Mineralys Therapeutics (MLYS) 10-Q 15 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-41614
Entity Registrant Name	MINERALYS THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1966887
Entity Address, Address Line One	150 N. Radnor Chester Rd
Entity Address, Address Line Two	Ste F200
Entity Address, City or Town	Radnor
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
City Area Code	888
Local Phone Number	378-6240
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	MLYS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,856,653
Entity Central Index Key	0001933414
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Total cash and cash equivalents	$ 138,246	$ 87,701
Investments	132,393	22,409
Prepaid and other current assets	4,635	2,701
Total current assets	275,274	112,811
Investments, noncurrent	31,122	0
Other assets	39	1,631
Total assets	306,435	114,442
Current liabilities:
Accounts payable	2,387	1,907
Accrued liabilities	8,173	6,160
Total current liabilities	10,560	8,067
Commitments and contingencies (Note 4)
Stockholders’ equity (deficit):
Common stock, $0.0001 par value, 500,000,000 and 319,000,000 shares authorized and 40,856,653 and 6,419,238 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	4	1
Additional paid-in capital	361,289	540
Accumulated deficit	(65,418)	(52,810)
Total stockholders’ equity (deficit)	295,875	(52,269)
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)	306,435	114,442
Series A Convertible Preferred Stock
Current liabilities:
Convertible preferred stock	0	40,987
Series B Convertible Preferred Stock
Current liabilities:
Convertible preferred stock	$ 0	$ 117,657

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock shares authorized (in shares)	500,000,000	319,000,000
Common stock shares outstanding (in shares)	40,856,653	6,419,238
Common stock shares issued (in shares)	40,856,653	6,419,238
Series A Convertible Preferred Stock
Convertible preferred stock par value (in USD per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized (in shares)	0	86,332,216
Convertible preferred stock, shares outstanding (in shares)	0	86,332,216
Convertible preferred stock, shares issued (in shares)	0	86,332,216
Convertible preferred stock, liquidation preference	$ 0	$ 41,180
Series B Convertible Preferred Stock
Convertible preferred stock par value (in USD per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized (in shares)	0	136,510,868
Convertible preferred stock, shares outstanding (in shares)	0	136,510,868
Convertible preferred stock, shares issued (in shares)	0	136,510,868
Convertible preferred stock, liquidation preference	$ 0	$ 118,000

Condensed Statements of Operati

Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Research and development	$ 12,293	$ 6,778
General and administrative	2,645	791
Total operating expenses	14,938	7,569
Loss from operations	(14,938)	(7,569)
Interest income, net	2,329	0
Other income	1	0
Total other income, net	2,330	0
Net loss	$ (12,608)	$ (7,569)
Basic net loss per share attributable to common stockholders (in USD per share)	$ (0.51)	$ (1.48)
Diluted net loss per share attributable to common stockholders (in USD per share)	$ (0.51)	$ (1.48)
Basic weighted-average shares used to compute net loss per share attributable to common stockholders (in shares)	24,764,469	5,123,634
Diluted weighted-average shares used to compute net loss per share attributable to common stockholders (in shares)	24,764,469	5,123,634

Condensed Statements of Convert

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock	Series B Convertible Preferred Stock	Common Stock	Additional Paid-In-Capital	Accumulated Deficit
Beginning balance, convertible preferred stock (in shares) at Dec. 31, 2021		61,180,259	0
Beginning balance, convertible preferred stock at Dec. 31, 2021		$ 28,996	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series A convertible preferred stock, net of issuance costs (in shares)		25,151,957
Issuance of Series A convertible preferred stock, net of issuance costs		$ 11,997
Ending balance, convertible preferred stock (in shares) at Mar. 31, 2022		86,332,216	0
Ending balance, convertible preferred stock at Mar. 31, 2022		$ 40,993	$ 0
Beginning balance (in shares) at Dec. 31, 2021				5,441,980
Beginning balance at Dec. 31, 2021	$ (22,925)			$ 1	$ 85	$ (23,011)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock awards (in shares)				172,444
Stock-based compensation	19				19
Net loss	(7,569)					(7,569)
Ending balance (in shares) at Mar. 31, 2022				5,614,424
Ending balance at Mar. 31, 2022	$ (30,475)			$ 1	104	(30,580)
Beginning balance, convertible preferred stock (in shares) at Dec. 31, 2022		86,332,216	136,510,868
Beginning balance, convertible preferred stock at Dec. 31, 2022		$ 40,987	$ 117,657
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of preferred stock to common stock upon closing initial public offering (in shares)		(86,332,216)	(136,510,868)
Conversion of preferred stock to common stock upon closing of initial public offering		$ (40,987)	$ (117,657)
Ending balance, convertible preferred stock (in shares) at Mar. 31, 2023		0	0
Ending balance, convertible preferred stock at Mar. 31, 2023		$ 0	$ 0
Beginning balance (in shares) at Dec. 31, 2022	6,419,238			6,419,238
Beginning balance at Dec. 31, 2022	$ (52,269)			$ 1	540	(52,810)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of preferred stock to common stock upon closing initial public offering (in shares)				20,637,415
Conversion of preferred stock to common stock upon closing of initial public offering	158,644			$ 2	158,642
Issuance of Series A convertible preferred stock, net of issuance costs (in shares)				13,800,000
Issuance of Series A convertible preferred stock, net of issuance costs	201,359			$ 1	201,358
Stock-based compensation	749				749
Net loss	$ (12,608)					(12,608)
Ending balance (in shares) at Mar. 31, 2023	40,856,653			40,856,653
Ending balance at Mar. 31, 2023	$ 295,875			$ 4	$ 361,289	$ (65,418)

Condensed Statements of Conve_2

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common Stock
Issuance of common stock in initial public offering, issuance costs	$ 19,441
Series A Convertible Preferred Stock
Issuance of Series A convertible preferred stock, net of issuance costs		$ 188

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$ (12,608)	$ (7,569)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discount on held-to-maturity securities		(855)	0
Stock-based compensation		749	19
Changes in operating assets and liabilities:
Accrued interest receivable		(270)	0
Prepaid and other current assets		(1,703)	108
Accounts payable and accrued liabilities		1,912	864
Net cash used in operating activities		(12,775)	(6,578)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of marketable securities		(162,751)	0
Maturity of marketable securities		22,500	0
Net cash used in investing activities		(140,251)	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock in initial public offering, net of offering costs		203,571	0
Proceeds from the issuance of Series A convertible preferred stock, net of offering costs		0	11,997
Net cash provided by financing activities		203,571	11,997
Net increase in cash, cash equivalents, and restricted cash		50,545	5,419
Cash, cash equivalents, and restricted cash - beginning		87,701	10,662
Cash, cash equivalents, and restricted cash - ending	[1]	138,246	16,081
Supplement Disclosure of Non-Cash Financing Activities:
Conversion of convertible preferred stock to common stock upon closing of initial public offering		159,180	0
Deferred offering costs included in accounts payable and accrued liabilities		$ 581	$ 0
[1]Cash and cash equivalents as of March 31, 2023 exclude investments of $163.5 million. Cash, cash equivalents, and investments amounted to $301.8 million as of March 31, 2023.

Condensed Statements of Cash _2

Condensed Statements of Cash Flows (Parenthetical) $ in Millions	Mar. 31, 2023 USD ($)
Statement of Cash Flows [Abstract]
Investments	$ 163.5
Cash, cash equivalents, and investments	$ 301.8

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Mineralys Therapeutics, Inc. (the Company) is a clinical-stage biopharmaceutical company focused on developing medicines to target diseases driven by abnormally elevated aldosterone. The Company’s clinical-stage product candidate, lorundrostat, is a proprietary, orally administered, highly selective aldosterone synthase inhibitor that the Company is initially developing for the treatment of patients with uncontrolled or resistant hypertension. The Company has initiated a pivotal clinical program of lorundrostat for the treatment of uncontrolled or resistant hypertension. The Company was incorporated as a Delaware corporation in May 2019, and it is headquartered in Radnor, Pennsylvania. The Company’s operations to date have been limited to business planning, raising capital, in-licensing lorundrostat, conducting preclinical and clinical trials, and other research and development. Initial Public Offering On February 14, 2023, the Company completed an initial public offering (IPO) of 13,800,000 shares of its common stock, which included the exercise in full by the underwriters of their option to purchase 1,800,000 additional shares, at a public offering price of $16.00 per share. The net proceeds to the Company from the IPO were $201.4 million, net of underwriting discounts, commissions, and offering costs. Reverse Stock Split On February 1, 2023, the Company effected a one-for-10.798 reverse stock split of its issued and outstanding shares of common stock, par value $0.0001 per share, and a proportional adjustment to the existing conversion ratio of the Company’s preferred stock (the Reverse Stock Split). Accordingly, all share and per-share amounts for all periods presented in the accompanying condensed financial statements and notes thereto have been adjusted to reflect this Reverse Stock Split. Liquidity and Capital Resources Since its inception, the Company has not generated any revenue from product sales or other sources and has incurred significant operating losses and negative cash flows from operations. The Company’s primary uses of cash to date have been to fund research and development activities, business planning, establishing and maintaining the Company’s intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. As of March 31, 2023, the Company had an accumulated deficit of $65.4 million and cash, cash equivalents, and investments of $301.8 million. For the three months ended March 31, 2023, the Company had a net loss of $12.6 million and net cash used in operating activities of $12.8 million.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s financial information. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2022. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates of the Financial Accounting Standards Board (FASB). Segment Information The Company operates in one operating segment for the purposes of assessing performance and making operating decisions and, accordingly, no segment disclosures have been presented herein. All assets are held in the United States. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Estimates have been used in the following areas, among others: research and development accruals, fair value of the Company’s common stock prior to the closing of the Company’s IPO, and income taxes. Cash and Cash Equivalents All highly-liquid investments that have maturities of 90 days or less at the date of purchase are classified as cash equivalents. As of March 31, 2023 and December 31, 2022, the Company did not have any restricted cash balances. The following table provides a reconciliation of cash, cash equivalents, and restricted cash as reported in the statement of cash flows to the balance sheets (in thousands): March 31, December 31, 2023 2022 Cash $ 2,908 $ 2,872 Cash equivalents 135,338 84,829 Total cash and cash equivalents $ 138,246 $ 87,701 The Company’s cash and cash equivalents balances as of March 31, 2023 include cash balances, bank deposits, and amounts held primarily in interest-bearing money market accounts. As of December 31, 2021, the Company had $50 thousand classified as restricted cash, which is reported in the 2022 opening and closing cash, cash equivalent, and restricted cash balances reported in the consolidated statements of cash flows. Concentration of Credit Risk The Company has no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts, or other hedging arrangements. Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash balances in several accounts with two financial institutions which, from time to time, are in excess of federally insured limits. Fair Value Measurements The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. ASC Topic 820, Fair Value Measurement, establishes a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below: • Level 1 – quoted prices in active markets for identical assets and liabilities • Level 2 – other significant observable inputs (including quoted prices for similar assets and liabilities, interest rates, credit risk, etc.) • Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of assets and liabilities) For certain financial instruments, including cash and restricted cash, prepaid expenses, accounts payable, and certain accrued liabilities, the recorded amount approximates estimated fair value due to their relatively short maturity period. Refer to Note 3. “ Fair Value of Financial Instruments ” for additional details of the Company’s financial instruments. Investments The Company generally invests its excess cash in money market funds and investment-grade short- and long-term fixed-income debt securities, such as U.S. Treasury bills. Such investments are included in cash and cash equivalents, current investments, and investments - noncurrent in the condensed balance sheets. The Company determines the appropriate classification of short-term and long-term securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are carried at amortized cost, adjusted for the accretion of discounts using the interest method. The Company invested in marketable securities during the three months ended March 31, 2023 and 2022, and no impairment charges were recorded. For held-to-maturity investments, the Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. If the Company believes an impairment of a security position is other than temporary, based on available quantitative and qualitative information as of the report date, the loss will be recognized as other income, net in the Company’s condensed statements of operations and a new cost basis in the investment is established. Deferred Offering Costs The Company capitalizes certain legal, professional, accounting, and other third-party fees that are directly associated with in-process equity issuances as deferred offering costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. Should the equity issuance be abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the statement of operations. Deferred offering costs as of March 31, 2023 and December 31, 2022 were $0 and $1,631 thousand, respectively. Such costs are classified in other assets on the condensed balance sheets. Stock-Based Compensation The Company accounts for its stock-based compensation awards in accordance with ASC Topic 718, Compensation – Stock Compensation (ASC 718). ASC 718 requires all stock-based payments to employees, including grants of employee stock options, to be recognized in the statements of operations based on their fair values. The Company’s stock-based awards are subject only to service-based vesting conditions. The Company measures restricted common stock awards using the difference, if any, between the purchase price per share of the award and the fair value of the Company’s common stock at the date of the grant or modification. The Company estimates the fair value of its stock option awards using the Black-Scholes option pricing model, which requires the input of assumptions, including (i) the expected stock price volatility, (ii) the calculation of expected term of the award, (iii) the risk-free interest rate, and (iv) expected dividends. Volatility — Due to the Company’s limited operating history and a lack of company-specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar publicly-traded companies. The Company believes that the companies in the group were most representative of the Company and had characteristics similar to its own, including stage of product development, a focus on the life sciences industry, and other economic and industry characteristics. Expected Term — The Company uses the simplified method to calculate the expected term, as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term for options granted and utilized the contractual term for options granted. Risk-Free Interest Rate — The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the stock options. Expected Dividends — To date, the Company has not issued any dividends and does not expect to issue dividends over the life of the options and therefore has estimated the dividend yield to be zero. Subsequent to the closing of the Company’s IPO, the Company determines the fair market value of its common stock using the closing price of our common stock as reported on the Nasdaq Global Select Market. Prior to the closing of the Company’s IPO, there was no public market for the Company’s common stock, and the Company determined the fair value of the shares of its common stock underlying its share-based awards by considering a number of objective and subjective factors, including third-party valuations of the Company’s common stock, the valuation of comparable companies, the Company’s operating and financial performance, and general and industry-specific economic outlook, amongst other factors. The assumptions underlying these valuations represented management’s best estimate, with the assistance of a third-party valuation specialist, which involved inherent uncertainties and the application of management’s judgment. As a result, if the Company had used different assumptions or estimates, the fair value of the Company’s common stock and its stock-based compensation expense could have been materially different. Compensation expense related to awards is recognized on a straight-line basis by recognizing the grant date fair value over the associated service period of the award, which is generally the vesting term. The Company accounts for forfeitures as they occur. Net Loss Per Share The Company’s basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. The diluted net loss per share attributable to common stockholders is computed by giving effect to all potential common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of this calculation, convertible preferred stock and stock options to purchase common stock are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive. The following table sets forth the potential common shares excluded from the calculation of net loss per common share because their inclusion would be anti-dilutive: Three Months Ended March 31, 2023 2022 Outstanding options 2,543,513 527,387 Unvested restricted stock awards 1,127,084 481,143 Convertible preferred stock (as converted into common stock) — 7,995,191 Total 3,670,597 9,003,721 Recently Issued Accounting Pronouncements

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following table presents financial instruments measured at fair value on a recurring basis based on the fair value hierarchy as of March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, 2023 2022 Level 1 Assets Cash equivalents Money market funds $ 85,100 $ 84,829 Bank deposits 50,238 — Total cash equivalents $ 135,338 $ 84,829 There were no transfers within the fair value hierarchy during the periods presented. The following methods and assumptions were used by the Company in estimating the fair values of each class of financial instrument disclosed herein: Money Market Funds and Bank Deposits—The carrying amounts of money market funds and bank deposits reported as cash and cash equivalents in the balance sheets approximate their fair values due to their short-term nature. The fair values of money market funds are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets. U.S. Treasury Bills—As of March 31, 2023 and December 31, 2022, the Company had short- and/or long-term U.S. Treasury bills. Fair values of these securities are determined by Level 2 inputs utilizing quoted prices (unadjusted) in active markets for similar assets. The following table presents held-to-maturity U.S. Treasury bills information as of each reported date: As of March 31, 2023 Balance Sheet Location Original Maturities Amortized Cost Estimated Fair Value Investments between 3 and 12 months $ 132,393 $ 132,536 Investments, noncurrent greater than 1 year 31,122 31,386 Total $ 163,515 $ 163,922 As of December 31, 2022 Balance Sheet Location Original Maturities Amortized Cost Estimated Fair Value Investments between 3 and 6 months $ 22,409 $ 22,386

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies License Agreement with Mitsubishi Tanabe In July 2020, the Company entered into a license agreement (the Mitsubishi License) with Mitsubishi Tanabe Pharmaceutical Company (Mitsubishi Tanabe), pursuant to which Mitsubishi Tanabe granted the Company an exclusive, worldwide, royalty-bearing, sublicensable license under Mitsubishi Tanabe’s patent and other intellectual property rights to exploit products incorporating lorundrostat (Lorundrostat Products) for the prevention, treatment, diagnosis, detection, monitoring, or predisposition testing with respect to indications, diseases, and conditions in humans. Pursuant to the Mitsubishi License, the Company paid Mitsubishi Tanabe a $1.0 million upfront fee, and the Company is obligated to pay Mitsubishi Tanabe development milestone payments of up to $9.0 million in the aggregate and commercial milestone payments of up to $155.0 million in the aggregate upon first commercial sale and upon meeting certain annual sales targets, as well as additional commercial milestone payments of up to $10.0 million for a second indication. Additionally, the Company is obligated to pay Mitsubishi Tanabe tiered royalties at percentages ranging from the mid-single-digits to ten percent (10%) of aggregate net sales of each Lorundrostat Product on a Lorundrostat Product-by-Lorundrostat Product and country-by-country basis, until the later of (i) the expiration of the last-to-expire valid Mitsubishi Tanabe patent claim covering a Lorundrostat Product, (ii) ten years from the first commercial sale of a Lorundrostat Product, or (iii) the expiration of regulatory exclusivity in such country. Such royalties are subject to reduction under specified conditions, including lack of patent coverage and generic competition. The Company is obligated to use commercially reasonable efforts to conduct and complete the development activities and to file for regulatory approval for at least one Lorundrostat Product in a major market country and consider in good faith to develop at least one Lorundrostat Product in a non-major market country. If the Company elects to sublicense its rights under the Mitsubishi License to a third party with respect to exploitation of lorundrostat or any Lorundrostat Product in certain countries in Asia, the Company has agreed to negotiate such a sublicense first, for a specified period of time, with Mitsubishi Tanabe, if Mitsubishi Tanabe notifies the Company that it would like to obtain such a sublicense. The Company agreed not to commercialize any competing product prior to three years following the first commercial sale of the first Lorundrostat Product in any country without Mitsubishi Tanabe’s prior consent. Unless terminated earlier, the Mitsubishi License will continue until the expiration of all of the Company’s royalty obligations to Mitsubishi Tanabe. The Company may terminate the Mitsubishi License for any or no reason upon 90 or 180 days’ prior written notice to Mitsubishi Tanabe depending on whether the Mitsubishi Tanabe Product has received regulatory approval. Mitsubishi Tanabe may terminate the Mitsubishi License if the Company has not initiated regulatory consultation for the first global clinical trials of lorundrostat in at least one major market country within a specified amount of time or if the Company or its affiliates or sublicensees initiate a challenge to the patent rights licensed to the Company by Mitsubishi Tanabe. In addition, either party may terminate the Mitsubishi License in the event of an uncured material breach by or bankruptcy of the other party, subject to certain notice and cure periods, or upon the other party’s bankruptcy or insolvency. The Company incurred $4.0 million and $0 of research and development expenses related to the Mitsubishi License during the three months ended March 31, 2023 and 2022, respectively. A development milestone was achieved during the three months ended March 31, 2023 related to the Company’s planned initiation of its pivotal clinical program of lorundrostat. This milestone payment was not paid until after March 31, 2023 and was reported as an accrued liability in the condensed balance sheet as of March 31, 2023. Litigation Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company was not subject to any material legal proceedings during the three months ended March 31, 2023 and 2022, and no material legal proceedings are currently pending or threatened. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising from breach of such agreements or intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with officers of the Company and members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations in its condensed financial statements as of March 31, 2023 and December 31, 2022.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2023 2022 Mitsubishi License milestone $ 4,000 $ — Research and development expenses 3,221 4,846 Professional fees and other 571 649 Compensation and benefits 381 665 Total $ 8,173 $ 6,160

Capital Stock

Capital Stock	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Capital Stock	Capital Stock As of March 31, 2023, the Company has reserved authorized shares of common stock for future issuance as follows: March 31, 2023 Common stock options outstanding 2,543,513 Shares available for grant under the 2023 Plan 3,471,929 Shares available for grant under the ESPP 400,000 Total 6,415,442 In connection with the closing of the IPO in February 2023, the Company’s board of directors approved an amendment to the Company’s amended and restated certificate of incorporation (the Restated Certificate). The Restated Certificate amended and restated the Company’s amended and restated certificate of incorporation, in its entirety to, among other things, increase the authorized number of shares of common stock to 500,000,000 shares and authorize 50,000,000 shares of undesignated preferred stock that may be issued from time to time by the Company’s board of directors in one or more series. Immediately prior to the closing of the IPO, 86,332,216 shares of Series A Preferred Stock and 136,510,868 shares of Series B Preferred Stock converted into 20,637,415 shares of the Company’s common stock of which carrying value of Series A Preferred Stock and Series B Preferred Stock was converted to permanent equity. Preferred Stock Offerings In February 2021, the Company entered into a Series A redeemable convertible preferred stock agreement (the Series A Purchase Agreement). From February 2021 to April 2021, the Company issued 50,311,827 shares of Series A Preferred Stock at $0.477 per share for net proceeds of $23.8 million. Additionally, in February 2021, the Company’s convertible notes and related accrued interest converted into 10,868,432 shares of Series A Preferred Stock. The Series A Purchase Agreement provided for an additional closing for the Series A purchasers for the issuance of up to 25,151,957 shares of Series A Preferred Stock, at a purchase price of $0.477 per share for aggregate cash proceeds of $12.0 million, upon the achievement of the Milestone (as defined in the Series A Purchase Agreement) or a waiver of the Milestone by the requisite holders. In January 2022, the Company achieved the Milestone under the Series A Purchase Agreement and sold an aggregate of 25,151,957 shares of Series A Preferred Stock under the Series A Purchase Agreement to certain existing investors, members of the Company’s board of directors and affiliates of members of its board of directors, at a purchase price of $0.477 per share for aggregate net proceeds of approximately $12.0 million. In June 2022, the Company entered into a Series B convertible preferred stock agreement with certain investors, including members of the Company’s board of directors and affiliates of members of its board of directors, pursuant to which the Company issued and sold to such investors an aggregate of 136,510,868 shares of Series B Preferred Stock at a purchase price of $0.8644 per share for aggregate net proceeds of approximately $117.7 million.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 2023 Incentive Award Plan In February 2023, the Company’s board of directors adopted and stockholders approved the 2023 Incentive Award Plan that became effective upon the closing of the IPO (2023 Plan), under which the Company may grant stock options, restricted stock, dividend equivalents, restricted stock units, stock appreciation rights, and other stock or cash-based awards to its employees, consultants, and directors. The number of shares of the Company’s common stock initially available for issuance under awards granted pursuant to the 2023 Plan was the sum of (i) 4,650,000 shares of the Company’s common stock, plus (ii) any shares subject to outstanding awards under the 2020 Plan described below as of the effective date of the 2023 Plan that become available for issuance under the 2023 Plan thereafter in accordance with its terms. The number of shares initially available for issuance will be increased on January 1 of each calendar year beginning in 2024 and ending in 2033, by an amount equal to the lesser of (i) 4% of the shares of the Company’s common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as determined by the Company’s board of directors. No more than 100,000,000 shares of the Company’s common stock may be issued upon the exercise of incentive stock options under the 2023 Plan. Shares issued under the 2023 Plan may be authorized but unissued shares, shares purchased on the open market, or treasury shares. In connection with the Company’s IPO, the Company’s board of directors approved the grant under the 2023 Plan of stock options to purchase an aggregate of 1,071,935 shares of its common stock to certain of the Company’s employees and directors, at an exercise price equal to the IPO price of $16.00. 2020 Equity Incentive Plan On July 7, 2020, the board of directors adopted, and the Company’s stockholders approved, the 2020 Equity Incentive Plan. The 2020 Equity Incentive Plan, as amended and restated (the 2020 Plan), provided for the grant of incentive stock options to employees of the Company, and for the grant of non-statutory stock options, restricted stock awards (RSAs), restricted stock unit awards, and other forms of stock awards to employees, directors, and consultants of the Company. The board of directors or a designated committee of the board of directors is responsible for the administration of the 2020 Plan and determined the term, exercise price, and vesting terms of each award. Under the terms of existing awards, all stock option grants expire ten years from grant date. New option grants could not have an exercise price less than 100% of the fair market value of the Company’s common stock on the grant date, and generally vest over a period of four years. Subsequent to the closing of the IPO, no additional awards will be granted under the 2020 Plan. However, the 2020 Plan will continue to govern the terms and conditions of the outstanding awards granted under it. Shares of the Company’s common stock subject to awards granted under the 2020 Plan that expire, lapse, or are terminated, exchanged for cash, surrendered, repurchased, or forfeited following the effective date of the 2020 Plan will be available for issuance under the 2023 Plan in accordance with its terms. 2023 Employee Stock Purchase Plan In February 2023, the Company’s board of directors and stockholders approved the 2023 Employee Stock Purchase Plan (ESPP), which became effective upon the closing of the Company’s IPO. The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to a specified percentage of their eligible compensation withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. A total of 400,000 shares of the Company’s common stock was initially reserved for issuance under the ESPP. The ESPP offering periods will commence when determined by the board of directors or a committee of the board of directors and the offering period, offering price, and other terms will be determined subject to the terms of the ESPP. In addition, the number of shares available for issuance under the ESPP will be annually increased on January 1 of each calendar year beginning in 2024 and ending in and including 2033, by an amount equal to the lesser of (i) 1% of the shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the Company’s board of directors, provided that no more than 15,000,000 shares of the Company’s common stock may be issued under the ESPP. Total stock-based compensation expense reported in the statements of operations was allocated as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 335 $ 15 General and administrative 414 4 Total $ 749 $ 19

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s financial information. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2022. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates of the Financial Accounting Standards Board (FASB).
Segment Information	Segment Information The Company operates in one operating segment for the purposes of assessing performance and making operating decisions and, accordingly, no segment disclosures have been presented herein. All assets are held in the United States.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Estimates have been used in the following areas, among others: research and development accruals, fair value of the Company’s common stock prior to the closing of the Company’s IPO, and income taxes.
Cash and Cash Equivalents	Cash and Cash Equivalents All highly-liquid investments that have maturities of 90 days or less at the date of purchase are classified as cash equivalents.
Concentration of Credit Risk	Concentration of Credit Risk The Company has no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts, or other hedging arrangements. Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash balances in several accounts with two financial institutions which, from time to time, are in excess of federally insured limits.
Fair Value Measurements	Fair Value Measurements The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. ASC Topic 820, Fair Value Measurement, establishes a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below: • Level 1 – quoted prices in active markets for identical assets and liabilities • Level 2 – other significant observable inputs (including quoted prices for similar assets and liabilities, interest rates, credit risk, etc.) • Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of assets and liabilities) For certain financial instruments, including cash and restricted cash, prepaid expenses, accounts payable, and certain accrued liabilities, the recorded amount approximates estimated fair value due to their relatively short maturity period. Refer to Note 3. “ Fair Value of Financial Instruments ” for additional details of the Company’s financial instruments.
Investments	Investments The Company generally invests its excess cash in money market funds and investment-grade short- and long-term fixed-income debt securities, such as U.S. Treasury bills. Such investments are included in cash and cash equivalents, current investments, and investments - noncurrent in the condensed balance sheets. The Company determines the appropriate classification of short-term and long-term securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are carried at amortized cost, adjusted for the accretion of discounts using the interest method. The Company invested in marketable securities during the three months ended March 31, 2023 and 2022, and no impairment charges were recorded. For held-to-maturity investments, the Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. If the Company believes an impairment of a security position is other than temporary, based on available quantitative and qualitative information as of the report date, the loss will be recognized as other income, net in the Company’s condensed statements of operations and a new cost basis in the investment is established.
Deferred Offering Costs	Deferred Offering CostsThe Company capitalizes certain legal, professional, accounting, and other third-party fees that are directly associated with in-process equity issuances as deferred offering costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. Should the equity issuance be abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the statement of operations. Deferred offering costs as of March 31, 2023 and December 31, 2022 were $0 and $1,631 thousand, respectively. Such costs are classified in other assets on the condensed balance sheets.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for its stock-based compensation awards in accordance with ASC Topic 718, Compensation – Stock Compensation (ASC 718). ASC 718 requires all stock-based payments to employees, including grants of employee stock options, to be recognized in the statements of operations based on their fair values. The Company’s stock-based awards are subject only to service-based vesting conditions. The Company measures restricted common stock awards using the difference, if any, between the purchase price per share of the award and the fair value of the Company’s common stock at the date of the grant or modification. The Company estimates the fair value of its stock option awards using the Black-Scholes option pricing model, which requires the input of assumptions, including (i) the expected stock price volatility, (ii) the calculation of expected term of the award, (iii) the risk-free interest rate, and (iv) expected dividends. Volatility — Due to the Company’s limited operating history and a lack of company-specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar publicly-traded companies. The Company believes that the companies in the group were most representative of the Company and had characteristics similar to its own, including stage of product development, a focus on the life sciences industry, and other economic and industry characteristics. Expected Term — The Company uses the simplified method to calculate the expected term, as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term for options granted and utilized the contractual term for options granted. Risk-Free Interest Rate — The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the stock options. Expected Dividends — To date, the Company has not issued any dividends and does not expect to issue dividends over the life of the options and therefore has estimated the dividend yield to be zero. Subsequent to the closing of the Company’s IPO, the Company determines the fair market value of its common stock using the closing price of our common stock as reported on the Nasdaq Global Select Market. Prior to the closing of the Company’s IPO, there was no public market for the Company’s common stock, and the Company determined the fair value of the shares of its common stock underlying its share-based awards by considering a number of objective and subjective factors, including third-party valuations of the Company’s common stock, the valuation of comparable companies, the Company’s operating and financial performance, and general and industry-specific economic outlook, amongst other factors. The assumptions underlying these valuations represented management’s best estimate, with the assistance of a third-party valuation specialist, which involved inherent uncertainties and the application of management’s judgment. As a result, if the Company had used different assumptions or estimates, the fair value of the Company’s common stock and its stock-based compensation expense could have been materially different. Compensation expense related to awards is recognized on a straight-line basis by recognizing the grant date fair value over the associated service period of the award, which is generally the vesting term. The Company accounts for forfeitures as they occur.
Net Loss Per Share	Net Loss Per Share The Company’s basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. The diluted net loss per share attributable to common stockholders is computed by giving effect to all potential common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of this calculation, convertible preferred stock and stock options to purchase common stock are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.
Recently Issued Accounting Pronouncements	Recently Issued Accounting PronouncementsFrom time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash as reported in the statement of cash flows to the balance sheets (in thousands): March 31, December 31, 2023 2022 Cash $ 2,908 $ 2,872 Cash equivalents 135,338 84,829 Total cash and cash equivalents $ 138,246 $ 87,701
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the potential common shares excluded from the calculation of net loss per common share because their inclusion would be anti-dilutive: Three Months Ended March 31, 2023 2022 Outstanding options 2,543,513 527,387 Unvested restricted stock awards 1,127,084 481,143 Convertible preferred stock (as converted into common stock) — 7,995,191 Total 3,670,597 9,003,721

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following table presents financial instruments measured at fair value on a recurring basis based on the fair value hierarchy as of March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, 2023 2022 Level 1 Assets Cash equivalents Money market funds $ 85,100 $ 84,829 Bank deposits 50,238 — Total cash equivalents $ 135,338 $ 84,829
Held-to-Maturity U.S. Treasury Bills	. The following table presents held-to-maturity U.S. Treasury bills information as of each reported date: As of March 31, 2023 Balance Sheet Location Original Maturities Amortized Cost Estimated Fair Value Investments between 3 and 12 months $ 132,393 $ 132,536 Investments, noncurrent greater than 1 year 31,122 31,386 Total $ 163,515 $ 163,922 As of December 31, 2022 Balance Sheet Location Original Maturities Amortized Cost Estimated Fair Value Investments between 3 and 6 months $ 22,409 $ 22,386

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2023 2022 Mitsubishi License milestone $ 4,000 $ — Research and development expenses 3,221 4,846 Professional fees and other 571 649 Compensation and benefits 381 665 Total $ 8,173 $ 6,160

Capital Stock (Tables)

Capital Stock (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Common Stock Authorized	As of March 31, 2023, the Company has reserved authorized shares of common stock for future issuance as follows: March 31, 2023 Common stock options outstanding 2,543,513 Shares available for grant under the 2023 Plan 3,471,929 Shares available for grant under the ESPP 400,000 Total 6,415,442

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount	Total stock-based compensation expense reported in the statements of operations was allocated as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 335 $ 15 General and administrative 414 4 Total $ 749 $ 19

Nature of Business (Details)

Nature of Business (Details) $ / shares in Units, $ in Thousands		1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 14, 2023 USD ($) $ / shares shares	Feb. 28, 2023	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Feb. 01, 2023 $ / shares	Dec. 31, 2022 USD ($) $ / shares
Class of Stock [Line Items]
Price per share (in USD per share) | $ / shares	$ 16
Gross proceeds of sale of stock			$ 378,800
Reverse stock split conversion ratio		0.926
Common stock par value (in USD per share) | $ / shares			$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001
Accumulated deficit			$ (65,418)	$ (65,418)			$ (52,810)
Net loss				(12,608)	$ (7,569)
Net cash used in operating activities				$ (12,775)	$ (6,578)
IPO
Class of Stock [Line Items]
Shares issued (in shares) | shares	13,800,000
Gross proceeds of sale of stock	$ 201,400
Over-Allotment Option
Class of Stock [Line Items]
Shares issued (in shares) | shares	1,800,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Segment Information (Details)	3 Months Ended
	Mar. 31, 2023 operatingSegment
Accounting Policies [Abstract]
Number of operating segments	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash	$ 2,908	$ 2,872
Cash equivalents	135,338	84,829
Total cash and cash equivalents	138,246	87,701
Restricted Cash	$ 0	$ 0	$ 50

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Deferred Offering Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Deferred offering costs	$ 0	$ 1,631

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	3,670,597	9,003,721
Outstanding options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	2,543,513	527,387
Unvested restricted stock awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	1,127,084	481,143
Convertible preferred stock (as converted into common stock)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	0	7,995,191

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets Measured on Recurring Basis (Details) - Level 1 - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 135,338	$ 84,829
Money market funds
Cash and Cash Equivalents [Line Items]
Cash equivalents	85,100	84,829
Bank deposits
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 50,238	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost
Investments	$ 132,393	$ 22,409
Investments, noncurrent	31,122	0
Total	163,500
Amortized Cost
Amortized Cost
Investments	132,393
Investments, noncurrent	31,122
Total	163,515	22,409
Estimated Fair Value
Estimated Fair Value
Investments	132,536
Investments, noncurrent	31,386
Total	$ 163,922	$ 22,386

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jul. 31, 2020
Other Commitments [Line Items]
Research and development	$ 12,293	$ 6,778
Mitsubishi Tanabe | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Other Commitments [Line Items]
Upfront fee			$ 1,000
Development milestone payments			9,000
First commercial milestone payments			155,000
Second commercial milestone payment			$ 10,000
Expiration period			10 years
Non-compete period			3 years
Research and development	$ 4,000	$ 0
Mitsubishi Tanabe | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Maximum
Other Commitments [Line Items]
Royalties percentage			10%
Termination period			180 days
Mitsubishi Tanabe | Collaborative Arrangement, Transaction with Party to Collaborative Arrangement | Minimum
Other Commitments [Line Items]
Termination period			90 days

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Mitsubishi License milestone	$ 4,000	$ 0
Research and development expenses	3,221	4,846
Professional fees and other	571	649
Compensation and benefits	381	665
Accrued liabilities	$ 8,173	$ 6,160

Capital Stock - Schedule of Com

Capital Stock - Schedule of Common Stock (Details)	Mar. 31, 2023 shares
Class of Stock [Line Items]
Common stock shares reserved for future issuance (in shares)	6,415,442
2023 Incentive Award Plan
Class of Stock [Line Items]
Common stock shares reserved for future issuance (in shares)	3,471,929
2023 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock shares reserved for future issuance (in shares)	400,000
Outstanding options
Class of Stock [Line Items]
Common stock shares reserved for future issuance (in shares)	2,543,513

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended			2 Months Ended	3 Months Ended
	Feb. 14, 2023	Jun. 30, 2022	Jan. 31, 2022	Feb. 28, 2021	Mar. 31, 2023	Mar. 31, 2023	Apr. 30, 2021	Dec. 31, 2022
Class of Stock [Line Items]
Price per share (in USD per share)	$ 16
Gross proceeds of sale of stock					$ 378.8
Common stock shares authorized (in shares)					500,000,000	500,000,000		319,000,000
Convertible preferred stock, shares authorized (in shares)	50,000,000
Common Stock
Class of Stock [Line Items]
Conversion of preferred stock to common stock upon closing initial public offering (in shares)						20,637,415
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Price per share (in USD per share)			$ 0.477				$ 0.477
Issuance of Series A convertible preferred stock, net of issuance costs of $7 (in shares)			25,151,957	10,868,432			50,311,827
Issuance of Series A convertible preferred stock, net of issuance costs			$ 12				$ 23.8
Series B Convertible Preferred Stock
Class of Stock [Line Items]
Price per share (in USD per share)		$ 0.8644
Issuance of Series A convertible preferred stock, net of issuance costs of $7 (in shares)		136,510,868
Issuance of Series A convertible preferred stock, net of issuance costs		$ 117.7
IPO
Class of Stock [Line Items]
Shares issued (in shares)	13,800,000
Gross proceeds of sale of stock	$ 201.4
Common stock shares authorized (in shares)	500,000,000
IPO | Common Stock | Conversion Of Convertible Preferred Stock
Class of Stock [Line Items]
Conversion of preferred stock to common stock upon closing initial public offering (in shares)	20,637,415
IPO | Series A Convertible Preferred Stock
Class of Stock [Line Items]
Conversion of preferred stock to common stock upon closing initial public offering (in shares)	86,332,216
IPO | Series B Convertible Preferred Stock
Class of Stock [Line Items]
Conversion of preferred stock to common stock upon closing initial public offering (in shares)	136,510,868
Over-Allotment Option
Class of Stock [Line Items]
Shares issued (in shares)	1,800,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - $ / shares			1 Months Ended
	Feb. 14, 2023	Jul. 07, 2020	Feb. 28, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Price per share (in USD per share)	$ 16
2023 Incentive Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized (in shares)			4,650,000
Percent of outstanding shares			4%
Number of additional shares allowed under the plan (in shares)			100,000,000
Shares issued (in shares)	1,071,935
2020 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grants expiration period		10 years
Grants vesting period		4 years
Employee Stock | 2023 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized (in shares)			400,000
Percent of outstanding shares			1%
Number of additional shares allowed under the plan (in shares)			15,000,000

Stock-Based Compensation - Repo

Stock-Based Compensation - Reported in Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 749	$ 19
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	335	15
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 414	$ 4