Design Therapeutics (DSGN) 10-Q 14 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 09, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		55,986,657
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 Quarterly Report	true

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 27,197	$ 26,500
Investment securities	275,891	303,887
Prepaid expenses and other current assets	2,957	4,732
Total current assets	306,045	335,119
Property and equipment, net	1,861	1,947
Right-of-use asset, related party	3,280	3,612
Other assets	444	459
Total assets	311,630	341,137
Current liabilities:
Accounts payable	1,922	3,025
Accrued expenses and other current liabilities (including related party amounts of $677 and $640 respectively)	10,211	7,751
Total current liabilities	12,133	10,776
Operating lease liability, net, related party	2,702	3,051
Total liabilities	14,835	13,827
Commitments and contingencies (See Note 8)
Stockholders' equity:
Common stock, $0.0001 par value; 200,000,000 shares authorized at June 30, 2023 and December 31, 2022; 55,986,657 and 55,943,314 shares issued, 55,979,199 and 55,895,596 shares outstanding at June 30, 2023 and December 31, 2022, respectively	6	6
Additional paid-in capital	448,784	441,424
Accumulated deficit	(149,995)	(110,764)
Accumulated other comprehensive loss	(2,000)	(3,356)
Total stockholders' equity	296,795	327,310
Total liabilities and stockholders' equity	$ 311,630	$ 341,137

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accrued expenses and other current liabilities, related party amounts	$ 677	$ 640
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	55,986,657	55,943,314
Common stock, shares outstanding	55,979,199	55,895,596

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development (including related party amounts of $258, $216, $517 and $442, respectively)	$ 17,064	$ 11,295	$ 32,794	$ 20,054
General and administrative (including related party amounts of $135, $129, $270 and $254, respectively)	5,532	4,344	11,453	8,955
Total operating expenses	22,596	15,639	44,247	29,009
Loss from operations	(22,596)	(15,639)	(44,247)	(29,009)
Other income, net	2,659	640	5,016	745
Net loss	$ (19,937)	$ (14,999)	$ (39,231)	$ (28,264)
Net loss per share, basic	$ (0.36)	$ (0.27)	$ (0.7)	$ (0.51)
Net loss per share, diluted	$ (0.36)	$ (0.27)	$ (0.7)	$ (0.51)
Weighted-average shares of common stock outstanding, basic	55,948,990	55,670,780	55,928,625	55,589,510
Weighted-average shares of common stock outstanding, diluted	55,948,990	55,670,780	55,928,625	55,589,510

Condensed Statements of Opera_2

Condensed Statements of Operations (Unaudited) (Parenthetical) - Related Party - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Research and development expenses related party amount	$ 258	$ 226	$ 517	$ 442
General and administrative expenses related party amount	$ 135	$ 129	$ 270	$ 254

Condensed Statements of Compreh

Condensed Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (19,937)	$ (14,999)	$ (39,231)	$ (28,264)
Other comprehensive loss:
Unrealized (loss) gain on available-for-sale securities	(18)	(993)	1,356	(2,071)
Comprehensive loss	$ (19,955)	$ (15,992)	$ (37,875)	$ (30,335)

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning Balance at Dec. 31, 2021	$ 382,130	$ 6	$ 429,824	$ (244)	$ (47,456)
Beginning Balance, Shares at Dec. 31, 2021		55,441,926
Exercises of stock options and vesting of restricted stock	166		166
Exercises of stock options and vesting of restricted stock, Shares		250,626
Issuance of common stock under employee stock purchase plan	225		225
Issuance of common stock under employee stock purchase plan, Shares		24,209
Stock-based compensation	4,977		4,977
Unrealized gain (loss) on investments	(2,071)			(2,071)
Net loss	(28,264)				(28,264)
Ending Balance at Jun. 30, 2022	357,163	$ 6	435,192	(2,315)	(75,720)
Ending Balance, Shares at Jun. 30, 2022		55,716,761
Beginning Balance at Mar. 31, 2022	370,309	$ 6	432,346	(1,322)	(60,721)
Beginning Balance, Shares at Mar. 31, 2022		55,618,326
Exercises of stock options and vesting of restricted stock	4		4
Exercises of stock options and vesting of restricted stock, Shares		74,226
Issuance of common stock under employee stock purchase plan	225		225
Issuance of common stock under employee stock purchase plan, Shares		24,209
Stock-based compensation	2,617		2,617
Unrealized gain (loss) on investments	(993)			(993)
Net loss	(14,999)				(14,999)
Ending Balance at Jun. 30, 2022	357,163	$ 6	435,192	(2,315)	(75,720)
Ending Balance, Shares at Jun. 30, 2022		55,716,761
Beginning Balance at Dec. 31, 2022	327,310	$ 6	441,424	(3,356)	(110,764)
Beginning Balance, Shares at Dec. 31, 2022		55,895,596
Exercises of stock options and vesting of restricted stock	9		9
Exercises of stock options and vesting of restricted stock, Shares		48,056
Issuance of common stock under employee stock purchase plan	206		206
Issuance of common stock under employee stock purchase plan, Shares		35,547
Stock-based compensation	7,145		7,145
Unrealized gain (loss) on investments	1,356			1,356
Net loss	(39,231)				(39,231)
Ending Balance at Jun. 30, 2023	296,795	$ 6	448,784	(2,000)	(149,995)
Ending Balance, Shares at Jun. 30, 2023		55,979,199
Beginning Balance at Mar. 31, 2023	312,818	$ 6	444,852	(1,982)	(130,058)
Beginning Balance, Shares at Mar. 31, 2023		55,919,561
Exercises of stock options and vesting of restricted stock	7		7
Exercises of stock options and vesting of restricted stock, Shares		24,091
Issuance of common stock under employee stock purchase plan	206		206
Issuance of common stock under employee stock purchase plan, Shares		35,547
Stock-based compensation	3,719		3,719
Unrealized gain (loss) on investments	(18)			(18)
Net loss	(19,937)				(19,937)
Ending Balance at Jun. 30, 2023	$ 296,795	$ 6	$ 448,784	$ (2,000)	$ (149,995)
Ending Balance, Shares at Jun. 30, 2023		55,979,199

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (39,231)	$ (28,264)
Reconciliation of net loss to net cash used in operating activities:
Depreciation	262	174
Stock-based compensation	7,145	4,977
Amortization of premiums on investment securities, net	(2,539)	(39)
Non-cash lease expense	20	35
Other		4
Change in operating assets and liabilities:
Prepaid expense and other assets	1,790	(1,020)
Accounts payable and other liabilities	1,325	1,813
Accounts payable and other liabilities-related party		(7)
Net cash used in operating activities	(31,228)	(22,327)
Cash flows from investing activities
Purchases of investment securities	(95,984)	(157,976)
Proceeds from maturities of investment securities	127,875	1,715
Proceeds from sale of asset		39
Purchases of property and equipment	(176)	(320)
Net cash provided by (used in) investing activities	31,715	(156,542)
Cash flows from financing activities
Issuance of common stock through employee stock purchase plan	206	225
Proceeds from the exercise of stock options	4	156
Payment of deferred issuance costs		(427)
Net cash provided by (used in) financing activities	210	(46)
Net increase (decrease) in cash and cash equivalents	697	(178,915)
Cash and cash equivalents at beginning of period	26,500	298,569
Cash and cash equivalents at end of period	$ 27,197	119,654
Supplemental disclosures
Initial recognition of right-of-use asset and operating lease liability		590
Deferred financing costs in accrued expenses		75
Purchases of property and equipment included in accounts payable and accrued expenses		$ 222

Organization

Organization	6 Months Ended
	Jun. 30, 2023
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. 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. 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 $ 150.0 million as of June 30, 2023. The Company had cash, cash equivalents and investment sec urities of $ 303.1 million as of June 30, 2023, 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 nonclinical manufacturing, 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 June 30, 2023 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	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles and following the requirements of the United States Securities and Exchange Commission (“SEC”) for interim reporting. The Company's financial statements include all adjustments, consisting of only normal recurring adjustments, which in the opinion of management are necessary to present fairly the Company’s financial position as of the reporting date and results of operations and cash flows for the periods presented. The preparation of the Company’s financial statements requires it 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 Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. 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.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2023
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 restricted common stock subject to repurchase, stock options outstanding under the Company’s equity incentive plans, employee stock purchase rights under the Company’s 2021 Employee Stock Purchase Plan (the “ESPP”). 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: June 30, June 30, Stock options 8,013,073 5,316,584 Shares subject to repurchase 7,458 91,174 Employee stock purchase plan 10,761 2,485 Total 8,031,292 5,410,243

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 (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 June 30, 2023: Assets: Money market funds (1) $ 23,543 $ 23,543 $ — $ — Certificates of deposit 13,319 13,319 — — U.S. Treasury securities 235,077 235,077 — — U.S. Government agency securities 27,495 — 27,495 — Total $ 299,434 $ 271,939 $ 27,495 $ — 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 $ — (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. 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. The Company obtains the fair value of its available-for-sale debt securities from a professional pricing service. Level II securities are valued using quoted market prices for similar instruments, non-binding market prices that are corroborated by observable market data and include our investments in marketable debt instruments of government sponsored enterprises. 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.

Investment Securities

Investment Securities	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 consisted of the following (in thousands): As of June 30, 2023 Estimated Allowance Fair Amortized Unrealized Unrealized for Credit Market Maturity Cost Gains Losses Losses Value Certificates of deposits Within 1 year $ 8,805 $ — $ ( 53 ) $ — $ 8,752 U.S. Treasury securities Within 1 year 205,454 5 ( 1,494 ) — 203,965 U.S. Government agency securities Within 1 year 22,664 — ( 114 ) — 22,550 Certificates of deposits 1 year to 2 years 4,607 — ( 40 ) — 4,567 U.S. Treasury securities 1 year to 2 years 31,361 — ( 249 ) — 31,112 U.S. Government agency securities 1 year to 2 years 5,000 — ( 55 ) — 4,945 Total $ 277,891 $ 5 $ ( 2,005 ) $ — $ 275,891 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 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 June 30, 2023 there were 113 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, 2022, there were 77 securities in an unrealized loss position. As of June 30, 2023 , the Company held 55 domestic certificates of deposit with amortized costs below the Federal Deposit Insurance Corporation insured limit. Accrued interest receivable on available-for-sale investment securities, included in prepaid expenses and other current assets on the Company’s balance sheets, was $ 1.0 million and $ 1.1 million at June 30, 2023 and December 31, 2022, respectively.

Balance Sheet Details

Balance Sheet Details	6 Months Ended
	Jun. 30, 2023
Balance Sheet Component [Abstract]
Balance Sheet Details	6. Balance Sheet Details Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, Prepaid expenses $ 1,963 $ 3,617 Interest receivable 994 1,115 Total $ 2,957 $ 4,732 Property and equipment consisted of the following (in thousands): June 30, December 31, Laboratory equipment $ 1,871 $ 1,695 Computer equipment and software 102 102 Furniture and fixtures 521 521 Leasehold improvements 151 151 Construction in progress — — 2,645 2,469 Less accumulated depreciation ( 784 ) ( 522 ) Total $ 1,861 $ 1,947 Accrued expenses and current liabilities consisted of the following (in thousands): June 30, December 31, Accrued personnel costs $ 2,414 $ 3,543 Accrued research and development costs 6,515 2,983 Current portion of operating lease liability 677 640 Accrued other 605 585 Total $ 10,211 $ 7,751

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	7. Leases 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 right-of-use 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 tax es, 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 coincides with the term of the Lease and ends in 2027 . As of June 30, 2023 , the weighted-average remaining lease term for the Company's leases was 4.2 year s and the weighted-average discount rate used to determine the right-of-use asset and corresponding operating lease liability wa s 7.37 %. Maturities of operating lease liabilities as of June 30, 2023 are as follows (in thousands): 2023 (remaining six months) $ 449 2024 918 2025 945 2026 973 2027 663 Total future minimum lease payments 3,948 Less: Present value adjustment ( 569 ) Operating lease liabilities $ 3,379 Rent expense for each of the three months ended June 30, 2023 and 2022 was $ 0.2 million. Rent expense for the six months ended June 30, 2023 and 2022 was $ 0.5 mil lion and $ 0.4 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. 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 June 30, 2023 or December 31, 2022.

License Agreement

License Agreement	6 Months Ended
	Jun. 30, 2023
License Agreement [Abstract]
License Agreement	9. 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. In 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 immaterial for the three and six months ended June 30, 2023 and 2022, respectively. 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.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	10. Stockholders’ Equity 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. 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 June 30, 2023, the Company has no t sold any shares of its common stock under the ATM Program. Shares subject to Repurchase Pursuant to the 2018 Equity Incentive Plan (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, 2022 47,718 $ 9 Vested shares ( 40,260 ) ( 5 ) Balance at June 30, 2023 7,458 $ 4

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	11. Stock-Based Compensation Equity Incentive Award Plans In March 2021, the Company’s board of directors and stockholders adopted the 2021 Equity Incentive Plan (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. The number of shares of common stock available for issuance under the 2021 Plan will automatically increase on January 1 of each calendar y ear, starting on January 1, 2022 through January 1, 2031, in an amount equal to 5% of the total number of shares 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. As of June 30, 2023 , the total number of shares available for future issuance was 6,088,014 . The following table summarizes stock option activity for the six months ended June 30, 2023: Options Weighted-Average Exercise Price Outstanding as of December 31, 2022 5,396,719 $ 11.64 Granted 2,764,064 $ 7.76 Exercised ( 7,796 ) $ 0.56 Forfeited ( 139,914 ) $ 12.56 Balance at June 30, 2023 8,013,073 $ 10.30 Stock-based compensation expense has been reported in the Company's condensed statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 1,619 $ 1,212 $ 3,101 $ 2,248 General and administrative 2,100 1,405 4,044 2,729 Total $ 3,719 $ 2,617 $ 7,145 $ 4,977 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. 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 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; or a lesser number of shares determined by the Company’s board of directors . As of June 30, 2023 , the Company had issued 82,437 shares of the Company's common stock under the ESPP and had 1,633,813 shares available for future issuance.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	12. 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 office 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): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 213 $ 181 $ 427 $ 352 General and administrative 75 69 150 134 Total expenses $ 288 $ 250 $ 577 $ 486 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 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): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 General and administrative $ 60 $ 60 $ 120 $ 120 Total expenses $ 60 $ 60 $ 120 $ 120 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): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 45 $ 45 $ 90 $ 90 Total expenses $ 45 $ 45 $ 90 $ 90

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles and following the requirements of the United States Securities and Exchange Commission (“SEC”) for interim reporting. The Company's financial statements include all adjustments, consisting of only normal recurring adjustments, which in the opinion of management are necessary to present fairly the Company’s financial position as of the reporting date and results of operations and cash flows for the periods presented. The preparation of the Company’s financial statements requires it 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 Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates.
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.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
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: June 30, June 30, Stock options 8,013,073 5,316,584 Shares subject to repurchase 7,458 91,174 Employee stock purchase plan 10,761 2,485 Total 8,031,292 5,410,243

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 (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 June 30, 2023: Assets: Money market funds (1) $ 23,543 $ 23,543 $ — $ — Certificates of deposit 13,319 13,319 — — U.S. Treasury securities 235,077 235,077 — — U.S. Government agency securities 27,495 — 27,495 — Total $ 299,434 $ 271,939 $ 27,495 $ — 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 $ — (1) Included in cash and cash equivalents on the accompanying balance sheets.

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
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	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 June 30, 2023 and December 31, 2022 consisted of the following (in thousands): As of June 30, 2023 Estimated Allowance Fair Amortized Unrealized Unrealized for Credit Market Maturity Cost Gains Losses Losses Value Certificates of deposits Within 1 year $ 8,805 $ — $ ( 53 ) $ — $ 8,752 U.S. Treasury securities Within 1 year 205,454 5 ( 1,494 ) — 203,965 U.S. Government agency securities Within 1 year 22,664 — ( 114 ) — 22,550 Certificates of deposits 1 year to 2 years 4,607 — ( 40 ) — 4,567 U.S. Treasury securities 1 year to 2 years 31,361 — ( 249 ) — 31,112 U.S. Government agency securities 1 year to 2 years 5,000 — ( 55 ) — 4,945 Total $ 277,891 $ 5 $ ( 2,005 ) $ — $ 275,891 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

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	6 Months Ended
	Jun. 30, 2023
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): June 30, December 31, Prepaid expenses $ 1,963 $ 3,617 Interest receivable 994 1,115 Total $ 2,957 $ 4,732
Summary of Property and Equipment	Property and equipment consisted of the following (in thousands): June 30, December 31, Laboratory equipment $ 1,871 $ 1,695 Computer equipment and software 102 102 Furniture and fixtures 521 521 Leasehold improvements 151 151 Construction in progress — — 2,645 2,469 Less accumulated depreciation ( 784 ) ( 522 ) Total $ 1,861 $ 1,947
Summary of Accrued Expenses and Current Liabilities	Accrued expenses and current liabilities consisted of the following (in thousands): June 30, December 31, Accrued personnel costs $ 2,414 $ 3,543 Accrued research and development costs 6,515 2,983 Current portion of operating lease liability 677 640 Accrued other 605 585 Total $ 10,211 $ 7,751

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Summary of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of June 30, 2023 are as follows (in thousands): 2023 (remaining six months) $ 449 2024 918 2025 945 2026 973 2027 663 Total future minimum lease payments 3,948 Less: Present value adjustment ( 569 ) Operating lease liabilities $ 3,379

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2022 47,718 $ 9 Vested shares ( 40,260 ) ( 5 ) Balance at June 30, 2023 7,458 $ 4

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity for the six months ended June 30, 2023: Options Weighted-Average Exercise Price Outstanding as of December 31, 2022 5,396,719 $ 11.64 Granted 2,764,064 $ 7.76 Exercised ( 7,796 ) $ 0.56 Forfeited ( 139,914 ) $ 12.56 Balance at June 30, 2023 8,013,073 $ 10.30
Stock-Based Compensation Expense Reported in Condensed Statements of Operations	Stock-based compensation expense has been reported in the Company's condensed statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 1,619 $ 1,212 $ 3,101 $ 2,248 General and administrative 2,100 1,405 4,044 2,729 Total $ 3,719 $ 2,617 $ 7,145 $ 4,977

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
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): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 213 $ 181 $ 427 $ 352 General and administrative 75 69 150 134 Total expenses $ 288 $ 250 $ 577 $ 486
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): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 General and administrative $ 60 $ 60 $ 120 $ 120 Total expenses $ 60 $ 60 $ 120 $ 120
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): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 45 $ 45 $ 90 $ 90 Total expenses $ 45 $ 45 $ 90 $ 90

Organization - Additional Infor

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Mar. 31, 2021	Jun. 30, 2023	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Accumulated deficit		$ (149,995)	$ (110,764)
Cash, cash equivalents and investment securities		$ 303,100
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Initial public offering of common shares	13,800,000
Share price	$ 20
Proceeds from sale of common stock	$ 254,300

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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share	8,031,292	5,410,243
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted net loss per share	8,013,073	5,316,584
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	7,458	91,174
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	10,761	2,485

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$ 299,434	$ 324,782
Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	23,543	20,895
Certificates of deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	13,319	7,929
U.S. Treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	235,077	265,966
U.S. Government agency securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	27,495	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	271,939	294,790
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	23,543	20,895
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	13,319	7,929
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	235,077	265,966
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments, fair value disclosure	27,495	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	$ 27,495	$ 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	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Debt securities, Amortized Cost	$ 277,891	$ 307,243
Debt securities, Unrealized Gains	5	13
Debt securities, Unrealized Losses	(2,005)	(3,369)
Debt securities, Estimated Fair Value	$ 275,891	$ 303,887
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	$ 8,805	$ 4,092
Debt securities, Unrealized Losses	(53)	(57)
Debt securities, Estimated Fair Value	$ 8,752	$ 4,035
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	$ 4,607	$ 3,920
Debt securities, Unrealized Gains		7
Debt securities, Unrealized Losses	(40)	(33)
Debt securities, Estimated Fair Value	$ 4,567	$ 3,894
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	$ 205,454	$ 200,938
Debt securities, Unrealized Gains	5	4
Debt securities, Unrealized Losses	(1,494)	(2,182)
Debt securities, Estimated Fair Value	$ 203,965	$ 198,760
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	$ 31,361	$ 68,130
Debt securities, Unrealized Gains		2
Debt securities, Unrealized Losses	(249)	(926)
Debt securities, Estimated Fair Value	$ 31,112	$ 67,206
U.S. Government agency 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	$ 22,664	$ 22,663
Debt securities, Unrealized Losses	(114)	(84)
Debt securities, Estimated Fair Value	$ 22,550	$ 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	1 year to 2 years
Debt securities, Amortized Cost	$ 5,000	$ 7,500
Debt securities, Unrealized Losses	(55)	(87)
Debt securities, Estimated Fair Value	$ 4,945	$ 7,413

Investment Securities - Additio

Investment Securities - Additional Information (Details)	Jun. 30, 2023 USD ($) Security	Dec. 31, 2022 USD ($) Security
Investments, Debt and Equity Securities [Abstract]
Number of available-for-sale investment securities in continuous unrealized loss position	113	77
Number of domestic certificates of deposit held	55
Accrued interest receivable on available-for-sale investment securities | $	$ 1,000,000	$ 1,100,000

Balance Sheet Details - Summary

Balance Sheet Details - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 1,963	$ 3,617
Interest receivable	994	1,115
Total	$ 2,957	$ 4,732

Balance Sheet Details - Summa_2

Balance Sheet Details - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment	$ 2,645	$ 2,469
Less accumulated depreciation	(784)	(522)
Total	1,861	1,947
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment	1,871	1,695
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment	102	102
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment	521	521
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	$ 151	$ 151

Balance Sheet Details - Summa_3

Balance Sheet Details - Summary of Accrued Expenses and Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued personnel costs	$ 2,414	$ 3,543
Accrued research and development costs	6,515	2,983
Current portion of operating lease liability	$ 677	$ 640
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Other Accrued Liabilities, Current	Accounts Payable and Other Accrued Liabilities, Current
Accrued other	$ 605	$ 585
Total	$ 10,211	$ 7,751

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2021 ft²	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Rent expense | $		$ 0.2	$ 0.2	$ 0.5	$ 0.4
Crossing Holdings, LLC
Lessee, Lease, Description [Line Items]
Area of lease space | ft²	12,370	4,900		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 2 months 12 days		4 years 2 months 12 days
Weighted average operating lease right-of-use asset discount rate		7.37%		7.37%

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2023 (remaining six months)	$ 449
2024	918
2025	945
2026	973
2027	663
Total future minimum lease payments	3,948
Less: Present value adjustment	(569)
Operating lease liabilities	$ 3,379

License Agreement - Additional

License Agreement - Additional Information (Details) - License Agreement	6 Months Ended
	Jun. 30, 2023 USD ($)
Schedule Of License Agreement [Line Items]
Milestone payment	$ 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
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]
Upfront payment upon execution of agreement	$ 300,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		6 Months Ended
	Apr. 30, 2022	Mar. 31, 2021	Jun. 30, 2023	Dec. 31, 2022
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
Common Stock | 2018 Equity Incentive Plan | Restricted Shares
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Vesting period			4 years
Maximum
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Aggregate offering price	$ 300
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
Number of shares sold		13,800,000
ATM Program
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Number of shares sold			0
ATM Program | Maximum
Convertible Preferred Stock And Stockholders Deficit [Line Items]
Aggregate offering price	$ 100

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Shares of Common Stock and Unvested Stock Liability (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) shares
Liabilities And Stockholders Equity [Line Items]
Beginning Balance, Unvested stock liability | $	$ 9
Vested shares, Unvested stock liability | $	(5)
Ending Balance, Unvested stock liability | $	$ 4
Restricted Shares
Liabilities And Stockholders Equity [Line Items]
Beginning Balance | shares	47,718
Vested shares | shares	(40,260)
Ending Balance | shares	7,458

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - shares		6 Months Ended
	Mar. 25, 2021	Jun. 30, 2023
2021 Equity Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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 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.
Common stock reserved for issuance		6,088,014
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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 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; or a lesser number of shares determined by the Company’s board of directors.
Common stock reserved for issuance		1,633,813
Maximum percentage of eligible earnings withheld to participate in offering	15%
Price of common stock purchased	85%
Common stock remained available for issuance	1,200,000
Issuance of common stock under employee stock purchase plan, Shares		82,437

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Options Outstanding, Beginning Balance | shares	5,396,719
Options, Granted | shares	2,764,064
Options, Exercised | shares	(7,796)
Options, Forfeited | shares	(139,914)
Options Outstanding, Ending Balance | shares	8,013,073
Weighted-Average Exercise Price, Beginning Balance | $ / shares	$ 11.64
Weighted-Average Exercise Price, Granted | $ / shares	7.76
Weighted-Average Exercise Price, Exercised | $ / shares	0.56
Weighted-Average Exercise Price, Forfeited | $ / shares	12.56
Weighted-Average Exercise Price, Ending Balance | $ / shares	$ 10.3

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense Reported in Condensed Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,719	$ 2,617	$ 7,145	$ 4,977
Research and Development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1,619	1,212	3,101	2,248
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,100	$ 1,405	$ 4,044	$ 2,729

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	1 Months Ended
	Mar. 31, 2020 USD ($)	Jan. 31, 2019 ft²	Dec. 31, 2017 USD ($)
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	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Research and development	$ 17,064	$ 11,295	$ 32,794	$ 20,054
General and administrative	5,532	4,344	11,453	8,955
Lease Agreement
Related Party Transaction [Line Items]
Research and development	213	181	427	352
General and administrative	75	69	150	134
Total expenses	288	250	577	486
Research Consulting Agreements
Related Party Transaction [Line Items]
Research and development	45	45	90	90
Total expenses	45	45	90	90
Marlinspike Group, LLC | Consulting Agreements
Related Party Transaction [Line Items]
General and administrative	60	60	120	120
Total expenses	$ 60	$ 60	$ 120	$ 120