Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 07, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | VERA | |
Entity Registrant Name | Vera Therapeutics, Inc. | |
Entity Central Index Key | 0001831828 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Title of 12(b) Security | Class A common stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ | |
Securities Act File Number | 001-40407 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 81-2744449 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Address, Address Line One | 8000 Marina Boulevard | |
Entity Address, Address Line Two | Suite 120 | |
Entity Address, City or Town | Brisbane | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94005 | |
City Area Code | 650 | |
Local Phone Number | 770-0077 | |
Entity Common Stock, Shares Outstanding | 44,432,945 |
Condensed Balance Sheet
Condensed Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 27,441 | $ 43,459 |
Marketable securities | 132,498 | 71,194 |
Prepaid expenses and other current assets | 11,681 | 11,045 |
Total current assets | 171,620 | 125,698 |
Restricted cash, noncurrent | 0 | 293 |
Property and equipment, net | 34 | 51 |
Operating lease right-of-use assets | 3,481 | 5,173 |
Prepaid expenses and other noncurrent assets | 470 | 162 |
Non-marketable equity securities | 13 | 58 |
Total assets | 175,618 | 131,435 |
Current liabilities: | ||
Accounts payable | 12,300 | 11,991 |
Operating lease liabilities | 2,518 | 2,645 |
Accrued expenses and other current liabilities | 9,803 | 10,964 |
Total current liabilities | 24,621 | 25,600 |
Long-term debt | 25,042 | 24,810 |
Operating lease liabilities, noncurrent | 1,962 | 3,831 |
Accrued and other noncurrent liabilities | 286 | 286 |
Total liabilities | 51,911 | 54,527 |
Stockholders' equity | ||
Preferred stock, $0.001 par value; 10,000,000 authorized as of September 30, 2023 and December 31, 2022; no shares issued and outstanding as of September 30, 2023 and December 31, 2022 | 0 | 0 |
Additional paid-in capital | 407,185 | 290,216 |
Accumulated other comprehensive loss | (75) | (224) |
Accumulated deficit | (283,447) | (213,112) |
Total stockholders' equity | 123,707 | 76,908 |
Total liabilities and stockholders' equity | 175,618 | 131,435 |
Common Class A [Member] | ||
Stockholders' equity | ||
Class A common stock, $0.001 par value; 500,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 44,432,945 and 27,800,861 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | $ 44 | $ 28 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Preferred stock par or stated value per share | $ 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 Class A [Member] | ||
Common stock, Par value | $ 0.001 | $ 0.001 |
Common stock, Shares authorized | 500,000,000 | 500,000,000 |
Common stock, Shares issued | 44,432,945 | 27,800,861 |
Common stock, Shares outstanding | 44,432,945 | 27,800,861 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating expenses: | ||||
Research and development | $ 16,100 | $ 19,656 | $ 57,440 | $ 42,317 |
General and administrative | 5,656 | 5,588 | 17,544 | 15,005 |
Total operating expenses | 21,756 | 25,244 | 74,984 | 57,322 |
Loss from operations | (21,756) | (25,244) | (74,984) | (57,322) |
Other income (expense): | ||||
Interest income | 2,158 | 567 | 6,019 | 856 |
Interest expense | (943) | (147) | (2,730) | (393) |
Other income | 452 | 347 | 1,405 | 987 |
Change in fair value of non-marketable equity securities | (15) | (202) | (45) | (745) |
Total other income | 1,652 | 565 | 4,649 | 705 |
Net loss | (20,104) | (24,679) | (70,335) | (56,617) |
Other comprehensive loss: | ||||
Change in unrealized loss on marketable securities | 67 | (127) | 149 | (279) |
Comprehensive loss | $ (20,037) | $ (24,806) | $ (70,186) | $ (56,896) |
Net loss per share attributable to common stockholders, basic | $ (0.45) | $ (0.91) | $ (1.67) | $ (2.16) |
Net loss per share attributable to common stockholders, diluted | $ (0.45) | $ (0.91) | $ (1.67) | $ (2.16) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic | 44,363,419 | 27,215,874 | 42,124,779 | 26,184,816 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted | 44,363,419 | 27,215,874 | 42,124,779 | 26,184,816 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Common Class A [Member] | Common Class A [Member] Common Stock [Member] | Common Class B [Member] |
Beginning balance, shares at Dec. 31, 2021 | 20,968,376 | 309,238 | |||||
Beginning Balance, Value at Dec. 31, 2021 | $ 69,592 | $ 193,627 | $ (124,056) | $ 21 | |||
Issuance of Class A common stock from underwritten follow-on offering, net of offering costs | 5,742,026 | ||||||
Issuance of Class A common stock from underwritten follow-on offering, net of offering costs, value | 80,034 | 80,028 | $ 6 | ||||
Issuance of Class A common stock pursuant to exercise of options, value | 65 | 65 | |||||
Issuance of Class A common stock pursuant to exercise of options | 17,946 | ||||||
Issuance of Class A common stock pursuant to employee stock purchase plan | 8,458 | ||||||
Issuance of Class A common stock pursuant to employee stock purchase plan, value | 169 | 169 | |||||
Issuance of Class A common stock upon vesting of restricted stock units, shares | 19,429 | ||||||
Stock-based compensation | 1,662 | 1,662 | |||||
Unrealized gain (loss) on marketable securities | (12) | $ (12) | |||||
Net loss | (17,085) | (17,085) | |||||
Ending Balance, shares at Mar. 31, 2022 | 26,756,235 | 309,238 | |||||
Ending Balance, Value at Mar. 31, 2022 | 134,425 | 275,551 | (12) | (141,141) | 27 | ||
Beginning balance, shares at Dec. 31, 2021 | 20,968,376 | 309,238 | |||||
Beginning Balance, Value at Dec. 31, 2021 | 69,592 | 193,627 | (124,056) | 21 | |||
Issuance of common stock for payment of licensing fees, net of offering costs, shares | 283,034 | ||||||
Net loss | (56,617) | ||||||
Ending Balance, shares at Sep. 30, 2022 | 27,607,449 | ||||||
Ending Balance, Value at Sep. 30, 2022 | 105,718 | 286,642 | (279) | (180,673) | 28 | ||
Beginning balance, shares at Mar. 31, 2022 | 26,756,235 | 309,238 | |||||
Beginning Balance, Value at Mar. 31, 2022 | 134,425 | 275,551 | (12) | (141,141) | 27 | ||
Issuance of Class A common stock pursuant to exercise of options, value | 47 | 47 | |||||
Issuance of Class A common stock pursuant to exercise of options | 12,641 | ||||||
Issuance of Class A common stock upon vesting of restricted stock units, shares | 19,430 | ||||||
Conversion of Class B common stock into Class A common stock, Shares | 210,000 | (210,000) | |||||
Stock-based compensation | 2,025 | 2,025 | |||||
Unrealized gain (loss) on marketable securities | (140) | (140) | |||||
Net loss | (14,853) | (14,853) | |||||
Ending Balance, shares at Jun. 30, 2022 | 26,998,306 | 99,238 | |||||
Ending Balance, Value at Jun. 30, 2022 | 121,504 | 277,623 | (152) | (155,994) | 27 | ||
Issuance of Class A common stock pursuant to exercise of options, value | 853 | 853 | |||||
Issuance of Class A common stock pursuant to exercise of options | 200,571 | ||||||
Issuance of Class A common stock pursuant to employee stock purchase plan | 6,870 | ||||||
Issuance of Class A common stock pursuant to employee stock purchase plan, value | 122 | 122 | |||||
Issuance of Class A common stock upon vesting of restricted stock units, shares | 19,430 | ||||||
Issuance of common stock for payment of licensing fees, net of offering costs, shares | 283,034 | ||||||
Issuance of common stock for payment of licensing fees in equity, net of offering cost | 5,593 | 5,592 | $ 1 | ||||
Conversion of Class B common stock into Class A common stock, Shares | 99,238 | (99,238) | |||||
Stock-based compensation | 2,452 | 2,452 | |||||
Unrealized gain (loss) on marketable securities | (127) | (127) | |||||
Net loss | (24,679) | (24,679) | |||||
Ending Balance, shares at Sep. 30, 2022 | 27,607,449 | ||||||
Ending Balance, Value at Sep. 30, 2022 | 105,718 | 286,642 | (279) | (180,673) | 28 | ||
Beginning balance, shares at Dec. 31, 2022 | 27,800,861 | ||||||
Beginning Balance, Value at Dec. 31, 2022 | 76,908 | 290,216 | (224) | (213,112) | 28 | ||
Issuance of Class A common stock from underwritten follow-on offering, net of offering costs | 16,428,572 | ||||||
Issuance of Class A common stock from underwritten follow-on offering, net of offering costs, value | 107,743 | 107,727 | $ 16 | ||||
Issuance of Class A common stock pursuant to exercise of options, value | 65 | 65 | |||||
Issuance of Class A common stock pursuant to exercise of options | 3,750 | ||||||
Issuance of Class A common stock pursuant to employee stock purchase plan | 27,926 | ||||||
Issuance of Class A common stock pursuant to employee stock purchase plan, value | 175 | 175 | |||||
Stock-based compensation | 2,667 | 2,667 | |||||
Unrealized gain (loss) on marketable securities | 220 | 220 | |||||
Net loss | (30,069) | (30,069) | |||||
Ending Balance, shares at Mar. 31, 2023 | 44,261,109 | ||||||
Ending Balance, Value at Mar. 31, 2023 | 157,709 | 400,850 | (4) | (243,181) | 44 | ||
Beginning balance, shares at Dec. 31, 2022 | 27,800,861 | ||||||
Beginning Balance, Value at Dec. 31, 2022 | 76,908 | 290,216 | (224) | (213,112) | 28 | ||
Issuance of common stock for payment of licensing fees, net of offering costs, shares | 283,034 | ||||||
Net loss | (70,335) | ||||||
Ending Balance, shares at Sep. 30, 2023 | 44,432,945 | ||||||
Ending Balance, Value at Sep. 30, 2023 | 123,707 | 407,185 | (75) | (283,447) | 44 | ||
Beginning balance, shares at Mar. 31, 2023 | 44,261,109 | ||||||
Beginning Balance, Value at Mar. 31, 2023 | 157,709 | 400,850 | (4) | (243,181) | 44 | ||
Issuance of Class A common stock pursuant to exercise of options, value | 432 | 432 | |||||
Issuance of Class A common stock pursuant to exercise of options | 44,820 | ||||||
Issuance of Class A common stock upon vesting of restricted stock units, shares | 2,500 | ||||||
Stock-based compensation | 2,682 | 2,682 | |||||
Unrealized gain (loss) on marketable securities | (138) | (138) | |||||
Net loss | (20,162) | 0 | (20,162) | ||||
Ending Balance, shares at Jun. 30, 2023 | 44,308,429 | ||||||
Ending Balance, Value at Jun. 30, 2023 | 140,523 | 403,964 | (142) | (263,343) | 44 | ||
Issuance of Class A common stock pursuant to exercise of options, value | 197 | 197 | |||||
Issuance of Class A common stock pursuant to exercise of options | 45,078 | ||||||
Issuance of Class A common stock pursuant to employee stock purchase plan | 16,554 | ||||||
Issuance of Class A common stock pursuant to employee stock purchase plan, value | 101 | 101 | |||||
Issuance of Class A common stock upon vesting of restricted stock units, shares | 62,884 | ||||||
Stock-based compensation | 2,923 | 2,923 | |||||
Unrealized gain (loss) on marketable securities | 67 | 67 | |||||
Net loss | (20,104) | (20,104) | |||||
Ending Balance, shares at Sep. 30, 2023 | 44,432,945 | ||||||
Ending Balance, Value at Sep. 30, 2023 | $ 123,707 | $ 407,185 | $ (75) | $ (283,447) | $ 44 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (70,335) | $ (56,617) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, amortization and accretion | (2,919) | (249) |
Reduction in the carrying amount of operating lease right of use assets | 1,692 | 1,676 |
Stock-based compensation | 8,272 | 6,139 |
Issuance of Class A common stock for licensing payment | 0 | 3,661 |
Change in fair value of non-marketable equity securities | 45 | 745 |
Changes in operating assets and liabilities: | ||
Prepaid expense and other current assets | (636) | (7,700) |
Other assets | (308) | (98) |
Accounts payable | 309 | 5,627 |
Accrued and other current liabilities | (1,161) | 2,291 |
Operating lease liabilities | (1,996) | (1,909) |
Net cash used in operating activities | (67,037) | (46,434) |
Cash flows from investing activities | ||
Purchase of property and equipment | 0 | (62) |
Purchase of marketable securities | (171,730) | (137,927) |
Proceeds from maturities of marketable securities | 104,200 | 54,000 |
Proceeds from sale of marketable securities | 9,543 | 0 |
Net cash used in investing activities | (57,987) | (83,989) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options and employee stock purchase plan | 969 | 1,256 |
Proceeds from issuance of Class A common stock in follow-on offering | 115,000 | 86,132 |
Payment of costs and underwriting discounts and commissions related to follow-on offering | (7,256) | (6,164) |
Net cash provided by financing activities | 108,713 | 81,224 |
Net decrease in cash and cash equivalents and restricted cash | (16,311) | (49,199) |
Cash, cash equivalents and restricted cash, beginning of period | 43,752 | 79,967 |
Cash, cash equivalents and restricted cash, end of period | 27,441 | 30,768 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 2,499 | 336 |
Cash paid for operating leases | 2,238 | 1,991 |
Issuance of Class A common stock in payment of accrued development milestone | 0 | 2,000 |
Cash and cash equivalents [Member] | ||
Cash flows from financing activities | ||
Cash, cash equivalents and restricted cash, end of period | 27,441 | 30,475 |
Restricted cash [Member] | ||
Cash flows from financing activities | ||
Cash, cash equivalents and restricted cash, end of period | $ 0 | $ 293 |
Organization and Description of
Organization and Description of the Business | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of the Business | 1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS Description of Business Vera Therapeutics, Inc., (the Company) is a clinical stage biotechnology company focused on developing and commercializing treatments for patients with serious immunological diseases. The Company was incorporated in May 2016 in Delaware. The Company’s headquarters and operations are located in Brisbane, California. The Company operates in one segment. Initial Public Offering On May 13, 2021, the Company’s registration statement on Form S-1 for its initial public offering (the IPO) was declared effective by the Securities and Exchange Commission (the SEC), and the shares of its Class A common stock commenced trading on the Nasdaq Global Select Market on May 14, 2021. The IPO closed on May 18, 2021, pursuant to which the Company issued and sold 4,350,000 shares of its Class A common stock at a public offering price of $ 11.00 per share. On May 20, 2021, the Company issued 652,500 shares of its Class A common stock to the underwriters of the IPO pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company received total net proceeds of $ 48.4 million from the IPO, after deducting underwriting discounts and commissions of $ 3.9 million, and offering costs of $ 2.8 million. Prior to the completion of the IPO, all shares of redeemable convertible preferred stock then outstanding were converted into 15,464,776 shares of Class A common stock and 309,238 shares of Class B common stock. Follow-on Public Offerings On February 14, 2022, the Company completed a follow-on public offering pursuant to which the Company issued and sold 5,742,026 shares of its Class A common stock at a public offering price of $ 15.00 per share, including 748,959 shares of Class A common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares. The Company received total net proceeds of approximately $ 80.0 million, after deducting underwriting discounts and commissions of $ 5.2 million, and offering costs of approximately $ 0.9 million . On February 6, 2023, the Company completed a follow-on public offering pursuant to which the Company issued and sold 16,428,572 shares of its Class A common stock at an offering price of $ 7.00 per share, including the exercise in full by the underwriters of their option to purchase an additional 2,142,857 shares of Class A common stock. The Company received total net proceeds of approximately $ 107.7 million, after deducting underwriting discounts and commissions of $ 6.9 million, and offering costs of approximately $ 0.4 million. Liquidity Since inception, the Company devoted substantially all of its resources to its research and development efforts, pre-clinical studies and clinical trials, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. The Company has incurred recurring net operating losses and has not generated positive cash flow from operations since its inception, and had an accumulated deficit of $ 283.4 million as of September 30, 2023. The Company had cash, cash equivalents and marketable securities of $ 159.9 million as of September 30, 2023 and has access to additional debt financing under a credit facility (see Note 7). The Company has funded its operations primarily through the issuance of common stock, redeemable convertible preferred stock, debt financing and convertible notes. Management expects to continue to incur losses and negative cash flows from operations for at least the next several years. Management believes that the Company’s cash, cash equivalents and marketable securities as of September 30, 2023 will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months subsequent to the issuance date of these financial statements. The Company intends to raise additional capital through public or private equity offerings or debt financing or other capital sources, which may include strategic collaborations or other arrangements with third parties in order to achieve its long-term business objectives. If the Company fails to obtain necessary capital when needed on acceptable terms, or at all, it could force the Company to delay, limit, reduce or terminate its product development programs, commercialization efforts or other operations . |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The U.S. dollar is the Company’s functional and reporting currency. Unaudited Interim Condensed Financial Statements The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP), and in the opinion of management, include all adjustments of a normal recurring nature necessary for fair financial statement presentation. Interim results are not necessarily indicative of the results to be expected for the full year ending December 31, 2023, or any other period. The condensed balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date, but may not include all disclosures notes required by GAAP. These unaudited condensed financial statements and other information presented in this Form 10-Q should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 28, 2023. Emerging Growth Company Status T he Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (1) is no longer an emerging growth company or (2) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Management estimates that affect the reported amounts of assets and liabilities include the accrual of research and development expenses and stock-based compensation expense, determination of incremental borrowing rate for operating leases, the valuation allowance for deferred tax assets, and fair value of marketable and non-marketable securities. The Company evaluates and adjusts its estimates and assumptions on an ongoing basis using historical experience and other factors. Actual results could differ materially from those estimates. Concentrations of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains bank deposits in a federally insured financial institution and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institution holding its cash, cash equivalents, and marketable securities to the extent recorded in the balance sheet. The Company has not experienced any losses to date related to these concentrations. The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers. The Company relies on one supply chain for each of its product candidates. If any of the single source suppliers in any of the supply chains fails to satisfy the Company’s requirements on a timely basis, it could suffer delays in its clinical development programs and activities, which could adversely affect operating results. The Company’s product candidates require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed, or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company. Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies from the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The objective of the standard is to provide information about expected credit losses on financial instruments at each reporting date and to change how other-than temporary impairments on investment securities are recorded. Further, the FASB issued ASU No. 2018-19, ASU No. 2019-04, ASU No. 2019-05, ASU 2019-10, ASU 2019-11, ASU 2020-02 and ASU 2020-03 to provide additional guidance on the credit losses standard. The guidance is effective for the annual period beginning after December 15, 2022, with early adoption permitted. The Company adopted the ASUs on January 1, 2023. The ASUs did not have a material impact on the Company’s financial statements. Recently Issued Accounting Pronouncement Not Yet Adopted In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . This standard clarifies the guidance in Topic 210, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The guidance is effective for the annual period beginning after December 15, 2023, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material impact on its financial statements and related disclosures. |
Other Financial Statement Infor
Other Financial Statement Information | 9 Months Ended |
Sep. 30, 2023 | |
Other Financial Statement Information [Abstract] | |
Other Financial Statement Information | 3. OTHER FINANCIAL STATEMENT INFORMATION Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): September 30, December 31, Prepaid clinical trial and drug manufacturing expenses $ 8,189 $ 8,487 Prepaid insurance 905 998 Prepaid equity financing costs 409 490 Prepaid rent 256 247 Other 1,922 823 Total prepaid expenses and other current assets $ 11,681 $ 11,045 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): September 30, December 31, Accrued clinical trial and drug manufacturing expenses $ 4,195 $ 4,334 Accrued payroll 2,645 3,217 Related party payable 2,389 2,780 Accrued legal fees 63 338 Accrued expenses and other 511 295 Total accrued expenses and other current liabilities $ 9,803 $ 10,964 Related party payable represents amounts due to Ares Trading S.A. (Ares), an affiliate of Merck KGaA, Darmstadt, Germany, related to manufacturing technology and know-how transfer services performed for atacicept pursuant to the license agreement between the Company and Ares (see Note 11). |
Cash Equivalents And Marketable
Cash Equivalents And Marketable Securities | 9 Months Ended |
Sep. 30, 2023 | |
Cash Equivalents And Marketable Securities [Abstract] | |
Cash Equivalents and Marketable Securities | 4 . CASH EQUIVALENTS AND MARKETABLE SECURITIES Cash equivalents and marketable debt securities are classified within Level 2 in the fair value hierarchy because the Company uses quoted market prices to the extent available or alternative pricing sources to determine fair value. The Company’s debt securities are accounted for as available-for-sale securities. Unrealized gains and losses are reported as a component of other comprehensive loss. Fair value of the debt securities were $ 132.5 million and $ 71.2 million as of September 30, 2023 and December 31, 2022, respectively. The following table summarizes the unrealized gains and losses in fair value of the Company’s investments in debt securities (in thousands): As of September 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Level 2: Money market funds $ 26,140 $ - $ - $ 26,140 U.S. Government bonds 132,572 2 ( 76 ) 132,498 Total cash equivalents and marketable securities $ 158,712 $ 2 $ ( 76 ) $ 158,638 As of December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Level 2: Money market funds $ 42,495 $ - $ - $ 42,495 U.S. Government bonds 71,418 1 ( 225 ) 71,194 Total cash equivalents and marketable securities $ 113,913 $ 1 $ ( 225 ) $ 113,689 Marketable debt securities that had been in unrealized loss positions as of September 30, 2023 and December 31, 2022 were in an unrealized loss position for less than 12 months. Unrealized losses from marketable debt securities are primarily attributable to changes in interest rates. Management does not believe any remaining unrealized losses represent impairments based on evaluation of available evidence. The following table classifies the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in thousands): September 30, 2023 Due within one year $ 132,498 Due after one year to two years — Total marketable securities $ 132,498 |
Non-Marketable Equity Securitie
Non-Marketable Equity Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Non-Marketable Equity Securities | 5 . NON-MARKETABLE EQUITY SECURITIES In 2021, the Company disposed of its previous research program through the sale of assets and certain related liabilities to NeuBase Therapeutics, Inc. (NeuBase) in exchange for cash and shares of NeuBase common stock. The shares have certain restrictions on sale or transfer. Fair value of this asset is determined using alternative pricing sources and models utilizing market observable inputs. The Company reports the restricted equity securities as non-marketable equity securities on the condensed balance sheet and determines current or non-current classification based on the expected duration of the restriction. The carrying value is measured as the total initial cost, less the cumulative net unrealized loss. The following table summarizes the value of non-marketable equity securities using the measurement alternative (in thousands): September 30, December 31, Initial cost $ 1,759 $ 1,759 Cumulative net fair value adjustments ( 1,746 ) ( 1,701 ) Total non-marketable equity securities $ 13 $ 58 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
LEASES | 6. LEASES Net lease costs recognized were as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Operating lease cost $ 644 $ 594 $ 1,933 $ 1,734 Sublease income ( 482 ) ( 482 ) ( 1,446 ) ( 1,446 ) Net lease cost $ 162 $ 112 $ 487 $ 288 As of September 30, 2023, the maturities of the lease liabilities based on minimum lease commitment amount are as follows (in thousands): 2023 (remaining three months) $ 762 2024 3,022 2025 1,880 2026 - 2027 - Total minimum lease payments 5,664 Less: Imputed interest ( 1,184 ) Present value of operating lease liabilities 4,480 Less: Current portion of operating lease liabilities ( 2,518 ) Non-current operating lease liabilities $ 1,962 In November 2020, the Company entered into a non-cancellable sublease agreement for the leased facilities in South San Francisco, California, which ends concurrently with the original lease in September 2025. As of September 30, 2023, under the terms of the sublease agreement, the Company is entitled to receive future annual sublease payments as follows (in thousands): 2023 (remaining three months) $ 480 2024 1,954 2025 1,496 Total sublease payments $ 3,930 As tenant, the Company remains responsible for minimum lease commitments of $ 5.0 million as of September 30, 2023, on the South San Francisco facilities. In July 2022, the Company amended an existing lease agreement to increase the amount of leased office space in its Brisbane, California, headquarters, from approximately 4,900 square feet to approximately 9,900 square feet. The leases have scheduled annual 3 % increases and include renewal options for the Company. As of September 30, 2023, the Company had not executed any finance leases that were yet to commence. As of September 30, 2023, the weighted-average remaining operating lease term was 1.8 years and the weighted-average discount rate was 9.1 % for operating leases recognized in the condensed financial statements. |
Note Payable
Note Payable | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Note Payable | 7. NOTE PAYABLE Note payable consists of the following ($ in thousands): September 30, 2023 December 31, 2022 Maturity Effective Amount Effective Amount Collateralized note 2021-12 2027 14.72 % $ 5,000 13.57 $ 5,000 Collateralized note 2022-11 2027 14.86 % 20,000 13.74 20,000 Total borrowings 25,000 25,000 Less: Unamortized debt issuance costs 42 ( 190 ) Net carrying amount of debt $ 25,042 $ 24,810 The carrying amount of debt approximates fair value due to its variable interest rate. In December 2021, the Company entered into a non-revolving loan and security agreement (the “Loan Facility”) with borrowing capacity of up to $ 50.0 million, which was scheduled to expire in December 2022. In November 2022, the Company entered into an amendment of the Loan Facility. Among other changes, the amendment extended the scheduled expiration of the Loan Facility to December 2023 and modified the reference rate from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financial Rate (“SOFR”). In conjunction with the amendment, the Company borrowed an additional $ 20.0 million from the Loan Facility. As of September 30, 2023, the Company’s outstanding borrowing under the Loan Facility was $ 25.0 million, and an additional $ 25.0 million remains available if drawn by December 29, 2023. In March 2023, upon achievement of a clinical data milestone, the Company elected to exercise a borrower option to extend the maturity of the outstanding loan by 12 months, from December 2026 to December 2027. The interest-only payment period was also extended by 12 months to December 2026. The Company is permitted to prepay the loan, subject to certain conditions. The final payment upon the maturity date or prepayment of the loan increased from 5% to 7% of the aggregate principal balance of the loan. The variable interest rate on the drawn amount is adjusted SOFR plus 825 basis points, subject to a per annum floor rate of 8.25 %. The Loan Facility contains a subjective acceleration clause in the case of an event of default. If such a matter occurs and is continuing, the lender may legally demand the outstanding principal and interest immediately due and payable. There are no financial covenants associated with the Loan Facility and the loan is secured by the Company’s assets. The Loan Facility is available for working capital, capital expenditures, and other general corporate purposes. Principal installments due on the notes are as follows (in thousands): Remainder of 2023 $ — 2024 — 2025 — 2026 — 2027 25,000 Total long-term debt $ 25,000 |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | 8. COMMON STOCK As of September 30, 2023, the Company’s amended and restated certificate of incorporation authorized the Company to issue 500,000,000 shares of Class A common stock and 14,600,000 shares of Class B common stock, each with a par value of $ 0.001 per share. Each share of Class A common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Class B common stock is non-voting. Class A common stockholders and holders of Class B common stock are entitled to receive dividends, as may be declared by the board of directors. Through September 30, 2023 , no cash dividends have been declared or paid. In February 2022, the Company completed a follow-on public offering pursuant to which the Company issued and sold 5,742,026 shares of its Class A common stock at a public offering price of $ 15.00 per share, including 748,959 shares of Class A common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares. In May 2022, 210,000 shares of Class B common stock were converted into 210,000 shares of Class A common stock. In September 2022, the remaining 99,238 shares of Class B common stock were converted into 99,238 shares of Class A common stock. The shares of Class B common stock that were converted into shares of Class A common stock have been retired and cancelled, and therefore will not be available for reissuance. In June 2022, the Company filed a shelf registration statement on Form S-3 (File No. 333-265408) with the Securities and Exchange Commission, which permits the offering, issuance, and sale of up to a maximum aggregate offering price of $ 400.0 million of the Company’s common stock, preferred stock, debt securities and warrants. Up to a maximum of $ 150.0 million of the maximum aggregate offering price of $ 400.0 million may be issued and sold pursuant to an at-the-market financing facility under a sales agreement dated June 3, 2022, between the Company and Cowen and Company, LLC (Sales Agreement). As of September 30, 2023, all $ 150.0 million remains available for issuance and sale under the Sales Agreement. In September 2022, the Company issued 283,034 shares of Class A common stock to Novartis Pharma AG pursuant to an amendment to a license agreement between the two parties (see Note 11). In February 2023, the Company completed a follow-on public offering pursuant to which the Company issued and sold 16,428,572 shares of its Class A common stock at a public offering price of $ 7.00 per share, including 2,142,857 shares of Class A common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares. |
Stock Compensation
Stock Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Compensation | 9. STOCK COMPENSATION In April 2021, the Company adopted the 2021 Employee Stock Purchase Plan (ESPP) and the 2021 Equity Incentive Plan (2021 EIP), each of which became effective in connection with the IPO. The Company has reserved 707,942 and 4,650,796 shares of Class A common stock for issuance under the ESPP and 2021 EIP, respectively. The Company may not grant any additional awards under the 2017 Equity Incentive Plan (2017 EIP). The 2017 EIP will continue to govern outstanding equity awards granted thereunder. As of September 30, 2023 , there were 337,109 shares available for issuance under the 2021 EIP. 2017 EIP and 2021 EIP Stock option activity under the 2017 EIP and 2021 EIP was as follows: NUMBER OF WEIGHTED- WEIGHTED- AGGREGATE Outstanding as of December 31, 2022 3,821,787 $ 10.30 8.51 $ 35,872 Granted 2,231,000 Exercised ( 93,648 ) Cancelled and forfeited ( 226,958 ) Outstanding as of September 30, 2023 5,732,181 9.39 8.40 31,942 Options exercisable as of September 30, 2023 2,210,094 8.26 7.81 14,537 Vested and expected to vest as of September 30, 2023 5,732,181 9.39 8.40 31,942 The aggregate intrinsic value of stock options exercised during the three and nine months ended September 30, 2023 , was approximately $ 0.6 million and $ 0.8 million, respectively. The weighted-average grant date fair value of options granted during the three and nine months ended September 30, 2023, was $ 13.66 and $ 5.81 per share, respectively. ESPP The ESPP enables eligible employees to purchase shares of the Company’s Class A common stock at the end of each offering period at a price equal to 85 % of the fair market value of the shares on the first trading day or the last trading day of the offering period, whichever is lower. Eligible employees generally include all employees. Share purchases are funded through payroll deductions of at least 1 % and up to 15 % of an employee’s eligible compensation for each payroll period. The number of shares reserved for issuance under the ESPP increase automatically on the first day of each fiscal year, beginning on January 1, 2022, by a number equal to the lesser of 440,502 shares, 1 % of the total number of shares of the Company’s capital stock (including all classes of the Company’s common stock) outstanding on the last day of the calendar month prior to the date of the increase, or such lower number of shares (including no shares) approved by the Company’s board of directors. As of September 30, 2023 , 59,808 shares have been issued pursuant to the ESPP. The ESPP generally provides for six-month consecutive offering periods beginning on September 14, 2021. The ESPP is a compensatory plan as defined by the authoritative guidance for stock compensation. As such, stock-based compensation expense has been recorded for the three and nine months ended September 30, 2023. Stock-Based Compensation Expense The following tables summarize the stock-based compensation expense for stock options, restricted stock awards, and restricted stock units granted to employees and nonemployees and for ESPP stock-based compensation that was recorded in the Company’s condensed statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Research and development $ 1,146 $ 1,255 $ 3,511 $ 3,226 General and administrative 1,777 1,197 4,761 2,913 Total stock-based compensation expense $ 2,923 $ 2,452 $ 8,272 $ 6,139 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Employees $ 2,621 $ 1,637 $ 7,542 $ 3,976 Nonemployees 302 815 730 2,163 Total stock-based compensation expense $ 2,923 $ 2,452 $ 8,272 $ 6,139 As of September 30, 2023 , the Company had $ 24.0 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of approximately 2.64 years. The fair value of stock options granted during the three and nine months ended September 30, 2023 and 2022 was estimated using the Black-Scholes option pricing model based on the following weighted-average assumptions. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Expected term (in years) 6.1 6.1 5.5 – 6.1 5.5 – 6.1 Expected volatility 80.2 % 76.7 % – 77.6 % 79.5 % – 80.5 % 75.8 % – 77.6 % Risk-free rate 4.2 % 2.7 % – 4.1 % 3.4 % – 4.2 % 1.8 % – 4.1 % Dividend yield — — — — Restricted Stock Units The Company grants restricted stock units (RSUs) pursuant to the 2021 EIP and satisfies such grants through the issuance of the Company’s Class A common stock. The following table shows RSU activity for the period ending September 30, 2023. NUMBER OF WEIGHTED- Unvested balance at December 31, 2022 204,000 $ 18.37 Granted — Vested ( 65,384 ) 18.40 Cancelled and forfeited ( 6,000 ) 18.60 Unvested balance at September 30, 2023 132,616 18.34 For the nine months ended September 30, 2023, the Company recognized $ 1.0 million of stock-based compensation expense for restricted stock units. As of September 30, 2023, the Company had $ 2.1 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 1.04 years. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 10. EMPLOYEE BENEFIT PLANS The Company sponsors a qualified 401(k) defined contribution plan covering eligible employees. Participants may contribute a portion of their annual compensation limited to a maximum annual amount set by the Internal Revenue Service. The Company contributed $ 12,000 and $ 138,000 to the plan for the three and nine months ended September 30, 2023 , respectively. The Company contributed $ 63,000 to the plan for the three and nine months ended September 30, 2022. |
Licenses and Collaborations
Licenses and Collaborations | 9 Months Ended |
Sep. 30, 2023 | |
Licenses And Collaborations [Abstract] | |
Licenses and Collaborations | 11. LICENSES AND COLLABORATIONS Ares Trading S.A. In October 2020, the Company entered into a license agreement with Ares (the Ares Agreement), pursuant to which the Company obtained an exclusive worldwide license to certain patents and related know-how to research, develop, manufacture, use and commercialize therapeutic products containing atacicept, a recombinant fusion protein used to inhibit B cell growth and differentiation, which could potentially treat some autoimmune diseases. As consideration for the Ares Agreement, the Company paid a non-refundable license issue fee to Ares in the form of shares of redeemable convertible preferred stock valued at $ 13.1 million, resulting in Ares becoming a related party to the Company. The redeemable convertible preferred stock subsequently converted into 1,913,501 shares of Class A common stock in connection with the IPO. In December 2020, the Company paid Ares a milestone payment of $ 25.0 million upon delivery and initiation of the transfer of specified information and materials. The Company is obligated to pay Ares aggregate milestone payments of up to $ 176.5 million upon the achievement of specified BLA filing or regulatory approval milestones and up to $ 515.0 million upon the achievement of specified commercial milestones. The non-refundable license issue fee and milestone payment were recorded to research and development expense in the period incurred. Subsequent to the effective date of the Ares Agreement, Ares is performing manufacturing technology and know-how transfer to the Company. The Company recorded related party expense of $ 0.4 million and $ 0.5 million to Ares for these services during the three months ended September 30, 2023 and 2022, respectively, and $ 2.4 million and $ 2.2 million during the nine months ended September 30, 2023 and 2022, respectively. These amounts are included in research and development expenses on the condensed statements of operations and comprehensive loss. Commencing on the first commercial sale of licensed products, the Company is obligated to pay Ares tiered royalties of low double-digit to mid-teen percentages on annual net sales of the licensed products covered by the license. The Company is obligated to pay royalties on a licensed product-by-licensed product and country-by-country basis from the first commercial sale of a product in a country until the latest of (i) 15 years after the first commercial sale of such licensed product in such country; (ii) the expiration of the last valid claim of a licensed patent that covers such licensed product in, or its use, importation or manufacture with respect to, such country; and (iii) expiration of all applicable regulatory exclusivity periods, including data exclusivity, in such country with respect to such product. If the Company were to sublicense its rights under the Ares Agreement, the Company would be obligated to pay Ares a percentage ranging from the mid-single-digit to the low double-digits of specified sublicensing income received. Amplyx Pharmaceuticals, Inc. In December 2021, the Company entered into an asset purchase agreement (the Amplyx Agreement) with Amplyx Pharmaceuticals, Inc. (Amplyx), a wholly owned subsidiary of Pfizer Inc. Pursuant to the terms of the Amplyx Agreement, the Company paid $ 5.0 million to Amplyx to purchase assets relating to an anti-BKV monoclonal antibody referred to as MAU868 for the treatment of BKV infection pursuant to a License Agreement between Amplyx and Novartis International Pharmaceutical AG (Novartis). In addition, the Company recognized a $ 2.0 million contingent milestone obligation as an assumed liability related to the asset purchase. The transaction was treated as an asset acquisition, as the assets acquired did not meet the definition of a business. ASC 805-10-55 states that if substantially all the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not considered a business. Since the gross assets acquired are concentrated on a single identifiable asset, MAU868, the transaction was accounted for as an asset acquisition. In accordance with accounting guidance, costs incurred in obtaining technology licenses are charged to research and development expense if the technology licensed has not reached technological feasibility and has no alternative future use. The assets purchased from Amplyx require substantial completion of research and development, regulatory and marketing approval efforts in order to reach technological feasibility. Accordingly, the acquisition cost of $ 7.0 million was recorded as research and development expense in the statement of operations and comprehensive loss on the acquisition date. In connection with the Amplyx asset purchase, Amplyx assigned the Exclusive License Agreement between Amplyx and Novartis (the Novartis License) and Manufacturing and Supply Agreements to the Company. Under the Novartis License, the Company has exclusive worldwide rights from Novartis to develop, manufacture and commercialize MAU868. The Company will be solely responsible for all research, development, regulatory, manufacturing and commercialization activities of MAU868. Under the Amplyx Agreement, the Company is obligated to make future milestone payments to Amplyx and Novartis upon the achievement of specified development, regulatory and commercial milestones. In September 2022, the Company and Novartis entered into an amendment to the Novartis License to modify the terms of future milestone payments. Pursuant to this amendment, the Company issued 283,034 shares of Class A common stock to Novartis in exchange for a reduction of $ 7.0 million in contingent future development milestones, including the $ 2.0 million contingent milestone obligation accrued by the Company in December 2021. The value of the shares issued was $ 5.7 million based on the closing market value of the Company’s Class A common stock as of the effective date of the amendment, and as a result of the amendment the Company recognized $ 3.7 million of research and development expense in 2022. The Company is obligated to make future milestone payments of up to $ 7.0 million and $ 62.0 million to Amplyx and Novartis, respectively, contingent upon the achievement of specified development, regulatory and commercial milestones. In the event that MAU868 is commercialized, the Company will be obligated to pay royalties to Amplyx and Novartis based on net sales by country and by product. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | 12. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS The following outstanding potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis). Three Months Ended Nine Months Ended 2023 2022 2023 2022 Class A common stock options issued and outstanding 5,732,181 3,766,165 5,732,181 3,766,165 Unvested RSUs 132,616 235,180 132,616 235,180 Total 5,864,797 4,001,345 5,864,797 4,001,345 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. RELATED PARTY TRANSACTIONS In October 2020, the Company entered into the Ares Agreement with Ares, pursuant to which the Company obtained an exclusive worldwide license to certain patents and related know-how to research, develop, manufacture, use and commercialize therapeutic products containing atacicept, a recombinant fusion protein used to inhibit B cell growth and differentiation, which could potentially treat some autoimmune diseases. Related party transactions and balances in the current periods presented are described in Note 3 and Note 11. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The U.S. dollar is the Company’s functional and reporting currency. |
Unaudited Interim Condensed Financial Statements | Unaudited Interim Condensed Financial Statements The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP), and in the opinion of management, include all adjustments of a normal recurring nature necessary for fair financial statement presentation. Interim results are not necessarily indicative of the results to be expected for the full year ending December 31, 2023, or any other period. The condensed balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date, but may not include all disclosures notes required by GAAP. These unaudited condensed financial statements and other information presented in this Form 10-Q should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 28, 2023. |
Emerging Growth Company Status | Emerging Growth Company Status T he Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (1) is no longer an emerging growth company or (2) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. |
Use of Estimates | Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Management estimates that affect the reported amounts of assets and liabilities include the accrual of research and development expenses and stock-based compensation expense, determination of incremental borrowing rate for operating leases, the valuation allowance for deferred tax assets, and fair value of marketable and non-marketable securities. The Company evaluates and adjusts its estimates and assumptions on an ongoing basis using historical experience and other factors. Actual results could differ materially from those estimates. |
Concentrations of Credit Risk and Other Risks and Uncertainties | Concentrations of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains bank deposits in a federally insured financial institution and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institution holding its cash, cash equivalents, and marketable securities to the extent recorded in the balance sheet. The Company has not experienced any losses to date related to these concentrations. The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers. The Company relies on one supply chain for each of its product candidates. If any of the single source suppliers in any of the supply chains fails to satisfy the Company’s requirements on a timely basis, it could suffer delays in its clinical development programs and activities, which could adversely affect operating results. The Company’s product candidates require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed, or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company. |
Significant Accounting Policies | Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies from the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The objective of the standard is to provide information about expected credit losses on financial instruments at each reporting date and to change how other-than temporary impairments on investment securities are recorded. Further, the FASB issued ASU No. 2018-19, ASU No. 2019-04, ASU No. 2019-05, ASU 2019-10, ASU 2019-11, ASU 2020-02 and ASU 2020-03 to provide additional guidance on the credit losses standard. The guidance is effective for the annual period beginning after December 15, 2022, with early adoption permitted. The Company adopted the ASUs on January 1, 2023. The ASUs did not have a material impact on the Company’s financial statements. |
Recently Issued Accounting Pronouncement Not Yet Adopted | Recently Issued Accounting Pronouncement Not Yet Adopted In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . This standard clarifies the guidance in Topic 210, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The guidance is effective for the annual period beginning after December 15, 2023, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material impact on its financial statements and related disclosures. |
Other Financial Statement Inf_2
Other Financial Statement Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Financial Statement Information [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): September 30, December 31, Prepaid clinical trial and drug manufacturing expenses $ 8,189 $ 8,487 Prepaid insurance 905 998 Prepaid equity financing costs 409 490 Prepaid rent 256 247 Other 1,922 823 Total prepaid expenses and other current assets $ 11,681 $ 11,045 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): September 30, December 31, Accrued clinical trial and drug manufacturing expenses $ 4,195 $ 4,334 Accrued payroll 2,645 3,217 Related party payable 2,389 2,780 Accrued legal fees 63 338 Accrued expenses and other 511 295 Total accrued expenses and other current liabilities $ 9,803 $ 10,964 |
Cash Equivalents And Marketab_2
Cash Equivalents And Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Cash Equivalents And Marketable Securities [Abstract] | |
Summarizes the Unrealized Gains and Losses in Fair Value of the Company's Investments in Debt Securities | The following table summarizes the unrealized gains and losses in fair value of the Company’s investments in debt securities (in thousands): As of September 30, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Level 2: Money market funds $ 26,140 $ - $ - $ 26,140 U.S. Government bonds 132,572 2 ( 76 ) 132,498 Total cash equivalents and marketable securities $ 158,712 $ 2 $ ( 76 ) $ 158,638 As of December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Level 2: Money market funds $ 42,495 $ - $ - $ 42,495 U.S. Government bonds 71,418 1 ( 225 ) 71,194 Total cash equivalents and marketable securities $ 113,913 $ 1 $ ( 225 ) $ 113,689 |
Schedule of Estimated Fair Value of Investments in Available-for-sale Marketable Debt Securities | The following table classifies the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in thousands): September 30, 2023 Due within one year $ 132,498 Due after one year to two years — Total marketable securities $ 132,498 |
Non-Marketable Equity Securit_2
Non-Marketable Equity Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Non-marketable Equity Securities | The following table summarizes the value of non-marketable equity securities using the measurement alternative (in thousands): September 30, December 31, Initial cost $ 1,759 $ 1,759 Cumulative net fair value adjustments ( 1,746 ) ( 1,701 ) Total non-marketable equity securities $ 13 $ 58 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Lease Costs | Net lease costs recognized were as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Operating lease cost $ 644 $ 594 $ 1,933 $ 1,734 Sublease income ( 482 ) ( 482 ) ( 1,446 ) ( 1,446 ) Net lease cost $ 162 $ 112 $ 487 $ 288 |
Schedule of lease liabilities based on minimum lease commitment | As of September 30, 2023, the maturities of the lease liabilities based on minimum lease commitment amount are as follows (in thousands): 2023 (remaining three months) $ 762 2024 3,022 2025 1,880 2026 - 2027 - Total minimum lease payments 5,664 Less: Imputed interest ( 1,184 ) Present value of operating lease liabilities 4,480 Less: Current portion of operating lease liabilities ( 2,518 ) Non-current operating lease liabilities $ 1,962 |
Schedule of Receivable Future Annual Sublease Payments | As of September 30, 2023, under the terms of the sublease agreement, the Company is entitled to receive future annual sublease payments as follows (in thousands): 2023 (remaining three months) $ 480 2024 1,954 2025 1,496 Total sublease payments $ 3,930 |
Note Payable (Tables)
Note Payable (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | Note payable consists of the following ($ in thousands): September 30, 2023 December 31, 2022 Maturity Effective Amount Effective Amount Collateralized note 2021-12 2027 14.72 % $ 5,000 13.57 $ 5,000 Collateralized note 2022-11 2027 14.86 % 20,000 13.74 20,000 Total borrowings 25,000 25,000 Less: Unamortized debt issuance costs 42 ( 190 ) Net carrying amount of debt $ 25,042 $ 24,810 |
Schedule Principal Installments Due | Principal installments due on the notes are as follows (in thousands): Remainder of 2023 $ — 2024 — 2025 — 2026 — 2027 25,000 Total long-term debt $ 25,000 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Share-based Compensation Arrangements by Share-based Payment Award | Stock option activity under the 2017 EIP and 2021 EIP was as follows: NUMBER OF WEIGHTED- WEIGHTED- AGGREGATE Outstanding as of December 31, 2022 3,821,787 $ 10.30 8.51 $ 35,872 Granted 2,231,000 Exercised ( 93,648 ) Cancelled and forfeited ( 226,958 ) Outstanding as of September 30, 2023 5,732,181 9.39 8.40 31,942 Options exercisable as of September 30, 2023 2,210,094 8.26 7.81 14,537 Vested and expected to vest as of September 30, 2023 5,732,181 9.39 8.40 31,942 |
Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount | The following tables summarize the stock-based compensation expense for stock options, restricted stock awards, and restricted stock units granted to employees and nonemployees and for ESPP stock-based compensation that was recorded in the Company’s condensed statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Research and development $ 1,146 $ 1,255 $ 3,511 $ 3,226 General and administrative 1,777 1,197 4,761 2,913 Total stock-based compensation expense $ 2,923 $ 2,452 $ 8,272 $ 6,139 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Employees $ 2,621 $ 1,637 $ 7,542 $ 3,976 Nonemployees 302 815 730 2,163 Total stock-based compensation expense $ 2,923 $ 2,452 $ 8,272 $ 6,139 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of stock options granted during the three and nine months ended September 30, 2023 and 2022 was estimated using the Black-Scholes option pricing model based on the following weighted-average assumptions. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Expected term (in years) 6.1 6.1 5.5 – 6.1 5.5 – 6.1 Expected volatility 80.2 % 76.7 % – 77.6 % 79.5 % – 80.5 % 75.8 % – 77.6 % Risk-free rate 4.2 % 2.7 % – 4.1 % 3.4 % – 4.2 % 1.8 % – 4.1 % Dividend yield — — — — |
Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table shows RSU activity for the period ending September 30, 2023. NUMBER OF WEIGHTED- Unvested balance at December 31, 2022 204,000 $ 18.37 Granted — Vested ( 65,384 ) 18.40 Cancelled and forfeited ( 6,000 ) 18.60 Unvested balance at September 30, 2023 132,616 18.34 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Dilutive Shares Excluded From Computation of Diluted Net Loss Per Share | The following outstanding potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis). Three Months Ended Nine Months Ended 2023 2022 2023 2022 Class A common stock options issued and outstanding 5,732,181 3,766,165 5,732,181 3,766,165 Unvested RSUs 132,616 235,180 132,616 235,180 Total 5,864,797 4,001,345 5,864,797 4,001,345 |
Organization and Description _2
Organization and Description of the Business - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | |||||||
Feb. 06, 2023 | Feb. 14, 2022 | May 20, 2021 | May 13, 2021 | Oct. 31, 2020 | May 31, 2021 | Sep. 30, 2023 | Dec. 31, 2022 | |
Accumulated deficit | $ (283,447) | $ (213,112) | ||||||
Cash And Cash Equivalents And Marketable Securities | $ 159,900 | |||||||
Underwriting discounts and commissions | $ 6,900 | $ 5,200 | $ 3,900 | |||||
Offering Costs | $ 400 | $ 900 | 2,800 | |||||
Common Class A [Member] | ||||||||
Stock shares issued during the period new issues shares | 2,142,857 | 748,959 | ||||||
Sale of stock net consideration received on the transaction | $ 107,700 | $ 80,000 | ||||||
Common Class A [Member] | IPO [Member] | ||||||||
Conversion of redeemable convertible preferred stock to common stock | 1,913,501 | |||||||
Stock shares issued during the period new issues shares | 4,350,000 | |||||||
Sale of stock, price per share | $ 11 | |||||||
Sale of stock net consideration received on the transaction | $ 48,400 | |||||||
Common Class A [Member] | Follow-on Public Offering [Member] | ||||||||
Stock shares issued during the period new issues shares | 16,428,572 | 5,742,026 | ||||||
Sale of stock, price per share | $ 7 | $ 15 | ||||||
Common Class A [Member] | Over-Allotment Option [Member] | ||||||||
Stock shares issued during the period new issues shares | 652,500 | |||||||
Common Class A [Member] | Conversion Of Redeemable Preferred Stock Into Common Stock [Member] | ||||||||
Conversion of redeemable convertible preferred stock to common stock | 15,464,776 | |||||||
Common Class B [Member] | Conversion Of Redeemable Preferred Stock Into Common Stock [Member] | ||||||||
Conversion of redeemable convertible preferred stock to common stock | 309,238 |
Other Financial Statement Inf_3
Other Financial Statement Information - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Financial Statement Information [Abstract] | ||
Prepaid clinical trial and drug manufacturing expenses | $ 8,189 | $ 8,487 |
Prepaid insurance | 905 | 998 |
Prepaid equity financing costs | 409 | 490 |
Prepaid rent | 256 | 247 |
Other | 1,922 | 823 |
Total prepaid expenses and other current assets | $ 11,681 | $ 11,045 |
Other Financial Statement Inf_4
Other Financial Statement Information - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accrued clinical trial and drug manufacturing expenses | $ 4,195 | $ 4,334 |
Accrued payroll | 2,645 | 3,217 |
Accrued legal fees | 63 | 338 |
Accrued expenses and other | 511 | 295 |
Total accrued expenses and other current liabilities | 9,803 | 10,964 |
Related Party [Member] | ||
Related party payable | $ 2,389 | $ 2,780 |
Cash Equivalents And Marketab_3
Cash Equivalents And Marketable Securities - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Cash Equivalents And Marketable Securities [Abstract] | ||
Fair value of the debt securities | $ 132.5 | $ 71.2 |
Cash Equivalents And Marketab_4
Cash Equivalents And Marketable Securities - Summarizes the Unrealized Gains and Losses in Fair Value of the Company's Investments in Debt Securities (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 158,712,000 | $ 113,913,000 |
Unrealized Gains | 2,000 | 1,000 |
Unrealized Losses | (76,000) | (225,000) |
Estimated Fair Value | 158,638,000 | 113,689,000 |
Money Market Funds | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 26,140,000 | 42,495,000 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 26,140,000 | 42,495,000 |
US Government Bonds [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 132,572,000 | 71,418,000 |
Unrealized Gains | 2,000 | 1,000 |
Unrealized Losses | (76,000) | (225,000) |
Estimated Fair Value | $ 132,498,000 | $ 71,194,000 |
Cash Equivalents And Marketab_5
Cash Equivalents And Marketable Securities - Schedule of Estimated Fair Value of Marketable Securities by Stated Contractual Maturities (Detail) $ in Thousands | Sep. 30, 2023 USD ($) |
Cash Equivalents And Marketable Securities [Abstract] | |
Due within one year | $ 132,498 |
Due after one year to two years | 0 |
Total marketable securities | $ 132,498 |
Non-Marketable Equity Securit_3
Non-Marketable Equity Securities - Summary of Non-marketable Equity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Initial cost | $ 1,759 | $ 1,759 |
Cumulative net fair value adjustments | (1,746) | (1,701) |
Total non-marketable equity securities | $ 13 | $ 58 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 644 | $ 594 | $ 1,933 | $ 1,734 |
Sublease income | (482) | (482) | (1,446) | (1,446) |
Net lease cost | $ 162 | $ 112 | $ 487 | $ 288 |
Leases - Schedule of Lease Liab
Leases - Schedule of Lease Liabilities Based on Minimum Lease Commitment (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2023 (remaining three months) | $ 762 | |
2024 | 3,022 | |
2025 | 1,880 | |
2026 | 0 | |
2027 | 0 | |
Total minimum lease payments | 5,664 | |
Less: Imputed interest | (1,184) | |
Present value of operating lease liabilities | 4,480 | |
Less: Current portion of operating lease liabilities | (2,518) | $ (2,645) |
Non-current operating lease liabilities | $ 1,962 | $ 3,831 |
Leases - Schedule of Receivable
Leases - Schedule of Receivable Future Annual Sublease Payments (Detail) $ in Thousands | Sep. 30, 2023 USD ($) |
Leases [Abstract] | |
2023 (remaining three months) | $ 480 |
2024 | 1,954 |
2025 | 1,496 |
Total sublease payments | $ 3,930 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | Sep. 30, 2023 USD ($) | Jul. 31, 2022 ft² |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Weighted Average Remaining Lease Term | 1 year 9 months 18 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 9.10% | |
Operating lease minimum future commitments | $ | $ 5 | |
Office and Laboratory Space at Brisbane California [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Percentage of increase in rent annually | 3% | |
Office and Laboratory Space at Brisbane California [Member] | Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Area of real estate availed on lease | 9,900 | |
Office and Laboratory Space at Brisbane California [Member] | Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Area of real estate availed on lease | 4,900 |
Note Payable - Schedule of Note
Note Payable - Schedule of Notes Payable (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Total Borrowings | $ 25,000 | $ 25,000 |
Less: Unamortized debt issuance costs | (42) | (190) |
Total long-term debt | $ 25,042 | $ 24,810 |
LIBOR (Member) | ||
Debt Instrument [Line Items] | ||
Collateralized debt instrument maturity date | 2027 | |
Collateralized note , Effective interest rate | 14.72% | 13.57% |
Collateralized note ,Amount | $ 5,000 | $ 5,000 |
SOFR [Member] | ||
Debt Instrument [Line Items] | ||
Collateralized debt instrument maturity date | 2027 | |
Collateralized note , Effective interest rate | 14.86% | 13.74% |
Collateralized note ,Amount | $ 20,000 | $ 20,000 |
Note Payable - Additional Infor
Note Payable - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Nov. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Carrying amount of debt outstanding | $ 25,000 | ||
Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 8.25% | ||
Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility with borrowing capacity | $ 25,000 | $ 50,000 | |
Additional borrowing capacity | $ 20,000 | ||
Carrying amount of debt outstanding | $ 25,000 | ||
Debt facility payments description | The interest-only payment period was also extended by 12 months to December 2026. |
Note Payable - Schedule Princip
Note Payable - Schedule Principal Installments Due (Detail) $ in Thousands | Sep. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2027 | $ 25,000 |
Total long-term debt | $ 25,000 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Feb. 06, 2023 | Feb. 14, 2022 | Sep. 30, 2022 | May 31, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Class of Stock [Line Item] | ||||||||
Maximum aggregate offering price of common stock, preferred stock, debt securities and warrants | $ 400,000,000 | |||||||
Available for Issuance and Sale Under Sales Agreement | 150,000,000 | |||||||
Cowen and Company, LLC [Member] | Maximum [Member] | 2022 ATM facility [Member] | ||||||||
Class of Stock [Line Item] | ||||||||
Maximum aggregate offering price of common stock, preferred stock, debt securities and warrants | $ 150,000,000 | |||||||
Common Class A [Member] | ||||||||
Class of Stock [Line Item] | ||||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||||||
Common stock, Par value | $ 0.001 | $ 0.001 | ||||||
Common stock conversion basis | one | |||||||
Cash dividends | $ 0 | |||||||
Stock shares issued during the period new issues shares | 2,142,857 | 748,959 | ||||||
Shares converted | 99,238 | 210,000 | ||||||
Company shares issued | 283,034 | 283,034 | 283,034 | |||||
Common Class A [Member] | Follow-on Public Offering [Member] | ||||||||
Class of Stock [Line Item] | ||||||||
Stock shares issued during the period new issues shares | 16,428,572 | 5,742,026 | ||||||
Sale of stock, price per share | $ 7 | $ 15 | ||||||
Common Class B [Member] | ||||||||
Class of Stock [Line Item] | ||||||||
Common stock, shares authorized | 14,600,000 | |||||||
Common stock, Par value | $ 0.001 | |||||||
Cash dividends | $ 0 | |||||||
Shares converted | 99,238 | 210,000 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Apr. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award, Options exercised in period, Total intrinsic value | $ 600 | $ 800 | |||
Number of shares issued under share-based payment arrangement | 59,808 | ||||
Stock-based compensation expense | $ 2,923 | $ 2,452 | $ 8,272 | $ 6,139 | |
Employee Stock Purchase Plan ESPP [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock capital, Shares reserved for future issuance | 707,942 | ||||
2021 Equity Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock capital, Shares reserved for future issuance | 4,650,796 | ||||
Share-based compensation arrangement by share-based payment award, Number of shares available for issuance | 337,109 | 337,109 | |||
2017 and 2021 Amended Equity Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation arrangement by share based payment award, Options granted in period, Weighted average grant date fair value | $ 13.66 | $ 5.81 | |||
Unvested Stock Options And Restricted Stock Awards [Member] | 2017 and 2021 Amended Equity Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation, Nonvested awards, Compensation cost not yet recognized Stock options and equity instruments other than options | $ 24,000 | $ 24,000 | |||
Share based compensation, Nonvested awards, Compensation cost not yet recognized period of recognition stock options and equity instruments other than options | 2 years 7 months 20 days | ||||
Unvested Stock Options And Restricted Stock Unit [Member] | 2017 and 2021 Amended Equity Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation, Nonvested awards, Compensation cost not yet recognized Stock options and equity instruments other than options | $ 2,100 | $ 2,100 | |||
Restricted Stock [Member] | Unvested Stock Options And Restricted Stock Unit [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation, Nonvested awards, Compensation cost not yet recognized period of recognition stock options and equity instruments other than options | 1 year 14 days | ||||
ESPP [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock Percent of Fair Market Value | 85% | ||||
Share purchases funded through payroll deductions for employee's eligible minimum annual compensation, percentage | 1% | ||||
Share purchases funded through payroll deductions for employee's eligible maximum annual compensation, percentage | 15% | 15% | |||
Potential increase in shares reserved for future issuance (in shares) | 440,502 | ||||
Potential increase in shares reserved for future issuance as percentage of outstanding share | 1% | ||||
Restricted Stock Units (RSUs) [Member] | 2017 and 2021 Amended Equity Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 1,000 |
Stock Compensation - Summary of
Stock Compensation - Summary of Share-based Compensation Arrangements by Share-based Payment Award (Details) - 2017 EIP And 2021 EIP [Member] $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Options, Beginning | 3,821,787 | |
Number of Options, Granted | 2,231,000 | |
Number of Options, Exercised | (93,648) | |
Number of Options, Cancelled and forfeited | (226,958) | |
Number of Options, Ending | 5,732,181 | 3,821,787 |
Number of Options, Options exercisable | 2,210,094 | |
Number of Options, Vested and expected to vest | 5,732,181 | |
Weighted average exercise price, Opening balance | $ / shares | $ 10.3 | |
Weighted average exercise price, Ending balance | $ / shares | 9.39 | $ 10.3 |
Weighted average exercise price, Option exercisable | $ / shares | 8.26 | |
Weighted average exercise price, Vested and expected to vest | $ / shares | $ 9.39 | |
Weighted average remaining contractual term | 8 years 4 months 24 days | 8 years 6 months 3 days |
Weighted average remaining contractual term, Options exercisable | 7 years 9 months 21 days | |
Weighted average remaining contractual term, Vested and expected to vest | 8 years 4 months 24 days | |
Intrinsic Value | $ | $ 31,942 | $ 35,872 |
Intrinsic Value, Options exercisable | $ | 14,537 | |
Intrinsic Value, Vested and expected to vest | $ | $ 31,942 |
Stock compensation - Summary _2
Stock compensation - Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 2,923 | $ 2,452 | $ 8,272 | $ 6,139 |
Employees [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 2,621 | 1,637 | 7,542 | 3,976 |
Nonemployees [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 302 | 815 | 730 | 2,163 |
Research and Development [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 1,146 | 1,255 | 3,511 | 3,226 |
General and Administrative [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 1,777 | $ 1,197 | $ 4,761 | $ 2,913 |
Stock Compensation - Schedule o
Stock Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ||||
Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | ||
Expected volatility, Minimum | 76.70% | 79.50% | 75.80% | |
Expected volatility | 80.20% | |||
Expected volatility, Maximum | 77.60% | 80.50% | 77.60% | |
Risk-free rate, Minimum | 2.70% | 3.40% | 1.80% | |
Risk-free rate | 4.20% | |||
Risk-free rate, Maximum | 4.10% | 4.20% | 4.10% | |
Minimum [Member] | ||||
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ||||
Expected term (in years) | 5 years 6 months | 5 years 6 months | ||
Maximum [Member] | ||||
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | ||||
Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Stock Compensation - Summary _3
Stock Compensation - Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unvested as of December 31, 2022 | 204,000 |
Granted | 0 |
Vested | (65,384) |
Cancelled and forfeited | (6,000) |
Unvested as of September 30, 2023 | 132,616 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 18.37 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 18.4 |
Weighted Average Grant Date Fair Value, Cancelled and Forfeited | $ / shares | 18.6 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 18.34 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Retirement Benefits [Abstract] | ||||
Employer contributions | $ 12,000 | $ 63,000 | $ 138,000 | $ 63,000 |
Licenses and Collaborations - A
Licenses and Collaborations - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Oct. 31, 2020 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
License and Collaborations [Line Items] | ||||||||
Research and development | $ 16,100 | $ 19,656 | $ 57,440 | $ 42,317 | ||||
Ares Agreement Member | Ares Trading S A Member | ||||||||
License and Collaborations [Line Items] | ||||||||
Temporary equity shares issued during the period value | $ 13,100 | |||||||
Milestone payments paid | $ 25,000 | |||||||
Related party transaction, expenses from transactions with related party | $ 400 | 500 | 2,400 | 2,200 | ||||
Ares Agreement Member | Ares Trading S A Member | Achievement Of Specified BLA Filing Or Regulatory Approval Milestones Member | ||||||||
License and Collaborations [Line Items] | ||||||||
Milestone payments payable | $ 176,500 | |||||||
Ares Agreement Member | Ares Trading S A Member | Achievement Of Specified Commercial Milestones Member] | ||||||||
License and Collaborations [Line Items] | ||||||||
Milestone payments payable | $ 515,000 | |||||||
Amplyx Agreement Member | ||||||||
License and Collaborations [Line Items] | ||||||||
Milestone payments payable | $ 2,000 | |||||||
Acquisition cost | 5,000 | |||||||
Research and development | 3,700 | 7,000 | ||||||
Reduction in contingent future development | 7,000 | |||||||
Contingent milestone obligation accrued | $ 2,000 | |||||||
Company shares issued | $ 5,700 | |||||||
Amplyx Agreement Member | Amplyx And Novartis Member | Achievement Of Various Clinical Development And Regulatory Milestones Member | ||||||||
License and Collaborations [Line Items] | ||||||||
Milestone payments payable | 7,000 | 7,000 | ||||||
Novartis Member | Amplyx And Novartis Member | Achievement Of Various Clinical Development And Regulatory Milestones Member | ||||||||
License and Collaborations [Line Items] | ||||||||
Milestone payments payable | $ 62,000 | $ 62,000 | ||||||
Common Class A [Member] | ||||||||
License and Collaborations [Line Items] | ||||||||
Company shares issued | 283,034 | 283,034 | 283,034 | |||||
Common Class A [Member] | IPO [Member] | ||||||||
License and Collaborations [Line Items] | ||||||||
Conversion of redeemable convertible preferred stock to common stock | 1,913,501 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Summary of Dilutive Shares Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities | 5,864,797 | 4,001,345 | 5,864,797 | 4,001,345 |
Class A Common Stock Options Issued and Outstanding | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities | 5,732,181 | 3,766,165 | 5,732,181 | 3,766,165 |
Unvested RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities | 132,616 | 235,180 | 132,616 | 235,180 |