Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
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 | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | IKNA | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 48,258,111 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 52,852 | $ 119,894 |
Marketable securities | 104,497 | 55,571 |
Prepaid expenses and other current assets | 3,817 | 3,197 |
Total current assets | 161,166 | 178,662 |
Property and equipment, net | 864 | 2,335 |
Right-of-use asset | 5,241 | 5,686 |
Deposits and other assets | 5,511 | 5,409 |
Total assets | 172,782 | 192,092 |
Current liabilities: | ||
Accounts payable | 1,909 | 2,066 |
Accrued expenses and other current liabilities | 4,817 | 8,581 |
Operating lease liability | 3,443 | 3,558 |
Total current liabilities | 10,169 | 14,205 |
Long-term portion of operating lease liability | 6,302 | 7,180 |
Other long-term liabilities | 964 | 950 |
Total liabilities | 17,435 | 22,335 |
Commitments and contingencies (Note 8) | ||
Stockholders equity | ||
Preferred stock, $0.001 par value - 10,000,000 shares authorized as of March 31, 2024 and December 31, 2023; No shares issued and outstanding as of March 31, 2024 or December 31, 2023 | ||
Common stock, $0.001 par value, 150,000,000 shares authorized and 48,258,111 shares issued and outstanding at March 31, 2024 and December 31, 2023 | 48 | 48 |
Additional paid-in capital | 454,143 | 452,142 |
Accumulated other comprehensive loss | (313) | (48) |
Accumulated deficit | (298,531) | (282,385) |
Total stockholders' equity | 155,347 | 169,757 |
Total liabilities and stockholders' equity | $ 172,782 | $ 192,092 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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 | 48,258,111 | 48,258,111 |
Common stock, shares outstanding | 48,258,111 | 48,258,111 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues [Abstract] | ||
Collaboration revenue | $ 5,313 | |
Operating expenses: | ||
Research and development | $ 9,645 | 15,552 |
General and administrative | 5,999 | 5,276 |
Restructuring and other charges | 2,582 | |
Total operating expenses | 18,226 | 20,828 |
Loss from operations | (18,226) | (15,515) |
Other income (expense): | ||
Investment income | 2,114 | 1,296 |
Other income (expense) | (7) | |
Total other income, net | 2,107 | 1,296 |
Loss before income taxes | (16,119) | (14,219) |
Income tax expense | (27) | |
Net loss | (16,146) | (14,219) |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on marketable securities | (265) | 272 |
Total comprehensive loss | $ (16,411) | $ (13,947) |
Net loss per share: | ||
Net loss per share, basic | $ (0.33) | $ (0.39) |
Net loss per share, diluted | $ (0.33) | $ (0.39) |
Weighted-average common shares outstanding, basic | 48,258,111 | 36,257,493 |
Weighted-average common shares outstanding, diluted | 48,258,111 | 36,257,493 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning Balance, Shares at Dec. 31, 2022 | 36,257,493 | ||||
Beginning Balance at Dec. 31, 2022 | $ 146,969 | $ 36 | $ 361,915 | $ (763) | $ (214,219) |
Stock-based compensation | 2,000 | 2,000 | |||
Other comprehensive income (loss) | 272 | 272 | |||
Net loss | (14,219) | (14,219) | |||
Ending Balance, Shares at Mar. 31, 2023 | 36,257,493 | ||||
Ending Balance at Mar. 31, 2023 | 135,022 | $ 36 | 363,915 | (491) | (228,438) |
Beginning Balance, Shares at Dec. 31, 2023 | 48,258,111 | ||||
Beginning Balance at Dec. 31, 2023 | 169,757 | $ 48 | 452,142 | (48) | (282,385) |
Stock-based compensation | 2,001 | 2,001 | |||
Other comprehensive income (loss) | (265) | (265) | |||
Net loss | (16,146) | (16,146) | |||
Ending Balance, Shares at Mar. 31, 2024 | 48,258,111 | ||||
Ending Balance at Mar. 31, 2024 | $ 155,347 | $ 48 | $ 454,143 | $ (313) | $ (298,531) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (16,146) | $ (14,219) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 219 | 231 |
Net accretion of discounts on marketable securities | (393) | (530) |
Stock-based compensation | 2,001 | 2,000 |
Non-cash operating lease expense | 445 | 337 |
Loss on disposal of property and equipment | 99 | |
Impairment of assets held for sale | 742 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (269) | 308 |
Deposits and other assets | (102) | |
Accounts payable | (157) | 666 |
Accrued expenses and other current liabilities | (3,764) | (2,919) |
Operating lease liabilities | (993) | (345) |
Deferred revenue | (5,313) | |
Other long term liabilities | 14 | |
Net cash used in operating activities | (18,304) | (19,784) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (152) | |
Proceeds from sale of property and equipment | 60 | |
Purchase of marketable securities | (62,298) | (41,726) |
Proceeds from maturities of marketable securities | 13,500 | 31,072 |
Net cash used in investing activities | (48,738) | (10,806) |
Net decrease in cash, cash equivalents and restricted cash | (67,042) | (30,590) |
Cash, cash equivalents and restricted cash, beginning of period | 121,172 | 60,791 |
Cash, cash equivalents and restricted cash, end of period | 54,130 | 30,201 |
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets: | ||
Cash and cash equivalents | 52,852 | 29,329 |
Restricted cash included in other assets | 1,278 | 872 |
Cash, cash equivalents and restricted cash, end of period | $ 54,130 | $ 30,201 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (16,146) | $ (14,219) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Basis of Presentation | 1. Nature of Business and Basis of Presentation Ikena Oncology, Inc. (the “Company”) is a clinical stage targeted oncology company, focused on developing differentiated therapies for patients in need that target nodes of cancer growth, spread, and therapeutic resistance in the Hippo and RAS onco-signaling network. The Company’s approach in each of its programs is to target both cancer-driving targets and mechanisms of resistance to other therapies. The Company’s most advanced program, IK-930, is a selective inhibitor of the transcriptional enhanced associate domain 1 (“TEAD 1”). The TEAD transcription factors (TEAD 1-4) execute the ultimate step in the Hippo signaling pathway, a known oncogenic pathway that also drives resistance to multiple targeted and chemo therapies. The Company’s program in the RAS pathway, IK-595, is a molecular glue designed to trap MEK and RAF in an inactive complex, more completely inhibiting RAS signals than existing inhibitors. Since the Company commenced operations in 2016, it has advanced multiple product candidates into clinical development. The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying condensed consolidated financial statements and footnotes to the financial statements have been prepared on the same basis as the most recently audited annual financial statements and, in the opinion of management, reflect all normal recurring adjustments necessary for the fair presentation of the Company’s financial position for the reported periods. The results of operations for any interim periods are not necessarily indicative of results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. These condensed consolidated financial statements should be read in conjunction with, the Company’s audited consolidated financial statements for the year ended December 31, 2023 , which were included in its Annual Report on Form 10-K that was filed with the Securities and Exchange Commission (“SEC”) on March 12, 2024. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies 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. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and judgments are based on historical information and other market-specific or various relevant assumptions, including in certain circumstances, future projections, that management believes to be reasonable under the circumstances. Actual results could differ materially from estimates. Significant estimates and assumptions reflected in these condensed consolidated financial statements include but are not limited to the accruals for research and development expenses and collaboration revenue. 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. As of March 31, 2024, the Company has not experienced any credit related losses on its cash, cash equivalents or marketable securities. The Company is dependent on third-party manufacturers to supply products 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’s programs could be adversely affected if a third-party manufacturer is unable to successfully carry out their contractual obligations or meet expected deadlines. If a third-party manufacturer 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. Restricted Cash As of each of March 31, 2024 and December 31, 2023, the Company maintained restricted cash totaling $ 1.3 million, held in the form of a money market account as collateral for the Company’s facility lease obligations. This balance is included within deposits and other assets on the condensed consolidated balance sheets. Net Income (Loss) Per Share Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their affect is anti-dilutive. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2024 2023 Options to purchase common stock 8,696,192 7,646,307 Total 8,696,192 7,646,307 Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company 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 | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The following tables present information about the Company’s financial assets measured or disclosed at fair value by level within the fair value hierarchy (in thousands): March 31, 2024 Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Cash equivalents: Money market funds $ 23,123 $ 23,123 $ — $ — Corporate debt securities 476 — 476 — Marketable securities: U.S. treasury securities 49,132 — 49,132 — Corporate debt securities 55,365 — 55,365 — Total assets $ 128,096 $ 23,123 $ 104,973 $ — December 31, 2023 Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Cash equivalents: Money market funds $ 53,613 $ 53,613 $ — $ — Marketable securities: Corporate debt securities 55,571 — 55,571 — Total assets $ 109,184 $ 53,613 $ 55,571 $ — During the three months ended March 31, 2024 and 2023 , there were no transfers into or out of Level 3. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 4. Marketable Securities The following tables summarize the Company's marketable securities (in thousands): March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities $ 49,316 $ — $ ( 184 ) $ 49,132 Corporate debt securities 55,494 — ( 129 ) 55,365 Total $ 104,810 $ — $ ( 313 ) $ 104,497 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 55,624 $ 27 $ ( 80 ) $ 55,571 Total $ 55,624 $ 27 $ ( 80 ) $ 55,571 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. Factors considered include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the investment to allow for an anticipated recovery in fair value. As of March 31, 2024 and December 31, 2023 , there were no allowances for credit losses recorded. The Company classifies 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 following table summarizes the fair value of the Company’s available-for-sale securities by contractual maturity (in thousands): March 31, 2024 Due in one year or less $ 60,803 Due after one year through three years 43,694 Total $ 104,497 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Accrued Expenses And Other Current Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | 5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2024 December 31, 2023 Employee compensation $ 1,589 $ 3,311 Research and development expenses 2,263 3,964 Professional fees 919 1,221 Other 46 85 Total $ 4,817 $ 8,581 |
Collaboration Agreement and Sto
Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb | 3 Months Ended |
Mar. 31, 2024 | |
Collaboration And Stock Purchase Agreement [Abstract] | |
Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb | 6. Collaboration Agreement and Stock Purchase Agreement with Bristol-Myers Squibb The Company has a 2019 collaboration agreement and associated stock purchase agreement (collectively the “Agreements”) with Celgene Corporation (acquired by Bristol-Myers Squibb), whereby the Company carried out initial research and development activities with the goal of identifying and developing drug candidates for certain cancer types. Bristol-Myers Squibb paid the Company a total of $ 95.0 million in aggregate upfront consideration related to the collaboration and stock purchase under the Agreements, of which $ 78.7 million was allocated to the collaboration. The Company was eligible to receive $ 50.0 million, in case of an exercise of an option with respect to IK-175, and $ 40.0 million, in case of an exercise of an option with respect to IK-412. Upon the exercise of the delivery of each license, the Company would have been 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. On January 17, 2024, Bristol-Myers Squibb notified the Company of its decision not to opt-in on the IK-175 program. In addition, Bristol-Myers Squibb did not provide an opt-in exercise for the IK-412 program. As a result, the Company has regained full global rights to the IK-175 and IK-412 programs. Deferred revenue related to the collaboration had been fully recognized prior to December 31, 2023, as all obligations under the Agreements had been completed. As of March 31, 2024 , all activities under the collaboration agreement have been concluded and there are no further amounts to be paid by Bristol-Myers Squibb under such agreement. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 7. Stock-Based Compensation The Company has outstanding awards under its 2016 Stock Incentive Plan, as amended (the “2016 Plan”), but is no longer granting awards under this plan. The Company’s 2021 Stock Incentive Plan (the “2021 Plan” and, together with the 2016 Plan, the “Plans”) 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 3,119,514 shares of the Company’s common stock. Additionally, 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 contains an “evergreen” provision, which allows for an annual increase in the number of shares of common stock available 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; or such lesser number of shares as determined by the Administrator as provided in the 2021 Plan. On January 1, 2024, the number of shares of common stock available for issuance under the 2021 Plan increased by 1,930,324 shares as a result of the automatic increase provision of the 2021 Plan. As of March 31, 2024 , 3,735,648 shares of common stock remain available for future issuance under the 2021 Plan. The vesting periods for equity awards, which generally are four years , are determined by the Company’s board of directors. The contractual term for stock option awards is ten years . The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended March 31, 2024 2023 Research and development $ 777 $ 1,072 General and administrative 961 928 Restructuring and other charges 263 — Total $ 2,001 $ 2,000 As of March 31, 2024 , the total unrecognized stock-based compensation balance for outstanding awards was $ 8.5 million, which is expected to be recognized over a weighted average period of 2.7 years. The following table summarizes stock option activity under the 2021 Plan for the three months ended March 31, 2024: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2023 7,088,261 $ 6.35 6.92 $ 94 Granted 1,834,533 1.41 Exercised — — Cancelled or forfeited ( 226,602 ) 9.09 Outstanding as of March 31, 2024 8,696,192 $ 5.23 7.51 $ 96 Vested or expected to vest as of March 31, 2024 8,696,192 $ 5.23 7.51 $ 96 Options exercisable as of March 31, 2024 4,471,341 $ 6.33 6.14 $ 31 No options were exercised during the three months ended March 31, 2024 and 2023. The weighted-average grant date fair value of the stock options granted during the three months ended March 31, 2024 and 2023 was $ 1.08 per share and $ 1.96 per share, respectively. The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option pric ing model and assumptions input into the model. The following table presents, on a weighted average basis, the assumptions used in the model to determine the grant-date fair value of stock options granted: Three Months Ended March 31, 2024 2023 Risk-free interest rate 4.17 % 3.92 % Expected dividend yield 0 % 0 % Expected option term (in years) 6.04 6.08 Expected stock price volatility 91.11 % 86.45 % |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Leases The Company’s commitments under its leases are described in Note 15 Lease Obligations, to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to the Company’s leases during the three months ended March 31, 2024. In April 2024, the Company entered into sublease agreements for office and laboratory space in San Francisco, California (see Note 10). License Agreements UT Austin The Company has an exclusive patent license agreement (the “UT Austin License”) entered into in 2015, 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 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. A Notice of Termination was sent by the Company in March 2024 and the UT Austin License will be terminated as of June 27, 2024 , at which time all assets will be returned to the University and no further costs will be incurred by the Company in connection with the UT Austin License. Arrys The Company acquired in-process research and development in 2018 on an Arrys Therapeutics, Inc.’s (“Arrys”) immune-oncology candidate based on the intellectual property associated with Arrys’ AskAt License as part of the Company’s acquisition of Arrys. The AskAt License was intended to be used by the Company in its future development of therapeutic drug candidates for eventual clinical development and commercialization. The Company would have been obligated to make milestone payments to AskAt upon meeting certain development and sales milestones during the term of the AskAt License as well as royalties on any commercialized product sales related to the licensed technology. The AskAt Agreement was terminated as of March 20, 2024 and all assets were returned to AskAt. No further costs will be incurred by the Company in connection with the AskAt License. Other Agreements The Company is also party to various agreements, principally relating to licensed technology, that require future payments relating to milestones not met as of March 31, 2024 or royalties on future sales of specified products that have not yet occurred as of March 31, 2024. Contingent Value Rights In connection with the acquisition of Pionyr Immunotherapeutics, Inc. (“Pionyr”) on August 4, 2023, the Company issued one contractual contingent value right (“CVR”) to the former Pionyr stockholders for each share of Pionyr stock held at closing. The CVR entitles the holder to receive 50 % of net proceeds, outside of royalties, for any potential monetization of Pionyr legacy programs within two years. The Company accounts for the CVRs as contingent liabilities. As of March 31, 2024 and December 31, 2023 , the contingent consideration cannot be reasonably estimated, and the contingency was not resolved. |
Restructuring and Other Charges
Restructuring and Other Charges | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | 9. Restructuring and Other Charges On January 17, 2024, the board of directors of the Company approved a plan to reduce the Company’s workforce by approximately 35 % (the “Workforce Reduction”) and discontinue discovery efforts. The Workforce Reduction is designed to align the Company’s workforce with its strategy to focus on its clinical stage, targeted oncology programs, IK-930 and IK-595. In connection with the Workforce Reduction, the Company terminated approximately 20 employees. During the three months ended March 31, 2024, the Company recorded severance charges in connection with the Workforce Reduction, consisting of cash expenditures for employee separation costs of $ 1.6 million, most of which are expected to be paid by June 30, 2024, and non-cash charges of $ 0.3 million for the modification of certain equity awards. In March 2024, the Company committed to a plan to sell laboratory equipment related to its discovery efforts and therefore has classified the net amount of assets held for sale of $ 0.4 million in prepaid expenses and other current assets on the condensed consolidated balance sheet as of March 31, 2024. The assets held for sale are carried at the lower of the carrying amount or fair value, less costs to sell. The Company recorded an impairment charge of $ 0.7 million relating to the assets held for sale during the three months ended March 31, 2024. The Workforce Reduction and discontinuation of discovery efforts are referred to as the “Restructuring” and were completed by March 31, 2024. The Company’s Restructuring and other charges and balance of its Restructuring liability, which was included in accrued employee compensation, consisted of the following for the three months ended March 31, 2024 (in thousands): Three Months Ended March 31, 2024 Employee Separation Non-cash Asset Payments Compensation Impairments Total Accrued balance at December 31, 2023 $ — $ — $ — $ — Expense 1,577 263 742 2,582 Payments ( 929 ) — — ( 929 ) Adjustments — — — — Non-cash — ( 263 ) ( 742 ) ( 1,005 ) Accrued balance at March 31, 2024 $ 648 $ — $ — $ 648 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Event | 10. Subsequent Event In April 2024, the Company entered into three sublease agreements with third parties for the use of office and laboratory space in San Francisco, California that the Company assumed in connection with its acquisition of Pionyr. Total fixed payments to be received by the Company under the three sublease agreements amount to $ 2.5 million and will be received through April 2027. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
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. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and judgments are based on historical information and other market-specific or various relevant assumptions, including in certain circumstances, future projections, that management believes to be reasonable under the circumstances. Actual results could differ materially from estimates. Significant estimates and assumptions reflected in these condensed consolidated financial statements include but are not limited to the accruals for research and development expenses and collaboration revenue. |
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. As of March 31, 2024, the Company has not experienced any credit related losses on its cash, cash equivalents or marketable securities. The Company is dependent on third-party manufacturers to supply products 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’s programs could be adversely affected if a third-party manufacturer is unable to successfully carry out their contractual obligations or meet expected deadlines. If a third-party manufacturer 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. |
Restricted Cash | Restricted Cash As of each of March 31, 2024 and December 31, 2023, the Company maintained restricted cash totaling $ 1.3 million, held in the form of a money market account as collateral for the Company’s facility lease obligations. This balance is included within deposits and other assets on the condensed consolidated balance sheets. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their affect is anti-dilutive. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2024 2023 Options to purchase common stock 8,696,192 7,646,307 Total 8,696,192 7,646,307 |
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 the Company 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Outstanding Potential Common Shares Excluded in Computation of Diluted Net Loss Per Share | The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2024 2023 Options to purchase common stock 8,696,192 7,646,307 Total 8,696,192 7,646,307 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value | The following tables present information about the Company’s financial assets measured or disclosed at fair value by level within the fair value hierarchy (in thousands): March 31, 2024 Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Cash equivalents: Money market funds $ 23,123 $ 23,123 $ — $ — Corporate debt securities 476 — 476 — Marketable securities: U.S. treasury securities 49,132 — 49,132 — Corporate debt securities 55,365 — 55,365 — Total assets $ 128,096 $ 23,123 $ 104,973 $ — December 31, 2023 Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Cash equivalents: Money market funds $ 53,613 $ 53,613 $ — $ — Marketable securities: Corporate debt securities 55,571 — 55,571 — Total assets $ 109,184 $ 53,613 $ 55,571 $ — |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary Of Marketable Securities | The following tables summarize the Company's marketable securities (in thousands): March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities $ 49,316 $ — $ ( 184 ) $ 49,132 Corporate debt securities 55,494 — ( 129 ) 55,365 Total $ 104,810 $ — $ ( 313 ) $ 104,497 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate debt securities $ 55,624 $ 27 $ ( 80 ) $ 55,571 Total $ 55,624 $ 27 $ ( 80 ) $ 55,571 |
Schedule of Marketable Securities Fair Value By Contractual Maturity | The following table summarizes the fair value of the Company’s available-for-sale securities by contractual maturity (in thousands): March 31, 2024 Due in one year or less $ 60,803 Due after one year through three years 43,694 Total $ 104,497 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accrued Expenses And Other Current Liabilities [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2024 December 31, 2023 Employee compensation $ 1,589 $ 3,311 Research and development expenses 2,263 3,964 Professional fees 919 1,221 Other 46 85 Total $ 4,817 $ 8,581 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended March 31, 2024 2023 Research and development $ 777 $ 1,072 General and administrative 961 928 Restructuring and other charges 263 — Total $ 2,001 $ 2,000 |
Summary of Stock Option Activity | The following table summarizes stock option activity under the 2021 Plan for the three months ended March 31, 2024: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2023 7,088,261 $ 6.35 6.92 $ 94 Granted 1,834,533 1.41 Exercised — — Cancelled or forfeited ( 226,602 ) 9.09 Outstanding as of March 31, 2024 8,696,192 $ 5.23 7.51 $ 96 Vested or expected to vest as of March 31, 2024 8,696,192 $ 5.23 7.51 $ 96 Options exercisable as of March 31, 2024 4,471,341 $ 6.33 6.14 $ 31 |
Summary of Assumptions Used to Grant Date Fair Value Of Stock Options Granted | The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option pric ing model and assumptions input into the model. The following table presents, on a weighted average basis, the assumptions used in the model to determine the grant-date fair value of stock options granted: Three Months Ended March 31, 2024 2023 Risk-free interest rate 4.17 % 3.92 % Expected dividend yield 0 % 0 % Expected option term (in years) 6.04 6.08 Expected stock price volatility 91.11 % 86.45 % |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring and Other Charges and Balance of Restructuring Liability Included in Accrued Employee Compensation | The Company’s Restructuring and other charges and balance of its Restructuring liability, which was included in accrued employee compensation, consisted of the following for the three months ended March 31, 2024 (in thousands): Three Months Ended March 31, 2024 Employee Separation Non-cash Asset Payments Compensation Impairments Total Accrued balance at December 31, 2023 $ — $ — $ — $ — Expense 1,577 263 742 2,582 Payments ( 929 ) — — ( 929 ) Adjustments — — — — Non-cash — ( 263 ) ( 742 ) ( 1,005 ) Accrued balance at March 31, 2024 $ 648 $ — $ — $ 648 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Accounting Policies [Abstract] | ||
Restricted cash | $ 1.3 | $ 1.3 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Outstanding Potential Common Shares Excluded in Computation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 8,696,192 | 7,646,307 |
Employee Stock Option | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 8,696,192 | 7,646,307 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Marketable Securities | $ 104,497 | $ 55,571 |
Fair Value On Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 128,096 | 109,184 |
Fair Value On Recurring Basis | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 23,123 | 53,613 |
Fair Value On Recurring Basis | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 104,973 | 55,571 |
Money Market Funds | Fair Value On Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | 23,123 | 53,613 |
Money Market Funds | Fair Value On Recurring Basis | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | 23,123 | 53,613 |
U.S. Treasury Securities | Fair Value On Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Marketable Securities | 49,132 | |
U.S. Treasury Securities | Fair Value On Recurring Basis | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Marketable Securities | 49,132 | |
Corporate Debt Securities | Fair Value On Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | 476 | |
Total Marketable Securities | 55,365 | 55,571 |
Corporate Debt Securities | Fair Value On Recurring Basis | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total Cash Equivalents | 476 | |
Total Marketable Securities | $ 55,365 | $ 55,571 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | ||
Fair value, level 3 transfers out, amount | $ 0 | $ 0 |
Marketable Securities - Summary
Marketable Securities - Summary Of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 104,810 | $ 55,624 |
Gross Unrealized Gains | 27 | |
Gross Unrealized Losses | (313) | (80) |
Fair Value | 104,497 | 55,571 |
U.S. Treasury Securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 49,316 | |
Gross Unrealized Losses | (184) | |
Fair Value | 49,132 | |
Corporate Debt Securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 55,494 | 55,624 |
Gross Unrealized Gains | 27 | |
Gross Unrealized Losses | (129) | (80) |
Fair Value | $ 55,365 | $ 55,571 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Allowance for credit losses for available for sale debt securities | $ 0 | $ 0 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Fair Value of Available-for-Sale Securities By Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less | $ 60,803 | |
Due after one year through three years | 43,694 | |
Total | $ 104,497 | $ 55,571 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Employee compensation | $ 1,589 | $ 3,311 |
Research and development expenses | 2,263 | 3,964 |
Professional fees | 919 | 1,221 |
Other | 46 | 85 |
Total | $ 4,817 | $ 8,581 |
Collaboration Agreement and S_2
Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb - Additional Information (Details) - BMS $ in Millions | Jan. 31, 2019 USD ($) |
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Upfront consideration payment | $ 95 |
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement | Maximum | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Milestone payments eligible to receive | 450 |
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement | IK-175 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Amount eligible to receive in case of exercise of options | 50 |
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement | IK-412 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Amount eligible to receive in case of exercise of options | 40 |
Bristol Myers Squibb Collaboration Agreement | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Upfront consideration payment | $ 78.7 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Jan. 01, 2024 | Mar. 30, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average fair value of the stock options granted | $ 1.08 | $ 1.96 | ||
Total unrecognized stock-based compensation balance for outstanding awards | $ 8.5 | |||
Total unrecognized stock-based compensation balance for outstanding awards expected to be recognized period | 2 years 8 months 12 days | |||
Options exercised | 0 | 0 | ||
2021 Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common stock remain available for future issuance | 3,735,648 | |||
Number of stock authorized | 3,119,514 | |||
Number of shares reserved for issuance | 1,930,324 | |||
Vesting period | 4 years | |||
Stock option contractual term | 10 years | |||
2021 Stock Incentive Plan | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Available for issuance percentage of annual increase in number of common stock outstanding | 4% |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 2,001 | $ 2,000 |
Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 777 | 1,072 |
General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 961 | $ 928 |
Restructuring and Other Charges | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 263 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2021 Plan - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Options, Outstanding | 7,088,261 | |
Number of Options, Granted | 1,834,533 | |
Number of Options, Cancelled or forfeited | (226,602) | |
Number of Options, Outstanding | 8,696,192 | 7,088,261 |
Number of Options, Vested or expected to vest | 8,696,192 | |
Number of Options, Options exercisable | 4,471,341 | |
Weighted- Average Exercise Price, Outstanding | $ 6.35 | |
Weighted- Average Exercise Price, Granted | 1.41 | |
Weighted- Average Exercise Price, Cancelled or forfeited | 9.09 | |
Weighted- Average Exercise Price, Outstanding | 5.23 | $ 6.35 |
Weighted- Average Exercise Price, Vested or expected to vest | 5.23 | |
Weighted- Average Exercise Price, Options exercisable | $ 6.33 | |
Weighted- Average Remaining Contractual Term, Outstanding | 7 years 6 months 3 days | 6 years 11 months 1 day |
Weighted- Average Remaining Contractual Term, Vested or expected to vest | 7 years 6 months 3 days | |
Weighted- Average Remaining Contractual Term, Option exercisable | 6 years 1 month 20 days | |
Aggregate Intrinsic Value, Outstanding | $ 96 | $ 94 |
Aggregate Intrinsic Value, Vested or expected to vest | 96 | |
Aggregate Intrinsic Value, Options exercisable as of March 31, 2024 | $ 31 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Assumptions Used to Grant Date Fair Value Of Stock Options Granted (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Risk-free interest rate | 4.17% | 3.92% |
Expected dividend yield | 0% | 0% |
Expected option term (in years) | 6 years 14 days | 6 years 29 days |
Expected stock price volatility | 91.11% | 86.45% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Aug. 04, 2023 | Mar. 31, 2024 | Mar. 31, 2024 | Dec. 31, 2015 | |
Pionyr Immunotherapeutics, Inc | ||||
Loss Contingencies [Line Items] | ||||
Percentage of net proceeds from potential monetization of legacy programs receivable | 50% | |||
Business acquisition, contingent value right received for each share | 1 | |||
UT Austin License | University | ||||
Loss Contingencies [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. | |||
License agreement, termination date | Jun. 27, 2024 | |||
AskAt License | ||||
Loss Contingencies [Line Items] | ||||
Royalties terms | The Company would have been obligated to make milestone payments to AskAt upon meeting certain development and sales milestones during the term of the AskAt License as well as royalties on any commercialized product sales related to the licensed technology. | |||
License agreement, termination date | Mar. 20, 2024 |
Restructuring and Other Charg_3
Restructuring and Other Charges - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Jan. 17, 2024 Position | Mar. 31, 2024 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 2,582 | |
Impairment charge relating to assets held for sale | 742 | |
Prepaid Expenses and Other Current Assets | ||
Restructuring Cost and Reserve [Line Items] | ||
Assets held for sale | 400 | |
Employee Separation Payments | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 1,577 | |
Non-cash Charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 263 | |
Workforce Reduction Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Percentage of workforce reduction | 35% | |
Number of employees terminated | Position | 20 | |
Workforce Reduction Plan | Employee Separation Payments | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 1,600 | |
Workforce Reduction Plan | Non-cash Charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 300 |
Restructuring and Other Charg_4
Restructuring and Other Charges - Summary of Restructuring and Other Charges and Balance of Restructuring Liability Included in Accrued Employee Compensation (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Expense | $ 2,582 |
Payments | (929) |
Non-cash | (1,005) |
Accrued balance at March 31, 2024 | 648 |
Employee Separation Payments | |
Restructuring Cost and Reserve [Line Items] | |
Expense | 1,577 |
Payments | (929) |
Accrued balance at March 31, 2024 | 648 |
Non-cash Compensation | |
Restructuring Cost and Reserve [Line Items] | |
Expense | 263 |
Non-cash | (263) |
Asset Impairments | |
Restructuring Cost and Reserve [Line Items] | |
Expense | 742 |
Non-cash | $ (742) |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) - Pionyr Immunotherapeutics, Inc $ in Millions | 1 Months Ended | 37 Months Ended |
Apr. 30, 2024 Agreement | Apr. 30, 2027 USD ($) | |
Forecast | ||
Subsequent Event [Line Items] | ||
Sublease agreements amount | $ | $ 2.5 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Number of sublease agreement | Agreement | 3 |