Tenaya Therapeutics (TNYA) 10-Q 10 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 02, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	TENAYA THERAPEUTICS, INC.
Entity Central Index Key	0001858848
Entity File Number	001-40656
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3789973
Entity Address, Address Line One	171 Oyster Point Boulevard
Entity Address, Address Line Two	5th Floor
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	825-6990
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
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	TNYA
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		41,374,508

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 34,494	$ 38,129
Investments in marketable securities	114,956	213,171
Prepaid expenses and other current assets	7,617	4,058
Total current assets	157,067	255,358
Property and equipment, net	52,194	43,020
Operating lease right-of-use assets	12,399	11,685
Other noncurrent assets	4,650	4,126
Total assets	226,310	314,189
Current liabilities:
Accounts payable	5,312	10,721
Accrued and other current liabilities	8,388	9,059
Operating lease liabilities, current	4,016	1,994
Total current liabilities	17,716	21,774
Operating lease liabilities, noncurrent	12,043	13,707
Other noncurrent liabilities	223	182
Total liabilities	29,982	35,663
Commitments and contingencies (Note 6)
Stockholders' equity:
Common stock	4	4
Additional paid-in capital	442,773	434,196
Accumulated other comprehensive loss	(767)	(141)
Accumulated deficit	(245,682)	(155,533)
Total stockholders' equity	196,328	278,526
Total liabilities and stockholders' equity	$ 226,310	$ 314,189

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Research and development	$ 23,758	$ 12,944	$ 68,789	$ 33,440
General and administrative	7,540	5,356	22,282	13,202
Total operating expenses	31,298	18,300	91,071	46,642
Loss from operations	(31,298)	(18,300)	(91,071)	(46,642)
Other income (expense), net:
Interest income	596	23	917	41
Other income (expense), net	6	15	5	31
Total other income (expense), net	602	38	922	72
Net loss before income tax expense	(30,696)	(18,262)	(90,149)	(46,570)
Net loss	(30,696)	(18,262)	(90,149)	(46,570)
Other comprehensive loss:
Net unrealized loss on marketable securities	(28)	(23)	(626)	(23)
Comprehensive loss	$ (30,724)	$ (18,285)	$ (90,775)	$ (46,593)
Net loss per share, basic	$ (0.74)	$ (0.68)	$ (2.18)	$ (4.75)
Net loss per share, diluted	$ (0.74)	$ (0.68)	$ (2.18)	$ (4.75)
Weighted-average shares used in computing net loss per share, basic	41,358,296	26,895,716	41,309,812	9,808,162
Weighted-average shares used in computing net loss per share, diluted	41,358,296	26,895,716	41,309,812	9,808,162

Condensed Statements of Convert

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Initial Public Offering	Convertible Preferred Stock	Convertible Preferred Stock Initial Public Offering	Series C Convertible Preferred Stock	Common Stock	Common Stock Initial Public Offering	Additional Paid-In Capital	Additional Paid-In Capital Initial Public Offering	Notes Receivable from Stockholders	Accumulated Other Comprehensive Loss	Accumulated Deficit
Temporary equity balance, shares at Dec. 31, 2020			24,493,528
Temporary equity, balance at Dec. 31, 2020			$ 220,754
Balance at Dec. 31, 2020	$ (81,315)							$ 1,584		$ (87)		$ (82,812)
Balance, shares at Dec. 31, 2020						1,210,306
Issuance of convertible preferred stock, net of issuance costs					$ 19,981
Issuance of convertible preferred stock, net of issuance costs, shares					1,608,750
Issuance of common stock upon exercise of stock options	29							29
Issuance of common stock upon exercise of stock options, shares						12,508
Repurchase of common stock related to early exercise of options, shares						(365)
Vesting of early exercised stock options	9							9
Stock-based compensation	432							432
Net loss	(13,098)											(13,098)
Balance at Mar. 31, 2021	(93,943)							2,054		(87)		(95,910)
Temporary equity balance, shares at Mar. 31, 2021			26,102,278
Temporary equity, balance at Mar. 31, 2021			$ 240,735
Balance, shares at Mar. 31, 2021						1,222,449
Temporary equity balance, shares at Dec. 31, 2020			24,493,528
Temporary equity, balance at Dec. 31, 2020			$ 220,754
Balance at Dec. 31, 2020	(81,315)							1,584		(87)		(82,812)
Balance, shares at Dec. 31, 2020						1,210,306
Net loss	(46,570)
Balance at Sep. 30, 2021	303,699					$ 4		433,112		(12)	$ (23)	(129,382)
Balance, shares at Sep. 30, 2021						41,280,402
Temporary equity balance, shares at Mar. 31, 2021			26,102,278
Temporary equity, balance at Mar. 31, 2021			$ 240,735
Balance at Mar. 31, 2021	(93,943)							2,054		(87)		(95,910)
Balance, shares at Mar. 31, 2021						1,222,449
Issuance of common stock upon exercise of stock options	31							31
Issuance of common stock upon exercise of stock options, shares						12,173
Repurchase of common stock related to early exercise of options, shares						(11,980)
Vesting of early exercised stock options	9							9
Notes receivable from stockholders	75									75
Stock-based compensation	502							502
Net loss	(15,210)											(15,210)
Balance at Jun. 30, 2021	(108,536)							2,596		(12)		(111,120)
Temporary equity balance, shares at Jun. 30, 2021			26,102,278
Temporary equity, balance at Jun. 30, 2021			$ 240,735
Balance, shares at Jun. 30, 2021						1,222,642
Conversion of convertible preferred stock to common stock upon completion of initial public offering		$ 240,735		$ (240,735)			$ 3		$ 240,732
Conversion of convertible preferred stock to common stock upon completion of initial public offering, shares				(26,102,278)			26,102,278
Issuance of common stock upon initial public offering, net of issuance costs		$ 188,541					$ 1		$ 188,540
Issuance of common stock upon initial public offering, net of issuance costs, shares							13,800,000
Issuance of common stock upon exercise of stock options	268							268
Issuance of common stock upon exercise of stock options, shares						160,096
Repurchase of common stock related to early exercise of options, shares						4,614
Vesting of early exercised stock options	8							8
Stock-based compensation	968							968
Other comprehensive loss	(23)										(23)
Net loss	(18,262)											(18,262)
Balance at Sep. 30, 2021	303,699					$ 4		433,112		$ (12)	(23)	(129,382)
Balance, shares at Sep. 30, 2021						41,280,402
Balance at Dec. 31, 2021	278,526					$ 4		434,196			(141)	(155,533)
Balance, shares at Dec. 31, 2021						41,291,374
Issuance of common stock upon exercise of stock options	17							17
Issuance of common stock upon exercise of stock options, shares						7,652
Vesting of early exercised stock options	6							6
Stock-based compensation	2,094							2,094
Other comprehensive loss	(490)										(490)
Net loss	(31,056)											(31,056)
Balance at Mar. 31, 2022	249,097					$ 4		436,313			(631)	(186,589)
Balance, shares at Mar. 31, 2022						41,299,026
Balance at Dec. 31, 2021	278,526					$ 4		434,196			(141)	(155,533)
Balance, shares at Dec. 31, 2021						41,291,374
Net loss	(90,149)
Balance at Sep. 30, 2022	196,328					$ 4		442,773			(767)	(245,682)
Balance, shares at Sep. 30, 2022						41,374,689
Balance at Mar. 31, 2022	249,097					$ 4		436,313			(631)	(186,589)
Balance, shares at Mar. 31, 2022						41,299,026
Issuance of common stock upon exercise of stock options	28							28
Issuance of common stock upon exercise of stock options, shares						13,186
Issuance of common stock pursuant to employee stock purchase plan	230							230
Issuance of common stock pursuant to employee stock purchase plan, shares						51,608
Vesting of early exercised stock options	5							5
Stock-based compensation	3,012							3,012
Other comprehensive loss	(108)										(108)
Net loss	(28,397)											(28,397)
Balance at Jun. 30, 2022	223,867					$ 4		439,588			(739)	(214,986)
Balance, shares at Jun. 30, 2022						41,363,820
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	6							6
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, shares						10,869
Vesting of early exercised stock options	5							5
Stock-based compensation	3,174							3,174
Other comprehensive loss	(28)										(28)
Net loss	(30,696)											(30,696)
Balance at Sep. 30, 2022	$ 196,328					$ 4		$ 442,773			$ (767)	$ (245,682)
Balance, shares at Sep. 30, 2022						41,374,689

Condensed Statements of Conve_2

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) (Unaudited) $ in Thousands	3 Months Ended
	Sep. 30, 2021 USD ($)
Initial Public Offering
Stock issuance costs	$ 18,459

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Cash flows from operating activities:
Net loss	$ (90,149)	$ (46,570)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,350	2,170
Amortization of premium on marketable securities	76	6
Stock-based compensation	8,280	1,902
Loss on write-offs and disposal of property and equipment	27	4
Non-cash operating lease expense	1,510	743
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(3,278)	(3,029)
Other noncurrent assets	(672)	(3,063)
Accounts payable	(1,803)	2,518
Accrued and other current liabilities	2,051	1,729
Operating lease liabilities	(2,147)	(952)
Other noncurrent liabilities	13	77
Net cash used in operating activities	(81,742)	(44,465)
Cash flows from investing activities:
Purchases of property and equipment	(19,835)	(12,567)
Purchases of marketable securities	(108,737)	(163,417)
Proceeds from maturities of marketable securities	206,250
Net cash provided by (used in) investing activities	77,678	(175,984)
Cash flows from financing activities:
Proceeds from initial public offering, net of issuance costs		188,605
Proceeds from exercise of stock options and employee stock purchase plan	281	343
Repurchase of common stock		(13)
Proceeds from repayments on notes receivable from stockholders		75
Net cash provided by financing activities	281	208,991
Net change in cash, cash equivalents and restricted cash	(3,783)	(11,458)
Cash and cash equivalents and restricted cash at beginning of period	38,676	129,082
Cash and cash equivalents and restricted cash at end of period	34,893	117,624
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	34,494	117,077
Restricted cash included in other noncurrent assets	399	547
Cash, cash equivalents and restricted cash	34,893	117,624
Supplemental disclosure of non-cash investing and financing activities:
Conversion of convertible preferred stock to common stock upon completion of initial public offering		220,754
Offering costs related to initial public offering included in accounts payable and accrued and other current liabilities		64
Property and equipment included in accounts payable and accrued and other current liabilities	$ 263	3,677
Series C Convertible Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net of issuance costs		$ 19,981

Organization and Description of

Organization and Description of the Business	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Business	1. Organization and Description of the Business Description of the Business Tenaya Therapeutics, Inc. (Company) was incorporated in the state of Delaware in August 2016 and is headquartered in South San Francisco, California. The Company is a clinical-stage biotechnology company focused on discovering, developing and delivering curative therapies that address the underlying drivers of heart disease. The Company is advancing product candidates from three distinct but interrelated product platforms: gene therapy, cellular regeneration and precision medicine. Liquidity The Company has incurred net losses since inception and expects such losses to continue in the future as it conducts research and development activities. As of September 30, 2022, the Company had an accumulated deficit of $ 245.7 million. The Company incurred a net loss of $ 90.1 million and $ 46.6 million during the nine months ended September 30, 2022 and 2021, respectively. The Company had $ 149.5 million of cash, cash equivalents and investments in marketable securities as of September 30, 2022. Management recognizes the need to raise additional capital to fully implement its business plan. The Company may seek to raise capital through equity financings, debt financings, license agreements, collaborative agreements or other sources of financing. Management believes that its existing cash, cash equivalents and investments in marketable securities as of September 30, 2022 will be sufficient to fund the Company’s operations for at least the next twelve months following the date these condensed financial statements are filed with the Securities and Exchange Commission (SEC). In August 2022, the Company entered into a sales agreement with a sales agent to establish an at-the-market (ATM) offering program under the Securities Act. Pursuant to the sales agreement, the Company is permitted to offer and sell, from time to time, shares of its common stock having a maximum aggregate offering price of up to $ 75.0 million. As of September 30, 2022, no shares have been sold pursuant to the ATM program.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and follow the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. The interim condensed balance sheet as of September 30, 2022, the interim condensed statements of operations and comprehensive loss, convertible preferred stock and stockholders’ equity (deficit) and cash flows for the nine months ended September 30, 2022 and 2021 are unaudited. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s financial position, results of operations and cash flows for the interim periods presented. The condensed results of operations for the nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and the related notes thereto for the year ended December 31, 2021, included in Company's Annual Report on Form 10-K, filed with the SEC on March 23, 2022. Reclassification Certain prior year balances have been reclassified in order to conform to current year presentation for the condensed balance sheets. These reclassifications have no effect on the previously reported financial position. Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to clinical trial accrued liabilities, income tax valuation allowance and stock-based compensation. Management bases its estimates on historical experience, the current economic environment, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. Significant Accounting Policies There have been no material revisions in the Company's significant accounting policies described in Note 2 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which is intended to simplify the accounting for income taxes. This standard eliminates certain exceptions to the approach for intra period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. As an emerging growth company, ASU 2019-12 became effective for the Company beginning January 1, 2022 . The adoption of this standard did not have any impact on its financial statements. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (ASU 2021-10), which requires business entities to make annual disclosures about transactions with a government they account for by analogizing to a grant or contribution accounting model. The required annual disclosures include the nature of the transaction, the entity’s related accounting policy, the financial statement line items affected and the amounts reflected in the current period financial statements, and any significant terms and conditions. ASU 2021-10 became effective for the Company beginning January 1, 2022 . The adoption of this standard did no t have a material impact on its financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which replaces the existing incurred loss impairment model with an expected credit loss model . This standard will require companies to recognize an allowance for credit losses on available-for-sale debt securities rather than the current approach of recording a reduction to the carrying value of the asset. As an emerging growth company, ASU 2016-13 will become effective for the Company beginning January 1, 2023. The Company is evaluating the impact of this standard on its financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs other than quoted market prices included in Level 1 are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy: September 30, 2022 Valuation Amortized Unrealized Unrealized Fair Value (In thousands) Assets: Cash equivalents: Money market funds Level 1 $ 23,376 $ — $ — $ 23,376 Commercial paper Level 2 9,966 — — 9,966 Marketable securities: U.S. treasuries Level 1 50,048 1 ( 445 ) 49,604 Commercial paper Level 2 44,510 — ( 164 ) 44,346 Corporate bonds Level 2 2,675 — ( 25 ) 2,650 Government agencies bonds Level 2 18,490 — ( 134 ) 18,356 Total financial assets $ 149,065 $ 1 $ ( 768 ) $ 148,298 December 31, 2021 Valuation Amortized Unrealized Unrealized Fair Value (In thousands) Assets: Cash equivalents: Money market funds Level 1 $ 37,129 $ — $ — $ 37,129 Marketable securities: U.S. treasuries Level 1 78,097 — ( 85 ) 78,012 Commercial paper Level 2 121,634 — ( 50 ) 121,584 Corporate bonds Level 2 8,979 — ( 3 ) 8,976 Government agencies bonds Level 2 4,602 — ( 3 ) 4,599 Total financial assets $ 250,441 $ — $ ( 141 ) $ 250,300 Money market funds are classified as Level 1 because they are valued using quoted market prices in active markets for identical assets. Financial instruments classified within Level 2 of the fair value hierarchy are valued based on observable inputs or can be derived from non-binding quotes from the Company’s investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, or historical pricing trends of a security relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. In addition, the Company considers the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy. The Company believes it is more likely than not that its marketable securities in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. To date, the Company has no t recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. As of September 30, 2022, all available-for-sale marketable securities had remaining maturities of less than one year. The carrying amount of the Company's remaining financial assets and liabilities, which include cash, receivables and payables, approximate their fair values due to their short-term nature.

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	4. Balance Sheet Components Property and Equipment, Net Property and equipment, net consists of the following: September 30, December 31, (In thousands) Leasehold improvements $ 23,605 $ 7,241 Laboratory equipment 19,957 11,891 Manufacturing equipment 17,468 — Construction in progress 2,933 32,561 Computer equipment and software 904 218 Furniture and fixtures 902 534 Total property and equipment $ 65,769 $ 52,445 Less: accumulated depreciation and amortization ( 13,575 ) ( 9,425 ) Total property and equipment, net $ 52,194 $ 43,020 Depreciation and amortization expense for the three months ended September 30, 2022 and 2021 was $ 2.1 million and $ 0.7 million, respectively. Depreciation and amortization expense for the nine months ended September 30, 2022 and 2021 was $ 4.3 million and $ 2.2 million, respectively. Leasehold improvements as of September 30, 2022 include certain enhancements made to the Company’s leased manufacturing and office space located in Union City, California (Union City Facility). During the second quarter of 2022, the Company completed the build out and operational launch of the Union City Facility. As a result, the Company reclassified the related capitalized machinery and equipment from construction in progress to manufacturing and laboratory equipment in that period. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following: September 30, December 31, (In thousands) Accrued compensation and related expenses $ 4,607 $ 3,667 Accrued research and development expenses 2,567 2,023 Accrued professional services 574 344 Accrued property and equipment 155 2,863 Other current liabilities 485 162 Total accrued and other current liabilities $ 8,388 $ 9,059 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets include a receivable of approximately $ 2 million relating to the employee retention credit (ERC) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The ERC is a refundable tax credit, which was provided to encourage businesses to keep employees on the payroll during the COVID-19 pandemic. During the second quarter of 2022, the Company filed a claim for the ERC and recorded the receivable with the offsetting benefit included in operating expenses.

License Agreements

License Agreements	9 Months Ended
	Sep. 30, 2022
License Agreements [Abstract]
License Agreements	5. License Agreements Gladstone License Agreement In October 2016, the Company entered into a license agreement with the J. David Gladstone Institute (Gladstone), pursuant to which Gladstone granted the Company a worldwide, royalty-bearing exclusive patent license and a non-exclusive technology license to develop and commercialize certain products for certain diseases (Gladstone License Agreement). Pursuant to the Gladstone License Agreement, the Company is obligated, among other things, to pay Gladstone (i) annual license maintenance fees ranging from $ 25,000 up to $ 100,000 per year, which will be creditable against royalties paid in the following twelve month period, (ii) milestone payments up to $ 4.1 million for royalty-bearing products directed to a particular target, which are contingent upon achieving specific clinical and commercialization milestone events, and (iii) tiered low-single digit royalties on future net sales of each royalty-bearing product. Under the agreement, the Company is subject to diligence requirements to develop and commercialize at least one royalty-bearing product. The Company may pay $ 50,000 to $ 100,000 to extend the deadline for its diligence milestone obligations for up to four additional one-year terms. As of September 30, 2022, the Company has no t recognized any milestone and royalty payments under the Gladstone License Agreement. During the nine months ended September 30, 2022 and 2021, there were no material amounts recorded related to annual license fees payable pursuant to the Gladstone License Agreement. University of Texas Southwestern License Agreement In January 2020, the Company entered into a license agreement with the University of Texas Southwestern (UTSW License), pursuant to which UTSW granted the Company a royalty-bearing exclusive and sublicensable patent license and a non-exclusive, non-sublicensable license for mutually agreed upon development activities. Under the UTSW License, the Company is obligated to pay UTSW (i) a non-refundable upfront license fee of $ 0.1 million, (ii) milestone payments up to a total of $ 14.8 million in aggregate, which are contingent upon achieving specific development and commercialization milestone events, and (iii) royalties on future net sales of each royalty-bearing product ranging in the low-single digits. As of September 30, 2022, the Company has no t recognized any milestone and royalty payments under the UTSW License. Other License Agreements In addition to the agreements described above, the Company also previously entered into other license agreements with various institutions and business entities, none of which are material individually or in the aggregate.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Facility Leases In December 2016, the Company entered into a lease agreement for office and laboratory space in South San Francisco, California. The lease expires in May 2025 and the Company may renew the lease term for two additional five-year periods. In February 2021, the Company entered into a lease agreement for the Union City Facility. The lease commenced in May 2021 and has a ten-year term with one five-year renewal option. Upon the execution of the lease agreement, the Company provided the landlord with a refundable security deposit of $ 3.3 million, which was included in other noncurrent assets on the balance sheets. In November 2021, the Company entered into a short-term sublease agreement for additional office and laboratory space in South San Francisco, California with a lease term that was initially set to expire on June 30, 2022 . In May 2022, the Company entered into an amendment to extend the term for the existing sublease premise through December 31, 2022 . The amendment also included an additional term whereby the Company subleases additional office and laboratory space at the same sublease premise through November 30, 2023. Information related to operating lease activity during the three and nine months ended September 30, 2022 was as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 (In thousands) Operating lease cost $ 1,090 $ 702 $ 2,624 $ 1,662 Variable lease cost 319 $ 306 910 $ 796 Short-term lease cost 244 585 709 1,755 Total lease cost $ 1,653 $ 1,593 $ 4,243 $ 4,213 Operating lease-right-of-use assets obtained in exchange for lease obligations $ 2,224 $ 8,558 Cash paid for leases included in operating cash outflows $ 4,597 $ 4,423 Cash paid for amounts included in the measurement of lease liabilities $ 2,978 $ 1,872 As of September 30, 2022, the Company's operating leases had a weighted average remaining lease term of 5.7 years and a weighted average discount rate of 9.2 %. Future minimum lease payments under the Company’s operating leases as of September 30, 2022 were as follows: Amount (In thousands) 2022 (remaining 3 months) $ 1,315 2023 5,223 2024 3,910 2025 2,445 2026 1,386 Thereafter 6,905 Total undiscounted future minimum lease payments $ 21,184 Imputed interest ( 5,125 ) Total operating lease liabilities $ 16,059 Asset Retirement Obligation Under the lease agreement for the manufacturing and office facility in Union City, the Company is contractually obligated to remove constructed leasehold improvements related to capitalized machinery and equipment (see Note 4) and to restore the leased space to its original condition upon termination of the lease agreement. As of September 30, 2022, the balance of the asset retirement obligation liability was not material. Purchase Commitments The Company enters into contractual agreements with various suppliers in the normal course of its business, including vendors that provide machinery and equipment. All contracts are terminable, with varying provisions regarding termination. If a contract with a specific vendor were to be terminated, the Company would only be obligated for the products or services that the Company had received through the time of termination. Litigation and Indemnification From time to time, the Company may become involved in litigation and other legal actions. The Company estimates the range of liability related to any pending litigation where the amount and range of loss can be estimated. The Company records its best estimate of a loss when the loss is considered probable. Where a liability is probable and there is a range of estimated loss with no best estimate in the range, the Company records a charge equal to at least the minimum estimated liability for a loss contingency when both of the following conditions are met: (i) information available prior to issuance of the consolidated financial statements indicates that it is probable that a liability had been incurred at the date of the consolidated financial statements and (ii) the range of loss can be reasonably estimated. The Company was not involved in any material litigation as of September 30, 2022. In the normal course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amounts of future payments the Company could be required to make under these provisions is not determinable. In addition, the Company has entered into indemnification agreements with its directors and certain officers that may require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. As of September 30, 2022 and December 31, 2021, the Company did not have any material indemnification claims that were probable or reasonably possible and, consequently, has not recorded any related liabilities.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	7. Stock-Based Compensation 2021 Equity Incentive Plan In July 2021, the Company adopted the 2021 Equity Incentive Plan (2021 Plan), which became effective in connection with the initial public offering (IPO). Under the 2021 Plan, 4,000,000 shares of the Company's common stock were initially reserved for issuance of equity awards to employees, directors, and consultants, under terms and provisions established by the Board of Directors. The number of shares of common stock available for issuance under the 2021 Plan automatically increases on the first day of January for a period of ten years , commencing on January 1, 2022, in an amount equal to the lesser of: 4,000,000 shares; 4 % of the outstanding shares of the Company’s common stock as of the last day of the immediately preceding year; or such other amount as the Company’s Board of Directors may determine. In addition, the Company’s 2016 Equity Incentive Plan (2016 Plan) was terminated in connection with the IPO. Shares subject to awards granted under the 2016 Plan that are repurchased by or forfeited to the Company will be reserved for issuance under the 2021 Plan. Total shares reserved and available for grant under the 2021 Plan as of September 30, 2022 are 2,720,107 . Stock Option Activity The following table summarizes stock option activity: Shares Weighted- (in dollars) Outstanding as of December 31, 2021 2,772,154 $ 7.90 Options granted 2,532,602 $ 12.97 Options exercised ( 22,775 ) $ 2.19 Options cancelled ( 77,366 ) $ 13.21 Outstanding as of September 30, 2022 5,204,615 $ 10.32 Stock option awards granted to employees generally vest over a four-year period. The contractual term of stock option awards is generally 10 years from the grant date. Stock Option Valuation The fair value of the Company’s stock option awards is estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Expected term (in years) 5.5 – 6.1 6.0 – 6.1 5.5 – 6.1 5.0 – 6.1 Expected volatility 96 % – 97 % 95 % – 96 % 96 % – 97 % 95 % – 103 % Risk-free interest rate 2.9 % – 3.6 % 0.9 % – 1.2 % 1.6 % – 3.6 % 0.6 % – 1.2 % Expected dividend yield —% —% —% —% Restricted Stock Units The Company began granting restricted stock units (RSUs) in the first quarter of 2022. RSUs are awards that entitle the holder to receive freely tradable shares of the Company's common stock upon the completion of a specific period of continued service. RSUs are generally subject to forfeiture if employment terminates prior to the release of vesting restrictions. RSUs are valued at the market price of the underlying common stock on the date of grant. The Company recognizes noncash compensation expense for the fair value of RSUs on a straight-line basis over the requisite service period of the awards. The following table summarizes activity of RSUs granted to employees with service-based vesting under the 2021 Plan. Shares Weighted (in dollars) Unvested as of December 31, 2021 — $ — Granted 76,156 $ 15.19 Vested ( 8,932 ) $ 15.19 Forfeited ( 5,687 ) $ 15.19 Unvested as of September 30, 2022 61,537 $ 15.19 2021 Employee Stock Purchase Plan In July 2021, the Company adopted the 2021 Employee Stock Purchase Plan (ESPP), which became effective in connection with the IPO. The Company initially reserved 800,000 shares for future issuance under the ESPP. The number of shares of common stock available for issuance under the ESPP automatically increases on the first day of each fiscal year beginning with 2022 in an amount equal to the lesser of: 800,000 shares; 1 % of the outstanding shares of the Company’s common stock as of the last day of the immediately preceding year; or such other amount as the board of directors may determine. As of September 30, 2022, 1,161,305 shares were reserved for future issuance under the ESPP. Under Company's ESPP, employees are generally eligible to participate and can purchase shares on each purchase date established semi-annually through payroll deductions at the lower of 85 % of the fair market value of the Company's stock at the commencement of the offering period or each purchase date of the offering period. Each offering period spans 6 months . The ESPP permits eligible employees to purchase common stock through payroll deductions for up to 15 % of qualified compensation, up to an annual limit of $ 25,000 per the Internal Revenue Service. The first offering period commenced in January 2022. For the nine months ended September 30, 2022, the stock-based compensation expense for ESPP was no t material. Stock-Based Compensation The following table summarizes stock-based compensation recognized in the Company’s condensed statements of operations and comprehensive loss: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (In thousands) Research and development $ 1,344 $ 326 $ 3,777 $ 654 General and administrative 1,830 642 4,503 1,248 Total stock-based compensation $ 3,174 $ 968 $ 8,280 $ 1,902

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes For the nine months ended September 30, 2022 and 2021, the Company did no t record any income tax expense or benefit. The Company has recorded a full valuation allowance against its U.S. federal and state deferred tax assets as the Company believes it is not more likely than not that the benefit will be realized.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	9. Net Loss Per Share Basic and diluted loss per share are computed by dividing net loss by the weighted-average number of common shares outstanding during the reporting period. The following potentially dilutive securities were not included in the calculation of diluted net loss per share as of the periods presented because the effect would have been anti-dilutive: September 30, 2022 2021 Outstanding stock options and awards 5,266,152 2,530,121 Restricted stock subject to future vesting 7,773 40,915 Total 5,273,925 2,571,036

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and follow the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. The interim condensed balance sheet as of September 30, 2022, the interim condensed statements of operations and comprehensive loss, convertible preferred stock and stockholders’ equity (deficit) and cash flows for the nine months ended September 30, 2022 and 2021 are unaudited. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s financial position, results of operations and cash flows for the interim periods presented. The condensed results of operations for the nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and the related notes thereto for the year ended December 31, 2021, included in Company's Annual Report on Form 10-K, filed with the SEC on March 23, 2022.
Reclassification	Reclassification Certain prior year balances have been reclassified in order to conform to current year presentation for the condensed balance sheets. These reclassifications have no effect on the previously reported financial position.
Use of Estimates	Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to clinical trial accrued liabilities, income tax valuation allowance and stock-based compensation. Management bases its estimates on historical experience, the current economic environment, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.
Recently Adopted Accounting Standards and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which is intended to simplify the accounting for income taxes. This standard eliminates certain exceptions to the approach for intra period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. As an emerging growth company, ASU 2019-12 became effective for the Company beginning January 1, 2022 . The adoption of this standard did not have any impact on its financial statements. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (ASU 2021-10), which requires business entities to make annual disclosures about transactions with a government they account for by analogizing to a grant or contribution accounting model. The required annual disclosures include the nature of the transaction, the entity’s related accounting policy, the financial statement line items affected and the amounts reflected in the current period financial statements, and any significant terms and conditions. ASU 2021-10 became effective for the Company beginning January 1, 2022 . The adoption of this standard did no t have a material impact on its financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which replaces the existing incurred loss impairment model with an expected credit loss model . This standard will require companies to recognize an allowance for credit losses on available-for-sale debt securities rather than the current approach of recording a reduction to the carrying value of the asset. As an emerging growth company, ASU 2016-13 will become effective for the Company beginning January 1, 2023. The Company is evaluating the impact of this standard on its financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Fair Value of Financial Assets Measured at Fair Value on Recurring Basis	The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy: September 30, 2022 Valuation Amortized Unrealized Unrealized Fair Value (In thousands) Assets: Cash equivalents: Money market funds Level 1 $ 23,376 $ — $ — $ 23,376 Commercial paper Level 2 9,966 — — 9,966 Marketable securities: U.S. treasuries Level 1 50,048 1 ( 445 ) 49,604 Commercial paper Level 2 44,510 — ( 164 ) 44,346 Corporate bonds Level 2 2,675 — ( 25 ) 2,650 Government agencies bonds Level 2 18,490 — ( 134 ) 18,356 Total financial assets $ 149,065 $ 1 $ ( 768 ) $ 148,298 December 31, 2021 Valuation Amortized Unrealized Unrealized Fair Value (In thousands) Assets: Cash equivalents: Money market funds Level 1 $ 37,129 $ — $ — $ 37,129 Marketable securities: U.S. treasuries Level 1 78,097 — ( 85 ) 78,012 Commercial paper Level 2 121,634 — ( 50 ) 121,584 Corporate bonds Level 2 8,979 — ( 3 ) 8,976 Government agencies bonds Level 2 4,602 — ( 3 ) 4,599 Total financial assets $ 250,441 $ — $ ( 141 ) $ 250,300

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net consists of the following: September 30, December 31, (In thousands) Leasehold improvements $ 23,605 $ 7,241 Laboratory equipment 19,957 11,891 Manufacturing equipment 17,468 — Construction in progress 2,933 32,561 Computer equipment and software 904 218 Furniture and fixtures 902 534 Total property and equipment $ 65,769 $ 52,445 Less: accumulated depreciation and amortization ( 13,575 ) ( 9,425 ) Total property and equipment, net $ 52,194 $ 43,020
Summary of Accrued and Other Current Liabilities	Accrued and other current liabilities consist of the following: September 30, December 31, (In thousands) Accrued compensation and related expenses $ 4,607 $ 3,667 Accrued research and development expenses 2,567 2,023 Accrued professional services 574 344 Accrued property and equipment 155 2,863 Other current liabilities 485 162 Total accrued and other current liabilities $ 8,388 $ 9,059

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of Operating Lease Activity	Information related to operating lease activity during the three and nine months ended September 30, 2022 was as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 (In thousands) Operating lease cost $ 1,090 $ 702 $ 2,624 $ 1,662 Variable lease cost 319 $ 306 910 $ 796 Short-term lease cost 244 585 709 1,755 Total lease cost $ 1,653 $ 1,593 $ 4,243 $ 4,213 Operating lease-right-of-use assets obtained in exchange for lease obligations $ 2,224 $ 8,558 Cash paid for leases included in operating cash outflows $ 4,597 $ 4,423 Cash paid for amounts included in the measurement of lease liabilities $ 2,978 $ 1,872
Summary of Future Minimum Lease Payments Under Operating Lease	Future minimum lease payments under the Company’s operating leases as of September 30, 2022 were as follows: Amount (In thousands) 2022 (remaining 3 months) $ 1,315 2023 5,223 2024 3,910 2025 2,445 2026 1,386 Thereafter 6,905 Total undiscounted future minimum lease payments $ 21,184 Imputed interest ( 5,125 ) Total operating lease liabilities $ 16,059

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity: Shares Weighted- (in dollars) Outstanding as of December 31, 2021 2,772,154 $ 7.90 Options granted 2,532,602 $ 12.97 Options exercised ( 22,775 ) $ 2.19 Options cancelled ( 77,366 ) $ 13.21 Outstanding as of September 30, 2022 5,204,615 $ 10.32
Summary of Fair Value of Stock Option Awards	The fair value of the Company’s stock option awards is estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Expected term (in years) 5.5 – 6.1 6.0 – 6.1 5.5 – 6.1 5.0 – 6.1 Expected volatility 96 % – 97 % 95 % – 96 % 96 % – 97 % 95 % – 103 % Risk-free interest rate 2.9 % – 3.6 % 0.9 % – 1.2 % 1.6 % – 3.6 % 0.6 % – 1.2 % Expected dividend yield —% —% —% —%
Summary of Restricted Stock Activity	The following table summarizes activity of RSUs granted to employees with service-based vesting under the 2021 Plan. Shares Weighted (in dollars) Unvested as of December 31, 2021 — $ — Granted 76,156 $ 15.19 Vested ( 8,932 ) $ 15.19 Forfeited ( 5,687 ) $ 15.19 Unvested as of September 30, 2022 61,537 $ 15.19
Summary of Stock-based Compensation	The following table summarizes stock-based compensation recognized in the Company’s condensed statements of operations and comprehensive loss: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (In thousands) Research and development $ 1,344 $ 326 $ 3,777 $ 654 General and administrative 1,830 642 4,503 1,248 Total stock-based compensation $ 3,174 $ 968 $ 8,280 $ 1,902

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following potentially dilutive securities were not included in the calculation of diluted net loss per share as of the periods presented because the effect would have been anti-dilutive: September 30, 2022 2021 Outstanding stock options and awards 5,266,152 2,530,121 Restricted stock subject to future vesting 7,773 40,915 Total 5,273,925 2,571,036

Organization and Description _2

Organization and Description of the Business - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended						9 Months Ended
	Aug. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Organization And Description Of Business [Line Items]
Accumulated deficit		$ (245,682)						$ (245,682)		$ (155,533)
Net loss		(30,696)	$ (28,397)	$ (31,056)	$ (18,262)	$ (15,210)	$ (13,098)	(90,149)	$ (46,570)
Cash, cash equivalents and investments in marketable securities		$ 149,500						$ 149,500
ATM Offering
Organization And Description Of Business [Line Items]
Maximum aggregate offering price	$ 75,000
Shares sold		0						0

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	Sep. 30, 2022
ASU 2019-12
Significant Accounting Policies [Line Items]
Accounting standards update, adopted [true false]	true
Accounting standards update, immaterial effect [true false]	true
Accounting standards update, adoption date	Jan. 01, 2022
ASU 2021-10
Significant Accounting Policies [Line Items]
Accounting standards update, adopted [true false]	true
Accounting standards update, immaterial effect [true false]	true
Accounting standards update, adoption date	Jan. 01, 2022

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 34,494	$ 38,129	$ 117,077
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	149,065	250,441
Unrealized Gain	1
Unrealized Loss	(768)	(141)
Fair Value	148,298	250,300
Money Market Funds | Fair Value, Measurements, Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	23,376	37,129
Fair Value	23,376	37,129
Commercial Paper | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	9,966
Fair Value	9,966
Commercial Paper | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	44,510	121,634
Unrealized Loss	(164)	(50)
Fair Value	44,346	121,584
U.S. Treasuries | Fair Value, Measurements, Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	50,048	78,097
Unrealized Gain	1
Unrealized Loss	(445)	(85)
Fair Value	49,604	78,012
Government Agencies Bonds | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	18,490	4,602
Unrealized Loss	(134)	(3)
Fair Value	18,356	4,599
Corporate Bonds | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	2,675	8,979
Unrealized Loss	(25)	(3)
Fair Value	$ 2,650	$ 8,976

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charges on marketable securities related to other-than-temporary	$ 0

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 65,769	$ 52,445
Less: accumulated depreciation and amortization	(13,575)	(9,425)
Total property and equipment, net	52,194	43,020
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	23,605	7,241
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	19,957	11,891
Manufacturing equipment
Property Plant And Equipment [Line Items]
Total property and equipment	17,468
Construction in Progress
Property Plant And Equipment [Line Items]
Total property and equipment	2,933	32,561
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Total property and equipment	904	218
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	$ 902	$ 534

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Depreciation and amortization expense	$ 2.1	$ 0.7	$ 4.3	$ 2.2
Prepaid Expenses and Other Current Assets
Employee retention credit receivable CARES Act					$ 2

Balance Sheet Components - Su_2

Balance Sheet Components - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and related expenses	$ 4,607	$ 3,667
Accrued property and equipment	155	2,863
Accrued research and development expenses	2,567	2,023
Other liabilities, current	485	162
Accrued professional services	574	344
Total accrued and other current liabilities	$ 8,388	$ 9,059

License Agreements (Details)

License Agreements (Details)	1 Months Ended		9 Months Ended
	Jan. 31, 2020 USD ($)	Oct. 31, 2016 USD ($) Option	Sep. 30, 2022 USD ($)
University of Texas Southwestern License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone and royalty payments recognized			$ 0
Non-refundable upfront license fee	$ 100,000
University of Texas Southwestern License Agreement | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments contingent upon achieving specific development and commercialization milestone events	$ 14,800,000
Gladstone | Gladstone License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone and royalty payments recognized			$ 0
Number of additional option to extend milestone payment | Option		4
Milestone obligation additional extended payment terms		1 year
Gladstone | Gladstone License Agreement | Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Annual license maintenance fees		$ 25,000
Milestone obligation amount		50,000
Gladstone | Gladstone License Agreement | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Annual license maintenance fees		100,000
Milestone payments for royalty-bearing products contingent upon achieving specific clinical and commercialization milestone events		4,100,000
Milestone obligation amount		$ 100,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended				3 Months Ended		9 Months Ended
	May 31, 2022	Nov. 30, 2021	Feb. 28, 2021 USD ($) RenewalOption	Dec. 31, 2016 RenewalOption	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Commitments And Contingencies [Line Items]
Weighted-average remaining lease term					5 years 8 months 12 days		5 years 8 months 12 days
Weighted-average discount rate					9.20%		9.20%
Short-term lease					$ 244	$ 585	$ 709	$ 1,755
Variable lease payments					$ 319	$ 306	$ 910	$ 796
Union City Facility
Commitments And Contingencies [Line Items]
Number of lease renewal term | RenewalOption			1
Lease renewal term			5 years
Lease commenced month and year			2021-05
Term of lease			10 years
Union City Facility | Other Noncurrent Assets
Commitments And Contingencies [Line Items]
Security deposit			$ 3,300
Office and Laboratory Space | South San Francisco, California
Commitments And Contingencies [Line Items]
Lease expiration month and year				2025-05
Number of lease renewal term | RenewalOption				2
Lease renewal term				5 years
Additional Office and Laboratory Space | South San Francisco, California
Commitments And Contingencies [Line Items]
Lease Expiration Date	Dec. 31, 2022	Jun. 30, 2022

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Operating Lease Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,090	$ 702	$ 2,624	$ 1,662
Variable lease cost	319	306	910	796
Short-term lease cost	244	585	709	1,755
Total lease cost	$ 1,653	$ 1,593	4,243	4,213
Operating lease-right-of-use assets obtained in exchange for lease obligations			2,224	8,558
Cash paid for leases included in operating cash outflows			4,597	4,423
Cash paid for amounts included in the measurement of lease liabilities			$ 2,978	$ 1,872

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Future Minimum Lease Payments Under Operating Leases (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022 (remaining 6 months)	$ 1,315
2023	5,223
2024	3,910
2025	2,445
2026	1,386
Thereafter	6,905
Total undiscounted future minimum lease payments	21,184
Imputed interest	(5,125)
Total operating lease liabilities	$ 16,059

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Contractual term of stock option awards				10 years
Vesting period				4 years
Stock-based compensation		$ 3,174	$ 968	$ 8,280	$ 1,902
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	800,000	1,161,305		1,161,305
Participants to purchase common stock through payroll deduction maximum percentage of eligible compensation				15%
Participants to purchase shares through payroll deduction at lower percentage of fair market value				85%
Number of shares of common stock that may be issued in accordance with the plan	800,000
Percentage of shares of common stock outstanding on last day of immediately preceding year	1%
Stock-based compensation				$ 0
Participants to purchase common stock through payroll deduction annual limit of eligible compensation				$ 25,000
Offering period				6 months
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	4,000,000
Common stock shares available for issuance period	10 years
Number of shares of common stock that may be issued in accordance with the plan	4,000,000
Percentage of shares of common stock outstanding on last day of immediately preceding year	4%
Shares reserved and available for grant		2,720,107		2,720,107

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2021 Equity Incentive Plan	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares, Outstanding Beginning Balance | shares	2,772,154
Shares, Options granted | shares	2,532,602
Shares, Options exercised | shares	(22,775)
Shares, Options cancelled | shares	(77,366)
Shares, Outstanding Ending Balance | shares	5,204,615
Weighted-Average Exercise Price Per Share, Outstanding Beginning Balance | $ / shares	$ 7.90
Weighted-Average Exercise Price Per Share, Options granted | $ / shares	12.97
Weighted-Average Exercise Price Per Share, Options exercised | $ / shares	2.19
Weighted-Average Exercise Price Per Share, Options cancelled | $ / shares	13.21
Weighted-Average Exercise Price Per Share, Outstanding Ending Balance | $ / shares	$ 10.32

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Fair Value of Stock Option Awards (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	96%	95%	96%	95%
Expected volatility, maximum	97%	96%	97%	103%
Risk-free interest rate, minimum	2.90%	0.90%	1.60%	0.60%
Risk free interest rate, maximum	3.60%	1.20%	3.60%	1.20%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	6 years	5 years 6 months	5 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - 2021 Equity Incentive Plan - Restricted Stock	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Shares
Granted | shares	76,156
Vested | shares	(8,932)
Forfeited | shares	(5,687)
Unvested as of September 30, 2022 | shares	61,537
Weighted Average Grant Date Fair Value per Share
Granted | $ / shares	$ 15.19
Vested | $ / shares	15.19
Forfeited | $ / shares	15.19
Unvested as of September 30, 2022 | $ / shares	$ 15.19

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 3,174	$ 968	$ 8,280	$ 1,902
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	1,344	326	3,777	654
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 1,830	$ 642	$ 4,503	$ 1,248

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities were not included in the calculation of diluted net loss per share	5,273,925	2,571,036
Outstanding Stock Options and Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities were not included in the calculation of diluted net loss per share	5,266,152	2,530,121
Restricted Stock Subject to Future Vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities were not included in the calculation of diluted net loss per share	7,773	40,915