Singular Genomics Systems (OMIC) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Entity Registrant Name	Singular Genomics Systems, Inc.
Entity Central Index Key	0001850906
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Trading Symbol	OMIC
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,035,957
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity File Number	001-40443
Entity Tax Identification Number	81-2948451
Entity Address, Address Line One	3010 Science Park Road
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	333-7830
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 129,283	$ 74,266
Short-term investments	96,790	170,310
Accounts receivable	14	913
Inventory	17,160	18,221
Prepaid expenses and other current assets	3,224	4,722
Total current assets	246,471	268,432
Right-of-use lease assets	44,873	45,896
Property and equipment, net	11,259	10,784
Restricted cash	1,711	1,711
Other noncurrent assets	1,152	1,152
Total assets	305,466	327,975
Current liabilities:
Accounts payable	1,977	3,099
Accrued expenses	3,353	4,583
Lease liabilities, current	6,952	6,323
Other current liabilities	208	113
Total current liabilities	12,490	14,118
Lease liabilities, non current	41,550	42,456
Long-term debt, net of issuance costs	10,103	10,065
Other noncurrent liabilities	998	1,015
Total liabilities	65,141	67,654
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.0001 par value; 400,000,000 shares authorized, 71,995,966 and 71,854,688 shares outstanding at March 31, 2023 and December 31, 2022, respectively	7	7
Additional paid-in capital	507,117	503,926
Accumulated other comprehensive loss	(391)	(837)
Accumulated deficit	(266,408)	(242,775)
Total stockholders' equity	240,325	260,321
Total liabilities and stockholders' equity	305,466	327,975
Series A Common Stock Equivalent Convertible Preferred Stock [Member]
Stockholders' equity:
Series A common stock equivalent convertible preferred stock, $0.0001 par value; 7,000 shares authorized, 2,500 and no shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	$ 0	$ 0

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares outstanding	71,995,966	71,854,688
Series A Common Stock Equivalent Convertible Preferred Stock [Member]
Temporary equity, par value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	7,000	7,000
Temporary equity, shares issued	2,500	2,500
Temporary equity, shares outstanding	2,500	2,500

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 863	$ 0
Cost of revenue	807	0
Gross Profit, Total	56	0
Operating expenses:
Research and development	12,230	10,645
Selling, general and administrative	13,204	11,375
Total operating expenses	25,434	22,020
Operating Income (Loss), Total	(25,378)	(22,020)
Other income (expense):
Interest expense	(259)	(142)
Interest and other income	2,004	156
Total other income (expense)	1,745	14
Net loss	$ (23,633)	$ (22,006)
Earnings Per Share, Basic	$ (0.33)	$ (0.31)
Earnings Per Share, Diluted	$ (0.33)	$ (0.31)
Weighted Average Number of Shares Outstanding, Basic	71,926,412	71,011,041
Weighted Average Number of Shares Outstanding, Diluted	71,926,412	71,011,041

Statements of Comprehensive Los

Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net loss	$ (23,633)	$ (22,006)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale securities	446	(629)
Comprehensive loss	$ (23,187)	$ (22,635)

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock [Member]	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit [Member]
Balance at Dec. 31, 2021			$ 7
Balance (in shares) at Dec. 31, 2021	336,173		72,438,742		488,200	(138)	(151,896)
Exchange of common stock for Series A Common Stock Equivalent Convertible Preferred Stock, shares			(2,500,000)	2,500
Vesting of common stock issued for early exercise of stock options	$ 344				$ 344
Vesting of common stock issued for early exercise of stock options (in shares)			505,322
Issuance of common stock in connection with exercise of stock options	34				34
Issuance of common stock in connection with exercise of stock options (in shares)			65,399
Stock-based compensation	3,566				3,566
Unrealized gain (loss) on available- for-sale marketable securities	(629)					$ (629)
Net loss	(22,006)						$ (22,006)
Balance at Mar. 31, 2022	317,482		$ 7		492,144	(767)	(173,902)
Balance (in shares) at Mar. 31, 2022			70,509,463	2,500
Temporary equity, Balance (in shares) at Dec. 31, 2022		2,500
Balance at Dec. 31, 2022	260,321		$ 7		503,926	(837)	(242,775)
Balance (in shares) at Dec. 31, 2022			71,854,688	2,500
Vesting of common stock issued for early exercise of stock options	97				97
Vesting of common stock issued for early exercise of stock options (in shares)			121,799
Issuance of common stock in connection with exercise of stock options	$ 13				13
Issuance of common stock in connection with exercise of stock options (in shares)	19,479		19,479
Stock-based compensation	$ 3,081				3,081
Unrealized gain (loss) on available- for-sale marketable securities	446					446
Net loss	(23,633)						(23,633)
Temporary equity, Balance (in shares) at Mar. 31, 2023		2,500
Balance at Mar. 31, 2023	$ 240,325		$ 7		$ 507,117	$ (391)	$ (266,408)
Balance (in shares) at Mar. 31, 2023			71,995,966	2,500

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net loss	$ (23,633)	$ (22,006)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	3,081	3,566
Amortization of premium on short-term investments	1,327	1,174
Amortization of right-of-use lease assets	1,024	641
Depreciation	793	461
Accretion of debt issuance costs	38	37
Changes in operating assets and liabilities:
Accounts receivable	899	0
Inventory	831	(3,318)
Prepaid expenses and other current assets	1,031	1,648
Other noncurrent assets	0	(1,111)
Accounts payable	(1,781)	1,013
Accrued expenses	(1,447)	(1,367)
Other current liabilities	92	0
Lease liabilities	(276)	(550)
Other noncurrent liabilities	87	(27)
Net cash used in operating activities	(17,934)	(19,839)
Investing activities
Purchases of short-term investments	(7,018)	(35,193)
Maturities of shot-term investments	72,144	34,184
Sales of short-term investments	7,981	10,334
Purchases of property and equipment	(162)	(939)
Net cash used in investing activities	72,945	8,386
Financing activities
Proceeds from issuance of common stock under equity incentive plans, net of repurchases	13	34
Repurchases of common stock under equity incentive plans	(7)	(11)
Net cash provided by financing activities	6	23
Net (decrease) increase in cash and cash equivalents and restricted cash	55,017	(11,430)
Cash and cash equivalents and restricted cash, beginning of year	75,977	201,736
Cash and cash equivalents and restricted cash, end of year	130,994	190,306
Supplemental disclosure for cash activities
Interest paid	216	105
Supplemental disclosure for non-cash activities
Inventory transferred to property and equipment	1,009	0
Purchases of inventory included in accounts payable	562	0
Purchases of inventory included in accrued expenses	217	0
Vesting of common stock issued for early exercise of stock options	97	344
Purchase of property and equipment included in accounts payable	97	164
Initial lease liability recognized upon adoption of ASC 842	$ 0	$ 7,074

Business

Business	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	1. Business Description of Business Singular Genomics Systems, Inc. (the “Company”) is a life science technology company that develops next-generation sequencing and multiomics technologies. The commercially available G4 Sequencing Platform is a powerful, highly versatile benchtop genomic sequencer designed to produce fast and accurate results. In development, the PX system leverages the Company’s proprietary sequencing technology, applying it as an in situ readout to look at RNA and proteins in single cells and tissue. With these products, the Company’s mission is to empower researchers and clinicians to advance science and medicine. The Company was incorporated in the state of Delaware in June 2016 and has its principal operations in San Diego, California. Liquidity and Capital Resources The Company has incurred net losses since inception and, as of March 31, 2023 and December 31, 2022, had an accumulated deficit of $ 266.4 million and $ 242.8 million , respectively. The Company has a limited operating history, and the revenue and income potential of the Company’s business are unproven. From incorporation in June 2016 through March 31, 2023, substantially all of the Company’s operations have been funded by the sales of equity securities and issuances of debt. As of March 31, 2023, the Company had cash, cash equivalents and short-term investments of $ 226.1 million . The Company believes that its cash, cash equivalents and short-term investments as of March 31, 2023 are sufficient to fund its operations for at least 12 months from the issuance date of the accompanying unaudited financial statements .

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for annual financial statements have been omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for fair presentation, have been included. Interim financial results are not necessarily indicative of results anticipated for the full year. The preparation of the Company’s unaudited financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may significantly differ from these estimates and assumptions. For the year ended December 31, 2022, significant estimates and assumptions include the value of lease liabilities and right-of-use lease assets. There were no changes to the Company's significant estimates and assumptions subsequent to December 31, 2022 . Summary of Significant Accounting Policies During the three months ended March 31, 2023, other than the policies described below, there were no changes to the Company’s significant accounting policies as described in Note 2 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets (in thousands): March 31, December 31, 2023 2022 Cash and cash equivalents $ 129,283 $ 74,266 Restricted cash 1,711 1,711 Total $ 130,994 $ 75,977 Short-term Investments Short-term investments primarily consisted of corporate debt securities, treasury securities, and asset-backed securities. The Company’s investments in securities are classified as current as they are available for use in current operations. The following tables summarize the short-term investments held at March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 Amortized Gross Estimated U.S. treasury securities $ 41,992 $ ( 53 ) $ 41,939 Asset-backed securities 5,407 ( 18 ) 5,389 Corporate debt securities 49,782 ( 320 ) 49,462 Total $ 97,181 $ ( 391 ) $ 96,790 December 31, 2022 Amortized Gross Estimated U.S. treasury securities $ 62,776 $ ( 244 ) $ 62,532 Asset-backed securities 6,351 ( 40 ) 6,311 Corporate debt securities $ 102,020 $ ( 553 ) $ 101,467 Total $ 171,147 $ ( 837 ) $ 170,310 The following table summarizes the estimated fair value of contractual maturities of available-for-sale securities held at March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, 2023 2022 Due within one year $ 90,240 $ 155,920 After one but within five years 6,550 14,390 Total $ 96,790 $ 170,310 As of March 31, 2023, the Company considered the nature and number of available-for-sale debt securities in an unrealized loss position. The Company reviews its portfolio of available-for-sale debt securities at least quarterly to determine if any investment is impaired, whether due to changes in credit risk or other potential valuation concerns. Unrealized losses on available-for-sale debt securities at March 31, 2023 were primarily due to increases in market interest rates. The Company does not intend to sell the available-for-sale debt securities that are in an unrealized loss position, and it is not more-likely-than-not that the Company will be required to sell these debt securities before recovery of their amortized cost bases, which may be at maturity. Based on the credit quality of the available-for-sale debt securities in an unrealized loss position, and the Company’s estimates of future cash flows to be collected from those securities, the Company believes the unrealized losses are not credit losses. Accordingly, the Company did not record an allowance for credit losses related to its available-for-sale debt securities at March 31, 2023 . Revenue Recognition The Company generates revenue from sales of products which consist of its G4 instrument, related consumable flow cell kits and services. Revenue from instrument sales is recognized generally upon customer acceptance. Revenue from consumables sales is recognized generally upon shipment to the customer. Revenue from services, which are primarily comprised of assurance-type services, is recognized over the applicable service period. Revenue is recorded net of discounts and sales taxes. The Company invoices its customers for instruments generally upon acceptance, for consumables generally on delivery, and for services generally in advance of the service period. Invoice terms are generally net 30 days. Cash received from customers in advance of revenue recognition is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return or a significant financing component. The Company regularly enters into contracts that include a combination of products and services, which are distinct within the context of the contract and are accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. Until the Company has sufficient volume of historical sales data for each performance obligation, the Company determines the standalone selling price using observable prices when available and with consideration of current market conditions which is primarily based on prices set by management, adjusted for applicable discounts. The Company then recognizes revenue for each performance obligation as that performance obligations is satisfied as discussed above. For the three months ended March 31, 2023 and 2022, the Company recognized $ 0.9 million and $ 0 of revenue related to sales of instruments and consumables products, respectively. Contract liabilities, which consists of deferred revenue, as of March 31, 2023 and March 31, 2022 were $ 0.3 million and $ 0 , respectively. As of March 31, 2023, $0.1 million of this balance was classified as current. Deferred revenue represents the value of performance obligations that have been invoiced but for which revenue has not yet been earned. For the three months ended March 31, 2023 , all of the Company’s revenue was generated within the United Sates. During the period, the Company generated substantially all of its revenue from three customers . Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company invests its cash equivalents in highly rated money market funds. The Company’s marketable securities consist of short-term investments in a variety of interest-bearing instruments, which have included U.S. government and agency securities, high-grade U.S. corporate bonds and asset-backed securities. Deposits may exceed federally insured limits, and the Company is exposed to credit risk on deposits with financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company is monitoring ongoing events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, including Silicon Valley Bank (“SVB”). On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver, and all of SVB’s deposits and substantially all of SVB’s assets were transferred into a new entity, Silicon Valley Bridge Bank, N.A. (“SVBB”). On March 12, 2023, the Department of the Treasury, the Federal Reserve and the FDIC jointly released a statement that depositors at SVB would have access to their funds, even those in excess of the standard FDIC insurance limits, under a systemic risk exception. Such parties also announced, among other items, that SVBB had assumed the obligations and commitments of former SVB; commitments to advance under existing credit agreements with former SVB will be honored by SVBB pursuant to the terms of such credit agreements. On March 27, 2023, First-Citizens Bank & Trust Company (“First Citizens Bank”) assumed all of SVBB’s obligations and commitments, and SVBB began operating as Silicon Valley Bank, a division of First Citizens Bank. Unless otherwise noted herein, all references to SVB or Silicon Valley Bank shall refer to Silicon Valley Bank, a division of First Citizens Bank. In light of the foregoing, the Company does not believe it has exposure to loss as a result of SVB’s receivership. During the periods presented, the Company has not experienced any losses on its cash, restricted cash, cash equivalents or marketable securities. Recent Accounting Pronouncements—Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which modifies the measurement and recognition of credit losses for most financial assets and certain other instruments. The new standard requires the use of forward-looking expected credit loss models based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount, which may result in earlier recognition of credit losses under the new standard. The new standard also requires that credit losses related to available-for-sale debt securities be recorded as an allowance through net loss rather than reducing the carrying amount under the prior, other-than-temporary-impairment model. The new standard must be adopted using the modified retrospective approach and was adopted by the Company starting January 1, 2023. The Company determined there was no cumulative-effect transition adjustment to the opening balance of accumulated deficit for recognition of credit losses upon adoption of this standard based on its assessment of the collectability of its outstanding accounts receivable and the composition and credit quality of its short-term investments.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements For accounting purposes, fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows, within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy. None of the Company’s assets or liabilities are recorded at fair value on a recurring basis other than cash, cash equivalents and short-term investments. No transfers between levels occurred during the periods presented. The fair value of short-term investments is based on market prices quoted on the last day of the fiscal period or other observable market inputs. The following tables summarize the Company’s assets measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 6,976 $ - $ - $ 6,976 Money market funds 102,226 - - 102,226 U.S. Treasury securities (original maturity of three months or less) 20,081 20,081 Total cash and cash equivalents 129,283 - - 129,283 Short-term investments: U.S. Treasury securities 41,938 - - 41,938 Corporate debt securities - 49,462 - 49,462 Asset-backed securities - 5,390 - 5,390 Total short-term investments 41,938 54,852 - 96,790 Total cash and cash equivalents and short-term investments $ 171,221 $ 54,852 $ - $ 226,073 December 31, 2022 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 48,690 $ - $ - $ 48,690 Money market funds 25,576 - - 25,576 Total cash and cash equivalents 74,266 - - 74,266 Short-term investments: U.S. Treasury securities 62,532 - - 62,532 Corporate debt securities - 101,467 - 101,467 Asset-backed securities - 6,311 - 6,311 Total short-term investments 62,532 107,778 - 170,310 Total cash and cash equivalents and short-term investments $ 136,798 $ 107,778 $ - $ 244,576

Inventory

Inventory	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventory	4. Inventory Inventory consisted of the following (in thousands): March 31, December 31, 2023 2022 Raw materials $ 12,621 $ 14,508 Work in process 4,309 3,276 Finished goods 230 437 Total inventory $ 17,160 $ 18,221

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, 2023 2022 Prepaid expenses $ 2,120 $ 3,003 Interest receivable 632 1,099 Current deposits and other current assets 472 620 Total prepaid expenses and other current assets $ 3,224 $ 4,722

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	6 . Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): March 31, December 31, Useful Life 2023 2022 Equipment 5 years $ 8,800 $ 8,656 Computers and software 3 years 3,509 2,705 Leasehold improvements 14 years or less 2,216 2,127 Furniture and fixtures 5 years or less 1,850 1,854 Instruments at customer site 5 years 231 - Total property and equipment, gross 16,606 15,342 Less: accumulated depreciation ( 5,347 ) ( 4,558 ) Total property and equipment, net $ 11,259 $ 10,784

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued Expenses	7 . Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, December 31, 2023 2022 Accrued compensation and other employee benefits $ 2,266 $ 3,580 Accrued research and development expenses 433 360 Accrued professional services 362 204 Accrued other expenses 292 439 Total accrued expenses $ 3,353 $ 4,583

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-term Debt	8 . Long-term Debt Silicon Valley Bank Loan In November 2019, the Company entered into a loan and security agreement with SVB pursuant to which SVB agreed to lend to the Company up to $ 15.0 million in a series of term loans (the “2019 SVB Loan”). Contemporaneously, the Company borrowed $ 2.5 million in the first of three draw-downs available under the 2019 SVB Loan. In March 2020, the Company borrowed an additional $ 7.5 million as a second draw. The 2019 SVB Loan was to mature on September 1, 2023 and bore interest at an annual rate equal to the greater of (i) 0.65 % above the prime rate or (ii) 5.90 %. Payment on the 2019 SVB Loan was for interest only through September 30, 2021. In addition, a final payment equal to the original principal amount of each advance multiplied by 5.50 % was to be due on the maturity date. On September 30, 2021, the Company refinanced its 2019 SVB Loan. In connection with the refinancing, the Company entered into an Amended and Restated Loan and Security Agreement (the “2021 SVB Loan,” together with the 2022 SVB Loan Amendment (defined below), the “SVB Loan”) with SVB. The 2021 SVB Loan provided for term loans in an aggregate principal amount of up to $ 35.5 million to be delivered in three tranches. The tranches consisted of: (i) a term loan advance to the Company in an aggregate principal amount of $ 10.5 million on the loan closing date (the “First Tranche”); (ii) an additional term loan advance available to the Company through September 30, 2022 in an aggregate principal amount of $ 15.0 million (the “Second Tranche”) ; and (iii) subject to SVB’s approval, a right of the Company to request that SVB make an additional term loan advance in an aggregate principal amount of $ 10.0 million. The proceeds from the First Tranche were used to repay in full the existing indebtedness under the 2019 SVB Loan. The SVB Loan matures on September 1, 2026 and bears interest at an annual rate equal to the greater of (i) 0.75 % plus the prime rate as reported in The Wall Street Journal and (ii) 4.00 %. As of March 31, 2023, the SVB Loan bears interest at an annual rate of 8.75 % . The SVB Loan has an initial interest-only period of 36 months. In addition, a final payment (the “Final Payment Fee”) equal to the original principal amount of each advance multiplied by 4.00 % will be due on the maturity date. The Final Payment Fee is recorded in other noncurrent liabilities on the balance sheet. As of March 31, 2023, the SVB Loan is recorded as noncurrent. The 2021 SVB Loan was accounted for as a debt modification, rather than an extinguishment, based on a comparison of the present value of the cash flows under the terms of the debt immediately before and after the amendment, which resulted in a change of such cash flows of less than 10%. Unamortized debt issuance costs as of the date of modification and incremental issuance costs incurred in connection with the 2021 SVB Loan will be amortized to interest expense using the effective interest method over the repayment term. On September 30, 2022, the Company entered into an amendment to the 2021 SVB Loan (the “2022 SVB Loan Amendment”). The 2022 SVB Loan Amendment extended the period to draw down the additional tranches totaling $ 25.0 million from September 30, 2022 to March 31, 2024 , provided that in order for the Company to access the Second Tranche availability the Company must achieve a six-month trailing revenue hurdle. The 2022 SVB Loan Amendment was accounted for as a debt modification, rather than an extinguishment, based on a comparison between the present value of the cash flows under the terms of the debt immediately before and after the amendment, which resulted in a change of such cash flows of less than 10%. Unamortized debt issuance costs as of the date of modification and incremental issuance costs incurred in connection with the 2022 SVB Loan Amendment will be amortized to interest expense using the effective interest method over the repayment term. On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver, and all of SVB’s deposits and substantially all of SVB’s assets were transferred into a new entity, Silicon Valley Bridge Bank, N.A. (“SVBB”). On March 12, 2023, the Department of the Treasury, the Federal Reserve and the FDIC jointly released a statement that SVBB had assumed the obligations and commitments of former SVB. On March 27, 2023, First-Citizens Bank & Trust Company (“First Citizens Bank”) assumed all of SVBB’s obligations and commitments, and SVBB began operating as Silicon Valley Bank, a division of First Citizens Bank. As of March 31, 2023 and December 31, 2022, the debt issuance costs related to the SVB Loan were $ 0.4 million . The debt issuance costs are amortized to interest expense over the term of the loan using the effective interest method. The SVB Loan and unamortized discount balances as of March 31, 2023 and December 31, 2022 are shown below (in thousands): March 31, December 31, 2023 2022 Long-term debt $ 10,500 $ 10,500 Less: issuance costs ( 397 ) ( 435 ) Total long-term debt, net of issuance costs $ 10,103 $ 10,065 Future minimum payments of outstanding principal and interest under the SVB Loan are as follows (in thousands): As of March 31, 2023 2023 (9 months remaining) 623 2024 2,665 2025 5,813 2026 4,036 Total future minimum payments 13,137 Less: interest, Final Payment fee ( 2,637 ) Long-term debt 10,500 Less: issuance costs ( 397 ) Long-term debt, net of issuance costs $ 10,103 The Company is subject to customary affirmative and restrictive covenants under the SVB Loan. The Company’s obligations under the SVB Loan are secured by a first priority security interest in substantially all of the Company’s current and future assets, other than intellectual property. The Company has agreed not to encumber its intellectual property assets, except as permitted by the SVB Loan. The SVB Loan provides for events of default customary for term loan facilities of this type, including but not limited to: non-payment; breaches or defaults in the performance of covenants or representations and warranties; bankruptcy and other insolvency events of the Company; and the occurrence of a material adverse change as defined in the SVB Loan. After the occurrence of an event of default, SVB may, among other remedies, accelerate payment of all obligations. As of March 31, 2023 and December 31, 2022 , the Company was in compliance with all covenants under the SVB Loan and there had been no events of default.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9 . Commitments and Contingencies Columbia License Agreement In 2016, the Company entered into an Exclusive License Agreement (the “License Agreement”) with The Trustees of Columbia University (“Columbia”). Under the License Agreement, the Company acquired the exclusive right to use certain patents, materials and information. The License Agreement includes a number of diligence obligations that requires the Company to use commercially reasonable efforts to research, discover, develop and market Patent Products and/or Other Products (as defined in the License Agreement) by certain dates. Under the License Agreement, the Company pays an annual license fee that increases each year, until it reaches a low six-digit fee for the fifth year, and for each subsequent year, for so long as the License Agreement remains in force. The license fee was immaterial for all periods presented. For any products within the scope of the License Agreement that the Company commercializes, the Company is required to pay royalties ranging from low to mid-single digits on net sales of Patent Products and low single-digit royalty rates on net sales of Other Products. The Company can credit the yearly annual license fee against any yearly royalty fees payable to Columbia. Additionally, if the Company receives any income in connection with any sublicenses, the Company must pay Columbia a high single-digit percentage of that income. Finally, the License Agreement provides for payments to Columbia based on the Company’s achievement of certain development and commercialization milestones, which could total up to $ 3.9 million over the life of the License Agreement. As of March 31, 2023 the Company accrued $ 0.4 million related to the milestones. During the three months ended March 31, 2023, the Company paid $ 0.1 million to Columbia pursuant to the terms of the License Agreement. Operating Leases Overview of Operating Leases In November 2019, the Company entered into a lease agreement for office space in San Diego, California (the “3033 Lease”). The Company gained access to the leased space and began recognizing rent expense under this lease in May 2020. The Company has since amended the 3033 Lease to extend the lease and expand the existing premises for certain rent escalations. The term of the 3033 Lease will end 30 days following the Commencement Date of the OAS Lease (defined below). In June 2020, the Company entered into a lease agreement with ARE-SD Region No. 27, LLC (the “Landlord”) for new office and laboratory space in San Diego, California (“New HQ Lease”). The New HQ Lease term ends at the same time the OAS Lease term ends (defined below). The Landlord shall make available to the Company for use within 12 months after the commencement date a tenant improvement allowance (“TI Allowance”), which the Company will repay to the Landlord as additional rent over the base term and shall accrue interest at a rate of 8 % per annum. Upon commencement, the contractual base rent will be charged, subject to partial rent abatement, annual base rent adjustments, the Company’s share of operating expenses and additional rent for the TI Allowance actually disbursed by the Landlord. The Company gained access to the New HQ Lease space and began recognizing rent expense under this lease in April 2022. In April 2021, the Company entered into a 62-month lease agreement for additional office and manufacturing space in San Diego, California (the “MR Lease”). The lease includes certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space in June 2021 and began recognizing rent expense under this lease at that time. In January 2022, the Company entered into a Lease Agreement (the “OAS Lease”) with an affiliate of Alexandria Real Estate Equities, Inc. (“ARE”) to lease two buildings (“Building 3” and “Building 4”) to be constructed in connection with One Alexandria Square in La Jolla, California. The two buildings are comprised of office and manufacturing space and are intended to serve as the Company’s future headquarters. The term of the OAS Lease will commence when ARE’s work for Building 3 is substantially complete, which is expected to be November 1, 2024 (the “Commencement Date”). The Company’s obligation to pay rent for Building 3 will begin approximately seven months following the Commencement Date. The Company’s obligation to pay rent for Building 4 will begin 12 months following the Commencement Date, subject to the substantial completion of ARE’s work on Building 4. The Company has an option to accelerate the construction and delivery of Building 4 to be the same date as the Commencement Date for Building 3 and will receive 12 months of base rent abatement on Building 4 if it exercises this option. The initial term of the OAS Lease is 144 months following the Commencement Date. The Company has the one-time option to extend the term of the OAS Lease by 60 months upon prior notice to ARE. The annual base rent under the OAS Lease is initially based on $ 64.80 per square foot per year, or approximately $ 7.3 million per year for Building 3 and $ 6.0 million per year for Building 4, subject to annual increases of 3 % and certain other adjustments, and includes tenant improvement and warm shell allowances. Maximum tenant improvement and warm shell allowances total approximately $ 33 million. The Company will also pay for an estimated $ 24 million of certain tenant improvements plus 7 % interest per year amortized in equal monthly payments over the term of the OAS Lease. At the time of entering into the OAS Lease, the Company paid ARE $ 1.1 million as prepayment for rent and, as a security deposit, provided ARE with a $ 1.1 million standby letter of credit. Accounting for Operating Leases During the three months ended March 31, 2023, the Company incurred $ 3.0 million of lease costs, of which $ 0.9 million is related to variable lease payments, which are primarily comprised of common area maintenance, and $ 2.1 million related to straight-line operating lease cost. During the three months ended March 31, 2022 the Company incurred $ 1.1 million of lease costs, of which $ 0.1 million is related to the Company’s short-term leases and $ 0.3 million is related to variable lease payments, which are primarily comprised of common area maintenance and $ 0.7 million related to straight-line operating lease cost. As of March 31, 2023, future minimum payments under the Company’s non-cancelable operating leases that have commenced are as follows (in thousands): 2023 (9 months remaining) 5,233 2024 7,765 2025 5,560 2026 5,565 2027 5,447 2028 5,611 Thereafter 50,192 Future non-cancelable minimum lease payments 85,373 Less: discount ( 36,871 ) Total lease liabilities 48,502 Less: current portion 6,952 Lease liabilities, noncurrent $ 41,550 The total undiscounted future minimum lease payments associated with the OAS Lease are approximately $ 179.0 million and are not included in the table above. The Company did not recognize lease liabilities or corresponding ROU lease assets for the OAS Lease as its lease term had not yet commenced as of March 31, 2023. Future minimum payments under all of the Company’s non-cancelable operating leases, including those that have not yet commenced, are as follows (in thousands) : 2023 (9 months remaining) 5,233 2024 7,765 2025 10,902 2026 19,346 2027 19,657 2028 20,246 Thereafter 181,076 Total $ 264,225 Indemnification As permitted under Delaware law and in accordance with the Company’s bylaws, the Company indemnifies its officers and directors for certain events or occurrences while the officers or directors are or were serving in such capacity. The Company is also party to indemnification agreements with its officers and directors. The Company considers the fair value of the indemnification rights and agreements as minimal. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of March 31, 2023 or December 31, 2022. Other Contingencies We are not currently a party to any material legal proceedings. From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors.

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2023
Temporary Equity Disclosure [Abstract]
Preferred Stock	10 . Preferred Stock Series A Common Stock Equivalent Convertible Preferred Stock In January 2022, the Company entered into an Exchange Agreement (the “Exchange Agreement”) with Deerfield Private Design Fund IV, L.P. (the “Deerfield Holder”), pursuant to which the Deerfield Holder exchanged an aggregate of 2,500,000 shares of the Company’s common stock held by the Deerfield Holder for 2,500 shares of a newly created class of non-voting preferred stock designated as Series A Common Stock Equivalent Convertible Preferred Stock. Additionally, in connection with the issuance of the Series A Common Stock Equivalent Convertible Preferred Stock, the Company filed a Certificate of Designation, Preferences and Rights of Series A Common Stock Equivalent Convertible Preferred Stock, par value $ 0.0001 per share, of the Company with the Secretary of State of the State of Delaware. Each outstanding share of Series A Common Stock Equivalent Convertible Preferred Stock is entitled to a de minimis liquidation preference of $ 0.0001 per share. The Series A Common Stock Equivalent Convertible Preferred Stock is convertible into 1,000 shares of common stock for each share of Series A Common Stock Equivalent Convertible Preferred Stock at the option of the holder. Additionally, the ability of a holder to convert non-voting Series A Common Stock Equivalent Convertible Preferred Stock into common stock is prohibited to the extent that, upon such conversion, such holder, its affiliates and other persons whose ownership of common stock would be aggregated with that of such holder for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, would exceed 4.9 % of the total number of shares of common stock then outstanding. The Company classifies Series A Common Stock Equivalent Convertible Preferred Stock as permanent equity on the balance sheet because it is not redeemable for cash or other assets of the Company and is not considered debt under ASC 480. There are no features of the Series A Common Stock Equivalent Convertible Preferred Stock that require bifurcation and separate accounting under ASC 815. Series A Common Stock Equivalent Convertible Preferred Stock is considered a participating security for purposes of calculating earnings per share under ASC 260 because it participates in dividends ratably on an as-converted basis with common stock.

Stock Incentive Plan

Stock Incentive Plan	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plan	11 . Stock Incentive Plan s 2021 and 2016 Equity Incentive Plans The Company’s Board of Directors and stockholders adopted and approved the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) in May 2021, which was amended in July 2022. The 2021 Plan replaced the Company’s 2016 Equity Incentive Plan adopted in September 2016 (the “2016 Plan”); however, awards outstanding under the 2016 Plan will continue to be governed by their existing terms. The number of shares of the Company’s common stock that were initially available for issuance under the 2021 Plan equaled the sum of 7,500,000 shares plus 585,720 shares that were then available for issuance under the 2016 Plan. The 2021 Plan provides for the following types of awards: incentive and nonqualified stock options, stock appreciation rights, restricted shares and restricted stock units. As of March 31, 2023, 6,864,096 shares of common stock remained available for future grants under the 2021 Plan. The number of shares of common stock reserved for issuance under the 2021 Plan are increased automatically on the first day of each fiscal year, commencing in 2022 and ending in 2031, by a number equal to the lesser of: (i) 5% of the shares of common stock outstanding on the last day of the prior fiscal year; or (ii) the number of shares determined by the Company’s Board of Directors. In general, to the extent that any awards under the 2021 Plan are forfeited, terminated, expired or lapsed without the issuance of shares, or if the Company reacquires the shares subject to awards granted under the 2021 Plan, those shares will again become available for issuance under the 2021 Plan, as will shares applied to pay the exercise or purchase price of an award or to satisfy tax withholding obligations related to an award. Stock-based awards are governed by agreements between the Company and the recipients. Incentive stock options and nonqualified stock options may be granted under the 2021 Plan (and previously the 2016 Plan) at an exercise price of not less than 100 % of the fair market value of the Company’s common stock on the date of grant. The grant date is the date the terms of the award are formally approved by the Company’s Board of Directors or its designee. In August 2022, the Company completed an exchange of 984,291 options owned by eligible non-executive employees with exercise prices ranging from $ 10.99 to $ 26.23 for the same number of options with an exercise price of $ 3.60 . The requisite service period and the contractual term of the new options were not changed from the exchanged options, and the exchanged options were cancelled. The exercise price of $ 3.60 was the volume-weighted average price of the Company’s common stock for the 20-day period immediately prior to the exchange. The exchange was treated as an option modification under GAAP, and the total incremental expense resulting from the exchange will be $ 1.2 million, of which $ 0.4 million was recognized in 2022, and the remaining will be recognized over a weighted-average period of approximately 2.6 years. The Company will continue to recognize the grant-date fair value of the exchanged options over the remaining service period. Common stock reserved for future issuance under equity incentive plans consisted of the following as of March 31, 2023: Stock options and restricted stock units issued and outstanding under all Plans 13,178,609 Authorized for future grants under the 2021 Plan 6,864,096 Authorized for future grants under the ESPP 1,599,110 Total as of March 31, 2023 21,641,815 The table above does not include 392,966 of common stock for early exercised stock options that remain subject to the Company’s repurchase right. Stock Option Activity The following table summarizes stock option activity during the three months ended March 31, 2023: Number of Options Weighted-Average Weighted-Average Aggregate Intrinsic Value Outstanding at December 31, 2022 9,637,022 $ 5.35 Exercisable at December 31, 2022 4,066,881 4.17 Granted 1,659,417 1.41 Exercised ( 19,479 ) 0.56 Canceled or forfeited ( 464,834 ) 6.81 Outstanding at March 31, 2023 10,812,126 4.69 8.5 $ 1,368 Exercisable at March 31, 2023 4,373,163 4.44 7.5 $ 936 Options outstanding as of March 31, 2023 consist of options vested and expected to vest assuming no forfeitures. Aggregate intrinsic value as of March 31, 2023 in the table above is the total in-the-money value of the options, which is the aggregate of the difference of each option with an exercise price lower than the Company’s last closing stock price per share of $ 1.21 as of March 31, 2023. The 2016 Plan allows for the early exercise of awards to plan participants subject to the right of repurchase by the Company at the lower of the original exercise price or fair market value for unvested awards. At March 31, 2023 and December 31, 2022, the Company had a liability for the cash received from the early exercise of stock options in the amount of $ 0.4 million and $ 0.5 million, respectively. The Company reduces the liability as the underlying shares vest in accordance with the vesting terms of the awards or when the Company repurchases unvested awards. As of March 31, 2023 and December 31, 2022, there were 392,966 and 526,660 , respectively, of early exercised stock options that remain subject to the Company’s repurchase right. Restricted Stock Unit Activity Restricted Stock Units (“RSUs”) represent the right to receive common stock, subject to vesting for continued service to the Company. The following table summarizes RSU activity during the three months ended March 31, 2023: Number of Units Weighted-Average Outstanding at December 31, 2022 - $ - Granted 2,366,483 1.80 Vested - - Forfeited - - Outstanding at March 31, 2023 2,366,483 - Employee Stock Purchase Plan In May 2021, the Company’s Board of Directors approved the 2021 Employee Stock Purchase Plan (the “ESPP”). A total of 730,000 shares of common stock was initially reserved for issuance under the ESPP. As of March 31, 2023, 1,599,110 shares of common stock remained available for future grants under the 2021 Plan. The price at which common stock is purchased by employees under the ESPP is equal to 85 % of the fair market value of the common stock on the first day of the offering period or purchase date, whichever is lower. The number of shares of common stock reserved for issuance under the ESPP are increased automatically on the first day of each fiscal year, commencing in 2022 and ending in 2041, by a number equal to the lesser of: (a) 1,460,000 shares of common stock (subject to proportionate adjustment in the event of a stock split, stock dividend, reverse stock split, etc.), (b) 1% of the total number of shares of common stock outstanding as of the last day of the prior fiscal year, or (c) a number of shares of common stock determined by the Company’s Board of Directors. During the three months ended March 31, 2023 , zero shares of common stock were issued under the ESPP. Stock-based Compensation Summary The classification of stock-based compensation expense is summarized as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 923 $ 909 Selling, general and administrative 2,158 2,657 Total stock-based compensation expense $ 3,081 $ 3,566 As of March 31, 2023, total unrecognized stock-based compensation expense was $ 28.0 million and is expected to be recognized over the weighted-average period of approximately 2.8 years. The following table shows the weighted-average assumptions used to compute the fair value of the option awards granted to employees and nonemployees using the Black-Scholes option pricing model during the periods below: Three Months Ended March 31, Assumption 2023 2022 Expected volatility 78.48 % 56.87 % Expected term (years) 5.4 − 6.1 5.8 − 6.1 Expected dividend yield 0.00 % 0.00 % Risk-free interest rate 3.65 % 1.67 % The fair value of RSUs is determined as the closing market price of our common stock on the date of grant. The fair value of RSUs is recognized as stock-based compensation expense on a straight-line basis over the requisite service period of the award, which is generally the vesting period of the award.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2023
Income Statement [Abstract]
Net Loss Per Share	12. Net Loss per Share The Company’s preferred stock were considered participating securities for purposes of calculating earnings per share because they had a right to participate in dividends with common stock. However, because the Company’s preferred stock do not have a contractual obligation to share in the losses of the Company on a basis that is objectively determinable, they were excluded from the calculation of basic net loss per share. The following common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect: March 31, 2023 2022 Employee stock options and restricted stock units issued and outstanding 13,178,609 9,139,344 Series A Common Stock Equivalent Convertible Preferred Stock 2,500,000 2,500,000 Common stock subject to the Company’s right of repurchase 392,966 1,677,569 Total 16,071,575 13,316,913

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Liquidity and Capital Resources	Liquidity and Capital Resources The Company has incurred net losses since inception and, as of March 31, 2023 and December 31, 2022, had an accumulated deficit of $ 266.4 million and $ 242.8 million , respectively. The Company has a limited operating history, and the revenue and income potential of the Company’s business are unproven. From incorporation in June 2016 through March 31, 2023, substantially all of the Company’s operations have been funded by the sales of equity securities and issuances of debt. As of March 31, 2023, the Company had cash, cash equivalents and short-term investments of $ 226.1 million . The Company believes that its cash, cash equivalents and short-term investments as of March 31, 2023 are sufficient to fund its operations for at least 12 months from the issuance date of the accompanying unaudited financial statements .
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for annual financial statements have been omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for fair presentation, have been included. Interim financial results are not necessarily indicative of results anticipated for the full year. The preparation of the Company’s unaudited financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may significantly differ from these estimates and assumptions. For the year ended December 31, 2022, significant estimates and assumptions include the value of lease liabilities and right-of-use lease assets. There were no changes to the Company's significant estimates and assumptions subsequent to December 31, 2022 .
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets (in thousands): March 31, December 31, 2023 2022 Cash and cash equivalents $ 129,283 $ 74,266 Restricted cash 1,711 1,711 Total $ 130,994 $ 75,977
Short-term Investments	Short-term Investments Short-term investments primarily consisted of corporate debt securities, treasury securities, and asset-backed securities. The Company’s investments in securities are classified as current as they are available for use in current operations. The following tables summarize the short-term investments held at March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 Amortized Gross Estimated U.S. treasury securities $ 41,992 $ ( 53 ) $ 41,939 Asset-backed securities 5,407 ( 18 ) 5,389 Corporate debt securities 49,782 ( 320 ) 49,462 Total $ 97,181 $ ( 391 ) $ 96,790 December 31, 2022 Amortized Gross Estimated U.S. treasury securities $ 62,776 $ ( 244 ) $ 62,532 Asset-backed securities 6,351 ( 40 ) 6,311 Corporate debt securities $ 102,020 $ ( 553 ) $ 101,467 Total $ 171,147 $ ( 837 ) $ 170,310 The following table summarizes the estimated fair value of contractual maturities of available-for-sale securities held at March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, 2023 2022 Due within one year $ 90,240 $ 155,920 After one but within five years 6,550 14,390 Total $ 96,790 $ 170,310 As of March 31, 2023, the Company considered the nature and number of available-for-sale debt securities in an unrealized loss position. The Company reviews its portfolio of available-for-sale debt securities at least quarterly to determine if any investment is impaired, whether due to changes in credit risk or other potential valuation concerns. Unrealized losses on available-for-sale debt securities at March 31, 2023 were primarily due to increases in market interest rates. The Company does not intend to sell the available-for-sale debt securities that are in an unrealized loss position, and it is not more-likely-than-not that the Company will be required to sell these debt securities before recovery of their amortized cost bases, which may be at maturity. Based on the credit quality of the available-for-sale debt securities in an unrealized loss position, and the Company’s estimates of future cash flows to be collected from those securities, the Company believes the unrealized losses are not credit losses. Accordingly, the Company did not record an allowance for credit losses related to its available-for-sale debt securities at March 31, 2023 .
Revenue Recognition	Revenue Recognition The Company generates revenue from sales of products which consist of its G4 instrument, related consumable flow cell kits and services. Revenue from instrument sales is recognized generally upon customer acceptance. Revenue from consumables sales is recognized generally upon shipment to the customer. Revenue from services, which are primarily comprised of assurance-type services, is recognized over the applicable service period. Revenue is recorded net of discounts and sales taxes. The Company invoices its customers for instruments generally upon acceptance, for consumables generally on delivery, and for services generally in advance of the service period. Invoice terms are generally net 30 days. Cash received from customers in advance of revenue recognition is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return or a significant financing component. The Company regularly enters into contracts that include a combination of products and services, which are distinct within the context of the contract and are accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. Until the Company has sufficient volume of historical sales data for each performance obligation, the Company determines the standalone selling price using observable prices when available and with consideration of current market conditions which is primarily based on prices set by management, adjusted for applicable discounts. The Company then recognizes revenue for each performance obligation as that performance obligations is satisfied as discussed above. For the three months ended March 31, 2023 and 2022, the Company recognized $ 0.9 million and $ 0 of revenue related to sales of instruments and consumables products, respectively. Contract liabilities, which consists of deferred revenue, as of March 31, 2023 and March 31, 2022 were $ 0.3 million and $ 0 , respectively. As of March 31, 2023, $0.1 million of this balance was classified as current. Deferred revenue represents the value of performance obligations that have been invoiced but for which revenue has not yet been earned. For the three months ended March 31, 2023 , all of the Company’s revenue was generated within the United Sates. During the period, the Company generated substantially all of its revenue from three customers
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company invests its cash equivalents in highly rated money market funds. The Company’s marketable securities consist of short-term investments in a variety of interest-bearing instruments, which have included U.S. government and agency securities, high-grade U.S. corporate bonds and asset-backed securities. Deposits may exceed federally insured limits, and the Company is exposed to credit risk on deposits with financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company is monitoring ongoing events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, including Silicon Valley Bank (“SVB”). On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver, and all of SVB’s deposits and substantially all of SVB’s assets were transferred into a new entity, Silicon Valley Bridge Bank, N.A. (“SVBB”). On March 12, 2023, the Department of the Treasury, the Federal Reserve and the FDIC jointly released a statement that depositors at SVB would have access to their funds, even those in excess of the standard FDIC insurance limits, under a systemic risk exception. Such parties also announced, among other items, that SVBB had assumed the obligations and commitments of former SVB; commitments to advance under existing credit agreements with former SVB will be honored by SVBB pursuant to the terms of such credit agreements. On March 27, 2023, First-Citizens Bank & Trust Company (“First Citizens Bank”) assumed all of SVBB’s obligations and commitments, and SVBB began operating as Silicon Valley Bank, a division of First Citizens Bank. Unless otherwise noted herein, all references to SVB or Silicon Valley Bank shall refer to Silicon Valley Bank, a division of First Citizens Bank. In light of the foregoing, the Company does not believe it has exposure to loss as a result of SVB’s receivership. During the periods presented, the Company has not experienced any losses on its cash, restricted cash, cash equivalents or marketable securities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements—Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which modifies the measurement and recognition of credit losses for most financial assets and certain other instruments. The new standard requires the use of forward-looking expected credit loss models based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount, which may result in earlier recognition of credit losses under the new standard. The new standard also requires that credit losses related to available-for-sale debt securities be recorded as an allowance through net loss rather than reducing the carrying amount under the prior, other-than-temporary-impairment model. The new standard must be adopted using the modified retrospective approach and was adopted by the Company starting January 1, 2023. The Company determined there was no cumulative-effect transition adjustment to the opening balance of accumulated deficit for recognition of credit losses upon adoption of this standard based on its assessment of the collectability of its outstanding accounts receivable and the composition and credit quality of its short-term investments.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Reconciliation of Cash and Cash Equivalents, and Restricted Cash Reported the Balance Sheet	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets (in thousands): March 31, December 31, 2023 2022 Cash and cash equivalents $ 129,283 $ 74,266 Restricted cash 1,711 1,711 Total $ 130,994 $ 75,977
Schedule of Short-Term Investments Held	The following tables summarize the short-term investments held at March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 Amortized Gross Estimated U.S. treasury securities $ 41,992 $ ( 53 ) $ 41,939 Asset-backed securities 5,407 ( 18 ) 5,389 Corporate debt securities 49,782 ( 320 ) 49,462 Total $ 97,181 $ ( 391 ) $ 96,790 December 31, 2022 Amortized Gross Estimated U.S. treasury securities $ 62,776 $ ( 244 ) $ 62,532 Asset-backed securities 6,351 ( 40 ) 6,311 Corporate debt securities $ 102,020 $ ( 553 ) $ 101,467 Total $ 171,147 $ ( 837 ) $ 170,310
Schedule of Contractual Maturities of Available-for-Sale Debt Securities Held	The following table summarizes the estimated fair value of contractual maturities of available-for-sale securities held at March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, 2023 2022 Due within one year $ 90,240 $ 155,920 After one but within five years 6,550 14,390 Total $ 96,790 $ 170,310

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis	The following tables summarize the Company’s assets measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 6,976 $ - $ - $ 6,976 Money market funds 102,226 - - 102,226 U.S. Treasury securities (original maturity of three months or less) 20,081 20,081 Total cash and cash equivalents 129,283 - - 129,283 Short-term investments: U.S. Treasury securities 41,938 - - 41,938 Corporate debt securities - 49,462 - 49,462 Asset-backed securities - 5,390 - 5,390 Total short-term investments 41,938 54,852 - 96,790 Total cash and cash equivalents and short-term investments $ 171,221 $ 54,852 $ - $ 226,073 December 31, 2022 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash $ 48,690 $ - $ - $ 48,690 Money market funds 25,576 - - 25,576 Total cash and cash equivalents 74,266 - - 74,266 Short-term investments: U.S. Treasury securities 62,532 - - 62,532 Corporate debt securities - 101,467 - 101,467 Asset-backed securities - 6,311 - 6,311 Total short-term investments 62,532 107,778 - 170,310 Total cash and cash equivalents and short-term investments $ 136,798 $ 107,778 $ - $ 244,576

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following (in thousands): March 31, December 31, 2023 2022 Raw materials $ 12,621 $ 14,508 Work in process 4,309 3,276 Finished goods 230 437 Total inventory $ 17,160 $ 18,221

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Prepaid Expense and Other Assets, Current [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, 2023 2022 Prepaid expenses $ 2,120 $ 3,003 Interest receivable 632 1,099 Current deposits and other current assets 472 620 Total prepaid expenses and other current assets $ 3,224 $ 4,722

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net, consisted of the following (in thousands): March 31, December 31, Useful Life 2023 2022 Equipment 5 years $ 8,800 $ 8,656 Computers and software 3 years 3,509 2,705 Leasehold improvements 14 years or less 2,216 2,127 Furniture and fixtures 5 years or less 1,850 1,854 Instruments at customer site 5 years 231 - Total property and equipment, gross 16,606 15,342 Less: accumulated depreciation ( 5,347 ) ( 4,558 ) Total property and equipment, net $ 11,259 $ 10,784

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	Accrued expenses consisted of the following (in thousands): March 31, December 31, 2023 2022 Accrued compensation and other employee benefits $ 2,266 $ 3,580 Accrued research and development expenses 433 360 Accrued professional services 362 204 Accrued other expenses 292 439 Total accrued expenses $ 3,353 $ 4,583

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term debt and unamortized debt discount balances	The SVB Loan and unamortized discount balances as of March 31, 2023 and December 31, 2022 are shown below (in thousands): March 31, December 31, 2023 2022 Long-term debt $ 10,500 $ 10,500 Less: issuance costs ( 397 ) ( 435 ) Total long-term debt, net of issuance costs $ 10,103 $ 10,065
Summary of Future Minimum Principal Payments on Long-term Debt	Future minimum payments of outstanding principal and interest under the SVB Loan are as follows (in thousands): As of March 31, 2023 2023 (9 months remaining) 623 2024 2,665 2025 5,813 2026 4,036 Total future minimum payments 13,137 Less: interest, Final Payment fee ( 2,637 ) Long-term debt 10,500 Less: issuance costs ( 397 ) Long-term debt, net of issuance costs $ 10,103

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases	As of March 31, 2023, future minimum payments under the Company’s non-cancelable operating leases that have commenced are as follows (in thousands): 2023 (9 months remaining) 5,233 2024 7,765 2025 5,560 2026 5,565 2027 5,447 2028 5,611 Thereafter 50,192 Future non-cancelable minimum lease payments 85,373 Less: discount ( 36,871 ) Total lease liabilities 48,502 Less: current portion 6,952 Lease liabilities, noncurrent $ 41,550 Future minimum payments under all of the Company’s non-cancelable operating leases, including those that have not yet commenced, are as follows (in thousands) : 2023 (9 months remaining) 5,233 2024 7,765 2025 10,902 2026 19,346 2027 19,657 2028 20,246 Thereafter 181,076 Total $ 264,225

Stock Incentive Plan (Tables)

Stock Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity during the three months ended March 31, 2023: Number of Options Weighted-Average Weighted-Average Aggregate Intrinsic Value Outstanding at December 31, 2022 9,637,022 $ 5.35 Exercisable at December 31, 2022 4,066,881 4.17 Granted 1,659,417 1.41 Exercised ( 19,479 ) 0.56 Canceled or forfeited ( 464,834 ) 6.81 Outstanding at March 31, 2023 10,812,126 4.69 8.5 $ 1,368 Exercisable at March 31, 2023 4,373,163 4.44 7.5 $ 936
Summary of Equity Based Compensation Expense	The classification of stock-based compensation expense is summarized as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 923 $ 909 Selling, general and administrative 2,158 2,657 Total stock-based compensation expense $ 3,081 $ 3,566
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following table shows the weighted-average assumptions used to compute the fair value of the option awards granted to employees and nonemployees using the Black-Scholes option pricing model during the periods below: Three Months Ended March 31, Assumption 2023 2022 Expected volatility 78.48 % 56.87 % Expected term (years) 5.4 − 6.1 5.8 − 6.1 Expected dividend yield 0.00 % 0.00 % Risk-free interest rate 3.65 % 1.67 % The fair value of RSUs is determined as the closing market price of our common stock on the date of grant. The fair value of RSUs is recognized as stock-based compensation expense on a straight-line basis over the requisite service period of the award, which is generally the vesting period of the award.
Schedule of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance under equity incentive plans consisted of the following as of March 31, 2023: Stock options and restricted stock units issued and outstanding under all Plans 13,178,609 Authorized for future grants under the 2021 Plan 6,864,096 Authorized for future grants under the ESPP 1,599,110 Total as of March 31, 2023 21,641,815
Schedule of Restricted Stock Unit Activity	The following table summarizes RSU activity during the three months ended March 31, 2023: Number of Units Weighted-Average Outstanding at December 31, 2022 - $ - Granted 2,366,483 1.80 Vested - - Forfeited - - Outstanding at March 31, 2023 2,366,483 -

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Income Statement [Abstract]
Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect: March 31, 2023 2022 Employee stock options and restricted stock units issued and outstanding 13,178,609 9,139,344 Series A Common Stock Equivalent Convertible Preferred Stock 2,500,000 2,500,000 Common stock subject to the Company’s right of repurchase 392,966 1,677,569 Total 16,071,575 13,316,913

Business - Additional Informati

Business - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jan. 31, 2022
Class Of Stock [Line Items]
Accumulated deficit	$ (266,408)		$ (242,775)
Net loss	(23,633)	$ (22,006)
Cash Cash Equivalents And Short Term Investments	$ 226,100
Period of operations sufficient to fund	12 months
Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion				1,000

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Revenue Recognized	$ 900	$ 0
Deferred revenue	$ 300	$ 0
Number Of Customers | Segment	3
Operating Lease Future Minimum Payments, Total lease liabilities	$ 48,502
ROU lease asset	$ 44,873		$ 45,896

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Cash, Cash equivalents, and Restricted Cash Reported within the Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 129,283	$ 74,266
Restricted cash	1,711	1,711
Total	$ 130,994	$ 75,977	$ 190,306	$ 201,736

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Short-Term Investments Held (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost	$ 97,181	$ 171,147
Gross Unrealized Gains (Losses)	(391)	(837)
Estimated Fair Value	96,790	170,310
U.S. treasury securities
Amortized Cost	41,992	62,776
Gross Unrealized Gains (Losses)	(53)	(244)
Estimated Fair Value	41,939	62,532
Asset-Backed Securities
Amortized Cost	5,407	6,351
Gross Unrealized Gains (Losses)	(18)	(40)
Estimated Fair Value	5,389	6,311
Corporate Debt Securities
Amortized Cost	49,782	102,020
Gross Unrealized Gains (Losses)	(320)	(553)
Estimated Fair Value	$ 49,462	$ 101,467

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Contractual Maturities of Available-for-Sale Debt Securities Held (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Estimated Fair Value, Due within one year	$ 90,240	$ 155,920
Estimated Fair Value, After one but within five years	6,550	14,390
Total	$ 96,790	$ 170,310

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Total assets	$ 226,073	$ 244,576
Cash
Assets:
Total assets	6,976	48,690
Money market funds
Assets:
Total assets	102,226	25,576
US Treasury Bill Securities [Member]
Assets:
Total assets	20,081
Cash and Cash Equivalents
Assets:
Total assets	129,283	74,266
U.S. treasury securities
Assets:
Total assets	41,938	62,532
Asset-Backed Securities
Assets:
Total assets	5,390	6,311
Corporate Debt Securities
Assets:
Total assets	49,462	101,467
Total short-term investments
Assets:
Total assets	96,790	170,310
Level 1
Assets:
Total assets	171,221	136,798
Level 1 | Cash
Assets:
Total assets	6,976	48,690
Level 1 | Money market funds
Assets:
Total assets	102,226	25,576
Level 1 | US Treasury Bill Securities [Member]
Assets:
Total assets	20,081
Level 1 | Cash and Cash Equivalents
Assets:
Total assets	129,283	74,266
Level 1 | U.S. treasury securities
Assets:
Total assets	41,938	62,532
Level 1 | Total short-term investments
Assets:
Total assets	41,938	62,532
Level 2
Assets:
Total assets	54,852	107,778
Level 2 | Asset-Backed Securities
Assets:
Total assets	5,390	6,311
Level 2 | Corporate Debt Securities
Assets:
Total assets	49,462	101,467
Level 2 | Total short-term investments
Assets:
Total assets	$ 54,852	$ 107,778

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items]
Shares sold and issued, aggregate principal amount	$ 10,500

Inventory - Schedule of Invento

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 12,621	$ 14,508
Work in process	4,309	3,276
Finished Goods	230	437
Total inventory	$ 17,160	$ 18,221

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 2,120	$ 3,003
Interest receivable	632	1,099
Current deposits and other current assets	472	620
Total prepaid expenses and other current assets	$ 3,224	$ 4,722

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment	$ 16,606	$ 15,342
Less: Accumulated depreciation	(5,347)	(4,558)
Total property and equipment, net	$ 11,259	10,784
Equipment [Member]
Property Plant And Equipment [Line Items]
Useful life	5 years
Property and equipment	$ 8,800	8,656
Computers and Software [Member]
Property Plant And Equipment [Line Items]
Useful life	3 years
Property and equipment	$ 3,509	2,705
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Useful life	14 years or less
Property and equipment	$ 2,216	2,127
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Useful life	5 years or less
Property and equipment	$ 1,850	$ 1,854
Instruments at customer site [Member]
Property Plant And Equipment [Line Items]
Useful life	5 years
Property and equipment	$ 231

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Components of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation and other employee benefits	$ 2,266	$ 3,580
Accrued research and development expenses	433	360
Accrued professional services	362	204
Accrued other expenses	292	439
Total accrued expenses	$ 3,353	$ 4,583

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended	9 Months Ended
	Nov. 30, 2019	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2022	Mar. 31, 2020
Debt Instrument [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity			$ 15,000			$ 15,000
Additional borrowing amount				$ 10,500				$ 10,500
Loan, maturity date	Sep. 01, 2023				Sep. 01, 2026
Percentage of variable annual interest rate					0.75%		0.65%
Interest rate due on maturity date				4%			5.50%
Debt Issuance Costs, Net				$ 397				$ 400
Debt instrument face amount				$ 10,500
Silicon Valley Bank Warrant
Debt Instrument [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity			35,500			35,500
Loan and Security agreement
Debt Instrument [Line Items]
Line Of Credit Facility Maximum Borrowing Capacity	$ 15,000		$ 10,000			$ 10,000
Line of Credit Facility, Current Borrowing Capacity	$ 2,500
Interest rate during the period			5.90%			4%
Loan and Security agreement | Silicon Valley Bank Warrant
Debt Instrument [Line Items]
Additional borrowing amount									$ 7,500
2021 SVB Loan
Debt Instrument [Line Items]
Additional borrowing amount		$ 25,000			$ 25,000
Loan, maturity date		Mar. 31, 2024
Debt instrument, interest per annum				8.75%
First Tranche
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity			$ 10,500			$ 10,500

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt and Unamortized Debt Discount Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Total long-term debt	$ 10,500	$ 10,500
Less: issuance costs	(397)	(435)
Total long-term debt, net	$ 10,103	$ 10,065

Long-Term Debt - Schedule of Fu

Long-Term Debt - Schedule of Future Minimum Principal and Interest Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023 (9 months remaining)	$ 623
2024	2,665
2025	5,813
2026	4,036
Total future minimum payments	13,137
Less: interest, Final Payment Fee	(2,637)
Debt Instrument, Face Amount	10,500
Less: issuance costs	(397)	$ (400)
Total long-term debt, net	$ 10,103	$ 10,065

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2022 USD ($) ft²	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Apr. 30, 2021	Nov. 30, 2019
Commitment And Contingencies [Line Items]
Net Rentable Area | ft²	64.80
Lessee, Operating Lease, Term of Contract					30 days
Initial lease term	144 months
Extended lease term	60 months
Annual increases percentage	3%
Maximum tenant improvement amount	$ 33
Estimated tenant improvements amount	$ 24
Improvements interest rate	7%
Prepayment for rent	$ 1.1
Security Deposit	1.1
Accrued Payment related to Milestone		$ 0.4
Lease costs		3	$ 1.1
Variable Lease, Cost		0.9	0.3
Short-term lease cost			0.1
Operating lease cost		2.1	$ 0.7
Total undiscounted future minimum lease payments		$ 179
La Jolla California
Commitment And Contingencies [Line Items]
Tenant Improvement Allowance Interest Accrual Rate		8
San Diego California
Commitment And Contingencies [Line Items]
Lessee, Operating Lease, Term of Contract				62 months
Building 3
Commitment And Contingencies [Line Items]
Operating Lease Rental Expense	7.3
Building 4
Commitment And Contingencies [Line Items]
Operating Lease Rental Expense	$ 6
License Agreement [Member]
Commitment And Contingencies [Line Items]
Development And Commercialization Milestones Payments		$ 3.9
Aggregate Amount Paid To The Terms Of The Agreement		$ 0.1

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2023 (9 months remaining)	$ 5,233
2024	7,765
2025	5,560
2026	5,565
2027	5,447
2028	5,611
Thereafter	50,192
Future non-cancelable minimum lease payments	85,373
Less: discount	(36,871)
Total lease liabilities	48,502
Less: current portion	6,952
Lease liabilities, noncurrent	$ 41,550	$ 42,456

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of future minimum payments under non-cancelable operating leases yet not commenced (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023 (9 months remaining)	$ 5,233
2024	7,765
2025	10,902
2026	19,346
2027	19,657
2028	20,246
Thereafter	181,076
Total	$ 264,225

Preferred Stock - Additional in

Preferred Stock - Additional informations (Details)	1 Months Ended
	Jan. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference Per Share | $ / shares	$ 0.0001
Percentage of amended shares of common stock	4.90%
Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion	1,000
Deerfield Holder [Member]
Class of Stock [Line Items]
Conversion of convertible securities	2,500,000
Deerfield Holder [Member] | Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion	2,500
Deerfield Holder [Member] | Series A Convertible Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 0.0001

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Common stock, shares authorized	400,000,000	400,000,000
Common stock, par value per share	$ 0.0001	$ 0.0001

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details)	Mar. 31, 2023 shares
Class of Stock [Line Items]
Common stock reserved for future issuance	21,641,815

Stock Incentive Plan - Addition

Stock Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Aug. 31, 2022	May 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	21,641,815
Stock incentive plan description	The number of shares of common stock reserved for issuance under the 2021 Plan are increased automatically on the first day of each fiscal year, commencing in 2022 and ending in 2031, by a number equal to the lesser of: (i) 5% of the shares of common stock outstanding on the last day of the prior fiscal year; or (ii) the number of shares determined by the Company’s Board of Directors.
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price	$ 1.21
Liability for cash received from early exercise of stock	$ 0.4	$ 0.5
Number of early exercise stock option remain subject to repurchase	392,966	526,660
Unrecognized stock-based compensation expense	$ 28
Cost not yet recognized, period for recognition	2 years 9 months 18 days
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price			$ 3.60
Cost not yet recognized, period for recognition	2 years 7 months 6 days
Stock Option [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 0.4
Stock Option [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense		$ 1.2
Non Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price			$ 3.60
Common stock, shares issued			984,291
Non Employee Stock Option | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price			$ 10.99
Non Employee Stock Option | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price			$ 26.23
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	7,500,000
Number of early exercise stock option remain subject to repurchase	392,966
2021 Plan | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase Price of Common Stock Expressed As A Percentage	100%
2016 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	585,720
2021 ESPP Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance				730,000
Share-based payment award, number of shares available for grant	6,864,096
Common stock, shares issued	0
Purchase Price of Common Stock Expressed As A Percentage	85%

Stock Incentive Plan - Summary

Stock Incentive Plan - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding at December 31, 2022 | shares	9,637,022
Number of Options, Exercisable at December 31, 2021 | shares	4,066,881
Number of Options, Granted | shares	1,659,417
Number of Options, Exercised | shares	(19,479)
Number of Options, Cancelled / Forfeited | shares	(464,834)
Number of Options, Outstanding at March 31,2023 | shares	10,812,126
Number of Options Exercisable at March31,2023 | shares	4,373,163
Weighted average exercise price (per share), Outstanding at December 31, 2022 | $ / shares	$ 5.35
Weighted average exercise price (per share), Exercisable at December 31, 2021 | $ / shares	4.17
Weighted average exercise price (per share), Granted | $ / shares	1.41
Weighted average exercise price (per share), Exercised | $ / shares	0.56
Weighted average exercise price (per share), Cancelled / Forfeited | $ / shares	6.81
Weighted average exercise price (per share), Outstanding at March 31, 2023 | $ / shares	4.69
Weighted average exercise price (per share), Exercisable at March 31, 2023 | $ / shares	$ 4.44
Weighted average remaining contract term (in years), Outstanding	8 years 6 months
Weighted average remaining contract term (in years), Exercisable	7 years 6 months
Aggregate intrinsic value Outstanding at March 31,2023 | $	$ 1,368
Aggregate intrinsic value Exercisable at March 31,2023 | $	$ 936

Stock Incentive Plan - Summar_2

Stock Incentive Plan - Summary of Equity Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation expense	$ 3,081	$ 3,566
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation expense	923	909
Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity-based compensation expense	$ 2,158	$ 2,657

Stock Incentive Plan - Schedule

Stock Incentive Plan - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	78.48%	56.87%
Expected dividend yield	0%	0%
Risk-free interest rate	3.65%	1.67%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 4 months 24 days	5 years 9 months 18 days
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days

Stock Incentive Plans - Common

Stock Incentive Plans - Common stock reserved for future issuance (Details) - shares	Mar. 31, 2023	May 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	21,641,815
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	7,500,000
2021 ESPP Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		730,000
Stock Options Issued and Outstanding [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options issued and outstanding	13,178,609
Authorized For Future Options Grants [Member] | 2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Authorized for future grants under the 2021 Plan	6,864,096
Authorized for issuance under the ESPP Plan [Member] | 2021 ESPP Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Authorized for issuance under the ESPP	1,599,110

Stock Incentive Plans - Restric

Stock Incentive Plans - Restricted Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding at December 31, 2022	9,637,022
Number of Options, Granted	1,659,417
Weighted average exercise price (per share), Granted | $ / shares	$ 1.41
Number of Options, Outstanding at March 31,2023	10,812,126
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Granted	2,366,483
Weighted average exercise price (per share), Granted | $ / shares	$ 1.80
Number of Options, Outstanding at March 31,2023	2,366,483

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Antidilutive Securities Excluded From Computation of Dilutied Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	16,071,575	13,316,913
Employee stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	13,178,609	9,139,344
Series A Common Stock Equivalent Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	2,500,000	2,500,000
Common stock subject to the Company's right of repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount	392,966	1,677,569