Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 02, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | DAY ONE BIOPHARMACEUTICALS, INC. | |
Entity Central Index Key | 0001845337 | |
Entity File Number | 001-40431 | |
Entity Tax Identification Number | 83-2415215 | |
Entity Incorporation, State or Country Code | DE | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Address, Address Line One | 2000 Sierra Point Parkway | |
Entity Address, Address Line Two | Suite 501 | |
Entity Address, City or Town | Brisbane | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94005 | |
City Area Code | 650 | |
Local Phone Number | 484-0899 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | DAWN | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 73,549,526 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Total assets | $ 381,861 | $ 289,821 |
Current assets: | ||
Cash and cash equivalents | 120,864 | 284,309 |
Short-term investments | 253,477 | 0 |
Prepaid expenses and other current assets | 6,172 | 5,059 |
Total current assets | 380,513 | 289,368 |
Property and equipment, net | 35 | 57 |
Operating lease right-of-use asset | 864 | 227 |
Deposits and other long-term assets | 449 | 169 |
Liabilities and stockholders' equity | ||
Total liabilities | 18,785 | 8,673 |
Current Liabilities: | ||
Total current liabilities | 18,271 | 8,657 |
Accounts payable | 3,973 | 1,744 |
Accrued expenses and other current liabilities | 13,836 | 6,709 |
Current portion of operating lease liabilities | 462 | 204 |
Long-term portion of lease liabilities | 514 | 16 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity | ||
Common stock, $0.0001 par value; 500,000,000 shares authorized as of September 30, 2022 and December 31, 2021; [ ] and 61,952,292 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 7 | 6 |
Additional paid-in-capital | 593,020 | 408,629 |
Accumulated other comprehensive loss | (392) | 0 |
Accumulated deficit | (229,559) | (127,487) |
Total stockholders' equity | 363,076 | 281,148 |
Total liabilities and stockholders' equity | $ 381,861 | $ 289,821 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares Issued | 73,511,923 | 61,952,292 |
Common Stock, Shares Outstanding | 73,511,923 | 61,952,292 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating expenses: | ||||
Research and development | $ 22,035 | $ 9,849 | $ 59,598 | $ 32,395 |
General and administrative | 17,664 | 9,392 | 44,568 | 18,373 |
Total operating expenses | 39,699 | 19,241 | 104,166 | 50,768 |
Loss from operations | (39,699) | (19,241) | (104,166) | (50,768) |
Interest income (expense), net | 1,895 | (6) | 2,086 | (19) |
Other income (expense), net | 9 | 7 | 8 | (29) |
Net loss | (37,795) | (19,240) | (102,072) | (50,816) |
Net loss attributable to redeemable noncontrolling interests | 0 | 0 | 0 | (2,109) |
Exchange of redeemable noncontrolling interest shares-deemed dividend | 0 | 0 | 0 | (99,994) |
Net loss attributable to common stockholders/members | $ (37,795) | $ (19,240) | $ (102,072) | $ (148,701) |
Net loss per share, Basic | $ (0.53) | $ (0.33) | $ (1.61) | $ (4.98) |
Net loss per share, Diluted | $ (0.53) | $ (0.33) | $ (1.61) | $ (4.98) |
Weighted-average number of common shares used in computing net loss per share, basic | 71,008,993 | 57,514,218 | 63,522,774 | 29,859,883 |
Weighted-average number of common shares used in computing net loss per share, Diluted | 71,008,993 | 57,514,218 | 63,522,774 | 29,859,883 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net loss | $ (37,795) | $ (19,240) | $ (102,072) | $ (50,816) |
Other comprehensive loss: | ||||
Unrealized loss on available-for-sale securities | (389) | 0 | (392) | 0 |
Total comprehensive loss | $ (38,184) | $ (19,240) | $ (102,464) | $ (50,816) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Shares, Redeemable Noncontrolling Interest and Stockholders' Equity/ Members' (Deficit) (unaudited) - USD ($) $ in Thousands | Total | Redeemable Convertible Preferred Stock [Member] | Redeemable Noncontrolling Interest [Member] | Common Stock [Member] | Common Stock [Member] Redeemable Convertible Preferred Stock [Member] | Common Stock [Member] Redeemable Noncontrolling Interest [Member] | Common Shares [Member] | Incentive Shares | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning Balance at Dec. 31, 2020 | $ (54,205) | $ 91,964 | $ 5,702 | $ 2,000 | $ 637 | $ (56,842) | |||||
Beginning Balance (In shares) at Dec. 31, 2020 | 22,851,257 | 6,035,869 | 4,112,012 | ||||||||
Issuance of incentive shares | 874,335 | ||||||||||
Share-based compensation expenses | 538 | $ 538 | |||||||||
Issuance of Series B redeemable convertible preferred shares for cash, net of issuance costs | $ 129,757 | ||||||||||
Issuance of Series B redeemable convertible preferred shares for cash, net of issuance costs, shares | 9,638,141 | ||||||||||
Net loss attributable to redeemable noncontrolling interests | $ (919) | ||||||||||
Net loss attributable to Day One Biopharmaceuticals Holding Company, LLC members | (15,182) | (15,182) | |||||||||
Ending Balance at Mar. 31, 2021 | (68,849) | 221,721 | 4,783 | $ 2,000 | $ 1,175 | (72,024) | |||||
Ending Balance (In shares) at Mar. 31, 2021 | 32,489,398 | 6,035,869 | 4,986,352 | ||||||||
Beginning Balance at Dec. 31, 2020 | (54,205) | 91,964 | 5,702 | $ 2,000 | $ 637 | (56,842) | |||||
Beginning Balance (In shares) at Dec. 31, 2020 | 22,851,257 | 6,035,869 | 4,112,012 | ||||||||
Unrealized loss on available-for-sale securities | 0 | ||||||||||
Net loss attributable to redeemable noncontrolling interests | (2,109) | ||||||||||
Net loss attributable to common stockholders/members | (148,701) | ||||||||||
Ending Balance at Sep. 30, 2021 | 297,672 | $ 6 | $ 403,214 | (105,548) | |||||||
Ending Balance (In shares) at Sep. 30, 2021 | 61,928,939 | ||||||||||
Beginning Balance at Mar. 31, 2021 | (68,849) | $ 221,721 | $ 4,783 | $ 2,000 | $ 1,175 | (72,024) | |||||
Beginning Balance (In shares) at Mar. 31, 2021 | 32,489,398 | 6,035,869 | 4,986,352 | ||||||||
Issuance of incentive shares | 2,085,460 | ||||||||||
Cancellations of incentive shares | (265,596) | ||||||||||
Share-based compensation expenses | 2,537 | 2,537 | |||||||||
Conversion of redeemable convertible preferred, common, and incentive shares into common stock , Value | 221,721 | $ (221,721) | $ 4 | $ (2,000) | $ 1,175 | 224,892 | |||||
Conversion of redeemable convertible preferred, common, and incentive shares into common stock (In shares) | (32,489,398) | 43,958,557 | (6,035,869) | 6,806,216 | |||||||
Conversion of redeemable noncontrolling interest to common stock | 3,592 | (3,592) | $ 1 | 3,592 | |||||||
Conversion of redeemable noncontrolling interest to common stock (In shares) | 6,470,382 | ||||||||||
Net loss attributable to Day One Biopharmaceuticals Holding Company, LLC members | $ (1,191) | ||||||||||
Common stock issued in IPO, net of issuance costs of $16,995 | 167,045 | $ 1 | 167,044 | ||||||||
Common stock issued in IPO, net of issuance costs of $16,995 (In shares) | 11,500,000 | ||||||||||
Net loss attributable to common stockholders/members | (14,284) | (14,284) | |||||||||
Ending Balance at Jun. 30, 2021 | 311,763 | $ 6 | 398,065 | (86,308) | |||||||
Ending Balance (In shares) at Jun. 30, 2021 | 61,928,939 | ||||||||||
Share-based compensation expenses | 5,149 | 5,149 | |||||||||
Unrealized loss on available-for-sale securities | 0 | ||||||||||
Net loss attributable to redeemable noncontrolling interests | 0 | ||||||||||
Net loss attributable to common stockholders/members | (19,240) | (19,240) | |||||||||
Ending Balance at Sep. 30, 2021 | 297,672 | $ 6 | 403,214 | (105,548) | |||||||
Ending Balance (In shares) at Sep. 30, 2021 | 61,928,939 | ||||||||||
Beginning Balance at Dec. 31, 2021 | 281,148 | $ 6 | 408,629 | (127,487) | |||||||
Beginning Balance (In shares) at Dec. 31, 2021 | 61,952,292 | ||||||||||
Share-based compensation expenses | 6,202 | 6,202 | |||||||||
Unvested stock forfeiture | (40,363) | ||||||||||
Net loss attributable to common stockholders/members | (27,747) | (27,747) | |||||||||
Ending Balance at Mar. 31, 2022 | 259,603 | $ 6 | 414,831 | (155,234) | |||||||
Ending Balance (In shares) at Mar. 31, 2022 | 61,911,929 | ||||||||||
Beginning Balance at Dec. 31, 2021 | 281,148 | $ 6 | 408,629 | (127,487) | |||||||
Beginning Balance (In shares) at Dec. 31, 2021 | 61,952,292 | ||||||||||
Unrealized loss on available-for-sale securities | (392) | ||||||||||
Net loss attributable to redeemable noncontrolling interests | 0 | ||||||||||
Net loss attributable to common stockholders/members | (102,072) | ||||||||||
Ending Balance at Sep. 30, 2022 | 363,076 | $ 7 | 593,020 | (229,559) | $ (392) | ||||||
Ending Balance (In shares) at Sep. 30, 2022 | 73,511,923 | ||||||||||
Beginning Balance at Mar. 31, 2022 | 259,603 | $ 6 | 414,831 | (155,234) | |||||||
Beginning Balance (In shares) at Mar. 31, 2022 | 61,911,929 | ||||||||||
Share-based compensation expenses | 5,631 | 5,631 | |||||||||
Unrealized loss on available-for-sale securities | (3) | (3) | |||||||||
Issuance of common stock pursuant to follow-on offering, net of issuance costs, Shares | 11,500,000 | ||||||||||
Issuance of common stock pursuant to follow-on offering, net of issuance costs, Amount | 161,610 | $ 1 | 161,609 | ||||||||
Issuance of common stock pursuant to Employee Stock Purchase Plan, Shares | 49,171 | ||||||||||
Issuance of common stock pursuant to Employee Stock Purchase Plan, Amount | 320 | 320 | |||||||||
Net loss attributable to common stockholders/members | (36,530) | (36,530) | |||||||||
Ending Balance at Jun. 30, 2022 | 390,631 | $ 7 | 582,391 | (191,764) | (3) | ||||||
Ending Balance (In shares) at Jun. 30, 2022 | 73,461,100 | ||||||||||
Share-based compensation expenses | 8,576 | 8,576 | |||||||||
Unrealized loss on available-for-sale securities | (389) | (389) | |||||||||
Issuance of Series B redeemable convertible preferred shares for cash, net of issuance costs, shares | 130,899 | ||||||||||
Net loss attributable to redeemable noncontrolling interests | 0 | ||||||||||
Issuance of common stock pursuant to follow-on offering, net of issuance costs, Amount | 2,053 | ||||||||||
Conversion of redeemable convertible preferred, common, and incentive shares into common stock (In shares) | 51,030 | ||||||||||
Common stock issued in IPO, net of issuance costs of $16,995 | 2,053 | ||||||||||
Unvested stock forfeiture | (131,106) | ||||||||||
Net loss attributable to common stockholders/members | (37,795) | (37,795) | |||||||||
Ending Balance at Sep. 30, 2022 | $ 363,076 | $ 7 | $ 593,020 | $ (229,559) | $ (392) | ||||||
Ending Balance (In shares) at Sep. 30, 2022 | 73,511,923 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Redeemable Convertible Preferred Shares, Redeemable Noncontrolling Interest and Stockholders' Equity/ Members' (Deficit) (Parenthetical) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Common Stock [Member] | |||
Stock issuance costs | $ 10,864 | $ 16,995 | |
Series B redeemable convertible preferred shares [Member] | |||
Stock issuance costs | $ 243 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (102,072) | $ (50,816) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Acquired in-process research and development assets | 0 | 8,000 |
Share-based compensation expense | 20,409 | 8,224 |
Depreciation expense | 48 | 15 |
Accretion of discounts on debt securities | (1,031) | 0 |
Amortization of operating right-of-use assets | 303 | 133 |
Non-cash interest expense | 0 | 19 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (1,113) | (4,808) |
Deposits and other long-term assets | (280) | (31) |
Accounts payable | 2,229 | 483 |
Accrued expenses and other current liabilities | 7,127 | 3,565 |
Operating lease liabilities | (184) | (154) |
Net cash used in operating activities | (74,564) | (35,370) |
Cash flows from investing activities | ||
Cash paid for acquired in-process research and development assets | 0 | (8,000) |
Cash paid for purchase of short-term investments | (272,838) | 0 |
Proceeds from maturity of short-term investments | 20,000 | 0 |
Cash paid for purchase of property and equipment | (26) | 0 |
Cash used in investing activities | (252,864) | (8,000) |
Cash flows from financing activities | ||
Proceeds from issuance of Series B redeemable convertible preferred shares, net of issuance costs | 0 | 129,757 |
Proceeds from issuance of common stock, net | 161,610 | 167,045 |
Proceeds from issuance of common stock upon stock option exercises | 2,053 | 0 |
Proceeds from issuance of common stock upon ESPP purchase | 320 | 0 |
Net cash provided by financing activities | 163,983 | 296,802 |
Net increase in cash and cash equivalents | (163,445) | 253,432 |
Cash and cash equivalents, beginning of period | 284,309 | 43,728 |
Cash and cash equivalents, end of period | 120,864 | 297,160 |
Supplemental disclosures of noncash activities | ||
Lease liability obtained in exchange for right-of-use asset | 940 | 0 |
Exchange of 45,331,483 preferred, common, and incentive shares in connection with the Conversion (Note 1) | 0 | 224,892 |
Exchange of redeemable convertible noncontrolling interest to 6,470,382 shares of common stock (Note 11) | $ 0 | $ 3,592 |
Description of Business and Org
Description of Business and Organization | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Organization | 1. Description of Business and Organization Organization and Business Day One Biopharmaceuticals, Inc., or the Company, is a clinical-stage biopharmaceutical company dedicated to developing and commercializing targeted therapies for patients of all ages with life-threatening diseases. The Company was formed as a limited liability company under the laws of the State of Delaware in November 2018, under the name Hero Therapeutics Holding Company, LLC. Subsequently, the Company changed its name to Day One Therapeutics Holding Company, LLC in December 2018 and to Day One Biopharmaceuticals Holding Company, LLC, or Day One Holding LLC, in March 2020. On May 26, 2021, the Company completed a conversion by filing a certificate of conversion with the Secretary of State of the State of Delaware and changed its name to Day One Biopharmaceuticals, Inc. Prior to December 31, 2021, the Company had two subsidiaries: DOT Therapeutics-2, Inc. (formerly Hero Therapeutics Inc. and Day One Biopharmaceuticals, Inc.), or DOT-2, incorporated in Delaware in November 2018, and DOT Therapeutics-1, Inc., or DOT-1, incorporated in Delaware in December 2019. DOT-2 and DOT-1 are collectively referred to herein as the Subsidiaries. In December 2021, the Company’s board of directors approved the merger, or the Merger, of the Subsidiaries with and into the Company, with the Company being the surviving corporation, effective December 31, 2021. For more information on the financial statement impact of the Merger, refer to the section titled “Basis of Presentation.” Initial Public Offering, Corporate Conversion and Exchange of Takeda’s shares On June 1, 2021, the Company closed its initial public offering, or the IPO, in which it sold an aggregate of 11,500,000 shares of common stock at a price to the public of $ 16.00 per share, which included 1,500,000 shares issued upon the full exercise by the underwriters of their option to purchase additional shares of common stock. The Company received aggregate net proceeds from the IPO of $ 167.0 million, after deducting underwriting discounts and commissions and offering costs, of $ 17.0 million. The common stock began trading on the Nasdaq Global Select Market on May 27, 2021, under the symbol “DAWN.” In contemplation of the IPO, on May 26, 2021, the Company completed a legal entity conversion, or the Conversion, which included the following: Day One Holding LLC (i) converted from a Delaware limited liability company to a Delaware corporation by filing a certificate of conversion with the Secretary of State of the State of Delaware and (ii) changed its name to Day One Biopharmaceuticals, Inc. As part of the Conversion: • holders of Series A redeemable convertible preferred shares of Day One Holding LLC received one share of Series A redeemable convertible preferred stock of the Company for each Series A redeemable convertible preferred share held immediately prior to the Conversion; • holders of Series B redeemable convertible preferred shares of Day One Holding LLC received one share of Series B redeemable convertible preferred stock of the Company for each Series B redeemable convertible preferred share held immediately prior to the Conversion; • holders of common shares of Day One Holding LLC received one share of common stock of the Company for each common share held immediately prior to the Conversion; • each outstanding incentive share in Day One Holding LLC converted into a number of shares of common stock of the Company based upon a conversion price determined by the board of directors. The conversion price was determined as a difference between the IPO price of $ 16.00 per share and the participating threshold for each incentive share. The Company issued 5,433,290 common stock shares upon the conversion of incentive shares of Day One Holding LLC, of which 4,719,605 common stock shares continue to vest as per the original vesting terms of the incentive shares awards. In connection with the IPO and the Conversion, pursuant to the terms of the Millennium Stock Exchange Agreement, or the Millennium Stock Exchange Agreement, and the Conversion, Millennium Pharmaceuticals, Inc. exchanged 9,857,143 shares of Series A redeemable convertible preferred stock of DOT-1, a subsidiary of Day One Holding LLC, for 6,470,382 shares of common stock of the Company, or the Exchange. The Company holds all property and assets of Day One Holding LLC and assumed all of the debts and obligations of Day One Holding LLC. Effective on the date of the Conversion, each member of the board of directors and officers of Day One Holding LLC became a member of the board of directors and officers of the Company. The Conversion was a tax-free reorganization, that included authorization to issue capital stock consisting of 500,000,000 shares of common stock, $ 0.0001 par value per share, and 10,000,000 shares of undesignated preferred stock, $ 0.0001 par value per share. Upon the closing of the IPO, 32,489,398 shares of redeemable convertible preferred stock issued by the Company in the Conversion converted into an equal number of shares of common stock. The Company also granted options for 4,418,874 common stock shares at $ 16.00 per share upon the IPO date. Shares Split On May 23, 2021, the board of directors of Day One Holding LLC approved an amendment to its operating agreement to effect a forward split of the Company’s shares at a 2.325-for-1 ratio, or the Stock Split. The Stock Split became effective on May 23, 2021, upon approval by the members and execution of the amended LLC operating agreement. All issued and outstanding common shares, redeemable convertible preferred shares, incentive shares and per share amounts contained in these condensed consolidated financial statements have been retroactively adjusted to reflect this Stock Split for all periods presented. |
Summary Of Significant Account
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These accounting principles were applied on a basis consistent with those of the consolidated financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of our financial statements for interim periods presented in accordance with U.S. GAAP. The condensed consolidated balance sheet as of December 31, 2021 was derived from audited annual financial statements but does not include all disclosures required by U.S. GAAP. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2021 included in the Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year or any other future periods. The Company's significant accounting policies are described in Note 2 of the notes to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Updates to its accounting policies, including impacts from the adoption of new accounting standards, are discussed below in this Note 2. Because the Merger (refer to the section “Organization and Business”) did not constitute a change in the reporting entity, as defined in ASC 250, Accounting changes and error corrections , the Company has reported the assets and liabilities transferred from its Subsidiaries at historical carrying value, effective December 31, 2021. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Any reference in these notes to applicable guidance is meant to refer to the authoritative generally accepted accounting principles as found in the Accounting Standards Codification, or ASC, and Accounting Standards Updates, or ASU, of the Financial Accounting Standards Board, or FASB. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the valuation of share-based awards, the valuation of deferred tax assets and income tax uncertainties, and accruals for research and development activities. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions. Concentration of credit risk and other risks and uncertainties Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and short-term investments. The Company’s cash, cash equivalents, and short-term investments are held in more than one financial institution in the United States. Amounts on deposit may at times exceed federally insured limits. Management believes that the financial institutions that the Company's cash, cash equivalents, and short-term investments are held at are financially sound and, accordingly, minimal credit risk exists with respect to the financial institutions. The Company is subject to certain risks and uncertainties and believes that changes in any of the following areas could have a material adverse effect on the Company's future financial position or results of its operations: ability to obtain future financing; regulatory requirements for approval and market acceptance of, and reimbursement for, product candidates; performance of third-party clinical research organizations and manufacturers upon which the Company relies; development of sales channels; protection of the Company’s intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; changes to the market landscape; and the Company’s ability to attract and retain employees necessary to support its growth. 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. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. The Company’s cash equivalents consist of investments in money market funds and U.S. government agency securities. Cash equivalents are recognized at amortized cost, which approximates fair value. Investments The Company’s investments are comprised of U.S. government agency securities and U.S. treasury securities. Investments are classified at the time of purchase, based on management’s intent, as held-to-maturity, available-for-sale, or trading. All of the Company’s investments are classified as available-for-sale. Available-for-sale securities are carried at estimated fair value with unrealized holdings gains and losses (net of tax effects) on such investments reported in other comprehensive (loss) income as a separate component on the condensed consolidated statements of comprehensive loss. Fair value is determined based on quoted market rates when observable or by utilizing data points that are observable, such as quoted prices, interest rates, and yield curves. For available-for-sale securities, the Company determines if any impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than amortized cost basis. Subsequent activity related to the credit loss component in the form of write-offs or recoveries is recognized as part of the allowance for credit losses on available-for-sale securities. Fair Value of Financial Instruments Assets and liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amounts reflected in the accompanying condensed consolidated balance sheets for cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair values, due to their short-term nature. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012, or 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 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 it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The JOBS Act does not preclude an emerging growth company from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies. The Company expects to use the extended transition period for any other new or revised accounting standards during the period in which it remains an emerging growth company. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, or ASU 2019-12, which eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also clarifies and simplifies other aspects of the accounting for income taxes. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on January 1, 2022, and this adoption had no material impact on the Company’s financial statements and related disclosures. |
Recurring Fair Value Measuremen
Recurring Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Recurring Fair Value Measurements | 3. Recurring Fair Value Measurements The following table sets forth the Company’s financial instruments as of September 30, 2022 and December 31, 2021, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 34,081 $ — $ — $ 34,081 U.S. treasury securities — 228,440 — 228,440 U.S. government agency securities — 97,359 — 97,359 Total assets measured at fair value $ 34,081 $ 325,799 $ — $ 359,880 December 31, 2021 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 111,221 $ — $ — $ 111,221 Total assets measured at fair value $ 111,221 $ — $ — $ 111,221 The Company's money market funds are classified as Level 1 because they are measured using observable inputs from active markets for identical assets. The Company's U.S. treasury securities and U.S. government agency securities are classified as Level 2 because they are measured with inputs that are either directly or indirectly observable for the asset which include quoted prices for similar assets in active markets and quoted prices for identical or similar assets in markets that are not active. There were no assets or liabilities classified as Level 3 as of September 30, 2022 and December 31, 2021. There were no transfers between Level 1, Level 2 or Level 3 categories during the periods presented. The following tables summarize the estimated fair value of the Company's cash equivalents, available-for-sale securities classified as short-term investments, and associated unrealized gains and losses (in thousands): September 30, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 34,081 $ — $ — $ 34,081 U.S. government agency securities 72,322 — — 72,322 Total cash equivalents 106,403 — — 106,403 Short-term investments U.S. treasury securities 228,802 1 ( 363 ) 228,440 U.S. government agency securities 25,067 — ( 30 ) 25,037 Total short-term investments $ 253,869 $ 1 $ ( 393 ) $ 253,477 December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 111,221 $ — $ — $ 111,221 Total cash equivalents $ 111,221 $ — $ — $ 111,221 The following table summarizes the maturities of our cash equivalents and available-for-sale securities as of September 30, 2022 (in thousands): Amortized Cost Fair Value Mature in one year or less $ 360,272 $ 359,880 Total $ 360,272 $ 359,880 The following table presents the breakdown of the Company's available-for-sale securities with gross unrealized losses and the duration that those losses had been unrealized as September 30, 2022 (in thousands): September 30, 2022 Unrealized Losses Less Than 12 Months Unrealized Losses 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Financial assets: U.S. treasury securities $ 218,452 $ ( 363 ) $ — $ — $ 218,452 $ ( 363 ) U.S. government agency securities 25,037 ( 30 ) — — 25,037 ( 30 ) Total financial assets $ 243,489 $ ( 393 ) $ — $ — $ 243,489 $ ( 393 ) The Company did no t have available-for-sale securities with gross unrealized losses as of December 31, 2021. The Company regularly reviews the changes to the rating of its securities and monitors the surrounding economic conditions to assess the risk of expected credit losses. As of September 30, 2022 and December 31, 2021, there were no securities that were in an unrealized loss position for more than 12 months. As of September 30, 2022, the unrealized losses on the Company’s investments in U.S. treasury securities and U.S. government securities were caused by interest rate increases. The current credit ratings are all within the guidelines of the investment policy of the Company and the Company does not expect the issuers to settle any security at a price less than the amortized cost basis of the investment with the contractual cash flows of these investments guaranteed by the issuer. No allowance for credit losses has been recorded since it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. |
Balance Sheet Items
Balance Sheet Items | 9 Months Ended |
Sep. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Items | 4. Balance Sheet Items Prepaid Expenses and Other Current Assets Prepaid and other current assets consisted of the following (in thousands): September 30, December 31, Prepaid research and development expenses $ 2,767 $ 2,099 Prepaid insurance 2,459 1,945 Other prepaid expenses and other assets 946 1,015 Total prepaid expenses and other current assets $ 6,172 $ 5,059 Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): September 30, December 31, Furniture and fixtures $ 78 $ 78 Leasehold improvements 40 15 Property and equipment, gross 118 93 Less: accumulated depreciation ( 83 ) ( 36 ) Property and equipment, net $ 35 $ 57 Depreciation expense for each of the three and nine months ended September 30, 2022 and 2021 was immaterial. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, Accrued research and development expenses $ 6,810 $ 3,308 Accrued payroll related expenses 5,046 2,565 Accrued professional service expenses 1,527 732 Other 453 104 Total accrued expenses and other current liabilities $ 13,836 $ 6,709 |
Significant Agreements
Significant Agreements | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Agreements | 5. Significant Agreements License agreement with Merck KGaA, Darmstadt, Germany On February 10, 2021, DOT-2, the Company’s subsidiary, entered into a license agreement, or the MRKDG License Agreement, with Merck KGaA, Darmstadt, Germany, a pharmaceutical corporation located in Darmstadt, Germany. Under the MRKDG License Agreement, Merck KGaA, Darmstadt, Germany granted to the Company an exclusive worldwide license, with the right to grant sublicenses through multiple tiers, under specified patent rights and know-how for the Company to research, develop, manufacture, and commercialize products containing and comprising the pimasertib and MSC2015103B compounds. The Company also received clinical inventories supplies to use in its research and development activities. The Company’s exclusive license grant is subject to a non-exclusive license granted by Merck KGaA, Darmstadt, Germany’s affiliate to a cancer research organization and Merck KGaA, Darmstadt, Germany retains the right to conduct, directly or indirectly, certain ongoing clinical studies relating to pimasertib. Under the MRKDG License Agreement, the Company has obligations to use commercially reasonable efforts to develop and commercialize at least two licensed products in at least two specified major market countries by the year 2029. In consideration for the rights granted under the MRKDG License Agreement and clinical supplies, the Company made an upfront payment of $ 8.0 million, which was recorded as research and development expenses, as the technology does not have an alternative future use and supplies are used for research activities. Additionally, the Company made a milestone payment of $ 2.5 million, which was recorded as research and development expenses due to the nature of the license agreement and the milestone event relating to the first dosing of a patient in a first clinical trial of a product containing pimasertib, in the nine months ended September 30, 2022. The Company may also be required to make additional payments of up to $ 364.5 million based upon the achievement of specified development, regulatory, and commercial milestones, as well a high, single-digit royalty percentage on future net sales of licensed products, if any. Milestones and royalties are contingent upon future events and will be recorded when the milestones are achieved and when payments are due. The term of the MRKDG License Agreement will expire on a licensed product-by-licensed product and country-by-country basis upon the expiration of the Company’s obligation to pay royalties to the licensor with respect to such licensed product in such country and will expire in its entirety upon the expiration of all of the Company’s payment obligations with respect to all licensed products and all countries under the MRKDG License Agreement. Effective December 31, 2021, DOT-2 was merged with and into the Company, with the Company being the surviving corporation and assuming DOT-2’s obligations under the MRKDG License Agreement. Takeda Assets Purchase Agreement On December 16, 2019, DOT-1 entered into an asset purchase agreement, or the Takeda Asset Agreement, with Millennium Pharmaceuticals, Inc., a related party and an affiliate of Takeda Pharmaceutical Company Limited, or Takeda. Pursuant to the Takeda Asset Agreement, DOT-1 purchased certain technology rights and know-how related to TAK-580 (which is now tovorafenib (DAY101)) that provides a new approach for treating patients with primary brain tumors or brain metastases of solid tumors. DOT-1 also received clinical inventories supplies to use in the Company’s research and development activities of such RAF-inhibitor and an assigned investigator clinical trial agreement. Takeda also assigned to DOT-1 its exclusive license agreement, or the Viracta License Agreement, with Viracta Therapeutics, Inc. (f/k/a Sunesis Pharmaceuticals, Inc.), or Viracta. Takeda also granted DOT-1 a worldwide, sublicensable exclusive license under specified patents and know-how and non-exclusive license under other patents and know-how generated by Takeda under the Takeda Asset Agreement. The Company also granted Takeda a grant back license, as defined in the Takeda Asset Agreement, which is terminable either automatically or by DOT-1 in the event Takeda does not achieve specified development milestones within the applicable timeframes set forth under the Takeda Asset Agreement. This grant back license to Takeda was terminated at the time of Conversion in connection with the Millennium Stock Exchange Agreement. In consideration for the sale and assignment of assets and the grant of the license under the Takeda Asset Agreement, DOT-1 made an upfront payment of $ 1.0 million in cash and issued 9,857,143 shares of Series A redeemable convertible preferred stock in DOT-1 in December 2019. The fair value of issued shares was estimated as $ 9.9 million, based on the price paid by other investors for issued shares in the Series A financing of DOT-1. Based on the terms of the Millennium Stock Exchange Agreement, Takeda exchanged the 9,857,143 shares of Series A redeemable convertible preferred stock of DOT-1 for 6,470,382 shares of the Company’s common stock upon the effectiveness of the Conversion, on May 26, 2021. The term of the Takeda Asset Agreement will expire on a country-by-country basis upon expiration of all assigned patent rights and all licensed patent rights in such country. Takeda may terminate the Takeda Asset Agreement prior to the Company's first commercial sale of a product if we cease conducting any development activities for a continuous and specified period of time and such cessation is not agreed upon by the parties and is not done in response to guidance from a regulatory authority. Additionally, Takeda can terminate the Takeda Asset Agreement in the event of the Company's bankruptcy. In the event of termination of the Takeda Asset Agreement by Takeda as a result of our cessation of development or bankruptcy, all assigned patents, know-how and contracts (other than the Viracta License Agreement) will be assigned back to Takeda and Takeda will obtain a reversion license under patents and know-how generated to exploit all such terminated products. Effective December 31, 2021, DOT-1 was merged with and into the Company, with the Company being the surviving corporation and assuming DOT-1’s obligations under the Takeda Assets Purchase Agreement. Viracta License Agreement On December 16, 2019, DOT-1 amended and restated the Viracta License Agreement that was assigned pursuant to the Takeda Asset Agreement. Under the Viracta License Agreement, DOT-1 received a worldwide exclusive license under specified patent rights and know-how to develop, use, manufacture, and commercialize products containing compounds binding the RAF protein family. DOT-1 paid $ 2.0 million upfront in cash to Viracta, which was recorded as research and development expenses in 2019. DOT-1 made a milestone payment of $ 3.0 million to Viracta in February 2021, which was recorded as research and development expense when the milestone was achieved in April 2021. DOT-1 is also required to make additional milestone payments of up to $ 54.0 million upon achievement of specified development and regulatory milestones for each licensed product in two indications, with milestones payable for the second indication to achieve a specified milestone event being lower than milestones payable for the first indication. Additionally, if DOT-1 obtains a priority review voucher with respect to a licensed product and sells such priority review voucher to a third party or uses such priority review voucher, DOT-1 is obligated to pay Viracta a specified percentage in the mid-teen digits of all net consideration received from any such sale or of the value of such used priority review voucher, as applicable. Commencing on the first commercial sale of a licensed product in a country, DOT-1 is obligated to pay tiered royalties ranging in the mid-single-digit percentages on net sales of licensed products, if any. The obligation to pay royalties will end on a country-by-country and licensed product-by-licensed product basis commencing on the first commercial sale in a country and continuing until the later of: (i) the expiration of the last valid claim of the Viracta licensed patents, jointly owned collaboration patents or specified patents owned by the Company covering the use or sale of such product in such country, (ii) the expiration of the last statutory exclusivity pertaining to such product in such country or (iii) the tenth anniversary of the first commercial sale of such product in such country. No other milestones, except as discussed above, were achieved and due as of September 30, 2022. The term of the Viracta License Agreement will expire on a licensed product-by-licensed product and country-by-country basis upon the expiration of the Company’s obligation to pay royalties to Viracta with respect to such product in such country. DOT-1 has the right to terminate the Viracta License Agreement with respect to any or all of the licensed products at will upon a specified notice period. Effective December 31, 2021, DOT-1 was merged with and into the Company, with the Company being the surviving corporation and assuming DOT-1’s obligations under Viracta License Agreement. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Leases The Company entered into a lease agreement for its corporate office facility in South San Francisco, California in March 2020, which expires in January 2023. Such agreement was determined to be a lease since the right to control the use of the identified asset was conveyed to the Company for a period of time in exchange for consideration. The Company can extend the lease term for additional three years at market rates upon the notice of extension. The Company is obligated to pay monthly rent expense and its pro rata share of utilities, common area maintenance expenses and property taxes. The landlord also provided an allowance of $ 10,000 for any tenant improvements. The Company concluded that it is an operating lease. Common area expenses are a non-lease component and a variable consideration and included in operating expenses as incurred. The extension period has not been included in the determination of the Right of Use, or ROU, asset or the lease liability for operating leases as the Company concluded that it is not reasonably certain that it would exercise this option. In April 2022, the Company entered into a lease agreement for approximately 12,000 square feet of general use office space in Brisbane, California. Such agreement was determined to be a lease since the right to control the use of the identified asset was conveyed to the Company for a period of time in exchange for consideration. The term of the lease is for 31 months and commenced in May 2022. There is no option to extend the lease term nor is there an option to terminate the lease term prior to its expiration. The Company is obligated to pay monthly rent expense and its pro rata share of the landlord's operating expenses which include utilities, common area maintenance expenses, and property taxes. Such expenses are a non-lease component and a variable consideration and included in the Company's operating expenses as incurred. The Company concluded that this lease is also an operating lease. The total payments for base rent over the term of the lease is approximately $ 1.1 million. Upon execution of the agreement, the Company paid a security deposit of approximately $ 40,000 classified as deposits and other long-term assets on the condensed consolidated balance sheet. The Company determined the lease incremental borrowing rate, or IBR, based on the information available at the applicable lease commencement date as the Company’s leases do not provide an implicit rate. The IBR is determined by using the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment where the asset is located. As of September 30, 2022, the weighted-average remaining lease term and weighted-average discount rate were 2.0 years and 8.9 %, respectively. The Company’s leases do not require any contingent rental payments, impose financial restrictions, or contain any residual value guarantees. Lease expense of right-of-use assets is recognized on a straight-line basis over the applicable lease term. Lease expense was $ 0.1 million and $ 45,000 for the three months ended September 30, 2022 and 2021, respectively, and was $ 0.3 million and $ 0.1 million for the nine months ended September 30, 2022 and 2021, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $ 0.2 million for the nine months ended September 30, 2022 and 2021. Variable payments expensed during the three and nine months ended September 30, 2022 and 2021 were immaterial. As of September 30, 2022, the future lease obligations were as follows (in thousands): Remaining in 2022 $ 165 2023 476 2024 424 Total future minimum lease payments 1,065 Less: Imputed interest 89 Present value of operating lease liabilities $ 976 Research and Development Agreements The Company enters into contracts in the normal course of business with clinical research organizations, contract manufacturing organizations and other third-party vendors for clinical trial, manufacturing, testing, and other research and development activities . These contracts generally provide for termination on notice, with the exception of one vendor with a potential termination fee if a purchase order is cancelled within a specified time, and another vendor where labor costs are non-cancellable after the approval of the project plan. As of September 30, 2022 and December 31, 2021, there were no amounts accrued related to termination and cancellation charges as these are not probable. License Agreements The Company entered into the license agreements, as disclosed in Note 5, pursuant to which the Company is required to pay milestones contingent upon meeting of specific events. The first milestone related to the Viracta License Agreement was achieved and recorded to research and development expense during the year ended December 31, 2021. The second milestone related to the MRKDG License Agreement was achieved and recorded to research and development during the nine months ended September 30, 2022. The Company may be required to pay royalties on sales of products developed under these agreements. All products are in development as of September 30, 2022 and December 31, 2021, and no such royalties were due. Legal Proceedings The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company is not subject to any material legal proceedings, and to the best of its knowledge, no material legal proceedings are currently pending or threatened. Indemnification Agreements In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for indemnification for certain liabilities. The exposure under these agreements is unknown because it involves claims that may be made against it in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company also has indemnification obligations to its directors and executive officers for specified events or occurrences, subject to some limits, while they are serving at its request in such capacities. There have been no claims, to date and the Company believes the fair value of these indemnification agreements is minimal. Accordingly, the Company had no t recorded any liabilities for these agreements as of September 30, 2022 and December 31, 2021. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Shares | 9 Months Ended |
Sep. 30, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Shares | 7. Redeemable Convertible Preferred Shares On June 1, 2021, the Company completed its IPO, selling an aggregate of 11,500,000 shares of common stock . All outstanding redeemable convertible preferred shares were converted into 32,489,398 shares of common stock upon the completion of the IPO. As of September 30, 2022, the Company did no t have any outstanding shares of redeemable convertible preferred shares. In February 2021, the Company issued 9,638,141 Series B redeemable convertible preferred shares at a price of $ 13.488 per share for gross cash proceeds of $ 130.0 million. The Company incurred issuance costs of $ 243,000 . |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | 8. Common Stock Pursuant to its certificate of incorporation, the Company is authorized to issue 500.0 million shares of common stock at a par value $ 0.0001 . As of September 30, 2022, 73,511,923 shares of common stock were issued and outstanding. In November 2018, the Company entered into common shares purchase agreements with two founders of the Company. The individuals purchased a total of 2,790,000 common shares for a total purchase price of $ 300 . Shares vested monthly for two and four years, respectively. Vesting for a certain number of shares was accelerated upon the Company’s closing of its Series A redeemable convertible preferred share financing. The Company also has an option for a period of ninety days after the individual’s employment is terminated either voluntarily or involuntarily to repurchase the unvested common shares at a price that is the lower of the original price per share paid by the founder for such stock or the fair value as of the date of such repurchase. The founders’ shares were converted to common stock in the Conversion. As of September 30, 2022, all founders’ common stock were vested. At-The-Market Offering In June 2022, the Company entered into an equity distribution agreement with Piper Sandler & Co. and JonesTrading Institutional Services LLC, as sales agents, relating to the issuance and sale of shares of the Company’s common stock for an aggregate offering price of up to $ 150.0 million under an at-the-market offering program, or the 2022 ATM. During the nine months ended September 30, 2022, the Company did not make any sales under the 2022 ATM. June 2022 Follow-On Offering In June 2022, the Company completed a follow-on offering and issued and sold 11,500,000 shares of common stock (including the exercise by the underwriters of their option to purchase an additional 1,500,000 shares of common stock) at a price to the public of $ 15.00 per share for net proceeds of approximately $ 161.6 million, after deducting underwriting discounts, commissions, and offering costs. The Company has reserved shares of common stock for future issuances as follows: September 30, Common stock options issued and outstanding 7,447,808 Common stock available for future grants 1,320,965 Common stock available for ESPP 1,149,998 Restricted stock units issued and outstanding 435,570 Total 10,354,341 |
Share-based Compensation
Share-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Share-based Compensation | Compensation Prior to the Conversion, Day One Holding LLC granted incentive shares under the Incentive Share Plan and was authorized to issue 8,924,177 incentive shares. Incentive shares were a separate non-voting class of shares that participated in distributions only after incentive shares vested, unless it was approved by the board of directors and included at least two of the preferred members, and a participation threshold was met. The incentive shares represented profits interests in Day One Holding LLC, which was an interest in the increase in the Company’s value over the participation threshold, as defined in its operating agreement and as determined at the time of grant. A holder of incentive shares had the right to participate in distributions of profits only in excess of the participation threshold. The participation threshold was based on the valuation of the Company’s common shares on or around the grant date. The fair value of the incentive shares was estimated using an option pricing model with the following assumptions: Nine Months Ended 2021 Common share fair value $ 6.36 - $ 8.89 Participating threshold $ 6.36 - $ 7.51 Risk free rate 0.14 % Volatility 72.90 % Time to liquidity (in years) 0.20 - 1.80 Grant date fair value $ 4.24 - $ 4.52 During the Conversion, the Company converted all incentive shares to vested and unvested shares of common stock. As such, there was no incentive shares activity for the nine months ended September 30, 2022. The Company used the option pricing model to estimate the fair value of each incentive shares award on the date of grant. The members’ equity value was based on a recent enterprise valuation analysis performed and common share fair value. The participation threshold amounts were determined by the board of directors at the time of grant. The expected life of the awards granted during the period was determined based on an expected time to the liquidation event. The Company applied the risk-free interest rate based on the U.S. Treasury yield in effect at the time of the grant. 2021 Equity Incentive Plan Immediately prior to consummation of the IPO, all the outstanding incentive shares were converted into common stock. The following table provides a summary of the unvested common stock awards activity during the nine months ended September 30, 2022. Number of Weighted Average Unvested common stock as of December 31, 2021 3,753,862 $ 16.00 Vested ( 1,341,702 ) $ 16.00 Forfeiture ( 171,458 ) $ 16.00 Unvested common stock as of September 30, 2022 2,240,702 $ 16.00 In May 2021, in connection with the IPO, the board of directors and stockholders approved the 2021 Equity Incentive Plan, or the 2021 Plan, which became effective on the day before the date of the effectiveness of the IPO. The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, awards of restricted stock, restricted stock units and other stock-based awards. The number of shares of common stock reserved for issuance under the 2021 Plan is equal to the sum of: (x) 6,369,000 shares of common stock; plus (y) 4,719,605 shares of common stock issued in respect of the Conversion of incentive shares that were subject to vesting immediately prior to the effectiveness of the registration statement for the IPO that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by us at their original issuance price pursuant to a contractual repurchase right. The number of shares available for grant and issuance under the 2021 Plan will be automatically increased on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2021 and continuing for each fiscal year until, and including, the fiscal year commencing on January 1, 2031, by the lesser of (a) 5 % of the number of shares of all classes of the Company’s common stock, plus the total number of shares of Company common stock issuable upon conversion of any preferred stock or exercise of any warrants to acquire shares of Company common stock for a nominal exercise price issued and outstanding on each December 31 immediately prior to the date of increase or (b) such number of shares determined by the board of directors. The following table provides a summary of stock option activity under the 2021 Plan during the nine months ended September 30, 2022. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2021 5,071,896 $ 16.90 Granted 2,868,380 $ 14.81 Exercised ( 130,899 ) $ 15.95 Forfeiture ( 361,569 ) $ 15.09 Outstanding at September 30, 2022 7,447,808 $ 16.20 8.8 $ 31,456 Exercisable at September 30, 2022 1,927,895 $ 16.35 8.3 $ 7,637 Aggregate intrinsic value represents the difference between the estimated fair value of the underlying common stock and the exercise price of outstanding, in-the-money options. The total fair value of options that vested during the nine months ended September 30, 2022 was $ 15.6 million. The weighted-average grant date fair value of options granted during the nine months ended September 30, 2022 was $ 9.02 per share. Unamortized stock-based compensation for stock options as of September 30, 2022 was $ 50.1 million, which is expected to be recognized over a weighted-average period of 2.9 years. The Company used the Black-Scholes option pricing model to estimate the fair value of stock options awards granted with the following assumptions: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Expected term (in years) 5.27 - 6.33 5.77 - 6.08 5.27 - 6.33 5.28 - 6.08 Expected volatility 68.96 % - 70.71 % 64.88 % - 65.38 % 65.20 % - 70.71 % 64.88 % - 66.51 % Risk-free interest rate 2.65 % - 4.09 % 0.82 % - 0.99 % 1.47 % - 4.09 % 0.82 % - 1.00 % Expected dividend yield — — — — The following table provides a summary of restricted stock units activity under the 2021 Plan during the nine months ended September 30, 2022: Number of Weighted Average Unvested restricted stock units at December 31, 2021 96,890 $ 22.93 Granted 417,995 $ 14.57 Vested ( 51,030 ) $ 15.23 Forfeiture ( 28,285 ) $ 14.11 Unvested restricted stock units at September 30, 2022 435,570 $ 16.38 Unamortized stock-based compensation for restricted stock units as of September 30, 2022 was $ 6.4 million, which is expected to be recognized over a weighted-average period of 3.4 years. 2021 Employee Stock Purchase Plan In May 2021, the board of directors adopted, and the stockholders approved the 2021 Employee Stock Purchase Plan, or the ESPP, which became effective on May 26, 2021. A total of 603,000 shares of common stock were initially reserved for issuance under the ESPP. The number of shares of the common stock reserved for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2021 and continuing for each fiscal year until, and including, the fiscal year commencing on January 1, 2031, by the lesser of: (a) 1 % of the total number of outstanding shares of common stock of the Company (on an as converted basis outstanding on the immediately preceding December 31 (rounded down to the nearest whole share) and (b) an amount determined by the board of directors. 72,524 shares have been issued under the ESPP as of September 30, 2022. The Company recognized approximately $ 17,000 and approximately $ 93,000 compensation expense related to the ESPP plan for the three and nine months ending September 30, 2022. The fair value of our common stock to be issued under the ESPP is estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Expected term (in years) 0.50 — 0.50 — Expected volatility 58.49 % — 58.49 % — Risk-free interest rate 1.54 % — 1.54 % — Expected dividend yield — — — — Performance Awards In June 2022, the Company granted performance awards, consisting of performance stock options, or PSOs, and performance stock units, or PSUs, to non-executive employees pursuant to the 2021 Equity Incentive Plan. Each performance award is earned through the achievement of a performance-based metric over a defined performance period determined by the compensation committee of the Company's board of directors. The estimated fair value of the equity awards that contain performance conditions is expensed over the term of the award once the Company has determined that it is probable that the performance conditions will be satisfied. During the nine months ended September 30, 2022, the Company granted 152,550 PSOs with a weighted-average grant date fair value of $ 7.78 per share and 99,250 PSUs with a weighted-average grant date fair value of $ 15.25 per share. The total fair values of PSOs and PSUs granted were $ 1.2 million and $ 1.5 million, respectively. As of September 30, 2022, no PSOs or PSUs had vested since the achievement of the performance-based metrics of the performance awards was not deemed probable. The Company used the Black-Scholes option pricing model to estimate the fair value of the PSO awards granted with the following assumptions: Nine Months Ended 2022 2021 Expected term (in years) 2.92 - 3.42 — Expected volatility 72.72 % - 72.98 % — Risk-free interest rate 3.37 % — Expected dividend yield — — Share/stock-based compensation expense recorded in the accompanying condensed consolidated statements of operations is as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development expense $ 2,020 $ 1,489 $ 6,242 $ 2,321 General and administrative expense 6,556 3,660 14,167 5,903 Total share-based compensation expense $ 8,576 $ 5,149 $ 20,409 $ 8,224 As of September 30, 2022, there was $ 65.7 million of unrecognized compensation cost related to unvested restricted stock, unvested restricted stock units, unvested stock options, and shares subject to purchase under the ESPP that is expected to be recognized over a weighted-average period of approximately 2.6 years. As of September 30, 2022, there was $ 2.7 million of unrecognized compensation cost related to unvested PSOs and PSUs. The Company will recognize the PSO and PSU expense through the expected vesting dates when the achievement of the performance-based metrics is probable. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 10. Net Loss Per Share Basic and diluted net loss per share attributable to common shareholders/stockholders after the Conversion is calculated as follows (in thousands except share and per share amounts): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net loss $ ( 37,795 ) $ ( 19,240 ) $ ( 102,072 ) $ ( 50,816 ) Net loss attributable to redeemable convertible noncontrolling interests — — — ( 2,109 ) Exchange of redeemable noncontrolling interest shares – deemed dividend — — — ( 99,994 ) Net loss attributable to common stockholders/members ( 37,795 ) ( 19,240 ) ( 102,072 ) ( 148,701 ) Net loss per share, basic and diluted $ ( 0.53 ) $ ( 0.33 ) $ ( 1.61 ) $ ( 4.98 ) Weighted-average number of common shares used in computing net loss per share, basic and diluted 71,008,993 57,514,218 63,522,774 29,859,883 The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive: As of September 30, 2022 2021 Stock options 7,447,808 4,888,996 Unvested common shares 2,240,702 4,081,216 Restricted stock units 435,570 66,420 Performance stock units 99,250 — Performance stock options 152,550 — Shares committed under ESPP 51,169 — Total 10,427,049 9,036,632 |
Redeemable NonControlling Inter
Redeemable NonControlling Interest | 9 Months Ended |
Sep. 30, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable NonControlling Interest | 11. Redeemable Noncontrolling Interest Prior to the Merger, DOT-1, the Company’s subsidiary, issued Series A redeemable convertible preferred shares to Takeda in accordance with the Takeda Asset Agreement (Note 5). The Company concluded that it represented a redeemable noncontrolling interest. The Company adjusted the carrying value of redeemable noncontrolling interest to allocate net losses of the subsidiary to Takeda. Transfers to and from the redeemable noncontrolling interest represented changes in ownership and the allocation of Series A redeemable convertible preferred shares issuance costs issued by the subsidiary. On May 26, 2021, pursuant to the terms of the Millennium Stock Exchange Agreement, Takeda exchanged 9,857,143 shares of Series A redeemable convertible preferred stock in DOT-1 for 6,470,382 shares of common stock of the Company. Prior to the Exchange, the Company accounted for the redeemable noncontrolling interest as discussed in the paragraph above and allocated $ 1.2 million and $ 2.1 million of net losses for the period from April 1 to May 26, 2021 and from January 1 to May 26, 2021, respectively, to Takeda. The Exchange resulted in DOT-1 becoming a wholly owned subsidiary of the Company and was recorded for accounting purposes as an extinguishment of the redeemable noncontrolling interest. As such, the Company also recognized an extinguishment loss of $ 100.0 million to additional paid-in-capital, which was calculated as a difference between the fair value of common stock issued to Takeda in the conversion and the carrying value of redeemable noncontrolling interest at the conversion date. The all-stock exchange was treated as a deemed dividend in the calculation of net loss attributable to common stockholders/members and net loss and per share. |
Defined Contribution Plan
Defined Contribution Plan | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Defined Contribution Plan | 12. Defined Contribution Plan The Company maintains an employee savings plan pursuant to Section 401(k) of the Internal Revenue Code. All employees are eligible to participate provided that they meet the requirements of the plan. For the three and nine months ended September 30, 2022, the Company made matching contributions of $ 0.3 million and $ 0.8 million, respectively. The Company did not make matching contributions in the periods of the prior year. |
Summary of Significant Accou_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These accounting principles were applied on a basis consistent with those of the consolidated financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of our financial statements for interim periods presented in accordance with U.S. GAAP. The condensed consolidated balance sheet as of December 31, 2021 was derived from audited annual financial statements but does not include all disclosures required by U.S. GAAP. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2021 included in the Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year or any other future periods. The Company's significant accounting policies are described in Note 2 of the notes to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Updates to its accounting policies, including impacts from the adoption of new accounting standards, are discussed below in this Note 2. Because the Merger (refer to the section “Organization and Business”) did not constitute a change in the reporting entity, as defined in ASC 250, Accounting changes and error corrections , the Company has reported the assets and liabilities transferred from its Subsidiaries at historical carrying value, effective December 31, 2021. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Any reference in these notes to applicable guidance is meant to refer to the authoritative generally accepted accounting principles as found in the Accounting Standards Codification, or ASC, and Accounting Standards Updates, or ASU, of the Financial Accounting Standards Board, or FASB. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the valuation of share-based awards, the valuation of deferred tax assets and income tax uncertainties, and accruals for research and development activities. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions. |
Concentration of credit risk and other risks and uncertainties | Concentration of credit risk and other risks and uncertainties Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and short-term investments. The Company’s cash, cash equivalents, and short-term investments are held in more than one financial institution in the United States. Amounts on deposit may at times exceed federally insured limits. Management believes that the financial institutions that the Company's cash, cash equivalents, and short-term investments are held at are financially sound and, accordingly, minimal credit risk exists with respect to the financial institutions. The Company is subject to certain risks and uncertainties and believes that changes in any of the following areas could have a material adverse effect on the Company's future financial position or results of its operations: ability to obtain future financing; regulatory requirements for approval and market acceptance of, and reimbursement for, product candidates; performance of third-party clinical research organizations and manufacturers upon which the Company relies; development of sales channels; protection of the Company’s intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; changes to the market landscape; and the Company’s ability to attract and retain employees necessary to support its growth. 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. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. The Company’s cash equivalents consist of investments in money market funds and U.S. government agency securities. Cash equivalents are recognized at amortized cost, which approximates fair value. |
Investments | Investments The Company’s investments are comprised of U.S. government agency securities and U.S. treasury securities. Investments are classified at the time of purchase, based on management’s intent, as held-to-maturity, available-for-sale, or trading. All of the Company’s investments are classified as available-for-sale. Available-for-sale securities are carried at estimated fair value with unrealized holdings gains and losses (net of tax effects) on such investments reported in other comprehensive (loss) income as a separate component on the condensed consolidated statements of comprehensive loss. Fair value is determined based on quoted market rates when observable or by utilizing data points that are observable, such as quoted prices, interest rates, and yield curves. For available-for-sale securities, the Company determines if any impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than amortized cost basis. Subsequent activity related to the credit loss component in the form of write-offs or recoveries is recognized as part of the allowance for credit losses on available-for-sale securities. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Assets and liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amounts reflected in the accompanying condensed consolidated balance sheets for cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair values, due to their short-term nature. |
Emerging growth company status | Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012, or 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 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 it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The JOBS Act does not preclude an emerging growth company from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies. The Company expects to use the extended transition period for any other new or revised accounting standards during the period in which it remains an emerging growth company. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, or ASU 2019-12, which eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also clarifies and simplifies other aspects of the accounting for income taxes. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on January 1, 2022, and this adoption had no material impact on the Company’s financial statements and related disclosures. |
Recurring Fair Value Measurem_2
Recurring Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company’s financial instruments as of September 30, 2022 and December 31, 2021, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 34,081 $ — $ — $ 34,081 U.S. treasury securities — 228,440 — 228,440 U.S. government agency securities — 97,359 — 97,359 Total assets measured at fair value $ 34,081 $ 325,799 $ — $ 359,880 December 31, 2021 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 111,221 $ — $ — $ 111,221 Total assets measured at fair value $ 111,221 $ — $ — $ 111,221 |
Schedule of cash equivalents, marketable securities, and unrealized gains and losses | The following tables summarize the estimated fair value of the Company's cash equivalents, available-for-sale securities classified as short-term investments, and associated unrealized gains and losses (in thousands): September 30, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 34,081 $ — $ — $ 34,081 U.S. government agency securities 72,322 — — 72,322 Total cash equivalents 106,403 — — 106,403 Short-term investments U.S. treasury securities 228,802 1 ( 363 ) 228,440 U.S. government agency securities 25,067 — ( 30 ) 25,037 Total short-term investments $ 253,869 $ 1 $ ( 393 ) $ 253,477 December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 111,221 $ — $ — $ 111,221 Total cash equivalents $ 111,221 $ — $ — $ 111,221 |
Schedule of available-for-sale marketable securities with gross unrealized losses | The following table presents the breakdown of the Company's available-for-sale securities with gross unrealized losses and the duration that those losses had been unrealized as September 30, 2022 (in thousands): September 30, 2022 Unrealized Losses Less Than 12 Months Unrealized Losses 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Financial assets: U.S. treasury securities $ 218,452 $ ( 363 ) $ — $ — $ 218,452 $ ( 363 ) U.S. government agency securities 25,037 ( 30 ) — — 25,037 ( 30 ) Total financial assets $ 243,489 $ ( 393 ) $ — $ — $ 243,489 $ ( 393 ) |
Schedule of maturities of our available-for-sale marketable securities table text block | The following table summarizes the maturities of our cash equivalents and available-for-sale securities as of September 30, 2022 (in thousands): Amortized Cost Fair Value Mature in one year or less $ 360,272 $ 359,880 Total $ 360,272 $ 359,880 |
Balance Sheet Items (Tables)
Balance Sheet Items (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Prepaid and Other Current Assets | Prepaid and other current assets consisted of the following (in thousands): September 30, December 31, Prepaid research and development expenses $ 2,767 $ 2,099 Prepaid insurance 2,459 1,945 Other prepaid expenses and other assets 946 1,015 Total prepaid expenses and other current assets $ 6,172 $ 5,059 |
Schedule of Property and Equipment | Property and equipment, net, consisted of the following (in thousands): September 30, December 31, Furniture and fixtures $ 78 $ 78 Leasehold improvements 40 15 Property and equipment, gross 118 93 Less: accumulated depreciation ( 83 ) ( 36 ) Property and equipment, net $ 35 $ 57 |
Schedule of Accrued expenses and other current liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, Accrued research and development expenses $ 6,810 $ 3,308 Accrued payroll related expenses 5,046 2,565 Accrued professional service expenses 1,527 732 Other 453 104 Total accrued expenses and other current liabilities $ 13,836 $ 6,709 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Lease Obligations | As of September 30, 2022, the future lease obligations were as follows (in thousands): Remaining in 2022 $ 165 2023 476 2024 424 Total future minimum lease payments 1,065 Less: Imputed interest 89 Present value of operating lease liabilities $ 976 |
Common Stock (Tables)
Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock Shares Reserved for Future Issuance | The Company has reserved shares of common stock for future issuances as follows: September 30, Common stock options issued and outstanding 7,447,808 Common stock available for future grants 1,320,965 Common stock available for ESPP 1,149,998 Restricted stock units issued and outstanding 435,570 Total 10,354,341 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Fair Value of The Incentive Shares Estimated Using An Option Pricing Model | The fair value of the incentive shares was estimated using an option pricing model with the following assumptions: Nine Months Ended 2021 Common share fair value $ 6.36 - $ 8.89 Participating threshold $ 6.36 - $ 7.51 Risk free rate 0.14 % Volatility 72.90 % Time to liquidity (in years) 0.20 - 1.80 Grant date fair value $ 4.24 - $ 4.52 |
Summary of The Unvested Common Stock | The following table provides a summary of the unvested common stock awards activity during the nine months ended September 30, 2022. Number of Weighted Average Unvested common stock as of December 31, 2021 3,753,862 $ 16.00 Vested ( 1,341,702 ) $ 16.00 Forfeiture ( 171,458 ) $ 16.00 Unvested common stock as of September 30, 2022 2,240,702 $ 16.00 |
Summary of Stock Option Activity Under The 2021 Plan | The following table provides a summary of stock option activity under the 2021 Plan during the nine months ended September 30, 2022. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2021 5,071,896 $ 16.90 Granted 2,868,380 $ 14.81 Exercised ( 130,899 ) $ 15.95 Forfeiture ( 361,569 ) $ 15.09 Outstanding at September 30, 2022 7,447,808 $ 16.20 8.8 $ 31,456 Exercisable at September 30, 2022 1,927,895 $ 16.35 8.3 $ 7,637 |
Summary of Restricted Stock Units Activity Under the 2021 Plan | The following table provides a summary of restricted stock units activity under the 2021 Plan during the nine months ended September 30, 2022: Number of Weighted Average Unvested restricted stock units at December 31, 2021 96,890 $ 22.93 Granted 417,995 $ 14.57 Vested ( 51,030 ) $ 15.23 Forfeiture ( 28,285 ) $ 14.11 Unvested restricted stock units at September 30, 2022 435,570 $ 16.38 |
Schedule of fair value of our common stock to be issued under the ESPP | The fair value of our common stock to be issued under the ESPP is estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Expected term (in years) 0.50 — 0.50 — Expected volatility 58.49 % — 58.49 % — Risk-free interest rate 1.54 % — 1.54 % — Expected dividend yield — — — — |
Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Performance Stock Option Granted | The Company used the Black-Scholes option pricing model to estimate the fair value of the PSO awards granted with the following assumptions: Nine Months Ended 2022 2021 Expected term (in years) 2.92 - 3.42 — Expected volatility 72.72 % - 72.98 % — Risk-free interest rate 3.37 % — Expected dividend yield — — |
Summary of Share/Stock-based Compensation Expense Recorded in The Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss | Share/stock-based compensation expense recorded in the accompanying condensed consolidated statements of operations is as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development expense $ 2,020 $ 1,489 $ 6,242 $ 2,321 General and administrative expense 6,556 3,660 14,167 5,903 Total share-based compensation expense $ 8,576 $ 5,149 $ 20,409 $ 8,224 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Loss Per Share Attributable to Common Shareholders/Stockholders | Basic and diluted net loss per share attributable to common shareholders/stockholders after the Conversion is calculated as follows (in thousands except share and per share amounts): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net loss $ ( 37,795 ) $ ( 19,240 ) $ ( 102,072 ) $ ( 50,816 ) Net loss attributable to redeemable convertible noncontrolling interests — — — ( 2,109 ) Exchange of redeemable noncontrolling interest shares – deemed dividend — — — ( 99,994 ) Net loss attributable to common stockholders/members ( 37,795 ) ( 19,240 ) ( 102,072 ) ( 148,701 ) Net loss per share, basic and diluted $ ( 0.53 ) $ ( 0.33 ) $ ( 1.61 ) $ ( 4.98 ) Weighted-average number of common shares used in computing net loss per share, basic and diluted 71,008,993 57,514,218 63,522,774 29,859,883 |
Summary of Outstanding Potentially Dilutive Securities Have Been Excluded From Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive: As of September 30, 2022 2021 Stock options 7,447,808 4,888,996 Unvested common shares 2,240,702 4,081,216 Restricted stock units 435,570 66,420 Performance stock units 99,250 — Performance stock options 152,550 — Shares committed under ESPP 51,169 — Total 10,427,049 9,036,632 |
Description of Business and O_2
Description of Business and Organization - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | |||
Jun. 01, 2021 | May 23, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Proceeds from issuance of initial public offering | $ 167,000 | ||||
Stock issuance costs | $ 17,000 | ||||
Share-based compensation arrangement by share-based payment award, options, vested, number of shares | 4,719,605 | ||||
Common stock shares authorized | 500,000,000 | 500,000,000 | |||
Preferred stock shares authorized | 10,000,000 | ||||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |||
Preferred stock par or stated value per share | $ 0.0001 | ||||
Stockholders' equity note, stock split | 2.325-for-1 | ||||
Retained Earnings (Accumulated Deficit) | $ (229,559) | $ (127,487) | |||
Cash equivalents, amortized cost | $ 120,864 | $ 284,309 | |||
IPO [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Common stock issued in IPO, net of issuance costs of $16,995 (In shares) | 11,500,000 | 11,500,000 | |||
Shares issued, price per share | $ 16 | $ 16 | |||
Number of shares issued upon conversion | 5,433,290 | ||||
Stock issued during period, shares, conversion of units | 32,489,398 | ||||
Share-based compensation arrangement by share-based payment award, options, grants in period, net of forfeitures | 4,418,874 | ||||
Over-Allotment Option [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Stock issued during period, shares, issued for services | 1,500,000 | ||||
Series A Redeemable Convertible Preferred Stock [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Common stock par or stated value per share | $ 0.0001 | ||||
Series A Redeemable Convertible Preferred Stock [Member] | Millennium Pharmaceuticals, Inc. [Member] | The Millennium Stock Exchange Agreement [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Conversion of stock, shares converted | 9,857,143 | ||||
Convertible preferred stock, shares issued upon conversion | 6,470,382 |
Recurring Fair Value Measurem_3
Recurring Fair Value Measurement - Summary of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | $ 34,081 | $ 111,221 |
U.S. government agency securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 72,322 | |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 359,880 | 111,221 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 34,081 | 111,221 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 325,799 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 0 | 0 |
Fair Value, Recurring [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 34,081 | 111,221 |
Fair Value, Recurring [Member] | Money market funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 34,081 | 111,221 |
Fair Value, Recurring [Member] | Money market funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 0 | 0 |
Fair Value, Recurring [Member] | Money market funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 0 | $ 0 |
Fair Value, Recurring [Member] | U.S. treasury securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 228,440 | |
Fair Value, Recurring [Member] | U.S. treasury securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 0 | |
Fair Value, Recurring [Member] | U.S. treasury securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 228,440 | |
Fair Value, Recurring [Member] | U.S. treasury securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 0 | |
Fair Value, Recurring [Member] | U.S. government agency securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 97,359 | |
Fair Value, Recurring [Member] | U.S. government agency securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 0 | |
Fair Value, Recurring [Member] | U.S. government agency securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 97,359 | |
Fair Value, Recurring [Member] | U.S. government agency securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | $ 0 |
Recurring Fair Value Measurem_4
Recurring Fair Value Measurement - Schedule of cash equivalents, marketable securities, and unrealized gains and losses (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents, amortized cost | $ 120,864 | $ 284,309 |
Marketable securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 253,869 | |
Debt securities, available-for-sale, unrealized Gain | 1 | |
Debt securities, available-for-sale, unrealized loss | (393) | |
Debt securities, available-for-sale, estimated fair value | 253,477 | |
Cash equivalents [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents, amortized cost | 106,403 | 111,221 |
Cash equivalents, unrealized gains | 0 | 0 |
Cash equivalents, unrealized losses | 0 | 0 |
Cash and cash equivalents, fair value disclosure | 106,403 | 111,221 |
Money market funds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents, amortized cost | 34,081 | 111,221 |
Cash equivalents, unrealized gains | 0 | 0 |
Cash equivalents, unrealized losses | 0 | 0 |
Cash and cash equivalents, fair value disclosure | 34,081 | $ 111,221 |
U.S. government agency securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents, amortized cost | 72,322 | |
Cash equivalents, unrealized gains | 0 | |
Cash equivalents, unrealized losses | 0 | |
Cash and cash equivalents, fair value disclosure | 72,322 | |
Debt securities, available-for-sale, amortized cost | 25,067 | |
Debt securities, available-for-sale, unrealized Gain | 0 | |
Debt securities, available-for-sale, unrealized loss | (30) | |
Debt securities, available-for-sale, estimated fair value | 25,037 | |
U.S. treasury securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 228,802 | |
Debt securities, available-for-sale, unrealized Gain | 1 | |
Debt securities, available-for-sale, unrealized loss | (363) | |
Debt securities, available-for-sale, estimated fair value | $ 228,440 |
Recurring Fair Value Measurem_5
Recurring Fair Value Measurement - Schedule of available-for-sale marketable securities with gross unrealized losses (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Cash and Cash Equivalents [Line Items] | |
Unrealized Losses Less Than 12 Months, Fair value | $ 243,489 |
Unrealized Losses Less Than 12 Months, Unrealized losses | (393) |
Unrealized losses | (393) |
Fair Value | 243,489 |
US Treasury Securities [Member] | |
Cash and Cash Equivalents [Line Items] | |
Unrealized Losses Less Than 12 Months, Fair value | 218,452 |
Unrealized Losses Less Than 12 Months, Unrealized losses | (363) |
Unrealized losses | (363) |
Fair Value | 218,452 |
U.S. government agency securities [Member] | |
Cash and Cash Equivalents [Line Items] | |
Unrealized Losses Less Than 12 Months, Fair value | 25,037 |
Unrealized Losses Less Than 12 Months, Unrealized losses | (30) |
Unrealized losses | (30) |
Fair Value | $ 25,037 |
Recurring Fair Value Measurem_6
Recurring Fair Value Measurement - Schedule of maturities of available-for-sale marketable securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Line Items] | ||
Amortized cost, Mature in one year or less | $ 360,272 | |
Amortized Cost, Total | 360,272 | |
Fair value | $ 0 | |
Fair Value, Mature in one year or less | 359,880 | |
Fair Value, Total | $ 359,880 |
Recurring Fair Value Measurem_7
Recurring Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, measurement recurring basis, asset, transfers, net | $ 0 | $ 0 |
Available-for-Sale Securities | 0 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 0 |
Balance Sheet Items - Summary o
Balance Sheet Items - Summary of Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid research and development expenses | $ 2,767 | $ 2,099 |
Prepaid insurance | 2,459 | 1,945 |
Other prepaid expenses and other assets | 946 | 1,015 |
Total prepaid expenses and other current assets | $ 6,172 | $ 5,059 |
Balance Sheet Items - Summary_2
Balance Sheet Items - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 118 | $ 93 |
Less: accumulated depreciation | (83) | (36) |
Property, and equipment, net | 35 | 57 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 78 | 78 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 40 | $ 15 |
Balance Sheet Items - Summary_3
Balance Sheet Items - Summary of Accrued expenses and other current liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued research and development expenses | $ 6,810 | $ 3,308 |
Accrued payroll related expenses | 5,046 | 2,565 |
Accrued professional service expenses | 1,527 | 732 |
Other | 453 | 104 |
Total accrued expenses and other current liabilities | $ 13,836 | $ 6,709 |
Significant Agreements - Additi
Significant Agreements - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Dec. 16, 2019 | Feb. 28, 2021 | Sep. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Stock Issued During Period, Value, New Issues | $ 2,053 | $ 167,045 | |||
Common Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 11,500,000 | ||||
Stock Issued During Period, Value, New Issues | $ 1 | ||||
Takeda Asset Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Upfront of cash payment | $ 1,000 | ||||
Takeda Asset Agreement [Member] | Common Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Issuance of Series B redeemable convertible preferred shares for cash, net of issuance costs, shares | 6,470,382 | ||||
Takeda Asset Agreement [Member] | Series A Redeemable Convertible Preferred Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 9,857,143 | ||||
Stock Issued During Period, Value, New Issues | $ 9,900 | ||||
Issuance of Series B redeemable convertible preferred shares for cash, net of issuance costs, shares | 9,857,143 | ||||
Takeda Asset Agreement [Member] | Research and Development Expense [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Upfront payment | $ 8,000 | ||||
Merck License Agreement [Member] | Research and Development Expense [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Payment of Milestones | 2,500 | ||||
Merck License Agreement [Member] | Research and Development Expense [Member] | Maximum [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Payment of Milestones | $ 364,500 | ||||
Viracta License Agreement [Member] | Maximum [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Payment of Milestones | $ 54,000 | ||||
Viracta License Agreement [Member] | Research and Development Expense [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Payment of Milestones | $ 3,000 | ||||
Upfront of cash payment | $ 2,000 |
Commitment and Contingencies -
Commitment and Contingencies - Summary of Future Lease Obligations (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remaining in 2022 | $ 165 |
2023 | 476 |
2024 | 424 |
Total future minimum lease payments | 1,065 |
Less: Imputed interest | 89 |
Present value of operating lease liabilities | $ 976 |
Commitment and Contingencies _2
Commitment and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2022 USD ($) ft² | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Lessee, Lease, Description [Line Items] | ||||||
Amortization of operating right-of-use assets | $ 303,000 | $ 133,000 | ||||
Weighted Average Remaining Lease Term | 2 years | 2 years | ||||
Weighted Average Discount Rate Percent | 8.90% | 8.90% | ||||
Research And Development Agreements | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Termination and cancellation charges payable | $ 0 | $ 0 | $ 0 | |||
Viracta License Agreement | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Royalty fee payable | 0 | 0 | 0 | |||
Indemnification Agreement | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Termination and cancellation charges payable | 0 | 0 | $ 0 | |||
Central America | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease term | 31 months | |||||
Sublease agreement area | ft² | 12,000 | |||||
Operating lease payments | $ 1,100,000 | |||||
Security Deposit | $ 40,000 | |||||
Lease For Corporate Office Facility | Central America | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Tenant improvement allowances receivable | $ 10,000 | $ 10,000 | ||||
Lessee operating lease renewal lease term | 3 years | 3 years | ||||
Amortization of operating right-of-use assets | $ 100,000 | $ 45,000 | $ 300,000 | 100,000 | ||
Operating lease payments | $ 200,000 | $ 200,000 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Shares - Additional Information (Detail) - USD ($) | 1 Months Ended | |||
Jun. 01, 2021 | Jun. 30, 2021 | Feb. 28, 2021 | Sep. 30, 2022 | |
Temporary Equity [Line Items] | ||||
Payment of stock issuance costs | $ 17,000,000 | |||
IPO [Member] | ||||
Temporary Equity [Line Items] | ||||
Issuance of incentive shares | 11,500,000 | 11,500,000 | ||
Redeemable Convertible Preferred Stock [Member] | ||||
Temporary Equity [Line Items] | ||||
Common stock shares issued as a result of conversion of temporary equity into permanent equity | 32,489,398 | |||
Temporary Equity, Shares Outstanding | 0 | |||
Series B Redeemable Convertible Preferred Stock [Member] | ||||
Temporary Equity [Line Items] | ||||
Temporary equity stock issued during the period shares new issues | 9,638,141 | |||
Temporary equity issue price per share | $ 13.488 | |||
Payment of stock issuance costs | $ 243,000 | |||
Series B Redeemable Convertible Preferred Stock [Member] | Gross Proceeds [Member] | ||||
Temporary Equity [Line Items] | ||||
Proceeds from redeemable convertible preferred stock | $ 130,000,000 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2022 USD ($) $ / shares shares | Nov. 30, 2018 USD ($) shares | Sep. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) | Dec. 31, 2021 $ / shares shares | |
Class of Stock [Line Items] | |||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Common Stock, Shares Issued | 73,511,923 | 73,511,923 | 61,952,292 | ||||
Common Stock, Shares Outstanding | 73,511,923 | 73,511,923 | 61,952,292 | ||||
Number of directors entitled to be elected by the holders of common stock | 2 | ||||||
Stock Issued During Period, Value, New Issues | $ | $ 2,053,000 | $ 167,045,000 | |||||
Common stock shares reserved for future issuance | 10,354,341 | 10,354,341 | |||||
Proceeds from the issuance of common stock | $ | $ 161,610,000 | $ 167,045,000 | |||||
Common Shares Purchase Agreement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | |||||
Common Stock, Shares Issued | 73,511,923 | 73,511,923 | |||||
Sales Agreement with Piper Sandler and Jones Services LLC [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 15 | ||||||
Common Stock, Shares Issued | 11,500,000 | ||||||
Common stock shares reserved for future issuance | 1,500,000 | ||||||
Gross proceeds from issuance of common stock | $ | $ 150,000,000 | ||||||
Proceeds from the issuance of common stock | $ | $ 161,600,000 | ||||||
Founder [Member] | Common Shares Purchase Agreement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Issuance of incentive shares | 2,790,000 | ||||||
Proceeds from the issuance of common stock | $ | $ 300 |
Common Stock - Schedule of Comm
Common Stock - Schedule of Common Stock Shares Reserved for Future Issuance (Details) (Details) | Sep. 30, 2022 shares |
Class of Stock [Line Items] | |
Common stock shares reserved for future issuance | 10,354,341 |
Share-based Payment Arrangement, Option | |
Class of Stock [Line Items] | |
Common stock shares reserved for future issuance | 1,320,965 |
Restricted Stock Units (RSUs) [Member] | |
Class of Stock [Line Items] | |
Common stock shares reserved for future issuance | 435,570 |
Employee Stock Purchase Plan [Member] | |
Class of Stock [Line Items] | |
Common stock shares reserved for future issuance | 1,149,998 |
Common Stock [Member] | |
Class of Stock [Line Items] | |
Common stock shares reserved for future issuance | 7,447,808 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
May 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Common stock shares reserved for future issuance | 10,354,341 | 10,354,341 | |||
Allocated share based compensation expense | $ 8,576 | $ 5,149 | $ 20,409 | $ 8,224 | |
IPO [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of shares issued upon conversion | 5,433,290 | ||||
PSOs | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Total fair value of options | 1,200 | $ 1,200 | |||
Share based compensation by share based payment arrangement non vested options granted during the period | 152,550 | ||||
Share based compensation by share based payment arrangement non vested options granted during the period weighted average grant date fair value | $ 7.78 | ||||
Granted | 152,550 | ||||
PSUs | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Total fair value of options | 1,500 | $ 1,500 | |||
Weighted Average Grant Date Fair Value, Granted | $ 15.25 | ||||
Number of Shares, Granted | 99,250 | ||||
Unvested Restricted Stock and Stock Options [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Share based compensation by share based payment arrangement unrecognized compensation | 65,700 | $ 65,700 | |||
Share based compensation by share based payment arrangement unrecognized compensation remaining period for recognition | 2 years 7 months 6 days | ||||
Unamortized stock-based compensation for stock options | 6,400 | $ 6,400 | |||
Weighted-average period expected to be recognized | 3 years 4 months 24 days | ||||
Unvested PSOs and PSUs [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Share based compensation by share based payment arrangement unrecognized compensation | 2,700 | $ 2,700 | |||
Incentive Share Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Total fair value of options | 15,600 | $ 15,600 | |||
Share based compensation by share based payment arrangement non vested options granted during the period weighted average grant date fair value | $ 9.02 | ||||
Share based compensation by share based payment arrangement unrecognized compensation remaining period for recognition | 2 years 10 months 24 days | ||||
Unamortized stock-based compensation for stock options | $ 50,100 | $ 50,100 | |||
Incentive Share Plan [Member] | Day One Holding LLC [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Share based compensation by share based payment arrangment number of shares authorized | 8,924,177 | 8,924,177 | |||
2021 Equity Incentive Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of shares issued upon conversion | 4,719,605 | ||||
Common stock shares reserved for future issuance | 6,369,000 | ||||
Share based compensation by share based payment arrangement non vested options granted during the period | 2,868,380 | ||||
Granted | 2,868,380 | ||||
2021 Equity Incentive Plan [Member] | Incremental Shares Reserved for Future Issuance [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum | 5% | ||||
2021 Employee Stock Purchase Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Common stock shares reserved for future issuance | 603,000 | 603,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum | 1% | ||||
Allocated share based compensation expense | $ 17,000 | $ 93,000 | |||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 72,524 |
Share-based Compensation - Summ
Share-based Compensation - Summary of Fair Value of The Incentive Shares Estimated Using An Option Pricing Model (Detail) - Incentive Share Plan Member [Member] | 9 Months Ended |
Sep. 30, 2021 $ / shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Risk-free interest rate | 0.14% |
Volatility | 72.90% |
Maximum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Common share fair value | $ 8.89 |
Participating threshold | $ 7.51 |
Time to liquidity (in years) | 1 year 9 months 18 days |
Grant date fair value | $ 4.52 |
Minimum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Common share fair value | 6.36 |
Participating threshold | $ 6.36 |
Time to liquidity (in years) | 2 months 12 days |
Grant date fair value | $ 4.24 |
Share-based Compensation - Su_2
Share-based Compensation - Summary of The Unvested Common Stock (Detail) - 2021 Stock Incentive Plan [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Shares, Unvasted Common Stock, Beginning balance | shares | 3,753,862 |
Vested | shares | (1,341,702) |
Forfeiture | shares | (171,458) |
Number of Shares, Unvasted Common Stock, Ending balance | shares | 2,240,702 |
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ 16 |
Vested | 16 |
Forfeiture | 16 |
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ 16 |
Restricted Stock [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Vested | shares | (51,030) |
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ 22.93 |
Vested | 15.23 |
Forfeiture | 14.11 |
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ 16.38 |
Share-based Compensation - Su_3
Share-based Compensation - Summary of Stock Option Activity Under The 2021 Plan (Detail) - Two Thousand And Twenty One Equity Incentive Plan [Member] $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Shares, Beginning Balance | shares | 5,071,896 |
Granted | shares | 2,868,380 |
Exercised | shares | 130,899 |
Forfeiture | shares | (361,569) |
Number of Shares, Ending Balance | shares | 7,447,808 |
Exercisable at June 30, 2022 | shares | 1,927,895 |
Weighted Average Exercise Price Per Share, Beginning Balance | $ / shares | $ 16.90 |
Granted | $ / shares | 14.81 |
Exercised | $ / shares | 15.95 |
Forfeiture | $ / shares | 15.09 |
Weighted Average Exercise Price Per Share, Ending Balance | $ / shares | 16.20 |
Exercisable at June 30, 2022 | $ / shares | $ 16.35 |
Weighted-Average Remaining Contractual Term, Outstanding at June 30, 2022 | 8 years 9 months 18 days |
Weighted-Average Remaining Contractual Term, Exercisable at June 30, 2022 | 8 years 3 months 18 days |
Outstanding at June 30, 2022, Aggregate Intrinsic Value | $ | $ 31,456 |
Exercisable at March 31, 2022, Aggregate Intrinsic Value | $ | $ (7,637) |
Share-based Compensation - Su_4
Share-based Compensation - Summary of Restricted Stock Units Activity (Detail) - Two Thousand And Twenty One Stock Incentive Plan [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Vested | shares | (1,341,702) |
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ 16 |
Vested | 16 |
Weighted Average Grant Date Fair Value, Forfeited | 16 |
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ 16 |
Restricted Stock [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unvested restricted stock at December 31, 2021 | shares | 96,890 |
Granted | shares | 417,995 |
Vested | shares | (51,030) |
Forfeiture | shares | (28,285) |
Unvested restricted stock at June 30, 2022 | shares | 435,570 |
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ 22.93 |
Grant date fair value | 14.57 |
Vested | 15.23 |
Weighted Average Grant Date Fair Value, Forfeited | 14.11 |
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ 16.38 |
Share-based Compensation - Fair
Share-based Compensation - Fair value of our common stock to be issued under the ESPP (Details) - 2021 Employee Stock Purchase Plan [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 months | 6 months | ||
Expected volatility | 58.49% | 0% | 58.49% | 0% |
Risk-free interest rate | 1.54% | 0% | 1.54% | 0% |
Expected dividend yield | 0% | 0% | 0% | 0% |
Share-based Compensation - Su_5
Share-based Compensation - Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Stock Option Granted (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stock options | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected dividend yield | 0% | 0% | 0% | 0% |
Maximum [Member] | Stock options | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 3 months 29 days | 6 years 29 days | 6 years 3 months 29 days | 6 years 29 days |
Expected volatility | 70.71% | 65.38% | 70.71% | 66.51% |
Risk-free interest rate | 4.09% | 0.99% | 4.09% | 1% |
Minimum [Member] | Stock options | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 3 months 7 days | 5 years 9 months 7 days | 5 years 3 months 7 days | 5 years 3 months 10 days |
Expected volatility | 68.96% | 64.88% | 65.20% | 64.88% |
Risk-free interest rate | 2.65% | 0.82% | 1.47% | 0.82% |
Two Thousand Twenty One Employee Stock Purchase Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 months | 6 months | ||
Expected dividend yield | 0% | 0% | 0% | 0% |
Share-based Compensation - Su_6
Share-based Compensation - Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Performance Stock Op (Details) - PSOs | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Risk-free interest rate | 3.37% |
Maximum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Expected term (in years) | 3 years 5 months 1 day |
Expected volatility | 72.98% |
Minimum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Expected term (in years) | 2 years 11 months 1 day |
Expected volatility | 72.72% |
Share-based Compensation - Su_7
Share-based Compensation - Summary of Share/Stock-based Compensation Expense Recorded in The Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-Based Payment Arrangement, Expense | $ 8,576 | $ 5,149 | $ 20,409 | $ 8,224 |
Research and Development Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-Based Payment Arrangement, Expense | 2,020 | 1,489 | 6,242 | 2,321 |
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-Based Payment Arrangement, Expense | $ 6,556 | $ 3,660 | $ 14,167 | $ 5,903 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share Attributable to Common Shareholders/Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |||||||
Net loss | $ (37,795) | $ (19,240) | $ (102,072) | $ (50,816) | |||
Net loss attributable to redeemable convertible noncontrolling interests | 0 | 0 | 0 | (2,109) | |||
Exchange of redeemable noncontrolling interest shares - deemed dividend | 0 | 0 | 0 | (99,994) | |||
Net loss attributable to common stockholders/members | $ (37,795) | $ (36,530) | $ (27,747) | $ (19,240) | $ (14,284) | $ (102,072) | $ (148,701) |
Net loss per share, Basic | $ (0.53) | $ (0.33) | $ (1.61) | $ (4.98) | |||
Net loss per share, Diluted | $ (0.53) | $ (0.33) | $ (1.61) | $ (4.98) | |||
Weighted-average number of common shares used in computing net loss per share, basic | 71,008,993 | 57,514,218 | 63,522,774 | 29,859,883 | |||
Weighted-average number of common shares used in computing net loss per share, Diluted | 71,008,993 | 57,514,218 | 63,522,774 | 29,859,883 |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Outstanding Potentially Dilutive Securities Have Been Excluded From Calculation of Diluted Net Loss Per Share (Detail) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 10,427,049 | 9,036,632 |
Share-based Payment Arrangement, Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 7,447,808 | 4,888,996 |
Unvested common shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 2,240,702 | 4,081,216 |
Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 435,570 | 66,420 |
Shares committed under ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 51,169 | 0 |
Performance Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 99,250 | 0 |
Performance Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 152,550 | 0 |
Redeemable NonControlling Int_2
Redeemable NonControlling Interest - Additional Information (Detail) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | |||
May 26, 2021 | May 26, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | May 26, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Redeemable Noncontrolling Interest [Line Items] | |||||||
Net loss attributable to redeemable noncontrolling interests | $ 0 | $ 0 | $ 0 | $ (2,109) | |||
Adjustment to additional paid in capital loss on conversion of temporary equity into permanent equity | $ 100,000 | ||||||
DOT -1 [Member] | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Temporary equity shares converted into permanent equity | 9,857,143 | ||||||
Common stock shares issued as a result of conversion of temporary equity into permanent equity | 6,470,382 | ||||||
DOT -1 [Member] | Takeda [Member] | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Net loss attributable to redeemable noncontrolling interests | $ 1,200 | $ 2,100 |
Defined Contribution Plan (Addi
Defined Contribution Plan (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Retirement Benefits [Abstract] | ||
Matching Contribution | $ 0.3 | $ 0.8 |