Pardes Biosciences (PRDS) 10-Q 4 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 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
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	PARDES BIOSCIENCES, INC.
Entity File Number	001-40067
Entity Tax Identification Number	85-2696306
Entity Address, Address Line One	2173 Salk Avenue
Entity Address, Address Line Two	Suite 250
Entity Address, Address Line Three	PMB#052
Entity Address, City or Town	Carlsbad
Entity Address, Postal Zip Code	92008
City Area Code	415
Local Phone Number	649-8758
Entity Central Index Key	0001822711
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Address, State or Province	CA
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	PRDS
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		62,011,756

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 100,266	$ 59,284
Short-term investments	52,931	138,056
Prepaid expenses and other current assets	4,113	3,062
Total current assets	157,310	200,402
Other assets	0	219
Total assets	157,310	200,621
Current liabilities:
Accounts payable	14	4,929
Accrued expenses	1,911	15,496
Total current liabilities	1,925	20,425
Total liabilities	1,925	20,425
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock: $0.0001 par value; 10,000,000 shares authorized as of June 30, 2023 and December 31, 2022; no shares issued and outstanding as of June 30, 2023 and December 31, 2022	0	0
Common stock: $0.0001 par value and 250,000,000 shares authorized; 61,716,745 and 61,734,343 shares issued as of June 30, 2023 and December 31, 2022, respectively; and 60,396,888 and 59,542,714 shares outstanding as of June 30, 2023 and December 31, 2022, respectively	6	6
Additional paid-in capital	332,108	328,372
Accumulated other comprehensive income (loss)	9	(24)
Accumulated deficit	(176,738)	(148,158)
Total stockholders' equity	155,385	180,196
Total liabilities and stockholders' equity	$ 157,310	$ 200,621

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2023	Dec. 31, 2022	Dec. 23, 2021
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	61,716,745	61,734,343
Common stock, shares outstanding	60,396,888	59,542,714

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 6,928	$ 20,344	$ 19,908	$ 33,543
General and administrative	5,687	7,591	12,516	15,817
Total operating expenses	12,615	27,935	32,424	49,360
Other income:
Interest and other income, net	1,840	298	3,844	283
Net loss	$ (10,775)	$ (27,637)	$ (28,580)	$ (49,077)
Net loss per share, basic	$ (0.18)	$ (0.48)	$ (0.48)	$ (0.86)
Net loss per share, diluted	$ (0.18)	$ (0.48)	$ (0.48)	$ (0.86)
Weighted-average number of common shares used in computing net loss per share, basic	60,209,276	57,686,462	59,990,131	57,384,446
Weighted-average number of common shares used in computing net loss per share, diluted	60,209,276	57,686,462	59,990,131	57,384,446
Unrealized gain on available-for-sale securities	$ 33	$ 0	$ 34	$ 0
Comprehensive loss	$ (10,742)	$ (27,637)	$ (28,546)	$ (49,077)

Condensed Statements of Stockho

Condensed Statements of Stockholders Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at the beginning at Dec. 31, 2021	$ 266,294	$ 6	$ 317,812		$ (51,524)
Balance at the beginning (Shares) at Dec. 31, 2021		56,765,533
Vesting of restricted common stock (Shares)		610,765
Stock-based compensation expense	1,527		1,527
Net loss	(21,440)				(21,440)
Balance at the end at Mar. 31, 2022	246,381	$ 6	319,339		(72,964)
Balance at the end (Shares) at Mar. 31, 2022		57,376,298
Balance at the beginning at Dec. 31, 2021	266,294	$ 6	317,812		(51,524)
Balance at the beginning (Shares) at Dec. 31, 2021		56,765,533
Net loss	(49,077)
Balance at the end at Jun. 30, 2022	222,632	$ 6	323,227		(100,601)
Balance at the end (Shares) at Jun. 30, 2022		57,981,118
Balance at the beginning at Mar. 31, 2022	246,381	$ 6	319,339		(72,964)
Balance at the beginning (Shares) at Mar. 31, 2022		57,376,298
Vesting of restricted common stock (Shares)		604,820
Stock-based compensation expense	3,888		3,888
Net loss	(27,637)				(27,637)
Balance at the end at Jun. 30, 2022	222,632	$ 6	323,227		(100,601)
Balance at the end (Shares) at Jun. 30, 2022		57,981,118
Balance at the beginning at Dec. 31, 2022	$ 180,196	$ 6	328,372	$ (24)	(148,158)
Balance at the beginning (Shares) at Dec. 31, 2022	59,542,714	59,542,714
Vesting of restricted common stock (Shares)		427,965
Stock-based compensation expense	$ 2,338		2,338
Other comprehensive income	1			1
Net loss	(17,805)				(17,805)
Balance at the end at Mar. 31, 2023	164,730	$ 6	330,710	(23)	(165,963)
Balance at the end (Shares) at Mar. 31, 2023		59,970,679
Balance at the beginning at Dec. 31, 2022	$ 180,196	$ 6	328,372	(24)	(148,158)
Balance at the beginning (Shares) at Dec. 31, 2022	59,542,714	59,542,714
Net loss	$ (28,580)
Balance at the end at Jun. 30, 2023	$ 155,385	$ 6	332,108	9	(176,738)
Balance at the end (Shares) at Jun. 30, 2023	60,396,888	60,396,888
Balance at the beginning at Mar. 31, 2023	$ 164,730	$ 6	330,710	(23)	(165,963)
Balance at the beginning (Shares) at Mar. 31, 2023		59,970,679
Vesting of restricted common stock (Shares)		426,209
Stock-based compensation expense	1,398		1,398
Other comprehensive income	32			32
Net loss	(10,775)				(10,775)
Balance at the end at Jun. 30, 2023	$ 155,385	$ 6	$ 332,108	$ 9	$ (176,738)
Balance at the end (Shares) at Jun. 30, 2023	60,396,888	60,396,888

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net loss	$ (28,580)	$ (49,077)
Adjustments to reconcile net loss to net cash used in operating activities:
Net accretion of discounts on available-for-sale securities	(2,266)	0
Stock-based compensation expense	3,736	5,415
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(919)	1,327
Interest receivable	(134)	0
Accounts payable	(4,915)	(466)
Accrued expenses	(13,585)	3,119
Other assets	219	0
Net cash used in operating activities	(46,444)	(39,682)
Investing activities:
Purchases of available-for-sale securities	(15,764)	0
Proceeds on sale of available-for-sale securities	2,190	0
Maturities of available-for-sale securities	101,000
Net cash provided by investing activities	87,426	0
Financing activities:
Cash paid for deferred offering costs	0	(397)
Net cash used in financing activities	0	(397)
Increase (decrease) in cash and cash equivalents	40,982	(40,079)
Cash and cash equivalents at beginning of period	59,284	268,678
Cash and cash equivalents at end of period	$ 100,266	$ 228,599

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Note 1. Description of Business Description of Business Pardes Biosciences, Inc., a Delaware corporation, is a company that has been focused on discovering, developing and commercializing novel oral-antiviral therapeutics to improve the lives of patients suffering from life-threatening disease. Unless the context otherwise requires, references in these notes to “Pardes,” “the Company,” “we,” “us,” “our” and any related terms are intended to mean Pardes Biosciences, Inc. On April 3, 2023, we announced topline results from our Phase 2 clinical trial to evaluate pomotrelvir (formerly known as PBI-0451) for the treatment of mild-to-moderate COVID-19 in test-positive, symptomatic, otherwise healthy, vaccinated adults without risk factors for developing severe disease. COVID-19 is caused by infection with the severe acute respiratory syndrome coronavirus (SARS-CoV-2). Pomotrelvir did not achieve the primary endpoint as measured by the proportion of participants below the limit of detection for infectious SARS-CoV-2 by infectious virus assay (IVA) on day three of treatment with pomotrelvir versus with placebo. Pomotrelvir did not demonstrate meaningful improvement over placebo in reduction from baseline of SARS-CoV-2 infectious virus titer by IVA or in the reduction from baseline or proportion achieving undetectable viral load by quantitative reverse transcriptase polymerase chain reaction measured from mid-turbinate swabs. Based upon the topline results from the Phase 2 clinical trial, on March 31, 2023, the Board of the Directors of the Company (the Board) made the strategic decision to suspend further clinical development of pomotrelvir, winddown the research and development activities of the Company and authorized a reduction in workforce (the RIF) to align operations with the changes in the Company’s corporate strategy. Pursuant to the RIF, the Company reduced headcount in the second quarter of 2023 by approximately 89 %. On March 31, 2023, the Board also initiated a review of a range of strategic alternatives that included, but was not limited to, an acquisition, merger, business combination, or other transaction. Proposed Agreement and Plan of Merger On July 16, 2023, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with MediPacific, Inc., a Delaware corporation (Parent), and MediPacific Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (Merger Sub). The Merger Agreement provides for, among other things, an offer by Merger Sub to purchase all of the issued and outstanding shares of Common Stock of the Company for (i) $ 2.02 per share of Common Stock (the Base Price Per Share), (ii) an additional amount of cash of up to $ 0.17 per share of Common Stock (such amount as finally determined in accordance with the Merger Agreement, the Additional Price Per Share and together with the Base Price Per Share, the Cash Amount), and (iii) one non-transferable contractual contingent value right per share (each, a CVR) (such amount, or any different amount per share paid pursuant to the Offer (as defined below) to the extent permitted under the Merger Agreement, being the CVR Amount), and, together with the Cash Amount, the Offer Price).The tender offer is being made subject to all terms and conditions set forth in the Offer to Purchase, dated July 28, 2023 (as amended or supplemented from time to time, the Offer to Purchase), and in the related Letter of Transmittal (as amended or supplemented from time to time, the Letter of Transmittal, which together with the Offer to Purchase constitutes the Offer). Each CVR represents the right to receive contingent payments, in cash, subject to any applicable tax withholding and without interest, equal to a pro rata share of 80 % of the Net Proceeds (as defined in the Contingent Value Rights Agreement (the CVR Agreement)), if any, payable to Parent, the Company or any of their respective affiliates that arise from any sale, transfer, license or other disposition (each, a Disposition) of the Company’s assets associated with the Company’s antiviral drug development programs and related assets as of the closing date of the Merger, which Disposition occurs within five years of the closing date of the Merger (the Disposition Period), subject to and in accordance with the terms and conditions of, the CVR Agreement that the Company expects to enter into at or prior to the Offer Closing Time (as defined in the Merger Agreement). Following the completion of the Offer, subject to the absence of injunctions or other legal restraints preventing or making illegal the consummation of the Merger, Merger Sub will merge with and into the Company, with the Company surviving as a wholly-owned subsidiary of Parent, pursuant to the procedure provided for under Section 251(h) of the Delaware General Corporation Law, without any additional stockholder approvals. The Merger will be effected as soon as practicable following the closing time of the Offer. Pursuant to the terms of the Merger Agreement, as of the effective time of the Merger (the Effective Time), by virtue of the Merger and without any action on the part of the holders, (i) each outstanding share of Common Stock of the Company (other than any shares of Common Stock held in the treasury of the Company, owned, directly or indirectly, by Parent, Merger Sub or any subsidiary of Parent, irrevocably accepted for purchase in the Offer or by any stockholders who are entitled to and who properly exercise appraisal rights under Delaware law) will be converted into the right to receive the Offer Price, (ii) the vesting of each option to purchase shares of Common Stock (the Company Options) shall be accelerated and (A) each Company Option that has an exercise price per share that is less than the Cash Amount (each, an In-the-Money Option) that is then outstanding will be cancelled and, in exchange therefor, the holder of such cancelled In-the-Money Option will be entitled to receive in consideration of the cancellation of such In-the-Money Option, (1) an amount in cash, without any interest thereon and subject to applicable tax withholding, equal to the product of (x) the total number of shares of Common Stock subject to such In-the-Money Option as of immediately prior to the Effective Time multiplied by (y) the excess of the Cash Amount over the applicable exercise price per share under such In-the-Money Option and (2) one CVR for each share of Common Stock issuable under such In-the-Money Option and (B) each Company Option that is not an In-the-Money Option will be cancelled for no consideration. The obligation of Merger Sub to purchase shares of Common Stock validly tendered pursuant to the Offer and not validly withdrawn prior to the expiration of the Offer is subject to the satisfaction or waiver of a number of conditions set forth in the Merger Agreement, including: (i) that the number of shares of Common Stock validly tendered and not properly withdrawn (excluding shares of Common Stock tendered pursuant to guaranteed delivery procedures that have not been “received” by the “depository,” as such terms are defined by Section 251(h) of the DGCL), equals at least a majority of the number of shares of Common Stock that are then issued and outstanding owned by Unaffiliated Stockholders (as defined in the Merger Agreement) (the Minimum Tender Condition); (ii) that there be no Legal Restraints (as defined in the Merger Agreement) in effect preventing or prohibiting the Offer or the Merger; (iii) the accuracy of representations and warranties made by the Company in the Merger Agreement, subject to certain exceptions and qualifications described in the Merger Agreement and the Offer to Purchase; (iv) compliance by the Company with its covenants and other obligations under the Merger Agreement; (v) that no termination of the Merger Agreement has occurred; and (vi) that the Closing Net Cash (as defined in the Merger Agreement) of the Company is at least $ 125,000,000 (each individually, an Offer Condition, and collectively, the Offer Conditions). The obligations of the Parent and the Merger Sub to consummate the Offer and the Merger under the Merger Agreement are not subject to a financing condition. Merger Sub expressly reserves the right, in its sole discretion, to: (i) waive, in whole or in part, any Offer Condition other than the Minimum Tender Condition; and/or (ii) modify the terms of the Offer in a manner not inconsistent with the Merger Agreement, subject to certain exceptions described in the Merger Agreement and the Offer to Purchase. The Merger Agreement contains customary representations and warranties by Parent, Merger Sub and the Company. The Merger Agreement also contains customary covenants and agreements, including with respect to the operations of the business of the Company between signing and closing. The Merger Agreement contains customary non-solicitation restrictions prohibiting the Company’s solicitation of alternative business combination transactions and restricts the Company’s ability to furnish non-public information to, or participate in any discussions or negotiations with, any third party with respect to any such alternative business combination transaction, subject to customary exceptions in the event of an acquisition proposal that was not solicited in violation of these restrictions and that the Board or Special Committee determines constitutes or could reasonably be expected to lead to a Superior Company Proposal (as defined in the Merger Agreement). The Merger Agreement contains customary termination rights for both Parent and Merger Sub, on the one hand, and the Company, on the other hand, including, among others, for failure to consummate the Offer on or before December 16, 2023. If the Merger Agreement is terminated under certain circumstances specified in the Merger Agreement in connection with the Company’s entry into an agreement with respect to a Superior Company Proposal (as defined in the Merger Agreement), the Company will be required to pay Parent a termination fee of $ 2.6 million. If Parent terminates the Merger Agreement due to the Company having Closing Net Cash of less than $ 125.0 million, the Company will be required to pay to Parent an expense reimbursement fee up to a maximum amount of $ 1.25 million. Concurrently with the execution of the Merger Agreement, and as a condition and inducement to the Company’s willingness to enter into the Merger Agreement and the CVR Agreement, Foresite Capital Opportunity Fund V, L.P., Foresite Capital Fund V, L.P. and FS Development Holdings II, LLC (collectively, the Guarantors), affiliates of Parent, executed and delivered to the Company a limited guaranty (the Limited Guaranty), dated as of July 16, 2023, in favor of the Company and the holders of CVRs, in respect of certain of Parent’s and Merger Sub’s obligations arising under, or in connection with, the Merger Agreement and the CVR Agreement that the Company expects to enter into with a rights agent and a representative, agent and attorney in-fact of the holders of the CVR. The Guarantors’ obligations under the Limited Guaranty are subject to a cap of $ 7.5 million with respect to obligations to the Company arising under or in connection with the Merger Agreement and $ 400,000 with respect to obligations to the holders of the CVRs arising under or in connection with the CVR Agreement. The Company anticipates that the Offer and Merger contemplated under the Merger Agreement will be consummated in the third quarter 2023. However, there can be no assurance that the Offer and Merger contemplated by the Merger Agreement will be completed. Foresite Capital Management, LLC and James B. Tananbaum, M.D., a founding partner of Foresite Capital Management, LLC and a director on the Company’s Board, are the controlling stockholders of Parent, Merger Sub and the Guarantors. As of July 25, 2023, Dr. Tananbaum, Foresite Capital Management and their affiliates beneficially owned in the aggregate 16,813,146 shares of Common Stock (excluding options to purchase 150,000 shares of Common Stock held by Dr. Tananbaum), representing approximately 27.1 % of the Company’s outstanding Common Stock. Dr. Tananbaum holds options to purchase 150,000 shares of Common Stock. If the Merger is effected, the Company’s Common Stock will be delisted from The Nasdaq Stock Market LLC and the Company’s obligation to file periodic reports under the Securities Exchange Act of 1934, as amended, will terminate, and the Company will be privately held. Liquidity We believe that our $ 153.2 million of cash, cash equivalents and short-term investments as of June 30, 2023, will enable us to fund our current planned operations for at least 12 months from the issuance date of these unaudited condensed financial statements. We have cash deposits with regulated financial institutions, which may from time to time exceed insurance provided on such deposits.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto in our 2022 Form 10-K, from which we derived our balance sheet as of December 31, 2022. The accompanying unaudited condensed financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying unaudited condensed financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of our management, necessary to a fair statement of the results for the interim periods presented. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of results that may be expected for the year ending December 31, 2023 or for any other future annual or interim period. Use of Estimates The preparation of the unaudited condensed financial statements in accordance with GAAP requires our management to make estimates and assumptions that affect the amounts reported on our unaudited condensed financial statements and accompanying notes. The amounts reported could differ under different estimates and assumptions. On an ongoing basis, we evaluate our estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates. Significant Accounting Policies The accounting policies we follow are set forth in our audited financial statements for the fiscal year ended December 31, 2022. For further information, please refer to the audited financial statements and footnotes thereto included in Part II, Item 8 of our 2022 Form 10-K. There have been no material changes to these accounting policies. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and common stock equivalents outstanding for the period determined using the treasury-stock method. Common stock equivalents are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive. For the periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our net loss position. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as shares of unvested restricted stock are considered participating securities. Our participating securities do not have a contractual obligation to share in our losses. As such, the net loss was attributed entirely to common stockholders for all periods presented. The following outstanding shares of potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods presented because including them would be anti-dilutive (in common stock equivalent shares): June 30, 2023 June 30, 2022 Outstanding stock options 10,356,431 7,356,791 Restricted common stock subject to repurchase or forfeiture 1,319,857 4,339,806 Total 11,676,288 11,696,597 New Accounting Pronouncements Adopted and Not Yet Adopted The Company has not adopted any significant accounting policies since December 31, 2022. Upon evaluation of recently issued accounting pronouncements, the Company does not believe any will have a material impact on its unaudited condensed financial statements or related financial statement disclosures.

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Note 3. Investments Available-for-sale securities consisted of U.S. Treasury securities, U.S. Agency bonds, commercial paper, corporate debt securities and asset-backed securities. Our cash equivalents consisted of the following (in thousands): June 30, 2023 December 31, 2022 Cash equivalents Money market fund $ 92,645 $ 32,426 U.S. government and government agencies 2,414 19,869 Commercial paper — 2,997 Corporate debt securities — 2,993 Total cash equivalents $ 95,059 $ 58,285 Short-term investments are classified as available-for-sale, which reflects management’s intention to use proceeds from sales of these securities to fund our operations as necessary and, as such, are carried at fair value. Our short-term investments that are measured at fair value on a recurring basis consisted of the following: June 30, 2023 Maturities Amortized Cost Unrealized Gains Unrealized Losses Estimated Short-term investments U.S. government and government agencies Within one year $ 21,339 $ — $ ( 25 ) $ 21,314 Commercial paper Within one year 25,794 4 ( 11 ) 25,787 Asset-backed securities After one year through five years 5,772 58 — 5,830 Total short-term investments $ 52,905 $ 62 $ ( 36 ) $ 52,931 December 31, 2022 Maturities Amortized Cost Unrealized Gains Unrealized Losses Estimated Short-term investments U.S. government and government agencies Within one year $ 75,409 $ 15 $ ( 48 ) $ 75,376 Commercial paper Within one year 59,405 — — 59,405 Asset-backed securities Within one year 3,267 8 — 3,275 Total short-term investments $ 138,081 $ 23 $ ( 48 ) $ 138,056 The amortized cost and the fair value of short-term investments we re $ 52.9 million a t June 30, 2023 and $ 138.1 million at December 31, 2022. As of June 30, 2023, there were 10 short-term investments with fair value totaling $ 27.9 million that were in a gross unrealized loss position for less than 12 months, an d no ne were in a gross unrealized loss position for 12 months or more. Based on our analysis of available-for-sale securities, we determined the unrealized losses were primarily due to changes in interest rates and not due to credit risks. As such, we did no t record a credit allowance as of either June 30, 2023 or December 31, 2022. Accrued interest receivable on our available-for-sale securities was $ 0.3 million at each of June 30, 2023 and December 31, 2022. For the three and six months ended June 30, 2023 and 2022, we did no t write off any accrued interest receivables and there were no realized gains or losses.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 4. Fair Value Measurements 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 Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data; and Level 3 — Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Below are summaries of our cash equivalents and short-term investments that were measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Estimated Fair Value Level 1 Level 2 Estimated Fair Value Cash equivalents Money market fund $ 92,645 $ — $ 92,645 $ 32,426 $ — $ 32,426 U.S. government and government agencies — 2,414 2,414 — 19,869 19,869 Commercial paper — — — — 2,997 2,997 Corporate debt securities — — — — 2,993 2,993 Total cash equivalents $ 92,645 $ 2,414 $ 95,059 $ 32,426 $ 25,859 $ 58,285 June 30, 2023 December 31, 2022 Level 2 Estimated Fair Value Level 2 Estimated Fair Value Short-term investments U.S. government and government agencies $ 21,314 $ 21,314 $ 75,376 $ 75,376 Commercial paper 25,787 25,787 59,405 59,405 Asset-backed securities 5,830 5,830 3,275 3,275 Total short-term investments $ 52,931 $ 52,931 $ 138,056 $ 138,056

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2022
Prepaid Expense, Current [Abstract]
Prepaid Expenses and Other Current Assets	Note 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2023 December 31, 2022 Prepaid insurance $ 2,244 $ 1,582 Prepaid research and development costs 12 495 Other prepaid expenses and current assets 1,857 985 Total $ 4,113 $ 3,062

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2023
Accrued Liabilities [Abstract]
Accrued Expenses	Note 6. Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, 2023 December 31, 2022 Research and development accruals $ 721 $ 10,784 Accrued compensation 674 3,878 Other accrued expenses 516 834 Total $ 1,911 $ 15,496

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 7. Stockholders’ Equity Preferred Stock Pursuant to the terms of the Second Amended and Restated Certificate of Incorporation dated December 23, 2021 (Certificate of Incorporation), we authorized 10,000,000 shares of preferred stock, par value $ 0.0001 per share, all of which shares of preferred stock are undesignated. Our Board has the authority, without further action by the stockholders, to issue such shares of preferred stock in one or more series, to establish from time to time the number of shares to be included in each such series and to fix the designations, powers, voting and other rights, preferences and privileges of the shares. As of June 30, 2023 and December 31, 2022 , there were no shares of preferred stock outstanding. Common Stock Pursuant to the Certificate of Incorporation, as of June 30, 2023 and December 31, 2022 , there were 250,000,000 shares of Common Stock authorized. There were 61,716,745 and 61,734,343 shares of Common Stock issued as of June 30, 2023 and December 31, 2022, respectively.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 8. Stock-Based Compensation The following table summarizes stock-based compensation expense for all stock-based compensation arrangements (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ ( 54 ) $ 2,571 $ 651 $ 3,034 General and administrative 1,452 1,317 3,085 2,381 Total stock-based compensation $ 1,398 $ 3,888 $ 3,736 $ 5,415

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9. Commitments and Contingencies Commitments On March 31, 2023, the Board made the strategic decision to suspend further clinical development of pomotrelvir, winddown the research and development activities of the Company and initiate a review of a range of strategic alternatives that included, but was not limited to, an acquisition, merger, business combination, or other transaction (the Restructuring Plan). Also on March 31, 2023, to better align operations with the change in the Company’s corporate strategy under the Restructuring Plan and reduce operating expenses while we reviewed strategic alternatives, the Board approved the RIF. On April 3, 2023, we notified our employees about the results of the Phase 2 clinical trial, the Restructuring Plan and the RIF. Under the RIF, we reduced headcount in the second quarter of 2023 by approximately 89 %, with approximately 55 % of our employees terminated in April 2023. The RIF was completed in the second quarter of 2023. Estimated total costs related to the RIF are approximately $ 5.2 million, all of which consists of cash-based expenditures primarily related to personnel expenses such as salaries, one-time severance payments and other benefits. The foregoing estimated amount does not include any non-cash charges associated with stock-based compensation. We recognized $ 1.1 million of the total costs related to the RIF in the first quarter of 2023 and $ 4.1 million in the second quarter of 2023. We have historically entered into agreements in the normal course of business with certain vendors for the provision of goods and services, which included manufacturing services with clinical manufacturing organizations (CMOs) and development services with clinical research organizations (CROs). In connection with the suspension of the Phase 2 clinical trial and the winding down of the Company’s research and development activities, we have terminated or modified substantially all of our agreements with CMOs and CROs. As of June 30, 2023, we recognized and paid $ 0.1 million in contract termination fees. In the normal course of business, we are a party to a variety of agreements pursuant to which we may be obligated to indemnify the other party. It is not possible to predict the maximum potential amount of future payments under these types of agreements due to the conditional nature of our obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these types of agreements have not had a material effect on our business, results of operations or financial condition. Contingencies From time to time, we may become subject to claims or suits arising in the ordinary course of business. We accrue 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 and December 31, 2022 , we were not a party to any material legal proceedings.

Restructuring and Related Activ

Restructuring and Related Activities	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities	Note 10. Restructuring and Related Activities On March 31, 2023, the Board approved the Restructuring Plan and the RIF. Restructuring charges are reported as a component of operating expenses in our condensed statement of operations. The following table details the accruals and payments for the restructuring charges (in thousands): Balance at December 31, 2022 $ — Severance expense 1,125 Balance at March 31, 2023 $ 1,125 Severance expense 4,093 Contract termination fees 88 Payments for severance and termination fees ( 4,720 ) Balance at June 30, 2023 $ 586 In connection with the transactions contemplated by the Merger Agreement, on July 16, 2023, the Company’s Board approved the acceleration and immediate vesting of each outstanding unvested stock option and restricted share of Common Stock effective as of July 16, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto in our 2022 Form 10-K, from which we derived our balance sheet as of December 31, 2022. The accompanying unaudited condensed financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying unaudited condensed financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of our management, necessary to a fair statement of the results for the interim periods presented. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of results that may be expected for the year ending December 31, 2023 or for any other future annual or interim period.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed financial statements in accordance with GAAP requires our management to make estimates and assumptions that affect the amounts reported on our unaudited condensed financial statements and accompanying notes. The amounts reported could differ under different estimates and assumptions. On an ongoing basis, we evaluate our estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and common stock equivalents outstanding for the period determined using the treasury-stock method. Common stock equivalents are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive. For the periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our net loss position. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as shares of unvested restricted stock are considered participating securities. Our participating securities do not have a contractual obligation to share in our losses. As such, the net loss was attributed entirely to common stockholders for all periods presented.
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Adopted and Not Yet Adopted The Company has not adopted any significant accounting policies since December 31, 2022. Upon evaluation of recently issued accounting pronouncements, the Company does not believe any will have a material impact on its unaudited condensed financial statements or related financial statement disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss per Share would be Anti-dilutive	The following outstanding shares of potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods presented because including them would be anti-dilutive (in common stock equivalent shares): June 30, 2023 June 30, 2022 Outstanding stock options 10,356,431 7,356,791 Restricted common stock subject to repurchase or forfeiture 1,319,857 4,339,806 Total 11,676,288 11,696,597

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Cash Equivalents and Short-Term Investments at Fair Value	Our cash equivalents consisted of the following (in thousands): June 30, 2023 December 31, 2022 Cash equivalents Money market fund $ 92,645 $ 32,426 U.S. government and government agencies 2,414 19,869 Commercial paper — 2,997 Corporate debt securities — 2,993 Total cash equivalents $ 95,059 $ 58,285 Our short-term investments that are measured at fair value on a recurring basis consisted of the following: June 30, 2023 Maturities Amortized Cost Unrealized Gains Unrealized Losses Estimated Short-term investments U.S. government and government agencies Within one year $ 21,339 $ — $ ( 25 ) $ 21,314 Commercial paper Within one year 25,794 4 ( 11 ) 25,787 Asset-backed securities After one year through five years 5,772 58 — 5,830 Total short-term investments $ 52,905 $ 62 $ ( 36 ) $ 52,931 December 31, 2022 Maturities Amortized Cost Unrealized Gains Unrealized Losses Estimated Short-term investments U.S. government and government agencies Within one year $ 75,409 $ 15 $ ( 48 ) $ 75,376 Commercial paper Within one year 59,405 — — 59,405 Asset-backed securities Within one year 3,267 8 — 3,275 Total short-term investments $ 138,081 $ 23 $ ( 48 ) $ 138,056

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Cash Equivalents and Short-Term Investments at Fair Value on a Recurring Basis	Below are summaries of our cash equivalents and short-term investments that were measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Estimated Fair Value Level 1 Level 2 Estimated Fair Value Cash equivalents Money market fund $ 92,645 $ — $ 92,645 $ 32,426 $ — $ 32,426 U.S. government and government agencies — 2,414 2,414 — 19,869 19,869 Commercial paper — — — — 2,997 2,997 Corporate debt securities — — — — 2,993 2,993 Total cash equivalents $ 92,645 $ 2,414 $ 95,059 $ 32,426 $ 25,859 $ 58,285 June 30, 2023 December 31, 2022 Level 2 Estimated Fair Value Level 2 Estimated Fair Value Short-term investments U.S. government and government agencies $ 21,314 $ 21,314 $ 75,376 $ 75,376 Commercial paper 25,787 25,787 59,405 59,405 Asset-backed securities 5,830 5,830 3,275 3,275 Total short-term investments $ 52,931 $ 52,931 $ 138,056 $ 138,056

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Prepaid Expense, Current [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2023 December 31, 2022 Prepaid insurance $ 2,244 $ 1,582 Prepaid research and development costs 12 495 Other prepaid expenses and current assets 1,857 985 Total $ 4,113 $ 3,062

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Accrued Liabilities [Abstract]
Summary of Accrued Expenses	Accrued expenses consisted of the following (in thousands): June 30, 2023 December 31, 2022 Research and development accruals $ 721 $ 10,784 Accrued compensation 674 3,878 Other accrued expenses 516 834 Total $ 1,911 $ 15,496

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule Allocation of Stock-Based Compensation Expense	The following table summarizes stock-based compensation expense for all stock-based compensation arrangements (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ ( 54 ) $ 2,571 $ 651 $ 3,034 General and administrative 1,452 1,317 3,085 2,381 Total stock-based compensation $ 1,398 $ 3,888 $ 3,736 $ 5,415

Restructuring and Related Act_2

Restructuring and Related Activities (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of accruals and payments for the restructuring charges	The following table details the accruals and payments for the restructuring charges (in thousands): Balance at December 31, 2022 $ — Severance expense 1,125 Balance at March 31, 2023 $ 1,125 Severance expense 4,093 Contract termination fees 88 Payments for severance and termination fees ( 4,720 ) Balance at June 30, 2023 $ 586

Description of Business - Addit

Description of Business - Additional Information (Detail) - USD ($)			3 Months Ended
	Jul. 25, 2023	Jul. 16, 2023	Jun. 30, 2023	Dec. 31, 2022
Description of Business and Summary of Significant Accounting Policies [Line Items]
Common stock, par value			$ 0.0001	$ 0.0001
Cash, cash equivalents and short-term investments			$ 153,200,000
Estimated workforce reduction percentage			89%
Merger Agreement | Subsequent Event
Description of Business and Summary of Significant Accounting Policies [Line Items]
Additional amount of cash per share of common stock		$ 0.17
Pro rata share of net income		80%
Common stock share held by subsidiary	150,000
Common stock shares owned	16,813,146
Percentage of outstanding common stock	27.10%
Closing balance of net cash in merger agreement		$ 125,000,000
Termination fee		2,600,000
Recovery of Direct Costs		$ 1,250,000
Merger Agreement | Base Rate Member | Subsequent Event
Description of Business and Summary of Significant Accounting Policies [Line Items]
Common stock, par value		$ 2.02
Contingent Value Rights Agreement | Subsequent Event
Description of Business and Summary of Significant Accounting Policies [Line Items]
Guarantors obligation under limited guaranty		$ 7,500,000
Contractual obligation		$ 400,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss per Share would be Anti-dilutive (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities not included in calculation of diluted net loss per share because to do so would be anti-dilutive	11,676,288	11,696,597
Outstanding Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities not included in calculation of diluted net loss per share because to do so would be anti-dilutive	10,356,431	7,356,791
Restricted Common Stock Subject to Repurchase or Forfeiture
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities not included in calculation of diluted net loss per share because to do so would be anti-dilutive	1,319,857	4,339,806

Investments - Schedule of Cash

Investments - Schedule of Cash Equivalents and Short-Term Investments at Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Money market fund	$ 92,645	$ 32,426
U.S. government and government agencies	2,414	19,869
Commercial paper	0	2,997
Corporate debt securities	0	2,993
Total cash equivalents	95,059	58,285
Short-term investments
Debt Securities, Available-for-Sale [Line Items]
Available For Sale Securities, Amortized Cost	52,905	138,081
Available-for-Sale Securities, Unrealized Gains	62	23
Available-for-Sale Securities, Unrealized Losses	(36)	(48)
Available-for-Sale Securities, Estimated Fair Value	$ 52,931	$ 138,056
Short-term investments | U.S. government and government agencies
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale Securities, Maturities	Within one year	Within one year
Available For Sale Securities, Amortized Cost	$ 21,339	$ 75,409
Available-for-Sale Securities, Unrealized Gains	0	15
Available-for-Sale Securities, Unrealized Losses	(25)	(48)
Available-for-Sale Securities, Estimated Fair Value	$ 21,314	$ 75,376
Short-term investments | Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale Securities, Maturities	Within one year	Within one year
Available For Sale Securities, Amortized Cost	$ 25,794	$ 59,405
Available-for-Sale Securities, Unrealized Gains	4	0
Available-for-Sale Securities, Unrealized Losses	(11)	0
Available-for-Sale Securities, Estimated Fair Value	$ 25,787	$ 59,405
Short-term investments | Asset Backed Securities
Debt Securities, Available-for-Sale [Line Items]
Available-for-Sale Securities, Maturities	After one year through five years	Within one year
Available For Sale Securities, Amortized Cost	$ 5,772	$ 3,267
Available-for-Sale Securities, Unrealized Gains	58	8
Available-for-Sale Securities, Unrealized Losses	0	0
Available-for-Sale Securities, Estimated Fair Value	$ 5,830	$ 3,275

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) InvestmentSecurity	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) InvestmentSecurity	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Number of short-term investments in gross unrealized loss position less than 12 months | InvestmentSecurity	10		10
Number of short-term investments in gross unrealized loss position more than 12 months | InvestmentSecurity	0		0
Short-term investments in gross unrealized loss position less than 12 months ,Fair value	$ 27,900		$ 27,900
Available-for sale securities, allowance for credit loss	$ 0		$ 0		$ 0
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current		Accrued Liabilities, Current		Accrued Liabilities, Current
Available-for sale securities, accrued interest after allowance for credit loss	$ 300		$ 300		$ 300
Available-for sale securities, accrued interest writeoff	0	$ 0	0	$ 0
Short-term investments
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	52,905		52,905		138,081
Fair value	$ 52,931		$ 52,931		$ 138,056

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Cash Equivalents and Short-Term Investments at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 95,059	$ 58,285
Estimated fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	95,059	58,285
Available-for-Sale Securities, Estimated Fair Value	52,931	138,056
Estimated fair value | U.S. government and government agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	2,414	19,869
Available-for-Sale Securities, Estimated Fair Value	21,314	75,376
Estimated fair value | Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		2,993
Estimated fair value | Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-Sale Securities, Estimated Fair Value	5,830	3,275
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	92,645	32,426
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	2,414	25,859
Available-for-Sale Securities, Estimated Fair Value	52,931	138,056
Level 2 | U.S. government and government agencies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	2,414	19,869
Available-for-Sale Securities, Estimated Fair Value	21,314	75,376
Level 2 | Corporate debt securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		2,993
Level 2 | Asset-backed securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-Sale Securities, Estimated Fair Value	5,830	3,275
Money market fund | Estimated fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	92,645	32,426
Money market fund | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	92,645	32,426
Commercial paper | Estimated fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		2,997
Available-for-Sale Securities, Estimated Fair Value	25,787	59,405
Commercial paper | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		2,997
Available-for-Sale Securities, Estimated Fair Value	$ 25,787	$ 59,405

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expense, Current [Abstract]
Prepaid insurance	$ 2,244	$ 1,582
Prepaid research and development costs	12	495
Other prepaid expenses and current assets	1,857	985
Total	$ 4,113	$ 3,062

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Accrued Expenses [Abstract]
Research and development accruals	$ 721	$ 10,784
Accrued compensation	674	3,878
Other accrued expenses	516	834
Total	$ 1,911	$ 15,496

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022	Dec. 23, 2021
Stockholders Equity [Line Items]
Common stock, shares authorized	250,000,000	250,000,000
Series A Preferred Stock, shares authorized	10,000,000	10,000,000	10,000,000
Issuance of series A convertible preferred stock for cash, net of issuance costs (Shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares outstanding	0	0
Common stock, shares issued	61,716,745	61,734,343

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule Allocation of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Payment Arrangement, Expense	$ 1,398	$ 3,888	$ 3,736	$ 5,415
Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Payment Arrangement, Expense	(54)	2,571	651	3,034
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Payment Arrangement, Expense	$ 1,452	$ 1,317	$ 3,085	$ 2,381

Commitments and Contingencies (

Commitments and Contingencies (Additional Information) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023
Loss Contingencies [Line Items]
Estimated workforce reduction percentage		89%
Reduction In Workforce [Member]
Loss Contingencies [Line Items]
Estimated workforce reduction percentage	55%
Severance costs		$ 4.1	$ 1.1	$ 5.2
Contract Termination Member
Loss Contingencies [Line Items]
Contract termination fees		$ 0.1		$ 0.1

Restructuring and Related Act_3

Restructuring and Related Activities - Schedule of the Accruals and payments for the Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 1,125	$ 0
Severance expense	4,093	1,125
Contract termination fees	88
Payments for severance and termination fees	(4,720)
Ending Balance	$ 586	$ 1,125