Nkarta (NKTX) 10-K 21 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Mar. 18, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-39370
Entity Registrant Name	Nkarta, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4515206
Entity Address, Address Line One	1150 Veterans Boulevard
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	925
Local Phone Number	407-1049
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	NKTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,416,186
Document Financial Statement Error Correction [Flag]	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001787400
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
ICFR Auditor Attestation Flag	false
Entity Public Float			$ 38.4
Auditor Name	Ernst & Young LLP
Auditor Location	California
Auditor Firm ID	42
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Definitive Proxy Statement for the 2023 Annual Meeting of Stockholders to be filed with the U.S. Securities and Exchange Commission pursuant to Regulation 14A within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference in Part III, Items 10-14 of this Annual Report on Form 10-K.

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 31,040	$ 37,494
Short-term investments	217,149	314,649
Prepaid expenses and other current assets	4,882	8,545
Total current assets	253,071	360,688
Restricted cash	2,743	2,743
Property and equipment, net	79,326	61,908
Operating lease right-of-use assets	39,949	45,749
Other long-term assets	3,796	1,850
Total assets	378,885	472,938
Current liabilities:
Accounts payable	3,665	1,761
Operating lease liabilities, current portion	6,069	4,249
Accrued and other current liabilities	13,596	16,036
Total current liabilities	23,330	22,046
Operating lease liabilities, net of current portion	82,270	78,685
Total liabilities	105,600	100,731
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.0001 par value; 54,350,179 shares authorized; no shares issued and outstanding at December 31, 2023 and 2022
Common stock, $0.0001 par value; 100,000,000 shares authorized; 49,181,295 and 48,877,806 shares issued and outstanding at December 31, 2023 and 2022, respectively	5	5
Additional paid-in capital	708,706	690,814
Accumulated other comprehensive income (loss)	8	(679)
Accumulated deficit	(435,434)	(317,933)
Total stockholders' equity	273,285	372,207
Total liabilities and stockholders' equity	$ 378,885	$ 472,938

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	54,350,179	54,350,179
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	49,181,295	48,877,806
Common stock, shares outstanding	49,181,295	48,877,806

Statements of Operations and Co

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and development	$ 96,773	$ 90,897
General and administrative	34,877	28,058
Total operating expenses	131,650	118,955
Loss from operations	(131,650)	(118,955)
Other income, net:
Interest income	14,107	5,588
Other income (expense), net	42	(470)
Total other income, net	14,149	5,118
Net loss	(117,501)	(113,837)
Comprehensive loss:
Net Income (Loss)	(117,501)	(113,837)
Other comprehensive loss:
Net unrealized gain (loss) on investments	687	(529)
Comprehensive loss	$ (116,814)	$ (114,366)
Net loss per share, basic	$ (2.4)	$ (2.61)
Net loss per share, diluted	$ (2.4)	$ (2.61)
Weighted average shares outstanding used in computing net loss per share, basic	49,014,300	43,631,722
Weighted average shares outstanding used in computing net loss per share, diluted	49,014,300	43,631,722

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Secondary Offering	At-the-market offering	Common Stock	Common Stock Secondary Offering	Common Stock At-the-market offering	Additional Paid-In Capital	Additional Paid-In Capital Secondary Offering	Additional Paid-In Capital At-the-market offering	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2021	$ 250,967			$ 3			$ 455,210			$ (204,096)	$ (150)
Beginning Balance, Shares at Dec. 31, 2021				32,971,107
Vesting of shares of common stock subject to repurchase	15						15
Vesting of shares of common stock subject to repurchase, Shares				15,278
Issuance of common stock upon exercise of stock option	1,397						1,397
Issuance of common stock upon exercise of stock option , Shares				383,120
Issuance of common stock upon employee stock purchase plan	445						445
Issuance of common stock upon employee stock purchase plan,share				61,754
Issuance of common stock, net of issuance costs		$ 215,334	$ 1,559		$ 2			$ 215,332	$ 1,559
Issuance of common stock, net of issuance costs, Shares				113,213	15,333,334	113,213
Share-based compensation expense	16,856						16,856
Unrealized gain (loss) on investments	(529)										(529)
Net loss	(113,837)									(113,837)
Ending Balance at Dec. 31, 2022	372,207			$ 5			690,814			(317,933)	(679)
Ending Balance, Shares at Dec. 31, 2022				48,877,806
Vesting of shares of common stock subject to repurchase	2						2
Vesting of shares of common stock subject to repurchase, Shares				508
Issuance of common stock upon exercise of stock option	161						161
Issuance of common stock upon exercise of stock option , Shares				49,871
Issuance of common stock upon vesting of restricted stock units, Shares				88,543
Issuance of common stock upon employee stock purchase plan	530						530
Issuance of common stock upon employee stock purchase plan,share				164,567
Share-based compensation expense	17,199						17,199
Unrealized gain (loss) on investments	687										687
Net loss	(117,501)									(117,501)
Ending Balance at Dec. 31, 2023	$ 273,285			$ 5			$ 708,706			$ (435,434)	$ 8
Ending Balance, Shares at Dec. 31, 2023				49,181,295

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (117,501)	$ (113,837)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	17,199	16,856
Depreciation and amortization expense	5,869	2,637
Accretion of discount and amortization of premium on investments, net	(8,940)	(818)
Non-cash lease expense	2,222	3,935
Realized (gain) loss on investments	(34)	490
Impairment of right-of-use assets	4,100
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,716	(1,489)
Operating lease liabilities	4,986	32,469
Accounts payable and accrued and other liabilities	4,223	2,757
Net cash used in operating activities	(86,160)	(57,000)
Cash flows from investing activities:
Purchases of investments	(260,233)	(385,887)
Proceeds from sales and maturities of investments	(367,395)	(248,309)
Purchase of property and equipment	(28,147)	(47,111)
Net cash provided by (used in) investing activities	79,015	(184,689)
Cash flows from financing activities:
Proceeds from secondary offering, net of issuance costs		215,611
Proceeds from ATM offering, net of issuance costs		1,559
Proceeds from ESPP purchases	530	445
Proceeds from stock option exercises	161	1,397
Net cash provided by financing activities	691	219,012
Net decrease in cash and cash equivalents	(6,454)	(22,677)
Cash, cash equivalents and restricted cash at beginning of year	40,237	62,914
Cash, cash equivalents and restricted cash at end of year	33,783	40,237
Reconciliation of cash, cash equivalents and restricted cash to the balance sheets:
Cash and cash equivalents	31,040	37,494
Restricted cash	2,743	2,743
Total cash, cash equivalents and restricted cash	33,783	40,237
Supplemental disclosures of non-cash investing activities:
Acquisitions of property and equipment recorded in accounts payable and accrued and other current liabilities	$ 268	$ 4,579

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (117,501)	$ (113,837)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business Description of the Business Nkarta, Inc. ("Nkarta" or the "Company") was incorporated in the State of Delaware in July 2015. The Company is a biopharmaceutical company developing engineered natural killer ("NK") cells to treat cancer and autoimmune disease. The Company is focused on leveraging the natural potent power of NK cells to identify and kill abnormal cells and recruit adaptive immune effectors to generate responses that are specific and durable. Nkarta is combining its NK expansion platform technology with proprietary cell engineering technologies to generate an abundant supply of NK cells, engineer enhanced NK cell recognition of therapeutic targets, and improve persistence for sustained activity in the body. Nkarta’s goal is to develop off-the-shelf NK cell therapy product candidates to improve outcomes for patients. The Company’s operations are based in South San Francisco, California, and it operates in one segment. Liquidity and Management Plans The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. Since inception, the Company has devoted substantially all of its efforts to organizing and staffing, business planning, raising capital, conducting preclinical studies and initiating clinical studies, and has not realized substantial revenues from its planned principal operations. In addition, the Company has a limited operating history, has incurred operating losses since inception and expects that it will continue to incur net losses into the foreseeable future as it continues its research and development activities. As of December 31, 2023, the Company had an accumulated deficit of $ 435.4 million and cash, cash equivalents, restricted cash and short-term investments of $ 250.9 million. Management plans to continue to incur substantial costs in order to conduct research and development activities for which additional capital will be needed. The Company intends to raise such capital through d ebt or equity financings or other arrangements to fund operations. Management believes that the Company’s current cash, cash equivalents, restricted cash and investments will provide sufficient funds to enable the Company to meet its obligations for at least twelve months from the filing date of this report.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principle ("U.S. GAAP"). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to preclinical studies and clinical trial accruals, fair value of assets and liabilities, impairment of assets, leases, share-based compensation and income taxes. Management bases its estimates on historical experience, knowledge of current events and actions it may undertake in the future that management believes to be reasonable under the circumstances. Actual results may differ from these estimates and assumptions. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash, cash equivalents and investments. The Company maintains cash, cash equivalents and investments with various high credit quality and are invested through banks and other financial institutions in the United States. Such deposits may be in excess of federally insured limits. 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 has not experienced any losses on deposits since inception. Comprehensive Loss Comprehensive loss consists of net loss and unrealized gains or losses on investments. The Company displays comprehensive loss and its components as part of the statements of operations and comprehensive loss. Fair Value of Financial Instruments The accounting guidance defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. 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. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of prepaid expenses and other current assets, accounts payable, accrued liabilities and other current liabilities are reasonable estimates of their fair value due to the short-term nature of these accounts. Cash, Cash Equivalents, Short-term Investments and Restricted Cash Cash and Cash Equivalents The Company considers all highly liquid investments with insignificant interest rate risk and an original maturity of three months or less at the date of purchase to be cash equivalents. Cash includes demand deposits held in readily available checking accounts at a federally insured financial institution. Cash equivalents consist of money market funds. Short-term Investments Short-term investments consist of corporate debt securities, commercial paper and Government securities, classified as available-for-sale securities and have maturities of greater than three months but less than one year. The Company has classified its available-for-sale investment securities as current assets on the balance sheets because these are considered highly liquid securities and are available for use in current operations. The Company carries these securities at fair value, and reports unrealized gains and losses as a separate component of accumulated other comprehensive income (loss). The cost of debt securities is adjusted for amortization of purchase premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income in the statements of operations and comprehensive loss. Realized gains and losses on sales of securities are determined using the specific identification method and recorded in other income, net in the statement of operations and comprehensive loss. We review our portfolio of available-for-sale securities, using both quantitative and qualitative factors, to determine if declines in fair value below amortized cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, we recognize a loss in the statement of operations, whereas if the decline in fair value is not due to credit-related factors, we recognize the loss in comprehensive loss. Restricted Cash The Company is required to maintain letters of credit related to its office and lab space leases in South San Francisco. This cash is the collateral for those letters of credit and per the terms of the leases, must remain in place until one to two months after the termination of the leases. As the remaining terms of the leases as of December 31, 2023 is greater than one year, the related restricted cash has been classified as non-current. Property and Equipment, Net Property and equipment, which consist of leasehold improvements, furniture and fixtures, research equipment, computers and software and construction-in-progress are stated at cost less accumulated depreciation. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to five years . Leasehold improvements are amortized over the remaining life of the lease at the time the asset is placed into service. Impairment of Long-Lived Assets The carrying value of long-lived assets, including property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the asset may not be recoverable. An impairment loss is recognized when the total of estimated future undiscounted cash flows, expected to result from the use of the asset and its eventual disposition, are less than its carrying amount. Impairment, if any, would be assessed using discounted cash flows or other appropriate measures of fair value. See Note 6 for additional information on the long-lived asset impairment expense recognized for the year ended December 31, 2023. Collaborative Arrangements The Company analyzes its collaboration arrangements to assess whether they are within the scope of Accounting Standards Codification ("ASC") Topic 808, Collaborative Arrangements ("ASC 808"), to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards that are dependent on the commercial success of such activities. To the extent the arrangement is within the scope of ASC 808, the Company assesses whether aspects of the arrangement between the Company and its collaboration partner are within the scope of other accounting literature, including ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). If it is concluded that some or all aspects of the arrangement represent a transaction with a customer, the Company will account for those aspects of the arrangement within the scope of ASC 606. ASC 808 provides guidance for the presentation and disclosure of transactions in collaborative arrangements, but it does not provide recognition or measurement guidance. Therefore, if the Company concludes a counterparty to a transaction is not a customer or otherwise not within the scope of ASC 606, the Company considers the guidance in other accounting literature as applicable or by analogy to account for such transaction. The classification of transactions under the Company’s arrangements is determined based on the nature and contractual terms of the arrangement along with the nature of the operations of the participants. Research and Development Costs Research and development costs are expensed as incurred. Research and development costs consist primarily of salaries and other benefits of research and development personnel, including associated share-based compensation, costs related to research activities, preclinical studies, clinical trial, drug manufacturing and allocated overhead and facility-related expenses. The Company accounts for non-refundable advance payments for goods or services that will be used in future research and development activities as expenses when the goods have been received or when the service has been performed rather than when the payment is made. Clinical trial costs are a component of research and development expenses. The Company expenses costs for its clinical trial activities performed by third parties, including clinical research organizations and other service providers, as they are incurred, based upon estimates of the work completed over the life of the individual study in accordance with associated agreements. The Company uses information it receives from internal personnel and outside service providers to estimate the clinical trial costs incurred. Commitments The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has occurred and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. There have been no such liabilities recorded by the Company as of December 31, 2023 and 2022. Leases At the commencement date of a lease, the Company recognizes lease liabilities which represent its obligation to make lease payments, and right-of-use assets ("ROU assets") which represent its right to use the underlying asset during the lease term. The lease liability is measured at the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the lease commencement date. The ROU asset is measured at cost, which includes the initial measurement of the lease liability and initial direct costs incurred by the Company and excludes lease incentives. ROU assets are recorded in operating lease ROU assets and lease liabilities are recorded in operating lease liabilities, current and noncurrent in the balance sheets. We have elected the practical expedient to account for the lease and non-lease components, such as common area maintenance charges, as a single lease component for our facilities leases, and elected the short-term lease recognition exemption for our short-term leases, under which we do not recognize lease liabilities and right-of-use assets for leases with an original term of twelve months or less. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. The Company does not recognize lease liabilities and ROU assets for short-term leases with terms of twelve months or less. Share-Based Compensation Share-based compensation expense represents the cost of the grant-date fair value of employee, officer, director, and non-employee stock option, employee stock purchase plan, and restricted stock unit grants, estimated in accordance with the applicable accounting guidance, recognized using the straight-line method over the vesting period for service-based options, employee stock purchase plan rights and restricted stock units and using the graded vesting method for performance-based options. The vesting period generally approximates the expected service period of the awards. Forfeitures are recognized and accounted for as they occur. The fair value of stock options and employee stock purchase plan rights are estimated using a Black-Scholes option pricing model on the date of grant. This method requires certain assumptions be used as inputs, such as the fair value of the underlying common stock, expected term of the option before exercise, expected volatility of the Company’s common stock, expected dividend yield, and a risk-free interest rate. Options granted during the year have a maximum contractual term of ten years . The Company has limited historical stock option activity and therefore estimates the expected term of stock options granted using the simplified method, which represents the average of the contractual term of the stock option and its weighted-average vesting period. The expected term of the employee stock purchase plan rights equals the six-month look-back period. Since inception and prior to 2023, the expected volatility was based upon the historical volatility of a number of publicly traded companies in similar stages of clinical development. For grants during 2023, the expected volatility was determined by using a blended approach of the Company's historical stock price volatility and the historical stock price volatility for a select group of other publicly traded companies in the same industry. The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future. The risk-free interest rates used are based on the U.S. Department of Treasury ("U.S. Treasury") yield in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the stock options. The fair value of restricted stock units is based on the closing price of the Company's common stock as reported on The Nasdaq Global Select Market on the date of grant. Income Taxes Income taxes have been accounted for using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if, based upon the weight of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Segment Reporting The Company’s chief operating decision maker, its President and Chief Executive Officer, manages its operations and business as one operating segment for the purposes of allocating resources, makes operating decisions and evaluates financial performance. No product revenue has been generated since inception and all assets are held in the United States. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss by the sum of the weighted average number of common shares plus the potential dilutive effects of potential dilutive securities outstanding during the period. Potential dilutive securities are excluded from diluted earnings or loss per share if the effect of such inclusion is antidilutive. The Company’s potentially dilutive securities, which include unvested common stock, unvested restricted stock options, and outstanding stock options under the Company’s equity incentive plans, have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standard Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an interim and annual basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 will be effective for us in the annual period beginning January 1, 2025, though early adoption is permitted. The Company is currently evaluating the presentational effect that ASU 2023-09 will have on its financial statements. There were no other significant updates to the recently issued accounting standards other than as disclosed herewith. Although there are several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	3. Net Loss Per Share The following tables summarize the computation of the basic and diluted net loss per share (in thousands except share and per share data): Year Ended December 31, 2023 2022 Numerator: Net loss $ ( 117,501 ) $ ( 113,837 ) Denominator: Weighted average common shares outstanding 49,014,357 43,635,044 Less: weighted average unvested common stock ( 57 ) ( 3,322 ) Weighted average shares used to compute net loss 49,014,300 43,631,722 Net loss per share, basic and diluted $ ( 2.40 ) $ ( 2.61 ) The following table summarizes the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their inclusion would be anti-dilutive: December 31, 2023 2022 Common stock options 6,716,526 5,519,275 Restricted stock units 594,768 356,728 Unvested common stock upon early exercise of common stock options — 508 7,311,294 5,876,511

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	4. Fair Value of Financial Instruments The following tables summarize the fair value of the Company’s financial instruments (in thousands): Fair Value Measurements Using December 31, Quoted Prices Significant Other Significant Assets: Cash equivalents: Money market funds $ 30,751 $ 30,751 $ — $ — Short-term investments: Corporate debt securities $ 40,609 $ — $ 40,609 $ — Commercial paper 38,197 — 38,197 — Government securities 138,343 — 138,343 — Total short-term investments $ 217,149 $ — $ 217,149 $ — Total $ 247,900 $ 30,751 $ 217,149 $ — Fair Value Measurements Using December 31, Quoted Prices Significant Other Significant Assets: Cash equivalents: Money market funds $ 36,494 $ 36,494 $ — $ — Short-term investments: Corporate debt securities $ 88,681 $ — $ 88,681 $ — Commercial paper 65,409 — 65,409 U.S. Government securities 160,559 — 160,559 — Total short-term investments $ 314,649 $ — $ 314,649 $ — Total $ 351,143 $ 36,494 $ 314,649 $ — Cash Equivalents and Short-Term Investments Financial assets measured at fair value on a recurring basis consist of the Company’s cash equivalents and short-term investments. Cash equivalents consisted of money market funds and short-term investments consisted of commercial paper, corporate debt securities and Government securities. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers. Investments are classified as Level 1 within the fair value hierarchy if their quoted prices are available in active markets for identical securities. Investments in money market funds of $ 30.8 million and $ 36.5 million included in cash equivalents as of December 31, 2023 and 2022, respectively, were classified as Level 1 instruments. Investments in corporate debt securities, commercial paper and Government securities included in short-term investments are valued using Level 2 inputs. Level 2 securities are initially valued at the transaction price and subsequently valued and reported upon utilizing inputs other than quoted prices that are observable either directly or indirectly, such as quotes from third-party pricing vendors. Fair values determined by Level 2 inputs, which utilize data points that are observable such as quoted prices, interest rates and yield curves, require the exercise of judgment and use of estimates, that if changed, could significantly affect the Company’s financial position and results of operations. The following tables summarize the Company’s short-term investments as of December 31, 2023 and 2022 (in thousands): December 31, 2023 Maturity Amortized Unrealized Unrealized Estimated Corporate debt securities 1 year or less $ 40,602 $ ( 11 ) $ 18 $ 40,609 Commercial paper 1 year or less 38,198 ( 2 ) 1 38,197 Government securities 1 year or less 138,341 ( 56 ) 58 138,343 Total $ 217,141 $ ( 69 ) $ 77 $ 217,149 December 31, 2022 Maturity Amortized Unrealized Unrealized Estimated Corporate debt securities 1 year or less $ 88,995 $ ( 320 ) $ 6 $ 88,681 Commercial paper 1 year or less 65,532 ( 123 ) — 65,409 U.S. Government securities 1 year or less 160,801 ( 319 ) 77 160,559 Total $ 315,328 $ ( 762 ) $ 83 $ 314,649 The Company considers whether unrealized losses have resulted from a credit loss or other factors. The unrealized losses on the Company’s available-for-sale securities as of December 31, 2023 and 2022 were caused by fluctuations in market value and interest rates as a result of the economic environment and not credit risk. The Company concluded that an allowance for credit losses was unnecessary as of December 31, 2023 and 2022. It is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery of their cost basis or recovery of fair value, except for investments totaling $ 27.0 million that were sold with a realized loss of $ 0.2 million in December 2022 and $ 67.6 million that were sold with a realized loss of $ 0.3 million in January 2023. The Company recorded this $ 0.3 million as an impairment loss for the year ended December 31, 2022. Unrealized gains and losses are included in accumulated other comprehensive income (loss). Realized gains and losses on sales of available-for-sale investments are computed based upon specific identification of the initial cost adjusted for any other-than-temporary declines in fair value that were recorded in earnings. The Company excludes accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities for the purposes of identifying and measuring an impairment and to not measure an allowance for expected credit losses for accrued interest receivables. Accrued interest receivable is written off through net realized investment gains (losses) at the time the issuer of the bond defaults or is expected to default on payment. It is the Company's policy to present the accrued interest receivable balance as part of prepaid expenses and other current assets in the balance sheets. Accrued interest receivable related to short-term investments was $ 1.2 million and $ 0.8 million as of December 31, 2023 and 2022, respectively.

Balance Sheet Components

Balance Sheet Components	12 Months Ended
	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	5. Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets are comprised of the following (in thousands): December 31, 2023 2022 Prepaid expenses $ 3,263 $ 5,616 Other current assets 1,619 2,929 Total prepaid expenses and other current assets $ 4,882 $ 8,545 Property and Equipment, Net P roperty and equipment, net is comprised of the following (in thousands): December 31, 2023 2022 Leasehold improvements $ 66,618 $ 4,402 Furniture and fixtures 745 645 Research equipment 14,298 12,900 Computers and software 404 130 Construction-in-progress 8,954 49,655 Total property and equipment, gross 91,019 67,732 Less accumulated depreciation and amortization ( 11,693 ) ( 5,824 ) Total property and equipment, net $ 79,326 $ 61,908 Depreciation and amortization expense were $ 5.9 million and $ 2.6 million for the years ended December 31, 2023 and 2022, respectively. Accrued and Other Current Liabilities Accrued and other current liabilities are comprised of the following (in thousands): December 31, 2023 2022 Accrued compensation $ 6,722 $ 6,691 Accrued research and development costs 5,845 3,486 Accrued property and equipment 174 5,001 Other accrued and current liabilities 855 858 Total accrued and other liabilities $ 13,596 $ 16,036

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	6. Leases The Company has operating leases for its current corporate offices, laboratory space, manufacturing facility, and dedicated space in a vivarium in South San Francisco, California. The components of lease expense were as follows (in thousands): Year Ended December 31, 2023 2022 Operating lease expense $ 10,900 $ 11,220 Variable lease expense (1) 1,018 462 Short-term lease expense 18 45 Total lease expense $ 11,936 $ 11,727 (1) Variable lease expense for the periods presented primarily included common area maintenance charges. Supplemental information related to operating leases were as follows (in thousands): Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 11,540 $ 6,887 The weighted-average remaining lease term was 9.8 years for the corporate office and laboratory space leases as of December 31, 2023. The corporate office lease includes an option to renew for an additional seven years. However, the renewal option was not included in the lease term for calculating the lease liability, as the renewal option allows the Company to maintain operational flexibility, and the Company was not reasonably certain that it would exercise the renewal option at the time of the lease commencement. The weighted-average discount rate was 9.8 % as of December 31, 2023. There were none and $ 0.4 million in ROU assets obtained in exchange for operating lease liabilities resulting from new leases and from modifications of existing leases, respectively, for the year ended December 31, 2023. Maturities of operating lease liabilities under existing operating leases as of December 31, 2023 were as follows (in thousands): Year ending December 31, Amount 2024 $ 12,818 2025 13,027 2026 13,462 2027 13,912 2028 14,378 2029 and thereafter 72,876 Total undiscounted future minimum lease payments 140,473 Less imputed interest ( 52,134 ) Total operating lease liabilities $ 88,339 Operating lease liabilities: Current 6,069 Non-current 82,270 Total lease liability $ 88,339 In May 2018, the Company entered into a lease agreement for its corporate office and laboratory space located in South San Francisco, California with an expiration date in May 2025 (the "Initial Lease Agreement" ). In April 2019, the Company executed the first amendment to the Initial Lease Agreement for additional corporate space, laboratory space and manufacturing capabilities and an extension to the lease term through April 2026. In May 2020, the Company signed a second amendment to the Initial Lease Agreement. The amended lease provides for an eight-year non-cancelable lease of additional office and laboratory space in the same building. The lease amendment for additional office and laboratory space provided for abatement of rent during the first three months of the lease and contains rent escalations during the term of the lease. The lease for this additional space commenced in January 2021 and expires in January 2029 . The lease amendment also includes an extension of the lease term for the existing office and laboratory space beginning on May 1, 2020 and expiring in January 2029. The amendment to the Initial Lease Agreement also includes an option to extend the lease for an additional seven-year term. In January 2021, the Company signed a third amendment to the Initial Lease Agreement which provides for the lease of additional space in the same building. The lease amendment for this additional space commenced in April 2021 and expires in March 2024 . In October 2021, the Company signed a fourth amendment to the Initial Lease Agreement which provides for the lease of additional space in the same building. The lease for additional office and laboratory space provides for abatement of rent during the first two months of the lease and contains rent escalations during the term of the lease. The lease amendment of this additional space commenced in April 2022 and expires in January 2029 . The lease amendment also includes this additional space in the Company’s option to extend the amended Initial Lease Agreement for an additional seven-year term. The other terms of the Initial Lease Agreement, as amended, remain unchanged. In July 2021, the Company entered into a lease agreement for corporate office, manufacturing and laboratory space located in South San Francisco, California with an expiration date approximately twelve years after the lease's legal commencement date (the "Additional Lease Agreement" ). The lease for this additional space and the Company's obligation to pay rent commenced in January 2022. In addition to base rent, the Company is responsible for payment of direct expenses, which include operating, insurance and tax expenses. The lease also provides for certain tenant improvement allowances ("TIA") of up to approximately $ 25.2 million for tenant improvements and certain infrastructure upgrades in connection with the initial buildout of the premises, approximately $ 4.4 million ("Optional TIA") of which, if utilized, would need to be repaid by the Company over the lease term. In 2021, the Company delivered a security deposit in the form of a letter of credit o f $ 1.6 mi llion to the Landlord in connection with the Additional Lease Agreement. In November 2021, the Company entered into an amendment to the Additional Lease Agreement. The lease amendment expressly includes manufacturing as a permitted use at the facility, clarifies that Silicon Valley Bank ("SVB") is an acceptable bank for purposes of issuing a letter of credit under the lease, revises the letter of credit transferability terms and replaces the form of letter of credit attached to the lease. In August 2022, the Company entered into fifth amendment to the Initial Lease Agreement and a second amendment to the Additional Lease Agreement for its existing facilities in South San Francisco, California. The fifth amendment to the Initial Lease Agreement includes an extension of the lease term for certain of the Company's existing facilities through July 31, 2030. The second amendment to the Additional Lease Agreement provides for approximately $ 15.0 million of additional tenant improvement allowances, in addition to the tenant improvement allowances of $ 25.2 million included in the original Additional Lease Agreement, and increases the base rent payments over the existing term of the lease. In March 2023, the Company held $ 2.7 million in collateral money market accounts supporting letters of credit issued by SVB to the landlord in connection with the Initial Lease Agreement and Additional Lease Agreement. In April 2023, the Company replaced the $ 2.7 million in letters of credit issued by SVB with letters of credit in the same amount from a different financial institution, and the Company entered into a third amendment to the Additional Lease Agreement. The lease amendment clarifies the form of letter of credit. In June 2023, the Company entered into a fourth amendment to the Additional Lease Agreement. The lease amendment confirms that the Company utilized the $ 4.4 million Optional TIA and began repaying the Optional TIA in July 2023. The other terms of the Additional Lease Agreement, as amended, remain unchanged. The Company tests long-lived assets for recoverability whenever events or changes in circumstances suggest that the carrying value of an asset or group of assets may not be recoverable. Beginning in the second quarter of 2023, the Company started to market for sublease portions of the Company's leased corporate office space in South San Francisco. As a result of these plans, the Company reviewed these spaces for impairment. As part of the impairment evaluation of the spaces being marketed for sublease, the Company compared the estimated undiscounted income for the marketed sublease spaces to the net book value of the related long-term assets, which include ROU assets and certain property, plant and equipment, primarily for leasehold improvements (collectively, "Sublease Asset Group"). The Company estimated potential sublease income using market participant assumptions, which the Company evaluated based on current real estate trends and market conditions. For the Sublease Asset Group, the Company determined that the respective ROU assets had net carrying values that exceeded their estimated undiscounted future cash flows. Accordingly, the Company then estimated the fair value of the Sublease Asset Group based on its discounted cash flows using the estimated borrowing rate of a market participant subtenant which we estimated to be 8 %. The carrying value of the Sublease Asset Group exceeded its fair values and, as a result, the Company recorded an ROU asset impairment of $ 4.1 million for the year ended December 31, 2023. The impairment is recorded within general and administrative expenses in the statements of operations and comprehensive loss.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Guarantee Agreement The Company has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that limits its exposure and enables the Company to recover a portion of any future amounts under certain circumstances and subject to deductibles and exclusions. The Company had no liabilities recorded for these agreements as of December 31, 2023 and 2022. Letters of Credit The Company has $ 2.7 million in letter of credit agreements with a financial institution that are used as collateral for the Company’s corporate headquarters’ operating leases. The letters of credit automatically renew annually without amendment unless cancelled by the financial institutions within 30 to 60 days of the annual expiration date. The letters of credit are presented as restricted cash in the balance sheet. Purchase Commitments The Company enters into contracts in the normal course of business for clinical trials, preclinical studies, manufacturing and other services and products for operating purposes. These contracts generally provide for termination following a certain period after notice and therefore the Company believes that non-cancelable obligations under these agreements are not material.

Collaboration and License Agree

Collaboration and License Agreements	12 Months Ended
	Dec. 31, 2023
Collaboration Agreement [Abstract]
Collaboration and License Agreements	8. Collaboration and License Agreements CRISPR Collaboration Agreement On May 5, 2021, the Company entered into the CRISPR Agreement with CRISPR to co-develop and co-commercialize an allogeneic, off-the-shelf CAR NK product candidate targeting the CD70 tumor antigen and an allogeneic, off-the-shelf product candidate that comprises both engineered NK cells and engineered T cells. In May 2022, the CRISPR Agreement was amended to revise the transfer of materials and nomination provisions. In March 2023, the CRISPR Agreement was further amended to permit Nkarta's advancement of CRISPR-licensed product candidates targeting a specified tumor antigen (the "Specified TA") and incorporate associated development and regulatory approval milestones and sales based royalties. In addition, the Company has received licenses from CRISPR for four CRISPR-Cas9 gene editing targets and will receive a license from CRISPR for up to one more CRISPR-Cas9 gene editing target that can be engineered into an unlimited number of its own NK cell products. CRISPR also has an option to co-develop and co-commercialize a future CAR NK program. Under the terms of the CRISPR Agreement, the Company and CRISPR share equally in all research and development costs and potential profits worldwide related to the NKX070 product candidate, NK+T product candidate, and the potential future CAR NK program. For the NK+T program, CRISPR is responsible for gene-editing activities and T cell related activities, and Nkarta is responsible for NK cell related activities. The related impact of the cost sharing associated with the research and development activities is included in research and development expense on the statements of operations and comprehensive loss. Expenses related to services performed by the Company are classified as research and development expense. Payments received from CRISPR for partial reimbursement of expenses are recorded as a reduction of research and development expense. Reduction of research and development expense resulting from partial reimbursement from CRISPR was $ 1.6 million and $ 4.2 million for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, the Company had a $ 0.2 million receivable and $ 1.3 million receivable, respectively, under the research cost sharing provision, which is included as part of prepaid expenses and other current assets in the balance sheet. For each non-collaboration product candidate incorporating a genome editing target licensed from CRISPR (a "CRISPR-Licensed Product Candidate"), other than those targeting the Specified TA, the Company would retain worldwide rights and may be required to make potential future payments based on the achievement of development and regulatory approval milestones totaling less than mid-twenty million dollars , as well as tiered royalties up to the mid-single digits on net product sales of such product candidate. For each CRISPR-Licensed Product Candidate targeting the Specified TA, the Company would retain worldwide rights and may be required to make potential future payments based on the achievement of development and regulatory approval milestones totaling less than high-forty million dollars, as well as tiered royalties up to the mid-single digits on net product sales of such product candidate. As of December 31, 2023, the Company has no t paid any amounts no r are any amounts owed by the Company under the CRISPR Agreement, and no milestones have been achieved. MaxCyte License Agreement On October 26, 2021, the Company entered into a license agreement (the "MaxCyte Agreement") with MaxCyte, Inc. ("MaxCyte") to obtain non-exclusive clinical and commercial rights to use MaxCyte's cell loading technology to develop and commercialize in up to ten licensed products. In connection with the MaxCyte Agreement, the Company must pay to MaxCyte annual research license fees and commercialization license fees, ranging from $ 0.1 million to $ 0.3 million, for each instrument licensed by the Company. Further, the Company could be required to make milestone payments to MaxCyte upon completion of certain regulatory and commercial milestones related to the clinical development and commercialization of certain of the Company’s licensed products. The aggregate potential milestone payments range from $ 10 million to $ 13 million per licensed product. Additionally, the Company may be required to make net sales milestone payments totaling between $ 61.9 million to $ 116.8 million per licensed product. As of December 31, 2023, no milestones have been achieved. University of Singapore and St. Jude Children’s License Agreement In August 2016, the National University of Singapore ("NUS") and St. Jude Children’s Research Hospital ("St. Jude") and the Company entered into a license agreement under which NUS and St. Jude (the "Licensors") granted the Company an exclusive, royalty-bearing, worldwide license to its patent rights related to a method for expanding natural killer cells; a chimeric receptor with NKG2D specificity; and a method for supporting autonomous natural killer cell function ("NUS and St. Jude License Agreement"). The NUS and St. Jude License Agreement provides the Company with the rights to grant and authorize sublicenses to make, have made, use, sell, offer for sale and import products and otherwise exploit the patent rights. As consideration for the license, the Company made an upfront payment of $ 31,800 and issued NUS 250,000 shares of the Company’s common stock. The Company determined that the upfront payment (SGD 42,750 ) and value of the common stock issued ($ 2,500 based on fair value at time of issuance) as part of the license agreement would be expensed upon execution of the contract as the license was acquired for research and development purposes which does not have alternative future uses, and the underlying technology has not reached technological feasibility, hence the Company expensed these costs during 2016. In addition, the Company is required to pay an annual license maintenance fee of SGD 25,000 , increasing to SGD 50,000 after year two of the agreement. Further, the Company could be required to make milestone payments to the Licensors upon completion of certain regulatory and commercial milestones related to the clinical development and commercialization of certain of the Company’s product candidates. The aggregate potential milestone payments are approximately SGD 5 million. The Company has also agreed to pay the Licensors royalties of 2.5 % of net sales of products sold by the Company or through a sublicense. Additionally, the Company agreed to pay the Licensors a tiered percentage of sublicensing income (ranging from 7.5 % to 20 %) based on the timing of capital raised and stage of clinical trials. The NUS and St. Jude License Agreement also includes certain performance objectives which obligate the Company to meet various milestones related to the clinical development and commercialization of certain of the Company’s product candidates over time for up to 120 months after the effective date of the NUS and St. Jude License Agreement. The Company recorded $ 37,000 license maintenance fees included as part of research and development expenses for each of the years ended December 31, 2023 and 2022.

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee Benefits	9. Employee Benefits On January 1, 2018, the Company adopted a defined contribution 401(k) plan that is available to eligible employees. Under the terms of the plan, employees may make voluntary contributions as a percent of compensation, limited to the maximum amount allowable under federal tax regulations. As part of the plan, the Company elected to make non-matching contributions via mandatory 3 % of compensation safe harbor nonelective contributions. The Company recognized $ 1.0 million and $ 0.8 million for expense related to the nonelective 401(k) contributions for the years ended December 31, 2023 and 2022, respectively.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	10. Stockholders’ Equity Under the Amended and Restated Certificate of Incorporation dated July 14, 2020, the Company had a total of 100,000,000 authorized shares of common stock with a par value of $ 0.0001 per share and 54,350,179 authorized shares of preferred stock with a par value of $ 0.0001 per share. Common Stock On August 12, 2021, the Company filed a Registration Statement on Form S-3 (the "2021 Shelf Registration Statement"), covering the offer and sale from time to time, pursuant to Rule 415 of the Securities Act of 1933, as amended (the "Securities Act"), of up to $ 500.0 million in aggregate offering price of shares of the Company’s common stock, shares of the Company’s preferred stock, debt securities, warrants, and rights and units. The 2021 Shelf Registration Statement was declared effective by the Securities and Exchange Commission (the "SEC") on September 2, 2021 and included a prospectus covering the offer and sale from time to time of up to $ 150.0 million in aggregate offering price of shares of the Company’s common stock through an “at-the-market” equity offering program (the "ATM Offering Program") with Cowen and Company, LLC, as sales agent. As of December 31, 2022, the Company has issued and sold 113,213 shares of its common stock pursuant to the ATM Offering Program, resulting in net proceeds of approximately $ 1.6 million, after deducting offering expenses. On April 28, 2022, the Company issued and sold 15,333,334 shares of its common stock in an underwritten public offering, including 2,000,000 shares associated with the full exercise of the underwriters’ option to purchase additional shares, at a price to the public of $ 15.00 per share. The total net proceeds to the Company from the offering were approximately $ 215.3 million, after deducting underwriting discounts and commissions and offering expenses. The shares were issued pursuant to the Company’s 2021 Shelf Registration Statement. On March 17, 2023, the Company filed the Registration Statement on Form S-3, as amended by the Form S-3/A filed on April 24, 2023 (the "2023 Shelf Registration Statement"), covering the offer and sale from time to time, pursuant to Rule 415 of the Securities Act, of up to $ 350.0 million in aggregate offering price of shares of the Company's common stock, shares of the Company's preferred stock, debt securities, warrants, rights and/or units (including up to $ 120.0 million in aggregate offering price of shares of its common stock, shares of its preferred stock, debt securities, warrants, rights and/or units registered on the 2021 Registration Statement that have not yet been sold). The 2023 Shelf Registration Statement was declared effective by the SEC on May 5, 2023.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	11. Share-Based Compensation Equity Incentive Plan 2015 Equity Incentive Plan The Company granted options under its 2015 Equity Incentive Plan (the "2015 Plan" ). The 2015 Plan allowed for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock unit awards and other stock awards, although only stock options were awarded under the 2015 Plan. Awards could be made to officers, directors, employees, non-employee directors, and consultants of the Company. In connection with the Board of Directors’ and stockholders’ approval of the 2020 Plan, the 2015 Plan was terminated as to future awards and any options then outstanding under the 2015 Plan remained outstanding and effective. As of December 31, 2023, there were an aggregate of 1,177,232 shares of common stock issuable upon the exercise of outstanding options issued under the 2015 Plan. 2020 Performance Incentive Plan The Company’s 2020 Performance Incentive Plan (the "2020 Plan") which was adopted by the Company’s board of directors in June 2020 and approved by the Company’s stockholders in July 2020, became effective upon the consummation of the IPO in July 2020. The 2020 Plan allows for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, stock bonuses, restricted stock, stock units and other forms of awards including cash awards to its officers, directors, employees, consultants and advisors. As of December 31, 2023, a total of 8,388,917 shares of the Company’s common stock were authorized for issuance with respect to awards granted under the 2020 Plan (this number of shares gives effect to the annual increases in the 2020 Plan share limit, as described in the next sentence). The share limit will automatically increase on the first trading day in January of each year by an amount equal to the lesser of (1) 5 % of the total number of outstanding shares of the Company’s common stock on the last trading day in December in the prior year, or (2) such lesser number as determined by the Company’s board of directors. Any shares subject to awards granted under the 2020 Plan or the 2015 Plan that are not paid, delivered or exercised before they expire or are canceled or terminated, or otherwise fail to vest, as well as shares used to pay the purchase or exercise price of such awards or related tax withholding obligations, will become available for new award grants under the 2020 Plan. A total of 2,645,312 shares was available for issuance under the 2020 Plan as of December 31, 2023. The following table summarizes the stock option activity during the year ended December 31, 2023 (in thousands, except number of shares, exercise prices and contractual term): Number of shares Weighted-average Weighted-average Aggregate Outstanding at December 31, 2022 5,519,275 $ 17.17 8.1 $ 2,915 Granted 2,412,028 4.39 Exercised ( 49,871 ) 3.22 Forfeited ( 1,164,906 ) 15.44 Outstanding at December 31, 2023 6,716,526 $ 12.99 7.5 $ 8,279 Exercisable at December 31, 2023 3,550,191 $ 16.20 6.4 $ 3,361 Vested and expected to vest at 6,716,526 $ 12.99 7.5 $ 8,279 The aggregate intrinsic value represents the difference between the exercise price of stock options and the quoted closing market price of the Company’s common stock on the applicable date for all in-the-money stock options. Additional information related to the Company’s stock options is summarized below (in thousands, except per share amounts): Year Ended December 31, 2023 2022 Weighted-average grant-date fair value of stock option grants per share $ 3.36 $ 8.60 Intrinsic value of options exercised $ 39 $ 4,268 The following table summarizes the restricted stock unit activity during the year ended December 31, 2023: Number of shares Weighted-average Weighted- Outstanding at December 31, 2022 356,728 $ 12.66 1.7 Granted 503,639 5.57 Forfeited ( 177,056 ) 7.62 Vested ( 88,543 ) 12.66 Outstanding at December 31, 2023 594,768 $ 8.16 1.4 The weighted-average grant-date fair values of restricted stock units granted during the years ended December 31, 2023 and 2022 were $ 5.57 and $ 12.62 , respectively. The fair value of restricted stock units that vested in the year ended December 31, 2023 totaled $ 0.4 million. There were no RSUs that vested in the year ended December 31, 2022. Employee Stock Purchase Plan The Company’s 2020 Employee Stock Purchase Plan (the "ESPP"), which was adopted by the Company’s board of directors in June 2020 and approved by the Company’s stockholders in July 2020, became effective upon the consummation of the IPO. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15 % of their eligible compensation, subject to any plan limitations. The ESPP provides for six-month offering periods, and at the end of each offering period, employees are able to purchase shares at 85 % of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. During 2023 and 2022, 164,567 and 61,754 shares were issued under the ESPP resulting in aggregate cash proceeds of $ 0.5 million and $ 0.4 million, respectively. As of December 31, 2023, 1,214,986 shares remained available for issuance under the ESPP (after giving effect to share purchases made under the ESPP through and including the ESPP offering period that ended on November 30, 2023). Common Stock Reserved for Future Issuance As of December 31, 2023, the Company had reserved the following shares of common stock for future issuance: December 31, Common stock options and restricted stock units granted and outstanding 7,311,294 Reserved for future equity award grants 2,645,312 Reserved for future ESPP issuances 1,214,986 11,171,592 Share-Based Compensation Expense Share-based compensation expense for the years ended December 31, 2023 and 2022 were as follows (in thousands): Year Ended December 31, 2023 2022 Research and development $ 8,025 $ 7,326 General and administrative 9,174 9,530 Total share-based compensation expense $ 17,199 $ 16,856 The total unrecognized compensation cost related to stock options was $ 19.5 million, which is expected to be recognized over a weighted-average remaining service period of 2.6 years as of December 31, 2023. The total unrecognized compensation cost related to restricted stock units was $ 3.7 million, which is expected to be recognized over a weighted-average remaining service period of 2.8 years as of December 31, 2023. Fair Value Disclosures The fair value of stock options was estimated on the date of grant using the quoted market price for the Company’s common stock on the applicable grant date and the Black-Scholes option pricing model with the following range of assumptions: Year Ended December 31, 2023 2022 Options Risk-free interest rate 3.5 % - 4.9 % 1.6 % - 4.2 % Expected volatility 90.0 % - 101.8 % 75.7 % - 78.9 % Expected term (in years) 5.5 - 6.1 5.5 - 6.1 Expected dividend yield — — ESPP Risk-free interest rate 4.7 % - 5.4 % 1.6 % - 4.7 % Expected volatility 63.8 % - 152.7 % 63.8 % - 151.9 % Expected term (in years) 0.5 0.5 Expected dividend yield — — The Company recognizes compensation costs related to stock options granted to employees and nonemployees based on the estimated fair value of the awards on the date of grant, net of forfeitures. The Company generally recognizes grant-date fair value of stock options granted to employees and non-employee service providers on a straight-line basis over the requisite service period, which is generally the vesting term of the respective awards. The Company determines the fair value of stock options with a service and performance condition, or performance-based options as described above. The Company accounts for the impact of forfeitures as they occur. The determination of the fair value of share-based payment awards utilizing the Black-Scholes option-pricing model is affected by the Company’s stock price and a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. Expected term. The Company opted to use the “simplified method” for estimating the expected term of employee options, whereby the expected term equals the average of the vesting term and the original contractual term of the option (generally 10 years). The expected term of the employee stock purchase plan rights equals the six-month look-back period. Expected volatility. Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, since inception and prior to 2023, the Company based its estimate of expected volatility on an average of the historical volatilities of the common stock of comparable publicly traded biopharmaceutical companies over a period equal to the expected term of the stock option grants. For the grants during 2023, the expected volatility was determined by using a blended approach of the Company’s historical stock price volatility and the historical stock price volatility for a select group of other publicly traded companies in the same industry. The comparable companies were chosen based on their similar size, stage in the life cycle, and financial leverage to the Company. Risk-free interest rate. The risk-free rate assumption is based on the U.S. Treasury instruments with maturities similar to the expected term of the stock options. Expected dividend yield. The Company has no t issued any dividends and do no t expect to issue dividends over the life of the options, as a result the estimated dividend yield is zero .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes Due to the Company’s net losses for the years ended December 31, 2023 and 2022, and since the Company has a full valuation allowance against deferred tax assets, there was no tax provision or benefit for income taxes recorded in the years presented other than minimum amounts required for state tax purposes. A reconciliation on income taxes to the amount computed by applying the statutory federal income tax rate to the net loss is summarized as follows (in thousands): Year Ended December 31, 2023 2022 Income tax benefit at statutory rates $ ( 24,675 ) $ ( 23,906 ) State income tax, net of federal benefit ( 1,438 ) ( 1,566 ) Permanent items 1,656 1,891 Research and development credits ( 6,170 ) ( 3,426 ) Change in valuation allowance 30,627 27,007 Income tax expense $ — $ — Significant components of the Company’s deferred tax assets are shown below (in thousands): December 31, 2023 2022 Deferred tax assets: Net operating loss carry forwards $ 43,491 $ 36,732 Depreciation and amortization 334 316 Research and development credits 19,782 11,999 Share-based compensation 4,668 3,552 Accrued expenses 1,402 1,367 Lease liability 18,551 19,062 Other, net 49 35 Section 174 Capitalized R&D 30,147 17,352 Total deferred tax assets 118,424 90,415 Valuation allowance for deferred tax assets ( 102,169 ) ( 71,368 ) Deferred tax assets, net of valuation allowance 16,255 19,047 Deferred tax liabilities: ROU asset ( 8,404 ) ( 18,089 ) Depreciation and amortization ( 7,851 ) ( 958 ) Net deferred tax assets $ — $ — The Company has a net operating loss and has provided a valuation allowance against net deferred tax assets due to uncertainties regarding the Company’s ability to realize these assets. The valuation allowance increased by $ 30.6 million and $ 27.0 million as of December 31, 2023 and 2022, respectively. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences representing net future deductible amounts become deductible. Due to the Company’s history of losses, and lack of other positive evidence, the Company has determined that it is more likely than not that its net deferred tax assets will not be realized, and therefore, the net deferred tax assets are substantially offset by a valuation allowance as of December 31, 2023 and 2022. The deferred tax assets were primarily comprised of federal and state tax net operating losses and tax credit carryforwards. As of December 31, 2023, the Company had net operating loss ("NOL") carryforwards of approximately $ 185.5 million and $ 65.1 million, available to reduce future taxable income, if any, for federal and California state income tax purposes, respectively. Of the $ 185.5 million federal NOL carryforwards, $ 0.2 million, $ 1.7 million, and $ 1.3 million will begin expiring in 2035 , 2036 , and 2037 , respectively, if not utilized, while $ 182.2 million can be carried forward indefinitely. The state NOL carryforwards will begin expiring in 2036 , if not utilized. The Company also had federal and state research and development credit carry forwards of approximately $ 17.4 million and $ 7.4 million, respectively, as of December 31, 2023. The federal credits will begin expiring in 2035 if not utilized. The California credits have no expiration date. Utilization of the NOL and research and development credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that may have occurred or that could occur in the future, as required by Section 382 of the Internal Revenue Code of 1986, as amended (the "Code"), as well as similar state provisions. The future utilization of the Company’s NOL and tax credit carryforwards to offset future taxable income may be subject to a substantial annual limitation as a result of changes in ownership by stockholders that hold 5 % or more of the Company’s common stock. An assessment of such ownership changes under Section 382 was not completed through December 31, 2019. To the extent that an assessment is completed in the future, the Company’s ability to utilize tax attributes could be restricted on a year-by-year basis and certain attributes could expire before they are utilized. The Company will examine the impact of any potential ownership changes in the future. The Company has not been audited by the Internal Revenue Service or any state income or franchise tax agency. As of December 31, 2023, its federal and state returns for the years ended 2015 through the current period are still open to examination. In addition, all of the net operating losses and research and development credit carryforwards that may be used in future years are still subject to inquiry given that the statute of limitation for these items would begin in the year of the utilization. The balance of gross unrecognized tax benefits as of December 31, 2023 and 2022 was approximately $ 3.7 million and $ 2.3 million, respectively, all of which would affect the Company’s income tax expense if recognized, before consideration of the Company’s valuation allowance. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. There was no interest and penalties for the years ended December 31, 2023 and 2022. The Company files income tax returns in the United States federal jurisdiction and various state jurisdictions and is not currently under examination by any taxing authority for any open tax year. Due to net operating loss carryforwards, all years remain open for income tax examination. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the IRS or state tax authorities to the extent utilized in a future period. No federal or state tax audits are currently in process. The following table summarizes the changes in the Company’s gross unrecognized tax benefits (in thousands): December 31, 2023 2022 Balance at the beginning of the year $ 2,339 $ 1,359 Increases (decreases) related to tax positions taken in prior years 102 ( 43 ) Increases related to tax positions taken in current year 1,297 1,023 Balance at the end of the year $ 3,738 $ 2,339

Reduction in Force

Reduction in Force	12 Months Ended
	Dec. 31, 2023
Reduction in Force [Abstract]
Reduction in Force	13. Reduction in Force On October 16, 2023 , the Company committed to cost saving measures, including a reduction in force (the "Reduction") that resulted in a reduction of 18 positions, representing approximately 10 % of the Company’s workforce. The Company undertook the Reduction to decrease its costs and create a more streamlined organization to support its operations through multiple clinical data updates. In connection with the Reduction, the Company incurred $ 1.2 million in costs, consisting primarily of cash severance costs and transition support services for impacted employees, which the Company recognized in the fourth quarter of 2023 in general and administrative operating expenses in the statement of operations. As of December 31, 2023, $ 0.8 million was paid out and $ 0.4 million was recorded under other accrued and other current liabilities.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principle ("U.S. GAAP").
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to preclinical studies and clinical trial accruals, fair value of assets and liabilities, impairment of assets, leases, share-based compensation and income taxes. Management bases its estimates on historical experience, knowledge of current events and actions it may undertake in the future that management believes to be reasonable under the circumstances. Actual results may differ from these estimates and assumptions.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash, cash equivalents and investments. The Company maintains cash, cash equivalents and investments with various high credit quality and are invested through banks and other financial institutions in the United States. Such deposits may be in excess of federally insured limits. 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 has not experienced any losses on deposits since inception.
Comprehensive Loss	Comprehensive Loss Comprehensive loss consists of net loss and unrealized gains or losses on investments. The Company displays comprehensive loss and its components as part of the statements of operations and comprehensive loss.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The accounting guidance defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. 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. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of prepaid expenses and other current assets, accounts payable, accrued liabilities and other current liabilities are reasonable estimates of their fair value due to the short-term nature of these accounts.
Cash, Cash Equivalents, Short-term Investments and Restricted Cash	Cash, Cash Equivalents, Short-term Investments and Restricted Cash Cash and Cash Equivalents The Company considers all highly liquid investments with insignificant interest rate risk and an original maturity of three months or less at the date of purchase to be cash equivalents. Cash includes demand deposits held in readily available checking accounts at a federally insured financial institution. Cash equivalents consist of money market funds. Short-term Investments Short-term investments consist of corporate debt securities, commercial paper and Government securities, classified as available-for-sale securities and have maturities of greater than three months but less than one year. The Company has classified its available-for-sale investment securities as current assets on the balance sheets because these are considered highly liquid securities and are available for use in current operations. The Company carries these securities at fair value, and reports unrealized gains and losses as a separate component of accumulated other comprehensive income (loss). The cost of debt securities is adjusted for amortization of purchase premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income in the statements of operations and comprehensive loss. Realized gains and losses on sales of securities are determined using the specific identification method and recorded in other income, net in the statement of operations and comprehensive loss. We review our portfolio of available-for-sale securities, using both quantitative and qualitative factors, to determine if declines in fair value below amortized cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, we recognize a loss in the statement of operations, whereas if the decline in fair value is not due to credit-related factors, we recognize the loss in comprehensive loss. Restricted Cash The Company is required to maintain letters of credit related to its office and lab space leases in South San Francisco. This cash is the collateral for those letters of credit and per the terms of the leases, must remain in place until one to two months after the termination of the leases. As the remaining terms of the leases as of December 31, 2023 is greater than one year, the related restricted cash has been classified as non-current.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, which consist of leasehold improvements, furniture and fixtures, research equipment, computers and software and construction-in-progress are stated at cost less accumulated depreciation. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to five years . Leasehold improvements are amortized over the remaining life of the lease at the time the asset is placed into service.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The carrying value of long-lived assets, including property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the asset may not be recoverable. An impairment loss is recognized when the total of estimated future undiscounted cash flows, expected to result from the use of the asset and its eventual disposition, are less than its carrying amount. Impairment, if any, would be assessed using discounted cash flows or other appropriate measures of fair value. See Note 6 for additional information on the long-lived asset impairment expense recognized for the year ended December 31, 2023.
Collaborative Arrangements	Collaborative Arrangements The Company analyzes its collaboration arrangements to assess whether they are within the scope of Accounting Standards Codification ("ASC") Topic 808, Collaborative Arrangements ("ASC 808"), to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards that are dependent on the commercial success of such activities. To the extent the arrangement is within the scope of ASC 808, the Company assesses whether aspects of the arrangement between the Company and its collaboration partner are within the scope of other accounting literature, including ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). If it is concluded that some or all aspects of the arrangement represent a transaction with a customer, the Company will account for those aspects of the arrangement within the scope of ASC 606. ASC 808 provides guidance for the presentation and disclosure of transactions in collaborative arrangements, but it does not provide recognition or measurement guidance. Therefore, if the Company concludes a counterparty to a transaction is not a customer or otherwise not within the scope of ASC 606, the Company considers the guidance in other accounting literature as applicable or by analogy to account for such transaction. The classification of transactions under the Company’s arrangements is determined based on the nature and contractual terms of the arrangement along with the nature of the operations of the participants.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred. Research and development costs consist primarily of salaries and other benefits of research and development personnel, including associated share-based compensation, costs related to research activities, preclinical studies, clinical trial, drug manufacturing and allocated overhead and facility-related expenses. The Company accounts for non-refundable advance payments for goods or services that will be used in future research and development activities as expenses when the goods have been received or when the service has been performed rather than when the payment is made. Clinical trial costs are a component of research and development expenses. The Company expenses costs for its clinical trial activities performed by third parties, including clinical research organizations and other service providers, as they are incurred, based upon estimates of the work completed over the life of the individual study in accordance with associated agreements. The Company uses information it receives from internal personnel and outside service providers to estimate the clinical trial costs incurred.
Commitments	Commitments The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has occurred and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. There have been no such liabilities recorded by the Company as of December 31, 2023 and 2022.
Leases	Leases At the commencement date of a lease, the Company recognizes lease liabilities which represent its obligation to make lease payments, and right-of-use assets ("ROU assets") which represent its right to use the underlying asset during the lease term. The lease liability is measured at the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the lease commencement date. The ROU asset is measured at cost, which includes the initial measurement of the lease liability and initial direct costs incurred by the Company and excludes lease incentives. ROU assets are recorded in operating lease ROU assets and lease liabilities are recorded in operating lease liabilities, current and noncurrent in the balance sheets. We have elected the practical expedient to account for the lease and non-lease components, such as common area maintenance charges, as a single lease component for our facilities leases, and elected the short-term lease recognition exemption for our short-term leases, under which we do not recognize lease liabilities and right-of-use assets for leases with an original term of twelve months or less. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term. The Company does not recognize lease liabilities and ROU assets for short-term leases with terms of twelve months or less.
Share-Based Compensation	Share-Based Compensation Share-based compensation expense represents the cost of the grant-date fair value of employee, officer, director, and non-employee stock option, employee stock purchase plan, and restricted stock unit grants, estimated in accordance with the applicable accounting guidance, recognized using the straight-line method over the vesting period for service-based options, employee stock purchase plan rights and restricted stock units and using the graded vesting method for performance-based options. The vesting period generally approximates the expected service period of the awards. Forfeitures are recognized and accounted for as they occur. The fair value of stock options and employee stock purchase plan rights are estimated using a Black-Scholes option pricing model on the date of grant. This method requires certain assumptions be used as inputs, such as the fair value of the underlying common stock, expected term of the option before exercise, expected volatility of the Company’s common stock, expected dividend yield, and a risk-free interest rate. Options granted during the year have a maximum contractual term of ten years . The Company has limited historical stock option activity and therefore estimates the expected term of stock options granted using the simplified method, which represents the average of the contractual term of the stock option and its weighted-average vesting period. The expected term of the employee stock purchase plan rights equals the six-month look-back period. Since inception and prior to 2023, the expected volatility was based upon the historical volatility of a number of publicly traded companies in similar stages of clinical development. For grants during 2023, the expected volatility was determined by using a blended approach of the Company's historical stock price volatility and the historical stock price volatility for a select group of other publicly traded companies in the same industry. The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future. The risk-free interest rates used are based on the U.S. Department of Treasury ("U.S. Treasury") yield in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the stock options. The fair value of restricted stock units is based on the closing price of the Company's common stock as reported on The Nasdaq Global Select Market on the date of grant.
Income Taxes	Income Taxes Income taxes have been accounted for using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if, based upon the weight of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
Segment Reporting	Segment Reporting The Company’s chief operating decision maker, its President and Chief Executive Officer, manages its operations and business as one operating segment for the purposes of allocating resources, makes operating decisions and evaluates financial performance. No product revenue has been generated since inception and all assets are held in the United States.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss by the sum of the weighted average number of common shares plus the potential dilutive effects of potential dilutive securities outstanding during the period. Potential dilutive securities are excluded from diluted earnings or loss per share if the effect of such inclusion is antidilutive. The Company’s potentially dilutive securities, which include unvested common stock, unvested restricted stock options, and outstanding stock options under the Company’s equity incentive plans, have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standard Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an interim and annual basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 will be effective for us in the annual period beginning January 1, 2025, though early adoption is permitted. The Company is currently evaluating the presentational effect that ASU 2023-09 will have on its financial statements. There were no other significant updates to the recently issued accounting standards other than as disclosed herewith. Although there are several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share	The following tables summarize the computation of the basic and diluted net loss per share (in thousands except share and per share data): Year Ended December 31, 2023 2022 Numerator: Net loss $ ( 117,501 ) $ ( 113,837 ) Denominator: Weighted average common shares outstanding 49,014,357 43,635,044 Less: weighted average unvested common stock ( 57 ) ( 3,322 ) Weighted average shares used to compute net loss 49,014,300 43,631,722 Net loss per share, basic and diluted $ ( 2.40 ) $ ( 2.61 )
Summarizes the Outstanding Potentially Dilutive Securities Excluded in Calculation of Diluted Net Loss Per Share	The following table summarizes the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their inclusion would be anti-dilutive: December 31, 2023 2022 Common stock options 6,716,526 5,519,275 Restricted stock units 594,768 356,728 Unvested common stock upon early exercise of common stock options — 508 7,311,294 5,876,511

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Summary of Fair Value of Financial Instrument	The following tables summarize the fair value of the Company’s financial instruments (in thousands): Fair Value Measurements Using December 31, Quoted Prices Significant Other Significant Assets: Cash equivalents: Money market funds $ 30,751 $ 30,751 $ — $ — Short-term investments: Corporate debt securities $ 40,609 $ — $ 40,609 $ — Commercial paper 38,197 — 38,197 — Government securities 138,343 — 138,343 — Total short-term investments $ 217,149 $ — $ 217,149 $ — Total $ 247,900 $ 30,751 $ 217,149 $ — Fair Value Measurements Using December 31, Quoted Prices Significant Other Significant Assets: Cash equivalents: Money market funds $ 36,494 $ 36,494 $ — $ — Short-term investments: Corporate debt securities $ 88,681 $ — $ 88,681 $ — Commercial paper 65,409 — 65,409 U.S. Government securities 160,559 — 160,559 — Total short-term investments $ 314,649 $ — $ 314,649 $ — Total $ 351,143 $ 36,494 $ 314,649 $ —
Short-term investments
Schedule of Short-term Investments	The following tables summarize the Company’s short-term investments as of December 31, 2023 and 2022 (in thousands): December 31, 2023 Maturity Amortized Unrealized Unrealized Estimated Corporate debt securities 1 year or less $ 40,602 $ ( 11 ) $ 18 $ 40,609 Commercial paper 1 year or less 38,198 ( 2 ) 1 38,197 Government securities 1 year or less 138,341 ( 56 ) 58 138,343 Total $ 217,141 $ ( 69 ) $ 77 $ 217,149 December 31, 2022 Maturity Amortized Unrealized Unrealized Estimated Corporate debt securities 1 year or less $ 88,995 $ ( 320 ) $ 6 $ 88,681 Commercial paper 1 year or less 65,532 ( 123 ) — 65,409 U.S. Government securities 1 year or less 160,801 ( 319 ) 77 160,559 Total $ 315,328 $ ( 762 ) $ 83 $ 314,649

Balance Sheet Components (Table

Balance Sheet Components (Tables)	12 Months Ended
	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets are comprised of the following (in thousands): December 31, 2023 2022 Prepaid expenses $ 3,263 $ 5,616 Other current assets 1,619 2,929 Total prepaid expenses and other current assets $ 4,882 $ 8,545
Schedule of Property and Equipment, Net	roperty and equipment, net is comprised of the following (in thousands): December 31, 2023 2022 Leasehold improvements $ 66,618 $ 4,402 Furniture and fixtures 745 645 Research equipment 14,298 12,900 Computers and software 404 130 Construction-in-progress 8,954 49,655 Total property and equipment, gross 91,019 67,732 Less accumulated depreciation and amortization ( 11,693 ) ( 5,824 ) Total property and equipment, net $ 79,326 $ 61,908
Schedule of Accrued Other Current Liabilities	Accrued and other current liabilities are comprised of the following (in thousands): December 31, 2023 2022 Accrued compensation $ 6,722 $ 6,691 Accrued research and development costs 5,845 3,486 Accrued property and equipment 174 5,001 Other accrued and current liabilities 855 858 Total accrued and other liabilities $ 13,596 $ 16,036

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows (in thousands): Year Ended December 31, 2023 2022 Operating lease expense $ 10,900 $ 11,220 Variable lease expense (1) 1,018 462 Short-term lease expense 18 45 Total lease expense $ 11,936 $ 11,727 (1) Variable lease expense for the periods presented primarily included common area maintenance charges.
Schedule of Supplemental Information related to Operating Leases	Supplemental information related to operating leases were as follows (in thousands): Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 11,540 $ 6,887
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities under existing operating leases as of December 31, 2023 were as follows (in thousands): Year ending December 31, Amount 2024 $ 12,818 2025 13,027 2026 13,462 2027 13,912 2028 14,378 2029 and thereafter 72,876 Total undiscounted future minimum lease payments 140,473 Less imputed interest ( 52,134 ) Total operating lease liabilities $ 88,339 Operating lease liabilities: Current 6,069 Non-current 82,270 Total lease liability $ 88,339

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes the stock option activity during the year ended December 31, 2023 (in thousands, except number of shares, exercise prices and contractual term): Number of shares Weighted-average Weighted-average Aggregate Outstanding at December 31, 2022 5,519,275 $ 17.17 8.1 $ 2,915 Granted 2,412,028 4.39 Exercised ( 49,871 ) 3.22 Forfeited ( 1,164,906 ) 15.44 Outstanding at December 31, 2023 6,716,526 $ 12.99 7.5 $ 8,279 Exercisable at December 31, 2023 3,550,191 $ 16.20 6.4 $ 3,361 Vested and expected to vest at 6,716,526 $ 12.99 7.5 $ 8,279
Summary of Additional Information Related to Stock Options	Additional information related to the Company’s stock options is summarized below (in thousands, except per share amounts): Year Ended December 31, 2023 2022 Weighted-average grant-date fair value of stock option grants per share $ 3.36 $ 8.60 Intrinsic value of options exercised $ 39 $ 4,268
Summary of Restricted Stock Unit Activity	The following table summarizes the restricted stock unit activity during the year ended December 31, 2023: Number of shares Weighted-average Weighted- Outstanding at December 31, 2022 356,728 $ 12.66 1.7 Granted 503,639 5.57 Forfeited ( 177,056 ) 7.62 Vested ( 88,543 ) 12.66 Outstanding at December 31, 2023 594,768 $ 8.16 1.4 The weighted-average grant-date fair values of restricted stock units granted during the years ended December 31, 2023 and 2022 were $ 5.57 and $ 12.62 , respectively. The fair value of restricted stock units that vested in the year ended December 31, 2023 totaled $ 0.4 million. There were no RSUs that vested in the year ended December 31, 2022.
Summary of Common Stock Reserved For Future Issuance	As of December 31, 2023, the Company had reserved the following shares of common stock for future issuance: December 31, Common stock options and restricted stock units granted and outstanding 7,311,294 Reserved for future equity award grants 2,645,312 Reserved for future ESPP issuances 1,214,986 11,171,592
Summary of Share-based Compensation Expense	Share-based compensation expense for the years ended December 31, 2023 and 2022 were as follows (in thousands): Year Ended December 31, 2023 2022 Research and development $ 8,025 $ 7,326 General and administrative 9,174 9,530 Total share-based compensation expense $ 17,199 $ 16,856
Schedule of Fair Value of Stock Options Estimated on Date of Grant Using Quoted Market Price For Common Stock On The Applicable Grant Date And Black-Scholes Option Pricing Model	The fair value of stock options was estimated on the date of grant using the quoted market price for the Company’s common stock on the applicable grant date and the Black-Scholes option pricing model with the following range of assumptions: Year Ended December 31, 2023 2022 Options Risk-free interest rate 3.5 % - 4.9 % 1.6 % - 4.2 % Expected volatility 90.0 % - 101.8 % 75.7 % - 78.9 % Expected term (in years) 5.5 - 6.1 5.5 - 6.1 Expected dividend yield — — ESPP Risk-free interest rate 4.7 % - 5.4 % 1.6 % - 4.7 % Expected volatility 63.8 % - 152.7 % 63.8 % - 151.9 % Expected term (in years) 0.5 0.5 Expected dividend yield — —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Reconciliation on Income Taxes Amount Computed by Applying Statutory Federal Income Tax Rate to Net Loss	A reconciliation on income taxes to the amount computed by applying the statutory federal income tax rate to the net loss is summarized as follows (in thousands): Year Ended December 31, 2023 2022 Income tax benefit at statutory rates $ ( 24,675 ) $ ( 23,906 ) State income tax, net of federal benefit ( 1,438 ) ( 1,566 ) Permanent items 1,656 1,891 Research and development credits ( 6,170 ) ( 3,426 ) Change in valuation allowance 30,627 27,007 Income tax expense $ — $ —
Significant Components of Deferred Tax Assets	Significant components of the Company’s deferred tax assets are shown below (in thousands): December 31, 2023 2022 Deferred tax assets: Net operating loss carry forwards $ 43,491 $ 36,732 Depreciation and amortization 334 316 Research and development credits 19,782 11,999 Share-based compensation 4,668 3,552 Accrued expenses 1,402 1,367 Lease liability 18,551 19,062 Other, net 49 35 Section 174 Capitalized R&D 30,147 17,352 Total deferred tax assets 118,424 90,415 Valuation allowance for deferred tax assets ( 102,169 ) ( 71,368 ) Deferred tax assets, net of valuation allowance 16,255 19,047 Deferred tax liabilities: ROU asset ( 8,404 ) ( 18,089 ) Depreciation and amortization ( 7,851 ) ( 958 ) Net deferred tax assets $ — $ —
Summary of Changes in Gross Unrecognized Tax Benefits	The following table summarizes the changes in the Company’s gross unrecognized tax benefits (in thousands): December 31, 2023 2022 Balance at the beginning of the year $ 2,339 $ 1,359 Increases (decreases) related to tax positions taken in prior years 102 ( 43 ) Increases related to tax positions taken in current year 1,297 1,023 Balance at the end of the year $ 3,738 $ 2,339

Description of Business - Addit

Description of Business - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments | Segment	1
Accumulated deficit	$ 435,434	$ 317,933
Cash, cash equivalents restricted cash and short-term investments	$ 250,900

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Polices - Additional Information (Details)	12 Months Ended	18 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)
Accounting Policies [Line Items]
Product revenue		$ 0
Liability regard to loss contingencies	$ 0		$ 0
Contractual term of options granted	10 years
Employee stock purchase plan look-back period	6 months
Number of operating segments | Segment	1
Minimum
Accounting Policies [Line Items]
Estimated useful lives of assets	3 years
Maximum
Accounting Policies [Line Items]
Estimated useful lives of assets	5 years
Contractual term of options granted	10 years

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss	$ (117,501)	$ (113,837)
Denominator:
Weighted average common shares outstanding	49,014,357	43,635,044
Less: weighted average unvested common stock issued upon early exercise of common stock options	(57)	(3,322)
Weighted average shares used to compute net loss per share, basic	49,014,300	43,631,722
Weighted average shares used to compute net loss per share, diluted	49,014,300	43,631,722
Net loss per share, basic	$ (2.4)	$ (2.61)
Net loss per share, diluted	$ (2.4)	$ (2.61)

Net Loss Per Share - Summarizes

Net Loss Per Share - Summarizes the Outstanding Potentially Dilutive Securities Excluded in Calculation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	7,311,294	5,876,511
Common Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	6,716,526	5,519,275
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	594,768	356,728
Unvested Common Stock Upon Early Exercise of Common Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		508

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Fair Value of Financial Instrument (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Money market funds	$ 30,751	$ 36,494
Total short-term investments	217,149	314,649
Total	247,900	351,143
Commercial Paper
Assets:
Total short-term investments	38,197	65,409
Corporate Debt Securities
Assets:
Total short-term investments	40,609	88,681
U.S. Government securities
Assets:
Total short-term investments	138,343	160,559
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Money market funds	30,751	36,494
Total	30,751	36,494
Significant Other Observable Inputs (Level 2)
Assets:
Total short-term investments	217,149	314,649
Total	217,149	314,649
Significant Other Observable Inputs (Level 2) | Commercial Paper
Assets:
Total short-term investments	38,197	65,409
Significant Other Observable Inputs (Level 2) | Corporate Debt Securities
Assets:
Total short-term investments	40,609	88,681
Significant Other Observable Inputs (Level 2) | U.S. Government securities
Assets:
Total short-term investments	$ 138,343	$ 160,559

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments sold	$ 67,600	$ 27,000
Realized loss on investments	$ 300	200
Impairments				$ 300
Realized gain or loss on available-for-sale securities			$ 34	(490)
Short-term investments
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Accrued interest receivable		800	1,200	800
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Funds
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments		$ 36,500	$ 30,800	$ 36,500

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Short-term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale securities, Amortized Cost	$ 217,141	$ 315,328
Available for sale securities, Unrealized Losses	(69)	(762)
Available for sale securities, Unrealized Gains	77	83
Available for sale securities,Estimated Fair Value	217,149	314,649
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale securities, Amortized Cost	40,602	88,995
Available for sale securities, Unrealized Losses	(11)	(320)
Available for sale securities, Unrealized Gains	18	6
Available for sale securities,Estimated Fair Value	$ 40,609	$ 88,681
Corporate Debt Securities | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Maturity (in years)	1 year	1 year
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale securities, Amortized Cost	$ 38,198	$ 65,532
Available for sale securities, Unrealized Losses	(2)	(123)
Available for sale securities, Unrealized Gains	1
Available for sale securities,Estimated Fair Value	$ 38,197	$ 65,409
Commercial Paper | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Maturity (in years)	1 year	1 year
U.S. Government securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available for sale securities, Amortized Cost	$ 138,341	$ 160,801
Available for sale securities, Unrealized Losses	(56)	(319)
Available for sale securities, Unrealized Gains	58	77
Available for sale securities,Estimated Fair Value	$ 138,343	$ 160,559
U.S. Government securities | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Maturity (in years)	1 year	1 year

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 3,263	$ 5,616
Other current assets	1,619	2,929
Total prepaid expenses and other current assets	$ 4,882	$ 8,545

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 91,019	$ 67,732
Less accumulated depreciation and amortization	(11,693)	(5,824)
Total property and equipment, net	79,326	61,908
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment, gross	66,618	4,402
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment, gross	745	645
Research Equipment
Property Plant And Equipment [Line Items]
Total property and equipment, gross	14,298	12,900
Computers and Software
Property Plant And Equipment [Line Items]
Total property and equipment, gross	404	130
Construction in Progress
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 8,954	$ 49,655

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization expense	$ 5.9	$ 2.6

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accrued compensation	$ 6,722	$ 6,691
Accrued research and development costs	5,845	3,486
Accrued property and equipment	174	5,001
Other accrued and current liabilities	855	858
Total accrued and other liabilities	$ 13,596	$ 16,036

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease, Cost [Abstract]
Operating lease expense	$ 10,900	$ 11,220
Variable lease expense	1,018	462
Short-term lease expense	18	45
Total lease expense	$ 11,936	$ 11,727

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$ 11,540	$ 6,887

Leases - Additional Information

Leases - Additional Information (Details) - USD ($)

1 Months Ended

12 Months Ended

Jun. 30, 2023

Aug. 31, 2022

Oct. 31, 2021

Jul. 31, 2021

Jan. 31, 2021

May 31, 2020

May 31, 2018

Dec. 31, 2023

Apr. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Lessee Lease Description [Line Items]

Weighted-average discount rate

9.80%

ROU assets obtained in exchange for operating lease liabilities resulting from new leases

$ 0

ROU assets obtained in exchange for operating lease liabilities resulting from modifications of existing leases

400,000

Lessee, operating lease, term of contract

12 years

Cash received for tenant improvement allowances to be repaid

$ 4,400,000

$ 4,400,000

Lease liabilities

88,339,000

Right-of-use assets

39,949,000

$ 45,749,000

ROU asset impairment

$ 4,100,000

Estimated subtenant rate

8%

Maximum

Lessee Lease Description [Line Items]

Tenant improvement allowances yet to receive

$ 25,200,000

Letter of Credit

Lessee Lease Description [Line Items]

Security deposit

$ 1,600,000

Letter of credit

$ 2,700,000

Third amendment

Lessee Lease Description [Line Items]

Operating lease, description

The lease amendment for this additional space commenced in April 2021 and expires in March 2024.

Lease expiration month and year

2024-03

Initial Lease Agreement

Lessee Lease Description [Line Items]

Operating lease, existence of option to extend

true

true

Lease term

8 years

Lease expiration year

2029

2029

Lessee option to extend description

The lease amendment of this additional space commenced in April 2022 and expires in January 2029. The lease amendment also includes this additional space in the Company’s option to extend the amended Initial Lease Agreement for an additional seven-year term.

The lease amendment also includes an extension of the lease term for the existing office and laboratory space beginning on May 1, 2020 and expiring in January 2029. The amendment to the Initial Lease Agreement also includes an option to extend the lease for an additional seven-year term.

Second Amendment Of Additional Lease Agreement

Lessee Lease Description [Line Items]

Tenant improvement allowances yet to receive

$ 25,200,000

Additional tenant improvement allowances

$ 15,000,000

Initial Lease Agreement and Additional Lease Agreement

Lessee Lease Description [Line Items]

Amount held as collateral for letters of credit issued to landlord

$ 2,700,000

Corporate Office and Laboratory Space

Lessee Lease Description [Line Items]

Weighted-average remaining lease term

9 years 9 months 18 days

Lease expiration year

2025

Corporate Office and Laboratory Space | Initial Lease Agreement

Lessee Lease Description [Line Items]

Renewal term

7 years

Operating lease, existence of option to extend

true

Lessee option to extend description

In April 2019, the Company executed the first amendment to the Initial Lease Agreement for additional corporate space, laboratory space and manufacturing capabilities and an extension to the lease term through April 2026.

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 12,818
2025	13,027
2026	13,462
2027	13,912
2028	14,378
2029 and thereafter	72,876
Total undiscounted future minimum lease payments	140,473
Less imputed interest	(52,134)
Total operating lease liabilities	88,339
Operating lease liabilities:
Operating lease liabilities, current portion	6,069	$ 4,249
Operating lease liabilities, net of current portion	82,270	$ 78,685
Total lease liability	$ 88,339

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Liabilities recorded for agreements	$ 0	$ 0
Agreement with Financial Institution
Loss Contingencies [Line Items]
Letters of credit outstanding amount	$ 2,700,000
Agreement with Financial Institution | Maximum
Loss Contingencies [Line Items]
Letter of credit notice period by financial institution before annual expiration date	60 days
Agreement with Financial Institution | Minimum
Loss Contingencies [Line Items]
Letter of credit notice period by financial institution before annual expiration date	30 days

Collaboration and License Agr_2

Collaboration and License Agreements - Additional Information (Details)			1 Months Ended		12 Months Ended
	Oct. 26, 2021 USD ($)	May 05, 2021 CrisprCas9	Aug. 31, 2016 USD ($) shares	Aug. 31, 2016 SGD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development costs					$ 96,773,000	$ 90,897,000
Research Collaboration Agreement | Development and Regulatory Approval Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reduction of research and development expense resulting from partial reimbursement					$ 1,600,000	4,200,000
Potential future payments					totaling less than mid-twenty million dollars
Amount paid under the agreement					$ 0
Amounts owed under the agreement					0
Receivable under research cost sharing provision					200,000	1,300,000
MaxCyte License Agreement | Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments	$ 10,000,000
Net sales milestone payments	61,900,000
Annual research license fees and Commercialization license fees	100,000
MaxCyte License Agreement | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential milestone payments	13,000,000
Net sales milestone payments	116,800,000
Annual research license fees and Commercialization license fees	$ 300,000
NK Cell Products | Research Collaboration Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of non-exclusive rights to gene editing targets licenses received | CrisprCas9		4
NK Cell Products | Research Collaboration Agreement | Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of non-exclusive rights to gene editing targets | CrisprCas9		1
NUS and St. Jude | License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment			$ 31,800	$ 42,750
Upfront payment, shares issued | shares			250,000	250,000
Fair value of common stock issued			$ 2,500
Annual license maintenance fee				$ 25,000
Potential milestone payments				$ 5,000,000
Percentage of licensors royalties			2.50%	2.50%
NUS and St. Jude | License Agreement | Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of sublicensing income			7.50%	7.50%
NUS and St. Jude | License Agreement | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of sublicensing income			20%	20%
License agreement term			120 months	120 months
NUS and St. Jude | License Maintenance Fees | License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development costs					$ 37,000	$ 37,000
NUS and St. Jude | After Year Two of the Agreement | License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee				$ 50,000

Employee Benefits - Additional

Employee Benefits - Additional Information (Details) - 401 (K) Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, description	On January 1, 2018, the Company adopted a defined contribution 401(k) plan that is available to eligible employees.
Employer contribution, percent	3%
Expense contribution plan	$ 1	$ 0.8

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Mar. 17, 2023	Apr. 28, 2022	Aug. 12, 2021	Dec. 31, 2022	Dec. 31, 2023	Jul. 14, 2020
Class Of Stock [Line Items]
Common stock, shares authorized				100,000,000	100,000,000	100,000,000
Common stock, par value				$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized				54,350,179	54,350,179	54,350,179
Preferred stock, par value				$ 0.0001	$ 0.0001	$ 0.0001
Maximum
Class Of Stock [Line Items]
Issuance and sale of equity			$ 500
Proceeds from Issuance Initial Public Offering			$ 150
IPO | 2021 Shelf Registration Statement | Maximum
Class Of Stock [Line Items]
Issuance of common stock, net of issuance costs	$ 120
IPO | 2023 Shelf Registration Statement | Maximum
Class Of Stock [Line Items]
Issuance of common stock, net of issuance costs	$ 350
Common Stock
Class Of Stock [Line Items]
Common stock shares issued and sold				113,213
Common Stock | IPO
Class Of Stock [Line Items]
Common stock shares issued and sold		15,333,334
Stock public offering price		$ 15
Proceeds from Issuance Initial Public Offering		$ 215.3
Common Stock | Underwriters Option to Purchase Additional Shares
Class Of Stock [Line Items]
Common stock shares issued and sold		2,000,000
Common Stock | Follow On Offering of Stock
Class Of Stock [Line Items]
Net proceeds from offering				$ 1.6

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate cash proceeds	$ 530,000	$ 445,000
Number of common stock available for issuance	11,171,592
Unrecognized compensation cost	$ 19,500,000
Unrecognized compensation cost, expected to be recognized over weighted average remaining service period	2 years 7 months 6 days
Contractual term of options granted	10 years
Dividends issued for options	$ 0
Dividends expected to be issued over life of options	$ 0
Estimated dividend yield	0%
Weighted-average grant-date fair value of stock option grants per share	$ 3.36	$ 8.6
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost	$ 3,700,000
Unrecognized compensation cost, expected to be recognized over weighted average remaining service period	2 years 9 months 18 days
Weighted-average grant date fair value per share, granted	$ 5.57	$ 12.62
Fair value of restricted stock units vested	$ 400,000
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued	164,567	61,754
Aggregate cash proceeds	$ 500,000	$ 400,000
Number of common stock available for issuance	1,214,986
Maximum percentage of employee compensation eligible for plan	15%
Offering period	6 months
Commons stock purchase price as percentage of fair value	85%
2015 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued	1,177,232
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock authorized for issuance	8,388,917
Increase in share limit as percentage of outstanding shares of common stock on last trading day in prior year	5%
Number of common stock available for issuance	2,645,312

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Stock Option Activity (Details) - 2020 Plan and 2015 Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, outstanding beginning balance	5,519,275
Number of shares, granted	2,412,028
Number of shares, exercised	(49,871)
Number of shares, forfeited	(1,164,906)
Number of shares, outstanding ending balance	6,716,526	5,519,275
Number of shares, exercisable	3,550,191
Number of shares, vested and expected to vest	6,716,526
Weighted-average exercise price, outstanding beginning balance	$ 17.17
Weighted-average exercise price, granted	4.39
Weighted-average exercise price, exercised	3.22
Weighted-average exercise price, forfeited	15.44
Weighted-average exercise price, outstanding ending balance	12.99	$ 17.17
Weighted-average exercise price, exercisable	16.2
Weighted-average exercise price, vested and expected to vest	$ 12.99
Weighted-average remaining contractual term (in years), outstanding balance	7 years 6 months	8 years 1 month 6 days
Weighted-average remaining contractual term (in years), exercisable	6 years 4 months 24 days
Weighted-average remaining contractual term (in years), vested and expected to vest	7 years 6 months
Aggregate intrinsic value, outstanding balance	$ 8,279	$ 2,915
Aggregate intrinsic value, exercisable	3,361
Aggregate intrinsic value, vested and expected to vest	$ 8,279

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Additional Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Weighted-average grant-date fair value of stock option grants per share	$ 3.36	$ 8.6
Intrinsic value of options exercised	$ 39	$ 4,268

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Unit Activity - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, outstanding beginning balance	356,728
Number of shares, granted	503,639
Number of shares, forfeited	(177,056)
Number of shares, Vested	(88,543)
Number of shares, outstanding ending balance	594,768	356,728
Weighted-average grant date fair value per share, outstanding beginning balance	$ 12.66
Weighted-average grant date fair value per share, granted	5.57	$ 12.62
Weighted-average grant date fair value per share, forfeited	7.62
Weighted-average grant date fair value per share, vested	12.66
Weighted-average grant date fair value per share, outstanding ending balance	$ 8.16	$ 12.66
Weighted-average remaining contractual term (in years), outstanding ending balance	1 year 4 months 24 days	1 year 8 months 12 days

Share-Based Compensation - Su_4

Share-Based Compensation - Summary of Common Stock Reserved for Future Issuance (Details)	Dec. 31, 2023 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	11,171,592
Reserved for Future ESPP Issuances
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	1,214,986
Reserved for Future Equity Award Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	2,645,312
Common Stock Options And Restricted Stock Units Granted And Outstanding
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	7,311,294

Share-Based Compensation - Su_5

Share-Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 17,199	$ 16,856
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	8,025	7,326
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 9,174	$ 9,530

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Fair Value of Stock Options Estimated on Date of Grant Using Quoted Market Price For Common Stock On The Applicable Grant Date And Black-Scholes Option Pricing Model (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0%
Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	3.50%	1.60%
Risk-free interest rate, maximum	4.90%	4.20%
Expected volatility, minimum	90%	75.70%
Expected volatility, maximum	101.80%	78.90%
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	4.70%	1.60%
Risk-free interest rate, maximum	5.40%	4.70%
Expected volatility, minimum	63.80%	63.80%
Expected volatility, maximum	152.70%	151.90%
Expected term (in years)	6 months	6 months
Minimum | Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 6 months
Maximum | Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2019	Dec. 31, 2021
Income Taxes [Line Items]
Provision or benefit for income taxes	$ 0	$ 0
Increase in valuation allowance of net deferred tax assets	30,600,000	27,000,000
Gross unrecognized tax benefits	3,738,000	2,339,000		$ 1,359,000
Unrecognized tax benefits, penalties and interest expense	0	$ 0
Net Operating Loss and Tax Credit Carryforwards to Offset | Minimum
Income Taxes [Line Items]
Changes in ownership by stockholders holding percentage			5%
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	185,500,000
Federal | Research and Development Credit Carry Forwards
Income Taxes [Line Items]
Tax credit carryforwards	$ 17,400,000
Tax credit carryforwards, expire	2035
Federal | 2035
Income Taxes [Line Items]
Net operating loss carryforwards	$ 200,000
Net operating loss carryforwards, expire	2035
Federal | 2036
Income Taxes [Line Items]
Net operating loss carryforwards	$ 1,700,000
Net operating loss carryforwards, expire	2036
Federal | 2037
Income Taxes [Line Items]
Net operating loss carryforwards	$ 1,300,000
Net operating loss carryforwards, expire	2037
Federal | Carry Forward Indefinitely
Income Taxes [Line Items]
Net operating loss carryforwards	$ 182,200,000
California State
Income Taxes [Line Items]
Net operating loss carryforwards	$ 65,100,000
Net operating loss carryforwards, expire	2036
California State | Research and Development Credit Carry Forwards
Income Taxes [Line Items]
Tax credit carryforwards	$ 7,400,000

Income Taxes - Reconciliation o

Income Taxes - Reconciliation on Income Taxes Amount Computed by Applying Statutory Federal Income Tax Rate to Net Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax benefit at statutory rates	$ (24,675,000)	$ (23,906,000)
State income tax, net of federal benefit	(1,438,000)	(1,566,000)
Permanent items	1,656,000	1,891,000
Research and development credits	(6,170,000)	(3,426,000)
Change in valuation allowance	30,627,000	27,007,000
Income tax expense	$ 0	$ 0

Income Taxes - Significant Comp

Income Taxes - Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carry forwards	$ 43,491	$ 36,732
Depreciation and amortization	334	316
Research and development credits	19,782	11,999
Share-based compensation	4,668	3,552
Accrued expenses	1,402	1,367
Lease liability	18,551	19,062
Other, net	49	35
Section 174 Capitalized R&D	30,147	17,352
Total deferred tax assets	118,424	90,415
Valuation allowance for deferred tax assets	(102,169)	(71,368)
Deferred tax assets, net of valuation allowance	16,255	19,047
Deferred tax liabilities:
ROU asset	(8,404)	(18,089)
Depreciation and amortization	(7,851)	(958)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Summary of Chang

Income Taxes - Summary of Changes in Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Balance at the beginning of the year	$ 2,339	$ 1,359
Increases (decreases) related to tax positions taken in prior years	102	(43)
Increases related to tax positions taken in current year	1,297	1,023
Balance at the end of the year	$ 3,738	$ 2,339

Reduction in Force - Additional

Reduction in Force - Additional Information (Details) $ in Millions		12 Months Ended
	Oct. 16, 2023 USD ($) Employee	Dec. 31, 2023 USD ($)
Reduction in Force [Abstract]
Number of position reduced | Employee	18
Percentage of reduction	10%
Reduction costs	$ 1.2
Reduction initiation date	Oct. 16, 2023
Payments for restructuring		$ 0.8
Restructuring reserve		$ 0.4