Ikena Oncology (IKNA) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 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	Q3
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	IKNA
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		48,258,111

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 45,190	$ 119,894
Marketable securities	92,843	55,571
Prepaid expenses and other current assets	3,500	3,197
Total current assets	141,533	178,662
Property and equipment, net	682	2,335
Right-of-use asset	4,160	5,686
Deposits and other assets	2,613	5,409
Total assets	148,988	192,092
Current liabilities:
Accounts payable	1,540	2,066
Accrued expenses and other current liabilities	3,777	8,581
Operating lease liability	3,923	3,558
Total current liabilities	9,240	14,205
Long-term portion of operating lease liability	4,471	7,180
Other long-term liabilities	1,045	950
Total liabilities	14,756	22,335
Commitments and contingencies (Note 8)
Stockholders equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized at September 30, 2024 and December 31, 2023; No shares issued and outstanding at September 30, 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 September 30, 2024 and December 31, 2023	48	48
Additional paid-in capital	456,439	452,142
Accumulated other comprehensive income (loss)	240	(48)
Accumulated deficit	(322,495)	(282,385)
Total stockholders' equity	134,232	169,757
Total liabilities and stockholders' equity	$ 148,988	$ 192,092

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues [Abstract]
Collaboration revenue		$ 1,185		$ 8,501
Operating expenses:
Research and development	$ 6,818	14,654	$ 26,295	45,378
General and administrative	4,777	6,034	16,084	16,632
Restructuring and other charges	812		4,077
Total operating expenses	12,407	20,688	46,456	62,010
Loss from operations	(12,407)	(19,503)	(46,456)	(53,509)
Other income (expense):
Investment income	1,771	2,162	5,805	4,840
Other income (expense)	412	(2)	640	(8)
Total other income, net	2,183	2,160	6,445	4,832
Loss before income taxes	(10,224)	(17,343)	(40,011)	(48,677)
Income tax expense	(10)		(99)
Net loss	(10,234)	(17,343)	(40,110)	(48,677)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities	590	166	288	(290)
Total comprehensive loss	$ (9,644)	$ (17,177)	$ (39,822)	$ (48,967)
Net loss per share:
Net loss per share, basic	$ (0.21)	$ (0.40)	$ (0.83)	$ (1.23)
Net loss per share, diluted	$ (0.21)	$ (0.40)	$ (0.83)	$ (1.23)
Weighted-average common shares outstanding, basic	48,258,111	43,437,844	48,258,111	39,688,984
Weighted-average common shares outstanding, diluted	48,258,111	43,437,844	48,258,111	39,688,984

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Series A Non-Voting Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (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, 2022			36,257,493
Beginning Balance at Dec. 31, 2022	146,969		$ 36	361,915	(763)	(214,219)
Net loss	(48,677)
Temporary Equity, Ending Balance, Shares at Sep. 30, 2023		4,153,439
Temporary Equity, Ending Balance at Sep. 30, 2023		$ 31,845
Ending Balance, Shares at Sep. 30, 2023			44,104,672
Ending Balance at Sep. 30, 2023	155,344		$ 44	418,486	(290)	(262,896)
Beginning Balance, Shares at Mar. 31, 2023			36,257,493
Beginning Balance at Mar. 31, 2023	135,022		$ 36	363,915	(491)	(228,438)
Issuance of common stock for underwritten registered offering, net of offering costs	37,421		$ 6	37,415
Issuance of common stock for underwritten registered offering, net of offering costs, Shares			6,110,000
Repurchase of common stock	(663)			(663)
Repurchase of common stock, Shares			(97,500)
Stock-based compensation	1,879			1,879
Exercise of stock options	121			121
Exercise of stock options, Shares			29,485
Other comprehensive income (loss)	35				35
Net loss	(17,115)					(17,115)
Ending Balance, Shares at Jun. 30, 2023			42,299,478
Ending Balance at Jun. 30, 2023	156,700		$ 42	402,667	(456)	(245,553)
Issuance of preferred stock in connection with the Acquisition, net of issuance costs		$ 32,504
Issuance of preferred stock in connection with the Acquisition, net of issuance costs, Shares		4,153,439
Issuance of common stock in connection with the Acquisition, net of issuance costs	14,093		$ 2	14,091
Issuance of common stock in connection with the Acquisition, net of issuance costs, Shares			1,800,652
Temporary equity, cash consideration paid to settle Pionyr restricted stock units, stock options, and unaccredited stockholders		$ (659)
Cash consideration paid to settle Pionyr restricted stock units, stock options, and unaccredited stockholders	(285)			(285)
Stock-based compensation	1,998			1,998
Exercise of stock options	15			15
Exercise of stock options, Shares			4,542
Other comprehensive income (loss)	166				166
Net loss	(17,343)					(17,343)
Temporary Equity, Ending Balance, Shares at Sep. 30, 2023		4,153,439
Temporary Equity, Ending Balance at Sep. 30, 2023		$ 31,845
Ending Balance, Shares at Sep. 30, 2023			44,104,672
Ending Balance at Sep. 30, 2023	155,344		$ 44	418,486	(290)	(262,896)
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)
Beginning Balance, Shares at Dec. 31, 2023			48,258,111
Beginning Balance at Dec. 31, 2023	$ 169,757		$ 48	452,142	(48)	(282,385)
Exercise of stock options, Shares	0
Net loss	$ (40,110)
Ending Balance, Shares at Sep. 30, 2024			48,258,111
Ending Balance at Sep. 30, 2024	134,232		$ 48	456,439	240	(322,495)
Beginning Balance, Shares at Mar. 31, 2024			48,258,111
Beginning Balance at Mar. 31, 2024	155,347		$ 48	454,143	(313)	(298,531)
Stock-based compensation	1,279			1,279
Other comprehensive income (loss)	(37)				(37)
Net loss	(13,730)					(13,730)
Ending Balance, Shares at Jun. 30, 2024			48,258,111
Ending Balance at Jun. 30, 2024	142,859		$ 48	455,422	(350)	(312,261)
Stock-based compensation	1,017			1,017
Other comprehensive income (loss)	590				590
Net loss	(10,234)					(10,234)
Ending Balance, Shares at Sep. 30, 2024			48,258,111
Ending Balance at Sep. 30, 2024	$ 134,232		$ 48	$ 456,439	$ 240	$ (322,495)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Series A Non-Voting Convertible Preferred Stock
Issuance costs	$ 991
Common Stock
Issuance costs	$ 430
Underwritten Registered Offering
Issuance costs		$ 2,605

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (40,110)	$ (48,677)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	401	715
Net accretion of discounts on marketable securities	(1,183)	(1,709)
Stock-based compensation	4,297	5,877
Non-cash operating lease expense	1,526	1,152
Loss on disposal of property and equipment	99	5
Impairment of assets held for sale	742
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(327)	1,271
Deposits and other assets	2,390	(429)
Accounts payable	(526)	(987)
Accrued expenses and other current liabilities	(4,804)	(5,308)
Operating lease liabilities	(2,344)	(1,333)
Deferred revenue		(8,501)
Other long-term liabilities	95
Net cash used in operating activities	(39,744)	(57,924)
Cash flows from investing activities:
Purchases of property and equipment		(152)
Proceeds from sale of property and equipment	435	4
Purchases of marketable securities	(81,036)	(65,217)
Proceeds from maturities of marketable securities	45,235	109,133
Net cash provided by (used in) investing activities	(35,366)	43,768
Cash flows from financing activities:
Cash and cash equivalents acquired in connection with the acquisition of Pionyr, net of issuance costs paid		39,970
Cash consideration paid in connection with the acquisition of Pionyr		(944)
Proceeds from issuance of common stock for underwritten registered offering, net of offering costs		37,421
Repurchase of common stock		(663)
Proceeds from exercise of stock options		136
Net cash provided by financing activities		75,920
Net increase (decrease) in cash, cash equivalents and restricted cash	(75,110)	61,764
Cash, cash equivalents and restricted cash, beginning of period	121,172	60,791
Cash, cash equivalents and restricted cash, end of period	46,062	122,555
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	45,190	121,277
Restricted cash included in other assets	872	1,278
Cash, cash equivalents and restricted cash, end of period	$ 46,062	$ 122,555

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (10,234)	$ (13,730)	$ (16,146)	$ (17,343)	$ (17,115)	$ (14,219)	$ (40,110)	$ (48,677)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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. The Company’s approach has been to target both cancer-driving targets and mechanisms of resistance to other therapies. 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	9 Months Ended
	Sep. 30, 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 September 30, 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 its research and development activities. 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 the Company’s programs. These 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 September 30, 2024 and December 31, 2023, the Company maintained restricted cash totaling $ 0.9 million and $ 1.3 million, respectively, 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: September 30, 2024 2023 Options to purchase common stock 8,162,915 7,417,356 Convertible preferred stock — 4,153,439 Total 8,162,915 11,570,795 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	9 Months Ended
	Sep. 30, 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): September 30, 2024 Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Cash equivalents: Money market funds $ 39,232 $ 39,232 $ — $ — Marketable securities: U.S. treasury securities 35,277 — 35,277 — Corporate debt securities 57,566 — 57,566 — Total assets $ 132,075 $ 39,232 $ 92,843 $ — 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 and nine months ended September 30, 2024 and 2023 , there were no transfers into or out of Level 3.

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	4. Marketable Securities The following tables summarize the Company's marketable securities (in thousands): September 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities $ 35,235 $ 43 $ ( 1 ) $ 35,277 Corporate debt securities 57,368 205 ( 7 ) 57,566 Total $ 92,603 $ 248 $ ( 8 ) $ 92,843 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 September 30, 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): September 30, 2024 Due in one year or less $ 78,685 Due after one year through three years 14,158 Total $ 92,843

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 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): September 30, 2024 December 31, 2023 Employee compensation $ 1,749 $ 3,311 Research and development expenses 1,205 3,964 Professional fees 776 1,221 Other 47 85 Total $ 3,777 $ 8,581

Collaboration Agreement and Sto

Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb	9 Months Ended
	Sep. 30, 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 $ 450.0 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 September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2024 , 4,268,925 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development $ 249 $ 1,058 $ 1,426 $ 3,114 General and administrative 768 940 2,608 2,763 Restructuring and other charges — — 263 — Total $ 1,017 $ 1,998 $ 4,297 $ 5,877 As of September 30, 2024 , the total unrecognized stock-based compensation balance for outstanding awards was $ 4.9 million, which is expected to be recognized over a weighted average period of 2.4 years. The following table summarizes stock option activity for the nine months ended September 30, 2024: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2023 7,088,261 $ 6.35 6.92 $ 94 Granted 2,377,173 1.48 Exercised — — Cancelled or forfeited ( 1,302,519 ) 5.85 Outstanding as of September 30, 2024 8,162,915 $ 5.01 7.35 $ 629 Vested or expected to vest as of September 30, 2024 8,162,915 $ 5.01 7.35 $ 629 Options exercisable as of September 30, 2024 4,551,478 $ 6.45 6.20 $ 89 The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. No options were exercised during the nine months ended September 30, 2024. The aggregate intrinsic value of options exercised during the nine months ended September 30, 2023 was $ 0.1 million. The weighted-average grant date fair value of the stock options granted during the nine months ended September 30, 2024 and 2023 was $ 1.13 per share and $ 2.25 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Risk-free interest rate 4.13 % 4.73 % 4.18 % 3.91 % Expected dividend yield 0 % 0 % 0 % 0 % Expected option term (in years) 5.25 6.08 5.88 6.03 Expected stock price volatility 95.30 % 90.92 % 91.99 % 86.55 %

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2024. 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 Immunotherapeutics, Inc. (“Pionyr”). Total fixed payments to be received by the Company through April 2027 under the three sublease agreements amount to $ 2.5 million. For the three and nine months ended September 30, 2024 , the Company recorded other income of $ 0.4 million and $ 0.6 million, respectively, related to its subleases. License Agreements UT Austin The Company had 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 Company was required to pay License Maintenance fees annually of less than $ 0.1 million. Additionally, the Company would have been required to 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, and to 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 was also 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 was terminated as of June 27, 2024 , at which time all assets were 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 September 30, 2024 or royalties on future sales of specified products that have not yet occurred as of September 30, 2024. Contingent Value Rights In connection with the acquisition of 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 September 30, 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	9 Months Ended
	Sep. 30, 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 % and discontinue discovery efforts. The workforce reduction was designed to align the Company’s workforce with its strategy to focus on its clinical stage, targeted oncology programs, IK-930 and IK-595. The workforce reduction and discontinuation of discovery efforts are referred to as the “January Restructuring” and were completed by March 31, 2024. In connection with the workforce reduction, the Company terminated 20 employees. During the first quarter of 2024, the Company recorded severance charges in connection with the workforce reduction, consisting of cash expenditures for employee separation costs of $ 1.6 million, which were 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 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 sheets as of March 31, 2024. The assets held for sale were carried at the lower of the carrying amount or fair value, less costs to sell, and were sold in the second quarter of 2024. On May 23, 2024, the board of directors of the Company approved a plan to discontinue the clinical development of IK-930, continue clinical development of IK-595 and reduce its current workforce by approximately 53 % (the “May Restructuring” and together with the January Restructuring, the “Restructurings”). The board of directors also approved a process to explore, review and evaluate a range of potential strategic options for the Company. The May Restructuring resulted in the termination of 18 employees through September 30, 2024. During the three and nine months ended September 30, 2024, the Company recorded severance expense in connection with the May Restructuring of $ 0.2 million and $ 0.9 million, respectively, most of which is expected to be paid by December 31, 2024. In June 2024, the board of directors of the Company approved up to $ 1.3 million of retention payments to employees, subject to remaining actively employed with the Company through specified dates. The retention payments are expensed as services are performed. During the three and nine months ended September 30, 2024, the Company recorded retention expense of $ 0.7 million, all of which is expected to be paid by December 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 and nine months ended September 30, 2024 (in thousands): Three Months Ended September 30, 2024 Employee Related Non-cash Asset Payments Compensation Impairments Total Accrued balance at June 30, 2024 $ 338 $ — $ — $ 338 Expense 812 — — 812 Payments ( 880 ) — — ( 880 ) Accrued balance at September 30, 2024 $ 270 $ — $ — $ 270 Nine Months Ended September 30, 2024 Employee Related Non-cash Asset Payments Compensation Impairments Total Accrued balance at December 31, 2023 $ — $ — $ — $ — Expense 3,072 263 742 4,077 Payments ( 2,802 ) — — ( 2,802 ) Non-cash — ( 263 ) ( 742 ) ( 1,005 ) Accrued balance at September 30, 2024 $ 270 $ — $ — $ 270

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 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 its research and development activities. 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 the Company’s programs. These 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 September 30, 2024 and December 31, 2023, the Company maintained restricted cash totaling $ 0.9 million and $ 1.3 million, respectively, 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: September 30, 2024 2023 Options to purchase common stock 8,162,915 7,417,356 Convertible preferred stock — 4,153,439 Total 8,162,915 11,570,795
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)	9 Months Ended
	Sep. 30, 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: September 30, 2024 2023 Options to purchase common stock 8,162,915 7,417,356 Convertible preferred stock — 4,153,439 Total 8,162,915 11,570,795

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2024 Quoted Prices in Active Markets Significant Observable Inputs Significant Unobservable Inputs Cash equivalents: Money market funds $ 39,232 $ 39,232 $ — $ — Marketable securities: U.S. treasury securities 35,277 — 35,277 — Corporate debt securities 57,566 — 57,566 — Total assets $ 132,075 $ 39,232 $ 92,843 $ — 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)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary Of Marketable Securities	The following tables summarize the Company's marketable securities (in thousands): September 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. treasury securities $ 35,235 $ 43 $ ( 1 ) $ 35,277 Corporate debt securities 57,368 205 ( 7 ) 57,566 Total $ 92,603 $ 248 $ ( 8 ) $ 92,843 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): September 30, 2024 Due in one year or less $ 78,685 Due after one year through three years 14,158 Total $ 92,843

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2024 December 31, 2023 Employee compensation $ 1,749 $ 3,311 Research and development expenses 1,205 3,964 Professional fees 776 1,221 Other 47 85 Total $ 3,777 $ 8,581

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Research and development $ 249 $ 1,058 $ 1,426 $ 3,114 General and administrative 768 940 2,608 2,763 Restructuring and other charges — — 263 — Total $ 1,017 $ 1,998 $ 4,297 $ 5,877
Summary of Stock Option Activity	The following table summarizes stock option activity for the nine months ended September 30, 2024: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2023 7,088,261 $ 6.35 6.92 $ 94 Granted 2,377,173 1.48 Exercised — — Cancelled or forfeited ( 1,302,519 ) 5.85 Outstanding as of September 30, 2024 8,162,915 $ 5.01 7.35 $ 629 Vested or expected to vest as of September 30, 2024 8,162,915 $ 5.01 7.35 $ 629 Options exercisable as of September 30, 2024 4,551,478 $ 6.45 6.20 $ 89
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Risk-free interest rate 4.13 % 4.73 % 4.18 % 3.91 % Expected dividend yield 0 % 0 % 0 % 0 % Expected option term (in years) 5.25 6.08 5.88 6.03 Expected stock price volatility 95.30 % 90.92 % 91.99 % 86.55 %

Restructuring and Other Charg_2

Restructuring and Other Charges (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Summary of Restructuring and Other Charges and Balance of Restructuring Liability Included in Accrued Employee Compensation	, which was included in accrued employee compensation, consisted of the following for the three and nine months ended September 30, 2024 (in thousands): Three Months Ended September 30, 2024 Employee Related Non-cash Asset Payments Compensation Impairments Total Accrued balance at June 30, 2024 $ 338 $ — $ — $ 338 Expense 812 — — 812 Payments ( 880 ) — — ( 880 ) Accrued balance at September 30, 2024 $ 270 $ — $ — $ 270 Nine Months Ended September 30, 2024 Employee Related Non-cash Asset Payments Compensation Impairments Total Accrued balance at December 31, 2023 $ — $ — $ — $ — Expense 3,072 263 742 4,077 Payments ( 2,802 ) — — ( 2,802 ) Non-cash — ( 263 ) ( 742 ) ( 1,005 ) Accrued balance at September 30, 2024 $ 270 $ — $ — $ 270

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Restricted cash	$ 0.9	$ 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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	8,162,915	11,570,795
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount		4,153,439
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	8,162,915	7,417,356

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	$ 92,843	$ 55,571
Fair Value On Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	132,075	109,184
Fair Value On Recurring Basis | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	39,232	53,613
Fair Value On Recurring Basis | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	92,843	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	39,232	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	39,232	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	35,277
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	35,277
Corporate Debt Securities | Fair Value On Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	57,566	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 Marketable Securities	$ 57,566	$ 55,571

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair value, level 3 transfers out, amount	$ 0	$ 0	$ 0	$ 0

Marketable Securities - Summary

Marketable Securities - Summary Of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 92,603	$ 55,624
Gross Unrealized Gains	248	27
Gross Unrealized Losses	(8)	(80)
Fair Value	92,843	55,571
U.S. Treasury Securities
Marketable Securities [Line Items]
Amortized Cost	35,235
Gross Unrealized Gains	43
Gross Unrealized Losses	(1)
Fair Value	35,277
Corporate Debt Securities
Marketable Securities [Line Items]
Amortized Cost	57,368	55,624
Gross Unrealized Gains	205	27
Gross Unrealized Losses	(7)	(80)
Fair Value	$ 57,566	$ 55,571

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($)	Sep. 30, 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	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Due in one year or less	$ 78,685
Due after one year through three years	14,158
Total	$ 92,843	$ 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	Sep. 30, 2024	Dec. 31, 2023
Accrued Expenses And Other Current Liabilities [Abstract]
Employee compensation	$ 1,749	$ 3,311
Research and development expenses	1,205	3,964
Professional fees	776	1,221
Other	47	85
Total	$ 3,777	$ 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		9 Months Ended
	Jan. 01, 2024	Mar. 30, 2021	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value of the stock options granted					$ 1.13	$ 2.25
Total unrecognized stock-based compensation balance for outstanding awards					$ 4.9
Total unrecognized stock-based compensation balance for outstanding awards expected to be recognized period					2 years 4 months 24 days
Options exercised					0
Aggregate Intrinsic value of options exercised						$ 0.1
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options exercised			4,542	29,485
2021 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock remain available for future issuance					4,268,925
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,017	$ 1,998	$ 4,297	$ 5,877
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	249	1,058	1,426	3,114
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 768	$ 940	2,608	$ 2,763
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) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 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	2,377,173
Number of Options, Cancelled or forfeited	(1,302,519)
Number of Options, Outstanding	8,162,915	7,088,261
Number of Options, Vested or expected to vest	8,162,915
Number of Options, Options exercisable	4,551,478
Weighted- Average Exercise Price, Outstanding	$ 6.35
Weighted- Average Exercise Price, Granted	1.48
Weighted- Average Exercise Price, Cancelled or forfeited	5.85
Weighted- Average Exercise Price, Outstanding	5.01	$ 6.35
Weighted- Average Exercise Price, Vested or expected to vest	5.01
Weighted- Average Exercise Price, Options exercisable	$ 6.45
Weighted- Average Remaining Contractual Term, Outstanding	7 years 4 months 6 days	6 years 11 months 1 day
Weighted- Average Remaining Contractual Term, Vested or expected to vest	7 years 4 months 6 days
Weighted- Average Remaining Contractual Term, Option exercisable	6 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 629	$ 94
Aggregate Intrinsic Value, Vested or expected to vest	629
Aggregate Intrinsic Value, Options exercisable as of September 30, 2024	$ 89

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.13%	4.73%	4.18%	3.91%
Expected dividend yield	0%	0%	0%	0%
Expected option term (in years)	5 years 3 months	6 years 29 days	5 years 10 months 17 days	6 years 10 days
Expected stock price volatility	95.30%	90.92%	91.99%	86.55%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended	37 Months Ended
	Aug. 04, 2023 shares	Apr. 30, 2024 Agreement	Mar. 31, 2024	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2015 USD ($)	Apr. 30, 2027 USD ($)
Loss Contingencies [Line Items]
Other income related to subleases				$ 412	$ (2)	$ 640	$ (8)
Sublease
Loss Contingencies [Line Items]
Other income related to subleases				$ 400		$ 600
Pionyr Immunotherapeutics, Inc
Loss Contingencies [Line Items]
Number of sublease agreement | Agreement		3
Percentage of net proceeds from potential monetization of legacy programs receivable	50%
Business acquisition, contingent value right received for each share | shares	1
Pionyr Immunotherapeutics, Inc | Forecast
Loss Contingencies [Line Items]
Sublease agreements amount									$ 2,500
UT Austin License | University
Loss Contingencies [Line Items]
Additional milestone payments payable upon meeting certain development milestones								$ 4,700
License agreement description						UT Austin License, and to 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
UT Austin License | University | Maximum
Loss Contingencies [Line Items]
License maintenance fees								$ 100
AskAt License
Loss Contingencies [Line Items]
License agreement description						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	1 Months Ended	2 Months Ended	3 Months Ended		4 Months Ended	9 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) Position	Sep. 30, 2024 Position	Sep. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 812			$ 4,077
Prepaid Expenses and Other Current Assets
Restructuring Cost and Reserve [Line Items]
Assets held for sale		$ 400		$ 400
Employee Separation Payments
Restructuring Cost and Reserve [Line Items]
Restructuring charges			812			3,072
Non-cash Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges						263
January Restructuring
Restructuring Cost and Reserve [Line Items]
Percentage of workforce reduction		35%
Number of employees terminated | Position				20
January Restructuring | Employee Separation Payments
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 1,600
January Restructuring | Non-cash Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 300
May Restructuring
Restructuring Cost and Reserve [Line Items]
Percentage of workforce reduction					53%
Number of employees terminated | Position					18
May Restructuring | Maximum
Restructuring Cost and Reserve [Line Items]
Employee retention amount	$ 1,300
May Restructuring | Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charge related to severance cost and retention expense			200			900
May Restructuring | Employee Retention | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring charge related to severance cost and retention expense			$ 700			$ 700

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) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Accured balance, Beginning	$ 338
Expense	812	$ 4,077
Payments	(880)	(2,802)
Non-cash		(1,005)
Accrued balance, Ending	270	270
Employee Related Payments
Restructuring Cost and Reserve [Line Items]
Accured balance, Beginning	338
Expense	812	3,072
Payments	(880)	(2,802)
Accrued balance, Ending	$ 270	270
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)