ORIC Pharmaceuticals (ORIC) 10-Q 12 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		70,542,476
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	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 49,831	$ 23,384
Short-term investments	236,575	184,803
Prepaid expenses and other current assets	8,193	4,410
Total current assets	294,599	212,597
Long-term investments	22,126	26,852
Property and equipment, net	2,878	2,862
Other assets	9,303	9,696
Total assets	328,906	252,007
Current liabilities:
Accounts payable	2,309	944
Accrued liabilities	17,230	19,514
Total current liabilities	19,539	20,458
Other long-term liabilities	6,967	7,461
Total liabilities	26,506	27,919
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding at June 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 67,672,303 and 54,865,553 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	7	6
Additional paid-in capital	794,550	658,751
Accumulated deficit	(491,901)	(434,927)
Accumulated other comprehensive (loss) income	(256)	258
Total stockholders' equity	302,400	224,088
Total liabilities and stockholders' equity	$ 328,906	$ 252,007

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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	67,672,303	54,865,553
Common stock, shares, outstanding	67,672,303	54,865,553

STATEMENTS OF OPERATIONS AND CO

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ 28,940	$ 18,787	$ 50,900	$ 38,303
General and administrative	7,077	6,205	14,107	12,367
Total operating expenses	36,017	24,992	65,007	50,670
Loss from operations	(36,017)	(24,992)	(65,007)	(50,670)
Other income, net	4,054	2,048	8,033	3,781
Net loss	(31,963)	(22,944)	(56,974)	(46,889)
Other comprehensive (loss) income:
Unrealized (loss) gain on investments	(94)	(68)	(514)	724
Comprehensive loss	$ (32,057)	$ (23,012)	$ (57,488)	$ (46,165)
Net loss per share, basic	$ (0.45)	$ (0.5)	$ (0.83)	$ (1.03)
Net loss per share, diluted	$ (0.45)	$ (0.5)	$ (0.83)	$ (1.03)
Weighted-average shares outstanding, basic	70,348,414	45,654,208	68,848,981	45,373,745
Weighted-average shares outstanding, diluted	70,348,414	45,654,208	68,848,981	45,373,745

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, 2022	$ 222,351	$ 5	$ 557,867	$ (334,230)	$ (1,291)
Beginning Balance (in shares) at Dec. 31, 2022		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 (loss) gain 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
Unrealized (loss) gain on investments	724
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
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, net	84,774	$ 1	84,773
Issuance of common stock, net (in shares)		9,285,710
Issuance of common stock upon vesting of RSUs (in shares)		9,308
Issuance of common stock from ESPP, shares		145,938
Issuance of common stock from ESPP, value	400		400
Stock-based compensation expense	3,825		3,825
Unrealized (loss) gain 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
Beginning Balance at Dec. 31, 2023	$ 224,088	$ 6	658,751	(434,927)	258
Beginning Balance (in shares) at Dec. 31, 2023	54,865,553	54,865,553
Issuance of common stock, net	$ 124,832	$ 1	124,831
Issuance of common stock, net (in shares)		12,500,000
Exercise of common stock options (in shares)		51,540
Exercise of common stock options	198		198
Issuance of common stock upon vesting of RSUs (in shares)		3,245
Stock-based compensation expense	4,958		4,958
Unrealized (loss) gain on investments	(420)				(420)
Net loss	(25,011)			(25,011)
Ending Balance at Mar. 31, 2024	328,645	$ 7	788,738	(459,938)	(162)
Ending Balance (in shares) at Mar. 31, 2024		67,420,338
Beginning Balance at Dec. 31, 2023	$ 224,088	$ 6	658,751	(434,927)	258
Beginning Balance (in shares) at Dec. 31, 2023	54,865,553	54,865,553
Exercise of common stock options (in shares)	123,476
Unrealized (loss) gain on investments	$ (514)
Ending Balance at Jun. 30, 2024	$ 302,400	$ 7	794,550	(491,901)	(256)
Ending Balance (in shares) at Jun. 30, 2024	67,672,303	67,672,303
Beginning Balance at Mar. 31, 2024	$ 328,645	$ 7	788,738	(459,938)	(162)
Beginning Balance (in shares) at Mar. 31, 2024		67,420,338
Exercise of common stock options (in shares)		71,936
Exercise of common stock options	293		293
Issuance of common stock upon vesting of RSUs (in shares)		10,780
Issuance of common stock from ESPP, shares		169,249
Issuance of common stock from ESPP, value	523		523
Stock-based compensation expense	4,996		4,996
Unrealized (loss) gain on investments	(94)				(94)
Net loss	(31,963)			(31,963)
Ending Balance at Jun. 30, 2024	$ 302,400	$ 7	$ 794,550	$ (491,901)	$ (256)
Ending Balance (in shares) at Jun. 30, 2024	67,672,303	67,672,303

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net Income (Loss)	$ (31,963)	$ (22,944)	$ (56,974)	$ (46,889)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			533	512
Stock-based compensation expense			9,954	7,439
Loss on fixed asset disposals			0	9
Accretion of discount on investments, net			(4,523)	(2,124)
Changes in operating assets and liabilities:
Prepaid expenses and other assets			(2,843)	892
Accounts payable and accrued other liabilities			(1,958)	(1,612)
Net cash used in operating activities			(55,811)	(41,773)
Cash flows from investing activities:
Acquisitions of property and equipment			(551)	(715)
Purchases of investments			(163,282)	(99,285)
Maturities of investments			120,245	93,465
Net cash used in investing activities			(43,588)	(6,535)
Cash flows from financing activities:
Proceeds from issuance of common stock and pre-funded warrants			125,000	85,000
Issuance costs associated with financings			(168)	(226)
Proceeds from issuance of common stock under ESPP			523	400
Proceeds from stock option exercises			491	0
Net cash provided by financing activities			125,846	85,174
Net decrease in cash, cash equivalents and restricted cash			26,447	36,866
Cash, cash equivalents and restricted cash at beginning of period			23,875	67,308
Cash, cash equivalents and restricted cash at end of period	50,322	104,174	50,322	104,174
Cash and cash equivalents	49,831	103,683	49,831	103,683
Restricted cash included in other assets	491	491	491	491
Total cash, cash equivalents and restricted cash	$ 50,322	$ 104,174	$ 50,322	$ 104,174

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (31,963)	$ (22,944)	$ (56,974)	$ (46,889)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the last fiscal quarter, the following director(s) and officer(s), as defined in Rule 16a-1(f), adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408, as follows: On June 21, 2024 , Richard Heyman , Ph.D., Chairman of our board of directors , adopted a “Rule 10b5-1 trading arrangement” providing for the sale from time to time of an aggregate of up to 30,414 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is from October 1, 2024 until September 30, 2025, or earlier if all transactions under the trading arrangement are completed. No other officers or directors, as defined in Rule 16a-1(f), adopted and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408, during the last fiscal quarter.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Richard Heyman [Member]
Trading Arrangements, by Individual
Name	Richard Heyman
Title	Chairman of our board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 21, 2024
Arrangement Duration	364 days
Aggregate Available	30,414

Description of the Business

Description of the Business	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024, the Company had an accumulated deficit of $ 491.9 million. Through June 30, 2024, all of the Company’s financial support has been provided by proceeds from the issuance of common stock and convertible preferred stock. As the Company continues its expansion, it may seek additional financing and/or strategic investments, however, there can be no assurance that any additional financing or strategic investments will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it will most likely be required to reduce its plans and/or certain discretionary spending, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. The accompanying financial statements do not include any adjustments that might be necessary if it were unable to continue as a going concern. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date of the issuance of these financial statements. At-The-Market Sales Agreement and Offering The Company previously entered into an “at the market” (ATM) sales agreement with Jefferies LLC as the Company’s sales agent, to sell shares of the Company’s common stock. On March 11, 2024, pursuant to the terms of the ATM sales agreement, the Company filed a Form S-3ASR and prospectus supplement, to allow the Company to sell from time to time up to $ 200 million of shares of the Company’s common stock in negotiated transactions or transactions deemed to be an ATM offering. Private Placements On January 20, 2024, the Company entered into a securities purchase agreement with a select group of institutional and accredited healthcare specialist investors for the private placement of 12,500,000 shares of common stock at a price of $ 10.00 per share, resulting in gross proceeds of $ 125.0 million. The purchase price per share represents a premium to ORIC's 5-day trailing average stock 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 $ 124.8 million. The private placement closed on January 23, 2024. On January 26, 2024, the Company filed a Form S-3 registering the shares sold in the private placement. The Form S-3 was declared effective by the SEC on February 2, 2024. 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 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. On December 15, 2023, the Company filed a Form S-3 registering the shares sold and the shares underlying the pre-funded warrants sold in the private placement. The Form S-3 was declared effective by the SEC on December 28, 2023. On July 8, 2024, all pre-funded warrants were exercised at an exercise price of $ 0.0001 per share of common stock.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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, 2023, 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, 2023 and 2022, 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	6 Months Ended
	Jun. 30, 2024
License Agreements [Abstract]
License Agreements and Clinical Development Collaboration	3. License Agreements and Clinical Development Collaboration Bayer and Johnson & Johnson collaboration On May 14, 2024, the Company entered into a clinical trial collaboration and supply agreement with Bayer Consumer Care AG (Bayer), to evaluate ORIC-944 in combination with Nubeqa ® (darolutamide), Bayer’s androgen receptor (AR) inhibitor. On July 10, 2024, the Company entered into a clinical trial collaboration and supply agreement with Janssen Research & Development, LLC, a Johnson & Johnson company (Johnson & Johnson), to evaluate ORIC 944 in combination with Erleada ® (apalutamide), Johnson & Johnson’s AR inhibitor. The Company will continue to conduct and sponsor the ongoing Phase 1b trial, and Bayer and Johnson & Johnson will provide darolutamide and apalutamide, respectively, for the study. The Company will maintain full economic ownership and control of ORIC-944. 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 continued in effect upon consummation of the transaction, which closed on January 23, 2024.

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	4. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): June 30, 2024 December 31, 2023 Lab equipment $ 7,083 $ 6,596 Leasehold improvements 1,993 1,967 Computer hardware and software 248 299 Furniture and fixtures 494 494 Total property and equipment, gross 9,818 9,356 Less accumulated depreciation ( 6,940 ) ( 6,494 ) Total property and equipment, net $ 2,878 $ 2,862

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2024
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	5. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): June 30, 2024 December 31, 2023 Accrued clinical and manufacturing costs $ 9,718 $ 9,436 Accrued compensation 4,106 6,529 Operating lease liabilities - short-term 2,770 2,752 Other accruals 636 797 Total accrued liabilities $ 17,230 $ 19,514

Investments

Investments	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	6. Investments The Company's available-for-sale investments consisted of the following (in thousands): June 30, 2024 Amortized Unrealized Unrealized Estimated Short-term U.S. treasury securities $ 236,820 $ 1 $ ( 246 ) $ 236,575 Short-term investments $ 236,820 $ 1 $ ( 246 ) $ 236,575 Long-term U.S. treasury securities $ 22,137 $ — $ ( 11 ) $ 22,126 Long-term investments $ 22,137 $ — $ ( 11 ) $ 22,126 December 31, 2023 Short-term U.S. treasury securities $ 181,947 $ 180 $ ( 64 ) $ 182,063 U.S. agency bonds 2,500 — ( 4 ) 2,496 Certificates of deposit 245 — ( 1 ) 244 Short-term investments $ 184,692 $ 180 $ ( 69 ) $ 184,803 Long-term U.S. treasury securities $ 26,705 $ 147 $ — $ 26,852 Long-term investments $ 26,705 $ 147 $ — $ 26,852 The Company has determined that there were no material declines in fair value of its investments due to credit-related factors as of June 30, 2024 and December 31, 2023 . Credit loss is limited due to the nature of the investments.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 Money market funds (1) $ 49,831 $ 49,831 $ — $ — $ 49,831 U.S. treasury securities 258,701 258,701 — — 258,701 Total $ 308,532 $ 308,532 $ — $ — $ 308,532 December 31, 2023 Money market funds (1) $ 23,384 $ 23,384 $ — $ — $ 23,384 U.S. treasury securities 208,915 208,915 — — 208,915 U.S. agency bonds 2,496 — 2,496 — 2,496 Certificates of deposit 244 244 — — 244 Total $ 235,039 $ 232,543 $ 2,496 $ — $ 235,039 (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	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity and Stock-Based Compensation	8. Stockholders’ Equity and Stock-Based Compensation As of June 30, 2024, there were 2,401,028 shares available for future issuance under the 2020 Equity Incentive Plan and 633,571 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 Six Months Ended 2024 2023 2024 2023 Research and development $ 2,131 $ 1,577 $ 4,276 $ 3,052 General and administrative 2,865 2,248 5,678 4,387 Total stock-based compensation expense $ 4,996 $ 3,825 $ 9,954 $ 7,439 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 six months ended June 30, 2024: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2023 8,715,529 $ 4.70 Granted 2,532,290 $ 9.25 Exercised ( 123,476 ) $ 3.98 Forfeited and cancelled ( 173,127 ) $ 6.45 Outstanding at June 30, 2024 10,951,216 $ 5.73 7.9 $ 23,099 Exercisable at June 30, 2024 5,012,939 $ 4.51 6.9 $ 15,738 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: Six Months Ended 2024 2023 Risk-free interest rate 3.82 % - 4.64 % 3.45 % - 4.03 % Expected volatility 85.63 % - 86.31 % 86.33 % - 87.68 % 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 option s of $ 4.1 million and $ 3.2 million during the three months ended June 30, 2024 and 2023 , respectively, and $ 8.2 million and $ 6.3 million during the six months ended June 30, 2024 and 2023, respectively. Total unrecognized compensation expense related to outstanding unvested stock-option awards as of June 30, 2024, was $ 37.7 million, which is expected to be recognized over a weighted-average remaining service period of 2.6 years. Restricted Stock Units The following table summarizes the restricted stock unit activity for the six months ended June 30, 2024: Number of Shares Weighted- Outstanding at December 31, 2023 330,631 $ 6.55 Granted 400,767 $ 9.33 Vested ( 14,025 ) $ 4.92 Forfeited ( 18,463 ) $ 8.04 Outstanding at June 30, 2024 698,910 $ 8.14 The Company recognized stock-based compensation expense related to the vesting of restricted stock units of $ 0.7 million and $ 0.3 million during the three months ended June 30, 2024 and 2023, respectively, and $ 1.3 million and $ 0.6 million during the six months ended June 30, 2024 and 2023, respectively. Total unrecognized compensation expense related to restricted stock units as of June 30, 2024, was $ 4.4 million, which is expected to be recognized over a weighted-average remaining service period of 2.0 years. Employee Stock Purchase Plan The Company recognized stock-based compensation expense related to the Employee Stock Purchase Plan (ESPP) of $ 0.2 million and $ 0.3 million during the three months ended June 30, 2024 and 2023, respectively, and $ 0.5 million during both the six months ended June 30, 2024 and 2023. 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. 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 June 30, 2024 . On July 8, 2024, the Company issued 2,857,104 shares of common stock to warrant holders upon their exercise of outstanding pre-funded warrants, pursuant to a net exercise mechanism under the pre-funded warrants. Each pre-funded warrant had an exercise price of $ 0.0001 per share. The issuances of the shares were exempt from registration under the Securities Act pursuant to Section 3(a)(9) thereof as an exchange with an existing security holder where no commission or other remuneration is paid or given for soliciting such exchange. The resale of the shares of common stock issued upon the exercise of pre-funded warrants were previously registered with the Company’s registration statement on Form S-3 filed on December 15, 2023, which was declared effective by the SEC on December 28, 2023. 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Options to purchase common stock 10,951,216 8,600,857 10,951,216 8,600,857 Non-vested restricted stock units 698,910 481,397 698,910 481,397 Total 11,650,126 9,082,254 11,650,126 9,082,254

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2023, 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, 2023 and 2022, 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)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): June 30, 2024 December 31, 2023 Lab equipment $ 7,083 $ 6,596 Leasehold improvements 1,993 1,967 Computer hardware and software 248 299 Furniture and fixtures 494 494 Total property and equipment, gross 9,818 9,356 Less accumulated depreciation ( 6,940 ) ( 6,494 ) Total property and equipment, net $ 2,878 $ 2,862

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): June 30, 2024 December 31, 2023 Accrued clinical and manufacturing costs $ 9,718 $ 9,436 Accrued compensation 4,106 6,529 Operating lease liabilities - short-term 2,770 2,752 Other accruals 636 797 Total accrued liabilities $ 17,230 $ 19,514

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 Amortized Unrealized Unrealized Estimated Short-term U.S. treasury securities $ 236,820 $ 1 $ ( 246 ) $ 236,575 Short-term investments $ 236,820 $ 1 $ ( 246 ) $ 236,575 Long-term U.S. treasury securities $ 22,137 $ — $ ( 11 ) $ 22,126 Long-term investments $ 22,137 $ — $ ( 11 ) $ 22,126 December 31, 2023 Short-term U.S. treasury securities $ 181,947 $ 180 $ ( 64 ) $ 182,063 U.S. agency bonds 2,500 — ( 4 ) 2,496 Certificates of deposit 245 — ( 1 ) 244 Short-term investments $ 184,692 $ 180 $ ( 69 ) $ 184,803 Long-term U.S. treasury securities $ 26,705 $ 147 $ — $ 26,852 Long-term investments $ 26,705 $ 147 $ — $ 26,852

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 Money market funds (1) $ 49,831 $ 49,831 $ — $ — $ 49,831 U.S. treasury securities 258,701 258,701 — — 258,701 Total $ 308,532 $ 308,532 $ — $ — $ 308,532 December 31, 2023 Money market funds (1) $ 23,384 $ 23,384 $ — $ — $ 23,384 U.S. treasury securities 208,915 208,915 — — 208,915 U.S. agency bonds 2,496 — 2,496 — 2,496 Certificates of deposit 244 244 — — 244 Total $ 235,039 $ 232,543 $ 2,496 $ — $ 235,039

Stockholders' Equity and Stoc_2

Stockholders' Equity and Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Option Activity	The following table summarizes the stock option activity for the six months ended June 30, 2024: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2023 8,715,529 $ 4.70 Granted 2,532,290 $ 9.25 Exercised ( 123,476 ) $ 3.98 Forfeited and cancelled ( 173,127 ) $ 6.45 Outstanding at June 30, 2024 10,951,216 $ 5.73 7.9 $ 23,099 Exercisable at June 30, 2024 5,012,939 $ 4.51 6.9 $ 15,738
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Options to purchase common stock 10,951,216 8,600,857 10,951,216 8,600,857 Non-vested restricted stock units 698,910 481,397 698,910 481,397 Total 11,650,126 9,082,254 11,650,126 9,082,254
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: Six Months Ended 2024 2023 Risk-free interest rate 3.82 % - 4.64 % 3.45 % - 4.03 % Expected volatility 85.63 % - 86.31 % 86.33 % - 87.68 % 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 Six Months Ended 2024 2023 2024 2023 Research and development $ 2,131 $ 1,577 $ 4,276 $ 3,052 General and administrative 2,865 2,248 5,678 4,387 Total stock-based compensation expense $ 4,996 $ 3,825 $ 9,954 $ 7,439
Summary of Restricted Stock Unit Activity	The following table summarizes the restricted stock unit activity for the six months ended June 30, 2024: Number of Shares Weighted- Outstanding at December 31, 2023 330,631 $ 6.55 Granted 400,767 $ 9.33 Vested ( 14,025 ) $ 4.92 Forfeited ( 18,463 ) $ 8.04 Outstanding at June 30, 2024 698,910 $ 8.14

Description of the Business - A

Description of the Business - Additional Information (Details) $ / shares in Units, $ in Thousands				6 Months Ended
	Mar. 11, 2024 USD ($)	Jan. 20, 2024 USD ($) $ / shares shares	Jun. 24, 2023 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) Segments shares	Jun. 30, 2023 USD ($) $ / shares shares	Jul. 08, 2024 $ / shares shares	Dec. 31, 2023 USD ($) shares
Description Of Business [Line Items]
Number of operating segment | Segments				1
Accumulated deficit				$ 491,901			$ 434,927
Issue of common stock to warrant holders | shares					2,857,142
Warrant exercise price per share | $ / shares					$ 0.0001	$ 0.0001
Pre-funded warrant price | $ / shares			$ 6.9999
Common stock, shares, issued | shares				67,672,303			54,865,553
Issue price per share | $ / shares		$ 10	$ 7
Expenses related to the private placement		$ 200	$ 200
Net proceeds from issuance of private placement		125,000	85,000
Sale of Stock, Consideration Received on Transaction		$ 124,800	$ 84,800
Proceeds from issuance of common stock and pre-funded warrants				$ 125,000	$ 85,000
Subsequent Event [Member]
Description Of Business [Line Items]
Issue of common stock to warrant holders | shares						2,857,104
Warrant exercise price per share | $ / shares						$ 0.0001
At-The-Market Sales Agreement and Offering | Maximum
Description Of Business [Line Items]
Proceeds from issuance of common stock and pre-funded warrants	$ 200,000
Common Stock
Description Of Business [Line Items]
Issue of common stock to warrant holders | shares			2,857,142
Common stock, shares, issued | shares		12,500,000	9,285,710

License Agreements and Clinic_2

License Agreements and Clinical Development Collaboration - Additional Information (Details) $ / shares in Units, $ in Thousands			6 Months Ended		9 Months Ended	12 Months Ended
	Oct. 19, 2020 USD ($) Product $ / shares shares	Aug. 03, 2020 USD ($) Product $ / shares shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Jan. 20, 2024 $ / shares shares	Dec. 31, 2023 USD ($) 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			67,672,303					54,865,553
Upfront payment value			$ 7					$ 6
Issue price per share | $ / shares							$ 10		$ 7
Proceeds from issuance of common stock and pre-funded warrants, net			$ 125,000	$ 85,000
Common Stock
License Agreements [Line Items]
Upfront payment shares issued | shares							12,500,000		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	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 9,818	$ 9,356
Less accumulated depreciation	(6,940)	(6,494)
Total property and equipment, net	2,878	2,862
Lab Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	7,083	6,596
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,993	1,967
Computer Hardware and Software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	248	299
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 494	$ 494

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued clinical and manufacturing costs	$ 9,718	$ 9,436
Accrued compensation	4,106	6,529
Operating lease liabilities - short-term	2,770	2,752
Other accruals	636	797
Total accrued liabilities	$ 17,230	$ 19,514

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	Jun. 30, 2024	Dec. 31, 2023
Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 236,820	$ 184,692
Unrealized Gains	1	180
Unrealized Losses	(246)	(69)
Estimated Fair Value	236,575	184,803
Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	22,137	26,705
Unrealized Gains	0	147
Unrealized Losses	(11)	0
Estimated Fair Value	22,126	26,852
U.S. Treasury Securities | Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	236,820	181,947
Unrealized Gains	1	180
Unrealized Losses	(246)	(64)
Estimated Fair Value	236,575	182,063
U.S. Treasury Securities | Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	22,137	26,705
Unrealized Gains	0	147
Unrealized Losses	(11)	0
Estimated Fair Value	$ 22,126	26,852
Certificates of deposit | Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		245
Unrealized Gains		0
Unrealized Losses		(1)
Estimated Fair Value		244
U.S. agency bonds | Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		2,500
Unrealized Gains		0
Unrealized Losses		(4)
Estimated Fair Value		$ 2,496

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		Jun. 30, 2024	Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		$ 308,532	$ 235,039
U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		258,701	208,915
Certificates of deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value			244
U.S. agency bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value			2,496
Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	[1]	49,831	23,384
Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		308,532	232,543
Level 1 | U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		258,701	208,915
Level 1 | Certificates of deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value			244
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]	49,831	23,384
Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		0	2,496
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
Level 2 | U.S. agency bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value			2,496
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
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		308,532	235,039
Fair Value | U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value		258,701	208,915
Fair Value | Certificates of deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value			244
Fair Value | U.S. agency bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value			2,496
Fair Value | Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	[1]	$ 49,831	$ 23,384
[1] Included in cash and cash equivalents in accompanying balance sheets.

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Jun. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Transfer between level 1 to 2	$ 0
Transfer between level 2 to 1	0
Transfer between level 2 to 3	0
Transfer between level 3 to 2	0
Transfer between level 1 to 3	0
Transfer between level 3 to 1	$ 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		6 Months Ended
	Jul. 08, 2024	Jul. 20, 2022	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				$ 4,996	$ 3,825	$ 9,954	$ 7,439
Number of shares granted						2,532,290
Issuance of common stock, net (in shares)			9,285,710
Issue of common stock to warrant holders			2,857,142		2,857,142		2,857,142
Pre-funded warrants remained outstanding						All pre-funded warrants remained outstanding as of June 30, 2024
Warrant exercise price per share	$ 0.0001		$ 0.0001		$ 0.0001		$ 0.0001
Subsequent Event [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issue of common stock to warrant holders	2,857,104
Warrant exercise price per share	$ 0.0001
Commission for exchange	$ 0
Exchange Traded Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense						$ 3,700
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation expense related to outstanding unvested stock-based awards				37,700		$ 37,700
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period						2 years 7 months 6 days
Stock-based compensation expense				4,100	$ 3,200	$ 8,200	$ 6,300
Stock Option, exercise Price, decrease		$ 4.36
Employee Stock Option | 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				4,400		$ 4,400
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period						2 years
Stock-based compensation expense				700	300	$ 1,300	600
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				$ 200	$ 300	$ 500	$ 500
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance				2,401,028		2,401,028
2020 Equity Incentive Plan | Employee Stock Option
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				633,571		633,571

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,996	$ 3,825	$ 9,954	$ 7,439
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,131	1,577	4,276	3,052
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,865	$ 2,248	$ 5,678	$ 4,387

Stockholders' Equity and Stoc_5

Stockholders' Equity and Stock-Based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, Beginning Balance	8,715,529
Options, Granted	2,532,290
Options, Exercised	(123,476)
Options, Forfeited and cancelled	(173,127)
Options outstanding, Ending Balance	10,951,216
Options, Exercisable	5,012,939
Weighted Average Exercise Price, Options outstanding Beginning Balance	$ 4.70
Weighted Average Exercise Price, Granted	9.25
Weighted Average Exercise Price, Exercised	3.98
Weighted Average Exercise Price, Forfeited and Cancelled	6.45
Weighted Average Exercise Price, Options outstanding Ending Balance	5.73
Weighted Average Exercise Price, Exercisable	$ 4.51
Weighted Average Remaining Contractual Term (in years), Options outstanding	7 years 10 months 24 days
Weighted Average Remaining Contractual Term (in years), Exercisable	6 years 10 months 24 days
Aggregate Intrinsic Value, Options outstanding	$ 23,099
Aggregate Intrinsic Value, Exercisable	$ 15,738

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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	3.82%	3.45%
Risk-free interest rate, maximum	4.64%	4.03%
Expected volatility, minimum	85.63%	86.33%
Expected volatility, maximum	86.31%	87.68%
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	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares Outstanding, beginning of period | shares	330,631
Granted | shares	400,767
Vested | shares	(14,025)
Forfeited | shares	(18,463)
Shares Outstanding, end of period | shares	698,910
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 6.55
Weighted-Average Grant-Date Fair Value, Granted | $ / shares	9.33
Weighted-Average Grant-Date Fair Value, Vested | $ / shares	4.92
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares	8.04
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 8.14

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	11,650,126	9,082,254	11,650,126	9,082,254
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	698,910	481,397	698,910	481,397
Options to purchase common stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	10,951,216	8,600,857	10,951,216	8,600,857

Subsequent Events (Additional I

Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 08, 2024	Jun. 30, 2023
Subsequent Event [Line Items]
Issue of common stock to warrant holders		2,857,142
Warrant exercise price per share	$ 0.0001	$ 0.0001
Subsequent Event [Member]
Subsequent Event [Line Items]
Issue of common stock to warrant holders	2,857,104
Warrant exercise price per share	$ 0.0001
Commission for exchange	$ 0