Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Mar. 10, 2023 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 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 | FY | |
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 Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
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 Annual Report | true | |
Document Transition Report | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
ICFR Auditor Attestation Flag | false | |
Entity Common Stock, Shares Outstanding | 36,257,493 | |
Entity Public Float | $ 58 | |
Auditor Name | Ernst & Young LLP | |
Auditor Location | Boston, Massachusetts | |
Auditor Firm ID | 42 | |
Documents Incorporated by Reference | Portions of the registrant’s proxy statement for the 2023 annual meeting of stockholders to be filed pursuant to Regulation 14A within 120 days after the registrant’s fiscal year ended December 31, 2022, are incorporated by reference in Part III of this Form 10-K. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 59,919 | $ 232,217 |
Marketable Securities | 97,028 | |
Prepaid expenses and other current assets | 3,063 | 4,299 |
Total current assets | 160,010 | 236,516 |
Property and equipment, net | 3,205 | 2,439 |
Right-of-use asset | 5,255 | 6,538 |
Deposits and other assets | 3,789 | 2,386 |
Total assets | 172,259 | 247,879 |
Current liabilities: | ||
Accounts payable | 2,093 | 2,384 |
Accrued expenses and other current liabilities | 8,343 | 5,854 |
Operating lease liability | 1,907 | 1,851 |
Deferred revenue | 9,160 | 17,100 |
Total current liabilities | 21,503 | 27,189 |
Long-term portion of operating lease liability | 3,787 | 5,135 |
Deferred revenue, net of current portion | 7,678 | |
Total liabilities | 25,290 | 40,002 |
Commitments and contingencies (Note 15) | ||
Stockholders' deficit: | ||
Preferred Stock, $0.001 par value - 10,000,000 shares authorized as of December 31, 2022 and 2021; No shares issued and outstanding as of December 31, 2022 or December 31, 2021 | ||
Common stock, $0.001 par value, 150,000,000 shares authorized, 36,257,493 issued and outstanding as of December 31, 2022; 150,000,000 shares authorized, 35,975,034 issued and outstanding as of December 31, 2021 | 36 | 36 |
Additional paid-in capital | 361,915 | 353,295 |
Accumulated other comprehensive loss | (763) | |
Accumulated deficit | (214,219) | (145,454) |
Total stockholders' equity | 146,969 | 207,877 |
Total liabilities and stockholders' equity | $ 172,259 | $ 247,879 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 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 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | ||
Research and development revenue under collaboration agreement | $ 15,618 | $ 30,985 |
Revenue from Contract with Customer, Product and Service [Extensible List] | us-gaap:InProcessResearchAndDevelopmentMember | us-gaap:InProcessResearchAndDevelopmentMember |
Operating expenses | ||
Research and development | $ 64,321 | $ 47,108 |
General and administrative | 22,201 | 18,015 |
Total operating expenses | 86,522 | 65,123 |
Loss from operations | (70,904) | (34,138) |
Other income (expense) | ||
Interest income | 2,149 | 23 |
Other expense | (10) | |
Total other income, net | 2,139 | 23 |
Net loss | (68,765) | (34,115) |
Other comprehensive loss: | ||
Unrealized loss on marketable securities | (763) | |
Total comprehensive loss | $ (69,528) | $ (34,115) |
Net loss per share: | ||
Net loss per share attributable to common stockholders basic | $ (1.90) | $ (1.22) |
Net loss per share attributable to common stockholders diluted | $ (1.90) | $ (1.22) |
Weighted-average common shares outstanding, basic | 36,188,420 | 27,983,359 |
Weighted-average common shares outstanding, diluted | 36,188,420 | 27,983,359 |
CONSOLIDATED STATEMENTS REDEEMA
CONSOLIDATED STATEMENTS REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | 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 | |||||
Exercise of stock options | 582 | 582 | ||||
Exercise of stock options, Shares | 215,188 | |||||
Stock-based compensation | 5,177 | 5,177 | ||||
Net loss and comprehensive loss | (34,115) | (34,115) | ||||
Ending Balance, Shares at Dec. 31, 2021 | 35,975,034 | |||||
Ending Balance at Dec. 31, 2021 | 207,877 | $ 36 | 353,295 | (145,454) | ||
Exercise of stock options | $ 1,095 | 1,095 | ||||
Exercise of stock options, Shares | 282,459 | 282,459 | ||||
Stock-based compensation | $ 7,525 | 7,525 | ||||
Other comprehensive loss | (763) | $ (763) | ||||
Net loss and comprehensive loss | (68,765) | (68,765) | ||||
Ending Balance, Shares at Dec. 31, 2022 | 36,257,493 | |||||
Ending Balance at Dec. 31, 2022 | $ 146,969 | $ 36 | $ 361,915 | $ (763) | $ (214,219) |
CONSOLIDATED STATEMENTS REDEE_2
CONSOLIDATED STATEMENTS REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Initial Public Offering | |
Issuance costs | $ 2.4 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (68,765) | $ (34,115) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | ||
Depreciation | 751 | 544 |
Amortization of marketable securities | 50 | |
Stock-based compensation expense | 7,525 | 5,177 |
Non-cash operating lease expense | 1,283 | 1,174 |
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 | 1,236 | (1,452) |
Accounts payable | (291) | 361 |
Accrued expenses and other current liabilities | 2,230 | 1,298 |
Lease liability | (1,292) | (740) |
Deferred revenue | (15,618) | (30,985) |
Deposits and other assets | (1,403) | (1,514) |
Net cash flows used in operating activities | (74,109) | (60,252) |
Cash flows from investing activities | ||
Purchases of property and equipment | (1,431) | (1,760) |
Purchase of marketable securities | (216,338) | |
Sales and maturities of marketable securities | 118,485 | |
Net cash flows used in investing activities | (99,284) | (1,760) |
Cash flows from financing activities | ||
Proceeds from initial public offering, net of offering costs | 131,302 | |
Proceeds from exercise of stock options | 1,095 | 582 |
Proceeds from issuance of preferred stock, net of offering costs | (146) | |
Net cash flows provided by financing activities | 1,095 | 131,738 |
Net (decrease) increase in cash and cash equivalents | (172,298) | 69,726 |
Cash, cash equivalents and restricted cash, beginning of year | 233,089 | 163,363 |
Cash, cash equivalents and restricted cash, end of year | 60,791 | 233,089 |
Cash and cash equivalents | 59,919 | 232,217 |
Restricted cash included in other assets | 872 | 872 |
Cash, cash equivalents and restricted cash, end of year | 60,791 | 233,089 |
Supplemental disclosure of non-cash activities | ||
Purchases of property and equipment in accounts payable and accrued expenses | $ 259 | 13 |
Right-of-use assets and lease liabilities recognized upon lease inception | $ 7,541 |
Nature of Business and Organiza
Nature of Business and Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Organization | 1. NATURE OF BUSINESS AND ORGANIZATION Ikena Oncology Inc. is a targeted oncology company developing precision medicines tailored to biomarker-defined patient groups with specific unmet needs. With a robust biomarker and translational approach, the Company aims to develop targeted treatments and define patient populations who are most likely to respond to treatment. Ikena’s current programs are across the Hippo pathway, RAS pathway, and key immune signaling pathways in the tumor-microenvironment (TME). The Company’s approach in each of its programs is to target both cancer-driving targets and mechanisms of resistance to other targeted therapies. 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. On March 30, 2021 the Company completed an initial public offering ("IPO") in which the Company issued and sold 8,984,375 shares of common stock, including full exercise of the underwriters’ over-allotment option to purchase an additional 1,171,875 shares, at a public offering price of $ 16.00 per share and received $ 131.3 million in net proceeds after deducting underwriting discounts and commissions and offering expenses. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and 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. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). 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”). 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. Liquidity: The Company is subject to a number of risks similar to other early-stage life science companies, including, but not limited to, successful development of its product candidates, raising additional capital with favorable terms, protection of proprietary technology and market acceptance of any approved future products. The successful development of product candidates requires substantial working capital, which may not be available to the Company on favorable terms or at all. To date, the Company has financed its operations primarily through the initial public offering of its common stock, private placements of preferred stock, payments from a collaboration arrangement and related party revenue. The Company currently has no source of product revenue, and it does not expect to generate product revenue for the foreseeable future. To date, the Company’s revenue has primarily been from a collaboration agreement. The Company has devoted substantially all of its financial resources and efforts to identifying potential product candidates and conducting preclinical studies and clinical trials. As of December 31, 2022, the Company’s cash, cash equivalents, marketable securities were $ 156.9 million . The Company believes the cash, cash equivalents, marketable securities as of December 31, 2022 will enable it to fund its current planned operations for at least the next twelve months from the date of issuance of these financial statements, though it may realize additional cash resources upon the achievement of certain collaboration agreement option exercises, or it may pursue additional cash resources through public or private equity or by establishing collaborations with other companies. Management’s expectations with respect to its ability to fund current and long term planned operations are based on estimates that are subject to risks and uncertainties. If actual results are different from management’s estimates, the Company may need to seek additional strategic or financing opportunities sooner than would otherwise be expected. However, there is no guarantee that any collaboration exercise options will be achieved or that any of these strategic or financing opportunities will be executed on favorable terms, and some could be dilutive to existing stockholders. If the Company is unable to obtain additional funding on a timely basis, it may be forced to significantly curtail, delay, or discontinue one or more of its planned research or development programs or be unable to expand its operations. As of December 31, 2022, the Company had an accumulated deficit of $ 214.2 million . The Company anticipates operating losses to continue for the foreseeable future due to, among other things, costs related to research and development of its product candidates and its administrative organization. Segments: Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in a single operating segment and has one reportable segment. All long-lived assets of the Company reside in the United States. 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 a highly rated financial institution. Additionally, as of December 31, 2022, the Company has not experienced any credit related losses on accounts that hold the Company’s cash, cash equivalents and marketable securities. The Company is dependent on third-party manufacturers and CROs 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. The Company also relies on at least two CROs to conduct its clinical trials. The Company’s programs could be adversely affected if a third-party manufacturer or a CRO is unable to successfully carry out their contractual obligations or meet expected deadlines. If a third-party manufacturer or a CRO needs to be replaced, the Company may not be able to complete its program development on its anticipated timelines and may incur additional expenses as a result, which could be significant. Fair Value of Financial Instruments: The Company’s financial instruments consist mainly of cash equivalents, restricted cash, accounts payable, and marketable securities. The carrying amounts of cash equivalents, restricted cash, and accounts payable approximate their estimated fair value due to their short-term maturities. Fair value is estimated based on a three-tier fair value hierarchy to prioritize the inputs used in the Company’s fair value measurements. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. Cash and Cash Equivalents: The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. The Company’s cash equivalents are generally composed of commercial paper, U.S. government-sponsored enterprise securities, U.S. treasury securities and money market funds. 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 includes 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. Restricted Cash: As of December 31, 2022 and 2021 , the Company maintained restricted cash totaling approximately $ 0.9 million and $ 0.9 million, respectively, held in the form of a money market account as collateral for the Company’s facility lease obligations. The balance is included within other non-current assets in the accompanying consolidated balance sheets. Property and Equipment: Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful life of each asset. Lab equipment is depreciated over five years . Electronic equipment and software are depreciated over three years . Leasehold improvements are amortized over the shorter of their useful life or lease term. When an item is sold or retired, the costs and related accumulated depreciation are eliminated, and the resulting gain or loss, if any, is credited or charged to income in the statement of operations. Repairs and maintenance costs are expensed as incurred. Long-lived Assets: Long-lived assets consist of property and equipment. The Company reviews the recoverability of its long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable, based on undiscounted cash flows. If such assets are considered to be impaired, an impairment loss is recognized and is measured as the amount by which the carrying amount of the assets exceed their estimated fair value, which is measured based on the projected discounted future net cash flows arising from the assets. Income Taxes: The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities using the enacted statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Recognition of deferred tax assets is limited to amounts for which, in the opinion of management, realization is considered more likely than not in future periods. Revenue Recognition: The Company has generated revenue from a collaboration agreement as well as service agreements with related parties. To determine revenue recognition, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception the Company assesses the goods or services promised within each contract and determine those that are performance obligations, then assesses whether each promised good or service is distinct. When the Company offers options for additional goods or services, such as to receive a license for intellectual property or for additional goods or services, the Company evaluates whether such options contain material rights that should be treated as additional performance obligations. Once performance obligations are identified, the Company then recognizes as revenue the amount of the transaction price that the Company allocated to the respective performance obligation when (or as) each performance obligation is satisfied, either at a point in time or over time. If the performance obligation is satisfied over time, the Company recognizes revenue based on the use of an input method. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. As of December 31, 2022 , the Company had one collaborative agreement with Bristol-Myers Squibb, which the Company entered into in January 2019 For a complete discussion of the accounting related to Bristol Myers Squibb Collaboration Agreement, see Note 8, Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb. Research and Development Expense: Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs, depreciation, third-party license fees, acquisition of technology, and external costs of outside vendors engaged to conduct preclinical development activities and trials. Stock-based Compensation: The Company’s stock-based compensation program grants awards that may include stock options, restricted stock awards, restricted stock units, and other stock-based awards. The fair values of stock option grants are estimated as of the date of grant using a Black-Scholes option valuation model. The fair values of restricted stock awards and restricted stock units are based on the fair value of the Company’s common stock on the date of grant. The estimated fair values of the awards are expensed over the requisite service period, which is generally the vesting period of the award. For service-based awards that are subject to graded vesting, the Company has elected to recognize compensation expense for these awards on a straight-line basis. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s salary and related costs are classified or in which the award recipient’s service payments are classified. The Company’s expected stock price volatility assumption is based on volatilities of similar entities whose share or option prices are publicly available. The Company uses the simplified method to estimate the expected life assumption. The risk-free interest rate is based on the yield of U.S. Treasury securities consistent with the expected life of the option. No dividend yield was assumed as the Company does not intend to pay dividends on its common stock. Leases: Under Accounting Standards Codification (ASC) 842 Leases , which was adopted on January 1, 2020 , the Company determines if an arrangement is or contains a lease at inception. For leases with a term of 12 months or less, the Company does not recognize a right-of-use asset or lease liability. The Company’s operating leases are recognized on its consolidated balance sheet as other long-term assets, other current liabilities, and other long-term liabilities. The Company does not have any finance leases. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Operating lease right-of-use assets also include the effect of any lease prepaid or deferred lease payments and are reduced by lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. The Company has elected to utilize the practical expedient to not separate lease components from non-lease components. Comprehensive Loss: Comprehensive loss is comprised of the net loss and other comprehensive income or loss. Other comprehensive income or loss consists of unrealized gains or losses on marketable securities. Accumulated Other Comprehensive Loss: Comprehensive loss is defined as the change in the equity of a business entity during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Comprehensive loss consists of: (i) all components of net loss and (ii) all components of comprehensive loss other than net loss, referred to as other comprehensive loss. Other comprehensive loss is comprised of unrealized gains and losses on debt securities. Emerging Growth Company Status: The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such a time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company no longer is an emerging growth company or affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. 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 its consolidated financial statements and disclosures. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 December 31, Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Assets Cash equivalents: Money market funds $ 55,861 $ 55,861 $ — $ — Marketable securities U.S. treasury securities 22,606 — 22,606 — Corporate debt securities 74,422 — 74,422 — Total assets $ 152,889 $ 55,861 $ 97,028 $ — As of December 31, Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Assets Cash equivalents: Money market funds $ 232,017 $ 232,017 $ — $ — Total assets $ 232,017 $ 232,017 $ — $ — For the years ended December 31, 2022 and 2021 , there were no transfers into or out of Level 3. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 4. MARKETABLE SECURITIES The following table summarizes the Company’s marketable securities (in thousands): December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities 22,630 — ( 24 ) 22,606 Corporate debt securities 75,161 — ( 739 ) 74,422 Total $ 97,791 $ — $ ( 763 ) $ 97,028 The Company did not hold any marketable securities as of December 31, 2021. As of December 31, 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 limits 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 years ended December 31, 2022 and 2021. The Company did no t recognize any credit-related allowance to available-for-sale securities as of the years ended December 31, 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. Marketable securities fair value by contractual maturity were as follows (in thousands): As of Due in one year or less $ 79,652 Due after one year through five years 17,376 Total $ 97,028 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 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 consisted of the following (in thousands): As of December 31, 2022 2021 Clinical, manufacturing and scientific development $ 1,372 $ 2,820 Prepaid Insurance 727 850 Other 964 629 Total $ 3,063 $ 4,299 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 6. PROPERTY AND EQUIPMENT, NET Property and equipment consisted of the following (in thousands): As of December 31, 2022 2021 Property and equipment: Lab equipment $ 2,858 $ 1,776 Leasehold improvements 1,216 923 Electronic equipment and software 481 430 Furniture and fixtures 475 384 Total property and equipment 5,030 3,513 Less: accumulated depreciation ( 1,825 ) ( 1,074 ) Property and equipment, net $ 3,205 $ 2,439 Depreciation expense for the years ended December 31, 2022 and 2021 was $ 0.9 million and $ 0.5 million, respectively. There were no impairments for the years ended December 31, 2022 and 2021 . |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 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 December 31, 2022 2021 Employee compensation $ 3,236 $ 2,809 Research and development expenses 4,462 2,489 Professional fees 526 530 Other current liabilities 119 26 Total $ 8,343 $ 5,854 |
Collaboration Agreement and Sto
Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb | 12 Months Ended |
Dec. 31, 2022 | |
Collaboration And Stock Purchase Agreement [Abstract] | |
Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb | . COLLABORATION AGREEMENT AND STOCK PURCHASE AGREEMENT WITH BRISTOL MYERS SQUIBB In January 2019, the Company entered into the Bristol Myers Squibb Collaboration Agreement with Celgene Corporation, which was acquired by Bristol Myers Squibb 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 Bristol Myers Squibb Collaboration Agreement, the Company entered into a stock purchase agreement with Bristol Myers Squibb, which resulted in the issuance of 14,545,450 shares of Series A-1 Preferred Stock (the “Stock Purchase Agreement”). In connection with the Company’s IPO, the series A-1 preferred stock converted into common stock. Agreement Structure Under the Bristol Myers Squibb 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"). Bristol Myers Squibb 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, Bristol Myers Squibb is responsible for the worldwide development, manufacturing and commercialization of these product candidates. Bristol Myers Squibb paid the Company a total of $ 95.0 million in aggregate upfront consideration related to the Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement. The Company is eligible to receive $ 50.0 million, in case of an exercise of its option with respect to IK-175, and $ 40.0 million, in case of an exercise of its option with respect to 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 Bristol Myers Squibb to support the decision to exercise the option for an additional $ 0.25 million. Upon the exercise of the delivery of 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 Bristol Myers Squibb 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 Bristol Myers Squibb Collaboration Agreement was allocated to the equity arrangement. The Company determined that the Bristol Myers Squibb 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 di minimis 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, adjusted 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 Bristol Myers Squibb partnership, the Company made the strategic decision to pause IK-412 development activities for the remainder of the Bristol Myers Squibb research term outside of the committed manufacturing efforts, which were completed in 2022. During the year ended December 31, 2022 and 2021, the Company recognized revenue of $ 15.6 million and $ 31.0 million , respectively, from the Bristol Myers Squibb Collaboration Agreement. The consolidated balance sheet as of December 31, 2022 includes current deferred revenue of $ 9.2 million related to this agreement. 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. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | 9. COMMON STOCK As of December 31, 2022 and 2021 , the Company had 150,000,000 and 150,000,000 shares of common stock authorized, respectively, of which 36,257,493 and 35,975,034 were issued and outstanding as of December 31, 2022 and 2021, respectively. Voting: The holders of shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders and written action in lieu of meetings; there is no cumulative voting. The holders of outstanding shares of common stock shall be entitled to elect two directors of the Company. Dividends: The holders of shares of common stock are entitled to receive dividends, if and when declared by the Board of Directors. No dividends have been declared or paid by the Company since its inception. Liquidation: After payment to the holders of shares of Preferred Stock of their liquidation preferences, the remaining assets of the Company are distributed to the holders of common stock. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 10. STOCK BASED COMPENSATION In March 2016, the Company’s board of directors and stockholders adopted the 2016 Stock Incentive Plan which was amended and restated in December 2020, (as so amended and restated, the “2016 Plan”) which permits the granting of (1) options to purchase common stock intended to qualify as incentive stock options under Section 422 of the Code, and (2) options that do not so qualify. In March 2021, the Company’s stockholders approved the 2021 Stock Incentive Plan (the “2021 Plan”), which became effective on March 30, 2021 . The 2021 Plan replaced the 2016 Plan as the board of directors had determined it would not to make additional awards under the 2016 Plan following the closing of the initial public offering. However, the 2016 Plan will continue to govern outstanding equity awards granted thereunder. The shares of the Company’s common stock subject to outstanding awards under the 2016 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right will be added back to the shares of common stock available for issuance under the 2021 Plan. The 2021 Plan allows the Company to make equity-based and cash-based incentive awards to officers, employees, directors and consultants. The number of shares initially reserved under the 2021 Plan was 3,263,664 shares of the Company’s common stock. The 2021 Plan contains an “evergreen” provision, which allows for an annual increase in the number of shares of common stock availab le for issuance under the 2021 Plan on the first day of each fiscal year during the period beginning in fiscal year 2022. The annual increase in the number of shares shall be equal to 4 % 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 2021 Plan. On January 1, 2022, the number of shares of common stock available for issuance under the 2021 Plan increased by 1,439,001 shares as a result of the automatic increase provision of the 2021 Plan. As of December 31, 2022 , 2,639,915 shares of common stock remain available for future issuance under the 2021 Plan. The vesting periods for equity awards, which generally is four years , are determined by the Board of Directors. The contractual term for stock option awards is ten years . 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): Year Ended December 31, 2022 2021 Research and development $ 3,974 $ 2,427 General and administrative 3,551 2,750 Total share-based compensation expense $ 7,525 $ 5,177 The weighted-average fair value of the stock options granted during the year ended December 31, 2022 and 2021 was $ 5.52 and $ 6.13 per share, respectively. As of December 31, 2022, the total unrecognized stock-based compensation balance for unvested options was $ 17.7 million which is expected to be recognized over 2.6 years. The following table summarizes stock option activity under the Plan for the year ended December 31, 2022: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 5,822,373 $ 7.17 8.27 $ 33,275 Granted 1,927,649 7.71 Exercised ( 282,459 ) 3.88 Cancelled or forfeited ( 878,084 ) 8.50 Outstanding as of December 31, 2022 6,589,479 $ 7.29 7.73 $ 362,112 Vested or expected to vest as of December 31, 2022 6,589,479 $ 7.29 7.73 $ 362,112 Options exercisable as of December 31, 2022 3,009,095 $ 5.76 6.50 $ 358,798 The intrinsic value of options exercised for the years ended December 31, 2022 and 2021 was $ 1.2 million and $ 1.9 million, respectively. The fair value of each option award granted during the years ended December 31, 2022 and 2021 is estimated on the date of grant using the Black-Scholes option pricing model. This model incorporates various assumptions, including the expected volatility, expected term, and interest rates. The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing were as follows: Year Ended December 31, 2022 2021 Risk-free interest rate 1.67 % to 3.59 % 0.68 % to 1.33 % Expected dividend yield 0 % 0 % Expected option term (in years) 5.15 to 6.08 6.00 to 6.08 Expected stock price volatility range 83.60 % to 86.00 % 68.58 % to 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 December 31, 2022, no shares have been purchased by employees under the ESPP. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | 11. EMPLOYEE BENEFIT PLAN The Company has a defined-contribution savings plan covering all eligible U.S. employees under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). Contributions to the plan by the Company totaled $ 0.6 million for the year ended December 31, 2022. The Company did no t make any employer contributions for the year ended December 31, 2021. Employees can designate the investment of their 401(k) accounts into several mutual funds. Administrative costs of the plan for each of the years ended December 31, 2022 and 2021, were immaterial. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES The effective income tax rate differed from the amount computed by applying the federal statutory rate to the Company’s loss before income taxes as follows: Year Ended December 31, 2022 2021 Tax effected at statutory rate 21.0 % 21.0 % State taxes 7.2 % 7.4 % Stock compensation ( 0.5 )% ( 0.7 )% Non-deductible expenses ( 0.7 )% ( 0.5 )% Federal research and development credits 5.0 % 5.0 % Change in valuation allowance ( 32.0 )% ( 32.2 )% Total — % — % The Company’s total deferred tax assets are as follows (in thousands): As of December 31, 2022 2021 Deferred tax assets: Federal net operating loss carryforward $ 22,875 $ 18,233 State net operating loss carryforward 6,693 5,269 R&D credit carryforwards 10,667 6,385 Capitalized start-up costs 219 242 Accruals and reserves 823 629 Deferred revenue 2,502 6,769 Stock based compensation 1,900 1,026 Lease liability 1,556 1,908 Capitalized R&E 14,995 — Total deferred tax asset 62,230 40,461 Deferred tax liability: Fixed assets $ ( 761 ) $ ( 648 ) Right of use asset ( 1,436 ) ( 1,786 ) Total deferred tax liability ( 2,197 ) ( 2,434 ) Net deferred tax asset and liability before valuation allowance 60,033 38,027 Valuation allowance ( 60,033 ) ( 38,027 ) Net deferred tax asset $ - $ - The Company has had no income tax expense due to operating losses incurred since inception. ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on this, the Company has provided a valuation allowance for the full amount of the net deferred tax assets as the realization of the deferred tax assets is not determined to be more likely than not. During 2022, the valuation allowance increased by $ 22.0 million primarily due to the increase in the Company’s book loss reported in the period. Beginning in 2022, Tax Cuts and Jobs Act (“TCJA”) amended Section 174 and now requires U.S.-based and non-U.S-based research and experimental (“R&E”) expenditures to be capitalized and amortized over a period of five or 15 years, respectively, for amounts paid in tax years starting after December 31, 2021. Prior to the TCJA amendment, Section 174 allowed taxpayers to immediately deduct R&E expenditures in the year paid or incurred. The Company has applied this required change in accounting method beginning in 2022 and the computation may be adjusted pending future IRS guidance. As of December 31, 2022, the Company had approximately $ 108.9 million and $ 105.9 million of Federal & State operating loss carryforwards respectively. The Federal net operating losses are not subject to expiration and the state net operating losses begin to expire in 2037 . These loss carryforwards are available to reduce future federal taxable income, if any. As of December 31, 2022, the Company also has federal and state research and development tax credit carryforwards of approximately $ 8.4 million and $ 2.8 million respectively, to offset future income taxes, which will begin to expire beginning in December 2031 . These loss carryforwards are subject to review and possible adjustment by the appropriate taxing authorities. The amount of loss carryforwards that may be utilized in any future period may be limited based upon changes in the ownership of the company's ultimate parent. The Company follows the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes , which specifies how tax benefits for uncertain tax positions are to be recognized, measured, and recorded in financial statements; requires certain disclosures of uncertain tax matters; and specifies how reserves for uncertain tax positions should be classified on the balance sheet; among other provisions. As of December 31, 2022, and 2021, the Company has no t recorded tax reserves associated with any unrecognized tax benefits. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more-likely-than-not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for income taxes. To date, the Company has no t incurred interest and penalties related to uncertain tax positions. The Company has not conducted a study of its research and development credit carryforwards. This study may result in an adjustment to research and development credit carryforwards; however, until a study is completed and any adjustment is known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the Company’s research and development credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheets or statements of operations if an adjustment were required. The Company’s federal and Massachusetts income tax returns for the years ended December 31, 2018 to December 31, 2022 remain open and are subject to examination by the Internal Revenue Service and state taxing authorities. |
Research License Agreements
Research License Agreements | 12 Months Ended |
Dec. 31, 2022 | |
Research and Development [Abstract] | |
Research License Agreements | 13. 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 shall pay 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 will also be 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. |
Lease Obligation
Lease Obligation | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease Obligation | 14. LEASE OBLIGATION On July 21, 2020, the Company entered into an operating lease agreement for 20,752 square feet of office, lab and animal care facility space located in Boston, Massachusetts for the Company’s corporate headquarters. The commencement date of the lease was February 19, 2021 and the lease term is 63 months . The base rent at commencement is $ 0.1 million per month and escalates by 3 % annually for total lease payments during the term of $ 9.3 million. The Company’s lease agreement requires the Company to maintain a cash letter of credit to secure their obligations under the lease of $ 0.9 million. This balance is included in other assets on the accompanying consolidated balance sheets. The Company recognized a right of use asset of $ 7.5 million and an operating lease liability of $ 7.5 million upon the commencement of the lease. The components of the lease costs which are included in the consolidated statements of operations and comprehensive loss were as follows (in thousands): Year Ended December 31, 2022 2021 Operating lease costs $ 1,764 $ 1,693 Variable lease costs 466 479 Total lease costs $ 2,230 $ 2,172 Variable lease cost primarily related to operating expenses, parking, taxes and insurance associated with the Company's operating leases. Supplemental cash flow information relating to the Company’s leases were as follows (in thousands): Year Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of $ 1,774 $ 1,259 The remaining lease terms and discount rates related to the Company's leases were as follows: As of December 31, 2022 2021 Remaining lease term 3.4 years 4.4 years Discount Rate 7.7 % 7.7 % The future minimum lease payments for the Company’s operating lease as of December 31, 2022, were as follows (in thousands): Fiscal Year Operating 2023 1,827 2024 1,882 2025 1,938 2026 817 2027 — Total minimum lease payments 6,464 Less amounts representing interest or imputed interest 770 Present value of lease liabilities $ 5,694 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. 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 December 31, 2022 or royalties on future sales of specified products that have not yet occurred as of December 31, 2022 . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. RELATED PARTY TRANSACTIONS The Company entered into several agreements with a director and an entity affiliated with a director: 1. As discussed in Note 11 above, the Company has entered into a license agreement with the University, which was affiliated with a director of the Company at the time of the license agreement. During the years ended December 31, 2022 and 2021 the Company recorded expenses in connection with University license fees and certain patent-related costs incurred on its behalf of $ 0.2 million and $ 0.2 million, respectively. 2. Certain entities affiliated with directors purchased shares in the IPO. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | 17. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS The Company has generated a net loss in all periods presented, therefore the basic and diluted net loss per share attributable to common stockholders are the same as the inclusion of the potentially dilutive securities would be anti-dilutive. 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: Year ended December 31, 2022 2021 Options to Purchase Common Stock 6,589,479 5,822,373 Total 6,589,479 5,822,373 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and 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. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). 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”). |
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. |
Liquidity | Liquidity: The Company is subject to a number of risks similar to other early-stage life science companies, including, but not limited to, successful development of its product candidates, raising additional capital with favorable terms, protection of proprietary technology and market acceptance of any approved future products. The successful development of product candidates requires substantial working capital, which may not be available to the Company on favorable terms or at all. To date, the Company has financed its operations primarily through the initial public offering of its common stock, private placements of preferred stock, payments from a collaboration arrangement and related party revenue. The Company currently has no source of product revenue, and it does not expect to generate product revenue for the foreseeable future. To date, the Company’s revenue has primarily been from a collaboration agreement. The Company has devoted substantially all of its financial resources and efforts to identifying potential product candidates and conducting preclinical studies and clinical trials. As of December 31, 2022, the Company’s cash, cash equivalents, marketable securities were $ 156.9 million . The Company believes the cash, cash equivalents, marketable securities as of December 31, 2022 will enable it to fund its current planned operations for at least the next twelve months from the date of issuance of these financial statements, though it may realize additional cash resources upon the achievement of certain collaboration agreement option exercises, or it may pursue additional cash resources through public or private equity or by establishing collaborations with other companies. Management’s expectations with respect to its ability to fund current and long term planned operations are based on estimates that are subject to risks and uncertainties. If actual results are different from management’s estimates, the Company may need to seek additional strategic or financing opportunities sooner than would otherwise be expected. However, there is no guarantee that any collaboration exercise options will be achieved or that any of these strategic or financing opportunities will be executed on favorable terms, and some could be dilutive to existing stockholders. If the Company is unable to obtain additional funding on a timely basis, it may be forced to significantly curtail, delay, or discontinue one or more of its planned research or development programs or be unable to expand its operations. As of December 31, 2022, the Company had an accumulated deficit of $ 214.2 million . The Company anticipates operating losses to continue for the foreseeable future due to, among other things, costs related to research and development of its product candidates and its administrative organization. |
Segments | Segments: Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in a single operating segment and has one reportable segment. All long-lived assets of the Company reside in the United States. |
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 a highly rated financial institution. Additionally, as of December 31, 2022, the Company has not experienced any credit related losses on accounts that hold the Company’s cash, cash equivalents and marketable securities. The Company is dependent on third-party manufacturers and CROs 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. The Company also relies on at least two CROs to conduct its clinical trials. The Company’s programs could be adversely affected if a third-party manufacturer or a CRO is unable to successfully carry out their contractual obligations or meet expected deadlines. If a third-party manufacturer or a CRO needs to be replaced, the Company may not be able to complete its program development on its anticipated timelines and may incur additional expenses as a result, which could be significant. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments: The Company’s financial instruments consist mainly of cash equivalents, restricted cash, accounts payable, and marketable securities. The carrying amounts of cash equivalents, restricted cash, and accounts payable approximate their estimated fair value due to their short-term maturities. Fair value is estimated based on a three-tier fair value hierarchy to prioritize the inputs used in the Company’s fair value measurements. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. |
Cash and Cash Equivalents | Cash and Cash Equivalents: The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. The Company’s cash equivalents are generally composed of commercial paper, U.S. government-sponsored enterprise securities, U.S. treasury securities and money market funds. |
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 includes 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. |
Restricted Cash | Restricted Cash: As of December 31, 2022 and 2021 , the Company maintained restricted cash totaling approximately $ 0.9 million and $ 0.9 million, respectively, held in the form of a money market account as collateral for the Company’s facility lease obligations. The balance is included within other non-current assets in the accompanying consolidated balance sheets. |
Property and Equipment | Property and Equipment: Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful life of each asset. Lab equipment is depreciated over five years . Electronic equipment and software are depreciated over three years . Leasehold improvements are amortized over the shorter of their useful life or lease term. When an item is sold or retired, the costs and related accumulated depreciation are eliminated, and the resulting gain or loss, if any, is credited or charged to income in the statement of operations. Repairs and maintenance costs are expensed as incurred. |
Long-lived Assets | Long-lived Assets: Long-lived assets consist of property and equipment. The Company reviews the recoverability of its long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable, based on undiscounted cash flows. If such assets are considered to be impaired, an impairment loss is recognized and is measured as the amount by which the carrying amount of the assets exceed their estimated fair value, which is measured based on the projected discounted future net cash flows arising from the assets. |
Income Taxes | Income Taxes: The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities using the enacted statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Recognition of deferred tax assets is limited to amounts for which, in the opinion of management, realization is considered more likely than not in future periods. |
Revenue Recognition | Revenue Recognition: The Company has generated revenue from a collaboration agreement as well as service agreements with related parties. To determine revenue recognition, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception the Company assesses the goods or services promised within each contract and determine those that are performance obligations, then assesses whether each promised good or service is distinct. When the Company offers options for additional goods or services, such as to receive a license for intellectual property or for additional goods or services, the Company evaluates whether such options contain material rights that should be treated as additional performance obligations. Once performance obligations are identified, the Company then recognizes as revenue the amount of the transaction price that the Company allocated to the respective performance obligation when (or as) each performance obligation is satisfied, either at a point in time or over time. If the performance obligation is satisfied over time, the Company recognizes revenue based on the use of an input method. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. As of December 31, 2022 , the Company had one collaborative agreement with Bristol-Myers Squibb, which the Company entered into in January 2019 For a complete discussion of the accounting related to Bristol Myers Squibb Collaboration Agreement, see Note 8, Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb. |
Research and Development Expense | Research and Development Expense: Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs, depreciation, third-party license fees, acquisition of technology, and external costs of outside vendors engaged to conduct preclinical development activities and trials. |
Stock-based Compensation | Stock-based Compensation: The Company’s stock-based compensation program grants awards that may include stock options, restricted stock awards, restricted stock units, and other stock-based awards. The fair values of stock option grants are estimated as of the date of grant using a Black-Scholes option valuation model. The fair values of restricted stock awards and restricted stock units are based on the fair value of the Company’s common stock on the date of grant. The estimated fair values of the awards are expensed over the requisite service period, which is generally the vesting period of the award. For service-based awards that are subject to graded vesting, the Company has elected to recognize compensation expense for these awards on a straight-line basis. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s salary and related costs are classified or in which the award recipient’s service payments are classified. The Company’s expected stock price volatility assumption is based on volatilities of similar entities whose share or option prices are publicly available. The Company uses the simplified method to estimate the expected life assumption. The risk-free interest rate is based on the yield of U.S. Treasury securities consistent with the expected life of the option. No dividend yield was assumed as the Company does not intend to pay dividends on its common stock. |
Leases | Leases: Under Accounting Standards Codification (ASC) 842 Leases , which was adopted on January 1, 2020 , the Company determines if an arrangement is or contains a lease at inception. For leases with a term of 12 months or less, the Company does not recognize a right-of-use asset or lease liability. The Company’s operating leases are recognized on its consolidated balance sheet as other long-term assets, other current liabilities, and other long-term liabilities. The Company does not have any finance leases. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Operating lease right-of-use assets also include the effect of any lease prepaid or deferred lease payments and are reduced by lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. The Company has elected to utilize the practical expedient to not separate lease components from non-lease components. |
Comprehensive Loss | Comprehensive Loss: Comprehensive loss is comprised of the net loss and other comprehensive income or loss. Other comprehensive income or loss consists of unrealized gains or losses on marketable securities. |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss: Comprehensive loss is defined as the change in the equity of a business entity during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Comprehensive loss consists of: (i) all components of net loss and (ii) all components of comprehensive loss other than net loss, referred to as other comprehensive loss. Other comprehensive loss is comprised of unrealized gains and losses on debt securities. |
Emerging Growth Company Status | Emerging Growth Company Status: The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such a time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company no longer is an emerging growth company or affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. |
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 its consolidated financial statements and disclosures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value On Recurring Basis | 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 December 31, Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Assets Cash equivalents: Money market funds $ 55,861 $ 55,861 $ — $ — Marketable securities U.S. treasury securities 22,606 — 22,606 — Corporate debt securities 74,422 — 74,422 — Total assets $ 152,889 $ 55,861 $ 97,028 $ — As of December 31, Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Assets Cash equivalents: Money market funds $ 232,017 $ 232,017 $ — $ — Total assets $ 232,017 $ 232,017 $ — $ — |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary Of Marketable Securities | The following table summarizes the Company’s marketable securities (in thousands): December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities 22,630 — ( 24 ) 22,606 Corporate debt securities 75,161 — ( 739 ) 74,422 Total $ 97,791 $ — $ ( 763 ) $ 97,028 |
Schedule of Marketable Securities Fair Value By Contractual Maturity | Marketable securities fair value by contractual maturity were as follows (in thousands): As of Due in one year or less $ 79,652 Due after one year through five years 17,376 Total $ 97,028 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): As of December 31, 2022 2021 Clinical, manufacturing and scientific development $ 1,372 $ 2,820 Prepaid Insurance 727 850 Other 964 629 Total $ 3,063 $ 4,299 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment consisted of the following (in thousands): As of December 31, 2022 2021 Property and equipment: Lab equipment $ 2,858 $ 1,776 Leasehold improvements 1,216 923 Electronic equipment and software 481 430 Furniture and fixtures 475 384 Total property and equipment 5,030 3,513 Less: accumulated depreciation ( 1,825 ) ( 1,074 ) Property and equipment, net $ 3,205 $ 2,439 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 2021 Employee compensation $ 3,236 $ 2,809 Research and development expenses 4,462 2,489 Professional fees 526 530 Other current liabilities 119 26 Total $ 8,343 $ 5,854 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 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): Year Ended December 31, 2022 2021 Research and development $ 3,974 $ 2,427 General and administrative 3,551 2,750 Total share-based compensation expense $ 7,525 $ 5,177 |
Summary of Stock Option Activity | The following table summarizes stock option activity under the Plan for the year ended December 31, 2022: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 5,822,373 $ 7.17 8.27 $ 33,275 Granted 1,927,649 7.71 Exercised ( 282,459 ) 3.88 Cancelled or forfeited ( 878,084 ) 8.50 Outstanding as of December 31, 2022 6,589,479 $ 7.29 7.73 $ 362,112 Vested or expected to vest as of December 31, 2022 6,589,479 $ 7.29 7.73 $ 362,112 Options exercisable as of December 31, 2022 3,009,095 $ 5.76 6.50 $ 358,798 |
Summary of Assumptions Used to Value Stock Options Granted Using Black-Scholes Option-Pricing | The fair value of each option award granted during the years ended December 31, 2022 and 2021 is estimated on the date of grant using the Black-Scholes option pricing model. This model incorporates various assumptions, including the expected volatility, expected term, and interest rates. The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing were as follows: Year Ended December 31, 2022 2021 Risk-free interest rate 1.67 % to 3.59 % 0.68 % to 1.33 % Expected dividend yield 0 % 0 % Expected option term (in years) 5.15 to 6.08 6.00 to 6.08 Expected stock price volatility range 83.60 % to 86.00 % 68.58 % to 73.30 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Differed from Amount Computed by Applying Federal Statutory Rate | The effective income tax rate differed from the amount computed by applying the federal statutory rate to the Company’s loss before income taxes as follows: Year Ended December 31, 2022 2021 Tax effected at statutory rate 21.0 % 21.0 % State taxes 7.2 % 7.4 % Stock compensation ( 0.5 )% ( 0.7 )% Non-deductible expenses ( 0.7 )% ( 0.5 )% Federal research and development credits 5.0 % 5.0 % Change in valuation allowance ( 32.0 )% ( 32.2 )% Total — % — % |
Schedule of Total Deferred Tax Assets | The Company’s total deferred tax assets are as follows (in thousands): As of December 31, 2022 2021 Deferred tax assets: Federal net operating loss carryforward $ 22,875 $ 18,233 State net operating loss carryforward 6,693 5,269 R&D credit carryforwards 10,667 6,385 Capitalized start-up costs 219 242 Accruals and reserves 823 629 Deferred revenue 2,502 6,769 Stock based compensation 1,900 1,026 Lease liability 1,556 1,908 Capitalized R&E 14,995 — Total deferred tax asset 62,230 40,461 Deferred tax liability: Fixed assets $ ( 761 ) $ ( 648 ) Right of use asset ( 1,436 ) ( 1,786 ) Total deferred tax liability ( 2,197 ) ( 2,434 ) Net deferred tax asset and liability before valuation allowance 60,033 38,027 Valuation allowance ( 60,033 ) ( 38,027 ) Net deferred tax asset $ - $ - |
Lease Obligation (Tables)
Lease Obligation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Summary of components of Lease Costs | The components of the lease costs which are included in the consolidated statements of operations and comprehensive loss were as follows (in thousands): Year Ended December 31, 2022 2021 Operating lease costs $ 1,764 $ 1,693 Variable lease costs 466 479 Total lease costs $ 2,230 $ 2,172 |
Summary of Supplemental Cash Flow Information Relating to the Company's Leases | Supplemental cash flow information relating to the Company’s leases were as follows (in thousands): Year Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of $ 1,774 $ 1,259 |
Summary of Remaining Lease Terms and Discount Rates | The remaining lease terms and discount rates related to the Company's leases were as follows: As of December 31, 2022 2021 Remaining lease term 3.4 years 4.4 years Discount Rate 7.7 % 7.7 % |
Summary of Future Minimum Lease Payments for Operating Lease | The future minimum lease payments for the Company’s operating lease as of December 31, 2022, were as follows (in thousands): Fiscal Year Operating 2023 1,827 2024 1,882 2025 1,938 2026 817 2027 — Total minimum lease payments 6,464 Less amounts representing interest or imputed interest 770 Present value of lease liabilities $ 5,694 |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 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: Year ended December 31, 2022 2021 Options to Purchase Common Stock 6,589,479 5,822,373 Total 6,589,479 5,822,373 |
Nature of Business and Organi_2
Nature of Business and Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 30, 2021 | Dec. 31, 2021 | |
Subsidiary Sale Of Stock [Line Items] | ||
Public offering price | $ 16 | |
Net proceeds received after deducting underwriting discounts and commissions | $ 131,300 | $ 131,302 |
IPO | ||
Subsidiary Sale Of Stock [Line Items] | ||
Company issued and sold shares of common stock | 8,984,375 | |
Over-allotment Option to Purchase | ||
Subsidiary Sale Of Stock [Line Items] | ||
Company issued and sold shares of common stock | 1,171,875 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Segment | Dec. 31, 2021 USD ($) | |
Subsidiary Sale Of Stock [Line Items] | ||
Cash, cash equivalents, marketable securities | $ 156,900 | |
Accumulated deficit | $ 214,219 | $ 145,454 |
Number of operating segment | Segment | 1 | |
Restricted cash | $ 900 | $ 900 |
Dividend yield | 0% | 0% |
Change in accounting principle, ASU, Adopted [true false] | true | |
Change in accounting principle, ASU, Adoption date | Jan. 01, 2020 | |
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201602Member | |
Lab Equipment | ||
Subsidiary Sale Of Stock [Line Items] | ||
Property and equipment, estimated useful life | 5 years | |
Electronic Equipment and Software | ||
Subsidiary Sale Of Stock [Line Items] | ||
Property and equipment, estimated useful life | 3 years | |
Leasehold Improvements | ||
Subsidiary Sale Of Stock [Line Items] | ||
Property and equipment, estimated useful life | the shorter of their useful life or lease term. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details)1 - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | 12 Months Ended |
Dec. 31, 2022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, explanation | Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value On Recurring Basis (Details) - Fair Value On Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | $ 152,889 | $ 232,017 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 55,861 | 232,017 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 97,028 | |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | 55,861 | 232,017 |
Money Market Funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | 55,861 | $ 232,017 |
U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Marketable Securities | 22,606 | |
U.S. Treasury Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Marketable Securities | 22,606 | |
Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Marketable Securities | 74,422 | |
Corporate Debt Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Marketable Securities | $ 74,422 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 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 | Dec. 31, 2022 USD ($) |
Marketable Securities [Line Items] | |
Amortized Cost | $ 97,791 |
Gross Unrealized Losses | (763) |
Fair Value | 97,028 |
U.S. Treasury Securities | |
Marketable Securities [Line Items] | |
Amortized Cost | 22,630 |
Gross Unrealized Losses | (24) |
Fair Value | 22,606 |
Corporate Debt Securities | |
Marketable Securities [Line Items] | |
Amortized Cost | 75,161 |
Gross Unrealized Losses | (739) |
Fair Value | $ 74,422 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Position | Dec. 31, 2021 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||
Number of marketable securities in an unrealized loss position | Position | 43 | |
Impairment charges related to available-for-sale securities | $ 0 | $ 0 |
Allowance for credit losses for available for sale debt securities | $ 0 | $ 0 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities Fair Value By Contractual Maturity (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less | $ 79,652 |
Due after one year through five years | 17,376 |
Total marketable securities | $ 97,028 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Clinical, manufacturing and scientific development | $ 1,372 | $ 2,820 |
Prepaid Insurance | 727 | 850 |
Other | 964 | 629 |
Total | $ 3,063 | $ 4,299 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property and equipment: | ||
Total property and equipment, gross | $ 5,030 | $ 3,513 |
Less: accumulated depreciation | (1,825) | (1,074) |
Property and equipment, net | 3,205 | 2,439 |
Lab Equipment | ||
Property and equipment: | ||
Total property and equipment, gross | 2,858 | 1,776 |
Leasehold Improvements | ||
Property and equipment: | ||
Total property and equipment, gross | 1,216 | 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 ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 900,000 | $ 500,000 |
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Employee compensation | $ 3,236 | $ 2,809 |
Research and development expenses | 4,462 | 2,489 |
Professional fees | 526 | 530 |
Other current liabilities | 119 | 26 |
Total | $ 8,343 | $ 5,854 |
Collaboration Agreement and S_2
Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Preferred stock, shares issued | 0 | 0 | |
Deferred revenue current | $ 9,160 | $ 17,100 | |
Deferred revenue non-current | 7,678 | ||
Stock Purchase Agreement with Bristol Myers Squibb | Series A-1 Preferred Stock | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Preferred stock, shares issued | 14,545,450 | ||
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement | Bristol Myers Squibb | |||
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 | ||
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement | Bristol Myers Squibb | IK-175 | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Amount eligible to receive in case of exercise of options | 50,000 | ||
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement | Bristol Myers Squibb | IK-412 | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Amount eligible to receive in case of exercise of options | 40,000 | ||
Bristol Myers Squibb 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 | 15,600 | $ 31,000 | |
Deferred revenue | $ 9,200 | ||
Bristol Myers Squibb Collaboration Agreement | IK-175 | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Transaction price allocated to revenue arrangement | 41,200 | ||
Bristol Myers Squibb Collaboration Agreement | IK-412 | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Transaction price allocated to revenue arrangement | $ 37,500 |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock - Additional Information (Details) - Redeemable Convertible Preferred Stock - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Class Of Stock [Line Items] | ||
Redeemable convertible preferred stock, shares outstanding | 169,396,576 | |
Shares converted | (169,396,576) |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | ||
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 |
Common stock voting rights | The holders of shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders and written action in lieu of meetings; there is no cumulative voting. The holders of outstanding shares of common stock shall be entitled to elect two directors of the Company. |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Mar. 30, 2021 | Mar. 20, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted-average fair value of the stock options granted | $ 5.52 | $ 6.13 | |||
Number of shares granted | 1,927,649 | ||||
Total unrecognized stock-based compensation balance for unvested options | $ 17.7 | ||||
Total unrecognized stock-based compensation balance for unvested options expected to be recognized period | 2 years 7 months 6 days | ||||
Intrinsic value of options exercised | $ 1.2 | $ 1.9 | |||
2021 Stock Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Plan effective date | Mar. 30, 2021 | ||||
Number of stock granted | 3,263,664 | ||||
Available for issuance percentage of annual increase in number of common stock outstanding | 4% | ||||
Number of shares reserved for issuance | 2,639,915 | 1,439,001 | |||
Vesting period | 4 years | ||||
Stock option contractual term | 10 years | ||||
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 | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 7,525 | $ 5,177 |
Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total share-based compensation expense | 3,974 | 2,427 |
General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 3,551 | $ 2,750 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of Options, Outstanding | 5,822,373 | |
Number of Options, Granted | 1,927,649 | |
Number of Options, Exercised | (282,459) | |
Number of Options, Cancelled or forfeited | (878,084) | |
Number of Options, Outstanding | 6,589,479 | 5,822,373 |
Number of Options, Vested or expected to vest | 6,589,479 | |
Number of Options, Options exercisable | 3,009,095 | |
Weighted- Average Exercise Price, Outstanding | $ 7.17 | |
Weighted- Average Exercise Price, Granted | 7.71 | |
Weighted- Average Exercise Price, Exercised | 3.88 | |
Weighted- Average Exercise Price, Cancelled or forfeited | 8.50 | |
Weighted- Average Exercise Price, Outstanding | 7.29 | $ 7.17 |
Weighted- Average Exercise Price, Vested or expected to vest | 7.29 | |
Weighted- Average Exercise Price, Options exercisable | $ 5.76 | |
Weighted- Average Remaining Contractual Term, Outstanding | 7 years 8 months 23 days | 8 years 3 months 7 days |
Weighted- Average Remaining Contractual Term, Vested or expected to vest | 7 years 8 months 23 days | |
Weighted- Average Remaining Contractual Term, Option exercisable | 6 years 6 months | |
Aggregate Intrinsic Value, Outstanding | $ 362,112 | $ 33,275 |
Aggregate Intrinsic Value, Vested or expected to vest | 362,112 | |
Aggregate Intrinsic Value, Options exercisable as of December 31, 2021 | $ 358,798 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Assumptions Used to Value Stock Options Granted Using Black-Scholes Option-Pricing (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Risk-free interest rate minimum | 1.67% | 0.68% |
Risk-free interest rate maximum | 3.59% | 1.33% |
Expected dividend yield | 0% | 0% |
Expected stock price volatility range minimum | 83.60% | 68.58% |
Expected stock price volatility range maximum | 86% | 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 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Employer contributions to defined contribution savings plan | $ 600,000 | $ 0 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Differed from Amount Computed by Applying Federal Statutory Rate (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Tax effected at statutory rate | 21% | 21% |
State taxes | 7.20% | 7.40% |
Stock compensation | (0.50%) | (0.70%) |
Non-deductible expenses | (0.70%) | (0.50%) |
Federal research and development credits | 5% | 5% |
Change in valuation allowance | (32.00%) | (32.20%) |
Income Taxes - Schedule of Tota
Income Taxes - Schedule of Total Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Federal net operating loss carryforward | $ 22,875 | $ 18,233 |
State net operating loss carryforward | 6,693 | 5,269 |
R&D credit carryforwards | 10,667 | 6,385 |
Capitalized start-up costs | 219 | 242 |
Accruals and reserves | 823 | 629 |
Deferred revenue | 2,502 | 6,769 |
Stock based compensation | 1,900 | 1,026 |
Lease liability | 1,556 | 1,908 |
Capitalized R&E | 14,995 | |
Total deferred tax asset | 62,230 | 40,461 |
Deferred tax liability: | ||
Fixed assets | (761) | (648) |
Right of use asset | (1,436) | (1,786) |
Total deferred tax liability | (2,197) | (2,434) |
Net deferred tax asset and liability before valuation allowance | 60,033 | 38,027 |
Valuation Allowance | $ (60,033) | $ (38,027) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | ||
Valuation allowance increased amount | $ 22,000,000 | |
Income tax expense | 0 | |
Reserves for uncertain tax positions | 0 | $ 0 |
Incurred interest and penalties related to uncertain tax positions | $ 0 | |
Minimum | ||
Income Taxes [Line Items] | ||
Tax cut jobs act research and experimental expenditures to be capitalized and amortized period. | 5 years | |
Maximum | ||
Income Taxes [Line Items] | ||
Tax cut jobs act research and experimental expenditures to be capitalized and amortized period. | 15 years | |
Earliest Tax Year | ||
Income Taxes [Line Items] | ||
Income tax returns years open and subject to examination | 2018 | |
Latest Tax Year | ||
Income Taxes [Line Items] | ||
Income tax returns years open and subject to examination | 2022 | |
Federal | Research and Development Tax Credit Carryforwards | ||
Income Taxes [Line Items] | ||
Tax credit carryforwards amount | $ 8,400,000 | |
Tax credit carryforwards begin to expire | 2031-12 | |
Federal | Not Subject to Expiration | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards | $ 108,900,000 | |
State | Research and Development Tax Credit Carryforwards | ||
Income Taxes [Line Items] | ||
Tax credit carryforwards amount | $ 2,800,000 | |
Tax credit carryforwards begin to expire | 2031-12 | |
State | Begin to Expire in 2037 | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards | $ 105,900,000 | |
Operating loss carryforwards expiration year | 2037 |
Research License Agreements - A
Research License Agreements - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 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. | ||
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 |
Lease Obligation - Additional I
Lease Obligation - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Jul. 21, 2020 USD ($) ft² | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Lessee Lease Description [Line Items] | |||
Total lease rent payments | $ 1,283 | $ 1,174 | |
Right-of-use asset | 5,255 | $ 6,538 | |
Present value of lease liabilities | $ 5,694 | ||
Boston, Massachusetts | |||
Lessee Lease Description [Line Items] | |||
Area of leased property | ft² | 20,752 | ||
Lease commencement date | Feb. 19, 2021 | ||
Lease term | 63 months | ||
Monthly base rent | $ 100 | ||
Percentage escalation in annual base rent | 3% | ||
Total lease rent payments | $ 9,300 | ||
Letter of credit to secure lease | 900 | ||
Right-of-use asset | 7,500 | ||
Present value of lease liabilities | $ 7,500 |
Lease Obligation - Summary of c
Lease Obligation - Summary of components of Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating lease costs | $ 1,764 | $ 1,693 |
Variable lease costs | 466 | 479 |
Total lease costs | $ 2,230 | $ 2,172 |
Lease Obligation - Summary of S
Lease Obligation - Summary of Supplemental Cash Flow Information Relating to the Company's Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
SupplementalCashFlowInformationLeasesAbstract | ||
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) | $ 1,774 | $ 1,259 |
Lease Obligation - Summary of R
Lease Obligation - Summary of Remaining Lease Terms and Discount Rates (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Description [Abstract] | ||
Remaining lease term | 3 years 4 months 24 days | 4 years 4 months 24 days |
Discount Rate | 7.70% | 7.70% |
Lease Obligation - Summary of F
Lease Obligation - Summary of Future Minimum Lease Payments for Operating Lease (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2023 | $ 1,827 |
2024 | 1,882 |
2025 | 1,938 |
2026 | 817 |
Total minimum lease payments | 6,464 |
Less amounts representing interest or imputed interest | 770 |
Present value of lease liabilities | $ 5,694 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
UT Austin License | University | Affiliated to Director | ||
Related Party Transaction [Line Items] | ||
University license fees and certain-patent related costs | $ 0.2 | $ 0.2 |
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 | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 6,589,479 | 5,822,373 |
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 | 6,589,479 | 5,822,373 |