Kinnate Biopharma (KNTE) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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, par value $0.0001 per share
Trading Symbol	KNTE
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,112,698

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 51,662	$ 29,261
Cash at consolidated joint venture	0	25,725
Short-term investments	115,914	172,214
Prepaid expenses and other current assets	2,725	3,637
Total current assets	170,301	230,837
Property and equipment, net	2,470	3,071
Right-of-use lease assets	2,660	3,377
Long-term investments	12,762	39,139
Restricted cash	371	371
Other non-current assets	2,145	2,031
Total assets	190,709	278,826
Current liabilities:
Accounts payable	2,929	2,970
Accrued expenses	11,976	13,206
Current portion of operating lease liabilities	869	991
Total current liabilities	15,774	17,167
Operating lease liabilities, long-term	2,515	3,191
Total liabilities	18,289	20,358
Commitments and contingencies (See Note 12)
Redeemable convertible noncontrolling interests	0	35,000
Stockholders' equity:
Preferred stock, $0.0001 par value; 200,000,000 shares authorized at September 30, 2023 and December 31, 2022; 0 shares outstanding at September 30, 2023 and December 31, 2022	0	0
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at September 30, 2023 and December 31, 2022; 47,112,698 and 44,342,292 shares issued and outstanding at September 30, 2023 and December 31, 2022 , respectively	5	4
Additional paid-in capital	527,516	484,237
Accumulated other comprehensive loss	(147)	(1,410)
Accumulated deficit	(354,954)	(259,363)
Total stockholders' equity	172,420	223,468
Total liabilities, redeemable convertible noncontrolling interests and stockholders' equity	$ 190,709	$ 278,826

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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)	47,112,698	44,342,292
Common stock, shares outstanding (in shares)	47,112,698	44,342,292

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Research and development	$ 24,511	$ 23,548	$ 77,397	$ 62,962
General and administrative	6,605	7,824	22,507	22,875
Restructuring costs	1,973	0	1,973	0
Total operating expenses	33,089	31,372	101,877	85,837
Loss from operations	(33,089)	(31,372)	(101,877)	(85,837)
Other income, net	2,356	635	6,286	1,129
Net loss	$ (30,733)	$ (30,737)	$ (95,591)	$ (84,708)
Weighted-average shares outstanding, basic (in shares)	47,094,882	44,151,034	46,392,980	44,013,097
Weighted-average shares outstanding, diluted (in shares)	47,094,882	44,151,034	46,392,980	44,013,097
Net loss per share, basic (in dollars per share)	$ (0.65)	$ (0.7)	$ (2.06)	$ (1.92)
Net loss per share, diluted (in dollars per share)	$ (0.65)	$ (0.7)	$ (2.06)	$ (1.92)
Comprehensive loss:
Net loss	$ (30,733)	$ (30,737)	$ (95,591)	$ (84,708)
Other comprehensive loss:
Unrealized gain (loss) on investments	195	178	1,263	(2,035)
Total comprehensive loss	$ (30,538)	$ (30,559)	$ (94,328)	$ (86,743)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED 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, 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	4,777	0	0	4,777	0
Shares issued under equity incentive plans	$ 0	125	0	0	125	0
Shares issued under equity incentive plans (in shares)	100,105
Net loss	$ 0	0	0	(26,902)	(26,902)	0
Other comprehensive gain (loss)	0	0	(1,656)	0	(1,656)	0
Balance at Mar. 31, 2022	$ 4	467,991	(2,180)	(169,994)	295,821	35,000
Balance (in shares) at Mar. 31, 2022	43,956,049
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]
Net loss					(84,708)
Balance at Sep. 30, 2022	$ 4	478,696	(2,559)	(227,800)	248,341	35,000
Balance (in shares) at Sep. 30, 2022	44,164,683
Balance at Mar. 31, 2022	$ 4	467,991	(2,180)	(169,994)	295,821	35,000
Balance (in shares) at Mar. 31, 2022	43,956,049
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	4,882	0	0	4,882	0
Shares issued under equity incentive plans	$ 0	283	0	0	283	0
Shares issued under equity incentive plans (in shares)	97,833
Shares issued under employee stock purchase plan	$ 0	369	0	0	369	0
Shares issued under employee stock purchase plan (in shares)	43,039
Net loss	$ 0	0	0	(27,069)	(27,069)	0
Other comprehensive gain (loss)	0	0	(557)	0	(557)	0
Balance at Jun. 30, 2022	$ 4	473,525	(2,737)	(197,063)	273,729	35,000
Balance (in shares) at Jun. 30, 2022	44,096,921
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	4,981	0	0	4,981	0
Shares issued under equity incentive plans	$ 0	190	0	0	190	0
Shares issued under equity incentive plans (in shares)	67,762
Net loss	$ 0	0	0	(30,737)	(30,737)	0
Other comprehensive gain (loss)	0	0	178	0	178	0
Balance at Sep. 30, 2022	$ 4	478,696	(2,559)	(227,800)	248,341	35,000
Balance (in shares) at Sep. 30, 2022	44,164,683
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	5,404	0	0	5,404	0
Acquisition of redeemable convertible noncontrolling interests	$ 1	25,866	0	0	25,867	(35,000)
Acquisition of redeemable convertible noncontrolling interests (in shares)	2,200,000
Shares issued under equity incentive plans	$ 0	17	0	0	17	0
Shares issued under equity incentive plans (in shares)	27,356
Net loss	$ 0	0	0	(32,940)	(32,940)	0
Other comprehensive gain (loss)	0	0	946	0	946	0
Balance at Mar. 31, 2023	$ 5	515,524	(464)	(292,303)	222,762	0
Balance (in shares) at Mar. 31, 2023	46,569,648
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss					(95,591)
Balance at Sep. 30, 2023	$ 5	527,516	(147)	(354,954)	172,420	0
Balance (in shares) at Sep. 30, 2023	47,112,698
Balance at Mar. 31, 2023	$ 5	515,524	(464)	(292,303)	222,762	0
Balance (in shares) at Mar. 31, 2023	46,569,648
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	5,403	0	0	5,403	0
Shares issued under equity incentive plans	$ 0	967	0	0	967	0
Shares issued under equity incentive plans (in shares)	403,601
Shares issued under employee stock purchase plan	$ 0	284	0	0	284	0
Shares issued under employee stock purchase plan (in shares)	78,201
Net loss	$ 0	0	0	(31,918)	(31,918)	0
Other comprehensive gain (loss)	0	0	122	0	122	0
Balance at Jun. 30, 2023	$ 5	522,178	(342)	(324,221)	197,620	0
Balance (in shares) at Jun. 30, 2023	47,051,450
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	5,281	0	0	5,281	0
Shares issued under equity incentive plans	$ 0	57	0	0	57	0
Shares issued under equity incentive plans (in shares)	61,248
Net loss	$ 0	0	0	(30,733)	(30,733)	0
Other comprehensive gain (loss)	0	0	195	0	195	0
Balance at Sep. 30, 2023	$ 5	$ 527,516	$ (147)	$ (354,954)	$ 172,420	$ 0
Balance (in shares) at Sep. 30, 2023	47,112,698

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (95,591)	$ (84,708)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	16,088	14,640
Depreciation	601	414
Amortization/accretion of investments	(3,222)	972
Changes in operating assets and liabilities:
Prepaid expenses and other assets	798	572
Operating lease right-of-use assets and liabilities, net	(81)	834
Accounts payable and accrued expenses	(1,271)	1,990
Net cash used in operating activities	(82,678)	(65,286)
Cash flows from investing activities:
Purchases of short-term and long-term investments	(135,565)	(131,082)
Sales and maturities of short-term and long-term investments	222,734	109,314
Purchases of property and equipment	0	(2,629)
Net cash provided by (used in) investing activities	87,169	(24,397)
Cash flows from financing activities:
Acquisition of redeemable convertible noncontrolling interests	(9,133)	0
Proceeds from issuance of common stock under equity incentive plans	1,041	598
Proceeds from issuance of common stock under employee stock purchase plan	284	369
Net cash (used in) provided by financing activities	(7,808)	967
Effect of exchange rate changes on cash and cash equivalents	(7)	(2)
Net decrease in cash, cash equivalents and restricted cash	(3,324)	(88,718)
Cash, cash equivalents and restricted cash at the beginning of the period	55,357	150,060
Cash, cash equivalents and restricted cash at the end of the period	52,033	61,342
Supplemental non-cash investing and financing activity:
Acquisition of redeemable convertible noncontrolling interests	14,907	0
Capitalized value of tenant improvement allowance	0	606
Operating lease liabilities arising from obtaining right-of-use assets	$ 0	$ 4,569

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Organization and Basis of Presentation [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation 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 $355.0 million and had cash and cash equivalents and short-term and long-term investments totaling $180.3 million as of September 30, 2023. From its inception through September 30, 2023, 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. In February 2023, the Company acquired the noncontrolling interests in 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 condensed 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 this Quarterly Report on Form 10-Q is filed with the U.S. Securities and Exchange Commission (SEC). In September 2023, the Company’s board of directors, based on a strategic review of the Company’s business, approved a reprioritization of the Company’s research and development programs and a workforce restructuring (the “Strategic Plan”). The Company began implementing the Strategic Plan in September 2023. See Note 13 for more details. Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, since they are interim statements, the accompanying condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying unaudited interim condensed consolidated financial statements include all known adjustments which, in the opinion of management, are 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 unaudited condensed consolidated financial statements are not necessarily indicative of future results. The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements at that date, but does not include all information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2023. The condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiary, Kinnjiu. All intercompany transactions and balances have been eliminated in consolidation. Prior to the completion of the Kinnjiu Transaction, the Company evaluated its ownership, contractual and other interests in entities that were not wholly-owned to determine if any of these entities was a variable interest entity (VIE), and, if so, whether the Company was the primary beneficiary of the VIE. In determining whether the Company was the primary beneficiary of a VIE and therefore required to consolidate the VIE, the Company applied a qualitative approach that determined whether the Company had both (1) the power to direct the activities of the VIE that most significantly impacted 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 was a VIE and the Company was the primary beneficiary. See Note 11 with respect to Kinnjiu Transaction.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of 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 financial statements and the reported amounts of expenses during the reporting period. Accounting estimates and management judgments reflected in the financial statements include: normal recurring accruals, including the accrual of research and development expenses; accrued restructuring costs; fair value of investments; valuation of deferred tax assets; and stock-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions. The Company uses the best information available to update its critical accounting estimates. Redeemable Convertible Noncontrolling Interests Prior to the Kinnjiu Transaction, the shares third parties owned in Kinnjiu represented an interest in the equity the Company did not control. The redeemable convertible noncontrolling interests attributable to other owners was classified in temporary equity on the condensed consolidated balance sheets as the preferred stock was redeemable by the noncontrolling interests. Since the preferred stock held at Kinnjiu did not represent a residual equity interest, net losses of Kinnjiu were not allocated to the preferred shares. As a result, the balance of the preferred stock classified as a redeemable convertible noncontrolling interest equaled its carrying value. Additionally, net losses of Kinnjiu were not allocated to the noncontrolling interest related to ordinary shares held by a third party as the amounts to be allocated were immaterial. Accordingly, for the three and nine months ended September 30, 2022, no losses were allocated to the noncontrolling interest. 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 and unvested restricted stock units 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): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator Net loss $ (30,733 ) $ (30,737 ) $ (95,591 ) $ (84,708 ) Denominator Weighted-average shares outstanding used in computing net loss per share, basic and diluted 47,094,882 44,151,034 46,392,980 44,013,097 Net loss per share, basic and diluted $ (0.65 ) $ (0.70 ) $ (2.06 ) $ (1.92 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Options to purchase common stock 11,240,737 9,428,924 11,240,737 9,428,924 Non-vested restricted stock units 395,821 316,337 395,821 316,337 Total 11,636,558 9,745,261 11,636,558 9,745,261 Recently Issued Accounting Standards 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 adopted this standard on the required effective date of January 1, 2023. 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	9 Months Ended
	Sep. 30, 2023
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 condensed consolidated statements of cash flows (in thousands): September 30, 2023 December 31, 2022 Cash and cash equivalents $ 51,662 $ 29,261 Cash at consolidated joint venture - 25,725 Restricted cash, non-current 371 371 Total cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows $ 52,033 $ 55,357 The cash at the consolidated joint venture represents cash held at Kinnjiu prior to the Kinnjiu Transaction and the use of such cash was limited to the operations of Kinnjiu (see Note 11). As a result of the Kinnjiu Transaction, such cash is no longer limited in its use and accordingly is no longer presented separately on the condensed consolidated balance sheet. The restricted cash balance relates to the Company’s office lease in San Diego, California (see Note 12).

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2023
Property and Equipment, Net [Abstract]
Property and Equipment, Net	4. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): September 30, 2023 December 31, 2022 Furniture and fixtures $ 760 $ 760 Computers and equipment 433 442 Computer software 99 99 Leasehold improvements 2,520 2,511 Property and equipment 3,812 3,812 Less accumulated depreciation (1,342 ) (741 ) Property and equipment, net $ 2,470 $ 3,071

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2023
Accrued Expenses [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following (in thousands): September 30, 2023 December 31, 2022 Accrued research and development $ 7,515 $ 7,884 Accrued compensation 1,947 4,832 Accrued restructuring costs 1,973 - Accrued legal fees 376 243 Other accruals 165 247 Total $ 11,976 $ 13,206

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Investments [Abstract]
Investments	6. Investments The Company has invested its excess cash in marketable securities as of September 30, 2023 and December 31, 2022. The following is a summary by significant investment category (in thousands): September 30, 2023 Maturity Amortized Unrealized Unrealized Estimated in Years Cost Gains Losses Fair Value Corporate debt securities less than 1 $ 7,998 $ 1 $ (4 ) $ 7,995 Commercial paper less than 1 45,846 1 (26 ) 45,821 U.S. Treasury securities less than 1 49,274 12 (103 ) 49,183 U.S. Agency bonds less than 1 9,940 - (2 ) 9,938 Asset-backed securities 2,984 - (7 ) 2,977 Short-term investments $ 116,042 $ 14 $ (142 ) $ 115,914 Corporate debt securities 1 - 2 $ 1,516 $ 13 $ - $ 1,529 Asset-backed securities 1 - 2 11,258 6 (31 ) 11,233 Long-term investments $ 12,774 $ 19 $ (31 ) $ 12,762 December 31, 2022 Maturity Amortized Unrealized Unrealized Estimated in Years Cost Gains Losses Fair Value Corporate debt securities less than 1 $ 9,604 $ 2 $ (72 ) $ 9,534 Commercial paper less than 1 41,243 - - 41,243 U.S. Treasury securities less than 1 119,810 - (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 - 2 $ 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 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 September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, 2023 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 1 $ 2,934 $ (4 ) - $ - $ - 1 $ 2,934 $ (4 ) Commercial paper 13 36,094 (26 ) - - - 13 36,094 (26 ) U.S. Treasury securities 2 9,938 (2 ) - - - 2 9,938 (2 ) U.S. Agency bonds 11 28,608 (103 ) - - - 11 28,608 (103 ) Asset-backed securities 7 8,439 (27 ) 2 1,649 (11 ) 9 10,088 (38 ) 34 $ 86,013 $ (162 ) 2 $ 1,649 $ (11 ) 36 $ 87,662 $ (173 ) 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 ) At September 30, 2023 and December 31, 2022, the Company held securities in a total unrealized loss position of $0.2 million and $1.4 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 September 30, 2023 and December 31, 2022.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
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 and the U.S. government are measured at fair value in accordance with the fair value hierarchy. The following tables present the hierarchy for assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements at September 30, 2023 Level 1 Level 2 Level 3 Total Money market funds $ 43,855 $ - $ - $ 43,855 Corporate debt securities - 9,524 - 9,524 Commercial paper - 45,821 - 45,821 U.S. Treasury securities - 49,183 - 49,183 U.S. Agency bonds - 9,938 - 9,938 Asset-backed securities - 14,210 - 14,210 Total cash equivalents and investments $ 43,855 $ 128,676 $ - $ 172,531 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 Money market funds are classified as cash and cash equivalents in the Company’s balance sheets at September 30, 2023 and December 31, 2022.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Under its amended and restated certificate of incorporation dated December 7, 2020, the Company has 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.

Equity Incentive Plans and Stoc

Equity Incentive Plans and Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Equity Incentive Plans and Stock-Based Compensation [Abstract]
Equity Incentive Plans and Stock-Based Compensation	9. Equity Incentive Plans and Stock-Based Compensation 2020 Equity Incentive Plan In December 2020, the Company adopted the 2020 Equity Incentive Plan (2020 Plan), which replaced the 2018 Equity Incentive Plan (2018 Plan). The 2020 Plan allows the Company to issue options for shares of its common stock, restricted stock units (RSUs) and other award types, up to a total of 5,218,000 shares (Equity Pool), subject to appropriate adjustments for stock splits, combinations and other similar events for issuance pursuant to awards made under the 2020 Plan. As of September 30, 2023, 1,103,228 shares of common stock remained available for future grants under the 2020 Plan. 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: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 9,107,467 $ 10.81 7.8 $ 11,521 Granted 3,284,310 6.26 Exercised (438,269 ) 2.38 Forfeited (712,771 ) 12.53 Outstanding at September 30, 2023 11,240,737 $ 9.70 7.8 $ 151 Exercisable at September 30, 2023 5,835,259 $ 9.86 7.2 $ 151 All exercisable options are vested and all outstanding options are vested or expected to vest. Total intrinsic value of options exercised during the nine months ended September 30, 2023 and 2022 was $0.4 million and $2.3 million, respectively. Restricted Stock Units Restricted stock unit activity is as follows: Restricted Stock Units Outstanding Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 287,916 $ 14.71 $ 1,756 Granted 243,295 6.07 Vested (84,780 ) 11.94 Forfeited (50,610 ) 9.91 Outstanding at September 30, 2023 395,821 $ 10.61 $ 554 2020 Employee Stock Purchase Plan The 2020 Employee Stock Purchase Plan (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. Kinnjiu Equity Incentive Plan In May 2021, Kinnjiu adopted the 2021 Equity Incentive Plan (2021 Plan), which allows for the issuance of options for shares of common stock and share appreciation rights (SARs), among other award types, up to a total of 9,000,000 shares subject to appropriate adjustments for stock splits, combinations and other similar events for issuance pursuant to awards made under the 2021 Plan. In connection with the Kinnjiu Transaction in February 2023, all SARs outstanding under the 2021 Plan were cancelled Stock-Based Compensation Expense The Company measures and recognizes stock-based compensation expense based on the fair value of the award as measured at 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: Nine Months Ended September 30, 2023 2022 Expected term (in years) 5 - 6 5 - 6 Expected volatility 73% - 80 % 80% - 86 % Risk-free interest rate 3.50% - 4.29 % 1.62% - 3.56 % Expected dividend 0 % 0 % The weighted-average grant-date fair value of options granted was $4.43 and $7.14 for the nine months ended September 30, 2023 and 2022, respectively. The assumptions used for the nine months ended September 30, 2023 and 2022 under the ESPP were as follows: Nine Months Ended September 30, 2023 2022 Expected term (in years) 0.50 0.50 Expected volatility 76% - 86 % 50% - 77 % Risk-free interest rate 4.54% - 5.24 % 0.07% - 1.54 % Expected dividend 0 % 0 % Stock-based compensation expense related to the Company’s stock options, RSUs and ESPP totaled the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ 2,386 $ 2,244 $ 7,167 $ 6,346 General and administrative 2,895 2,737 8,921 8,294 Total stock-based compensation $ 5,281 $ 4,981 $ 16,088 $ 14,640 As of September 30, 2023, there was approximately $35.4 million of total unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of approximately 2.42 years. As of September 30, 2023, 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 3.10 years. There were no RSUs vested during the nine months ended September 30, 2022. As of September 30, 2023, there was no unrecognized stock-based compensation expense related to the ESPP. In connection with the Strategic Plan (see Note 13), the Company’s board of directors approved the suspension of the ESPP and all outstanding contributions from ESPP participants were refunded in September 2023. As a result of the suspension, any unrecognized compensation was recognized in the period the ESPP was suspended.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
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. Such noncontrolling interest members were also investors or affiliates of investors in the Company and had representatives that serve on both the Company’s board of directors and the board of directors of Kinnjiu. The shares held by Series A investors were subsequently acquired by the Company as discussed in Note 11.

Kinnjiu Transaction

Kinnjiu Transaction	9 Months Ended
	Sep. 30, 2023
Kinnjiu Transaction [Abstract]
Kinnjiu Transaction	11. Kinnjiu Transaction 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 Kinnjiu. As the Company determined it was the primary beneficiary of this VIE, the VIE was consolidated in the Company’s condensed consolidated financial statements as of December 31, 2022. The following table summarizes the carrying amount of assets and liabilities of Kinnjiu as of December 31, 2022, excluding intercompany balances (in thousands): December 31, 2022 Cash at consolidated joint venture $ 25,725 Prepaid expenses and other current assets 20 Right-of-use lease assets 223 Other non-current assets 48 Accounts payable and accrued expenses 491 Operating lease liabilities 206 In February 2023, the Company entered into a Stock Purchase Agreement, which was approved by the independent directors of the Company, to acquire the ownership stake of Kinnjiu previously held by Series A investors for total consideration of $24.0 million, consisting of $9.1 million in cash and $14.9 million in Company stock, which resulted in the issuance of 2,200,000 shares of Company stock to the Series A investors. The number of shares issued was determined by dividing the $14.9 million Company stock consideration by the volume-weighted average price for one share of common stock for the three trading days prior to the effective date of the transaction. As the Company had a controlling financial interest in Kinnjiu prior to the Kinnjiu Transaction, the acquisition of the remaining interest in Kinnjiu was accounted for as an equity transaction with no gain or loss recognized in the consolidated statements of operations and comprehensive loss. Accordingly, the difference between the consideration and the carrying value of the redeemable convertible noncontrolling interests has been recorded within equity and is reflected as acquisition of redeemable convertible noncontrolling interests on the condensed consolidated statements of stockholders’ equity. 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies	12. 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 nine months ended September 30, 2023 and 2022 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 (SD Permanent 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 condensed 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 condensed consolidated balance sheets related to these facility leases. The right-of-use lease assets were $2.7 million as of September 30, 2023. Operating lease liabilities were $3.4 million as of September 30, 2023, including $0.9 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 three and nine months ended September 30, 2023 and 2022 were approximately $0.3 million and $0.9 million and $0.3 million and $0.7 million, respectively. The weighted-average discount rate used was 7.0%. The weighted-average remaining lease term for operating leases was 3.5 years. Cash paid for leases included in operating cash flows for the nine months ended September 30, 2023 and 2022 was $0.9 million and $0.3 million, respectively. Future lease payments of operating lease liabilities as of September 30, 2023 were as follows (in thousands): Operating Leases 2023 remaining 3 months $ 265 2024 1,080 2025 1,112 2026 927 Thereafter 428 Total minimum lease payments 3,812 Less: imputed interest (428 ) Total operating lease liabilities 3,384 Less: current portion (869 ) Lease liability, net of current portion $ 2,515

Restructuring Costs

Restructuring Costs	9 Months Ended
	Sep. 30, 2023
Restructuring Costs [Abstract]
Restructuring Costs	13. Restructuring Costs In September 2023, the Company began implementing its Strategic Plan to (i) prioritize its exarafenib combination with binimetinib, its c-MET inhibitor KIN-8741, and its discovery efforts around its CDK4 selective program; (ii) explore strategic alternatives for its exarafenib monotherapy and KIN-3248 FGFR inhibitor programs; (iii) pause development of its MEK inhibitor KIN-7136; and (iv) implement a workforce restructuring. As part of the Strategic Plan, the Company has reduced its workforce by approximately 70%. Employees affected by the Strategic Plan obtained involuntary termination benefits that were provided pursuant to a one-time benefit arrangement. All impacted employees were notified of their termination in September 2023 and were not required to provide services beyond a minimum retention period or 60 days to receive benefits. Accordingly, the Company measured and recognized the liability at its fair value at the communication date in the amount of $2.0 million. Such costs are presented in the restructuring costs line item on the consolidated statements of operations and comprehensive loss. Restructuring costs are presented under the accrued expenses line item on the condensed consolidated balance sheets. The Company expects to pay one-time termination benefits during the fourth quarter of 2023. The following shows the liability related to the Strategic Plan (in thousands): September 30, 2023 Accrued restructuring costs beginning balance $ - One-time employee termination benefits 1,973 Amounts paid during the period - Accrued restructuring costs as of September 30, 2023 $ 1,973 The Company’s estimates are subject to a number of assumptions, and actual results may materially differ. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the Strategic Plan.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
Organization and Basis of Presentation [Abstract]
Organization and Nature of Operations	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 $355.0 million and had cash and cash equivalents and short-term and long-term investments totaling $180.3 million as of September 30, 2023. From its inception through September 30, 2023, 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. In February 2023, the Company acquired the noncontrolling interests in 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 condensed 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 this Quarterly Report on Form 10-Q is filed with the U.S. Securities and Exchange Commission (SEC). In September 2023, the Company’s board of directors, based on a strategic review of the Company’s business, approved a reprioritization of the Company’s research and development programs and a workforce restructuring (the “Strategic Plan”). The Company began implementing the Strategic Plan in September 2023. See Note 13 for more details.
Basis of Presentation	Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, since they are interim statements, the accompanying condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying unaudited interim condensed consolidated financial statements include all known adjustments which, in the opinion of management, are 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 unaudited condensed consolidated financial statements are not necessarily indicative of future results. The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements at that date, but does not include all information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2023. The condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiary, Kinnjiu. All intercompany transactions and balances have been eliminated in consolidation. Prior to the completion of the Kinnjiu Transaction, the Company evaluated its ownership, contractual and other interests in entities that were not wholly-owned to determine if any of these entities was a variable interest entity (VIE), and, if so, whether the Company was the primary beneficiary of the VIE. In determining whether the Company was the primary beneficiary of a VIE and therefore required to consolidate the VIE, the Company applied a qualitative approach that determined whether the Company had both (1) the power to direct the activities of the VIE that most significantly impacted 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 was a VIE and the Company was the primary beneficiary. See Note 11 with respect to Kinnjiu Transaction.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Summary of Significant Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of 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 financial statements and the reported amounts of expenses during the reporting period. Accounting estimates and management judgments reflected in the financial statements include: normal recurring accruals, including the accrual of research and development expenses; accrued restructuring costs; fair value of investments; valuation of deferred tax assets; and stock-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions. The Company uses the best information available to update its critical accounting estimates.
Redeemable Convertible Noncontrolling Interests	Redeemable Convertible Noncontrolling Interests Prior to the Kinnjiu Transaction, the shares third parties owned in Kinnjiu represented an interest in the equity the Company did not control. The redeemable convertible noncontrolling interests attributable to other owners was classified in temporary equity on the condensed consolidated balance sheets as the preferred stock was redeemable by the noncontrolling interests. Since the preferred stock held at Kinnjiu did not represent a residual equity interest, net losses of Kinnjiu were not allocated to the preferred shares. As a result, the balance of the preferred stock classified as a redeemable convertible noncontrolling interest equaled its carrying value. Additionally, net losses of Kinnjiu were not allocated to the noncontrolling interest related to ordinary shares held by a third party as the amounts to be allocated were immaterial. Accordingly, for the three and nine months ended September 30, 2022, no losses were allocated to the noncontrolling interest.
Net Loss Per Share	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 and unvested restricted stock units 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): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator Net loss $ (30,733 ) $ (30,737 ) $ (95,591 ) $ (84,708 ) Denominator Weighted-average shares outstanding used in computing net loss per share, basic and diluted 47,094,882 44,151,034 46,392,980 44,013,097 Net loss per share, basic and diluted $ (0.65 ) $ (0.70 ) $ (2.06 ) $ (1.92 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Options to purchase common stock 11,240,737 9,428,924 11,240,737 9,428,924 Non-vested restricted stock units 395,821 316,337 395,821 316,337 Total 11,636,558 9,745,261 11,636,558 9,745,261
Recently Issued Accounting Standards	Recently Issued Accounting Standards 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 adopted this standard on the required effective date of January 1, 2023. 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)	9 Months Ended
	Sep. 30, 2023
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): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator Net loss $ (30,733 ) $ (30,737 ) $ (95,591 ) $ (84,708 ) Denominator Weighted-average shares outstanding used in computing net loss per share, basic and diluted 47,094,882 44,151,034 46,392,980 44,013,097 Net loss per share, basic and diluted $ (0.65 ) $ (0.70 ) $ (2.06 ) $ (1.92 )
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 for the periods presented because including them would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Options to purchase common stock 11,240,737 9,428,924 11,240,737 9,428,924 Non-vested restricted stock units 395,821 316,337 395,821 316,337 Total 11,636,558 9,745,261 11,636,558 9,745,261

Cash, cash equivalents and re_2

Cash, cash equivalents and restricted cash (Tables)	9 Months Ended
	Sep. 30, 2023
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 condensed consolidated statements of cash flows (in thousands): September 30, 2023 December 31, 2022 Cash and cash equivalents $ 51,662 $ 29,261 Cash at consolidated joint venture - 25,725 Restricted cash, non-current 371 371 Total cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows $ 52,033 $ 55,357

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Property and Equipment, Net [Abstract]
Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): September 30, 2023 December 31, 2022 Furniture and fixtures $ 760 $ 760 Computers and equipment 433 442 Computer software 99 99 Leasehold improvements 2,520 2,511 Property and equipment 3,812 3,812 Less accumulated depreciation (1,342 ) (741 ) Property and equipment, net $ 2,470 $ 3,071

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Accrued Expenses [Abstract]
Accrued Expenses	Accrued expenses consisted of the following (in thousands): September 30, 2023 December 31, 2022 Accrued research and development $ 7,515 $ 7,884 Accrued compensation 1,947 4,832 Accrued restructuring costs 1,973 - Accrued legal fees 376 243 Other accruals 165 247 Total $ 11,976 $ 13,206

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments [Abstract]
Investments by Type and Classes of Security	The Company has invested its excess cash in marketable securities as of September 30, 2023 and December 31, 2022. The following is a summary by significant investment category (in thousands): September 30, 2023 Maturity Amortized Unrealized Unrealized Estimated in Years Cost Gains Losses Fair Value Corporate debt securities less than 1 $ 7,998 $ 1 $ (4 ) $ 7,995 Commercial paper less than 1 45,846 1 (26 ) 45,821 U.S. Treasury securities less than 1 49,274 12 (103 ) 49,183 U.S. Agency bonds less than 1 9,940 - (2 ) 9,938 Asset-backed securities 2,984 - (7 ) 2,977 Short-term investments $ 116,042 $ 14 $ (142 ) $ 115,914 Corporate debt securities 1 - 2 $ 1,516 $ 13 $ - $ 1,529 Asset-backed securities 1 - 2 11,258 6 (31 ) 11,233 Long-term investments $ 12,774 $ 19 $ (31 ) $ 12,762 December 31, 2022 Maturity Amortized Unrealized Unrealized Estimated in Years Cost Gains Losses Fair Value Corporate debt securities less than 1 $ 9,604 $ 2 $ (72 ) $ 9,534 Commercial paper less than 1 41,243 - - 41,243 U.S. Treasury securities less than 1 119,810 - (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 - 2 $ 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
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 September 30, 2023 and December 31, 2022 consisted of the following (in thousands): September 30, 2023 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 1 $ 2,934 $ (4 ) - $ - $ - 1 $ 2,934 $ (4 ) Commercial paper 13 36,094 (26 ) - - - 13 36,094 (26 ) U.S. Treasury securities 2 9,938 (2 ) - - - 2 9,938 (2 ) U.S. Agency bonds 11 28,608 (103 ) - - - 11 28,608 (103 ) Asset-backed securities 7 8,439 (27 ) 2 1,649 (11 ) 9 10,088 (38 ) 34 $ 86,013 $ (162 ) 2 $ 1,649 $ (11 ) 36 $ 87,662 $ (173 ) 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 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Measurements [Abstract]
Major Categories of Assets Measured at Fair Value on a Recurring Basis	The following tables present the hierarchy for assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements at September 30, 2023 Level 1 Level 2 Level 3 Total Money market funds $ 43,855 $ - $ - $ 43,855 Corporate debt securities - 9,524 - 9,524 Commercial paper - 45,821 - 45,821 U.S. Treasury securities - 49,183 - 49,183 U.S. Agency bonds - 9,938 - 9,938 Asset-backed securities - 14,210 - 14,210 Total cash equivalents and investments $ 43,855 $ 128,676 $ - $ 172,531 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

Equity Incentive Plans and St_2

Equity Incentive Plans and Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Option Activity	Stock option activity is as follows: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 9,107,467 $ 10.81 7.8 $ 11,521 Granted 3,284,310 6.26 Exercised (438,269 ) 2.38 Forfeited (712,771 ) 12.53 Outstanding at September 30, 2023 11,240,737 $ 9.70 7.8 $ 151 Exercisable at September 30, 2023 5,835,259 $ 9.86 7.2 $ 151
Restricted Stock Unit Activity	Restricted stock unit activity is as follows: Restricted Stock Units Outstanding Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 287,916 $ 14.71 $ 1,756 Granted 243,295 6.07 Vested (84,780 ) 11.94 Forfeited (50,610 ) 9.91 Outstanding at September 30, 2023 395,821 $ 10.61 $ 554
Stock-Based Compensation Expense	Stock-based compensation expense related to the Company’s stock options, RSUs and ESPP totaled the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ 2,386 $ 2,244 $ 7,167 $ 6,346 General and administrative 2,895 2,737 8,921 8,294 Total stock-based compensation $ 5,281 $ 4,981 $ 16,088 $ 14,640
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: Nine Months Ended September 30, 2023 2022 Expected term (in years) 5 - 6 5 - 6 Expected volatility 73% - 80 % 80% - 86 % Risk-free interest rate 3.50% - 4.29 % 1.62% - 3.56 % Expected dividend 0 % 0 %
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 nine months ended September 30, 2023 and 2022 under the ESPP were as follows: Nine Months Ended September 30, 2023 2022 Expected term (in years) 0.50 0.50 Expected volatility 76% - 86 % 50% - 77 % Risk-free interest rate 4.54% - 5.24 % 0.07% - 1.54 % Expected dividend 0 % 0 %

Kinnjiu Transaction (Tables)

Kinnjiu Transaction (Tables)	9 Months Ended
	Sep. 30, 2023
Kinnjiu Transaction [Abstract]
Carrying Amount of Assets and Liabilities	The following table summarizes the carrying amount of assets and liabilities of Kinnjiu as of December 31, 2022, excluding intercompany balances (in thousands): December 31, 2022 Cash at consolidated joint venture $ 25,725 Prepaid expenses and other current assets 20 Right-of-use lease assets 223 Other non-current assets 48 Accounts payable and accrued expenses 491 Operating lease liabilities 206

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies [Abstract]
Future Lease Payments of Operating Lease Liabilities	Future lease payments of operating lease liabilities as of September 30, 2023 were as follows (in thousands): Operating Leases 2023 remaining 3 months $ 265 2024 1,080 2025 1,112 2026 927 Thereafter 428 Total minimum lease payments 3,812 Less: imputed interest (428 ) Total operating lease liabilities 3,384 Less: current portion (869 ) Lease liability, net of current portion $ 2,515

Restructuring Costs (Tables)

Restructuring Costs (Tables)	9 Months Ended
	Sep. 30, 2023
Restructuring Costs [Abstract]
Schedule of Accrued Restructuring Costs	The following shows the liability related to the Strategic Plan (in thousands): September 30, 2023 Accrued restructuring costs beginning balance $ - One-time employee termination benefits 1,973 Amounts paid during the period - Accrued restructuring costs as of September 30, 2023 $ 1,973

Organization and Basis of Pre_3

Organization and Basis of Presentation (Details) - USD ($) $ in Thousands	1 Months Ended
	May 31, 2021	Sep. 30, 2023	Dec. 31, 2022
Organization and Nature of Operations [Abstract]
Accumulated deficit		$ (354,954)	$ (259,363)
Cash and cash equivalents and short-term and long-term investments		$ 180,300
Contributions from redeemable convertible noncontrolling interest owners, net	$ 35,000
Contributions from noncontrolling interest owners, issuance cost	$ 200
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, Redeemable Convertible Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Redeemable Convertible Noncontrolling Interests [Abstract]
Losses on noncontrolling interest	$ 0	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies, Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator [Abstract]
Net loss	$ (30,733)	$ (31,918)	$ (32,940)	$ (30,737)	$ (27,069)	$ (26,902)	$ (95,591)	$ (84,708)
Denominator [Abstract]
Weighted-average shares outstanding used in computing net loss per share, basic (in shares)	47,094,882			44,151,034			46,392,980	44,013,097
Weighted-average shares outstanding used in computing net loss per share, diluted (in shares)	47,094,882			44,151,034			46,392,980	44,013,097
Net loss per share, basic (in dollars per share)	$ (0.65)			$ (0.7)			$ (2.06)	$ (1.92)
Net loss per share, diluted (in dollars per share)	$ (0.65)			$ (0.7)			$ (2.06)	$ (1.92)
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)	11,636,558			9,745,261			11,636,558	9,745,261
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)	11,240,737			9,428,924			11,240,737	9,428,924
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)	395,821			316,337			395,821	316,337

Cash, cash equivalents and re_3

Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 51,662	$ 29,261
Cash at consolidated joint venture	0	25,725
Restricted cash, non-current	371	371
Total cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows	$ 52,033	$ 55,357	$ 61,342	$ 150,060

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property and Equipment [Abstract]
Property and equipment	$ 3,812	$ 3,812
Less accumulated depreciation	(1,342)	(741)
Property and equipment, net	2,470	3,071
Furniture and Fixtures [Member]
Property and Equipment [Abstract]
Property and equipment	760	760
Computers and Equipment [Member]
Property and Equipment [Abstract]
Property and equipment	433	442
Computer Software [Member]
Property and Equipment [Abstract]
Property and equipment	99	99
Leasehold Improvements [Member]
Property and Equipment [Abstract]
Property and equipment	$ 2,520	$ 2,511

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued Expenses [Abstract]
Accrued research and development	$ 7,515	$ 7,884
Accrued compensation	1,947	4,832
Accrued restructuring costs	1,973	0
Accrued legal fees	376	243
Other accruals	165	247
Total	$ 11,976	$ 13,206

Investments, Investments by Typ

Investments, Investments by Types and Classes of Security (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Available-for-sale Investments by Types and Classes of Security [Abstract]
Securities in material unrealized loss positions	$ 173	$ 1,437
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	4	132
Commercial Paper [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Securities in material unrealized loss positions	26	0
US Treasury Securities [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Securities in material unrealized loss positions	2	1,254
U.S. Agency Bonds [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Securities in material unrealized loss positions	103	9
Asset-backed Securities [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Securities in material unrealized loss positions	38	42
Short-term Investments [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	116,042	173,534
Unrealized Gains	14	6
Unrealized Losses	(142)	(1,326)
Estimated Fair Value	115,914	172,214
Short-term Investments [Member] | Corporate Debt Securities [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	7,998	9,604
Unrealized Gains	1	2
Unrealized Losses	(4)	(72)
Estimated Fair Value	$ 7,995	$ 9,534
Short-term Investments [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 Investments [Member] | Commercial Paper [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	$ 45,846	$ 41,243
Unrealized Gains	1	0
Unrealized Losses	(26)	0
Estimated Fair Value	$ 45,821	$ 41,243
Short-term Investments [Member] | Commercial Paper [Member] | Maximum [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Maturity in Years	1 year	1 year
Short-term Investments [Member] | US Treasury Securities [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	$ 49,274	$ 119,810
Unrealized Gains	12	0
Unrealized Losses	(103)	(1,254)
Estimated Fair Value	$ 49,183	$ 118,556
Short-term Investments [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 Investments [Member] | U.S. Agency Bonds [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	$ 9,940	$ 2,877
Unrealized Gains	0	4
Unrealized Losses	(2)	0
Estimated Fair Value	$ 9,938	$ 2,881
Short-term Investments [Member] | U.S. Agency Bonds [Member] | Maximum [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Maturity in Years	1 year	1 year
Short-term Investments [Member] | Asset-backed Securities [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	$ 2,984
Unrealized Gains	0
Unrealized Losses	(7)
Estimated Fair Value	2,977
Long-term Investments [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	12,774	$ 39,230
Unrealized Gains	19	20
Unrealized Losses	(31)	(111)
Estimated Fair Value	12,762	39,139
Long-term Investments [Member] | Corporate Debt Securities [Member]
Available-for-sale Investments by Types and Classes of Security [Abstract]
Amortized Cost	1,516	15,426
Unrealized Gains	13	0
Unrealized Losses	0	(60)
Estimated Fair Value	$ 1,529	$ 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	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	2 years
Long-term Investments [Member] | U.S. 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] | U.S. 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] | U.S. 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	$ 11,258	$ 17,897
Unrealized Gains	6	20
Unrealized Losses	(31)	(42)
Estimated Fair Value	$ 11,233	$ 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	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	2 years

Investments, Gross Unrealized L

Investments, Gross Unrealized Losses and Fair Value Aggregated by Classes of Security (Details) $ in Thousands	Sep. 30, 2023 USD ($) position	Dec. 31, 2022 USD ($) position
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]
Less Than Twelve Months, Count | position	34	18
Less Than Twelve Months, Fair Value	$ 86,013	$ 51,172
Less Than Twelve Months, Unrealized Losses	$ (162)	$ (240)
Twelve Months or More, Count | position	2	7
Twelve Months or More, Fair Value	$ 1,649	$ 103,931
Twelve Months or More, Unrealized Losses	$ (11)	$ (1,197)
Total, Count | position	36	25
Total, Fair Value	$ 87,662	$ 155,103
Total, Unrealized Losses	$ (173)	$ (1,437)
Corporate Debt Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]
Less Than Twelve Months, Count | position	1	7
Less Than Twelve Months, Fair Value	$ 2,934	$ 22,806
Less Than Twelve Months, Unrealized Losses	$ (4)	$ (132)
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	1	7
Total, Fair Value	$ 2,934	$ 22,806
Total, Unrealized Losses	$ (4)	$ (132)
Commercial Paper [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]
Less Than Twelve Months, Count | position	13	0
Less Than Twelve Months, Fair Value	$ 36,094	$ 0
Less Than Twelve Months, Unrealized Losses	$ (26)	$ 0
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	13	0
Total, Fair Value	$ 36,094	$ 0
Total, Unrealized Losses	$ (26)	$ 0
US Treasury Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]
Less Than Twelve Months, Count | position	2	3
Less Than Twelve Months, Fair Value	$ 9,938	$ 14,625
Less Than Twelve Months, Unrealized Losses	$ (2)	$ (57)
Twelve Months or More, Count | position	0	7
Twelve Months or More, Fair Value	$ 0	$ 103,931
Twelve Months or More, Unrealized Losses	$ 0	$ (1,197)
Total, Count | position	2	10
Total, Fair Value	$ 9,938	$ 118,556
Total, Unrealized Losses	$ (2)	$ (1,254)
U.S. Agency Bonds [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]
Less Than Twelve Months, Count | position	11	2
Less Than Twelve Months, Fair Value	$ 28,608	$ 5,898
Less Than Twelve Months, Unrealized Losses	$ (103)	$ (9)
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	11	2
Total, Fair Value	$ 28,608	$ 5,898
Total, Unrealized Losses	$ (103)	$ (9)
Asset-Backed 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	$ 8,439	$ 7,843
Less Than Twelve Months, Unrealized Losses	$ (27)	$ (42)
Twelve Months or More, Count | position	2	0
Twelve Months or More, Fair Value	$ 1,649	$ 0
Twelve Months or More, Unrealized Losses	$ (11)	$ 0
Total, Count | position	9	6
Total, Fair Value	$ 10,088	$ 7,843
Total, Unrealized Losses	$ (38)	$ (42)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	$ 172,531	$ 239,614
Money Market Funds [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	43,855	28,261
Corporate Debt Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	9,524	24,900
Commercial Paper [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	45,821	41,243
U.S. Treasury Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	49,183	118,556
U.S. Agency Bonds [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	9,938	8,779
Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	14,210	17,875
Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	43,855	28,261
Level 1 [Member] | Money Market Funds [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	43,855	28,261
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	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	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	128,676	211,353
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	9,524	24,900
Level 2 [Member] | Commercial Paper [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	45,821	41,243
Level 2 [Member] | U.S. Treasury Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	49,183	118,556
Level 2 [Member] | U.S. Agency Bonds [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	9,938	8,779
Level 2 [Member] | Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	14,210	17,875
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	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	0
Level 3 [Member] | Asset-backed Securities [Member]
Assets, Fair Value Disclosure [Abstract]
Total cash equivalents and investments	$ 0	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022	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

Equity Incentive Plans and St_3

Equity Incentive Plans and Stock-Based Compensation, Equity Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
2020 Equity Incentive Plan [Member]
Share-based Payment Arrangement, Disclosure [Abstract]
Common stock remained available for issuance of shares (in shares)	1,103,228
2020 Equity Incentive Plan [Member] | Minimum [Member]
Share-based Payment Arrangement, Disclosure [Abstract]
Percentage of combined voting power held by optionee	10%
Grant expiration period	5 years
Vesting period	2 years
2020 Equity Incentive Plan [Member] | Maximum [Member]
Share-based Payment Arrangement, Disclosure [Abstract]
Number of shares of common stock options authorized to issue (in shares)	5,218,000
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] | Minimum [Member]
Share-based Payment Arrangement, Disclosure [Abstract]
Percentage of combined voting power held by optionee	10%
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] | 2020 Equity Incentive Plan [Member]
Options [Roll Forward]
Outstanding at beginning of period (in shares)	9,107,467
Granted (in shares)	3,284,310
Exercised (in shares)	(438,269)
Forfeited (in shares)	(712,771)
Outstanding at end of period (in shares)	11,240,737	9,107,467
Exercisable at end of period (in shares)	5,835,259
Weighted-Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 10.81
Granted (in dollars per share)	6.26
Exercised (in dollars per share)	2.38
Forfeited (in dollars per share)	12.53
Outstanding at end of period (in dollars per share)	9.7	$ 10.81
Exercisable at end of period (in dollars per share)	$ 9.86
Weighted-Average Remaining Contractual Term [Abstract]
Outstanding (in years)	7 years 9 months 18 days	7 years 9 months 18 days
Exercisable (in years)	7 years 2 months 12 days
Aggregate Intrinsic Value [Abstract]
Outstanding amount	$ 151	$ 11,521
Exercisable amount	151
Total intrinsic value of options exercised	$ 400		$ 2,300

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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Restricted Stock Units [Roll Forward]
Outstanding, beginning balance (in shares)	287,916
Granted (in shares)	243,295
Vested (in shares)	(84,780)	0
Forfeited (in shares)	(50,610)
Outstanding, ending balance (in shares)	395,821
Weighted-Average Grant Date Fair Value [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 14.71
Granted (in dollars per share)	6.07
Vested (in dollars per share)	11.94
Forfeited (in dollars per share)	9.91
Outstanding, ending balance (in dollars per share)	$ 10.61
Aggregate Intrinsic Value [Abstract]
Outstanding amount	$ 554		$ 1,756

Equity Incentive Plans and St_5

Equity Incentive Plans and Stock-Based Compensation, Employee Stock Purchase Plan (Details) - 2020 Employee Stock Purchase Plan [Member]	9 Months Ended
	Sep. 30, 2023 shares
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
Maximum [Member]
Employee Stock Purchase Plan [Abstract]
Percentage of offering date	15%

Equity Incentive Plans and St_6

Equity Incentive Plans and Stock-Based Compensation, Kinnjiu Equity Incentive Plan (Details)	May 31, 2021 shares
2021 Equity Incentive Plan [Member] | Maximum [Member]
Kinnjiu Equity Incentive Plan [Abstract]
Number of shares of common stock options authorized to issue (in shares)	9,000,000

Equity Incentive Plans and St_7

Equity Incentive Plans and Stock-Based Compensation, Stock-Based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Expense [Abstract]
Stock-based compensation expense	$ 5,281	$ 4,981	$ 16,088	$ 14,640
Employee Stock Purchase Plan [Member]
Fair Value of Stock Assumptions [Abstract]
Expected term (in years)			6 months	6 months
Expected dividend			0%	0%
Unrecognized stock-based compensation expense	0		$ 0
Employee Stock Purchase Plan [Member] | Minimum [Member]
Fair Value of Stock Assumptions [Abstract]
Expected volatility			76%	50%
Risk-free interest rate			4.54%	0.07%
Employee Stock Purchase Plan [Member] | Maximum [Member]
Fair Value of Stock Assumptions [Abstract]
Expected volatility			86%	77%
Risk-free interest rate			5.24%	1.54%
Research and Development [Member]
Share-based Compensation Expense [Abstract]
Stock-based compensation expense	2,386	2,244	$ 7,167	$ 6,346
General and Administrative [Member]
Share-based Compensation Expense [Abstract]
Stock-based compensation expense	2,895	$ 2,737	$ 8,921	$ 8,294
Stock Options [Member]
Fair Value of Stock Assumptions [Abstract]
Expected dividend			0%	0%
Weighted-average grant-date fair value of options granted (in dollars per share)			$ 4.43	$ 7.14
Unrecognized stock-based compensation expense	35,400		$ 35,400
Weighted-average period of nonvested stock-based compensation			2 years 5 months 1 day
Stock Options [Member] | Minimum [Member]
Fair Value of Stock Assumptions [Abstract]
Expected term (in years)			5 years	5 years
Expected volatility			73%	80%
Risk-free interest rate			3.50%	1.62%
Stock Options [Member] | Maximum [Member]
Fair Value of Stock Assumptions [Abstract]
Expected term (in years)			6 years	6 years
Expected volatility			80%	86%
Risk-free interest rate			4.29%	3.56%
Restricted Stock Units [Member]
Fair Value of Stock Assumptions [Abstract]
Unrecognized stock-based compensation expense	$ 4,100		$ 4,100
Weighted-average period of nonvested stock-based compensation			3 years 1 month 6 days
RSUs vested (in shares)			84,780	0

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	1 Months Ended
	May 31, 2021 USD ($)
Related Party Transactions [Abstract]
Contributions from redeemable convertible noncontrolling interest owners, net	$ 35

Kinnjiu Transaction (Details)

Kinnjiu Transaction (Details) $ in Thousands	1 Months Ended
	Feb. 28, 2023 USD ($) TradingDays shares	May 31, 2021 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Information of Variable Interest Entity [Abstract]
Contributions from redeemable convertible noncontrolling interest owners, net		$ 35,000
Contributions from noncontrolling interest owners, issuance cost		$ 200
Assets and Liabilities [Abstract]
Cash at consolidated joint venture			$ 0	$ 25,725
Prepaid expenses and other current assets			2,725	3,637
Right-of-use lease assets			2,660	3,377
Other non-current assets			2,145	$ 2,031
Operating lease liabilities			$ 3,384
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
Prepaid expenses and other current assets				20
Right-of-use lease assets				223
Other non-current assets				48
Accounts payable and accrued expenses				491
Operating lease liabilities				$ 206
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) | shares	2,200,000
Number of trading days | TradingDays	3

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2021 ft²	Jun. 30, 2021 ft²	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 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		5 years 4 months
Option to extend lease agreement	3 years	5 years
Standby letter of credit as security deposit			$ 400		$ 400
Standby letter of credit, decrease in amount after each three and four year of lease term if no default			300		300
Right-of-use assets			2,660		2,660		$ 3,377
Operating lease costs			$ 300	$ 900	$ 300	$ 700
Weighted-average discount rate			7%		7%
Weighted-average remaining lease term (in years)			3 years 6 months		3 years 6 months
Cash paid for leases in operating cash flows					$ 900	$ 300
Future Lease Payments of Operating Lease Liabilities [Abstract]
2023 remaining 3 months			$ 265		265
2024			1,080		1,080
2025			1,112		1,112
2026			927		927
Thereafter			428		428
Total minimum lease payments			3,812		3,812
Less: imputed interest			(428)		(428)
Total operating lease liabilities			3,384		3,384
Less: current portion			(869)		(869)		(991)
Lease liability, net of current portion			$ 2,515		$ 2,515		$ 3,191

Restructuring Costs (Details)

Restructuring Costs (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Costs [Abstract]
Accrued restructuring costs, ending balance	$ 1,973
One-time Termination Benefits [Member] | Strategic Plan [Member]
Restructuring and Related Cost, Positions Eliminated [Abstract]
Percentage of reduction in workforce	70%
Restructuring Costs [Abstract]
Accrued restructuring costs, beginning balance	$ 0
One-time employee termination benefits	1,973
Amounts paid during the period	0
Accrued restructuring costs, ending balance	$ 1,973