ORIC Pharmaceuticals (ORIC) 10-Q 6 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Registrant Name	ORIC PHARMACEUTICALS, INC.
Trading Symbol	ORIC
Entity Central Index Key	0001796280
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		54,551,290
Entity File Number	001-39269
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1787157
Entity Address, Address Line One	240 E. Grand Ave
Entity Address, Address Line Two	2nd Floor
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	388-5600
Document Quarterly Report	true
Document Transition Report	false

BALANCE SHEETS

BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 26,238	$ 66,840
Short-term investments	201,058	139,432
Prepaid expenses and other current assets	4,940	4,185
Total current assets	232,236	210,457
Long-term investments	28,867	21,951
Property and equipment, net	3,062	3,253
Other assets	10,170	11,517
Total assets	274,335	247,178
Current liabilities:
Accounts payable	3,736	1,320
Accrued liabilities	15,208	14,068
Total current liabilities	18,944	15,388
Other long-term liabilities	7,977	9,439
Total liabilities	26,921	24,827
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding at September 30, 2023 and December 31, 2022	0	0
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 54,540,715 and 45,089,537 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	6	5
Additional paid-in capital	654,374	557,867
Accumulated deficit	(406,597)	(334,230)
Accumulated other comprehensive loss	(369)	(1,291)
Total stockholders' equity	247,414	222,351
Total liabilities and stockholders' equity	$ 274,335	$ 247,178

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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	54,540,715	45,089,537
Common stock, shares, outstanding	54,540,715	45,089,537

STATEMENTS OF OPERATIONS AND CO

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Research and development	$ 22,388	$ 14,723	$ 60,691	$ 45,385
General and administrative	6,294	5,971	18,661	19,263
Acquired in-process research and development	0	5,000	0	5,000
Total operating expenses	28,682	25,694	79,352	69,648
Loss from operations	(28,682)	(25,694)	(79,352)	(69,648)
Other income, net	3,204	865	6,985	1,373
Net loss	(25,478)	(24,829)	(72,367)	(68,275)
Other comprehensive income (loss):
Unrealized gain (loss) on investments	198	(516)	922	(1,644)
Comprehensive loss	$ (25,280)	$ (25,345)	$ (71,445)	$ (69,919)
Net loss per share, basic	$ (0.44)	$ (0.63)	$ (1.46)	$ (1.73)
Net loss per share, diluted	$ (0.44)	$ (0.63)	$ (1.46)	$ (1.73)
Weighted-average shares outstanding, basic	57,402,226	39,575,660	49,424,418	39,496,864
Weighted-average shares outstanding, diluted	57,402,226	39,575,660	49,424,418	39,496,864

STATEMENTS OF STOCKHOLDERS' EQU

STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)
Beginning Balance at Dec. 31, 2021	$ 272,976	$ 4	$ 518,183	$ (245,108)	$ (103)
Beginning Balance (in shares) at Dec. 31, 2021		39,430,120
Exercise of common stock options	16		16
Exercise of common stock options (in shares)		8,482
Stock-based compensation expense	3,945		3,945
Unrealized gain (loss) on investments	(699)				(699)
Net loss	(23,159)			(23,159)
Ending Balance at Mar. 31, 2022	253,079	$ 4	522,144	(268,267)	(802)
Ending Balance (in shares) at Mar. 31, 2022		39,438,602
Beginning Balance at Dec. 31, 2021	272,976	$ 4	518,183	(245,108)	(103)
Beginning Balance (in shares) at Dec. 31, 2021		39,430,120
Unrealized gain (loss) on investments	(1,644)
Ending Balance at Sep. 30, 2022	214,819	$ 4	529,945	(313,383)	(1,747)
Ending Balance (in shares) at Sep. 30, 2022		39,576,047
Beginning Balance at Mar. 31, 2022	253,079	$ 4	522,144	(268,267)	(802)
Beginning Balance (in shares) at Mar. 31, 2022		39,438,602
Exercise of common stock options	61		61
Exercise of common stock options (in shares)		38,407
Issuance of common stock from ESPP	354		354
Issuance of common stock from ESPP (in shares)		98,445
Stock-based compensation expense	4,092		4,092
Unrealized gain (loss) on investments	(429)				(429)
Net loss	(20,287)			(20,287)
Ending Balance at Jun. 30, 2022	236,870	$ 4	526,651	(288,554)	(1,231)
Ending Balance (in shares) at Jun. 30, 2022		39,575,454
Exercise of common stock options	1		1
Exercise of common stock options (in shares)		593
Stock-based compensation expense	3,293		3,293
Unrealized gain (loss) on investments	(516)				(516)
Net loss	(24,829)			(24,829)
Ending Balance at Sep. 30, 2022	214,819	$ 4	529,945	(313,383)	(1,747)
Ending Balance (in shares) at Sep. 30, 2022		39,576,047
Beginning Balance at Dec. 31, 2022	$ 222,351	$ 5	557,867	(334,230)	(1,291)
Beginning Balance (in shares) at Dec. 31, 2022	45,089,537	45,089,537
Exercise of common stock options (in shares)		16
Issuance of common stock upon vesting of RSUs (in shares)		1,662
Stock-based compensation expense	$ 3,614		3,614
Unrealized gain (loss) on investments	792				792
Net loss	(23,945)			(23,945)
Ending Balance at Mar. 31, 2023	202,812	$ 5	561,481	(358,175)	(499)
Ending Balance (in shares) at Mar. 31, 2023		45,091,215
Beginning Balance at Dec. 31, 2022	$ 222,351	$ 5	557,867	(334,230)	(1,291)
Beginning Balance (in shares) at Dec. 31, 2022	45,089,537	45,089,537
Exercise of common stock options (in shares)	7,185
Unrealized gain (loss) on investments	$ 922
Ending Balance at Sep. 30, 2023	$ 247,414	$ 6	654,374	(406,597)	(369)
Ending Balance (in shares) at Sep. 30, 2023	54,540,715	54,540,715
Beginning Balance at Mar. 31, 2023	$ 202,812	$ 5	561,481	(358,175)	(499)
Beginning Balance (in shares) at Mar. 31, 2023		45,091,215
Issuance of common stock and pre-funded warrants, net	84,774	$ 1	84,773
Issuance of common stock and pre-funded warrants, net (in shares)		9,285,710
Issuance of common stock upon vesting of RSUs (in shares)		9,308
Issuance of common stock from ESPP	400		400
Issuance of common stock from ESPP (in shares)		145,938
Stock-based compensation expense	3,825		3,825
Unrealized gain (loss) on investments	(68)				(68)
Net loss	(22,944)			(22,944)
Ending Balance at Jun. 30, 2023	268,799	$ 6	650,479	(381,119)	(567)
Ending Balance (in shares) at Jun. 30, 2023		54,532,171
Exercise of common stock options	31		31
Exercise of common stock options (in shares)		7,169
Issuance of common stock upon vesting of RSUs (in shares)		1,375
Stock-based compensation expense	3,864		3,864
Unrealized gain (loss) on investments	198				198
Net loss	(25,478)			(25,478)
Ending Balance at Sep. 30, 2023	$ 247,414	$ 6	$ 654,374	$ (406,597)	$ (369)
Ending Balance (in shares) at Sep. 30, 2023	54,540,715	54,540,715

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (25,478)	$ (24,829)	$ (72,367)	$ (68,275)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			769	719
Stock-based compensation expense			11,303	11,330
Loss on fixed asset disposals			9	0
Accretion of discount on investments, net			(4,046)	(422)
Changes in operating assets and liabilities:
Prepaid expenses and other assets			615	(247)
Accounts payable and accrued other liabilities			2,299	(2,919)
Net cash used in operating activities			(61,418)	(59,814)
Cash flows from investing activities:
Acquisitions of property and equipment			(792)	(1,791)
Purchases of investments			(210,274)	(206,492)
Maturities of investments			146,700	70,735
Net cash provided by (used in) investing activities			(64,366)	(137,548)
Cash flows from financing activities:
Proceeds from issuance of common stock and pre-funded warrants, net			84,774	0
Proceeds from issuance of common stock under ESPP			400	354
Proceeds from stock option exercises			31	78
Net cash provided by financing activities			85,205	432
Net decrease in cash, cash equivalents and restricted cash			(40,579)	(196,930)
Cash, cash equivalents and restricted cash at beginning of period			67,308	226,474	$ 226,474
Cash, cash equivalents and restricted cash at end of period	26,729	29,544	26,729	29,544	67,308
Cash and cash equivalents	26,238	29,076	26,238	29,076	66,840
Restricted cash included in other assets	491	468	491	468
Total cash, cash equivalents and restricted cash	$ 26,729	$ 29,544	$ 26,729	$ 29,544	$ 67,308

Description of the Business

Description of the Business	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	1. Description of the Business ORIC Pharmaceuticals, Inc. (ORIC or the Company) is a clinical-stage biopharmaceutical company dedicated to improving patients’ lives by O vercoming R esistance I n C ancer . The Company was incorporated in Delaware in August 2014 and has offices in South San Francisco and San Diego, California. The Company’s principal operations are in the United States and the Company operates in one segment. Since inception, the Company has devoted its primary efforts to raising capital, internal research and development activities and business development efforts, and has incurred significant operating losses and negative cash flows from operations. In August 2020, the Company licensed from Mirati Therapeutics, Inc. (Mirati) 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. (Voronoi) development and commercialization rights to a brain penetrant, orally bioavailable, irreversible inhibitor designed to selectively target epidermal growth factor receptor (EGFR) and human epidermal growth factor receptor 2 (HER2) with high potency against exon 20 insertion mutations. As of September 30, 2023, the Company had an accumulated deficit of $ 406.6 million. Through September 30, 2023, all of the Company’s financial support has been provided by proceeds from the issuance of common stock, pre-funded warrants 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. Private Placement On June 24, 2023, the Company entered into a securities purchase agreement with a select group of institutional and accredited healthcare specialist investors for the private placement of 9,285,710 shares of common stock at a price of $ 7.00 per share and pre-funded warrants to purchase 2,857,142 shares of common stock at a purchase price of $ 6.9999 per pre-funded warrant, resulting in gross proceeds of $ 85.0 million. The pre-funded warrants have an exercise price of $ 0.0001 per share of common stock, were immediately exercisable and will remain exercisable until exercised in full. The purchase price per share represents a premium to the market price at the time of sale. After deducting expenses related to the private placement of $ 0.2 million, the net proceeds to the Company from the private placement were $ 84.8 million. The private placement closed on June 27, 2023. Registered Direct Offering On December 21, 2022, the Company entered into a securities purchase agreement with Pfizer, Inc. (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	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP, have been omitted. The accompanying unaudited financial statements include all known adjustments necessary for a fair presentation of the results as required by GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the interim period are not necessarily indicative of future results. The accompanying unaudited financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2022, which are included in the Company’s Annual Report on Form 10-K filed with the SEC. Furthermore, the Company’s significant accounting policies are disclosed in the audited financial statements for the periods ended December 31, 2022 and 2021, included in the Company’s Annual Report on Form 10-K. Since the date of those financial statements, there have been no changes to its significant accounting policies. 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 and Clinical

License Agreements and Clinical Development Collaboration	9 Months Ended
	Sep. 30, 2023
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. 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. 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 (Securities Act), 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. 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 for transactions by an issuer not involving any public offering. During the eighteen-month period following the date of the agreement, Mirati was 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. On October 8, 2023, Bristol Myers Squibb (BMS) and Mirati announced that they entered into a definitive merger agreement under which BMS through a subsidiary will acquire all of the outstanding shares of Mirati common stock. The Mirati License Agreement will continue in effect upon consummation of the transaction, which the parties reported is expected to close by the first half of 2024.

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	4. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): September 30, 2023 December 31, 2022 Lab equipment $ 6,880 $ 6,249 Leasehold improvements 1,967 1,978 Computer hardware and software 269 311 Furniture and fixtures 508 508 Total property and equipment, gross 9,624 9,046 Less accumulated depreciation ( 6,562 ) ( 5,793 ) Total property and equipment, net $ 3,062 $ 3,253

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2023
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	5. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): September 30, 2023 December 31, 2022 Accrued clinical and manufacturing costs $ 7,149 $ 5,396 Accrued compensation 4,790 5,318 Operating lease liabilities - short-term 2,728 2,659 Other accruals 541 695 Total accrued liabilities $ 15,208 $ 14,068

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	6. Investments The Company's available-for-sale investments consisted of the following (in thousands): September 30, 2023 Amortized Unrealized Unrealized Estimated Short-term U.S. treasury securities $ 198,171 $ — $ ( 332 ) $ 197,839 U.S. agency bonds 2,500 — ( 11 ) 2,489 Certificates of deposit 735 — ( 5 ) 730 Short-term investments $ 201,406 $ — $ ( 348 ) $ 201,058 Long-term U.S. treasury securities $ 28,888 $ — $ ( 21 ) $ 28,867 Long-term investments $ 28,888 $ — $ ( 21 ) $ 28,867 December 31, 2022 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 The Company has determined that there were no material declines in fair value of its investments due to credit-related factors as of September 30, 2023 and December 31, 2022 . Credit loss is limited due to the nature of the investments.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or no nrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair-value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s interest receivable, included in prepaid expenses and other current assets, accounts payable and accrued liabilities are generally considered to be representative of their fair value because of their short-term nature. The Company’s investments, which may include money market funds and available-for-sale investments consisting of U.S. treasury securities, certificates of deposit and high-quality, marketable debt instruments of corporations and government sponsored enterprises, are measured at fair value in accordance with the fair value hierarchy. Following are the major categories of assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements Fair Value Level 1 Level 2 Level 3 Total September 30, 2023 Money market funds (1) $ 26,238 $ 26,238 $ — $ — $ 26,238 U.S. treasury securities 226,706 226,706 — — 226,706 U.S. agency bonds 2,489 — 2,489 — 2,489 Certificates of deposit 730 730 — — 730 Total $ 256,163 $ 253,674 $ 2,489 $ — $ 256,163 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 (1) Included in cash and cash equivalents in accompanying balance sheets. No transfers between levels occurred during either of the reporting periods presented.

Stockholders' Equity and Stock-

Stockholders' Equity and Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity and Stock-Based Compensation	8. Stockholders’ Equity and Stock-Based Compensation As of September 30, 2023, there were 2,345,395 shares available for future issuance under the 2020 Equity Incentive Plan and 241,091 shares available for future issuance under the 2022 Inducement Equity Incentive Plan. The 2020 Equity Incentive Plan provides for the grants of stock options and other equity-based awards to employees, non-employee directors and consultants of the Company. The 2022 Inducement Equity Incentive Plan provides for the grants of equity-based awards to individuals not previously employees or non-employee directors of the Company. The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for the periods presented (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Research and development $ 1,610 $ 1,280 $ 4,662 $ 4,435 General and administrative 2,254 2,013 6,641 6,895 Total stock-based compensation expense $ 3,864 $ 3,293 $ 11,303 $ 11,330 Stock Options On June 21, 2022, the Company filed with the SEC a Tender Offer Statement on Schedule TO defining the terms and conditions of a one-time voluntary stock option exchange of certain eligible options for its employees (the Option Exchange). On July 20, 2022, the completion date of the Option Exchange, stock options covering an aggregate of 4,406,732 sh ares of common stock were tendered by eligible employees, and the Company granted new options at an exercise price of $ 4.36 , the Company’s closing stock price on July 20, 2022, covering an aggregate of 4,406,732 shares of common stock under the 2020 Equity Incentive Plan in exchange for the tendered options. As a result of the Option Exchange, the Company will recognize incremental stock-based compensation expense of $ 3.7 million over the requisite service period of the new stock options, which is three or four years. The Company will recognize the sum of the incremental stock-based compensation expense and the remaining unrecognized compensation expense for the original awards on the modification date, over the requisite service period of the new stock options. The following table summarizes the stock option activity for the nine months ended September 30, 2023: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2022 6,690,492 $ 4.27 Granted 1,979,690 $ 6.07 Exercised ( 7,185 ) $ 4.23 Forfeited and cancelled ( 43,445 ) $ 4.97 Outstanding at September 30, 2023 8,619,552 $ 4.68 8.2 $ 15,217 Exercisable at September 30, 2023 3,379,551 $ 4.18 6.9 $ 9,273 The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions: Nine Months Ended 2023 2022 Risk-free interest rate 3.45 % - 4.28 % 1.47 % - 3.37 % Expected volatility 86.06 % - 87.68 % 82.98 % - 87.60 % Expected term (in years) 5.50 - 6.08 5.50 - 6.08 Expected dividend yield 0 % 0 % The Company recognized stock-based compensation expense related to the vesting of stock options of $ 3.2 million and $ 3.0 million during the three months ended September 30, 2023 and 2022 , respectively, and $ 9.5 million an d $ 10.5 million during the nine months ended September 30, 2023 and 2022, respectively. Total unrecognized compensation expense related to outstanding unvested stock-option awards as of September 30, 2023, was $ 32.6 million, which is expected to be recognized over a weighted-average remaining service period of 2.7 years. Restricted Stock Units The following table summarizes the restricted stock unit activity for the nine months ended September 30, 2023: Number of Shares Weighted- Outstanding at December 31, 2022 191,925 $ 7.83 Granted 310,763 $ 6.05 Vested ( 12,345 ) $ 4.57 Forfeited ( 4,515 ) $ 6.14 Outstanding at September 30, 2023 485,828 $ 6.79 The Company recognized stock-based compensation expense related to the vesting of restricted stock units of $ 0.4 million and $ 0.2 million during the three months ended September 30, 2023 and 2022 , respectively, and $ 1.0 million and $ 0.5 million during the nine months ended September 30, 2023 and 2022, respectively. Total unrecognized compensation expense related to restricted stock units as of September 30, 2023, was $ 2.3 million, which is expected to be recognized over a weighted-average remaining service period of 1.9 years. Employee Stock Purchase Plan The Company recognized stock-based compensation expense related to the Employee Stock Purchase Plan (ESPP) of $ 0.3 million and $ 0.1 million during the three months ended September 30, 2023 and 2022 , respectively, and $ 0.8 million and $ 0.3 million during the nine months ended September 30, 2023 and 2022, respectively. Pre-funded Warrants In June 2023, the Company completed a private placement, in which it sold 9,285,710 shares of common stock together with pre-funded warrants to purchase 2,857,142 shares of common stock with an exercise price of $ 0.0001 per share. Each pre-funded warrant was immediately exercisable and will remain exercisable until exercised in full. The Company performed an assessment upon issuance of the pre-funded warrants to determine proper classification in the financial statements based on the specific terms of the pre-funded warrants. The Company determined the pre-funded warrants met all the criteria for equity classification and recorded them in additional paid-in capital. All pre-funded warrants remained outstanding as of September 30, 2023 . 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, including pre-funded warrants issued, 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, including pre-funded warrants issued, 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 outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Options to purchase common stock 8,619,552 6,597,373 8,619,552 6,597,373 Non-vested restricted stock units 485,828 239,991 485,828 239,991 Total 9,105,380 6,837,364 9,105,380 6,837,364

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP, have been omitted. The accompanying unaudited financial statements include all known adjustments necessary for a fair presentation of the results as required by GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the interim period are not necessarily indicative of future results. The accompanying unaudited financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2022, which are included in the Company’s Annual Report on Form 10-K filed with the SEC. Furthermore, the Company’s significant accounting policies are disclosed in the audited financial statements for the periods ended December 31, 2022 and 2021, included in the Company’s Annual Report on Form 10-K. Since the date of those financial statements, there have been no changes to its significant accounting policies.
Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements There are no recently issued accounting pronouncements that would materially impact the Company’s financial statements and related disclosures .

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): September 30, 2023 December 31, 2022 Lab equipment $ 6,880 $ 6,249 Leasehold improvements 1,967 1,978 Computer hardware and software 269 311 Furniture and fixtures 508 508 Total property and equipment, gross 9,624 9,046 Less accumulated depreciation ( 6,562 ) ( 5,793 ) Total property and equipment, net $ 3,062 $ 3,253

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): September 30, 2023 December 31, 2022 Accrued clinical and manufacturing costs $ 7,149 $ 5,396 Accrued compensation 4,790 5,318 Operating lease liabilities - short-term 2,728 2,659 Other accruals 541 695 Total accrued liabilities $ 15,208 $ 14,068

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Cost, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Value of Available for Sale Investments	The Company's available-for-sale investments consisted of the following (in thousands): September 30, 2023 Amortized Unrealized Unrealized Estimated Short-term U.S. treasury securities $ 198,171 $ — $ ( 332 ) $ 197,839 U.S. agency bonds 2,500 — ( 11 ) 2,489 Certificates of deposit 735 — ( 5 ) 730 Short-term investments $ 201,406 $ — $ ( 348 ) $ 201,058 Long-term U.S. treasury securities $ 28,888 $ — $ ( 21 ) $ 28,867 Long-term investments $ 28,888 $ — $ ( 21 ) $ 28,867 December 31, 2022 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

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Recurring Basis	Following are the major categories of assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements Fair Value Level 1 Level 2 Level 3 Total September 30, 2023 Money market funds (1) $ 26,238 $ 26,238 $ — $ — $ 26,238 U.S. treasury securities 226,706 226,706 — — 226,706 U.S. agency bonds 2,489 — 2,489 — 2,489 Certificates of deposit 730 730 — — 730 Total $ 256,163 $ 253,674 $ 2,489 $ — $ 256,163 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

Stockholders' Equity and Stoc_2

Stockholders' Equity and Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Option Activity	The following table summarizes the stock option activity for the nine months ended September 30, 2023: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2022 6,690,492 $ 4.27 Granted 1,979,690 $ 6.07 Exercised ( 7,185 ) $ 4.23 Forfeited and cancelled ( 43,445 ) $ 4.97 Outstanding at September 30, 2023 8,619,552 $ 4.68 8.2 $ 15,217 Exercisable at September 30, 2023 3,379,551 $ 4.18 6.9 $ 9,273
Summary of Outstanding Shares of Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Share	The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Options to purchase common stock 8,619,552 6,597,373 8,619,552 6,597,373 Non-vested restricted stock units 485,828 239,991 485,828 239,991 Total 9,105,380 6,837,364 9,105,380 6,837,364
Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions	The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions: Nine Months Ended 2023 2022 Risk-free interest rate 3.45 % - 4.28 % 1.47 % - 3.37 % Expected volatility 86.06 % - 87.68 % 82.98 % - 87.60 % Expected term (in years) 5.50 - 6.08 5.50 - 6.08 Expected dividend yield 0 % 0 %
Summary of Total Stock-based Compensation Expense	The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for the periods presented (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Research and development $ 1,610 $ 1,280 $ 4,662 $ 4,435 General and administrative 2,254 2,013 6,641 6,895 Total stock-based compensation expense $ 3,864 $ 3,293 $ 11,303 $ 11,330
Summary of Restricted Stock Unit Activity	The following table summarizes the restricted stock unit activity for the nine months ended September 30, 2023: Number of Shares Weighted- Outstanding at December 31, 2022 191,925 $ 7.83 Granted 310,763 $ 6.05 Vested ( 12,345 ) $ 4.57 Forfeited ( 4,515 ) $ 6.14 Outstanding at September 30, 2023 485,828 $ 6.79

Description of the Business - A

Description of the Business - Additional Information (Details) $ / shares in Units, $ in Thousands				9 Months Ended		12 Months Ended
	Jun. 24, 2023 USD ($) $ / shares shares	Jul. 08, 2021 USD ($) $ / shares shares	May 06, 2021 USD ($)	Sep. 30, 2023 USD ($) Segments shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2023 $ / shares shares
Description Of Business [Line Items]
Number of operating segment | Segments				1
Accumulated deficit				$ 406,597		$ 334,230
Pre-funded warrants to purchase of common stock | shares							2,857,142
Exercise price per share | $ / shares	$ 0.0001						$ 0.0001
Pre-funded warrant price | $ / shares	6.9999
Common Stock, Shares, Issued | shares				54,540,715		45,089,537
Shares Issued, Price Per Share | $ / shares	$ 7
Expenses related to the private placement	$ 200
Net proceeds from issuance of private placement	85,000
Sale of Stock, Consideration Received on Transaction	$ 84,800
Proceeds from issuance of common stock				$ 84,774	$ 0
Registered Direct Offering [Member]
Description Of Business [Line Items]
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
Proceeds from issuance of common stock						25,000
At-The-Market Sales Agreement and Offering
Description Of Business [Line Items]
Sale of Stock, Number of Shares Issued in Transaction | shares		2,597,402
Proceeds from issuance of common stock		$ 50,000
Sale of Stock, Price Per Share | $ / shares		$ 19.25
At-The-Market Sales Agreement and Offering | Maximum
Description Of Business [Line Items]
Proceeds from issuance of common stock			$ 150,000
Common Stock
Description Of Business [Line Items]
Pre-funded warrants to purchase of common stock | shares	2,857,142
Common Stock, Shares, Issued | shares	9,285,710
Common Stock | Registered Direct Offering [Member]
Description Of Business [Line Items]
Underwriting discounts and commissions and other offering expenses						400
Underwriting Discounts Commissions And Other Offering Expenses						$ 400
Common Stock | At-The-Market Sales Agreement and Offering
Description Of Business [Line Items]
Underwriting discounts and commissions and other offering expenses		$ 1,900
Underwriting Discounts Commissions And Other Offering Expenses		1,900
Sale of Stock, Consideration Received on Transaction		$ 48,100

License Agreements and Clinic_2

License Agreements and Clinical Development Collaboration - Additional Information (Details) $ / shares in Units, $ in Thousands			9 Months Ended		12 Months Ended
	Oct. 19, 2020 USD ($) Product $ / shares shares	Aug. 03, 2020 USD ($) Product $ / shares shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Jun. 24, 2023 $ / shares shares
License Agreements [Line Items]
Number of licensed products obliged to develop and commercialize | Product	1	1
Upfront payment shares issued | shares			54,540,715		45,089,537
Upfront payment value			$ 6		$ 5
Issue price per share | $ / shares						$ 7
Proceeds from issuance of common stock and pre-funded warrants, net			$ 84,774	$ 0
Common Stock
License Agreements [Line Items]
Upfront payment shares issued | shares						9,285,710
Mirati Therapeutics, Inc
License Agreements [Line Items]
Number of period the agreement in effect		10 years
Mirati Therapeutics, Inc | Private Placement | Common Stock
License Agreements [Line Items]
Upfront payment shares issued | shares		588,235
Upfront payment value		$ 13,000
Issue price per share | $ / shares		$ 34
Premium percentage		10%
Stock transfer restrictions period		18 months
Voronoi Inc. | Development And Regulatory Milestone
License Agreements [Line Items]
License agreement maximum milestone payment obligation to pay	$ 111,000
Voronoi Inc. | Commercial Milestone
License Agreements [Line Items]
License agreement maximum milestone payment obligation to pay	225,000
Voronoi Inc. | Success Based Milestones
License Agreements [Line Items]
License agreement, additional milestone payment	$ 272,000
Voronoi Inc. | Private Placement | Acquired In-Process Research and Development Expense
License Agreements [Line Items]
License agreement charge related to acquired assets				$ 5,000
Voronoi Inc. | Private Placement | Common Stock
License Agreements [Line Items]
Upfront payment shares issued | shares	283,259
Upfront payment value	$ 6,800
Issue price per share | $ / shares	$ 28.24
Premium percentage	25%
Upfront cash payment	$ 5,000
Pfizer collaboration
License Agreements [Line Items]
Upfront payment shares issued | shares					5,376,344
Issue price per share | $ / shares					$ 4.65
Proceeds from issuance of common stock and pre-funded warrants, net					$ 25,000

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 9,624	$ 9,046
Less accumulated depreciation	(6,562)	(5,793)
Total property and equipment, net	3,062	3,253
Lab Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	6,880	6,249
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,967	1,978
Computer Hardware and Software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	269	311
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 508	$ 508

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued clinical and manufacturing costs	$ 7,149	$ 5,396
Accrued compensation	4,790	5,318
Operating lease liabilities - short-term	2,728	2,659
Other accruals	541	695
Total accrued liabilities	$ 15,208	$ 14,068

Investments - Schedule of Cost,

Investments - Schedule of Cost, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Value of Available for Sale Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 201,406	$ 140,569
Unrealized Gains	0	0
Unrealized Losses	(348)	(1,137)
Estimated Fair Value	201,058	139,432
Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	28,888	22,105
Unrealized Gains	0	0
Unrealized Losses	(21)	(154)
Estimated Fair Value	28,867	21,951
U.S. Treasury Securities | Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	198,171	135,878
Unrealized Gains	0	0
Unrealized Losses	(332)	(1,094)
Estimated Fair Value	197,839	134,784
U.S. Treasury Securities | Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	28,888	19,360
Unrealized Gains	0	0
Unrealized Losses	(21)	(126)
Estimated Fair Value	28,867	19,234
Certificates of deposit | Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	735	2,191
Unrealized Gains	0	0
Unrealized Losses	(5)	(32)
Estimated Fair Value	730	2,159
Certificates of deposit | Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		245
Unrealized Gains		0
Unrealized Losses		(4)
Estimated Fair Value		241
U.S. agency bonds | Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,500	2,500
Unrealized Gains	0	0
Unrealized Losses	(11)	(11)
Estimated Fair Value	$ 2,489	2,489
U.S. agency bonds | 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

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		$ 256,163	$ 228,223
U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		226,706	154,018
Certificates of deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		730	2,400
U.S. agency bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		2,489	4,965
Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	[1]	26,238	66,840
Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		253,674	223,258
Level 1 | U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		226,706	154,018
Level 1 | Certificates of deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		730	2,400
Level 1 | U.S. agency bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		0	0
Level 1 | Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	[1]	26,238	66,840
Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		2,489	4,965
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		2,489	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	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		256,163	228,223
Fair Value | U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		226,706	154,018
Fair Value | Certificates of deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		730	2,400
Fair Value | U.S. agency bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		2,489	4,965
Fair Value | Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	[1]	$ 26,238	$ 66,840
[1] Included in cash and cash equivalents in accompanying balance sheets.

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
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

Stockholders' Equity and Stoc_3

Stockholders' Equity and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 20, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 24, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 3,864	$ 3,293	$ 11,303	$ 11,330
Number of shares granted					1,979,690
Issuance of common stock and pre-funded warrants, net (in shares)		9,285,710
Pre-funded warrants to purchase of common stock		2,857,142
Pre-funded warrants remained outstanding					All pre-funded warrants remained outstanding as of September 30, 2023
Exercise price per share		$ 0.0001					$ 0.0001
Exchange Traded Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense					$ 3,700
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation expense related to outstanding unvested stock-based awards			32,600		$ 32,600
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period					2 years 8 months 12 days
Stock-based compensation expense			3,200	3,000	$ 9,500	10,500
Stock Option, exercise Price, decrease	$ 4.36
Stock Options | Exchange Traded Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock options, exchanged	4,406,732
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation expense related to outstanding unvested stock-based awards			2,300		$ 2,300
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period					1 year 10 months 24 days
Stock-based compensation expense			400	200	$ 1,000	500
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 300	$ 100	$ 800	$ 300
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance			2,345,395		2,345,395
2020 Equity Incentive Plan | Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	4,406,732
2022 Inducement Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance			241,091		241,091

Stockholders' Equity and Stoc_4

Stockholders' Equity and Stock-Based Compensation - Summary of Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,864	$ 3,293	$ 11,303	$ 11,330
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,610	1,280	4,662	4,435
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,254	$ 2,013	$ 6,641	$ 6,895

Stockholders' Equity and Stoc_5

Stockholders' Equity and Stock-Based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, Beginning Balance	6,690,492
Options, Granted	1,979,690
Options, Exercised	(7,185)
Options, Forfeited and cancelled	(43,445)
Options outstanding, Ending Balance	8,619,552
Options, Exercisable	3,379,551
Weighted Average Exercise Price, Options outstanding Beginning Balance	$ 4.27
Weighted Average Exercise Price, Granted	6.07
Weighted Average Exercise Price, Exercised	4.23
Weighted Average Exercise Price, Forfeited and Cancelled	4.97
Weighted Average Exercise Price, Options outstanding Ending Balance	4.68
Weighted Average Exercise Price, Exercisable	$ 4.18
Weighted Average Remaining Contractual Term (in years), Options outstanding	8 years 2 months 12 days
Weighted Average Remaining Contractual Term (in years), Exercisable	6 years 10 months 24 days
Aggregate Intrinsic Value, Options outstanding	$ 15,217
Aggregate Intrinsic Value, Exercisable	$ 9,273

Stockholders' Equity and Stoc_6

Stockholders' Equity and Stock-Based Compensation - Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions (Details) - Stock Option	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	3.45%	1.47%
Risk-free interest rate, maximum	4.28%	3.37%
Expected volatility, minimum	86.06%	82.98%
Expected volatility, maximum	87.68%	87.60%
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

Stockholders' Equity and Stoc_7

Stockholders' Equity and Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares Outstanding, beginning of period | shares	191,925
Granted | shares	310,763
Vested | shares	(12,345)
Forfeited | shares	(4,515)
Shares Outstanding, end of period | shares	485,828
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 7.83
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	6.05
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	4.57
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	6.14
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 6.79

Stockholders' Equity and Stoc_8

Stockholders' Equity and Stock-Based Compensation - Summary of Outstanding Shares of Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	9,105,380	6,837,364	9,105,380	6,837,364
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	8,619,552	6,597,373	8,619,552	6,597,373
Non-vested restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	485,828	239,991	485,828	239,991