanding shares of preferred stock were converted into 24,785,564 shares of common stock. Preferred Stock Subsequent to the IPO, the Company's board of directors has the authority, without further action by the stockholders, to issue shares of preferred stock in one or more series and to fix the rights, preferences, privileges, and restrictions thereof. These rights, preferences, and privileges could include dividend rights, conversion rights, voting rights, redemption rights, liquidation preferences, sinking fund terms, and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of common stock. The issuance of preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring or preventing change in our control or other corporate action. Common Stock In addition to the shares of common stock issued and outstanding in connection with the IPO, the subsequent private placement, and the follow-on public offering, total shares of common stock issued and outstanding includes shares issued to employees pursuant to the exercise of vested stock options as well as the vesting of early exercised stock options. In order to execute the early exercises, the employees signed a Restricted Stock Purchase Agreement (RSPA) granting the Company, in the case of termination of employment, the rights to repurchase all of the unvested shares at the price paid by the employee for such shares. Based on the share repurchase rights outlined in the RSPA, the Company recorded the proceeds from the early exercises as a liability on the balance sheet. All shares that were early exercised by the employees of the Company are considered legally issued. However, for accounting purposes, only vested shares are considered issued. Below is a reconciliation of shares issued and outstanding: September 30, December 31, Total shares of common stock legally issued and outstanding 43,846,393 544,967 Less: unvested early exercised shares of common stock — ( 757 ) Total shares issued and outstanding 43,846,393 544,210 Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any. No dividends have been declared or paid by the Company through September 30, 2022. In the event of any liquidation or dissolution of the Company, the holders of common stock are entitled to the assets of the Company legally available for distribution.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	11. Share-Based Compensation The Company’s 2017 Equity Incentive Plan (the 2017 Plan) provided for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, and restricted stock awards to the Company's employees, directors, and consultants. The 2017 Plan terminated one business day prior to effectiveness of the 2022 Equity Incentive Plan (the 2022 Plan) with respect to the grant of future awards. The 2022 Plan became effective on February 3, 2022 and provides for the grant of incentive stock options to the Company's employees and for the grant of non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units (RSUs), and performance awards to the Company's employees, directors, and consultants. The aggregate n umber of shares of common stock that may be issued pursuant to equity awards under the 2022 Plan is 4,296,875 shares, plus shares subject to awards granted under the 2017 Plan that expire or otherwise terminate without having been exercised in full or are forfeited to or repurchased by the Company (provided that the maximum number of shares that may be added to the 2022 Plan pursuant to awards under the 2017 Plan is 6,269,300 shares). The number of shares of common stock reserved for issuance under the 2022 Plan shall be cumulatively increased on the first day of each fiscal year, beginning with the Company’s 2023 fiscal year and ending on the ten year anniversary of the date the Company’s board of directors approves the 2022 Plan equal to the least of 4,296,875 shares, 5 % of the total number of shares of common stock outstanding as of the last day of the immediately preceding fiscal year, or a lesser number of shares determined by the administrator of the 2022 Plan. Share-based compensation expense by type of award was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options $ 3,569 $ 1,860 $ 10,997 $ 3,852 Restricted stock units 1,162 — 2,807 — Restricted stock units - executive officer 598 — 1,950 — Total share-based compensation expense $ 5,329 $ 1,860 $ 15,754 $ 3,852 The Company recognized $ 5.3 million in share-based compensation expense during the three months ended September 30, 2022 , of which $ 1.6 million was included in research and development expense and $ 3.7 million was included in general and administrative expense in the accompanying condensed consolidated statements of operations. The Company recognized $ 1.9 million in share-based compensation expense during the three months ended September 30, 2021 , of which $ 0.5 million was included in research and development expense and $ 1.4 million was included in general and administrative expense in the accompanying condensed consolidated statements of operations. The Company recognizeld $ 15.8 million in share-based compensation expense during the nine months ended September 30, 2022 , of which $ 5.3 million was included in research and development expense and $ 10.5 million was included in general and administrative expense in the accompanying condensed consolidated statements of operations. The Company recognized $ 3.9 million in share-based compensation expense during the nine months ended September 30, 2021 , of which $ 1.0 million was included in research and development expense and $ 2.9 million was included in general and administrative expense in the accompanying condensed consolidated statements of operations. Stock Options Stock options granted under the 2017 Plan and the 2022 Plan vest over three or four years and expire after 10 years . The Company uses the Black Scholes option pricing model to determine the grant date fair value of stock options. A summary of stock option activity for awards under the 2017 Plan and the 2022 Plan is presented below: Options Outstanding and Exercisable Number of Weighted Weighted Aggregate (1) Outstanding as of January 1, 2022 5,598,830 $ 5.36 8.9 $ 7,349 Granted 3,448,158 14.59 Forfeited ( 217,803 ) 10.02 Exercised ( 388,802 ) 2.00 Outstanding as of September 30, 2022 8,440,383 $ 9.34 Exercisable as of September 30, 2022 2,876,912 $ 6.29 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money as of September 30, 2022 . Restricted Stock Units RSUs granted under the 2022 Plan generally vest annually over three or four years . The Company uses the market price of the Company’s common shares on the date of grant to determine the fair value of RSUs. A summary of RSU activity for awards under the 2022 Plan is presented below: Number of Weighted Average Grant Date Fair Value Outstanding as of January 1, 2022 — $ — Granted 911,452 17.06 Vested — — Forfeited ( 29,828 ) 17.84 Outstanding as of September 30, 2022 881,624 $ 17.03 Restricted Stock Units - Executive Officer In June 2021, the Company granted 952,804 RSUs to an executive officer subject to service, performance, and market conditions. In December 2021, the Company added alternative performance conditions for vesting of the same RSUs (the RSU Award). These additional performance conditions provided alternative paths to vesting and the original award from June 2021 and its vesting conditions remained the same, i.e., the original award was not modified. Each RSU granted in the RSU Award entitles the recipient to one share of common stock upon vesting subject to the service, performance, and market conditions. All 952,804 RSUs were outstanding as of September 30, 2022 and December 31, 2021 and no RSUs were vested as of September 30, 2022 and December 31, 2021. Service Condition The service condition to vesting of the RSU Award requires the executive officer’s continued employment with the Company through the achievement of any of the performance conditions and the market condition. Performance Condition The performance conditions to vesting of the RSU Award include (i) the consummation of a change in control event as defined in the 2017 Plan (Change in Control), (ii) the consummation of the first firm commitment underwritten public offering covering the offer and sale of Company shares, the consummation of the direct listing or direct placement of Company shares on a publicly traded exchange, or the completion of a merger or consolidation with a special purpose acquisition company in which the shares of the surviving or parent entity are listed on a national securities exchange (IPO), or (iii) a Change in Control following an IPO. Market Condition The market condition to vesting of the RSU Award involves Company value thresholds depending upon which of the three performance condition scenarios is applicable at the time of measurement. The Company value on a C hange in Control is measured on the date of the Change in Control and is the aggregate amount of deal consideration paid at the closing of a Change in Control by an acquirer for the Company shares of common stock in connection with such Change in Control (Change in Control Market Capitalization). Upon a Change in Control, (i) one-sixth of the RSU Award will vest if a minimum Change in Control Market Capitalization of $2.5 billion is achieved, (ii) all of the RSU Award will vest if a $5.0 billion Change in Control Market Capitalization is achieved, and (iii) a portion of the RSU Award will vest based on a straight-line interpolation if a Change in Control Market Capitalization of between $2.5 billion and $5.0 billion is achieved based on a straight-line interpolation. The Company value in the event of an IPO is measured each June 30 and December 31 following an IPO (subject to applicable lock-up period) and represents the Company's Enterprise Value. The Company's Enterprise Value is determined using the total market capitalization of the Company based the average closing trading price of one share of the Company over the 60-day period ending on the day prior to the applicable IPO measurement date, less cash. Upon an IPO, (i) one-sixth of the RSU Award will vest if a minimum Enterprise Value of $2.5 billion is achieved, (ii) all the RSU Award will vest if a $5.0 billion Enterprise Value is achieved, and (iii) a portion of the RSU Award will vest based on a straight-line interpolation if an Enterprise Value of between $2.5 billion and $5.0 billion is achieved. The Company utilized Monte Carlo simulation models to estimate the fair value of the RSU Award on the date of grant in each of the three performance condition scenarios. Upon completion of the IPO in February 2022, the performance condition of the RSU Award was satisfied and the Company began recognizing share-based compensation expense on an accelerated attribution basis over the anticipated service period ( 10 years ) and based on the fair value (aggregate $ 10.3 million) according to the IPO scenario as no other performance condition was deemed probable at the time of the IPO. The Company recogniz e d $ 0.6 million and $ 2.0 million in share-based compensation expense related to this RSU Award during the three and nine months ended September 30, 2022 .

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	12. Net Loss Per Share Attributable to Common Stockholders The Company’s potentially dilutive securities include options to purchase common stock, unvested shares of restricted common stock redeemable convertible preferred stock, restricted stock units, and restricted stock units - executive officer. The Company's potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Redeemable convertible preferred stock — 24,785,564 — 24,785,564 Options to purchase common stock 8,440,383 5,231,618 8,440,383 5,231,618 Unvested shares of restricted common stock from early exercises — — - — Restricted stock units 881,624 — 881,624 — Restricted stock units - executive officer 952,804 952,804 952,804 952,804 Total 10,274,811 30,969,986 10,274,811 30,969,986

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Leases	Leases In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ( ASU) 2016-02 , Leases (Topic 842) . Topic 842 increases transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements for both lessees and lessors. The Company adopted the new standard effective January 1, 2022 , electing to use the package of practical expedients permitted under the transition guidance which allows for the carry forward of historical lease classification for existing leases on the adoption date and does not require the assessment of existing lease contracts to determine whether the contracts contain a lease or initial direct costs. The Company also elected the practical expedient to not separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component for leases associated with office and laboratory space, manufacturing facilities, and equipment. Prior periods were not retrospectively adjusted. The adoption of this standard resulted in the recognition of operating lease right-of-use (ROU) assets in the amount of $ 3.3 million and operating lease liabilities in the amount of $ 5.4 million on the consolidated balance sheet, with a $ 2.1 million reclassification of deferred rent and tenant improvement allowances. There was no cumulative effect adjustment to the opening balance of accumulated deficit as of January 1, 2022. The adoption of this standard did not have an impact on the consolidated statements of operations or cash flows on the effective date. The Company leases office and laboratory space and equipment. In addition, the Company enters into manufacturing supply agreements with contract manufacturing organizations (CMO) and contract development and manufacturing organizations (CDMO) to manufacture clinical product candidate materials. Such agreements may include an embedded lease due to the exclusive use of identified manufacturing facilities and equipment that are controlled by the Company and for which the Company obtains substantially all the output. The evaluation of leases that are embedded in the Company’s CMO and CDMO agreements is complex and requires judgment. If a lease arrangement is determined to exist with a lease term of more than 12 months at the lease commencement date, an ROU asset and corresponding lease liability are recorded on the consolidated balance sheet at the lease commencement date based on the present value of fixed lease payments over the lease term. The lease commencement date, defined as the date on which the lessor makes the underlying asset available for use by the lessee and the date from which the Company is required to recognize lease expenses, may be different from the inception date of the contract. An ROU asset represents the right to control the use of an identified asset over the lease term and a lease liability represents the obligation to make lease payments arising from the lease. The Company uses the discount rate implicit in the lease, if available, or its incremental borrowing rate on the lease commencement date to determine the present value of lease payments. The lease terms used to calculate the ROU assets and related lease liabilities include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company expenses ROU assets acquired for research and development activities under Accounting Standards Codification (ASC) Topic 730, Research and Development , if they do not have alternative future use, in research and development projects or otherwise. Leases are classified as either operating or finance leases based on the economic substance of the agreement. For operating leases, the Company recognizes lease expense related to fixed payments on a straight-line basis over the lease term. For finance leases, the Company recognizes the amortization of the ROU asset over the shorter of the lease term or useful life of the underlying asset. Interest accretion on the finance lease liabilities is recorded as interest expense. For both operating and finance leases, lease expense related to variable payments is recognized as incurred based on performance or usage in accordance with the contractual agreements. For short-term lease arrangements with a term of one year or less, the Company has elected to recognize the related lease payments on a straight-line basis over the lease term without recording related ROU assets and lease liabilities. The Company uses significant assumptions and judgment in evaluating its lease contracts and other agreements, including the determination of whether an agreement is or contains a lease, whether a change in the terms and conditions of a lease contract represent a new or modified lease, whether a lease represents an operating or finance lease, the discount rate used to determine the present value of lease obligations, and the term of a lease embedded in its manufacturing supply agreements.
Pre-Launch Inventory	Pre-Launch Inventory Prior to FDA approval, the Company's policy is to recognize the cost associated with acquiring raw materials and production for clinical trials and pre-launch inventory, including third-party CMO and CDMO, as research and development expense in its consolidated statements of operations, in the period in which the costs are incurred.

Restricted Cash (Tables)

Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2022
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents and Restricted Cash	The following table reconciles cash and cash equivalents and restricted cash per the balance sheets to the statements of cash flows (in thousands): September 30, September 30, Cash and cash equivalents $ 56,763 $ 70,027 Restricted cash 2,501 199 Total $ 59,264 $ 70,226

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Company's Financial Assets	September 30, 2022 Level 1 Level 2 Level 3 Money market fund (cash equivalent) $ 46,204 $ — $ — Money market fund (long-term restricted cash) 2,501 — — Marketable securities: Commercial paper — 133,194 — Corporate debt — 17,953 — Government agency — 72,871 — Total assets measured at fair value $ 48,705 $ 224,018 $ — December 31, 2021 Level 1 Level 2 Level 3 Money market fund (cash equivalent) $ 26,472 $ — $ — Money market fund (long-term restricted cash) 199 — — Marketable securities: (1) Commercial paper — 43,969 — Corporate debt — 17,072 — U.S. government agency — 5,053 — Asset-backed securities — 7,690 — Total assets measured at fair value $ 26,671 $ 73,784 $ — (1) These items have been reclassified to conform to current period presentation.

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2022
Marketable Securities [Abstract]
Schedule of Available-for-sale Marketable Securities	Available-for-sale marketable securities were as follows (in thousands): September 30, 2022 Amortized Unrealized Unrealized Fair Value Commercial paper $ 133,194 $ — $ — $ 133,194 Corporate debt 18,052 — ( 99 ) 17,953 Government agency 73,171 — ( 300 ) 72,871 Total $ 224,417 $ — $ ( 399 ) $ 224,018 December 31, 2021 (1) Amortized Unrealized Unrealized Fair Value Commercial paper $ 43,969 $ — $ — $ 43,969 Corporate debt 17,084 — ( 12 ) 17,072 U.S. government agency 5,056 — ( 3 ) 5,053 Asset-backed securities 7,695 — ( 5 ) 7,690 Total $ 73,804 $ — $ ( 20 ) $ 73,784 (1) These items have been reclassified to conform to current period presentation.

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): September 30, December 31, Prepaid research and development costs $ 6,909 $ 6,143 Other prepaid expense and current assets 2,615 2,049 Total prepaid expenses and other current assets $ 9,524 $ 8,192

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): September 30, December 31, Research and development accrued expenses $ 6,521 $ 6,626 Accrued offering costs — 1,301 Accrued bonus 2,856 3,429 Other liabilities 1,835 1,824 Total accrued liabilities $ 11,212 $ 13,180

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Summary of Total Lease Costs	The Company's total lease costs were as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2022 Finance lease costs: Right-of-use assets with no alternative future use $ 63,147 $ 63,147 Amortization of right-of-use assets 25 77 Interest on lease liabilities 598 604 Operating lease costs 1,472 2,299 Short-term lease costs 7 750 Variable lease costs 675 953 Total lease costs $ 65,924 $ 67,830
Summary of Future Minimum Lease Payments	Future minimum lease payments were as follows (in thousands) as of September 30, 2022: Operating Leases Finance Leases Through December 31, 2022 $ 685 $ 8,314 2023 3,083 27,699 2024 6,045 23,866 2025 8,161 — 2026 8,412 — 2027 8,672 — Thereafter 58,873 — Total lease payments 93,931 59,879 Less: Tenant improvement incentive ( 21,936 ) — Imputed interest ( 39,909 ) ( 5,096 ) Present value of total lease liabilities $ 32,086 $ 54,783
Summary of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows (in thousands): Nine Months Ended September 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 1,191 Financing cash flows from finance leases 9,295 Right-of-use assets obtained in exchange for new operating lease liabilities 29,562
Summary of Weighted-Average Remaining Lease Terms and Discount Rates	Weighted-average remaining lease terms and discount rates were as follows as of September 30, 2022: Weighted-average remaining lease term — finance leases 2.3 years Weighted-average remaining lease term — operating leases 11.5 years Weighted-average discount rate — finance leases 9.5 % Weighted-average discount rate — operating leases 9.6 %

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Reconciliation of Shares Issued and Outstanding	Below is a reconciliation of shares issued and outstanding: September 30, December 31, Total shares of common stock legally issued and outstanding 43,846,393 544,967 Less: unvested early exercised shares of common stock — ( 757 ) Total shares issued and outstanding 43,846,393 544,210

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense	Share-based compensation expense by type of award was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options $ 3,569 $ 1,860 $ 10,997 $ 3,852 Restricted stock units 1,162 — 2,807 — Restricted stock units - executive officer 598 — 1,950 — Total share-based compensation expense $ 5,329 $ 1,860 $ 15,754 $ 3,852
Summary of Stock Option Activity	A summary of stock option activity for awards under the 2017 Plan and the 2022 Plan is presented below: Options Outstanding and Exercisable Number of Weighted Weighted Aggregate (1) Outstanding as of January 1, 2022 5,598,830 $ 5.36 8.9 $ 7,349 Granted 3,448,158 14.59 Forfeited ( 217,803 ) 10.02 Exercised ( 388,802 ) 2.00 Outstanding as of September 30, 2022 8,440,383 $ 9.34 Exercisable as of September 30, 2022 2,876,912 $ 6.29 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money as of September 30, 2022 .
Summary of Restricted Stock Units Activity	A summary of RSU activity for awards under the 2022 Plan is presented below: Number of Weighted Average Grant Date Fair Value Outstanding as of January 1, 2022 — $ — Granted 911,452 17.06 Vested — — Forfeited ( 29,828 ) 17.84 Outstanding as of September 30, 2022 881,624 $ 17.03

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Redeemable convertible preferred stock — 24,785,564 — 24,785,564 Options to purchase common stock 8,440,383 5,231,618 8,440,383 5,231,618 Unvested shares of restricted common stock from early exercises — — - — Restricted stock units 881,624 — 881,624 — Restricted stock units - executive officer 952,804 952,804 952,804 952,804 Total 10,274,811 30,969,986 10,274,811 30,969,986

Nature of The Business - Additi

Nature of The Business - Additional Information (Details) - Common Stock - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Jun. 21, 2022	Feb. 08, 2022	Jun. 30, 2022	Mar. 31, 2022
IPO
Class of Stock [Line Items]
Number of shares issued		9,487,500		9,487,500
Additional stock issued during period shares exercised by underwriters with option to purchase		1,237,500
Public offering price per share		$ 15
Net proceeds from initial public offering		$ 127.3
Cash paid for underwriting discounts and commissions and other offering expenses		$ 15
Follow-on offering
Class of Stock [Line Items]
Number of shares issued	8,050,000		8,050,000
Additional stock issued during period shares exercised by underwriters with option to purchase	1,050,000
Public offering price per share	$ 16
Net proceeds from initial public offering	$ 120.7
Cash paid for underwriting discounts and commissions and other offering expenses	$ 8.1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Jan. 01, 2022	Sep. 30, 2022
Accounting Policies [Abstract]
Accounting standards update [Extensible Enumeration]		us-gaap:AccountingStandardsUpdate201602Member
Change in accounting principle, accounting standards update, adopted date		Jan. 01, 2022
Change in accounting principle, accounting standards update, adopted [true false]		true
Operating lease right-of-use assets	$ 3,300	$ 28,969
Operating lease liabilities	5,400	$ 32,086
Reclassification of deferred rent and tenant improvement allowances	$ 2,100

Restricted Cash (Additional Inf

Restricted Cash (Additional Information) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Restricted cash reserve	$ 2.5	$ 0.2

Restricted Cash - Schedule of C

Restricted Cash - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 56,763	$ 30,833	$ 70,027
Restricted cash	2,501		199
Cash, cash equivalents and restricted cash	$ 59,264	$ 31,032	$ 70,226	$ 46,795

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Fair Value of Company's Financial Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Assets
Marketable securities		$ 224,018	$ 73,784	[1]
Level 1 | Recurring
Assets
Money market fund (cash equivalent)		46,204	26,472
Money market fund (long-term restricted cash)		2,501	199
Total assets measured at fair value		48,705	26,671	[2]
Level 2 | Recurring
Assets
Total assets measured at fair value		224,018	73,784	[2]
Level 2 | Recurring | Commercial Paper
Assets
Marketable securities		133,194	43,969	[2]
Level 2 | Recurring | Corporate Debt
Assets
Marketable securities		17,953
Level 2 | Recurring | U.S. Government Agency
Assets
Marketable securities		$ 72,871	17,072	[2]
Level 2 | Recurring | Asset-Backed Securities
Assets
Marketable securities	[2]		5,053
Total assets measured at fair value	[2]		$ 7,690
[1] These items have been reclassified to conform to current period presentation. These items have been reclassified to conform to current period presentation.

Marketable Securities - Schedul

Marketable Securities - Schedule of Available-for-sale Marketable Securities (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Amortized costs		$ 224,417	$ 73,804	[1]
Gross Unrealized Loss		(399)	(20)	[1]
Fair Value		224,018	73,784	[1]
Commercial Paper
Marketable Securities [Line Items]
Amortized costs		133,194	43,969	[1]
Fair Value		133,194	43,969	[1]
Corporate Debt
Marketable Securities [Line Items]
Amortized costs		18,052	17,084	[1]
Gross Unrealized Loss		(99)	(12)	[1]
Fair Value		17,953	17,072	[1]
U.S. Government Agency
Marketable Securities [Line Items]
Amortized costs		73,171	5,056	[1]
Gross Unrealized Loss		(300)	(3)	[1]
Fair Value		$ 72,871	5,053	[1]
Asset-Backed Securities
Marketable Securities [Line Items]
Amortized costs	[1]		7,695
Gross Unrealized Loss	[1]		(5)
Fair Value	[1]		$ 7,690
[1] These items have been reclassified to conform to current period presentation.

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) Condition
Marketable Securities [Abstract]
Available-for-sale debt marketable securities contractual maturities	less than one year
Number of securities in an unrealized loss position | Condition	17
Aggregate fair value an unrealized loss position	$ 88.8
Allowance for credit losses	$ 0

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development costs	$ 6,909	$ 6,143
Other prepaid expense and current assets	2,615	2,049
Total prepaid expenses and other current assets	$ 9,524	$ 8,192

Commitments - Additional Inform

Commitments - Additional Information (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Related Party Transaction [Line Items]
Finance lease liabilities, current	$ 27,729	$ 27,729
Lonza
Related Party Transaction [Line Items]
Prior notification period to terminate arrangement		12 months
Minimum non-cancellable costs	47,700	$ 47,700
Finance lease liabilities, current	27,700	27,700
Payments for non-cancellable costs	$ 2,800	$ 13,700

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Research and development accrued expenses	$ 6,521	$ 6,626
Accrued offering costs		1,301
Accrued bonus	2,856	3,429
Other liabilities	1,835	1,824
Total accrued liabilities	$ 11,212	$ 13,180

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2022 USD ($) ft²	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	May 31, 2022 USD ($) ft²
Lessee, Lease, Description [Line Items]
Undiscounted minimum lease payments		$ 93,931		$ 93,931
Research and development expense on finance lease liabilities		83,473	$ 12,325	123,612	$ 33,489
Interest expense on finance lease liabilities				595
Finance lease liabilities, current		27,729		27,729
Finance lease liabilities, non-current		27,054		27,054
Lonza
Lessee, Lease, Description [Line Items]
Research and development expense on finance lease liabilities		63,100
Finance lease liabilities, current		27,700		27,700
Finance lease liabilities, non-current		27,100		$ 27,100
Lonza | Other Income, Net
Lessee, Lease, Description [Line Items]
Interest expense on finance lease liabilities		$ 600
Redwood, California
Lessee, Lease, Description [Line Items]
Square feet of space | ft²						51,822
Lease term						11 years 8 months 12 days
Undiscounted minimum lease payments						$ 56,500
Option to extend lease				The Redwood City lease provides for an optional five-year extension.
Option to extend lease term				5 years
Lease includes allowance for tenant improvements				$ 9,800
Operating lease, discount rate		8.50%		8.50%
Rockville, Maryland
Lessee, Lease, Description [Line Items]
Square feet of space | ft²	57,902
Lease term	12 years 10 months 24 days
Undiscounted minimum lease payments	$ 31,000
Option to extend lease				The Rockville lease provides for optional two five-year extensions.
Option to extend lease term	5 years
Lease includes allowance for tenant improvements	$ 12,100
Operating lease, discount rate	12%
Office and Laboratory Space | Rockville, Maryland
Lessee, Lease, Description [Line Items]
Lease expiration year				2030

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Leases [Abstract]
Right-Of-Use Assets With No Alternative Future Use	$ 63,147	$ 63,147
Amortization of right-of-use assets	25	77
Interest on lease liabilities	598	604
Operating lease costs	1,472	2,299
Short-term lease costs	7	750
Variable lease costs	675	953
Total lease costs	$ 65,924	$ 67,830

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jan. 01, 2022
Leases [Abstract]
Operating Leases, Through December 31, 2022	$ 685
Operating Leases, 2023	3,083
Operating Leases, 2024	6,045
Operating Leases, 2025	8,161
Operating Leases, 2026	8,412
Operating Leases, 2027	8,672
Operating Leases, Thereafter	58,873
Total operating lease payments	93,931
Less: Tenant improvement incentive	(21,936)
Less: Operating Leases, imputed interest	(39,909)
Present value of total operating lease liabilities	32,086	$ 5,400
Finance Leases, Through December 31, 2022	8,314
Finance Leases, 2023	27,699
Finance Leases, 2024	23,866
Total finance lease payments	59,879
Less: Finance Leases, imputed interest	(5,096)
Present value of total finance lease liabilities	$ 54,783

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Finance Leases (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Lessee Disclosure [Abstract]
Operating cash flows from operating leases	$ 1,191
Financing cash flows from finance leases	9,295
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 29,562

Leases - Summary of Weighted-Av

Leases - Summary of Weighted-Average Remaining Lease Terms And Discount Rates (Details)	Sep. 30, 2022
Leases [Abstract]
Weighted-average remaining lease term - finance leases	2 years 3 months 18 days
Weighted-average remaining lease term - finance leases	11 years 6 months
Weighted-average discount rate - finance leases	9.50%
Weighted-average discount rate - operating leases	9.60%

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) shares
Class of Stock [Line Items]
Common stock voting rights	one vote
Common Stock
Class of Stock [Line Items]
Dividends declared or paid | $	$ 0
IPO | Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Shares issued upon conversion of preferred stock | shares	24,785,564

Redeemable Convertible Prefer_4

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Reconciliation of Shares Issued and Outstanding (Details) - Common Stock - shares	Sep. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Total shares of common stock legally issued and outstanding	43,846,393	544,967
Less: unvested early exercised shares of common stock		(757)
Total shares issued and outstanding	43,846,393	544,210

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2021 shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Condition shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $		$ 5,329	$ 1,860	$ 15,754	$ 3,852
2022 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, granted | shares				4,296,875
2022 Equity Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
2022 Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, outstanding | shares		6,269,300		6,269,300
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anniversary period				10 years
Board of Directors | 2022 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, granted | shares				4,296,875
Percentage increase in common stock reserve for future issuance				5%
Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $		$ 1,600	500	$ 5,300	1,000
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $		3,700	1,400	10,500	2,900
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $		3,569	$ 1,860	$ 10,997	$ 3,852
Stock Options | 2017 and 2022 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period				10 years
Stock Options | 2017 and 2022 Equity Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Stock Options | 2017 and 2022 Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $		$ 1,162		$ 2,807
Restricted Stock Units | 2022 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, granted | shares				911,452
Restricted stock units, outstanding | shares		881,624		881,624
Restricted Stock Units | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $		$ 598		$ 1,950
Restricted stock units, granted | shares	952,804
Vesting description				Each RSU granted in the RSU Award entitles the recipient to one share of common stock upon vesting subject to the service, performance, and market conditions.
Restricted stock units, outstanding | shares		952,804		952,804		952,804
Restricted stock units, vested | shares				0		0
Number of performance condition scenarios | Condition				3
Restricted Stock Units | IPO | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting description				Upon an IPO, (i) one-sixth of the RSU Award will vest if a minimum Enterprise Value of $2.5 billion is achieved, (ii) all the RSU Award will vest if a $5.0 billion Enterprise Value is achieved, and (iii) a portion of the RSU Award will vest based on a straight-line interpolation if an Enterprise Value of between $2.5 billion and $5.0 billion is achieved.
Anticipated service period				10 years
Fair value of the RSU award | $				$ 10,300
Restricted Stock Units | Change in Control | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting description				Upon a Change in Control, (i) one-sixth of the RSU Award will vest if a minimum Change in Control Market Capitalization of $2.5 billion is achieved, (ii) all of the RSU Award will vest if a $5.0 billion Change in Control Market Capitalization is achieved, and (iii) a portion of the RSU Award will vest based on a straight-line interpolation if a Change in Control Market Capitalization of between $2.5 billion and $5.0 billion is achieved based on a straight-line interpolation.
Restricted Stock Units | General and Administrative Expense | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $		$ 600		$ 2,000

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 5,329	$ 1,860	$ 15,754	$ 3,852
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	3,569	$ 1,860	10,997	$ 3,852
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	1,162		2,807
Restricted Stock Units | Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 598		$ 1,950

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options - 2017 and 2022 Equity Incentive Plan $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning balance | shares	5,598,830
Number of Shares, Granted | shares	3,448,158
Number of Shares, Forfeited | shares	(217,803)
Number of Shares, Exercised | shares	(388,802)
Number of Shares, Outstanding, Ending balance | shares	8,440,383	5,598,830
Number of Shares, Exercisable | shares	2,876,912
Weighted Average Exercise Price, Outstanding, Beginning balance | $ / shares	$ 5.36
Weighted Average Exercise Price, Granted | $ / shares	14.59
Weighted Average Exercise Price, Forfeited | $ / shares	10.02
Weighted Average Exercise Price, Exercised | $ / shares	2
Weighted Average Exercise Price, Outstanding, Ending balance | $ / shares	9.34	$ 5.36
Weighted Average Exercise Price, Exercisable | $ / shares	$ 6.29
Weighted Average Remaining Contractual Life (Years), Outstanding		8 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding | $		$ 7,349	[1]
[1] The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money as of September 30, 2022 .

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Restricted Stock Units Activity (Details) - 2022 Equity Incentive Plan	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted	4,296,875
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted	911,452
Number of Shares, Forfeited	(29,828)
Number of Shares, Outstanding, Ending balance	881,624
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 17.06
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	17.84
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance | $ / shares	$ 17.03

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	10,274,811	30,969,986	10,274,811	30,969,986
Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount		24,785,564		24,785,564
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	8,440,383	5,231,618	8,440,383	5,231,618
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	881,624		881,624
Restricted stock units - executive officer
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount	952,804	952,804	952,804	952,804