Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 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 | Q3 | |
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 $0.001 per share | |
Trading Symbol | IKNA | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 36,257,493 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 67,074 | $ 232,217 |
Marketable securities | 107,287 | |
Prepaid expenses and other current assets | 3,617 | 4,299 |
Total current assets | 177,978 | 236,516 |
Property and equipment, net | 3,115 | 2,439 |
Right-of-use asset | 5,585 | 6,538 |
Deposits and other assets | 3,790 | 2,386 |
Total assets | 190,468 | 247,879 |
Current liabilities: | ||
Accounts payable | 2,361 | 2,384 |
Accrued expenses and other current liabilities | 8,677 | 5,854 |
Operating lease liability | 1,894 | 1,851 |
Deferred revenue | 12,108 | 17,100 |
Total current liabilities | 25,040 | 27,189 |
Long-term portion of operating lease liability | 4,138 | 5,135 |
Deferred revenue, net of current portion | 2,502 | 7,678 |
Total liabilities | 31,680 | 40,002 |
Commitments and contingencies (Note 12) | ||
Stockholders equity | ||
Preferred Stock, $0.001 par value - 10,000,000 shares authorized as of September 30,2022 and December 31, 2021; No shares issued and outstanding as of September 30, 2022 or December 31, 2021 | ||
Common stock, $0.001 par value, 150,000,000 shares authorized, 36,257,493 issued and outstanding as September 30, 2022; 150,000,000 shares authorized, 35,975,034 issued and outstanding as of December 31,2021 | 36 | 36 |
Additional paid-in capital | 360,055 | 353,295 |
Accumulated other comprehensive loss | (1,181) | |
Accumulated deficit | (200,122) | (145,454) |
Total stockholders' equity | 158,788 | 207,877 |
Total liabilities and stockholders' equity | $ 190,468 | $ 247,879 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 36,257,493 | 35,975,034 |
Common stock, shares outstanding | 36,257,493 | 35,975,034 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Research and development revenue under collaboration agreement | $ 6,402 | $ 3,746 | $ 10,168 | $ 10,768 |
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 | $ 18,850 | $ 13,375 | $ 48,682 | $ 34,770 |
General and administrative | 5,428 | 4,893 | 17,276 | 12,928 |
Total operating expenses | 24,278 | 18,268 | 65,958 | 47,698 |
Loss from operations | (17,876) | (14,522) | (55,790) | (36,930) |
Other income (expense): | ||||
Interest income | 576 | 7 | 1,256 | 18 |
Other expense | (38) | (134) | ||
Total other income, net | 538 | 7 | 1,122 | 18 |
Net loss | (17,338) | $ (14,515) | (54,668) | $ (36,912) |
Other comprehensive loss: | ||||
Unrealized loss on marketable securities | (77) | (1,181) | ||
Total comprehensive loss | $ (77) | $ (1,181) | ||
Net loss per share: | ||||
Net loss per share attributable to common stockholders basic | $ (0.48) | $ (0.40) | $ (1.51) | $ (1.46) |
Net loss per share attributable to common stockholders diluted | $ (0.48) | $ (0.40) | $ (1.51) | $ (1.46) |
Weighted-average common stocks outstanding, basic | 36,257,074 | 35,860,824 | 36,165,143 | 25,305,212 |
Weighted-average common stocks outstanding, diluted | 36,257,074 | 35,860,824 | 36,165,143 | 25,305,212 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity - 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 | 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 | (36,912) | |||||
Ending Balance, Shares at Sep. 30, 2021 | 35,877,794 | |||||
Ending Balance at Sep. 30, 2021 | 203,263 | $ 36 | 351,478 | (148,251) | ||
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) | ||
Stock-based compensation | 1,449 | 1,449 | ||||
Exercise of stock options | 69 | 69 | ||||
Exercise of stock options, Shares | 18,675 | |||||
Net loss | (14,515) | (14,515) | ||||
Ending Balance, Shares at Sep. 30, 2021 | 35,877,794 | |||||
Ending Balance at Sep. 30, 2021 | 203,263 | $ 36 | 351,478 | (148,251) | ||
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 loss | (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 | 282,459 | |||||
Net loss | $ (54,668) | |||||
Ending Balance, Shares at Sep. 30, 2022 | 36,257,493 | |||||
Ending Balance at Sep. 30, 2022 | 158,788 | $ 36 | 360,055 | (1,181) | (200,122) | |
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 loss | (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) | |
Stock-based compensation | 1,811 | 1,811 | ||||
Exercise of stock options | 24 | 24 | ||||
Exercise of stock options, Shares | 5,516 | |||||
Other comprehensive loss | (77) | (77) | ||||
Net loss | (17,338) | (17,338) | ||||
Ending Balance, Shares at Sep. 30, 2022 | 36,257,493 | |||||
Ending Balance at Sep. 30, 2022 | $ 158,788 | $ 36 | $ 360,055 | $ (1,181) | $ (200,122) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (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 - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (54,668) | $ (36,912) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 541 | 381 |
Amortization of marketable securities | 103 | |
Stock-based compensation | 5,666 | 3,596 |
Non-cash operating lease expense | 953 | 868 |
Loss on disposal of property and equipment | 173 | |
Net realized loss on marketable securities | 12 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 682 | (3,118) |
Accounts payable | (206) | (94) |
Accrued expenses and other current liabilities | 2,816 | (397) |
Lease liability | (954) | (440) |
Deferred revenue | (10,168) | (10,768) |
Deposits and other assets | (1,404) | |
Net cash flows used in operating activities | (56,454) | (46,884) |
Cash flows from investing activities | ||
Purchases of property and equipment | (1,200) | (1,210) |
Purchase of marketable securities | (189,863) | |
Sales and maturities of marketable securities | 81,280 | |
Net cash flows used in investing activities | (109,783) | (1,210) |
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 | 1,094 | 346 |
Net cash flows provided by financing activities | 1,094 | 131,502 |
Net increase (decrease) in cash and cash equivalents and restricted cash | (165,143) | 83,408 |
Cash, cash equivalents and restricted cash, beginning of period | 233,089 | 163,363 |
Cash, cash equivalents and restricted cash, end of period | 67,946 | 246,771 |
Cash and cash equivalents | 67,074 | 245,899 |
Restricted cash included in other assets | 872 | 872 |
Cash, cash equivalents and restricted cash, end of period | 67,946 | 246,771 |
Supplemental disclosure of non-cash activities | ||
Purchases of property and equipment in accrued expense | $ 190 | 86 |
Right-of-use assets and lease liabilities recognized upon lease inception | $ 7,541 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 nine months ended September 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 | 9 Months Ended |
Sep. 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 September 30, Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Assets Cash equivalents: Money market funds $ 41,998 $ 41,998 $ — $ — Commercial paper 2,493 — 2,493 — Marketable securities U.S. treasury securities 28,775 — 28,775 — Corporate debt securities 78,512 — 78,512 — Total assets $ 151,778 $ 41,998 $ 109,780 $ — 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 nine months ended September 30, 2022 and year ended December 31, 2021 , there were no transfers into or out of Level 3. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 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 September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper $ 2,494 $ — $ ( 1 ) $ 2,493 U.S. treasury securities 28,929 — ( 153 ) 28,776 Corporate debt securities 79,538 — ( 1,027 ) 78,511 Total $ 110,961 $ — $ ( 1,181 ) $ 109,780 The Company did not hold any marketable securities as of December 31, 2021. As of September 30, 2022 , the Company held 43 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. The Company considered the decline in market value for these investments to be primarily attributable to economic and market conditions. 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 nine months ended September 30, 2022 and 2021 . The Company did no t recognize any credit-related allowance to available-for-sale securities as of the three and nine months ended September 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. The fair values of the Company's marketable securities by classification in the condensed consolidated balance sheets were as follows: As of September 30, 2022 Cash and cash equivalents $ 2,493 Marketable securities 107,287 Total $ 109,780 Marketable securities fair value by contractual maturity were as follows (in thousands): As of September 30, 2022 Due in one year or less $ 89,783 Due after one year through five years 19,997 Total $ 109,780 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 9 Months Ended |
Sep. 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 September 30, 2022 As of December 31, 2021 Clinical, manufacturing and scientific development $ 982 $ 2,820 Prepaid Insurance 1,456 850 Other 1,179 629 Total $ 3,617 $ 4,299 |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 6. Property and Equipment, net Property and equipment, net consist of the following (in thousands): As of September 30, 2022 As of December 31, 2021 Property and equipment: Lab equipment $ 2,816 $ 1,776 Leasehold improvements 958 923 Electronic equipment and software 481 430 Furniture and fixtures 475 384 Total property and equipment 4,730 3,513 Less: accumulated depreciation ( 1,615 ) ( 1,074 ) Property and equipment, net $ 3,115 $ 2,439 Depreciation expense for the three months ended September 30, 2022 and 2021 was $ 0.2 million and $ 0.1 million , respectively. Depreciation expense for the nine months ended September 30, 2022 and 2021 was $ 0.7 million and $ 0.4 million , respectively. In the nine months ended September 30, 2022, the Company disposed of $ 0.2 million of office equipment. There were no impairments for the nine months ended September 30, 2022 and 2021 . |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 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 September 30, 2022 As of December 31, 2021 Employee compensation $ 2,729 $ 2,809 Research and development expenses 5,307 2,489 Professional fees 611 530 Other current liabilities 30 26 Total $ 8,677 $ 5,854 |
Collaboration Agreement and Sto
Collaboration Agreement and Stock Purchase Agreement with BMS | 9 Months Ended |
Sep. 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. The Company recognized revenue of $ 6.4 million and $ 3.7 million in the three months ended September 30, 2022 and 2021 and $ 10.2 million and $ 10.8 million and nine months ended September 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 September 30, 2022 includes deferred revenue of $ 14.6 million related this agreement, of which $ 12.1 million and $ 2.5 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 | 9 Months Ended |
Sep. 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 September 30, 2022 , 2,527,987 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 865 $ 672 $ 2,931 $ 1,621 General and administrative 946 777 2,735 1,975 Total $ 1,811 $ 1,449 $ 5,666 $ 3,596 The weighted-average fair value of the stock options granted during the nine months ended September 30, 2022 was $ 6.04 . As of September 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 2.8 years. The following table summarizes stock option activity under the Plan for the nine months ended September 30, 2022: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 5,822,373 $ 7.17 8.27 $ 33,275 Granted 1,880,659 7.84 Exercised ( 282,459 ) 3.88 Cancelled or forfeited ( 719,166 ) 8.80 Outstanding as of September 30, 2022 6,701,407 $ 7.32 8.11 $ 1,032,862 Vested or expected to vest as of September 30, 2022 6,701,407 $ 7.32 8.11 $ 1,032,862 Options exercisable as of September 30, 2022 2,771,289 $ 5.34 6.94 $ 1,026,774 The aggregate intrinsic value of options exercised for the nine months ended September 30, 2022 and 2021 was $ 1.2 million and $ 0.7 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Risk-free interest rate 2.89 % 0.81 % - 1.07 % 1.67 % - 3.03 % 0.68 % - 1.07 % Expected dividend yield 0 % 0 % 0 % 0 % Expected option term (in years) range 6.08 6.08 5.15 - 6.08 6.00 - 6.08 Expected stock price volatility 85.76 69.61 % - 69.74 % 83.55 % - 85.76 % 69.61 % - 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 September 30, 2022 , no shares have been purchased by employees under the ESPP. |
Research License Agreements
Research License Agreements | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 September 30, 2022 or royalties on future sales of specified products that have not yet occurred as of September 30, 2022 . |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 9 Months Ended |
Sep. 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: Nine Months Ended September 30, 2022 2021 Options to purchase Common Stock 6,701,407 5,508,484 Total 6,701,407 5,508,484 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 nine months ended September 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) | 9 Months Ended |
Sep. 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 September 30, Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Assets Cash equivalents: Money market funds $ 41,998 $ 41,998 $ — $ — Commercial paper 2,493 — 2,493 — Marketable securities U.S. treasury securities 28,775 — 28,775 — Corporate debt securities 78,512 — 78,512 — Total assets $ 151,778 $ 41,998 $ 109,780 $ — 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) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The following table summarizes the Company's marketable securities (in thousands): As of September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper $ 2,494 $ — $ ( 1 ) $ 2,493 U.S. treasury securities 28,929 — ( 153 ) 28,776 Corporate debt securities 79,538 — ( 1,027 ) 78,511 Total $ 110,961 $ — $ ( 1,181 ) $ 109,780 |
Summary Of Fair Values Of Marketable Securities | The fair values of the Company's marketable securities by classification in the condensed consolidated balance sheets were as follows: As of September 30, 2022 Cash and cash equivalents $ 2,493 Marketable securities 107,287 Total $ 109,780 |
Schedule of Marketable Securities Fair Value By Contractual Maturity | Marketable securities fair value by contractual maturity were as follows (in thousands): As of September 30, 2022 Due in one year or less $ 89,783 Due after one year through five years 19,997 Total $ 109,780 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Sep. 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 September 30, 2022 As of December 31, 2021 Clinical, manufacturing and scientific development $ 982 $ 2,820 Prepaid Insurance 1,456 850 Other 1,179 629 Total $ 3,617 $ 4,299 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consist of the following (in thousands): As of September 30, 2022 As of December 31, 2021 Property and equipment: Lab equipment $ 2,816 $ 1,776 Leasehold improvements 958 923 Electronic equipment and software 481 430 Furniture and fixtures 475 384 Total property and equipment 4,730 3,513 Less: accumulated depreciation ( 1,615 ) ( 1,074 ) Property and equipment, net $ 3,115 $ 2,439 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 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 September 30, 2022 As of December 31, 2021 Employee compensation $ 2,729 $ 2,809 Research and development expenses 5,307 2,489 Professional fees 611 530 Other current liabilities 30 26 Total $ 8,677 $ 5,854 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 865 $ 672 $ 2,931 $ 1,621 General and administrative 946 777 2,735 1,975 Total $ 1,811 $ 1,449 $ 5,666 $ 3,596 |
Summary of Stock Option Activity | The following table summarizes stock option activity under the Plan for the nine months ended September 30, 2022: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 5,822,373 $ 7.17 8.27 $ 33,275 Granted 1,880,659 7.84 Exercised ( 282,459 ) 3.88 Cancelled or forfeited ( 719,166 ) 8.80 Outstanding as of September 30, 2022 6,701,407 $ 7.32 8.11 $ 1,032,862 Vested or expected to vest as of September 30, 2022 6,701,407 $ 7.32 8.11 $ 1,032,862 Options exercisable as of September 30, 2022 2,771,289 $ 5.34 6.94 $ 1,026,774 |
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Risk-free interest rate 2.89 % 0.81 % - 1.07 % 1.67 % - 3.03 % 0.68 % - 1.07 % Expected dividend yield 0 % 0 % 0 % 0 % Expected option term (in years) range 6.08 6.08 5.15 - 6.08 6.00 - 6.08 Expected stock price volatility 85.76 69.61 % - 69.74 % 83.55 % - 85.76 % 69.61 % - 73.30 % |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Sep. 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: Nine Months Ended September 30, 2022 2021 Options to purchase Common Stock 6,701,407 5,508,484 Total 6,701,407 5,508,484 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value (Details) - Fair Value On Recurring Basis - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | $ 232,017 | |
Total assets | $ 151,778 | |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | 232,017 | |
Total assets | 41,998 | |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 109,780 | |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | 41,998 | 232,017 |
Money Market Funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | 41,998 | $ 232,017 |
Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | 2,493 | |
Commercial Paper | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | 2,493 | |
U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Marketable Securities | 28,775 | |
U.S. Treasury Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Marketable Securities | 28,775 | |
Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Marketable Securities | 78,512 | |
Corporate Debt Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Marketable Securities | $ 78,512 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Sep. 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 | Sep. 30, 2022 USD ($) |
Marketable Securities [Line Items] | |
Amortized Cost | $ 110,961 |
Gross Unrealized Losses | (1,181) |
Fair Value | 109,780 |
Commercial Paper | |
Marketable Securities [Line Items] | |
Amortized Cost | 2,494 |
Gross Unrealized Losses | (1) |
Fair Value | 2,493 |
U.S. Treasury Securities | |
Marketable Securities [Line Items] | |
Amortized Cost | 28,929 |
Gross Unrealized Losses | (153) |
Fair Value | 28,776 |
Corporate Debt Securities | |
Marketable Securities [Line Items] | |
Amortized Cost | 79,538 |
Gross Unrealized Losses | (1,027) |
Fair Value | $ 78,511 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) Position | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Position | Sep. 30, 2021 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||||
Number of marketable securities in an unrealized loss position | Position | 43 | 43 | ||
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 |
Marketable securities - Summa_2
Marketable securities - Summary Of Fair Values Of Marketable Securities (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Cash and cash equivalents | $ 2,493 |
Marketable securities | 107,287 |
Total | $ 109,780 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities Fair Value By Contractual Maturity (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less | $ 89,783 |
Due after one year through five years | 19,997 |
Total marketable securities | $ 109,780 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Clinical, manufacturing and scientific development | $ 982 | $ 2,820 |
Prepaid Insurance | 1,456 | 850 |
Other | 1,179 | 629 |
Total | $ 3,617 | $ 4,299 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property and equipment: | ||
Total property and equipment, gross | $ 4,730 | $ 3,513 |
Less: accumulated depreciation | (1,615) | (1,074) |
Property and equipment, net | 3,115 | 2,439 |
Lab Equipment | ||
Property and equipment: | ||
Total property and equipment, gross | 2,816 | 1,776 |
Leasehold Improvements | ||
Property and equipment: | ||
Total property and equipment, gross | 958 | 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 | $ 475 | $ 384 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 200,000 | $ 100,000 | $ 700,000 | $ 400,000 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Employee compensation | $ 2,729 | $ 2,809 |
Research and development expenses | 5,307 | 2,489 |
Professional fees | 611 | 530 |
Other current liabilities | 30 | 26 |
Total | $ 8,677 | $ 5,854 |
Collaboration Agreement and S_2
Collaboration Agreement and Stock Purchase Agreement with BMS - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jan. 31, 2019 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Preferred stock, shares issued | 0 | 0 | 0 | |||
Deferred revenue current | $ 12,108 | $ 12,108 | $ 17,100 | |||
Deferred revenue non-current | 2,502 | 2,502 | $ 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 | 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 | 6,400 | $ 3,700 | 10,200 | $ 10,800 | ||
Deferred revenue | 14,600 | 14,600 | ||||
Deferred revenue current | 12,100 | 12,100 | ||||
Deferred revenue non-current | $ 2,500 | $ 2,500 | ||||
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 | 9 Months Ended | |||
Mar. 30, 2021 | Sep. 30, 2022 | Sep. 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 9 months 18 days | |||
Aggregate intrinsic value of options exercised | $ 1.2 | $ 0.7 | ||
2021 Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares reserved for issuance | 2,527,987 | 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 1,811 | $ 1,449 | $ 5,666 | $ 3,596 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | 865 | 672 | 2,931 | 1,621 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 946 | $ 777 | $ 2,735 | $ 1,975 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 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 | 1,880,659 | |
Number of Options, Exercised | shares | (282,459) | |
Number of Options, Cancelled or forfeited | shares | (719,166) | |
Number of Options, Outstanding | shares | 6,701,407 | 5,822,373 |
Number of Options, Vested or expected to vest | shares | 6,701,407 | |
Number of Options, Options exercisable | shares | 2,771,289 | |
Weighted- Average Exercise Price, Outstanding | $ / shares | $ 7.17 | |
Weighted- Average Exercise Price, Granted | $ / shares | 7.84 | |
Weighted- Average Exercise Price, Exercised | $ / shares | 3.88 | |
Weighted- Average Exercise Price, Cancelled or forfeited | $ / shares | 8.80 | |
Weighted- Average Exercise Price, Outstanding | $ / shares | 7.32 | $ 7.17 |
Weighted- Average Exercise Price, Vested or expected to vest | $ / shares | 7.32 | |
Weighted- Average Exercise Price, Options exercisable | $ / shares | $ 5.34 | |
Weighted- Average Remaining Contractual Term, Outstanding | 8 years 1 month 9 days | 8 years 3 months 7 days |
Weighted- Average Remaining Contractual Term, Vested or expected to vest | 8 years 1 month 9 days | |
Weighted- Average Remaining Contractual Term, Option exercisable | 6 years 11 months 8 days | |
Aggregate Intrinsic Value, Outstanding | $ | $ 1,032,862 | $ 33,275 |
Aggregate Intrinsic Value, Vested or expected to vest | $ | 1,032,862 | |
Aggregate Intrinsic Value, Options exercisable as of September 30, 2022 | $ | $ 1,026,774 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Risk-free interest rate | 2.89% | |||
Risk-free interest rate minimum | 0.81% | 1.67% | 0.68% | |
Risk-free interest rate maximum | 1.07% | 3.03% | 1.07% | |
Expected dividend yield | 0% | 0% | 0% | 0% |
Expected option term (in years) | 6 years 29 days | 6 years 29 days | ||
Expected stock price volatility | 85.76% | |||
Expected stock price volatility minimum | 69.61% | 83.55% | 69.61% | |
Expected stock price volatility maximum | 69.74% | 85.76% | 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 | ||
Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected option term (in years) | 5 years 1 month 24 days | 6 years |
Research License Agreements - A
Research License Agreements - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 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 | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 6,701,407 | 5,508,484 |
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 | 6,701,407 | 5,508,484 |