Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 05, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | JANX | |
Security12b Title | Common Stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | Janux Therapeutics, Inc. | |
Entity Central Index Key | 0001817713 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 41,611,510 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-40475 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-2289112 | |
Entity Address, Address Line One | 11099 N. Torrey Pines Road, Suite 290 | |
Entity Address, City or Town | La Jolla | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92037 | |
City Area Code | 858 | |
Local Phone Number | 750-4700 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 39,389 | $ 7,813 |
Short-term investments | 348,118 | 0 |
Accounts receivable | 0 | 8,000 |
Prepaid expenses and other current assets (includes related party amounts of $14 and $0, respectively) | 2,081 | 249 |
Total current assets | 389,588 | 16,062 |
Property and equipment, net | 1,118 | 155 |
Operating lease right-of-use assets | 238 | 0 |
Other long-term assets | 140 | 0 |
Total assets | 391,084 | 16,217 |
Current liabilities: | ||
Accounts payable | 3,613 | 428 |
Accrued liabilities (includes related party amounts of $0 and $544, respectively) | 2,030 | 751 |
Current portion of deferred revenue | 5,264 | 1,950 |
Unvested stock liabilities | 1,352 | 52 |
Current portion of operating lease liabilities | 212 | 0 |
Total current liabilities | 12,471 | 3,181 |
Deferred revenue, net of current portion | 1,840 | 6,050 |
Operating lease liabilities, net of current portion | 23 | 0 |
Total liabilities | 14,334 | 9,231 |
Commitments and contingencies (Note 3) | ||
Convertible preferred stock, $0.001 par value; authorized shares - 0 and 6,838,829 at September 30, 2021 and December 31, 2020, respectively; issued and outstanding shares - 0 and 6,838,829 at September 30, 2021 and December 31, 2020, respectively; liquidation preference - $0 and $21,709 at September 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 September 30, 2021 and December 31, 2020, respectively; no shares issued and outstanding at September 30, 2021 and December 31, 2020 | ||
Common stock, $0.001 par value; authorized shares - 200,000,000 and 9,000,000 at September 30, 2021 and December 31, 2020, respectively; issued shares - 41,611,510 and 1,257,736 at September 30, 2021 and December 31, 2020, respectively; outstanding shares - 41,171,963 and 1,046,599 at September 30, 2021 and December 31, 2020, respectively | 41 | 1 |
Additional paid-in capital | 410,680 | 100 |
Accumulated other comprehensive income (loss) | 24 | 0 |
Accumulated deficit | (33,995) | (14,739) |
Total stockholders’ equity (deficit) | 376,750 | (14,638) |
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) | $ 391,084 | $ 16,217 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Prepaid expenses and other current assets, related party amount | $ 14 | $ 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 | 41,171,963 | 1,046,599 |
Unaudited Condensed Statements
Unaudited Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Collaboration revenue | $ 1,159 | $ 0 | $ 2,021 | $ 0 |
Operating expenses: | ||||
Research and development (includes related party amounts of $416, $432, $1,325 and $1,071, respectively) | 8,406 | 834 | 15,068 | 2,056 |
General and administrative (includes related party amounts of $62, $219, $265 and $638, respectively) | 3,656 | 422 | 6,392 | 1,132 |
Total operating expenses | 12,062 | 1,256 | 21,460 | 3,188 |
Loss from operations | (10,903) | (1,256) | (19,439) | (3,188) |
Other income (expense): | ||||
Interest income | 137 | 0 | 183 | 0 |
Interest expense – related parties | 0 | 0 | 0 | (206) |
Change in fair value of convertible promissory notes - related parties | 0 | 0 | 0 | (1,735) |
Total other income (expense) | 137 | 0 | 183 | (1,941) |
Net loss | (10,766) | (1,256) | (19,256) | (5,129) |
Other comprehensive loss: | ||||
Unrealized gain (loss) on available-for-sale securities, net | 7 | 0 | 24 | 0 |
Comprehensive loss | $ (10,759) | $ (1,256) | $ (19,232) | $ (5,129) |
Net loss per common share, basic and diluted | $ (0.26) | $ (1.33) | $ (1.10) | $ (5.79) |
Weighted-average shares of common stock outstanding, basic and diluted | 41,134,102 | 943,634 | 17,572,807 | 885,486 |
Unaudited Condensed Statement_2
Unaudited Condensed Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Research and development expense | $ 8,406 | $ 834 | $ 15,068 | $ 2,056 |
General and administrative expenses | 3,656 | 422 | 6,392 | 1,132 |
Related Party | ||||
Research and development expense | 416 | 432 | 1,325 | 1,071 |
General and administrative expenses | $ 62 | $ 219 | $ 265 | $ 638 |
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 | $ 4,500 | ||||||||
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 | ||||||||
Temporary equity,, Exercise of common stock options | $ (39) | ||||||||
Exercise of common stock options | 4 | 4 | |||||||
Exercise of common stock options (in shares) | 36,508 | ||||||||
Vesting of restricted shares (in shares) | 159,050 | ||||||||
Stock-based compensation | 32 | 32 | |||||||
Unrealized gain (loss) on investment securities | 0 | ||||||||
Net loss | (5,129) | (5,129) | |||||||
Temporary equity, Ending balance at Sep. 30, 2020 | $ 17,131 | ||||||||
Temporary equity, Ending balance (in shares) at Sep. 30, 2020 | 5,782,492 | ||||||||
Ending balance at Sep. 30, 2020 | (13,037) | $ 1 | 46 | 0 | (13,084) | ||||
Ending balance (in shares) at Sep. 30, 2020 | 969,566 | ||||||||
Temporary equity, Beginning balance at Jun. 30, 2020 | $ 17,131 | ||||||||
Temporary equity, Beginning balance (in shares) at Jun. 30, 2020 | 5,782,492 | ||||||||
Beginning balance at Jun. 30, 2020 | (11,809) | $ 1 | 18 | 0 | (11,828) | ||||
Beginning balance (in shares) at Jun. 30, 2020 | 916,550 | ||||||||
Vesting of restricted shares (in shares) | 53,016 | ||||||||
Stock-based compensation | 28 | 28 | |||||||
Net loss | (1,256) | (1,256) | |||||||
Temporary equity, Ending balance at Sep. 30, 2020 | $ 17,131 | ||||||||
Temporary equity, Ending balance (in shares) at Sep. 30, 2020 | 5,782,492 | ||||||||
Ending balance at Sep. 30, 2020 | (13,037) | $ 1 | 46 | 0 | (13,084) | ||||
Ending balance (in shares) at Sep. 30, 2020 | 969,566 | ||||||||
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 | $ 326 | 326 | |||||||
Vesting of restricted shares (in shares) | 293,486 | ||||||||
Stock-based compensation | 3,966 | 3,966 | |||||||
Unrealized gain (loss) on investment securities | 24 | 24 | |||||||
Net loss | (19,256) | (19,256) | |||||||
Temporary equity, Ending balance at Sep. 30, 2021 | $ 0 | $ 0 | |||||||
Temporary equity, Ending balance (in shares) at Sep. 30, 2021 | 0 | 0 | |||||||
Ending balance at Sep. 30, 2021 | $ 376,750 | $ 41 | 410,680 | 24 | (33,995) | ||||
Ending balance (in shares) at Sep. 30, 2021 | 41,171,963 | ||||||||
Beginning balance at Jun. 30, 2021 | 384,795 | $ 41 | 407,966 | 17 | (23,229) | ||||
Beginning balance (in shares) at Jun. 30, 2021 | 41,094,559 | ||||||||
Vesting of restricted shares | 148 | 148 | |||||||
Vesting of restricted shares (in shares) | 77,404 | ||||||||
Stock-based compensation | 2,566 | 2,566 | |||||||
Unrealized gain (loss) on investment securities | 7 | 7 | |||||||
Net loss | (10,766) | (10,766) | |||||||
Temporary equity, Ending balance at Sep. 30, 2021 | $ 0 | $ 0 | |||||||
Temporary equity, Ending balance (in shares) at Sep. 30, 2021 | 0 | 0 | |||||||
Ending balance at Sep. 30, 2021 | $ 376,750 | $ 41 | $ 410,680 | $ 24 | $ (33,995) | ||||
Ending balance (in shares) at Sep. 30, 2021 | 41,171,963 |
Unaudited Condensed Statement_4
Unaudited Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Series A Convertible Preferred Stock [Member] | ||
Issuance costs | $ 278 | |
Series B Convertible Preferred Stock [Member] | ||
Issuance costs | 175 | |
Series Seed 2 Convertible Preferred Stock [Member] | ||
Issuance costs | $ 39 | |
Initial Public Offering [Member] | ||
Issuance costs | $ 18,733 |
Unaudited Condensed Statement_5
Unaudited Condensed Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (19,256) | $ (5,129) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 49 | 4 |
Loss on disposal of assets | 3 | 0 |
Stock-based compensation | 3,966 | 32 |
Noncash interest – related parties | 0 | 206 |
Amortization (accretion) of premiums/discounts on investments, net | (114) | 0 |
Increase in fair value of convertible promissory notes – related parties | 0 | 1,735 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 8,000 | 0 |
Prepaid expenses and other current assets (includes related party amounts of $14 and $0, respectively) | (1,832) | 0 |
Other long-term assets | (140) | 0 |
Accounts payable (includes related party amounts of $0 and $50, respectively) | 2,621 | 212 |
Accrued expenses (includes related party amounts of $(544) and $195, respectively) | 1,107 | 200 |
Deferred revenue | (896) | 0 |
Operating lease right-of-use assets and liabilities, net | (3) | 0 |
Net cash used in operating activities | (6,495) | (2,740) |
Cash flows from investing activities | ||
Purchases of property and equipment | (309) | 0 |
Purchases of short-term investments | (370,125) | 0 |
Maturities of short-term investments | 22,145 | 0 |
Net cash used in investing activities | (348,289) | 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 | 204,167 | 0 |
Net cash provided by financing activities | 386,360 | 6,971 |
Net increase in cash and cash equivalents | 31,576 | 4,231 |
Cash and cash equivalents – beginning of period | 7,813 | 658 |
Cash and cash equivalents – end of period | 39,389 | 4,889 |
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 |
Unpaid fixed asset additions | 853 | 146 |
Vesting of restricted common stock | 326 | 0 |
Unpaid equity issuance costs | 30 | 6 |
Unrealized gain (loss) on short-term investments | 24 | 0 |
Operating lease liabilities arising from right-of-use assets | 256 | |
Series Seed 2 Convertible Preferred Stock [Member] | ||
Cash flows from financing activities | ||
Proceeds from issuance of convertible preferred stock, net of issuance costs | 0 | 4,467 |
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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Prepaid expenses and other current assets includes related party amounts | $ 14 | $ 0 |
Accounts payable includes related party amounts | 0 | 50 |
Accrued expenses includes related party amounts | $ (544) | $ 195 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 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 a broad pipeline of novel immunotherapies by applying its proprietary technology to its Tumor Activated T Cell Engager ("TRACTr") and Tumor Activated Immunomodulator ("TRACIr") platforms 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 September 30, 2021, the Company has devoted substantially all its efforts to organizing and staffing, business planning, raising capital and developing its TRACTr and TRACIr therapeutic platforms and preclinical assets. The Company has incurred net losses and negative cash flows from operations since inception and had an accumulated deficit of $ 34.0 million as of September 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 September 30, 2021 , and for the three and nine months ended September 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 nine months ended September 30, 2020, the Company recognized $ 0 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, 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 classified within Level 1 is based on quoted prices in active markets as provided by the Company’s investment managers. The fair value of short-term investments classified within Level 2 is based on standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers. The Company validates the quoted market prices provided by its investment managers by comparing the investment managers’ assessment of the fair values of the Company’s investment portfolio balance against the fair values of the Company’s investment portfolio balance obtained from an independent source. 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 September 30, 2021: Assets: Short-term investments: U.S. Treasury securities $ 51,244 $ 51,244 $ — $ — Corporate debt securities 6,064 — 6,064 — Commercial paper 290,810 — 290,810 — Total assets measured at fair value on a recurring basis $ 348,118 $ 51,244 $ 296,874 $ — 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 U.S. treasury securities, corporate debt securities and 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. 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 September 30, 2021. The following table summarizes short-term investments (in thousands): As of September 30, 2021 Amortized Unrealized Estimated Cost Gains Losses Fair Value U.S. Treasury securities $ 51,248 $ 1 $ ( 5 ) $ 51,244 Corporate debt securities 6,068 — ( 4 ) 6,064 Commercial paper 290,778 32 — 290,810 Total $ 348,094 $ 33 $ ( 9 ) $ 348,118 The amortized cost and estimated fair value in the table above exclud es $ 28,000 o f accrued interest receivable as of September 30, 2021 included in prepaid expenses and other current assets in the accompanying balance sheets. Contractual maturities of available-for-sale debt securities are as follows (in thousands): As of September 30, 2021 Due in 1 Year or Less Due Between 1 and 2 Years U.S. Treasury securities $ 6,252 $ 44,992 Corporate debt securities 6,064 — Commercial paper 290,810 — Total $ 303,126 $ 44,992 As of September 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 September 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 September 30, 2021, all of the Company’s accounts receivable, if any, relate to a single customer. For the three and nine months ended September 30, 2021, all of the Company’s revenue related to a single customer. Leases The Company determines if a contract contains a lease at the inception of the contract and evaluates each lease agreement to determine whether the lease is an operating or finance lease . For leases where the Company is the lessee, right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Liabilities from operating leases are included in current portion of operating lease liabilities, and operating lease liabilities, net of current portion on the accompanying balance sheets. The Company does not have any financing leases. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company does not have material short-term lease costs. Lease liabilities are measured at the present value of the lease payments not yet paid discounted using the discount rate for the lease established at the lease commencement date. To determine the present value, the implicit rate is used when readily determinable. For those leases where the implicit rate is not provided, the Company determines an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. ROU assets are measured as the present value of the lease payments and also include any prepaid lease payments made and any other indirect costs incurred, and exclude any lease incentives received. Lease terms may include the impact of options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company has elected the practical expedient to account for the lease and non-lease components, such as common area maintenance charges, as a single lease component for the Company's facilities leases. 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 477,408 shares, 202,655 shares, 457,556 shares and 255,473 shares from the weighted-average number of common shares outstanding for the three months ended September 30, 2021 and 2020 and nine months ended September 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. 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): September 30, 2021 2020 Convertible preferred stock outstanding — 7,407,372 Common stock options 5,547,447 1,111,905 Unvested common stock 439,547 176,723 ESPP shares 8,324 — Total potentially dilutive shares 5,995,318 8,696,000 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 | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Balance Sheet Details | 2. Balance Sheet Details Property and equipment, net consist of the following (in thousands): September 30, December 31, Laboratory equipment $ 1,023 $ 176 Computer equipment and software 19 — Construction in progress 142 — Total property and equipment 1,184 176 Less: accumulated depreciation ( 66 ) ( 21 ) Property and equipment, net $ 1,118 $ 155 Accrued liabilities consist of the following (in thousands): September 30, December 31, Accrued compensation (including related party amounts of $ 0 and $ 286 , respectively) $ 784 $ 286 Accrued research and development (including related party amounts of $ 0 14 , respectively) 729 66 Other accrued liabilities (including related party amounts of $ 0 and $ 244 , respectively) 517 399 $ 2,030 $ 751 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 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. Operating Leases In August 2021, the Company entered into a lease agreement (the "Lease") located in San Diego, California for the Company’s general office use . The Company determined this facilities lease was an operating lease at the inception of the lease contract. According to accounting standards, the Lease commenced on September 1, 2021 and has a term of 14 months from the commencement date. There are no options to extend the term or early termination provisions. Future minimum noncancelable operating lease payments as of September 30, 2021 are as follows (in thousands): 2021 (remaining) $ 22 2022 220 Total minimum lease payments 242 Less: Imputed interest ( 7 ) Total operating lease liabilities 235 Less: Current portion of operating lease liabilities ( 212 ) Operating lease liabilities, net of current portion $ 23 The weighted average remaining lease term for the Company’s operating lease is 1.1 years as of September 31, 2021. Operating lease expense and cash paid for amounts included in the measurement of lease liabilities for the three and nine months ended September 30, 2021 was not material. No operating lease expense was recorded in 2020 as the Company had no operating leases that had commenced during that period. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 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 Nine Months Ended 2021 2020 2021 2020 Research and development $ 416 $ 432 $ 1,325 $ 1,071 General and administrative 62 219 265 638 Total $ 478 $ 651 $ 1,590 $ 1,709 At September 30, 2021, the Company had prepaid expenses and other current assets of $ 14,000 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 nine months ended September 30, 2021, the Company paid COI $ 14,000 related to the purchase of property and equipment. |
Convertible Preferred Stock and
Convertible Preferred Stock and Stockholders’ Equity (Deficit) | 9 Months Ended |
Sep. 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- Aggregate Balance at December 31, 2020 1,096,533 $ 0.47 9.31 $ 3,214 Granted 5,122,685 $ 10.43 Exercised ( 635,316 ) $ 2.59 Forfeited or cancelled ( 36,455 ) $ 6.26 Balance at September 30, 2021 5,547,447 $ 9.39 9.46 $ 72,673 Vested and expected to vest at September 30, 2021 5,547,447 $ 9.39 9.46 $ 72,673 Exercisable at September 30, 2021 5,054,747 $ 7.33 9.43 $ 72,291 The weighted average grant date fair value per share of option grants for the nine months ended September 30, 2021 and 2020 wa s $ 7.83 , and $ 0.43 , resp ectively. The total intrinsic value of stock options exercised for the nine months ended September 30, 2021 and 2020 was $ 1.0 million and $ 0 , respectivel y. As of September 30, 2021, total unrecognized stock-based compensation cost was $ 36.5 million, which is expected to be recognized over a remaining weighted-average period of approximately 3.3 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: Nine Months Ended 2021 2020 Risk-free interest rate 0.8 % – 1.6 % 0.7 % – 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 nine months ended September 30, 2021 was $ 0.1 million. 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 Nine Months Ended 2021 2020 2021 2020 Research and development $ 1,124 $ 10 $ 1,764 $ 12 General and administrative 1,442 18 2,202 20 Total $ 2,566 $ 28 $ 3,966 $ 32 Unvested Stock Liabilities A summary of the Company’s unvested shares and unvested stock liabilities 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 ( 293,486 ) ( 326 ) Balance at September 30, 2021 439,547 $ 1,352 Common Stock Reserved for Future Issuance Common stock reserved for future issuance consists of the following: September 30, December 31, 2021 2020 Conversion of preferred stock — 8,760,535 Common stock options outstanding 5,547,447 1,096,533 Shares available for issuance under the Plans 3,736,255 220,147 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 | 9 Months Ended |
Sep. 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 recogniz ed $ 1.2 million and $ 2.0 million of r evenue under the Merck Agreement for the three and nine months ended September 30, 2021. No revenue was recognized under the Merck Agreement during 2020. As of September 30, 2021, aggregate deferred revenue related to the Merck Agreement w as $ 7.1 million, of which $ 5.3 million was classified as current. The Compan y had $ 0 and $ 8.0 million of accounts receivable outstanding as of September 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 recogni zed, to be 1.5 years a s of September 30, 2021. |
401 (k) Plan
401 (k) Plan | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [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 September 30, 2021 were immaterial. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 8. Subsequent Events On October 1, 2021, the Company entered into a noncancelable lease agreement to lease office and laboratory space in San Diego, California. The targeted lease commencement date is July 2022 and will have a lease term of 126 months. The Company has one option to extend the lease term for a period of 5 years . Pursuant to the lease and during the term thereof, the Company has a one-time right of first offer to lease additional space in the building to the extent such space becomes available. Aggregate base rent payable during the lease term is approximately $ 38.0 million, inclusive of a six month abatement period and annual increases in rental payments of 3 %. The Company will be required to pay its proportional share of utilities, operating expenses and certain taxes, assessments and fees of the premises under the terms of the lease. The lease provides that the landlord shall provide an allowance of up to $ 10.6 million to fund the costs of the design, permitting and construction of permanently affixed improvements to the premises. As required under the terms of the lease, in October 2021 the Company entered into a letter of credit in the amount of $ 0.8 million, to be classified as restricted cash, which is subject to draw down by the landlord upon certain events of breach or default by the Company. The letter of credit amount is subject to a 50 % reduction subject to certain conditions on or following the date that is 54 months following the lease commencement date. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 a broad pipeline of novel immunotherapies by applying its proprietary technology to its Tumor Activated T Cell Engager ("TRACTr") and Tumor Activated Immunomodulator ("TRACIr") platforms 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 September 30, 2021, the Company has devoted substantially all its efforts to organizing and staffing, business planning, raising capital and developing its TRACTr and TRACIr therapeutic platforms and preclinical assets. The Company has incurred net losses and negative cash flows from operations since inception and had an accumulated deficit of $ 34.0 million as of September 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 September 30, 2021 , and for the three and nine months ended September 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 nine months ended September 30, 2020, the Company recognized $ 0 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, 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 classified within Level 1 is based on quoted prices in active markets as provided by the Company’s investment managers. The fair value of short-term investments classified within Level 2 is based on standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers. The Company validates the quoted market prices provided by its investment managers by comparing the investment managers’ assessment of the fair values of the Company’s investment portfolio balance against the fair values of the Company’s investment portfolio balance obtained from an independent source. 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 September 30, 2021: Assets: Short-term investments: U.S. Treasury securities $ 51,244 $ 51,244 $ — $ — Corporate debt securities 6,064 — 6,064 — Commercial paper 290,810 — 290,810 — Total assets measured at fair value on a recurring basis $ 348,118 $ 51,244 $ 296,874 $ — |
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 U.S. treasury securities, corporate debt securities and 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. 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 September 30, 2021. The following table summarizes short-term investments (in thousands): As of September 30, 2021 Amortized Unrealized Estimated Cost Gains Losses Fair Value U.S. Treasury securities $ 51,248 $ 1 $ ( 5 ) $ 51,244 Corporate debt securities 6,068 — ( 4 ) 6,064 Commercial paper 290,778 32 — 290,810 Total $ 348,094 $ 33 $ ( 9 ) $ 348,118 The amortized cost and estimated fair value in the table above exclud es $ 28,000 o f accrued interest receivable as of September 30, 2021 included in prepaid expenses and other current assets in the accompanying balance sheets. Contractual maturities of available-for-sale debt securities are as follows (in thousands): As of September 30, 2021 Due in 1 Year or Less Due Between 1 and 2 Years U.S. Treasury securities $ 6,252 $ 44,992 Corporate debt securities 6,064 — Commercial paper 290,810 — Total $ 303,126 $ 44,992 As of September 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 September 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 September 30, 2021, all of the Company’s accounts receivable, if any, relate to a single customer. For the three and nine months ended September 30, 2021, all of the Company’s revenue related to a single customer. |
Leases | Leases The Company determines if a contract contains a lease at the inception of the contract and evaluates each lease agreement to determine whether the lease is an operating or finance lease . For leases where the Company is the lessee, right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Liabilities from operating leases are included in current portion of operating lease liabilities, and operating lease liabilities, net of current portion on the accompanying balance sheets. The Company does not have any financing leases. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company does not have material short-term lease costs. Lease liabilities are measured at the present value of the lease payments not yet paid discounted using the discount rate for the lease established at the lease commencement date. To determine the present value, the implicit rate is used when readily determinable. For those leases where the implicit rate is not provided, the Company determines an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. ROU assets are measured as the present value of the lease payments and also include any prepaid lease payments made and any other indirect costs incurred, and exclude any lease incentives received. Lease terms may include the impact of options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company has elected the practical expedient to account for the lease and non-lease components, such as common area maintenance charges, as a single lease component for the Company's facilities leases. |
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 477,408 shares, 202,655 shares, 457,556 shares and 255,473 shares from the weighted-average number of common shares outstanding for the three months ended September 30, 2021 and 2020 and nine months ended September 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. 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): September 30, 2021 2020 Convertible preferred stock outstanding — 7,407,372 Common stock options 5,547,447 1,111,905 Unvested common stock 439,547 176,723 ESPP shares 8,324 — Total potentially dilutive shares 5,995,318 8,696,000 |
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) | 9 Months Ended |
Sep. 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 September 30, 2021: Assets: Short-term investments: U.S. Treasury securities $ 51,244 $ 51,244 $ — $ — Corporate debt securities 6,064 — 6,064 — Commercial paper 290,810 — 290,810 — Total assets measured at fair value on a recurring basis $ 348,118 $ 51,244 $ 296,874 $ — |
Summary of Short-Term Investments | The following table summarizes short-term investments (in thousands): As of September 30, 2021 Amortized Unrealized Estimated Cost Gains Losses Fair Value U.S. Treasury securities $ 51,248 $ 1 $ ( 5 ) $ 51,244 Corporate debt securities 6,068 — ( 4 ) 6,064 Commercial paper 290,778 32 — 290,810 Total $ 348,094 $ 33 $ ( 9 ) $ 348,118 |
Schedule of Contractual Maturities of Available-for-sale Debt Securities | Contractual maturities of available-for-sale debt securities are as follows (in thousands): As of September 30, 2021 Due in 1 Year or Less Due Between 1 and 2 Years U.S. Treasury securities $ 6,252 $ 44,992 Corporate debt securities 6,064 — Commercial paper 290,810 — Total $ 303,126 $ 44,992 |
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): September 30, 2021 2020 Convertible preferred stock outstanding — 7,407,372 Common stock options 5,547,447 1,111,905 Unvested common stock 439,547 176,723 ESPP shares 8,324 — Total potentially dilutive shares 5,995,318 8,696,000 |
Balance Sheet Details (Tables)
Balance Sheet Details (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consist of the following (in thousands): September 30, December 31, Laboratory equipment $ 1,023 $ 176 Computer equipment and software 19 — Construction in progress 142 — Total property and equipment 1,184 176 Less: accumulated depreciation ( 66 ) ( 21 ) Property and equipment, net $ 1,118 $ 155 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): September 30, December 31, Accrued compensation (including related party amounts of $ 0 and $ 286 , respectively) $ 784 $ 286 Accrued research and development (including related party amounts of $ 0 14 , respectively) 729 66 Other accrued liabilities (including related party amounts of $ 0 and $ 244 , respectively) 517 399 $ 2,030 $ 751 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Noncancelable Operating Lease Payments | Future minimum noncancelable operating lease payments as of September 30, 2021 are as follows (in thousands): 2021 (remaining) $ 22 2022 220 Total minimum lease payments 242 Less: Imputed interest ( 7 ) Total operating lease liabilities 235 Less: Current portion of operating lease liabilities ( 212 ) Operating lease liabilities, net of current portion $ 23 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended 2021 2020 2021 2020 Research and development $ 416 $ 432 $ 1,325 $ 1,071 General and administrative 62 219 265 638 Total $ 478 $ 651 $ 1,590 $ 1,709 |
Convertible Preferred Stock a_2
Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Summary of Stock Option Activity | Number of Weighted- Weighted- Aggregate Balance at December 31, 2020 1,096,533 $ 0.47 9.31 $ 3,214 Granted 5,122,685 $ 10.43 Exercised ( 635,316 ) $ 2.59 Forfeited or cancelled ( 36,455 ) $ 6.26 Balance at September 30, 2021 5,547,447 $ 9.39 9.46 $ 72,673 Vested and expected to vest at September 30, 2021 5,547,447 $ 9.39 9.46 $ 72,673 Exercisable at September 30, 2021 5,054,747 $ 7.33 9.43 $ 72,291 |
Summary of Fair Value of Stock Option Grants | Nine Months Ended 2021 2020 Risk-free interest rate 0.8 % – 1.6 % 0.7 % – 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 Nine Months Ended 2021 2020 2021 2020 Research and development $ 1,124 $ 10 $ 1,764 $ 12 General and administrative 1,442 18 2,202 20 Total $ 2,566 $ 28 $ 3,966 $ 32 |
Summary of Unvested Shares and Unvested Stock Liabilities | A summary of the Company’s unvested shares and unvested stock liabilities 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 ( 293,486 ) ( 326 ) Balance at September 30, 2021 439,547 $ 1,352 |
Summary of Common Stock Reserved for Future Issuance | September 30, December 31, 2021 2020 Conversion of preferred stock — 8,760,535 Common stock options outstanding 5,547,447 1,096,533 Shares available for issuance under the Plans 3,736,255 220,147 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) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($)shares | Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($)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 | $ (33,995) | $ (33,995) | $ (14,739) | ||
Increase In Fair Value Of Convertible Promissory Notes | $ 0 | $ 1,700 | |||
Accrued interest receivable | 28,000 | 28,000 | |||
Realized gains or losses on sales of short-term investments | 0 | ||||
Allowance for credit losses | 0 | 0 | |||
Short-term investments | $ 348,118 | $ 348,118 | $ 0 | ||
Weighted average number of shares outstanding, basic | shares | 477,408 | 202,655 | 457,556 | 255,473 |
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 | Sep. 30, 2021USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | $ 348,118 |
U.S. Treasury Securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | 51,244 |
Corporate Debt Securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | 6,064 |
Commercial Paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | 290,810 |
Level 1 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | 51,244 |
Level 1 | U.S. Treasury Securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | 51,244 |
Level 1 | Corporate Debt Securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | 0 |
Level 1 | Commercial Paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | 0 |
Level 2 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | 296,874 |
Level 2 | U.S. Treasury Securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | 0 |
Level 2 | Corporate Debt Securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | 6,064 |
Level 2 | Commercial Paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | 290,810 |
Level 3 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | 0 |
Level 3 | U.S. Treasury Securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | 0 |
Level 3 | Corporate Debt Securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | 0 |
Level 3 | Commercial Paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total assets measured at fair value on a recurring basis | $ 0 |
Organization and Summary of S_6
Organization and Summary of Significant Accounting Policies - Summary of Short-Term Investments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized Cost | $ 348,094 |
Unrealized Gains | 33 |
Unrealized Losses | (9) |
Estimated Fair Value | 348,118 |
U.S. Treasury Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized Cost | 51,248 |
Unrealized Gains | 1 |
Unrealized Losses | (5) |
Estimated Fair Value | 51,244 |
Corporate Debt Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized Cost | 6,068 |
Unrealized Gains | 0 |
Unrealized Losses | (4) |
Estimated Fair Value | 6,064 |
Commercial Paper | |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized Cost | 290,778 |
Unrealized Gains | 32 |
Unrealized Losses | 0 |
Estimated Fair Value | $ 290,810 |
Organization and Summary of S_7
Organization and Summary of Significant Accounting Policies - Schedule of Contractual Maturities of Available-for-sale Debt Securities (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Schedule Of Available For Sale Securities [Line Items] | |
Due in 1 Year or Less | $ 303,126 |
Due Between 1 and 2 Years | 44,992 |
U.S. Treasury Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
Due in 1 Year or Less | 6,252 |
Due Between 1 and 2 Years | 44,992 |
Corporate Debt Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
Due in 1 Year or Less | 6,064 |
Due Between 1 and 2 Years | 0 |
Commercial Paper | |
Schedule Of Available For Sale Securities [Line Items] | |
Due in 1 Year or Less | 290,810 |
Due Between 1 and 2 Years | $ 0 |
Organization and Summary of S_8
Organization and Summary of Significant Accounting Policies - Summary of Potentially Dilutive Shares Not Included in the Calculation of Net Loss Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 5,995,318 | 8,696,000 |
Convertible Preferred Stock outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 0 | 7,407,372 |
Common Stock Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 5,547,447 | 1,111,905 |
Unvested Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 439,547 | 176,723 |
ESPP | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 8,324 | 0 |
Balance Sheet Details - Schedul
Balance Sheet Details - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 1,184 | $ 176 |
Less: accumulated depreciation | (66) | (21) |
Property, Plant and Equipment, Net, Total | 1,118 | 155 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 1,023 | 176 |
Computer Equipment and Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 19 | 0 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 142 | $ 0 |
Balance Sheet Details - Sched_2
Balance Sheet Details - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued compensation (including related party amounts of $0 and $286, respectively) | $ 784 | $ 286 |
Accrued research and development (including related party amounts of $0 and $14, respectively) | 729 | 66 |
Other accrued liabilities (including related party amounts of $0 and $244, respectively) | 517 | 399 |
Accrued liabilities | $ 2,030 | $ 751 |
Balance Sheet Details - Sched_3
Balance Sheet Details - Schedule of Accrued Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Compensation | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Related party amounts | $ 0 | $ 286 |
Accrued Research and Development | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Related party amounts | 0 | 14 |
Other Accrued Liabilities | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Related party amounts | $ 0 | $ 244 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Aug. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Commitments And Contingencies [Line Items] | |||
Operating lease, weighted average remaining lease term | 1 year 1 month 6 days | ||
Operating lease expense | $ 0 | ||
San Diego, California | |||
Commitments And Contingencies [Line Items] | |||
Operating lease commencement date | Sep. 1, 2021 | ||
Operating lease term of contract | 14 months | ||
Operating lease, option to extend | There are no options to extend the term or early termination provisions. | ||
Operating lease, existence of option to extend | false | ||
Cell Line License Agreement | Wu Xi Biologics | |||
Commitments And Contingencies [Line Items] | |||
Non-refundable license fee paid | $ 200 | ||
Maximum payment to buy out royalty obligation | $ 15,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Noncancelable Operating Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments And Contingencies [Line Items] | ||
2021 (remaining) | $ 22 | |
2022 | 220 | |
Total minimum lease payments | 242 | |
Less: Imputed interest | (7) | |
Total operating lease liabilities | 235 | |
Less: Current portion of operating lease liabilities | (212) | $ 0 |
Operating lease liabilities, net of current portion | $ 23 | $ 0 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transaction [Line Items] | ||||
Expense recognized | $ 478 | $ 651 | $ 1,590 | $ 1,709 |
Research and Development | ||||
Related Party Transaction [Line Items] | ||||
Expense recognized | 416 | 432 | 1,325 | 1,071 |
General and Administrative | ||||
Related Party Transaction [Line Items] | ||||
Expense recognized | $ 62 | $ 219 | $ 265 | $ 638 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Prepaid expenses and other current assets | $ 2,081,000 | $ 249,000 |
COI Pharmaceuticals, Inc. | ||
Related Party Transaction [Line Items] | ||
Prepaid expenses and other current assets | 14,000 | |
Accounts payable and accrued expenses | $ 500,000 | |
Purchase of property and equipment | $ 14,000 |
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 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 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 | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Proceeds from initial public offering, net of issuance costs | $ 204,167 | $ 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 | $ 7.83 | $ 0.43 | |||||
Total Intrinsic value of stock options exercised | $ 1,000 | $ 0 | |||||
Unrecognized stock-based compensation cost | $ 36,500 | $ 36,500 | |||||
Unrecognized stock-based compensation cost, weighted-average period of recognition | 3 years 3 months 18 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 | ||||||
2021 Equity Incentive Plan | |||||||
Class Of Stock [Line Items] | |||||||
Common stock initially reserved for issuance | 2,775,890 | ||||||
2021 Employee Stock Purchase Plan | |||||||
Class Of Stock [Line Items] | |||||||
Common stock initially reserved for issuance | 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 | ||||||
Stock-based compensation expense | $ 100 | $ 100 | |||||
Initial Public Offering [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Common stock, shares issued | 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 | ||||||
Preferred stock, par value | $ 9.50 | ||||||
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 | 9 Months Ended | 12 Months Ended |
Sep. 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 | 5,122,685 | |
Number of Outstanding Options, Exercised | (635,316) | |
Number of Outstanding Options, Forfeited or cancelled | (36,455) | |
Number of Outstanding Options, Ending balance | 5,547,447 | 1,096,533 |
Number of Outstanding Options, Vested and expected to vest | 5,547,447 | |
Number of Outstanding Options, Exercisable | 5,054,747 | |
Weighted- Average Exercise Price, Beginning balance | $ 0.47 | |
Weighted- Average Exercise Price, Granted | 10.43 | |
Weighted- Average Exercise Price, Exercised | 2.59 | |
Weighted- Average Exercise Price, Forfeited or cancelled | 6.26 | |
Weighted- Average Exercise Price, Ending balance | 9.39 | $ 0.47 |
Weighted- Average Exercise Price, Vested and expected to vest | 9.39 | |
Weighted- Average Exercise Price, Exercisable | $ 7.33 | |
Weighted- Average Remaining Contractual Term | 9 years 5 months 15 days | 9 years 3 months 21 days |
Weighted- Average Remaining Contractual Term, Vested and expected to vest | 9 years 5 months 15 days | |
Weighted- Average Remaining Contractual Term, Exercisable | 9 years 5 months 4 days | |
Aggregate Intrinsic Value | $ 72,673 | $ 3,214 |
Aggregate Intrinsic Value, Vested and expected to vest | 72,673 | |
Aggregate Intrinsic Value, Exercisable | $ 72,291 |
Convertible Preferred Stock a_5
Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Fair Value of Stock Option Grants (Details) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Class Of Stock [Line Items] | ||
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 | 0.80% | 0.70% |
Expected volatility | 83.00% | |
Expected term (in years) | 5 years 6 months | |
Maximum | ||
Class Of Stock [Line Items] | ||
Risk-free interest rate | 1.60% | 1.80% |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 2,566 | $ 28 | $ 3,966 | $ 32 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 1,124 | 10 | 1,764 | 12 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 1,442 | $ 18 | $ 2,202 | $ 20 |
Convertible Preferred Stock a_7
Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Unvested Shares and Unvested Stock Liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 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 | (293,486) |
Number of Unvested Shares, Ending balance | shares | 439,547 |
Unvested Stock Liabilities | |
Unvested Stock Liabilities, Beginning balance | $ | $ 52 |
Early exercised shares | $ | 1,626 |
Vested shares | $ | (326) |
Unvested Stock Liabilities, Ending balance | $ | $ 1,352 |
Convertible Preferred Stock a_8
Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Common Stock Reserved for Future Issuance (Details) - shares | Sep. 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 | 5,547,447 | 1,096,533 |
Shares Available for Issuance Under Plans | ||
Common Stock Reserved For Future Issuance [Line Items] | ||
Common stock reserved for issuance | 3,736,255 | 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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||
Deferred revenue current | $ 5,264 | $ 5,264 | $ 1,950 |
Accounts receivable outstanding | 0 | 0 | 8,000 |
Merck Agreement | |||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||
Revenue recognized | 1,200 | 2,000 | $ 0 |
Deferred revenue | 7,100 | 7,100 | |
Deferred revenue current | $ 5,300 | $ 5,300 |
Research Collaboration and Ex_3
Research Collaboration and Exclusive License Agreement - Additional Information 1 (Detail) | Sep. 30, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01 | |
Research And Development Arrangement Contract To Perform For Others [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year 6 months |
401 (k) Plan - Additional Infor
401 (k) Plan - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Defined contribution plan, employers matching contribution, annual vesting percentage | 3.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 01, 2021 | Dec. 31, 2020 | Dec. 31, 2032 |
Subsequent Event [Line Items] | |||
Aggregate base rent payable | $ 0 | ||
Forecast | San Diego, California | |||
Subsequent Event [Line Items] | |||
Aggregate base rent payable | $ 38,000 | ||
Subsequent Event | Letter of Credit | |||
Subsequent Event [Line Items] | |||
Restricted Cash | $ 800 | ||
Percentage of reduction in debt | 50.00% | ||
Subsequent Event | San Diego, California | |||
Subsequent Event [Line Items] | |||
Operating lease not yet commenced description | On October 1, 2021, the Company entered into a noncancelable lease agreement to lease office and laboratory space in San Diego, California. The targeted lease commencement date is July 2022 | ||
Operating lease not yet commenced, term of contract | 126 months | ||
Operating lease not yet commenced, option to extend | one option to extend the lease term for a period of 5 years | ||
Lessee, Operating Lease, Lease Not yet Commenced, Existence of Option to Terminate [true false] | true | ||
Operating lease not yet commenced renewal term | 5 years | ||
Annual increase in rental payments percentage | 3.00% | ||
Allowance from landlord | $ 10,600 |