Tenaya Therapeutics (TNYA) 10-K 8 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 02, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Trading Symbol	TNYA
Entity Registrant Name	TENAYA THERAPEUTICS, INC.
Entity Central Index Key	0001858848
Entity File Number	001-40656
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
Entity Tax Identification Number	81-3789973
Entity Address, Address Line One	171 Oyster Point Boulevard
Entity Address, Address Line Two	Suite 500
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
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Public Float			$ 156,445,652
Entity Common Stock, Shares Outstanding		66,865,250
Documents Incorporated by Reference	Portions of the definitive proxy statement for the Registrant’s 2022 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K. Such definitive proxy statement will be filed with the Securities and Exchange Commission within 120 days after the end of the Registrant’s 2022 fiscal year ended December 31, 2022.
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, California

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 95,272	$ 38,129
Short-term investments in marketable securities	91,255	213,171
Prepaid expenses and other current assets	7,227	4,058
Total current assets	193,754	255,358
Property and equipment, net	51,032	43,020
Operating lease right-of-use assets	11,663	11,685
Long-term investments in marketable securities	17,703
Other noncurrent assets	4,793	4,126
Total assets	278,945	314,189
Current liabilities:
Accounts payable	9,578	10,721
Accrued and other current liabilities	10,664	9,059
Operating lease liabilities, current	4,006	1,994
Total current liabilities	24,248	21,774
Operating lease liabilities, noncurrent	11,093	13,707
Other noncurrent liabilities	228	182
Total liabilities	35,569	35,663
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred stock, $0.0001 par value; 200,000,000 shares authorized as of December 31, 2022 and 2021; no shares issued and outstanding as of December 31, 2022 and 2021
Common stock, $0.0001 par value; 1,000,000,000 shares authorized as of December 31, 2022 and 2021; 66,857,113 and 41,291,374 shares issued and outstanding as of December 31, 2022 and 2021	7	4
Additional paid-in capital	522,945	434,196
Accumulated other comprehensive loss	(378)	(141)
Accumulated deficit	(279,198)	(155,533)
Total stockholders' equity	243,376	278,526
Total liabilities and stockholders' equity	$ 278,945	$ 314,189

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, authorized	200,000,000	200,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	1,000,000,000	1,000,000,000
Common stock, issued	66,857,113	41,291,374
Common stock, outstanding	66,857,113	41,291,374

Statements of Operations and Co

Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 94,537,000	$ 54,393,000
General and administrative	31,084,000	18,413,000
Total operating expenses	125,621,000	72,806,000
Loss from operations	(125,621,000)	(72,806,000)
Other income (expense), net:
Interest income	1,954,000	108,000
Other income (expense), net	2,000	(23,000)
Total other income (expense), net	1,956,000	85,000
Net loss before income tax expense	(123,665,000)	(72,721,000)
Income tax expense	0	0
Net loss	(123,665,000)	(72,721,000)
Other comprehensive loss:
Net unrealized loss on marketable securities	(237,000)	(141,000)
Comprehensive loss	$ (123,902,000)	$ (72,862,000)
Net loss per share, basic	$ (2.76)	$ (4.10)
Net loss per share, diluted	$ (2.76)	$ (4.10)
Weighted-average shares used in computing net loss per share, basic	44,823,597	17,734,166
Weighted-average shares used in computing net loss per share, diluted	44,823,597	17,734,166

Statements of Convertible Prefe

Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - 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
Balance at Dec. 31, 2020	$ (81,315)							$ 1,584		$ (87)		$ (82,812)
Temporary equity balance, shares at Dec. 31, 2020			24,493,528
Temporary equity, balance at Dec. 31, 2020			$ 220,754
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
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	358							358
Issuance of common stock upon exercise of stock options, shares						195,749
Repurchase of common stock related to early exercise of options, shares						(16,959)
Vesting of early exercised stock options	32							32
Notes receivable from stockholders	87									$ 87
Stock-based compensation	2,950							2,950
Other comprehensive loss	(141)										$ (141)
Net loss	(72,721)											(72,721)
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 and pre-funded warrants, net of issuance costs	76,886					$ 3		76,883
Issuance of common stock and pre-funded warrants, net of issuance costs, shares						25,429,716
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	51							51
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, shares						32,609
Issuance of common stock pursuant to employee stock purchase plan, shares						106,192
Issuance of common stock pursuant to employee stock purchase plan	329							329
Repurchase of common stock related to early exercise of options, shares						(2,778)
Vesting of early exercised stock options	19							19
Stock-based compensation	11,467							11,467
Other comprehensive loss	(237)										(237)
Net loss	(123,665)											(123,665)
Balance at Dec. 31, 2022	$ 243,376					$ 7		$ 522,945			$ (378)	$ (279,198)
Balance, shares at Dec. 31, 2022						66,857,113

Statements of Convertible Pre_2

Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Initial Public Offering
Stock issuance costs		$ 18,459
Pre Funded Warrant
Stock issuance costs	$ 5,441
Series C Convertible Preferred Stock
Stock issuance costs		$ 20

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (123,665)	$ (72,721)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,467	2,961
Amortization (accretion) of premium (discount) on marketable securities	(307)	131
Stock-based compensation	11,467	2,950
Non-cash operating lease expense	2,246	1,064
Other	217	61
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,934)	(2,730)
Other noncurrent assets	(815)	(3,114)
Accounts payable	1,660	8,600
Accrued and other current liabilities	4,348	3,295
Operating lease liabilities	(3,107)	(1,472)
Other noncurrent liabilities	(1)	163
Net cash used in operating activities	(104,424)	(60,812)
Cash flows from investing activities:
Purchases of property and equipment	(20,630)	(25,121)
Purchases of marketable securities	(140,476)	(213,443)
Proceeds from maturities of marketable securities	244,750
Other	8
Net cash provided by (used in) investing activities	83,652	(238,564)
Cash flows from financing activities:
Proceeds from issuance of common stock and pre-funded warrants in follow-on offering, net of issuance costs	77,387
Proceeds from initial public offering, net of issuance costs		188,541
Proceeds from exercise of stock options and employee stock purchase plan	380	374
Repurchase of common stock		(13)
Proceeds from repayments on notes receivable from stockholders		87
Net cash provided by financing activities	77,767	208,970
Net change in cash, cash equivalents and restricted cash	56,995	(90,406)
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	95,671	38,676
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	95,272	38,129
Restricted cash included in other noncurrent assets	399	547
Cash, cash equivalents and restricted cash	95,671	38,676
Supplemental disclosure of non-cash investing and financing activities:
Conversion of convertible preferred stock to common stock upon completion of initial public offering		240,735
Offering costs related to November 2022 public offering included in accounts payable and accrued and other current liabilities	501
Property and equipment included in accounts payable and accrued and other current liabilities	$ 549	4,100
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	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Business	Note 1. Organization and Description of the Business Description of the Business Tenaya Therapeutics, Inc. (the “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's lead product candidates include, TN-201, a gene therapy for myosin binding protein C3-associated hypertrophic cardiomyopathy, TN-301, a small molecule for heart failure with preserved ejection fraction, and TN-401, a gene therapy for plakophilin 2-associated arrhythmogenic right ventricular cardiomyopathy (ARVC). Reverse Stock Split In July 2021, the Company’s board of directors approved an amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock, convertible preferred stock, and authorized shares on a 1-for- 6 basis (the “Reverse Stock Split”) effective on July 23, 2021. The par value of the common stock and convertible preferred stock was not adjusted as a result of the Reverse Stock Split. All share data, per share data and related information for all periods presented in the accompanying financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split. 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 December 31, 2022, the Company had an accumulated deficit of $ 279.2 million. The Company incurred a net loss of $ 123.7 million and $ 72.7 million during the years ended December 31, 2022 and 2021, respectively. The Company had $ 204.2 million of cash, cash equivalents and investments in marketable securities as of December 31, 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 December 31, 2022 will be sufficient to fund the Company’s operations for at least the next twelve months following the date these financial statements are filed with the Securities and Exchange Commission (SEC).

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). 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 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 financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common stock, the valuation of equity-based awards, the useful lives of property and equipment, the fair value of the convertible preferred stock tranche liability, accrued expenses related to research and development activities and the valuation allowance for deferred tax assets. The Company 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. 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. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair value due to their short-term nature. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentration of risk consist principally of cash, cash equivalents and marketable securities. The Company maintains deposits in cash and cash equivalents in federally insured financial institutions that it believes have high credit quality. Such deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and the issuers of its investments in marketable securities to the extent recorded in the balance sheets. The Company has not experienced any losses on its deposits of cash and cash equivalents. Risks and Uncertainties The Company is subject to certain risks similar to that of other early-stage biopharmaceutical companies, including, but not limited to, the ability to obtain future financing, possible failure of future clinical trials, the need to obtain regulatory approvals for its product candidates, the need to successfully commercialize and gain market acceptance of the Company’s product candidates, competitive developments, protection of the proprietary technology, the ability to make milestone, royalty or other payments due under licensing agreements, and the Company’s ability to attract and retain employees necessary to support its growth. Segment Information and Geographical Information The Company has one operating segment and one reportable segment, which is the business of developing treatments that address heart failure. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purpose of allocating resources and evaluating financial performance. All of the Company’s assets are located in the United States. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less on the date of purchase to be cash equivalents. Cash equivalents primarily consist of money market funds that are stated at fair value. Restricted Cash The restricted cash represents security deposits for the Company’s operating leases in South San Francisco, and Union City, California. The security deposits are in the form of a letter of credit secured by restricted cash. Marketable Securities The Company invests in marketable securities, primarily securities issued by the U.S. government and its agencies, commercial paper and corporate bonds. All marketable securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. Unrealized gains and losses are excluded from earnings and are reported as a component of other comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in other income (expense), net. There are no material realized gains or losses on marketable securities for all periods presented. The cost of securities sold is based on the specific-identification method. Interest earned on marketable securities is included in interest income. Property and Equipment, Net Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally three to five years . Leasehold improvements are amortized over the shorter of the assets’ expected lives or the remaining lease term. Costs for capital assets not yet placed into service are capitalized as construction in progress and are not depreciated until the asset is placed in service. Upon retirement or sale, the cost of disposed assets and their related accumulated depreciation are removed from the balance sheets. Any resulting gains or losses on dispositions of property and equipment are included as a component of other income (expense), net, within the Company’s statements of operations and comprehensive loss. Repair and maintenance costs, which are not considered improvements and do not extend the useful life of property and equipment, are expensed as incurred. Impairment for Long-Lived Assets Long-lived assets, including construction in progress, are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Impairment of long-lived assets were not material for any of the periods presented. Leases The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. The Company uses the rate implicit in the lease in determining the present value of lease payments and, if that rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the date of lease commencement. The incremental borrowing rate reflects the rate of interest that a lessee would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company’s non-lease components are primarily related to property taxes, insurance, and common area maintenance, which vary based on future outcomes, and are recognized as rent expense when incurred. Asset Retirement Obligation The Company records asset retirement obligations (AROs) for the estimated cost of removing constructed leasehold improvement assets and restoring the leased premises back to their original condition, at the time when the contractual obligations are incurred. AROs represent the present value of the expected costs for the related restoration activities. The ARO assets and liabilities are recorded in property, plant and equipment and other long-term liabilities, respectively, in the Company’s balance sheets. The Company records accretion expense, which represents the increase in the asset retirement obligations, over the remaining or operational life of the associated leasehold improvements. Accretion expense is recorded as operating expense in the statements of operations using an accretion rate based on the credit adjusted risk-free interest rate. Changes resulting from revisions to the timing or amount of the original estimate of cash flows are recognized as an increase or a decrease in the asset retirement cost, or income when the asset retirement cost is depleted. Research and Development Expenses Research and development (R&D) costs are expensed as incurred. Research and development expenses include, among others, consulting fees, salaries, benefits, travel, stock-based compensation, laboratory supplies and other non-capital equipment utilized for in-house research, allocated facilities and overhead costs, fees related to licensing agreements, fees paid to contract research organizations (CRO) that conduct research and development activities on the Company’s behalf and costs related to compliance with regulatory requirements. Goods or services incurred for research and development activities that have not yet been invoiced are recorded as liabilities within accrued expenses and other current liabilities on the Company’s balance sheets. The Company has and may continue to acquire the rights to licensed technology that represents in-process research and development to use and develop in the commercialization of new product candidates. The upfront payments made to acquire licenses, product or rights, or payments made related to future milestone payments are recognized as research and development expenses provided that there is no alternative future use of the rights in other research and development projects, up to the point of regulatory approval. Milestone payments are expensed when the specific milestone has been achieved. Non-refundable advance payments for goods or services to be rendered as part of future research and development activities are capitalized on the Company’s balance sheets until the goods or services are received. Classification between prepaid expenses and other current assets and other non-current assets is based on an evaluation of when the goods will be delivered and/or services will be performed, with such amounts subsequently amortized to expense once incurred. Stock-Based Compensation The Company measures and records expense related to all equity awards granted to employees and non-employees in the statements of operations and comprehensive loss based on their grant date fair values, including stock options and restricted stock awards. For stock-based awards that vest subject to the satisfaction of a service requirement, the expense is recognized using the straight-line method over the requisite service period, which is generally the vesting period. Forfeitures are recognized as they occur. The fair value of restricted stock awards is determined on the date of grant based on the estimated fair value of the Company’s common stock on that date. For purposes of determining the estimated fair value of options granted to employees and nonemployees, the Company uses the Black-Scholes option pricing model. See Note 8 to the Company's financial statements for the specific assumptions used in applying the Black-Scholes valuation model. Income Taxes The Company accounts for income taxes using the asset and liability method. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2022 and 2021, the Company has recorded a full valuation allowance on its net deferred tax assets. Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained during an audit. Interest and penalties, if any, related to unrecognized tax benefits are included within the provision for income tax. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of the Company’s common stock outstanding for the period, without consideration for potential dilutive shares of common stock. Basic shares of common stock outstanding include the weighted-average effect of the Company’s pre-funded warrants issued in November 2022 because the pre-funded warrants have a nominal exercise price. As the Company is in a loss position for the periods presented, diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive. Shares related to early exercised stock options that are subject to repurchase are excluded from the basic and diluted net loss per share calculation until the Company’s repurchase right lapses. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (a) is no longer an emerging growth company or (b) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. 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 the Company ’s 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 not have a material impact on the Company ’s 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 does not expect the adoption of this standard will have a material impact on its financial statements .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 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: December 31, 2022 Valuation Amortized Unrealized Unrealized Fair Value (In thousands) Assets: Cash equivalents: Cash equivalents Level 1 $ 20,532 — — $ 20,532 Money market funds Level 1 7,203 — — 7,203 Commercial paper Level 2 11,972 — ( 4 ) 11,968 Government agencies bonds Level 2 54,569 12 — 54,581 Marketable securities: U.S. treasuries Level 1 25,273 1 ( 147 ) 25,127 Commercial paper Level 2 43,605 4 ( 125 ) 43,484 Corporate bonds Level 2 2,696 — ( 18 ) 2,678 Government agencies bonds Level 2 37,770 9 ( 110 ) 37,669 Total financial assets $ 203,620 $ 26 $ ( 404 ) $ 203,242 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 and U.S. treasuries 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 December 31, 2022, the fair value of available-for-sale marketable securities was $ 109.0 million. $ 91.3 million of available-for-sale marketable securities had remaining maturities of less than one year. The remaining $ 17.7 million of marketable securities had remaining maturities between one and two years . 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	12 Months Ended
	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	Note 4. Balance Sheet Components Property and Equipment, Net Property and equipment, net, consists of the following: December 31, December 31, (In thousands) Leasehold improvements $ 23,605 $ 7,241 Laboratory equipment 20,537 11,891 Manufacturing equipment 17,468 — Construction in progress 3,128 32,561 Computer equipment and software 1,060 218 Furniture and fixtures 910 534 Total property and equipment $ 66,708 $ 52,445 Less: accumulated depreciation and amortization ( 15,676 ) ( 9,425 ) Total property and equipment, net $ 51,032 $ 43,020 Depreciation and amortization expense for the years ended December 31, 2022 and 2021, was $ 6.5 million and $ 3.0 million, respectively. Leasehold improvements represent certain enhancements made to the Company’s leased manufacturing and office space located in Union City, California (Union City Facility). During the quarter ended June 30, 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 Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: December 31, December 31, (In thousands) Accrued compensation and related expenses $ 6,299 $ 3,667 Accrued research and development expenses 3,214 2,023 Accrued professional services 482 344 Accrued property and equipment 139 2,863 Other current liabilities 530 162 Total accrued and other current liabilities $ 10,664 $ 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. 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 year ended December 31, 2022, the Company recorded the receivable with the offsetting benefit included in operating expenses.

License Agreements

License Agreements	12 Months Ended
	Dec. 31, 2022
License Agreements [Abstract]
License Agreements	Note 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 $ 0.1 million 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. Dr. Deepak Srivastava, M.D., a member of the Company ’ s board of directors, serves as President of Gladstone. As of December 31, 2022, the Company has no t recognized any milestone and royalty payments under the Gladstone License Agreement. During the years ended December 31, 2022 and 2021, amounts recorded related to annual license fees payable pursuant to the Gladstone License Agreement were immaterial. 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, which was paid by the Company in 2020, (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 December 31, 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 has also 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	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 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 . Under the amendment, the Company also subleased additional office and laboratory space at the same sublease premise through November 30, 2023. Information related to operating lease activity during the year ended December 31, 2022 was as follows (in thousands): Year Ended 2022 2021 Operating lease cost $ 3,714 $ 2,364 Variable lease cost 1,209 $ 1,095 Short-term lease cost 952 2,241 Total lease cost $ 5,875 $ 5,700 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 $ 6,454 $ 6,110 Cash paid for amounts included in the measurement of lease liabilities $ 4,293 $ 2,774 As of December 31, 2022, the Company’ s operating leases had a weighted average remaining lease term of 5.6 years and a weighted average discount rate of 9.3 %. Future minimum lease payments under the Company’s operating leases as of December 31, 2022 were as follows: Amount (In thousands) 2023 $ 5,223 2024 3,910 2025 2,445 2026 1,386 2027 1,428 Thereafter 5,477 Total undiscounted future minimum lease payments $ 19,869 Imputed interest ( 4,770 ) Total operating lease liabilities $ 15,099 Asset Retirement Obligation Under the lease agreement for the Union City Facility, 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 December 31, 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. 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 December 31, 2022 and 2021. 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 December 31, 2022 and 2021, the Company did not have any material indemnification claims that were probable or reasonably possible and, consequently, has not recorded any related liabilities.

Convertible Preferred Stock and

Convertible Preferred Stock and Stockholders' Equity (Deficit)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Convertible Preferred Stock and Stockholders' Equity (Deficit)	Note 7. Convertible Preferred Stock and Stockholders ’ Equity (Deficit) Convertible Preferred Stock On August 3, 2021, immediately prior to the completion of the Company’s IPO, all outstanding shares of convertible preferred stock were converted into 26,102,278 shares of the Company’s common stock. The Company classified its convertible preferred stock outside of total stockholders’ deficit because, in the event of certain change of control events that are not solely within the control of the Company (including liquidation, sale or transfer of the Company), the shares would become redeemable at the option of the holders. Common Stock The holders of common stock are entitled to one vote per share on all matters to be voted on by the stockholders of the Company and are entitled to dividends, if and when declared by the board of directors, subject to the prior rights of the preferred stockholders. Common stock issued and outstanding on the balance sheets and statements of convertible preferred stock and stockholders’ equity (deficit) includes shares related to early exercised options and restricted stock that are subject to repurchase. Common stock issued and outstanding is reduced for any repurchases of early exercised stock options and restricted stock. As of December 31, 2022 and 2021, outstanding common stock included 853 and 28,905 shares, respectively, related to early exercised stock options and restricted stock that are unvested and subject to repurchase. Initial Public Offering On August 3, 2021, the Company completed its IPO, at which time the Company issued an aggregate of 13,800,000 shares of its common stock (inclusive of 1,800,000 shares pursuant to the underwriters’ overallotment option) at a price of $ 15.00 per share. The Company received net proceeds of $ 188.5 million, after deducting underwriting discounts and commissions of $ 14.5 million and other offering expenses of $ 4.0 million. Immediately prior to the completion of the IPO, all of the Company’s outstanding shares of convertible preferred stock automatically converted into 26,102,278 shares of common stock. “At-the-Market” Equity Offering On August 10, 2022, the Company entered into a sales agreement with a sales agent to establish an at-the-market (ATM) offering defined in Rule 415 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 December 31, 2022, no shares have been sold pursuant to the ATM program. Follow-On Offering On November 21, 2022, the Company completed an underwritten public offering of 22,613,307 shares of its common stock at a price of $ 2.60 per share and, to certain investors in lieu of common stock, pre-funded warrants to purchase 6,236,693 shares of its common stock at a price of $ 2.599 per pre-funded warrant. The pre-funded warrants can be exercised at any time after issuance for an exercise price of $ 0.001 per share, subject to certain ownership limitations. The Company determined the pre-funded warrants qualified for equity accounting. In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 4,327,500 shares of its common stock to cover overallotments, if any, at $ 2.60 per share. On November 29, 2022, the underwriters partially exercised the option and purchased an additional 2,816,409 shares of Company ’ s common stock. The Company received net proceeds of $ 76.9 million, inclusive of the additional shares purchased by the underwriters, after deducting underwriting discounts and commissions of $ 4.9 million and other offering expenses of $ 0.5 million. The offering expenses were paid in January 2023 . As of December 31, 2022, total shares of common stock reserved for issuance, on an as-if converted basis, are as follows: December 31, Outstanding stock options and awards 5,669,374 Outstanding pre-funded warrants 6,236,693 Stock options and awards available for future grant 2,318,761 Shares available for further issuance under the employee stock purchase plan 1,106,721 Total 15,331,549

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 8. 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 December 31, 2022 are 2,318,761 . Stock Option Activity The following table summarizes stock option activity : Shares Weighted- Weighted- Aggregate (in dollars) (Years) (In thousands) Outstanding as of December 31, 2021 2,772,154 $ 7.90 Options granted 2,632,302 $ 12.58 Options exercised ( 23,677 ) $ 2.14 Options cancelled ( 170,597 ) $ 16.54 Outstanding as of December 31, 2022 5,210,182 $ 10.01 8.45 $ 751 Exercisable as of December 31, 2022 1,719,533 $ 7.15 7.56 $ 691 The aggregate intrinsic value is the value of the Company ’ s closing stock price on the last trading day of the year in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable. The total intrinsic value of options exercised during the years ended December 31, 2022 and 2021, was $ 0.2 million and $ 1.7 million. The weighted-average grant-date fair value of options granted during the years ended December 31, 2022 and 2021 was $ 9.80 and $ 9.50 per share. As of December 31, 2022, there was $ 30.3 million of unrecognized stock-based compensation cost related to stock options, which is expected to be recognized over an estimated weighted-average period of 2.6 years. 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: The assumptions used to determine the fair value of options granted were as follows. Each of these inputs is subjective, involve inherent uncertainties, and generally requires significant judgment. The assumptions used to determine the fair value of the awards represent management’s best estimates. Year Ended 2022 2021 Expected term (in years) 5.5 – 6.1 5.0 – 6.1 Expected volatility 95 % – 97 % 95 % – 103 % Risk-free interest rate 1.6 % – 4.2 % 0.6 % – 1.4 % Expected dividend yield —% —% Expected Term — The Company determines the expected term, which represents the period that stock-based awards are expected to be outstanding, in accordance with the simplified method due to its limited operating history, which is presumed to be the mid-point between the contractual term and the vesting period. Expected Volatility — As there is limited trading history for the Company’s common stock, the Company determines its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. Risk-Free Interest Rate — The Company bases the risk-free interest rate on U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term assumption. Expected Dividend Yield — The expected dividend yield is assumed to be zero as the Company has never paid and has no plans to pay any dividends on its common stock. Restricted Stock Units The Company began granting restricted stock units (RSUs) during the quarter ended March 31, 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 Weighted- Aggregate (in dollars) (Years) (In thousands) Unvested as of December 31, 2021 — $ — Granted 489,153 $ 4.44 Vested ( 8,932 ) $ 15.19 Forfeited ( 21,029 ) $ 7.93 Unvested as of December 31, 2022 459,192 $ 4.07 1.41 $ 923 As of December 31, 2022, there was $ 1.7 million of unrecognized stock-based compensation cost related to RSUs, which is expected to be recognized over an estimated weighted-average period of 2.3 years. 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 December 31, 2022, 1,106,721 shares were reserved for future issuance under the ESPP. Under the 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 year ended December 31, 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 statements of operations and comprehensive loss: Year Ended 2022 2021 (In thousands) Research and development $ 4,914 $ 1,179 General and administrative 6,553 1,771 Total stock-based compensation $ 11,467 $ 2,950

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 9. Income Taxes No provision for or benefit from income taxes was recorded during the years ended December 31, 2022 and 2021. The Company has established a full valuation allowance against its net deferred tax assets due to the uncertainty regarding the realization of such assets. All losses to date have been incurred in the United States. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as operating losses and tax credit carryforwards. Effective Tax Rate Reconciliation The effective tax rate of the Company’s provision for income taxes differs from the federal statutory rate and the effective tax rate reconciliation is as follows: December 31, 2022 2021 U.S. federal taxes at statutory rate 21.0 % 21.0 % State taxes (net of federal benefit) 1.2 0.6 Credits 2.8 3.1 Stock-based compensation ( 0.3 ) ( 0.3 ) Section 382 limitation on tax attribute carryforwards 0.0 0.0 Change in valuation allowance ( 24.1 ) ( 23.3 ) Other ( 0.6 ) ( 1.1 ) Total —% —% A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2022 2021 (In thousands) Balance at beginning of year $ 1,470 $ 571 Additions based on tax positions related to current year 1,588 901 Additions based on tax positions related to prior years 83 — Reductions for tax positions related to prior years — ( 2 ) Balance at end of year $ 3,141 $ 1,470 The Company does not expect that its uncertain tax positions will materially change in the next twelve months. The reversal of the uncertain tax benefits would not impact the Company’s effective tax rate as the Company continues to maintain a full valuation allowance against its deferred tax assets. The Company files tax returns in U.S. federal and state jurisdictions with varying statutes of limitations. Due to net operating loss and credit carryforwards, all of the tax years since inception through the 2022 tax year remain subject to examination by the U.S. federal and state authorities. The Company is currently not subject to any income tax audits by federal or state taxing authorities. Deferred Income Taxes The tax effects of significant items comprising the Company’s deferred income taxes are as follows : December 31, 2022 2021 (In thousands) Deferred tax assets: Net operating losses $ 41,256 $ 34,746 Capitalized research and development expenditure 17,045 — Tax credits 9,347 4,443 Lease liability 3,176 3,362 Stock-based compensation 1,631 309 Accrued expenses and other 1,368 727 Property and equipment — 152 Total deferred tax assets 73,823 43,739 Valuation allowance ( 71,129 ) ( 41,281 ) Deferred tax assets, net of valuation allowance 2,694 2,458 Deferred tax liabilities: Right-of-use asset ( 2,453 ) ( 2,458 ) Property and equipment ( 241 ) — Net deferred tax assets $ — $ — Beginning January 1, 2022, the Tax Cuts and Jobs Act eliminated the option to deduct research and development expenditures in the current year and requires taxpayers to capitalize such expenses pursuant to Internal Revenue Code (IRC) Section 174. The capitalized expenses are amortized over a 5-year period for domestic expenses and a 15-year period for foreign expenses. The tax benefit of net operating losses, capitalized research expenses, temporary differences and credit carryforwards are recorded as an asset to the extent that the Company assesses that realization is more likely than not. Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. As a result of the Company’s recent history of operating losses, the Company believes that recognition of deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a full valuation allowance. The valuation allowance increased by $ 29.8 million and $ 17.0 million during the years ended December 31, 2022 and 2021. The increase in valuation allowance during the year ended December 31, 2022, was primarily due to the increase in deferred tax assets from 2022 federal net operating losses and the IRC Section 174 capitalized expenses. Net Operating Loss and Tax Credit Carryforwards As of December 31, 2022, the Company’s net operating loss and tax carryforwards are summarized as follows: Amount Expiration in years Net operating losses, federal (post-December 31, 2017) $ 171,533 Do Not Expire Net operating losses, federal (pre-January 1, 2018) $ 3,093 Begins to Expire 2036 Net operating losses, state $ 62,973 Begins to Expire 2036 Tax credits, federal $ 8,544 Begins to Expire 2036 Tax credits, state $ 5,067 Do Not Expire Under Section 382 of the Internal Revenue Code of 1986, as amended, the ability to utilize net operating loss carryforwards or other tax attributes, such as research tax credits, in any taxable year may be limited if the Company has experienced an “ownership change”. This annual limitation may result in the expiration of net operating losses and credits before utilization. As of December 31, 2022, a study was updated and the Company concluded that there were no ownership changes during 2022. The Company’s ability to use its remaining net operating loss carryforwards may be further limited if the Company experiences a Section 382 ownership change as a result of future changes in its stock ownership. The Company recognizes interest and penalties related to taxes and uncertain tax positions as a component of income tax expense. During the years ended December 31, 2022 and 2021, no interest and penalties were accrued by the Company.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	Note 10. 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. Basic weighted-average shares of common stock outstanding includes the weighted-average effect of the Company’s pre-funded warrants issued in November 2022 (see Note 7 ), the exercise of which requires nominal consideration for the delivery of Company’s common shares. The following potentially dilutive securities were excluded from the calculation of diluted net loss per share for the periods presented because the effect would have been anti-dilutive: December 31, 2022 2021 Outstanding stock options and awards 5,669,374 2,772,154 Restricted stock subject to future vesting 853 28,905 Total 5,670,227 2,801,059

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
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 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 financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common stock, the valuation of equity-based awards, the useful lives of property and equipment, the fair value of the convertible preferred stock tranche liability, accrued expenses related to research and development activities and the valuation allowance for deferred tax assets. The Company 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.
Fair Value Measurements	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. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair value due to their short-term nature.
Concentration of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentration of risk consist principally of cash, cash equivalents and marketable securities. The Company maintains deposits in cash and cash equivalents in federally insured financial institutions that it believes have high credit quality. Such deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and the issuers of its investments in marketable securities to the extent recorded in the balance sheets. The Company has not experienced any losses on its deposits of cash and cash equivalents.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to certain risks similar to that of other early-stage biopharmaceutical companies, including, but not limited to, the ability to obtain future financing, possible failure of future clinical trials, the need to obtain regulatory approvals for its product candidates, the need to successfully commercialize and gain market acceptance of the Company’s product candidates, competitive developments, protection of the proprietary technology, the ability to make milestone, royalty or other payments due under licensing agreements, and the Company’s ability to attract and retain employees necessary to support its growth.
Segment Information and Geographical Information	Segment Information and Geographical Information The Company has one operating segment and one reportable segment, which is the business of developing treatments that address heart failure. The Company’s chief operating decision maker, its Chief Executive Officer, reviews financial information on an aggregate basis for the purpose of allocating resources and evaluating financial performance. All of the Company’s assets are located in the United States.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less on the date of purchase to be cash equivalents. Cash equivalents primarily consist of money market funds that are stated at fair value.
Restricted Cash	Restricted Cash The restricted cash represents security deposits for the Company’s operating leases in South San Francisco, and Union City, California. The security deposits are in the form of a letter of credit secured by restricted cash.
Marketable Securities	Marketable Securities The Company invests in marketable securities, primarily securities issued by the U.S. government and its agencies, commercial paper and corporate bonds. All marketable securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. Unrealized gains and losses are excluded from earnings and are reported as a component of other comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in other income (expense), net. There are no material realized gains or losses on marketable securities for all periods presented. The cost of securities sold is based on the specific-identification method. Interest earned on marketable securities is included in interest income.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally three to five years . Leasehold improvements are amortized over the shorter of the assets’ expected lives or the remaining lease term. Costs for capital assets not yet placed into service are capitalized as construction in progress and are not depreciated until the asset is placed in service. Upon retirement or sale, the cost of disposed assets and their related accumulated depreciation are removed from the balance sheets. Any resulting gains or losses on dispositions of property and equipment are included as a component of other income (expense), net, within the Company’s statements of operations and comprehensive loss. Repair and maintenance costs, which are not considered improvements and do not extend the useful life of property and equipment, are expensed as incurred.
Impairment for Long-Lived Assets	Impairment for Long-Lived Assets Long-lived assets, including construction in progress, are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Impairment of long-lived assets were not material for any of the periods presented.
Leases	Leases The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. The Company uses the rate implicit in the lease in determining the present value of lease payments and, if that rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the date of lease commencement. The incremental borrowing rate reflects the rate of interest that a lessee would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company’s non-lease components are primarily related to property taxes, insurance, and common area maintenance, which vary based on future outcomes, and are recognized as rent expense when incurred.
Asset Retirement Obligation	Asset Retirement Obligation The Company records asset retirement obligations (AROs) for the estimated cost of removing constructed leasehold improvement assets and restoring the leased premises back to their original condition, at the time when the contractual obligations are incurred. AROs represent the present value of the expected costs for the related restoration activities. The ARO assets and liabilities are recorded in property, plant and equipment and other long-term liabilities, respectively, in the Company’s balance sheets. The Company records accretion expense, which represents the increase in the asset retirement obligations, over the remaining or operational life of the associated leasehold improvements. Accretion expense is recorded as operating expense in the statements of operations using an accretion rate based on the credit adjusted risk-free interest rate. Changes resulting from revisions to the timing or amount of the original estimate of cash flows are recognized as an increase or a decrease in the asset retirement cost, or income when the asset retirement cost is depleted.
Research and Development Expense	Research and Development Expenses Research and development (R&D) costs are expensed as incurred. Research and development expenses include, among others, consulting fees, salaries, benefits, travel, stock-based compensation, laboratory supplies and other non-capital equipment utilized for in-house research, allocated facilities and overhead costs, fees related to licensing agreements, fees paid to contract research organizations (CRO) that conduct research and development activities on the Company’s behalf and costs related to compliance with regulatory requirements. Goods or services incurred for research and development activities that have not yet been invoiced are recorded as liabilities within accrued expenses and other current liabilities on the Company’s balance sheets. The Company has and may continue to acquire the rights to licensed technology that represents in-process research and development to use and develop in the commercialization of new product candidates. The upfront payments made to acquire licenses, product or rights, or payments made related to future milestone payments are recognized as research and development expenses provided that there is no alternative future use of the rights in other research and development projects, up to the point of regulatory approval. Milestone payments are expensed when the specific milestone has been achieved. Non-refundable advance payments for goods or services to be rendered as part of future research and development activities are capitalized on the Company’s balance sheets until the goods or services are received. Classification between prepaid expenses and other current assets and other non-current assets is based on an evaluation of when the goods will be delivered and/or services will be performed, with such amounts subsequently amortized to expense once incurred.
Stock-Based Compensation	Stock-Based Compensation The Company measures and records expense related to all equity awards granted to employees and non-employees in the statements of operations and comprehensive loss based on their grant date fair values, including stock options and restricted stock awards. For stock-based awards that vest subject to the satisfaction of a service requirement, the expense is recognized using the straight-line method over the requisite service period, which is generally the vesting period. Forfeitures are recognized as they occur. The fair value of restricted stock awards is determined on the date of grant based on the estimated fair value of the Company’s common stock on that date. For purposes of determining the estimated fair value of options granted to employees and nonemployees, the Company uses the Black-Scholes option pricing model. See Note 8 to the Company's financial statements for the specific assumptions used in applying the Black-Scholes valuation model.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2022 and 2021, the Company has recorded a full valuation allowance on its net deferred tax assets. Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained during an audit. Interest and penalties, if any, related to unrecognized tax benefits are included within the provision for income tax.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of the Company’s common stock outstanding for the period, without consideration for potential dilutive shares of common stock. Basic shares of common stock outstanding include the weighted-average effect of the Company’s pre-funded warrants issued in November 2022 because the pre-funded warrants have a nominal exercise price. As the Company is in a loss position for the periods presented, diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive. Shares related to early exercised stock options that are subject to repurchase are excluded from the basic and diluted net loss per share calculation until the Company’s repurchase right lapses.
Emerging Growth Company Status	Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (a) is no longer an emerging growth company or (b) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
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 the Company ’s 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 not have a material impact on the Company ’s 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 does not expect the adoption of this standard will have a material impact on its financial statements .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Fair Value of Financial Assets Measured at Fair Value on Recurring Basis	December 31, 2022 Valuation Amortized Unrealized Unrealized Fair Value (In thousands) Assets: Cash equivalents: Cash equivalents Level 1 $ 20,532 — — $ 20,532 Money market funds Level 1 7,203 — — 7,203 Commercial paper Level 2 11,972 — ( 4 ) 11,968 Government agencies bonds Level 2 54,569 12 — 54,581 Marketable securities: U.S. treasuries Level 1 25,273 1 ( 147 ) 25,127 Commercial paper Level 2 43,605 4 ( 125 ) 43,484 Corporate bonds Level 2 2,696 — ( 18 ) 2,678 Government agencies bonds Level 2 37,770 9 ( 110 ) 37,669 Total financial assets $ 203,620 $ 26 $ ( 404 ) $ 203,242 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)	12 Months Ended
	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net, consists of the following: December 31, December 31, (In thousands) Leasehold improvements $ 23,605 $ 7,241 Laboratory equipment 20,537 11,891 Manufacturing equipment 17,468 — Construction in progress 3,128 32,561 Computer equipment and software 1,060 218 Furniture and fixtures 910 534 Total property and equipment $ 66,708 $ 52,445 Less: accumulated depreciation and amortization ( 15,676 ) ( 9,425 ) Total property and equipment, net $ 51,032 $ 43,020
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: December 31, December 31, (In thousands) Accrued compensation and related expenses $ 6,299 $ 3,667 Accrued research and development expenses 3,214 2,023 Accrued professional services 482 344 Accrued property and equipment 139 2,863 Other current liabilities 530 162 Total accrued and other current liabilities $ 10,664 $ 9,059

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of Operating Lease Activity	Information related to operating lease activity during the year ended December 31, 2022 was as follows (in thousands): Year Ended 2022 2021 Operating lease cost $ 3,714 $ 2,364 Variable lease cost 1,209 $ 1,095 Short-term lease cost 952 2,241 Total lease cost $ 5,875 $ 5,700 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 $ 6,454 $ 6,110 Cash paid for amounts included in the measurement of lease liabilities $ 4,293 $ 2,774
Summary of Future Minimum Lease Payments Under Operating Lease	Future minimum lease payments under the Company’s operating leases as of December 31, 2022 were as follows: Amount (In thousands) 2023 $ 5,223 2024 3,910 2025 2,445 2026 1,386 2027 1,428 Thereafter 5,477 Total undiscounted future minimum lease payments $ 19,869 Imputed interest ( 4,770 ) Total operating lease liabilities $ 15,099

Convertible Preferred Stock a_2

Convertible Preferred Stock and Stockholders' Equity (Deficit) (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Common Stock Reserved for Issuance	As of December 31, 2022, total shares of common stock reserved for issuance, on an as-if converted basis, are as follows: December 31, Outstanding stock options and awards 5,669,374 Outstanding pre-funded warrants 6,236,693 Stock options and awards available for future grant 2,318,761 Shares available for further issuance under the employee stock purchase plan 1,106,721 Total 15,331,549

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity : Shares Weighted- Weighted- Aggregate (in dollars) (Years) (In thousands) Outstanding as of December 31, 2021 2,772,154 $ 7.90 Options granted 2,632,302 $ 12.58 Options exercised ( 23,677 ) $ 2.14 Options cancelled ( 170,597 ) $ 16.54 Outstanding as of December 31, 2022 5,210,182 $ 10.01 8.45 $ 751 Exercisable as of December 31, 2022 1,719,533 $ 7.15 7.56 $ 691
Summary of Fair Value of Stock Option Awards	The assumptions used to determine the fair value of the awards represent management’s best estimates. Year Ended 2022 2021 Expected term (in years) 5.5 – 6.1 5.0 – 6.1 Expected volatility 95 % – 97 % 95 % – 103 % Risk-free interest rate 1.6 % – 4.2 % 0.6 % – 1.4 % 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 Weighted- Aggregate (in dollars) (Years) (In thousands) Unvested as of December 31, 2021 — $ — Granted 489,153 $ 4.44 Vested ( 8,932 ) $ 15.19 Forfeited ( 21,029 ) $ 7.93 Unvested as of December 31, 2022 459,192 $ 4.07 1.41 $ 923
Summary of Stock-based Compensation	The following table summarizes stock-based compensation recognized in the Company’s statements of operations and comprehensive loss: Year Ended 2022 2021 (In thousands) Research and development $ 4,914 $ 1,179 General and administrative 6,553 1,771 Total stock-based compensation $ 11,467 $ 2,950

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Effective Tax Rate Reconciliation	The effective tax rate of the Company’s provision for income taxes differs from the federal statutory rate and the effective tax rate reconciliation is as follows: December 31, 2022 2021 U.S. federal taxes at statutory rate 21.0 % 21.0 % State taxes (net of federal benefit) 1.2 0.6 Credits 2.8 3.1 Stock-based compensation ( 0.3 ) ( 0.3 ) Section 382 limitation on tax attribute carryforwards 0.0 0.0 Change in valuation allowance ( 24.1 ) ( 23.3 ) Other ( 0.6 ) ( 1.1 ) Total —% —%
Schedule of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2022 2021 (In thousands) Balance at beginning of year $ 1,470 $ 571 Additions based on tax positions related to current year 1,588 901 Additions based on tax positions related to prior years 83 — Reductions for tax positions related to prior years — ( 2 ) Balance at end of year $ 3,141 $ 1,470
Schedule of Deferred Income Taxes	The tax effects of significant items comprising the Company’s deferred income taxes are as follows : December 31, 2022 2021 (In thousands) Deferred tax assets: Net operating losses $ 41,256 $ 34,746 Capitalized research and development expenditure 17,045 — Tax credits 9,347 4,443 Lease liability 3,176 3,362 Stock-based compensation 1,631 309 Accrued expenses and other 1,368 727 Property and equipment — 152 Total deferred tax assets 73,823 43,739 Valuation allowance ( 71,129 ) ( 41,281 ) Deferred tax assets, net of valuation allowance 2,694 2,458 Deferred tax liabilities: Right-of-use asset ( 2,453 ) ( 2,458 ) Property and equipment ( 241 ) — Net deferred tax assets $ — $ —
Summary of Net Operating Loss and Tax Carryforwards	As of December 31, 2022, the Company’s net operating loss and tax carryforwards are summarized as follows: Amount Expiration in years Net operating losses, federal (post-December 31, 2017) $ 171,533 Do Not Expire Net operating losses, federal (pre-January 1, 2018) $ 3,093 Begins to Expire 2036 Net operating losses, state $ 62,973 Begins to Expire 2036 Tax credits, federal $ 8,544 Begins to Expire 2036 Tax credits, state $ 5,067 Do Not Expire

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following potentially dilutive securities were excluded from the calculation of diluted net loss per share for the periods presented because the effect would have been anti-dilutive: December 31, 2022 2021 Outstanding stock options and awards 5,669,374 2,772,154 Restricted stock subject to future vesting 853 28,905 Total 5,670,227 2,801,059

Organization and Description _2

Organization and Description of the Business - Additional Information (Details) $ in Thousands		12 Months Ended
	Jul. 23, 2021	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Organization And Description Of Business [Line Items]
Reverse stock split description	1-for-6
Reverse stock split	0.1667
Accumulated deficit		$ (279,198)	$ (155,533)
Net loss		(123,665)	$ (72,721)
Cash, cash equivalents and investments in marketable securities		$ 204,200

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)
Significant Accounting Policies [Line Items]
Number of operating segment | Segment	1
Number of reportable segment | Segment	1
Restricted cash included in other noncurrent assets	$ 399	$ 547
Operating lease right-of-use assets	11,663	$ 11,685
Operating lease liabilities	$ 15,099
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
Minimum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	3 years
Maximum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	5 years

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	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 203,620	$ 250,441
Unrealized Gain	26
Unrealized Loss	(404)	(141)
Fair Value	203,242	250,300
Cash Equivalents | Fair Value, Measurements, Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	20,532
Fair Value	20,532
Money Market Funds | Fair Value, Measurements, Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	7,203	37,129
Fair Value	7,203	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	11,972
Unrealized Loss	(4)
Fair Value	11,968
Government Agencies Bonds | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	54,569
Unrealized Gain	12
Fair Value	54,581
Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	109,000
Commercial Paper | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	43,605	121,634
Unrealized Gain	4
Unrealized Loss	(125)	(50)
Fair Value	43,484	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	25,273	78,097
Unrealized Gain	1
Unrealized Loss	(147)	(85)
Fair Value	25,127	78,012
Corporate Bonds | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	2,696	8,979
Unrealized Loss	(18)	(3)
Fair Value	2,678	8,976
Government Agencies Bonds | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	37,770	4,602
Unrealized Gain	9
Unrealized Loss	(110)	(3)
Fair Value	$ 37,669	$ 4,599

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 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
Available-for-sale marketable securities remaining maturities less than one year	91.3
Available-for-sale marketable securities maturities between one and two years	17.7
Marketable Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt securities available-for-sale	$ 109
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale marketable securities contractual maturities term	2 years
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale marketable securities contractual maturities term	1 year

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 66,708	$ 52,445
Less: accumulated depreciation and amortization	(15,676)	(9,425)
Total property and equipment, net	51,032	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	20,537	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	3,128	32,561
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Total property and equipment	1,060	218
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	$ 910	$ 534

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Depreciation and amortization expense	$ 6.5	$ 3
Prepaid Expenses and Other Current Assets
Employee retention credit receivable CARES Act	$ 2

Balance Sheet Components - Su_2

Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and related expenses	$ 6,299	$ 3,667
Accrued property and equipment	139	2,863
Accrued research and development expenses	3,214	2,023
Accrued professional services	482	344
Other current liabilities	530	162
Total accrued and other current liabilities	$ 10,664	$ 9,059

License Agreements (Details)

License Agreements (Details)	1 Months Ended		12 Months Ended
	Jan. 31, 2020 USD ($)	Oct. 31, 2016 USD ($) Option	Dec. 31, 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]
Number of additional option to extend milestone payment | Option		4
Milestone obligation additional extended payment terms		1 year
Milestone and royalty payments recognized			$ 0
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 Millions	1 Months Ended
	May 31, 2022	Nov. 30, 2021	Feb. 28, 2021 USD ($) RenewalOption	Dec. 31, 2016 RenewalOption	Dec. 31, 2022
Commitments And Contingencies [Line Items]
Weighted-average remaining lease term					5 years 7 months 6 days
Weighted-average discount rate					9.30%
Union City Facility
Commitments And Contingencies [Line Items]
Number of lease renewal term			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 | $			$ 3.3
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				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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 3,714	$ 2,364
Variable lease cost	1,209	1,095
Short-term lease cost	952	2,241
Total lease cost	5,875	5,700
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	6,454	6,110
Cash paid for amounts included in the measurement of lease liabilities	$ 4,293	$ 2,774

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Future Minimum Lease Payments Under Operating Leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 5,223
2024	3,910
2025	2,445
2026	1,386
2027	1,428
Thereafter	5,477
Total undiscounted future minimum lease payments	19,869
Imputed interest	(4,770)
Total operating lease liabilities	$ 15,099

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 03, 2021	Dec. 31, 2021
Series C Convertible Preferred Stock
Temporary Equity [Line Items]
Proceeds from issuance of Series C convertible preferred stock, net of issuance costs		$ 19,981
Common Stock
Temporary Equity [Line Items]
Conversion of outstanding shares of convertible preferred stock	26,102,278

Convertible Preferred Stock a_3

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Nov. 29, 2022	Nov. 21, 2022	Aug. 10, 2022	Aug. 03, 2021	Dec. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock voting rights					The holders of common stock are entitled to one vote per share on all matters to be voted on by the stockholders of the Company and are entitled to dividends, if and when declared by the board of directors, subject to the prior rights of the preferred stockholders.
Common stock, outstanding					66,857,113	41,291,374
Net proceeds of after deducting underwriting discounts and commissions						$ 188,541
Early Exercised Stock Options and Restricted Stock That are Unvested and Subject to Repurchase
Class Of Stock [Line Items]
Common stock, outstanding					853	28,905
At-the-Market Equity Offering
Class Of Stock [Line Items]
Maximum aggregate offering price			$ 75,000
Follow On Offering
Class Of Stock [Line Items]
Underwriting discounts and commissions	$ 4,900
Other Offering Expenses	$ 500
Number of common shares	2,816,409	22,613,307
Common stock, per share		$ 2.60
Warrant purchase common stock		4,327,500
Net proceeds from offering	$ 76,900
Pre Funded Warrant | Follow On Offering
Class Of Stock [Line Items]
Warrants issued to purchase shares of common stock		6,236,693
Class of warrant price per share		$ 2.599
Warrants, exercise price		$ 0.001
Common Stock
Class Of Stock [Line Items]
Conversion of outstanding shares of convertible preferred stock				26,102,278
Common Stock | Initial Public Offering
Class Of Stock [Line Items]
Issuance of common stock				13,800,000		13,800,000
Share price				$ 15
Net proceeds of after deducting underwriting discounts and commissions				$ 188,500
Underwriting discounts and commissions				14,500
Other Offering Expenses				$ 4,000
Common Stock | Overallotment Option
Class Of Stock [Line Items]
Issuance of common stock				1,800,000

Convertible Preferred Stock a_4

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Common Stock Reserved for Issuance (Details)	Dec. 31, 2022 shares
Class Of Stock [Line Items]
Common stock reserved for issuance	15,331,549
Outstanding Stock Options and Awards
Class Of Stock [Line Items]
Common stock reserved for issuance	5,669,374
Stock Options and Awards Available for Future Grant
Class Of Stock [Line Items]
Common stock reserved for issuance	2,318,761
Employee Stock Purchase Plan | Shares Available for Further Issuance Under the Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock reserved for issuance	1,106,721
Outstanding Pre-Funded Warrants
Class Of Stock [Line Items]
Common stock reserved for issuance	6,236,693

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance		15,331,549
Intrinsic value of options exercised		$ 200	$ 1,700
Weighted-average grant-date fair value of options granted		$ 9.80	$ 9.50
Stock-based compensation		$ 11,467	$ 2,950
Unrecognized stock-based compensation		$ 30,300
Weighted-average period		2 years 7 months 6 days
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation cost		$ 1,700
Weighted-average period		2 years 3 months 18 days
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	800,000	1,106,721
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		2,318,761
Intrinsic value of options exercised		$ 691

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2021 Equity Incentive Plan $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / 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	2,632,302
Shares, Options exercised | shares	(23,677)
Shares, Options cancelled | shares	(170,597)
Shares, Outstanding Ending Balance | shares	5,210,182
Shares, Exercisable as of December 31, 2022 | shares	1,719,533
Weighted-Average Exercise Price Per Share, Outstanding Beginning Balance | $ / shares	$ 7.90
Weighted-Average Exercise Price Per Share, Options granted | $ / shares	12.58
Weighted-Average Exercise Price Per Share, Options exercised | $ / shares	2.14
Weighted-Average Exercise Price Per Share, Options cancelled | $ / shares	16.54
Weighted-Average Exercise Price Per Share, Outstanding Ending Balance | $ / shares	10.01
Weighted-Average Exercise Price Per Share, Exercisable as of December 31, 2022 | $ / shares	$ 7.15
Weighted-Average Remaining Contractual Life, Outstanding	8 years 5 months 12 days
Weighted-Average Remaining Contractual Life, Exercisable as of December 31, 2022	7 years 6 months 21 days
Aggregate Intrinsic Value, Outstanding | $	$ 751
Aggregate Intrinsic Value, Exercisable as of December 31, 2022 | $	$ 691

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Fair Value of Stock Option Awards (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	95%	95%
Expected volatility, maximum	97%	103%
Risk-free interest rate, minimum	1.60%	0.60%
Risk free interest rate, maximum	4.20%	1.40%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in 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

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - 2021 Equity Incentive Plan - Restricted Stock $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted | shares	489,153
Vested | shares	(8,932)
Forfeited | shares	(21,029)
Unvested as of December 31, 2022 | shares	459,192
Weighted Average Grant Date Fair Value per Share
Granted | $ / shares	$ 4.44
Vested | $ / shares	15.19
Forfeited | $ / shares	7.93
Unvested as of December 31, 2022 | $ / shares	$ 4.07
Weighted-Average Remaining Contractual Life, Unvested	1 year 4 months 28 days
Aggregate Intrinsic Value, Unvested | $	$ 923

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 11,467	$ 2,950
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	4,914	1,179
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 6,553	$ 1,771

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income taxes expense	$ 0	$ 0
Increase in valuation allowance, deferred tax assets	29,800,000	17,000,000
Interest and penalties related to taxes and uncertain tax positions	$ 0	$ 0

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal taxes at statutory rate	21%	21%
State taxes (net of federal benefit)	1.20%	0.60%
Credits	2.80%	3.10%
Stock-based compensation	(0.30%)	(0.30%)
Section 382 limitation on tax attribute carryforwards	0%	0%
Change in valuation allowance	(24.10%)	(23.30%)
Other	(0.60%)	(1.10%)

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 1,470	$ 571
Additions based on tax positions related to current year	1,588	901
Additions based on tax positions related to prior years	83
Reductions for tax positions related to prior years		(2)
Balance at end of year	$ 3,141	$ 1,470

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating losses	$ 41,256	$ 34,746
Capitalized research and development expenditure	17,045
Tax credits	9,347	4,443
Lease liability	3,176	3,362
Stock-based compensation	1,631	309
Accrued expenses and other	1,368	727
Property and equipment		152
Total deferred tax assets	73,823	43,739
Valuation allowance	(71,129)	(41,281)
Deferred tax assets, net of valuation allowance	2,694	2,458
Deferred tax liabilities:
Right-of-use asset	(2,453)	$ (2,458)
Property and equipment	$ (241)

Income Taxes - Summary of Net O

Income Taxes - Summary of Net Operating Loss and Tax Carryforwards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Operating Loss Carryforwards [Line Items]
Net operating losses, state expiration begin year	2036
Tax credits, federal expiration begin year	2036
Tax credits, state expiration description	Do Not Expire
Federal
Operating Loss Carryforwards [Line Items]
Tax credits	$ 8,544
State
Operating Loss Carryforwards [Line Items]
Net operating losses	62,973
Tax credits	$ 5,067
Post-December 31, 2017
Operating Loss Carryforwards [Line Items]
Net operating losses, federal expiration description	Do Not Expire
Post-December 31, 2017 | Federal
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 171,533
Pre-January 1, 2018
Operating Loss Carryforwards [Line Items]
Net operating losses, federal expiration begin year	2036
Pre-January 1, 2018 | Federal
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 3,093

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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 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	5,670,227	2,801,059
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	5,669,374	2,772,154
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	853	28,905