Day One Biopharmaceuticals (DAWN) 10-Q 6 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 01, 2023
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, 2023
Document Fiscal Year Focus	2023
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		87,042,933

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 241,179	$ 85,262
Short-term investments	164,359	257,007
Prepaid expenses and other current assets	7,753	5,605
Total current assets	413,291	347,874
Property and equipment, net	213	20
Operating lease right-of-use asset	442	699
Deposits and other long-term assets	233	469
Total assets	414,179	349,062
Current Liabilities:
Accounts payable	3,391	260
Accrued expenses and other current liabilities	20,647	15,950
Current portion of operating lease liabilities	437	405
Total current liabilities	24,475	16,615
Long-term portion of lease liabilities	77	408
Total liabilities	24,552	17,023
Commitments and contingencies (Note 6)
Stockholders' equity
Common stock, $0.001 par value; 500,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 87,042,933 and 73,458,176 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	9	7
Additional paid-in-capital	793,699	601,771
Accumulated other comprehensive loss	(7)	(71)
Accumulated deficit	(404,074)	(269,668)
Total stockholders' equity	389,627	332,039
Total liabilities and stockholders' equity	$ 414,179	$ 349,062

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares Issued	87,042,933	73,458,176
Common Stock, Shares Outstanding	87,042,933	73,458,176

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Research and development	$ 33,163	$ 22,035	$ 93,173	$ 59,598
General and administrative	18,275	17,664	53,374	44,568
Total operating expenses	51,438	39,699	146,547	104,166
Loss from operations	(51,438)	(39,699)	(146,547)	(104,166)
Investment income, net	5,291	1,895	12,163	2,086
Other (expense) income, net	(3)	9	(22)	8
Net loss attributable to common stockholders	$ (46,150)	$ (37,795)	$ (134,406)	$ (102,072)
Net loss per share, basic	$ (0.54)	$ (0.53)	$ (1.73)	$ (1.61)
Net loss per share, diluted	$ (0.54)	$ (0.53)	$ (1.73)	$ (1.61)
Weighted-average number of common shares used in computing net loss per share, basic	85,952,501	71,008,993	77,682,237	63,522,774
Weighted-average number of common shares used in computing net loss per share, diluted	85,952,501	71,008,993	77,682,237	63,522,774

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net loss	$ (46,150)	$ (37,795)	$ (134,406)	$ (102,072)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale securities	2	(389)	64	(392)
Total comprehensive loss	$ (46,148)	$ (38,184)	$ (134,342)	$ (102,464)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2021	$ 281,148	$ 6	$ 408,629		$ (127,487)
Beginning Balance (In shares) at Dec. 31, 2021		61,952,292
Unvested common stock forfeiture		(40,363)
Share-based compensation expenses	6,202		6,202
Net loss attributable to common stockholders	(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 gain (loss) on available-for-sale securities	(392)
Net loss attributable to common stockholders	(102,072)
Ending Balance at Sep. 30, 2022	363,076	$ 7	593,020	$ (392)	(229,559)
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 gain (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	(36,530)				(36,530)
Ending Balance at Jun. 30, 2022	390,631	$ 7	582,391	(3)	(191,764)
Ending Balance (In shares) at Jun. 30, 2022		73,461,100
Issuance of common stock upon exercise of stock options (share)		130,899
Issuance of common stock upon exercise of stock options, Amount	2,053		2,053
Issuance of common stock upon release of restricted stock units, shares		51,030
Unvested common stock forfeiture		(131,106)
Share-based compensation expenses	8,576		8,576
Unrealized gain (loss) on available-for-sale securities	(389)			(389)
Net loss attributable to common stockholders	(37,795)				(37,795)
Ending Balance at Sep. 30, 2022	363,076	$ 7	593,020	(392)	(229,559)
Ending Balance (In shares) at Sep. 30, 2022		73,511,923
Beginning Balance at Dec. 31, 2022	332,039	$ 7	601,771	(71)	(269,668)
Beginning Balance (In shares) at Dec. 31, 2022		73,458,176
Issuance of common stock upon exercise of stock options (share)		75,184
Issuance of common stock upon exercise of stock options, Amount	1,184		1,184
Issuance of common stock upon release of restricted stock units, shares		60,673
Unvested common stock forfeiture		(21,400)
Share-based compensation expenses	9,447		9,447
Unrealized gain (loss) on available-for-sale securities	138			138
Net loss attributable to common stockholders	(42,393)				(42,393)
Ending Balance at Mar. 31, 2023	300,415	$ 7	612,402	67	(312,061)
Ending Balance (In shares) at Mar. 31, 2023		73,572,633
Beginning Balance at Dec. 31, 2022	332,039	$ 7	601,771	(71)	(269,668)
Beginning Balance (In shares) at Dec. 31, 2022		73,458,176
Unrealized gain (loss) on available-for-sale securities	64
Net loss attributable to common stockholders	(134,406)
Ending Balance at Sep. 30, 2023	389,627	$ 9	793,699	(7)	(404,074)
Ending Balance (In shares) at Sep. 30, 2023		87,042,933
Beginning Balance at Mar. 31, 2023	300,415	$ 7	612,402	67	(312,061)
Beginning Balance (In shares) at Mar. 31, 2023		73,572,633
Issuance of common stock upon exercise of stock options (share)		2,704
Issuance of common stock upon exercise of stock options, Amount	39		39
Issuance of common stock upon release of restricted stock units, shares		69,020
Share-based compensation expenses	9,477		9,477
Unrealized gain (loss) on available-for-sale securities	(76)			(76)
Issuance of common stock pursuant to follow-on offering, net of issuance costs, Shares		13,269,231
Issuance of common stock pursuant to follow-on offering, net of issuance costs, Amount	$ 161,409	$ 2	$ 161,407
Issuance of common stock pursuant to Employee Stock Purchase Plan, Shares	653	57,740	653
Net loss attributable to common stockholders	$ (45,863)				(45,863)
Ending Balance at Jun. 30, 2023	426,054	$ 9	$ 783,978	(9)	(357,924)
Ending Balance (In shares) at Jun. 30, 2023		86,971,328
Issuance of common stock upon exercise of stock options (share)		10,571
Issuance of common stock upon exercise of stock options, Amount	115		115
Issuance of common stock upon release of restricted stock units, shares		61,034
Share-based compensation expenses	9,606		9,606
Unrealized gain (loss) on available-for-sale securities	2			2
Net loss attributable to common stockholders	(46,150)				(46,150)
Ending Balance at Sep. 30, 2023	$ 389,627	$ 9	$ 793,699	$ (7)	$ (404,074)
Ending Balance (In shares) at Sep. 30, 2023		87,042,933

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Common Stock
Stock issuance costs	$ 10,827	$ 10,864

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net loss	$ (134,406)	$ (102,072)
Adjustments to reconcile net loss to net cash used in operating activities:
Acquired in-process research and development asset	3,000	0
Share-based compensation expense	28,530	20,409
Depreciation expense	23	48
Accretion of discounts on short term investment	(8,502)	(1,031)
Amortization of operating right-of-use assets	257	303
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,148)	(1,113)
Deposits and other long-term assets	236	(280)
Accounts payable	3,131	2,229
Accrued expenses and other current liabilities	4,697	7,127
Operating lease liabilities	(299)	(184)
Net cash used in operating activities	(105,481)	(74,564)
Cash flows from investing activities
Cash paid for purchase of short-term investments	(344,701)	(272,838)
Proceeds from maturity of short-term investments	445,915	20,000
Cash paid for purchase of property and equipment	(216)	(26)
Cash paid for acquired in-process research and development assets	(3,000)	0
Net Cash provided by (used) in investing activities	97,998	(252,864)
Cash flows from financing activities
Proceeds from issuance of common stock, net	161,409	161,610
Proceeds from issuance of common stock upon stock option exercises	1,338	2,053
Proceeds from issuance of common stock upon Employee Stock Purchase Plan purchase	653	320
Cash provided by financing activities	163,400	163,983
Net increase (decrease) in cash and cash equivalents	155,917	(163,445)
Cash and cash equivalents, beginning of period	85,262	284,309
Cash and cash equivalents, end of period	241,179	120,864
Supplemental disclosures of noncash activities
Purchases of property and equipment included in accrued expenses and other current liabilities	41	0
Lease liability obtained in exchange for right-of-use asset	$ 0	$ 940

Description of Business and Org

Description of Business and Organization	9 Months Ended
	Sep. 30, 2023
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 people 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.

Summary Of Significant Account

Summary Of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies There have been no changes to the significant accounting policies as disclosed in Note 2 to the Company’s annual consolidated financial statements for the years ended December 31, 2022 and 2021, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles, or 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, 2022. 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 the Company's financial statements for interim periods presented in accordance with U.S. GAAP. The condensed consolidated balance sheet as of December 31, 2022 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, 2022 included in the Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three and nine months ended September 30, 2023 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, 2022. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP 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. Segments The Company has determined that its chief executive officer is the chief operating decision maker, or CODM. The Company operates and manages the business as one reporting and one operating segment, which is the business of identifying and advancing targeted therapies for people of all ages with genomically defined cancers. The Company’s CODM reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. All of the Company’s assets are located in the United States. 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. Amounts on deposit may at times exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents and short-term investments that are recorded on its balance sheet. Per policy, the Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits its exposure. The Company has not experienced any losses on its cash, cash equivalents and short-term investments. 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. 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 also exempts emerging growth companies from having to provide an auditor attestation of internal control over financial reporting under Sarbanes-Oxley Act Section 404(b). 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. On the last business day of the second quarter of 2023, the aggregate market value of the shares of the Company’s common stock held by non-affiliate stockholders exceeded $ 700 million. As a result, the Company will be considered a “large accelerated filer” as of December 31, 2023, and no longer qualify as an emerging growth company. Therefore, the Company will no longer be able to take advantage of the exemptions from various reporting requirements, beginning with its Annual Report on Form 10-K for the fiscal year ending December 31, 2023 to be filed in 2024.

Recurring Fair Value Measuremen

Recurring Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
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, 2023 and December 31, 2022, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 165,002 $ — $ — $ 165,002 U.S. treasury securities — 150,963 — 150,963 U.S. government agency securities — 82,164 — 82,164 Total assets measured at fair value $ 165,002 $ 233,127 $ — $ 398,129 December 31, 2022 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 18,765 $ — $ — $ 18,765 U.S. treasury securities — 145,785 — 145,785 U.S. government agency securities — 136,022 — 136,022 Total assets measured at fair value $ 18,765 $ 281,807 $ — $ 300,572 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, 2023 and December 31, 2022. 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, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 165,002 $ — $ — $ 165,002 U.S. government agency securities 36,341 — — 36,341 U.S. treasury securities 32,427 — — 32,427 Total cash equivalents 233,770 — — 233,770 Short-term investments U.S. treasury securities 118,544 6 ( 14 ) 118,536 U.S. government agency securities 45,821 5 ( 3 ) 45,823 Total short-term investments $ 164,365 $ 11 $ ( 17 ) $ 164,359 December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 18,765 $ — $ — $ 18,765 U.S. government agency securities 24,800 — — 24,800 Total cash equivalents 43,565 — — 43,565 Short-term investments U.S. treasury securities 145,880 1 ( 96 ) 145,785 U.S. government agency securities 111,197 37 ( 12 ) 111,222 Total short-term investments $ 257,077 $ 38 $ ( 108 ) $ 257,007 The following table summarizes the maturities of our cash equivalents and available-for-sale securities (in thousands): September 30, 2023 Amortized Cost Fair Value Mature in one year or less $ 398,135 $ 398,129 Total $ 398,135 $ 398,129 December 31, 2022 Amortized Cost Fair Value Mature in one year or less $ 300,642 $ 300,572 Total $ 300,642 $ 300,572 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 (in thousands): September 30, 2023 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 $ 57,367 $ ( 14 ) $ — $ — $ 57,367 $ ( 14 ) U.S. government agency securities 17,945 ( 3 ) — — 17,945 ( 3 ) Total financial assets $ 75,312 $ ( 17 ) $ — $ — $ 75,312 $ ( 17 ) December 31, 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 $ 140,822 $ ( 96 ) $ — $ — $ 140,822 $ ( 96 ) U.S. government agency securities 26,811 ( 12 ) — — 26,811 ( 12 ) Total financial assets $ 167,633 $ ( 108 ) $ — $ — $ 167,633 $ ( 108 ) 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, 2023 and December 31, 2022 , there were no securities that were in an unrealized loss position for more than 12 months. As of September 30, 2023 , the unrealized losses on the Company’s investments in U.S. treasury securities and U.S. government agency securities were primarily caused by interest rate increases. 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, 2023
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 $ 4,075 $ 3,007 Prepaid insurance 1,453 1,592 Other prepaid expenses and other assets 2,225 1,006 Total prepaid expenses and other current assets $ 7,753 $ 5,605 Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): September 30, December 31, Leasehold improvements $ 81 $ 26 Laboratory equipment 162 — Property and equipment, gross 243 26 Less: accumulated depreciation ( 30 ) ( 6 ) Property and equipment, net $ 213 $ 20 Depreciation expense for each of the three and nine months ended September 30, 2023 and 2022 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 $ 10,705 $ 7,554 Accrued payroll related expenses $ 7,001 6,129 Accrued professional service expenses $ 2,532 2,088 Other $ 409 179 Total accrued expenses and other current liabilities $ 20,647 $ 15,950

Significant Agreements

Significant Agreements	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Agreements	5. Significant Agreements Research Collaboration and License Agreement with Sprint Bioscience AB On August 15, 2023, the Company entered into a research collaboration and license agreement, or the Sprint License Agreement, with Sprint Bioscience AB, or Sprint, a Swedish corporation located in Huddinge, Sweden. Under the Sprint License Agreement, Sprint granted to the Company an exclusive, worldwide license, with the right to grant sublicenses through multiple tiers, to research, develop, and commercialize pharmaceutical products and to engage in research aimed at discovery, optimization and development of Vaccinia Related Kinase 1, or VRK1. The Company paid $ 3.0 million upfront in cash to Sprint, which was recorded as research and development expenses as the technology does not have an alternative future use, in the three and nine months ended September 30, 2023. The Company is required to make milestone payments of up to $ 74.0 million upon achievement of specified research, development, and regulatory milestones for each licensed product and sales milestone payments of up to $ 235.0 million upon achievement of specified sales milestones for each licensed product. Commencing on the first commercial sale of a licensed product in a country, the Company is obligated to pay tiered royalties ranging in the single-digit percentages on net sales of licensed products, if any. The obligation to pay royalties on a country-by-country and licensed product-by-licensed product basis commences on the first commercial sale in a country and continuing until the later of: (i) the expiration of the last valid claim of the Sprint or the Company's patents that claims the composition of matter of the licensed compound of such licensed product in such country, (ii) the 10th anniversary of the date of the first commercial sale of such licensed product in such country, and (iii) termination or expiration of regulatory exclusivity for such licensed product in such country. No milestones were achieved and due as of September 30, 2023. The term of the Sprint License Agreement will expire on a licensed product and country basis upon the expiration of the royalty term with respect to such licensed product and such country, unless terminated earlier. The Company has the right to terminate the Sprint License Agreement in its entirety, or on a licensed product-by-licensed product basis, at will upon a specified notice period. License Agreement with Merck KGaA, Darmstadt, Germany On February 10, 2021, DOT Therapeutics-2, Inc., or 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 inventory 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 year ended December 31, 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 as 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. No milestones were achieved and due as of September 30, 2023. 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 Asset Purchase Agreement On December 16, 2019, DOT Therapeutics-1, Inc., or DOT-1, the Company’s subsidiary, 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 inventory 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 milestones were achieved and due as of September 30, 2023. Subsequent to September 30, 2023, a milestone related to the Viracta License Agreement was achieved and recorded to research and development expense as disclosed in Note 11. 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, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Leases 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 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 sheets. 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, 2023, the weighted-average remaining lease term and weighted-average discount rate were 1.2 years and 9.0 % , respectively. The Company’s lease does 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 for each of the three months ended September 30, 2023 and 2022 and was $ 0.3 million for each of the nine months ended September 30, 2023 and 2022. Cash paid for amounts included in the measurement of operating lease liabilities was $ 0.3 million and $ 0.2 million for the nine months ended September 30, 2023 and 2022, respectively. Variable payments expensed during the three and nine months ended September 30, 2023 and 2022 were immaterial. As of September 30, 2023, the future lease obligations were as follows (in thousands): September 30, Remaining in 2023 $ 115 2024 424 Total future minimum lease payments 539 Less: Imputed interest ( 25 ) Present value of operating lease liabilities 514 Less: current portion of operating lease liabilities ( 437 ) Operating lease liabilities $ 77 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 where certain costs are non-cancellable after the approval of the project. As of September 30, 2023 and December 31, 2022 , 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, or the license agreements, pursuant to which the Company is required to pay milestones contingent upon meeting specific events. A milestone related to the MRKDG License Agreement was achieved and recorded to research and development during the nine months ended September 30, 2022. Subsequent to September 30, 2023, a milestone related to the Viracta License Agreement was achieved and recorded to research and development expense as disclosed in Note 11. The Company may be required to pay royalties on sales of products developed under these license agreements. All products are in development as of September 30, 2023 , and no such royalties were due. Purchase Commitments To support product needs for tovorafenib (DAY101), the Company has entered into a manufacturing and supply agreement with Quotient Sciences - Philadelphia, LLC, or Quotient, in July 2023 that requires the Company to meet minimum purchase obligations on an annual basis. The amount of future minimum purchase obligations under the manufacturing and supply agreement over the next five years is approximately $ 17.2 million, in aggregate, as of September 30, 2023. For the three and nine months ended September 30, 2023, the Company has no t yet made any purchases under the purchase obligation. Legal Proceedings The Company, from time to time, may be party to litigation, claims and assessments arising in the ordinary course of business. The Company accrues liabilities for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. 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, 2023 and December 31, 2022 .

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Common Stock	7. 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 of $ 0.0001 per share. As of September 30, 2023, 87,042,933 shares of common stock were issued and outstanding. The Company has reserved shares of common stock for future issuances as follows: September 30, Common stock options issued and outstanding 10,183,440 Common stock available for future grants 2,689,562 Common stock available for ESPP 1,778,597 Restricted stock units issued and outstanding 1,094,563 Total 15,746,162 June 2023 Follow-On Offering In June 2023, the Company completed a follow-on offering and issued and sold 13,269,231 shares of common stock (including the exercise by the underwriters of their option to purchase an additional 1,730,769 shares of common stock) at a price to the public of $ 13.00 per share for net proceeds of approximately $ 161.4 million, after deducting underwriting discounts, commissions, and offering costs. At-The-Market Offering In June 2022, the Company entered into an equity distribution agreement, or the 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. In June 2023, the Company suspended and terminated the prospectus related to its common stock issuable pursuant to the terms of the Equity Distribution Agreement. In September 2023, in connection with the Company’s filing of an automatic shelf registration statement on Form S-3, the Company filed a new prospectus relating to the Equity Distribution Agreement and the issuance and sale of shares of the Company’s common stock having an aggregate offering price of up to $ 250.0 million under the 2022 ATM. The Company has no obligation to sell any shares and could at any time suspend solicitations and offers under the 2022 ATM. The Company has deferred offering costs consisting of accounting and legal fees directly attributable to the automatic shelf registration statement. Costs are deferred until shares are sold under the automatic shelf registration statement, at which time they will be reclassified to additional paid-in capital as a reduction against the proceeds received. No shares of the Company’s common stock have been sold under the 2022 ATM as of September 30, 2023. 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.

Share-based Compensation

Share-based Compensation	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Share-based Compensation	8. Share-based Compensation Share-based compensation expense recorded in the accompanying condensed consolidated statements of operations is as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Research and development expense $ 3,312 $ 2,020 $ 10,102 $ 6,242 General and administrative expense 6,294 6,556 18,428 14,167 Total share-based compensation expense $ 9,606 $ 8,576 $ 28,530 $ 20,409 As of September 30, 2023 , there was $ 86.6 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, 2023 , there was $ 2.5 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. 2022 Equity Inducement Plan In October 2022, the board of directors and stockholders approved the 2022 Equity Inducement Plan, or the 2022 Plan. The 2022 Plan provides for the grant of non-statutory stock options and restricted stock units. The number of shares of common stock reserved for issuance under the 2022 Plan is 1,000,000 shares. The following table provides a summary of stock option activity under the 2022 Plan during the nine months ended September 30, 2023. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 309,000 $ 21.14 Granted — $ — Exercised — $ — $ — Forfeiture — $ — Outstanding at September 30, 2023 309,000 $ 21.14 9.1 $ — Vested and expected to vest at September 30, 2023 309,000 $ 21.14 9.1 $ — Exercisable at September 30, 2023 — $ — — $ — 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. There was no fair value of options that vested during each of the nine months ended September 30, 2023 and 2022 . There was no weighted-average grant date fair value of options granted since there were no options granted from the 2022 Plan during each of the nine months ended September 30, 2023 and 2022. Unamortized share-based compensation for stock options as of September 30, 2023 was $ 3.6 million, which is expected to be recognized over a weighted-average period of 3.1 years. The following table provides a summary of restricted stock units activity under the 2022 Plan during the nine months ended September 30, 2023: Number of Weighted Average Unvested restricted stock units at December 31, 2022 47,400 $ 21.14 Granted — $ — Vested — $ — Forfeiture — $ — Unvested restricted stock units at September 30, 2023 47,400 $ 21.14 Unamortized share-based compensation for restricted stock units as of September 30, 2023 was $ 0.8 million, which is expected to be recognized over a weighted-average period of 3.1 years. 2021 Equity Incentive Plan Immediately prior to consummation of the Company’s initial public offering, or 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, 2023. Number of Weighted Average Unvested common stock as of December 31, 2022 1,722,744 $ 16.00 Vested ( 744,625 ) $ 16.00 Forfeiture ( 21,400 ) $ 16.00 Unvested common stock as of September 30, 2023 956,719 $ 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 share-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, 2023. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 7,634,167 $ 16.42 Granted 2,542,700 $ 19.14 Exercised ( 88,459 ) $ 15.12 $ 643 Forfeiture ( 357,468 ) $ 18.84 Outstanding at September 30, 2023 9,730,940 $ 17.06 8.4 $ 625 Vested and expected to vest at September 30, 2023 9,730,940 $ 17.06 8.4 $ 625 Exercisable at September 30, 2023 3,995,722 $ 16.63 7.9 $ 214 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, 2023 and 2022 was $ 19.8 million and $ 15.6 million, respectively. The weighted-average grant date fair value of options granted during the nine months ended September 30, 2023 and 2022 was $ 13.37 per share and $ 9.02 per share, respectively. Unamortized share-based compensation for stock options as of September 30, 2023 was $ 60.7 million, which is expected to be recognized over a weighted-average period of 2.6 years. The Company used the Black-Scholes option pricing model to estimate the fair value of stock option awards granted with the following assumptions: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Expected term (in years) 5.65 - 6.14 5.27 - 6.33 5.27 - 6.25 5.27 - 6.33 Expected volatility 68.82 % - 71.43 % 68.96 % - 70.71 % 68.82 % - 81.98 % 65.20 % - 70.71 % Risk-free interest rate 4.02 % - 4.56 % 2.65 % - 4.09 % 3.47 % - 4.56 % 1.47 % - 4.09 % 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, 2023: Number of Weighted Average Unvested restricted stock units at December 31, 2022 485,351 $ 16.83 Granted 711,810 $ 20.46 Vested ( 190,727 ) $ 19.26 Forfeiture ( 52,521 ) $ 20.37 Unvested restricted stock units at September 30, 2023 953,913 $ 18.86 Unamortized share-based compensation for restricted stock units as of September 30, 2023 was $ 16.8 million, which is expected to be recognized over a weighted-average period of 3.1 years. 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 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. The following table provides a summary of PSO activity under the 2021 Plan during the nine months ended September 30, 2023. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 146,950 $ 15.25 Granted — $ — Exercised — $ — $ — Forfeiture ( 3,450 ) $ 15.25 Outstanding at September 30, 2023 143,500 $ 15.25 8.7 $ — Vested and expected to vest at September 30, 2023 — $ — — $ — Exercisable at September 30, 2023 — $ — — $ — 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 PSOs. There was no fair value of PSOs that vested since there were no PSOs that vested during each of the nine months ended September 30, 2023 and 2022. There was no weighted-average grant date fair value of PSOs granted since there were no PSOs granted during the nine months ended September 30, 2023. The weighted-average grant date fair value of PSOs granted during the nine months ended September 30, 2022 was $ 7.78 per share. As of September 30, 2023 , there was $ 1.1 million of unrecognized compensation cost related to unvested PSOs. The Company will recognize the PSO expense through the expected vesting dates when the achievement of the performance-based metrics is probable. The Company used the Black-Scholes option pricing model to estimate the fair value of the PSO awards granted with the following assumptions: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Expected term (in years) — — — 2.92 - 3.42 Expected volatility — — — 72.72 % - 72.98 % Risk-free interest rate — — — 3.37 % Expected dividend yield — — — — The following table provides a summary of PSU activity under the 2021 Plan during the nine months ended September 30, 2023: Number of Weighted Average Unvested restricted stock units at December 31, 2022 95,500 $ 15.25 Granted — $ — Vested — $ — Forfeiture ( 2,250 ) $ 15.25 Unvested restricted stock units at September 30, 2023 93,250 $ 15.25 As of September 30, 2023 , there was $ 1.4 million of unrecognized compensation cost related to unvested PSUs. The Company will recognize the PSU expense through the expected vesting dates when the achievement of the performance-based metrics is probable. 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. 178,506 shares have been issued under the ESPP as of September 30, 2023. The Company recognized compensation expense related to the ESPP of $ 0.1 million and $ 17,000 for the three months ended September 30, 2023 and 2022, respectively, and $ 0.6 million and $ 0.1 million for the nine months ended September 30, 2023 and 2022, respectively. 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: Nine Months Ended 2023 2022 Expected term (in years) 0.5 0.5 Expected volatility 63.57 % 58.49 % Risk-free interest rate 5.24 % 1.54 % Expected dividend yield — —

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	9. Net Loss Per Share Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net loss attributable to common stockholders $ ( 46,150 ) $ ( 37,795 ) $ ( 134,406 ) $ ( 102,072 ) Net loss per share, basic and diluted $ ( 0.54 ) $ ( 0.53 ) $ ( 1.73 ) $ ( 1.61 ) Weighted-average number of common shares used in computing net loss per share, basic and diluted 85,952,501 71,008,993 77,682,237 63,522,774 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, 2023 2022 Stock options 10,039,940 7,447,808 Unvested common shares 956,719 2,240,702 Restricted stock units 1,001,313 435,570 Shares committed under ESPP 69,578 51,169 Total 12,067,550 10,175,249

Defined Contribution Plan

Defined Contribution Plan	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Defined Contribution Plan	10. 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 each of the three months ended September 30, 2023 and 2022 , the Company made matching contributions of $ 0.2 million and $ 0.3 million, respectively. For the nine months ended September 30, 2023 and 2022 , the Company made matching contributions of $ 1.0 million and $ 0.8 million, respectively.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	11. Subsequent Event On October 30, 2023, the U.S. Food and Drug Administration, or the FDA, accepted for filing, the Company's New Drug Application, or NDA, for tovorafenib (DAY101) as a monotherapy in relapsed or progressive low-grade glioma, or pLGG. The FDA has granted priority review and assigned a Prescription Drug User Fee Act, or PDUFA, target action date of April 30, 2024. The FDA is not currently planning to hold an advisory committee meeting to discuss the application. Per the terms of the Viracta License Agreement, a $ 5.0 million payment is due to Viracta for achievement of this milestone, which will be recorded to research and development expense.

Summary of Significant Accou_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles, or 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, 2022. 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 the Company's financial statements for interim periods presented in accordance with U.S. GAAP. The condensed consolidated balance sheet as of December 31, 2022 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, 2022 included in the Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three and nine months ended September 30, 2023 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, 2022. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP 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.
Segments	Segments The Company has determined that its chief executive officer is the chief operating decision maker, or CODM. The Company operates and manages the business as one reporting and one operating segment, which is the business of identifying and advancing targeted therapies for people of all ages with genomically defined cancers. The Company’s CODM reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. All of the Company’s assets are located in the United States.
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. Amounts on deposit may at times exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents and short-term investments that are recorded on its balance sheet. Per policy, the Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits its exposure. The Company has not experienced any losses on its cash, cash equivalents and short-term investments. 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.
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 also exempts emerging growth companies from having to provide an auditor attestation of internal control over financial reporting under Sarbanes-Oxley Act Section 404(b). 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. On the last business day of the second quarter of 2023, the aggregate market value of the shares of the Company’s common stock held by non-affiliate stockholders exceeded $ 700 million. As a result, the Company will be considered a “large accelerated filer” as of December 31, 2023, and no longer qualify as an emerging growth company. Therefore, the Company will no longer be able to take advantage of the exemptions from various reporting requirements, beginning with its Annual Report on Form 10-K for the fiscal year ending December 31, 2023 to be filed in 2024.

Recurring Fair Value Measurem_2

Recurring Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 and December 31, 2022, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): September 30, 2023 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 165,002 $ — $ — $ 165,002 U.S. treasury securities — 150,963 — 150,963 U.S. government agency securities — 82,164 — 82,164 Total assets measured at fair value $ 165,002 $ 233,127 $ — $ 398,129 December 31, 2022 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 18,765 $ — $ — $ 18,765 U.S. treasury securities — 145,785 — 145,785 U.S. government agency securities — 136,022 — 136,022 Total assets measured at fair value $ 18,765 $ 281,807 $ — $ 300,572
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, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 165,002 $ — $ — $ 165,002 U.S. government agency securities 36,341 — — 36,341 U.S. treasury securities 32,427 — — 32,427 Total cash equivalents 233,770 — — 233,770 Short-term investments U.S. treasury securities 118,544 6 ( 14 ) 118,536 U.S. government agency securities 45,821 5 ( 3 ) 45,823 Total short-term investments $ 164,365 $ 11 $ ( 17 ) $ 164,359 December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 18,765 $ — $ — $ 18,765 U.S. government agency securities 24,800 — — 24,800 Total cash equivalents 43,565 — — 43,565 Short-term investments U.S. treasury securities 145,880 1 ( 96 ) 145,785 U.S. government agency securities 111,197 37 ( 12 ) 111,222 Total short-term investments $ 257,077 $ 38 $ ( 108 ) $ 257,007
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 (in thousands): September 30, 2023 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 $ 57,367 $ ( 14 ) $ — $ — $ 57,367 $ ( 14 ) U.S. government agency securities 17,945 ( 3 ) — — 17,945 ( 3 ) Total financial assets $ 75,312 $ ( 17 ) $ — $ — $ 75,312 $ ( 17 ) December 31, 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 $ 140,822 $ ( 96 ) $ — $ — $ 140,822 $ ( 96 ) U.S. government agency securities 26,811 ( 12 ) — — 26,811 ( 12 ) Total financial assets $ 167,633 $ ( 108 ) $ — $ — $ 167,633 $ ( 108 )
Schedule of maturities of available-for-sale marketable securities	The following table summarizes the maturities of our cash equivalents and available-for-sale securities (in thousands): September 30, 2023 Amortized Cost Fair Value Mature in one year or less $ 398,135 $ 398,129 Total $ 398,135 $ 398,129 December 31, 2022 Amortized Cost Fair Value Mature in one year or less $ 300,642 $ 300,572 Total $ 300,642 $ 300,572

Balance Sheet Items (Tables)

Balance Sheet Items (Tables)	9 Months Ended
	Sep. 30, 2023
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 $ 4,075 $ 3,007 Prepaid insurance 1,453 1,592 Other prepaid expenses and other assets 2,225 1,006 Total prepaid expenses and other current assets $ 7,753 $ 5,605
Schedule of Property and Equipment	Property and equipment, net, consisted of the following (in thousands): September 30, December 31, Leasehold improvements $ 81 $ 26 Laboratory equipment 162 — Property and equipment, gross 243 26 Less: accumulated depreciation ( 30 ) ( 6 ) Property and equipment, net $ 213 $ 20
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 $ 10,705 $ 7,554 Accrued payroll related expenses $ 7,001 6,129 Accrued professional service expenses $ 2,532 2,088 Other $ 409 179 Total accrued expenses and other current liabilities $ 20,647 $ 15,950

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Summary of Future Lease Obligations	As of September 30, 2023, the future lease obligations were as follows (in thousands): September 30, Remaining in 2023 $ 115 2024 424 Total future minimum lease payments 539 Less: Imputed interest ( 25 ) Present value of operating lease liabilities 514 Less: current portion of operating lease liabilities ( 437 ) Operating lease liabilities $ 77

Common Stock (Tables)

Common Stock (Tables)	9 Months Ended
	Sep. 30, 2023
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 10,183,440 Common stock available for future grants 2,689,562 Common stock available for ESPP 1,778,597 Restricted stock units issued and outstanding 1,094,563 Total 15,746,162

Share-based Compensation (Table

Share-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock Option Activity	The following table provides a summary of stock option activity under the 2021 Plan during the nine months ended September 30, 2023. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 7,634,167 $ 16.42 Granted 2,542,700 $ 19.14 Exercised ( 88,459 ) $ 15.12 $ 643 Forfeiture ( 357,468 ) $ 18.84 Outstanding at September 30, 2023 9,730,940 $ 17.06 8.4 $ 625 Vested and expected to vest at September 30, 2023 9,730,940 $ 17.06 8.4 $ 625 Exercisable at September 30, 2023 3,995,722 $ 16.63 7.9 $ 214
Summary of Restricted Stock Units Activity	The following table provides a summary of restricted stock units activity under the 2021 Plan during the nine months ended September 30, 2023: Number of Weighted Average Unvested restricted stock units at December 31, 2022 485,351 $ 16.83 Granted 711,810 $ 20.46 Vested ( 190,727 ) $ 19.26 Forfeiture ( 52,521 ) $ 20.37 Unvested restricted stock units at September 30, 2023 953,913 $ 18.86
Summary of Performance Stock Options Activity	The following table provides a summary of PSO activity under the 2021 Plan during the nine months ended September 30, 2023. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 146,950 $ 15.25 Granted — $ — Exercised — $ — $ — Forfeiture ( 3,450 ) $ 15.25 Outstanding at September 30, 2023 143,500 $ 15.25 8.7 $ — Vested and expected to vest at September 30, 2023 — $ — — $ — Exercisable at September 30, 2023 — $ — — $ —
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: Three Months Ended Nine Months Ended 2023 2022 2023 2022 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 Performance Stock Units Activity	The following table provides a summary of PSU activity under the 2021 Plan during the nine months ended September 30, 2023: Number of Weighted Average Unvested restricted stock units at December 31, 2022 95,500 $ 15.25 Granted — $ — Vested — $ — Forfeiture ( 2,250 ) $ 15.25 Unvested restricted stock units at September 30, 2023 93,250 $ 15.25
Summary of Share/Stock-based Compensation Expense Recorded in The Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss	Share-based compensation expense recorded in the accompanying condensed consolidated statements of operations is as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Research and development expense $ 3,312 $ 2,020 $ 10,102 $ 6,242 General and administrative expense 6,294 6,556 18,428 14,167 Total share-based compensation expense $ 9,606 $ 8,576 $ 28,530 $ 20,409
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, 2023. Number of Weighted Average Unvested common stock as of December 31, 2022 1,722,744 $ 16.00 Vested ( 744,625 ) $ 16.00 Forfeiture ( 21,400 ) $ 16.00 Unvested common stock as of September 30, 2023 956,719 $ 16.00
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: Nine Months Ended 2023 2022 Expected term (in years) 0.5 0.5 Expected volatility 63.57 % 58.49 % Risk-free interest rate 5.24 % 1.54 % Expected dividend yield — —
Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Stock Option Granted	The Company used the Black-Scholes option pricing model to estimate the fair value of stock option awards granted with the following assumptions: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Expected term (in years) 5.65 - 6.14 5.27 - 6.33 5.27 - 6.25 5.27 - 6.33 Expected volatility 68.82 % - 71.43 % 68.96 % - 70.71 % 68.82 % - 81.98 % 65.20 % - 70.71 % Risk-free interest rate 4.02 % - 4.56 % 2.65 % - 4.09 % 3.47 % - 4.56 % 1.47 % - 4.09 % Expected dividend yield — — — —
2022 Equity Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Stock Option Activity	The following table provides a summary of stock option activity under the 2022 Plan during the nine months ended September 30, 2023. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2022 309,000 $ 21.14 Granted — $ — Exercised — $ — $ — Forfeiture — $ — Outstanding at September 30, 2023 309,000 $ 21.14 9.1 $ — Vested and expected to vest at September 30, 2023 309,000 $ 21.14 9.1 $ — Exercisable at September 30, 2023 — $ — — $ —
Summary of Restricted Stock Units Activity	The following table provides a summary of restricted stock units activity under the 2022 Plan during the nine months ended September 30, 2023: Number of Weighted Average Unvested restricted stock units at December 31, 2022 47,400 $ 21.14 Granted — $ — Vested — $ — Forfeiture — $ — Unvested restricted stock units at September 30, 2023 47,400 $ 21.14

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
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 stockholders is calculated as follows (in thousands except share and per share amounts): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net loss attributable to common stockholders $ ( 46,150 ) $ ( 37,795 ) $ ( 134,406 ) $ ( 102,072 ) Net loss per share, basic and diluted $ ( 0.54 ) $ ( 0.53 ) $ ( 1.73 ) $ ( 1.61 ) Weighted-average number of common shares used in computing net loss per share, basic and diluted 85,952,501 71,008,993 77,682,237 63,522,774
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, 2023 2022 Stock options 10,039,940 7,447,808 Unvested common shares 956,719 2,240,702 Restricted stock units 1,001,313 435,570 Shares committed under ESPP 69,578 51,169 Total 12,067,550 10,175,249

Summary of Significant Accou_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Line Items]
Common Stock, Shares Outstanding	87,042,933		73,458,176
Maket Value Of CommonStock Held By Non Affiliate Stockholders		$ 700

Recurring Fair Value Measurem_3

Recurring Fair Value Measurement - Schedule of fair value, assets and liabilities measured on recurring basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	$ 165,002	$ 18,765
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	32,427
U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	36,341	24,800
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	398,129	300,572
Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	165,002	18,765
Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	233,127	281,807
Fair Value, Recurring | Fair Value, Inputs, Level 3
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 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	165,002	18,765
Fair Value, Recurring | Money market funds | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	165,002	18,765
Fair Value, Recurring | Money market funds | Fair Value, Inputs, Level 2
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 | Money market funds | Fair Value, Inputs, Level 3
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 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	150,963	145,785
Fair Value, Recurring | U.S. treasury securities | Fair Value, Inputs, Level 1
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 | U.S. treasury securities | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	150,963	145,785
Fair Value, Recurring | U.S. treasury securities | Fair Value, Inputs, Level 3
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 | U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	82,164	136,022
Fair Value, Recurring | U.S. government agency securities | Fair Value, Inputs, Level 1
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 | U.S. government agency securities | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	82,164	136,022
Fair Value, Recurring | U.S. government agency securities | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	$ 0	$ 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	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	$ 241,179	$ 85,262
Marketable securities
Cash and Cash Equivalents [Line Items]
Debt securities, available-for-sale, amortized cost	164,365	257,077
Debt securities, available-for-sale, unrealized gain	11	38
Debt securities, available-for-sale, unrealized loss	(17)	(108)
Debt securities, available-for-sale, estimated fair value	164,359	257,007
Cash equivalents
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	233,770	43,565
Cash equivalents, unrealized gains	0	0
Cash equivalents, unrealized losses	0	0
Cash and cash equivalents, fair value disclosure	233,770	43,565
Money market funds
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	165,002	18,765
Cash equivalents, unrealized gains	0	0
Cash equivalents, unrealized losses	0	0
Cash and cash equivalents, fair value disclosure	165,002	18,765
U.S. government agency securities
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	36,341	24,800
Cash equivalents, unrealized gains	0	0
Cash equivalents, unrealized losses	0	0
Cash and cash equivalents, fair value disclosure	36,341	24,800
Debt securities, available-for-sale, amortized cost	45,821	111,197
Debt securities, available-for-sale, unrealized gain	5	37
Debt securities, available-for-sale, unrealized loss	(3)	(12)
Debt securities, available-for-sale, estimated fair value	45,823	111,222
U.S. treasury securities
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	32,427
Cash equivalents, unrealized gains	0
Cash equivalents, unrealized losses	0
Cash and cash equivalents, fair value disclosure	32,427
Debt securities, available-for-sale, amortized cost	118,544	145,880
Debt securities, available-for-sale, unrealized gain	6	1
Debt securities, available-for-sale, unrealized loss	(14)	(96)
Debt securities, available-for-sale, estimated fair value	$ 118,536	$ 145,785

Recurring Fair Value Measurem_5

Recurring Fair Value Measurement - Schedule of maturities of available-for-sale marketable securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Amortized cost, mature in one year or less	$ 398,135	$ 300,642
Amortized cost, total	398,135	300,642
Fair value, mature in one year or less	398,129	300,572
Fair value, total	$ 398,129	$ 300,572

Recurring Fair Value Measurem_6

Recurring Fair Value Measurement - Schedule of available-for-sale marketable securities with gross unrealized losses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Unrealized Losses Less Than 12 Months, Fair value	$ 75,312	$ 167,633
Unrealized Losses Less Than 12 Months, Unrealized losses	(17)	(108)
Unrealized losses 12 months or greater, Fair Value	0	0
Unrealized losses 12 months or greater, Unrealized Losses	0	0
Unrealized Losses	75,312	167,633
Fair Value	(17)	(108)
U.S. treasury securities
Cash and Cash Equivalents [Line Items]
Unrealized Losses Less Than 12 Months, Fair value	57,367	140,822
Unrealized Losses Less Than 12 Months, Unrealized losses	(14)	(96)
Unrealized losses 12 months or greater, Fair Value	0	0
Unrealized losses 12 months or greater, Unrealized Losses	0	0
Unrealized Losses	57,367	140,822
Fair Value	(14)	(96)
U.S. government agency securities
Cash and Cash Equivalents [Line Items]
Unrealized Losses Less Than 12 Months, Fair value	17,945	26,811
Unrealized Losses Less Than 12 Months, Unrealized losses	(3)	(12)
Unrealized losses 12 months or greater, Fair Value	0	0
Unrealized losses 12 months or greater, Unrealized Losses	0	0
Unrealized Losses	17,945	26,811
Fair Value	$ (3)	$ (12)

Recurring Fair Value Measurem_7

Recurring Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, measurement recurring basis, asset, transfers, net	$ 0	$ 0
Unrealized losses twelve months or greater	$ 0	$ 0

Balance Sheet Items - Summary o

Balance Sheet Items - Summary of Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development expenses	$ 4,075	$ 3,007
Prepaid insurance	1,453	1,592
Other prepaid expenses and other assets	2,225	1,006
Total prepaid expenses and other current assets	$ 7,753	$ 5,605

Balance Sheet Items - Summary_2

Balance Sheet Items - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 243	$ 26
Less: accumulated depreciation	(30)	(6)
Property and equipment, net	213	20
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	81	26
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 162	$ 0

Balance Sheet Items - Summary_3

Balance Sheet Items - Summary of Accrued expenses and other current liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 10,705	$ 7,554
Accrued payroll related expenses	7,001	6,129
Accrued professional service expenses	2,532	2,088
Other	409	179
Total accrued expenses and other current liabilities	$ 20,647	$ 15,950

Significant Agreements - Additi

Significant Agreements - Additional Information (Detail) - USD ($) $ in Thousands				1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	May 26, 2021	Feb. 10, 2021	Dec. 16, 2019	Feb. 28, 2021	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
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
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
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment		$ 8,000
Merck License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones						$ 0
Merck License Agreement [Member] | Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones							$ 2,500
Merck License Agreement [Member] | Research And Development Expense | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments not yet paid						364,500
Viracta License Agreement [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments not yet paid				$ 54,000
Viracta License Agreement [Member] | Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones				$ 3,000
Upfront of cash payment			$ 2,000
Sprint Bioscience Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones						0
Sprint Bioscience Agreement [Member] | Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment					$ 3,000	3,000
Payment of Milestones						74,000
Sprint Bioscience Agreement [Member] | Research And Development Expense | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments not yet paid						$ 235,000

Commitments and Contingencies -

Commitments and Contingencies - Summary of Future Lease Obligations (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Remaining in 2023	$ 115
2024	424
Total future minimum lease payments	539
Less: Imputed interest	(25)
Present value of operating lease liabilities	514
Less: Current portion of operating lease liabilities	(437)	$ (405)
Operating lease liabilities	$ 77

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2022 USD ($) ft²	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease term	31 months
Amortization of operating right-of-use assets				$ 257,000	$ 303,000
Operating lease payments	$ 1,100,000
Weighted average remaining lease term		1 year 2 months 12 days		1 year 2 months 12 days
Weighted average discount rate percent		9%		9%
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
Purchase Commitments
Lessee, Lease, Description [Line Items]
Aggregate amount of future minimum purchase obligations		17,200,000		17,200,000
Purchases under the purchase obligation		0		0
Brisbane, California
Lessee, Lease, Description [Line Items]
Sublease agreement area | ft²	12,000
Security deposit	$ 40,000
Lease For Corporate Office Facility
Lessee, Lease, Description [Line Items]
Amortization of operating right-of-use assets		$ 100,000	$ 100,000	300,000	300,000
Operating lease payments				$ 300,000	$ 200,000

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Common Stock, Shares Authorized			500,000,000		500,000,000
Common Stock, Par or Stated Value Per Share			$ 0.001		$ 0.001
Common Stock, Shares Issued			87,042,933		73,458,176
Common Stock, Shares Outstanding			87,042,933		73,458,176
Common stock shares reserved for future issuance			15,746,162
Proceeds from the issuance of common stock			$ 161,409	$ 161,610
Common Shares Purchase Agreement
Class of Stock [Line Items]
Common Stock, Shares Authorized			500,000,000
Common Stock, Par or Stated Value Per Share			$ 0.0001
Sales Agreement with Piper Sandler and Jones Services LLC
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share	$ 15	$ 13
Common Stock, Shares Issued	11,500,000	13,269,231
Common stock shares reserved for future issuance	1,500,000	1,730,769
Gross proceeds from issuance of common stock	$ 150,000		$ 250,000
Proceeds from the issuance of common stock	$ 161,600	$ 161,400

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Shares Reserved for Future Issuance (Details) (Details)	Sep. 30, 2023 shares
Class of Stock [Line Items]
Common stock shares reserved for future issuance	15,746,162
Share-based Payment Arrangement, Option
Class of Stock [Line Items]
Common stock shares reserved for future issuance	2,689,562
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Common stock shares reserved for future issuance	1,094,563
Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock shares reserved for future issuance	1,778,597
Common Stock
Class of Stock [Line Items]
Common stock shares reserved for future issuance	10,183,440

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Detail) - USD ($)		3 Months Ended		9 Months Ended
	May 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Oct. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares reserved for future issuance		15,746,162		15,746,162
Allocated share based compensation expense		$ 9,606,000	$ 8,576,000	$ 28,530,000	$ 20,409,000
PSOs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation by share based payment arrangement non vested options granted during the period weighted average grant date fair value					$ 7.78
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		1,100,000		1,100,000
Unvested PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation by share based payment arrangement unrecognized compensation		1,400,000		$ 1,400,000
Incentive Share Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation by share based payment arrangement unrecognized compensation remaining period for recognition				3 years 1 month 6 days
Unamortized stock-based compensation for stock options		3,600,000		$ 3,600,000
2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total fair value of options		19,800,000	$ 15,600,000	$ 19,800,000	$ 15,600,000
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				2,542,700
Weighted-average period expected to be recognized				8 years 4 months 24 days
Granted				2,542,700
2021 Equity Incentive Plan | PSOs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation by share based payment arrangement non vested options granted during the period weighted average grant date fair value				$ 13.37	$ 9.02
Unamortized stock-based compensation for stock options		60,700,000		$ 60,700,000
Weighted-average period expected to be recognized				2 years 7 months 6 days
2021 Equity Incentive Plan | Unvested Restricted Stock and Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized stock-based compensation for stock options		16,800,000		$ 16,800,000
Weighted-average period expected to be recognized				3 years 1 month 6 days
2021 Equity Incentive Plan | 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
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		100,000	$ 17,000	$ 600,000	$ 100,000
Stock Issued During Period, Shares, Employee Stock Ownership Plan				178,506
2021 Employee Stock Purchase Plan | 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		86,600,000		$ 86,600,000
Share based compensation by share based payment arrangement unrecognized compensation remaining period for recognition				2 years 7 months 6 days
2021 Employee Stock Purchase Plan | 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		2,500,000		$ 2,500,000
2022 Equity Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total fair value of options		0	$ 0	$ 0	$ 0
Common stock shares reserved for future issuance						1,000,000
Share based compensation by share based payment arrangement non vested options granted during the period				0	0
Share based compensation by share based payment arrangement non vested options granted during the period weighted average grant date fair value				$ 0	$ 0
Weighted-average period expected to be recognized				9 years 1 month 6 days
Granted				0	0
2022 Equity Inducement Plan | Unvested Restricted Stock and Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized stock-based compensation for stock options		$ 800,000		$ 800,000
Weighted-average period expected to be recognized				3 years 1 month 6 days

Share-based Compensation - Summ

Share-based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 shares
2022 Equity Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance | shares	309,000
Granted | shares	0	0
Number of Shares, Ending Balance | shares	309,000
Number of Shares, Vested and expected to vest at September 30, 2023 | shares	309,000
Weighted Average Exercise Price Per Share, Beginning Balance | $ / shares	$ 21.14
Granted | $ / shares	0
Weighted Average Exercise Price Per Share, Ending Balance | $ / shares	21.14
Weighted Average Exercise Price Per Share, Vested and expected to vest at September 30, 2023 | $ / shares	$ 21.14
Weighted-Average Remaining Contractual Term, Outstanding at September 30, 2023	9 years 1 month 6 days
Weighted-Average Remaining Contractual Term, Vested and expected to vest at September 30, 2023	9 years 1 month 6 days
Outstanding at September 30, 2023, Aggregate Intrinsic Value | $	$ 0
Vested and expected to vest at September 30, 2023, Aggregate Intrinsic Value | $	$ 0
2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance | shares	7,634,167
Granted | shares	2,542,700
Exercised | shares	(88,459)
Forfeiture | shares	(357,468)
Number of Shares, Ending Balance | shares	9,730,940
Number of Shares, Vested and expected to vest at September 30, 2023 | shares	9,730,940
Exercisable at September 30, 2023 | shares	3,995,722
Weighted Average Exercise Price Per Share, Beginning Balance | $ / shares	$ 16.42
Granted | $ / shares	19.14
Exercised | $ / shares	15.12
Forfeiture | $ / shares	18.84
Weighted Average Exercise Price Per Share, Ending Balance | $ / shares	17.06
Weighted Average Exercise Price Per Share, Vested and expected to vest at September 30, 2023 | $ / shares	17.06
Exercisable at September 30, 2023 | $ / shares	$ 16.63
Weighted-Average Remaining Contractual Term, Outstanding at September 30, 2023	8 years 4 months 24 days
Weighted-Average Remaining Contractual Term, Vested and expected to vest at September 30, 2023	8 years 4 months 24 days
Weighted-Average Remaining Contractual Term, Exercisable at September 30, 2023	7 years 10 months 24 days
Outstanding at September 30, 2023, Aggregate Intrinsic Value | $	$ 625
Vested and expected to vest at September 30, 2023, Aggregate Intrinsic Value | $	625
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $	643
Exercisable at September 30, 2023, Aggregate Intrinsic Value | $	$ (214)

Share-based Compensation - Su_2

Share-based Compensation - Summary of Restricted Stock Units Activity (Detail)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested | shares	(744,625)
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 Units | 2022 Equity Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested restricted stock, beginning balance | shares	47,400
Unvested restricted stock, ending balance | shares	47,400
Weighted Average Grant Date Fair Value Per Share, Beginning Balance	$ 21.14
Weighted Average Grant Date Fair Value Per Share, Ending Balance	$ 21.14
Restricted Stock Units | 2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested restricted stock, beginning balance | shares	485,351
Granted | shares	711,810
Vested | shares	(190,727)
Forfeiture | shares	(52,521)
Unvested restricted stock, ending balance | shares	953,913
Weighted Average Grant Date Fair Value Per Share, Beginning Balance	$ 16.83
Grant date fair value	20.46
Vested	19.26
Weighted Average Grant Date Fair Value, Forfeited	20.37
Weighted Average Grant Date Fair Value Per Share, Ending Balance	$ 18.86

Share-based Compensation - Su_3

Share-based Compensation - Summary of The Unvested Common Stock (Detail) - 2021 Stock Incentive Plan	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested Common Stock, Beginning balance | shares	1,722,744
Vested | shares	(744,625)
Forfeiture | shares	(21,400)
Number of Shares, Unvested Common Stock, Ending balance | shares	956,719
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares	$ 16
Vested | $ / shares	16
Forfeiture | $ / shares	16
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ / shares	$ 16

Share-based Compensation - Su_4

Share-based Compensation - Summary of Performance Stock Options Activity (Details) - PSOs $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance | shares	146,950
Forfeiture | shares	(3,450)
Number of Shares, Ending Balance | shares	143,500
Forfeiture | $ / shares	$ 15.25
Weighted Average Exercise Price Per Share, Ending Balance | $ / shares	15.25
Weighted Average Exercise Price Per Share, Beginning Balance | $ / shares	$ 15.25
Weighted-Average Remaining Contractual Term, Outstanding at September 30, 2023	8 years 8 months 12 days
Outstanding at September 30, 2023, Aggregate Intrinsic Value | $	$ 0

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]	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 months	6 months
Expected volatility	63.57%	58.49%
Risk-free interest rate	5.24%	1.54%
Expected dividend yield	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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Two Thousand And Twenty One Equity Incentive Plan [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 20 days	6 years 3 months 29 days	6 years 3 months	6 years 3 months 29 days
Expected volatility	71.43%	70.71%	81.98%	70.71%
Risk-free interest rate	4.56%	4.09%	4.56%	4.09%
Two Thousand And Twenty One Equity Incentive Plan [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 7 months 24 days	5 years 3 months 7 days	5 years 3 months 7 days	5 years 3 months 7 days
Expected volatility	68.82%	68.96%	68.82%	65.20%
Risk-free interest rate	4.02%	2.65%	3.47%	1.47%
Two Thousand Twenty One Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)			6 months	6 months
Expected dividend yield			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]
Expected volatility	72.98%
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
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 Performance Stock Units Activity (Details) - 2021 Equity Incentive Plan	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested | shares	(744,625)
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
PSOs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested restricted stock, beginning balance | shares	95,500
Forfeiture | shares	(2,250)
Unvested restricted stock, ending balance | shares	93,250
Weighted Average Grant Date Fair Value Per Share, Beginning Balance	$ 15.25
Weighted Average Grant Date Fair Value, Forfeited	15.25
Weighted Average Grant Date Fair Value Per Share, Ending Balance	$ 15.25

Share-based Compensation - Su_8

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	$ 9,606	$ 8,576	$ 28,530	$ 20,409
Research And Development Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	3,312	2,020	10,102	6,242
General And Administrative Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	$ 6,294	$ 6,556	$ 18,428	$ 14,167

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, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (46,150)	$ (45,863)	$ (42,393)	$ (37,795)	$ (36,530)	$ (27,747)	$ (134,406)	$ (102,072)
Net loss per share, basic	$ (0.54)			$ (0.53)			$ (1.73)	$ (1.61)
Net loss per share, diluted	$ (0.54)			$ (0.53)			$ (1.73)	$ (1.61)
Weighted-average number of common shares used in computing net loss per share, basic	85,952,501			71,008,993			77,682,237	63,522,774
Weighted-average number of common shares used in computing net loss per share, diluted	85,952,501			71,008,993			77,682,237	63,522,774

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, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	12,067,550	10,175,249
Share-based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	10,039,940	7,447,808
Unvested common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	956,719	2,240,702
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	1,001,313	435,570
Shares committed under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	69,578	51,169

Defined Contribution Plan (Addi

Defined Contribution Plan (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Retirement Benefits [Abstract]
Matching Contribution	$ 0.2	$ 0.3	$ 1	$ 0.8

Subsequent Event (Additional In

Subsequent Event (Additional Information) (Details) $ in Millions	Oct. 30, 2023 USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Payment of Milestones	$ 5