Janux Therapeutics (JANX) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Trading Symbol	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		46,138,810
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	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 33,703	$ 51,426
Short-term investments	269,586	275,590
Prepaid expenses and other current assets	6,013	5,423
Total current assets	309,302	332,439
Restricted cash	816	816
Property and equipment, net	7,378	7,086
Operating lease right-of-use assets	21,571	22,279
Other long-term assets	2,433	1,390
Total assets	341,500	364,010
Current liabilities:
Accounts payable	1,910	2,159
Accrued liabilities	9,216	8,010
Current portion of deferred revenue	5,340	5,406
Unvested stock liabilities	30	169
Current portion of operating lease liabilities	1,408	763
Total current liabilities	17,904	16,507
Deferred revenue, net of current portion	307	2,221
Operating lease liabilities, net of current portion	23,820	24,542
Total liabilities	42,031	43,270
Commitments and contingencies (Note 3)
Stockholders’ equity (deficit):
Preferred stock, $0.001 par value; authorized shares -10,000,000 at June 30, 2023 and December 31, 2022, respectively; no shares issued and outstanding at June 30, 2023 and December 31, 2022
Common stock, $0.001 par value; authorized shares - 200,000,000 at June 30, 2023 and December 31, 2022, respectively; issued shares - 41,891,226 and 41,684,666 at June 30, 2023 and December 31, 2022, respectively; outstanding shares - 41,867,536 and 41,616,260 at June 30, 2023 and December 31, 2022, respectively	42	42
Additional paid-in capital	445,924	432,703
Accumulated other comprehensive loss	(1,060)	(1,535)
Accumulated deficit	(145,437)	(110,470)
Total stockholders' equity	299,469	320,740
Total liabilities and stockholders' equity	$ 341,500	$ 364,010

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	41,891,226	41,684,666
Common stock, shares outstanding	41,867,536	41,616,260

Unaudited Condensed Statements

Unaudited Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Collaboration revenue	$ 1,057	$ 2,365	$ 3,105	$ 3,954
Operating expenses:
Research and development	14,924	14,086	30,789	24,270
General and administrative	6,881	5,540	13,345	10,487
Total operating expenses	21,805	19,626	44,134	34,757
Loss from operations	(20,748)	(17,261)	(41,029)	(30,803)
Other income:
Interest income	3,240	373	6,062	505
Total other income	3,240	373	6,062	505
Net loss	(17,508)	(16,888)	(34,967)	(30,298)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale securities, net	(321)	(340)	475	(1,637)
Comprehensive loss	$ (17,829)	$ (17,228)	$ (34,492)	$ (31,935)
Net loss per common share, basic	$ (0.42)	$ (0.41)	$ (0.84)	$ (0.73)
Net loss per common share, diluted	$ (0.42)	$ (0.41)	$ (0.84)	$ (0.73)
Weighted-average shares of common stock outstanding, basic	41,836,238	41,448,743	41,800,304	41,382,481
Weighted-average shares of common stock outstanding diluted	41,836,238	41,448,743	41,800,304	41,382,481

Unaudited Condensed Statement_2

Unaudited Condensed Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
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
Exercise of common stock options	1		1
Exercise of common stock options (in shares)		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	712	$ 1	711
Vesting of restricted shares (in shares)		218,065
Stock-based compensation	8,402		8,402
Unrealized gain (loss) on available-for-sale securities, net	(1,637)			(1,637)
Net Income (Loss)	(30,298)				(30,298)
Ending balance at Jun. 30, 2022	343,814	$ 42	423,388	(1,907)	(77,709)
Ending balance (in shares) at Jun. 30, 2022		41,501,269
Beginning balance at Mar. 31, 2022	356,082	$ 41	418,429	(1,567)	(60,821)
Beginning balance (in shares) at Mar. 31, 2022		41,393,660
Exercise of common stock options (in shares)		1,000
Shares issued under employee stock purchase plan	307		307
Shares issued under employee stock purchase plan (in shares)		32,662
Vesting of restricted shares	209	$ 1	208
Vesting of restricted shares (in shares)		73,947
Stock-based compensation	4,444		4,444
Unrealized gain (loss) on available-for-sale securities, net	(340)			(340)
Net Income (Loss)	(16,888)				(16,888)
Ending balance at Jun. 30, 2022	343,814	$ 42	423,388	(1,907)	(77,709)
Ending balance (in shares) at Jun. 30, 2022		41,501,269
Beginning balance at Dec. 31, 2022	320,740	$ 42	432,703	(1,535)	(110,470)
Beginning balance (in shares) at Dec. 31, 2022		41,616,260
Exercise of common stock options	$ 1,580		1,580
Exercise of common stock options (in shares)	148,649	148,649
Shares issued under employee stock purchase plan	$ 528		528
Shares issued under employee stock purchase plan (in shares)		57,911
Vesting of restricted shares	139		139
Vesting of restricted shares (in shares)		44,716
Stock-based compensation	10,974		10,974
Unrealized gain (loss) on available-for-sale securities, net	475			475
Net Income (Loss)	(34,967)				(34,967)
Ending balance at Jun. 30, 2023	299,469	$ 42	445,924	(1,060)	(145,437)
Ending balance (in shares) at Jun. 30, 2023		41,867,536
Beginning balance at Mar. 31, 2023	311,264	$ 42	439,890	(739)	(127,929)
Beginning balance (in shares) at Mar. 31, 2023		41,802,807
Shares issued under employee stock purchase plan	528		528
Shares issued under employee stock purchase plan (in shares)		57,911
Vesting of restricted shares	5		5
Vesting of restricted shares (in shares)		6,818
Stock-based compensation	5,501		5,501
Unrealized gain (loss) on available-for-sale securities, net	(321)			(321)
Net Income (Loss)	(17,508)				(17,508)
Ending balance at Jun. 30, 2023	$ 299,469	$ 42	$ 445,924	$ (1,060)	$ (145,437)
Ending balance (in shares) at Jun. 30, 2023		41,867,536

Unaudited Condensed Statement_3

Unaudited Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (34,967)	$ (30,298)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	924	189
Stock-based compensation	10,974	8,402
Accretion of discounts on investments, net	(3,519)	(123)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(590)	(1,987)
Other long-term assets	(1,043)	185
Accounts payable	(278)	117
Accrued expenses	883	264
Deferred revenue	(1,980)	4,797
Operating lease right-of-use assets and liabilities, net	631	859
Net cash used in operating activities	(28,965)	(17,595)
Cash flows from investing activities
Purchases of property and equipment	(865)	(1,869)
Purchases of short-term investments	(148,251)	(113,874)
Maturities of short-term investments	158,250	155,850
Net cash provided by investing activities	9,134	40,107
Cash flows from financing activities
Proceeds from exercise of vested and unvested common stock options and employee stock purchase plan	2,108	309
Net cash provided by financing activities	2,108	309
Net increase (decrease) in cash, cash equivalents and restricted cash	(17,723)	22,821
Cash, cash equivalents and restricted cash -- beginning of period	52,242	36,398
Cash, cash equivalents and restricted cash -- end of period	34,519	59,219
Supplemental disclosure of noncash investing and financing activities
Unpaid property and equipment	460	463
Vesting of restricted common stock	139	711
Unrealized gain (loss) on available-for-sale securities, net	475	(1,637)
Operating lease liabilities arising from right-of-use assets	$ 0	$ 23,078

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (17,508)	$ (16,888)	$ (34,967)	$ (30,298)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023, 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 assets. The Company has incurred net losses and negative cash flows from operations since inception and had an accumulated deficit of $ 145.4 million as of June 30, 2023 . The Company has a limited operating history, has not generated any product revenue, and the sales and income potential of its business is unproven. To date the Company has funded its operations primarily with the net proceeds from the issuance of convertible promissory notes, the issuance of convertible preferred stock, the issuance of common stock in its initial public offering (“IPO”), the exercise of common stock options and amounts received under a collaboration agreement. The Company expects to incur substantial operating losses for the next several years and will need to obtain additional financing in order to continue its research and development activities, initiate and complete clinical trials and launch and commercialize any product candidates for which it receives regulatory approval. The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity or debt financings or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. There can be no assurance that such financing will be available or will be at terms acceptable to the Company, especially in light of COVID-19 and other public health crises, current financial conditions within the banking industry, including the effects of recent failures of financial institutions and liquidity levels, as well as recent or anticipated changes in interest rates and the inflationary macro environment. Management believes the Company has sufficient capital to fund its operation for at least 12 months from the issuance date of these unaudited condensed financial statements. Unaudited Interim Financial Information The unaudited condensed financial statements as of June 30, 2023, and for the three and six months ended June 30, 2023 and 2022, 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, 2022 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, 2022. 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. 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 June 30, 2023: Assets: Cash equivalents: Money market funds $ 29,431 $ 29,431 $ — $ — Total cash equivalents 29,431 29,431 — — Short-term investments: U.S. Treasury securities 27,099 27,099 — — U.S. agency bonds 104,150 — 104,150 — U.S. agency discount notes 4,424 — 4,424 — Asset-backed securities 4,921 — 4,921 — Corporate debt securities 1,978 — 1,978 — Commercial paper 127,014 — 127,014 — Total short-term investments 269,586 27,099 242,487 — Restricted cash: Money market account 816 816 — — Total restricted cash 816 816 — — Total assets measured at fair value on a recurring basis $ 299,833 $ 57,346 $ 242,487 $ — Fair Value Measurements at Total Quoted Prices in Significant Other Significant As of December 31, 2022: Assets: Cash equivalents: Money market funds $ 12,697 $ 12,697 $ — $ — Total cash equivalents 12,697 12,697 — — Short-term investments: U.S. Treasury securities 63,016 63,016 — — U.S. agency bonds 67,020 — 67,020 — U.S. agency discount notes 4,334 — 4,334 — Corporate debt securities 1,970 — 1,970 — Commercial paper 139,250 — 139,250 — Total short-term investments 275,590 63,016 212,574 — Restricted cash: Money market account 816 816 — — Total restricted cash 816 816 — — Total assets measured at fair value on a recurring basis $ 289,103 $ 76,529 $ 212,574 $ — 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): June 30, December 31, Cash and cash equivalents $ 33,703 $ 51,426 Restricted cash 816 816 Total cash and cash equivalents and restricted cash $ 34,519 $ 52,242 Short-Term Investments Short-term investments consist of U.S. Treasury securities, U.S. agency bonds, U.S. agency discount notes, asset-backed securities, corporate debt securities and commercial paper, all of which are highly rated by Moody’s, S&P, and Fitch. 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 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 June 30, 2023 Amortized Unrealized Estimated Cost Gains Losses Fair Value U.S. Treasury securities $ 27,172 $ — $ ( 73 ) $ 27,099 U.S. agency bonds 104,875 — ( 725 ) 104,150 U.S. agency discount notes 4,427 — ( 3 ) 4,424 Asset-backed securities 4,974 — ( 53 ) 4,921 Corporate debt securities 1,987 — ( 9 ) 1,978 Commercial paper 127,211 3 ( 200 ) 127,014 Total $ 270,646 $ 3 $ ( 1,063 ) $ 269,586 As of December 31, 2022 Amortized Unrealized Estimated Cost Gains Losses Fair Value U.S. Treasury securities $ 63,675 $ — $ ( 659 ) $ 63,016 U.S. agency bonds 67,421 — ( 401 ) 67,020 U.S. agency discount notes 4,321 13 — 4,334 Corporate debt securities 1,975 — ( 5 ) 1,970 Commercial paper 139,733 26 ( 509 ) 139,250 Total $ 277,125 $ 39 $ ( 1,574 ) $ 275,590 The amortized cost and estimated fair value in the tables above excl ude $ 1.5 million and $ 0.7 million o f accrued interest receivable as of June 30, 2023 and December 31, 2022, 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 June 30, 2023 Due in 1 Year or Less Due Between 1 and 2 Years U.S. Treasury securities $ 5,736 $ 21,363 U.S. agency bonds 58,647 45,503 U.S. agency discount notes 4,424 — Asset-backed securities — 4,921 Corporate debt securities 1,978 — Commercial paper 127,014 — Total $ 197,799 $ 71,787 As of December 31, 2022 Due in 1 Year or Less Due Between 1 and 2 Years U.S. Treasury securities $ 57,369 $ 5,647 U.S. agency bonds 37,202 29,818 U.S. agency discount notes 4,334 — Corporate debt securities — 1,970 Commercial paper 139,250 — Total $ 238,155 $ 37,435 As of June 30, 2023, 40 out of 46 of our a vailable-for-sale debt securities were in an aggregate gross unrealized loss position. The Company relies on both qualitative and quantitative factors to determine whether the unrealized loss for each available-for-sale debt security at any balance sheet date is due to a credit loss. Qualitative factors may include a credit downgrade, severity of the decline in fair value below amortized cost and other adverse conditions related specifically to the security, as well as the intent to sell the security, or whether the Company will “more likely than not” be required to sell the security before recovery of its amortized cost basis. 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 and does not intend to sell any securities prior to maturity. No allowance for credit losses has been recorded as of June 30, 2023 or December 31, 2022. 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, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands): As of June 30, 2023 Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 27,099 $ ( 73 ) $ — $ — $ 27,099 $ ( 73 ) U.S. agency bonds 99,155 ( 720 ) 4,995 ( 5 ) 104,150 ( 725 ) U.S. agency discount notes 4,424 ( 3 ) — — 4,424 ( 3 ) Asset-backed securities 4,921 ( 53 ) — — 4,921 ( 53 ) Corporate debt securities 1,978 ( 9 ) — — 1,978 ( 9 ) Commercial paper 99,633 ( 200 ) — — 99,633 ( 200 ) Total $ 237,210 $ ( 1,058 ) $ 4,995 $ ( 5 ) $ 242,205 $ ( 1,063 ) As of December 31, 2022 Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 15,566 $ ( 82 ) $ 47,450 $ ( 577 ) $ 63,016 $ ( 659 ) U.S. agency bonds 67,020 ( 401 ) — — 67,020 ( 401 ) Corporate debt securities 1,970 ( 5 ) — — 1,970 ( 5 ) Commercial paper 118,840 ( 509 ) — — 118,840 ( 509 ) Total $ 203,396 $ ( 997 ) $ 47,450 $ ( 577 ) $ 250,846 $ ( 1,574 ) Concentrations of Credit 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 invests its cash reserves in money market funds or available-for-sale debt securities in accordance with its investment policy. The Company’s investment policy includes guidelines on acceptable investment securities, limits interest-bearing security investments to certain types of debt and money market instruments issued by the U.S. government and institutions with investment grade credit ratings and places restrictions on maturities and concentration by asset class and issuer in order to maintain appropriate diversification. In accordance with the Company’s policies, the Company monitors exposure with its counterparties. The Company also maintains deposits in federally insured financial institutions 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. 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 June 30, 2023, and December 31, 2022, all of the Company’s accounts receivable, if any, relate to a single customer. For the three and six months ended June 30, 2023 and 2022, 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 stockholders’ equity. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration for potentially dilutive securities. The Company has excluded weighted-average unvested shares of 26,987 shares, 197,515 shares, 38,160 shares and 252,335 shar es from the weighted-average number of shares of common stock outstanding for the three months ended June 30, 2023 and 2022 and six months ended June 30, 2023 and 2022, respectively. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock 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): June 30, 2023 2022 Common stock options 9,076,276 7,548,970 Unvested common stock 23,690 161,760 Employee stock purchase plan shares 8,276 5,936 Total potentially dilutive shares 9,108,242 7,716,666

Balance Sheet Details

Balance Sheet Details	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Balance Sheet Details	2. Balance Sheet Details Property and equipment, net consist of the following (in thousands): June 30, December 31, Laboratory equipment $ 7,503 $ 6,838 Furniture and fixtures 792 752 Computer equipment and software 496 323 Assets not placed in service 470 145 Total property and equipment 9,261 8,058 Less: accumulated depreciation ( 1,883 ) ( 972 ) Property and equipment, net $ 7,378 $ 7,086 Accrued liabilities consist of the following (in thousands): June 30, December 31, Accrued compensation $ 1,665 $ 2,671 Accrued research and development 6,529 4,716 Other accrued liabilities 1,022 623 Accrued liabilities $ 9,216 $ 8,010

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
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 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 as of June 30, 2023 are as follows (in thousands): 2023 (remaining) $ 1,673 2024 3,403 2025 3,505 2026 3,611 2027 3,719 Thereafter 20,702 Total minimum lease payments 36,613 Less: Imputed interest ( 11,385 ) Total operating lease liabilities 25,228 Less: Current portion of operating lease liabilities ( 1,408 ) Operating lease liabilities, net of current portion $ 23,820 The Torrey Plaza lease had a remaining lease term of 9.6 years and a discount rate of 8 % as of June 30, 2023. Operating lease expense included in the measurement of lease liabilities for the three and six months ended June 30, 2023 was $ 0.9 million and $ 1.7 million. Cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2023 was $ 0.8 million and $ 1.1 million. Operating lease expense included in the measurement of lease liabilities for the three and six months ended June 30, 2022 was $ 0.9 million and $ 1.0 million, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2022 was immaterial. Contingencies From time to time, the Company may be subject to claims or lawsuits 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. As of June 30, 2023, the Company is not currently party to any material le gal proceedings.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	4. Related Party Transactions In January 2021, the Company entered into a Support Services Agreement (the "2021 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, an entity that beneficially owns greater than 5 % of our outstanding capital stock. The 2021 Support Services Agreement was most recently renewed in January 2023 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. Operating expense recognized by the Company under the 2021 Support Services Agreement for the three and six months ended June 30, 2023 was immaterial. Operating expense recognized by the Company under the 2021 Support Services Agreement for the three and six months ended June 30, 2022 was as follows (in thousands): Three Months Ended Six Months Ended Research and development $ 197 $ 405 General and administrative 22 64 Total $ 219 $ 469

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	5. Stockholders’ Equity Shelf Registration Statement In August 2022, the Company filed a shelf registration statement (File No. 333-266720), which was declared effective in September 2022. The shelf registration statement provides the Company with the ability to offer up to $ 400.0 million of certain securities, including shares of its common stock, from time to time. The specific terms of any offering under the shelf registration statement are established at the time of such offering. In August 2022, the Company entered into an Open Market Sale Agreement SM (“Sale Agreement”) with Jefferies LLC (“Jefferies”) to sell shares of common stock, from time to time, through an “at the market offering” program having an aggregate offering price of up to $ 100.0 million through which Jefferies would act as sales agent. In May 2023 , the Company terminated the Sale Agreement. In May 2023, the Company entered into an ATM Equity Offering SM Sales Agreement (“New Sale Agreement”) with BofA Securities, Inc. (“BofA”) to sell shares of common stock, from time to time, through an “at the market offering” program having an aggregate offering price of up to $ 150.0 million through which BofA would act as sales agent. There was no activity from the New Sale Agreement during the six months ended June 30, 2023. As of June 30, 2023 , $ 150.0 million of common stock remained available for sale under the New Sale Agreement. 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 through January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s common stock on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company’s board of directors. As of June 30, 2023, there wer e 8,759,876 shar es 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, 2022 7,345,444 $ 11.67 8.31 $ 29,806 Granted 1,974,250 $ 13.91 Exercised ( 148,649 ) $ 10.63 Forfeited or cancelled ( 94,769 ) $ 16.11 Balance at June 30, 2023 9,076,276 $ 12.13 7.66 $ 22,988 Vested and expected to vest at June 30, 2023 9,076,276 $ 12.13 7.66 $ 22,988 Exercisable at June 30, 2023 5,531,378 $ 9.41 7.02 $ 22,513 The weighted-average grant date fair value per share of option grants for the six months ended June 30, 2023 and 2022 was $ 10.09 , and $ 12.65 , respectively. The total intrinsic value of stock options exercised for the six months ended June 30, 2023 and 2022 was $ 1.5 million and $ 0.1 million, respectively. As of June 30, 2023 , total unrecognized stock-based compensation cost associated with option grants was $ 49.3 million, which is expected to be recognized over a remaining weighted-average period of approximately 2.5 years. The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants under the Plans were as follows: Six Months Ended 2023 2022 Risk-free interest rate 3.5 % – 4.2 % 1.5 % – 3.6 % Expected volatility 83 % – 87 % 81 % – 85 % Expected term (in years) 5.3 – 6.1 5.3 – 6.1 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 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 six months ended June 30, 2023, stock-based compensation expense related to t he ESPP was $ 0.4 million and $ 0.6 million, re spectively. Stock-based compensation expense related to the ESPP for the three and six months ended June 30, 2022 was $ 0.2 million and $ 0.3 million, re spectively. As of June 30, 2023 , total unrecognized stock-based compensation expense related to the ESPP was $ 0.6 million, which is expected to be recognized over a remaining weighted-average period of approximately 1.5 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 Six Months Ended 2023 2022 2023 2022 Research and development $ 2,449 $ 2,023 $ 4,807 $ 3,683 General and administrative 3,052 2,421 6,167 4,719 Total $ 5,501 $ 4,444 $ 10,974 $ 8,402 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, 2022 68,406 $ 169 Vested shares ( 44,716 ) ( 139 ) Balance at June 30, 2023 23,690 $ 30 Common Stock Reserved for Future Issuance Common stock reserved for future issuance consists of the following: June 30, December 31, 2023 2022 Common stock options outstanding 9,076,276 7,345,444 Shares available for issuance under the Plans 4,216,753 4,012,001 Shares available for issuance under the ESPP 1,175,413 816,478 Total 14,468,442 12,173,923

Research Collaboration and Excl

Research Collaboration and Exclusive License Agreement	6 Months Ended
	Jun. 30, 2023
Research Collaboration And Exclusive License Agreement [Abstract]
Research Collaboration and Exclusive License Agreement	6. Research Collaboration and Exclusive License Agreement In December 2020, the Company entered into a research collaboration and exclusive license agreement (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 the First Collaboration Target 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 recognized $ 1.1 million, $ 2.4 million, $ 3.1 million, and $ 4.0 million of revenue under the Merck Agreement for the three months ended June 30, 2023 and 2022 and six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 , aggregate deferred revenue related to the Merck Agreement was $ 5.6 million, $ 5.3 million of which was classified as current. The Company did no t have an accounts receivable balance outstanding as of June 30, 2023 and December 31, 2022. The remaining performance obligations under the Merck Agreement relate to the Company’s conduct of research services and the Company’s participation in a joint research committee for the Second Collaboration Target. The performance obligations related to the First Collaboration Target were completed as of June 30, 2023 . As it relates to the Second Collaboration Target, the Company estimates the remaining term of the research services, over which revenue will be recognized, to be 1.2 years as of June 30, 2023 .

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events In July 2023, the Company closed an underwritten offering of 4,153,717 shares of its common stock and pre-funded warrants to purchase 583,483 shares of common stock. The shares of common stock were sold at a price of $ 12.46 per share and the pre-funded warrants were sold at a price of $ 12.459 per pre-funded warrant, resulting in gross proceeds of $ 59.0 million. Fees related to the offering included u nderwriting discounts, commissions, and estimated offering expenses in the aggregate amount of $ 2.5 million, resulting in estimated net proceeds of $ 56.5 million.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023, 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 assets. The Company has incurred net losses and negative cash flows from operations since inception and had an accumulated deficit of $ 145.4 million as of June 30, 2023 . The Company has a limited operating history, has not generated any product revenue, and the sales and income potential of its business is unproven. To date the Company has funded its operations primarily with the net proceeds from the issuance of convertible promissory notes, the issuance of convertible preferred stock, the issuance of common stock in its initial public offering (“IPO”), the exercise of common stock options and amounts received under a collaboration agreement. The Company expects to incur substantial operating losses for the next several years and will need to obtain additional financing in order to continue its research and development activities, initiate and complete clinical trials and launch and commercialize any product candidates for which it receives regulatory approval. The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity or debt financings or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. There can be no assurance that such financing will be available or will be at terms acceptable to the Company, especially in light of COVID-19 and other public health crises, current financial conditions within the banking industry, including the effects of recent failures of financial institutions and liquidity levels, as well as recent or anticipated changes in interest rates and the inflationary macro environment. Management believes the Company has sufficient capital to fund its operation for at least 12 months from the issuance date of these unaudited condensed financial statements.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The unaudited condensed financial statements as of June 30, 2023, and for the three and six months ended June 30, 2023 and 2022, 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, 2022 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, 2022.
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. 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 June 30, 2023: Assets: Cash equivalents: Money market funds $ 29,431 $ 29,431 $ — $ — Total cash equivalents 29,431 29,431 — — Short-term investments: U.S. Treasury securities 27,099 27,099 — — U.S. agency bonds 104,150 — 104,150 — U.S. agency discount notes 4,424 — 4,424 — Asset-backed securities 4,921 — 4,921 — Corporate debt securities 1,978 — 1,978 — Commercial paper 127,014 — 127,014 — Total short-term investments 269,586 27,099 242,487 — Restricted cash: Money market account 816 816 — — Total restricted cash 816 816 — — Total assets measured at fair value on a recurring basis $ 299,833 $ 57,346 $ 242,487 $ — Fair Value Measurements at Total Quoted Prices in Significant Other Significant As of December 31, 2022: Assets: Cash equivalents: Money market funds $ 12,697 $ 12,697 $ — $ — Total cash equivalents 12,697 12,697 — — Short-term investments: U.S. Treasury securities 63,016 63,016 — — U.S. agency bonds 67,020 — 67,020 — U.S. agency discount notes 4,334 — 4,334 — Corporate debt securities 1,970 — 1,970 — Commercial paper 139,250 — 139,250 — Total short-term investments 275,590 63,016 212,574 — Restricted cash: Money market account 816 816 — — Total restricted cash 816 816 — — Total assets measured at fair value on a recurring basis $ 289,103 $ 76,529 $ 212,574 $ —
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): June 30, December 31, Cash and cash equivalents $ 33,703 $ 51,426 Restricted cash 816 816 Total cash and cash equivalents and restricted cash $ 34,519 $ 52,242
Short-Term Investments	Short-Term Investments Short-term investments consist of U.S. Treasury securities, U.S. agency bonds, U.S. agency discount notes, asset-backed securities, corporate debt securities and commercial paper, all of which are highly rated by Moody’s, S&P, and Fitch. 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 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 June 30, 2023 Amortized Unrealized Estimated Cost Gains Losses Fair Value U.S. Treasury securities $ 27,172 $ — $ ( 73 ) $ 27,099 U.S. agency bonds 104,875 — ( 725 ) 104,150 U.S. agency discount notes 4,427 — ( 3 ) 4,424 Asset-backed securities 4,974 — ( 53 ) 4,921 Corporate debt securities 1,987 — ( 9 ) 1,978 Commercial paper 127,211 3 ( 200 ) 127,014 Total $ 270,646 $ 3 $ ( 1,063 ) $ 269,586 As of December 31, 2022 Amortized Unrealized Estimated Cost Gains Losses Fair Value U.S. Treasury securities $ 63,675 $ — $ ( 659 ) $ 63,016 U.S. agency bonds 67,421 — ( 401 ) 67,020 U.S. agency discount notes 4,321 13 — 4,334 Corporate debt securities 1,975 — ( 5 ) 1,970 Commercial paper 139,733 26 ( 509 ) 139,250 Total $ 277,125 $ 39 $ ( 1,574 ) $ 275,590 The amortized cost and estimated fair value in the tables above excl ude $ 1.5 million and $ 0.7 million o f accrued interest receivable as of June 30, 2023 and December 31, 2022, 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 June 30, 2023 Due in 1 Year or Less Due Between 1 and 2 Years U.S. Treasury securities $ 5,736 $ 21,363 U.S. agency bonds 58,647 45,503 U.S. agency discount notes 4,424 — Asset-backed securities — 4,921 Corporate debt securities 1,978 — Commercial paper 127,014 — Total $ 197,799 $ 71,787 As of December 31, 2022 Due in 1 Year or Less Due Between 1 and 2 Years U.S. Treasury securities $ 57,369 $ 5,647 U.S. agency bonds 37,202 29,818 U.S. agency discount notes 4,334 — Corporate debt securities — 1,970 Commercial paper 139,250 — Total $ 238,155 $ 37,435 As of June 30, 2023, 40 out of 46 of our a vailable-for-sale debt securities were in an aggregate gross unrealized loss position. The Company relies on both qualitative and quantitative factors to determine whether the unrealized loss for each available-for-sale debt security at any balance sheet date is due to a credit loss. Qualitative factors may include a credit downgrade, severity of the decline in fair value below amortized cost and other adverse conditions related specifically to the security, as well as the intent to sell the security, or whether the Company will “more likely than not” be required to sell the security before recovery of its amortized cost basis. 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 and does not intend to sell any securities prior to maturity. No allowance for credit losses has been recorded as of June 30, 2023 or December 31, 2022. 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, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands): As of June 30, 2023 Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 27,099 $ ( 73 ) $ — $ — $ 27,099 $ ( 73 ) U.S. agency bonds 99,155 ( 720 ) 4,995 ( 5 ) 104,150 ( 725 ) U.S. agency discount notes 4,424 ( 3 ) — — 4,424 ( 3 ) Asset-backed securities 4,921 ( 53 ) — — 4,921 ( 53 ) Corporate debt securities 1,978 ( 9 ) — — 1,978 ( 9 ) Commercial paper 99,633 ( 200 ) — — 99,633 ( 200 ) Total $ 237,210 $ ( 1,058 ) $ 4,995 $ ( 5 ) $ 242,205 $ ( 1,063 ) As of December 31, 2022 Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 15,566 $ ( 82 ) $ 47,450 $ ( 577 ) $ 63,016 $ ( 659 ) U.S. agency bonds 67,020 ( 401 ) — — 67,020 ( 401 ) Corporate debt securities 1,970 ( 5 ) — — 1,970 ( 5 ) Commercial paper 118,840 ( 509 ) — — 118,840 ( 509 ) Total $ 203,396 $ ( 997 ) $ 47,450 $ ( 577 ) $ 250,846 $ ( 1,574 )
Concentrations of Credit Risk	Concentrations of Credit 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 invests its cash reserves in money market funds or available-for-sale debt securities in accordance with its investment policy. The Company’s investment policy includes guidelines on acceptable investment securities, limits interest-bearing security investments to certain types of debt and money market instruments issued by the U.S. government and institutions with investment grade credit ratings and places restrictions on maturities and concentration by asset class and issuer in order to maintain appropriate diversification. In accordance with the Company’s policies, the Company monitors exposure with its counterparties. The Company also maintains deposits in federally insured financial institutions 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. 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 June 30, 2023, and December 31, 2022, all of the Company’s accounts receivable, if any, relate to a single customer. For the three and six months ended June 30, 2023 and 2022, 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 stockholders’ equity.
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 shares of common stock outstanding for the period, without consideration for potentially dilutive securities. The Company has excluded weighted-average unvested shares of 26,987 shares, 197,515 shares, 38,160 shares and 252,335 shar es from the weighted-average number of shares of common stock outstanding for the three months ended June 30, 2023 and 2022 and six months ended June 30, 2023 and 2022, respectively. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock 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): June 30, 2023 2022 Common stock options 9,076,276 7,548,970 Unvested common stock 23,690 161,760 Employee stock purchase plan shares 8,276 5,936 Total potentially dilutive shares 9,108,242 7,716,666

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023: Assets: Cash equivalents: Money market funds $ 29,431 $ 29,431 $ — $ — Total cash equivalents 29,431 29,431 — — Short-term investments: U.S. Treasury securities 27,099 27,099 — — U.S. agency bonds 104,150 — 104,150 — U.S. agency discount notes 4,424 — 4,424 — Asset-backed securities 4,921 — 4,921 — Corporate debt securities 1,978 — 1,978 — Commercial paper 127,014 — 127,014 — Total short-term investments 269,586 27,099 242,487 — Restricted cash: Money market account 816 816 — — Total restricted cash 816 816 — — Total assets measured at fair value on a recurring basis $ 299,833 $ 57,346 $ 242,487 $ — Fair Value Measurements at Total Quoted Prices in Significant Other Significant As of December 31, 2022: Assets: Cash equivalents: Money market funds $ 12,697 $ 12,697 $ — $ — Total cash equivalents 12,697 12,697 — — Short-term investments: U.S. Treasury securities 63,016 63,016 — — U.S. agency bonds 67,020 — 67,020 — U.S. agency discount notes 4,334 — 4,334 — Corporate debt securities 1,970 — 1,970 — Commercial paper 139,250 — 139,250 — Total short-term investments 275,590 63,016 212,574 — Restricted cash: Money market account 816 816 — — Total restricted cash 816 816 — — Total assets measured at fair value on a recurring basis $ 289,103 $ 76,529 $ 212,574 $ —
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): June 30, December 31, Cash and cash equivalents $ 33,703 $ 51,426 Restricted cash 816 816 Total cash and cash equivalents and restricted cash $ 34,519 $ 52,242
Summary of Short-Term Investments	The following tables summarize short-term investments (in thousands): As of June 30, 2023 Amortized Unrealized Estimated Cost Gains Losses Fair Value U.S. Treasury securities $ 27,172 $ — $ ( 73 ) $ 27,099 U.S. agency bonds 104,875 — ( 725 ) 104,150 U.S. agency discount notes 4,427 — ( 3 ) 4,424 Asset-backed securities 4,974 — ( 53 ) 4,921 Corporate debt securities 1,987 — ( 9 ) 1,978 Commercial paper 127,211 3 ( 200 ) 127,014 Total $ 270,646 $ 3 $ ( 1,063 ) $ 269,586 As of December 31, 2022 Amortized Unrealized Estimated Cost Gains Losses Fair Value U.S. Treasury securities $ 63,675 $ — $ ( 659 ) $ 63,016 U.S. agency bonds 67,421 — ( 401 ) 67,020 U.S. agency discount notes 4,321 13 — 4,334 Corporate debt securities 1,975 — ( 5 ) 1,970 Commercial paper 139,733 26 ( 509 ) 139,250 Total $ 277,125 $ 39 $ ( 1,574 ) $ 275,590 The amortized cost and estimated fair value in the tables above excl ude $ 1.5 million and $ 0.7 million o f accrued interest receivable as of June 30, 2023 and December 31, 2022, respectively. Accrued interest receivable is included in prepaid expenses and other current assets in the accompanying balance sheets.
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 June 30, 2023 Due in 1 Year or Less Due Between 1 and 2 Years U.S. Treasury securities $ 5,736 $ 21,363 U.S. agency bonds 58,647 45,503 U.S. agency discount notes 4,424 — Asset-backed securities — 4,921 Corporate debt securities 1,978 — Commercial paper 127,014 — Total $ 197,799 $ 71,787 As of December 31, 2022 Due in 1 Year or Less Due Between 1 and 2 Years U.S. Treasury securities $ 57,369 $ 5,647 U.S. agency bonds 37,202 29,818 U.S. agency discount notes 4,334 — Corporate debt securities — 1,970 Commercial paper 139,250 — Total $ 238,155 $ 37,435
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, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands): As of June 30, 2023 Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 27,099 $ ( 73 ) $ — $ — $ 27,099 $ ( 73 ) U.S. agency bonds 99,155 ( 720 ) 4,995 ( 5 ) 104,150 ( 725 ) U.S. agency discount notes 4,424 ( 3 ) — — 4,424 ( 3 ) Asset-backed securities 4,921 ( 53 ) — — 4,921 ( 53 ) Corporate debt securities 1,978 ( 9 ) — — 1,978 ( 9 ) Commercial paper 99,633 ( 200 ) — — 99,633 ( 200 ) Total $ 237,210 $ ( 1,058 ) $ 4,995 $ ( 5 ) $ 242,205 $ ( 1,063 ) As of December 31, 2022 Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities $ 15,566 $ ( 82 ) $ 47,450 $ ( 577 ) $ 63,016 $ ( 659 ) U.S. agency bonds 67,020 ( 401 ) — — 67,020 ( 401 ) Corporate debt securities 1,970 ( 5 ) — — 1,970 ( 5 ) Commercial paper 118,840 ( 509 ) — — 118,840 ( 509 ) Total $ 203,396 $ ( 997 ) $ 47,450 $ ( 577 ) $ 250,846 $ ( 1,574 )
Summary of Potentially Dilutive Shares Not Included in the Calculation of Net Loss Per Share	Potentially dilutive securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares): June 30, 2023 2022 Common stock options 9,076,276 7,548,970 Unvested common stock 23,690 161,760 Employee stock purchase plan shares 8,276 5,936 Total potentially dilutive shares 9,108,242 7,716,666

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consist of the following (in thousands): June 30, December 31, Laboratory equipment $ 7,503 $ 6,838 Furniture and fixtures 792 752 Computer equipment and software 496 323 Assets not placed in service 470 145 Total property and equipment 9,261 8,058 Less: accumulated depreciation ( 1,883 ) ( 972 ) Property and equipment, net $ 7,378 $ 7,086
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): June 30, December 31, Accrued compensation $ 1,665 $ 2,671 Accrued research and development 6,529 4,716 Other accrued liabilities 1,022 623 Accrued liabilities $ 9,216 $ 8,010

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Noncancelable Operating Lease Payments	Future minimum noncancelable operating lease payments as of June 30, 2023 are as follows (in thousands): 2023 (remaining) $ 1,673 2024 3,403 2025 3,505 2026 3,611 2027 3,719 Thereafter 20,702 Total minimum lease payments 36,613 Less: Imputed interest ( 11,385 ) Total operating lease liabilities 25,228 Less: Current portion of operating lease liabilities ( 1,408 ) Operating lease liabilities, net of current portion $ 23,820

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Summary of Operating Expense Recognized under 2021 Support Services Agreement	Operating expense recognized by the Company under the 2021 Support Services Agreement for the three and six months ended June 30, 2022 was as follows (in thousands): Three Months Ended Six Months Ended Research and development $ 197 $ 405 General and administrative 22 64 Total $ 219 $ 469

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2022 7,345,444 $ 11.67 8.31 $ 29,806 Granted 1,974,250 $ 13.91 Exercised ( 148,649 ) $ 10.63 Forfeited or cancelled ( 94,769 ) $ 16.11 Balance at June 30, 2023 9,076,276 $ 12.13 7.66 $ 22,988 Vested and expected to vest at June 30, 2023 9,076,276 $ 12.13 7.66 $ 22,988 Exercisable at June 30, 2023 5,531,378 $ 9.41 7.02 $ 22,513
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 the Plans were as follows: Six Months Ended 2023 2022 Risk-free interest rate 3.5 % – 4.2 % 1.5 % – 3.6 % Expected volatility 83 % – 87 % 81 % – 85 % Expected term (in years) 5.3 – 6.1 5.3 – 6.1 Expected dividend yield — —
Summary of Stock-Based Compensation Expense	Stock-based compensation expense has been reported in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development $ 2,449 $ 2,023 $ 4,807 $ 3,683 General and administrative 3,052 2,421 6,167 4,719 Total $ 5,501 $ 4,444 $ 10,974 $ 8,402
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, 2022 68,406 $ 169 Vested shares ( 44,716 ) ( 139 ) Balance at June 30, 2023 23,690 $ 30
Summary of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance consists of the following: June 30, December 31, 2023 2022 Common stock options outstanding 9,076,276 7,345,444 Shares available for issuance under the Plans 4,216,753 4,012,001 Shares available for issuance under the ESPP 1,175,413 816,478 Total 14,468,442 12,173,923

Organization and Summary of S_4

Organization and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) Security shares	Jun. 30, 2022 shares	Jun. 30, 2023 USD ($) Security shares	Jun. 30, 2022 shares	Dec. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (145,437)		$ (145,437)		$ (110,470)
Accrued interest receivable	$ 1,500		$ 1,500		700
Available-for-sale debt securities number of position gross unrealized loss | Security	40		40
Number of available-for-sale debt securities | Security			46
Allowance for credit losses	$ 0		$ 0		$ 0
Weighted-average unvested shares | shares	26,987	197,515	38,160	252,335

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	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	$ 29,431	$ 12,697
Total short-term investments	269,586	275,590
Total restricted cash	816	816
Total assets measured at fair value on a recurring basis	299,833	289,103
U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	27,099	63,016
U.S. Agency Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	104,150	67,020
U.S. Agency Discount Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	4,424	4,334
Asset-Backed Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	4,921
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	1,978	1,970
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	127,014	139,250
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	29,431	12,697
Total restricted cash	816	816
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	29,431	12,697
Total short-term investments	27,099	63,016
Total restricted cash	816	816
Total assets measured at fair value on a recurring basis	57,346	76,529
Level 1 | U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	27,099	63,016
Level 1 | U.S. Agency Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Level 1 | U.S. Agency Discount Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Level 1 | Asset-Backed Securities
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	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 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	29,431	12,697
Total restricted cash	816	816
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	0	0
Total short-term investments	242,487	212,574
Total restricted cash	0	0
Total assets measured at fair value on a recurring basis	242,487	212,574
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	104,150	67,020
Level 2 | U.S. Agency Discount Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	4,424	4,334
Level 2 | Asset-Backed Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	4,921
Level 2 | Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	1,978	1,970
Level 2 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	127,014	139,250
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	0
Level 3 | U.S. Agency Discount Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Level 3 | Asset-Backed Securities
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	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 | 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	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 33,703	$ 51,426
Restricted cash	816	816
Total cash and cash equivalents and restricted cash	$ 34,519	$ 52,242	$ 59,219	$ 36,398

Organization and Summary of S_7

Organization and Summary of Significant Accounting Policies - Summary of Short-Term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 270,646	$ 277,125
Unrealized Gains	3	39
Unrealized Losses	(1,063)	(1,574)
Estimated Fair Value	269,586	275,590
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	27,172	63,675
Unrealized Gains	0	0
Unrealized Losses	(73)	(659)
Estimated Fair Value	27,099	63,016
U.S. Agency Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	104,875	67,421
Unrealized Gains	0	0
Unrealized Losses	(725)	(401)
Estimated Fair Value	104,150	67,020
U.S. Agency Discount Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	4,427	4,321
Unrealized Gains	0	13
Unrealized Losses	(3)	0
Estimated Fair Value	4,424	4,334
Asset-Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	4,974
Unrealized Gains	0
Unrealized Losses	(53)
Estimated Fair Value	4,921
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,987	1,975
Unrealized Gains	0	0
Unrealized Losses	(9)	(5)
Estimated Fair Value	1,978	1,970
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	127,211	139,733
Unrealized Gains	3	26
Unrealized Losses	(200)	(509)
Estimated Fair Value	$ 127,014	$ 139,250

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	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Due in 1 Year or Less	$ 197,799	$ 238,155
Due Between 1 and 2 Years	71,787	37,435
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Due in 1 Year or Less	5,736	57,369
Due Between 1 and 2 Years	21,363	5,647
U.S. Agency Bonds
Schedule Of Available For Sale Securities [Line Items]
Due in 1 Year or Less	58,647	37,202
Due Between 1 and 2 Years	45,503	29,818
U.S. Agency Discount Notes
Schedule Of Available For Sale Securities [Line Items]
Due in 1 Year or Less	4,424	4,334
Due Between 1 and 2 Years	0	0
Asset-Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Due in 1 Year or Less	0
Due Between 1 and 2 Years	4,921
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Due in 1 Year or Less	1,978	0
Due Between 1 and 2 Years	0	1,970
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Due in 1 Year or Less	127,014	139,250
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	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months, Fair Value	$ 237,210	$ 203,396
Less than 12 Months, Unrealized Losses	(1,058)	(997)
12 Months or Longer, Fair Value	4,995	47,450
12 Months or Longer, Unrealized Losses	(5)	(577)
Total, Fair Value	242,205	250,846
Total, Unrealized Losses	(1,063)	(1,574)
U.S. Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months, Fair Value	27,099	15,566
Less than 12 Months, Unrealized Losses	(73)	(82)
12 Months or Longer, Fair Value	0	47,450
12 Months or Longer, Unrealized Losses	0	(577)
Total, Fair Value	27,099	63,016
Total, Unrealized Losses	(73)	(659)
U.S. Agency Bonds
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months, Fair Value	99,155	67,020
Less than 12 Months, Unrealized Losses	(720)	(401)
12 Months or Longer, Fair Value	4,995	0
12 Months or Longer, Unrealized Losses	(5)	0
Total, Fair Value	104,150	67,020
Total, Unrealized Losses	(725)	(401)
U.S. Agency Discount Notes
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months, Fair Value	4,424
Less than 12 Months, Unrealized Losses	(3)
12 Months or Longer, Fair Value	0
12 Months or Longer, Unrealized Losses	0
Total, Fair Value	4,424
Total, Unrealized Losses	(3)
Asset-Backed Securities
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months, Fair Value	4,921
Less than 12 Months, Unrealized Losses	(53)
12 Months or Longer, Fair Value	0
12 Months or Longer, Unrealized Losses	0
Total, Fair Value	4,921
Total, Unrealized Losses	(53)
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months, Fair Value	1,978	1,970
Less than 12 Months, Unrealized Losses	(9)	(5)
12 Months or Longer, Fair Value	0	0
12 Months or Longer, Unrealized Losses	0	0
Total, Fair Value	1,978	1,970
Total, Unrealized Losses	(9)	(5)
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Less than 12 Months, Fair Value	99,633	118,840
Less than 12 Months, Unrealized Losses	(200)	(509)
12 Months or Longer, Fair Value	0	0
12 Months or Longer, Unrealized Losses	0	0
Total, Fair Value	99,633	118,840
Total, Unrealized Losses	$ (200)	$ (509)

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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive shares	9,108,242	7,716,666
Common Stock Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive shares	9,076,276	7,548,970
Unvested Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive shares	23,690	161,760
Employee Stock Purchase Plan Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total potentially dilutive shares	8,276	5,936

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment	$ 9,261	$ 8,058
Less: accumulated depreciation	(1,883)	(972)
Property and equipment, net	7,378	7,086
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	7,503	6,838
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	792	752
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Total property and equipment	496	323
Assets not placed in service
Property Plant And Equipment [Line Items]
Total property and equipment	$ 470	$ 145

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation	$ 1,665	$ 2,671
Accrued research and development	6,529	4,716
Other accrued liabilities	1,022	623
Accrued liabilities	$ 9,216	$ 8,010

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commitments And Contingencies [Line Items]
Operating lease expense		$ 0.9	$ 0.9	$ 1.7	$ 1
Cash paid		$ 0.8		$ 1.1
Torrey Plaza
Commitments And Contingencies [Line Items]
Operating lease commencement date	Apr. 01, 2022
Operating lease term of contract	130 months
Operating lease, option to extend				option to extend
Operating lease, existence of option to extend	true
Operating lease, renewal term	5 years
Operating lease, weighted average remaining lease term		9 years 7 months 6 days		9 years 7 months 6 days
Operating lease, weighted average discount rate		8%		8%
Letter of credit	$ 0.8
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				$ 0.2
Maximum payment to buy out royalty obligation				$ 15

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Noncancelable Operating Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments And Contingencies [Line Items]
2023 (remaining)	$ 1,673
2024	3,403
2025	3,505
2026	3,611
2027	3,719
Thereafter	20,702
Total minimum lease payments	36,613
Less: Imputed interest	(11,385)
Total operating lease liabilities	25,228
Less: Current portion of operating lease liabilities	(1,408)	$ (763)
Operating lease liabilities, net of current portion	$ 23,820	$ 24,542

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	Jun. 30, 2023
Related Party Transactions [Abstract]
Minimum beneficial ownership percentage of outstanding capital stock	5%

Related Party Transactions - Su

Related Party Transactions - Summary of Operating Expense Recognized under 2021 Support Services Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Operating Costs and Expenses	$ 21,805	$ 19,626	$ 44,134	$ 34,757
Support Services Agreement | COI Pharmaceuticals, Inc.
Related Party Transaction [Line Items]
Operating Costs and Expenses		219		469
Support Services Agreement | COI Pharmaceuticals, Inc. | Research and Development
Related Party Transaction [Line Items]
Operating Costs and Expenses		197		405
Support Services Agreement | COI Pharmaceuticals, Inc. | General and Administrative
Related Party Transaction [Line Items]
Operating Costs and Expenses		$ 22		$ 64

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 10, 2021	May 31, 2023	Aug. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jun. 30, 2021
Class Of Stock [Line Items]
Common stock, shares issued				41,891,226		41,891,226		41,684,666
Preferred stock, par value				$ 0.001		$ 0.001		$ 0.001
Common stock reserved for issuance				14,468,442		14,468,442		12,173,923
Weighted average grant date fair value per share of option grants						$ 10.09	$ 12.65
Total Intrinsic value of stock options exercised						$ 1,500	$ 100
Unrecognized stock-based compensation cost				$ 49,300		$ 49,300
Unrecognized stock-based compensation cost, weighted-average period of recognition						2 years 6 months
Percentage of number of common stock shares	1%
Aggregate offering price of common stock				42		$ 42		$ 42
Termination of sale agreement month and year		2023-05
BofA Securities, Inc [Member]
Class Of Stock [Line Items]
Aggregate offering price of common stock				$ 150,000		$ 150,000
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				8,759,876		8,759,876
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				$ 600		$ 600
Unrecognized stock-based compensation cost, weighted-average period of recognition						1 year 6 months
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				$ 400	$ 200	$ 600	$ 300
Maximum
Class Of Stock [Line Items]
Securities issuable			$ 400,000
Maximum | Jefferies Group LLC [Member]
Class Of Stock [Line Items]
Aggregate offering price of common stock			$ 100,000
Maximum | BofA Securities, Inc [Member]
Class Of Stock [Line Items]
Aggregate offering price of common stock		$ 150,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Outstanding Options, Beginning balance	7,345,444
Number of Outstanding Options, Granted	1,974,250
Number of Outstanding Options, Exercised	(148,649)
Number of Outstanding Options, Forfeited or cancelled	(94,769)
Number of Outstanding Options, Ending balance	9,076,276	7,345,444
Number of Outstanding Options, Vested and expected to vest	9,076,276
Number of Outstanding Options, Exercisable	5,531,378
Weighted- Average Exercise Price, Beginning balance	$ 11.67
Weighted- Average Exercise Price, Granted	13.91
Weighted- Average Exercise Price, Exercised	10.63
Weighted- Average Exercise Price, Forfeited or cancelled	16.11
Weighted- Average Exercise Price, Ending balance	12.13	$ 11.67
Weighted- Average Exercise Price, Vested and expected to vest	12.13
Weighted- Average Exercise Price, Exercisable	$ 9.41
Weighted- Average Remaining Contractual Term	7 years 7 months 28 days	8 years 3 months 21 days
Weighted- Average Remaining Contractual Term, Vested and expected to vest	7 years 7 months 28 days
Weighted- Average Remaining Contractual Term, Exercisable	7 years 7 days
Aggregate Intrinsic Value	$ 22,988	$ 29,806
Aggregate Intrinsic Value, Vested and expected to vest	22,988
Aggregate Intrinsic Value, Exercisable	$ 22,513

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Fair Value of Stock Option Grants (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Class Of Stock [Line Items]
Expected dividend yield	0%	0%
Minimum
Class Of Stock [Line Items]
Risk-free interest rate	3.50%	1.50%
Expected volatility	83%	81%
Expected term (in years)	5 years 3 months 18 days	5 years 3 months 18 days
Maximum
Class Of Stock [Line Items]
Risk-free interest rate	4.20%	3.60%
Expected volatility	87%	85%
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 5,501	$ 4,444	$ 10,974	$ 8,402
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	2,449	2,023	4,807	3,683
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 3,052	$ 2,421	$ 6,167	$ 4,719

Stockholders' Equity - Summar_4

Stockholders' Equity - Summary of Unvested Shares and Unvested Stock Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) shares
Number of Unvested Shares
Number of Unvested Shares, Beginning balance | shares	68,406
Vested shares | shares	(44,716)
Number of Unvested Shares, Ending balance | shares	23,690
Unvested Stock Liabilities
Unvested Stock Liabilities, Beginning balance | $	$ 169
Vested shares | $	(139)
Unvested Stock Liabilities, Ending balance | $	$ 30

Stockholders' Equity - Summar_5

Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2023	Dec. 31, 2022
Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for issuance	14,468,442	12,173,923
Common Stock Options Outstanding
Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for issuance	9,076,276	7,345,444
Shares Available for Issuance Under Plans
Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for issuance	4,216,753	4,012,001
Shares Available for Issuance Under ESPP
Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for issuance	1,175,413	816,478

Research Collaboration and Ex_2

Research Collaboration and Exclusive License Agreement - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Target	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Research And Development Arrangement Contract To Perform For Others [Line Items]
Deferred revenue current	$ 5,340		$ 5,340		$ 5,406
Accounts receivable balance outstanding	0		$ 0		$ 0
Merck Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
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	1,100	$ 2,400	3,100	$ 4,000
Deferred revenue	5,600		5,600
Deferred revenue current	$ 5,300		5,300
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

Research Collaboration and Ex_3

Research Collaboration and Exclusive License Agreement - Additional Information 1 (Detail)	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01 | 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 2 months 12 days

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Common stock, shares issued		41,891,226	41,684,666
Subsequent Event | Underwritten Offering
Subsequent Event [Line Items]
Common stock, shares issued	4,153,717
Price of common stock sold per share	$ 12.46
Subsequent Event | Pre-funded Warrants | Underwritten Offering
Subsequent Event [Line Items]
Warrants to purchase shares of common stock	583,483
Price of warrants sold per share	$ 12.459
Gross proceeds from issuance of common stock	$ 59
Aggregate fees amount related to offering included in underwriting discounts commissions and offering expenses	2.5
Net proceeds after deducting underwriting discounts and commissions, and offering expenses	$ 56.5