Kinnate Biopharma (KNTE) 10-K 15 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 10, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	001-39743
Entity Registrant Name	KINNATE BIOPHARMA INC.
Entity Central Index Key	0001797768
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4566526
Entity Address, Address Line One	103 Montgomery Street, Suite 150
Entity Address, Address Line Two	The Presidio of San Francisco
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94129
City Area Code	858
Local Phone Number	299-4699
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	KNTE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 367
Entity Common Stock, Shares Outstanding		46,569,648
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	San Diego, California

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 29,261	$ 116,096
Cash at consolidated joint venture	25,725	33,593
Short-term investments	172,214	103,362
Prepaid expenses and other current assets	3,637	5,639
Total current assets	230,837	258,690
Property and equipment, net	3,071	956
Right-of-use lease assets	3,377	0
Long-term investments	39,139	105,449
Restricted cash	371	371
Deferred offering costs	0	641
Other non-current assets	2,031	757
Total assets	278,826	366,864
Current liabilities:
Accounts payable	2,970	3,148
Accrued expenses	13,206	9,239
Current portion of operating lease liabilities	991	0
Total current liabilities	17,167	12,387
Operating lease liabilities, long-term	3,191	0
Total liabilities	20,358	12,387
Commitments and contingencies (See Note 13)
Redeemable convertible noncontrolling interests	35,000	35,000
Stockholders' equity:
Preferred stock, $0.0001 par value; 200,000,000 shares authorized at December 31, 2022 and 2021; 0 shares outstanding at December 31, 2022 and 2021	0	0
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at December 31, 2022 and 2021; 44,342,292 and 43,855,944 shares issued and outstanding at December 31, 2022 and 2021, respectively	4	4
Additional paid-in capital	484,237	463,089
Accumulated other comprehensive loss	(1,410)	(524)
Accumulated deficit	(259,363)	(143,092)
Total stockholders' equity	223,468	319,477
Total liabilities, redeemable convertible noncontrolling interests and stockholders' equity	$ 278,826	$ 366,864

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	44,342,292	43,855,944
Common stock, shares outstanding (in shares)	44,342,292	43,855,944

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 88,150	$ 67,166
General and administrative	30,371	22,945
Total operating expenses	118,521	90,111
Loss from operations	(118,521)	(90,111)
Other expense, net	2,250	348
Net loss	(116,271)	(89,763)
Net loss attributable to redeemable convertible noncontrolling interests	0	0
Net loss attributable to Kinnate	$ (116,271)	$ (89,763)
Weighted-average shares outstanding, basic (in shares)	44,065,749	43,601,162
Weighted-average shares outstanding, diluted (in shares)	44,065,749	43,601,162
Net loss per share, basic (in dollars per share)	$ (2.64)	$ (2.06)
Net loss per share, diluted (in dollars per share)	$ (2.64)	$ (2.06)
Comprehensive loss:
Net loss	$ (116,271)	$ (89,763)
Other comprehensive loss:
Currency translation adjustments	1	0
Unrealized loss on investments	(887)	(515)
Total comprehensive loss	(117,157)	(90,278)
Comprehensive loss attributable to redeemable convertible noncontrolling interests	0	0
Comprehensive loss attributable to Kinnate	$ (117,157)	$ (90,278)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Total	Redeemable Convertible Noncontrolling Interests [Member]
Balance at Dec. 31, 2020	$ 4	$ 446,601	$ (9)	$ (53,329)	$ 393,267	$ 0
Balance (in shares) at Dec. 31, 2020	43,477,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	15,016	0	0	15,016	0
Shares issued under equity incentive plans	$ 0	730	0	0	730	0
Shares issued under equity incentive plans (in shares)	328,238
Shares issued under employee stock purchase plan	$ 0	889	0	0	889	0
Shares issued under employee stock purchase plan (in shares)	50,267
Contributions from redeemable convertible noncontrolling interest owners	$ 0	0	0	0	0	35,000
Issuance costs for Series A preferred stock to redeemable convertible NCI	0	(147)	0	0	(147)	0
Net loss	0	0	0	(89,763)	(89,763)	0
Other comprehensive loss	0	0	(515)	0	(515)	0
Balance at Dec. 31, 2021	$ 4	463,089	(524)	(143,092)	319,477	35,000
Balance (in shares) at Dec. 31, 2021	43,855,944
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	19,582	0	0	19,582	0
Shares issued under equity incentive plans	$ 0	945	0	0	945	0
Shares issued under equity incentive plans (in shares)	414,051
Shares issued under employee stock purchase plan	$ 0	621	0	0	621	0
Shares issued under employee stock purchase plan (in shares)	72,297
Net loss	$ 0	0	0	(116,271)	(116,271)	0
Other comprehensive loss	0	0	(886)	0	(886)	0
Balance at Dec. 31, 2022	$ 4	$ 484,237	$ (1,410)	$ (259,363)	$ 223,468	$ 35,000
Balance (in shares) at Dec. 31, 2022	44,342,292

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (116,271)	$ (89,763)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	19,582	15,016
Depreciation	604	123
Amortization/accretion of investments	682	1,877
Loss on disposal of property and equipment	0	58
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,369	(3,053)
Operating lease right-of-use assets and liabilities, net	805	0
Accounts payable and accrued expenses	4,195	4,677
Net cash used in operating activities	(89,034)	(71,065)
Cash flows from investing activities:
Purchases of short-term and long-term investments	(176,528)	(247,142)
Sales and maturities of short-term and long-term investments	172,417	67,337
Purchases of property and equipment	(2,719)	(769)
Net cash used in investing activities	(6,830)	(180,574)
Cash flows from financing activities:
Contributions from redeemable convertible noncontrolling interest owners, net	0	34,853
Proceeds from issuance of common stock under equity incentive plans	945	730
Proceeds from issuance of common stock under employee stock purchase plan	621	889
Payment of deferred offering costs	(406)	(235)
Net cash provided by financing activities	1,160	36,237
Effect of exchange rate changes on cash and cash equivalents	1	0
Net decrease in cash, cash equivalents and restricted cash	(94,703)	(215,402)
Cash, cash equivalents and restricted cash at the beginning of the period	150,060	365,462
Cash, cash equivalents and restricted cash at the end of the period	55,357	150,060
Supplemental non-cash investing and financing activity:
Capitalized value of tenant improvement allowance	606	0
Operating lease liabilities arising from obtaining right-of-use assets	4,569	0
Write-off of deferred offering costs	641	0
Deferred offering costs included in accounts payable and accrued expenses	$ 0	$ 406

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2022
Organization and Basis of Presentation [Abstract]
Organization and Basis of Presentation	1) Organization and Basis of Presentation a) Organization and Nature of Operations Kinnate Biopharma Inc. (Kinnate or the Company) was incorporated in the State of Delaware in January 2018 and is headquartered in San Francisco, California. The Company is a precision oncology company focused on the discovery, design and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers. Since its inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. It has incurred losses and negative cash flows from operations since commencement of its operations. The Company had an accumulated deficit of $259.4 million and had cash and cash equivalents and short-term and long-term investments totaling $240.6 million as of December 31, 2022, exclusive of $25.7 million at its consolidated joint venture discussed in the paragraph below. From its inception through December 31, 2022, the Company has financed its operations primarily through issuances of common stock, including in the Company’s initial public offering (IPO), and private placements of convertible preferred stock. In May 2021, the Company announced the closing of a Series A preferred stock financing of a China joint venture, Kinnjiu Biopharma Inc. (Kinnjiu), to enable the potential development and commercialization of certain targeted oncology product candidates across People’s Republic of China, Hong Kong, Taiwan and Macau. Contributions from noncontrolling interest members totaled $35.0 million before issuance costs of $0.2 million. As of December 31, 2022, the Company held an approximately 58% equity interest in Kinnjiu. In February 2023, the Company acquired the ownership stake of Kinnjiu previously held by Series A investors (Kinnjiu Transaction) (see Note 11). Kinnjiu is now a wholly-owned subsidiary of the Company. As the Company continues to pursue its business plan, it expects to finance its operations through the sale of equity, debt financings or other capital resources, which could include income from collaborations, strategic partnerships or marketing, distribution, licensing or other strategic arrangements with third parties, or from grants. However, there can be no assurance that any additional financing or strategic transactions 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 may need to delay, reduce or eliminate its product development or future commercialization efforts, which could have a material adverse effect on the Company’s business, results of operations or financial condition. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company 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 these consolidated financial statements were available to be issued. b) Basis of Presentation The Company’s consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). The accompanying consolidated financial statements include the accounts of the Company and its variable interest entity (VIE), Kinnjiu, for which the Company is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. The accompanying consolidated 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 presented in these consolidated financial statements are not necessarily indicative of future results. The Company evaluates its ownership, contractual and other interests in entities that are not wholly-owned to determine if these entities are VIEs, and, if so, whether the Company is the primary beneficiary of the VIE. In determining whether the Company is the primary beneficiary of a VIE and therefore required to consolidate the VIE, the Company applies a qualitative approach that determines whether the Company has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses of, or the rights to receive benefits from, the VIE that could potentially be significant to that VIE. As of December 31, 2022, the Company held an approximately 58% equity interest in Kinnjiu. Based on the Company’s assessment, the Company concluded that Kinnjiu is a VIE and the Company is the primary beneficiary. See Note 11 with respect to Kinnjiu Transaction

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2) Summary of Significant Accounting Policies a) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Accounting estimates and management judgments reflected in the consolidated financial statements include: normal recurring accruals, including the accrual of research and development expenses; fair value of investments; valuation of deferred tax assets; and stock-based compensation b) Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and short-term and long-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has not experienced any losses on deposits since inception. The Company’s short-term and long-term investments are invested in high grade securities with limited concentration in any one issuer, and as a result, the Company believes represent minimal credit risk. c) Fair Value of Financials Instruments 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. The carrying amounts of cash, cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses are reasonable estimates of their fair value because of the short maturity of these items. d) Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents primarily represent funds invested in readily available money market accounts. As of December 31, 2022 and 2021, the Company had cash and cash equivalents balances deposited at major financial institutions. e) Investments All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments with contractual maturities 12 months or greater at the balance sheet date are considered long-term investments. Dividend and interest income are recognized in the Company’s consolidated statements of operations and comprehensive loss when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Unrealized gains and losses are reported as a component of accumulated other comprehensive loss. The cost of the Company’s available-for-sale debt securities is adjusted for amortization of premium and accretion of discounts to maturity. The Company reviews its portfolio of available-for-sale debt securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, a loss is recognized in statements of operations, whereas if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive f) Property and Equipment, Net Property and equipment, net are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which ranges between three g) Impairment of Property and Equipment The Company accounts for the impairment of long-lived assets by reviewing these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted-cash-flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. The Company did not recognize impairment losses for the periods ended December 31, 2022 and 2021. h) Leases The Company determines if an arrangement is or contains a lease at inception. For leases with a term greater than one year, right-of- use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses its incremental borrowing rate which represents an estimated rate of interest that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the consolidated statement of operations and comprehensive loss. The Company’s leases often include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise that option. As of December 31, 2022, it is not reasonably certain that these options will be exercised, and they are not included within the lease term. i) Deferred Offering Costs Deferred offering costs are expenses directly related to an at-the-market offering of the Company’s common stock (ATM Offering) (see Note 8), which is pursuant to a prospectus supplement which is part of a shelf registration that was declared effective by the Securities and Exchange Commission (SEC) on January 3, 2022 (Shelf Registration). These costs consist of legal, accounting, printing and filing fees that the Company has capitalized. Deferred costs associated with the ATM Offering will be netted against proceeds, if any, from funds raised pursuant to the ATM Offering . j) Research and Development Research and development expenses are expensed in the periods in which they are incurred. External expenses consist primarily of payments to outside consultants and contract research organizations in connection with the Company’s clinical trials, discovery and preclinical activities, process development, manufacturing activities, regulatory and other services. External expenses are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers or the estimate of the level of service that has been performed at each reporting date. The Company makes estimates of accrued expenses as of each balance sheet date based on facts and circumstances known at that time. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. The significant estimates in its accrued research and development expenses include the costs incurred for services performed by vendors in connection with research and development activities for which the Company has not yet been invoiced. k) Redeemable Convertible Noncontrolling Interests The shares third parties own in Kinnjiu represent an interest in the equity the Company does not control. The redeemable convertible noncontrolling interests attributable to other owners has been classified in temporary equity on the consolidated balance sheets as the preferred stock is redeemable by the noncontrolling interests. Since the preferred stock held at Kinnjiu does not represent a residual equity interest, net losses of Kinnjiu are not allocated to the preferred shares. As a result, the balance of the preferred stock classified as a redeemable convertible noncontrolling interest equals its carrying value. Additionally, net losses of Kinnjiu have not been allocated to the noncontrolling interest related to ordinary shares held by a third party as the amounts to be allocated have been immaterial to date l) Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. The Company has not recorded any such liabilities as of December 31, 2022 and 2021. m) Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. As of December 31, 2022 and 2021, the Company maintained valuation allowances against its deferred tax assets as the Company concluded it had not met the “more likely than not” to be realized threshold. Changes in the valuation allowance when they are recognized in the provision for income taxes would result in a change in the estimated annual effective tax rate. n) Stock-Based Compensation Stock-based compensation expense represents the cost of the grant date fair value of employee, officer, director and non-employee stock option grants, estimated in accordance with the applicable accounting guidance, recognized on a straight-line basis over the vesting period. The vesting period generally approximates the expected service period of the awards. The Company recognizes forfeitures as they occur. The fair value of restricted stock units is based on the Company’s closing stock price on the grant date. T he fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. This method requires certain assumptions be used as inputs, such as the fair value of the underlying common stock, expected term of the option before exercise, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend. Options granted have a maximum contractual term of ten years. The Company has limited historical stock option activity and therefore estimates the expected term of stock options granted using the simplified method, which represents the arithmetic average of the original contractual term of the stock option and its weighted-average vesting term. The expected volatility of stock options is based upon the historical volatility of a number of publicly traded companies in similar stages of clinical development. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. The risk-free interest rates used are based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. treasury notes with maturities approximately equal to the expected term of the stock options. The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future, and therefore has estimated the dividend yield to be zero. o) Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency gains and losses. The unrealized losses on available-for-sale investments and foreign currency translation adjustments are included as a component of other comprehensive loss that is excluded from the reported net loss. p) Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the Company’s common stock options are considered to be potentially dilutive securities. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts). Years Ended December 31, 2022 2021 Numerator Net loss attributable to Kinnate $ (116,271 ) $ (89,763 ) Denominator Weighted-average shares outstanding used in computing net loss per share, basic and diluted 44,065,749 43,601,162 Net loss per share, basic and diluted $ (2.64 ) $ (2.06 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable for the periods presented because including them would have been anti-dilutive: As of December 31, 2022 2021 Options to purchase common stock 9,107,467 7,477,568 Non-vested restricted stock units 287,916 - Total 9,395,383 7,477,568 p) Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2016-02, Leases (Topic 842) (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. ASC 842 provides a lessee with an option to not account for leases with a term of 12 month or less as leases in the scope of the new standard. ASC 842 supersedes the previous leases standard, ASC 840 Leases. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. As amended by ASU No. 2020-05, for all other entities, this ASU is effective for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. As a result of the Company having elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act, ASU No. 2016-02 is effective for the Company for the year ended December 31, 2022, and all interim periods within. In July 2018, the FASB issued supplemental adoption guidance and clarification to ASC 842 within ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements. ASU No. 2018-11 provides another transition method in addition to the existing modified retrospective transition method by allowing entities to initially apply the new leasing standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of accumulated deficit in the period of adoption. On January 1, 2022, the Company adopted ASC 842 using the modified retrospective approach. Accordingly, prior period financial information and disclosures have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under the previous lease standard. In addition, the Company elected the package of practical expedients available for existing contracts, which allowed it to carry forward historical assessments of lease identification, lease classification, and initial direct costs. As a result of adopting ASC 842, the Company recognized right-of-use assets and lease liabilities of $3.7 million and $4.2 million, respectively, on January 1, 2022, which are related to the Company’s facility operating leases. The difference between the right-of-use assets and lease liabilities is primarily attributed to unamortized lease incentives. There was no adjustment to the opening balance of accumulated deficit as a result of the adoption of ASC 842 . In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) (ASC 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The guidance is effective for public business entities for annual periods beginning after December 15, 2019, including interim periods within those years. For all other entities, the standard is effective for annual periods beginning after December 15, 2022 and interim periods, therein. Early adoption is permitted. Since the Company has elected to use the extended transition period under the JOBS Act available to emerging growth companies (EGCs), the ASU is effective for the Company for fiscal years beginning after December 15, 2022. The Company does not expect the adoption to have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes (ASU 2019-12). Among other items, the amendments in ASU 2019-12 simplify the accounting treatment of tax law changes and year-to-date losses in interim periods. An entity generally recognizes the effects of a change in tax law in the period of enactment; however, there is an exception for tax laws with delayed effective dates. Under current guidance, an entity may not adjust its annual effective tax rate for a tax law change until the period in which the law is effective. This exception was removed under ASU 2019-12, thereby providing that all effects of a tax law change are recognized in the period of enactment, including adjustment of the estimated annual effective tax rate. Regarding year-to-date losses in interim periods, an entity is required to estimate its annual effective tax rate for the full fiscal year at the end of each interim period and use that rate to calculate its income taxes on a year-to-date basis. However, current guidance provides an exception that when a loss in an interim period exceeds the anticipated loss for the year, the income tax benefit is limited to the amount that would be recognized if the year-to-date loss were the anticipated loss for the full year. ASU 2019-12 removes this exception and provides that, in this situation, an entity would compute its income tax benefit at each interim period based on its estimated annual effective tax rate. The Company adopted the standard on the required effective date of January 1, 2022. The ASU did not have a material impact on its consolidated financial statements and related disclosures.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	12 Months Ended
	Dec. 31, 2022
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash, Cash Equivalents and Restricted Cash	3) Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of the components of cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows (in thousands): As of December 31, 2022 2021 Cash and cash equivalents $ 29,261 $ 116,096 Cash at consolidated joint venture 25,725 33,593 Restricted cash, non-current 371 371 Total cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows $ 55,357 $ 150,060 The cash at the consolidated joint venture represents cash held at Kinnjiu and the use of such cash is limited to the operations of Kinnjiu (see Note 11). The restricted cash balance relates to the Company’s office lease in San Diego, California (see Note 13).

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2022
Property and Equipment, Net [Abstract]
Property and Equipment, Net	4) Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): As of December 31, 2022 2021 Furniture and fixtures $ 760 $ 5 Computers and equipment 442 381 Computer software 99 69 Leasehold improvements 2,511 638 Property and equipment 3,812 1,093 Less accumulated depreciation (741 ) (137 ) Property and equipment, net $ 3,071 $ 956 Depreciation expense for the years ended December 31, 2022 and 2021 was $0.6 million and $0.1 million, respectively.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2022
Accrued Expenses [Abstract]
Accrued Expenses	5) Accrued Expenses Accrued expenses consisted of the following (in thousands): As of December 31, 2022 2021 Accrued research and development $ 7,884 $ 4,842 Accrued compensation 4,832 3,344 Accrued legal fees 243 425 Other accruals 247 628 Total $ 13,206 $ 9,239

Investments

Investments	12 Months Ended
	Dec. 31, 2022
Investments [Abstract]
Investments	6) Investments The Company’s investment policy defines allowable investments and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. In accordance with the Company’s investment policy, it has The cost, gross unrealized holding gains, gross unrealized holding losses and fair value of available-for-sale investments by types and classes of security at December 31, 2022 and 2021 consisted of the following (in thousands): December 31, 2022 Maturity Amortized Unrealized Unrealized Estimated in Years Cost Gains Losses Fair Value Corporate debt securities less than $ 9,604 $ 2 $ (72 ) $ 9,534 Commercial paper less than 1 41,243 - - 41,243 U.S. Treasury securities less than 119,810 - (1,254 ) 118,556 U.S. Agency bonds less than 1 2,877 4 - 2,881 Short-term investments $ 173,534 $ 6 $ (1,326 ) $ 172,214 Corporate debt securities 1 - $ 15,426 $ - $ (60 ) $ 15,366 U.S. Agency bonds 1 - 2 5,907 - (9 ) 5,898 Asset-backed securities 1 - 2 17,897 20 (42 ) 17,875 Long-term investments $ 39,230 $ 20 $ (111 ) $ 39,139 Decemb er 31, 2021 Maturity Amortized Unrealized Unrealized Estimated in Years Cost Gains Losses Fair Value Corporate debt securities less than 1 $ 27,450 $ - $ (25 ) $ 27,425 U.S. Treasury securities less than 1 60,226 - (67 ) 60,159 Asset-backed securities less than 1 15,798 - (20 ) 15,778 Short-term investments $ 103,474 $ - $ (112 ) $ 103,362 U.S. Treasury securities 1 - 2 105,861 - (412 ) 105,449 Long-term investments $ 105,861 $ - $ (412 ) $ 105,449 The available-for-sale investments’ gross unrealized losses and fair value aggregated by classes of security and length of time that individual securities have been in a continuous loss position at December 31, 2022 and 2021 consisted of the following (in thousands): December 31, 2022 Less than 12 months More than 12 months Total Unrealized Unrealized Unrealized Count Fair Value Losses Count Fair Value Losses Count Fair Value Losses Corporate debt securities 7 $ 22,806 $ (132 ) - $ - $ - 7 $ 22,806 $ (132 ) Commercial paper - - - - - - - - - U.S. Treasury securities 3 14,625 (57 ) 7 103,931 (1,197 ) 10 118,556 (1,254 ) U.S. Agency bonds 2 5,898 (9 ) - - - 2 5,898 (9 ) Asset-backed securities 6 7,843 (42 ) - - - 6 7,843 (42 ) 18 $ 51,172 $ (240 ) 7 $ 103,931 $ (1,197 ) 25 $ 155,103 $ (1,437 ) December 31, 2021 Less than 12 months More than 12 months Total Unrealized Unrealized Unrealized Count Fair Value Losses Count Fair Value Losses Count Fair Value Losses Corporate debt securities 6 $ 27,425 $ (25 ) - $ - $ - 6 $ 27,425 $ (25 ) U.S. Treasury securities 11 165,608 (479 ) - - - 11 165,608 (479 ) Asset-backed securities 4 15,778 (20 ) - - - 4 15,778 (20 ) 21 $ 208,811 $ (524 ) - $ - $ - 21 $ 208,811 $ (524 ) The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. At December 31, 2022 and 2021, the Company held securities in a total unrealized loss position of $1.4 million and $0.5 million, respectively. The Company generally does not intend to sell any investments prior to recovery of their amortized cost basis for any investment in an unrealized loss position. Further, such investments are invested in high grade securities. As such, the Company has classified these losses as temporary in nature. The Company has determined that there were no material declines in fair value of its investments due to credit-related factors as of December 31, 2022 and 2021.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Measurements [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 prepaid expenses and other current assets, accounts payable and accrued expenses are generally considered to be representative of their fair value because of the short-term nature of these instruments. The Company’s investments, which may include money market funds and available-for-sale investment securities consisting of high-quality, marketable debt instruments of corporations Following are the major categories of assets measured at fair value on a recurring basis as of December 31, 2022 and 2021 (in thousands): Fair Value Measurements at December 31, 2022 Level 1 Level 2 Level 3 Total Money market funds $ 28,261 $ - $ - $ 28,261 Corporate debt securities - 24,900 - 24,900 Commercial paper - 41,243 - 41,243 U.S. Treasury securities - 118,556 - 118,556 U.S. Agency bonds - 8,779 - 8,779 Asset-backed securities - 17,875 - 17,875 Total cash equivalents and investments $ 28,261 $ 211,353 $ - $ 239,614 Fair Value Measurements at December 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ 115,049 $ - $ - $ 115,049 Corporate debt securities - 27,425 - 27,425 U.S. Treasury securities - 165,608 - 165,608 Asset-backed securities - 15,778 - 15,778 Total cash equivalents and investments $ 115,049 $ 208,811 $ - $ 323,860 Money market funds are classified as cash and cash equivalents in the Company’s consolidated balance sheets at December 31, 2022 and 2021.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity [Abstract]
Stockholders' Equity	8) Stockholders’ Equity Under its Amended and Restated Articles of Incorporation dated December 7, 2020, the Company had a total of 1,200,000,000 shares of capital stock authorized for issuance, consisting of 1,000,000,000 shares of common stock, par value of $0.0001 per share, and 200,000,000 shares of preferred stock, par value of $0.0001 per share. Common stock reserved for future issuance consisted of the following: As of December 31, 2022 2021 Common stock options outstanding 9,107,467 7,477,568 RSUs outstanding 287,916 - Common stock reserved for future equity grants 1,700,947 4,079,339 Total common stock reserved for future issuance 11,096,330 11,556,907 At the Market Offering Program In January 2022, the Company filed a shelf registration with the SEC on Form S-3ASR (File No. 333-261970). The shelf registration statement included a prospectus supplement for an at-the-market offering (ATM Offering) to sell up to an aggregate of $150.0 million of shares of the Company’s common stock that may be issued and sold from time to time under a sales agreement with SVB Leerink LLC. As of December 31, 2022, no shares have been issued and sold pursuant to the ATM Offering. Accordingly, deferred offering costs in the amount of $0.6 million were expensed in the fourth quarter of 2022.

Equity Incentive Plans and Stoc

Equity Incentive Plans and Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Equity Incentive Plans and Stock-Based Compensation [Abstract]
Equity Incentive Plans and Stock-Based Compensation	9) Equity Incentive Plans and Stock-Based Compensation a) Equity Incentive Plans I n December 2020, the Company adopted the 2020 Equity Incentive Plan (the 2020 Plan), which replaced the 2018 Equity Incentive Plan (the 2018 Plan). The 2020 Plan allows for the issuance of incentive stock options (ISOs), nonstatutory stock options (NSOs), stock appreciation rights (SARs), restricted stock and restricted stock units (RSUs). The 2020 Plan was established to enable the Company to attract and retain the best available personnel, to provide additional incentive to its employees, directors, and consultants of the Company and to promote the financial success and progress of the Company Under the 2020 and 2018 Plans, the exercise price of each share shall be established at the sole discretion of the Company’s board of directors (or any of the committees of the Company’s board of directors); provided, however, that the exercise price per share shall not be less than the fair market value for shares of the Company’s common stock on the date of grant. The exercise price per share of an ISO granted to an optionee who on the date of the grant owns stock possessing more than 10% of the total combined voting power of all classes of the Company’s stock shall not be less than 110% of the fair market value of a share of its common stock on the date of grant. The options that are granted under the 2020 and 2018 Plans are exercisable at various dates as determined upon grant and terminate within 10 years of the date of grant, unless the optionee owns 10% or more of the common shares at which point the expiration period is 5 years, or upon the employee’s termination (whereupon the terminated employee has thirty days after termination to exercise vested options from the date of termination). The vesting period generally occurs over two Stock Options Stock option activity is as follows for the year ended December 31, 2022: Weighted- Average Aggregate Weighted- Remaining Intrinsic Average Contractual Value Options Exercise Price Term (in years) (in thousands) Outstanding at January 1, 2022 7,477,568 $ 11.11 8.3 $ 74,268 Granted 2,904,414 9.92 Exercised (400,906 ) 2.36 Forfeited (873,609 ) 14.26 Outstanding at December 31, 2022 9,107,467 $ 10.81 7.8 $ 11,521 Exercisable at December 31, 2022 4,428,265 $ 9.39 7.0 $ 8,220 All exercisable options are vested and all outstanding options are vested or expected to vest. Total intrinsic value of options exercised was $2.8 million and $6.0 million for the years ended December 31, 2022 and 2021, respectively. Restricted Stock Units Restricted stock unit activity is as follows for the year ended December 31, 2022: Weighted- Aggregate Restricted Average Intrinsic Stock Units Grant Date Value Outstanding Fair Value (in thousands) Outstanding at January 1, 2022 - $ - $ - Granted 347,587 14.71 Vested (19,952 ) 14.71 Forfeited (39,719 ) 14.71 Outstanding at December 31, 2022 287,916 $ 14.71 $ 1,756 b) Kinnjiu Equity Incentive Plan In May 2021, Kinnjiu adopted the 2021 Equity Incentive Plan (2021 Plan) to attract and retain the best available personnel, to provide additional incentive to its employees, directors, and consultants of Kinnjiu and to promote the financial success and progress of Kinnjiu. The 2021 Plan allows for the issuance of ISOs, NSOs, SARs, restricted stock and RSUs. The 2021 Plan allows Kinnjiu to issue awards for shares of its common stock up to a total of 9,000,000 shares. As of December 31, 2022, 2,432,500 shares of common stock remained available for future grants under the 2021 Plan. Under the 2021 Plan, the exercise price of each share shall be established at the sole discretion of Kinnjiu’s board of directors (or any of the committees of Kinnjiu’s board of directors); provided, however, that the exercise price per share shall not be less than the fair market value for shares of Kinnjiu’s common stock on the date of grant. An independent valuation firm was engaged to provide a valuation report related to the fair market value of Kinnjiu’s shares, as Kinnjiu is not publicly traded, and the fair market value was determined to be $0.34 per ordinary share Pursuant to the 2021 Plan, both SARs and NSOs were granted to employees and consultants to Kinnjiu. The NSOs generally vest over 4 years. The vesting provisions for SAR awards, which have been granted to Kinnjiu employees, include both a service-based vesting requirement and liquidity event requirement, each such vesting date, a Vesting Event. The service-based vesting is as follows: (i) 30% of the SAR shall vest on the two-year anniversary of the vesting commencement date, (ii) 30% of the SAR shall vest on the three-year anniversary of the vesting commencement date, and (iii) 40% of the SAR shall vest on the four-year anniversary of the vesting commencement date. The liquidity event requirement shall be satisfied upon the earlier of the expiration of a lock-up period following an IPO event or a change in control, subject to the holder of the SAR continuing to be a service provider through the date such earlier event occurs. The SARs shall automatically be exercised, to the extent vested, upon the occurrence of a Vesting Event. Unless otherwise determined by the administrator of the plan, the portion of the SAR that has not satisfied the service-based vesting requirement as of immediately prior to the liquidity event will terminate on the liquidity event without consideration. As the settlement of the SARs granted to Kinnjiu employees is contingent upon both a service condition and performance condition (liquidity event such as an IPO) that is not deemed probable, compensation cost for such awards will not be recognized until the event occurs. In connection with the Kinnjiu Transaction in February 2023, all SARs outstanding under the 2021 Plan were cancelled. Equity award activity is as follows for the year ended December 31, 2022: Stock Options Weighted- Average Shares Exercise Price Outstanding at January 1, 2022 2,837,500 $ 0.34 Granted - - Exercised - - Forfeited (500,000 ) 0.34 Outstanding at December 31, 2022 2,337,500 $ 0.34 Exercisable at December 31, 2022 726,825 $ 0.34 SARs Weighted- Average Shares Exercise Price Outstanding at January 1, 2022 300,000 $ 0.34 Granted 4,130,000 0.34 Exercised - - Forfeited (200,000 ) 0.34 Outstanding at December 31, 2022 4,230,000 $ 0.34 Exercisable at December 31, 2022 - - c) Employee Stock Purchase Plan In December 2020, the Company’s board of directors approved and adopted the 2020 Employee Stock Purchase Plan (the ESPP). The ESPP became effective on the business day immediately prior to the effective date of the Company’s first registration statement. The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85% of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is six months, with new offering periods commencing every six months on or about the dates of May 15 and November 15 of each year. A total of 435,000 shares of common stock were initially reserved for issuance under the ESPP. D) Stock-Based Compensation Expense The Company measures and recognizes stock-based compensation expense based on the fair value of the award as measured on the grant date. The fair value of RSUs granted is based on the Company’s closing stock price on the grant date. The fair value of stock options and employee stock purchase plan awards is estimated using the Black-Scholes valuation model. The Company accounts for any forfeitures of share-based awards when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following assumptions: Years Ended December 31, 2022 2021 Expected term (in years) 5 - 6 5 - 6 Expected volatility 79% - 86% 85% - 89% Risk-free interest rate 1.62% - 4.35% 0.68% - 1.21% Expected dividend 0% 0% The weighted-average grant-date fair value of options granted was $7.13 and $21.70 for the years ended December 31, 2022, and 2021, respectively. The assumptions used for the years ended December 31, 2022 and 2021 under the ESPP were as follows: Years Ended December 31, 2022 2021 Expected term (in years) 0.50 0.50 Expected volatility 50% - 86% 50% - 68% Risk-free interest rate 0.07% - 4.54% 0.03% - 0.07% Expected dividend 0% 0% Stock-based compensation expense related to the Company’s stock options, RSUs and ESPP totaled the following (in thousands): Years Ended December 31, 2022 2021 Research and development $ 8,604 $ 6,778 General and administrative 10,978 8,238 Total stock-based compensation $ 19,582 $ 15,016 As of December 31, 2022 and 2021, there was approximately $39.2 million and $45.0 million of total unrecognized stock-based compensation expense related to nonvested stock-based compensation arrangements, which is expected to be recognized over a weighted-average period of approximately 2.33 years and 2.58 years, respectively. As of December 31, 2022, there was approximately $4.1 million of total unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 3.67 years. There were no RSUs vested during the year ended December 31, 2021. As of December 31, 2022 and 2021, there was approximately $0.2 million and $0.1 million of total unrecognized stock-based compensation expense related to the ESPP.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	10) Related Party Transactions Series A Preferred Stock Financing of Kinnjiu In connection with the Series A preferred stock financing of Kinnjiu, contributions from noncontrolling interest members totaled $35.0 million before issuance costs of $0.2 million. Such noncontrolling interest members are also investors or affiliates of investors in the Company and have representatives that serve on both the Company’s board of directors and the board of directors of Kinnjiu. In February 2023, the Company acquired the ownership stake of Kinnjiu previously held by Series A investors (see Note 11).

Variable Interest Entity

Variable Interest Entity	12 Months Ended
	Dec. 31, 2022
Variable Interest Entity [Abstract]
Variable Interest Entity	11) Variable Interest Entity As disclosed above, in May 2021, the Company announced the closing of a Series A preferred stock financing of Kinnjiu to enable the potential development and commercialization of certain targeted oncology product candidates across People’s Republic of China, Hong Kong, Taiwan and Macau. Contributions from noncontrolling interest members totaled $35.0 million before issuance costs of $0.2 million. As of December 31, 2022, the Company held an approximately 58% equity interest in the joint venture. As the Company determined it was the primary beneficiary of this VIE, the VIE has been consolidated in the Company’s consolidated financial statements. The Company provides certain general and administrative and research and development services to Kinnjiu pursuant to intercompany agreements; however, the Company does not provide any financial support and has no obligation to fund operations of Kinnjiu. The following table summarizes the fair value of Kinnjiu, as of May 13, 2021 recorded upon initial consolidation in the Company’s consolidated balance sheets and the carrying amount of such assets and liabilities as of December 31, 2022 and 2021, excluding intercompany balances (in thousands): As of December 31, 2022 2021 May 13, 2021 Cash at consolidated joint venture $ 25,725 $ 33,593 $ 35,011 Prepaid expenses and other current assets 20 215 - Right-of-use lease assets 223 - - Other non-current assets 48 - - Accounts payable and accrued expenses 491 286 - Operating lease liabilities 206 - - In February the Company entered in a Stock Purchase Agreement to acquire the ownership stake of Kinnjiu previously held by Series A investors for total consideration of , consisting of in cash and in Company stock, which resulted in the issuance of 2,200,000 shares of Company stock to the Series A investors. As the Company had a controlling financial interest in Kinnjiu prior to the Kinnjiu Transaction, the increase in its interest in Kinnjiu will be accounted for as an equity transaction with no gain or loss recognized in the consolidated statements of operations and comprehensive loss. The Kinnjiu Transaction gives the Company greater control over its clinical development programs in the People’s Republic of China, Hong Kong, Macau and Taiwan. Kinnjiu is now a wholly-owned subsidiary of the Company .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes [Abstract]
Income Taxes	12) Income Taxes Significant components of the Company’s provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate were as follows (in thousands): Years Ended December 31, 2022 2021 Income taxes computed at the statutory rate $ (24,417 ) $ (18,850 ) State income taxes, net of federal benefit (21 ) (4 ) Permanent items 1,419 922 Stock-based compensation 331 (280 ) Research credits (4,233 ) (1,306 ) Other 2,140 548 Change in valuation allowance 24,781 18,970 Provision for income taxes $ - $ - Significant components of the Company’s deferred taxes were as follows (in thousands): As of December 31, 2022 2021 Deferred tax assets: Net operating loss carryforward $ 34,119 $ 28,054 Research and development credit carryforwards 5,524 1,295 Stock-based compensation 3,213 1,774 Accrued compensation 858 635 Capitalized research and development expenditures 13,311 - Other, net 1,151 144 Gross deferred tax assets: 58,176 31,902 Less valuation allowance (56,928 ) (31,741 ) Total deferred tax assets 1,248 161 Deferred tax liabilities: Right-of-use lease assets (663 ) - Property and equipment (585 ) (51 ) Other - (110 ) Total deferred tax liabilities (1,248 ) (161 ) Net deferred tax assets $ - $ - Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company has established a valuation allowance against net deferred tax assets due to the uncertainty that such assets will be realized. The Company periodically evaluates the recoverability of its deferred tax assets. Due to the Company’s history of losses, management cannot conclude that the deferred tax assets will be realized. The change in the valuation allowance for the year ended December 31, 2022 was an increase of $25.2 million. At December 31, 2022, the Company has federal and California net operating loss carryforwards of approximately $155.9 million and $25.0 million, respectively. As a result of the Tax Cuts and Jobs Act of 2017, as amended by the Coronavirus Aid, Relief, and Economic Security Act, for U.S. income tax purposes, net operating losses generated in taxable years beginning after December 31, 2017 can be carried forward indefinitely, but for taxable years beginning after December 31, 2020 the deductibility of such NOLs is limited to 80% of current year taxable income. The California net operating losses will begin to expire in 2038 and the foreign losses carry forward indefinitely. Pursuant to the Internal Revenue Code, as amended (IRC) Sections 382 and 383, annual use of the Company’s NOL and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has not completed an ownership change analysis pursuant to IRC Section 382. If ownership changes have occurred or occur in the future, the amount of remaining tax attribute carryforwards available to offset taxable income and income tax expense in future years may be restricted or eliminated. If eliminated, the related asset would be removed from deferred tax assets with a corresponding reduction in the valuation allowance. Due to the existence of the valuation allowance, limitations created by future ownership changes, if any, will not impact the Company’s effective tax rate. The Company conducted a study to document whether its research activities qualify for the research and development tax credit. Based on such study, the Company determined that certain research activities qualified for the research and development tax credit. As of December 31, 2022, the Company has federal and California research and development tax credit carryforwards of $5.6 million and $2.5 million, respectively, which begin to expire in 2040. Uncertain tax positions are evaluated based upon the facts and circumstances that exist at each reporting period. Subsequent changes in judgment based upon new information may lead to changes in recognition, derecognition, and measurement. Adjustment may result, for example, upon resolution of an issue with the taxing authorities or expiration of a statute of limitations barring an assessment for an issue. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination by tax authorities. As of December 31, 2022 and 2021, the Company did not have gross unrecognized tax benefits. The Company is subject to taxation in the United States and California. All of the Company’s tax years from inception are subject to examination by federal and state tax authorities. The Company’s practice is to recognize interest and penalties related to income tax matters in income tax expense. The Company had no accrued interest or penalties related to income tax matters in the Company’s balance sheets at December 31, 2022 and 2021 and has not recognized interest or penalties in the Company’s statements of operations and comprehensive loss for the years ended December 31, 2022 and 2021. Further, the Company is not currently under examination by any federal, state or local tax authority.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies [Abstract]
Commitments and Contingencies	13) Commitments and Contingencies Litigation The Company, from time to time, is involved in legal proceedings, regulatory actions, claims and litigation arising in the ordinary course of business. The Company was not a defendant in any lawsuit for the years ending December 31, 2022 and 2021, that, in the opinion of Company’s management, is likely to have a material adverse effect on the Company’s business Operating Leases In June 2021, the Company entered into an agreement to lease 8,088 rentable square feet of office space located in San Diego, California (SD Lease) for a period of five years and four months expiring on July 31, 2027. Additionally, the Company has an option to extend the SD Lease for an additional five years at the end of the initial term. The SD Lease commenced in March 2022. In connection with the execution of the SD Lease, the Company provided a standby letter of credit for $0.4 million in lieu of a security deposit, which is classified as restricted cash on the consolidated balance sheets. So long as the Company is not in default under the SD Lease, this amount will decrease after each of years three and four of the SD Lease term to $0.3 million. In August 2021, the Company entered into an agreement to lease 5,698 rentable square feet of office space located in San Francisco, California (SF Lease). The SF Lease commenced in January 2022 and expires on June 30, 2026. The Company has an option to extend the SF Lease for an additional three years at the end of the initial term. The operating lease right-of-use assets and liabilities on the Company’s consolidated balance sheets related to these facility leases. The right-of-use lease assets were $3.4 million as of December 31, 2022. Operating lease liabilities were $4.2 million as of December 31, 2022, including $1.0 million classified as a current liability. The Company’s facility leases require the Company to pay property taxes, insurance and common area maintenance. While these payments are not included as part of its lease liabilities, they are recognized as variable lease cost in the period they are incurred. Operating lease costs under operating leases for the year ended December 31, 2022 were approximately $1.0 million. The weighted-average discount rate used was 7.0%. The weighted-average remaining lease term for operating leases was 4.1 years. Future lease payments of operating lease liabilities as of December 31, 2022 were as follows (in thousands): Operating Leases 2023 1,230 2024 1,113 2025 1,112 2026 927 Thereafter 428 Total minimum lease payments 4,810 Less: imputed interest (628 ) Total operating lease liabilities 4,182 Less: current portion (991 ) Lease liability, net of current portion $ 3,191 Under ASC 840, future minimum lease payments under non-cancelable operating leases as of December 31, 2021 were as follows (in thousands): Year Ending December 31, Operating Leases 2022 $ 638 2023 1,045 2024 1,076 2025 1,108 2026 924 Thereafter 365 Total mimium lease payments $ 5,156 Rent expense was $0.2 million for the year ended December 31, 2021.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2022
Employee Benefit Plan [Abstract]
Employee Benefit Plan	14) Employee Benefit Plan The Company has a defined-contribution 401(k) plan for employees. Employees are eligible to participate in the plan beginning immediately following date of hire. Under the terms of the plan, employees may make voluntary contributions as a percentage of compensation and the Company may make a discretionary match or another contribution. The Company contributed $0.5 million and $0.4 million to the plan during the years ended December 31, 2022 and 2021, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	15) Subsequent Events In February 2023, the Company completed the Kinnjiu Transaction (see Note 11). On March 10, 2023, Silicon Valley Bank (SVB) was placed into receivership with the Federal Deposit Insurance Corporation (FDIC). The Company sought to minimize risk associated with its cash deposits held at SVB by opening accounts with other banks, engaging a different asset manager and initiating transfers of funds from SVB to other banks. On March 12, 2023, the U.S. Department of the Treasury, Federal Reserve and FDIC jointly announced that all SVB depositors will have access to all of their money and be made whole. Accordingly, the Company does not believe it will be materially impacted by the placement of SVB into receivership and will continue to monitor the situation as it evolves.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	12 Months Ended
	Dec. 31, 2022
Organization and Basis of Presentation [Abstract]
Organization and Nature of Operations	a) Organization and Nature of Operations Kinnate Biopharma Inc. (Kinnate or the Company) was incorporated in the State of Delaware in January 2018 and is headquartered in San Francisco, California. The Company is a precision oncology company focused on the discovery, design and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers. Since its inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. It has incurred losses and negative cash flows from operations since commencement of its operations. The Company had an accumulated deficit of $259.4 million and had cash and cash equivalents and short-term and long-term investments totaling $240.6 million as of December 31, 2022, exclusive of $25.7 million at its consolidated joint venture discussed in the paragraph below. From its inception through December 31, 2022, the Company has financed its operations primarily through issuances of common stock, including in the Company’s initial public offering (IPO), and private placements of convertible preferred stock. In May 2021, the Company announced the closing of a Series A preferred stock financing of a China joint venture, Kinnjiu Biopharma Inc. (Kinnjiu), to enable the potential development and commercialization of certain targeted oncology product candidates across People’s Republic of China, Hong Kong, Taiwan and Macau. Contributions from noncontrolling interest members totaled $35.0 million before issuance costs of $0.2 million. As of December 31, 2022, the Company held an approximately 58% equity interest in Kinnjiu. In February 2023, the Company acquired the ownership stake of Kinnjiu previously held by Series A investors (Kinnjiu Transaction) (see Note 11). Kinnjiu is now a wholly-owned subsidiary of the Company. As the Company continues to pursue its business plan, it expects to finance its operations through the sale of equity, debt financings or other capital resources, which could include income from collaborations, strategic partnerships or marketing, distribution, licensing or other strategic arrangements with third parties, or from grants. However, there can be no assurance that any additional financing or strategic transactions 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 may need to delay, reduce or eliminate its product development or future commercialization efforts, which could have a material adverse effect on the Company’s business, results of operations or financial condition. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company 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 these consolidated financial statements were available to be issued.
Basis of Presentation	b) Basis of Presentation The Company’s consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). The accompanying consolidated financial statements include the accounts of the Company and its variable interest entity (VIE), Kinnjiu, for which the Company is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. The accompanying consolidated 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 presented in these consolidated financial statements are not necessarily indicative of future results. The Company evaluates its ownership, contractual and other interests in entities that are not wholly-owned to determine if these entities are VIEs, and, if so, whether the Company is the primary beneficiary of the VIE. In determining whether the Company is the primary beneficiary of a VIE and therefore required to consolidate the VIE, the Company applies a qualitative approach that determines whether the Company has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses of, or the rights to receive benefits from, the VIE that could potentially be significant to that VIE. As of December 31, 2022, the Company held an approximately 58% equity interest in Kinnjiu. Based on the Company’s assessment, the Company concluded that Kinnjiu is a VIE and the Company is the primary beneficiary. See Note 11 with respect to Kinnjiu Transaction

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Use of Estimates	a) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Accounting estimates and management judgments reflected in the consolidated financial statements include: normal recurring accruals, including the accrual of research and development expenses; fair value of investments; valuation of deferred tax assets; and stock-based compensation
Concentration of Credit Risk	b) Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and short-term and long-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has not experienced any losses on deposits since inception. The Company’s short-term and long-term investments are invested in high grade securities with limited concentration in any one issuer, and as a result, the Company believes represent minimal credit risk.
Fair Value of Financials Instruments	c) Fair Value of Financials Instruments 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. The carrying amounts of cash, cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses are reasonable estimates of their fair value because of the short maturity of these items.
Cash and Cash Equivalents	d) Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents primarily represent funds invested in readily available money market accounts. As of December 31, 2022 and 2021, the Company had cash and cash equivalents balances deposited at major financial institutions.
Investments	e) Investments All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments with contractual maturities 12 months or greater at the balance sheet date are considered long-term investments. Dividend and interest income are recognized in the Company’s consolidated statements of operations and comprehensive loss when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Unrealized gains and losses are reported as a component of accumulated other comprehensive loss. The cost of the Company’s available-for-sale debt securities is adjusted for amortization of premium and accretion of discounts to maturity. The Company reviews its portfolio of available-for-sale debt securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, a loss is recognized in statements of operations, whereas if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive
Property and Equipment, Net	f) Property and Equipment, Net Property and equipment, net are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which ranges between three
Impairment of Property and Equipment	g) Impairment of Property and Equipment The Company accounts for the impairment of long-lived assets by reviewing these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted-cash-flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. The Company did not recognize impairment losses for the periods ended December 31, 2022 and 2021.
Leases	h) Leases The Company determines if an arrangement is or contains a lease at inception. For leases with a term greater than one year, right-of- use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses its incremental borrowing rate which represents an estimated rate of interest that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the consolidated statement of operations and comprehensive loss. The Company’s leases often include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise that option. As of December 31, 2022, it is not reasonably certain that these options will be exercised, and they are not included within the lease term.
Deferred Offering Costs	i) Deferred Offering Costs Deferred offering costs are expenses directly related to an at-the-market offering of the Company’s common stock (ATM Offering) (see Note 8), which is pursuant to a prospectus supplement which is part of a shelf registration that was declared effective by the Securities and Exchange Commission (SEC) on January 3, 2022 (Shelf Registration). These costs consist of legal, accounting, printing and filing fees that the Company has capitalized. Deferred costs associated with the ATM Offering will be netted against proceeds, if any, from funds raised pursuant to the ATM Offering .
Research and Development	j) Research and Development Research and development expenses are expensed in the periods in which they are incurred. External expenses consist primarily of payments to outside consultants and contract research organizations in connection with the Company’s clinical trials, discovery and preclinical activities, process development, manufacturing activities, regulatory and other services. External expenses are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers or the estimate of the level of service that has been performed at each reporting date. The Company makes estimates of accrued expenses as of each balance sheet date based on facts and circumstances known at that time. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. The significant estimates in its accrued research and development expenses include the costs incurred for services performed by vendors in connection with research and development activities for which the Company has not yet been invoiced.
Redeemable Convertible Noncontrolling Interests	k) Redeemable Convertible Noncontrolling Interests The shares third parties own in Kinnjiu represent an interest in the equity the Company does not control. The redeemable convertible noncontrolling interests attributable to other owners has been classified in temporary equity on the consolidated balance sheets as the preferred stock is redeemable by the noncontrolling interests. Since the preferred stock held at Kinnjiu does not represent a residual equity interest, net losses of Kinnjiu are not allocated to the preferred shares. As a result, the balance of the preferred stock classified as a redeemable convertible noncontrolling interest equals its carrying value. Additionally, net losses of Kinnjiu have not been allocated to the noncontrolling interest related to ordinary shares held by a third party as the amounts to be allocated have been immaterial to date
Commitments and Contingencies	l) Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. The Company has not recorded any such liabilities as of December 31, 2022 and 2021.
Income Taxes	m) Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. As of December 31, 2022 and 2021, the Company maintained valuation allowances against its deferred tax assets as the Company concluded it had not met the “more likely than not” to be realized threshold. Changes in the valuation allowance when they are recognized in the provision for income taxes would result in a change in the estimated annual effective tax rate.
Stock-Based Compensation	n) Stock-Based Compensation Stock-based compensation expense represents the cost of the grant date fair value of employee, officer, director and non-employee stock option grants, estimated in accordance with the applicable accounting guidance, recognized on a straight-line basis over the vesting period. The vesting period generally approximates the expected service period of the awards. The Company recognizes forfeitures as they occur. The fair value of restricted stock units is based on the Company’s closing stock price on the grant date. T he fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. This method requires certain assumptions be used as inputs, such as the fair value of the underlying common stock, expected term of the option before exercise, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend. Options granted have a maximum contractual term of ten years. The Company has limited historical stock option activity and therefore estimates the expected term of stock options granted using the simplified method, which represents the arithmetic average of the original contractual term of the stock option and its weighted-average vesting term. The expected volatility of stock options is based upon the historical volatility of a number of publicly traded companies in similar stages of clinical development. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. The risk-free interest rates used are based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. treasury notes with maturities approximately equal to the expected term of the stock options. The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future, and therefore has estimated the dividend yield to be zero.
Comprehensive Loss	o) Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency gains and losses. The unrealized losses on available-for-sale investments and foreign currency translation adjustments are included as a component of other comprehensive loss that is excluded from the reported net loss.
Net Loss Per Share	p) Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the Company’s common stock options are considered to be potentially dilutive securities. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts). Years Ended December 31, 2022 2021 Numerator Net loss attributable to Kinnate $ (116,271 ) $ (89,763 ) Denominator Weighted-average shares outstanding used in computing net loss per share, basic and diluted 44,065,749 43,601,162 Net loss per share, basic and diluted $ (2.64 ) $ (2.06 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable for the periods presented because including them would have been anti-dilutive: As of December 31, 2022 2021 Options to purchase common stock 9,107,467 7,477,568 Non-vested restricted stock units 287,916 - Total 9,395,383 7,477,568
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	p) Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2016-02, Leases (Topic 842) (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. ASC 842 provides a lessee with an option to not account for leases with a term of 12 month or less as leases in the scope of the new standard. ASC 842 supersedes the previous leases standard, ASC 840 Leases. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. As amended by ASU No. 2020-05, for all other entities, this ASU is effective for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. As a result of the Company having elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act, ASU No. 2016-02 is effective for the Company for the year ended December 31, 2022, and all interim periods within. In July 2018, the FASB issued supplemental adoption guidance and clarification to ASC 842 within ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements. ASU No. 2018-11 provides another transition method in addition to the existing modified retrospective transition method by allowing entities to initially apply the new leasing standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of accumulated deficit in the period of adoption. On January 1, 2022, the Company adopted ASC 842 using the modified retrospective approach. Accordingly, prior period financial information and disclosures have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under the previous lease standard. In addition, the Company elected the package of practical expedients available for existing contracts, which allowed it to carry forward historical assessments of lease identification, lease classification, and initial direct costs. As a result of adopting ASC 842, the Company recognized right-of-use assets and lease liabilities of $3.7 million and $4.2 million, respectively, on January 1, 2022, which are related to the Company’s facility operating leases. The difference between the right-of-use assets and lease liabilities is primarily attributed to unamortized lease incentives. There was no adjustment to the opening balance of accumulated deficit as a result of the adoption of ASC 842 . In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) (ASC 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The guidance is effective for public business entities for annual periods beginning after December 15, 2019, including interim periods within those years. For all other entities, the standard is effective for annual periods beginning after December 15, 2022 and interim periods, therein. Early adoption is permitted. Since the Company has elected to use the extended transition period under the JOBS Act available to emerging growth companies (EGCs), the ASU is effective for the Company for fiscal years beginning after December 15, 2022. The Company does not expect the adoption to have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes (ASU 2019-12). Among other items, the amendments in ASU 2019-12 simplify the accounting treatment of tax law changes and year-to-date losses in interim periods. An entity generally recognizes the effects of a change in tax law in the period of enactment; however, there is an exception for tax laws with delayed effective dates. Under current guidance, an entity may not adjust its annual effective tax rate for a tax law change until the period in which the law is effective. This exception was removed under ASU 2019-12, thereby providing that all effects of a tax law change are recognized in the period of enactment, including adjustment of the estimated annual effective tax rate. Regarding year-to-date losses in interim periods, an entity is required to estimate its annual effective tax rate for the full fiscal year at the end of each interim period and use that rate to calculate its income taxes on a year-to-date basis. However, current guidance provides an exception that when a loss in an interim period exceeds the anticipated loss for the year, the income tax benefit is limited to the amount that would be recognized if the year-to-date loss were the anticipated loss for the full year. ASU 2019-12 removes this exception and provides that, in this situation, an entity would compute its income tax benefit at each interim period based on its estimated annual effective tax rate. The Company adopted the standard on the required effective date of January 1, 2022. The ASU did not have a material impact on its consolidated financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Basic and Diluted Net Loss Per Share	The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts). Years Ended December 31, 2022 2021 Numerator Net loss attributable to Kinnate $ (116,271 ) $ (89,763 ) Denominator Weighted-average shares outstanding used in computing net loss per share, basic and diluted 44,065,749 43,601,162 Net loss per share, basic and diluted $ (2.64 ) $ (2.06 )
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 for the periods presented because including them would have been anti-dilutive: As of December 31, 2022 2021 Options to purchase common stock 9,107,467 7,477,568 Non-vested restricted stock units 287,916 - Total 9,395,383 7,477,568

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2022
Cash, Cash Equivalents and Restricted Cash [Abstract]
Components of cash, cash equivalents and restricted cash	The following table provides a reconciliation of the components of cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows (in thousands): As of December 31, 2022 2021 Cash and cash equivalents $ 29,261 $ 116,096 Cash at consolidated joint venture 25,725 33,593 Restricted cash, non-current 371 371 Total cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows $ 55,357 $ 150,060

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Property and Equipment, Net [Abstract]
Property and Equipment, Net	Property and equipment, net, consisted of the following (in thousands): As of December 31, 2022 2021 Furniture and fixtures $ 760 $ 5 Computers and equipment 442 381 Computer software 99 69 Leasehold improvements 2,511 638 Property and equipment 3,812 1,093 Less accumulated depreciation (741 ) (137 ) Property and equipment, net $ 3,071 $ 956

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2022
Accrued Expenses [Abstract]
Accrued Expenses	Accrued expenses consisted of the following (in thousands): As of December 31, 2022 2021 Accrued research and development $ 7,884 $ 4,842 Accrued compensation 4,832 3,344 Accrued legal fees 243 425 Other accruals 247 628 Total $ 13,206 $ 9,239

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Investments [Abstract]
Investments by Type and Classes of Security	The cost, gross unrealized holding gains, gross unrealized holding losses and fair value of available-for-sale investments by types and classes of security at December 31, 2022 and 2021 consisted of the following (in thousands): December 31, 2022 Maturity Amortized Unrealized Unrealized Estimated in Years Cost Gains Losses Fair Value Corporate debt securities less than $ 9,604 $ 2 $ (72 ) $ 9,534 Commercial paper less than 1 41,243 - - 41,243 U.S. Treasury securities less than 119,810 - (1,254 ) 118,556 U.S. Agency bonds less than 1 2,877 4 - 2,881 Short-term investments $ 173,534 $ 6 $ (1,326 ) $ 172,214 Corporate debt securities 1 - $ 15,426 $ - $ (60 ) $ 15,366 U.S. Agency bonds 1 - 2 5,907 - (9 ) 5,898 Asset-backed securities 1 - 2 17,897 20 (42 ) 17,875 Long-term investments $ 39,230 $ 20 $ (111 ) $ 39,139 Decemb er 31, 2021 Maturity Amortized Unrealized Unrealized Estimated in Years Cost Gains Losses Fair Value Corporate debt securities less than 1 $ 27,450 $ - $ (25 ) $ 27,425 U.S. Treasury securities less than 1 60,226 - (67 ) 60,159 Asset-backed securities less than 1 15,798 - (20 ) 15,778 Short-term investments $ 103,474 $ - $ (112 ) $ 103,362 U.S. Treasury securities 1 - 2 105,861 - (412 ) 105,449 Long-term investments $ 105,861 $ - $ (412 ) $ 105,449
Fair Value and Unrealized Losses of Securities that are in Continuous Loss Position	The available-for-sale investments’ gross unrealized losses and fair value aggregated by classes of security and length of time that individual securities have been in a continuous loss position at December 31, 2022 and 2021 consisted of the following (in thousands): December 31, 2022 Less than 12 months More than 12 months Total Unrealized Unrealized Unrealized Count Fair Value Losses Count Fair Value Losses Count Fair Value Losses Corporate debt securities 7 $ 22,806 $ (132 ) - $ - $ - 7 $ 22,806 $ (132 ) Commercial paper - - - - - - - - - U.S. Treasury securities 3 14,625 (57 ) 7 103,931 (1,197 ) 10 118,556 (1,254 ) U.S. Agency bonds 2 5,898 (9 ) - - - 2 5,898 (9 ) Asset-backed securities 6 7,843 (42 ) - - - 6 7,843 (42 ) 18 $ 51,172 $ (240 ) 7 $ 103,931 $ (1,197 ) 25 $ 155,103 $ (1,437 ) December 31, 2021 Less than 12 months More than 12 months Total Unrealized Unrealized Unrealized Count Fair Value Losses Count Fair Value Losses Count Fair Value Losses Corporate debt securities 6 $ 27,425 $ (25 ) - $ - $ - 6 $ 27,425 $ (25 ) U.S. Treasury securities 11 165,608 (479 ) - - - 11 165,608 (479 ) Asset-backed securities 4 15,778 (20 ) - - - 4 15,778 (20 ) 21 $ 208,811 $ (524 ) - $ - $ - 21 $ 208,811 $ (524 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Measurements [Abstract]
Major Categories of Assets Measured at Fair Value on a Recurring Basis	Following are the major categories of assets measured at fair value on a recurring basis as of December 31, 2022 and 2021 (in thousands): Fair Value Measurements at December 31, 2022 Level 1 Level 2 Level 3 Total Money market funds $ 28,261 $ - $ - $ 28,261 Corporate debt securities - 24,900 - 24,900 Commercial paper - 41,243 - 41,243 U.S. Treasury securities - 118,556 - 118,556 U.S. Agency bonds - 8,779 - 8,779 Asset-backed securities - 17,875 - 17,875 Total cash equivalents and investments $ 28,261 $ 211,353 $ - $ 239,614 Fair Value Measurements at December 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ 115,049 $ - $ - $ 115,049 Corporate debt securities - 27,425 - 27,425 U.S. Treasury securities - 165,608 - 165,608 Asset-backed securities - 15,778 - 15,778 Total cash equivalents and investments $ 115,049 $ 208,811 $ - $ 323,860

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity [Abstract]
Common Stock Reserved for Future Issuance	Common stock reserved for future issuance consisted of the following: As of December 31, 2022 2021 Common stock options outstanding 9,107,467 7,477,568 RSUs outstanding 287,916 - Common stock reserved for future equity grants 1,700,947 4,079,339 Total common stock reserved for future issuance 11,096,330 11,556,907

Equity Incentive Plans and St_2

Equity Incentive Plans and Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Option Activity	Stock option activity is as follows for the year ended December 31, 2022: Weighted- Average Aggregate Weighted- Remaining Intrinsic Average Contractual Value Options Exercise Price Term (in years) (in thousands) Outstanding at January 1, 2022 7,477,568 $ 11.11 8.3 $ 74,268 Granted 2,904,414 9.92 Exercised (400,906 ) 2.36 Forfeited (873,609 ) 14.26 Outstanding at December 31, 2022 9,107,467 $ 10.81 7.8 $ 11,521 Exercisable at December 31, 2022 4,428,265 $ 9.39 7.0 $ 8,220
Restricted Stock Unit Activity	Restricted stock unit activity is as follows for the year ended December 31, 2022: Weighted- Aggregate Restricted Average Intrinsic Stock Units Grant Date Value Outstanding Fair Value (in thousands) Outstanding at January 1, 2022 - $ - $ - Granted 347,587 14.71 Vested (19,952 ) 14.71 Forfeited (39,719 ) 14.71 Outstanding at December 31, 2022 287,916 $ 14.71 $ 1,756
Equity Award Activity	Equity award activity is as follows for the year ended December 31, 2022: Stock Options Weighted- Average Shares Exercise Price Outstanding at January 1, 2022 2,837,500 $ 0.34 Granted - - Exercised - - Forfeited (500,000 ) 0.34 Outstanding at December 31, 2022 2,337,500 $ 0.34 Exercisable at December 31, 2022 726,825 $ 0.34 SARs Weighted- Average Shares Exercise Price Outstanding at January 1, 2022 300,000 $ 0.34 Granted 4,130,000 0.34 Exercised - - Forfeited (200,000 ) 0.34 Outstanding at December 31, 2022 4,230,000 $ 0.34 Exercisable at December 31, 2022 - -
Stock-Based Compensation Expense	Stock-based compensation expense related to the Company’s stock options, RSUs and ESPP totaled the following (in thousands): Years Ended December 31, 2022 2021 Research and development $ 8,604 $ 6,778 General and administrative 10,978 8,238 Total stock-based compensation $ 19,582 $ 15,016
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value of Stock Assumptions	The assumptions used for the years ended December 31, 2022 and 2021 under the ESPP were as follows: Years Ended December 31, 2022 2021 Expected term (in years) 0.50 0.50 Expected volatility 50% - 86% 50% - 68% Risk-free interest rate 0.07% - 4.54% 0.03% - 0.07% Expected dividend 0% 0%
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value of Stock Assumptions	The fair value of stock options was estimated using the following assumptions: Years Ended December 31, 2022 2021 Expected term (in years) 5 - 6 5 - 6 Expected volatility 79% - 86% 85% - 89% Risk-free interest rate 1.62% - 4.35% 0.68% - 1.21% Expected dividend 0% 0%

Variable Interest Entity (Table

Variable Interest Entity (Tables)	12 Months Ended
	Dec. 31, 2022
Variable Interest Entity [Abstract]
Carrying Amount of Assets and Liabilities	The following table summarizes the fair value of Kinnjiu, as of May 13, 2021 recorded upon initial consolidation in the Company’s consolidated balance sheets and the carrying amount of such assets and liabilities as of December 31, 2022 and 2021, excluding intercompany balances (in thousands): As of December 31, 2022 2021 May 13, 2021 Cash at consolidated joint venture $ 25,725 $ 33,593 $ 35,011 Prepaid expenses and other current assets 20 215 - Right-of-use lease assets 223 - - Other non-current assets 48 - - Accounts payable and accrued expenses 491 286 - Operating lease liabilities 206 - -

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes [Abstract]
Provision for Income Taxes	Significant components of the Company’s provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate were as follows (in thousands): Years Ended December 31, 2022 2021 Income taxes computed at the statutory rate $ (24,417 ) $ (18,850 ) State income taxes, net of federal benefit (21 ) (4 ) Permanent items 1,419 922 Stock-based compensation 331 (280 ) Research credits (4,233 ) (1,306 ) Other 2,140 548 Change in valuation allowance 24,781 18,970 Provision for income taxes $ - $ -
Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred taxes were as follows (in thousands): As of December 31, 2022 2021 Deferred tax assets: Net operating loss carryforward $ 34,119 $ 28,054 Research and development credit carryforwards 5,524 1,295 Stock-based compensation 3,213 1,774 Accrued compensation 858 635 Capitalized research and development expenditures 13,311 - Other, net 1,151 144 Gross deferred tax assets: 58,176 31,902 Less valuation allowance (56,928 ) (31,741 ) Total deferred tax assets 1,248 161 Deferred tax liabilities: Right-of-use lease assets (663 ) - Property and equipment (585 ) (51 ) Other - (110 ) Total deferred tax liabilities (1,248 ) (161 ) Net deferred tax assets $ - $ -

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies [Abstract]
Future Lease Payments of Operating Lease Liabilities	Future lease payments of operating lease liabilities as of December 31, 2022 were as follows (in thousands): Operating Leases 2023 1,230 2024 1,113 2025 1,112 2026 927 Thereafter 428 Total minimum lease payments 4,810 Less: imputed interest (628 ) Total operating lease liabilities 4,182 Less: current portion (991 ) Lease liability, net of current portion $ 3,191
Future Minimum Lease Payments Under Non-Cancelable Operating Leases	Under ASC 840, future minimum lease payments under non-cancelable operating leases as of December 31, 2021 were as follows (in thousands): Year Ending December 31, Operating Leases 2022 $ 638 2023 1,045 2024 1,076 2025 1,108 2026 924 Thereafter 365 Total mimium lease payments $ 5,156

Organization and Basis of Pre_3

Organization and Basis of Presentation (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Organization and Nature of Operations [Abstract]
Accumulated deficit		$ (259,363)	$ (143,092)
Cash and cash equivalents and short-term and long-term investments		240,600
Contributions from redeemable convertible noncontrolling interest owners, net	$ 35,000	0	$ 34,853
Contributions from noncontrolling interest owners, issuance cost	$ 200
China Joint Venture [Member]
Organization and Nature of Operations [Abstract]
Cash and cash equivalents and short-term and long-term investments		$ 25,700
Kinnjiu [Member]
Organization and Nature of Operations [Abstract]
Equity interest held in joint venture		58%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies, Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Minimum [Member]
Property and Equipment [Abstract]
Estimated useful life	3 years
Maximum [Member]
Property and Equipment [Abstract]
Estimated useful life	5 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies, Impairment of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Impairment of Property and Equipment [Abstract]
Impairment losses	$ 0	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies, Research and Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Research and Development [Abstract]
Research and development expenses	$ 88,150	$ 67,166

Summary of Significant Accoun_7

Summary of Significant Accounting Policies, Commitments and Contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies [Abstract]
Commitments and contingencies	$ 0	$ 0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies, Stock-Based Compensation (Details) - Stock Options [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation [Abstract]
Expected term	10 years
Expected dividend yield	0%	0%

Summary of Significant Accoun_9

Summary of Significant Accounting Policies, Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator [Abstract]
Net loss attributable to Kinnate	$ (116,271)	$ (89,763)
Denominator [Abstract]
Weighted-average shares outstanding used in computing net loss per share, basic (in shares)	44,065,749	43,601,162
Weighted-average shares outstanding used in computing net loss per share, diluted (in shares)	44,065,749	43,601,162
Net loss per share, basic (in dollars per share)	$ (2.64)	$ (2.06)
Net loss per share, diluted (in dollars per share)	$ (2.64)	$ (2.06)
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share [Abstract]
Dilutive securities excluded from computation of diluted net loss per share (in shares)	9,395,383	7,477,568
Options to Purchase Common Stock [Member]
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share [Abstract]
Dilutive securities excluded from computation of diluted net loss per share (in shares)	9,107,467	7,477,568
Non-Vested Restricted Stock Units [Member]
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share [Abstract]
Dilutive securities excluded from computation of diluted net loss per share (in shares)	287,916	0

Summary of Significant Accou_10

Summary of Significant Accounting Policies, Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Recently Issued Accounting Standards [Abstract]
Right-of-use assets	$ 3,377	$ 0
lease liabilities	$ 3,191	0
Accounting Standards Update 2016-02 [Member]
Recently Issued Accounting Standards [Abstract]
Right-of-use assets		3,700
lease liabilities		$ 4,200

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 29,261	$ 116,096
Cash at consolidated joint venture	25,725	33,593
Restricted cash, non-current	371	371
Total cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows	$ 55,357	$ 150,060	$ 365,462

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property and Equipment [Abstract]
Property and equipment	$ 3,812	$ 1,093
Less accumulated depreciation	(741)	(137)
Property and equipment, net	3,071	956
Depreciation expense	604	123
Furniture and Fixtures [Member]
Property and Equipment [Abstract]
Property and equipment	760	5
Computers and Equipment [Member]
Property and Equipment [Abstract]
Property and equipment	442	381
Computer Software [Member]
Property and Equipment [Abstract]
Property and equipment	99	69
Leasehold Improvements [Member]
Property and Equipment [Abstract]
Property and equipment	$ 2,511	$ 638

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Expenses [Abstract]
Accrued research and development	$ 7,884	$ 4,842
Accrued compensation	4,832	3,344
Accrued legal fees	243	425
Other accruals	247	628
Total	$ 13,206	$ 9,239

Investments, Investments by Typ

Investments, Investments by Types and Classes of Security (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Available-for-sale Investments by Types and Classes of Security [Abstract]
Securities in material unrealized loss positions	$ 1,437	$ 524
Fair value of investments due to credit-related factors	0	0
Corporate Debt Securities [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Securities in material unrealized loss positions	132	25
Commercial Paper [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Securities in material unrealized loss positions	0
US Treasury Securities [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Securities in material unrealized loss positions	1,254	479
Asset-backed Securities [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Securities in material unrealized loss positions	42	20
Short-term Investment [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	173,534	103,474
Unrealized Gains	6	0
Unrealized Losses	(1,326)	(112)
Estimated Fair Value	172,214	103,362
Short-term Investment [Member] | Corporate Debt Securities [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	9,604	27,450
Unrealized Gains	2	0
Unrealized Losses	(72)	(25)
Estimated Fair Value	$ 9,534	$ 27,425
Short-term Investment [Member] | Corporate Debt Securities [Member] | Maximum [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Maturity in Years	1 year	1 year
Short-term Investment [Member] | Commercial Paper [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	$ 41,243
Unrealized Gains	0
Unrealized Losses	0
Estimated Fair Value	$ 41,243
Short-term Investment [Member] | Commercial Paper [Member] | Maximum [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Maturity in Years	1 year
Short-term Investment [Member] | US Treasury Securities [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	$ 119,810	$ 60,226
Unrealized Gains	0	0
Unrealized Losses	(1,254)	(67)
Estimated Fair Value	$ 118,556	$ 60,159
Short-term Investment [Member] | US Treasury Securities [Member] | Maximum [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Maturity in Years	1 year	1 year
Short-term Investment [Member] | US Agency Bonds [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	$ 2,877
Unrealized Gains	4
Unrealized Losses	0
Estimated Fair Value	$ 2,881
Short-term Investment [Member] | US Agency Bonds [Member] | Maximum [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Maturity in Years	1 year
Short-term Investment [Member] | Asset-backed Securities [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost		$ 15,798
Unrealized Gains		0
Unrealized Losses		(20)
Estimated Fair Value		$ 15,778
Short-term Investment [Member] | Asset-backed Securities [Member] | Maximum [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Maturity in Years		1 year
Long-term Investments [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	$ 39,230	$ 105,861
Unrealized Gains	20	0
Unrealized Losses	(111)	(412)
Estimated Fair Value	39,139	105,449
Long-term Investments [Member] | Corporate Debt Securities [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	15,426
Unrealized Gains	0
Unrealized Losses	(60)
Estimated Fair Value	$ 15,366
Long-term Investments [Member] | Corporate Debt Securities [Member] | Minimum [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Maturity in Years	1 year
Long-term Investments [Member] | Corporate Debt Securities [Member] | Maximum [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Maturity in Years	2 years
Long-term Investments [Member] | US Treasury Securities [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost		105,861
Unrealized Gains		0
Unrealized Losses		(412)
Estimated Fair Value		$ 105,449
Long-term Investments [Member] | US Treasury Securities [Member] | Minimum [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Maturity in Years		1 year
Long-term Investments [Member] | US Treasury Securities [Member] | Maximum [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Maturity in Years		2 years
Long-term Investments [Member] | US Agency Bonds [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	$ 5,907
Unrealized Gains	0
Unrealized Losses	(9)
Estimated Fair Value	$ 5,898
Long-term Investments [Member] | US Agency Bonds [Member] | Minimum [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Maturity in Years	1 year
Long-term Investments [Member] | US Agency Bonds [Member] | Maximum [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Maturity in Years	2 years
Long-term Investments [Member] | Asset-backed Securities [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	$ 17,897
Unrealized Gains	20
Unrealized Losses	(42)
Estimated Fair Value	$ 17,875
Long-term Investments [Member] | Asset-backed Securities [Member] | Minimum [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Maturity in Years	1 year
Long-term Investments [Member] | Asset-backed Securities [Member] | Maximum [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Maturity in Years	2 years

Investments, Gross Unrealized L

Investments, Gross Unrealized Losses and Fair Value Aggregated by Classes of Security (Details) $ in Thousands	Dec. 31, 2022 USD ($) position	Dec. 31, 2021 USD ($) position
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]
Less Than Twelve Months, Count | position	18	21
Less Than Twelve Months, Fair Value	$ 51,172	$ 208,811
Less Than Twelve Months, Unrealized Losses	$ (240)	$ (524)
Twelve Months or More, Count | position	7	0
Twelve Months or More, Fair Value	$ 103,931	$ 0
Twelve Months or More, Unrealized Losses	$ (1,197)	$ 0
Total, Count | position	25	21
Total, Fair Value	$ 155,103	$ 208,811
Total, Unrealized Losses	$ (1,437)	$ (524)
Corporate Debt Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]
Less Than Twelve Months, Count | position	7	6
Less Than Twelve Months, Fair Value	$ 22,806	$ 27,425
Less Than Twelve Months, Unrealized Losses	$ (132)	$ (25)
Twelve Months or More, Count | position	0	0
Twelve Months or More, Fair Value	$ 0	$ 0
Twelve Months or More, Unrealized Losses	$ 0	$ 0
Total, Count | position	7	6
Total, Fair Value	$ 22,806	$ 27,425
Total, Unrealized Losses	$ (132)	$ (25)
Commercial Paper [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]
Less Than Twelve Months, Count | position	0
Less Than Twelve Months, Fair Value	$ 0
Less Than Twelve Months, Unrealized Losses	$ 0
Twelve Months or More, Count | position	0
Twelve Months or More, Fair Value	$ 0
Twelve Months or More, Unrealized Losses	$ 0
Total, Count | position	0
Total, Fair Value	$ 0
Total, Unrealized Losses	$ 0
US Treasury Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]
Less Than Twelve Months, Count | position	3	11
Less Than Twelve Months, Fair Value	$ 14,625	$ 165,608
Less Than Twelve Months, Unrealized Losses	$ (57)	$ (479)
Twelve Months or More, Count | position	7	0
Twelve Months or More, Fair Value	$ 103,931	$ 0
Twelve Months or More, Unrealized Losses	$ (1,197)	$ 0
Total, Count | position	10	11
Total, Fair Value	$ 118,556	$ 165,608
Total, Unrealized Losses	$ (1,254)	$ (479)
U.S. Agency Bonds [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]
Less Than Twelve Months, Count | position	2
Less Than Twelve Months, Fair Value	$ 5,898
Less Than Twelve Months, Unrealized Losses	$ (9)
Twelve Months or More, Count | position	0
Twelve Months or More, Fair Value	$ 0
Twelve Months or More, Unrealized Losses	$ 0
Total, Count | position	2
Total, Fair Value	$ 5,898
Total, Unrealized Losses	$ (9)
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]
Less Than Twelve Months, Count | position	6	4
Less Than Twelve Months, Fair Value	$ 7,843	$ 15,778
Less Than Twelve Months, Unrealized Losses	$ (42)	$ (20)
Twelve Months or More, Count | position	0	0
Twelve Months or More, Fair Value	$ 0	$ 0
Twelve Months or More, Unrealized Losses	$ 0	$ 0
Total, Count | position	6	4
Total, Fair Value	$ 7,843	$ 15,778
Total, Unrealized Losses	$ (42)	$ (20)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	$ 239,614	$ 323,860
Money Market Funds [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	28,261	115,049
Corporate Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	24,900	27,425
Commercial Paper [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	41,243
U.S. Treasury Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	118,556	165,608
U.S. Agency Bonds [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	8,779
Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	17,875	15,778
Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	28,261	115,049
Level 1 [Member] | Money Market Funds [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	28,261	115,049
Level 1 [Member] | Corporate Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	0	0
Level 1 [Member] | Commercial Paper [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	0
Level 1 [Member] | U.S. Treasury Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	0	0
Level 1 [Member] | U.S. Agency Bonds [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	0
Level 1 [Member] | Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	0	0
Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	211,353	208,811
Level 2 [Member] | Money Market Funds [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	0	0
Level 2 [Member] | Corporate Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	24,900	27,425
Level 2 [Member] | Commercial Paper [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	41,243
Level 2 [Member] | U.S. Treasury Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	118,556	165,608
Level 2 [Member] | U.S. Agency Bonds [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	8,779
Level 2 [Member] | Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	17,875	15,778
Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	0	0
Level 3 [Member] | Money Market Funds [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	0	0
Level 3 [Member] | Corporate Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	0	0
Level 3 [Member] | Commercial Paper [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	0
Level 3 [Member] | U.S. Treasury Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	0	0
Level 3 [Member] | U.S. Agency Bonds [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	0
Level 3 [Member] | Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	$ 0	$ 0

Stockholders' Equity, Shares Au

Stockholders' Equity, Shares Authorized and Par Value (Details) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 07, 2020
Stockholders' Equity [Abstract]
Capital shares authorized (in shares)			1,200,000,000
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000	1,000,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000	200,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001

Stockholders' Equity, Common St

Stockholders' Equity, Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Common Stock Sales [Abstract]
Common stock options outstanding (in shares)	9,107,467	7,477,568
RSUs outstanding (in shares)	287,916	0
Common stock reserved for future equity grants (in shares)	1,700,947	4,079,339
Total common stock reserved for future issuance (in shares)	11,096,330	11,556,907

Stockholders' Equity, At the Ma

Stockholders' Equity, At the Market Offering Program (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2022	Dec. 31, 2022
At the Market Offering Program [Abstract]
Sale of common stock under ATM offerings (in shares)		0
Deferred offering costs		$ 0.6
Maximum [Member]
At the Market Offering Program [Abstract]
Proceeds from sale of common stock in ATM offering	$ 150

Equity Incentive Plans and St_3

Equity Incentive Plans and Stock-Based Compensation, Equity Incentive Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
2020 Equity Incentive Plan [Member]
Share-based Payment Arrangement, Disclosure [Abstract]
Number of shares of common stock options authorized to issue (in shares)	5,218,000
2020 Equity Incentive Plan [Member] | Minimum [Member]
Share-based Payment Arrangement, Disclosure [Abstract]
Percentage of combined voting power held by optionee	10%
Percentage of fair market value of common stock	110%
Grant expiration period	5 years
Vesting period	2 years
2020 Equity Incentive Plan [Member] | Maximum [Member]
Share-based Payment Arrangement, Disclosure [Abstract]
Grant expiration period	10 years
Employee's exercise period for vesting shares after termination	30 days
Vesting period	4 years
2018 Equity Incentive Plan [Member]
Share-based Payment Arrangement, Disclosure [Abstract]
Common stock remained available for issuance of shares (in shares)	588,039
2018 Equity Incentive Plan [Member] | Minimum [Member]
Share-based Payment Arrangement, Disclosure [Abstract]
Percentage of combined voting power held by optionee	10%
Percentage of fair market value of common stock	110%
Grant expiration period	5 years
Vesting period	2 years
2018 Equity Incentive Plan [Member] | Maximum [Member]
Share-based Payment Arrangement, Disclosure [Abstract]
Grant expiration period	10 years
Employee's exercise period for vesting shares after termination	30 days
Vesting period	4 years
Stock Options [Member]
Options [Roll Forward]
Outstanding at beginning of period (in shares)	7,477,568
Granted (in shares)	2,904,414
Exercised (in shares)	(400,906)
Forfeited (in shares)	(873,609)
Outstanding at end of period (in shares)	9,107,467	7,477,568
Exercisable at end of period (in shares)	4,428,265
Weighted-Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 11.11
Granted (in dollars per share)	9.92
Exercised (in dollars per share)	2.36
Forfeited (in dollars per share)	14.26
Outstanding at end of period (in dollars per share)	10.81	$ 11.11
Exercisable at end of period (in dollars per share)	$ 9.39
Weighted-Average Remaining Contractual Term [Abstract]
Outstanding at beginning of period	7 years 9 months 18 days	8 years 3 months 18 days
Outstanding (in years)	7 years 9 months 18 days	8 years 3 months 18 days
Exercisable (in years)	7 years
Aggregate Intrinsic Value [Abstract]
Outstanding at end of period	$ 11,521,000	$ 74,268,000
Exercisable amount	8,220,000
Total intrinsic value of options exercised	$ 2,800,000	$ 6,000
Restricted Stock Units [Member] | 2020 Equity Incentive Plan [Member] | Maximum [Member]
Share-based Payment Arrangement, Disclosure [Abstract]
Vesting period	4 years

Equity Incentive Plans and St_4

Equity Incentive Plans and Stock-Based Compensation, Restricted Stock Units (Details) - Restricted Stock Units [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units [Roll Forward]
Outstanding, beginning balance (in shares)	0
Granted (in shares)	347,587
Vested (in shares)	(19,952)	0
Forfeited (in shares)	(39,719)
Outstanding, ending balance (in shares)	287,916	0
Weighted-Average Grant Date Fair Value [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	14.71
Vested (in dollars per share)	14.71
Forfeited (in dollars per share)	14.71
Outstanding, ending balance (in dollars per share)	$ 14.71	$ 0
Aggregate Intrinsic Value [Abstract]
Outstanding amount	$ 1,756	$ 0

Equity Incentive Plans and St_5

Equity Incentive Plans and Stock-Based Compensation, Kinnjiu Equity Incentive Plan (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	May 31, 2021
Stock Options [Member]
Options [Roll Forward]
Outstanding at beginning of period (in shares)	7,477,568
Granted (in shares)	2,904,414
Exercised (in shares)	(400,906)
Forfeited (in shares)	(873,609)
Outstanding at end of period (in shares)	9,107,467
Exercisable at end of period (in shares)	4,428,265
Weighted-Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 11.11
Granted (in dollars per share)	9.92
Exercised (in dollars per share)	2.36
Forfeited (in dollars per share)	14.26
Outstanding at end of period (in dollars per share)	10.81
Exercisable at end of period (in dollars per share)	$ 9.39
2021 Equity Incentive Plan [Member]
Kinnjiu Equity Incentive Plan [Abstract]
Number of shares of common stock options authorized to issue (in shares)		9,000,000
Common stock remained available for issuance of shares (in shares)	2,432,500
Fair market value of ordinary share (in dollars per share)		$ 0.34
2021 Equity Incentive Plan [Member] | Stock Options [Member]
Options [Roll Forward]
Outstanding at beginning of period (in shares)	2,837,500
Granted (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	(500,000)
Outstanding at end of period (in shares)	2,337,500
Exercisable at end of period (in shares)	726,825
Weighted-Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 0.34
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	0.34
Outstanding at end of period (in dollars per share)	0.34
Exercisable at end of period (in dollars per share)	$ 0.34
2021 Equity Incentive Plan [Member] | Nonstatutory Stock Options (NSOs) [Member]
Kinnjiu Equity Incentive Plan [Abstract]
Vesting period	4 years
2021 Equity Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member]
Restricted Stock Units [Roll Forward]
Outstanding, beginning balance (in shares)	300,000
Granted (in shares)	4,130,000
Vested (in shares)	0
Forfeited (in shares)	(200,000)
Outstanding, ending balance (in shares)	4,230,000
Exercisable, ending balance (in shares)	0
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)	$ 0.34
Granted (in dollars per share)	0.34
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0.34
Outstanding, ending balance (in dollars per share)	0.34
Exercisable, ending balance (in dollars per share)	$ 0
2021 Equity Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Two-Year Anniversary [Member]
Kinnjiu Equity Incentive Plan [Abstract]
Percentage of vesting rights	30%
Vesting period	2 years
2021 Equity Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Three-Year Anniversary [Member]
Kinnjiu Equity Incentive Plan [Abstract]
Percentage of vesting rights	30%
Vesting period	3 years
2021 Equity Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | Four-Year Anniversary [Member]
Kinnjiu Equity Incentive Plan [Abstract]
Percentage of vesting rights	40%
Vesting period	4 years

Equity Incentive Plans and St_6

Equity Incentive Plans and Stock-Based Compensation, Employee Stock Purchase Plan (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021
Employee Stock Purchase Plan [Abstract]
Common stock reserved for future issuance (in shares)		11,096,330	11,556,907
Employee Stock Purchase Plan [Member]
Employee Stock Purchase Plan [Abstract]
Percentage of purchase date	85%
Offering period	6 months
New offering period	6 months
Common stock reserved for future issuance (in shares)	435,000
Employee Stock Purchase Plan [Member] | Maximum [Member]
Employee Stock Purchase Plan [Abstract]
Percentage of offering date	15%

Equity Incentive Plans and St_7

Equity Incentive Plans and Stock-Based Compensation, Stock-Based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value of Stock Assumptions [Abstract]
Unrecognized stock-based compensation expense	$ 39,200	$ 45,000
Weighted-average period of nonvested stock-based compensation	2 years 3 months 29 days	2 years 6 months 29 days
Share-based Compensation Expense [Abstract]
Stock-based compensation expense	$ 19,582	$ 15,016
Employee Stock Purchase Plan [Member]
Fair Value of Stock Assumptions [Abstract]
Expected term (in years)	6 months	6 months
Expected dividend	0%
Unrecognized stock-based compensation expense	$ 200	$ 100
Employee Stock Purchase Plan [Member] | Minimum [Member]
Fair Value of Stock Assumptions [Abstract]
Expected volatility	50%	50%
Risk-free interest rate	0.07%	0.03%
Employee Stock Purchase Plan [Member] | Maximum [Member]
Fair Value of Stock Assumptions [Abstract]
Expected volatility	86%	68%
Risk-free interest rate	4.54%	0.07%
Research and Development [Member]
Share-based Compensation Expense [Abstract]
Stock-based compensation expense	$ 8,604	$ 6,778
General and Administrative [Member]
Share-based Compensation Expense [Abstract]
Stock-based compensation expense	$ 10,978	$ 8,238
Stock Options [Member]
Fair Value of Stock Assumptions [Abstract]
Expected term (in years)	10 years
Expected dividend	0%	0%
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 7.13	$ 21.7
Stock Options [Member] | Minimum [Member]
Fair Value of Stock Assumptions [Abstract]
Expected term (in years)	5 years	5 years
Expected volatility	79%	85%
Risk-free interest rate	1.62%	0.68%
Stock Options [Member] | Maximum [Member]
Fair Value of Stock Assumptions [Abstract]
Expected term (in years)	6 years	6 years
Expected volatility	86%	89%
Risk-free interest rate	4.35%	1.21%
Stock Options [Member] | Employee Stock Purchase Plan [Member]
Fair Value of Stock Assumptions [Abstract]
Expected dividend		0%
Restricted Stock Units [Member]
Fair Value of Stock Assumptions [Abstract]
Unrecognized stock-based compensation expense	$ 4,100
RSUs vested (in shares)	19,952	0
Weighted-average period of nonvested stock-based compensation	3 years 8 months 1 day

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Contributions from redeemable convertible noncontrolling interest owners, net	$ 35,000	$ 0	$ 34,853
Contributions from noncontrolling interest owners, issuance cost	$ 200

Variable Interest Entity (Detai

Variable Interest Entity (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2023	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021	May 13, 2021
Information of Variable Interest Entity [Abstract]
Contributions from redeemable convertible noncontrolling interest owners, net		$ 35,000	$ 0	$ 34,853
Contributions from noncontrolling interest owners, issuance cost		$ 200
Assets and Liabilities [Abstract]
Cash at consolidated joint venture			25,725	33,593
Prepaid expenses and other current assets			3,637	5,639
Right-of-use lease assets			3,377	0
Other non-current assets			2,031	757
Operating lease liabilities			$ 4,182
Kinnjiu [Member]
Information of Variable Interest Entity [Abstract]
Equity interest held in joint venture			58%
Assets and Liabilities [Abstract]
Cash at consolidated joint venture			$ 25,725	33,593	$ 35,011
Prepaid expenses and other current assets			20	215	0
Right-of-use lease assets			223	0	0
Other non-current assets			48	0	0
Accounts payable and accrued expenses			491	286	0
Operating lease liabilities			$ 206	$ 0	$ 0
Kinnjiu [Member] | Subsequent Event [Member]
Assets and Liabilities [Abstract]
Stock Purchase Agreement, total consideration	$ 24,000
Stock Purchase Agreement, cash consideration	9,100
Stock Purchase Agreement, consideration paid in common stock	$ 14,900
Stock Purchase Agreement, number of shares issued (in shares)	2,200,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Provision for Income Taxes [Abstract]
Income taxes computed at the statutory rate	$ (24,417)	$ (18,850)
State income taxes, net of federal benefit	(21)	(4)
Permanent items	1,419	922
Stock-based compensation	331	(280)
Research credits	(4,233)	(1,306)
Other	2,140	548
Change in valuation allowance	24,781	18,970
Provision for income taxes	0	0
Deferred tax assets [Abstract]
Net operating loss carryforward	34,119	28,054
Research and development credit carryforwards	5,524	1,295
Stock-based compensation	3,213	1,774
Accrued compensation	858	635
Capitalized research and development expenditures	13,311	0
Other, net	1,151	144
Gross deferred tax assets	58,176	31,902
Less valuation allowance	(56,928)	(31,741)
Total deferred tax assets	1,248	161
Deferred tax liabilities [Abstract]
Right-of-use lease assets	(663)	0
Property and equipment	(585)	(51)
Other	0	(110)
Total deferred tax liabilities	(1,248)	(161)
Net deferred tax assets	0	0
Deferred tax asset, change in valuation allowance	25,200
Operating Loss Carryforwards [Abstract]
Gross unrecognized tax benefits	0	0
Accrued interest or penalties	0	0
Recognized interest or penalties	0	$ 0
Federal [Member]
Operating Loss Carryforwards [Abstract]
Operating loss carryforwards	155,900
Research and development credit carryforwards	5,600
California [Member]
Operating Loss Carryforwards [Abstract]
Operating loss carryforwards	25,000
Research and development credit carryforwards	$ 2,500

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2021 ft²	Jun. 30, 2021 ft²	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Commitments and Contingencies [Abstract]
Area of office space under lease agreement | ft²	5,698	8,088
Period of lease agreement			5 years 4 months
Option to extend lease agreement	3 years	5 years
Standby letter of credit as security deposit			$ 400
Standby letter of credit, decrease in amount after each three and four year of lease term if no default			300
Right-of-use assets			3,377	$ 0
Operating lease costs			$ 1,000
Weighted-average discount rate			7%
Weighted-average remaining lease term (in years)			4 years 1 month 6 days
Future Lease Payments of Operating Lease Liabilities [Abstract]
2023			$ 1,230
2024			1,113
2025			1,112
2026			927
Thereafter			428
Total minimum lease payments			4,810
Less: imputed interest			(628)
Total operating lease liabilities			4,182
Less: current portion			(991)	0
Lease liability, net of current portion			3,191	0
Future Minimum Lease Payments Under Non-Cancelable Operating Leases [Abstract]
2022			638
2023			1,045
2024			1,076
2025			1,108
2026			924
Thereafter			365
Total minimum lease payments			$ 5,156
Rent expense				$ 200

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Employee Benefit Plan [Abstract]
Employer contribution	$ 0.5	$ 0.4