ORIC Pharmaceuticals (ORIC) 10-Q 7 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Registrant Name	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		39,576,657
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	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 29,076	$ 226,006
Short-term investments	164,583	10,973
Prepaid expenses and other current assets	5,026	3,543
Total current assets	198,685	240,522
Long-term investments	24,310	43,386
Property and equipment, net	3,049	2,413
Other assets	11,953	12,321
Total assets	237,997	298,642
Current liabilities:
Accounts payable	1,532	1,886
Accrued liabilities	11,752	13,265
Total current liabilities	13,284	15,151
Other long-term liabilities	9,894	10,515
Total liabilities	23,178	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 September 30, 2022 and December 31, 2021
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 39,576,047 and 39,430,120 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	4	4
Additional paid-in capital	529,945	518,183
Accumulated deficit	(313,383)	(245,108)
Accumulated other comprehensive loss	(1,747)	(103)
Total stockholders' equity	214,819	272,976
Total liabilities and stockholders' equity	$ 237,997	$ 298,642

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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	39,576,047	39,430,120
Common stock, shares, outstanding	39,576,047	39,430,120

STATEMENTS OF OPERATIONS AND CO

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Research and development	$ 14,723	$ 12,899	$ 45,385	$ 40,113
General and administrative	5,971	5,557	19,263	15,953
Acquired in-process research and development	5,000	0	5,000	0
Total operating expenses	25,694	18,456	69,648	56,066
Loss from operations	(25,694)	(18,456)	(69,648)	(56,066)
Other income:
Interest income, net	865	30	1,373	107
Other	0	0	0	15
Total other income	865	30	1,373	122
Net loss	(24,829)	(18,426)	(68,275)	(55,944)
Other comprehensive (loss) income:
Unrealized (loss) gain on investments	(516)	(5)	(1,644)	29
Comprehensive loss	$ (25,345)	$ (18,431)	$ (69,919)	$ (55,915)
Net loss per share, basic	$ (0.63)	$ (0.47)	$ (1.73)	$ (1.49)
Net loss per share, diluted	$ (0.63)	$ (0.47)	$ (1.73)	$ (1.49)
Weighted-average shares outstanding, basic	39,575,660	39,008,114	39,496,864	37,471,740
Weighted-average shares outstanding, diluted	39,575,660	39,008,114	39,496,864	37,471,740

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, 2020	289,776	$ 4	456,196	(166,393)	(31)
Beginning Balance (in shares) at Dec. 31, 2020		36,672,415
Unrealized (loss) gain on investments	29
Ending Balance at Sep. 30, 2021	291,536	$ 4	513,871	(222,337)	(2)
Ending Balance (in shares) at Sep. 30, 2021		39,331,585
Beginning Balance at Mar. 31, 2021	276,075	$ 4	458,956	(182,902)	17
Beginning Balance (in shares) at Mar. 31, 2021		36,690,826
Exercise of common stock options	58		58
Exercise of common stock options (in shares)		24,786
Stock-based compensation expense	3,213		3,213
Unrealized (loss) gain on investments	(14)				(14)
Net loss	(21,009)			(21,009)
Ending Balance at Jun. 30, 2021	258,323	$ 4	462,227	(203,911)	3
Ending Balance (in shares) at Jun. 30, 2021		36,715,612
Issuance of common stock	50,000		50,000
Issuance of common stock (in shares)		2,597,402
Issuance costs associated with offering of common stock	(1,852)		(1,852)
Exercise of common stock options	99		99
Exercise of common stock options (in shares)		18,571
Stock-based compensation expense	3,397		3,397
Unrealized (loss) gain on investments	(5)				(5)
Net loss	(18,426)			(18,426)
Ending Balance at Sep. 30, 2021	291,536	$ 4	513,871	(222,337)	(2)
Ending Balance (in shares) at Sep. 30, 2021		39,331,585
Beginning Balance at Dec. 31, 2021	$ 272,976	$ 4	518,183	(245,108)	(103)
Beginning Balance (in shares) at Dec. 31, 2021	39,430,120	39,430,120
Exercise of common stock options	$ 16		16
Exercise of common stock options (in shares)		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
Beginning Balance at Dec. 31, 2021	$ 272,976	$ 4	518,183	(245,108)	(103)
Beginning Balance (in shares) at Dec. 31, 2021	39,430,120	39,430,120
Exercise of common stock options (in shares)	47,482
Unrealized (loss) gain on investments	$ (1,644)
Ending Balance at Sep. 30, 2022	$ 214,819	$ 4	529,945	(313,383)	(1,747)
Ending Balance (in shares) at Sep. 30, 2022	39,576,047	39,576,047
Beginning Balance at Mar. 31, 2022	$ 253,079	$ 4	522,144	(268,267)	(802)
Beginning Balance (in shares) at Mar. 31, 2022		39,438,602
Issuance of common stock under the Employee Stock Purchase Plan	354		354
Issuance of common stock under the Employee Stock Purchase Plan (in shares)		98,445
Exercise of common stock options	61		61
Exercise of common stock options (in shares)		38,407
Stock-based compensation expense	4,092		4,092
Unrealized (loss) gain on investments	(429)				(429)
Net loss	(20,287)			(20,287)
Ending Balance at Jun. 30, 2022	236,870	$ 4	526,651	(288,554)	(1,231)
Ending Balance (in shares) at Jun. 30, 2022		39,575,454
Exercise of common stock options	1		1
Exercise of common stock options (in shares)		593
Stock-based compensation expense	3,293		3,293
Unrealized (loss) gain on investments	(516)				(516)
Net loss	(24,829)			(24,829)
Ending Balance at Sep. 30, 2022	$ 214,819	$ 4	$ 529,945	$ (313,383)	$ (1,747)
Ending Balance (in shares) at Sep. 30, 2022	39,576,047	39,576,047

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (24,829)	$ (18,426)	$ (68,275)	$ (55,944)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			719	668
Stock-based compensation expense			11,330	9,354
Loss on fixed asset disposals			0	2
(Accretion of discount) amortization of premium on investments, net			(422)	1,201
Changes in operating assets and liabilities:
Prepaid expenses and other assets			(247)	1,010
Accounts payable and accrued other liabilities			(2,919)	452
Net cash used in operating activities			(59,814)	(43,257)
Cash flows from investing activities:
Acquisitions of property and equipment			(1,791)	(550)
Purchases of investments			(206,492)	(32,866)
Maturities of investments			70,735	191,500
Net cash (used in) provided by investing activities			(137,548)	158,084
Cash flows from financing activities:
Proceeds from issuance of common stock			0	50,000
Issuance costs associated with financings			0	(1,852)
Proceeds from issuance of common stock under the Employee Stock Purchase Plan			354	0
Proceeds from stock option exercises			78	173
Net cash provided by (used in) financing activities			432	48,321
Net (decrease) increase in cash, cash equivalents and restricted cash			(196,930)	163,148
Cash, cash equivalents and restricted cash at beginning of period			226,474	78,446
Cash, cash equivalents and restricted cash at end of period	29,544	241,594	29,544	241,594
Cash and cash equivalents	29,076	241,126	29,076	241,126
Restricted cash included in other assets	468	468	468	468
Total cash, cash equivalents and restricted cash	$ 29,544	$ 241,594	$ 29,544	$ 241,594

Description of the Business

Description of the Business	9 Months Ended
	Sep. 30, 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 September 30, 2022, the Company had an accumulated deficit of $ 313.4 million. Through September 30, 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 .

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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. 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	9 Months Ended
	Sep. 30, 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 was responsible for certain research and development costs up to a predetermined threshold. Upon achievement of the predetermined threshold during the quarter ended June 30, 2022, Voronoi chose to opt out of participation in and funding of future development activities. 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. During the quarter ended September 30, 2022, the Company made a development milestone payment to Voronoi in the amount of $ 5.0 million, which was recorded in acquired in-process research and development expense. 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	9 Months Ended
	Sep. 30, 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): September 30, 2022 December 31, 2021 Lab equipment $ 6,092 $ 5,305 Leasehold improvements 1,747 1,710 Computer hardware and software 337 247 Furniture and fixtures 508 140 Total property and equipment, gross 8,684 7,402 Less accumulated depreciation ( 5,635 ) ( 4,989 ) Total property and equipment, net $ 3,049 $ 2,413

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2022
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	5. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): September 30, 2022 December 31, 2021 Accrued clinical and manufacturing costs $ 4,871 $ 5,678 Accrued compensation 3,874 4,798 Lease liabilities - short-term 2,636 1,926 Other accruals 371 863 Total accrued liabilities $ 11,752 $ 13,265

Investments

Investments	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	6. Investments The Company's available-for-sale investments consisted of the following (in thousands): September 30, 2022 Amortized Unrealized Unrealized Estimated Short-term U.S. treasury securities $ 161,588 $ — $ ( 1,386 ) $ 160,202 U.S. agency bonds 2,500 — ( 8 ) 2,492 Certificates of deposit 1,922 — ( 33 ) 1,889 Short-term investments $ 166,010 $ — $ ( 1,427 ) $ 164,583 Long-term U.S. treasury securities $ 21,395 $ — $ ( 296 ) $ 21,099 U.S. agency bonds 2,500 — ( 14 ) 2,486 Certificates of deposit 735 — ( 10 ) 725 Long-term investments $ 24,630 $ — $ ( 320 ) $ 24,310 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 September 30, 2022 and December 31, 2021 . Credit loss is limited due to the nature of the investments.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 2022 Money market funds (1) $ 29,076 $ 29,076 $ — $ — $ 29,076 U.S. treasury securities 181,301 181,301 — — 181,301 U.S. agency bonds 4,978 — 4,978 4,978 Certificates of deposit 2,614 2,614 — — 2,614 Total $ 217,969 $ 212,991 $ 4,978 $ — $ 217,969 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	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans and Stock-Based Compensation	8. Equity Incentive Plans and Stock-Based Compensation As of September 30, 2022, there were 2,186,942 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 Nine Months Ended 2022 2021 2022 2021 Research and development $ 1,280 $ 1,250 $ 4,435 $ 3,608 General and administrative 2,013 2,147 6,895 5,746 Total stock-based compensation expense $ 3,293 $ 3,397 $ 11,330 $ 9,354 Stock Options On June 21, 2022, the Company filed with the Securities and Exchange Commission a Tender Offer Statement on Schedule TO defining the terms and conditions of a one-time voluntary stock option exchange of certain eligible options for its employees (the “Option Exchange”). On July 20, 2022, the completion date of the Option Exchange, stock options covering an aggregate of 4,406,732 sh ares of common stock were tendered by eligible employees, and the Company granted new options at an exercise price of $ 4.36 , the Company’s closing stock price on July 20, 2022, covering an aggregate of 4,406,732 shares of common stock under the 2020 Equity Incentive Plan in exchange for the tendered options. As a result of the Option Exchange, the Company will recognize incremental stock-based compensation expense of $ 3.7 million over the requisite service period of the new stock options, which is three or four years. The Company will recognize the sum of the incremental stock-based compensation expense and the remaining unrecognized compensation expense for the original awards on the modification date, over the requisite service period of the new stock options. The following table summarizes the stock option activity for the nine months ended September 30, 2022: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2021 5,268,320 $ 14.16 Granted 6,193,247 5.43 Exercised ( 47,482 ) 1.65 Forfeited and cancelled ( 4,816,712 ) 16.52 Outstanding at September 30, 2022 6,597,373 $ 4.32 8.8 $ 2,287 Exercisable at September 30, 2022 1,669,265 $ 3.76 6.1 $ 2,247 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: Nine Months Ended 2022 2021 Risk-free interest rate 1.47 % - 3.37 % 0.60 % - 1.15 % Expected volatility 82.98 % - 87.60 % 82.88 % - 88.43 % Expected term (in years) 5.50 - 6.08 5.50 - 6.08 Expected dividend yield 0 % 0 % The Company recognized stock-based compensation expense related to the vesting of stock options of $ 3.0 million and $ 3.4 million during the three months ended September 30, 2022 and 2021, respectively, and $ 10.5 million and $ 9.4 million during the nine months ended September 30, 2022 and 2021, respectively. The total unrecognized compensation expense related to outstanding unvested stock-option awards as of September 30, 2022, was $ 36.1 million, which is expected to be recognized over a weighted-average remaining service period of 3.3 years. Restricted Stock Units The following table summarizes the restricted stock unit activity for the nine months ended September 30, 2022: Number of Shares Weighted- Outstanding at December 31, 2021 — $ — Granted 253,948 8.74 Vested — — Forfeited ( 13,957 ) 9.48 Outstanding at September 30, 2022 239,991 8.70 The Company recognized stock-based compensation expense related to the vesting of restricted stock units of $ 0.2 million and $ 0.5 million during the three and nine months ended September 30, 2022, respectively. The Company did not grant restricted stock units in 2021. Total unrecognized compensation expense related to restricted stock units as of September 30, 2022, was $ 1.6 million, which is expected to be recognized over a weighted-average remaining service period of 2.3 years. Employee Stock Purchase Plan The company recognized stock-based compensation expense related to the Employee Stock Purchase Plan (ESPP) of $ 0.1 million and $ 0.3 million during the three and nine months ended September 30, 2022, respectively. There was no ESPP expense for the three and nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Options to purchase common stock 6,597,373 5,259,946 6,597,373 5,259,946 Non-vested restricted stock units 239,991 — 239,991 — Total 6,837,364 5,259,946 6,837,364 5,259,946

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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. 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)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): September 30, 2022 December 31, 2021 Lab equipment $ 6,092 $ 5,305 Leasehold improvements 1,747 1,710 Computer hardware and software 337 247 Furniture and fixtures 508 140 Total property and equipment, gross 8,684 7,402 Less accumulated depreciation ( 5,635 ) ( 4,989 ) Total property and equipment, net $ 3,049 $ 2,413

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): September 30, 2022 December 31, 2021 Accrued clinical and manufacturing costs $ 4,871 $ 5,678 Accrued compensation 3,874 4,798 Lease liabilities - short-term 2,636 1,926 Other accruals 371 863 Total accrued liabilities $ 11,752 $ 13,265

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2022 Amortized Unrealized Unrealized Estimated Short-term U.S. treasury securities $ 161,588 $ — $ ( 1,386 ) $ 160,202 U.S. agency bonds 2,500 — ( 8 ) 2,492 Certificates of deposit 1,922 — ( 33 ) 1,889 Short-term investments $ 166,010 $ — $ ( 1,427 ) $ 164,583 Long-term U.S. treasury securities $ 21,395 $ — $ ( 296 ) $ 21,099 U.S. agency bonds 2,500 — ( 14 ) 2,486 Certificates of deposit 735 — ( 10 ) 725 Long-term investments $ 24,630 $ — $ ( 320 ) $ 24,310 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)	9 Months Ended
	Sep. 30, 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 September 30, 2022 Money market funds (1) $ 29,076 $ 29,076 $ — $ — $ 29,076 U.S. treasury securities 181,301 181,301 — — 181,301 U.S. agency bonds 4,978 — 4,978 4,978 Certificates of deposit 2,614 2,614 — — 2,614 Total $ 217,969 $ 212,991 $ 4,978 $ — $ 217,969 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

Equity Incentive Plans and St_2

Equity Incentive Plans and Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Option Activity	The following table summarizes the stock option activity for the nine months ended September 30, 2022: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2021 5,268,320 $ 14.16 Granted 6,193,247 5.43 Exercised ( 47,482 ) 1.65 Forfeited and cancelled ( 4,816,712 ) 16.52 Outstanding at September 30, 2022 6,597,373 $ 4.32 8.8 $ 2,287 Exercisable at September 30, 2022 1,669,265 $ 3.76 6.1 $ 2,247
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Options to purchase common stock 6,597,373 5,259,946 6,597,373 5,259,946 Non-vested restricted stock units 239,991 — 239,991 — Total 6,837,364 5,259,946 6,837,364 5,259,946
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: Nine Months Ended 2022 2021 Risk-free interest rate 1.47 % - 3.37 % 0.60 % - 1.15 % Expected volatility 82.98 % - 87.60 % 82.88 % - 88.43 % Expected term (in years) 5.50 - 6.08 5.50 - 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 Nine Months Ended 2022 2021 2022 2021 Research and development $ 1,280 $ 1,250 $ 4,435 $ 3,608 General and administrative 2,013 2,147 6,895 5,746 Total stock-based compensation expense $ 3,293 $ 3,397 $ 11,330 $ 9,354
Summary of Restricted Stock Unit Activity	The following table summarizes the restricted stock unit activity for the nine months ended September 30, 2022: Number of Shares Weighted- Outstanding at December 31, 2021 — $ — Granted 253,948 8.74 Vested — — Forfeited ( 13,957 ) 9.48 Outstanding at September 30, 2022 239,991 8.70

Description of the Business - A

Description of the Business - Additional Information (Details) $ / shares in Units, $ in Thousands			9 Months Ended
	Jul. 08, 2021 USD ($) $ / shares shares	May 06, 2021 USD ($)	Sep. 30, 2022 USD ($) Segments	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Description Of Business [Line Items]
Number of operating segment | Segments			1
Accumulated deficit			$ 313,383		$ 245,108
Proceeds from issuance of common stock			$ 0	$ 50,000
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 | 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	9 Months Ended
	Sep. 30, 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	$ (313,383)	$ (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			9 Months Ended
	Oct. 19, 2020 USD ($) Product $ / shares shares	Aug. 03, 2020 USD ($) Product $ / shares shares	Sep. 30, 2022 USD ($) shares	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) shares
License Agreements [Line Items]
Number of licensed products obliged to develop and commercialize | Product	1	1
Upfront payment shares issued | shares			39,576,047		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%
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 | Acquired In-Process Research and Development Expense
License Agreements [Line Items]
License agreement charge related to acquired assets			$ 5,000
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%
Upfront cash payment	$ 5,000

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 8,684	$ 7,402
Less accumulated depreciation	(5,635)	(4,989)
Total property and equipment, net	3,049	2,413
Lab Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	6,092	5,305
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,747	1,710
Computer Hardware and Software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	337	247
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 508	$ 140

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued clinical and manufacturing costs	$ 4,871	$ 5,678
Accrued compensation	3,874	4,798
Lease liabilities - short-term	2,636	1,926
Other accruals	371	863
Total accrued liabilities	$ 11,752	$ 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	Sep. 30, 2022	Dec. 31, 2021
Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 166,010	$ 10,975
Unrealized Gains	0	0
Unrealized Losses	(1,427)	(2)
Estimated Fair Value	164,583	10,973
Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	24,630	43,487
Unrealized Gains	0	0
Unrealized Losses	(320)	(101)
Estimated Fair Value	24,310	43,386
U.S. Treasury Securities | Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	161,588	10,014
Unrealized Gains	0	0
Unrealized Losses	(1,386)	(1)
Estimated Fair Value	160,202	10,013
U.S. Treasury Securities | Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	21,395	42,517
Unrealized Gains	0	0
Unrealized Losses	(296)	(98)
Estimated Fair Value	21,099	42,419
Certificates of deposit | Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,922	961
Unrealized Gains	0	0
Unrealized Losses	(33)	(1)
Estimated Fair Value	1,889	960
Certificates of deposit | Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	735	970
Unrealized Gains	0	0
Unrealized Losses	(10)	(3)
Estimated Fair Value	725	$ 967
U.S. agency bonds | Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,500
Unrealized Gains	0
Unrealized Losses	(8)
Estimated Fair Value	2,492
U.S. agency bonds | Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,500
Unrealized Gains	0
Unrealized Losses	(14)
Estimated Fair Value	$ 2,486

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		Sep. 30, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		$ 217,969	$ 280,365
Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	[1]	29,076	226,006
U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		181,301	52,432
U.S. agency bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		4,978
Certificates of deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		2,614	1,927
Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		212,991	280,365
Level 1 | Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	[1]	29,076	226,006
Level 1 | U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		181,301	52,432
Level 1 | U.S. agency bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		0
Level 1 | Certificates of deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		2,614	1,927
Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		4,978	0
Level 2 | Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	[1]	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 | U.S. agency bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		4,978
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	[1]	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		217,969	280,365
Fair Value | Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	[1]	29,076	226,006
Fair Value | U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		181,301	52,432
Fair Value | U.S. agency bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		4,978
Fair Value | Certificates of deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		$ 2,614	$ 1,927
[1] (1) Included in cash and cash equivalents in accompanying balance sheets.

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 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 ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 20, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 3,293	$ 3,397	$ 11,330	$ 9,354
Number of shares granted				6,193,247
Exchange Traded Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				$ 3,700
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation expense related to outstanding unvested stock-based awards		36,100		$ 36,100
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period				3 years 3 months 18 days
Stock-based compensation expense		3,000	3,400	$ 10,500	9,400
Stock Option, exercise Price, decrease	$ 4.36
Stock Options | Exchange Traded Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock options, exchanged	4,406,732
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		1,600		$ 1,600
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period				2 years 3 months 18 days
Stock-based compensation expense		$ 200		$ 500
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance		2,186,942		2,186,942
2020 Equity Incentive Plan | Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	4,406,732
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		500,000
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 100	$ 0	$ 300	$ 0

Equity Incentive Plans and St_4

Equity Incentive Plans and Stock-Based Compensation - Summary of Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,293	$ 3,397	$ 11,330	$ 9,354
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,280	1,250	4,435	3,608
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,013	$ 2,147	$ 6,895	$ 5,746

Equity Incentive Plans and St_5

Equity Incentive Plans and Stock-Based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, Beginning Balance	5,268,320
Options, Granted	6,193,247
Options, Exercised	(47,482)
Options, Forfeited and cancelled	(4,816,712)
Options outstanding, Ending Balance	6,597,373
Options, Exercisable	1,669,265
Weighted Average Exercise Price, Options outstanding Beginning Balance	$ 14.16
Weighted Average Exercise Price, Granted	5.43
Weighted Average Exercise Price, Exercised	1.65
Weighted Average Exercise Price, Forfeited and Cancelled	16.52
Weighted Average Exercise Price, Options outstanding Ending Balance	4.32
Weighted Average Exercise Price, Exercisable	$ 3.76
Weighted Average Remaining Contractual Term (in years), Options outstanding	8 years 9 months 18 days
Weighted Average Remaining Contractual Term (in years), Exercisable	6 years 1 month 6 days
Aggregate Intrinsic Value, Options outstanding	$ 2,287
Aggregate Intrinsic Value, Exercisable	$ 2,247

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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 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	3.37%	1.15%
Expected volatility, minimum	82.98%	82.88%
Expected volatility, maximum	87.60%	88.43%
Expected dividend yield	0%	0%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	6 years 29 days

Equity Incentive Plans and St_7

Equity Incentive Plans and Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares Outstanding, beginning of period | shares	0
Granted | shares	253,948
Vested | shares	0
Forfeited | shares	13,957
Shares Outstanding, end of period | shares	239,991
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 0
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	8.74
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	$ 8.70

Equity Incentive Plans and St_8

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	6,837,364	5,259,946	6,837,364	5,259,946
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	239,991		239,991
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	6,597,373	5,259,946	6,597,373	5,259,946