Nuvation Bio (NUVB) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Entity Registrant Name	Nuvation Bio Inc.
Document Fiscal Year Focus	2023
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001811063
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39351
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-0862255
Entity Address, Address Line One	1500 Broadway
Entity Address, Address Line Two	Suite 1401
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
Local Phone Number	208-6102
City Area Code	332
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		218,803,722
Class A Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	NUVB
Security Exchange Name	NYSE
Redeemable Warrants [Member]
Document Information [Line Items]
Title of 12(b) Security	Redeemable Warrants, each whole warrantexercisable for one share of Common Stock at anexercise price of $11.50 per share
Trading Symbol	NUVB.WS
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 30,071	$ 101,099
Prepaid expenses and other current assets	3,682	3,819
Marketable securities	616,538	559,915
Interest receivable on marketable securities	2,273	2,485
Total current assets	652,564	667,318
Property and equipment, net	838	894
Lease security deposit	138	138
Operating lease right-of-use assets	3,519	3,791
Total assets	657,059	672,141
Current liabilities:
Accounts payable	2,945	2,139
Current operating lease liabilities	1,244	1,206
Accrued expenses	8,362	9,816
Total current liabilities	12,551	13,161
Warrant liability	708	850
Non-current operating lease liabilities	2,727	3,054
Total liabilities	15,986	17,065
Commitments and contingencies (Note 9)
Stockholders' equity
Class A and Class B common stock and additional paid in capital, $0.0001 par value per share; 1,060,000,000 (Class A 1,000,000,000, Class B 60,000,000) shares authorized as of March 31, 2023 and December 31, 2022, 218,803,722 (Class A 217,803,722, Class B 1,000,000) and 218,632,699 (Class A 217,632,699, Class B 1,000,000) shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	932,739	927,604
Accumulated deficit	(288,728)	(267,002)
Accumulated other comprehensive income	(2,938)	(5,526)
Total stockholders' equity	641,073	655,076
Total liabilities and stockholders' equity	$ 657,059	$ 672,141

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Common stock and additional paid in capital, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock and additional paid in capital, shares issued	218,803,722	218,632,699
Common stock and additional paid in capital, shares outstanding	218,803,722	218,632,699
Additional Paid-in Capital [Member]
Common stock and additional paid in capital, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock and additional paid in capital, shares authorized	1,060,000,000	1,060,000,000
Class A Common Stock [Member]
Common stock and additional paid in capital, shares issued	217,803,722	217,632,699
Common stock and additional paid in capital, shares outstanding	217,803,722	217,632,699
Class A Common Stock [Member] | Additional Paid-in Capital [Member]
Common stock and additional paid in capital, shares authorized	1,000,000,000	1,000,000,000
Class B Common Stock [Member]
Common stock and additional paid in capital, shares issued	1,000,000	1,000,000
Common stock and additional paid in capital, shares outstanding	1,000,000	1,000,000
Class B Common Stock [Member] | Additional Paid-in Capital [Member]
Common stock and additional paid in capital, shares authorized	60,000,000	60,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Research and development	$ 18,787	$ 20,729
General and administrative	7,734	7,463
Total operating expenses	26,521	28,192
Loss from operations	(26,521)	(28,192)
Other income (expense):
Interest income	4,979	958
Investment advisory fees	(230)	(169)
Change in fair value of warrant liability	142	6,324
Net loss on marketable securities	(96)	(214)
Total other income (expense), net	4,795	6,899
Loss before income taxes	(21,726)	(21,293)
Provision for income taxes	0	0
Net loss	$ (21,726)	$ (21,293)
Net loss per share attributable to common stockholders, basic	$ (0.10)	$ (0.10)
Net loss per share attributable to common stockholders, diluted	$ (0.10)	$ (0.10)
Weighted average common shares outstanding, basic	218,741	213,411
Weighted average common shares outstanding, diluted	218,741	213,411
Comprehensive loss:
Net loss	$ (21,726)	$ (21,293)
Other comprehensive loss, net of taxes:
Unrealized gain (loss) on available-for-sale securities, net	2,588	(5,032)
Comprehensive loss	$ (19,138)	$ (26,325)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Including Additional Paid In Capital [Member]	Common Stock Including Additional Paid In Capital [Member] Class A Shares [Member]	Common Stock Including Additional Paid In Capital [Member] Class B Shares [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Balance at Dec. 31, 2021	$ 745,997	$ 909,985			$ (162,803)	$ (1,185)
Balance (in Shares) at Dec. 31, 2021			216,948,568	1,000,000
Exercise of stock options, shares			180,557
Exercise of stock options	314	314
Stock-based compensation	3,577	3,577
Net loss	(21,293)				(21,293)
Other comprehensive loss	(5,032)					(5,032)
Balance at Mar. 31, 2022	723,563	913,876			(184,096)	(6,217)
Balance (in Shares) at Mar. 31, 2022			217,129,125	1,000,000
Balance at Dec. 31, 2022	655,076	927,604			(267,002)	(5,526)
Balance (in Shares) at Dec. 31, 2022			217,632,699	1,000,000
Exercise of stock options, shares			171,023
Exercise of stock options	298	298
Stock-based compensation	4,837	4,837
Net loss	(21,726)				(21,726)
Other comprehensive loss	2,588					2,588
Balance at Mar. 31, 2023	$ 641,073	$ 932,739			$ (288,728)	$ (2,938)
Balance (in Shares) at Mar. 31, 2023			217,803,722	1,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (21,726)	$ (21,293)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	4,837	3,577
Depreciation and amortization	56	46
Non-cash lease expense	(17)	1
Fair value of Warrants	(142)	(6,324)
Net amortization on marketable securities	(2,147)	1,771
Net loss on marketable securities	96	214
Net loss on disposal of property and equipment	12	0
Change in operating assets and liabilities (net of assets and liabilities acquired in the Merger)
Prepaid expenses and other current assets	137	(4,199)
Interest receivable on marketable securities	212	546
Accounts payable	806	5,748
Accrued expenses	(1,454)	(5,016)
Net cash used in operating activities	(19,330)	(24,929)
Cash flow from investing activities:
Purchases of marketable securities	(236,967)	(131,669)
Proceeds from sale of marketable securities	184,983	126,125
Purchases of property and equipment	(12)	(7)
Net cash (used in) provided by investing activities	(51,996)	(5,551)
Cash flow from financing activities:
Proceeds from exercises of options	298	314
Advance received from broker	0	3,950
Net cash provided by financing activities	298	4,264
Net decrease in cash and cash equivalents	(71,028)	(26,216)
Cash and cash equivalents, beginning of the period	101,099	132,423
Cash and cash equivalents, end of the period	$ 30,071	$ 106,207

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	1. Nature of Operations Nuvation Bio Inc. and subsidiaries (“Nuvation Bio”), a Delaware corporation, is a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates. Nuvation Bio was incorporated on March 20, 2018 (inception date) and has offices in New York and San Francisco. On February 10, 2021, (the “Closing Date”), Nuvation Bio Inc., a Delaware corporation (“Legacy Nuvation Bio”), Panacea Acquisition Corp. (“Panacea”), and Panacea Merger Subsidiary Corp, a Delaware corporation and a direct, wholly owned subsidiary of Panacea (“Merger Sub”) consummated the transactions contemplated by an Agreement and Plan of Merger among them dated October 20, 2020 (“Merger Agreement”). Pursuant to the terms of the Merger Agreement, a business combination of Panacea and Legacy Nuvation Bio was effected through the merger of Merger Sub with and into Legacy Nuvation Bio, with Legacy Nuvation Bio surviving as a wholly owned subsidiary of Panacea (the “Merger”) and, collectively with the other transactions described in the Merger Agreement. On the Closing Date, Legacy Nuvation Bio changed its name to Nuvation Bio Operating Company Inc. and Panacea changed its name to Nuvation Bio Inc. (the “Company” or “Nuvation Bio”).

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. Principles of Consolidation The consolidated financial statements include the balances of the Company and its subsidiaries. All intercompany transactions and balances are eliminated in consolidation. Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022, have been prepared in accordance with GAAP for interim financial statements and pursuant to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) have been made that are considered necessary for a fair statement of the financial position of the Company as of March 31, 2023, the results of operations for the three months ended March 31, 2023 and 2022 and the cash flows for the three months ended March 31, 2023 and 2022. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the Company’s audited consolidated financial statements. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. Certain information and disclosures normally included in the notes to annual financial statements prepared in accordance with GAAP have been omitted from these interim financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the financial statements for the fiscal year ended December 31, 2022, which are included in the Company’s 10-K filed with the SEC on March 15, 2023. Liquidity As of March 31, 2023, the Company has an accumulated deficit of approximately $ 288.7 million and net cash used in operating activities was approximately $ 19.3 million for the three months ended March 31, 2023. Management expects to continue to incur operating losses and negative cash flows from operations for the foreseeable future. As of March 31, 2023, the Company had cash, cash equivalents, and marketable securities of $ 646.6 million. The Company believes that its existing cash, cash equivalents, and marketable securities will be sufficient to meet its cash commitments for at least the next 12 months after the date that these consolidated financial statements are issued. The Company’s research and development activities can be costly, and the timing and outcomes are uncertain. The assumptions upon which the Company has based its estimates are routinely evaluated and may be subject to change. The actual amount of the Company’s expenditures will vary depending upon a number of factors including but not limited to the progress of the Company’s research and development activities and the level of financial resources available. Significant Risks and Uncertainties The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to: the results of research and development, clinical testing and trial activities of the Company’s products, the Company’s ability to obtain regulatory approval to market its products, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company’s products, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital. The Company currently has no commercially approved products and there can be no assurance that the Company’s research and development will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and vendors and obtaining and protecting intellectual property. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the year. Accordingly, actual results could differ from those estimates and those differences could be significant. Significant estimates and assumptions reflected in the accompanying consolidated financial statements include, but are not limited to, warrant liabilities, leases, stock options granted and depreciation expense. Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, consisting of money market accounts, a money market mutual fund and short-term investments with maturities from the date of purchase of 90 days or less. The majority of cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand which reduces counterparty performance risk. Marketable Securities Debt securities have been classified as available-for-sale which may be sold before maturity or are not classified as held to maturity or trading. Marketable debt securities classified as available-for-sale are carried at fair value with unrealized gains or losses reported in other comprehensive income (loss). Exchange traded funds are equity securities, which are reported as marketable securities with readily determinable fair values, are also carried at fair value with unrealized gains and losses included in other (expense) income, net. Realized gains and losses on both debt and equity securities are included in other (expense) income, net. For securities in an unrealized loss positions, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If management determines there is any other than temporary impairment, the entire difference between amortized cost and fair value is recognized as impairment through earnings. The Company is exposed to credit losses primarily through its available-for-sale investments. The Company assesses whether its available-for sale investments are impaired at each reporting period. Unrealized losses or impairments resulting from the amortized cost basis of any available-for-sale debt security exceeding its fair value are evaluated for identification of credit losses and non-credit related losses. Any credit losses are charged to earnings against the allowance for credit losses of the debt security, limited to the difference between the fair value and the amortized cost basis of the debt security. Any difference between the fair value of the debt security and the amortized cost basis, less the allowance for expected credit losses, are reported in other comprehensive income (loss). Expected cash inflows due to improvements in credit are recognized through a reversal of the allowance for expected credit losses subject to the total allowance previously recognized. The Company’s expected loss allowance methodology for the debt securities includes reviewing the extent of the unrealized loss, the size, term, geographical location, and industry of the issuer, the issuers’ credit ratings and any changes in those ratings, as well as reviewing current and future economic market conditions and the issuers’ current status and financial condition. As of March 31, 2023, the Company has not recognized an allowance for expected credit losses related to available-for-sale investments as the Company has not identified any unrealized losses for these investments attributable to credit factors. Interest income includes amortization and accretion of purchase premium and discount. Premiums and discounts on debt securities are amortized on the effective-interest method. Gains and losses on sales are recorded on the settlement date and determined using the specific identification method. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and marketable securities. The Company maintains its cash and cash equivalent balances in the form of business checking accounts and money market accounts, the balances of which, at times, may exceed federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. Marketable securities consist primarily of government and corporate bonds, municipal securities and exchange traded fund with fixed interest rates. Exposure to credit risk of marketable securities is reduced by maintaining a diverse portfolio and monitoring their credit ratings. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets of generally five years for computers and seven years for furniture and equipment. The cost of leasehold improvements is amortized on the straight-line method over the lesser of the estimated asset life or remaining term of the lease. Maintenance costs are expensed as incurred, while major betterments are capitalized. Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and an impairment assessment may be performed on the recoverability or the carrying amounts. If an impairment occurs, the loss is measured by comparing the fair value of the asset to its carrying amount. Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their fair value on the date of issuance and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. Following the Merger, there were 5,787,472 warrants to purchase common stock outstanding, consisting of 4,791,639 Public Warrants, 162,500 Private Placement Warrants and 833,333 Forward Purchase Warrants (as defined below). Each whole warrant entitles the registered holder to purchase one share of our Class A common stock at a price of $ 11.50 per share. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of our Class A common stock. The Company evaluated Public Warrants, Private Placement Warrants and Forward Purchase Warrants (the “Warrants”) under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, and concluded that they do not meet the criteria to be classified in stockholders’ equity. Specifically, the settlement value of the Warrants is dependent, in part, on the holder of the Warrants at the time of settlement. Because the holder of an instrument is not an input into the pricing of a fixed-for-fixed option on our common stock, the Warrants fail the indexation guidance in ASC 815-40, which would preclude classification in stockholders’ equity. Additionally, the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves more than 50% of the outstanding shares of the Company’s common stock. Because not all of the Company’s stockholders need to participate in such tender offer or exchange to trigger the potential cash settlement and the Company does not control the occurrence of such an event, the Company concluded that the Warrants do not meet the conditions to be classified in equity. Since the Warrants meet the definition of a derivative under ASC 815, the Company recorded these Warrants as liabilities on the balance sheet at fair value upon the closing of the Merger, with subsequent changes in their respective fair values recognized in the consolidated statement of operations and comprehensive loss at each reporting date. The fair value of Public and Forward Purchase Warrants was determined using the closing price of the warrants on the NYSE market. The fair value of the Private Warrants was estimated using a Black-Scholes option pricing model (s ee Note 3). Leases The Company determines if an arrangement contains a lease at inception. For arrangements where the Company is the lessee, operating leases are included in operating lease right-of-use, or ROU assets; current operating lease liabilities; and non-current operating lease liabilities on its balance sheets. The Company currently does not have any finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. ROU assets also include any initial direct costs incurred and any lease payments made on or before the lease commencement date, less lease incentives received. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities as the Company’s leases generally do not provide an implicit rate. The incremental borrowing rate is reevaluated upon a lease modification. The operating lease ROU asset also includes any initial direct costs and prepaid lease payments made less any lease incentives. The Company considered information available at the adoption date of Topic 842 to determine the incremental borrowing rate for leases in existence as of this date. The incremental borrowing rate used was the weighted average rate between secured and unsecured lending arrangement. Lease terms may include options to extend or terminate the lease when the Company is reasonably certain that the option will be exercised. Variable payments included in the lease agreement are expensed as incurred. Lease expense is recognized on a straight-line basis over the lease term. The Company elected to apply each of the practical expedients described in ASC Topic 842-10-65-1(f) which allow companies not to reassess: (i) whether any expired or existing agreements contain leases, (ii) the classification of any expired or existing leases, and (iii) the capitalization of initial direct costs for any existing leases. The Company also elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for short-term operating leases. A short-term operating lease is a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. The Company also elected not to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component. Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s operations are focused on oncology development activities. Research and Development Costs Costs incurred in connection with research and development activities are expenses as incurred. These costs include fees paid to consultants, vendors and various entities that perform certain research and testing on behalf of the Company. Stock-based Compensation The Company recognizes compensation cost for grants of employee stock options using a fair-value measurement method, that is recognized in operating results as compensation expense based on fair value over the requisite service period of the awards. Forfeitures are recorded as they occur instead of estimating forfeitures that are expected to occur. The Company determines the fair value of stock-based awards that are based only on a service condition using the Black-Scholes option-pricing model which uses both historical and current market data to estimate fair value. The method incorporates various assumptions such as the risk-free interest rate, volatility, dividend yield, and expected life of the options. The Company determines the fair value of stock-based awards that are based on both a service condition and achievement of the first to occur of a market or performance condition using a Monte Carlo simulation. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. The difference between the financial statement and tax basis of assets and liabilities is determined annually. Deferred income tax assets and liabilities are computed for those differences that have future tax consequences using the currently enacted tax laws and rates that apply to the years in which they are expected to affect taxable income. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate. The Company’s policy is to record interest and penalties related to income taxes as part of the tax provision. Returns for tax years beginning with those filed for the period ended December 31, 2018 are open to federal and state tax examination. Accounting Pronouncements Adopted In June 2016, the FASB issued Topic 326 on the measurement of credit losses for financial assets measured at amortized cost, which includes accounts receivable, and available-for-sale debt securities. The guidance amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. As a smaller reporting company, this guidance is effective for fiscal years beginning after December 15, 2022. The Company adopted the standard effective January 1, 2023 using the modified retrospective approach. The adoption of the guidance did not have a material effect on the Company’s unaudited condensed consolidated financial statements and no allowance was recorded for expected credit losses. See “Marketable Securities” above for a description of the Company’s credit losses accounting policy.

Fair Value Measurements and Mar

Fair Value Measurements and Marketable Securities Available-for-Sale	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements and Marketable Securities Available for Sale	3. Fair Value Measurements and Marketable Securities Available-for-Sale The Company provides disclosure of financial assets and financial liabilities that are carried at fair value based on the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements may be classified based on the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities using the following three levels: Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 — Unobservable inputs that reflect the Company’s estimates of the assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. The following table presents information about the Company’s marketable securities as of March 31, 2023 and December 31, 2022 and the Warrant liability as of March 31, 2023 and December 31, 2022, measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. The Company’s Warrant liabilities are included within the Level 1 and Level 3 fair value hierarchy. The fair value of the Public and Forward Purchase Warrants is determined using the closing price of the warrants on the NYSE market. The fair value of the Private Placement Warrants is determined using the Black-Scholes option pricing formula. The primary unobservable input utilized in determining the fair value of the Private Warrants is the expected volatility. The expected volatility was estimated considering observable Nuvation public warrant pricing, Nuvation’s own historical volatility and the volatility of guideline public companies. There have not been any transfers between the levels during the periods. March 31, 2023 Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash equivalents: Money market funds $ 17,192 $ 17,192 $ — $ — U.S. government and government agency securities 10,187 — 10,187 — Corporate bonds 287 — 287 — 27,666 17,192 10,474 — Marketable securities: Certificate of deposits 10,393 — 10,393 — Commercial paper 55,109 — 55,109 — U.S. government and government agency securities 414,716 — 414,716 — Corporate bonds 135,335 — 135,335 — Municipal bonds 985 — 985 — 616,538 — 616,538 — Total financial assets: $ 644,204 $ 17,192 $ 627,012 $ — Financial liabilities: Warrants $ 708 $ 675 $ — $ 33 December 31, 2022 Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash equivalents: Money market funds $ 35,204 $ 35,204 $ — $ — U.S. government and government agency securities 32,779 — 32,779 — Corporate bonds 328 — 328 — 68,311 35,204 33,107 — Marketable securities: Certificate of deposits 13,984 — 13,984 — Commercial paper 50,173 — 50,173 — U.S. government and government agency securities 305,657 — 305,657 — Corporate bonds 187,130 — 187,130 — Municipal bonds 2,971 — 2,971 — 559,915 — 559,915 — Total financial assets: $ 628,226 $ 35,204 $ 593,022 $ — Financial liabilities: Warrants $ 850 $ 813 $ — $ 37 Marketable securities consist primarily of U.S. government and government agency, certificate of deposits, commercial paper, corporate bond and municipal securities ("Debt Securities"). Based on the Company’s intentions regarding its marketable securities, all Debt Securities are classified as available-for-sale and are carried at fair value based on the price that would be received upon sale of the security. The following table provides the amortized cost, aggregate fair value, and unrealized gains (losses) of marketable securities as of March 31, 2023 and December 31, 2022: March 31, 2023 Amortized Unrealized Gains Unrealized Losses Fair Value (In thousands) Cash equivalents: Money market funds $ 17,192 $ — $ — $ 17,192 U.S. government and government agency securities 10,185 2 — 10,187 Corporate bonds 287 — — 287 27,664 2 — 27,666 Marketable securities: Certificate of deposits 10,400 4 ( 11 ) 10,393 Commercial paper 55,154 12 ( 57 ) 55,109 U.S. government and government agency securities 415,983 377 ( 1,644 ) 414,716 Corporate bonds 136,941 45 ( 1,651 ) 135,335 Municipal bonds 1,000 — ( 15 ) 985 619,478 438 ( 3,378 ) 616,538 $ 647,142 $ 440 $ ( 3,378 ) $ 644,204 December 31, 2022 Amortized Unrealized Gains Unrealized Losses Fair Value (In thousands) Cash equivalents: Money market funds $ 35,204 $ — $ — $ 35,204 U.S. government and government agency securities 32,773 6 — 32,779 Corporate bonds 328 — — 328 68,305 6 — 68,311 Marketable securities: Certificate of deposits 13,998 6 ( 20 ) 13,984 Commercial paper 50,240 21 ( 88 ) 50,173 U.S. government and government agency securities 308,510 30 ( 2,883 ) 305,657 Corporate bonds 189,695 23 ( 2,588 ) 187,130 Municipal bonds 3,004 — ( 33 ) 2,971 565,447 80 ( 5,612 ) 559,915 $ 633,752 $ 86 $ ( 5,612 ) $ 628,226 For the three months ended March 31, 2023 and 2022, the activity related to the net gains (losses) on marketable securities included in other income (expense) on the consolidated statements of operations and comprehensive loss were as follows (in thousands): Three months ended March 31, 2023 2022 Net realized gains (losses) on available-for-sale securities were as follows: Realized gains from sales of available-for-sale securities $ — $ 7 Realized losses from sales of available-for-sale securities ( 96 ) ( 50 ) ( 96 ) ( 43 ) Net recognized gains (losses) on equity securities were as follows: Net realized losses on equities sold — ( 337 ) Net unrealized gains on equities — 166 — ( 171 ) Total losses on marketable securities $ ( 96 ) $ ( 214 ) The following tables provide marketable securities with continuous unrealized losses for less than 12 months and 12 months or greater and the related fair values as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 Less than 12 Months 12 Months or Greater Total Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Certificate of deposits $ 6,588 $ ( 11 ) $ — $ — $ 6,588 $ ( 11 ) Commercial paper 40,900 ( 57 ) — — 40,900 ( 57 ) U.S. government and government agency securities 103,257 ( 537 ) 56,819 ( 1,107 ) 160,076 ( 1,644 ) Corporate bonds 58,941 ( 407 ) 65,846 ( 1,244 ) 124,787 ( 1,651 ) Municipal bonds — — 985 ( 15 ) 985 ( 15 ) $ 209,686 $ ( 1,012 ) $ 123,650 $ ( 2,366 ) $ 333,336 $ ( 3,378 ) December 31, 2022 Less than 12 Months 12 Months or Greater Total Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Certificate of deposits $ 7,139 $ ( 20 ) $ — $ — $ 7,139 $ ( 20 ) Commercial paper 26,938 ( 88 ) — — 26,938 ( 88 ) U.S. government and government agency securities 150,126 ( 977 ) 101,095 ( 1,906 ) 251,221 ( 2,883 ) Corporate bonds 69,402 ( 565 ) 108,748 ( 2,023 ) 178,150 ( 2,588 ) Municipal bonds — — 2,971 ( 33 ) 2,971 ( 33 ) $ 253,605 $ ( 1,650 ) $ 212,814 $ ( 3,962 ) $ 466,419 $ ( 5,612 ) Unrealized losses from the marketable securities are primarily attributable to changes in interest rates. The Company does not believe the unrealized losses represents impairments because the unrealized losses on certain of the Company's marketable securities are due to general market factors. The Company has not recognized an allowance for expected credit losses related to available-for-sale investments as the Company has not identified any unrealized losses for these investments attributable to credit factors during the three months ended March 31, 2023. As of March 31, 2023, the Company does not intend to sell these securities nor does the Company believe that it will be required to sell these securities before the recovery of their amortized cost basis. Maturity information based on fair value is as follows as of March 31, 2023: Within one year After one year Total (In thousands) Certificate of deposits $ 10,393 $ — $ 10,393 Commercial paper 55,109 — 55,109 U.S. government and government agency securities 329,100 85,616 414,716 Corporate bonds 98,057 37,278 135,335 Municipal bonds 984 1 985 $ 493,643 $ 122,895 $ 616,538

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	4. Leases Our principal executive office is located in New York, New York, where we lease approximately 7,900 square feet of office space under a lease that terminates in 2027 , with an option for the Company to extend the lease for an additional five years which is not reasonably assured of exercise. We also occupy approximately 14,257 square feet of office space in San Francisco, California, under a lease that terminates in 2025 . Operating lease expense was $ 0.3 million and $ 0.3 million for the three months ended March 31, 2023 and 2022, respectively. Expense related to variable leases was no t significant for the three months ended March 31, 2023 and 2022. Operating cash flows for the three months ended March 31, 2023 and 2022 included $ 0.3 million and $ 0.3 m illion for operating leases, respectively. The following table presents the future minimum lease analysis of the Company's operating lease liabilities showing the aggregate lease payments as of March 31, 2023. March 31, 2023 (In thousands) 2023 (remaining 9 months) $ 1,072 2024 1,495 2025 1,071 2026 631 2027 and thereafter 81 Total undiscounted lease payments 4,350 Less: imputed interest ( 379 ) Total operating lease liabilities $ 3,971 The weighted average incremental borrowing rate used to determine the operating lease liabilities was 6.0 %. The Company's weighted average remaining lease term was 3.11 years as of March 31, 2023.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss per Share	5. Net Loss per Share Basic loss per share is computed by dividing net loss by the weighted-average number of shares of Class A and Class B common stock outstanding, but excluding shares of common stock subject to repurchase for the period. The number of common stock shares subject to repurchase was determined prospectively from the date of the Stock Restriction Agreement entered into by the Company and David Hung, M.D. Diluted loss per share reflects the potential dilution that could occur if the stock options to issue common stock were exercised. The Company had a net loss in all periods presented thus the dilutive net loss per common share is the same as the basic net loss per common share as the effect of any options or conversions is anti-dilutive. The earnings per share amounts are the same for the different classes of common stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or liquidation. The following securities outstanding at March 31, 2023 and 2022 have been excluded from the calculation of weighted average shares outstanding: Three Months Ended March 31, 2023 2022 Class A common shares subject to repurchase — 3,030,719 Warrants 5,787,462 5,787,472 Class A common stock options 30,905,880 19,553,396

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2023
Statement of Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	6. Accumulated Other Comprehensive Income (Loss) The following table presents a rollforward of the changes in accumulated other comprehensive income (losses) for the three months ended March 31, 2023 and 2022, which is all attributable to unrealized gains (losses) on available-for-sale securities. All amounts are net of tax. 2023 2022 Balance at beginning of period $ ( 5,526 ) $ ( 1,185 ) Unrealized losses 2,492 ( 5,075 ) Amount reclassified for realized losses on marketable securities 96 43 Balance at end of period $ ( 2,938 ) $ ( 6,217 )

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	7. Stock-Based Compensation The 2021 Equity Incentive Plan In March 2019, the Company adopted the 2019 Equity Incentive Plan or (“2019 Plan”), which provided for the grant of options, stock appreciation rights, restricted stock, and other stock awards. In January 2021, our board of directors adopted the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan was approved by our stockholders in February 2021 and became effective immediately upon the Closing Date of the Merger. Shares available for future issuance under the 2019 Plan were canceled. Awards. The 2021 Plan provides for the grant of incentive stock options (“ISOs”), within the meaning of Section 422 of the Code to employees, including employees of any parent or subsidiary, and for the grant of nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, directors and consultants, including employees and consultants of our affiliates. Authorized Shares. The maximum number of shares of Class A common stock reserved for issuance upon adoption of the 2021 Plan was 50,684,047 shares of Class A common stock. The number of shares of Class A common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year, starting on January 1, 2022 through January 1, 2031, in an amount equal to (1) 4.0 % of the total number of shares of Class A common stock and Class B common stock outstanding or issuable upon conversion or exercise of outstanding instruments on December 31 of the preceding year, or (2) a lesser number of shares of Class A common stock determined by our board of directors prior to the date of the increase. The maximum number of shares of Class A common stock that may be issued on the exercise of ISOs under the 2021 Plan is three times the number of shares available for issuance upon the 2021 Plan becoming effective or 152,052,141 shares. The Employee Stock Purchase Plan In January 2021, our board of directors adopted the 2021 Employee Stock Purchase Plan (the “ESPP”). The ESPP was approved by our stockholders in February 2021 and became effective immediately upon the Closing Date of the Merger. Share Reserve. The maximum number of shares of Class A common stock reserved for issuance upon the adoption of the 2021 ESPP was 4,750,354 shares of Class A common stock. The number of shares of Class A common stock reserved for issuance under the 2021 ESPP will automatically increase on January 1st of each year, beginning on January 1, 2022 and continuing through and including January 1, 2031, by 1.0 % of the total number of shares of Class A common stock and Class B common stock outstanding or issuable upon conversion or exercise of outstanding instruments on December 31st of the preceding calendar year or such lesser number of shares of Class A common stock as determined by our board of directors. Shares subject to purchase rights granted under the 2021 ESPP that terminate without having been exercised in full will not reduce the number of shares available for issuance under the 2021 ESPP. The stock-based compensation expense included in the Company’s condensed statement of operations and comprehensive loss for the three months ended March 31, 2023 and 2022 is as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 2,012 $ 1,555 General and administrative 2,825 2,022 $ 4,837 $ 3,577 The following table summarizes stock option activity under the 2019 Plan and the 2021 Plan for the three months ended March 31, 2023. Shares Outstanding at December 31, 2022 22,865,714 Granted 8,870,750 Exercised ( 171,023 ) Forfeited ( 659,561 ) Outstanding at March 31, 2023 30,905,880 Exercisable at March 31, 2023 3,062,079 The weighted average exercise price of all outstanding options as of March 31, 2023 was $ 4.05 per share .

Warrants

Warrants	3 Months Ended
	Mar. 31, 2023
Warrant Disclosure [Abstract]
Warrants	8. Warrants Following the Merger, there were 5,787,472 warrants to purchase common stock outstanding, consisting of 4,791,639 Public Warrants, 162,500 Private Placement Warrants and 833,333 Forward Purchase Warrants. Each whole warrant entitles the registered holder to purchase one share of our Class A common stock at a price of $ 11.50 per share. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of our Class A common stock. At March 31, 2023, there were an aggregate of 5,787,462 warrants outstanding. The Company concluded that the Public Warrants, Private Warrants and Forward Purchase Warrants do not meet the conditions to be classified in equity. The warrants were recorded at fair value with subsequent changes in fair value reflected in earnings (see Note 3). The change in fair value resulted in a gain of $ 0.1 million during the three months ended March 31, 2023. The fair value of Public and Forward Purchase Warrants is determined using the closing price of the warrants on the NYSE market and the related Warrant Liability is included in Level 1 fair value measurements. The Company utilizes the Black-Scholes option pricing formula to determine the fair value of the Private Warrants at each reporting period, with changes in fair value recognized in the statement of operations. The estimated fair value of the warrant liability for the Private Warrants is determined using Level 3 inputs. Inherent in a binomial options pricing model are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The annualized volatility of the Warrant was based on a calibration to the publicly traded warrant price as of the valuation date. The risk-free interest rate was estimated using linear interpolation assuming a term consistent with the time until the warrants expire, and yield information was based on U.S. Treasury Constant Maturities. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero. The aforementioned warrant liabilities are not subject to qualified hedge accounting. There were no transfers between Levels 1, 2 or 3 during the period ended March 31, 2023. The following table provides quantitative assumptions regarding Level 3 fair value measurements: March 31, 2023 December 31, 2022 Stock price $ 1.66 $ 1.92 Strike price $ 11.50 $ 11.50 Term (in years) 2.9 3.1 Volatility 81.0 % 73.0 % Risk-free rate 3.8 % 4.1 % Dividend yield 0.0 % 0.0 % The Company determined the following fair values for the outstanding warrants (in thousands): March 31, Public Warrants $ 575 Private Placement Warrants 33 Forward Purchase Warrants 100 Total $ 708 The following presents changes in liabilities classified in Level 3 of the fair value hierarchy for the three months ended March 31, 2023 (in thousands): Three Months Ended March 31, 2023 Beginning balance $ 37 Change in fair value of Private Warrants liability recognized in earnings ( 4 ) Ending balance $ 33

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Commitments The Company leases its office space under non-cancellable operating lease agreements. These leases also require the Company to pay real estate taxes and other operational expenses associated with the leased locations and are included in rent expense. The effect of graduating rents, net of the rent credits, is being amortized over the life of the leases so as to result in equal monthly rent expense over the lease term. Deferred rent liability reported in the accompanying consolidated balance sheets represents the cumulative excess of straight-line rental costs over the actual rental payments. The Company has standby letters of credit with banks in the aggregate amount of $ 0.6 million which serve as security for the New York and San Francisco spaces operating leases. The standby letters of credit automatically renew annually . Contingencies From time to time, the Company is involved in routine litigation that arises in the ordinary course of business. There are no pending significant legal proceedings to which the Company is a party, for which management believes the ultimate outcome would have a material adverse effect on the Company’s financial position.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the balances of the Company and its subsidiaries. All intercompany transactions and balances are eliminated in consolidation.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022, have been prepared in accordance with GAAP for interim financial statements and pursuant to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) have been made that are considered necessary for a fair statement of the financial position of the Company as of March 31, 2023, the results of operations for the three months ended March 31, 2023 and 2022 and the cash flows for the three months ended March 31, 2023 and 2022. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the Company’s audited consolidated financial statements. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. Certain information and disclosures normally included in the notes to annual financial statements prepared in accordance with GAAP have been omitted from these interim financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the financial statements for the fiscal year ended December 31, 2022, which are included in the Company’s 10-K filed with the SEC on March 15, 2023.
Liquidity	Liquidity As of March 31, 2023, the Company has an accumulated deficit of approximately $ 288.7 million and net cash used in operating activities was approximately $ 19.3 million for the three months ended March 31, 2023. Management expects to continue to incur operating losses and negative cash flows from operations for the foreseeable future. As of March 31, 2023, the Company had cash, cash equivalents, and marketable securities of $ 646.6 million. The Company believes that its existing cash, cash equivalents, and marketable securities will be sufficient to meet its cash commitments for at least the next 12 months after the date that these consolidated financial statements are issued. The Company’s research and development activities can be costly, and the timing and outcomes are uncertain. The assumptions upon which the Company has based its estimates are routinely evaluated and may be subject to change. The actual amount of the Company’s expenditures will vary depending upon a number of factors including but not limited to the progress of the Company’s research and development activities and the level of financial resources available.
Significant Risks and Uncertainties	Significant Risks and Uncertainties The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to: the results of research and development, clinical testing and trial activities of the Company’s products, the Company’s ability to obtain regulatory approval to market its products, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company’s products, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital. The Company currently has no commercially approved products and there can be no assurance that the Company’s research and development will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and vendors and obtaining and protecting intellectual property.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the year. Accordingly, actual results could differ from those estimates and those differences could be significant. Significant estimates and assumptions reflected in the accompanying consolidated financial statements include, but are not limited to, warrant liabilities, leases, stock options granted and depreciation expense.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, consisting of money market accounts, a money market mutual fund and short-term investments with maturities from the date of purchase of 90 days or less. The majority of cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand which reduces counterparty performance risk.
Investment Securities	Securities Debt securities have been classified as available-for-sale which may be sold before maturity or are not classified as held to maturity or trading. Marketable debt securities classified as available-for-sale are carried at fair value with unrealized gains or losses reported in other comprehensive income (loss). Exchange traded funds are equity securities, which are reported as marketable securities with readily determinable fair values, are also carried at fair value with unrealized gains and losses included in other (expense) income, net. Realized gains and losses on both debt and equity securities are included in other (expense) income, net. For securities in an unrealized loss positions, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If management determines there is any other than temporary impairment, the entire difference between amortized cost and fair value is recognized as impairment through earnings. The Company is exposed to credit losses primarily through its available-for-sale investments. The Company assesses whether its available-for sale investments are impaired at each reporting period. Unrealized losses or impairments resulting from the amortized cost basis of any available-for-sale debt security exceeding its fair value are evaluated for identification of credit losses and non-credit related losses. Any credit losses are charged to earnings against the allowance for credit losses of the debt security, limited to the difference between the fair value and the amortized cost basis of the debt security. Any difference between the fair value of the debt security and the amortized cost basis, less the allowance for expected credit losses, are reported in other comprehensive income (loss). Expected cash inflows due to improvements in credit are recognized through a reversal of the allowance for expected credit losses subject to the total allowance previously recognized. The Company’s expected loss allowance methodology for the debt securities includes reviewing the extent of the unrealized loss, the size, term, geographical location, and industry of the issuer, the issuers’ credit ratings and any changes in those ratings, as well as reviewing current and future economic market conditions and the issuers’ current status and financial condition. As of March 31, 2023, the Company has not recognized an allowance for expected credit losses related to available-for-sale investments as the Company has not identified any unrealized losses for these investments attributable to credit factors. Interest income includes amortization and accretion of purchase premium and discount. Premiums and discounts on debt securities are amortized on the effective-interest method. Gains and losses on sales are recorded on the settlement date and determined using the specific identification method.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and marketable securities. The Company maintains its cash and cash equivalent balances in the form of business checking accounts and money market accounts, the balances of which, at times, may exceed federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. Marketable securities consist primarily of government and corporate bonds, municipal securities and exchange traded fund with fixed interest rates. Exposure to credit risk of marketable securities is reduced by maintaining a diverse portfolio and monitoring their credit ratings.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets of generally five years for computers and seven years for furniture and equipment. The cost of leasehold improvements is amortized on the straight-line method over the lesser of the estimated asset life or remaining term of the lease. Maintenance costs are expensed as incurred, while major betterments are capitalized.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and an impairment assessment may be performed on the recoverability or the carrying amounts. If an impairment occurs, the loss is measured by comparing the fair value of the asset to its carrying amount.
Warrants	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their fair value on the date of issuance and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. Following the Merger, there were 5,787,472 warrants to purchase common stock outstanding, consisting of 4,791,639 Public Warrants, 162,500 Private Placement Warrants and 833,333 Forward Purchase Warrants (as defined below). Each whole warrant entitles the registered holder to purchase one share of our Class A common stock at a price of $ 11.50 per share. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of our Class A common stock. The Company evaluated Public Warrants, Private Placement Warrants and Forward Purchase Warrants (the “Warrants”) under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, and concluded that they do not meet the criteria to be classified in stockholders’ equity. Specifically, the settlement value of the Warrants is dependent, in part, on the holder of the Warrants at the time of settlement. Because the holder of an instrument is not an input into the pricing of a fixed-for-fixed option on our common stock, the Warrants fail the indexation guidance in ASC 815-40, which would preclude classification in stockholders’ equity. Additionally, the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves more than 50% of the outstanding shares of the Company’s common stock. Because not all of the Company’s stockholders need to participate in such tender offer or exchange to trigger the potential cash settlement and the Company does not control the occurrence of such an event, the Company concluded that the Warrants do not meet the conditions to be classified in equity. Since the Warrants meet the definition of a derivative under ASC 815, the Company recorded these Warrants as liabilities on the balance sheet at fair value upon the closing of the Merger, with subsequent changes in their respective fair values recognized in the consolidated statement of operations and comprehensive loss at each reporting date. The fair value of Public and Forward Purchase Warrants was determined using the closing price of the warrants on the NYSE market. The fair value of the Private Warrants was estimated using a Black-Scholes option pricing model (s ee Note 3).
Leases	Leases The Company determines if an arrangement contains a lease at inception. For arrangements where the Company is the lessee, operating leases are included in operating lease right-of-use, or ROU assets; current operating lease liabilities; and non-current operating lease liabilities on its balance sheets. The Company currently does not have any finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. ROU assets also include any initial direct costs incurred and any lease payments made on or before the lease commencement date, less lease incentives received. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities as the Company’s leases generally do not provide an implicit rate. The incremental borrowing rate is reevaluated upon a lease modification. The operating lease ROU asset also includes any initial direct costs and prepaid lease payments made less any lease incentives. The Company considered information available at the adoption date of Topic 842 to determine the incremental borrowing rate for leases in existence as of this date. The incremental borrowing rate used was the weighted average rate between secured and unsecured lending arrangement. Lease terms may include options to extend or terminate the lease when the Company is reasonably certain that the option will be exercised. Variable payments included in the lease agreement are expensed as incurred. Lease expense is recognized on a straight-line basis over the lease term. The Company elected to apply each of the practical expedients described in ASC Topic 842-10-65-1(f) which allow companies not to reassess: (i) whether any expired or existing agreements contain leases, (ii) the classification of any expired or existing leases, and (iii) the capitalization of initial direct costs for any existing leases. The Company also elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for short-term operating leases. A short-term operating lease is a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. The Company also elected not to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component.
Segment Information	Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s operations are focused on oncology development activities.
Research and Development Costs	Research and Development Costs Costs incurred in connection with research and development activities are expenses as incurred. These costs include fees paid to consultants, vendors and various entities that perform certain research and testing on behalf of the Company.
Stock-based Compensation	Stock-based Compensation The Company recognizes compensation cost for grants of employee stock options using a fair-value measurement method, that is recognized in operating results as compensation expense based on fair value over the requisite service period of the awards. Forfeitures are recorded as they occur instead of estimating forfeitures that are expected to occur. The Company determines the fair value of stock-based awards that are based only on a service condition using the Black-Scholes option-pricing model which uses both historical and current market data to estimate fair value. The method incorporates various assumptions such as the risk-free interest rate, volatility, dividend yield, and expected life of the options. The Company determines the fair value of stock-based awards that are based on both a service condition and achievement of the first to occur of a market or performance condition using a Monte Carlo simulation.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. The difference between the financial statement and tax basis of assets and liabilities is determined annually. Deferred income tax assets and liabilities are computed for those differences that have future tax consequences using the currently enacted tax laws and rates that apply to the years in which they are expected to affect taxable income. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate. The Company’s policy is to record interest and penalties related to income taxes as part of the tax provision. Returns for tax years beginning with those filed for the period ended December 31, 2018 are open to federal and state tax examination.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Adopted In June 2016, the FASB issued Topic 326 on the measurement of credit losses for financial assets measured at amortized cost, which includes accounts receivable, and available-for-sale debt securities. The guidance amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. As a smaller reporting company, this guidance is effective for fiscal years beginning after December 15, 2022. The Company adopted the standard effective January 1, 2023 using the modified retrospective approach. The adoption of the guidance did not have a material effect on the Company’s unaudited condensed consolidated financial statements and no allowance was recorded for expected credit losses. See “Marketable Securities” above for a description of the Company’s credit losses accounting policy.

Fair Value Measurements and M_2

Fair Value Measurements and Marketable Securities Available-for-Sale (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Marketable securities Measured at Fair Value on Recurring Basis	There have not been any transfers between the levels during the periods. March 31, 2023 Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash equivalents: Money market funds $ 17,192 $ 17,192 $ — $ — U.S. government and government agency securities 10,187 — 10,187 — Corporate bonds 287 — 287 — 27,666 17,192 10,474 — Marketable securities: Certificate of deposits 10,393 — 10,393 — Commercial paper 55,109 — 55,109 — U.S. government and government agency securities 414,716 — 414,716 — Corporate bonds 135,335 — 135,335 — Municipal bonds 985 — 985 — 616,538 — 616,538 — Total financial assets: $ 644,204 $ 17,192 $ 627,012 $ — Financial liabilities: Warrants $ 708 $ 675 $ — $ 33 December 31, 2022 Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash equivalents: Money market funds $ 35,204 $ 35,204 $ — $ — U.S. government and government agency securities 32,779 — 32,779 — Corporate bonds 328 — 328 — 68,311 35,204 33,107 — Marketable securities: Certificate of deposits 13,984 — 13,984 — Commercial paper 50,173 — 50,173 — U.S. government and government agency securities 305,657 — 305,657 — Corporate bonds 187,130 — 187,130 — Municipal bonds 2,971 — 2,971 — 559,915 — 559,915 — Total financial assets: $ 628,226 $ 35,204 $ 593,022 $ — Financial liabilities: Warrants $ 850 $ 813 $ — $ 37
Schedule of Cost, Aggregate Fair Value and Unrealized Gains of Marketable Securities Available-for-sale	The following table provides the amortized cost, aggregate fair value, and unrealized gains (losses) of marketable securities as of March 31, 2023 and December 31, 2022: March 31, 2023 Amortized Unrealized Gains Unrealized Losses Fair Value (In thousands) Cash equivalents: Money market funds $ 17,192 $ — $ — $ 17,192 U.S. government and government agency securities 10,185 2 — 10,187 Corporate bonds 287 — — 287 27,664 2 — 27,666 Marketable securities: Certificate of deposits 10,400 4 ( 11 ) 10,393 Commercial paper 55,154 12 ( 57 ) 55,109 U.S. government and government agency securities 415,983 377 ( 1,644 ) 414,716 Corporate bonds 136,941 45 ( 1,651 ) 135,335 Municipal bonds 1,000 — ( 15 ) 985 619,478 438 ( 3,378 ) 616,538 $ 647,142 $ 440 $ ( 3,378 ) $ 644,204 December 31, 2022 Amortized Unrealized Gains Unrealized Losses Fair Value (In thousands) Cash equivalents: Money market funds $ 35,204 $ — $ — $ 35,204 U.S. government and government agency securities 32,773 6 — 32,779 Corporate bonds 328 — — 328 68,305 6 — 68,311 Marketable securities: Certificate of deposits 13,998 6 ( 20 ) 13,984 Commercial paper 50,240 21 ( 88 ) 50,173 U.S. government and government agency securities 308,510 30 ( 2,883 ) 305,657 Corporate bonds 189,695 23 ( 2,588 ) 187,130 Municipal bonds 3,004 — ( 33 ) 2,971 565,447 80 ( 5,612 ) 559,915 $ 633,752 $ 86 $ ( 5,612 ) $ 628,226
Schedule of Net Realized Gain (Loss) on Marketable Securities	For the three months ended March 31, 2023 and 2022, the activity related to the net gains (losses) on marketable securities included in other income (expense) on the consolidated statements of operations and comprehensive loss were as follows (in thousands): Three months ended March 31, 2023 2022 Net realized gains (losses) on available-for-sale securities were as follows: Realized gains from sales of available-for-sale securities $ — $ 7 Realized losses from sales of available-for-sale securities ( 96 ) ( 50 ) ( 96 ) ( 43 ) Net recognized gains (losses) on equity securities were as follows: Net realized losses on equities sold — ( 337 ) Net unrealized gains on equities — 166 — ( 171 ) Total losses on marketable securities $ ( 96 ) $ ( 214 )
Schedule of Marketable Securities with Continuous Unrealized Losses	The following tables provide marketable securities with continuous unrealized losses for less than 12 months and 12 months or greater and the related fair values as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 Less than 12 Months 12 Months or Greater Total Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Certificate of deposits $ 6,588 $ ( 11 ) $ — $ — $ 6,588 $ ( 11 ) Commercial paper 40,900 ( 57 ) — — 40,900 ( 57 ) U.S. government and government agency securities 103,257 ( 537 ) 56,819 ( 1,107 ) 160,076 ( 1,644 ) Corporate bonds 58,941 ( 407 ) 65,846 ( 1,244 ) 124,787 ( 1,651 ) Municipal bonds — — 985 ( 15 ) 985 ( 15 ) $ 209,686 $ ( 1,012 ) $ 123,650 $ ( 2,366 ) $ 333,336 $ ( 3,378 ) December 31, 2022 Less than 12 Months 12 Months or Greater Total Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Certificate of deposits $ 7,139 $ ( 20 ) $ — $ — $ 7,139 $ ( 20 ) Commercial paper 26,938 ( 88 ) — — 26,938 ( 88 ) U.S. government and government agency securities 150,126 ( 977 ) 101,095 ( 1,906 ) 251,221 ( 2,883 ) Corporate bonds 69,402 ( 565 ) 108,748 ( 2,023 ) 178,150 ( 2,588 ) Municipal bonds — — 2,971 ( 33 ) 2,971 ( 33 ) $ 253,605 $ ( 1,650 ) $ 212,814 $ ( 3,962 ) $ 466,419 $ ( 5,612 )
Schedule Of Available for sale Securities Maturity On Fair Value	Maturity information based on fair value is as follows as of March 31, 2023: Within one year After one year Total (In thousands) Certificate of deposits $ 10,393 $ — $ 10,393 Commercial paper 55,109 — 55,109 U.S. government and government agency securities 329,100 85,616 414,716 Corporate bonds 98,057 37,278 135,335 Municipal bonds 984 1 985 $ 493,643 $ 122,895 $ 616,538

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Future Minimum Lease Commitments	The following table presents the future minimum lease analysis of the Company's operating lease liabilities showing the aggregate lease payments as of March 31, 2023. March 31, 2023 (In thousands) 2023 (remaining 9 months) $ 1,072 2024 1,495 2025 1,071 2026 631 2027 and thereafter 81 Total undiscounted lease payments 4,350 Less: imputed interest ( 379 ) Total operating lease liabilities $ 3,971

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Summary of Securities Outstanding Excluded from Calculation of Weighted Average Shares Outstanding	The following securities outstanding at March 31, 2023 and 2022 have been excluded from the calculation of weighted average shares outstanding: Three Months Ended March 31, 2023 2022 Class A common shares subject to repurchase — 3,030,719 Warrants 5,787,462 5,787,472 Class A common stock options 30,905,880 19,553,396

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2023
Statement of Other Comprehensive Income [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income	The following table presents a rollforward of the changes in accumulated other comprehensive income (losses) for the three months ended March 31, 2023 and 2022, which is all attributable to unrealized gains (losses) on available-for-sale securities. All amounts are net of tax. 2023 2022 Balance at beginning of period $ ( 5,526 ) $ ( 1,185 ) Unrealized losses 2,492 ( 5,075 ) Amount reclassified for realized losses on marketable securities 96 43 Balance at end of period $ ( 2,938 ) $ ( 6,217 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock-Based Compensation Expense	The stock-based compensation expense included in the Company’s condensed statement of operations and comprehensive loss for the three months ended March 31, 2023 and 2022 is as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 2,012 $ 1,555 General and administrative 2,825 2,022 $ 4,837 $ 3,577
Summary of Stock Option Activity under 2019 Plan and 2021 Plan	The following table summarizes stock option activity under the 2019 Plan and the 2021 Plan for the three months ended March 31, 2023. Shares Outstanding at December 31, 2022 22,865,714 Granted 8,870,750 Exercised ( 171,023 ) Forfeited ( 659,561 ) Outstanding at March 31, 2023 30,905,880 Exercisable at March 31, 2023 3,062,079

Warrants (Tables)

Warrants (Tables)	3 Months Ended
	Mar. 31, 2023
Warrant Disclosure [Abstract]
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements	The following table provides quantitative assumptions regarding Level 3 fair value measurements: March 31, 2023 December 31, 2022 Stock price $ 1.66 $ 1.92 Strike price $ 11.50 $ 11.50 Term (in years) 2.9 3.1 Volatility 81.0 % 73.0 % Risk-free rate 3.8 % 4.1 % Dividend yield 0.0 % 0.0 %
Schedule of Fair Values for Outstanding Warrants	The Company determined the following fair values for the outstanding warrants (in thousands): March 31, Public Warrants $ 575 Private Placement Warrants 33 Forward Purchase Warrants 100 Total $ 708
Summary of Changes in liabilities classified in Level 3 of the fair value hierarchy	The following presents changes in liabilities classified in Level 3 of the fair value hierarchy for the three months ended March 31, 2023 (in thousands): Three Months Ended March 31, 2023 Beginning balance $ 37 Change in fair value of Private Warrants liability recognized in earnings ( 4 ) Ending balance $ 33

Nature of Operations - Addition

Nature of Operations - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023
Merger Agreement [Member]
Business Acquisition [Line Items]
Agreement Date	Oct. 20, 2020

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accumulated deficit	$ (288,728)		$ (267,002)
Net cash used in operating activities	$ (19,330)	$ (24,929)
Sale of Stock, Description of Transaction	the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves more than 50% of the outstanding shares of the Company’s common stock.
Cash and cash equivalents and marketable securities	$ 646,600
Warrants to purchase common stock outstanding	5,787,472
Class of warrant or right, exercise price of warrants or rights	$ 11.50
Public Warrants [Member]
Warrants to purchase common stock outstanding	4,791,639
Private Placement Warrants [Member]
Warrants to purchase common stock outstanding	162,500
Forward Purchase Warrants [Member]
Warrants to purchase common stock outstanding	833,333
Computer Equipment [Member]
Property and equipment, estimated useful life	5 years
Furniture and Equipment [Member]
Property and equipment, estimated useful life	7 years

Merger - Additional Information

Merger - Additional Information (Details) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Common stock and additional paid in capital, shares issued	218,803,722	218,632,699
Class A Common Stock [Member]
Business Acquisition [Line Items]
Shares issued, price per share	$ 11.50
Common stock and additional paid in capital, shares issued	217,803,722	217,632,699
Class B Common Stock [Member]
Business Acquisition [Line Items]
Common stock and additional paid in capital, shares issued	1,000,000	1,000,000

Fair Value Measurements and M_3

Fair Value Measurements and Marketable Securities Available For Sale - Schedule of Marketable securities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash equivalents:
Cash equivalents	$ 27,666	$ 68,311
Marketable securities:
Marketable securities	616,538	559,915
Total financial assets	644,204	628,226
Financial liabilities:
Warrants	708	850
Money Market Funds [Member]
Cash equivalents:
Cash equivalents	17,192	35,204
U.S. Government And Government Agency Securities [Member]
Cash equivalents:
Cash equivalents	10,187	32,779
Marketable securities:
Marketable securities	414,716	305,657
Corporate Bonds [Member]
Cash equivalents:
Cash equivalents	287	328
Marketable securities:
Marketable securities	135,335	187,130
Certificate of deposits [Member]
Marketable securities:
Marketable securities	10,393	13,984
Commercial Paper [Member]
Marketable securities:
Marketable securities	55,109	50,173
Municipal Bonds [Member]
Marketable securities:
Marketable securities	985	2,971
Level 1 [Member]
Cash equivalents:
Cash equivalents	17,192	35,204
Marketable securities:
Marketable securities	0	0
Total financial assets	17,192	35,204
Financial liabilities:
Warrants	675	813
Level 1 [Member] | Money Market Funds [Member]
Cash equivalents:
Cash equivalents	17,192	35,204
Level 1 [Member] | U.S. Government And Government Agency Securities [Member]
Cash equivalents:
Cash equivalents	0	0
Marketable securities:
Marketable securities	0	0
Level 1 [Member] | Corporate Bonds [Member]
Cash equivalents:
Cash equivalents	0	0
Marketable securities:
Marketable securities	0	0
Level 1 [Member] | Certificate of deposits [Member]
Marketable securities:
Marketable securities	0	0
Level 1 [Member] | Commercial Paper [Member]
Marketable securities:
Marketable securities	0	0
Level 1 [Member] | Municipal Bonds [Member]
Marketable securities:
Marketable securities	0	0
Level 2 [Member]
Cash equivalents:
Cash equivalents	10,474	33,107
Marketable securities:
Marketable securities	616,538	559,915
Total financial assets	627,012	593,022
Financial liabilities:
Warrants	0	0
Level 2 [Member] | Money Market Funds [Member]
Cash equivalents:
Cash equivalents	0	0
Level 2 [Member] | U.S. Government And Government Agency Securities [Member]
Cash equivalents:
Cash equivalents	10,187	32,779
Marketable securities:
Marketable securities	414,716	305,657
Level 2 [Member] | Corporate Bonds [Member]
Cash equivalents:
Cash equivalents	287	328
Marketable securities:
Marketable securities	135,335	187,130
Level 2 [Member] | Certificate of deposits [Member]
Marketable securities:
Marketable securities	10,393	13,984
Level 2 [Member] | Commercial Paper [Member]
Marketable securities:
Marketable securities	55,109	50,173
Level 2 [Member] | Municipal Bonds [Member]
Marketable securities:
Marketable securities	985	2,971
Level 3 [Member]
Cash equivalents:
Cash equivalents	0	0
Marketable securities:
Marketable securities	0	0
Total financial assets	0	0
Financial liabilities:
Warrants	33	37
Level 3 [Member] | Money Market Funds [Member]
Cash equivalents:
Cash equivalents		0
Level 3 [Member] | U.S. Government And Government Agency Securities [Member]
Cash equivalents:
Cash equivalents	0	0
Marketable securities:
Marketable securities	0	0
Level 3 [Member] | Corporate Bonds [Member]
Cash equivalents:
Cash equivalents	0	0
Marketable securities:
Marketable securities	0	0
Level 3 [Member] | Certificate of deposits [Member]
Marketable securities:
Marketable securities	0	0
Level 3 [Member] | Commercial Paper [Member]
Marketable securities:
Marketable securities	0	0
Level 3 [Member] | Municipal Bonds [Member]
Marketable securities:
Marketable securities	$ 0	$ 0

Fair Value Measurements and M_4

Fair Value Measurements and Marketable Securities Available For Sale - Schedule of Cost, Aggregate Fair Value and Unrealized Gains of Marketable Securities Available-for-sale (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	$ 647,142	$ 633,752
Unrealized Gains	440	86
Unrealized Losses	(3,378)	(5,612)
Fair Value	644,204	628,226
Cash Equivalents [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	27,664	68,305
Unrealized Gains	2	6
Unrealized Losses	0	0
Fair Value	27,666	68,311
Marketable securities [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	619,478	565,447
Unrealized Gains	438	80
Unrealized Losses	(3,378)	(5,612)
Fair Value	616,538	559,915
Money Market Funds [Member] | Cash Equivalents [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	17,192	35,204
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	17,192	35,204
Certificate of deposits [Member] | Marketable securities [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	10,400	13,998
Unrealized Gains	4
Unrealized Losses	(11)	(20)
Fair Value	10,393	13,984
Commercial Paper [Member] | Marketable securities [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	55,154	50,240
Unrealized Gains	12	21
Unrealized Losses	(57)	(88)
Fair Value	55,109	50,173
U.S. Government And Government Agency Securities [Member] | Cash Equivalents [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	10,185	32,773
Unrealized Gains	2	6
Unrealized Losses	0	0
Fair Value	10,187	32,779
U.S. Government And Government Agency Securities [Member] | Marketable securities [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	415,983	308,510
Unrealized Gains	377	30
Unrealized Losses	(1,644)	(2,883)
Fair Value	414,716	305,657
Corporate Bonds [Member] | Cash Equivalents [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	287	328
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	287	328
Corporate Bonds [Member] | Marketable securities [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	136,941	189,695
Unrealized Gains	45	23
Unrealized Losses	(1,651)	(2,588)
Fair Value	135,335	187,130
Municipal Bonds [Member] | Marketable securities [Member]
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	1,000	3,004
Unrealized Gains	0	0
Unrealized Losses	(15)	(33)
Fair Value	$ 985	$ 2,971

Fair Value Measurements and M_5

Fair Value Measurements and Marketable Securities Available for Sale - Schedule of Net Realized Gain (Loss) on Marketable Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net realized gains (losses) on available-for-sale securities were as follows:
Realized gains from sales of available-for-sale securities	$ 0	$ 7
Realized losses from sales of available-for-sale securities	(96)	(50)
Debt Securities, Available-for-sale, Unrealized Gain (Loss), Total	(96)	(43)
Net recognized gains (losses) on equity securities were as follows:
Net realized losses on equities sold	0	(337)
Net realized gains on equities sold	0	166
Equity Securities, FV-NI, Gain (Loss), Total	0	(171)
Marketable Securities, Gain (Loss), Total	$ (96)	$ (214)

Fair Value Measurements and M_6

Fair Value Measurements and Marketable Securities Available for Sale - Schedule of Marketable Securities with Continuous Unrealized Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Less than 12 Months, Fair Value	$ 209,686	$ 253,605
Less than 12 Months, Unrealized Losses	(1,012)	(1,650)
12 Months or Greater, Fair Value	123,650	212,814
12 Months or Greater, Unrealized Losses	(2,366)	(3,962)
Debt Securities, Available-for-sale, Unrealized Loss Position	333,336	466,419
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	3,378	5,612
Certificate of deposits [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Less than 12 Months, Fair Value	6,588	7,139
Less than 12 Months, Unrealized Losses	(11)	(20)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Debt Securities, Available-for-sale, Unrealized Loss Position	6,588	7,139
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	11	20
Commercial Paper [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Less than 12 Months, Fair Value	40,900	26,938
Less than 12 Months, Unrealized Losses	(57)	(88)
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Debt Securities, Available-for-sale, Unrealized Loss Position	40,900	26,938
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	57	88
U.S. Government And Government Agency Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Less than 12 Months, Fair Value	103,257	150,126
Less than 12 Months, Unrealized Losses	(537)	(977)
12 Months or Greater, Fair Value	56,819	101,095
12 Months or Greater, Unrealized Losses	(1,107)	(1,906)
Debt Securities, Available-for-sale, Unrealized Loss Position	160,076	251,221
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	1,644	2,883
Corporate Bonds [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Less than 12 Months, Fair Value	58,941	69,402
Less than 12 Months, Unrealized Losses	(407)	(565)
12 Months or Greater, Fair Value	65,846	108,748
12 Months or Greater, Unrealized Losses	(1,244)	(2,023)
Debt Securities, Available-for-sale, Unrealized Loss Position	124,787	178,150
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	1,651	2,588
Municipal Bonds [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Less than 12 Months, Fair Value	0	0
Less than 12 Months, Unrealized Losses	0	0
12 Months or Greater, Fair Value	985	2,971
12 Months or Greater, Unrealized Losses	(15)	(33)
Debt Securities, Available-for-sale, Unrealized Loss Position	985	2,971
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 15	$ 33

Fair Value Measurements and M_7

Fair Value Measurements and Marketable Securities Available For Sale - Schedule Of Available for sale Securities Maturity on Fair Value (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Available-for-Sale Securities, Debt Maturities [Abstract]
Due With in one year, Amortized Cost	$ 493,643
Due after one year through five years, Amortized Cost	122,895
Total, Amortized Cost	616,538
Certificate of deposits [Member]
Available-for-Sale Securities, Debt Maturities [Abstract]
Due With in one year, Amortized Cost	10,393
Due after one year through five years, Amortized Cost	0
Total, Amortized Cost	10,393
Commercial Paper [Member]
Available-for-Sale Securities, Debt Maturities [Abstract]
Due With in one year, Amortized Cost	55,109
Due after one year through five years, Amortized Cost	0
Total, Amortized Cost	55,109
U.S. Government And Government Agency Securities [Member]
Available-for-Sale Securities, Debt Maturities [Abstract]
Due With in one year, Amortized Cost	329,100
Due after one year through five years, Amortized Cost	85,616
Total, Amortized Cost	414,716
Corporate Bonds [Member]
Available-for-Sale Securities, Debt Maturities [Abstract]
Due With in one year, Amortized Cost	98,057
Due after one year through five years, Amortized Cost	37,278
Total, Amortized Cost	135,335
Municipal Bonds [Member]
Available-for-Sale Securities, Debt Maturities [Abstract]
Due With in one year, Amortized Cost	984
Due after one year through five years, Amortized Cost	1
Total, Amortized Cost	$ 985

Leases - Schedule of Aggregate

Leases - Schedule of Aggregate Lease Payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023 (remaining 9 months)	$ 1,072
2024	1,495
2025	1,071
2026	631
2027 and thereafter	81
Total undiscounted lease payments	4,350
Less: imputed interest	(379)
Total operating lease liabilities	$ 3,971

Leases - (Additional Informatio

Leases - (Additional Information) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) ft²	Mar. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 0.3	$ 0.3
Variable Lease Expenses	0	0
Operating Leases	$ 0.3	$ 0.3
Weighted Average Discount Rate Percent	6%
Weighted Average Remaining Lease Term	3 years 1 month 9 days
New York City [Member]
Lessee, Lease, Description [Line Items]
Area of Office Space | ft²	7,900
Lease Existence Of Option To Extend	true
Lessee Operating Lease Expiration Year	2027
San Francisco [Member]
Lessee, Lease, Description [Line Items]
Area of Office Space | ft²	14,257
Lessee Operating Lease Expiration Year	2025

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Securities Outstanding Excluded from Calculation of Weighted Average Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class A Common Shares Subject to Repurchase [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities outstanding excluded from calculation of weighted average shares outstanding	0	3,030,719
Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities outstanding excluded from calculation of weighted average shares outstanding	5,787,462	5,787,472
Class A Common Stock Options {Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Securities outstanding excluded from calculation of weighted average shares outstanding	30,905,880	19,553,396

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Other Comprehensive Income [Abstract]
Balance at beginning of period	$ (5,526)	$ (1,185)
Unrealized gain	2,492	(5,075)
Amount reclassified for realized loss (gain) on marketable securities	96	43
Balance at end of period	$ (2,938)	$ (6,217)

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares based weighted average grant-date fair value of stock options | $ / shares	$ 4.05
2021 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock outstanding or issuable, percentage	4%
Share-based compensation arrangement by share-based payment award, description	The number of shares of Class A common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year, starting on January 1, 2022 through January 1, 2031, in an amount equal to (1) 4.0% of the total number of shares of Class A common stock and Class B common stock outstanding or issuable upon conversion or exercise of outstanding instruments on December 31 of the preceding year, or (2) a lesser number of shares of Class A common stock determined by our board of directors prior to the date of the increase.
2021 Equity Incentive Plan [Member] | Maximum [Member] | Class A Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares issuable under the plan (in shares)	50,684,047
Number of shares available for issuance	152,052,141
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock outstanding or issuable, percentage	1%
Share-based compensation arrangement by share-based payment award, description	The number of shares of Class A common stock reserved for issuance under the 2021 ESPP will automatically increase on January 1st of each year, beginning on January 1, 2022 and continuing through and including January 1, 2031, by 1.0% of the total number of shares of Class A common stock and Class B common stock outstanding or issuable upon conversion or exercise of outstanding instruments on December 31st of the preceding calendar year or such lesser number of shares of Class A common stock as determined by our board of directors.
Employee Stock Purchase Plan [Member] | Maximum [Member] | Class A Shares [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares issuable under the plan (in shares)	4,750,354

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,837	$ 3,577
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,012	1,555
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,825	$ 2,022

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Activity under 2019 Plan and 2021 plan (Details) - 2021 and 2019 Equity Incentive Plan [Member]	3 Months Ended
	Mar. 31, 2023 shares
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of share option outstanding, Beginning balance	22,865,714
Number of share option, Granted	8,870,750
Number of share option, Exercised	(171,023)
Number of share option, Forfeited	(659,561)
Number of share option outstanding, Ending balance	30,905,880
Number of share option exercisable, Ending balance	3,062,079

Warrants - Additional Informati

Warrants - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Class Of Warrant Or Right [Line Items]
Warrants to purchase common stock outstanding	5,787,472
Change in Fair Value, Gain (Loss) | $	$ 0.1
Fair Value Equity Level1 To Level2 or Level3 Transfers Description	no
Public Warrants [Member]
Class Of Warrant Or Right [Line Items]
Warrants to purchase common stock outstanding	4,791,639
Private Placement Warrants [Member]
Class Of Warrant Or Right [Line Items]
Warrants to purchase common stock outstanding	162,500
Forward Purchase Warrants [Member]
Class Of Warrant Or Right [Line Items]
Warrants to purchase common stock outstanding	833,333
Class A Common Stock [Member]
Class Of Warrant Or Right [Line Items]
Warrants to purchase common stock outstanding	5,787,472
Aggregate warrants outstanding	5,787,462
Shares issued, price per share | $ / shares	$ 11.50

Warrants - Schedule of Quantita

Warrants - Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements (Details) - Level 3 [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Share Price	$ 1.66	$ 1.92
Strike price	$ 11.50	$ 11.50
Expected term in years	2 years 10 months 24 days	3 years 1 month 6 days
Expected volatility	81%	73%
Risk-free interest rate	3.80%	4.10%
Dividend	0%	0%

Warrants - Schedule of Fair Val

Warrants - Schedule of Fair Values for Outstanding Warrants (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Class Of Warrant Or Right [Line Items]
Fair values of outstanding warrants	$ 708
Public Warrants [Member]
Class Of Warrant Or Right [Line Items]
Fair values of outstanding warrants	575
Private Placement Warrants [Member]
Class Of Warrant Or Right [Line Items]
Fair values of outstanding warrants	33
Forward Purchase Warrants
Class Of Warrant Or Right [Line Items]
Fair values of outstanding warrants	$ 100

Warrants - Summary of Changes i

Warrants - Summary of Changes in liabilities classified in Level 3 of the fair value hierarchy (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Warrants and Rights Note Disclosure [Abstract]
Beginning balance	$ 37
Change in fair value of Private Warrants liability recognized in earnings	(4)
Ending balance	$ 33

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - Standby Letter of Credit [Member] $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Letter of Credit, Amount	$ 0.6
Line of credit facility, frequency of commitment fee payment	annually