Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
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 | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | 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 $0.0001 per share | |
Trading Symbol | DAWN | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 87,389,859 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 270,391 | $ 230,784 |
Short-term investments | 47,553 | 135,563 |
Prepaid expenses and other current assets | 8,090 | 8,927 |
Total current assets | 326,034 | 375,274 |
Property and equipment, net | 185 | 208 |
Operating lease right-of-use asset | 259 | 352 |
Deposits and other long-term assets | 167 | 214 |
Total assets | 326,645 | 376,048 |
Current Liabilities: | ||
Accounts payable | 4,780 | 2,576 |
Accrued expenses and other current liabilities | 24,759 | 26,524 |
Current portion of operating lease liabilities | 300 | 408 |
Total current liabilities | 29,839 | 29,508 |
Total liabilities | 29,839 | 29,508 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity | ||
Common stock, $0.001 par value; 500,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 87,377,163 and 87,227,132 shares issued and outstanding as of Mach 31, 2024 and December 31, 2023, respectively | 9 | 9 |
Additional paid-in-capital | 817,799 | 805,107 |
Accumulated other comprehensive loss | (5) | 9 |
Accumulated deficit | (520,997) | (458,585) |
Total stockholders' equity | 296,806 | 346,540 |
Total liabilities and stockholders' equity | $ 326,645 | $ 376,048 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares Issued | 87,377,163 | 87,227,132 |
Common Stock, Shares Outstanding | 87,377,163 | 87,227,132 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating expenses: | ||
Research and development | $ 40,210 | $ 27,828 |
General and administrative | 26,557 | 18,027 |
Total operating expenses | 66,767 | 45,855 |
Loss from operations | (66,767) | (45,855) |
Investment income, net | 4,365 | 3,466 |
Other expense, net | (10) | (4) |
Net loss attributable to common stockholders | $ (62,412) | $ (42,393) |
Net loss per share, basic | $ (0.72) | $ (0.59) |
Net loss per share, diluted | $ (0.72) | $ (0.59) |
Weighted-average number of common shares used in computing net loss per share, basic | 86,679,282 | 71,972,888 |
Weighted-average number of common shares used in computing net loss per share, diluted | 86,679,282 | 71,972,888 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net loss | $ (62,412) | $ (42,393) |
Other comprehensive loss: | ||
Unrealized (loss) gain on available-for-sale securities | (14) | 138 |
Total comprehensive loss | $ (62,426) | $ (42,255) |
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, 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 (loss) gain 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, 2023 | 346,540 | $ 9 | 805,107 | 9 | (458,585) |
Beginning Balance (In shares) at Dec. 31, 2023 | 87,227,132 | ||||
Issuance of common stock upon exercise of stock options (share) | 4,862 | ||||
Issuance of common stock upon exercise of stock options, Amount | 48 | 48 | |||
Issuance of common stock upon release of restricted stock units, shares | 157,724 | ||||
Unvested common stock forfeiture | (12,555) | ||||
Share-based compensation expenses | 12,644 | 12,644 | |||
Unrealized (loss) gain on available-for-sale securities | (14) | (14) | |||
Net loss attributable to common stockholders | (62,412) | (62,412) | |||
Ending Balance at Mar. 31, 2024 | $ 296,806 | $ 9 | $ 817,799 | $ (5) | $ (520,997) |
Ending Balance (In shares) at Mar. 31, 2024 | 87,377,163 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (62,412) | $ (42,393) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation expense | 12,644 | 9,447 |
Depreciation expense | 23 | 6 |
Accretion of discounts on short-term investments, net | (1,292) | (599) |
Amortization of operating right-of-use assets | 93 | 83 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 837 | 1,396 |
Deposits and other long-term assets | 47 | (18) |
Accounts payable | 2,204 | 4,379 |
Accrued expenses and other current liabilities | (1,765) | 1,810 |
Operating lease liabilities | (108) | (96) |
Net cash used in operating activities | (49,729) | (25,985) |
Cash flows from investing activities | ||
Cash paid for purchase of short-term investments | (47,162) | (160,014) |
Proceeds from maturity of short-term investments | 136,450 | 148,847 |
Cash paid for purchase of property and equipment | 0 | (26) |
Net Cash provided by (used) in investing activities | 89,288 | (11,193) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock upon stock option exercises | 48 | 1,184 |
Cash provided by financing activities | 48 | 1,184 |
Net increase (decrease) in cash and cash equivalents | 39,607 | (35,994) |
Cash and cash equivalents, beginning of period | 230,784 | 85,262 |
Cash and cash equivalents, end of period | $ 270,391 | $ 49,268 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | The Company’s directors and Section 16 officers (as defined in Rule 16a-1(f) under the Exchange Act) are only permitted to trade in the Company’s securities pursuant to a prearranged trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act (a “Rule 10b5-1 Plan”). During the three months ended March 31, 2024, the Company’s General Counsel and Chief Compliance Officer adopted a new Rule 10b5-1 Plan. The Plan (as defined below) were entered into during an open trading window in accordance with the Company’s Insider Trading Policy. On February 28, 2024 , Adam Dubow , our General Counsel and Chief Compliance Officer entered into a pre-arranged written stock sale plan in accordance with Rule 10b5-1 (the “Dubow Rule 10b5-1 Plan”) under the Exchange Act for the sale of shares of our common stock. The Dubow Rule 10b5-1 Plan was entered into during an open trading window in accordance with our policies regarding transactions in our securities and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Dubow Rule 10b5-1 Plan provides for the potential sale of shares of our common stock, including upon the vesting and settlement of restricted stock units/vesting and exercise of stock options, so long as the market price of our common stock is higher than certain minimum threshold prices specified in the Dubow Rule 10b5-1 Plan, between May 29, 2024 and June 30, 2025 . The aggregate number of shares of common stock that will be available for sale under the Dubow Rule 10b5-1 Plan is not yet determinable because the shares available will be net of shares sold to satisfy tax withholding obligations that arise in connection with the vesting and settlement of such restricted stock unit awards. As such, for purposes of this disclosure, the aggregate number of shares of common stock available for sale is approximately 62,000 , which reflects the aggregate maximum number of shares underlying Adam Dubow’s restricted stock units which may be sold, without excluding the shares that will be sold to satisfy the tax withholding obligations. The Dubow Rule 10b5-1 Plan expires on June 30, 2025 . |
Adam Dubow [Member] | |
Trading Arrangements, by Individual | |
Name | Adam Dubow |
Title | General Counsel and Chief Compliance Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | February 28, 2024 |
Arrangement Duration | 32 days |
Aggregate Available | 62,000 |
Trd Arr Expiration Date | June 30, 2025 |
Description of Business and Org
Description of Business and Organization | 3 Months Ended |
Mar. 31, 2024 | |
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 commercial-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 | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission, or SEC, and should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024. The condensed financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in 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 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 financial statements, and the reported amounts of expenses during the reporting period. Estimates and assumptions made in the accompanying condensed 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. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which requires incremental disclosure of segment information on an interim and annual basis. This ASU is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective application to all prior periods presented in the financial statements is required for public entities. The Company is currently evaluating the effect of this update on its financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures by requiring disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The ASU is effective for fiscal years beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the effect of this update on its financial statement disclosures. |
Recurring Fair Value Measuremen
Recurring Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 71,447 $ — $ — $ 71,447 U.S. treasury securities — 149,855 — 149,855 U.S. government agency securities — 81,216 — 81,216 Total assets measured at fair value $ 71,447 $ 231,071 $ — $ 302,518 December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 47,003 $ — $ — $ 47,003 U.S. treasury securities — 246,208 — 246,208 U.S. government agency securities — 63,202 — 63,202 Total assets measured at fair value $ 47,003 $ 309,410 $ — $ 356,413 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 March 31, 2024 and December 31, 2023. 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): March 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 71,447 $ — $ — $ 71,447 U.S. government agency securities 81,216 — — 81,216 U.S. treasury securities 102,302 — — 102,302 Total cash equivalents 254,965 — — 254,965 Short-term investments U.S. treasury securities 47,557 — ( 4 ) 47,553 Total short-term investments $ 47,557 $ — $ ( 4 ) $ 47,553 December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 47,003 $ — $ — $ 47,003 U.S. government agency securities 63,202 — — 63,202 U.S. treasury securities 110,645 — — 110,645 Total cash equivalents 220,850 — — 220,850 Short-term investments U.S. treasury securities 135,554 9 — 135,563 Total short-term investments $ 135,554 $ 9 $ — $ 135,563 The following table summarizes the maturities of our cash equivalents and available-for-sale securities (in thousands): March 31, 2024 Amortized Cost Fair Value Mature in one year or less $ 302,522 $ 302,518 Total $ 302,522 $ 302,518 December 31, 2023 Amortized Cost Fair Value Mature in one year or less $ 356,404 $ 356,413 Total $ 356,404 $ 356,413 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 March 31, 2024 and December 31, 2023 , there were no securities that were in an unrealized loss position for more than 12 months. As of March 31, 2024 , the unrealized losses, if any, on the Company’s short-term investments 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 | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Items | 4. Balance Sheet Items Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, Prepaid research and development expenses $ 4,577 $ 5,657 Prepaid insurance 384 918 Other prepaid expenses and other assets 3,129 2,352 Total prepaid expenses and other current assets $ 8,090 $ 8,927 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, Accrued research and development expenses $ 16,273 $ 12,643 Accrued payroll related expenses 4,087 9,165 Accrued professional service expenses 3,525 3,675 Other 874 1,041 Total accrued expenses and other current liabilities $ 24,759 $ 26,524 |
Significant Agreements
Significant Agreements | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Agreements | 5. Significant Agreements Takeda asset purchase agreement On December 16, 2019, a subsidiary of the Company 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. Effective December 31, 2021, the subsidiary was merged with and into the Company, with the Company being the surviving corporation and assuming the subsidiary’s obligations under the Takeda Assets Purchase Agreement. Pursuant to the Takeda Asset Agreement, the Company purchased certain technology rights and know-how related to TAK-580 (which is now OJEMDA (tovorafenib)) that provides a new approach for treating patients with primary brain tumors or brain metastases of solid tumors. The Company 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 the Company its exclusive license agreement, or the Viracta License Agreement, with Viracta Therapeutics, Inc. (f/k/a Sunesis Pharmaceuticals, Inc.), or Viracta. Takeda also granted the Company 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 the Company 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. 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 the Company ceases 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 the Company's 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. In consideration for the sale and assignment of assets and the grant of the license under the Takeda Asset Agreement, the Company made an upfront payment of $ 1.0 million in cash and issued 9,857,143 shares of Series A redeemable convertible preferred stock in the Company’s subsidiary 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 the Company’s subsidiary. 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 the Company’s subsidiary for 6,470,382 shares of the Company's common stock upon the effectiveness of the conversion, on May 26, 2021. Viracta license agreement On December 16, 2019, a subsidiary of the Company amended and restated the Viracta License Agreement that was assigned pursuant to the Takeda Asset Agreement. Effective December 31, 2021, the subsidiary was merged with and into the Company, with the Company being the surviving corporation and assuming the subsidiary’s obligations under Viracta License Agreement. Under the Viracta License Agreement, the Company 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. 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. The Company 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. The Company paid $ 2.0 million upfront in cash to Viracta, which was recorded as research and development expenses as the technology does not have an alternative future use. On March 4, 2024, the Company entered into an amendment to the Viracta License Agreement. As part of the amendment, the Company made a one-time payment in March 2024 to Viracta of $ 5.0 million, which was recorded as research and development expenses, in exchange for reduced future payment obligations ranging from the mid-teens to the high single-digit percentage related to the future sale or use of the priority review voucher received as disclosed in Note 11. As of March 31, 2024 , the Company could be required to make additional milestone payments of up to $ 49.0 million upon achievement of specified development and regulatory milestones for each licensed product in two indications, with milestones payable for the second indication upon achievement of a specified milestone event being lower than milestones payable for the first indication. Subsequent to March 31, 2024, a milestone related to the Viracta License Agreement was achieved as disclosed in Note 11. Commencing on the first commercial sale of a licensed product in a country, the Company is obligated to pay tiered royalties ranging in the mid-single-digit percentages on net sales of licensed products. 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. License agreement with Merck KGaA, Darmstadt, Germany On February 10, 2021, a subsidiary of the Company entered into a license agreement, or the MRKDG License Agreement, with Merck KGaA, Darmstadt, Germany, a pharmaceutical corporation located in Darmstadt, Germany. Effective December 31, 2021, the subsidiary was merged with and into the Company, with the Company being the surviving corporation and assuming the subsidiary’s obligations under the MRKDG License Agreement. 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. 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. 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. As of March 31, 2024 , the Company could be required to make additional payments of up to $ 364.5 million based upon the achievement of specified development, regulatory, and commercial milestones, as well a high, single-digit royalty percentage on future net sales of licensed products, if any. Milestones and royalties are contingent upon future events and will be recorded when the milestones are achieved and when payments are due. 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 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. 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. As of March 31, 2024 , the Company could be required to make milestone payments of up to $ 309.0 million based upon achievement of specified development, regulatory, and commercial milestones for each licensed product, as well as tiered royalties ranging in the single-digit percentages 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. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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 balance sheet. The Company determined the lease incremental borrowing rate, or IBR, based on the information available at the applicable lease commencement date as the Company’s leases do not provide an implicit rate. The IBR is determined by using the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment where the asset is located. As of March 31, 2024, the weighted-average remaining lease term and weighted-average discount rate were 0.7 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 March 31, 2024 and 2023. Cash paid for amounts included in the measurement of operating lease liabilities was $ 0.1 million for each of the three months ended March 31, 2024 and 2023. Variable payments expensed during the three months ended March 31, 2024 and 2023 were immaterial. As of March 31, 2024, the future lease obligations were as follows (in thousands): March 31, Remaining in 2024 $ 308 Total future minimum lease payments 308 Less: imputed interest ( 8 ) Present value of operating lease liabilities 300 Less: current portion of operating lease liabilities ( 300 ) Operating lease liabilities $ - 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 March 31, 2024 and December 31, 2023 , there were no amounts accrued related to termination and cancellation charges as these are not probable. License Agreements The Company entered into the license agreements, as disclosed in Note 5, pursuant to which the Company is required to pay milestones contingent upon meeting specific events. The first milestone of $ 2.5 million, related to the MRKDG License Agreement, was achieved and recorded to research and development during the year ended December 31, 2022. The second milestone of $ 5.0 million, related to the Viracta License Agreement, was achieved and recorded to research and development expense during the year ended December 31, 2023. The Company may be required to pay royalties on sales of products developed under these agreements. All products are in development as of March 31, 2024 and no such royalties were due. Subsequent to March 31, 2024, the U.S. Federal Drug Administration, or the FDA, approved the Company's New Drug Applications, or NDAs, for the tablet formulation and for the powder solution formulation of OJEMDA for the treatment of patients 6 months of age and older with relapsed or refractory pLGG harboring a BRAF fusion or rearrangement, or BRAF V600 mutation as disclosed in Note 11. Commencing on the first commercial sale of OJEMDA in a country, the Company is obligated to pay tiered royalties ranging in the mid-single-digit percentages on net sales of licensed products under the Viracta License Agreement. Purchase Commitments To support product needs for OJEMDA, the Company has entered into a manufacturing and supply agreement with Quotient Sciences - Philadelphia, LLC 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 $ 16.7 million, in aggregate, as of March 31, 2024. For the three months ended March 31, 2024 , the Company made purchases of $ 0.5 million 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 March 31, 2024 and December 31, 2023 . |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024, 87,377,163 shares of common stock were issued and outstanding. The Company has reserved shares of common stock for future issuances as follows: March 31, Common stock options issued and outstanding 12,404,090 Common stock available for future grants 3,409,984 Common stock available for ESPP 2,593,187 Restricted stock units issued and outstanding 2,243,998 Total 20,651,259 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 The Company has 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 $ 250.0 million under an at-the-market offering program, or the ATM. The Company has no obligation to sell any shares and could at any time suspend solicitations and offers under the ATM. No shares of the Company’s common stock have been sold under the ATM as of March 31, 2024. 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 | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Share-based Compensation | 8. Share-based Compensation Share-based compensation expense recorded in the accompanying condensed statements of operations is as follows (in thousands): Three Months Ended 2024 2023 Research and development expense $ 4,653 $ 3,380 General and administrative expense 7,991 6,067 Total share-based compensation expense $ 12,644 $ 9,447 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. 2021 Equity Incentive Plan 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. Stock Options The following table provides a summary of stock option activity during the three months ended March 31, 2024. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2023 10,211,758 $ 17.10 Granted 2,277,282 $ 14.42 Exercised ( 4,862 ) $ 9.90 $ 31 Forfeiture ( 80,088 ) $ 17.85 Outstanding at March 31, 2024 12,404,090 $ 16.61 8.3 $ 16,445 Vested and expected to vest at March 31, 2024 12,338,890 $ 16.62 8.3 $ 16,362 Exercisable at March 31, 2024 5,485,361 $ 16.81 7.7 $ 5,330 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 intrinsic value of options exercised during the three months ended March 31, 2024 and 2023 was less than $ 0.1 million and $ 0.6 million, respectively. The total fair value of options that vested during the three months ended March 31, 2024 and 2023 was $ 7.9 million and $ 6.3 million, respectively. The weighted-average grant date fair value of options granted during the three months ended March 31, 2024 and 2023 was $ 9.31 per share and $ 16.63 per share, respectively. Unamortized share-based compensation for stock options as of March 31, 2024 was $ 69.3 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 2024 2023 Expected term (in years) 5.77 - 6.74 5.86 - 6.25 Expected volatility 68.27 % - 70.57 % 80.79 % - 81.98 % Risk-free interest rate 3.90 % - 4.31 % 3.55 % - 4.08 % Expected dividend yield — — Restricted Stock Units The following table provides a summary of restricted stock units activity during the three months ended March 31, 2024: Number of Weighted Average Unvested restricted stock units at December 31, 2023 1,031,545 $ 18.27 Granted 1,390,330 $ 14.45 Vested ( 157,724 ) $ 17.17 Forfeiture ( 20,153 ) $ 17.55 Unvested restricted stock units at March 31, 2024 2,243,998 $ 15.99 Unamortized share-based compensation for restricted stock units as of March 31, 2024 was $ 32.9 million, which is expected to be recognized over a weighted-average period of 3.2 years. Restricted Stock Awards The following table provides a summary of the unvested common stock awards activity during the three months ended March 31, 2024. Number of Weighted Average Unvested common stock as of December 31, 2023 747,679 $ 16.00 Vested ( 191,885 ) $ 16.00 Forfeiture ( 12,555 ) $ 16.00 Unvested common stock as of March 31, 2024 543,239 $ 16.00 Unamortized share-based compensation for restricted stock awards as of March 31, 2024 was $ 2.8 million, which is expected to be recognized over a weighted-average period of 0.9 years. 2021 Employee Stock Purchase Plan In May 2021, the board of directors adopted and the stockholders approved the 2021 Employee Stock Purchase Plan, or the ESPP, which became effective on May 26, 2021. A total of 603,000 shares of common stock were initially reserved for issuance under the ESPP. The number of shares of the common stock reserved for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2021 and continuing for each fiscal year until, and including, the fiscal year commencing on January 1, 2031, by the lesser of: (a) 1 % of the total number of outstanding shares of common stock of the Company (on an as converted basis outstanding on the immediately preceding December 31 (rounded down to the nearest whole share)) and (b) an amount determined by the board of directors. 236,187 shares have been issued under the ESPP as of March 31, 2024. The Company recognized compensation expense related to the ESPP of $ 0.2 million for each of the three months ended March 31, 2024 and 2023. For the three months ended March 31, 2024 and 2023, the Company has not issued any shares pursuant to the ESPP. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2024 | |
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 2024 2023 Net loss attributable to common stockholders $ ( 62,412 ) $ ( 42,393 ) Net loss per share, basic and diluted $ ( 0.72 ) $ ( 0.59 ) Weighted-average number of common shares used in computing net loss per share, basic and diluted 86,679,282 71,972,888 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 March 31, 2024 2023 Stock options 12,404,090 9,292,431 Unvested common shares 543,239 1,449,724 Restricted stock units 2,243,998 964,700 Shares committed under ESPP 100,753 47,099 Total 15,292,080 11,753,954 |
Defined Contribution Plan
Defined Contribution Plan | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and 2023 , the Company made matching contributions of $ 0.6 million and $ 0.8 million, respectively. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Event | 11. Subsequent Event On April 23, 2024, the FDA approved the Company's NDAs for the tablet formulation and for the powder solution formulation of OJEMDA for the treatment of patients 6 months of age and older with relapsed or refractory pLGG harboring a BRAF fusion or rearrangement, or BRAF V600 mutation. With the approval, the Company received a rare pediatric disease priority review voucher from the FDA. Per the terms of the Viracta License Agreement, a $ 9.0 million payment is due to Viracta for the achievement of this milestone. |
Summary of Significant Accou_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission, or SEC, and should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024. The condensed financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in 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 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 financial statements, and the reported amounts of expenses during the reporting period. Estimates and assumptions made in the accompanying condensed 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. |
Recently Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which requires incremental disclosure of segment information on an interim and annual basis. This ASU is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective application to all prior periods presented in the financial statements is required for public entities. The Company is currently evaluating the effect of this update on its financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures by requiring disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The ASU is effective for fiscal years beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the effect of this update on its financial statement disclosures. |
Recurring Fair Value Measurem_2
Recurring Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): March 31, 2024 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 71,447 $ — $ — $ 71,447 U.S. treasury securities — 149,855 — 149,855 U.S. government agency securities — 81,216 — 81,216 Total assets measured at fair value $ 71,447 $ 231,071 $ — $ 302,518 December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Money market funds $ 47,003 $ — $ — $ 47,003 U.S. treasury securities — 246,208 — 246,208 U.S. government agency securities — 63,202 — 63,202 Total assets measured at fair value $ 47,003 $ 309,410 $ — $ 356,413 |
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): March 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 71,447 $ — $ — $ 71,447 U.S. government agency securities 81,216 — — 81,216 U.S. treasury securities 102,302 — — 102,302 Total cash equivalents 254,965 — — 254,965 Short-term investments U.S. treasury securities 47,557 — ( 4 ) 47,553 Total short-term investments $ 47,557 $ — $ ( 4 ) $ 47,553 December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Cash equivalents: Money market funds $ 47,003 $ — $ — $ 47,003 U.S. government agency securities 63,202 — — 63,202 U.S. treasury securities 110,645 — — 110,645 Total cash equivalents 220,850 — — 220,850 Short-term investments U.S. treasury securities 135,554 9 — 135,563 Total short-term investments $ 135,554 $ 9 $ — $ 135,563 |
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): March 31, 2024 Amortized Cost Fair Value Mature in one year or less $ 302,522 $ 302,518 Total $ 302,522 $ 302,518 December 31, 2023 Amortized Cost Fair Value Mature in one year or less $ 356,404 $ 356,413 Total $ 356,404 $ 356,413 |
Balance Sheet Items (Tables)
Balance Sheet Items (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, Prepaid research and development expenses $ 4,577 $ 5,657 Prepaid insurance 384 918 Other prepaid expenses and other assets 3,129 2,352 Total prepaid expenses and other current assets $ 8,090 $ 8,927 |
Schedule of Accrued expenses and other current liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, Accrued research and development expenses $ 16,273 $ 12,643 Accrued payroll related expenses 4,087 9,165 Accrued professional service expenses 3,525 3,675 Other 874 1,041 Total accrued expenses and other current liabilities $ 24,759 $ 26,524 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Lease Obligations | As of March 31, 2024, the future lease obligations were as follows (in thousands): March 31, Remaining in 2024 $ 308 Total future minimum lease payments 308 Less: imputed interest ( 8 ) Present value of operating lease liabilities 300 Less: current portion of operating lease liabilities ( 300 ) Operating lease liabilities $ - |
Common Stock (Tables)
Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, Common stock options issued and outstanding 12,404,090 Common stock available for future grants 3,409,984 Common stock available for ESPP 2,593,187 Restricted stock units issued and outstanding 2,243,998 Total 20,651,259 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Restricted Stock Units Activity | The following table provides a summary of restricted stock units activity during the three months ended March 31, 2024: Number of Weighted Average Unvested restricted stock units at December 31, 2023 1,031,545 $ 18.27 Granted 1,390,330 $ 14.45 Vested ( 157,724 ) $ 17.17 Forfeiture ( 20,153 ) $ 17.55 Unvested restricted stock units at March 31, 2024 2,243,998 $ 15.99 |
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 statements of operations is as follows (in thousands): Three Months Ended 2024 2023 Research and development expense $ 4,653 $ 3,380 General and administrative expense 7,991 6,067 Total share-based compensation expense $ 12,644 $ 9,447 |
Summary of The Unvested Common Stock | The following table provides a summary of the unvested common stock awards activity during the three months ended March 31, 2024. Number of Weighted Average Unvested common stock as of December 31, 2023 747,679 $ 16.00 Vested ( 191,885 ) $ 16.00 Forfeiture ( 12,555 ) $ 16.00 Unvested common stock as of March 31, 2024 543,239 $ 16.00 |
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 2024 2023 Expected term (in years) 5.77 - 6.74 5.86 - 6.25 Expected volatility 68.27 % - 70.57 % 80.79 % - 81.98 % Risk-free interest rate 3.90 % - 4.31 % 3.55 % - 4.08 % Expected dividend yield — — |
2021 Equity Incentive 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 during the three months ended March 31, 2024. Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2023 10,211,758 $ 17.10 Granted 2,277,282 $ 14.42 Exercised ( 4,862 ) $ 9.90 $ 31 Forfeiture ( 80,088 ) $ 17.85 Outstanding at March 31, 2024 12,404,090 $ 16.61 8.3 $ 16,445 Vested and expected to vest at March 31, 2024 12,338,890 $ 16.62 8.3 $ 16,362 Exercisable at March 31, 2024 5,485,361 $ 16.81 7.7 $ 5,330 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 2024 2023 Net loss attributable to common stockholders $ ( 62,412 ) $ ( 42,393 ) Net loss per share, basic and diluted $ ( 0.72 ) $ ( 0.59 ) Weighted-average number of common shares used in computing net loss per share, basic and diluted 86,679,282 71,972,888 |
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 March 31, 2024 2023 Stock options 12,404,090 9,292,431 Unvested common shares 543,239 1,449,724 Restricted stock units 2,243,998 964,700 Shares committed under ESPP 100,753 47,099 Total 15,292,080 11,753,954 |
Summary of Significant Accou_3
Summary of Significant Accounting Policies - Additional Information (Detail) - shares | Mar. 31, 2024 | Dec. 31, 2023 |
Accounting Policies [Line Items] | ||
Common Stock, Shares Outstanding | 87,377,163 | 87,227,132 |
Recurring Fair Value Measurem_3
Recurring Fair Value Measurement - Schedule of fair value, assets and liabilities measured on recurring basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | $ 71,447 | $ 47,003 |
U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 102,302 | 110,645 |
U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 81,216 | 63,202 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 302,518 | 356,413 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 71,447 | 47,003 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 231,071 | 309,410 |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 0 | 0 |
Fair Value, Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 71,447 | 47,003 |
Fair Value, Recurring | Money market funds | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 71,447 | 47,003 |
Fair Value, Recurring | Money market funds | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 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] | ||
Cash and cash equivalents, fair value disclosure | 0 | 0 |
Fair Value, Recurring | U.S. treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 149,855 | 246,208 |
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] | ||
Cash and cash equivalents, fair value disclosure | 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] | ||
Cash and cash equivalents, fair value disclosure | 149,855 | 246,208 |
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] | ||
Cash and cash equivalents, fair value disclosure | 0 | 0 |
Fair Value, Recurring | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 81,216 | 63,202 |
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] | ||
Cash and cash equivalents, fair value disclosure | 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] | ||
Cash and cash equivalents, fair value disclosure | 81,216 | 63,202 |
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] | ||
Cash and cash equivalents, fair value disclosure | $ 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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents, amortized cost | $ 270,391 | $ 230,784 |
Marketable securities | ||
Cash and Cash Equivalents [Line Items] | ||
Debt securities, available-for-sale, amortized cost | 47,557 | 135,554 |
Debt securities, available-for-sale, unrealized gain | 0 | 9 |
Debt securities, available-for-sale, unrealized loss | (4) | 0 |
Debt securities, available-for-sale, estimated fair value | 47,553 | 135,563 |
Cash equivalents | ||
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents, amortized cost | 254,965 | 220,850 |
Cash equivalents, unrealized gains | 0 | 0 |
Cash equivalents, unrealized losses | 0 | 0 |
Cash and cash equivalents, fair value disclosure | 254,965 | 220,850 |
Money market funds | ||
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents, amortized cost | 71,447 | 47,003 |
Cash equivalents, unrealized gains | 0 | 0 |
Cash equivalents, unrealized losses | 0 | 0 |
Cash and cash equivalents, fair value disclosure | 71,447 | 47,003 |
U.S. government agency securities | ||
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents, amortized cost | 81,216 | 63,202 |
Cash equivalents, unrealized gains | 0 | 0 |
Cash equivalents, unrealized losses | 0 | 0 |
Cash and cash equivalents, fair value disclosure | 81,216 | 63,202 |
U.S. treasury securities | ||
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents, amortized cost | 102,302 | 110,645 |
Cash equivalents, unrealized gains | 0 | 0 |
Cash equivalents, unrealized losses | 0 | 0 |
Cash and cash equivalents, fair value disclosure | 102,302 | 110,645 |
Debt securities, available-for-sale, amortized cost | 47,557 | 135,554 |
Debt securities, available-for-sale, unrealized gain | 0 | 9 |
Debt securities, available-for-sale, unrealized loss | (4) | 0 |
Debt securities, available-for-sale, estimated fair value | $ 47,553 | $ 135,563 |
Recurring Fair Value Measurem_5
Recurring Fair Value Measurement - Schedule of maturities of available-for-sale marketable securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Line Items] | ||
Amortized cost, mature in one year or less | $ 302,522 | $ 356,404 |
Amortized cost, total | 302,522 | 356,404 |
Fair value, mature in one year or less | 302,518 | 356,413 |
Fair value, total | $ 302,518 | $ 356,413 |
Recurring Fair Value Measurem_6
Recurring Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid research and development expenses | $ 4,577 | $ 5,657 |
Prepaid insurance | 384 | 918 |
Other prepaid expenses and other assets | 3,129 | 2,352 |
Total prepaid expenses and other current assets | $ 8,090 | $ 8,927 |
Balance Sheet Items - Summary_2
Balance Sheet Items - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | $ 185 | $ 208 |
Balance Sheet Items - Summary_3
Balance Sheet Items - Summary of Accrued expenses and other current liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accrued research and development expenses | $ 16,273 | $ 12,643 |
Accrued payroll related expenses | 4,087 | 9,165 |
Accrued professional service expenses | 3,525 | 3,675 |
Other | 874 | 1,041 |
Total accrued expenses and other current liabilities | $ 24,759 | $ 26,524 |
Significant Agreements - Additi
Significant Agreements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 04, 2024 | May 26, 2021 | Dec. 16, 2019 | Mar. 31, 2024 | |
Takeda Asset Agreement [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Upfront of cash payment | $ 1 | |||
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 | $ 9.9 | |||
Issuance of Series B redeemable convertible preferred shares for cash, net of issuance costs, shares | 9,857,143 | |||
Merck License Agreement [Member] | Research And Development Expense | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Upfront payment | $ 8 | |||
Merck License Agreement [Member] | Research And Development Expense | Maximum [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Milestone payments not yet paid | 364.5 | |||
Viracta License Agreement [Member] | Research And Development Expense | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Upfront payment | $ 5 | |||
Upfront of cash payment | 2 | |||
Sprint Bioscience Agreement [Member] | Research And Development Expense | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Upfront payment | 3 | |||
Payment of Milestones | 49 | |||
Sprint Bioscience Agreement [Member] | Research And Development Expense | Maximum [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Milestone payments not yet paid | $ 309 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Future Lease Obligations (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Remaining in 2024 | $ 308 | |
Total future minimum lease payments | 308 | |
Less: Imputed interest | (8) | |
Present value of operating lease liabilities | 300 | |
Less: Current portion of operating lease liabilities | (300) | $ (408) |
Operating lease liabilities | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 USD ($) ft² | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | |||||
Operating lease term | 31 months | ||||
Amortization of operating right-of-use assets | $ 93,000 | $ 83,000 | |||
Operating lease payments | $ 1,100,000 | ||||
Research and development | $ 40,210,000 | 27,828,000 | |||
Weighted average remaining lease term | 8 months 12 days | ||||
Weighted average discount rate percent | 9% | ||||
Research And Development Agreements | |||||
Lessee, Lease, Description [Line Items] | |||||
Termination and cancellation charges payable | $ 0 | $ 0 | |||
Viracta License Agreement | |||||
Lessee, Lease, Description [Line Items] | |||||
Research and development | 5,000,000 | ||||
Royalty fee payable | 0 | ||||
MRKDG License Agreement | |||||
Lessee, Lease, Description [Line Items] | |||||
Research and development | $ 2,500,000 | ||||
Indemnification Agreement | |||||
Lessee, Lease, Description [Line Items] | |||||
Termination and cancellation charges payable | 0 | $ 0 | |||
Purchase Commitments | |||||
Lessee, Lease, Description [Line Items] | |||||
Aggregate amount of future minimum purchase obligations | 16,700,000 | ||||
Purchases under the purchase obligation | 500,000 | ||||
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 | |||
Operating lease payments | $ 100,000 | $ 100,000 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Class of Stock [Line Items] | ||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||
Common Stock, Shares Issued | 87,377,163 | 87,227,132 | ||
Common Stock, Shares Outstanding | 87,377,163 | 87,227,132 | ||
Common stock shares reserved for future issuance | 20,651,259 | |||
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 | ||
Proceeds from the issuance of common stock | $ 161.6 | $ 250 | $ 161.4 |
Common Stock - Schedule of Comm
Common Stock - Schedule of Common Stock Shares Reserved for Future Issuance (Details) (Details) | Mar. 31, 2024 shares |
Class of Stock [Line Items] | |
Common stock shares reserved for future issuance | 20,651,259 |
Employee Stock Option | |
Class of Stock [Line Items] | |
Common stock shares reserved for future issuance | 3,409,984 |
Restricted Stock Units (RSUs) | |
Class of Stock [Line Items] | |
Common stock shares reserved for future issuance | 2,243,998 |
Employee Stock Purchase Plan | |
Class of Stock [Line Items] | |
Common stock shares reserved for future issuance | 2,593,187 |
Common Stock | |
Class of Stock [Line Items] | |
Common stock shares reserved for future issuance | 12,404,090 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
May 31, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Oct. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Issuance of common stock upon exercise of stock options, Amount | $ 48,000 | $ 1,184,000 | ||
Common stock shares reserved for future issuance | 20,651,259 | |||
Allocated share based compensation expense | $ 12,644,000 | 9,447,000 | ||
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Unamortized stock-based compensation for stock options | $ 32,900,000 | |||
Weighted-average period expected to be recognized | 3 years 2 months 12 days | |||
2021 Equity Incentive Plan | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Issuance of common stock upon exercise of stock options, Amount | $ 100,000 | 600,000 | ||
Total fair value of options | $ 7,900 | $ 6,300,000 | ||
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 | 2,277,282 | |||
Weighted-average period expected to be recognized | 8 years 3 months 18 days | |||
Granted | 2,277,282 | |||
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 | $ 9.31 | $ 16.63 | ||
Unamortized stock-based compensation for stock options | $ 69,300,000 | |||
Weighted-average period expected to be recognized | 2 years 7 months 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 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum | 1% | |||
Allocated share based compensation expense | $ 200,000 | $ 200,000 | ||
Issuance of common stock pursuant to Employee Stock Purchase Plan, Shares | 236,187 | |||
2022 Equity Inducement Plan | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Common stock shares reserved for future issuance | 1,000,000 | |||
Unvested Common Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Unamortized stock-based compensation for stock options | $ 2,800,000 | |||
Weighted-average period expected to be recognized | 10 months 24 days |
Share-based Compensation - Summ
Share-based Compensation - Summary of Stock Option Activity (Detail) - 2021 Equity Incentive Plan $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Shares, Beginning Balance | shares | 10,211,758 |
Granted | shares | 2,277,282 |
Exercised | shares | (4,862) |
Forfeiture | shares | (80,088) |
Ending Balance Outstanding at March 31, 2024 | shares | 12,404,090 |
Vested and expected to vest at March 31, 2024 | shares | 12,338,890 |
Exercisable at March 31, 2024 | shares | 5,485,361 |
Weighted Average Exercise Price Per Share, Beginning Balance | $ / shares | $ 17.1 |
Granted | $ / shares | 14.42 |
Exercised | $ / shares | 9.9 |
Forfeiture | $ / shares | 17.85 |
Weighted Average Exercise Price Per Share, Ending Balance | $ / shares | 16.61 |
Weighted Average Exercise Price Per Share, Vested and expected to vest at March 31, 2024 | $ / shares | 16.62 |
Exercisable at March 31, 2024 | $ / shares | $ 16.81 |
Weighted-Average Remaining Contractual Term, Outstanding at March 31, 2024 | 8 years 3 months 18 days |
Weighted-Average Remaining Contractual Term, Vested and expected to vest at March 31, 2024 | 8 years 3 months 18 days |
Weighted-Average Remaining Contractual Term, Exercisable at March 31, 2024 | 7 years 8 months 12 days |
Exercised | $ | $ 31 |
Outstanding at March 31, 2024 Aggregate Intrinsic Value | $ | 16,445 |
Vested and expected to vest at March 31, 2024, Aggregate Intrinsic Value | $ | 16,362 |
Exercisable at March 31, 2024 | $ | $ 5,330 |
Share-based Compensation - Su_2
Share-based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units - 2021 Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unvested restricted stock, beginning balance | shares | 1,031,545 |
Granted | shares | 1,390,330 |
Vested | shares | (157,724) |
Forfeiture | shares | (20,153) |
Unvested restricted stock, ending balance | shares | 2,243,998 |
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares | $ 18.27 |
Grant date fair value | $ / shares | 14.45 |
Vested | $ / shares | 17.17 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 17.55 |
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ / shares | $ 15.99 |
Share-based Compensation - Su_3
Share-based Compensation - Summary of The Unvested Common Stock (Detail) - Unvested Common Stock [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Shares, Unvested Common Stock, Beginning balance | shares | 747,679 |
Vested | shares | (191,885) |
Number of Shares, Forfeited | shares | (12,555) |
Number of Shares, Unvested Common Stock, Ending balance | shares | 543,239 |
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 The Black-Scholes Option Pricing Model to Estimate The Fair Value of Stock Option Granted (Detail) - Two Thousand And Twenty One Equity Incentive Plan [Member] | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 8 months 26 days | 6 years 3 months |
Expected volatility | 70.57% | 81.98% |
Risk-free interest rate | 4.31% | 4.08% |
Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected term (in years) | 5 years 9 months 7 days | 5 years 10 months 9 days |
Expected volatility | 68.27% | 80.79% |
Risk-free interest rate | 3.90% | 3.55% |
Share-based Compensation - Su_5
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-Based Payment Arrangement, Expense | $ 12,644 | $ 9,447 |
Research And Development Expense | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-Based Payment Arrangement, Expense | 4,653 | 3,380 |
General And Administrative Expense | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-Based Payment Arrangement, Expense | $ 7,991 | $ 6,067 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net loss attributable to common stockholders | $ (62,412) | $ (42,393) |
Net loss per share, basic | $ (0.72) | $ (0.59) |
Net loss per share, diluted | $ (0.72) | $ (0.59) |
Weighted-average number of common shares used in computing net loss per share, basic | 86,679,282 | 71,972,888 |
Weighted-average number of common shares used in computing net loss per share, diluted | 86,679,282 | 71,972,888 |
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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 15,292,080 | 11,753,954 |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 12,404,090 | 9,292,431 |
Unvested common shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 543,239 | 1,449,724 |
Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 2,243,998 | 964,700 |
Shares committed under ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 100,753 | 47,099 |
Defined Contribution Plan (Addi
Defined Contribution Plan (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Retirement Benefits [Abstract] | ||
Matching Contribution | $ 0.6 | $ 0.8 |
Subsequent Event (Additional In
Subsequent Event (Additional Information) (Details) $ in Millions | Apr. 23, 2024 USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Payment of Milestones | $ 9 |