Ikena Oncology (IKNA) 10-Q 11 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 31, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Entity Registrant Name	IKENA ONCOLOGY, INC.
Entity Central Index Key	0001835579
Entity Incorporation, State or Country Code	DE
Entity File Number	001-40287
Entity Tax Identification Number	81-1697316
Entity Address, Address Line One	645 Summer Street
Entity Address, Address Line Two	Suite 101
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	857
Local Phone Number	273-8343
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	IKNA
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		36,257,493

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 48,487	$ 232,217
Marketable securities	144,323
Prepaid expenses and other current assets	6,335	4,299
Total current assets	199,145	236,516
Property and equipment, net	2,950	2,439
Right-of-use asset	5,910	6,538
Deposits and other assets	3,179	2,386
Total assets	211,184	247,879
Current liabilities:
Accounts payable	4,092	2,384
Accrued expenses and other current liabilities	5,348	5,854
Operating lease liability	1,880	1,851
Deferred revenue	17,194	17,100
Total current liabilities	28,514	27,189
Long-term portion of operating lease liability	4,483	5,135
Deferred revenue, net of current portion	3,819	7,678
Total liabilities	36,816	40,002
Commitments and contingencies (Note 12)
Stockholders equity
Preferred Stock, $0.001 par value - 10,000,000 shares authorized as of June 30,2022 and December 31, 2021; No shares issued and outstanding as of June 30, 2022 or December 31, 2021
Common stock, $0.001 par value, 150,000,000 shares authorized, 36,251,977 issued and outstanding as June 30, 2022; 150,000,000 shares authorized, 35,975,034 issued and outstanding as of December 31,2021	36	36
Additional paid-in capital	358,220	353,295
Accumulated other comprehensive loss	(1,104)
Accumulated deficit	(182,784)	(145,454)
Total stockholders' equity	174,368	207,877
Total liabilities and stockholders' equity	$ 211,184	$ 247,879

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	36,251,977	35,975,034
Common stock, shares outstanding	36,251,977	35,975,034

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Research and development revenue under collaboration agreement	$ 382	$ 3,549	$ 3,766	$ 7,023
Revenue from Contract with Customer, Product and Service [Extensible List]	us-gaap:InProcessResearchAndDevelopmentMember	us-gaap:InProcessResearchAndDevelopmentMember	us-gaap:InProcessResearchAndDevelopmentMember	us-gaap:InProcessResearchAndDevelopmentMember
Operating expenses:
Research and development	$ 15,488	$ 11,374	$ 29,831	$ 21,396
General and administrative	5,845	4,862	11,848	8,035
Total operating expenses	21,333	16,236	41,679	29,431
Loss from operations	(20,951)	(12,687)	(37,913)	(22,408)
Other income (expense)
Interest income	507	6	679	11
Other expense	(47)		(96)
Total other income, net	460	6	583	11
Net loss	(20,491)	$ (12,681)	(37,330)	$ (22,397)
Other comprehensive loss
Unrealized loss on marketable securities	(626)		(1,104)
Total comprehensive loss	$ (626)		$ (1,104)
Net loss per share:
Net loss per share attributable to common stockholders basic	$ (0.57)	$ (0.35)	$ (1.03)	$ (1.12)
Net loss per share attributable to common stockholders diluted	$ (0.57)	$ (0.35)	$ (1.03)	$ (1.12)
Weighted-average common stocks outstanding, basic	36,160,951	35,853,341	36,118,415	19,940,204
Weighted-average common stocks outstanding, diluted	36,160,951	35,853,341	36,118,415	19,940,204

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Redeemable Convertible Preferred Stock
Beginning Balance, Shares at Dec. 31, 2020						169,396,576
Beginning Balance at Dec. 31, 2020						$ 205,979
Beginning Balance, Shares at Dec. 31, 2020		3,096,903
Beginning Balance at Dec. 31, 2020	$ (101,048)	$ 3	$ 10,288		$ (111,339)
Initial public offering, net of issuance costs	131,302	$ 9	131,293
Initial public offering, net of issuance costs, Shares		8,984,375
Conversion of convertible preferred stock into common stock						$ (205,979)
Conversion of convertible preferred stock into common stock, Shares						(169,396,576)
Conversion of convertible preferred stock into common stock	205,979	$ 24	205,955
Conversion of convertible preferred stock into common stock, Shares		23,678,568
Stock-based compensation	885		885
Exercise of stock options	242		242
Exercise of stock options, Shares		91,395
Net loss	(9,716)				(9,716)
Ending Balance, Shares at Mar. 31, 2021
Ending Balance at Mar. 31, 2021
Ending Balance, Shares at Mar. 31, 2021		35,851,241
Ending Balance at Mar. 31, 2021	227,644	$ 36	348,663		(121,055)
Beginning Balance, Shares at Dec. 31, 2020						169,396,576
Beginning Balance at Dec. 31, 2020						$ 205,979
Beginning Balance, Shares at Dec. 31, 2020		3,096,903
Beginning Balance at Dec. 31, 2020	(101,048)	$ 3	10,288		(111,339)
Net loss	(22,397)
Ending Balance, Shares at Jun. 30, 2021		35,859,119
Ending Balance at Jun. 30, 2021	216,260	$ 36	349,960		(133,736)
Beginning Balance, Shares at Mar. 31, 2021
Beginning Balance at Mar. 31, 2021
Beginning Balance, Shares at Mar. 31, 2021		35,851,241
Beginning Balance at Mar. 31, 2021	227,644	$ 36	348,663		(121,055)
Stock-based compensation	1,262		1,262
Exercise of stock options	35		35
Exercise of stock options, Shares		7,878
Net loss	(12,681)				(12,681)
Ending Balance, Shares at Jun. 30, 2021		35,859,119
Ending Balance at Jun. 30, 2021	216,260	$ 36	349,960		(133,736)
Beginning Balance, Shares at Dec. 31, 2021		35,975,034
Beginning Balance at Dec. 31, 2021	207,877	$ 36	353,295		(145,454)
Stock-based compensation	1,900		1,900
Exercise of stock options	495		495
Exercise of stock options, Shares		134,500
Other comprehensive income	(478)			$ (478)
Net loss	(16,839)				(16,839)
Ending Balance, Shares at Mar. 31, 2022		36,109,534
Ending Balance at Mar. 31, 2022	192,955	$ 36	355,690	(478)	(162,293)
Beginning Balance, Shares at Dec. 31, 2021		35,975,034
Beginning Balance at Dec. 31, 2021	$ 207,877	$ 36	353,295		(145,454)
Exercise of stock options, Shares	276,943
Net loss	$ (37,330)
Ending Balance, Shares at Jun. 30, 2022		36,251,977
Ending Balance at Jun. 30, 2022	174,368	$ 36	358,220	(1,104)	(182,784)
Beginning Balance, Shares at Mar. 31, 2022		36,109,534
Beginning Balance at Mar. 31, 2022	192,955	$ 36	355,690	(478)	(162,293)
Stock-based compensation	1,955		1,955
Exercise of stock options	575		575
Exercise of stock options, Shares		142,443
Other comprehensive income	(626)			(626)
Net loss	(20,491)				(20,491)
Ending Balance, Shares at Jun. 30, 2022		36,251,977
Ending Balance at Jun. 30, 2022	$ 174,368	$ 36	$ 358,220	$ (1,104)	$ (182,784)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Initial Public Offering
Issuance costs	$ 2,400

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (37,330)	$ (22,397)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	328	234
Amortization of marketable securities	69
Stock-based compensation	3,855	2,147
Non-cash operating lease expense	628	568
Loss on disposal of property and equipment	173
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,036)	(1,859)
Accounts payable	952	452
Accrued expenses and other current liabilities	(693)	(872)
Lease liability	(623)	(144)
Deferred revenue	(3,765)	(7,023)
Deposits and other assets	(793)
Net cash flows used in operating activities	(39,235)	(28,894)
Cash flows from investing activities
Purchases of property and equipment	(69)	(1,026)
Purchase of marketable securities	(174,996)
Sales and maturities of marketable securities	29,500
Net cash flows used in investing activities	(145,565)	(1,026)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs		131,302
Payment of preferred issuance costs		(146)
Proceeds from exercise of stock options	1,070	277
Net cash flows provided by financing activities	1,070	131,433
Net increase (decrease) in cash and cash equivalents and restricted cash	(183,730)	101,513
Cash, cash equivalents and restricted cash, beginning of period	233,089	163,363
Cash, cash equivalents and restricted cash, end of period	49,359	264,876
Cash and cash equivalents	48,487	264,004
Restricted cash included in other assets	872	872
Cash, cash equivalents and restricted cash, end of period	49,359	264,876
Supplemental disclosure of non-cash activities
Purchases of property and equipment in accrued expense	$ 943	100
Right-of-use assets and lease liabilities recognized upon lease inception		$ 7,541

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Ikena Oncology, Inc. (the "Company") is a targeted oncology company developing precision medicines tailored to biomarker-defined patient groups with specific unmet needs. With its robust biomarker and translational approach the Company aims to develop targeted treatments and define patient populations who are most likely to respond to treatment. The Company's current programs are across the Hippo pathway, RAS pathway, and key immune signals in the tumor-microenvironment (TME), with approaches to targeting both cancer driving targets and mechanisms of resistance to targeted therapies. The Company's focus on patient-driven development is platform and process agnostic, allowing it to research both known and novel targets, with a shared guiding principle of aiming to address the unmet needs of biomarker-defined patient populations. Since the Company commenced operations in 2016, it has advanced multiple product candidates into clinical development. In addition, the Company has a robust pipeline of discovery-stage targeted oncology programs. Basis of Presentation: The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the ASC and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying condensed consolidated financial statements and footnotes to the financial statements have been prepared on the same basis as the most recently audited annual financial statements and, in the opinion of management, reflect all normal recurring adjustments necessary for the fair presentation of the Company’s financial position for the reported periods. The results of operations for any interim periods are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. These condensed consolidated financial statements should be read in conjunction with, our audited consolidated financial statements for the year ended December 31, 2021, which were included in our Annual Report on Form 10-K that was filed with the Securities and Exchange Commission ("SEC") on March 17, 2022.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Arrys Therapeutics, Inc. (“Arrys”), Ikena Oncology Securities Corporation and Amplify Medicines, Inc, (“Amplify”). All intercompany balances and transactions have been eliminated in consolidation. 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 financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and judgments are based on historical information and other market-specific or various relevant assumptions, including in certain circumstances, future projections, that management believes to be reasonable under the circumstances. Actual results could differ materially from estimates. Significant estimates and assumptions are used for, but not limited to the accruals for research and development expenses, research and development revenue under a collaboration agreement and, for periods prior to the completion of the IPO, stock based compensation expense. Summary of Significant Accounting Policies: The significant accounting policies and estimates used in the preparation of the accompanying consolidated financial statements are described in the Company’s audited consolidated financial statements for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 17, 2022. There have been no material changes in the Company’s significant accounting policies during the six months ended June 30, 2022 except as discussed below. Concentration of Credit Risk and of Significant Suppliers: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, and marketable securities. Cash and cash equivalents are deposited with federally insured financial institutions in the United States and may, at times, exceed federally insured limits. The Company places marketable securities with highly rated financial institutions, and, by policy, limit the amount of credit exposure to any one financial institution. The Company has not experienced any losses on such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents. The Company is dependent on third-party manufacturers and clinical research organizations to supply products and provide services for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs. Marketable securities: The Company invests its excess cash balances in marketable securities and classifies its investments as available-for-sale based on facts and circumstances present at the time it purchased the securities. At each balance sheet date presented, the Company classified all of its investments in marketable securities as available-for-sale and as current assets as they represent the investment of funds available for current operations. The Company reports available-for-sale securities at fair value at each balance sheet date and include any unrealized holding gains and losses (the adjustment to fair value) in accumulated other comprehensive loss, a component of stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income (expense). If any adjustment to fair value reflects a decline in the value of the marketable securities, the Company considers all available evidence to evaluate if an impairment loss exists, and if so, adjusts the investment to market value through a charge to its consolidated statements of operations and comprehensive loss. The Company's marketable securities are classified as cash equivalents if the original maturity, from the date of purchase, is 90 days or less, and as marketable securities if the original maturity, from the date of purchase, is in excess of 90 days. The Company's cash equivalents are generally composed of commercial paper and money market funds . Recent Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements and disclosures.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The following table presents information about the Company’s financial assets measured or disclosed at fair value by level within the fair value hierarchy (in thousands): As of June 30, Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Assets Cash equivalents: Money market funds $ 16,809 $ 16,809 $ — $ — Marketable securities Commercial paper 5,992 — 5,992 — U.S. treasury securities 50,573 — 50,573 — Corporate debt securities 87,758 — 87,758 — Total assets $ 161,132 $ 16,809 $ 144,323 $ — As of December 31, Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Cash equivalents: Money market funds $ 232,017 $ 232,017 $ — $ — Total $ 232,017 $ 232,017 $ — $ — During the six months ended June 30, 2022 and year ended December 31, 2021 , there were no transfers into or out of Level 3.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	4. Marketable securities The following table summarizes the Company's marketable securities (in thousands): As of June 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper $ 5,995 $ — $ ( 3 ) $ 5,992 U.S. treasury securities 50,822 — ( 249 ) 50,573 Corporate debt securities 88,610 — ( 852 ) 87,758 Total $ 145,427 $ — $ ( 1,104 ) $ 144,323 The Company did not hold any marketable securities as of December 31, 2021. Marketable securities fair value by contractual maturity were as follows (in thousands): As of June 30, 2022 Due in one year or less $ 129,730 Due after one year through five years 14,593 Total $ 144,323 The following table summarizes the amount of gross unrealized losses and the estimated fair value of marketable securities in an unrealized loss position by length of time the securities have been in an unrealized loss position as of June 30, 2022 (in thousands): Less than 12 Months 12 Months or More Total Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Commercial paper $ ( 3 ) $ 5,992 $ — $ — $ ( 3 ) $ 5,992 U.S. treasury securities ( 249 ) 50,573 — — ( 249 ) 50,573 Corporate debt securities ( 852 ) 87,758 — — ( 852 ) 87,758 Total $ ( 1,104 ) $ 144,323 $ — $ — $ ( 1,104 ) $ 144,323 As of June 30, 2022, the Company held 48 marketable securities in an unrealized loss position. These investments were in loss for less than 12 months and the Company considers the loss to be temporary in nature. In accordance with the Company's investment policy, it places investments in investment grade securities with high credit quality issuers, and generally limit the amount of credit exposure to any one issuer. The Company evaluates securities for impairment at the end of each reporting period. The Company did no t record any impairment charges related to its available-for-sale securities during the three and six months ended June 30, 2022 and 2021 . The Company did no t recognize any credit-related allowance to available-for-sale securities as of the three and six months ended June 30, 2022 and 2021. The Company does not intend to sell its marketable securities and it is not more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost bases, which may be maturity.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): As of June 30, 2022 As of December 31, 2021 Clinical, manufacturing and scientific development $ 1,842 $ 2,820 Prepaid Insurance 2,197 850 Other 2,296 629 Total $ 6,335 $ 4,299

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2022
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued Expenses and Other Current Liabilities	7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): As of June 30, 2022 As of December 31, 2021 Employee compensation $ 1,859 $ 2,809 Research and development expenses 2,771 2,489 Professional fees 475 530 Other current liabilities 243 26 Total $ 5,348 $ 5,854

Collaboration Agreement and Sto

Collaboration Agreement and Stock Purchase Agreement with BMS	6 Months Ended
	Jun. 30, 2022
Collaboration And Stock Purchase Agreement [Abstract]
Collaboration Agreement and Stock Purchase Agreement with BMS	8. Collaboration Agreement and Stock Purchase Agreement with BMS In January 2019, the Company entered into the Bristol-Myers Squibb (“BMS”) Collaboration Agreement with Celgene Corporation, which was acquired by BMS in November 2019, whereby the Company will carry out initial research and development activities with the goal of identifying and developing drug candidates for certain cancer types. Concurrent with execution of the BMS Collaboration Agreement, the Company entered into a stock purchase agreement with BMS, which resulted in the issuance of 14,545,450 shares of Series A-1 Preferred Stock (the “Stock Purchase Agreement”). Agreement Structure Under the BMS Collaboration Agreement, the Company will conduct exploratory and discovery activities, with the goal of identifying product candidates for certain targets, which are in the kynurenine pathway, which the Company is developing as IK-412, and the aryl hydrocarbon receptor (“AHR”), which the Company is developing as IK-175. The Company is obligated to advance research and development activities through the earlier of January 2024 or the completion of a Phase 1b clinical trial for each program ("the research term"). BMS has the option to receive a global-development, manufacture and commercialization license for the product candidate, which expires in January 2024. Subsequent to the delivery of a license, BMS is responsible for the worldwide development, manufacturing and commercialization of these product candidates. BMS paid the Company a total of $ 95.0 million in aggregate upfront consideration related to the BMS Collaboration Agreement and Stock Purchase Agreement. The Company is eligible to receive $ 50.0 million, in case of an exercise by BMS of its option with respect to the license for IK-175, and $ 40.0 million, in case of an exercise of its option with respect to the license for IK-412. If the Company does not complete a Phase 1b clinical trial by the end of the research term, the Company may provide a data package to BMS to support the decision to exercise the option for an additional $ 0.25 million. Upon the exercise of the delivery of the option for each license, the Company becomes eligible to receive up to $ 450 million in milestone payments as well as a tiered royalty on worldwide sales from the high single to low teen digits. Accounting Considerations of the Agreement The BMS Collaboration Agreement and the Stock Purchase Agreement were executed concurrently and in contemplation of each other. The issuance of Series A-1 Preferred Stock was initially accounted for at fair value. The purchase price for the Series A-1 Preferred Stock was considered to be at a discount from fair value, and therefore $ 1.8 million of the upfront from the BMS Collaboration Agreement was allocated to the equity arrangement. The Company determined that the BMS Collaboration Agreement represented a contract with a customer and should be accounted for in accordance with ASC 606. The Company identified the two performance obligations, which are research and development services for IK-175 and IK-412. The options to receive worldwide development and commercialization licenses for the two targets and the option to receive manufacturing services in the future were determined to not provide any material rights to the customer and are therefore not considered to be performance obligations. The arrangement also contains certain immaterial items, including participation on joint oversight committees. The Company identified $ 78.7 million of total transaction price which represents the upfront consideration allocated to the revenue arrangement. Additional consideration to be paid to the Company upon exercise of a right to receive a license or potential milestone and royalty payments are excluded from the transaction price as they relate to amounts that can only be achieved subsequent to the exercise of an options and are outside of the initial contact term. Based on the distinct performance obligations identified above, the Company allocated the $ 78.7 million transaction price based on relative estimated standalone selling prices of each of its performance obligations as follows: • $ 41.2 million for research and development services for IK-175; and • $ 37.5 million for research and development services for IK-412. The Company determined the estimated standalone selling price for the research and development services based on internal estimates of the costs to perform the services, including expected internal expenses and expenses with third parties, marked up to include a reasonable profit margin. Significant inputs used to determine the total expense of the research and development activities include the length of time required and the number and cost of various studies that will be performed to complete the applicable development plan. The Company is recognizing revenue related to each of its performance obligations as the research and development services are performed through January 2024. The Company recognizes revenue related to research and development services performed using an input method by calculating costs incurred at each period end relative to total costs expected to be incurred. In December 2021, the Company re-assessed the IK-412 program, which experienced manufacturing delays as a key component required in the manufacturing of IK-412, is similarly essential to the manufacturing of COVID-19 vaccines and therapies. As such, the availability of the component was delayed as resources were allocated towards vaccine production. Considering these delays and the timeline of the BMS partnership, the Company made the strategic decision to pause IK-412 development activities for the remainder of the BMS research term outside of the committed manufacturing efforts. During the three months ended June 30, 2022, the Company re-assessed its estimate of the development services expected to be performed during the term of the collaboration agreement related to IK-175. As a result of the change in estimate, as well as ongoing activities that occurred during the period, the Company recognized $ 0.4 million of research and development revenue, net, related to IK-175 and IK-412 during the three months ended June 30, 2022. The Company recognized revenue of $ 0.4 million and $ 3.5 million in the three months ended June 30, 2022 and 2021 and $ 3.8 million and $ 7.0 million and six months ended June 30, 2022 and 2021, respectively, from the BMS Collaboration Agreement, that in each case was previously included in deferred revenue at the beginning of the respective period. The condensed consolidated balance sheet as of June 30, 2022 includes deferred revenue of $ 21.0 million related this agreement, of which $ 17.2 million and $ 3.8 million were classified as current and non-current, respectively. This amount is expected to be recognized as performance obligations are satisfied through the completion of the research and development services for the partnered programs.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	9. Stock-Based Compensation The Company grants stock options under the 2021 Stock Incentive Plan (the “2021 Plan”). The Company also has stock options outstanding under the 2016 Stock Incentive Plan (“2016 Plan”), but is no longer granting awards under such plan. All shares of common stock underlying any awards that are forfeited, cancelled, expired, repurchased, or otherwise terminated under the 2021 and 2016 Plans are added back to the shares of common stock available for issuance under the 2021 Plan. On January 1, 2022 the number of shares available for issuance under the 2021 Plan increased by 1,439,001 shares as a result of the evergreen provision. As of June 30, 2022 , 2,653,884 shares of common stock remain available for future issuance under the 2021 Plan. The total compensation expense recognized in the statements of operations associated with all the stock-based compensation awards granted by the Company is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 1,069 $ 535 $ 2,066 $ 948 General and administrative 886 727 1,789 1,199 Total $ 1,955 $ 1,262 $ 3,855 $ 2,147 The weighted-average fair value of the stock options granted during the six months ended June 30, 2022 was $ 6.04 . As of June 30, 2022, the total unrecognized stock-based compensation expense for unvested options was $ 22.0 million which is expected to be recognized over a weighted average period of 2.9 years. The following table summarizes stock option activity under the Plan for the six months ended June 30, 2022: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 5,822,373 $ 7.17 8.27 $ 33,275 Granted 1,504,465 8.47 Exercised ( 276,943 ) 3.86 Cancelled or forfeited ( 468,869 ) 8.03 Outstanding as of June 30, 2022 6,581,026 $ 7.54 8.07 $ 2,123,446 Vested or expected to vest as of June 30, 2022 6,581,026 $ 7.54 8.07 $ 2,123,446 Options exercisable as of June 30, 2022 2,532,151 $ 5.02 6.65 $ 1,981,985 The aggregate intrinsic value of options exercised for the six months ended June 30, 2022 and 2021 was $ 1.2 million and $ 0.6 million , respectively. The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option pric ing model and the weighted average assumptions. The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Risk-free interest rate 3.01 % - 3.03 % 1.03 % - 1.07 % 1.67 - 3.03 % 0.88 % - 1.07 % Expected dividend yield 0 % 0 % 0 % 0 % Expected option term (in years) range 5.5 - 6.08 6.0 - 6.08 5.15 - 6.08 6.0 - 6.08 Expected stock price volatility 0.85 % 69.76 % - 70.03 % 0.84 % - 0.85 % 69.76 % - 73.30 % Employee Stock Purchase Plan On March 20, 2021, the Company’s stockholders approved the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective on March 30, 2021 . The ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 346,613 shares of the Company’s common stock. An annual increase in the number of shares of common stock reserved and available for issuance under the ESPP shall be equal to 1 % of the number of shares of common stock outstanding on the immediately preceding December 31; and such lesser number of shares as determined by the Administrator as provided in the ESPP. As of June 30, 2022 , no shares have been purchased by employees under the ESPP.

Research License Agreements

Research License Agreements	6 Months Ended
	Jun. 30, 2022
Research and Development [Abstract]
Research License Agreements	10. Research License Agreements During 2015, the Company entered into an exclusive patent license agreement (the “UT Austin License”) to license certain technologies and intellectual property rights from the University of Texas at Austin (the “University”), an entity affiliated with a director of the Company at the time of the agreement. The UT Austin License shall remain in effect until the expiration or abandonment of the last to expire technologies and intellectual property rights. The Company pays License Maintenance fees annually of $ 40 thousand. Additionally, the Company shall make additional milestone payments to the University upon meeting certain development milestones in the aggregate of $ 4.7 million upon meeting certain development milestones during the term of the UT Austin License. The Company will pay the University royalties as defined in the UT Austin License on any commercialized product sales related to the licensed technology in a percentage in the low single digits. The Company is also responsible for reimbursing the University for certain patent-related costs incurred on its behalf. In 2018, the Company acquired IPR&D on an Arrys’ immune-oncology candidate based on the intellectual property associated with Arrys’ AskAt License as part of the acquisition of Arrys. Total consideration allocated to the technology was $ 28.5 million and was recognized as research and development expense upon the acquisition. The AskAt License is intended to be used by the Company in its future development of therapeutic drug candidates for eventual clinical development and commercialization. The Company shall make additional milestone payments to AskAt upon meeting certain development milestones totaling $ 4 million, as well as certain sales event milestones ranging from $ 50 million to $ 250 million contingent on sales in a calendar year, during the term of the AskAt License. The Company will pay the AskAt royalties a percentage in the low single digits as defined in the AskAt License on any commercialized product sales related to the licensed technology. The Company is also responsible for reimbursing AskAt for certain patent-related costs incurred on its behalf.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies The Company is also party to various agreements, principally relating to licensed technology, that require future payments relating to milestones not met as of June 30, 2022 or royalties on future sales of specified products that have not yet occurred as of June 30, 2022 .

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	12. Net Loss per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding during the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, convertible preferred stock, restricted common stock, restricted stock units and stock options are considered to be potentially dilutive securities, but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and therefore basic and diluted net loss per share were the same for all periods presented. The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive: Six Months Ended June 30, 2022 2021 Options to purchase Common Stock 6,581,026 5,103,792 Total 6,581,026 5,103,792

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Arrys Therapeutics, Inc. (“Arrys”), Ikena Oncology Securities Corporation and Amplify Medicines, Inc, (“Amplify”). All intercompany balances and transactions have been eliminated in consolidation.
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 financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and judgments are based on historical information and other market-specific or various relevant assumptions, including in certain circumstances, future projections, that management believes to be reasonable under the circumstances. Actual results could differ materially from estimates. Significant estimates and assumptions are used for, but not limited to the accruals for research and development expenses, research and development revenue under a collaboration agreement and, for periods prior to the completion of the IPO, stock based compensation expense.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies: The significant accounting policies and estimates used in the preparation of the accompanying consolidated financial statements are described in the Company’s audited consolidated financial statements for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 17, 2022. There have been no material changes in the Company’s significant accounting policies during the six months ended June 30, 2022 except as discussed below.
Concentration of Credit Risk and of Significant Suppliers	Concentration of Credit Risk and of Significant Suppliers: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, and marketable securities. Cash and cash equivalents are deposited with federally insured financial institutions in the United States and may, at times, exceed federally insured limits. The Company places marketable securities with highly rated financial institutions, and, by policy, limit the amount of credit exposure to any one financial institution. The Company has not experienced any losses on such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents. The Company is dependent on third-party manufacturers and clinical research organizations to supply products and provide services for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.
Marketable Securities	Marketable securities: The Company invests its excess cash balances in marketable securities and classifies its investments as available-for-sale based on facts and circumstances present at the time it purchased the securities. At each balance sheet date presented, the Company classified all of its investments in marketable securities as available-for-sale and as current assets as they represent the investment of funds available for current operations. The Company reports available-for-sale securities at fair value at each balance sheet date and include any unrealized holding gains and losses (the adjustment to fair value) in accumulated other comprehensive loss, a component of stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income (expense). If any adjustment to fair value reflects a decline in the value of the marketable securities, the Company considers all available evidence to evaluate if an impairment loss exists, and if so, adjusts the investment to market value through a charge to its consolidated statements of operations and comprehensive loss. The Company's marketable securities are classified as cash equivalents if the original maturity, from the date of purchase, is 90 days or less, and as marketable securities if the original maturity, from the date of purchase, is in excess of 90 days. The Company's cash equivalents are generally composed of commercial paper and money market funds
Recent Accounting Pronouncements	Recent Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements and disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Financial Assets Measured at Fair Value	The following table presents information about the Company’s financial assets measured or disclosed at fair value by level within the fair value hierarchy (in thousands): As of June 30, Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Assets Cash equivalents: Money market funds $ 16,809 $ 16,809 $ — $ — Marketable securities Commercial paper 5,992 — 5,992 — U.S. treasury securities 50,573 — 50,573 — Corporate debt securities 87,758 — 87,758 — Total assets $ 161,132 $ 16,809 $ 144,323 $ — As of December 31, Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Cash equivalents: Money market funds $ 232,017 $ 232,017 $ — $ — Total $ 232,017 $ 232,017 $ — $ —

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	The following table summarizes the Company's marketable securities (in thousands): As of June 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper $ 5,995 $ — $ ( 3 ) $ 5,992 U.S. treasury securities 50,822 — ( 249 ) 50,573 Corporate debt securities 88,610 — ( 852 ) 87,758 Total $ 145,427 $ — $ ( 1,104 ) $ 144,323
Schedule of Marketable Securities Fair Value By Contractual Maturity	Marketable securities fair value by contractual maturity were as follows (in thousands): As of June 30, 2022 Due in one year or less $ 129,730 Due after one year through five years 14,593 Total $ 144,323
Schedule of Securities in Unrealized Loss Position	The following table summarizes the amount of gross unrealized losses and the estimated fair value of marketable securities in an unrealized loss position by length of time the securities have been in an unrealized loss position as of June 30, 2022 (in thousands): Less than 12 Months 12 Months or More Total Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Commercial paper $ ( 3 ) $ 5,992 $ — $ — $ ( 3 ) $ 5,992 U.S. treasury securities ( 249 ) 50,573 — — ( 249 ) 50,573 Corporate debt securities ( 852 ) 87,758 — — ( 852 ) 87,758 Total $ ( 1,104 ) $ 144,323 $ — $ — $ ( 1,104 ) $ 144,323

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): As of June 30, 2022 As of December 31, 2021 Clinical, manufacturing and scientific development $ 1,842 $ 2,820 Prepaid Insurance 2,197 850 Other 2,296 629 Total $ 6,335 $ 4,299

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Accrued Expenses And Other Current Liabilities [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): As of June 30, 2022 As of December 31, 2021 Employee compensation $ 1,859 $ 2,809 Research and development expenses 2,771 2,489 Professional fees 475 530 Other current liabilities 243 26 Total $ 5,348 $ 5,854

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Total Compensation Expense	The total compensation expense recognized in the statements of operations associated with all the stock-based compensation awards granted by the Company is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 1,069 $ 535 $ 2,066 $ 948 General and administrative 886 727 1,789 1,199 Total $ 1,955 $ 1,262 $ 3,855 $ 2,147
Summary of Stock Option Activity	The following table summarizes stock option activity under the Plan for the six months ended June 30, 2022: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 5,822,373 $ 7.17 8.27 $ 33,275 Granted 1,504,465 8.47 Exercised ( 276,943 ) 3.86 Cancelled or forfeited ( 468,869 ) 8.03 Outstanding as of June 30, 2022 6,581,026 $ 7.54 8.07 $ 2,123,446 Vested or expected to vest as of June 30, 2022 6,581,026 $ 7.54 8.07 $ 2,123,446 Options exercisable as of June 30, 2022 2,532,151 $ 5.02 6.65 $ 1,981,985
Summary of Assumptions Used to Value Stock Options Granted to Participants Using Black-Scholes Option-Pricing	The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option pric ing model and the weighted average assumptions. The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Risk-free interest rate 3.01 % - 3.03 % 1.03 % - 1.07 % 1.67 - 3.03 % 0.88 % - 1.07 % Expected dividend yield 0 % 0 % 0 % 0 % Expected option term (in years) range 5.5 - 6.08 6.0 - 6.08 5.15 - 6.08 6.0 - 6.08 Expected stock price volatility 0.85 % 69.76 % - 70.03 % 0.84 % - 0.85 % 69.76 % - 73.30 %

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Summary of Outstanding Potentially Dilutive Securities Excluded in Calculation of Diluted Net Loss Per Share	The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive: Six Months Ended June 30, 2022 2021 Options to purchase Common Stock 6,581,026 5,103,792 Total 6,581,026 5,103,792

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value (Details) - Fair Value On Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents		$ 232,017
Total assets	$ 161,132
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents		232,017
Total assets	16,809
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	144,323
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	16,809	232,017
Money Market Funds | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	16,809	$ 232,017
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	5,992
Commercial Paper | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	5,992
U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	50,573
U.S. Treasury Securities | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	50,573
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	87,758
Corporate Debt Securities | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	$ 87,758

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value, level 3 transfers out, amount	$ 0	$ 0

Marketable securities - Summary

Marketable securities - Summary Of Marketable Securities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Marketable Securities [Line Items]
Amortized Cost	$ 145,427
Gross Unrealized Losses	(1,104)
Fair Value	144,323
U.S. Treasury Securities
Marketable Securities [Line Items]
Amortized Cost	50,822
Gross Unrealized Losses	(249)
Fair Value	50,573
Corporate Debt Securities
Marketable Securities [Line Items]
Amortized Cost	88,610
Gross Unrealized Losses	(852)
Fair Value	87,758
Commercial Paper
Marketable Securities [Line Items]
Amortized Cost	5,995
Gross Unrealized Losses	(3)
Fair Value	$ 5,992

Marketable Securities - Schedul

Marketable Securities - Schedule of Marketable Securities Fair Value By Contractual Maturity (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Due in one year or less	$ 129,730
Due after one year through five years	14,593
Total marketable securities	$ 144,323

Marketable Securities - Sched_2

Marketable Securities - Schedule of Securities in Unrealized Loss Position (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Marketable Securities [Line Items]
Less Than 12 Months, Gross Unrealized Losses	$ (1,104)
Less Than 12 Months, Estimated Fair Value	144,323
Total, Gross Unrealized Losses	(1,104)
Total, Estimated Fair Value	144,323
Commercial Paper
Marketable Securities [Line Items]
Less Than 12 Months, Gross Unrealized Losses	(3)
Less Than 12 Months, Estimated Fair Value	5,992
Total, Gross Unrealized Losses	(3)
Total, Estimated Fair Value	5,992
U.S. Treasury Securities
Marketable Securities [Line Items]
Less Than 12 Months, Gross Unrealized Losses	(249)
Less Than 12 Months, Estimated Fair Value	50,573
Total, Gross Unrealized Losses	(249)
Total, Estimated Fair Value	50,573
Corporate Debt Securities
Marketable Securities [Line Items]
Less Than 12 Months, Gross Unrealized Losses	(852)
Less Than 12 Months, Estimated Fair Value	87,758
Total, Gross Unrealized Losses	(852)
Total, Estimated Fair Value	$ 87,758

Marketable Securities - Additio

Marketable Securities - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) Position	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Position	Jun. 30, 2021 USD ($)
Investments, Debt and Equity Securities [Abstract]
Number of marketable securities in an unrealized loss position | Position	48		48
Impairment charges related to available-for-sale securities	$ 0	$ 0	$ 0	$ 0
Allowance for credit losses for available for sale debt securities	$ 0	$ 0	$ 0	$ 0

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Clinical, manufacturing and scientific development	$ 1,842	$ 2,820
Prepaid Insurance	2,197	850
Other	2,296	629
Total	$ 6,335	$ 4,299

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property and equipment:
Total property and equipment, gross	$ 4,351	$ 3,513
Less: accumulated depreciation	(1,401)	(1,074)
Property and equipment, net	2,950	2,439
Lab Equipment
Property and equipment:
Total property and equipment, gross	2,426	1,776
Leasehold Improvements
Property and equipment:
Total property and equipment, gross	923	923
Electronic Equipment and Software
Property and equipment:
Total property and equipment, gross	481	430
Furniture and Fixtures
Property and equipment:
Total property and equipment, gross	$ 521	$ 384

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 300,000	$ 100,000	$ 500,000	$ 200,000
Disposal of office equipment	$ 200,000
Impairment of property and equipment			$ 0	$ 0

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Expenses And Other Current Liabilities [Abstract]
Employee compensation	$ 1,859	$ 2,809
Research and development expenses	2,771	2,489
Professional fees	475	530
Other current liabilities	243	26
Total	$ 5,348	$ 5,854

Collaboration Agreement and S_2

Collaboration Agreement and Stock Purchase Agreement with BMS - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Preferred stock, shares issued		0		0		0
Research and development revenue under collaboration agreement		$ 382	$ 3,549	$ 3,766	$ 7,023
Deferred revenue current		17,194		17,194		$ 17,100
Deferred revenue non-current		3,819		3,819		$ 7,678
Stock Purchase Agreement with BMS | Series A-1 Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Preferred stock, shares issued	14,545,450
BMS Collaboration Agreement and Stock Purchase Agreement | IK-175 and IK-412
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development revenue under collaboration agreement		400
BMS Collaboration Agreement and Stock Purchase Agreement | BMS
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront consideration payment	$ 95,000
Option to exercise additional consideration if clinical trial not completed within research term	250
Milestone payments eligible to receive	450,000
BMS Collaboration Agreement and Stock Purchase Agreement | BMS | IK-175
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive in case of exercise of options	50,000
BMS Collaboration Agreement and Stock Purchase Agreement | BMS | IK-412
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive in case of exercise of options	40,000
BMS Collaboration Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront amount allocated to equity arrangements	1,800
Transaction price allocated to revenue arrangement	78,700
Revenue recognized which were previously included in deferred revenue		400	$ 3,500	3,800	$ 7,000
Deferred revenue		21,000		21,000
Deferred revenue current		17,200		17,200
Deferred revenue non-current		$ 3,800		$ 3,800
BMS Collaboration Agreement | IK-175
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price allocated to revenue arrangement	41,200
BMS Collaboration Agreement | IK-412
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price allocated to revenue arrangement	$ 37,500

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Mar. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jan. 01, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value of the stock options granted		$ 6.04
Total unrecognized stock-based compensation balance for unvested options		$ 22
Total unrecognized stock-based compensation balance for unvested options expected to be recognized period		2 years 10 months 24 days
Aggregate intrinsic value of options exercised		$ 1.2	$ 0.6
2021 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance		2,653,884		1,439,001
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan effective date	Mar. 30, 2021
Increase in number of shares reserved and available for issuance as percentage on common stock outstanding		1%
Number of shares purchased by employees		0
2021 Employee Stock Purchase Plan | Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued for purchase		346,613

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Total Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 1,955	$ 1,262	$ 3,855	$ 2,147
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	1,069	535	2,066	948
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 886	$ 727	$ 1,789	$ 1,199

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding | shares	5,822,373
Number of Options, Granted | shares	1,504,465
Number of Options, Exercised | shares	(276,943)
Number of Options, Cancelled or forfeited | shares	(468,869)
Number of Options, Outstanding | shares	6,581,026	5,822,373
Number of Options, Vested or expected to vest | shares	6,581,026
Number of Options, Options exercisable | shares	2,532,151
Weighted- Average Exercise Price, Outstanding | $ / shares	$ 7.17
Weighted- Average Exercise Price, Granted | $ / shares	8.47
Weighted- Average Exercise Price, Exercised | $ / shares	3.86
Weighted- Average Exercise Price, Cancelled or forfeited | $ / shares	8.03
Weighted- Average Exercise Price, Outstanding | $ / shares	7.54	$ 7.17
Weighted- Average Exercise Price, Vested or expected to vest | $ / shares	7.54
Weighted- Average Exercise Price, Options exercisable | $ / shares	$ 5.02
Weighted- Average Remaining Contractual Term, Outstanding	8 years 25 days	8 years 3 months 7 days
Weighted- Average Remaining Contractual Term, Vested or expected to vest	8 years 25 days
Weighted- Average Remaining Contractual Term, Option exercisable	6 years 7 months 24 days
Aggregate Intrinsic Value, Outstanding | $	$ 2,123,446	$ 33,275
Aggregate Intrinsic Value, Vested or expected to vest | $	2,123,446
Aggregate Intrinsic Value, Options exercisable as of June 30, 2022 | $	$ 1,981,985

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Assumptions Used to Value Stock Options Granted to Participants Using Black-Scholes Option-Pricing (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate minimum	3.01%	1.03%	1.67%	0.88%
Risk-free interest rate maximum	3.03%	1.07%	3.03%	1.07%
Expected dividend yield	0%	0%	0%	0%
Expected stock price volatility	0.85%
Expected stock price volatility minimum		69.76%	0.84%	69.76%
Expected stock price volatility maximum		70.03%	0.85%	73.30%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected option term (in years)	6 years 29 days	6 years 29 days	6 years 29 days	6 years 29 days
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected option term (in years)	5 years 6 months	6 years	5 years 1 month 24 days	6 years

Research License Agreements - A

Research License Agreements - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2018	Dec. 31, 2015
UT Austin License | University
Research And Development Arrangement Contract To Perform For Others [Line Items]
License maintenance fees			$ 40
Additional milestone payments payable upon meeting certain development milestones			$ 4,700
Royalties terms	The Company will pay the University royalties as defined in the UT Austin License on any commercialized product sales related to the licensed technology in a percentage in the low single digits.
AskAt License
Research And Development Arrangement Contract To Perform For Others [Line Items]
Additional milestone payments payable upon meeting certain development milestones		$ 4,000
Royalties terms	The Company will pay the AskAt royalties a percentage in the low single digits as defined in the AskAt License on any commercialized product sales related to the licensed technology. The Company is also responsible for reimbursing AskAt for certain patent-related costs incurred on its behalf.
Total consideration allocated to technology recognized as research and development expense		28,500
AskAt License | Minimum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestones payable contingent on sales in calendar year		50,000
AskAt License | Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestones payable contingent on sales in calendar year		$ 250,000

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stockholders - Summary of Outstanding Potentially Dilutive Securities Excluded in Calculation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	6,581,026	5,103,792
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	6,581,026	5,103,792