Ventyx Biosciences (VTYX) 10-Q 10 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 07, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	Ventyx Biosciences, Inc.
Entity Central Index Key	0001851194
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity File Number	001-40928
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2996852
Entity Address, Address Line One	12790 El Camino Real
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	760
Local Phone Number	593-4832
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		58,888,436
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	VTYX
Security Exchange Name	NASDAQ
Former Address
Document Information [Line Items]
Entity Address, Address Line One	662 Encinitas Blvd
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	Encinitas
Entity Address, State or Province	CA

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 51,717	$ 64,819
Marketable securities	280,535	253,122
Prepaid expenses and other assets	14,449	12,747
Total current assets:	346,701	330,688
Property and equipment, net	629	407
Operating lease right-of-use assets	1,331	1,537
Marketable securities		38,672
Other long-term assets	102	96
Total assets	348,763	371,400
Current liabilities
Accounts payable	4,085	6,433
Accrued expenses (includes related party amounts of $0 and $64, respectively)	15,510	9,514
Current portion of operating lease liabilities	439	412
Total current liabilities	20,034	16,359
Operating lease liabilities, net of current portion	922	1,146
Total liabilities	20,956	17,505
Commitments and contingencies (Note 5)
Stockholders' equity:
Common stock, $0.0001 par value; 900,000,000 shares authorized at June 30, 2023 and December 31, 2022; 58,743,101 and 57,025,847 shares issued at June 30, 2023 and December 31, 2022, respectively; 58,713,982 and 56,980,845 shares outstanding at June 30, 2023 and December 31, 2022, respectively	6	6
Additional paid-in capital	646,918	581,237
Accumulated other comprehensive loss	(710)	(1,123)
Accumulated deficit	(318,407)	(226,225)
Total stockholders' equity	327,807	353,895
Total liabilities and stockholders' equity	$ 348,763	$ 371,400

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued expenses, related party	$ 0	$ 64
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	58,743,101	57,025,847
Common stock, shares outstanding	58,713,982	56,980,845

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development (includes related party amounts of $109, $230, $359 and $433, respectively)	$ 48,560	$ 14,676	$ 83,997	$ 32,085
General and administrative	8,585	5,722	15,700	11,060
Total operating expenses	57,145	20,398	99,697	43,145
Loss from operations	(57,145)	(20,398)	(99,697)	(43,145)
Other (income) expense:
Interest income	(3,899)	(342)	(7,521)	(474)
Other (income) expense	(5)	(38)	6	79
Total other (income) expense	(3,894)	(380)	(7,515)	(395)
Net loss	(53,251)	(20,018)	(92,182)	(42,750)
Unrealized gain (loss) on marketable securities	(187)	(279)	352	(1,221)
Foreign currency translation	38	(54)	61	(12)
Comprehensive loss	$ (53,400)	$ (20,351)	$ (91,769)	$ (43,983)
Net loss per share, basic	$ (0.91)	$ (0.39)	$ (1.59)	$ (0.84)
Net loss per share, diluted	$ (0.91)	$ (0.39)	$ (1.59)	$ (0.84)
Weighted average common shares outstanding, basic	58,556,529	50,848,391	58,100,261	50,717,548
Weighted average common shares outstanding, diluted	58,556,529	50,848,391	58,100,261	50,717,548

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Research and development expenses related party	$ 109	$ 230	$ 359	$ 433

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	At the Market	Common Stock	Common Stock At the Market	Additional Paid-in Capital	Additional Paid-in Capital At the Market	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2021	$ 279,199		$ 5		$ 397,051		$ (58)	$ (117,799)
Balance, shares at Dec. 31, 2021			50,408,830
Issuance of common stock upon exercise of stock options	220				220
Issuance of common stock upon exercise of stock options, shares			417,332
Issuance of common stock upon vesting of restricted common stock, shares			63,830
Shares issued under employee stock purchase plan	115				115
Shares issued under employee stock purchase plan, shares			9,074
Adjustment to offering expenses in the initial public offering	26				26
Stock-based compensation expense	7,575				7,575
Unrealized gain (loss) on marketable securities	(1,221)						(1,221)
Foreign currency translation	(12)						(12)
Net loss	(42,750)							(42,750)
Balance at Jun. 30, 2022	243,152		$ 5		404,987		(1,291)	(160,549)
Balance, shares at Jun. 30, 2022			50,899,066
Balance at Mar. 31, 2022	259,123		$ 5		400,607		(958)	(140,531)
Balance, shares at Mar. 31, 2022			50,729,820
Issuance of common stock upon exercise of stock options	134				134
Issuance of common stock upon exercise of stock options, shares			118,918
Issuance of common stock upon vesting of restricted common stock, shares			41,254
Shares issued under employee stock purchase plan	115				115
Shares issued under employee stock purchase plan, shares			9,074
Stock-based compensation expense	4,131				4,131
Unrealized gain (loss) on marketable securities	(279)						(279)
Foreign currency translation	(54)						(54)
Net loss	(20,018)							(20,018)
Balance at Jun. 30, 2022	243,152		$ 5		404,987		(1,291)	(160,549)
Balance, shares at Jun. 30, 2022			50,899,066
Balance at Dec. 31, 2022	353,895		$ 6		581,237		(1,123)	(226,225)
Balance, shares at Dec. 31, 2022			56,980,845
Issuance of common stock under the at-the-market sales agreement, net of commissions and offering expenses		$ 48,408				$ 48,408
Issuance of common stock under the at-the-market sales agreement, net of commissions and offering expenses, shares				1,176,470
Issuance of common stock upon exercise of stock options	$ 2,624				2,624
Issuance of common stock upon exercise of stock options, shares	521,677		521,677
Issuance of common stock upon vesting of restricted common stock, shares			25,225
Shares issued under employee stock purchase plan	$ 214				214
Shares issued under employee stock purchase plan, shares			9,765
Stock-based compensation expense	14,435				14,435
Unrealized gain (loss) on marketable securities	352						352
Foreign currency translation	61						61
Net loss	(92,182)							(92,182)
Balance at Jun. 30, 2023	327,807		$ 6		646,918		(710)	(318,407)
Balance, shares at Jun. 30, 2023			58,713,982
Balance at Mar. 31, 2023	371,618		$ 6		637,329		(561)	(265,156)
Balance, shares at Mar. 31, 2023			58,348,727
Issuance of common stock upon exercise of stock options	1,507				1,507
Issuance of common stock upon exercise of stock options, shares			338,207
Issuance of common stock upon vesting of restricted common stock, shares			17,283
Shares issued under employee stock purchase plan	214				214
Shares issued under employee stock purchase plan, shares			9,765
Stock-based compensation expense	7,868				7,868
Unrealized gain (loss) on marketable securities	(187)						(187)
Foreign currency translation	38						38
Net loss	(53,251)							(53,251)
Balance at Jun. 30, 2023	$ 327,807		$ 6		$ 646,918		$ (710)	$ (318,407)
Balance, shares at Jun. 30, 2023			58,713,982

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (92,182)	$ (42,750)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	65	45
Amortization of right-of-use assets - operating	208	148
Stock-based compensation	14,435	7,575
Accretion of marketable securities, net	(4,569)	(109)
Changes in operating assets and liabilities
Prepaid expenses and other assets (includes related party amounts of $47 and $0, respectively)	(1,515)	2,677
Operating lease liabilities	(197)	(136)
Accounts payable (includes related party amounts of ($1) and $77, respectively)	(2,371)	1,171
Accrued expenses (includes related party amounts of ($64) and ($101), respectively)	5,923	3,861
Net cash used in operating activities	(80,203)	(27,518)
Cash flows from investing activities
Purchases in marketable securities, available-for-sale	(172,821)	(125,397)
Proceeds from maturities of marketable securities, available-for-sale	189,000	127,210
Purchases of property and equipment	(255)	(66)
Net cash provided by investing activities	15,924	1,747
Cash flows from financing activities
Proceeds from issuance of common stock from private placement, net of offering costs	48,408
Proceeds from exercise of stock options	2,570	220
Proceeds from issuance of common stock under employee stock purchase plan	214	115
Deferred offering costs	(73)
Net cash provided by financing activities	51,119	335
Effect of exchange rates on cash and cash equivalents	58	(12)
Net decrease in cash and cash equivalents	(13,102)	(25,448)
Cash and cash equivalents, beginning of period	64,819	70,791
Cash and cash equivalents, end of period	51,717	$ 45,343
Supplemental disclosure for investing and financing non-cash activities:
Unpaid deferred offering costs	66
Exercise of stock options	54
Purchases of property and equipment included in accounts payable and accrued expenses	$ 30

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Prepaid expense and other assets, related party amounts	$ 47	$ 0
Accounts payable, related party amounts	(1)	77
Accrued expenses, related party amounts	$ (64)	$ (101)

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	1. Organization and Business Organization Ventyx Biosciences, Inc. (“Ventyx” or “the Company”) is a clinical-stage pharmaceutical company developing a pipeline of novel small molecule product candidates to address a range of inflammatory diseases with significant unmet medical need. The Company was incorporated in the State of Delaware in November 2018, with its principal operations in California. The Company leverages its drug discovery and development expertise to develop novel and differentiated therapeutics that target both the innate and adaptive immune system.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The presentation of the Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2023 and 2022 reflect the financial results of Ventyx Biosciences, Inc. on a consolidated basis. All intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial information. The condensed consolidated balance sheet data as of December 31, 2022 was derived from the Company’s audited financial statements. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2022 and the notes thereto included in the Company’s annual report on Form 10-K filed with the SEC on March 23, 2023. The Company's significant accounting policies are detailed in “Note 2: Summary of Significant Accounting Policies” of the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Except as set forth below, there have been no changes to the Company's significant accounting policies from those disclosed in the annual report. The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operation for the periods presented, with such adjustments consisting only of normal recurring adjustments. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023 or any future period. Risks and Uncertainties Economic uncertainty in various global markets, including the U.S. and Europe, caused by political instability and conflict, such as the ongoing conflict in Ukraine, and economic challenges caused by the COVID-19 pandemic, have led to market disruptions, including significant volatility in commodity prices, credit and capital market instability and supply chain interruptions, which have caused volatile changes to inflation globally. The Company’s business, financial condition and results of operations could be materially and adversely affected by further negative impact on the global economy and capital markets resulting from these global economic conditions, particularly if such conditions are prolonged or worsen. Although, to date, the Company has not been materially impacted by these global economic and geopolitical conditions, it is impossible to predict the extent to which operations will be impacted in the short and long term, or the ways in which such instability could impact business and results of operations. The extent and duration of these market disruptions, whether as a result of the military conflict between Russia and Ukraine and effects of the Russian sanctions, geopolitical tensions, volatile changes to inflation or otherwise, are impossible to predict, but could be substantial. Any such disruptions may also magnify the impact of other risks described in this report. Investments in Marketable Securities, Available-for-Sale The Company maintains a portfolio of investments which have included U.S. Treasury securities, U.S. government agency securities, corporate debt securities, commercial paper and asset-backed securities (“ABS”). The Company’s investments in marketable securities are available-for-sale securities and the marketable securities are reported at fair value. Investments in marketable securities with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments in marketable securities with contractual maturities of 12 months or greater at the balance sheet date are considered long-term investments. Unrealized gains and losses are included in accumulated other comprehensive loss, net of tax. The cost of securities sold is determined on a specific identification basis, and realized gains and losses, if any, are included in other (income) expense within the condensed consolidated statements of operations and comprehensive loss. The Company regularly reviews its investment portfolio to determine if any security is impaired, which would require the Company to record an impairment charge in the period that any such determination is made. Calculating an impairment charge requires judgment. In making this judgment, the Company evaluates, among other items, the time frame and extent to which the fair market value of a security is less than its amortized cost and the Company’s intent and ability to sell, or whether the Company will more likely than not be required to sell the security before recovery of its amortized cost basis. Deferred Offering Costs The Company has deferred offering costs consisting of accounting and legal fees directly attributable to the Open Market Sales Agreement SM (“Sales Agreement”) with Jefferies LLC (“Jefferies”). Costs are deferred until shares are sold under the Sales Agreement, at which time they are reclassified to additional paid-in capital as a reduction against the proceeds received. Fair Value of Financial Instruments The Company follows Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), issued by the Financial Accounting Standards Board (“FASB”) with respect to fair value reporting for financial assets and liabilities. The carrying amounts of the Company’s current financial assets and current financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Financial assets measured at fair value on a recurring basis include cash equivalents and marketable securities. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in Entity’s Own Equity (“ASU 2020-06”), which, among other things, provides guidance on how to account for contracts on an entity’s own equity. This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, the ASU eliminated the need for the Company to assess whether a contract on the entity’s own equity (1) permits settlement in unregistered shares, (2) whether counterparty rights rank higher than shareholder’s rights, and (3) whether collateral is required. In addition, this ASU requires incremental disclosure related to contracts on the entity’s own equity and clarifies the treatment of certain financial instruments accounted for under this ASU on earnings per share. This ASU may be applied on a full retrospective or modified retrospective basis. The amendments within this ASU are effective for the Company’s fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption of the ASU is permitted to fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the potential impact that this standard may have on its condensed consolidated financial statements and related disclosures. Recently Issued 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 amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The Company adopted this standard on January 1, 2023 and as the Company does not have material trade or financing receivables or held to maturity debt securities, and as management does not expect to incur credit losses on available-for-sale marketable debt securities held by the Company, the adoption of this standard did no t have a material impact to the condensed consolidated financial statements at the adoption date.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurement s Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is as follows: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs, other than the quoted prices included in Level 1 that are either directly or indirectly observable. Level 3: Unobservable inputs in which there is little or no market activity, which require the reporting entity to develop its own assumptions. The following tables present information about the fair value measurements of the Company’s financial assets and liabilities which are measured at fair value on a recurring basis, and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market fund $ 38,984 $ — $ — $ 38,984 Commercial paper — 4,987 — 4,987 Total cash equivalents 38,984 4,987 — 43,971 Marketable securities U.S. Treasury securities 2,988 — — 2,988 U.S. government agency securities — 96,446 — 96,446 Commercial paper — 169,054 — 169,054 Asset backed securities — 12,047 — 12,047 Total marketable securities 2,988 277,547 — 280,535 Total assets $ 41,972 $ 282,534 $ — $ 324,506 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market fund $ 22,721 $ — $ — $ 22,721 Total cash equivalents 22,721 — — 22,721 Marketable securities U.S. Treasury securities 39,567 — — 39,567 U.S. government agency securities — 74,979 — 74,979 Corporate debt securities — 2,990 — 2,990 Commercial paper — 171,866 — 171,866 Asset backed securities — 2,392 — 2,392 Total marketable securities 39,567 252,227 — 291,794 Total assets $ 62,288 $ 252,227 $ — $ 314,515 In determining the fair value of its Level 2 investments, the Company relied on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable. These quoted prices were obtained by the Company with the assistance of a third-party pricing service based on available trade, bid and other observable market data for identical or similar securities. There were no transfers into or out of Level 3 securities during the six months ended June 30, 2023 and 2022. As of June 30, 2023 and December 31, 2022, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows (in thousands): June 30, 2023 Gross Gross Amortized Unrealized Unrealized Fair Cost Gain Loss Value Marketable securities: U.S. Treasury securities $ 2,994 $ — $ ( 6 ) $ 2,988 U.S. government agency securities 96,962 — ( 516 ) 96,446 Commercial paper 169,235 5 ( 186 ) 169,054 Asset backed securities 12,084 — ( 37 ) 12,047 Total marketable securities $ 281,275 $ 5 $ ( 745 ) $ 280,535 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair Cost Gain Loss Value Marketable securities: U.S. Treasury securities $ 39,989 $ — $ ( 422 ) $ 39,567 U.S. government agency securities 75,337 — ( 358 ) 74,979 Corporate debt securities 3,005 — ( 15 ) 2,990 Commercial paper 172,162 20 ( 316 ) 171,866 Asset backed securities 2,393 — ( 1 ) 2,392 Total marketable securities $ 292,886 $ 20 $ ( 1,112 ) $ 291,794 All of the Company’s marketable securities as of June 30, 2023 have maturity dates of less than one year. The Company reviews its marketable securities at each reporting date to determine if any security is impaired, which would require the Company to record an allowance for credit losses in that respective period. In making this judgment, the Company considers the intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value and the duration and extent that the market value has been less than cost. As of June 30, 2023, 30 available-for-sale marketable securities were in an unrealized loss position. Of the 30 available-for-sale marketable securities in an unrealized loss position, 28 had been in an unrealized loss position for less than 12 months and 2 had been in an unrealized loss position for greater than 12 months. As of December 31, 2022, 37 available-for-sale marketable securities were in an unrealized loss position. Of the 37 available-for-sale marketable securities in an unrealized loss position, 32 had been in an unrealized loss position for less than 12 months and 5 had been in an unrealized loss position for greater than 12 months. The Company evaluated the securities individually for impairment and considered factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, the Company’s intent to sell or the likelihood that the Company would be required to sell the security before its anticipating recovery in market value and the probability that the scheduled cash payments will continue to be made. Based on the Company’s review of these marketable securities, the Company believes none of the unrealized losses are the result of a credit loss as of June 30, 2023 because the Company does not intend to sell these securities prior to maturity and it is not more-likely-than-not that the Company will be required to sell these securities before the recovery of their amortized cost basis. As such, the Company did no t record an allowance for credit losses as of June 30, 2023. The decline in market value in the Company’s marketable securities was primarily attributable to an increase in interest rates during the six months ended June 30, 2023 and the year ended December 31, 2022. Accrued interest receivable on available-for-sale marketable securities, included in prepaid expenses and other assets on the Company’s condensed consolidated balance sheets, was $ 1.1 million and $ 0.9 million at June 30, 2023 and December 31, 2022, respectively.

Consolidated Balance Sheet Deta

Consolidated Balance Sheet Details	6 Months Ended
	Jun. 30, 2023
Consolidated Balance Sheet [Abstract]
Consolidated Balance Sheet Details	4. Consolidated Balance Sheet Details Property and Equipment, net Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2023 2022 Internal-use software $ 188 $ 188 Laboratory equipment 144 142 Furniture and fixtures 162 104 Computer hardware and software 58 68 Construction in progress 238 — Property and equipment, gross 790 502 Less: accumulated depreciation ( 161 ) ( 95 ) Property and equipment, net $ 629 $ 407 During the three and six months ended June 30, 2023 and 2022, depreciation expense was immaterial. Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, December 31, 2023 2022 Accrued research and development costs $ 6,807 $ 2,450 Accrued payroll liabilities 3,701 4,208 Accrued clinical trial costs 3,625 1,235 Other accrued liabilities 1,377 1,557 Accrued related party liabilities — 64 Total accrued expenses $ 15,510 $ 9,514

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and Contingencies Litigation In the ordinary course of its business, the Company may be involved in various legal proceedings involving contractual and employment relationships, patent or other intellectual property rights, and a variety of other matters. The Company is not aware of any pending legal proceedings that would reasonably be expected to have a material impact on the Company’s financial position or results of operations.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Stockholders Equity	6. Stockholders' Equity ATM Sales Agreement In December 2022, the Company entered into a Sales Agreement with Jefferies, as sales agent, pursuant to which the Company may offer and sell in an at-the-market offering, from time to time through Jefferies, shares of common stock providing for aggregate sales proceeds of up to $ 150.0 million. The Company has no obligation to sell any shares under the Sales Agreement, and could at any time suspend solicitations and offers under the Sales Agreement. In February 2023, the Company issued and sold 1,176,470 shares of common stock through the Sales Agreement. The common stock had an average purchase price of $ 42.50 per share for aggregate gross proceeds of $ 50.0 million. The Company received approximately $ 48.4 million in net proceeds after deducting commissions and offering expenses payable by the Company. September 2022 Private Placement On September 20, 2022, the Company issued and sold 5,350,000 shares of common stock through a private placement to certain qualified institutional buyers and institutional accredited investors. The common stock had a purchase price of $ 33.00 per share for aggregate gross proceeds of approximately $ 176.6 million. The Company received approximately $ 165.2 million in net proceeds after deducting fees to the placement agents and other offering expenses payable by the Company. Common Stock The Company is authorized to issue up to 900,000,000 shares of common stock having a par value of $ 0.0001 par value as of June 30, 2023 and December 31, 2022. Holders of outstanding shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders . Subject to the rights of the holders of any class of the Company’s capital stock having any preference or priority over common stock, the holders of common stock are entitled to receive dividends that are declared by the Company’s board of directors out of legally available funds. Common stock reserved for future issuance is as follows (in common stock equivalent shares) as of June 30, 2023: June 30, 2023 Issued and outstanding: Stock options 9,030,712 Restricted stock awards 29,119 Restricted stock units 755,425 Authorized for future issuance: 2021 Equity Incentive Plan 1,891,887 2021 Employee Stock Purchase Plan 1,049,336 Total 12,756,479

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	7 . Leases In February 2021, the Company assumed an operating lease in Encinitas, California for its office facilities, and in June 2021 the Company signed an amendment to add an additional term and additional suites in the office building in Encinitas, California. This non-cancellable lease expires on June 30, 2026 . In September 2021, the Company executed an operating lease which adds existing office space in its existing building in Encinitas, California. The non-cancellable lease also expires on June 30, 2026 . In May 2022, the Company entered into a lease agreement to add office space to its existing lease in Encinitas, California. The non-cancellable lease commenced on June 1, 2022 and expires on June 30, 2026 . The office building leases do not contain renewal options. In March 2021, the Company signed a three-year operating lease for a multi-function ventilated research laboratory and office space in Ghent, Belgium. The non-cancellable lease expires on June 30, 2024 . This laboratory and office space lease includes two , two-year renewal options. The Company’s leases have remaining terms ranging between one year to three years . The leases contain various termination options . The Company’s leases do not contain any residual value guarantees or material restrictive covenants. The weighted average remaining lease term and discount rate for the Company’s operating leases were approximately 2.9 years and 9.0 %, respectively, at June 30, 2023. During the three and six months ended June 30, 2023, the Company recognized operating lease costs of $ 0.1 million and $ 0.3 million, respectively, and an immaterial amount of variable lease costs in both periods. During the three and six months ended June 30, 2022, the Company recognized operating lease costs of $ 0.1 million and $ 0.2 million, respectively, and an immaterial amount of variable lease costs in both periods. In addition, the Company made cash payments of $ 0.3 million and $ 0.2 million for operating leases during the six months ended June 30, 2023 and 2022, respectively, which are included in cash flows from operating activities in the condensed consolidated statements of cash flows. The Company’s right-of-use assets and lease liabilities were as follows (in thousands): June 30, December 31, 2023 2022 Assets: Operating lease right-of-use assets $ 1,331 $ 1,537 Liabilities: Current portion of operating lease liabilities 439 412 Operating lease liabilities, net of current portion 922 1,146 Total lease liabilities $ 1,361 $ 1,558 Future minimum payments under non-cancellable leases as of June 30, 2023 were as follows (in thousands): Years ending December 31, 2023 (6 months remaining) $ 269 2024 517 2025 502 2026 256 Total future minimum lease payments 1,544 Less: imputed interest ( 183 ) Present value of lease liabilities 1,361 Less: lease liabilities, current ( 439 ) Lease liabilities, net of current portion $ 922

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	8 . Stock-Based Compensation Equity Incentive Plans In February 2019, the Company adopted its 2019 Equity Incentive Plan (the “2019 Plan”). In October 2021, the 2019 Plan was terminated as to new awards upon the Company’s adoption of the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective on October 19, 2021. The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units and performance awards to employees, directors or consultants of the Company. The number of common shares available for issuance under the 2021 Plan is 5,612,000 shares of common stock plus any common shares subject to stock options, restricted stock units or similar awards granted under the 2019 Plan that expire, are forfeited or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations or are forfeited to or repurchased by the Company due to failure to vest, with the maximum number of common shares to be added to the 2021 Plan equal to 4,978,561 common shares. Additionally, shares available for issuance under the 2021 Plan automatically increase on the first day of each fiscal year, beginning with the Company’s 2023 fiscal year, equal to the lesser of 5,102,000 common shares, 5 % of the outstanding common shares on the last day of the immediately preceding fiscal year, or such number of common shares determined by the board of directors. On January 1, 2023, the number of shares of common stock that may be issued under the 2021 Plan was automatically increased by 2,851,292 shares. Options granted under the 2019 Plan and 2021 Plan (collectively, the “Plans”) generally vest over a period of between one and four years and expire ten years from grant date. As of June 30, 2023 and December 31, 2022, the Company had 9,018,173 and 6,161,504 shares, respectively, authorized for issuance under the Plans, and 1,891,887 and 1,195,138 shares, respectively, remained available for grant. Total stock-based compensation expense related to share-based awards was comprised of the following (in thousands): Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Research and development $ 4,117 $ 1,599 $ 7,331 $ 2,794 General and administrative 3,751 2,532 7,104 4,781 Total stock-based compensation expense $ 7,868 $ 4,131 $ 14,435 $ 7,575 Stock-based compensation expense by type of share-based award (in thousands): Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Stock options $ 6,735 $ 3,413 $ 12,239 $ 6,121 Restricted stock awards 28 27 55 56 Restricted stock units 1,047 645 2,046 1,300 Employee Stock Purchase Plan 58 46 95 98 Total stock-based compensation expense $ 7,868 $ 4,131 $ 14,435 $ 7,575 Stock Options The following table summarizes stock option activity for the six months ended June 30, 2023: Weighted Weighted Average Average Remaining Aggregate Number Exercise Contractual Intrinsic of Shares Price Term Value (in years) (in thousands) Outstanding as of December 31, 2022 7,592,856 $ 11.82 8.74 $ 159,929 Granted 2,377,839 35.04 Exercised ( 521,677 ) 5.03 Forfeited and cancelled ( 418,306 ) 24.21 Outstanding as of June 30, 2023 9,030,712 $ 17.66 8.67 $ 142,093 Vested and expected to vest as of June 30, 2023 9,030,712 $ 17.66 8.67 $ 142,093 Exercisable as of June 30, 2023 3,297,128 $ 9.40 8.05 $ 77,274 The weighted average grant date fair value of stock options granted during the six months ended June 30, 2023 and 2022 was $ 22.38 and $ 9.03 per share, respectively. The intrinsic value of a stock option is the difference between the market price of the common stock at measurement date and the exercise price of the option. The total intrinsic value of stock options exercised during the six months ended June 30, 2023 and 2022 was $ 15.3 million and $ 5.1 million, respectively. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The following assumptions were used in the Black-Scholes option pricing model to estimate the fair value of stock options granted to employees under the Company’s Plans during the periods presented: Six months ended June 30, 2023 2022 Risk-free interest rate 3.4 % - 4.8 % 0.9 % - 3.4 % Expected volatility 68.4 % - 73.5 % 67.9 % - 75.0 % Expected term (in years) 0.4 - 10.0 0.3 - 10.0 Expected dividend yield — — During the six months ended June 30, 2023, the Company recorded incremental stock-based compensation expense of approximately $ 0.1 million pertaining to the modification of stock options in connection with the termination of one employee. During the six months ended June 30, 2022, the Company recorded incremental stock-based compensation expense of approximately $ 0.3 million pertaining to the modification of stock options in connection with the termination of two employees. The modifications during the six months ended June 30, 2023 and 2022 provided for an acceleration of unvested options, resulting in a change in compensation expense that was immediately recognized. As of June 30, 2023, unrecognized stock-based compensation was $ 78.4 million which is expected to be recognized over the weighted average period of 2.9 years. Restricted Stock Awards The Company grants restricted stock awards pursuant to the Plans and satisfies such grants through the issuance of new shares. Restricted stock awards generally vest over a period of three years . Upon the termination of service of a restricted stockholder, the Company has the option to repurchase any unvested shares and based on this, restricted stock awards are not included in outstanding common stock until fully vested. During the six months ended June 30, 2023 and 2022, the Company did no t repurchase any unvested shares. The following table summarizes restricted stock award activity for the six months ended June 30, 2023: Weighted Average Grant Date Number Fair Value of Shares Per Share Unvested balance as of December 31, 2022 45,002 $ 3.45 Vested ( 15,883 ) 3.45 Unvested balance as of June 30, 2023 29,119 $ 3.45 The Company records a liability for unvested restricted stock awards subject to repurchase and reduces the liability as the underlying shares vest. The liability was immaterial as of June 30, 2023 and 2022. The total fair value of restricted stock awards vested during the six months ended June 30, 2023 and 2022 was immaterial. As of June 30, 2023, there was approximately $ 0.1 million of unrecognized stock-based compensation cost pertaining to restricted stock awards that will be recognized over a weighted average period of 0.8 years. Restricted Stock Units The Company grants restricted stock units pursuant to the Plans and satisfies such grants through the issuance of new shares as they vest. Restricted stock units generally vest over a period of four years . The following table summarizes restricted stock unit activity for the six months ended June 30, 2023: Weighted Average Grant Date Number Fair Value of Shares Per Share Unvested Balance as of December 31, 2022 569,757 $ 15.86 Granted 203,511 $ 32.83 Vested ( 9,342 ) $ 20.31 Forfeited ( 8,501 ) $ 32.18 Unvested balance as of June 30, 2023 755,425 $ 20.20 As of June 30, 2023, there was approximately $ 13.1 million of unrecognized stock-based compensation cost pertaining to restricted stock units that will be recognized over a weighted average period of 2.9 years. Employee Stock Purchase Plan The Company’s 2021 Employee Stock Purchase Plan (“ESPP”) became effective in October 2021. The maximum number of shares of common stock that will be made available for sale under the ESPP is equal to 510,000 shares of common stock. In addition, the number of shares of common stock available for issuance under the ESPP is automatically increased on the first day of each fiscal year, beginning with fiscal year 2023, in an amount equal to the lesser of 1,020,000 shares of common stock, 1 % of the outstanding shares of common stock on the last day of the immediately preceding fiscal year or such number of common shares determined by the board of directors. On January 1, 2023, the number of shares of common stock that are available for sale under the ESPP was automatically increased by 570,258 shares. Participating employees purchase stock under the ESPP at a price equal to the lower of 85 % of the closing price on the applicable offering commencement date or 85 % of the closing price on the applicable offering termination date. The ESPP provides for two offering periods of six months ’ duration with purchase periods terminating on either May 15 or November 15. Contributions under the ESPP are limited to a maximum of 15 % of an employee’s eligible compensation and a maximum of 3,000 shares per year. During the six months ended June 30, 2023 and 2022, 9,765 and 9,074 shares, respectively, were issued under the ESPP at average share prices of $ 21.91 and $ 12.62 , respectively.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	9. Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders: Three months ended Six months ended June 30, June 30, (in thousands, except share and per share amounts) 2023 2022 2023 2022 Numerator: Net loss $ ( 53,251 ) $ ( 20,018 ) $ ( 92,182 ) $ ( 42,750 ) Denominator: Weighted average common shares outstanding, basic and diluted 58,556,529 50,848,391 58,100,261 50,717,548 Net loss per share, basic and diluted $ ( 0.91 ) $ ( 0.39 ) $ ( 1.59 ) $ ( 0.84 ) The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share (in common stock equivalent shares) at June 30, 2023 and 2022, because to do so would be anti-dilutive: June 30, 2023 2022 Shares issuable upon exercise of stock options 9,030,712 7,399,965 Unvested restricted stock units 755,425 678,837 Unvested restricted stock awards 29,119 60,884 Shares purchasable under the 2021 Employee Stock Purchase Plan 13,781 18,130 Total 9,829,037 8,157,816

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	10. Related Party Transactions On October 17, 2019, the Company entered into a Research and Development Support Services Agreement with Bayside Pharma, LLC (“Bayside”) that outlined the terms of services provided by Bayside to the Company, as well as the fees charged for such services. Bayside is a research and development services company that provides certain research and development support services and facilities. Bayside is owned by an employee of the Company. The Company pays Bayside monthly for costs incurred under the agreement. Either party may terminate the support services agreement by giving 30 days’ prior notice. Expense recognized by the Company under the related party Support Services Agreement with Bayside was as follows (in thousands): Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Research and development - Bayside $ 109 $ 230 $ 359 $ 433 Total research and development - related party $ 109 $ 230 $ 359 $ 433 At June 30, 2023, the Company had an immaterial amount of accounts payable and accrued expenses due to related parties. At December 31, 2022, the Company had accounts payable and accrued expenses due to related parties of $ 0.1 million. At June 30, 2023 and December 31, 2022, the Company had an immaterial amount of prepaid expenses and other current assets due from related parties.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events On July 21, 2023, the Company entered into a Sublease Agreement (the “Sublease”) with Neurocrine Biosciences, Inc. for office space in San Diego, CA which became the Company’s headquarters in August 2023. The term of the Sublease commenced on July 21, 2023 , and will end on July 31, 2031 (or on such earlier date as the term may sooner cease or expire as set forth in the Sublease). In lieu of a cash security deposit under the Sublease, Bank of America issued on the Company’s behalf a letter of credit in the amount of $ 0.5 million. The letter of credit is secured by a deposit of $ 0.5 million with the same bank. Future minimum payments under the Sublease are as follows (in thousands): Years ending December 31, 2023 $ 204 2024 1,681 2025 2,073 2026 2,135 2027 2,199 Thereafter 8,426 Total future minimum lease payments $ 16,718

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The presentation of the Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2023 and 2022 reflect the financial results of Ventyx Biosciences, Inc. on a consolidated basis. All intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial information. The condensed consolidated balance sheet data as of December 31, 2022 was derived from the Company’s audited financial statements. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2022 and the notes thereto included in the Company’s annual report on Form 10-K filed with the SEC on March 23, 2023. The Company's significant accounting policies are detailed in “Note 2: Summary of Significant Accounting Policies” of the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Except as set forth below, there have been no changes to the Company's significant accounting policies from those disclosed in the annual report. The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operation for the periods presented, with such adjustments consisting only of normal recurring adjustments. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results expected for the full year ending December 31, 2023 or any future period.
Risks and Uncertainties	Risks and Uncertainties Economic uncertainty in various global markets, including the U.S. and Europe, caused by political instability and conflict, such as the ongoing conflict in Ukraine, and economic challenges caused by the COVID-19 pandemic, have led to market disruptions, including significant volatility in commodity prices, credit and capital market instability and supply chain interruptions, which have caused volatile changes to inflation globally. The Company’s business, financial condition and results of operations could be materially and adversely affected by further negative impact on the global economy and capital markets resulting from these global economic conditions, particularly if such conditions are prolonged or worsen. Although, to date, the Company has not been materially impacted by these global economic and geopolitical conditions, it is impossible to predict the extent to which operations will be impacted in the short and long term, or the ways in which such instability could impact business and results of operations. The extent and duration of these market disruptions, whether as a result of the military conflict between Russia and Ukraine and effects of the Russian sanctions, geopolitical tensions, volatile changes to inflation or otherwise, are impossible to predict, but could be substantial. Any such disruptions may also magnify the impact of other risks described in this report.
Investments in Marketable Securities, Available-for-Sale	Investments in Marketable Securities, Available-for-Sale The Company maintains a portfolio of investments which have included U.S. Treasury securities, U.S. government agency securities, corporate debt securities, commercial paper and asset-backed securities (“ABS”). The Company’s investments in marketable securities are available-for-sale securities and the marketable securities are reported at fair value. Investments in marketable securities with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments in marketable securities with contractual maturities of 12 months or greater at the balance sheet date are considered long-term investments. Unrealized gains and losses are included in accumulated other comprehensive loss, net of tax. The cost of securities sold is determined on a specific identification basis, and realized gains and losses, if any, are included in other (income) expense within the condensed consolidated statements of operations and comprehensive loss. The Company regularly reviews its investment portfolio to determine if any security is impaired, which would require the Company to record an impairment charge in the period that any such determination is made. Calculating an impairment charge requires judgment. In making this judgment, the Company evaluates, among other items, the time frame and extent to which the fair market value of a security is less than its amortized cost and the Company’s intent and ability to sell, or whether the Company will more likely than not be required to sell the security before recovery of its amortized cost basis.
Deferred Offering Costs	Deferred Offering Costs The Company has deferred offering costs consisting of accounting and legal fees directly attributable to the Open Market Sales Agreement SM (“Sales Agreement”) with Jefferies LLC (“Jefferies”). Costs are deferred until shares are sold under the Sales Agreement, at which time they are reclassified to additional paid-in capital as a reduction against the proceeds received.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company follows Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), issued by the Financial Accounting Standards Board (“FASB”) with respect to fair value reporting for financial assets and liabilities. The carrying amounts of the Company’s current financial assets and current financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Financial assets measured at fair value on a recurring basis include cash equivalents and marketable securities. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in Entity’s Own Equity (“ASU 2020-06”), which, among other things, provides guidance on how to account for contracts on an entity’s own equity. This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, the ASU eliminated the need for the Company to assess whether a contract on the entity’s own equity (1) permits settlement in unregistered shares, (2) whether counterparty rights rank higher than shareholder’s rights, and (3) whether collateral is required. In addition, this ASU requires incremental disclosure related to contracts on the entity’s own equity and clarifies the treatment of certain financial instruments accounted for under this ASU on earnings per share. This ASU may be applied on a full retrospective or modified retrospective basis. The amendments within this ASU are effective for the Company’s fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption of the ASU is permitted to fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the potential impact that this standard may have on its condensed consolidated financial statements and related disclosures. Recently Issued 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 amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The Company adopted this standard on January 1, 2023 and as the Company does not have material trade or financing receivables or held to maturity debt securities, and as management does not expect to incur credit losses on available-for-sale marketable debt securities held by the Company, the adoption of this standard did no t have a material impact to the condensed consolidated financial statements at the adoption date.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Financial Assets & Liabilities Measured At Fair Value On Recurring Basis	The following tables present information about the fair value measurements of the Company’s financial assets and liabilities which are measured at fair value on a recurring basis, and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market fund $ 38,984 $ — $ — $ 38,984 Commercial paper — 4,987 — 4,987 Total cash equivalents 38,984 4,987 — 43,971 Marketable securities U.S. Treasury securities 2,988 — — 2,988 U.S. government agency securities — 96,446 — 96,446 Commercial paper — 169,054 — 169,054 Asset backed securities — 12,047 — 12,047 Total marketable securities 2,988 277,547 — 280,535 Total assets $ 41,972 $ 282,534 $ — $ 324,506 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market fund $ 22,721 $ — $ — $ 22,721 Total cash equivalents 22,721 — — 22,721 Marketable securities U.S. Treasury securities 39,567 — — 39,567 U.S. government agency securities — 74,979 — 74,979 Corporate debt securities — 2,990 — 2,990 Commercial paper — 171,866 — 171,866 Asset backed securities — 2,392 — 2,392 Total marketable securities 39,567 252,227 — 291,794 Total assets $ 62,288 $ 252,227 $ — $ 314,515
Summary Of Available For Sale Marketable Securities By Type Of Security	As of June 30, 2023 and December 31, 2022, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows (in thousands): June 30, 2023 Gross Gross Amortized Unrealized Unrealized Fair Cost Gain Loss Value Marketable securities: U.S. Treasury securities $ 2,994 $ — $ ( 6 ) $ 2,988 U.S. government agency securities 96,962 — ( 516 ) 96,446 Commercial paper 169,235 5 ( 186 ) 169,054 Asset backed securities 12,084 — ( 37 ) 12,047 Total marketable securities $ 281,275 $ 5 $ ( 745 ) $ 280,535 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair Cost Gain Loss Value Marketable securities: U.S. Treasury securities $ 39,989 $ — $ ( 422 ) $ 39,567 U.S. government agency securities 75,337 — ( 358 ) 74,979 Corporate debt securities 3,005 — ( 15 ) 2,990 Commercial paper 172,162 20 ( 316 ) 171,866 Asset backed securities 2,393 — ( 1 ) 2,392 Total marketable securities $ 292,886 $ 20 $ ( 1,112 ) $ 291,794

Consolidated Balance Sheet De_2

Consolidated Balance Sheet Details (Tables)	6 Months Ended
	Jun. 30, 2023
Consolidated Balance Sheet [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2023 2022 Internal-use software $ 188 $ 188 Laboratory equipment 144 142 Furniture and fixtures 162 104 Computer hardware and software 58 68 Construction in progress 238 — Property and equipment, gross 790 502 Less: accumulated depreciation ( 161 ) ( 95 ) Property and equipment, net $ 629 $ 407
Summary of Accrued Expenses	Accrued expenses consisted of the following (in thousands): June 30, December 31, 2023 2022 Accrued research and development costs $ 6,807 $ 2,450 Accrued payroll liabilities 3,701 4,208 Accrued clinical trial costs 3,625 1,235 Other accrued liabilities 1,377 1,557 Accrued related party liabilities — 64 Total accrued expenses $ 15,510 $ 9,514

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule Of Common Stock Reserved For Future Issuance	Common stock reserved for future issuance is as follows (in common stock equivalent shares) as of June 30, 2023: June 30, 2023 Issued and outstanding: Stock options 9,030,712 Restricted stock awards 29,119 Restricted stock units 755,425 Authorized for future issuance: 2021 Equity Incentive Plan 1,891,887 2021 Employee Stock Purchase Plan 1,049,336 Total 12,756,479

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Summary of Right-of-use Assets and Lease Liabilities	The Company’s right-of-use assets and lease liabilities were as follows (in thousands): June 30, December 31, 2023 2022 Assets: Operating lease right-of-use assets $ 1,331 $ 1,537 Liabilities: Current portion of operating lease liabilities 439 412 Operating lease liabilities, net of current portion 922 1,146 Total lease liabilities $ 1,361 $ 1,558
Summary of Future Minimum Payments under Non-cancellable Leases	Future minimum payments under non-cancellable leases as of June 30, 2023 were as follows (in thousands): Years ending December 31, 2023 (6 months remaining) $ 269 2024 517 2025 502 2026 256 Total future minimum lease payments 1,544 Less: imputed interest ( 183 ) Present value of lease liabilities 1,361 Less: lease liabilities, current ( 439 ) Lease liabilities, net of current portion $ 922

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Total Stock-based Compensation Expense Related To Share-based Awards	Total stock-based compensation expense related to share-based awards was comprised of the following (in thousands): Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Research and development $ 4,117 $ 1,599 $ 7,331 $ 2,794 General and administrative 3,751 2,532 7,104 4,781 Total stock-based compensation expense $ 7,868 $ 4,131 $ 14,435 $ 7,575 Stock-based compensation expense by type of share-based award (in thousands): Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Stock options $ 6,735 $ 3,413 $ 12,239 $ 6,121 Restricted stock awards 28 27 55 56 Restricted stock units 1,047 645 2,046 1,300 Employee Stock Purchase Plan 58 46 95 98 Total stock-based compensation expense $ 7,868 $ 4,131 $ 14,435 $ 7,575
Summary of Stock Option Activity	The following table summarizes stock option activity for the six months ended June 30, 2023: Weighted Weighted Average Average Remaining Aggregate Number Exercise Contractual Intrinsic of Shares Price Term Value (in years) (in thousands) Outstanding as of December 31, 2022 7,592,856 $ 11.82 8.74 $ 159,929 Granted 2,377,839 35.04 Exercised ( 521,677 ) 5.03 Forfeited and cancelled ( 418,306 ) 24.21 Outstanding as of June 30, 2023 9,030,712 $ 17.66 8.67 $ 142,093 Vested and expected to vest as of June 30, 2023 9,030,712 $ 17.66 8.67 $ 142,093 Exercisable as of June 30, 2023 3,297,128 $ 9.40 8.05 $ 77,274
Summary of Assumptions Used in Black-Scholes Option Pricing Model	The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The following assumptions were used in the Black-Scholes option pricing model to estimate the fair value of stock options granted to employees under the Company’s Plans during the periods presented: Six months ended June 30, 2023 2022 Risk-free interest rate 3.4 % - 4.8 % 0.9 % - 3.4 % Expected volatility 68.4 % - 73.5 % 67.9 % - 75.0 % Expected term (in years) 0.4 - 10.0 0.3 - 10.0 Expected dividend yield — —
Summary of Restricted Stock Award Activity	The following table summarizes restricted stock award activity for the six months ended June 30, 2023: Weighted Average Grant Date Number Fair Value of Shares Per Share Unvested balance as of December 31, 2022 45,002 $ 3.45 Vested ( 15,883 ) 3.45 Unvested balance as of June 30, 2023 29,119 $ 3.45 The Company records a liability for unvested restricted stock awards subject to repurchase and reduces the liability as the underlying shares vest. The liability was immaterial as of June 30, 2023 and 2022. The total fair value of restricted stock awards vested during the six months ended June 30, 2023 and 2022 was immaterial. As of June 30, 2023,
Summary of Restricted Stock Unit Activity	The following table summarizes restricted stock unit activity for the six months ended June 30, 2023: Weighted Average Grant Date Number Fair Value of Shares Per Share Unvested Balance as of December 31, 2022 569,757 $ 15.86 Granted 203,511 $ 32.83 Vested ( 9,342 ) $ 20.31 Forfeited ( 8,501 ) $ 32.18 Unvested balance as of June 30, 2023 755,425 $ 20.20

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders: Three months ended Six months ended June 30, June 30, (in thousands, except share and per share amounts) 2023 2022 2023 2022 Numerator: Net loss $ ( 53,251 ) $ ( 20,018 ) $ ( 92,182 ) $ ( 42,750 ) Denominator: Weighted average common shares outstanding, basic and diluted 58,556,529 50,848,391 58,100,261 50,717,548 Net loss per share, basic and diluted $ ( 0.91 ) $ ( 0.39 ) $ ( 1.59 ) $ ( 0.84 )
Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share	The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share (in common stock equivalent shares) at June 30, 2023 and 2022, because to do so would be anti-dilutive: June 30, 2023 2022 Shares issuable upon exercise of stock options 9,030,712 7,399,965 Unvested restricted stock units 755,425 678,837 Unvested restricted stock awards 29,119 60,884 Shares purchasable under the 2021 Employee Stock Purchase Plan 13,781 18,130 Total 9,829,037 8,157,816

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Summary of Expense Recognized Under the Related Party	Expense recognized by the Company under the related party Support Services Agreement with Bayside was as follows (in thousands): Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Research and development - Bayside $ 109 $ 230 $ 359 $ 433 Total research and development - related party $ 109 $ 230 $ 359 $ 433

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Schedule of Future Minimum Payments Under Sublease	Future minimum payments under the Sublease are as follows (in thousands): Years ending December 31, 2023 $ 204 2024 1,681 2025 2,073 2026 2,135 2027 2,199 Thereafter 8,426 Total future minimum lease payments $ 16,718

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - ASU 2016-13	Jun. 30, 2023
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, ASU, material effect	true
Change in accounting principle, ASU, adoption	true
Change in accounting principle, ASU, adoption date	Jan. 01, 2023

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets & Liabilities Measured At Fair Value On Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Total assets	$ 324,506	$ 314,515
Commercial Paper
Assets:
Total assets	4,987
Cash Equivalents
Assets:
Total assets	43,971	22,721
Cash Equivalents | Money Market Fund
Assets:
Total assets	38,984	22,721
Marketable Securities
Assets:
Total assets	280,535	291,794
Marketable Securities | Commercial Paper
Assets:
Total assets	169,054	171,866
Marketable Securities | Asset Backed Securities
Assets:
Total assets	12,047	2,392
Marketable Securities | U S Treasury Securities
Assets:
Total assets	2,988	39,567
Marketable Securities | U.S. government agency securities
Assets:
Total assets	96,446	74,979
Marketable Securities | Corporate Debt Securities
Assets:
Total assets		2,990
Level 1
Assets:
Total assets	41,972	62,288
Level 1 | Cash Equivalents
Assets:
Total assets	38,984	22,721
Level 1 | Cash Equivalents | Money Market Fund
Assets:
Total assets	38,984	22,721
Level 1 | Marketable Securities
Assets:
Total assets	2,988	39,567
Level 1 | Marketable Securities | U S Treasury Securities
Assets:
Total assets	2,988	39,567
Level 2
Assets:
Total assets	282,534	252,227
Level 2 | Commercial Paper
Assets:
Total assets	4,987
Level 2 | Cash Equivalents
Assets:
Total assets	4,987
Level 2 | Marketable Securities
Assets:
Total assets	277,547	252,227
Level 2 | Marketable Securities | Commercial Paper
Assets:
Total assets	169,054	171,866
Level 2 | Marketable Securities | Asset Backed Securities
Assets:
Total assets	12,047	2,392
Level 2 | Marketable Securities | U.S. government agency securities
Assets:
Total assets	$ 96,446	74,979
Level 2 | Marketable Securities | Corporate Debt Securities
Assets:
Total assets		$ 2,990

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) MarketableSecurities	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) MarketableSecurities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value liabilities, into level 3 transfer amount	$ 0	$ 0
Fair value liabilities, out of level 3 transfer amount	$ 0	$ 0
Available-for-sale marketable securities in an unrealized loss position | MarketableSecurities	30		37
Available-for-sale marketable securities in an unrealized loss position | MarketableSecurities	28		32
Available-for-sale marketable securities in an unrealized loss position greater than twelve months | MarketableSecurities	2		5
Allowance for credit losses	$ 0
Accrued interest receivable on available-for-sale marketable securities	$ 1,100,000		$ 900,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets		Prepaid Expense and Other Assets
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities unrealized loss position	12 months		12 months

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Available For Sale Marketable Securities By Type Of Security (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 281,275	$ 292,886
Gross Unrealized Gain	5	20
Gross Unrealized Loss	(745)	(1,112)
Fair Value	280,535	291,794
U S Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,994	39,989
Gross Unrealized Loss	(6)	(422)
Fair Value	2,988	39,567
U.S. government agency securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	96,962	75,337
Gross Unrealized Loss	(516)	(358)
Fair Value	96,446	74,979
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		3,005
Gross Unrealized Loss		(15)
Fair Value		2,990
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	169,235	172,162
Gross Unrealized Gain	5	20
Gross Unrealized Loss	(186)	(316)
Fair Value	169,054	171,866
Asset Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	12,084	2,393
Gross Unrealized Loss	(37)	(1)
Fair Value	$ 12,047	$ 2,392

Consolidated Balance Sheet De_3

Consolidated Balance Sheet Details - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 790	$ 502
Less: accumulated depreciation	(161)	(95)
Property and equipment, net	629	407
Internal-use Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	188	188
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	144	142
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	162	104
Computer Hardware and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	58	$ 68
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 238

Consolidated Balance Sheet De_4

Consolidated Balance Sheet Details - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued research and development costs	$ 6,807	$ 2,450
Accrued payroll liabilities	3,701	4,208
Accrued clinical trial costs	3,625	1,235
Other accrued liabilities	1,377	1,557
Accrued related party liabilities	0	64
Total accrued expenses	$ 15,510	$ 9,514

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Common stock, shares issued	58,743,101	57,025,847
Common stock, par value	$ 0.0001	$ 0.0001

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Class Of Stock [Line Items]
Preferred stock, issuance costs	$ 73

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended	12 Months Ended
	Sep. 20, 2022	Feb. 28, 2023	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Net proceeds from private placement after deducting fees to the placement agents and offering expenses			$ 48,408
Common stock, shares authorized			900,000,000	900,000,000
Common stock, par value			$ 0.0001	$ 0.0001
Common stock voting rights			Holders of outstanding shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders
ATM Sales Agreement
Class of Stock [Line Items]
Number of shares issued		1,176,470
Common stock, price per share		$ 42.5
Common stock gross proceeds		$ 50,000
Common stock amount of net proceeds		$ 48,400
Aggregate sales proceeds				$ 150,000
Private Placement
Class of Stock [Line Items]
Number of shares issued	5,350,000
Common stock, price per share	$ 33
Gross proceeds from private placement	$ 176,600
Net proceeds from private placement after deducting fees to the placement agents and offering expenses	$ 165,200

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule Of Common Stock Reserved For Future Issuance (Details)	Jun. 30, 2023 shares
Class of Stock [Line Items]
Common stock reserved and available for future issuance	12,756,479
Stock Options
Class of Stock [Line Items]
Common stock reserved and available for future issuance	9,030,712
Restricted Stock Awards
Class of Stock [Line Items]
Common stock reserved and available for future issuance	29,119
Restricted Stock Units
Class of Stock [Line Items]
Common stock reserved and available for future issuance	755,425
2021 Equity Incentive Plan
Class of Stock [Line Items]
Common stock reserved and available for future issuance	1,891,887
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock reserved and available for future issuance	1,049,336

Leases - Additional Information

Leases - Additional Information (Details) $ in Millions	1 Months Ended				3 Months Ended		6 Months Ended
	May 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021 Room	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Lease expiration date		Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2024
Termination, description							The leases contain various termination options.
Lessee, Operating Lease, Existence of Option to Terminate [true false]							true
Operating lease, weighted average remaining lease term					2 years 10 months 24 days		2 years 10 months 24 days
Operating lease, weighted average discount rate					9%		9%
Operating lease costs | $					$ 0.1	$ 0.1	$ 0.3	$ 0.2
Operating lease payments | $							$ 0.3	$ 0.2
Minimum
Lessee, Lease, Description [Line Items]
Lease, remaining term					1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease, remaining term					3 years		3 years
Laboratory
Lessee, Lease, Description [Line Items]
Number of lab lease | Room				2
Lease, renewal term				2 years
Laboratory | Belgium
Lessee, Lease, Description [Line Items]
Lease, term of contract				3 years
Office Space
Lessee, Lease, Description [Line Items]
Number of lab lease | Room				2
Lease, renewal term				2 years
Office Space | Belgium
Lessee, Lease, Description [Line Items]
Lease, term of contract				3 years
Office Space | California
Lessee, Lease, Description [Line Items]
Lease expiration date	Jun. 30, 2026
Lease commencement date	Jun. 01, 2022

Leases - Summary of Right-of-us

Leases - Summary of Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Operating lease right-of-use assets	$ 1,331	$ 1,537
Liabilities
Current portion of operating lease liabilities	439	412
Operating lease liabilities, net of current portion	922	1,146
Total lease liabilities	$ 1,361	$ 1,558

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Payments under Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (6 months remaining)	$ 269
2024	517
2025	502
2026	256
Total future minimum lease payments	1,544
Less: imputed interest	(183)
Total lease liabilities	1,361	$ 1,558
Less: lease liabilities, current	(439)	(412)
Lease liabilities, net of current portion	$ 922	$ 1,146

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions			1 Months Ended	6 Months Ended
	Jan. 01, 2023 shares	Oct. 19, 2021 shares	Oct. 31, 2021 Offeringperiod shares	Jun. 30, 2023 USD ($) Employee $ / shares shares	Jun. 30, 2022 USD ($) Employee $ / shares shares	Dec. 31, 2022 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of employees terminated | Employee				1	2
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of stock options granted | $ / shares				$ 22.38	$ 9.03
Total intrinsic value of stock options exercised | $				$ 15.3	$ 5.1
Incremental stock-based compensation expense | $				0.1	$ 0.3
Unrecognized stock-based compensation expense | $				$ 78.4
Unrecognized stock-based compensation expense, weighted average period				2 years 10 months 24 days
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period				3 years
Unrecognized stock-based compensation expense other than stock option | $				$ 0.1
Unrecognized stock-based compensation expense, weighted average period				9 months 18 days
Shares repurchased				0	0
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period				4 years
Unrecognized stock-based compensation expense other than stock option | $				$ 13.1
Unrecognized stock-based compensation expense, weighted average period				2 years 10 months 24 days
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance		5,612,000
Number of shares that may be issued in accordance with plan	2,851,292	5,102,000
Number of common shares to be added		4,978,561
Percentage of outstanding shares of common stock that may be issued in accordance with plan		5%
2019 and 2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance				9,018,173		6,161,504
Term of stock options granted				10 years
Shares remained available for grant				1,891,887		1,195,138
2019 and 2021 Equity Incentive Plan | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period				1 year
2019 and 2021 Equity Incentive Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period				4 years
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance	570,258		510,000
Number of shares that may be issued in accordance with plan			1,020,000
Percentage of closing price on offering commencement date that participating employees purchase stock under plan			85%
Percentage of closing price on offering termination date that participating employees purchase stock under plan			85%
Number of offering periods | Offeringperiod			2
Duration of offering periods			6 months
Maximum percentage of eligible compensation of employee			15%
Maximum number of shares an employee can purchase under plan			3,000
Percentage of outstanding shares of common stock that may be issued in accordance with plan			1%
Shares issued under employee stock purchase plan, shares				9,765	9,074
Weighted average price of shares issued under ESPP | $ / shares				$ 21.91	$ 12.62

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Total Stock-based Compensation Expense Related To Share-based Awards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 7,868	$ 4,131	$ 14,435	$ 7,575
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	4,117	1,599	7,331	2,794
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 3,751	$ 2,532	$ 7,104	$ 4,781

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 7,868	$ 4,131	$ 14,435	$ 7,575
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	6,735	3,413	12,239	6,121
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	28	27	55	56
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	1,047	645	2,046	1,300
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 58	$ 46	$ 95	$ 98

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Shares, Beginning Balance | shares	7,592,856
Number of Shares, Granted | shares	2,377,839
Number of Shares, Exercised | shares	(521,677)
Number of Shares, Forfeited and cancelled | shares	(418,306)
Number of Shares, Ending Balance | shares	9,030,712	7,592,856
Number of Shares, Vested and expected to vest | shares	9,030,712
Number of Shares, Exercisable | shares	3,297,128
Weighted Average Exercise Price, Beginning balance | $ / shares	$ 11.82
Weighted Average Exercise Price, Granted | $ / shares	35.04
Weighted Average Exercise Price, Exercised | $ / shares	5.03
Weighted Average Exercise Price, Forfeited and cancelled | $ / shares	24.21
Weighted Average Exercise Price, ending balance | $ / shares	17.66	$ 11.82
Weighted Average Exercise Price, Vested and expected to vest | $ / shares	17.66
Weighted Average Exercise Price, Exercisable | $ / shares	$ 9.40
Weighted Average Contractual Term, Outstanding	8 years 8 months 1 day	8 years 8 months 26 days
Weighted Average Contractual Term, Vested and expected to vest	8 years 8 months 1 day
Weighted Average Contractual Term, Exercisable	8 years 18 days
Aggregate Intrinsic Value | $	$ 142,093	$ 159,929
Aggregate Intrinsic Value, Vested and expected to vest | $	142,093
Aggregate Intrinsic Value, Exercisable | $	$ 77,274

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option Pricing Model (Details) - Stock Options	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, Minimum	3.40%	0.90%
Risk-free interest rate, Maximum	4.80%	3.40%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	68.40%	67.90%
Expected term (in years)	4 months 24 days	3 months 18 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	73.50%	75%
Expected term (in years)	10 years	10 years

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock Awards	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning Balance | shares	45,002
Number of Shares, Vested | shares	(15,883)
Number of Shares, Ending Balance | shares	29,119
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 3.45
Weighted Average Grant Date Fair Value, Vested | $ / shares	3.45
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 3.45

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Restricted Stock Units (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning Balance | shares	569,757
Number of Shares, Granted | shares	203,511
Number of Shares, Vested | shares	(9,342)
Number of Shares, Forfeited | shares	(8,501)
Number of Shares, Ending Balance | shares	755,425
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 15.86
Weighted Average Grant Date Fair Value, Granted | $ / shares	32.83
Weighted Average Grant Date Fair Value, Vested | $ / shares	20.31
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	32.18
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 20.2

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss	$ (53,251)	$ (20,018)	$ (92,182)	$ (42,750)
Denominator
Weighted average shares of common stock outstanding, basic	58,556,529	50,848,391	58,100,261	50,717,548
Weighted average shares of common stock outstanding, diluted	58,556,529	50,848,391	58,100,261	50,717,548
Net loss per share, basic	$ (0.91)	$ (0.39)	$ (1.59)	$ (0.84)
Net loss per share, diluted	$ (0.91)	$ (0.39)	$ (1.59)	$ (0.84)

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	9,829,037	8,157,816
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	9,030,712	7,399,965
Unvested Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	755,425	678,837
Unvested Restricted Stock Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	29,119	60,884
Shares purchasable under the 2021 Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	13,781	18,130

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Millions	Dec. 31, 2022 USD ($)
Accounts Payable and Accrued Expenses | Related Party
Related Party Transaction [Line Items]
Due to related parties	$ 0.1

Related Party Transactions - Su

Related Party Transactions - Summary of Expense Recognized Under the Related Party (Details) - Research and Development - Related Party - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Expense recognized under related party	$ 109	$ 230	$ 359	$ 433
Bayside
Related Party Transaction [Line Items]
Expense recognized under related party	$ 109	$ 230	$ 359	$ 433

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event - Office Space - Sublease Agreement - Neurocrine Biosciences, Inc. $ in Millions	Jul. 21, 2023 USD ($)
Subsequent Event [Line Items]
Sublease term commencing date	Jul. 21, 2023
Sublease term ending date	Jul. 31, 2031
Letter of credit	$ 0.5
Security deposit made for letter of credit	$ 0.5

Subsequent Events - Schedule of

Subsequent Events - Schedule of Future Minimum Payments Under Sublease (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Subsequent Events [Abstract]
2023	$ 204
2024	1,681
2025	2,073
2026	2,135
2027	2,199
Thereafter	8,426
Total future minimum lease payments	$ 16,718