Janux Therapeutics (JANX) 10-Q 10 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
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		41,663,029
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	10955 Vista Sorrento Parkway, Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	751-4493

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 64,752	$ 35,582
Accounts receivable	500	0
Short-term investments	274,008	339,383
Prepaid expenses and other current assets	5,070	2,054
Total current assets	344,330	377,019
Restricted cash	816	816
Property and equipment, net	6,514	1,412
Operating lease right-of-use assets	22,663	185
Other long-term assets	1,433	392
Total assets	375,756	379,824
Current liabilities:
Accounts payable	2,866	2,458
Accrued liabilities	7,240	3,779
Current portion of deferred revenue	5,906	5,163
Unvested stock liabilities	323	1,203
Current portion of operating lease liabilities	0	194
Total current liabilities	16,335	12,797
Deferred revenue, net of current portion	3,816	700
Operating lease liabilities, net of current portion	24,092	0
Total liabilities	44,243	13,497
Commitments and contingencies (Note 3)
Stockholders’ equity (deficit):
Preferred stock, $0.001 par value; authorized shares -10,000,000 at September 30, 2022 and December 31, 2021, respectively; no shares issued and outstanding at September 30, 2022 and December 31, 2021
Common stock, $0.001 par value; authorized shares - 200,000,000 at September 30, 2022 and December 31, 2021, respectively; issued shares - 41,663,029 and 41,622,962 at September 30, 2022 and December 31, 2021, respectively; outstanding shares - 41,550,704 and 41,243,137 at September 30, 2022 and December 31, 2021, respectively	42	41
Additional paid-in capital	428,153	413,967
Accumulated other comprehensive loss	(2,277)	(270)
Accumulated deficit	(94,405)	(47,411)
Total stockholders' equity	331,513	366,327
Total liabilities, and stockholders' equity	$ 375,756	$ 379,824

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
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	200,000,000
Common stock, shares issued	41,663,029	41,622,962
Common stock, shares outstanding	41,550,704	41,243,137

Unaudited Condensed Statements

Unaudited Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Collaboration revenue	$ 1,813	$ 1,159	$ 5,767	$ 2,021
Operating expenses:
Research and development (includes related party amounts of $134, $416, $539 and $1,325, respectively)	13,737	8,406	38,007	15,068
General and administrative (includes related party amounts of $21, $62, $85 and $265, respectively)	6,098	3,656	16,585	6,392
Total operating expenses	19,835	12,062	54,592	21,460
Loss from operations	(18,022)	(10,903)	(48,825)	(19,439)
Other income:
Interest income	1,326	137	1,831	183
Total other income	1,326	137	1,831	183
Net loss	(16,696)	(10,766)	(46,994)	(19,256)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale securities, net	(370)	7	(2,007)	24
Comprehensive loss	$ (17,066)	$ (10,759)	$ (49,001)	$ (19,232)
Net loss per common share, basic	$ (0.40)	$ (0.26)	$ (1.13)	$ (1.10)
Net loss per common share, diluted	$ (0.40)	$ (0.26)	$ (1.13)	$ (1.10)
Weighted average number of shares outstanding, basic	41,526,524	41,134,102	41,431,023	17,572,807
Weighted-average shares of common stock outstanding, diluted	41,526,524	41,134,102	41,431,023	17,572,807

Unaudited Condensed Statement_2

Unaudited Condensed Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Research and development expense	$ 13,737	$ 8,406	$ 38,007	$ 15,068
General and administrative expenses	6,098	3,656	16,585	6,392
Related Party
Research and development expense	134	416	539	1,325
General and administrative expenses	$ 21	$ 62	$ 85	$ 265

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]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Temporary equity, Beginning balance at Dec. 31, 2020		$ 21,624
Temporary equity, Beginning balance (in shares) at Dec. 31, 2020		6,838,829
Beginning balance at Dec. 31, 2020	$ (14,638)				$ 1	$ 100		$ (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 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)					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 available-for-sale securities, net	24						$ 24
Net loss	(19,256)							(19,256)
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 available-for-sale securities, net	7						7
Net loss	(10,766)							(10,766)
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 Dec. 31, 2021	366,327				$ 41	413,967	(270)	(47,411)
Beginning balance (in shares) at Dec. 31, 2021					41,243,137
Conversion of convertible preferred stock in connection with initial public offering, converted	0
Exercise of common stock options	$ 1					1
Exercise of common stock options (in shares)	7,405				7,405
Shares issued under employee stock purchase plan	$ 307					307
Shares issued under employee stock purchase plan (in shares)					32,662
Vesting of restricted shares	881				$ 1	880
Vesting of restricted shares (in shares)					267,500
Stock-based compensation	12,998					12,998
Unrealized gain (loss) on available-for-sale securities, net	(2,007)						(2,007)
Net loss	(46,994)							(46,994)
Ending balance at Sep. 30, 2022	331,513				$ 42	428,153	(2,277)	(94,405)
Ending balance (in shares) at Sep. 30, 2022					41,550,704
Beginning balance at Jun. 30, 2022	343,814				$ 42	423,388	(1,907)	(77,709)
Beginning balance (in shares) at Jun. 30, 2022					41,501,269
Vesting of restricted shares	169					169
Vesting of restricted shares (in shares)					49,435
Stock-based compensation	4,596					4,596
Unrealized gain (loss) on available-for-sale securities, net	(370)						(370)
Net loss	(16,696)							(16,696)
Ending balance at Sep. 30, 2022	$ 331,513				$ 42	$ 428,153	$ (2,277)	$ (94,405)
Ending balance (in shares) at Sep. 30, 2022					41,550,704

Unaudited Condensed Statement_4

Unaudited Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Series A Convertible Preferred Stock [Member]
Issuance costs	$ 278
Series B Convertible Preferred Stock [Member]
Issuance costs	175
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, 2022	Sep. 30, 2021
Cash flows from operating activities
Net loss	$ (46,994)	$ (19,256)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	438	49
Loss on disposal of assets	0	3
Stock-based compensation	12,998	3,966
Amortization (accretion) of premiums/discounts on investments, net	(891)	(114)
Changes in operating assets and liabilities:
Accounts receivable	(500)	8,000
Prepaid expenses and other current assets (includes related party amounts of $0 and $(36), respectively)	(3,288)	(1,832)
Other long-term assets	(957)	(140)
Accounts payable (includes related party amounts of $(36) and $0, respectively)	(517)	2,621
Accrued expenses (includes related party amounts of $(16) and $(544), respectively)	3,151	1,107
Deferred revenue	3,859	(896)
Operating lease right-of-use assets and liabilities, net	1,692	(3)
Net cash used in operating activities	(31,009)	(6,495)
Cash flows from investing activities
Purchases of property and equipment	(4,389)	(309)
Purchases of short-term investments	(208,341)	(370,125)
Maturities of short-term investments	272,600	22,145
Net cash provided by (used in) investing activities	59,870	(348,289)
Cash flows from financing activities
Proceeds from exercise of vested and unvested common stock options and employee stock purchase plan	309	1,646
Proceeds from initial public offering, net of issuance costs	0	204,167
Net cash provided by financing activities	309	386,360
Net increase in cash and cash equivalents	29,170	31,576
Cash, cash equivalents and restricted cash -- beginning of year	36,398	7,813
Cash, cash equivalents and restricted cash -- end of period	65,568	39,389
Supplemental disclosure of noncash investing and financing activities
Conversion of convertible preferred stock in connection with initial public offering	0	202,171
Unpaid property and equipment	1,189	853
Vesting of restricted common stock	880	326
Unpaid equity issuance costs	0	30
Unrealized gain (loss) on available-for-sale securities, net	(2,007)	24
Operating lease liabilities arising from right-of-use assets	23,078	256
Series A Convertible Preferred Stock [Member]
Cash flows from financing activities
Proceeds from issuance of convertible preferred stock, net of issuance costs	0	55,722
Series B Convertible Preferred Stock [Member]
Cash flows from financing activities
Proceeds from issuance of convertible preferred stock, net of issuance costs	$ 0	$ 124,825

Unaudited Condensed Statement_6

Unaudited Condensed Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Statement of Cash Flows [Abstract]
Prepaid expenses and other current assets includes related party amounts	$ 0	$ (36)
Accounts payable includes related party amounts	(36)	0
Accrued expenses includes related party amounts	$ (16)	$ (544)

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
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 clinical 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. Liquidity and Capital Resources From its inception through September 30, 2022, 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 clinical and preclinical assets. The Company has incurred net losses and negative cash flows from operations since inception and had an accumulated deficit of $ 94.4 million as of September 30, 2022 . 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. The COVID-19 pandemic continues to evolve and has resulted in a significant disruption of global capital markets. The impact of the COVID-19 pandemic on capital markets may affect the availability, amount and type of financing available to the Company in the future. 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, 2022, and for the three and nine months ended September 30, 2022 and 2021, 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, 2021 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, 2021. Use of Estimates The Company’s financial statements are prepared in accordance with GAAP. 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. Although the impact of the COVID-19 pandemic to the Company’s business and operating results presents additional uncertainty, the Company continues to use the best information available to update its accounting estimates. Actual results may differ materially and adversely from these estimates. 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, restricted cash, accounts receivable, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to the short-term nature of those instruments. The fair value of assets 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 tables summarize 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, 2022: Assets: Cash equivalents: Money market funds $ 36,916 $ 36,916 $ — $ — Total cash equivalents 36,916 36,916 — — Short-term investments: U.S. Treasury securities 101,756 101,756 — — U.S. agency bonds 37,122 — 37,122 — Commercial paper 135,130 — 135,130 — Total short-term investments 274,008 101,756 172,252 — Restricted cash: Money market account 816 816 — — Total restricted cash 816 816 — — Total assets measured at fair value on a recurring basis $ 311,740 $ 139,488 $ 172,252 $ — Fair Value Measurements at Total Quoted Prices in Significant Other Significant As of December 31, 2021: Assets: Cash equivalents: Money market funds $ 15,020 $ 15,020 $ — $ — Commercial paper 9,998 — 9,998 — Total cash equivalents 25,018 15,020 9,998 — Short-term investments: U.S. Treasury securities 99,247 99,247 — — Corporate debt securities 6,026 — 6,026 — Commercial paper 234,110 — 234,110 — Total short-term investments 339,383 99,247 240,136 — Restricted cash: Money market account 816 816 — — Total restricted cash 816 816 — — Total assets measured at fair value on a recurring basis $ 365,217 $ 115,083 $ 250,134 $ — 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. Restricted Cash Restricted cash consists of a money market account securing a standby letter of credit issued in connection with the Company’s Torrey Plaza operating lease (as defined and described in Note 3). The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying balance sheets that sum to the amounts shown in the statements of cash flows (in thousands): September 30, December 31, Cash and cash equivalents $ 64,752 $ 35,582 Restricted cash 816 816 Total cash and cash equivalents and restricted cash $ 65,568 $ 36,398 Short-Term Investments Short-term investments consist of U.S. treasury securities, U.S. agency bonds, 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 investment securities as current assets. Those investments with maturity dates of three months or less at the date of purchase are presented as cash equivalents 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 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. The following tables summarize short-term investments (in thousands): As of September 30, 2022 Amortized Unrealized Estimated Cost Gains Losses Fair Value U.S. Treasury securities $ 103,080 $ — $ ( 1,324 ) $ 101,756 U.S. agency bonds 37,497 — ( 375 ) 37,122 Commercial paper 135,708 — ( 578 ) 135,130 Total $ 276,285 $ — $ ( 2,277 ) $ 274,008 As of December 31, 2021 Amortized Unrealized Estimated Cost Gains Losses Fair Value U.S. Treasury securities $ 99,457 $ — $ ( 210 ) $ 99,247 Corporate debt securities 6,029 — ( 3 ) 6,026 Commercial paper 234,167 7 ( 64 ) 234,110 Total $ 339,653 $ 7 $ ( 277 ) $ 339,383 The amortized cost and estimated fair value in the table above exclude s $ 0.3 million and $ 0.2 million o f accrued interest receivable as of September 30, 2022 and December 31, 2021, respectively. Accrued interest receivable is 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, 2022 Due in 1 Year or Less Due Between 1 and 2 Years U.S. Treasury securities $ 101,756 $ — U.S. agency bonds 33,132 3,990 Commercial paper 135,130 — Total $ 270,018 $ 3,990 As of December 31, 2021 Due in 1 Year or Less Due Between 1 and 2 Years U.S. Treasury securities $ 51,131 $ 48,116 Corporate debt securities 6,026 — Commercial paper 234,110 — Total $ 291,267 $ 48,116 As of September 30, 2022 , 39 out of 41 o f our available-for-sale debt securities were in an aggregate gross unrealized loss position. The Company considers the decline in market value for the securities to be primarily attributable to current economic conditions and interest rate adjustments, rather than credit-related factors. No allowance for credit losses has been recorded as of September 30, 2022 or December 31, 2021. Additionally, no realized gains or losses on sales of short-term investments were recorded for the three and nine months ended September 30, 2022 or September 30, 2021. The following table summarizes our available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded at September 30, 2022 , aggregated by major security type and length of time in a continuous unrealized loss position (in thousands): Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 94,292 $ ( 1,287 ) $ 7,464 $ ( 37 ) $ 101,756 $ ( 1,324 ) U.S. agency bonds 37,122 ( 375 ) — — 37,122 ( 375 ) Commercial paper 135,130 ( 578 ) — — 135,130 ( 578 ) Total $ 266,544 $ ( 2,240 ) $ 7,464 $ ( 37 ) $ 274,008 $ ( 2,277 ) There were no a vailable-for-sale debt securities in a continuous unrealized loss position for 12 months or longer at December 31, 2021. 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 September 30, 2022, and December 31, 2021, all of the Company’s accounts receivable, if any, relate to a single customer. For the three and nine months ended September 30, 2022 and 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 (“IBR”) based on the information available at the lease commencement date in determining the present value of lease payments. The IBR is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. 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’s operating leases are subject to additional variable charges, including common area maintenance, property taxes, property insurance and other variable costs. Given the variable nature of such costs, they are recognized as expense as incurred. 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. The Company has elected to recognize lease incentives, such as tenant improvement allowances, at the lease commencement date as a reduction to the ROU asset and lease liabilities balance until paid to it by the lessor to the extent that the lease provides a specified fixed or maximum level of reimbursement and the Company is reasonably certain to incur reimbursable costs at least equaling such amounts. 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 grant date fair value of equity awards, consisting of stock options and employee stock purchase rights, recognized on a straight-line basis over the requisite service period for stock options and over the respective offering period for employee stock purchase plan rights. 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 136,505 shares, 477,408 shares, 213,301 shar es and 457,556 shares from the weighted-average number of common shares outstanding for the three months ended September 30, 2022 and 2021 and nine months ended September 30, 2022 and 2021, 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, 2022 2021 Common stock options 7,591,570 5,547,447 Unvested common stock 112,325 439,547 Employee stock purchase plan shares 12,965 8,324 Total potentially dilutive shares 7,716,860 5,995,318

Balance Sheet Details

Balance Sheet Details	9 Months Ended
	Sep. 30, 2022
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 $ 5,900 $ 1,377 Furniture and fixtures 742 — Computer equipment and software 281 27 Construction in progress 158 139 Total property and equipment 7,081 1,543 Less: accumulated depreciation ( 567 ) ( 131 ) Property and equipment, net $ 6,514 $ 1,412 Accrued liabilities consist of the following (in thousands): September 30, December 31, Accrued compensation (including related party amounts of $ 16 and $ 32 , respectively) $ 1,894 $ 1,171 Accrued research and development 4,737 2,130 Other accrued liabilities 609 478 $ 7,240 $ 3,779

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
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”). 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. Operating Leases In August 2021, the Company entered into a lease agreement (the "Ocean Air 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 Ocean Air 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. In October 2021, the Company entered into a lease agreement (the "Torrey Plaza Lease") to lease office and laboratory space in San Diego, California. The Company determined this facilities lease was an operating lease at the inception of the lease contract. According to accounting standards, the Torrey Plaza Lease commenced on April 1, 2022 and has a term of 130 months from the commencement date. The lease provides an option to extend the term of the lease for a period of 5 years beyond the initial term, which the Company is not reasonably certain to exercise and therefore was not considered in determining the ROU assets and lease liabilities balance. As required under the terms of the Torrey Plaza Lease, in October 2021 the Company entered into a standby letter of credit, which is secured by a money market account in the amount of $ 0.8 million. The letter of credit 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 contractual lease commencement date. Future minimum noncancelable operating lease payments (incentives) as of September 30, 2022 are as follows (in thousands): 2022 (remaining) $ 18 2023 2,760 2024 3,403 2025 3,505 2026 3,611 Thereafter 24,421 Total minimum lease payments 37,718 Less: Imputed interest ( 12,890 ) Less: Lease incentives ( 736 ) Total operating lease liabilities 24,092 Less: Current portion of operating lease liabilities — Operating lease liabilities, net of current portion $ 24,092 The Company’s operating leases had a weighted-average remaining lease term of 10.3 years as of September 30, 2022 , and a weighted-average discount rate of 8 % as of September 30, 2022. Operating lease expense included in the measurement of lease liabilities for three and nine months ended September 30, 2022 was $ 0.9 million and $ 1.9 million, respectively. Cash paid for amounts included in the measurement of lease liabilities for three and nine months ended September 30, 2022 was immaterial. Operating lease expense included in the measurement of lease liabilities and cash paid for amounts included in the measurement of lease liabilities for the three and nine months ended September 30, 2021 were immaterial. Contingencies From time to time, the Company may be subject to claims or suits arising in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	4. Related Party Transactions In August 2017, the Company entered into a Support Services Agreement (the "2017 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. In January 2021, the Company entered into a second Support Services Agreement with COI (the "2021 Support Services Agreement"), which superseded the 2017 Support Services Agreement. The agreement modified the nature of services provided to the Company considering the transition of certain individuals as full-time Company 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 2021 Support Services Agreement was renewed in January 2022 and will continue to renew for additional one-year renewal periods until terminated by the parties. Either party may terminate the 2021 Support Services Agreement with 30 days written notice. Expense recognized by the Company under the 2017 Support Services Agreement and the 2021 Support Services Agreement for the three and nine months ended September 30, 2022 and 2021 was as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development $ 134 $ 416 $ 539 $ 1,325 General and administrative 21 62 85 265 Total $ 155 $ 478 $ 624 $ 1,590

Convertible Preferred Stock and

Convertible Preferred Stock and Stockholders’ Equity (Deficit)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Convertible Preferred Stock and Stockholders' Equity (Deficit)	5. Convertible Preferred Stock and Stockholders’ Equity (Deficit) Convertible Preferred Stock In March 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. In April 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. 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 $ 204.2 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 the Company's common stock. 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 adopted the 2021 Equity Incentive Plan (the “2021 Plan,” and together with the 2017 Plan the “Plans”). 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 automatically increases 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. As of September 30, 2022, there were 6,407,967 shares authorized for issuance under the 2021 Plan, inclusive of shares added from 2017 Plan cancellations. 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, 2021 5,654,663 $ 9.65 9.22 $ 62,954 Granted 2,115,965 $ 17.48 Exercised ( 7,405 ) $ 0.17 Forfeited or cancelled ( 171,653 ) $ 14.77 Balance at September 30, 2022 7,591,570 $ 11.73 8.72 $ 32,451 Vested and expected to vest at September 30, 2022 7,591,570 $ 11.73 8.72 $ 32,451 Exercisable at September 30, 2022 5,143,113 $ 7.99 8.44 $ 31,110 The weighted-average grant date fair value per share of option grants for the nine months ended September 30, 2022 and 2021 was $ 12.52 and $ 7.83 , respectively. The total intrinsic value of stock options exercised for the nine months ended September 30, 2022 and 2021 was $ 0.1 mil lion and $ 1.0 million, respectively. As of September 30, 2022 , total unrecognized stock-based compensation cost associated with option grants was $ 47.5 million, which is expected to be recognized over a remaining weighted-average period of approximately 2.7 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 2022 2021 Risk-free interest rate 1.5 % – 3.7 % 0.8 % – 1.6 % Expected volatility 81 % – 85 % 83 % – 87 % Expected term (in years) 5.3 – 6.1 5.5 – 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 adopted the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective on June 10, 2021. 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 o f 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 automatically increases 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. For the three and nine months ended September 30, 2022, stock-based compensation expense related to t he ESPP was $ 0.2 million and $ 0.4 million, re spectively. Stock-based compensation expense related to the ESPP for the three and nine months ended September 30, 2021 was immaterial. As of September 30, 2022, total unrecognized stock-based compensation expense related to the ESPP was $ 0.7 millio n, which is expected to be recognized over a remaining weighted-average period of approximately 1.7 years. 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 2022 2021 2022 2021 Research and development $ 2,019 $ 1,124 $ 5,702 $ 1,764 General and administrative 2,577 1,442 7,296 2,202 Total $ 4,596 $ 2,566 $ 12,998 $ 3,966 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, 2021 379,825 $ 1,203 Early exercised shares — — Vested shares ( 267,500 ) ( 880 ) Balance at September 30, 2022 112,325 $ 323 Common Stock Reserved for Future Issuance Common stock reserved for future issuance consists of the following: September 30, December 31, 2022 2021 Common stock options outstanding 7,591,570 5,654,663 Shares available for issuance under the Plans 3,765,875 3,629,039 Shares available for issuance under the ESPP 838,115 454,548 Total 12,195,560 9,738,250

Research Collaboration and Excl

Research Collaboration and Exclusive License Agreement	9 Months Ended
	Sep. 30, 2022
Research Collaboration And Exclusive License Agreement [Abstract]
Research Collaboration and Exclusive License Agreement	6. Research Collaboration and Exclusive License Agreement On December 15, 2020 (the “Effective Date”), the Company entered into a research collaboration and exclusive license agreement (the “Merck Agreement”), pursuant to which the Company granted Merck Sharp & Dohme Corp. (“Merck”) an exclusive, worldwide, royalty-bearing, sublicensable license to certain of its patent rights and know-how for up to two collaboration targets (“First Collaboration Target” and “Second Collaboration Target”, together the “Collaboration Targets”) related to next generation T cell engager immunotherapies for the treatment of cancer. In each case, once the Collaboration Targets are designated by Merck, they have the right to research, develop, make, have made, use, import, offer to sell, and sell compounds and any licensed products related thereto. Merck selected one of the Collaboration Targets upon execution of the Merck Agreement and selected the Second Collaboration Target in May 2022. Following the research term, Merck will have the sole right to research, develop, manufacture, and commercialize the licensed compounds and products directed against the Collaboration Targets. Consideration in the Merck Agreement consists of (i) an $ 8.0 million non-refundable and non-creditable upfront fee, (ii) $ 8.0 million paid upon the selection of the Second Collaboration Target, (iii) research program funding (iv) development and regulatory milestones, (v) commercial milestones, and (vi) royalty payments. Under the Merck Agreement, the Company is eligible to receive up to an aggregate of $ 142.5 million per Collaboration Target in milestone payments ($ 285.0 million collectively for both Collaboration Targets), contingent on the achievement of certain regulatory and development milestones. Merck is also required to make milestone payments to the Company upon the successful completion of certain commercial milestones, in an aggregate amount not to exceed $ 350.0 million for each licensed product under either of the Collaboration Targets. The Merck Agreement provides that Merck is obligated to pay to the Company tiered royalty payments on a product-by-product and country-by-country basis, ranging from low single-digit to low teens percentage royalty rates on specified portions of annual net sales for licensed products under either of the Collaboration Targets that are commercialized. Such royalties are subject to reduction, on a product-by-product and country-by-country basis, for licensed products not covered by patent claims, or that require Merck to obtain a license to obtain a license to third-party intellectual property in order to commercialize the licensed products, or that are subject to compulsory licensing. The Merck Agreement will terminate at the end of the calendar year in which the expiration of all royalty obligations occurs for all licensed products under the agreement. Merck has the unilateral right to terminate the Merck Agreement in its entirety or on a Collaboration Target by Collaboration Target basis at any time and for any reason upon prior written notice to the Company. Both parties have the right to terminate the agreement for an uncured material breach, certain illegal or unethical activities, and insolvency of the other party. Upon expiration of the agreement but not early termination thereof, and provided all payments due under the agreement have been made, Merck’s exclusive licenses under the agreement will become fully paid-up and perpetual. The Company concluded that Merck represented a customer and has accounted for the initial units of account in accordance with FASB’s Accounting Standards Codification 606, Revenue from Contracts with Customers (“ASC 606”). As it relates to Merck's option to select a Second Collaboration Target, which was exercised during the nine months ended September 30, 2022, the Company concluded that this option represented a customer option to purchase additional goods or services that is not a material right and, therefore, is accounted for as a separate contract and separate performance obligation to purchase the additional goods or services. The Company identified its performance obligations under the Merck Agreement and each Collaboration Target as the grant to Merck of an exclusive license to certain of its intellectual property subject to certain conditions, its conduct of research services and the Company’s participation in a joint research committee. The Company determined that these performance obligations should be accounted for as one combined performance obligation for each Collaboration Target since they are not distinct. The Company also determined that the combined performance obligation for each Collaboration Target is transferred over the expected term of the conduct of the research services. In accordance with ASC 606, the Company determined that the transaction price under the Merck Agreement for the First Collaboration Target is $ 11.4 million, consisting of the upfront, non-refundable and non-creditable payment of $ 8.0 million and the aggregate estimated reimbursable research program funding for the First Collaboration Target of $ 3.4 million. The transaction price for the Second Collaboration Target includes the upfront, non-refundable and non-creditable payment of $ 8.0 million received upon Merck’s selection, and the aggregate estimated reimbursable research program funding for the Second Collaboration Target. No significant work was performed related to the Second Collaboration Target through September 30, 2022. The Company concluded that there was not a significant financing component under the Merck Agreement. With respect to the remaining variable consideration within the Merck Agreement, including milestone and royalty payments, the Company determined that as of September 30, 2022 these payments were probable of significant revenue reversal as their achievement is highly dependent on factors outside the Company’s control. Therefore, this aggregate consideration has been fully constrained and is therefore not included in the transaction price. At the end of each subsequent reporting period, the Company will re-evaluate the probability of achievement of each milestone and any related constraint, and if necessary, adjust its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect the reported amount of revenues in the period of adjustment. The aggregate amount of the transaction price allocated to the performance obligations that were unsatisfied (or partially unsatisfied) as of September 30, 2022 was $ 2.4 million for the First Collaboration Target. Consideration received for each Collaboration Target is recorded as deferred revenue and recognized as revenue over time in conjunction with the Company’s conduct of research services as the research services are the primary component of the combined performance obligations for each Collaboration Target. Revenue associated with the upfront payment and research program funding for each Collaboration Target is recognized based on actual total full-time equivalent employees (“FTEs”) utilized as a percentage of total FTEs expected to be utilized over the expected term of conduct of the research services performed for each respective Collaboration Target. The Company estimates the remaining term of these research services, over which revenue will be recognized, to be 0.5 years for the First Collaboration Target and 1.9 years for the Second Collaboration Target as of September 30, 2022. The Company recognized $ 1.8 million, $ 1.2 million, $ 5.8 million, and $ 2.0 million of revenue under the Merck Agreement for the three months ended September 30, 2022 and 2021 and nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 , aggregate deferred revenue related to the Merck Agreement was $ 9.7 million, $ 5.9 million of which was classified as current. The Company had $ 0.5 million and $ 0 of accounts receivable outstanding as of September 30, 2022 and December 31, 2021, respectively. The remaining performance obligations under the Merck Agreement for each Collaboration Target relate to the Company’s conduct of research services and the Company’s participation in a joint research committee.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
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 clinical 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.
Liquidity and Capital Resources	Liquidity and Capital Resources From its inception through September 30, 2022, 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 clinical and preclinical assets. The Company has incurred net losses and negative cash flows from operations since inception and had an accumulated deficit of $ 94.4 million as of September 30, 2022 . 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. The COVID-19 pandemic continues to evolve and has resulted in a significant disruption of global capital markets. The impact of the COVID-19 pandemic on capital markets may affect the availability, amount and type of financing available to the Company in the future. 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, 2022, and for the three and nine months ended September 30, 2022 and 2021, 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, 2021 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, 2021.
Use of Estimates	Use of Estimates The Company’s financial statements are prepared in accordance with GAAP. 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. Although the impact of the COVID-19 pandemic to the Company’s business and operating results presents additional uncertainty, the Company continues to use the best information available to update its accounting estimates. Actual results may differ materially and adversely from these estimates.
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, restricted cash, accounts receivable, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to the short-term nature of those instruments. The fair value of assets 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 tables summarize 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, 2022: Assets: Cash equivalents: Money market funds $ 36,916 $ 36,916 $ — $ — Total cash equivalents 36,916 36,916 — — Short-term investments: U.S. Treasury securities 101,756 101,756 — — U.S. agency bonds 37,122 — 37,122 — Commercial paper 135,130 — 135,130 — Total short-term investments 274,008 101,756 172,252 — Restricted cash: Money market account 816 816 — — Total restricted cash 816 816 — — Total assets measured at fair value on a recurring basis $ 311,740 $ 139,488 $ 172,252 $ — Fair Value Measurements at Total Quoted Prices in Significant Other Significant As of December 31, 2021: Assets: Cash equivalents: Money market funds $ 15,020 $ 15,020 $ — $ — Commercial paper 9,998 — 9,998 — Total cash equivalents 25,018 15,020 9,998 — Short-term investments: U.S. Treasury securities 99,247 99,247 — — Corporate debt securities 6,026 — 6,026 — Commercial paper 234,110 — 234,110 — Total short-term investments 339,383 99,247 240,136 — Restricted cash: Money market account 816 816 — — Total restricted cash 816 816 — — Total assets measured at fair value on a recurring basis $ 365,217 $ 115,083 $ 250,134 $ —
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.
Restricted Cash	Restricted Cash Restricted cash consists of a money market account securing a standby letter of credit issued in connection with the Company’s Torrey Plaza operating lease (as defined and described in Note 3). The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying balance sheets that sum to the amounts shown in the statements of cash flows (in thousands): September 30, December 31, Cash and cash equivalents $ 64,752 $ 35,582 Restricted cash 816 816 Total cash and cash equivalents and restricted cash $ 65,568 $ 36,398
Short-Term Investments	Short-Term Investments Short-term investments consist of U.S. treasury securities, U.S. agency bonds, 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 investment securities as current assets. Those investments with maturity dates of three months or less at the date of purchase are presented as cash equivalents 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 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. The following tables summarize short-term investments (in thousands): As of September 30, 2022 Amortized Unrealized Estimated Cost Gains Losses Fair Value U.S. Treasury securities $ 103,080 $ — $ ( 1,324 ) $ 101,756 U.S. agency bonds 37,497 — ( 375 ) 37,122 Commercial paper 135,708 — ( 578 ) 135,130 Total $ 276,285 $ — $ ( 2,277 ) $ 274,008 As of December 31, 2021 Amortized Unrealized Estimated Cost Gains Losses Fair Value U.S. Treasury securities $ 99,457 $ — $ ( 210 ) $ 99,247 Corporate debt securities 6,029 — ( 3 ) 6,026 Commercial paper 234,167 7 ( 64 ) 234,110 Total $ 339,653 $ 7 $ ( 277 ) $ 339,383 The amortized cost and estimated fair value in the table above exclude s $ 0.3 million and $ 0.2 million o f accrued interest receivable as of September 30, 2022 and December 31, 2021, respectively. Accrued interest receivable is 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, 2022 Due in 1 Year or Less Due Between 1 and 2 Years U.S. Treasury securities $ 101,756 $ — U.S. agency bonds 33,132 3,990 Commercial paper 135,130 — Total $ 270,018 $ 3,990 As of December 31, 2021 Due in 1 Year or Less Due Between 1 and 2 Years U.S. Treasury securities $ 51,131 $ 48,116 Corporate debt securities 6,026 — Commercial paper 234,110 — Total $ 291,267 $ 48,116 As of September 30, 2022 , 39 out of 41 o f our available-for-sale debt securities were in an aggregate gross unrealized loss position. The Company considers the decline in market value for the securities to be primarily attributable to current economic conditions and interest rate adjustments, rather than credit-related factors. No allowance for credit losses has been recorded as of September 30, 2022 or December 31, 2021. Additionally, no realized gains or losses on sales of short-term investments were recorded for the three and nine months ended September 30, 2022 or September 30, 2021. The following table summarizes our available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded at September 30, 2022 , aggregated by major security type and length of time in a continuous unrealized loss position (in thousands): Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 94,292 $ ( 1,287 ) $ 7,464 $ ( 37 ) $ 101,756 $ ( 1,324 ) U.S. agency bonds 37,122 ( 375 ) — — 37,122 ( 375 ) Commercial paper 135,130 ( 578 ) — — 135,130 ( 578 ) Total $ 266,544 $ ( 2,240 ) $ 7,464 $ ( 37 ) $ 274,008 $ ( 2,277 ) There were no a vailable-for-sale debt securities in a continuous unrealized loss position for 12 months or longer at December 31, 2021.
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 September 30, 2022, and December 31, 2021, all of the Company’s accounts receivable, if any, relate to a single customer. For the three and nine months ended September 30, 2022 and 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 (“IBR”) based on the information available at the lease commencement date in determining the present value of lease payments. The IBR is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. 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’s operating leases are subject to additional variable charges, including common area maintenance, property taxes, property insurance and other variable costs. Given the variable nature of such costs, they are recognized as expense as incurred. 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. The Company has elected to recognize lease incentives, such as tenant improvement allowances, at the lease commencement date as a reduction to the ROU asset and lease liabilities balance until paid to it by the lessor to the extent that the lease provides a specified fixed or maximum level of reimbursement and the Company is reasonably certain to incur reimbursable costs at least equaling such amounts.
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 grant date fair value of equity awards, consisting of stock options and employee stock purchase rights, recognized on a straight-line basis over the requisite service period for stock options and over the respective offering period for employee stock purchase plan rights. 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 136,505 shares, 477,408 shares, 213,301 shar es and 457,556 shares from the weighted-average number of common shares outstanding for the three months ended September 30, 2022 and 2021 and nine months ended September 30, 2022 and 2021, 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, 2022 2021 Common stock options 7,591,570 5,547,447 Unvested common stock 112,325 439,547 Employee stock purchase plan shares 12,965 8,324 Total potentially dilutive shares 7,716,860 5,995,318

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Financial Instruments Measured at Fair Value on Recurring Basis	The following tables summarize 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, 2022: Assets: Cash equivalents: Money market funds $ 36,916 $ 36,916 $ — $ — Total cash equivalents 36,916 36,916 — — Short-term investments: U.S. Treasury securities 101,756 101,756 — — U.S. agency bonds 37,122 — 37,122 — Commercial paper 135,130 — 135,130 — Total short-term investments 274,008 101,756 172,252 — Restricted cash: Money market account 816 816 — — Total restricted cash 816 816 — — Total assets measured at fair value on a recurring basis $ 311,740 $ 139,488 $ 172,252 $ — Fair Value Measurements at Total Quoted Prices in Significant Other Significant As of December 31, 2021: Assets: Cash equivalents: Money market funds $ 15,020 $ 15,020 $ — $ — Commercial paper 9,998 — 9,998 — Total cash equivalents 25,018 15,020 9,998 — Short-term investments: U.S. Treasury securities 99,247 99,247 — — Corporate debt securities 6,026 — 6,026 — Commercial paper 234,110 — 234,110 — Total short-term investments 339,383 99,247 240,136 — Restricted cash: Money market account 816 816 — — Total restricted cash 816 816 — — Total assets measured at fair value on a recurring basis $ 365,217 $ 115,083 $ 250,134 $ —
Reconciliation of Cash and Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying balance sheets that sum to the amounts shown in the statements of cash flows (in thousands): September 30, December 31, Cash and cash equivalents $ 64,752 $ 35,582 Restricted cash 816 816 Total cash and cash equivalents and restricted cash $ 65,568 $ 36,398
Summary of Short-Term Investments	The following tables summarize short-term investments (in thousands): As of September 30, 2022 Amortized Unrealized Estimated Cost Gains Losses Fair Value U.S. Treasury securities $ 103,080 $ — $ ( 1,324 ) $ 101,756 U.S. agency bonds 37,497 — ( 375 ) 37,122 Commercial paper 135,708 — ( 578 ) 135,130 Total $ 276,285 $ — $ ( 2,277 ) $ 274,008 As of December 31, 2021 Amortized Unrealized Estimated Cost Gains Losses Fair Value U.S. Treasury securities $ 99,457 $ — $ ( 210 ) $ 99,247 Corporate debt securities 6,029 — ( 3 ) 6,026 Commercial paper 234,167 7 ( 64 ) 234,110 Total $ 339,653 $ 7 $ ( 277 ) $ 339,383
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, 2022 Due in 1 Year or Less Due Between 1 and 2 Years U.S. Treasury securities $ 101,756 $ — U.S. agency bonds 33,132 3,990 Commercial paper 135,130 — Total $ 270,018 $ 3,990 As of December 31, 2021 Due in 1 Year or Less Due Between 1 and 2 Years U.S. Treasury securities $ 51,131 $ 48,116 Corporate debt securities 6,026 — Commercial paper 234,110 — Total $ 291,267 $ 48,116
Schedule of Available-for-Sale Debt Securities in an Unrealized Loss Position	The following table summarizes our available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded at September 30, 2022 , aggregated by major security type and length of time in a continuous unrealized loss position (in thousands): Less than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 94,292 $ ( 1,287 ) $ 7,464 $ ( 37 ) $ 101,756 $ ( 1,324 ) U.S. agency bonds 37,122 ( 375 ) — — 37,122 ( 375 ) Commercial paper 135,130 ( 578 ) — — 135,130 ( 578 ) Total $ 266,544 $ ( 2,240 ) $ 7,464 $ ( 37 ) $ 274,008 $ ( 2,277 )
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, 2022 2021 Common stock options 7,591,570 5,547,447 Unvested common stock 112,325 439,547 Employee stock purchase plan shares 12,965 8,324 Total potentially dilutive shares 7,716,860 5,995,318

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	9 Months Ended
	Sep. 30, 2022
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 $ 5,900 $ 1,377 Furniture and fixtures 742 — Computer equipment and software 281 27 Construction in progress 158 139 Total property and equipment 7,081 1,543 Less: accumulated depreciation ( 567 ) ( 131 ) Property and equipment, net $ 6,514 $ 1,412
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): September 30, December 31, Accrued compensation (including related party amounts of $ 16 and $ 32 , respectively) $ 1,894 $ 1,171 Accrued research and development 4,737 2,130 Other accrued liabilities 609 478 $ 7,240 $ 3,779

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Noncancelable Operating Lease Payments (Incentives)	Future minimum noncancelable operating lease payments (incentives) as of September 30, 2022 are as follows (in thousands): 2022 (remaining) $ 18 2023 2,760 2024 3,403 2025 3,505 2026 3,611 Thereafter 24,421 Total minimum lease payments 37,718 Less: Imputed interest ( 12,890 ) Less: Lease incentives ( 736 ) Total operating lease liabilities 24,092 Less: Current portion of operating lease liabilities — Operating lease liabilities, net of current portion $ 24,092

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Summary of Expense Recognized By Support Services Agreement with COI	Expense recognized by the Company under the 2017 Support Services Agreement and the 2021 Support Services Agreement for the three and nine months ended September 30, 2022 and 2021 was as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development $ 134 $ 416 $ 539 $ 1,325 General and administrative 21 62 85 265 Total $ 155 $ 478 $ 624 $ 1,590

Convertible Preferred Stock a_2

Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Summary of Stock Option Activity	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, 2021 5,654,663 $ 9.65 9.22 $ 62,954 Granted 2,115,965 $ 17.48 Exercised ( 7,405 ) $ 0.17 Forfeited or cancelled ( 171,653 ) $ 14.77 Balance at September 30, 2022 7,591,570 $ 11.73 8.72 $ 32,451 Vested and expected to vest at September 30, 2022 7,591,570 $ 11.73 8.72 $ 32,451 Exercisable at September 30, 2022 5,143,113 $ 7.99 8.44 $ 31,110
Summary of Fair Value of Stock Option Grants	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 2022 2021 Risk-free interest rate 1.5 % – 3.7 % 0.8 % – 1.6 % Expected volatility 81 % – 85 % 83 % – 87 % Expected term (in years) 5.3 – 6.1 5.5 – 10.0 Expected dividend yield — —
Summary of Stock-Based Compensation Expense	Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development $ 2,019 $ 1,124 $ 5,702 $ 1,764 General and administrative 2,577 1,442 7,296 2,202 Total $ 4,596 $ 2,566 $ 12,998 $ 3,966
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, 2021 379,825 $ 1,203 Early exercised shares — — Vested shares ( 267,500 ) ( 880 ) Balance at September 30, 2022 112,325 $ 323
Summary of Common Stock Reserved for Future Issuance	September 30, December 31, 2022 2021 Common stock options outstanding 7,591,570 5,654,663 Shares available for issuance under the Plans 3,765,875 3,629,039 Shares available for issuance under the ESPP 838,115 454,548 Total 12,195,560 9,738,250

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, 2022 USD ($) Security shares	Sep. 30, 2021 shares	Sep. 30, 2022 USD ($) Security shares	Sep. 30, 2021 shares	Dec. 31, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (94,405)		$ (94,405)		$ (47,411)
Accrued interest receivable	$ 300		$ 300		200
Available-for-sale debt securities number of position gross unrealized loss | Security	39		39
Number of available-for-sale debt securities | Security			41
Realized gains or losses on sales of short-term investments			$ 0
Allowance for credit losses	$ 0		$ 0		0
Weighted-average unvested shares | shares	136,505	477,408	213,301	457,556
Available-for-sale debt securities in a continuous unrealized loss position for 12 months or longer	$ 37		$ 37		$ 0

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) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	$ 36,916	$ 25,018
Total short-term investments	274,008	339,383
Total restricted cash	816	816
Total assets measured at fair value on a recurring basis	311,740	365,217
U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	101,756	99,247
U.S. Agency Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	37,122
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments		6,026
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	135,130	234,110
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents		9,998
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	36,916	15,020
Total restricted cash	816	816
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	36,916	15,020
Total short-term investments	101,756	99,247
Total restricted cash	816	816
Total assets measured at fair value on a recurring basis	139,488	115,083
Level 1 | U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	101,756	99,247
Level 1 | U.S. Agency Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	0
Level 1 | Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments		0
Level 1 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Level 1 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents		0
Level 1 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	36,916	15,020
Total restricted cash	816	816
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	0	9,998
Total short-term investments	172,252	240,136
Total restricted cash	0	0
Total assets measured at fair value on a recurring basis	172,252	250,134
Level 2 | U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Level 2 | U.S. Agency Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	37,122
Level 2 | Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments		6,026
Level 2 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	135,130	234,110
Level 2 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents		9,998
Level 2 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	0	0
Total restricted cash	0	0
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	0	0
Total short-term investments	0	0
Total restricted cash	0	0
Total assets measured at fair value on a recurring basis	0	0
Level 3 | U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Level 3 | U.S. Agency Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	0
Level 3 | Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments		0
Level 3 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Level 3 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents		0
Level 3 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	0	0
Total restricted cash	$ 0	$ 0

Organization and Summary of S_6

Organization and Summary of Significant Accounting Policies - Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 64,752	$ 35,582
Restricted cash	816	816
Total cash and cash equivalents and restricted cash	$ 65,568	$ 36,398	$ 39,389	$ 7,813

Organization and Summary of S_7

Organization and Summary of Significant Accounting Policies - Summary of Short-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 276,285	$ 339,653
Unrealized Gains	0	7
Unrealized Losses	(2,277)	(277)
Estimated Fair Value	274,008	339,383
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	103,080	99,457
Unrealized Gains	0	0
Unrealized Losses	(1,324)	(210)
Estimated Fair Value	101,756	99,247
U.S. Agency Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	37,497
Unrealized Gains	0
Unrealized Losses	(375)
Estimated Fair Value	37,122
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		6,029
Unrealized Gains		0
Unrealized Losses		(3)
Estimated Fair Value		6,026
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	135,708	234,167
Unrealized Gains	0	7
Unrealized Losses	(578)	(64)
Estimated Fair Value	$ 135,130	$ 234,110

Organization and Summary of S_8

Organization and Summary of Significant Accounting Policies - Schedule of Contractual Maturities of Available-for-sale Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Due in 1 Year or Less	$ 270,018	$ 291,267
Due Between 1 and 2 Years	3,990	48,116
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Due in 1 Year or Less	101,756	51,131
Due Between 1 and 2 Years	0	48,116
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Due in 1 Year or Less		6,026
Due Between 1 and 2 Years		0
U.S. Agency Bonds
Schedule Of Available For Sale Securities [Line Items]
Due in 1 Year or Less	33,132
Due Between 1 and 2 Years	3,990
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Due in 1 Year or Less	135,130	234,110
Due Between 1 and 2 Years	$ 0	$ 0

Organization and Summary of S_9

Organization and Summary of Significant Accounting Policies - Schedule of Available-for-Sale Debt Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months, Fair Value	$ 266,544
Less than 12 Months, Unrealized Losses	(2,240)
12 Months or Longer, Fair Value	7,464
12 Months or Longer, Unrealized Losses	(37)	$ 0
Total, Fair Value	274,008
Total, Unrealized Losses	(2,277)
U.S. Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months, Fair Value	94,292
Less than 12 Months, Unrealized Losses	(1,287)
12 Months or Longer, Fair Value	7,464
12 Months or Longer, Unrealized Losses	(37)
Total, Fair Value	101,756
Total, Unrealized Losses	(1,324)
U.S. Agency Bonds
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months, Fair Value	37,122
Less than 12 Months, Unrealized Losses	(375)
12 Months or Longer, Fair Value	0
12 Months or Longer, Unrealized Losses	0
Total, Fair Value	37,122
Total, Unrealized Losses	(375)
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months, Fair Value	135,130
Less than 12 Months, Unrealized Losses	(578)
12 Months or Longer, Fair Value	0
12 Months or Longer, Unrealized Losses	0
Total, Fair Value	135,130
Total, Unrealized Losses	$ (578)

Organization and Summary of _10

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, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive shares	7,716,860	5,995,318
Common Stock Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive shares	7,591,570	5,547,447
Unvested Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive shares	112,325	439,547
Employee Stock Purchase Plan Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive shares	12,965	8,324

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 7,081	$ 1,543
Less: accumulated depreciation	(567)	(131)
Property, Plant and Equipment, Net, Total	6,514	1,412
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	5,900	1,377
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	742	0
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Total property and equipment	281	27
Construction in Progress
Property Plant And Equipment [Line Items]
Total property and equipment	$ 158	$ 139

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation (including related party amounts of $16 and $32, respectively)	$ 1,894	$ 1,171
Accrued research and development	4,737	2,130
Other accrued liabilities	609	478
Accrued liabilities	$ 7,240	$ 3,779

Balance Sheet Details - Sched_3

Balance Sheet Details - Schedule of Accrued Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Compensation
Condensed Balance Sheet Statements Captions [Line Items]
Related party amounts	$ 16	$ 32

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended	9 Months Ended
	Oct. 31, 2021	Aug. 31, 2021	Sep. 30, 2022	Sep. 30, 2022
Commitments And Contingencies [Line Items]
Operating lease, weighted average remaining lease term			10 years 3 months 18 days	10 years 3 months 18 days
Operating lease, weighted average discount rate			8%	8%
Operating lease expense			$ 900,000	$ 1,900,000
San Diego, California
Commitments And Contingencies [Line Items]
Operating lease commencement date		Sep. 01, 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
Torrey Plaza
Commitments And Contingencies [Line Items]
Operating lease commencement date	Apr. 01, 2022
Operating lease term of contract	130 months
Operating lease, renewal term	5 years
Operating lease, option to extend				option to extend
Operating lease, existence of option to extend	true
Letter of credit	$ 800
Torrey Plaza | Letter of Credit [Member]
Commitments And Contingencies [Line Items]
Percentage of letter of credit subject to certain conditions	50%
Cell Line License Agreement | Wu Xi Biologics
Commitments And Contingencies [Line Items]
Non-refundable license fee paid				$ 200,000
Maximum payment to buy out royalty obligation				$ 15,000,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Noncancelable Operating Lease Payments (Incentives) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Commitments And Contingencies [Line Items]
2022 (remaining)	$ 18
2023	2,760
2024	3,403
2025	3,505
2026	3,611
Thereafter	24,421
Total minimum lease payments	37,718
Less: Imputed interest	(12,890)
Less: Lease incentives	(736)
Total operating lease liabilities	24,092
Less: Current portion of operating lease liabilities	0	$ (194)
Operating lease liabilities, net of current portion	$ 24,092	$ 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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Expense recognized	$ 155	$ 478	$ 624	$ 1,590
Research and Development
Related Party Transaction [Line Items]
Expense recognized	134	416	539	1,325
General and Administrative
Related Party Transaction [Line Items]
Expense recognized	$ 21	$ 62	$ 85	$ 265

Convertible Preferred Stock a_3

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended			3 Months Ended	9 Months Ended
	Jun. 10, 2021	Jun. 30, 2021	Apr. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock, shares issued					41,663,029	41,663,029		41,622,962
Preferred stock, par value					$ 0.001	$ 0.001		$ 0.001
Weighted average grant date fair value per share of option grants						$ 12.52	$ 7.83
Total Intrinsic value of stock options exercised						$ 0.1	$ 1
Unrecognized stock-based compensation cost					$ 47.5	$ 47.5
Unrecognized stock-based compensation cost, weighted-average period of recognition						2 years 8 months 12 days
Percentage of number of common stock shares	1%
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]
Shares authorized for issuance					6,407,967	6,407,967
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
Unrecognized stock-based compensation cost					$ 0.7	$ 0.7
Unrecognized stock-based compensation cost, weighted-average period of recognition						1 year 8 months 12 days
Percentage of eligible earnings withheld to purchase shares of common stock	15%
Fair market value percentage price of common stock purchased	85%
Minimum increase in shares reserved for issuance						932,000
Stock-based compensation expense					$ 0.2	$ 0.4
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		$ 204.2
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
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

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, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Outstanding Options, Beginning balance	5,654,663
Number of Outstanding Options, Granted	2,115,965
Number of Outstanding Options, Exercised	(7,405)
Number of Outstanding Options, Forfeited or cancelled	(171,653)
Number of Outstanding Options, Ending balance	7,591,570	5,654,663
Number of Outstanding Options, Vested and expected to vest	7,591,570
Number of Outstanding Options, Exercisable	5,143,113
Weighted- Average Exercise Price, Beginning balance	$ 9.65
Weighted- Average Exercise Price, Granted	17.48
Weighted- Average Exercise Price, Exercised	0.17
Weighted- Average Exercise Price, Forfeited or cancelled	14.77
Weighted- Average Exercise Price, Ending balance	11.73	$ 9.65
Weighted- Average Exercise Price, Vested and expected to vest	11.73
Weighted- Average Exercise Price, Exercisable	$ 7.99
Weighted- Average Remaining Contractual Term	8 years 8 months 19 days	9 years 2 months 19 days
Weighted- Average Remaining Contractual Term, Vested and expected to vest	8 years 8 months 19 days
Weighted- Average Remaining Contractual Term, Exercisable	8 years 5 months 8 days
Aggregate Intrinsic Value	$ 32,451	$ 62,954
Aggregate Intrinsic Value, Vested and expected to vest	32,451
Aggregate Intrinsic Value, Exercisable	$ 31,110

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, 2022	Sep. 30, 2021
Class Of Stock [Line Items]
Expected dividend yield	0%	0%
Minimum
Class Of Stock [Line Items]
Risk-free interest rate	1.50%	0.80%
Expected volatility	81%	83%
Expected term (in years)	5 years 3 months 18 days	5 years 6 months
Maximum
Class Of Stock [Line Items]
Risk-free interest rate	3.70%	1.60%
Expected volatility	85%	87%
Expected term (in years)	6 years 1 month 6 days	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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 4,596	$ 2,566	$ 12,998	$ 3,966
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	2,019	1,124	5,702	1,764
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 2,577	$ 1,442	$ 7,296	$ 2,202

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, 2022 USD ($) shares
Number of Unvested Shares
Number of Unvested Shares, Beginning balance | shares	379,825
Early exercised shares | shares	0
Vested shares | shares	(267,500)
Number of Unvested Shares, Ending balance | shares	112,325
Unvested Stock Liabilities
Unvested Stock Liabilities, Beginning balance | $	$ 1,203
Early exercised shares | $	0
Vested shares | $	(880)
Unvested Stock Liabilities, Ending balance | $	$ 323

Convertible Preferred Stock a_8

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2022	Dec. 31, 2021
Conversion of Preferred Stock
Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for issuance	7,591,570	5,654,663
Common Stock Options Outstanding
Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for issuance	3,765,875	3,629,039
Shares Available for Issuance Under Plans
Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for issuance	838,115	454,548
Shares Available for Issuance Under ESPP
Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for issuance	12,195,560	9,738,250

Research Collaboration and Ex_2

Research Collaboration and Exclusive License Agreement - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Target	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Research And Development Arrangement Contract To Perform For Others [Line Items]
Deferred revenue current	$ 5,906		$ 5,906		$ 5,163
Accounts receivable outstanding	500		$ 500		0
Merck Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Collaborative arrangement effective date			Dec. 15, 2020
Number of collaboration targets | Target			2
Non-refundable and non-creditable upfront fee			$ 8,000
Payable upon selection of second collaboration target	8,000		8,000
Milestone payments			285,000
Revenue recognized	1,800	$ 1,200	5,800	$ 2,000
Deferred revenue	$ 9,700		9,700
Deferred revenue current					$ 5,900
Merck Agreement | Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone payments per collaboration target			142,500
Milestone payments upon successful completion of certain commercial milestones			350,000
Merck Agreement First Collaboration Target
Research And Development Arrangement Contract To Perform For Others [Line Items]
Non-refundable and non-creditable upfront fee			8,000
Transaction price			11,400
Reimbursable research program funding for collaboration target			3,400
Aggregate transaction price allocated to unsatisfied performance obligation			2,400
Merck Agreement Second Collaboration Target
Research And Development Arrangement Contract To Perform For Others [Line Items]
Non refundable and non-creditable target payment received			$ 8,000

Research Collaboration and Ex_3

Research Collaboration and Exclusive License Agreement - Additional Information 1 (Detail) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01	Sep. 30, 2022
First Collaboration Target
Research And Development Arrangement Contract To Perform For Others [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Second Collaboration Target
Research And Development Arrangement Contract To Perform For Others [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year 10 months 24 days