Janux Therapeutics (JANX) 10-Q 10 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 06, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	JANX
Security12b Title	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity Registrant Name	Janux Therapeutics, Inc.
Entity Central Index Key	0001817713
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		41,611,510
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-40475
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2289112
Entity Address, Address Line One	11099 N. Torrey Pines Road, Suite 290
Entity Address, City or Town	La Jolla
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	858
Local Phone Number	750-4700

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 251,625	$ 7,813
Short-term investments	142,570	0
Accounts receivable	375	8,000
Prepaid expenses and other current assets (includes related party amounts of $11 and $0, respectively)	2,038	249
Total current assets	396,608	16,062
Property and equipment, net	215	155
Total assets	396,823	16,217
Current liabilities:
Accounts payable	354	428
Accrued liabilities (includes related party amounts of $0 and $544, respectively)	2,286	751
Current portion of deferred revenue	5,065	1,950
Unvested stock liability	1,500	52
Total current liabilities	9,205	3,181
Deferred revenue, net of current portion	2,823	6,050
Total liabilities	12,028	9,231
Commitments and contingencies (Note 3)
Convertible preferred stock, $0.001 par value; authorized shares – 0 and 6,838,829 at June 30, 2021 and December 31, 2020, respectively; issued and outstanding shares – 0 and 6,838,829 at June 30, 2021 and December 31, 2020, respectively; liquidation preference – $0 and $21,709 at June 30, 2021 and December 31, 2020, respectively	0	21,624
Stockholders’ equity (deficit):
Preferred stock, $0.001 par value; authorized shares – 10,000,000 and 0 at June 30, 2021 and December 31, 2020, respectively; no shares issued and outstanding at June 30, 2021 and December 31, 2020
Common stock, $0.001 par value; authorized shares – 200,000,000 and 9,000,000 at June 30, 2021 and December 31, 2020, respectively; issued shares – 41,611,510 and 1,257,736 at June 30, 2021 and December 31, 2021, respectively; outstanding shares – 41,094,559 and 1,046,599 at June 30, 2021 and December 31, 2020, respectively	41	1
Additional paid-in capital	407,966	100
Accumulated other comprehensive income (loss)	17	0
Accumulated deficit	(23,229)	(14,739)
Total stockholders’ equity (deficit)	384,795	(14,638)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$ 396,823	$ 16,217

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Prepaid expenses and other current assets, related party amount	$ 36	$ 0
Accrued liabilities, related party amount	$ 0	$ 544
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	0	6,838,829
Convertible preferred stock, shares issued	0	6,838,829
Convertible preferred stock, shares outstanding	0	6,838,829
Convertible preferred stock, liquidation preference	$ 0	$ 21,709
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	9,000,000
Common stock, shares issued	41,611,510	1,257,736
Common stock, shares outstanding	41,094,559	1,046,599

Unaudited Condensed Statements

Unaudited Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Collaboration revenue	$ 482	$ 0	$ 862	$ 0
Operating expenses:
Research and development (includes related party amounts of $417, $305, $903 and $638, respectively)	4,737	673	6,662	1,222
General and administrative (includes related party amounts of $99, $205, $203 and $419, respectively)	1,997	433	2,736	710
Total operating expenses	6,734	1,106	9,398	1,932
Loss from operations	(6,252)	(1,106)	(8,536)	(1,932)
Other income (expense):
Interest income	46	0	46	0
Interest expense – related parties	0	(109)	0	(206)
Increase in fair value of convertible promissory notes – related parties	0	(1,245)	0	(1,735)
Total other income (expense)	46	(1,354)	46	(1,941)
Net loss	(6,206)	(2,460)	(8,490)	(3,873)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale securities, net	(17)	0	(17)	0
Comprehensive loss	$ (6,223)	$ (2,460)	$ (8,507)	$ (3,873)
Net loss per common share, basic and diluted	$ (0.62)	$ (2.76)	$ (1.52)	$ (4.52)
Weighted-average shares of common stock outstanding, basic and diluted	10,033,328	890,916	5,596,900	856,093

Unaudited Condensed Statement_2

Unaudited Condensed Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Research and development expense	$ 4,737	$ 673	$ 6,662	$ 1,222
General and administrative expenses	1,997	433	2,736	710
Related Party
Research and development expense	423	305	909	638
General and administrative expenses	$ 99	$ 205	$ 203	$ 419

Unaudited Condensed Statement_3

Unaudited Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Convertible Preferred Stock [Member]	Series A Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]	Series Seed 2 Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Temporary equity, Beginning balance at Dec. 31, 2019		$ 3,996
Temporary equity, Beginning balance (in shares) at Dec. 31, 2019		2,689,997
Beginning balance at Dec. 31, 2019	$ (7,944)					$ 1	$ 10	$ 0	$ (7,955)
Beginning balance (in shares) at Dec. 31, 2019						774,008
Issuance of convertible preferred stock, net of issuance costs					$ 4,461
Issuance of convertible preferred stock, net of issuance costs (in shares)					1,056,337
Conversion of convertible preferred stock to common stock in connection with initial public offering, converted	0
Conversion of convertible promissory notes into convertible preferred stock					$ 8,674
Conversion of convertible promissory notes into convertible preferred stock (in shares)					2,036,158
Exercise of common stock options	4						4
Exercise of common stock options (in shares)						36,508
Vesting of restricted shares (in shares)						106,034
Stock-based compensation	4						4
Unrealized gain (loss) on investment securities	0
Net loss	(3,873)								(3,873)
Temporary equity, Ending balance at Jun. 30, 2020		$ 17,131
Temporary equity, Ending balance (in shares) at Jun. 30, 2020		5,782,492
Ending balance at Jun. 30, 2020	(11,809)					$ 1	18	0	(11,828)
Ending balance (in shares) at Jun. 30, 2020						916,550
Temporary equity, Beginning balance at Mar. 31, 2020		$ 3,996
Temporary equity, Beginning balance (in shares) at Mar. 31, 2020		2,689,997
Beginning balance at Mar. 31, 2020	(9,351)					$ 1	16	0	(9,368)
Beginning balance (in shares) at Mar. 31, 2020						863,535
Issuance of convertible preferred stock, net of issuance costs					$ 4,461
Issuance of convertible preferred stock, net of issuance costs (in shares)					1,056,337
Conversion of convertible promissory notes into convertible preferred stock					$ 8,674
Conversion of convertible promissory notes into convertible preferred stock (in shares)					2,036,158
Vesting of restricted shares (in shares)						53,015
Stock-based compensation	2						2
Net loss	(2,460)								(2,460)
Temporary equity, Ending balance at Jun. 30, 2020		$ 17,131
Temporary equity, Ending balance (in shares) at Jun. 30, 2020		5,782,492
Ending balance at Jun. 30, 2020	(11,809)					$ 1	18	0	(11,828)
Ending balance (in shares) at Jun. 30, 2020						916,550
Temporary equity, Beginning balance at Dec. 31, 2020	$ 21,624	$ 21,624
Temporary equity, Beginning balance (in shares) at Dec. 31, 2020	6,838,829	6,838,829
Beginning balance at Dec. 31, 2020	$ (14,638)					$ 1	100	0	(14,739)
Beginning balance (in shares) at Dec. 31, 2020						1,046,599
Issuance of convertible preferred stock, net of issuance costs			$ 55,722	$ 124,825
Issuance of convertible preferred stock, net of issuance costs (in shares)			5,894,740	8,038,073
Conversion of convertible preferred stock to common stock in connection with initial public offering, converted	(202,171)	$ (202,171)
Conversion of convertible preferred stock to common stock in connection with initial public offering, converted (in shares)		(20,771,642)
Conversion of convertible preferred stock to common stock in connection with initial public offering, issued	202,171					$ 27	202,144
Conversion of convertible preferred stock to common stock in connection with initial public offering, issued (in shares)						26,608,460
Initial public offering, net of issuance costs	204,137					$ 13	204,124
Initial public offering, net of issuance costs (in shares)						13,110,000
Exercise of common stock options	$ 20						20
Exercise of common stock options (in shares)	635,316					113,418
Vesting of restricted shares	$ 178						178
Vesting of restricted shares (in shares)						216,082
Stock-based compensation	1,400						1,400
Unrealized gain (loss) on investment securities	17							17
Net loss	(8,490)								(8,490)
Temporary equity, Ending balance at Jun. 30, 2021	$ 0	$ 0
Temporary equity, Ending balance (in shares) at Jun. 30, 2021	0	0
Ending balance at Jun. 30, 2021	$ 384,795					$ 41	407,966	17	(23,229)
Ending balance (in shares) at Jun. 30, 2021						41,094,559
Temporary equity, Beginning balance at Mar. 31, 2021		$ 77,346
Temporary equity, Beginning balance (in shares) at Mar. 31, 2021		12,733,569
Beginning balance at Mar. 31, 2021	(16,771)					$ 1	251	0	(17,023)
Beginning balance (in shares) at Mar. 31, 2021						1,226,977
Issuance of convertible preferred stock, net of issuance costs				$ 124,825
Issuance of convertible preferred stock, net of issuance costs (in shares)				8,038,073
Conversion of convertible preferred stock to common stock in connection with initial public offering, converted		$ (202,171)
Conversion of convertible preferred stock to common stock in connection with initial public offering, converted (in shares)		(20,771,642)
Conversion of convertible preferred stock to common stock in connection with initial public offering, issued	202,171					$ 27	202,144
Conversion of convertible preferred stock to common stock in connection with initial public offering, issued (in shares)						26,608,460
Initial public offering, net of issuance costs	204,137					$ 13	204,124
Initial public offering, net of issuance costs (in shares)						13,110,000
Vesting of restricted shares	170						170
Vesting of restricted shares (in shares)						149,122
Stock-based compensation	1,277						1,277
Unrealized gain (loss) on investment securities	17							17
Net loss	(6,206)								(6,206)
Temporary equity, Ending balance at Jun. 30, 2021	$ 0	$ 0
Temporary equity, Ending balance (in shares) at Jun. 30, 2021	0	0
Ending balance at Jun. 30, 2021	$ 384,795					$ 41	$ 407,966	$ 17	$ (23,229)
Ending balance (in shares) at Jun. 30, 2021						41,094,559

Unaudited Condensed Statement_4

Unaudited Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Series A Convertible Preferred Stock [Member]
Issuance costs			$ 278
Series B Convertible Preferred Stock [Member]
Issuance costs	$ 175		175
Series Seed 2 Convertible Preferred Stock [Member]
Issuance costs		$ 39		$ 39
Initial Public Offering [Member]
Issuance costs	$ 18,733		$ 18,733

Unaudited Condensed Statement_5

Unaudited Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net loss	$ (8,490)	$ (3,873)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	22	3
Loss on disposal of assets	3	0
Stock-based compensation	1,400	4
Noncash interest – related parties	0	206
Amortization (accretion) of premiums/discounts on investments, net	(35)	0
Increase in fair value of convertible promissory notes – related parties	0	1,735
Changes in operating assets and liabilities:
Accounts receivable	7,625	0
Prepaid expenses and other current assets (includes related party amounts of $36 and $0, respectively)	(1,789)	0
Accounts payable	37	167
Accrued expenses (includes related party amounts of $(544) and $37, respectively)	698	101
Deferred revenue	(112)	0
Net cash used in operating activities	(641)	(1,657)
Cash flows from investing activities
Purchases of property and equipment	(232)	0
Purchases of short-term investments	(142,518)	0
Net cash used in investing activities	(142,750)	0
Cash flows from financing activities
Proceeds from issuance of convertible promissory notes	0	2,500
Proceeds from exercise of vested and unvested common stock options	1,646	4
Proceeds from initial public offering, net of issuance costs	205,010	0
Net cash provided by financing activities	387,203	7,004
Net increase in cash and cash equivalents	243,812	5,347
Cash and cash equivalents – beginning of period	7,813	658
Cash and cash equivalents – end of period	251,625	6,005
Supplemental disclosure of noncash investing and financing activities
Conversion of convertible preferred stock in connection with initial public offering	202,171	0
Conversion of convertible promissory notes and accrued interest into shares of convertible preferred stock	0	8,674
Vesting of restricted common stock	178	0
Unpaid equity issuance costs	873	39
Unrealized gain (loss) on short-term investments	17	0
Series Seed 2 Convertible Preferred Stock [Member]
Cash flows from financing activities
Proceeds from issuance of convertible preferred stock, net of issuance costs	0	4,500
Series A Convertible Preferred Stock [Member]
Cash flows from financing activities
Proceeds from issuance of convertible preferred stock, net of issuance costs	55,722	0
Series B Convertible Preferred Stock [Member]
Cash flows from financing activities
Proceeds from issuance of convertible preferred stock, net of issuance costs	$ 124,825	$ 0

Unaudited Condensed Statement_6

Unaudited Condensed Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Statement Of Cash Flows [Abstract]
Prepaid expenses and other current assets includes related party amounts	$ 36	$ 0
Accrued expenses includes related party amounts	$ (544)	$ 37

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	1. Organization and Summ ary of Significant Accounting Policies Organization Janux Therapeutics, Inc. (the “Company”) was incorporated in the State of Delaware in June 2017 and is based in San Diego, California. The Company is a preclinical stage biopharmaceutical company developing next-generation therapeutics based on the Company’s proprietary Tumor Activated T Cell Engager (“TRACTr”) platform technology to better treat patients suffering from cancer. Forward Stock Split In June 2021, the Company’s board of directors and stockholders approved an amendment to the Company’s certificate of incorporation to effect a forward split of shares of the Company’s common stock on a one-for- 1.281 basis, which was effected on June 4, 2021 (the “Forward Stock Split”). The number of authorized shares and the par values of the common stock and convertible preferred stock were not adjusted as a result of the Forward Stock Split. The accompanying financial statements and notes to the financial statements give retroactive effect to the Forward Stock Split for all periods presented. Liquidity and Capital Resources From its inception through June 30, 2021, the Company has devoted substantially all its efforts to organizing and staffing, business planning, raising capital and developing its TRACTr therapeutics platform and preclinical assets. The Company has incurred net losses and negative cash flows from operations since inception and had an accumulated deficit of $ 23.2 million as of June 30, 2021. The Company has a limited operating history, has not generated any product revenue, and the sales and income potential of its business is unproven. To date the Company has funded its operations primarily with the net proceeds from the issuance of convertible promissory notes, the issuance of convertible preferred stock, the issuance of common stock in its initial public offering (“IPO”), the exercise of common stock options and amounts received under a collaboration agreement. The Company expects to incur substantial operating losses for the next several years and will need to obtain additional financing in order to continue its research and development activities, initiate and complete clinical trials and launch and commercialize any product candidates for which it receives regulatory approval. The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity or debt financings or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. There can be no assurance that such financing will be available or will be at terms acceptable to the Company. Management believes the Company has sufficient capital to fund its operation for at least 12 months from the issuance date of these unaudited condensed financial statements. Unaudited Interim Financial Information The unaudited condensed financial statements as of June 30, 2021, and for the three and six months ended June 30, 2021 and 2020, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), and with accounting principles generally accepted in the United States (“GAAP”) applicable to interim financial statements. These unaudited condensed financial statements have been prepared on the same basis as the Company’s audited financial statements and include all adjustments, consisting of only normal recurring accruals, which in the opinion of management are necessary to present fairly the Company’s financial position as of the interim date and results of operations for the interim periods presented. Interim results are not necessarily indicative of results for a full year or future periods. The condensed balance sheet data as of December 31, 2020 was derived from the Company’s audited financial statements but does not include all disclosures required by GAAP. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2020, included in the Company’s prospectus filed with SEC on June 11, 2021 pursuant to Rule 424(b) under the Securities Act of 1933, as amended. Use of Estimates The preparation of the Company’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to estimates to complete the performance obligations and the estimated transaction price for collaboration revenue, accruals for research and development expenses, stock-based compensation and fair value measurements. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenues and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. Fair Value Option As permitted under Accounting Standards Codification (“ASC”) 825, Financial Instruments , (“ASC 825”), the Company has elected the fair value option to account for its convertible promissory notes issued since inception. In accordance with ASC 825, the Company recorded these convertible promissory notes at fair value with changes in fair value recorded in the statements of operations and comprehensive loss. As a result of applying the fair value option, direct costs and fees related to the convertible promissory notes were recognized in earnings as incurred and not deferred. For the three and six months ended June 30, 2020, the Company recognized $ 1.2 million and $ 1.7 million, respectively, of increase in fair value of convertible promissory notes – related party. The convertible promissory notes were converted into Series Seed 2 convertible preferred stock in June 2020. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, classified within Level 1 of the designations discussed above, accounts receivable, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to the short-term nature of those instruments. Financial assets measured at fair value on a recurring basis consist of short-term investments. The fair value of short-term investments is based upon market prices quoted on the last day of the fiscal period or other observable market inputs. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, bids and/or offers. The Company has no financial liabilities recorded at fair value on a recurring basis. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. The following table summarizes the Company’s financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Measurements at Total Quoted Prices in Significant Other Significant As of June 30, 2021: Assets: Short-term investments: Commercial paper $ 142,570 $ — $ 142,570 $ — Total assets measured at fair value $ 142,570 $ — $ 142,570 $ — Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, commercial paper and money market funds. Short-Term Investments Short-term investments consist of commercial paper. The Company has classified these investments as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all short-term investments with maturity dates beyond three months at the date of purchase as current assets in the accompanying balance sheets. As of June 30, 2021, the remaining contractual maturities of all short-term investments were less than 12 months. Short-term investments are carried at fair value with the unrealized gains and losses included in accumulated other comprehensive income (loss) as a component of stockholders’ equity (deficit) until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. Realized gains and losses are calculated using the specific identification method and recorded as interest income or expense. The Company has determined there were no material declines in fair values of its investments due to credit-related factors as of June 30, 2021. The following table summarizes short-term investments (in thousands): As of June 30, 2021 Amortized Unrealized Estimated Cost Gains Losses Fair Value Commercial paper $ 142,553 $ 18 $ ( 1 ) $ 142,570 Total $ 142,553 $ 18 $ ( 1 ) $ 142,570 The amortized cost and estimated fair value in the table above excludes $ 3,000 of accrued interest receivable as of June 30, 2021 included in prepaid expenses and other current assets in the accompanying balance sheets. As of June 30, 2021, aggregated gross unrealized losses of available-for-sale investments were not material and no allowance for credit losses has been recorded. Additionally, no realized gains or losses on sales of short-term investments have been recorded through June 30, 2021. The Company had no short-term investments as of or during the year ended December 31, 2020. Concentrations of Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. The Company maintains deposits in a federally insured financial institution in excess of federally insured limits. The Company has not experienced any losses in such account and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institution in which those deposits are held. The Company is also subject to credit risk from its accounts receivable. The Company generally does not perform evaluations of customers’ financial condition and generally does not require collateral. As of December 31, 2020 and June 30, 2021, all of the Company’s accounts receivable relate to a single customer. For the three and six months ended June 30, 2021, all of the Company’s revenue related to a single customer. Revenue Recognition The Company recognizes revenue in a manner that depicts the transfer of control of a product or a service to a customer and reflects the amount of the consideration the Company is entitled to receive in exchange for such product or service. In doing so, the Company follows a five-step approach: (i) identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when (or as) the customer obtains control of the product or service. The Company considers the terms of a contract and all relevant facts and circumstances when applying the revenue recognition standard. A customer is a party that has entered into a contract with the Company, where the purpose of the contract is to obtain a product or a service that is an output of the Company’s ordinary activities in exchange for consideration. To be considered a contract, (i) the contract must be approved (in writing, orally, or in accordance with other customary business practices), (ii) each party’s rights regarding the product or the service to be transferred can be identified, (iii) the payment terms for the product or the service to be transferred can be identified, (iv) the contract must have commercial substance (that is, the risk, timing or amount of future cash flows is expected to change as a result of the contract), and (v) it is probable that the Company will collect substantially all of the consideration to which it is entitled to receive in exchange for the transfer of the product or the service. A performance obligation is defined as a promise to transfer a product or a service to a customer. The Company identifies each promise to transfer a product or a service (or a bundle of products or services, or a series of products and services that are substantially the same and have the same pattern of transfer) that is distinct. A product or a service is distinct if both (i) the customer can benefit from the product or the service either on its own or together with other resources that are readily available to the customer and (ii) the Company’s promise to transfer the product or the service to the customer is separately identifiable from other promises in the contract. Each distinct promise to transfer a product or a service is a unit of accounting for revenue recognition. If a promise to transfer a product or a service is not separately identifiable from other promises in the contract, such promises should be combined into a single performance obligation. The transaction price is the amount of consideration the Company is entitled to receive in exchange for the transfer of control of a product or a service to a customer. To determine the transaction price, the Company considers the existence of any significant financing component, the effects of any variable elements, noncash considerations and consideration payable to the customer. If a significant financing component exists, the transaction price is adjusted for the time value of money. If an element of variability exists, the Company must estimate the consideration it expects to receive and uses that amount as the basis for recognizing revenue as the product or the service is transferred to the customer. There are two methods for determining the amount of variable consideration: (i) the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts, and (ii) the mostly likely amount method, which identifies the single most likely amount in a range of possible consideration amounts. If a contract has multiple performance obligations, the Company allocates the transaction price to each distinct performance obligation in an amount that reflects the consideration the Company is entitled to receive in exchange for satisfying each distinct performance obligation. For each distinct performance obligation, revenue is recognized when (or as) the Company transfers control of the product or the service applicable to such performance obligation. In those instances where the Company first receives consideration in advance of satisfying its performance obligation, the Company classifies such consideration as deferred revenue until (or as) the Company satisfies such performance obligation. In those instances where the Company first satisfies its performance obligation prior to its receipt of consideration, the consideration is recorded as accounts receivable. The Company expenses incremental costs of obtaining and fulfilling a contract as and when incurred if the expected amortization period of the asset that would be recognized is one year or less, or if the amount of the asset is immaterial. Otherwise, such costs are capitalized as contract assets if they are incremental to the contract and amortized to expense proportionate to revenue recognition of the underlying contract. Research and Development Expenses All research and development costs are expensed in the period incurred. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and payments made in advance of performance are reflected in the accompanying balance sheets as prepaid expenses. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. Stock-Based Compensation Stock-based compensation expense represents the cost of the grant date fair value of equity awards recognized over the requisite service period of the awards (generally the vesting period) on a straight-line basis. The Company estimates the fair value of equity awards using the Black-Scholes option pricing model and recognizes forfeitures as they occur. Comprehensive Loss Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. The only component of other comprehensive loss is unrealized gain (loss) on available-for-sale securities. Comprehensive losses have been reflected in the statements of operations and comprehensive loss and as a separate component in the statements of convertible preferred stock and stockholders’ equity (deficit). Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. The Company has excluded weighted-average unvested shares of 589,054 shares, 255,373 shares, 447,465 shares and 282,172 shares from the weighted-average number of common shares outstanding for the three months ended June 30, 2021 and 2020 and six months ended June 30, 2021 and 2020, respectively. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of convertible preferred stock, unvested common stock subject to repurchase and options outstanding under the Company’s stock option plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities would be anti-dilutive. Potentially dilutive securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares): June 30, 2021 2020 Convertible preferred stock outstanding — 5,782,492 Common stock options 5,173,702 291,426 Unvested common stock 516,951 229,739 ESPP shares 1,235 — Total potentially dilutive shares 5,691,888 6,303,657 Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . The new guidance, among other things, simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments, and amends existing earnings-per-share (“EPS”) guidance by requiring that an entity use the if-converted method when calculating diluted EPS for convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, with early adoption permitted for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company plans to adopt the new guidance effective January 1, 2022 and is currently evaluating the effect adoption will have on its financial position, results of operations or related disclosures.

Balance Sheet Details

Balance Sheet Details	6 Months Ended
	Jun. 30, 2021
Payables And Accruals [Abstract]
Balance Sheet Details	2. Balance Sheet Details Property and equipment, net consist of the following (in thousands): June 30, December 31, Laboratory equipment $ 244 $ 176 Computer equipment and software 10 — Total property and equipment 254 176 Less: accumulated depreciation ( 39 ) ( 21 ) Property and equipment, net $ 215 $ 155 Accrued liabilities consist of the following (in thousands): June 30, December 31, Accrued equity issuance costs $ 837 $ — Accrued research and development (including related party amounts of $ 0 14 , respectively) 822 66 Accrued compensation (including related party amounts of $ 0 and $ 286 , respectively) 343 286 Other accrued liabilities (including related party amounts of $ 0 and $ 244 , respectively) 199 255 Accrued professional fees 85 144 $ 2,286 $ 751

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	3. Commitments and Contingencies License Agreement with WuXi Biologics (Hong Kong) Limited In April 2021, the Company entered into a cell line license agreement (“Cell Line License Agreement”) with WuXi Biologics (Hong Kong) Limited (“WuXi Biologics”), pursuant to which the Company received a non-exclusive, worldwide, sublicensable license under certain of WuXi Biologics’ patent rights, know-how and biological materials (“WuXi Biologics Licensed Technology”), to use the WuXi Biologics Licensed Technology to make, use, sell, offer for sale and import certain therapeutic products produced through the use of the cell line licensed by WuXi Biologics under the Cell Line License Agreement (“WuXi Biologics Licensed Product”). Specifically, the WuXi Biologics Licensed Technology is used to manufacture a component of the Company’s PSMA-TRACTr and EGFR-TRACTr product candidates. In consideration for the license, the Company paid WuXi Biologics a non-refundable, one-time license fee of $ 0.2 million upon Wuxi Biologics’ achievement of a certain technical milestone. This one-time license fee was recognized as research and development expense when incurred since the WuXi Biologics Licensed Technology had no alternative future use. If the Company does not engage WuXi Biologics or its affiliates to manufacture the WuXi Biologics Licensed Products for its commercial supplies, the Company is required to make royalty payments to WuXi Biologics in an amount equal to a low single-digit percentage of specified portions of net sales of WuXi Biologics Licensed Products manufactured by a third party manufacturer. The Company has the right (but not the obligation) to buy out its remaining royalty obligations with respect to each WuXi Biologics Licensed Product by paying WuXi Biologics a one-time payment in an amount ranging from low single digit million dollars to a maximum of $ 15.0 million depending on the development and commercialization stage of the WuXi Biologics Licensed Product (the “Buyout Option”), and upon such payment, the Company’s license with respect to such WuXi Biologics Licensed Product will become fully paid-up, irrevocable, and perpetual. The royalty obligations will remain in effect during the term of the Cell Line License Agreement so long as the Company has not exercised the Buyout Option. The Cell Line License Agreement will continue indefinitely unless terminated (i) by the Company upon three months’ prior written notice and the Company’s payment of all amounts due to WuXi Biologics through the effective date of termination, (ii) by either party for the other party’s material breach that remains uncured for 30 days after written notice, and (iii) by WuXi Biologics if the Company fails to make a payment and such failure continues for 30 days after receiving notice of such failure. Contingencies From time to time, the Company may be subject to claims or suits arising in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	4. Related Party Transactions In August 2017, the Company entered into a Support Services Agreement with COI Pharmaceuticals, Inc. (“COI”) that outlines the terms of services provided by COI to the Company, as well as the fees charged for such services. COI is a shared service company that provides certain back-office and administrative and research and development support services, including facilities support, to the portfolio companies of Avalon Ventures, a stockholder of the Company. The Company pays COI quarterly prepayments for estimated costs to be incurred under the agreement in such quarter. Either party may terminate the support services agreement by giving 30 days’ prior notice. The support services agreement automatically renews in August of each year unless terminated by either party by giving 30 days’ prior notice. On January 1, 2021, the Company entered into a second Support Services Agreement with COI, which superseded the August 2017 Support Services Agreement. The agreement modified the nature of services provided to the Company considering the transition of certain individuals as full-time Janux employees effective January 1, 2021. The services will no longer include services normally associated with the roles of Chief Executive Officer, President and Senior Vice President. Other services associated with certain back-office and administrative and research and development services, including facilities support and other terms of the original agreement remain unchanged. The initial term of the second Support Services Agreement expires in January 2022 and will automatically renew for one or more additional periods of one year unless terminated by either party by giving 30 days’ prior notice. Expense recognized by the Company under the Support Services Agreement with COI was as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Research and development $ 423 $ 305 $ 909 $ 638 General and administrative 99 205 203 419 Total $ 522 $ 510 $ 1,112 $ 1,057 At June 30, 2021, the Company had prepaid expenses and other current assets of $ 36,000 with COI. At December 31, 2020, the Company had accounts payable and accrued expenses due to COI or its affiliates of $ 0.5 million. For the six months ended June 30, 2021, the Company paid COI $ 10,000 related to the purchase of property and equipment.

Convertible Preferred Stock and

Convertible Preferred Stock and Stockholders’ Equity (Deficit)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Convertible Preferred Stock and Stockholders' Equity (Deficit)	5. Convertible Preferred Stock and Stockholders’ Equity (Deficit) Convertible Preferred Stock On March 1, 2021, the Company entered into a Series A preferred stock purchase agreement with various investors, pursuant to which it issued and sold an aggregate of 5,894,740 shares of its Series A convertible preferred stock at a price per share of $ 9.50 for gross proceeds of $ 56.0 million. On April 15, 2021, the Company entered into a Series B preferred stock purchase agreement with various investors, pursuant to which it issued and sold an aggregate of 8,038,073 shares of its Series B convertible preferred stock at a price per share of $ 15.551 for gross proceeds of $ 125.0 million. In connection with the Company’s IPO, all outstanding shares of the Company’s convertible preferred stock automatically converted into 26,608,460 shares of common stock. Initial Public Offering In June 2021, the Company completed its IPO selling 13,110,000 shares its common stock at $ 17.00 per share. Proceeds from the Company’s IPO, net of underwriting discounts and commissions and other offering costs, were $ 204.1 million. 2017 Equity Incentive Plan In August 2017, the Company adopted the Janux Therapeutics, Inc. 2017 Equity Incentive Plan (the “2017 Plan”), which provided for the grant of incentive stock options, nonstatutory stock options, restricted stock awards and other stock awards to its employees, members of its board of directors and consultants. The maximum term of options granted under the 2017 Plan is ten years and, in general, the options issued under the 2017 Plan vest over a four-year period from the vesting commencement date. The 2017 Plan allows for the early exercise of stock options, which may be subject to repurchase by the Company at the original exercise price. Upon the effectiveness of the 2021 Plan defined and described below, no further grants will be made under the 2017 Plan. Any outstanding awards granted under the 2017 Plan will remain subject to the terms of the 2017 Plan and applicable award agreements. 2021 Equity Incentive Plan In June 2021, the Company’s board of directors and stockholders adopted the 2021 Equity Incentive Plan (the “2021 Plan,” and together with the 2017 Plan the “Plans”). The 2021 Plan became effective upon the date of the underwriting agreement related to the Company’s IPO. Under the 2021 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance stock awards, performance cash awards and other forms of stock awards to employees, directors and consultants. The maximum term of options granted under the 2021 Plan is ten years and, in general, the options issued under the 2021 Plan vest over a four-year period from the vesting commencement date. The 2021 Plan does not permit early exercises. A total of 2,775,890 new shares of common stock were initially reserved for issuance under the 2021 Plan. The number of shares reserved that were remaining under the 2017 Plan as of the effective date of the 2021 Plan, or 1,424,110 shares, were added to the shares initially reserved under the 2021 Plan upon its effectiveness and any future cancellations under the 2017 Plan will become available for future issuance under the 2021 Plan. In addition, the number of shares of common stock available for issuance under the 2021 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s common stock on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors. A summary of the Company’s stock option activity under its Plans is as follows (in thousands, except share, per share data and years): Number of Weighted- Weighted- years) Aggregate Balance at December 31, 2020 1,096,533 $ 0.47 9.31 $ 3,214 Granted 4,712,485 $ 8.45 Exercised ( 635,316 ) $ 2.59 Balance at June 30, 2021 5,173,702 $ 7.48 9.69 $ 90,410 Vested and expected to vest at June 30, 2021 5,173,702 $ 7.48 9.69 $ 90,140 Exercisable at June 30, 2021 5,083,702 $ 7.31 9.68 $ 89,694 The weighted average grant date fair value per share of option grants for the six months ended June 30, 2021 and 2020 was $ 6.45 , and $ 0.09 , respectively. The total intrinsic value of stock options exercised for the six months ended June 30, 2021 and 2020 was $ 1.0 million and $ 0 , respectively. As of June 30, 2021, total unrecognized stock-based compensation cost was $ 29.4 million, which is expected to be recognized over a remaining weighted-average period of approximately 3.6 years. The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants under its Plans were as follows: Six Months Ended 2021 2020 Risk-free interest rate 0.9 % – 1.6 % 1.8 % Expected volatility 83 % – 87 % 85 % Expected term (in years) 5.5 – 10.0 10.0 Expected dividend yield — — Risk-free interest rate . The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury notes with maturities similar to the expected term of the awards. Expected volatility . Given the Company’s limited historical stock price volatility data, the expected volatility assumption is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the biotechnology industry. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Expected term . The expected term represents the period of time that options are expected to be outstanding. Because the Company does not have historical exercise behavior, it determines the expected life assumption using the simplified method, for employees, which is an average of the contractual term of the option and its vesting period. The expected term for nonemployee options is generally the contractual term. Expected dividend yield . The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends and, therefore, used an expected dividend yield of zero. 2021 Employee Stock Purchase Plan In June 2021, the Company’s board of directors and stockholders adopted the 2021 Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective immediately prior to the date of the underwriting agreement related to the IPO. The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15 % of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85 % of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. A total of 466,000 shares of common stock were approved to be initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to the lesser of (i) 1 % of the total number of shares of the Company’s common stock on the last day of the calendar month before the date of each automatic increase and (ii) 932,000 shares; provided that before the date of any such increase, the Company’s board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). In June 2021, employees began to enroll in the ESPP and the Company’s first offering period commenced. Stock-based compensation expense related to the ESPP for the three and six months ended June 30, 2021 was immaterial. Stock-Based Compensation Expense Stock-based compensation expense has been reported in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Research and development $ 608 $ 1 $ 640 $ 2 General and administrative 669 1 760 2 Total $ 1,277 $ 2 $ 1,400 $ 4 Unvested Stock Liability A summary of the Company’s unvested shares and unvested stock liability is as follows (in thousands, except share data): Number of Unvested Balance at December 31, 2020 211,137 $ 52 Early exercised shares 521,896 1,626 Vested shares ( 216,082 ) ( 178 ) Balance at June 30, 2021 516,951 $ 1,500 Common Stock Reserved for Future Issuance Common stock reserved for future issuance consists of the following: June 30, December 31, 2021 2020 Conversion of preferred stock — 8,760,535 Common stock options outstanding 5,173,702 1,096,533 Shares available for issuance under the Plans 4,110,000 220,147 Shares available for issuance under the ESPP 466,000 — Total 9,749,702 10,077,215

Research Collaboration and Excl

Research Collaboration and Exclusive License Agreement	6 Months Ended
	Jun. 30, 2021
Research Collaboration And Exclusive License Agreement [Abstract]
Research Collaboration and Exclusive License Agreement	6. Research Collaboration and Exclusive License Agreement In December 2020, the Company entered into a research collaboration and exclusive license agreement with Merck to develop TRACTr product candidates that are distinct from those in its internally developed pipeline (“Merck Agreement”). The Company recognized $ 0.5 million and $ 0.9 million of revenue under the Merck Agreement for the three and six months ended June 30, 2021. No revenue was recognized under the Merck Agreement during 2020. As of June 30, 2021, aggregate deferred revenue related to the Merck Agreement was $ 7.9 million, of which $ 5.1 million was classified as current. The Company had $ 0.4 million and $ 8.0 million of accounts receivable outstanding as of June 30, 2021 and December 31, 2020, respectively. The remaining performance obligations under the Merck Agreement relate to the Company’s conduct of research services and the Company’s participation in a joint research committee. The Company estimates the remaining term of the research services, over which revenue will be recognized, to be 1.8 years as of June 30, 2021.

401 (k) Plan

401 (k) Plan	6 Months Ended
	Jun. 30, 2021
Compensation And Retirement Disclosure [Abstract]
401 (k) Plan	7. 401(k) Plan Effective April 23, 2021, the Company adopted a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code available to eligible employees. Employee contributions are voluntary and determined on an individual basis, limited to the maximum amount allowable under federal tax regulations. Under the plan, the Company makes a mandatory annual contribution of 3 % of the eligible employees’ compensation. Employer contributions paid through June 30, 2021 were immaterial.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	Organization Janux Therapeutics, Inc. (the “Company”) was incorporated in the State of Delaware in June 2017 and is based in San Diego, California. The Company is a preclinical stage biopharmaceutical company developing next-generation therapeutics based on the Company’s proprietary Tumor Activated T Cell Engager (“TRACTr”) platform technology to better treat patients suffering from cancer.
Forward Stock Split	Forward Stock Split In June 2021, the Company’s board of directors and stockholders approved an amendment to the Company’s certificate of incorporation to effect a forward split of shares of the Company’s common stock on a one-for- 1.281 basis, which was effected on June 4, 2021 (the “Forward Stock Split”). The number of authorized shares and the par values of the common stock and convertible preferred stock were not adjusted as a result of the Forward Stock Split. The accompanying financial statements and notes to the financial statements give retroactive effect to the Forward Stock Split for all periods presented.
Liquidity and Capital Resources	Liquidity and Capital Resources From its inception through June 30, 2021, the Company has devoted substantially all its efforts to organizing and staffing, business planning, raising capital and developing its TRACTr therapeutics platform and preclinical assets. The Company has incurred net losses and negative cash flows from operations since inception and had an accumulated deficit of $ 23.2 million as of June 30, 2021. The Company has a limited operating history, has not generated any product revenue, and the sales and income potential of its business is unproven. To date the Company has funded its operations primarily with the net proceeds from the issuance of convertible promissory notes, the issuance of convertible preferred stock, the issuance of common stock in its initial public offering (“IPO”), the exercise of common stock options and amounts received under a collaboration agreement. The Company expects to incur substantial operating losses for the next several years and will need to obtain additional financing in order to continue its research and development activities, initiate and complete clinical trials and launch and commercialize any product candidates for which it receives regulatory approval. The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity or debt financings or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. There can be no assurance that such financing will be available or will be at terms acceptable to the Company. Management believes the Company has sufficient capital to fund its operation for at least 12 months from the issuance date of these unaudited condensed financial statements.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The unaudited condensed financial statements as of June 30, 2021, and for the three and six months ended June 30, 2021 and 2020, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), and with accounting principles generally accepted in the United States (“GAAP”) applicable to interim financial statements. These unaudited condensed financial statements have been prepared on the same basis as the Company’s audited financial statements and include all adjustments, consisting of only normal recurring accruals, which in the opinion of management are necessary to present fairly the Company’s financial position as of the interim date and results of operations for the interim periods presented. Interim results are not necessarily indicative of results for a full year or future periods. The condensed balance sheet data as of December 31, 2020 was derived from the Company’s audited financial statements but does not include all disclosures required by GAAP. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2020, included in the Company’s prospectus filed with SEC on June 11, 2021 pursuant to Rule 424(b) under the Securities Act of 1933, as amended.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to estimates to complete the performance obligations and the estimated transaction price for collaboration revenue, accruals for research and development expenses, stock-based compensation and fair value measurements. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenues and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates.
Fair Value Option	Fair Value Option As permitted under Accounting Standards Codification (“ASC”) 825, Financial Instruments , (“ASC 825”), the Company has elected the fair value option to account for its convertible promissory notes issued since inception. In accordance with ASC 825, the Company recorded these convertible promissory notes at fair value with changes in fair value recorded in the statements of operations and comprehensive loss. As a result of applying the fair value option, direct costs and fees related to the convertible promissory notes were recognized in earnings as incurred and not deferred. For the three and six months ended June 30, 2020, the Company recognized $ 1.2 million and $ 1.7 million, respectively, of increase in fair value of convertible promissory notes – related party. The convertible promissory notes were converted into Series Seed 2 convertible preferred stock in June 2020.
Fair Value Measurement	Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, classified within Level 1 of the designations discussed above, accounts receivable, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to the short-term nature of those instruments. Financial assets measured at fair value on a recurring basis consist of short-term investments. The fair value of short-term investments is based upon market prices quoted on the last day of the fiscal period or other observable market inputs. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, bids and/or offers. The Company has no financial liabilities recorded at fair value on a recurring basis. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. The following table summarizes the Company’s financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Measurements at Total Quoted Prices in Significant Other Significant As of June 30, 2021: Assets: Short-term investments: Commercial paper $ 142,570 $ — $ 142,570 $ — Total assets measured at fair value $ 142,570 $ — $ 142,570 $ —
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, commercial paper and money market funds.
Short-Term Investments	Short-Term Investments Short-term investments consist of commercial paper. The Company has classified these investments as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all short-term investments with maturity dates beyond three months at the date of purchase as current assets in the accompanying balance sheets. As of June 30, 2021, the remaining contractual maturities of all short-term investments were less than 12 months. Short-term investments are carried at fair value with the unrealized gains and losses included in accumulated other comprehensive income (loss) as a component of stockholders’ equity (deficit) until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. Realized gains and losses are calculated using the specific identification method and recorded as interest income or expense. The Company has determined there were no material declines in fair values of its investments due to credit-related factors as of June 30, 2021. The following table summarizes short-term investments (in thousands): As of June 30, 2021 Amortized Unrealized Estimated Cost Gains Losses Fair Value Commercial paper $ 142,553 $ 18 $ ( 1 ) $ 142,570 Total $ 142,553 $ 18 $ ( 1 ) $ 142,570 The amortized cost and estimated fair value in the table above excludes $ 3,000 of accrued interest receivable as of June 30, 2021 included in prepaid expenses and other current assets in the accompanying balance sheets. As of June 30, 2021, aggregated gross unrealized losses of available-for-sale investments were not material and no allowance for credit losses has been recorded. Additionally, no realized gains or losses on sales of short-term investments have been recorded through June 30, 2021. The Company had no short-term investments as of or during the year ended December 31, 2020.
Concentrations of Risk	Concentrations of Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. The Company maintains deposits in a federally insured financial institution in excess of federally insured limits. The Company has not experienced any losses in such account and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institution in which those deposits are held. The Company is also subject to credit risk from its accounts receivable. The Company generally does not perform evaluations of customers’ financial condition and generally does not require collateral. As of December 31, 2020 and June 30, 2021, all of the Company’s accounts receivable relate to a single customer. For the three and six months ended June 30, 2021, all of the Company’s revenue related to a single customer.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in a manner that depicts the transfer of control of a product or a service to a customer and reflects the amount of the consideration the Company is entitled to receive in exchange for such product or service. In doing so, the Company follows a five-step approach: (i) identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when (or as) the customer obtains control of the product or service. The Company considers the terms of a contract and all relevant facts and circumstances when applying the revenue recognition standard. A customer is a party that has entered into a contract with the Company, where the purpose of the contract is to obtain a product or a service that is an output of the Company’s ordinary activities in exchange for consideration. To be considered a contract, (i) the contract must be approved (in writing, orally, or in accordance with other customary business practices), (ii) each party’s rights regarding the product or the service to be transferred can be identified, (iii) the payment terms for the product or the service to be transferred can be identified, (iv) the contract must have commercial substance (that is, the risk, timing or amount of future cash flows is expected to change as a result of the contract), and (v) it is probable that the Company will collect substantially all of the consideration to which it is entitled to receive in exchange for the transfer of the product or the service. A performance obligation is defined as a promise to transfer a product or a service to a customer. The Company identifies each promise to transfer a product or a service (or a bundle of products or services, or a series of products and services that are substantially the same and have the same pattern of transfer) that is distinct. A product or a service is distinct if both (i) the customer can benefit from the product or the service either on its own or together with other resources that are readily available to the customer and (ii) the Company’s promise to transfer the product or the service to the customer is separately identifiable from other promises in the contract. Each distinct promise to transfer a product or a service is a unit of accounting for revenue recognition. If a promise to transfer a product or a service is not separately identifiable from other promises in the contract, such promises should be combined into a single performance obligation. The transaction price is the amount of consideration the Company is entitled to receive in exchange for the transfer of control of a product or a service to a customer. To determine the transaction price, the Company considers the existence of any significant financing component, the effects of any variable elements, noncash considerations and consideration payable to the customer. If a significant financing component exists, the transaction price is adjusted for the time value of money. If an element of variability exists, the Company must estimate the consideration it expects to receive and uses that amount as the basis for recognizing revenue as the product or the service is transferred to the customer. There are two methods for determining the amount of variable consideration: (i) the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts, and (ii) the mostly likely amount method, which identifies the single most likely amount in a range of possible consideration amounts. If a contract has multiple performance obligations, the Company allocates the transaction price to each distinct performance obligation in an amount that reflects the consideration the Company is entitled to receive in exchange for satisfying each distinct performance obligation. For each distinct performance obligation, revenue is recognized when (or as) the Company transfers control of the product or the service applicable to such performance obligation. In those instances where the Company first receives consideration in advance of satisfying its performance obligation, the Company classifies such consideration as deferred revenue until (or as) the Company satisfies such performance obligation. In those instances where the Company first satisfies its performance obligation prior to its receipt of consideration, the consideration is recorded as accounts receivable. The Company expenses incremental costs of obtaining and fulfilling a contract as and when incurred if the expected amortization period of the asset that would be recognized is one year or less, or if the amount of the asset is immaterial. Otherwise, such costs are capitalized as contract assets if they are incremental to the contract and amortized to expense proportionate to revenue recognition of the underlying contract.
Research and Development Expenses	Research and Development Expenses All research and development costs are expensed in the period incurred. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and payments made in advance of performance are reflected in the accompanying balance sheets as prepaid expenses. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense represents the cost of the grant date fair value of equity awards recognized over the requisite service period of the awards (generally the vesting period) on a straight-line basis. The Company estimates the fair value of equity awards using the Black-Scholes option pricing model and recognizes forfeitures as they occur.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. The only component of other comprehensive loss is unrealized gain (loss) on available-for-sale securities. Comprehensive losses have been reflected in the statements of operations and comprehensive loss and as a separate component in the statements of convertible preferred stock and stockholders’ equity (deficit).
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. The Company has excluded weighted-average unvested shares of 589,054 shares, 255,373 shares, 447,465 shares and 282,172 shares from the weighted-average number of common shares outstanding for the three months ended June 30, 2021 and 2020 and six months ended June 30, 2021 and 2020, respectively. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of convertible preferred stock, unvested common stock subject to repurchase and options outstanding under the Company’s stock option plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities would be anti-dilutive. Potentially dilutive securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares): June 30, 2021 2020 Convertible preferred stock outstanding — 5,782,492 Common stock options 5,173,702 291,426 Unvested common stock 516,951 229,739 ESPP shares 1,235 — Total potentially dilutive shares 5,691,888 6,303,657
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . The new guidance, among other things, simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments, and amends existing earnings-per-share (“EPS”) guidance by requiring that an entity use the if-converted method when calculating diluted EPS for convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, with early adoption permitted for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company plans to adopt the new guidance effective January 1, 2022 and is currently evaluating the effect adoption will have on its financial position, results of operations or related disclosures.

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Financial Instruments Measured at Fair Value on Recurring Basis	The following table summarizes the Company’s financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Measurements at Total Quoted Prices in Significant Other Significant As of June 30, 2021: Assets: Short-term investments: Commercial paper $ 142,570 $ — $ 142,570 $ — Total assets measured at fair value $ 142,570 $ — $ 142,570 $ —
Summary of Short-Term Investments	The following table summarizes short-term investments (in thousands): As of June 30, 2021 Amortized Unrealized Estimated Cost Gains Losses Fair Value Commercial paper $ 142,553 $ 18 $ ( 1 ) $ 142,570 Total $ 142,553 $ 18 $ ( 1 ) $ 142,570
Summary of Potentially Dilutive Shares Not Included in the Calculation of Net Loss Per Share	Potentially dilutive securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares): June 30, 2021 2020 Convertible preferred stock outstanding — 5,782,492 Common stock options 5,173,702 291,426 Unvested common stock 516,951 229,739 ESPP shares 1,235 — Total potentially dilutive shares 5,691,888 6,303,657

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	6 Months Ended
	Jun. 30, 2021
Payables And Accruals [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consist of the following (in thousands): June 30, December 31, Laboratory equipment $ 244 $ 176 Computer equipment and software 10 — Total property and equipment 254 176 Less: accumulated depreciation ( 39 ) ( 21 ) Property and equipment, net $ 215 $ 155
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): June 30, December 31, Accrued equity issuance costs $ 837 $ — Accrued research and development (including related party amounts of $ 0 14 , respectively) 822 66 Accrued compensation (including related party amounts of $ 0 and $ 286 , respectively) 343 286 Other accrued liabilities (including related party amounts of $ 0 and $ 244 , respectively) 199 255 Accrued professional fees 85 144 $ 2,286 $ 751

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Summary of Expense Recognized by Support Services Agreement with COI	Expense recognized by the Company under the Support Services Agreement with COI was as follows (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Research and development $ 423 $ 305 $ 909 $ 638 General and administrative 99 205 203 419 Total $ 522 $ 510 $ 1,112 $ 1,057

Convertible Preferred Stock a_2

Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Summary of Stock Option Activity	Number of Weighted- Weighted- years) Aggregate Balance at December 31, 2020 1,096,533 $ 0.47 9.31 $ 3,214 Granted 4,712,485 $ 8.45 Exercised ( 635,316 ) $ 2.59 Balance at June 30, 2021 5,173,702 $ 7.48 9.69 $ 90,410 Vested and expected to vest at June 30, 2021 5,173,702 $ 7.48 9.69 $ 90,140 Exercisable at June 30, 2021 5,083,702 $ 7.31 9.68 $ 89,694
Summary of Fair Value of Stock Option Grants	Six Months Ended 2021 2020 Risk-free interest rate 0.9 % – 1.6 % 1.8 % Expected volatility 83 % – 87 % 85 % Expected term (in years) 5.5 – 10.0 10.0 Expected dividend yield — —
Summary of Stock-Based Compensation Expense	Three Months Ended Six Months Ended 2021 2020 2021 2020 Research and development $ 608 $ 1 $ 640 $ 2 General and administrative 669 1 760 2 Total $ 1,277 $ 2 $ 1,400 $ 4
Summary of Unvested Shares and Unvested Stock Liability	Number of Unvested Balance at December 31, 2020 211,137 $ 52 Early exercised shares 521,896 1,626 Vested shares ( 216,082 ) ( 178 ) Balance at June 30, 2021 516,951 $ 1,500
Summary of Common Stock Reserved for Future Issuance	June 30, December 31, 2021 2020 Conversion of preferred stock — 8,760,535 Common stock options outstanding 5,173,702 1,096,533 Shares available for issuance under the Plans 4,110,000 220,147 Shares available for issuance under the ESPP 466,000 — Total 9,749,702 10,077,215

Organization and Summary of S_4

Organization and Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)shares	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)shares	Dec. 31, 2020USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Stockholders' equity note, stock split			Company’s certificate of incorporation to effect a forward split of shares of the Company’s common stock on a one-for-1.281 basis, which was effected on June 4, 2021 (the “Forward Stock Split”). The number of authorized shares and the par values of the common stock and convertible preferred stock were not adjusted as a result of the Forward Stock Split. The accompanying financial statements and notes to the financial statements give retroactive effect to the Forward Stock Split for all periods presented.
Stock split, conversion ratio			1.281
Accumulated deficit	$ (23,229,000)		$ (23,229,000)		$ (14,739,000)
Increase In Fair Value Of Convertible Promissory Notes		$ 1,200,000		$ 1,700,000
Accrued interest receivable	3,000		3,000
Realized gains or losses on sales of short-term investments			0
Allowance for credit losses	0		0
Short-term investments	$ 142,570,000		$ 142,570,000		$ 0
Weighted average number of shares outstanding, basic | shares	589,054	255,373	447,465	282,172

Organization and Summary of S_5

Organization and Summary of Significant Accounting Policies - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) $ in Thousands	Jun. 30, 2021USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 142,570
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	142,570
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
Level 1 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	142,570
Level 2 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	142,570
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
Level 3 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 0

Organization and Summary of S_6

Organization and Summary of Significant Accounting Policies - Summary of Short-Term Investments (Details) $ in Thousands	Jun. 30, 2021USD ($)
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 142,553
Unrealized Gains	18
Unrealized Losses	(1)
Estimated Fair Value	142,570
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	142,553
Unrealized Gains	18
Unrealized Losses	(1)
Estimated Fair Value	$ 142,570

Organization and Summary of S_7

Organization and Summary of Significant Accounting Policies - Summary of Potentially Dilutive Shares Not Included in the Calculation of Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive shares	5,691,888	6,303,657
Convertible Preferred Stock outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive shares	0	5,782,492
Common Stock Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive shares	5,173,702	291,426
Unvested Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive shares	516,951	229,739
ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive shares	1,235	0

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property and equipment	$ 254	$ 176
Less: accumulated depreciation	(39)	(21)
Property, Plant and Equipment, Net, Total	215	155
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	244	176
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Total property and equipment	$ 10	$ 0

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued equity issuance costs	$ 837	$ 0
Accrued research and development (including related party amounts of $0 and $14, respectively)	822	66
Accrued compensation (including related party amounts of $0 and $286, respectively)	343	286
Other accrued liabilities (including related party amounts of $0 and $244, respectively)	199	255
Accrued professional fees	85	144
Accrued liabilities	$ 2,286	$ 751

Balance Sheet Details - Sched_3

Balance Sheet Details - Schedule of Accrued Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued Research And Development
Condensed Balance Sheet Statements Captions [Line Items]
Related party amounts	$ 0	$ 14
Accrued Compensation
Condensed Balance Sheet Statements Captions [Line Items]
Related party amounts	0	286
Other Accrued Liabilities
Condensed Balance Sheet Statements Captions [Line Items]
Related party amounts	$ 0	$ 244

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - Cell Line License Agreement - Wu Xi Biologics $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Commitments And Contingencies [Line Items]
Non-refundable license fee paid	$ 0.2
Maximum payment to buy out royalty obligation	$ 15

Related Party Transactions - Su

Related Party Transactions - Summary of Expense Recognized by Support Services Agreement with COI (Details) - Support Services Agreement - COI Pharmaceuticals, Inc. - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Expense recognized	$ 522	$ 510	$ 1,112	$ 1,057
Research and Development
Related Party Transaction [Line Items]
Expense recognized	423	305	909	638
General and Administrative
Related Party Transaction [Line Items]
Expense recognized	$ 99	$ 205	$ 203	$ 419

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Prepaid expenses and other current assets	$ 2,038,000	$ 249,000
COI Pharmaceuticals, Inc.
Related Party Transaction [Line Items]
Prepaid expenses and other current assets	36,000
Accounts payable and accrued expenses		$ 500,000
Purchase of property and equipment	$ 10,000

Convertible Preferred Stock a_3

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 15, 2021	Mar. 01, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Class Of Stock [Line Items]
Common stock, shares issued			41,611,510	41,611,510		1,257,736
Preferred stock, par value		$ 9.50	$ 0.001	$ 0.001		$ 0.001
Proceeds from initial public offering, net of issuance costs				$ 205,010	$ 0
Common stock reserved for issuance			9,749,702	9,749,702		10,077,215
Weighted average grant date fair value per share of option grants				$ 6.45	$ 0.09
Total Intrinsic value of stock options exercised				$ 1,000	$ 0
Unrecognized stock-based compensation cost			$ 29,400	$ 29,400
Unrecognized stock-based compensation cost, weighted-average period of recognition				3 years 7 months 6 days
Expected dividend yield				0.00%	0.00%
Percentage of number of common stock shares			1.00%
2017 Equity Incentive Plan
Class Of Stock [Line Items]
Common stock reserved for issuance			1,424,110	1,424,110
2021 Equity Incentive Plan
Class Of Stock [Line Items]
Common stock initially reserved for issuance			2,775,890	2,775,890
2021 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock initially reserved for issuance			466,000	466,000
Percentage of eligible earnings withheld to purchase shares of common stock			15.00%
Fair market value percentage price of common stock purchased			85.00%
Minimum increase in shares reserved for issuance				932,000
Initial Public Offering [Member]
Class Of Stock [Line Items]
Common stock, shares issued			13,110,000	13,110,000
Conversion of convertible preferred stock to common stock in connection with initial public offering, issued (in shares)	26,608,460
Common stock per share	$ 17
Proceeds from stock transaction costs			$ 204,100
Series A Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares issued upon conversion		5,894,740
Proceeds from issuance of redeemable convertible preferred stock		$ 56,000
Series B Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares issued upon conversion	8,038,073
Preferred stock, par value	$ 15.551
Proceeds from issuance of redeemable convertible preferred stock	$ 125,000

Convertible Preferred Stock a_4

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Outstanding Options, Beginning balance	1,096,533
Number of Outstanding Options, Granted	4,712,485
Number of Outstanding Options, Exercised	(635,316)
Number of Outstanding Options, Ending balance	5,173,702	1,096,533
Number of Outstanding Options, Vested and expected to vest	5,173,702
Number of Outstanding Options, Exercisable	5,083,702
Weighted- Average Exercise Price, Beginning balance	$ 0.47
Weighted- Average Exercise Price, Granted	8.45
Weighted- Average Exercise Price, Exercised	2.59
Weighted- Average Exercise Price, Ending balance	7.48	$ 0.47
Weighted- Average Exercise Price, Vested and expected to vest	7.48
Weighted- Average Exercise Price, Exercisable	$ 7.31
Weighted- Average Remaining Contractual Term	9 years 8 months 8 days	9 years 3 months 21 days
Weighted- Average Remaining Contractual Term, Vested and expected to vest	9 years 8 months 8 days
Weighted- Average Remaining Contractual Term, Exercisable	9 years 8 months 4 days
Aggregate Intrinsic Value, Beginning balance	$ 3,214
Aggregate Intrinsic Value, Ending balance	90,410	$ 3,214
Aggregate Intrinsic Value, Vested and expected to vest	90,140
Aggregate Intrinsic Value, Exercisable	$ 89,694

Convertible Preferred Stock a_5

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Fair Value of Stock Option Grants (Details)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Class Of Stock [Line Items]
Risk-free interest rate		1.80%
Expected volatility		85.00%
Expected term (in years)		10 years
Expected dividend yield	0.00%	0.00%
Minimum
Class Of Stock [Line Items]
Risk-free interest rate	0.90%
Expected volatility	83.00%
Expected term (in years)	5 years 6 months
Maximum
Class Of Stock [Line Items]
Risk-free interest rate	1.60%
Expected volatility	87.00%
Expected term (in years)	10 years

Convertible Preferred Stock a_6

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 1,277	$ 2	$ 1,400	$ 4
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	608	1	640	2
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 669	$ 1	$ 760	$ 2

Convertible Preferred Stock a_7

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Unvested Shares and Unvested Stock Liability (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)shares
Number of Unvested Shares
Number of Unvested Shares, Beginning balance | shares	211,137
Early exercised shares | shares	521,896
Vested shares | shares	(216,082)
Number of Unvested Shares, Ending balance | shares	516,951
Unvested Stock Liability
Unvested Stock Liability, Beginning balance | $	$ 52
Early exercised shares | $	1,626
Vested shares | $	(178)
Unvested Stock Liability, Ending balance | $	$ 1,500

Convertible Preferred Stock a_8

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2021	Dec. 31, 2020
Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for issuance	9,749,702	10,077,215
Conversion of Preferred Stock
Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for issuance	0	8,760,535
Common Stock Options Outstanding
Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for issuance	5,173,702	1,096,533
Shares Available for Issuance Under Plans
Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for issuance	4,110,000	220,147
Shares Available for Issuance Under ESPP
Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for issuance	466,000	0

Research Collaboration and Ex_2

Research Collaboration and Exclusive License Agreement - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Research And Development Arrangement Contract To Perform For Others [Line Items]
Deferred revenue current	$ 5,065	$ 5,065	$ 1,950
Accounts receivable outstanding	375	375	8,000
Merck Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Revenue recognized	500	900	$ 0
Deferred revenue	7,900	7,900
Deferred revenue current	$ 5,100	$ 5,100

Research Collaboration and Ex_3

Research Collaboration and Exclusive License Agreement - Additional Information 1 (Detail)	Jun. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01
Research And Development Arrangement Contract To Perform For Others [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year 9 months 18 days

401 (k) Plan - Additional Infor

401 (k) Plan - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021
Compensation And Retirement Disclosure [Abstract]
Defined contribution plan, employers matching contribution, annual vesting percentage	3.00%