Design Therapeutics (DSGN) 10-K 14 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 09, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	DSGN
Entity Registrant Name	Design Therapeutics, Inc.
Entity Central Index Key	0001807120
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		55,943,314
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Entity File Number	001-40288
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3929248
Entity Address, Address Line One	6005 Hidden Valley Road
Entity Address, Address Line Two	Suite 110
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92011
City Area Code	858
Local Phone Number	293-4900
Document Transition Report	false
Document Annual Report	true
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 372,547,056
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Diego, California
ICFR Auditor Attestation Flag	false
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement for its 2022 Annual Meeting of Stockholders, which the registrant intends to file pursuant to Regulation 14A with the Securities and Exchange Commission no later than May 1, 2023, are incorporated by reference into Part III of this Annual Report on Form 10-K

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 26,500	$ 298,569
Investment securities	303,887	85,495
Prepaid expenses and other current assets	4,732	1,371
Total current assets	335,119	385,435
Property and equipment, net	1,947	1,508
Right-of-use asset, related party	3,612	3,614
Other assets	459
Total assets	341,137	390,557
Current liabilities:
Accounts payable	3,025	1,620
Accrued expenses and other current liabilities (including related party amounts of $640 and $504, respectively)	7,751	3,663
Total current liabilities	10,776	5,283
Operating lease liability, net, related party	3,051	3,144
Total liabilities	13,827	8,427
Commitments and contingencies (See Note 11)
Stockholders' equity:
Common stock: $0.0001 par value; 200,000,000 shares authorized, 55,943,314 and 55,681,752 shares issued, and 55,895,596 and 55,441,926 shares outstanding at December 31, 2022 and 2021, respectively	6	6
Additional paid-in capital	441,424	429,824
Accumulated deficit	(110,764)	(47,456)
Accumulated other comprehensive loss	(3,356)	(244)
Total stockholders' equity	327,310	382,130
Total liabilities and stockholders' equity	$ 341,137	$ 390,557

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accrued expenses and other current liabilities, related party amounts	$ 640	$ 504
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	55,943,314	55,681,752
Common stock, shares outstanding	55,895,596	55,441,926

Statements of Operations

Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development (including related party amounts of $405 and $53, respectively)	$ 48,613	$ 24,778
General and administrative (including related party amounts of $328 and $292, respectively)	18,980	11,053
Total operating expenses	67,593	35,831
Loss from operations	(67,593)	(35,831)
Other income, net	4,285	298
Net loss	$ (63,308)	$ (35,533)
Net loss per share, basic	$ (1.14)	$ (0.77)
Net loss per share, diluted	$ (1.14)	$ (0.77)
Weighted-average shares of common stock outstanding, basic	55,707,517	45,936,235
Weighted-average shares of common stock outstanding, diluted	55,707,517	45,936,235

Statements of Operations (Paren

Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Research and development expenses related party amount	$ 960	$ 405
General and administrative expenses related party amount	$ 530	$ 328

Statements of Comprehensive Los

Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (63,308)	$ (35,533)
Other comprehensive (loss):
Unrealized (loss) on available-for-sale securities	(3,112)	(400)
Comprehensive loss	$ (66,420)	$ (35,933)

Statements of Convertible Prefe

Statements of Convertible Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2020	$ (11,315)		$ 1	$ 451	$ 156	$ (11,923)
Beginning Balance, Shares at Dec. 31, 2020		22,012,499
Beginning Balance at Dec. 31, 2020		$ 45,356
Beginning Balance, Shares at Dec. 31, 2020			15,957,821
Issuance of Series B convertible preferred stock, net of issuance costs		$ 124,712
Issuance of Series B convertible preferred stock, net of issuance costs, Shares		19,083,979
Preferred stock converted into shares of common stock	170,068		$ 4	170,064
Preferred stock converted into shares of common stock, Shares		(41,096,478)
Preferred stock converted into shares of common stock		$ (170,068)
Preferred stock converted into shares of common stock, Shares			25,212,548
Initial public offering of common shares, net of $21,728 of issuance costs	254,271		$ 1	254,270
Initial public offering of common shares, net of $21,728 of issuance costs, Shares			13,800,000
Exercises of stock options and vesting of restricted stock	156			156
Exercises of stock options and vesting of restricted stock, Shares			460,101
Issuance of common stock under employee stock purchase plan	194			194
Issuance of common stock under employee stock purchase plan, Shares			11,456
Stock-based compensation	4,689			4,689
Unrealized loss on investments	(400)				(400)
Net loss	(35,533)					(35,533)
Ending Balance at Dec. 31, 2021	382,130		$ 6	429,824	(244)	(47,456)
Ending Balance, Shares at Dec. 31, 2021			55,441,926
Exercises of stock options and vesting of restricted stock	336			336
Exercises of stock options and vesting of restricted stock, Shares			418,236
Issuance of common stock under employee stock purchase plan	339			339
Issuance of common stock under employee stock purchase plan, Shares			35,434
Stock-based compensation	10,925			10,925
Unrealized loss on investments	(3,112)				(3,112)
Net loss	(63,308)					(63,308)
Ending Balance at Dec. 31, 2022	$ 327,310		$ 6	$ 441,424	$ (3,356)	$ (110,764)
Ending Balance, Shares at Dec. 31, 2022			55,895,596

Statements of Convertible Pre_2

Statements of Convertible Preferred stock and Stockholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Series B Convertible Preferred Stock
Preferred stock issuance costs	$ 288
Initial Public Offering
Stock issuance costs	$ 21,728

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (63,308)	$ (35,533)
Reconciliation of net loss to net cash used in operating activities:
Depreciation	406	129
Stock-based compensation	10,925	4,689
Amortization of premiums on investment securities, net	(1,396)	(77)
Non-cash lease expense	60	19
Other	4
Change in operating assets and liabilities:
Prepaid expense and other assets	(3,393)	(1,017)
Accounts payable and other liabilities	5,400	2,418
Accounts payable and other liabilities related-party	(15)	(5)
Net cash used in operating activities	(51,317)	(29,377)
Cash flows from investing activities
Purchases of investment securities	(312,998)	(86,261)
Proceeds from maturities of investment securities	92,890	34,155
Proceeds from sale of asset	39
Purchases of property and equipment	(918)	(1,538)
Net cash used in investing activities	(220,987)	(53,644)
Cash flows from financing activities
Proceeds from initial public offering, net of issuance costs		254,271
Proceeds from issuance of convertible preferred stock, net of issuance costs		124,712
Payment of deferred issuance costs	(427)
Issuance of common stock through employee stock purchase plan	339	194
Proceeds from the exercise of stock options	323	34
Net cash provided by financing activities	235	379,211
Net (decrease) increase in cash and cash equivalents	(272,069)	296,190
Cash and cash equivalents at beginning of period	298,569	2,379
Cash and cash equivalents at end of period	26,500	298,569
Supplemental disclosures
Initial recognition of operating lease right-of-use asset and operating lease liability	$ 590	3,786
Purchases of property and equipment included in accrued expenses		$ 29

Organization

Organization	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Organization	1. Organization Design Therapeutics, Inc. (the “Company”) was incorporated in Delaware in December 2017 and is based in Carlsbad, California. The Company is a clinical-stage biopharmaceutical company pioneering the research and development of GeneTAC TM molecules, which are a novel class of small-molecule gene targeted chimera therapeutic candidates designed to be disease-modifying by addressing the underlying cause of diseases caused by inherited nucleotide repeat expansion mutations. The Company’s lead product candidate is in Friedreich ataxia (“FA”), its second product candidate is in Fuchs Endothelial Corneal Dystrophy ("FECD"), and it is also advancing its GeneTAC TM program to address other serious nucleotide repeat-driven monogenic diseases. Stock Splits In March 2021, the Company effected a 1-for-1.63 reverse stock split of its issued and outstanding common stock. The par value and the authorized shares of the common stock were not adjusted as a result of these stock splits. The reverse stock split in March 2021 resulted in an adjustment to the convertible preferred stock conversion prices to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion. The accompanying financial statements and notes to the financial statements give retroactive effect to the stock splits for all periods presented. Initial Public Offering In March 2021, the Company completed its initial public offering ("IPO") selling 13,800,000 shares of its common stock at $ 20.00 per share. Proceeds from the Company’s IPO, net of underwriting discounts and commissions and other offering costs, were $ 254.3 million. In connection with the IPO, all 41,096,478 shares of convertible preferred stock outstanding at the time of the IPO converted into 25,212,548 shares of the Company’s common stock. Liquidity and Capital Resources The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net operating losses since inception and had an accumulated deficit of $ 110.8 million as of December 31, 2022. The Company had cash, cash equivalents and investment securities of $ 330.4 million as of December 31, 2022, and has not generated positive cash flow from operations. Management expects to incur net losses for the foreseeable future. There can be no assurance that the Company will ever earn revenues or achieve profitability, or if achieved, that they will be sustained on a continuing basis. In addition, the research, product development, and clinical development activities as well as the commercialization of the Company’s products, if approved, will require significant additional financing. The Company may be unable to secure such financing when needed, or if available, such financings may be under terms that are unfavorable to the Company or the current stockholders. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce the scope of, or eliminate development programs, which may adversely affect its business and operations . The Company’s currently available cash and cash equivalents as of December 31, 2022 are sufficient to meet its anticipated cash requirements for more than 12 months following the date the financial statements are issued .

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and anticipated actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company manages its operations as a single reportable segment for the purposes of assessing performance and making operating decisions. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and investment securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash balances due to the financial position of the depository institution in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities at the date of acquisition of three months or less to be cash equivalents. These investments may include money market accounts, money market funds, U.S. Government agency securities, corporate debt securities and commercial paper. The carrying amounts approximate fair value due to the short maturities of these instruments. The Company’s cash reserves are in a readily available checking account. Investment Securities Investments in securities with maturities at the date of acquisition of more than three months are considered marketable securities. These investments may include money market accounts, money market funds, certificates of deposits, U.S. Treasury securities and high quality, marketable debt instruments of corporations and government sponsored enterprises. The Company determines the appropriate classification of its investments at the time of acquisition and reevaluates such determination at each balance sheet date. The Company has classified its investment holdings as available-for-sale, as the sale of such securities may be required prior to maturity to implement management strategies. Further, the Company classifies its available-for-sale investment securities, including those with maturities beyond one year, as current assets on its balance sheets based on the highly liquid nature of the securities and because these investments are considered available for use in current operations. The Company’s investment policy sets minimum credit quality criteria and maximum maturity limits on its investments to provide for safety of principle, liquidity and a reasonable rate of return. Available-for-sale securities are recorded at fair value, based on current market valuations. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of other comprehensive income (loss) until realized. Allowances for credit losses are reported on the balance sheet, if any. The cost of available-for-sale investment securities is adjusted for amortization of premiums and accretion of discounts until the securities mature. Such amortization and accretion is included in other income, net on the statements of operations. Realized gains and losses, if any, are also included in other income, net on the statement of operations and are derived using the specific identification method for determining the cost of the securities sold. During the periods presented, no realized gains or losses were recorded on the sale of investment securities and no impairments to reduce the value of any security was taken. See Note 5 for further discussion. Property and Equipment, Net Property and equipment generally consist of laboratory equipment, computer equipment and software, and furniture and fixtures and are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally three to five years ). Leasehold improvements are recorded at cost and are depreciated on a straight-line basis over the lesser of the remaining term of the related lease or the estimated useful lives of the assets. Repairs and maintenance costs are charged as incurred. An impairment loss is recorded if and when events and circumstances indicate that assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The Company has no t recognized any impairment losses for the years ended December 31, 2022 and 2021. Leases Leases consist of an operating lease the Company has related to its facility. At lease commencement, the Company records a lease liability based on the present value of lease payments over the expected lease term. The expected lease term includes noncancelable lease periods and, when applicable, periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option, as well as periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the option. For those leases where the implicit rate is not provided, the Company calculates the present value of lease payments using an incremental borrowing rate. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. At the lease commencement date, the Company records a corresponding right-of-use ("ROU") lease asset based on the lease liability, adjusted for any lease incentives received and any initial direct costs paid to the lessor prior to the lease commencement date. The Company may enter into leases with an initial term of 12 months or less ("Short-Term Leases"). For any Short-Term leases, the Company records the rent expense on a straight-line basis and ROU asset and lease obligations are not recognized. The Company had no Short-Term Leases as of December 31, 2022 or 2021. After lease commencement, the Company measures its leases as follows: (i) the lease liability based on the present value of the remaining lease payments using the discount rate determined at lease commencement and (ii) the ROU asset based on the remeasured lease liability, adjusted for any unamortized lease incentives received, any unamortized initial direct costs and the cumulative difference between rent expense and amounts paid under the lease agreement. Any lease incentives received and any initial direct costs are amortized on a straight-line basis over the expected lease term. Rent expense is recorded on a straight-line basis over the expected lease term. Research and Development Expenses Research and development expenses are charged to expense in the period in which they are incurred and are comprised of the following types of costs incurred in connection with research and development activities and clinical trials: lab supplies and outside services incurred in connection with the Company’s early discovery efforts, contract services for clinical trials and related clinical manufacturing costs, salaries and benefits including share-based compensation expense, costs for allocated facilities and depreciation of equipment . Patent Costs Costs related to filing and pursuing patent applications are recorded as general and administrative expenses in the statements of operations and expensed as incurred since recoverability of such expenditures is uncertain. Stock-Based Compensation Stock options and restricted stock issued pursuant to the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) and 2018 Equity Incentive Plan (the “2018 Plan”), and option features associated with the rights to purchase shares pursuant to the Company’s 2021 Employee Stock Purchase Plan (the “ESPP”) are valued using the Black-Scholes option pricing model on the date of grant or subscription period. This option pricing model involves a number of estimates, including the expected lives of the stock options or subscription period, the Company's anticipated stock volatility and interest rates. The Company recognizes the expense for equity awards on a straight-line basis over the requisite service periods of the awards or the number of shares estimated to be issued pursuant to the ESPP. Forfeitures are recognized as they occur. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and the tax reporting basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. When the Company establishes or reduces the valuation allowance against its deferred tax assets, its provision for income taxes will increase or decrease, respectively, in the period such determination is made. The accounting guidance for uncertainty in income taxes prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities based on the technical merits of the position.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	3. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of stock options outstanding under the Company’s equity incentive plans, restricted common stock subject to repurchase, and employee stock purchase rights under the Company’s ESPP, as applicable. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company's net loss position. The following table sets forth the outstanding, potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their inclusion would be anti-dilutive: December 31, December 31, Stock options 5,396,719 2,673,775 Shares subject to repurchase 47,718 239,826 Employee stock purchase plan 7,096 3,833 Total 5,451,533 2,917,434

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements 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 non-recurring 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. 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 value of the Company’s cash, accounts payable and accrued liabilities are considered to be representative of their respective fair values due to the short-term nature of those instruments. The Company’s investment securities, which may include money market accounts, money market funds, certificates of deposits, U.S. Treasury securities, and high quality, marketable debt instruments of corporations and government sponsored enterprises, are measured at fair value in accordance with the fair value hierarchy. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis and no transfers between levels have occurred during the periods presented. The following table summarizes the Company’s financial instruments measured at fair value on a recurring basis at December 31, 2022 and 2021 (in thousands): Fair Value Measurement at End of Period Using: Quoted Prices In Active Markets Significant For Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of December 31, 2022: Assets: Money market funds (1) $ 20,895 $ 20,895 $ — $ — Certificates of deposit 7,929 7,929 — — U.S. Treasury securities 265,966 265,966 — — U.S. Government agency securities 29,992 — 29,992 — Total $ 324,782 $ 294,790 $ 29,992 $ — As of December 31, 2021: Assets: Money market funds (1) $ 298,114 $ 298,114 $ — $ — Certificates of deposit 5,771 5,771 — — U.S. Treasury securities 79,724 79,724 — — Total $ 383,609 $ 383,609 $ — $ — (1) Included in cash and cash equivalents on the accompanying balance sheets. Interest bearing money market accounts and certificates of deposit are valued at amortized cost, which approximates fair value.

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investment Securities	5. Investment Securities The Company’s investment policy defines allowable investment securities and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. In accordance with the Company’s investment policy, it has invested funds in marketable securities. The cost, gross unrealized holding gains, gross unrealized holding losses, allowances for credit losses and fair value of available-for-sale investments by types, maturities and classes of securities at December 31, 2022 and 2021 consisted of the following (in thousands): As of December 31, 2022 Estimated Allowance Fair Amortized Unrealized Unrealized for Credit Market Maturity Cost Gains Losses Losses Value Certificates of deposits Within 1 year $ 4,092 $ — $ ( 57 ) $ — $ 4,035 U.S. Treasury securities Within 1 year 200,938 4 ( 2,182 ) — 198,760 U.S. Government agency securities Within 1 year 22,663 — ( 84 ) — 22,579 Certificates of deposits 1 year to 2 years 3,920 7 ( 33 ) — 3,894 U.S. Treasury securities 1 year to 2 years 68,130 2 ( 926 ) — 67,206 U.S. Government agency securities 1 year to 2 years 7,500 — ( 87 ) — 7,413 Total $ 307,243 $ 13 $ ( 3,369 ) $ — $ 303,887 As of December 31, 2021 Estimated Allowance Fair Amortized Unrealized Unrealized for Credit Market Maturity Cost Gains Losses Losses Value Certificates of deposits Within 1 year $ 2,896 $ — $ ( 3 ) $ — $ 2,893 U.S. Treasury securities Within 1 year 15,045 — ( 23 ) — 15,022 Certificates of deposits 1 year to 2 years 2,887 — ( 9 ) — 2,878 U.S. Treasury securities 1 year to 2 years 64,911 — ( 209 ) — 64,702 Total $ 85,739 $ — $ ( 244 ) $ — $ 85,495 The Company reviews its investments at each reporting date to identify and evaluate whether a decline in fair value below the amortized cost basis of available-for-sale securities is due to credit-related factors and determines if such unrealized losses are the result of credit losses that require impairment. Factors considered in determining whether an unrealized loss is the result of a credit loss or other factors include the extent to which the fair value is less than the cost basis, any changes to the rating of the security by a rating agency, the financial condition and near-term prospects of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic condition and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. At December 31, 2022 there were 77 securities in an unrealized loss position. The Company determined that there was no material change in the credit risk of the securities and considered the decline in market value to be primarily attributable to changes in interest rates. Each security remained at a high credit quality rating and the unrealized losses of each security was immaterial. Further, there had been no adverse conditions noted for any of the issuers and Company does not intend to sell any of the securities prior to maturity. As such, an allowance for credit losses has not been recognized. At December 31, 2021, there wer e 38 securities in an unrealized loss position. As of December 31, 2022, the Company held 33 domestic certificates of deposit with amortized costs below the Federal Deposit Insurance Corporation (“FDIC”) insured limit. Accrued interest receivable on available-for-sale investment securities, included in prepaids and other current assets on the Company’s balance sheets, was $ 1.1 million and $ 0.1 million at December 31, 2022 and 2021, respectively.

Balance Sheet Details

Balance Sheet Details	12 Months Ended
	Dec. 31, 2022
Balance Sheet Component [Abstract]
Balance Sheet Details	6. Balance Sheet Details Prepaid expenses and other current assets consisted of the following (in thousands): December 31, December 31, Prepaid expenses $ 3,617 $ 1,261 Interest receivable 1,115 110 Total $ 4,732 $ 1,371 Property and equipment consisted of the following (in thousands): December 31, December 31, Laboratory equipment $ 1,695 $ 1,148 Computer equipment and software 102 96 Furniture and fixtures 521 292 Leasehold improvements 151 95 Construction in progress — 11 2,469 1,642 Less accumulated depreciation ( 522 ) ( 134 ) Total $ 1,947 $ 1,508 Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, December 31, Accrued personnel costs $ 3,543 $ 2,152 Accrued research and development costs 2,983 516 Current portion of operating lease liability, related party 640 489 Accrued other 585 506 Total $ 7,751 $ 3,663

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	7. Leases In May 2019, the Company entered into an agreement, as subsequently amended, to lease laboratory space pursuant to a three-month, automatically renewing lease. Due to the short-term nature of the lease, it was not included as an operating lease right of use asset nor as an operating lease liability on the Company’s balance sheets. The Company terminated the agreement in September 2021 . In February 2021, the Company entered into a lease agreement with Crossing Holdings, LLC to rent approximately 12,370 square feet of laboratory and office space (the “Lease”). The Company’s Executive Chairperson, co-founder and member of its board of directors, is the sole member and Manager of Crossing Holdings, LLC. The lease commenced in September 2021 with a term of 72 months and an option to extend the lease term for a period of three years ; however, it is not reasonably certain the Company will exercise the option to renew when the lease term ends in 2027 , and thus, the incremental term was excluded from the calculation of the ROU asset or lease liability. Lease payments are subject to annual increases of 3 % and the Company is responsible for its share of operating expenses and taxes, which are expensed as incurred. In March 2022, the Company entered into an amendment (the "Lease Amendment") to its Lease with Crossing Holdings, LLC to rent approximately 4,900 square feet of additional office space in the same building. The Lease Amendment commenced in June 2022 and the term of the additional premises under the Lease Amendment will coincide with the term of the Lease and end in 2027 . As of December 31, 2022, the weighed-average remaining lease term for the Company's leases was 4.7 years and the weighted-average discount rate used to determine the right-of-use asset and corresponding operating lease liability was 7.37 %. Maturities of operating lease liabilities, related party as of December 31, 2022 are as follows (in thousands): 2023 $ 891 2024 918 2025 945 2026 974 2027 663 Thereafter — Total future minimum lease payments 4,391 Less: Present value adjustment ( 700 ) Operating lease liabilities, related party $ 3,691 Rent expense for the years ended December 31, 2022 and 2021 was $ 0.9 million and $ 0.6 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Contingencies From time to time, the Company may become subject to claims or suits arising in the ordinary course of business. The Company accrues a liability for such matters when it is probable that the future expenditures will be made and such expenditures can be reasonably estimated. The Company had no such contingent liabilities as of December 31, 2022 or December 31, 2021.

License Agreement

License Agreement	12 Months Ended
	Dec. 31, 2022
License Agreement [Abstract]
License Agreement	12. License Agreement In February 2019, the Company entered into a Human Therapeutics Exclusive License Agreement (the “License Agreement”) with the Wisconsin Alumni Research Foundation (“WARF”). Under the License Agreement, the Company licensed the exclusive, worldwide, royalty-bearing, sublicensable rights to certain WARF patents and the nonexclusive worldwide rights to certain know-how to develop and commercialize products for the prevention, diagnosis and treatment of disease. As consideration for the license, the Company agreed to pay an upfront fee of $ 0.3 million, which the Company immediately expensed as research and development expense in its statements of operations as there was no alternative future use for the license. For the year ended December 31, 2022, pursuant to the License Agreement, the Company paid $ 0.1 million upon the acceptance of an Investigational New Drug Application ("IND") in the U.S. The Company will be required to make further aggregate milestone payments of up to $ 17.5 million upon achievement of certain other regulatory and commercial milestones. The Company may also be required to pay royalties based on annual net product sales in the low single digits on its or its sublicensees’ net product sales on a country-by-country and product-by-product basis, and is subject to a minimum royalty of $ 0.1 million per calendar year upon first commercial product sale. Further, the Company may be required to pay sublicense fees in the mid-single digits percentage for fees, royalties or other payments earned from the granting of sublicenses to the WARF patents and know-how. The Company is responsible for reimbursing WARF for costs incurred in connection with prosecuting and maintaining patent rights that are specific to the License Agreement. Expenses recognized in connection with legal patent fees under this License Agreement were less than $ 0.1 million for the years ended December 31, 2022 and 2021, which were recorded as general and administrative expenses in the statements of operations. The Company may terminate the License Agreement with 90 days written notice or for certain breaches of the agreement. WARF may terminate the License Agreement with 90 days written notice if first commercial sale does not occur before December 31, 2031. Unless terminated earlier by the parties, the term of the License Agreement will continue until the last licensed patent expires in all countries.

Convertible Preferred Stock and

Convertible Preferred Stock and Stockholders' Deficit	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Convertible Preferred Stock and Stockholders' Deficit	8. Convertible Preferred Stock and Stockholders’ Deficit Authorized Shares In connection with the completion of the Company’s IPO in March 2021, the Company amended its Certificate of Incorporation to authorize 200,000,000 shares of common stock, par value $ 0.0001 per share, and 10,000,000 shares of preferred stock, par value $ 0.0001 per share, respectively. Convertible Preferred Stock In February and March 2020, the Company issued 21,710,814 shares of Series A convertible preferred stock at $ 2.0727 per share for net cash proceeds of $ 44.7 million (the “Series A Financing”). In connection with the Series A Financing, the Company issued an additional 301,685 shares of its Series A convertible preferred stock at $ 1.65816 per share in February 2020. In January 2021, the Company issued 19,083,979 shares of Series B convertible preferred stock at $ 6.55 per share for net cash proceeds of approximately $ 124.7 million. All shares of convertible preferred stock outstanding at the Company’s IPO were converted into shares of the Company’s common stock. Shelf Registration Statement In April 2022, the Company filed a shelf registration statement on Form S-3 ( the "2022 Shelf Registration Statement"), which became effective in May 2022. The 2022 Shelf Registration Statement permits: (i) the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $ 300.0 million of common stock, preferred stock, debt securities and warrants in one or more offerings and in any combination; and (ii) the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $ 100.0 million of our common stock that may be issued and sold under an "at-the-market" sales agreement ( the "ATM Program"). The $ 100.0 million of common stock that may be issued and sold under the ATM Program is included in the $ 300.0 million of securities that may be issued and sold under the 2022 Shelf Registration Statement. As of December 31, 2022, the Company has not sold any shares of its common stock under the ATM Program. Shares Subject to Repurchase Pursuant to the 2018 Plan, the Company has issued shares of restricted common stock to employees, consultants and members of its board of directors. Additionally, certain stock options granted pursuant to the 2018 Plan provide for the right to elect to exercise unvested options early in exchange for restricted shares of common stock. These restricted shares of common stock generally vest over a four-year period and are subject to repurchase by the Company at the original purchase price or, in certain instances the fair market value if such fair market value is lower than the purchase price, in the event the recipient’s service is terminated either voluntarily or involuntarily prior to vesting. A summary of the Company’s restricted shares of common stock and unvested stock liability, which is included in accrued expenses and other current liabilities on the Company’s balance sheets, is as follows (in thousands, except share data): Shares Liability Balance at December 31, 2020 646,953 $ 145 Vested shares ( 407,127 ) ( 122 ) Balance at December 31, 2021 239,826 23 Vested shares ( 192,108 ) ( 14 ) Balance at December 31, 2022 47,718 $ 9

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	9. Stock-Based Compensation Equity Incentive Award Plans In March 2021, the Company’s board of directors and stockholders adopted the 2021 Plan, which became effective on March 25, 2021, the date of the underwriting agreement related to the Company’s IPO. Upon adoption of the 2021 Plan, the Company restricted future grants from its 2018 Plan. Under the 2021 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance stock awards, performance cash awards and other forms of stock awards to employees, directors and consultants, including employees and consultants of the Company’s affiliates. As of December 31, 2022, the Company had 5,914,999 shares available for grant under the 2021 Plan. In addition, the number of shares of common stock available for issuance under the 2021 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 5% of the total number of shares outstanding of the Company’s common stock on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors. Effective January 1, 2023, the number of shares available for future issuance was increased by 2,797,165 shares so that the total available for future issuance as of January 1, 2023 was 8,712,164 shares. A summary of the Company's stock option activity for the periods presented was as follows (in thousands, except year, share and per share data): Weighted- Average Number of Weighted- Remaining Options and Average Contractual Aggregate Awards Exercise Term Intrinsic Outstanding Price (Years) Value Outstanding at December 31, 2020 1,601,214 $ 0.91 9.71 $ 8,468 Granted 1,439,444 $ 15.60 Exercised ( 52,974 ) $ 0.65 Canceled ( 313,909 ) $ 3.82 Outstanding at December 31, 2021 2,673,775 $ 8.49 9.12 35,343 Granted 3,132,283 $ 13.50 Exercised ( 226,128 ) $ 1.43 Canceled/Expired ( 183,211 ) $ 9.81 Outstanding at December 31, 2022 5,396,719 $ 11.64 8.75 $ 10,533,451 Vested and expected to vest at December 31, 2022 5,396,719 $ 11.64 8.75 $ 10,533,451 Exercisable at December 31, 2022 1,417,736 $ 7.22 8.07 $ 8,075,544 The weighted-average grant date fair value per share of options granted was $ 8.63 and $ 12.39 for the years ended December 31, 2022 and 2021, respectively. The aggregate intrinsic value of options exercised was $ 4.0 million and $ 0.8 million for the years ended December 31, 2022 and 2021, respectively, and the cash received from options exercised was $ 0.3 million and less than $ 0.1 million for the years ended December 31, 2022 and 2021. The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants for the periods presented were as follows: Year Ended 2022 2021 Fair value of common stock 13.50 15.60 Expected term (years) 6.10 6.07 Expected volatility 70.40 % 72.83 % Risk-free interest rate 2.01 % 1.04 % Expected dividend yield 0.0 % 0.0 % The Company determines the assumptions used in the option pricing model in the following manner: Fair Value of Common Stock —The grant date fair market value of the shares of common stock underlying stock options is determined by the Company’s board of directors. Following the closing of the Company’s IPO, the fair market value of our common stock is based on its closing price as reported on the date of grant on the primary stock exchange on which the Company’s common stock is traded. Prior to the Company’s IPO, because there was no public market for the Company’s common stock, the board of directors considered, among other things, input from management and valuations of the Company's stock prepared by unrelated third-party valuation firms. Expected Term —The expected term of stock options represents the period of time that the awards are expected to be outstanding. Because the Company does not have sufficient historical exercise behavior, it determines the expected term assumption using the simplified method for employees and board members, which calculates the expected term as the average time-to-vesting and the contractual life of the award. The expected term for non-employees is generally the contractual term. Expected Volatility —Given the Company's limited historical stock price volatility data, the expected volatility assumption was determined by examining the historical volatilities of a group of industry peers whose share prices are publicly available. Risk-Free Interest Rate —The risk-free rate assumption is based on the U.S. Treasury yield in effect at the time of the grant with maturities consistent with the expected term of the awards. Expected Dividend Yield —The expected dividend yield assumption is based on the Company’s history and expectation of dividend payouts. The Company has not paid and does not intend to pay dividends and, therefore, used an expected dividend yield of zero . 2021 Employee Stock Purchase Plan In March 2021, the Company’s board of directors and stockholders adopted the ESPP, which became effective on March 25, 2021, the date of the underwriting agreement related to the Company’s IPO. The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15 % of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85 % of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. A total of 600,000 shares of common stock were approved to be initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to the lesser of (i) 1% of the total number of shares outstanding of the Company’s common stock on the last day of the calendar month before the date of each automatic increase and (ii) 1,200,000 shares; provided that before the date of any such increase, the Company’s board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). Effective January 1, 2023, the number of shares available for issuance was increased by 559,433 shares so that the total available for future issuance as of January 1, 2023 was 1,669,360 shares. As of December 31, 2022, the Company had issued 46,890 shares of the Company's common stock under the ESPP and had 1,109,927 shares available for future issuance. In determining the grant date fair value of shares to be issued under the ESPP, the Company uses the Black-Scholes option pricing model. The Black-Scholes inputs are determined in the same manner as for stock option awards. The weighted average inputs used for the ESPP for the year ended December 31, 2022, were as follows: Year Ended 2022 2021 Fair value of common stock 12.51 19.96 Expected term (years) 1.26 1.41 Expected volatility 78.01 % 69.26 % Risk-free interest rate 2.78 % 0.18 % Expected dividend yield 0.0 % 0.0 % Stock-based compensation expense for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands): Year Ended 2022 2021 Research and development $ 4,827 $ 1,827 General and administrative 6,098 2,862 Total $ 10,925 $ 4,689 As of December 31, 2022, unrecognized compensation expense related to unvested stock option awards was $ 33.2 million, which is expected to be recognized in expense over a weighted-average period of 2.8 years. As of December 31, 2022, unrecognized compensation expense related to ESPP rights was $ 0.4 million, which is expected to be recognized over a remaining period of 1.6 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The Company is subject to taxation in the United States and various state jurisdictions. All of the Company’s tax years are subject to examination by federal and state tax authorities due to the carryforward of unutilized net operating losses and research and development credits. The Company’s policy is to recognize interest and penalties related to income tax matters as tax expense. The Company had no accrued interest or penalties related to income tax matters on its balance sheets at December 31, 2022 or 2021. and has no t recognized interest or penalties in its statements of operations and comprehensive loss for the years ended December 31, 2022 and 2021, respectively. Further, the Company is not currently under examination by any federal, state or local tax authority. At December 31, 2022, the Company had federal and state net operating loss (“NOL”) carryforwards of $ 54.8 million an d $ 10.6 million, r espectively. Federal NOL carryforwards totaling $ 0.1 million b egin to expire in 2037 , unless previously utilized. Federal and state NOL carryforwards of $ 54.7 million and $ 0.4 million g enerated after 2017, may be carryforward indefinitely but can only be utilized to offset 80 % of future taxable income. State NOL carryforwards totalin g $ 10.2 million be gin to expire in 2037 , unless previously utilized. In addition, the Company has federal and state research and development (“R&D”) credit carryforwards totali ng $ 3.1 million and $ 1.4 million, respectively. The federal R&D credit carryforwards will begin to expire in 2038 unless previously utilized. The state R&D credit carryforwards do not expire. Utilization of the Company’s NOL and R&D credit carryforwards may be subject to substantial annual limitations in the event a cumulative ownership change has occurred, or that could occur in the future, as required by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). In general, an “ownership change,” as defined by Section 382 of the Code, results from a transaction, or series of transactions over a three-year period, resulting in an ownership change of more than 50% of the outstanding common stock of a company by certain stockholders or public groups. Such an ownership change may limit the amount of NOL and R&D credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. The Company completed a study to assess whether an ownership change had occurred from the Company's formation through December 31, 2021. Based upon the study, the Company determined that it had experienced multiple ownership changes during 2020, causing the annual utilization of the NOL and credit carryforwards to be limited. The Company does not believe any of the NOL and credit carryforwards generated through December 31, 2022 would expire solely as a result of annual limitations on the utilization of those attributes. If ownership changes occur in the future, the amount of remaining tax attribute carryforwards available to offset taxable income and income tax expense in future years may be restricted or eliminated. If eliminated, the related asset would be removed from deferred tax assets with a corresponding reduction in the valuation allowance. Due to the existence of the valuation allowance, limitations created by future ownership changes, if any, will not impact the Company’s effective tax rate. Significant components of the Company's net deferred tax assets at December 31, 2022 and 2021 were as follows (in thousands): December 31, December 31, Deferred tax assets: Net operating losses $ 12,240 $ 9,171 Capitalized research costs 8,396 — Research and development credits 3,274 1,013 Lease liability 776 763 Stock-based compensation 1,740 532 Other 1,519 515 Total gross deferred tax assets 27,945 11,994 Valuation allowance ( 26,777 ) ( 11,235 ) Total deferred tax assets 1,168 759 Deferred tax liabilities: Right of use asset ( 759 ) ( 759 ) Other ( 409 ) — Total deferred tax liabilities ( 1,168 ) ( 759 ) Net deferred tax assets $ — $ — A reconciliation of the Company's income tax expense (benefit) to the amount computed by applying the federal statutory income tax rate for the periods presented were as follows (in thousands): December 31, December 31, Expected tax benefit at federal statutory rate $ ( 13,295 ) $ ( 7,451 ) State income taxes, net of federal benefit ( 15 ) ( 4 ) Debt financing — — Research and development credits ( 2,075 ) ( 836 ) Stock-based compensation 697 326 Other ( 200 ) ( 9 ) Change in valuation allowance 14,888 7,974 Provision for income taxes $ — $ — The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination by tax authorities. The Company does not expect that there will be a significant change in the unrecognized tax benefits over the next twelve months. Further, due to the existence of the valuation allowance, future changes in the Company's unrecognized tax benefits will not impact the effective tax rate. The following table summarizes the changes to the Company's unrecognized tax benefits for the periods presented (in thousands): December 31, December 31, Balance at beginning of period $ 418 $ 15 Increase related to prior year tax positions — 1 Increase to current year tax positions 511 402 Balance at end of period $ 929 $ 418

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	13. Related Party Transactions Lease Agreement In February 2021, the Company entered into the Lease with Crossing Holdings, LLC to rent laboratory and office space. In March 2022, the Company entered into the Lease Amendment with Crossing Holdings, LLC amending the Lease for additional space in the same building. The Company's Executive Chairperson, co-founder and member of its board of directors, is the sole member and Manager of Crossing Holdings, LLC. Expenses recognized by the Company under the Lease and Lease Amendment during the periods presented were as follows (in thousands): Year Ended 2022 2021 Research and development $ 780 $ 225 General and administrative 290 88 Total expenses $ 1,070 $ 313 Consulting Agreements In January 2019, the Company entered into an agreement with the Marlinspike Group, LLC (“Marlinspike Group”) for research support, management, and business consulting services (the “2019 Consulting Agreement”). Further, Marlinspike Group provides the use of approximately 2,120 square feet of its office space in Carlsbad, California to the Company on an as-available basis from time to time pursuant to the agreement. The Company’s Executive Chairperson, co-founder and member of its board of directors is an executive officer of Marlinspike Group. The term of the 2019 Consulting Agreement was for a one-year period, subject to automatic one-month renewals unless terminated upon 14 days’ written notice. In March 2020, the Consulting Agreement was terminated and replaced with an amended consulting agreement (the “2020 Consulting Agreement”), which provides for the similar services and use of office space for a monthly fee of $ 20,000 . Pursuant to the terms of the 2020 Consulting Agreement, it shall remain in effect until otherwise terminated. Termination may occur at any time upon mutual agreement or unilaterally upon 30 days’ written notice. If the Company unilaterally terminates the 2020 Consulting Agreement for any reason other than cause, it would be subject to a $ 240,000 termination fee. The Company cannot determine when, or if, such a termination will occur and hence has not recorded a liability for the fee. Expenses recognized by the Company under the 2020 Consulting Agreement during the periods presented were as follows (in thousands): Year Ended 2022 2021 General and administrative 240 240 Total expenses $ 240 $ 240 In December 2017, the Company entered into a consulting agreement with Aseem Z. Ansari, Ph.D. Dr. Ansari, a co-founder, provides consulting services and advises on certain research and development activities (the “Research Consulting Agreement”). Pursuant to the Research Consulting Agreement, as amended, Dr. Ansari performs these services for a monthly fee of $ 15,000 . Expenses recognized by the Company under the Research Consulting Agreement during the periods presented were as follows (in thousands): Year Ended 2022 2021 Research and development $ 180 $ 180 Total expenses $ 180 $ 180 The Company had accrued expenses and other current liabilities of zero and $ 15,000 as of December 31, 2022 and 2021, pursuant to its related party consulting agreements.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plans	14. Employee Benefit Plans The Company maintains a retirement plan, which is qualified under section 401(k) of the Internal Revenue Code of 1986, as amended, for the Company's U.S. employees. The plan allows eligible employees to defer, at the employee's discretion, pretax compensation up to the IRS annual limits. The Company is not required to make matching contributions under the plan; however, in 2022, the Company began making matching contributions. The Company voluntarily contributed $ 0.3 million to the plan for the year ended December 31, 2022.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and anticipated actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company manages its operations as a single reportable segment for the purposes of assessing performance and making operating decisions.
Concentration of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and investment securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash balances due to the financial position of the depository institution in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with maturities at the date of acquisition of three months or less to be cash equivalents. These investments may include money market accounts, money market funds, U.S. Government agency securities, corporate debt securities and commercial paper. The carrying amounts approximate fair value due to the short maturities of these instruments. The Company’s cash reserves are in a readily available checking account.
Investment Securities	Investment Securities Investments in securities with maturities at the date of acquisition of more than three months are considered marketable securities. These investments may include money market accounts, money market funds, certificates of deposits, U.S. Treasury securities and high quality, marketable debt instruments of corporations and government sponsored enterprises. The Company determines the appropriate classification of its investments at the time of acquisition and reevaluates such determination at each balance sheet date. The Company has classified its investment holdings as available-for-sale, as the sale of such securities may be required prior to maturity to implement management strategies. Further, the Company classifies its available-for-sale investment securities, including those with maturities beyond one year, as current assets on its balance sheets based on the highly liquid nature of the securities and because these investments are considered available for use in current operations. The Company’s investment policy sets minimum credit quality criteria and maximum maturity limits on its investments to provide for safety of principle, liquidity and a reasonable rate of return. Available-for-sale securities are recorded at fair value, based on current market valuations. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of other comprehensive income (loss) until realized. Allowances for credit losses are reported on the balance sheet, if any. The cost of available-for-sale investment securities is adjusted for amortization of premiums and accretion of discounts until the securities mature. Such amortization and accretion is included in other income, net on the statements of operations. Realized gains and losses, if any, are also included in other income, net on the statement of operations and are derived using the specific identification method for determining the cost of the securities sold. During the periods presented, no realized gains or losses were recorded on the sale of investment securities and no impairments to reduce the value of any security was taken. See Note 5 for further discussion.
Property and Equipment, Net	Property and Equipment, Net Property and equipment generally consist of laboratory equipment, computer equipment and software, and furniture and fixtures and are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets (generally three to five years ). Leasehold improvements are recorded at cost and are depreciated on a straight-line basis over the lesser of the remaining term of the related lease or the estimated useful lives of the assets. Repairs and maintenance costs are charged as incurred. An impairment loss is recorded if and when events and circumstances indicate that assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The Company has no t recognized any impairment losses for the years ended December 31, 2022 and 2021.
Leases	Leases Leases consist of an operating lease the Company has related to its facility. At lease commencement, the Company records a lease liability based on the present value of lease payments over the expected lease term. The expected lease term includes noncancelable lease periods and, when applicable, periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option, as well as periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise the option. For those leases where the implicit rate is not provided, the Company calculates the present value of lease payments using an incremental borrowing rate. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. At the lease commencement date, the Company records a corresponding right-of-use ("ROU") lease asset based on the lease liability, adjusted for any lease incentives received and any initial direct costs paid to the lessor prior to the lease commencement date. The Company may enter into leases with an initial term of 12 months or less ("Short-Term Leases"). For any Short-Term leases, the Company records the rent expense on a straight-line basis and ROU asset and lease obligations are not recognized. The Company had no Short-Term Leases as of December 31, 2022 or 2021. After lease commencement, the Company measures its leases as follows: (i) the lease liability based on the present value of the remaining lease payments using the discount rate determined at lease commencement and (ii) the ROU asset based on the remeasured lease liability, adjusted for any unamortized lease incentives received, any unamortized initial direct costs and the cumulative difference between rent expense and amounts paid under the lease agreement. Any lease incentives received and any initial direct costs are amortized on a straight-line basis over the expected lease term. Rent expense is recorded on a straight-line basis over the expected lease term.
Research and Development Expenses	Research and Development Expenses Research and development expenses are charged to expense in the period in which they are incurred and are comprised of the following types of costs incurred in connection with research and development activities and clinical trials: lab supplies and outside services incurred in connection with the Company’s early discovery efforts, contract services for clinical trials and related clinical manufacturing costs, salaries and benefits including share-based compensation expense, costs for allocated facilities and depreciation of equipment .
Patent Costs	Patent Costs Costs related to filing and pursuing patent applications are recorded as general and administrative expenses in the statements of operations and expensed as incurred since recoverability of such expenditures is uncertain.
Stock-Based Compensation	Stock-Based Compensation Stock options and restricted stock issued pursuant to the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) and 2018 Equity Incentive Plan (the “2018 Plan”), and option features associated with the rights to purchase shares pursuant to the Company’s 2021 Employee Stock Purchase Plan (the “ESPP”) are valued using the Black-Scholes option pricing model on the date of grant or subscription period. This option pricing model involves a number of estimates, including the expected lives of the stock options or subscription period, the Company's anticipated stock volatility and interest rates. The Company recognizes the expense for equity awards on a straight-line basis over the requisite service periods of the awards or the number of shares estimated to be issued pursuant to the ESPP. Forfeitures are recognized as they occur.
Income Taxes	Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and the tax reporting basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. When the Company establishes or reduces the valuation allowance against its deferred tax assets, its provision for income taxes will increase or decrease, respectively, in the period such determination is made. The accounting guidance for uncertainty in income taxes prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities based on the technical merits of the position.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded in Calculation of Diluted Net Loss Per Share	The following table sets forth the outstanding, potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their inclusion would be anti-dilutive: December 31, December 31, Stock options 5,396,719 2,673,775 Shares subject to repurchase 47,718 239,826 Employee stock purchase plan 7,096 3,833 Total 5,451,533 2,917,434

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Company's Financial Instruments Measured at Fair Value on a Recurring Basis	The following table summarizes the Company’s financial instruments measured at fair value on a recurring basis at December 31, 2022 and 2021 (in thousands): Fair Value Measurement at End of Period Using: Quoted Prices In Active Markets Significant For Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of December 31, 2022: Assets: Money market funds (1) $ 20,895 $ 20,895 $ — $ — Certificates of deposit 7,929 7,929 — — U.S. Treasury securities 265,966 265,966 — — U.S. Government agency securities 29,992 — 29,992 — Total $ 324,782 $ 294,790 $ 29,992 $ — As of December 31, 2021: Assets: Money market funds (1) $ 298,114 $ 298,114 $ — $ — Certificates of deposit 5,771 5,771 — — U.S. Treasury securities 79,724 79,724 — — Total $ 383,609 $ 383,609 $ — $ — (1) Included in cash and cash equivalents on the accompanying balance sheets.

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Disclosure - Investment Securities - Summary of Cost, Gross Unrealized Holding Gains and Losses, Allowances for Credit Losses and Fair Value of Available-for-Sale Investments by Types, Maturities and Classes of Securities (Detail)	The cost, gross unrealized holding gains, gross unrealized holding losses, allowances for credit losses and fair value of available-for-sale investments by types, maturities and classes of securities at December 31, 2022 and 2021 consisted of the following (in thousands): As of December 31, 2022 Estimated Allowance Fair Amortized Unrealized Unrealized for Credit Market Maturity Cost Gains Losses Losses Value Certificates of deposits Within 1 year $ 4,092 $ — $ ( 57 ) $ — $ 4,035 U.S. Treasury securities Within 1 year 200,938 4 ( 2,182 ) — 198,760 U.S. Government agency securities Within 1 year 22,663 — ( 84 ) — 22,579 Certificates of deposits 1 year to 2 years 3,920 7 ( 33 ) — 3,894 U.S. Treasury securities 1 year to 2 years 68,130 2 ( 926 ) — 67,206 U.S. Government agency securities 1 year to 2 years 7,500 — ( 87 ) — 7,413 Total $ 307,243 $ 13 $ ( 3,369 ) $ — $ 303,887 As of December 31, 2021 Estimated Allowance Fair Amortized Unrealized Unrealized for Credit Market Maturity Cost Gains Losses Losses Value Certificates of deposits Within 1 year $ 2,896 $ — $ ( 3 ) $ — $ 2,893 U.S. Treasury securities Within 1 year 15,045 — ( 23 ) — 15,022 Certificates of deposits 1 year to 2 years 2,887 — ( 9 ) — 2,878 U.S. Treasury securities 1 year to 2 years 64,911 — ( 209 ) — 64,702 Total $ 85,739 $ — $ ( 244 ) $ — $ 85,495

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): December 31, December 31, Prepaid expenses $ 3,617 $ 1,261 Interest receivable 1,115 110 Total $ 4,732 $ 1,371
Summary of Property and Equipment	Property and equipment consisted of the following (in thousands): December 31, December 31, Laboratory equipment $ 1,695 $ 1,148 Computer equipment and software 102 96 Furniture and fixtures 521 292 Leasehold improvements 151 95 Construction in progress — 11 2,469 1,642 Less accumulated depreciation ( 522 ) ( 134 ) Total $ 1,947 $ 1,508
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, December 31, Accrued personnel costs $ 3,543 $ 2,152 Accrued research and development costs 2,983 516 Current portion of operating lease liability, related party 640 489 Accrued other 585 506 Total $ 7,751 $ 3,663

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Summary of Maturities of Operating Lease Liabilities, Related Party	Maturities of operating lease liabilities, related party as of December 31, 2022 are as follows (in thousands): 2023 $ 891 2024 918 2025 945 2026 974 2027 663 Thereafter — Total future minimum lease payments 4,391 Less: Present value adjustment ( 700 ) Operating lease liabilities, related party $ 3,691

Convertible Preferred Stock a_2

Convertible Preferred Stock and Stockholders' Deficit (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Summary of Restricted Shares of Common Stock and Unvested Stock Liability	A summary of the Company’s restricted shares of common stock and unvested stock liability, which is included in accrued expenses and other current liabilities on the Company’s balance sheets, is as follows (in thousands, except share data): Shares Liability Balance at December 31, 2020 646,953 $ 145 Vested shares ( 407,127 ) ( 122 ) Balance at December 31, 2021 239,826 23 Vested shares ( 192,108 ) ( 14 ) Balance at December 31, 2022 47,718 $ 9

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock Option Activity	A summary of the Company's stock option activity for the periods presented was as follows (in thousands, except year, share and per share data): Weighted- Average Number of Weighted- Remaining Options and Average Contractual Aggregate Awards Exercise Term Intrinsic Outstanding Price (Years) Value Outstanding at December 31, 2020 1,601,214 $ 0.91 9.71 $ 8,468 Granted 1,439,444 $ 15.60 Exercised ( 52,974 ) $ 0.65 Canceled ( 313,909 ) $ 3.82 Outstanding at December 31, 2021 2,673,775 $ 8.49 9.12 35,343 Granted 3,132,283 $ 13.50 Exercised ( 226,128 ) $ 1.43 Canceled/Expired ( 183,211 ) $ 9.81 Outstanding at December 31, 2022 5,396,719 $ 11.64 8.75 $ 10,533,451 Vested and expected to vest at December 31, 2022 5,396,719 $ 11.64 8.75 $ 10,533,451 Exercisable at December 31, 2022 1,417,736 $ 7.22 8.07 $ 8,075,544
Weighted-Average Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Stock Option Grants	The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants for the periods presented were as follows: Year Ended 2022 2021 Fair value of common stock 13.50 15.60 Expected term (years) 6.10 6.07 Expected volatility 70.40 % 72.83 % Risk-free interest rate 2.01 % 1.04 % Expected dividend yield 0.0 % 0.0 %
Stock-Based Compensation Expense for Equity Awards Reported in Statements of Operations and Comprehensive Loss	Stock-based compensation expense for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands): Year Ended 2022 2021 Research and development $ 4,827 $ 1,827 General and administrative 6,098 2,862 Total $ 10,925 $ 4,689
2021 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-Average Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Stock Option Grants	In determining the grant date fair value of shares to be issued under the ESPP, the Company uses the Black-Scholes option pricing model. The Black-Scholes inputs are determined in the same manner as for stock option awards. The weighted average inputs used for the ESPP for the year ended December 31, 2022, were as follows: Year Ended 2022 2021 Fair value of common stock 12.51 19.96 Expected term (years) 1.26 1.41 Expected volatility 78.01 % 69.26 % Risk-free interest rate 2.78 % 0.18 % Expected dividend yield 0.0 % 0.0 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Significant Components of Net Deferred Tax Assets	Significant components of the Company's net deferred tax assets at December 31, 2022 and 2021 were as follows (in thousands): December 31, December 31, Deferred tax assets: Net operating losses $ 12,240 $ 9,171 Capitalized research costs 8,396 — Research and development credits 3,274 1,013 Lease liability 776 763 Stock-based compensation 1,740 532 Other 1,519 515 Total gross deferred tax assets 27,945 11,994 Valuation allowance ( 26,777 ) ( 11,235 ) Total deferred tax assets 1,168 759 Deferred tax liabilities: Right of use asset ( 759 ) ( 759 ) Other ( 409 ) — Total deferred tax liabilities ( 1,168 ) ( 759 ) Net deferred tax assets $ — $ —
Schedule of Reconciliation of Income Tax Expense (Benefit)	A reconciliation of the Company's income tax expense (benefit) to the amount computed by applying the federal statutory income tax rate for the periods presented were as follows (in thousands): December 31, December 31, Expected tax benefit at federal statutory rate $ ( 13,295 ) $ ( 7,451 ) State income taxes, net of federal benefit ( 15 ) ( 4 ) Debt financing — — Research and development credits ( 2,075 ) ( 836 ) Stock-based compensation 697 326 Other ( 200 ) ( 9 ) Change in valuation allowance 14,888 7,974 Provision for income taxes $ — $ —
Summary of Changes to Unrecognized Tax Benefits	The following table summarizes the changes to the Company's unrecognized tax benefits for the periods presented (in thousands): December 31, December 31, Balance at beginning of period $ 418 $ 15 Increase related to prior year tax positions — 1 Increase to current year tax positions 511 402 Balance at end of period $ 929 $ 418

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Consulting Agreements
Related Party Transaction [Line Items]
Summary of Expenses Recognized under Various Agreements	Expenses recognized by the Company under the 2020 Consulting Agreement during the periods presented were as follows (in thousands): Year Ended 2022 2021 General and administrative 240 240 Total expenses $ 240 $ 240
Research Consulting Agreements
Related Party Transaction [Line Items]
Summary of Expenses Recognized under Various Agreements	Expenses recognized by the Company under the Research Consulting Agreement during the periods presented were as follows (in thousands): Year Ended 2022 2021 Research and development $ 180 $ 180 Total expenses $ 180 $ 180
Lease Agreement
Related Party Transaction [Line Items]
Summary of Expenses Recognized under Various Agreements	Expenses recognized by the Company under the Lease and Lease Amendment during the periods presented were as follows (in thousands): Year Ended 2022 2021 Research and development $ 780 $ 225 General and administrative 290 88 Total expenses $ 1,070 $ 313

Organization - Additional Infor

Organization - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Subsidiary, Sale of Stock [Line Items]
Reverse stock split of issued and outstanding common stock		1-for-1.63
Conversion ratio of reverse stock split	0.613497
Accumulated deficit | $		$ 110,764	$ 47,456
Cash, cash equivalents and investment securities | $		$ 330,400
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Initial public offering of common shares | shares	13,800,000
Share price | $ / shares	$ 20
Proceeds from sale of common stock | $	$ 254,300
Preferred stock converted into shares of common stock | shares	41,096,478
Preferred stock converted into shares of common stock, Shares | shares	25,212,548

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Short-term leases	$ 0	$ 0
Impairment losses	$ 0	$ 0
Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	5 years
Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Antidilutive Securities Excluded in Calculation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share	5,451,533	2,917,434
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share	5,396,719	2,673,775
Shares Subject to Repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share	47,718	239,826
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share	7,096	3,833

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$ 324,782	$ 383,609
Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	20,895	298,114
Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	7,929	5,771
U.S. Treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	265,966	79,724
U.S. Government agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	29,992
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	294,790	383,609
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	20,895	298,114
Quoted Prices in Active Markets for Identical Assets (Level 1) | Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	7,929	5,771
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	265,966	$ 79,724
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	29,992
Significant Other Observable Inputs (Level 2) | U.S. Government agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$ 29,992

Investment Securities - Summary

Investment Securities - Summary of Cost, Gross Unrealized Holding Gains and Losses, Allowances for Credit Losses and Fair Value of Available-for-Sale Investments by Types, Maturities and Classes of Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Amortized Cost	$ 307,243	$ 85,739
Debt securities, Unrealized Gains	13
Debt securities, Unrealized Losses	(3,369)	(244)
Debt securities, Estimated Fair Value	$ 303,887	$ 85,495
Certificates of Deposit | Within 1 Year
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Maturity	Within 1 year	Within 1 year
Debt securities, Amortized Cost	$ 4,092	$ 2,896
Debt securities, Unrealized Losses	(57)	(3)
Debt securities, Estimated Fair Value	$ 4,035	$ 2,893
Certificates of Deposit | 1 Year to 2 Years
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Maturity	1 year to 2 years	1 year to 2 years
Debt securities, Amortized Cost	$ 3,920	$ 2,887
Debt securities, Unrealized Gains	7
Debt securities, Unrealized Losses	(33)	(9)
Debt securities, Estimated Fair Value	$ 3,894	$ 2,878
U.S. Treasury Securities | Within 1 Year
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Maturity	Within 1 year	Within 1 year
Debt securities, Amortized Cost	$ 200,938	$ 15,045
Debt securities, Unrealized Gains	4
Debt securities, Unrealized Losses	(2,182)	(23)
Debt securities, Estimated Fair Value	$ 198,760	$ 15,022
U.S. Treasury Securities | 1 Year to 2 Years
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Maturity	1 year to 2 years	1 year to 2 years
Debt securities, Amortized Cost	$ 68,130	$ 64,911
Debt securities, Unrealized Gains	2
Debt securities, Unrealized Losses	(926)	(209)
Debt securities, Estimated Fair Value	$ 67,206	$ 64,702
U.S. Government agency securities | Within 1 Year
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Maturity	Within 1 year
Debt securities, Amortized Cost	$ 22,663
Debt securities, Unrealized Losses	(84)
Debt securities, Estimated Fair Value	$ 22,579
U.S. Government agency securities | 1 Year to 2 Years
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Maturity	1 year to 2 years
Debt securities, Amortized Cost	$ 7,500
Debt securities, Unrealized Losses	(87)
Debt securities, Estimated Fair Value	$ 7,413

Investment Securities - Additio

Investment Securities - Additional Information (Details)	Dec. 31, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security
Investments, Debt and Equity Securities [Abstract]
Number of available-for-sale investment securities in continuous unrealized loss position	77	38
Number of domestic certificates of deposit held	33
Accrued interest receivable on available-for-sale investment securities | $	$ 1,100,000	$ 100,000

Balance Sheet Details - Summary

Balance Sheet Details - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 3,617	$ 1,261
Interest receivable	1,115	110
Total	$ 4,732	$ 1,371

Balance Sheet Details - Summa_2

Balance Sheet Details - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment	$ 2,469	$ 1,642
Less accumulated depreciation	(522)	(134)
Total	1,947	1,508
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment	1,695	1,148
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment	102	96
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment	521	292
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	$ 151	95
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment		$ 11

Balance Sheet Details - Summa_3

Balance Sheet Details - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued personnel costs	$ 3,543	$ 2,152
Accrued research and development costs	2,983	516
Current portion of operating lease liability, related party	$ 640	$ 489
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Operating Lease, Right-of-Use Asset	Operating Lease, Right-of-Use Asset
Accrued other	$ 585	$ 506
Total	$ 7,751	$ 3,663

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	1 Months Ended		12 Months Ended
	Sep. 30, 2021	Feb. 28, 2021 ft²	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Lease agreement termination date	2021-09
Rent expense | $			$ 0.9	$ 0.6
Crossing Holdings, LLC
Lessee, Lease, Description [Line Items]
Area of lease space | ft²		12,370	4,900
Lease commencement date		2021-09
Lease term		72 months
Option to renew lease term ends, year		2027	2027
Lessee, Operating Lease, Existence of Option to Extend [true false]		true
Lease term, option to extend period		three years
Percentage of annual increase in lease payments		3%
Weighted average operating lease remaining lease term			4 years 8 months 12 days
Weighted average operating lease right-of-use asset discount rate			7.37%

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities, Related Party (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2023	$ 891
2024	918
2025	945
2026	974
2027	663
Total future minimum lease payments	4,391
Less: Present value adjustment	(700)
Operating lease liabilities, related party	$ 3,691

License Agreement - Additional

License Agreement - Additional Information (Details) - License Agreement	12 Months Ended
	Dec. 31, 2022 USD ($)
Schedule Of License Agreement [Line Items]
Upfront payment upon execution of agreement	$ 100,000
Written notice period for termination of agreement	90 days
Termination period Description	WARF may terminate the License Agreement with 90 days written notice if first commercial sale does not occur before December 31, 2031. Unless terminated earlier by the parties, the term of the License Agreement will continue until the last licensed patent expires in all countries.
Investigation New Drug (IND) | Maximum
Schedule Of License Agreement [Line Items]
Expected milestone payment on achieving certain regulatory and commercial milestones	$ 17,500,000
Investigation New Drug (IND) | Minimum [Member]
Schedule Of License Agreement [Line Items]
Expected royalty payments upon first commercial product sale	100,000
Research and Development
Schedule Of License Agreement [Line Items]
Payment for upfront fee	300,000
General and Administrative Expenses | Maximum
Schedule Of License Agreement [Line Items]
Legal patent fees	$ 100,000

Convertible Preferred Stock a_3

Convertible Preferred Stock and Stockholders' Deficit - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended					12 Months Ended
	Mar. 25, 2021	Apr. 30, 2022	Mar. 31, 2021	Jan. 31, 2021	Mar. 31, 2020	Feb. 29, 2020	Dec. 31, 2022	Dec. 31, 2021
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Common stock, shares authorized							200,000,000	200,000,000
Common stock, par value							$ 0.0001	$ 0.0001
Proceeds from issuance of convertible preferred stock, net of issuance costs								$ 124,712
Maximum
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Aggregate offering price		$ 300,000
2021 Equity Incentive Award Plan
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Common stock remained available for issuance							5,914,999
Common stock issuance, description and terms							the number of shares of common stock available for issuance under the 2021 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 5% of the total number of shares outstanding of the Company’s common stock on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors.
2021 Employee Stock Purchase Plan
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Common stock reserved for issuance	600,000						1,109,927
Common stock remained available for issuance	1,200,000
Common stock issuance, description and terms							the number of shares of common stock available for issuance under the ESPP will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to the lesser of (i) 1% of the total number of shares outstanding of the Company’s common stock on the last day of the calendar month before the date of each automatic increase and (ii) 1,200,000 shares; provided that before the date of any such increase, the Company’s board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii).
Maximum percentage of eligible earnings withheld to participate in offering	15%
Price of common stock purchased	85%
Series A Convertible Preferred Stock
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Share price						$ 1.65816
Convertible preferred stock, issued					21,710,814	21,710,814
Convertible preferred stock, par value					$ 2.0727	$ 2.0727
Proceeds from issuance of convertible preferred stock, net of issuance costs					$ 44,700	$ 44,700
Converted shares						301,685
Series B Convertible Preferred Stock
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Convertible preferred stock, issued				19,083,979
Convertible preferred stock, par value				$ 6.55
Proceeds from issuance of convertible preferred stock, net of issuance costs				$ 124,700
Common Stock | 2018 Equity Incentive Plan | Restricted Shares
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Vesting period							4 years
Initial Public Offering
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Common stock, shares authorized			200,000,000
Common stock, par value			$ 0.0001
Preferred stock, authorized			10,000,000
Preferred stock, par value			$ 0.0001
Share price			$ 20
Proceeds from sale of common stock			$ 254,300
ATM Program | Maximum
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Aggregate offering price		$ 100,000

Convertible Preferred Stock a_4

Convertible Preferred Stock and Stockholders' Deficit - Summary of Restricted Shares of Common Stock and Unvested Stock Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Liabilities And Stockholders Equity [Line Items]
Beginning Balance, Unvested stock liability	$ 23	$ 145
Vested shares, Unvested stock liability	(14)	(122)
Ending Balance, Unvested stock liability	$ 9	$ 23
Restricted Shares
Liabilities And Stockholders Equity [Line Items]
Beginning Balance	239,826	646,953
Vested shares	(192,108)	(407,127)
Ending Balance	47,718	239,826

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 25, 2021	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value per share of options granted		$ 8.63	$ 12.39
Aggregate intrinsic value of options exercised		$ 4,000	$ 800
Cash received from options exercised		$ 323	$ 34
Expected dividend yield		0%	0%
Unrecognized compensation expense		$ 33,200
Weighted-average period in expense expected to be recognized		2 years 9 months 18 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received from options exercised			$ 100
2021 Equity Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock remained available for issuance		5,914,999
Common stock issuance, description and terms		the number of shares of common stock available for issuance under the 2021 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 5% of the total number of shares outstanding of the Company’s common stock on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors.
2021 Equity Incentive Award Plan | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance				8,712,164
Number of shares available for future issuance increased				2,797,165
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	600,000	1,109,927
Common stock remained available for issuance	1,200,000
Common stock issuance, description and terms		the number of shares of common stock available for issuance under the ESPP will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to the lesser of (i) 1% of the total number of shares outstanding of the Company’s common stock on the last day of the calendar month before the date of each automatic increase and (ii) 1,200,000 shares; provided that before the date of any such increase, the Company’s board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii).
Expected dividend yield		0%	0%
Maximum percentage of eligible earnings withheld to participate in offering	15%
Price of common stock purchased	85%
Issuance of common stock under employee stock purchase plan, Shares		46,890
Unrecognized compensation expense		$ 400
Weighted-average period in expense expected to be recognized		1 year 7 months 6 days
2021 Employee Stock Purchase Plan | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance				1,669,360
Number of shares available for future issuance increased				559,433

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Number of Options and Awards Outstanding, Beginning Balance	2,673,775	1,601,214
Number of Options and Awards Outstanding, Granted	3,132,283	1,439,444
Number of Options and Awards Outstanding, Exercised	(226,128)	(52,974)
Number of Options and Awards Outstanding, Canceled/Expired	(183,211)	(313,909)
Number of Options and Awards Outstanding, Ending Balance	5,396,719	2,673,775	1,601,214
Number of Options and Awards Outstanding, Vested and expected to vest at December 31, 2022	5,396,719
Number of Options and Awards Outstanding, Exercisable at December 31, 2022	1,417,736
Weighted Average Exercise Price, Beginning Balance	$ 8.49	$ 0.91
Weighted Average Exercise Price, Granted	13.50	15.60
Weighted Average Exercise Price, Exercised	1.43	0.65
Weighted Average Exercise Price, Cancelled/Expired	9.81	3.82
Weighted Average Exercise Price, Ending Balance	11.64	$ 8.49	$ 0.91
Weighted Average Exercise Price, Vested and expected to vest at December 31, 2022	11.64
Weighted Average Exercise Price, Exercisable at December 31, 2022	$ 7.22
Weighted Average Remaining Contractual Term (Years)	8 years 9 months	9 years 1 month 13 days	9 years 8 months 15 days
Weighted Average Remaining Contractual Term (Years), Vested and expected to vest at December 31, 2022	8 years 9 months
Weighted Average Remaining Contractual Term (Years), Exercisable at December 31, 2022	8 years 25 days
Aggregate Intrinsic Value	$ 10,533,451	$ 35,343	$ 8,468
Aggregate Intrinsic Value, Vested and expected to vest at December 31, 2022	10,533,451
Aggregate Intrinsic Value, Exercisable at December 31, 2022	$ 8,075,544

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted-Average Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Stock Option Grants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock	$ 13.50	$ 15.60
Expected term (years)	6 years 1 month 6 days	6 years 25 days
Expected volatility	70.40%	72.83%
Risk-free interest rate	2.01%	1.04%
Expected dividend yield	0%	0%
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock	$ 12.51	$ 19.96
Expected term (years)	1 year 3 months 3 days	1 year 4 months 28 days
Expected volatility	78.01%	69.26%
Risk-free interest rate	2.78%	0.18%
Expected dividend yield	0%	0%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense for Equity Awards Reported in Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 10,925	$ 4,689
Research and Development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	4,827	1,827
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 6,098	$ 2,862

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Accrued interest or penalties	$ 0	$ 0
Recognized interest or penalties	0	$ 0
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	54,800,000
Net operating loss carryforwards, subject to expiration	100,000
Net operating loss carryforwards, not subject to expiration	$ 54,700,000
Net operating loss carryforward, expiration year	2037
NOL, percent of taxable income	80%
Federal | Research and Development Credit Carryforwards
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	$ 3,100,000
Tax credit carryforwards, expiration year	2038
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 10,600,000
Net operating loss carryforwards, subject to expiration	10,200,000
Net operating loss carryforwards, not subject to expiration	$ 400,000
Net operating loss carryforward, expiration year	2037
State | Research and Development Credit Carryforwards
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards	$ 1,400,000

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating losses	$ 12,240	$ 9,171
Capitalized research costs	8,396
Research and development credits	3,274	1,013
Lease liability	776	763
Stock-based compensation	1,740	532
Other	1,519	515
Total gross deferred tax assets	27,945	11,994
Valuation allowance	(26,777)	(11,235)
Total deferred tax assets	1,168	759
Deferred tax liabilities:
Right of use asset	(759)	(759)
Other	(409)
Total deferred tax liabilities	$ (1,168)	$ (759)

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Expected tax benefit at federal statutory rate	$ (13,295)	$ (7,451)
State income taxes, net of federal benefit	(15)	(4)
Research and development credits	(2,075)	(836)
Stock-based compensation	697	326
Other	(200)	(9)
Change in valuation allowance	$ 14,888	$ 7,974

Income Taxes - Summary of Chang

Income Taxes - Summary of Changes to Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance at beginning of period	$ 418	$ 15
Increase related to prior year tax positions		1
Increase to current year tax positions	511	402
Balance at end of period	$ 929	$ 418

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	1 Months Ended
	Mar. 31, 2020 USD ($)	Jan. 31, 2019 ft²	Dec. 31, 2017 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Accrued expenses and other current liabilities, related party amounts				$ 640,000	$ 504,000
Consulting Agreements
Related Party Transaction [Line Items]
Accrued expenses and other current liabilities, related party amounts				$ 0	$ 15,000
Marlinspike Group, LLC | 2020 Consulting Agreement
Related Party Transaction [Line Items]
Monthly fee for consultancy services	$ 20,000
Termination fee	$ 240,000
Marlinspike Group, LLC | Carlsbad, California | 2019 Consulting Agreement
Related Party Transaction [Line Items]
Area of office space | ft²		2,120
Aseem Z. Ansari, Ph.D. | Consulting Agreements
Related Party Transaction [Line Items]
Monthly fee for services			$ 15,000

Related Party Transactions - Su

Related Party Transactions - Summary of Expenses Recognized under Consulting Agreement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Research and development	$ 48,613	$ 24,778
General and administrative	18,980	11,053
Lease Agreement
Related Party Transaction [Line Items]
Research and development	780	225
General and administrative	290	88
Total expenses	1,070	313
Research Consulting Agreements
Related Party Transaction [Line Items]
Research and development	180	180
Total expenses	180	180
Marlinspike Group, LLC | Consulting Agreements
Related Party Transaction [Line Items]
General and administrative	240	240
Total expenses	$ 240	$ 240

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Retirement Benefits [Abstract]
Contributions made under plan	$ 0.3