Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 07, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | ORIC PHARMACEUTICALS, INC. | ||
Entity Central Index Key | 0001796280 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 172.4 | ||
Entity Common Stock, Shares Outstanding | 45,091,215 | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | ||
Trading Symbol | ORIC | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 001-39269 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-1787157 | ||
Entity Address, Address Line One | 240 E. Grand Ave | ||
Entity Address, Address Line Two | 2nd Floor | ||
Entity Address, City or Town | South San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94080 | ||
City Area Code | 650 | ||
Local Phone Number | 388-5600 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | false | ||
Documents Incorporated by Reference | Portions of the Registrant’s Definitive Proxy Statement relating to the Registrant’s Annual Meeting of Shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s 2022 fiscal year ended December 31, 2022 . | ||
Auditor Name | KPMG LLP | ||
Auditor Location | San Diego, California | ||
Auditor Firm ID | 185 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 66,840 | $ 226,006 |
Short-term investments | 139,432 | 10,973 |
Prepaid expenses and other current assets | 4,185 | 3,543 |
Total current assets | 210,457 | 240,522 |
Long-term investments | 21,951 | 43,386 |
Property and equipment, net | 3,253 | 2,413 |
Other assets | 11,517 | 12,321 |
Total assets | 247,178 | 298,642 |
Current liabilities: | ||
Accounts payable | 1,320 | 1,886 |
Accrued liabilities | 14,068 | 13,265 |
Total current liabilities | 15,388 | 15,151 |
Other long-term liabilities | 9,439 | 10,515 |
Total liabilities | 24,827 | 25,666 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding at December 31, 2022 and 2021 | 0 | 0 |
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 45,089,537 and 39,430,120 shares issued and outstanding at December 31, 2022 and 2021, respectively | 5 | 4 |
Additional paid-in capital | 557,867 | 518,183 |
Accumulated deficit | (334,230) | (245,108) |
Accumulated other comprehensive loss | (1,291) | (103) |
Total stockholders' equity | 222,351 | 272,976 |
Total liabilities and stockholders' equity | $ 247,178 | $ 298,642 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 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 | 45,089,537 | 39,430,120 |
Common stock, shares, outstanding | 45,089,537 | 39,430,120 |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating expenses: | ||
Research and development | $ 61,680 | $ 56,858 |
General and administrative | 25,087 | 22,013 |
Acquired in-process research and development | 5,000 | 0 |
Total operating expenses | 91,767 | 78,871 |
Loss from operations | (91,767) | (78,871) |
Other income: | ||
Interest income, net | 2,645 | 141 |
Other | 0 | 15 |
Total other income | 2,645 | 156 |
Net loss | (89,122) | (78,715) |
Other comprehensive loss: | ||
Unrealized loss on investments | (1,188) | (72) |
Comprehensive loss | $ (90,310) | $ (78,787) |
Net loss per share, basic | $ (2.25) | $ (2.07) |
Net loss per share, diluted | $ (2.25) | $ (2.07) |
Weighted-average shares outstanding, basic | 39,655,260 | 37,954,280 |
Weighted-average shares outstanding, diluted | 39,655,260 | 37,954,280 |
STATEMENTS OF CONVERTIBLE PREFE
STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive 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 | ||||
Offering of common stock | 50,000 | 50,000 | |||
Offering 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 | 986 | 986 | |||
Exercise of common stock options (in shares) | 160,303 | ||||
Stock-based compensation expense | 12,853 | 12,853 | |||
Unrealized loss on investments | (72) | (72) | (72) | ||
Net loss | (78,715) | (78,715) | |||
Ending Balance at Dec. 31, 2021 | $ 272,976 | $ 4 | 518,183 | (245,108) | (103) |
Ending Balance (in shares) at Dec. 31, 2021 | 39,430,120 | 39,430,120 | |||
Offering of common stock | $ 25,000 | $ 1 | 24,999 | ||
Offering of common stock (in shares) | 5,376,344 | ||||
Issuance costs associated with offering of common stock | (399) | (399) | |||
Exercise of common stock options | $ 79 | 79 | |||
Exercise of common stock options (in shares) | 48,076 | 48,076 | |||
Stock-based compensation expense | $ 14,460 | 14,460 | |||
Unrealized loss on investments | (1,188) | (1,188) | |||
Net loss | (89,122) | (89,122) | |||
Issuance of common stock under the Employee Stock Purchase Plan (In Shares) | 168,186 | ||||
Issuance of common stock under the Employee Stock Purchase Plan | 545 | 545 | |||
Issuance of common stock upon vesting of restricted stock units (In Shares) | 66,811 | ||||
Ending Balance at Dec. 31, 2022 | $ 222,351 | $ 5 | $ 557,867 | $ (334,230) | $ (1,291) |
Ending Balance (in shares) at Dec. 31, 2022 | 45,089,537 | 45,089,537 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (89,122) | $ (78,715) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 966 | 897 |
Stock-based compensation expense | 14,460 | 12,853 |
Loss on fixed asset disposals | 40 | 2 |
(Accretion of discount) amortization of premium on investments, net | (1,042) | 1,349 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | 1,030 | 1,142 |
Accounts payable and accrued other liabilities | (1,475) | 2,931 |
Net cash used in operating activities | (75,143) | (59,541) |
Cash flows from investing activities: | ||
Acquisitions of property and equipment | (2,078) | (939) |
Purchases of investments | (238,124) | (69,626) |
Sales and maturities of investments | 130,954 | 229,000 |
Net cash used in investing activities | (109,248) | 158,435 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 25,000 | 50,000 |
Issuance costs associated with financings | (399) | (1,852) |
Proceeds from issuance of common stock under the Employee Stock Purchase Plan | 545 | 0 |
Proceeds from stock option exercises | 79 | 986 |
Net cash provided by financing activities | 25,225 | 49,134 |
Net (decrease) increase in cash and cash equivalents | (159,166) | 148,028 |
Cash and cash equivalents, beginning of period | 226,474 | 78,446 |
Cash and cash equivalents, end of period | $ 67,308 | $ 226,474 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | 1. Des cription 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 December 31, 2022, the Company had an accumulated deficit of $ 334.2 million. Through December 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. Registered Direct Offering On December 21, 2022, the Company entered into a securities purchase agreement with Pfizer pursuant to which the Company sold 5,376,344 shares of common stock at a price of $ 4.65 per share to Pfizer for gross proceeds of $ 25.0 million. The Company sold the shares to Pfizer in a registered direct offering conducted without an underwriter or placement agent and pursuant to an effective shelf registration statement. After deducting offering expenses of $ 0.4 million, the net proceeds received from the direct offering were $ 24.6 million. The transaction closed on December 23, 2022. The direct offering with Pfizer was entered into concurrently with a clinical development collaboration. 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 | 12 Months Ended |
Dec. 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 financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The accompanying 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 year ended December 31, 2022, are not necessarily indicative of future results. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, expenses, and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially from these estimates. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash, cash equivalents and investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents and investments that are recorded on its balance sheets. The Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits its exposure. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase that are readily convertible into cash as cash equivalents. These investments may include money market funds, securities issued by U.S. Government agencies, corporate debt securities and commercial paper. Cash that is restricted and not available for general operations is considered restricted cash. The Company's restricted cash is in connection to a property lease and restrictions will be removed at the respective lease expiration. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the balance sheet to the total of the amount presented in the statement of cash flows, in thousands: December 31, 2022 2021 Cash and cash equivalents $ 66,840 $ 226,006 Restricted cash included in other assets 468 468 Total cash, cash equivalents and restricted cash $ 67,308 $ 226,474 Investments All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments with contractual maturities 12 months or greater at the balance sheet date are considered long-term investments. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). The Company reviews its portfolio of available-for-sale debt securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, a loss is recognized in statements of operations, whereas if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive income (loss). Property and Equipment Property and equipment, which consist of lab equipment, leasehold improvements, computer hardware and software, and furniture and fixtures, are stated at historical cost less accumulated depreciation. Depreciation is recognized on a straight-line basis over the estimated useful lives of the related assets, which are generally three to seven years . Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimate useful life of the asset. Impairment of Property and Equipment The Company accounts for the impairment of long-lived assets by reviewing these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted-cash-flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. The Company did no t recognize impairment losses for the years ended December 31, 2022 and 2021 . Leases The Company determines if an arrangement is or contains a lease at inception. For leases with a term greater than one year, lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses its incremental borrowing rate which represents an estimated rate of interest that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. Research and Development Expenses and Accrued Research and Development Expenses The Company is required to estimate its expenses resulting from its obligations under contracts with vendors, consultants, contract research organizations (CRO), and contract manufacturing organizations (CMO) in connection with conducting research and development activities. The financial terms of these contracts vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. Research and development costs are expensed in the period in which they are incurred. External costs consist primarily of payments to outside consultants, third-party CROs, CMOs, clinical trial sites and central laboratories in connection with the Company’s discovery and preclinical activities, process development, clinical manufacturing and clinical development activities. External expenses are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers or its estimate of the level of service that has been performed at each reporting date. The Company tracks external costs by program, clinical or preclinical. Internal costs consist primarily of employee-related costs, laboratory supplies, facilities, depreciation and costs related to compliance with regulatory requirements. The Company does not track internal costs by program because these costs are deployed across multiple programs and, as such, are not separately classified. The Company makes estimates of accrued expenses as of each balance sheet date based on facts and circumstances known at that time. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. The significant estimates in its accrued research and development expenses include the costs incurred for services performed by vendors in connection with research and development activities for which the Company has not yet been invoiced. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. As of December 31, 2022 and 2021 , the Company maintained valuation allowances against its deferred tax assets as the Company concluded it had not met the “more likely than not” to be realized threshold. Changes in the valuation allowance when they are recognized in the provision for income taxes would result in a change in the estimated annual effective tax rate. 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 . 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. License Fees Acquisitions of technology licenses are charged to acquired in-process research and development expense or capitalized based upon the asset achieving technological feasibility in accordance with management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. Deferred Offering Costs The Company capitalizes costs that are directly associated with equity financings until such financings are consummated at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss. Other Comprehensive Gain (Loss) Other comprehensive gain (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency gains and losses. The unrealized gains (losses) on available for sale investments represent the only component of other comprehensive loss that is excluded from the reported net loss. Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts). Years Ended December 31, 2022 2021 Numerator Net loss $ ( 89,122 ) $ ( 78,715 ) Denominator Weighted average shares outstanding used in computing 39,655,260 37,954,280 Net loss per share, basic and diluted $ ( 2.25 ) $ ( 2.07 ) 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: December 31, 2022 2021 Options to purchase common stock 6,690,492 5,268,320 Non-vested restricted stock units 191,925 — Total 6,882,417 5,268,320 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 | 12 Months Ended |
Dec. 31, 2022 | |
License Agreements [Abstract] | |
License Agreements and Clinical Development Collaboration | 3. License Agreements and Clinical Development Collaboration Pfizer collaboration On December 21, 2022, the Company entered into a clinical development collaboration (the Pfizer Collaboration) for a potential Phase 2 study of ORIC-533 in multiple myeloma with Pfizer Inc. (Pfizer). Through the Pfizer Collaboration, the Company plans to potentially advance ORIC-533 into a Phase 2 combination study with elranatamab, Pfizer’s investigational B-cell maturation antigen (BCMA) CD3-targeted bispecific antibody in development for the treatment of multiple myeloma. The Company will maintain full economic ownership and control of ORIC-533. Concurrent with the Pfizer Collaboration, the Company sold 5,376,344 shares of common stock at a price of $ 4.65 per share to Pfizer for proceeds of $ 25.0 million. The common shares were sold to Pfizer in a registered direct offering conducted without an underwriter or placement agent. The transaction closed on December 23, 2022. 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 had 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 in the second quarter of 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. In the third quarter of 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 | 12 Months Ended |
Dec. 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): December 31, 2022 2021 Lab equipment $ 6,249 $ 5,305 Leasehold improvements 1,978 1,710 Computer hardware and software 311 247 Furniture and fixtures 508 140 Total property and equipment, gross 9,046 7,402 Less accumulated depreciation ( 5,793 ) ( 4,989 ) Total property and equipment, net $ 3,253 $ 2,413 Depreciation expense was $ 1.0 million and $ 0.9 million for the years ended December 31, 2022 and 2021 , respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): December 31, 2022 2021 Accrued clinical and manufacturing costs $ 5,396 $ 5,678 Accrued compensation 5,318 4,798 Operating lease liabilities - short-term 2,659 1,926 Other accruals 695 863 Total accrued liabilities $ 14,068 $ 13,265 |
Investments, Available-for-Sale
Investments, Available-for-Sale | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments, Available-for-Sale | 6. Investments, Available-for-Sale The Company's available-for-sale investments consisted of the following (in thousands): December 31, 2022 Amortized Unrealized Unrealized Estimated Short-term U.S. treasury securities $ 135,878 $ — $ ( 1,094 ) $ 134,784 U.S. agency bonds 2,500 — ( 11 ) 2,489 Certificates of deposit 2,191 — ( 32 ) 2,159 Short-term investments $ 140,569 $ — $ ( 1,137 ) $ 139,432 Long-term U.S. treasury securities $ 19,360 $ — $ ( 126 ) $ 19,234 U.S. agency bonds 2,500 — ( 24 ) 2,476 Certificates of deposit 245 — ( 4 ) 241 Long-term investments $ 22,105 $ — $ ( 154 ) $ 21,951 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 December 31, 2022 and December 31, 2021 . Credit loss is limited due to the nature of the investments. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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 nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair-value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of 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 December 31, 2022 Money market funds (1) $ 66,840 $ 66,840 $ — $ — $ 66,840 U.S. treasury securities 154,018 154,018 — — 154,018 U.S. agency bonds 4,965 — 4,965 — 4,965 Certificates of deposit 2,400 2,400 — — 2,400 Total $ 228,223 $ 223,258 $ 4,965 $ — 228,223 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 | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans and Stock-Based Compensation | . Equity Incentive Plans and Stock-Based Compensation As of December 31, 2022, there were 2,210,479 shares available for future issuance under the 2020 Equity Incentive Plan and 364,005 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 number of shares of the Company’s common stock available for issuance under the 2020 Equity Incentive Plan will automatically increase on the first day of each fiscal year, beginning with the Company’s 2021 fiscal year, in an amount equal to the lessor of (1) 2,656,500 shares, (2) 5 % of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (3) such other amount as determined by the Company’s Board of Directors. 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): Years Ended December 31, 2022 2021 Research and development $ 5,641 $ 4,959 General and administrative 8,819 7,894 Total stock-based compensation expense $ 14,460 $ 12,853 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 year ended December 31, 2022: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2021 5,268,320 $ 14.16 Granted 6,335,237 $ 5.37 Exercised ( 48,076 ) $ 1.65 Forfeited and cancelled ( 4,864,989 ) $ 16.43 Outstanding at December 31, 2022 6,690,492 $ 4.27 8.6 $ 14,144 Exercisable at December 31, 2022 1,714,764 $ 3.79 5.9 $ 6,162 The total intrinsic value of options exercised was $ 0.1 million and $ 2.2 million for the years ended December 31, 2022 and 2021, respectively. 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. Years Ended December 31, 2022 2021 Risk-free interest rate 1.47 % - 4.22 % 0.60 % - 1.34 % Expected volatility 82.98 % - 87.60 % 82.34 % - 88.43 % Expected term (in years) 5.50 - 6.08 5.50 - 6.08 Expected dividend yield 0 % 0 % The weighted-average grant-date fair value of options granted was $ 10.61 and $ 19.21 for the years ended December 31, 2022 and 2021, respectively. The Company recognized stock-based compensation expense related to the vesting of stock options of $ 13.4 million and $ 12.9 million during the years ended December 31, 2022 and 2021, respectively. The total unrecognized compensation expense related to outstanding unvested stock-option awards as of December 31, 2022, was $ 33.4 million, which is expected to be recognized over a weighted-average remaining service period of 3.1 years. Restricted Stock Units The following table summarizes the restricted stock unit activity for the year ended December 31, 2022: Number of Shares Weighted- Outstanding at December 31, 2021 — $ — Granted 275,123 $ 8.31 Vested ( 66,811 ) $ 9.48 Forfeited ( 16,387 ) $ 9.19 Outstanding at December 31, 2022 191,925 $ 7.83 The Company recognized stock-based compensation expense related to the vesting of restricted stock units of $ 0.7 million for the year ended December 31, 2022. The Company did not grant restricted stock units in 2021. Total unrecognized compensation expense related to restricted stock units as of December 31, 2022, was $ 1.4 million, which is expected to be recognized over a weighted-average remaining service period of 2.1 years. Employee Stock Purchase Plan In February 2020, the Company’s Board of Directors adopted, and its stockholders approved, the 2020 Employee Stock Purchase Plan (ESPP). The first offering period began in December 2021 and the first purchase under the ESPP was in 2022. As of December 31, 2022 , there were 516,139 shares available for future issuance under the ESPP. Further, the number of shares of common stock available for issuance under the ESPP will automatically increase on the first day of each fiscal year following the fiscal year in which the first offering period under the ESPP commences in an amount equal to the lessor of (1) 500,000 shares, (2) 1 % of the outstanding shares of the Company’s commo n stock on the last day of the immediately preceding fiscal year, or (3) such other amount as determined by the Company’s Board of Directors. The Company recognized stock-based compensation expense related to the ESPP of $ 0.4 million for the year ended December 31, 2022. As of December 31, 2021 no shares had been issued pursuant to the ESPP and the associated compensation expense was immaterial for the year ended December 31, 2021 . |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 10. Income Tax Significant components of the Company’s provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate were as follows (in thousands): For the Year Ended December 31, 2022 2021 Statutory rate $ ( 18,715 ) $ ( 16,530 ) State tax ( 6,005 ) ( 5,383 ) Other permanent items 35 30 Federal return to provision ( 85 ) 144 Research and development credit ( 2,958 ) ( 4,539 ) Change in valuation allowance 26,296 25,309 Stock-based compensation 1,432 969 Provisions for income taxes $ — $ — Significant components of the Company’s deferred taxes were as follows (in thousands): As of December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 64,031 $ 55,488 Research and development credits 10,664 7,706 Accruals and other 8,043 5,185 Intangible assets 7,274 6,369 Capitalized research expense 11,229 — Lease liability 3,385 3,482 Gross deferred tax assets 104,626 78,230 Less valuation allowance ( 101,445 ) ( 74,816 ) Total deferred tax assets 3,181 3,414 Deferred tax liabilities: Property and equipment ( 106 ) ( 114 ) Right-of-use assets ( 3,075 ) ( 3,300 ) Total deferred tax liabilities ( 3,181 ) ( 3,414 ) Deferred income taxes, net $ — $ — A valuation allowance of $ 101.4 million at December 31, 2022 , has been recognized to offset the net deferred tax assets as realization of such assets is uncertain. The valuation allowance increased by $ 26.6 million during the year ended December 31, 2022. As of December 31, 2022, the Company had available net operating loss (NOL) carryforwards of $ 215.2 million. Of the $215.2 million of NOL carryforwards, $ 41.6 million begin to expire in 2034 and $ 173.6 million do not expire. The Company also has available California NOL carryforwards of approximately $ 268.5 million as of December 31, 2022, which begin to expire in 2034. In addition, the Company has federal and California research and development (R&D) credit carryforwards totaling $ 8.7 million and $ 5.0 million, respectively. The federal credits begin to expire in 2034 unless previously utilized, while the state credits do not expire. Pursuant to Sections 382 and 383 of the Internal Revenue Code (IRC), annual use of the Company’s NOL and credit carryforwards may be limited in the event a cumulative change in ownership of more than 50 % occurs within a three-year period. Since the Company’s formation, the Company has raised capital through the issuance of capital stock, which on its own or combined with the purchasing stockholders’ subsequent disposition of those shares, may have resulted in such an ownership change, or could result in an ownership. Upon the occurrence of an ownership change under Section 382 as outlined above, utilization of the Company’s NOL and research and development credit carryforwards are subject to an annual limitation, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate, which could be subject to additional adjustments, as required. Any limitation may result in expiration of a portion of the NOL or R&D credit carryforwards before utilization. The Company has not completed an analysis to determine if such an ownership change has occurred. The Company recognizes liabilities for uncertain tax positions based in a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While the Company believes that it has appropriate support for the positions taken on its tax returns, the Company regularly assesses the potential outcome of examinations by tax authorities in determining the adequacy of its provision for income taxes. As of December 31, 2022 , the Company had gross unrecognized tax benefits of $ 2.2 million, none of which would affect the effective tax rate if recognized. The Company does not anticipate any significant changes in its unrecognized tax benefits over the next 12 months. The Company’s policy is to recognize the interest expense and/or penalties related to income tax matters as a component of income tax expense. The Company had no accrual for interest or penalties on its balance sheets at December 31, 2022 and has no t recognized interest and/or penalties in its statement of operations for the year ended December 31, 2022. The Company is subject to taxation in the United States and California. The Company is not currently under examination by any taxing authorities. Due to the carryover of tax attributes, the statute of limitations is currently open for tax years since inception. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 8. Leases Operating Leases The Company has operating leases for office and lab space in South San Francisco, California and office space in San Diego, California. In August 2021, the Company entered into a lease amendment for the South San Francisco facility that extended the lease term until May 2028 . The lease amendment includes the option to extend the lease for one additional year. In September 2021, the Company entered into a lease agreement for a San Diego facility until May 2025. The right-of-use assets were $ 11.0 million and $ 11.8 million as of December 31, 2022 and 2021, respectively, and are recorded on the balance sheet in other assets. Lease liabilities are recorded in accrued liabilities and other long-term liabilities on the balance sheet and as of December 31, 2022, were $ 2.7 million and $ 9.4 million, respectively, and as of December 31, 2021 , were $ 1.9 million and $ 10.5 million, respectively. Operating lease costs for the years ended December 31, 2022 and 2021, were $ 2.7 million and $ 1.8 million, respectively. Cash paid for operating leases for the years ended December 31, 2022 and 2021, were $ 2.2 million and $ 1.9 million, respectively. The weighted average discount rate and the weighted-average remaining lease term of the Company's operating leases at December 31, 2022 were 8.2 % and 5.2 years, respectively. The weighted average discount rate and the weighted-average remaining lease term of the Company's operating leases at December 31, 2021 were 8.2 % and 6.4 ye ars, respectively. Future lease payments of operating lease liabilities as of December 31, 2022, were as follows (in thousands): Year ending December 31, Operating Leases 2023 $ 2,757 2024 2,853 2025 2,676 2026 2,677 2027 2,771 Thereafter 1,049 Total minimum lease payments 14,783 Less: interest 2,685 Present value of lease liabilities $ 12,098 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | 11. Employee Benefit Plan The Company has a defined-contribution 401(k) plan for employees. Employees are eligible to participate in the plan beginning on the first day of the month following date of hire. Under the terms of the plan, employees may make voluntary contributions as a percentage of compensation. The Company matches employee contributions as permitted by the plan and may make an additional discretionary match as determined by the Company's board of directors. The Company's total cost related to the 401(k) plan was $ 0.6 million and $ 0.5 million for the years ended December 31, 2022 and 2021 , respectively. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | 12. Subsequent Event On March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation as receiver. At the time of the closure, we held assets valued at $ 9.2 million in deposit and money market accounts with SVB. We received full access to the funds in our deposit and money market accounts on March 13, 2023. Because a substantial majority of our cash, cash equivalents and short-term investments were not maintained at SVB and in light of actions by the federal government to fully protect deposit accounts, we do not expect our operations will be materially impacted by the closure of SVB. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The accompanying 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 year ended December 31, 2022, are not necessarily indicative of future results. |
Use of Estimates | Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, expenses, and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially from these estimates. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash, cash equivalents and investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents and investments that are recorded on its balance sheets. The Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits its exposure. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase that are readily convertible into cash as cash equivalents. These investments may include money market funds, securities issued by U.S. Government agencies, corporate debt securities and commercial paper. Cash that is restricted and not available for general operations is considered restricted cash. The Company's restricted cash is in connection to a property lease and restrictions will be removed at the respective lease expiration. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the balance sheet to the total of the amount presented in the statement of cash flows, in thousands: December 31, 2022 2021 Cash and cash equivalents $ 66,840 $ 226,006 Restricted cash included in other assets 468 468 Total cash, cash equivalents and restricted cash $ 67,308 $ 226,474 |
Investments | Investments All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments with contractual maturities 12 months or greater at the balance sheet date are considered long-term investments. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). The Company reviews its portfolio of available-for-sale debt securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, a loss is recognized in statements of operations, whereas if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive income (loss). |
Property and Equipment | Property and Equipment Property and equipment, which consist of lab equipment, leasehold improvements, computer hardware and software, and furniture and fixtures, are stated at historical cost less accumulated depreciation. Depreciation is recognized on a straight-line basis over the estimated useful lives of the related assets, which are generally three to seven years . Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimate useful life of the asset. |
Impairment of Property and Equipment | Impairment of Property and Equipment The Company accounts for the impairment of long-lived assets by reviewing these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted-cash-flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. The Company did no t recognize impairment losses for the years ended December 31, 2022 and 2021 . |
Leases | Leases The Company determines if an arrangement is or contains a lease at inception. For leases with a term greater than one year, lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses its incremental borrowing rate which represents an estimated rate of interest that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. |
Research and Development Expenses and Accrued Research and Development Expenses | Research and Development Expenses and Accrued Research and Development Expenses The Company is required to estimate its expenses resulting from its obligations under contracts with vendors, consultants, contract research organizations (CRO), and contract manufacturing organizations (CMO) in connection with conducting research and development activities. The financial terms of these contracts vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. Research and development costs are expensed in the period in which they are incurred. External costs consist primarily of payments to outside consultants, third-party CROs, CMOs, clinical trial sites and central laboratories in connection with the Company’s discovery and preclinical activities, process development, clinical manufacturing and clinical development activities. External expenses are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers or its estimate of the level of service that has been performed at each reporting date. The Company tracks external costs by program, clinical or preclinical. Internal costs consist primarily of employee-related costs, laboratory supplies, facilities, depreciation and costs related to compliance with regulatory requirements. The Company does not track internal costs by program because these costs are deployed across multiple programs and, as such, are not separately classified. The Company makes estimates of accrued expenses as of each balance sheet date based on facts and circumstances known at that time. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. The significant estimates in its accrued research and development expenses include the costs incurred for services performed by vendors in connection with research and development activities for which the Company has not yet been invoiced. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. As of December 31, 2022 and 2021 , the Company maintained valuation allowances against its deferred tax assets as the Company concluded it had not met the “more likely than not” to be realized threshold. Changes in the valuation allowance when they are recognized in the provision for income taxes would result in a change in the estimated annual effective tax rate. |
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 . 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. |
License Fees | License Fees Acquisitions of technology licenses are charged to acquired in-process research and development expense or capitalized based upon the asset achieving technological feasibility in accordance with management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. |
Deferred Offering Costs | Deferred Offering Costs The Company capitalizes costs that are directly associated with equity financings until such financings are consummated at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss. |
Other Comprehensive Gain (Loss) | Comprehensive Gain (Loss) Other comprehensive gain (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency gains and losses. The unrealized gains (losses) on available for sale investments represent the only component of other comprehensive loss that is excluded from the reported net loss. |
Net Loss Per Share | Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts). Years Ended December 31, 2022 2021 Numerator Net loss $ ( 89,122 ) $ ( 78,715 ) Denominator Weighted average shares outstanding used in computing 39,655,260 37,954,280 Net loss per share, basic and diluted $ ( 2.25 ) $ ( 2.07 ) 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: December 31, 2022 2021 Options to purchase common stock 6,690,492 5,268,320 Non-vested restricted stock units 191,925 — Total 6,882,417 5,268,320 |
New Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements There are no recently issued accounting pronouncements that would materially impact the Company's financial statements and related disclosures. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the balance sheet to the total of the amount presented in the statement of cash flows, in thousands: December 31, 2022 2021 Cash and cash equivalents $ 66,840 $ 226,006 Restricted cash included in other assets 468 468 Total cash, cash equivalents and restricted cash $ 67,308 $ 226,474 |
Summary of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts). Years Ended December 31, 2022 2021 Numerator Net loss $ ( 89,122 ) $ ( 78,715 ) Denominator Weighted average shares outstanding used in computing 39,655,260 37,954,280 Net loss per share, basic and diluted $ ( 2.25 ) $ ( 2.07 ) |
Summary of Outstanding Shares of Potentially 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: December 31, 2022 2021 Options to purchase common stock 6,690,492 5,268,320 Non-vested restricted stock units 191,925 — Total 6,882,417 5,268,320 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): December 31, 2022 2021 Lab equipment $ 6,249 $ 5,305 Leasehold improvements 1,978 1,710 Computer hardware and software 311 247 Furniture and fixtures 508 140 Total property and equipment, gross 9,046 7,402 Less accumulated depreciation ( 5,793 ) ( 4,989 ) Total property and equipment, net $ 3,253 $ 2,413 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): December 31, 2022 2021 Accrued clinical and manufacturing costs $ 5,396 $ 5,678 Accrued compensation 5,318 4,798 Operating lease liabilities - short-term 2,659 1,926 Other accruals 695 863 Total accrued liabilities $ 14,068 $ 13,265 |
Investments, Available-for-Sa_2
Investments, Available-for-Sale (Tables) | 12 Months Ended |
Dec. 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): December 31, 2022 Amortized Unrealized Unrealized Estimated Short-term U.S. treasury securities $ 135,878 $ — $ ( 1,094 ) $ 134,784 U.S. agency bonds 2,500 — ( 11 ) 2,489 Certificates of deposit 2,191 — ( 32 ) 2,159 Short-term investments $ 140,569 $ — $ ( 1,137 ) $ 139,432 Long-term U.S. treasury securities $ 19,360 $ — $ ( 126 ) $ 19,234 U.S. agency bonds 2,500 — ( 24 ) 2,476 Certificates of deposit 245 — ( 4 ) 241 Long-term investments $ 22,105 $ — $ ( 154 ) $ 21,951 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) | 12 Months Ended |
Dec. 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 December 31, 2022 Money market funds (1) $ 66,840 $ 66,840 $ — $ — $ 66,840 U.S. treasury securities 154,018 154,018 — — 154,018 U.S. agency bonds 4,965 — 4,965 — 4,965 Certificates of deposit 2,400 2,400 — — 2,400 Total $ 228,223 $ 223,258 $ 4,965 $ — 228,223 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) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Option Activity | Options Weighted- Weighted- Aggregate Outstanding at December 31, 2021 5,268,320 $ 14.16 Granted 6,335,237 $ 5.37 Exercised ( 48,076 ) $ 1.65 Forfeited and cancelled ( 4,864,989 ) $ 16.43 Outstanding at December 31, 2022 6,690,492 $ 4.27 8.6 $ 14,144 Exercisable at December 31, 2022 1,714,764 $ 3.79 5.9 $ 6,162 |
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. Years Ended December 31, 2022 2021 Risk-free interest rate 1.47 % - 4.22 % 0.60 % - 1.34 % Expected volatility 82.98 % - 87.60 % 82.34 % - 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): Years Ended December 31, 2022 2021 Research and development $ 5,641 $ 4,959 General and administrative 8,819 7,894 Total stock-based compensation expense $ 14,460 $ 12,853 Stock Options |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 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: December 31, 2022 2021 Options to purchase common stock 6,690,492 5,268,320 Non-vested restricted stock units 191,925 — Total 6,882,417 5,268,320 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | The following table summarizes the restricted stock unit activity for the year ended December 31, 2022: Number of Shares Weighted- Outstanding at December 31, 2021 — $ — Granted 275,123 $ 8.31 Vested ( 66,811 ) $ 9.48 Forfeited ( 16,387 ) $ 9.19 Outstanding at December 31, 2022 191,925 $ 7.83 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes and Income Taxes Computed | Significant components of the Company’s provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate were as follows (in thousands): For the Year Ended December 31, 2022 2021 Statutory rate $ ( 18,715 ) $ ( 16,530 ) State tax ( 6,005 ) ( 5,383 ) Other permanent items 35 30 Federal return to provision ( 85 ) 144 Research and development credit ( 2,958 ) ( 4,539 ) Change in valuation allowance 26,296 25,309 Stock-based compensation 1,432 969 Provisions for income taxes $ — $ — |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred taxes were as follows (in thousands): As of December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 64,031 $ 55,488 Research and development credits 10,664 7,706 Accruals and other 8,043 5,185 Intangible assets 7,274 6,369 Capitalized research expense 11,229 — Lease liability 3,385 3,482 Gross deferred tax assets 104,626 78,230 Less valuation allowance ( 101,445 ) ( 74,816 ) Total deferred tax assets 3,181 3,414 Deferred tax liabilities: Property and equipment ( 106 ) ( 114 ) Right-of-use assets ( 3,075 ) ( 3,300 ) Total deferred tax liabilities ( 3,181 ) ( 3,414 ) Deferred income taxes, net $ — $ — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Summary of Future Lease Payments of Operating Lease Liabilities | Future lease payments of operating lease liabilities as of December 31, 2022, were as follows (in thousands): Year ending December 31, Operating Leases 2023 $ 2,757 2024 2,853 2025 2,676 2026 2,677 2027 2,771 Thereafter 1,049 Total minimum lease payments 14,783 Less: interest 2,685 Present value of lease liabilities $ 12,098 |
Description of the Business - A
Description of the Business - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jul. 08, 2021 USD ($) $ / shares shares | May 06, 2021 USD ($) | Dec. 31, 2022 USD ($) Segment $ / shares shares | Dec. 31, 2021 USD ($) shares | |
Description Of Business [Line Items] | ||||
Number of operating segments | Segment | 1 | |||
Accumulated deficit | $ 334,230 | $ 245,108 | ||
Proceeds from issuance of common stock | $ 25,000 | $ 50,000 | ||
Common Stock, Shares, Issued | shares | 45,089,537 | 39,430,120 | ||
At The Market Sales Agreement And Offering Member | ||||
Description Of Business [Line Items] | ||||
Proceeds from issuance of common stock | $ 50,000 | |||
Sale of stock, number of shares issued in transaction | shares | 2,597,402 | |||
Sale of stock, price per share | $ / shares | $ 19.25 | |||
At The Market Sales Agreement And Offering Member | Maximum | ||||
Description Of Business [Line Items] | ||||
Proceeds from issuance of common stock | $ 150,000 | |||
Registered Direct Offering [Member] | ||||
Description Of Business [Line Items] | ||||
Proceeds from issuance of common stock | $ 25,000 | |||
Common Stock, Shares, Issued | shares | 5,376,344 | |||
Shares Issued, Price Per Share | $ / shares | $ 4.65 | |||
Sale of Stock, Consideration Received on Transaction | $ 24,600 | |||
Common Stock | At The Market Sales Agreement And Offering Member | ||||
Description Of Business [Line Items] | ||||
Underwriting discounts and commissions and other offering expenses | $ 1,900 | |||
Sale of Stock, Consideration Received on Transaction | $ 48,100 | |||
Common Stock | Registered Direct Offering [Member] | ||||
Description Of Business [Line Items] | ||||
Underwriting discounts and commissions and other offering expenses | $ 400 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Liquid investments maturity period | 90 days | |
Impairment of property and equipment | $ 0 | $ 0 |
Options granted, maximum contractual term | 10 years | |
Lease liabilities | $ 12,098,000 | |
Accumulated deficit | $ (334,230,000) | $ (245,108,000) |
Minimum | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of related assets | 3 years | |
Maximum | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful lives of related assets | 7 years |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 66,840 | $ 226,006 | |
Restricted cash included in other assets | 468 | 468 | |
Total cash, cash equivalents and restricted cash presented in the statement of cash flows | $ 67,308 | $ 226,474 | $ 78,446 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator | ||
Net loss | $ (89,122) | $ (78,715) |
Denominator | ||
Weighted-average shares outstanding, basic | 39,655,260 | 37,954,280 |
Weighted-average shares outstanding, diluted | 39,655,260 | 37,954,280 |
Net loss per share, basic | $ (2.25) | $ (2.07) |
Net loss per share, diluted | $ (2.25) | $ (2.07) |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti dilutive securities excluded from computation of net loss per share | 6,882,417 | 5,268,320 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti dilutive securities excluded from computation of net loss per share | 191,925 | 0 |
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 | 6,690,492 | 5,268,320 |
License Agreements and Clinical
License Agreements and Clinical Development Collaboration - Additional Information (Details) | 9 Months Ended | 12 Months Ended | |||
Oct. 19, 2020 USD ($) Product $ / shares shares | Aug. 03, 2020 USD ($) Product $ / shares shares | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | 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 | 45,089,537 | 39,430,120 | |||
Upfront payment value | $ 5,000 | $ 4,000 | |||
Common stock, shares, issued | shares | 45,089,537 | 39,430,120 | |||
Proceeds From Issuance Of Common Stock | $ 25,000,000 | $ 50,000,000 | |||
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 | $ 13,000,000 | ||||
Issue price per share | $ / shares | $ 34 | ||||
Premium percentage | 10% | ||||
Stock transfer restrictions period | 18 months | ||||
Common stock, shares, issued | shares | 588,235 | ||||
Voronoi Inc. | Development And Regulatory Milestone | |||||
License Agreements [Line Items] | |||||
License agreement maximum milestone payment obligation to pay | $ 111,000,000 | ||||
Voronoi Inc. | Commercial Milestone | |||||
License Agreements [Line Items] | |||||
License agreement maximum milestone payment obligation to pay | 225,000,000 | ||||
Voronoi Inc. | Success Based Milestones | |||||
License Agreements [Line Items] | |||||
License agreement, additional milestone payment | $ 272,000,000 | ||||
Voronoi Inc. | Private Placement | Acquired In-Process Research and Development Expense | |||||
License Agreements [Line Items] | |||||
License agreement charge related to acquired assets | $ 5,000,000 | ||||
Voronoi Inc. | Private Placement | Common Stock | |||||
License Agreements [Line Items] | |||||
Upfront payment shares issued | shares | 283,259 | ||||
Upfront payment value | $ 6,800,000 | ||||
Issue price per share | $ / shares | $ 28.24 | ||||
Premium percentage | 25% | ||||
Upfront cash payment | $ 5,000,000 | ||||
Common stock, shares, issued | shares | 283,259 | ||||
Pfizer collaboration [Member] | |||||
License Agreements [Line Items] | |||||
Upfront payment shares issued | shares | 5,376,344 | ||||
Issue price per share | $ / shares | $ 4.65 | ||||
Common stock, shares, issued | shares | 5,376,344 | ||||
Proceeds From Issuance Of Common Stock | $ 25,000,000 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 9,046 | $ 7,402 |
Less accumulated depreciation | (5,793) | (4,989) |
Total property and equipment, net | 3,253 | 2,413 |
Lab Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 6,249 | 5,305 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 1,978 | 1,710 |
Computer Hardware and Software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 311 | 247 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 508 | $ 140 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 966 | $ 897 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued Liabilities, Current [Abstract] | ||
Accrued clinical and manufacturing costs | $ 5,396 | $ 5,678 |
Accrued compensation | 5,318 | 4,798 |
Operating lease liabilities - short-term | $ 2,659 | $ 1,926 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total accrued liabilities | Total accrued liabilities |
Other accruals | $ 695 | $ 863 |
Total accrued liabilities | $ 14,068 | $ 13,265 |
Investments, Available-for-Sa_3
Investments, Available-for-Sale - Schedule of Cost, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Value of Available for Sale Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Short-term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 140,569 | $ 10,975 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (1,137) | (2) |
Estimated Fair Value | 139,432 | 10,973 |
Long Term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 22,105 | 43,487 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (154) | (101) |
Estimated Fair Value | 21,951 | 43,386 |
U.S. Treasury Securities | Short-term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 135,878 | 10,014 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (1,094) | (1) |
Estimated Fair Value | 134,784 | 10,013 |
U.S. Treasury Securities | Long Term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 19,360 | 42,517 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (126) | (98) |
Estimated Fair Value | 19,234 | 42,419 |
US Government Corporations and Agencies Securities [Member] | Short-term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 2,500 | |
Unrealized Gains | 0 | |
Unrealized Losses | (11) | |
Estimated Fair Value | 2,489 | |
US Government Corporations and Agencies Securities [Member] | Long Term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 2,500 | |
Unrealized Gains | 0 | |
Unrealized Losses | (24) | |
Estimated Fair Value | 2,476 | |
Certificates of Deposit | Short-term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 2,191 | 961 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (32) | (1) |
Estimated Fair Value | 2,159 | 960 |
Certificates of Deposit | Long Term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 245 | 970 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (4) | (3) |
Estimated Fair Value | $ 241 | $ 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 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | $ 228,223 | $ 280,365 | |
U.S. Treasury Securities | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | 154,018 | 52,432 | |
Certificates of Deposit | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | 2,400 | 1,927 | |
U.S. agency bonds | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | 4,965 | ||
Money Market Funds | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | [1] | 66,840 | 226,006 |
Level 1 | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | 223,258 | 280,365 | |
Level 1 | U.S. Treasury Securities | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | 154,018 | 52,432 | |
Level 1 | Certificates of Deposit | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | 2,400 | 1,927 | |
Level 1 | U.S. agency bonds | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | 0 | ||
Level 1 | Money Market Funds | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | [1] | 66,840 | 226,006 |
Level 2 | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | 4,965 | 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 2 | U.S. agency bonds | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | 4,965 | ||
Level 2 | Money Market Funds | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | [1] | 0 | 0 |
Level 3 | |||
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 | |
Level 3 | U.S. agency bonds | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | 0 | ||
Level 3 | Money Market Funds | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | [1] | 0 | 0 |
Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | 228,223 | 280,365 | |
Fair Value | U.S. Treasury Securities | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | 154,018 | 52,432 | |
Fair Value | Certificates of Deposit | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | 2,400 | 1,927 | |
Fair Value | U.S. agency bonds | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | 4,965 | ||
Fair Value | Money Market Funds | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Assets, Fair Value | [1] | $ 66,840 | $ 226,006 |
[1] (1) Included in cash and cash equivalents in accompanying balance sheets. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Dec. 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 ($) | 1 Months Ended | 12 Months Ended | ||
Jul. 20, 2022 | Apr. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Intrinsic value of options exercised | $ 100,000 | $ 2,200,000 | ||
Weighted-average grant-date fair value of options granted | $ 10.61 | $ 19.21 | ||
Stock-based compensation expense | $ 14,460,000 | $ 12,853,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 6,335,237 | |||
Exchange Traded Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 3,700,000 | |||
Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 13,400,000 | $ 12,900,000 | ||
Total unrecognized compensation expense related to outstanding unvested stock-based awards | $ 33,400,000 | |||
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period | 3 years 1 month 6 days | |||
Stock Option, Exercise Price, Decrease | $ 4.36 | |||
Stock Options | Exchange Traded Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Options Cancelled Upon Option Exchange | 4,406,732 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 700 | |||
Total unrecognized compensation expense related to outstanding unvested stock-based awards | $ 1,400 | |||
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period | 2 years 1 month 6 days | |||
2020 ESPP | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Additional number of shares available for future issuance | 500,000 | |||
Percentage of outstanding shares of common stock | 1% | |||
Number of shares available for future issuance | 516,139 | |||
Stock-based compensation expense | $ 400,000 | |||
2020 Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Additional number of shares available for future issuance | 2,656,500 | |||
Percentage of outstanding shares of common stock | 5% | |||
Number of shares available for future issuance | 2,210,479 | |||
2020 Plan | Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 4,406,732 | |||
2022 Member | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares available for future issuance | 364,005 |
Equity Incentive Plans and St_4
Equity Incentive Plans and Stock-Based Compensation - Summary of Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Options outstanding, Beginning Balance | shares | 5,268,320 |
Options, Granted | shares | 6,335,237 |
Options, Exercised | shares | (48,076) |
Options, Forfeited and cancelled | shares | (4,864,989) |
Options outstanding, Ending Balance | shares | 6,690,492 |
Options, Exercisable | shares | 1,714,764 |
Weighted Average Exercise Price, Options outstanding Beginning Balance | $ / shares | $ 14.16 |
Weighted Average Exercise Price, Granted | $ / shares | 5.37 |
Weighted Average Exercise Price, Exercised | $ / shares | 1.65 |
Weighted Average Exercise Price, Forfeited and Cancelled | $ / shares | 16.43 |
Weighted Average Exercise Price, Options outstanding Ending Balance | $ / shares | 4.27 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 3.79 |
Weighted Average Remaining Contractual Term (in years), Options outstanding | 8 years 7 months 6 days |
Weighted Average Remaining Contractual Term (in years), Exercisable | 5 years 10 months 24 days |
Aggregate Intrinsic Value, Options outstanding | $ | $ 14,144 |
Aggregate Intrinsic Value, Exercisable | $ | $ 6,162 |
Equity Incentive Plans and St_5
Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions (Details) - Equity Option [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 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 | 4.22% | 1.34% |
Expected volatility, minimum | 82.98% | 82.34% |
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_6
Equity Incentive Plans and Stock-Based Compensation - Summary of Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 14,460 | $ 12,853 |
Research and development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 5,641 | 4,959 |
General and administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 8,819 | $ 7,894 |
Equity Incentive Plans and St_7
Equity Incentive Plans and Stock-Based Compensation - Summary of Total Stock-based Compensation Expense - (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 14,460 | $ 12,853 |
Research and development | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 5,641 | 4,959 |
General and administrative | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 8,819 | $ 7,894 |
Equity Incentive Plans and St_8
Equity Incentive Plans and Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units RSU [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares Outstanding, beginning of period | shares | shares | 0 |
Granted | shares | shares | 275,123 |
Vested | shares | shares | (66,811) |
Forfeited | shares | shares | (16,387) |
Shares Outstanding, end of period | shares | shares | 191,925 |
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares | $ / shares | $ 0 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | $ / shares | 8.31 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | $ / shares | 9.48 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | $ / shares | 9.19 |
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ / shares | $ 7.83 |
Income Tax - Schedule of Provis
Income Tax - Schedule of Provision for Income Taxes and Income Taxes Computed (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Statutory rate | $ (18,715) | $ (16,530) |
State tax | (6,005) | (5,383) |
Other permanent items | 35 | 30 |
Federal return to provision | (85) | 144 |
Research and development credit | (2,958) | (4,539) |
Change in valuation allowance | 26,296 | 25,309 |
Stock-based compensation | 1,432 | 969 |
Provisions for income taxes | $ 0 | $ 0 |
Income Tax - Significant Compon
Income Tax - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred tax assets: | ||
Net operating loss carryforward | $ 64,031 | $ 55,488 |
Research and development credits | 10,664 | 7,706 |
Accruals and other | 8,043 | 5,185 |
Intangible | 7,274 | 6,369 |
Capitalized research expense | 11,229 | 0 |
Lease liability | 3,385 | 3,482 |
Gross deferred tax assets | 104,626 | 78,230 |
Less valuation allowance | (101,445) | (74,816) |
Total deferred tax assets | 3,181 | 3,414 |
Deferred tax liabilities: | ||
Property and equipment | (106) | (114) |
Right of use assets | (3,075) | (3,300) |
Total deferred tax liabilities | 3,181 | 3,414 |
Deferred income taxes, net | $ 0 | $ 0 |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax [Line Items] | ||
Valuation allowance | $ 101,445,000 | $ 74,816,000 |
Increase in valuation allowance | 26,600,000 | |
Net operating loss carryforwards | $ 215,200,000 | |
Operating loss carryforwards, expiration | Dec. 31, 2034 | Dec. 31, 2034 |
Cumulative change in ownership period | 3 years | |
Unrecognized tax benefits | $ 2,200,000 | |
Accrual for interest or penalties | 0 | |
Interest and penalties not recognized | $ 0 | |
Minimum | ||
Income Tax [Line Items] | ||
Cumulative change in ownership percentage | 50% | |
Begin to expire in 2034 | ||
Income Tax [Line Items] | ||
Net operating loss carryforwards | $ 41,600,000 | |
Not expire | ||
Income Tax [Line Items] | ||
Net operating loss carryforwards | 173,600,000 | |
Federal | Research tax credit carryforward | ||
Income Tax [Line Items] | ||
Tax credit carryforward | 8,700,000 | |
CALIFORNIA | ||
Income Tax [Line Items] | ||
Net operating loss carryforwards | 268,500,000 | |
Operating loss carryforwards, expiration | Dec. 31, 2034 | |
CALIFORNIA | Research tax credit carryforward | ||
Income Tax [Line Items] | ||
Tax credit carryforward | $ 5,000,000 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 11,000 | $ 11,800 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | |
Operating Lease, Liability, Current | $ 2,659 | $ 1,926 | |
Operating Lease, Liability, Noncurrent | $ 9,400 | $ 10,500 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
Operating Lease, Payments | $ 2,200 | $ 1,900 | |
Operating Lease, Weighted Average Discount Rate, Percent | 8.20% | 8.20% | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 2 months 12 days | 6 years 4 months 24 days | |
Operating Lease, Cost | $ 2,700 | $ 1,800 | |
South San Francisco, California | |||
Loss Contingencies [Line Items] | |||
Extend the lease term | May 2028 |
Leases - Summary of Future Leas
Leases - Summary of Future Lease Payments of Operating Leases Liabilities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 2,757 |
2024 | 2,853 |
2025 | 2,676 |
2026 | 2,677 |
2027 | 2,771 |
Thereafter | 1,049 |
Total minimum lease payments | 14,783 |
Less: interest | 2,685 |
Present value of lease liabilities | $ 12,098 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Present value of lease liabilities |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Defined Contribution Plan, Cost | $ 0.6 | $ 0.5 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) $ in Millions | Mar. 10, 2023 USD ($) |
Subsequent Event [Member] | Silicon Valley Bank [Member] | |
Subsequent Event [Line Items] | |
Deposit | $ 9.2 |