ORIC Pharmaceuticals (ORIC) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 04, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Registrant Name	ORIC PHARMACEUTICALS, INC.
Trading Symbol	ORIC
Entity Central Index Key	0001796280
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
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		39,478,212
Entity File Number	001-39269
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1787157
Entity Address, Address Line One	240 E. Grand Ave
Entity Address, Address Line Two	2nd Floor
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	388-5600
Document Quarterly Report	true
Document Transition Report	false

BALANCE SHEETS

BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 112,644	$ 226,006
Short-term investments	121,978	10,973
Prepaid expenses and other current assets	4,463	3,543
Total current assets	239,085	240,522
Long-term investments	21,577	43,386
Property and equipment, net	2,463	2,413
Other assets	11,937	12,321
Total assets	275,062	298,642
Current liabilities:
Accounts payable	888	1,886
Accrued liabilities	10,929	13,265
Total current liabilities	11,817	15,151
Other long-term liabilities	10,166	10,515
Total liabilities	21,983	25,666
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding at March 31, 2022 and December 31, 2021
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 39,438,602 and 39,430,120 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	4	4
Additional paid-in capital	522,144	518,183
Accumulated deficit	(268,267)	(245,108)
Accumulated other comprehensive loss	(802)	(103)
Total stockholders' equity	253,079	272,976
Total liabilities and stockholders' equity	$ 275,062	$ 298,642

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, shares, issued	0	0
Preferred stock, shares, outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares, issued	39,438,602	39,430,120
Common stock, shares, outstanding	39,438,602	39,430,120

STATEMENTS OF OPERATIONS AND CO

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 16,828	$ 11,697
General and administrative	6,430	4,856
Total operating expenses	23,258	16,553
Loss from operations	(23,258)	(16,553)
Other income:
Interest income, net	99	44
Total other income	99	44
Net loss	(23,159)	(16,509)
Other comprehensive gain (loss):
Unrealized (loss) gain on investments	(699)	48
Comprehensive loss	$ (23,858)	$ (16,461)
Net loss per share, basic and diluted	$ (0.59)	$ (0.45)
Weighted-average shares outstanding, basic and diluted	39,431,722	36,679,684

STATEMENTS OF STOCKHOLDERS' EQU

STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)
Beginning Balance at Dec. 31, 2020	$ 289,776	$ 4	$ 456,196	$ (166,393)	$ (31)
Beginning Balance (in shares) at Dec. 31, 2020		36,672,415
Exercise of common stock options	16		16
Exercise of common stock options (in shares)		18,411
Stock-based compensation expense	2,744		2,744
Unrealized (loss) gain on investments	48				48
Net loss	(16,509)			(16,509)
Ending Balance at Mar. 31, 2021	276,075	$ 4	458,956	(182,902)	17
Ending Balance (in shares) at Mar. 31, 2021		36,690,826
Beginning Balance at Dec. 31, 2021	$ 272,976	$ 4	$ (103)	(245,108)
Beginning Balance (in shares) at Dec. 31, 2021	39,430,120	39,430,120	518,183
Exercise of common stock options	$ 16		$ 16
Exercise of common stock options (in shares)	8,482	8,482
Stock-based compensation expense	$ 3,945		3,945
Unrealized (loss) gain on investments	(699)				(699)
Net loss	(23,159)			(23,159)
Ending Balance at Mar. 31, 2022	$ 253,079	$ 4	$ 522,144	$ (268,267)	$ (802)
Ending Balance (in shares) at Mar. 31, 2022	39,438,602	39,438,602

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (23,159)	$ (16,509)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	251	229
Stock-based compensation expense	3,945	2,744
Amortization of premium on investments, net	42	441
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(536)	1,432
Accounts payable and accrued other liabilities	(3,261)	(3,238)
Net cash used in operating activities	(22,718)	(14,901)
Cash flows from investing activities:
Acquisitions of property and equipment	(723)	(182)
Purchases of investments	(99,937)	(25,171)
Sales and maturities of investments	10,000	66,000
Net cash provided by (used in) investing activities	(90,660)	40,647
Cash flows from financing activities:
Proceeds from stock option exercises	16	16
Net cash provided by financing activities	16	16
Net increase (decrease) in cash, cash equivalents and restricted cash	(113,362)	25,762
Cash, cash equivalents and restricted cash at beginning of period	226,474	78,446
Cash, cash equivalents and restricted cash at end of period	113,112	104,208
Cash and cash equivalents	112,644	104,208
Restricted cash included in other assets	468
Total cash, cash equivalents and restricted cash	$ 113,112	$ 104,208

Description of the Business

Description of the Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	1. Description of the Business ORIC Pharmaceuticals, Inc. (ORIC or the Company) is a clinical-stage biopharmaceutical company dedicated to improving patients’ lives by O vercoming R esistance I n C ancer . The Company was incorporated in Delaware in August 2014 and has offices in South San Francisco and San Diego, California. The Company’s principal operations are in the United States and the Company operates in one segment. Since inception, the Company has devoted its primary efforts to raising capital, internal research and development activities and business development efforts, and has incurred significant operating losses and negative cash flows from operations. In August 2020, the Company licensed from Mirati Therapeutics, Inc. development and commercialization rights to an allosteric inhibitor program directed towards the polycomb repressive complex 2 (PRC2) and in October 2020, the Company licensed from Voronoi Inc. development and commercialization rights to a brain penetrant, orally bioavailable, irreversible inhibitor designed to selectively target epidermal growth factor receptor (EGFR) and human epidermal growth factor receptor 2 (HER2) with high potency against exon 20 insertion mutations. As of March 31, 2022, the Company had an accumulated deficit of $ 268.3 million. Through March 31, 2022, all of the Company’s financial support has been provided by proceeds from the issuance of common stock and convertible preferred stock. As the Company continues its expansion, it may seek additional financing and/or strategic investments, however, there can be no assurance that any additional financing or strategic investments will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it will most likely be required to reduce its plans and/or certain discretionary spending, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. The accompanying financial statements do not include any adjustments that might be necessary if it were unable to continue as a going concern. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date of the issuance of these financial statements. At-The-Market Sales Agreement and Offering On May 6, 2021, the Company entered into an "at the market" (ATM) sales agreement with Jefferies LLC as the Company's sales agent, under which the Company may offer and sell from time to time up to $ 150 million of shares of the Company's common stock in negotiated transactions or transactions that are deemed to be an ATM offering. On July 8, 2021, the Company raised gross proceeds of $ 50.0 million through the sale of 2,597,402 shares in an ATM offering, with participation based on unsolicited interest received from a healthcare specialist fund. The Company sold such shares at a purchase price per share of $ 19.25 , a premium to the market price at the time of sale. After deducting commissions and other offering expenses related to the ATM offering of $ 1.9 million, the net proceeds to the Company from the transaction were $ 48.1 million . Secondary Public Offering On November 17, 2020, the Company completed a secondary public offering selling 5,796,000 shares of common stock, which includes the full exercise by the underwriters of their option to purchase up to 756,000 additional shares, at a price of $ 23.00 per share, resulting in gross proceeds of $ 133.3 million. After deducting underwriting discounts and commissions and other offering expenses related to the secondary public offering of approximately $ 8.5 million, the net proceeds to the Company from the transaction were $ 124.8 million. Initial Public Offering and Related Transaction On April 28, 2020, the Company completed an initial public offering (IPO) selling 8,625,000 shares of common stock, which included the full exercise by the underwriters of their option to purchase up to 1,125,000 additional shares, at a price of $ 16.00 per share resulting in gross proceeds of $ 138.0 million. After deducting underwriting discounts and commissions and other offering expenses related to the IPO of $ 12.8 million, the net proceeds to the Company from the transaction were $ 125.2 million. In connection with the IPO, all shares of convertible preferred stock outstanding at the time of the IPO converted into 19,278,606 shares of common stock.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP, have been omitted. The accompanying unaudited financial statements include all known adjustments necessary for a fair presentation of the results as required by GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the interim period are not necessarily indicative of future results. In March 2020, the World Health Organization declared the novel coronavirus disease, or COVID-19, outbreak a global pandemic. Governments have taken various actions in response to the COVID-19 pandemic, including the issuance of stay-at-home orders and physical distancing guidelines. Accordingly, businesses have adjusted, reduced or suspended certain operating activities. Disruptions caused by the COVID-19 pandemic have impacted the Company, including the temporary suspension or delayed enrollment of patients in the Company’s clinical trials. The future impacts of the COVID-19 pandemic depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. As a result, research and development expenses and general and administrative expenses may vary significantly if there is an increased impact from COVID-19 on the costs and timing associated with the conduct of the clinical trials and other related business activities. The accompanying unaudited financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K filed with the SEC. Furthermore, the Company’s significant accounting policies are disclosed in the audited financial statements for the periods ended December 31, 2021 and 2020 , included in the Company’s Annual Report on Form 10-K. Since the date of those financial statements, there have been no changes to its significant accounting policies, except as noted below. Stock-Based Compensation Stock-based compensation expense represents the grant date fair value of employee, officer, director and non-employee stock option and restricted stock unit grants, estimated in accordance with the applicable accounting guidance and recognized over the vesting period, which approximates the requisite service period of the awards. The Company recognizes forfeitures as they occur. The fair value of stock options is estimated using a Black-Scholes-Merton valuation model on the date of grant. This method requires certain assumptions be used as inputs, such as a risk-free interest rate, expected volatility of the Company’s common stock and expected term of the option before exercise. The risk-free interest rate is based on U.S. Treasury instruments with maturities similar to the expected term. The expected volatility is computed using historical volatility for a period equal to the expected term. Given the limited period of time the Company's stock has been traded, expected volatility is based on the Company's historical volatility and the historical volatility of a group of similar companies that are publicly traded. The expected term represents the length of time the stock options are expected to be outstanding. Because the Company does not have sufficient exercise behavior, it determines the expected term assumption using the simplified method, which is an average of the contractual term of the option and its vesting period. Options granted have a maximum contractual term of ten years and generally vest over a four year period. The fair value of restricted stock units is equal to the closing price of the Company's stock on the date of grant. Restricted stock units generally vest over a three year period. Recently Issued Accounting Pronouncements There are no recently issued accounting pronouncements that would materially impact the Company’s financial statements and related disclosures .

License Agreements

License Agreements	3 Months Ended
	Mar. 31, 2022
License Agreements [Abstract]
License Agreements	3. License Agreements Voronoi License Agreement On October 19, 2020, the Company entered into a license and collaboration agreement (Voronoi License Agreement) with Voronoi Inc. (Voronoi). The Voronoi License Agreement gives the Company access to Voronoi’s preclinical stage EGFR and HER2 exon 20 insertion mutation program, including a lead product candidate now designated as ORIC-114. Under the Voronoi License Agreement, Voronoi granted the Company an exclusive, sublicensable license under Voronoi’s rights to certain patent applications directed to certain small molecule compounds that bind to EGFR and HER2 with one or more exon 20 insertion mutations and certain related know-how, in each case, to develop and commercialize certain licensed compounds and licensed products incorporating any such compound in the ORIC Territory, defined as worldwide other than in the People’s Republic of China, Hong Kong, Macau and Taiwan. Under the Voronoi License Agreement, Voronoi has the right to perform certain mutually agreed upon development activities. Except for Voronoi's right to participate in such development activities, the Company is wholly responsible for development and commercialization of licensed products in the ORIC Territory. In addition, the Company is obligated to use commercially reasonable efforts to develop and commercialize at least one licensed product in certain major markets in the ORIC Territory. The Company’s financial obligations under the Voronoi License Agreement included an upfront payment of $ 5.0 million in cash and the issuance to Voronoi of 283,259 shares of the Company’s common stock, valued at approximately $ 6.8 million, issued pursuant to a stock issuance agreement entered into between the parties on October 19, 2020. The number of shares issued pursuant to the stock issuance agreement was based on a price of $ 28.24 per share, representing a premium of 25 % to the 30-day trailing volume weighted average trading price of the Company’s common stock. The shares were issued in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, for transactions by an issuer not involving any public offering. Under the Voronoi License Agreement, Voronoi will be responsible for certain research and development costs up to a predetermined threshold. Upon achievement of the predetermined threshold, Voronoi has the option to opt-out of participation in and funding of future development activities. If Voronoi decides not to exercise the opt-out provision, the parties will share certain future research and development costs equally in the Republic of Korea. The Company is also obligated to make milestone payments to Voronoi upon the achievement of certain events. Upon the achievement of certain development and regulatory milestones with respect to the first licensed product, the Company is obligated to pay Voronoi up to a maximum of $ 111.0 million. Upon the achievement of certain commercial milestones with respect to the first licensed product, the Company is obligated to pay Voronoi up to a maximum of $ 225.0 million. If the Company pursues a second licensed product, the Company could pay Voronoi up to an additional $ 272.0 million in success-based milestones. In addition, the Company is obligated to pay royalties on net sales of licensed products in the ORIC Territory. Unless earlier terminated, the Voronoi License Agreement will continue in effect until the expiration of all royalty payment obligations. Following the expiration of the Voronoi License Agreement, the Company will retain its licenses under the intellectual property Voronoi licensed to it on a royalty-free basis. The Company and Voronoi may each terminate the Voronoi License Agreement if the other party materially breaches the terms of such agreement, subject to specified notice and cure provisions, or enters into bankruptcy or insolvency proceedings. Voronoi may also terminate the agreement if the Company discontinues development of licensed products for a specified period of time. The Company also has the right to terminate the Voronoi License Agreement without cause by providing prior notice to Voronoi. If Voronoi terminates the Voronoi License Agreement for cause, or if the Company terminates the Voronoi License Agreement without cause, then the Company is obligated to grant a nonexclusive license to Voronoi under certain of the Company’s patents and know-how and to assign to Voronoi certain of its regulatory filings for licensed compounds and licensed products. Mirati License Agreement On August 3, 2020, the Company entered into a license agreement (Mirati License Agreement) with Mirati Therapeutics, Inc (Mirati). Under the Mirati License Agreement, Mirati granted the Company a worldwide, exclusive, sublicensable, royalty-free license under Mirati’s rights to certain patents and patent applications directed to certain small molecule compounds that bind to and inhibit PRC2 and certain related know-how, in each case, to develop and commercialize certain licensed compounds and licensed products incorporating any such compounds. Under the Mirati License Agreement, the Company is wholly responsible for development and commercialization of licensed products. In addition, the Company is obligated to use commercially reasonable efforts to develop and commercialize at least one licensed product in certain major markets. The Company’s financial obligation under the Mirati License Agreement was an upfront payment of 588,235 shares of ORIC common stock, valued at approximately $ 13.0 million based upon the closing price of the Company’s common stock on the acquisition date. The number of shares issued was based on a price of $ 34.00 per share, representing a premium of 10 % to the 60-day trailing volume-weighted average trading price of the Company’s common stock. The shares were issued in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, for transactions by an issuer not involving any public offering. During the eighteen-month period following the date of the agreement, Mirati is subject to certain transfer restrictions, and the parties agreed to negotiate and enter into a registration rights agreement, with respect to the shares. The Company is not obligated to pay Mirati milestones or royalties. Unless earlier terminated, the Mirati License Agreement will continue in effect on a country-by-country and licensed product-by-licensed product basis until the later of (a) the expiration of the last valid claim of a licensed patent covering such licensed product in such country or (b) ten years after the first commercial sale of such licensed product in such country. Following the expiration of the Mirati License Agreement, the Company will retain its licenses under the intellectual property Mirati licensed to it on a royalty-free basis. ORIC and Mirati may each terminate the Mirati License Agreement if the other party materially breaches the terms of such agreement, subject to specified notice and cure provisions, or enters into bankruptcy or insolvency proceedings. Mirati may terminate the agreement if the Company challenges any of the patent rights licensed to the Company by Mirati or it discontinues development of licensed products for a specified period of time. The Company also has the right to terminate the Mirati License Agreement without cause by providing prior notice to Mirati.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	4. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): March 31, 2022 December 31, 2021 Lab equipment $ 5,466 $ 5,305 Leasehold improvements 1,710 1,710 Computer hardware and software 257 247 Furniture and fixtures 259 140 Total property and equipment, gross 7,692 7,402 Less accumulated depreciation ( 5,229 ) ( 4,989 ) Total property and equipment, net $ 2,463 $ 2,413

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	5. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued clinical and manufacturing costs $ 6,308 $ 5,678 Accrued compensation 2,162 4,798 Lease liabilities - short-term 2,024 1,926 Other accruals 435 863 Total accrued liabilities $ 10,929 $ 13,265

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	6. Investments The Company's available-for-sale investments consisted of the following (in thousands): March 31, 2022 Amortized Unrealized Unrealized Estimated Short-term U.S. treasury securities $ 120,971 $ — $ ( 423 ) $ 120,548 Certificates of deposit 1,438 — ( 8 ) 1,430 Short-term investments $ 122,409 $ — $ ( 431 ) $ 121,978 Long-term U.S. treasury securities $ 21,458 $ — $ ( 361 ) $ 21,097 Certificates of deposit 490 — ( 10 ) 480 Long-term investments $ 21,948 $ — $ ( 371 ) $ 21,577 December 31, 2021 Short-term U.S. treasury securities $ 10,014 $ — $ ( 1 ) $ 10,013 Certificates of deposit 961 — ( 1 ) 960 Short-term investments $ 10,975 $ — $ ( 2 ) $ 10,973 Long-term U.S. treasury securities $ 42,517 $ — $ ( 98 ) $ 42,419 Certificates of deposit 970 — ( 3 ) 967 Long-term investments $ 43,487 $ — $ ( 101 ) $ 43,386 The Company has determined that there were no material declines in fair value of its investments due to credit-related factors as of March 31, 2022 and December 31, 2021 . Credit loss is limited due to the nature of the investments.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements 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 no nrecurring 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 the Company’s interest receivable, included in prepaid expenses and other current assets, accounts payable and accrued liabilities are generally considered to be representative of their fair value because of their short-term nature. The Company’s investments, which may include money market funds and available-for-sale investments consisting of U.S. treasury securities, certificates of deposit and high-quality, marketable debt instruments of corporations and government sponsored enterprises, are measured at fair value in accordance with the fair value hierarchy. Following are the major categories of assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements Fair Value Level 1 Level 2 Level 3 Total March 31, 2022 Money market funds (1) $ 112,644 $ 112,644 $ — $ — $ 112,644 U.S. treasury securities 141,645 141,645 — — 141,645 Certificates of deposit 1,910 1,910 — — 1,910 Total $ 256,199 $ 256,199 $ — $ — $ 256,199 December 31, 2021 Money market funds (1) $ 226,006 $ 226,006 $ — $ — $ 226,006 U.S. treasury securities 52,432 52,432 — — 52,432 Certificates of deposit 1,927 1,927 — — 1,927 Total $ 280,365 $ 280,365 $ — $ — $ 280,365 (1) Included in cash and cash equivalents in accompanying balance sheets. No transfers between levels occurred during either of the reporting periods presented.

Equity Incentive Plans and Stoc

Equity Incentive Plans and Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Equity Incentive Plans and Stock-Based Compensation	. Equity Incentive Plans and Stock-Based Compensation As of March 31, 2022, there were 2,421,252 shares available for future issuance under the 2020 Equity Incentive Plan and 500,000 shares available for future issuance under the 2022 Inducement Equity Incentive Plan, which was adopted on March 1, 2022. The 2020 Equity Incentive Plan provides for the grants of stock options and other equity-based awards to employees, non-employee directors and consultants of the Company. The 2022 Inducement Equity Incentive Plan provides for the grants of equity-based awards to individuals not previously employees or non-employee directors of the Company. The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for the periods presented (in thousands): Three Months Ended 2022 2021 Research and development $ 1,568 $ 1,067 General and administrative 2,377 1,677 Total stock-based compensation expense $ 3,945 $ 2,744 Stock Options The following table summarizes the stock option activity for the three months ended March 31, 2022: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2021 5,268,320 $ 14.16 Granted 1,333,234 9.48 Exercised ( 8,482 ) 1.88 Forfeited and cancelled ( 168,748 ) 17.87 Outstanding at March 31, 2022 6,424,324 $ 13.10 8.2 $ 5,487 Exercisable at March 31, 2022 2,812,462 $ 9.29 7.2 $ 5,037 The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions: Three Months Ended 2022 2021 Risk-free interest rate 1.47 % - 1.70 % 0.6 % - 0.9 % Expected volatility 82.98 % - 83.59 % 88.38 % - 88.43 % Expected term (in years) 6.08 6.08 Expected dividend yield 0 % 0 % The Company recognized stock-based compensation expense related to the vesting of stock option s of $ 3.7 million and $ 2.7 million during the three months ended March 31, 2022 and 2021, respectively. The total unrecognized compensation expense related to outstanding unvested stock-option awards as of March 31, 2022, was $ 39.8 million, which is expected to be recognized over a weighted-average remaining service period of 2.9 years. Restricted Stock Units The following table summarizes the restricted stock unit activity for the three months ended March 31, 2022: Number of Shares Weighted- Outstanding at December 31, 2021 — $ — Granted 221,078 9.45 Vested — — Forfeited ( 3,348 ) 9.48 Outstanding at March 31, 2022 217,730 $ 9.45 The Company recognized stock-based compensation expense related to the vesting of restricted stock units of $ 0.1 million during the three months ended March 31, 2022. The Company did not grant restricted stock units in 2021. Total unrecognized compensation expense related to restricted stock units as of March 31, 2022, was $ 1.9 million, which is expected to be recognized over a weighted-average remaining service period of 2.7 years. Employee Stock Purchase Plan The company recognized stock-based compensation expense of $ 0.1 million related to the Employee Stock Purchase Plan (ESPP) for the three months ended March 31, 2022 . There was no ESPP expense for the three months ended March 31, 2021. Net Loss per Share The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: Three Months Ended March 31, 2022 2021 Options to purchase common stock 6,424,324 5,067,230 Non-vested restricted stock units 217,730 — Total 6,642,054 5,067,230

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP, have been omitted. The accompanying unaudited financial statements include all known adjustments necessary for a fair presentation of the results as required by GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the interim period are not necessarily indicative of future results. In March 2020, the World Health Organization declared the novel coronavirus disease, or COVID-19, outbreak a global pandemic. Governments have taken various actions in response to the COVID-19 pandemic, including the issuance of stay-at-home orders and physical distancing guidelines. Accordingly, businesses have adjusted, reduced or suspended certain operating activities. Disruptions caused by the COVID-19 pandemic have impacted the Company, including the temporary suspension or delayed enrollment of patients in the Company’s clinical trials. The future impacts of the COVID-19 pandemic depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. As a result, research and development expenses and general and administrative expenses may vary significantly if there is an increased impact from COVID-19 on the costs and timing associated with the conduct of the clinical trials and other related business activities. The accompanying unaudited financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K filed with the SEC. Furthermore, the Company’s significant accounting policies are disclosed in the audited financial statements for the periods ended December 31, 2021 and 2020 , included in the Company’s Annual Report on Form 10-K. Since the date of those financial statements, there have been no changes to its significant accounting policies, except as noted below.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense represents the grant date fair value of employee, officer, director and non-employee stock option and restricted stock unit grants, estimated in accordance with the applicable accounting guidance and recognized over the vesting period, which approximates the requisite service period of the awards. The Company recognizes forfeitures as they occur. The fair value of stock options is estimated using a Black-Scholes-Merton valuation model on the date of grant. This method requires certain assumptions be used as inputs, such as a risk-free interest rate, expected volatility of the Company’s common stock and expected term of the option before exercise. The risk-free interest rate is based on U.S. Treasury instruments with maturities similar to the expected term. The expected volatility is computed using historical volatility for a period equal to the expected term. Given the limited period of time the Company's stock has been traded, expected volatility is based on the Company's historical volatility and the historical volatility of a group of similar companies that are publicly traded. The expected term represents the length of time the stock options are expected to be outstanding. Because the Company does not have sufficient exercise behavior, it determines the expected term assumption using the simplified method, which is an average of the contractual term of the option and its vesting period. Options granted have a maximum contractual term of ten years and generally vest over a four year period. The fair value of restricted stock units is equal to the closing price of the Company's stock on the date of grant. Restricted stock units generally vest over a three year period.
Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements There are no recently issued accounting pronouncements that would materially impact the Company’s financial statements and related disclosures .

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): March 31, 2022 December 31, 2021 Lab equipment $ 5,466 $ 5,305 Leasehold improvements 1,710 1,710 Computer hardware and software 257 247 Furniture and fixtures 259 140 Total property and equipment, gross 7,692 7,402 Less accumulated depreciation ( 5,229 ) ( 4,989 ) Total property and equipment, net $ 2,463 $ 2,413

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued clinical and manufacturing costs $ 6,308 $ 5,678 Accrued compensation 2,162 4,798 Lease liabilities - short-term 2,024 1,926 Other accruals 435 863 Total accrued liabilities $ 10,929 $ 13,265

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Cost, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Value of Available for Sale Investments	The Company's available-for-sale investments consisted of the following (in thousands): March 31, 2022 Amortized Unrealized Unrealized Estimated Short-term U.S. treasury securities $ 120,971 $ — $ ( 423 ) $ 120,548 Certificates of deposit 1,438 — ( 8 ) 1,430 Short-term investments $ 122,409 $ — $ ( 431 ) $ 121,978 Long-term U.S. treasury securities $ 21,458 $ — $ ( 361 ) $ 21,097 Certificates of deposit 490 — ( 10 ) 480 Long-term investments $ 21,948 $ — $ ( 371 ) $ 21,577 December 31, 2021 Short-term U.S. treasury securities $ 10,014 $ — $ ( 1 ) $ 10,013 Certificates of deposit 961 — ( 1 ) 960 Short-term investments $ 10,975 $ — $ ( 2 ) $ 10,973 Long-term U.S. treasury securities $ 42,517 $ — $ ( 98 ) $ 42,419 Certificates of deposit 970 — ( 3 ) 967 Long-term investments $ 43,487 $ — $ ( 101 ) $ 43,386

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Recurring Basis	Following are the major categories of assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements Fair Value Level 1 Level 2 Level 3 Total March 31, 2022 Money market funds (1) $ 112,644 $ 112,644 $ — $ — $ 112,644 U.S. treasury securities 141,645 141,645 — — 141,645 Certificates of deposit 1,910 1,910 — — 1,910 Total $ 256,199 $ 256,199 $ — $ — $ 256,199 December 31, 2021 Money market funds (1) $ 226,006 $ 226,006 $ — $ — $ 226,006 U.S. treasury securities 52,432 52,432 — — 52,432 Certificates of deposit 1,927 1,927 — — 1,927 Total $ 280,365 $ 280,365 $ — $ — $ 280,365 (1) Included in cash and cash equivalents in accompanying balance sheets.

Equity Incentive Plans and St_2

Equity Incentive Plans and Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of Option Activity	The following table summarizes the stock option activity for the three months ended March 31, 2022: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2021 5,268,320 $ 14.16 Granted 1,333,234 9.48 Exercised ( 8,482 ) 1.88 Forfeited and cancelled ( 168,748 ) 17.87 Outstanding at March 31, 2022 6,424,324 $ 13.10 8.2 $ 5,487 Exercisable at March 31, 2022 2,812,462 $ 9.29 7.2 $ 5,037
Summary of Outstanding Shares of Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Share	The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: Three Months Ended March 31, 2022 2021 Options to purchase common stock 6,424,324 5,067,230 Non-vested restricted stock units 217,730 — Total 6,642,054 5,067,230
Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions	The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions: Three Months Ended 2022 2021 Risk-free interest rate 1.47 % - 1.70 % 0.6 % - 0.9 % Expected volatility 82.98 % - 83.59 % 88.38 % - 88.43 % Expected term (in years) 6.08 6.08 Expected dividend yield 0 % 0 %
Summary of Total Stock-based Compensation Expense	The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for the periods presented (in thousands): Three Months Ended 2022 2021 Research and development $ 1,568 $ 1,067 General and administrative 2,377 1,677 Total stock-based compensation expense $ 3,945 $ 2,744
Summary of Restricted Stock Unit Activity	The following table summarizes the restricted stock unit activity for the three months ended March 31, 2022: Number of Shares Weighted- Outstanding at December 31, 2021 — $ — Granted 221,078 9.45 Vested — — Forfeited ( 3,348 ) 9.48 Outstanding at March 31, 2022 217,730 $ 9.45

Description of the Business - A

Description of the Business - Additional Information (Details) $ / shares in Units, $ in Thousands	Jul. 08, 2021USD ($)$ / sharesshares	May 06, 2021USD ($)	Nov. 17, 2020USD ($)$ / sharesshares	Apr. 28, 2020USD ($)$ / sharesshares	Mar. 31, 2022USD ($)Segments	Dec. 31, 2021USD ($)
Description Of Business [Line Items]
Number of operating segment | Segments					1
Accumulated deficit					$ 268,267	$ 245,108
At-The-Market Sales Agreement and Offering
Description Of Business [Line Items]
Sale of Stock, Number of Shares Issued in Transaction | shares	2,597,402
Proceeds from issuance of common stock	$ 50,000
Sale of Stock, Price Per Share | $ / shares	$ 19.25
At-The-Market Sales Agreement and Offering | Maximum
Description Of Business [Line Items]
Sale of Stock, Consideration Received on Transaction		$ 150,000
Common Stock
Description Of Business [Line Items]
Proceeds from issuance of common stock pursuant to initial public offering				$ 138,000
Underwriting discounts and commissions and other offering expenses				12,800
Net proceeds from IPO				$ 125,200
Convertible preferred stock outstanding converted into shares of common stock | shares				19,278,606
Common Stock | Initial Public Offering
Description Of Business [Line Items]
Shares of common stock issued | shares				8,625,000
Price per share of common stock | $ / shares				$ 16
Common Stock | Option to Purchase Additional Shares | Maximum
Description Of Business [Line Items]
Shares of common stock issued | shares			756,000	1,125,000
Common Stock | Secondary Public Offering
Description Of Business [Line Items]
Shares of common stock issued | shares			5,796,000
Price per share of common stock | $ / shares			$ 23
Underwriting discounts and commissions and other offering expenses			$ 8,500
Gross proceeds from secondary public offering excluding underwriting discounts and commissions and other offering expenses			133,300
Proceeds from issuance of common stock			$ 124,800
Common Stock | At-The-Market Sales Agreement and Offering
Description Of Business [Line Items]
Underwriting discounts and commissions and other offering expenses	$ 1,900
Proceeds from issuance of common stock	$ 48,100

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Options granted, maximum contractual term	10 years
Adjustment to opening balance of accumulated deficit	$ (268,267)	$ (245,108)
Share-based Payment Arrangement, Option [Member] | Two Thousand Twenty Equity Incentive Plan And Two Thousand Fourteen Equity Incentive Plan [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Option vesting period	4 years
Restricted Stock Units (RSUs) [Member] | Two Thousand Twenty Equity Incentive Plan And Two Thousand Fourteen Equity Incentive Plan [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Restricted stock units	3 years

License Agreements - Additional

License Agreements - Additional Information (Details) $ / shares in Units, $ in Thousands	Oct. 19, 2020USD ($)Product$ / sharesshares	Aug. 03, 2020USD ($)Product$ / sharesshares	Mar. 31, 2022USD ($)shares	Dec. 31, 2021USD ($)shares
License Agreements [Line Items]
Number of licensed products obliged to develop and commercialize | Product	1	1
Upfront payment shares issued | shares			39,438,602	39,430,120
Upfront payment value			$ 4	$ 4
Mirati Therapeutics, Inc
License Agreements [Line Items]
Number of period the agreement in effect		10 years
Mirati Therapeutics, Inc | Private Placement | Common Stock
License Agreements [Line Items]
Upfront payment shares issued | shares		588,235
Upfront payment value		$ 13,000
Issue price per share | $ / shares		$ 34
Premium percentage		10.00%
Stock transfer restrictions period		18 months
Voronoi Inc. | Development And Regulatory Milestone
License Agreements [Line Items]
License agreement maximum milestone payment obligation to pay	$ 111,000
Voronoi Inc. | Commercial Milestone
License Agreements [Line Items]
License agreement maximum milestone payment obligation to pay	225,000
Voronoi Inc. | Success Based Milestones
License Agreements [Line Items]
License agreement, additional milestone payment	$ 272,000
Voronoi Inc. | Private Placement | Common Stock
License Agreements [Line Items]
Upfront payment shares issued | shares	283,259
Upfront payment value	$ 6,800
Issue price per share | $ / shares	$ 28.24
Premium percentage	25.00%
Upfront cash payment	$ 5,000

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 7,692	$ 7,402
Less accumulated depreciation	(5,229)	(4,989)
Total property and equipment, net	2,463	2,413
Lab Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	5,466	5,305
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,710	1,710
Computer Hardware and Software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	257	247
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 259	$ 140

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued clinical and manufacturing costs	$ 6,308	$ 5,678
Accrued compensation	2,162	4,798
Lease liabilities - short-term	2,024	1,926
Other accruals	435	863
Total accrued liabilities	$ 10,929	$ 13,265

Investments - Schedule of Cost,

Investments - Schedule of Cost, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Value of Available for Sale Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 122,409	$ 10,975
Unrealized Gains	0	0
Unrealized Losses	(431)	(2)
Estimated Fair Value	121,978	10,973
Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	21,948	43,487
Unrealized Gains	0	0
Unrealized Losses	(371)	(101)
Estimated Fair Value	21,577	43,386
U.S. Treasury Securities | Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	120,971	10,014
Unrealized Gains	0	0
Unrealized Losses	(423)	(1)
Estimated Fair Value	120,548	10,013
U.S. Treasury Securities | Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	21,458	42,517
Unrealized Gains	0	0
Unrealized Losses	(361)	(98)
Estimated Fair Value	21,097	42,419
Certificates of deposit | Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,438	961
Unrealized Gains	0	0
Unrealized Losses	(8)	(1)
Estimated Fair Value	1,430	960
Certificates of deposit | Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	490	970
Unrealized Gains	0	0
Unrealized Losses	(10)	(3)
Estimated Fair Value	$ 480	$ 967

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	$ 256,199	$ 280,365
Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	112,644	226,006
U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	141,645	52,432
Certificates of deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	1,910	1,927
Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	256,199	280,365
Level 1 | Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	112,644	226,006
Level 1 | U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	141,645	52,432
Level 1 | Certificates of deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	1,910	1,927
Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	0	0
Level 2 | Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	0	0
Level 2 | U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	0	0
Level 2 | Certificates of deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	0	0
Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	0	0
Level 3 | Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	0	0
Level 3 | U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	0	0
Level 3 | Certificates of deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	0	0
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	256,199	280,365
Fair Value | Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	112,644	226,006
Fair Value | U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	141,645	52,432
Fair Value | Certificates of deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	$ 1,910	$ 1,927

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Transfer between level 1 to 2	$ 0	$ 0
Transfer between level 2 to 1	0	0
Transfer between level 2 to 3	0	0
Transfer between level 3 to 2	0	0
Transfer between level 1 to 3	0	0
Transfer between level 3 to 1	$ 0	$ 0

Equity Incentive Plans and St_3

Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 3,945	$ 2,744
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation expense related to outstanding unvested stock-based awards	$ 39,800
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period	2 years 10 months 24 days
Stock-based compensation expense	$ 3,700	2,700
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation expense related to outstanding unvested stock-based awards	$ 1,900
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period	2 years 8 months 12 days
Stock-based compensation expense	$ 100
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	2,421,252
2022 Inducement Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	500,000
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 100	$ 0

Equity Incentive Plans and St_4

Equity Incentive Plans and Stock-Based Compensation - Summary of Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, Beginning Balance | shares	5,268,320
Options, Granted | shares	1,333,234
Options, Exercised | shares	(8,482)
Options, Forfeited and cancelled | shares	(168,748)
Options outstanding, Ending Balance | shares	6,424,324
Options, Exercisable | shares	2,812,462
Weighted Average Exercise Price, Options outstanding Beginning Balance | $ / shares	$ 14.16
Weighted Average Exercise Price, Granted | $ / shares	9.48
Weighted Average Exercise Price, Exercised | $ / shares	1.88
Weighted Average Exercise Price, Forfeited and Cancelled | $ / shares	17.87
Weighted Average Exercise Price, Options outstanding Ending Balance | $ / shares	13.10
Weighted Average Exercise Price, Exercisable | $ / shares	$ 9.29
Weighted Average Remaining Contractual Term (in years), Options outstanding	8 years 2 months 12 days
Weighted Average Remaining Contractual Term (in years), Exercisable	7 years 2 months 12 days
Aggregate Intrinsic Value, Options outstanding | $	$ 5,487
Aggregate Intrinsic Value, Exercisable | $	$ 5,037

Equity Incentive Plans and St_5

Equity Incentive Plans and Stock-Based Compensation - Summary of Outstanding Shares of Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	6,642,054	5,067,230
Non-vested restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	217,730
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	6,424,324	5,067,230

Equity Incentive Plans and St_6

Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions (Details) - Stock Option	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	1.47%	0.60%
Risk-free interest rate, maximum	1.70%	0.90%
Expected volatility, minimum	82.98%	88.38%
Expected volatility, maximum	83.59%	88.43%
Expected term (in years)	6 years 29 days	6 years 29 days
Expected dividend yield	0.00%	0.00%

Equity Incentive Plans and St_7

Equity Incentive Plans and Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Outstanding, beginning of period | shares	0
Granted | shares	221,078
Vested | shares	0
Forfeited | shares	3,348
Shares Outstanding, end of period | shares	217,730
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 0
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	9.45
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	0
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	9.48
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 9.45

Equity Incentive Plans and St_8

Equity Incentive Plans and Stock-Based Compensation - Summary of Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,945	$ 2,744
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,568	1,067
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,377	$ 1,677