0000950170-23-010288 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Mar. 23, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	VERA
Entity Registrant Name	Vera Therapeutics, Inc.
Entity Central Index Key	0001831828
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Class A common stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity File Number	001-40407
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-2744449
Document Annual Report	true
Document Transition Report	false
Entity Address, Address Line One	8000 Marina Boulevard
Entity Address, Address Line Two	Suite 120
Entity Address, City or Town	Brisbane
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94005
City Area Code	650
Local Phone Number	770-0077
Entity Public Float			$ 163.2
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement for its 2023 Annual Meeting of Stockholders, which the Registrant intends to file pursuant to Regulation 14A with the Securities and Exchange Commission not later than 120 days after the Registrant’s fiscal year ended December 31, 2022, are incorporated by reference into Part III of this Annual Report on Form 10-K.
ICFR Auditor Attestation Flag	false
Auditor Location	San Francisco, California
Auditor Name	KPMG LLP
Auditor Firm ID	185
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		44,261,109
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 43,459	$ 79,674
Marketable securities	71,194	0
Prepaid expenses and other current assets, current	11,045	2,863
Total current assets	125,698	82,537
Restricted cash, noncurrent	293	293
Property and equipment, net	51	0
Operating lease right-of-use assets	5,173	0
Prepaid expenses and other current assets, noncurrent	162	51
Non-marketable equity securities	58	867
Total assets	131,435	83,748
Current liabilities:
Accounts payable	11,991	1,385
Operating lease liabilities	2,645	0
Restructuring liability, current	0	377
Accrued expenses and other current liabilities	10,964	5,928
Total current liabilities	25,600	7,690
Long-term debt	24,810	4,923
Operating lease liabilities, noncurrent	3,831	0
Restructuring liability, noncurrent	0	1,257
Accrued and other noncurrent liabilities	286	286
Total liabilities	54,527	14,156
Stockholders' equity
Preferred stock, $0.001 par value; 10,000,000 authorized as of December 30, 2022 and December 31, 2021; no shares issued and outstanding as of December 30, 2022 and December 31, 2021	0	0
Additional paid-in capital	290,216	193,627
Accumulated other comprehensive loss	(224)	0
Accumulated deficit	(213,112)	(124,056)
Total stockholders' equity	76,908	69,592
Total liabilities and stockholders' equity	131,435	83,748
Common Class A [Member]
Stockholders' equity
Common Stock	28	21
Common Class B Non Voting [Member]
Stockholders' equity
Common Stock	$ 0	$ 0

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Preferred stock par or stated value per share	$ 0.001	$ 0.001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common Class A [Member]
Common stock, Par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, Shares issued	27,800,861	20,968,376
Common stock, Shares outstanding	27,800,861	20,968,376
Common Class B [Member]
Common stock, Par value	$ 0.001	$ 0.001
Common stock, shares authorized	14,600,000	14,600,000
Common stock, Shares issued	0	309,238
Common stock, Shares outstanding	0	309,238

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 68,993	$ 22,484
General and administrative	21,910	11,918
Total operating expenses	90,903	34,402
Loss from operations	(90,903)	(34,402)
Other income (expense):
Interest income	1,750	15
Interest expense	(992)	(20)
Other income	1,899	0
Change in fair value of non-marketable equity securities	(809)	(892)
Gain on sale of PNAi technology	0	2,691
Total other income, net	1,848	1,794
Loss before provision for income taxes	(89,055)	(32,608)
Provision for income taxes	(1)	(1)
Net loss	(89,056)	(32,609)
Other comprehensive loss:
Change in unrealized loss on marketable securities	(224)	0
Comprehensive loss	$ (89,280)	$ (32,609)
Net loss per share attributable to common stockholders, basic	$ (3.35)	$ (2.43)
Net loss per share attributable to common stockholders, diluted	$ (3.35)	$ (2.43)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic	26,570,676	13,435,706
Weighted-average shares used in computing net loss per shareattributable to common stockholders, diluted	26,570,676	13,435,706

Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands	Total	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Redeemable Convertible Preferred Stock	Common Class A [Member]	Common Class A [Member] Common Stock [Member]	Common Class B [Member]
Beginning Balance, Temporary Equity, shares at Dec. 31, 2020					182,772,372
Beginning Balance, Temporary Equity Value at Dec. 31, 2020					$ 139,576
Beginning balance, shares at Dec. 31, 2020						355,296
Beginning Balance, Value at Dec. 31, 2020	$ (89,348)	$ 2,099		$ (91,447)
Stock shares issued during the period value	48,411	48,406				$ 5
Stock shares issued during the period new issues shares						5,002,500
Conversion of preferred stock into common stock	139,576	139,560			$ (139,576)	$ 16
Conversion of preferred stock into common stock, Shares					(182,772,372)	15,464,775		309,238
Issuance of Class A common stock upon exercise of options	550	550
Issuance of Class A common stock upon exercise of options, shares						145,805
Stock-based compensation	3,012	3,012
Net loss	(32,609)			(32,609)
Ending Balance, shares at Dec. 31, 2021						20,968,376		309,238
Ending Balance, Value at Dec. 31, 2021	69,592	193,627		(124,056)			$ 21
Issuance of common stock from underwritten follow-on offering, net of offering costs, shares						5,742,026
Issuance Of Common Stock From Underwritten Follow On Offering Net Of Offering Costs	80,034	80,028				$ 6
Conversion of preferred stock into common stock, Shares						309,238		(309,238)
Company shares issued						283,034
Issuance of common stock for payment of licensing fees in equity, net of offering cost	5,592	5,592
Issuance of Class A common stock upon exercise of options	1,792	1,791				$ 1
Issuance of Class A common stock upon exercise of options, shares						405,140
Issuance of common stock pursuant to employee stock purchase plan						15,328
Issuance of common stock pursuant to employee stock purchase plan value	291	291
Issuance of common stock upon vesting of restricted stock, shares						77,719
Stock-based compensation	8,887	8,887
Unrealized loss on marketable securities	(224)		$ (224)
Net loss	(89,056)			(89,056)
Ending Balance, shares at Dec. 31, 2022						27,800,861
Ending Balance, Value at Dec. 31, 2022	$ 76,908	$ 290,216	$ (224)	$ (213,112)			$ 28

Condensed Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (89,056)	$ (32,609)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization and accretion	(846)	176
Reduction in the carrying amount of operating lease right of use assets	2,271	0
Stock-based compensation	8,887	3,012
Issuance of Class A common stock for licensing payment, net of costs	3,592	0
Payment for MAU868 asset purchase	0	5,000
Restructuring payments	0	(999)
Gain on sale of PNAi technology	0	(2,691)
Change in fair value of non-marketable equity securities	809	892
Changes in operating assets and liabilities:
Prepaid expense and other current assets	(8,182)	(2,306)
Other assets	(111)	(51)
Accounts payable	10,606	475
Accrued and other current liabilities	7,036	5,393
Operating lease liabilities	(2,602)	0
Net cash used in operating activities	(67,596)	(23,708)
Cash flows from investing activities
Proceeds from sale of PNAi technology	0	796
Payment for MAU868 asset purchase	0	(5,000)
Purchase of property and equipment	(62)	0
Purchase of marketable securities	(148,490)	0
Proceeds from maturities of marketable securities	78,000	0
Net cash used in investing activities	(70,552)	(4,204)
Cash flows from financing activities
Proceeds from exercise of stock options and employee stock purchase plan	2,083	550
Proceeds from issuance of Class A common stock upon initial public offering, net of underwriting discounts and commissions	0	51,176
Proceeds from borrowings, net of costs	19,816	4,921
Payment of offering costs related to initial public offering	0	(2,765)
Proceeds from issuance of Class A common stock in follow-on offering	86,131	0
Payment of costs and underwriting discounts and commissions related to follow-on offering	(6,097)	0
Net cash provided by financing activities	101,933	53,882
Net (decrease) increase in cash and cash equivalents and restricted cash	(36,215)	25,970
Cash, cash equivalents and restricted cash, beginning of year	79,967	53,997
Cash, cash equivalents and restricted cash, end of year	43,752	79,967
Supplemental disclosure of cash flow information
Cash paid for interest	895	17
Cash paid for operating leases	2,734	0
Issuance of Class A common stock in payment of licensing fees	2,000	0
Reclassification of redeemable convertible preferred stock into common stock upon initial public offering	0	139,576
Non-marketable equity securities received as partial proceeds from sale of PNAi technology	0	1,759
Lease assignment	0	136
Liability assumed in connection with MAU868 asset purchase	0	2,000
Cash and cash equivalents [Member]
Cash flows from financing activities
Cash, cash equivalents and restricted cash, beginning of year	79,674
Cash, cash equivalents and restricted cash, end of year	43,459	79,674
Restricted cash [Member]
Cash flows from financing activities
Cash, cash equivalents and restricted cash, beginning of year	293
Cash, cash equivalents and restricted cash, end of year	$ 293	$ 293

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

1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS

Description of Business

Vera Therapeutics, Inc., (the Company) is a clinical stage biotechnology company focused on developing and commercializing treatments for patients with serious immunological diseases. The Company was incorporated in May 2016 in Delaware. The Company’s headquarters and operations are located in Brisbane, California. The Company operates in one segment.

Reverse Stock Split

On May 7, 2021, the Company filed a certificate of amendment to its fourth amended and restated certificate of incorporation to effect a 11.5869-for-one reverse stock split of its issued and outstanding Class A common stock. Adjustments corresponding to the reverse stock split were made to the ratio at which the Company’s redeemable convertible preferred stock converted into Class A common stock. Accordingly, all share and per share amounts related to Class A common stock, stock options and restricted stock awards for all periods presented in the accompanying financial statements and notes thereto have been retroactively adjusted, where applicable to reflect the reverse stock split.

Initial Public Offering

On May 13, 2021, the Company’s registration statement on Form S-1 for its initial public offering (the IPO) was declared effective by the Securities and Exchange Commission (the SEC), and the shares of its Class A common stock commenced trading on the Nasdaq Global Select Market on May 14, 2021. The IPO closed on May 18, 2021, pursuant to which the Company issued and sold 4,350,000 shares of its Class A common stock at a public offering price of $11.00 per share. On May 20, 2021, the Company issued 652,500 shares of its Class A common stock to the underwriters of the IPO pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company received total net proceeds of $48.4 million from the IPO, after deducting underwriting discounts and commissions of $3.9 million, and offering costs of $2.8 million. Prior to the completion of the IPO, all shares of redeemable convertible preferred stock then outstanding were converted into 15,464,776 shares of Class A common stock and 309,238 shares of Class B common stock.

Follow-on Public Offering

On February 14, 2022, the Company completed a follow-on public offering pursuant to which the Company issued and sold 5,742,026 shares of its Class A common stock at a public offering price of $15.00 per share, including 748,959 shares of Class A common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares. The Company received total net proceeds of approximately $80.0 million, after deducting underwriting discounts and commissions of $5.2 million, and offering costs of approximately $0.9 million.

Liquidity

Since inception, the Company devoted substantially all of its resources to its research and development efforts, pre-clinical studies and clinical trials, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. The Company has incurred recurring net operating losses and has not generated positive cash flow from operations since its inception, and had an accumulated deficit of $213.1 million as of December 31, 2022. The Company had cash, cash equivalents and marketable securities of $114.7 million as of December 31, 2022 and has access to additional debt financing under a credit facility (see Note 8). The Company has funded its operations primarily through the issuance of common stock, redeemable convertible preferred stock, debt financing and convertible notes. Management expects to continue to incur losses and negative cash flows from operations for at least the next several years.

Management believes that the Company’s cash, cash equivalents and marketable securities as of December 31, 2022 will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months subsequent to the issuance date of these financial statements. The Company intends to raise additional capital through public or private equity offerings or debt financing or other capital sources, which may include strategic collaborations or other arrangements with third parties in order to achieve its long-term business objectives. If the Company fails to obtain necessary capital when needed on acceptable terms, or at all, it could force the Company to delay, limit, reduce or terminate its product development programs, commercialization efforts or other operations.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the SEC regarding financial reporting. The U.S. dollar is the Company’s functional and reporting currency.

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 certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (1) is no longer an emerging growth company or (2) 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.

Use of Estimates

The preparation of the Company’s financial statements 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 expenses during the reporting period. Management estimates that affect the reported amounts of assets and liabilities include the research contract costs and accruals, fair value of common stock and stock-based compensation expense, and the valuation allowance for deferred tax assets. The Company evaluates and adjusts its estimates and assumptions on an ongoing basis using historical experience and other factors. Actual results could differ materially from those estimates.

Concentrations of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains bank deposits in a federally insured financial institution and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institution holding its cash, cash equivalents, and marketable securities to the extent recorded in the balance sheet. The Company has not experienced any losses to date related to these concentrations.

The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers. The Company relies on one supply chain for each of its product candidates. If any of the single source suppliers in any of the supply chains fails to satisfy the Company’s requirements on a timely basis, it could suffer delays in its clinical development programs and activities, which could adversely affect operating results.

The Company’s product candidates require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed, or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist of money market funds and are stated at fair value.

Restricted Cash

Restricted cash represents cash held by a financial institution as collateral for a letter of credit securing its operating lease for office and laboratory space, which is classified as a non-current asset on the balance sheets based on the maturity of the lease.

Marketable Securities

The Company holds investments in marketable securities, consisting of U.S. government securities and are classified as available-for-sale securities and are carried at estimated fair values as determined based on quoted prices in active markets. Management

determines the appropriate classification of its marketable securities at the time of purchase and reevaluates such designation periodically. Short-term marketable securities have maturities less than one year as of the balance sheet date. Long-term marketable securities have maturities greater than one year as of the balance sheet date. Unrealized gains and losses are reported as a component of other comprehensive loss. Interest, amortization and accretion of purchase premiums and discounts on marketable debt securities are included in other income, net, in the statements of operations and comprehensive loss.

The cost of available-for-sale marketable securities sold is based on the specific identification method. Realized gains and losses on the sale of available-for-sale marketable securities are recorded in other income, net in the statements of operations and comprehensive loss.

The Company regularly reviews all of the marketable securities for decline in fair value to determine whether unrealized losses have resulted from credit loss or other factors. The review includes considerations for the cause of the impairment but is not limited to (i) the consideration of the cause of the decline, (ii) any currently recorded expected credit losses and (iii) the creditworthiness of the respective security issuers. A decline of fair value below cost basis is considered an other-than-temporary impairment if the Company has the intent to sell the security or it is more likely than not that the company will be required to sell the security before recovery of the entire cost basis. Regardless of the Company’s intent or requirement to sell the security, an impairment is considered other-than-temporary if the Company does not expect to recover the entire cost basis. In those instances, an impairment charge equal to the difference between fair value and the cost basis is recorded in other income (expense), on the statements of operations and comprehensive loss. No impairment loss was recognized for the fiscal years ended December 31, 2022 and 2021.

The amortized or accreted cost basis of the marketable securities approximates its fair value.

Deferred Offering Costs

Deferred offering costs consisting of legal, accounting and filing fees relating to equity offerings. Deferred offering costs are included in other long-term assets on the Company’s balance sheets. Upon completion of the offering, these amounts are offset against the proceeds of the offering.

Leases

The Company leases office space under operating leases and determines if the arrangement is a lease at inception. These leases contain lease and non-lease components. Non-lease components include payments for maintenance, utilities, real estate taxes, and management fees. The lease and non-lease components are combined and accounted as a single lease component. Payments made under operating leases (net of any incentive received from the lessors) are recorded on a straight-line basis over the term of the lease.

These leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is a hypothetical rate based on the Company’s understanding of what the credit rating would be in a similar economic environment. Operating leases are included in operating lease right-of-use assets and operating lease liabilities, current and non-current, on the balance sheets.

Leases may include one or more options to renew. The Company does not assume renewals in determination of the lease term unless the renewals are deemed to be reasonably assured. The lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.

Foreign Currency Translations

Transactions denominated in foreign currencies are initially measured in U.S. dollars using the exchange rate on the date of the transaction. Foreign currency denominated monetary assets and liabilities are subsequently re-measured at the end of each reporting period using the exchange rate at that date, with the corresponding foreign currency transaction gain or loss recorded in the statements of operations and statements of cash flows. Nonmonetary assets and liabilities are not subsequently re-measured.

Fair Value Measurements

Fair value is defined as the exchange price to sell an asset or transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value should be based on the assumptions market participants would use when pricing the asset or liability. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.

Fair value measurements are classified and disclosed in one of the following three categories:

Level 1 – Quoted unadjusted prices for identical instruments in active markets.

Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all observable inputs and significant value drivers are observable in active markets.

Level 3 – Model derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by the Company.

Fair value accounting is applied to all financial assets and liabilities that are recognized or disclosed in the financial statements on a recurring basis. The Company’s financial instruments consist of cash and cash equivalents, restricted cash, marketable securities, prepaid expenses and other current assets, non-marketable equity securities, accounts payable and accrued expenses and long-term debt. Cash, restricted cash, and marketable securities and non-marketable securities are reported at their respective fair values on the Company’s balance sheets. The remaining financial instruments are reported on the Company’s balance sheets at cost, which approximate their fair value due to their short-term nature.

Money market funds are highly liquid investments that are actively traded. The pricing information for the Company’s money market funds are readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.

The Company’s non-marketable equity securities (see Note 6) are measured at fair value using an option pricing valuation methodology. The option pricing methodology relies on risk-neutral valuation which calculates the value of an asset by discounting the expected value of its future payoffs at the risk-free rate of return. The fair value of the non-marketable equity securities is derived from quoted prices for similar instruments and observable inputs in active markets. This approach results in the classification of these securities as Level 2 of the fair value hierarchy.

There were no transfers between Levels 1, 2, or 3 for any of the periods presented. As of December 31, 2022, and December 31, 2021, the Company held $42.5 million and $73.8 million, respectively, in money market funds.

Restructuring Costs

Restructuring costs primarily consist of contract termination costs related to leases and employee termination costs. The Company recognizes restructuring charges when the liability has been incurred. Key assumptions in determining the restructuring costs include the terms and payments that may be negotiated to terminate certain contractual obligations, cease use date of leased property and equipment, and the timing of employees leaving the Company.

Accretion expenses related to restructuring costs are included in general and administrative expenses.

Comprehensive Loss

Comprehensive loss consists of two components: net loss and other comprehensive loss. Other comprehensive loss refers to unrealized gains and losses that are recorded as an element of stockholder’s equity and are excluded from net loss. For the twelve months ended December 31, 2022, other comprehensive loss consists of unrealized gains and losses on marketable securities.

Research and Development Costs

Research and development costs are expensed as incurred and consist primarily of employees’ salaries and related benefits, including stock-based compensation and termination expenses for employees engaged in research and development efforts, allocated overhead including rent, depreciation, information technology and utilities, contracted services, license fees, and external expenses to conduct and support the Company’s operations that are directly attributable to the Company’s research and development efforts. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered.

Costs incurred in obtaining technology licenses including upfront and milestone payments incurred under the Company’s licensing agreements are recorded as expense in the period in which they are incurred, provided that the licensed technology, method or process has no alternative future uses other than for the Company’s research and development activities. Where contingent milestone payments are due to third parties under license or other agreements, the milestone payment obligations are recognized as expense when achievement of the contingent milestone is probable, which is generally upon achievement of the milestone.

Research Contract Costs and Accruals

The Company enters into various research and development and other agreements with commercial firms, researchers, and others for provisions of goods and services from time to time. These agreements are generally cancellable, and the related costs are recorded as

research and development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates.

Stock-Based Compensation

The Company recognizes compensation expense based on estimated fair values for all stock-based payment awards made to the Company’s employees, nonemployee directors and consultants that are expected to vest. The valuation of stock option awards is determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the Company to make assumptions and judgements about the inputs used in the calculations, such as the fair value of the common stock, expected term, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend yield. The valuation of restricted stock awards is measured by the fair value of the Company’s Class A common stock on the date of the grant.

For all stock options granted, the Company calculated the expected term using the simplified method (derived from the average midpoint between the weighted average vesting period and the contractual term of the award) for “plain vanilla” stock option awards, as the Company has limited historical information to develop expectations about future exercise patterns and post vesting employment termination behavior. The estimate of expected volatility is based on comparative companies’ volatility. The risk-free rate is based on the yield available on United States Treasury zero-coupon issues corresponding to the expected term of the award. The Company records forfeitures when they occur.

Prior to the IPO, the fair value of the shares of common stock underlying the stock options was determined by the board of directors with the assistance of management and input from an independent third-party valuation firm, as there was no public market for the common stock. The board of directors determined the fair value of the Company’s common stock by considering a number of objective and subjective factors, including the valuation of comparable companies, sales of redeemable convertible preferred stock, the Company’s operating and financial performance, the lack of liquidity of common stock, and general and industry specific economic outlook, amongst other factors. Subsequent to the IPO, the Company determines the fair value using the market closing price of its Class A common stock on the date of grant.

The Company records compensation expense for service-based awards on a straight-line basis over the requisite service period, which is generally the vesting period of the award. The amount of stock-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred income taxes are recorded for temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets and liabilities reflect tax rates expected to be in effect for the years in which the differences are expected to be reversed. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized.

Net Loss Per Share Attributable to Common Stockholders

Net loss per share of common stock is computed using the two-class method required for multiple classes of common stock and participating securities based upon their respective rights to receive dividends as if all income for the period has been distributed. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders is therefore the same for Class A and Class B common stock on an individual or combined basis.

Prior to the IPO, the Company’s participating securities included the Company’s redeemable convertible preferred stock, as the holders were entitled to receive noncumulative dividends on a pari passu basis in the event that a dividend is paid on common stock. The Company also considers any shares issued on the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of redeemable convertible preferred stock, as well as the holders of early exercised shares subject to repurchase, did not and do not have a contractual obligation to share in losses of the Company, and therefore during periods of loss there is no allocation required under the two-class method.

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 during the period, adjusted for outstanding shares that are subject to repurchase.

Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted method based on the nature of such securities. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive shares are not assumed to have been issued if their effect is anti-dilutive.

Recently Adopted Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes, related to simplifying the accounting for income taxes. The guidance eliminates certain exceptions from Accounting Standards Codification (ASC) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The guidance also clarifies and simplifies other aspects of the accounting for income taxes. The guidance became effective for the Company beginning on the first quarter of 2021 on a prospective basis. The Company adopted this standard on January 1, 2021, and it did not have a material impact on the Company’s financial statements or related disclosures.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), subsequently amended by ASU 2018-10, ASU 2018-11, ASU 2018-20, ASU 2019-01 and ASU 2019-10, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessors and lessees of a contract. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification on the balance sheets. Leases with a term of 12 months or less may be accounted for similar to historical guidance for operating leases. The Company adopted this standard on January 1, 2022, using the optional transition method, which allows for the prospective application of the standard. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the standard, which allowed the Company to carry forward historical lease classification, to not reassess prior conclusions related to initial direct costs, and to not reassess whether any expired or existing contracts are or contain leases. The Company also elected the practical expedient to not separate lease and non-lease components for all leases. In connection with the adoption of the new guidance, the Company recognized $6.8 million of operating lease right-of-use assets and $8.5 million of operating lease liabilities and derecognized $1.6 million of restructuring lease liability, with immaterial effect to the statements of operations and comprehensive loss and cash flows.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In response to concerns about structural risks of the cessation of London Interbank Offered Rate (LIBOR), the amendments in this ASU provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effect of) reference rate reform on financial reporting. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by this amendment do not apply to contract modifications made and hedge relationships entered into or evaluated after December 31, 2022. The amendments in this ASU are elective and are effective for all entities as of March 12, 2020 through December 31, 2022. The Company amended its Loan Agreement with Oxford in November 2022, which among other things, changed the interest rate index that the Company uses to accrue interest on outstanding borrowings from LIBOR to the Secured Overnight Financing Rate (“SOFR”) as published by the Chicago Merchantile Exchange (“CME”) Term SOFR Administrator. The Company no longer has any contracts that reference LIBOR as of December 31, 2022. The Company adjusted the effective interest rate on outstanding borrowings on a prospective basis, which did not have a material impact on the financial statements for the fiscal year ending December 31, 2022.

Recently Issued Accounting Pronouncements

In June 2022, the FASB issued ASU2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The standard clarifies the guidance in Topic 210, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The guidance is effective for the Company beginning December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact the standard may have on its financial statements and related disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The objective of the standard is to provide information about expected credit losses on financial instruments at each reporting date and to change how other-than temporary impairments on investment securities are recorded. The guidance became

effective for the Company beginning on January 1, 2023. The Company does not anticipate the implementation will have a material impact on its financial statements upon adoption.

Other Financial Statement Information

12 Months Ended

Dec. 31, 2022

Other Financial Statement Information [Abstract]

Other Financial Statement Information

3. OTHER FINANCIAL STATEMENT INFORMATION

Prepaid Expense and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands).


	December 31, 2022		December 31, 2021
Prepaid clinical trial and drug manufacturing costs	$	8,487	$	320
Prepaid insurance		998		1,193
Prepaid equity financing costs		490		275
Prepaid rent		247		219
Prepaid audit fees		—		123
Prepaid recruiting fees		—		253
Other		823		480
Total prepaid expenses and other current assets	$	11,045	$	2,863

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands).


	December 31, 2022		December 31, 2021
Accrued clinical and drug manufacturing expenses	$	4,334	$	364
Accrued payroll		3,217		1,458
Related party payable		2,780		1,022
Accrued legal fees		338		457
Accrued expenses and other		295		627
Accrued development milestone		—		2,000
Total accrued expenses and other current liabilities	$	10,964	$	5,928

Related party payable represents amounts due to Ares Trading S.A. (Ares), an affiliate of Merck KGaA, Darmstadt, Germany, related to manufacturing technology and know-how transfer services performed for atacicept pursuant to the license agreement between the Company and Ares (see Note 12).

Neubase Asset Sale

12 Months Ended

Dec. 31, 2022

Neubase Asset Sale [Abstract]

Neubase Asset Sale

4. NEUBASE ASSET SALE

On January 27, 2021, the Company entered into an asset purchase agreement with NeuBase Therapeutics, Inc. (NeuBase), whereby the Company agreed to sell all assets relating to its investment in PNA Innovations, Inc. (PNAi), including all inventory, machinery, intellectual property, goodwill, and licenses, and NeuBase agreed to assume certain related liabilities. The sale closed on April 26, 2021. A gain of $2.7 million was recognized on the sale to NeuBase. The Company received $0.8 million in cash and 308,635 shares of NeuBase common stock, with a fair market value of $1.8 million based on the closing price reported on the Nasdaq Capital Market on the date the sale closed. Of the total NeuBase shares issued to the Company, 162,260 shares were placed in escrow to secure certain obligations under the asset purchase agreement; of which, 54,070 shares were released from escrow in March 2022.

Marketable Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

5. MARKETABLE SECURITIES

Marketable securities are debt securities measured at fair value on a recurring basis and accounted for as available-for-sale. These securities are classified within Level 2 in the fair value hierarchy because the Company uses quoted market prices to the extent available

or alternative pricing sources to determine fair value. The Company’s marketable securities have maturities of less than one year as of the balance sheet date.

Unrealized gains and losses are reported as a component of other comprehensive loss. Fair value of the debt securities totaled $71.2 million as of December 31, 2022. The Company did not hold marketable debt securities as of December 31, 2021.

The following table summarizes the unrealized gains and losses in the Company’s investments in marketable securities (in thousands):


	As of December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Level 2:
US Government bonds	$	71,418	$	1	$	(225	)	$	71,194
Total marketable securities	$	71,418	$	1	$	(225	)	$	71,194

Non-Marketable Equity Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Non-Marketable Equity Securities

6. NON-MARKETABLE EQUITY SECURITIES

The Company has an investment in NeuBase common stock with restrictions on the sale or transfer of the shares. Fair value is determined using alternative pricing sources and models utilizing market observable inputs. The Company reports the restricted equity securities as non-marketable equity securities on the balance sheet, and determines current or non-current classification based on the expected duration of the restriction.

The Company recorded a net unrealized loss of $0.8 million in other expense for the year ended December 31, 2022. The carrying value is measured as the total initial cost, less the cumulative net unrealized loss. The carrying value of the non-marketable equity securities as of December 31, 2022, is summarized below (in thousands).


Balance as of December 31, 2021	$	867
Change in fair value		(809	)
Balance as of December 31, 2022	$	58

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

7. LEASES

Net lease cost recognized for 2022 is summarized as follows (in thousands):


	Year Ended December 31, 2022			Year Ended December 31, 2021
Operating lease cost	$	2,378		$	24
Sublease income		(1,928	)		—
Net lease cost	$	450		$	24

As of December 31, 2022, the maturities of the lease liabilities based on minimum lease commitment amount are as follows (in thousands):


As of December 31:	(in thousands)
2023		2,999
2024		3,022
2025		1,880
2026		-
2027		-
Total minimum lease payments		7,901
Less: Imputed interest		(1,425	)
Present value of operating lease liabilities		6,476
Less: Current portion of operating lease liabilities		(2,645	)
Non-current operating lease liabilities	$	3,831

In November 2020, the Company entered into a non-cancellable sublease agreement for the leased facilities in South San Francisco, California, which ends concurrently with the original lease in September 2025.
As of December 31, 2022, under the terms of the sublease agreement, the Company is entitled to receive future annual sublease payments as follows (in thousands):


2023	$	1,910
2024		1,954
2025		1,496
Total sublease payments	$	5,360

As tenant, the Company remains responsible for minimum lease commitments of $6.7 million as of December 31, 2022, on the South San Francisco facilities.

In July 2022, the Company entered into a lease amendment to increase the amount of leased office space in its Brisbane, California, headquarters. The lease includes renewal options for the Company. As of December 31, 2022, the Company had not executed any finance leases that were yet to commence.

As of December 31, 2022, the weighted-average remaining operating lease term was 2.5 years and the weighted-average discount rate was 9.0% for operating leases recognized in the financial statements.

In accordance with ASC 840, Leases, the aggregate minimum non-cancellable annual lease payments for operating leases in effect as of December 31, 2021, were as follows (in thousands):


	Operating Leases (1)		Sublease Income
2022	$	2,669	$	1,901
2023		2,755		1,964
2024		2,818		2,029
2025		1,954		1,569
Total minimum lease payments	$	10,196	$	7,463

(1) Future minimum lease payments include repayment of outstanding restructuring liabilities.

Note Payable

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Note Payable

8. NOTE PAYABLE

Note payable consists of the following ($ in thousands):


		December 31, 2022				December 31, 2021
	Maturity	Effective Interest Rate	Amount			Effective Interest Rate	Amount
Collateralized note 2021-12	2026	13.57%	$	5,000		9.53%	$	5,000
Collateralized note 2022-11	2026	13.74%		20,000				—
Total borrowings				25,000				5,000
Less: Debt issuance costs				(190	)			(77	)
Net carrying amount of debt			$	24,810			$	4,923

The carrying amount of debt approximates fair value due to its variable interest rate.

In December 2021, the Company entered into a non-revolving loan and security agreement (the “Loan Facility”) with borrowing capacity of up to $50.0 million, which was scheduled to expire in December 2022. In November 2022, the Company entered into an amendment of the Loan Facility. Among other changes, the amendment extended the scheduled expiration of the Loan Facility to December 2023 and modified the reference rate from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financial Rate (“SOFR”). In conjunction with the amendment, the Company borrowed an additional $20.0 million from the Loan Facility with $25.0 million remaining capacity available in minimum draws of $5.0 million.

As of December 31, 2022, the Company’s outstanding borrowing under the Loan Facility was $25.0 million. The variable interest rate on the drawn amount is adjusted SOFR plus 825 basis points, subject to a per annum floor rate of 8.25%. The loan matures in December 2026, which may be extended by 12 months subject to certain clinical data milestones. The Loan Facility provides for interest-only payments to December 2025, which may be extended by 12 months to 2026 if the final maturity date is extended. The Company is permitted to prepay the loan, subject to certain conditions. Upon the maturity date or prepayment of the loan, the Company is required to make a final payment equal to 5.0% (or 7.0% if the maturity date is extended) of the aggregate principal amount of the loan. The Loan Facility contains a subjective acceleration clause in the case of an event of default. If such a matter occurs and is continuing, the lender may legally demand the outstanding principal and interest immediately due and payable. There are no financial covenants associated with the Loan Facility and the loan is secured by the Company’s assets. The Loan Facility is available for working capital, capital expenditures, and other general corporate purposes.

Principal installments due on the note subsequent to December 31, 2022, are as follows (in thousands):



2023		—
2024		—
2025		—
2026		25,000
Total accrued expenses and other current liabilities	$	25,000

Common Stock

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Common Stock

9. COMMON STOCK

As of December 31, 2022, the Company’s amended and restated certificate of incorporation authorized the Company to issue 500,000,000 shares of Class A common stock and 14,600,000 shares of Class B common stock, each with a par value of $0.001 per share. Each share of Class A common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Class B common stock is non-voting. The holders of Class A common stock, voting exclusively and as a separate class, have the exclusive right to vote for the election of one director of the Company. Class A common stockholders and holders of Class B common stock are entitled to receive dividends, as may be declared by the board of directors. Through December 31, 2022, no cash dividends have been declared or paid.

In May 2022, 210,000 shares of Class B common stock were converted into 210,000 shares of Class A common stock. In September 2022, the remaining 99,238 shares of Class B common stock were converted into 99,238 shares of Class A common stock. The shares of Class B common stock that were converted into shares of Class A common stock have been retired and cancelled, and therefore will not be available for reissuance. As of December 31, 2022, the Company had no shares of Class B common stock outstanding.

In June 2022, the Company filed a shelf registration statement on Form S-3 (File No. 333-265408) with the Securities and Exchange Commission, which permits the offering, issuance, and sale of up to a maximum aggregate offering price of $400.0 million of the Company’s common stock, preferred stock, debt securities and warrants. (See Note 18). Up to a maximum of $150.0 million of the maximum aggregate offering price of $400.0 million may be issued and sold pursuant to an at-the-market financing facility under a sales agreement dated June 3, 2022, between the Company and Cowen and Company, LLC (Sales Agreement). As of December 31, 2022, all $150.0 million remains available for issuance and sale under the Sales Agreement.

In September 2022, the Company issued 283,034 shares of Class A common stock, registered pursuant to a shelf registration statement, to Novartis Pharma AG pursuant to an amendment to a license agreement between the two parties.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock Compensation

10. STOCK COMPENSATION

In April 2021, the Company adopted the 2021 Employee Stock Purchase Plan (ESPP) and the 2021 Equity Incentive Plan (2021 EIP), each of which became effective in connection with the IPO. The Company has reserved 429,934 and 3,260,753 shares of Class A common stock for issuance under the ESPP and 2021 EIP, respectively.

The Company may not grant any additional awards under the 2017 Equity Incentive Plan (2017 EIP). The 2017 EIP will continue to govern outstanding equity awards granted thereunder. As of December 31, 2022, there were 945,108 shares available for issuance under the 2021 EIP.

2017 EIP and 2021 EIP

Stock option activity under the 2017 EIP and 2021 EIP was as follows:


	NUMBER OF OPTIONS			WEIGHTED- AVERAGE EXERCISE PRICE PER SHARE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL LIFE (YEARS)		AGGREGATE INTRINSIC VALUE (000s)
Outstanding as of December 31, 2021		2,924,521		$	5.62		9.11	$	61,712
Granted		1,319,802			18.98
Exercised		(405,140	)		4.42
Cancelled and forfeited		(17,396	)		17.52
Outstanding as of December 31, 2022		3,821,787			10.30		8.51		35,872
Options exercisable as of December 31, 2022		1,150,982			7.07		8.17		14,363
Vested and expected to vest as of December 31, 2022		3,821,787			10.30		8.51		35,872

The aggregate intrinsic value of stock options exercised during the year ended December 31, 2022 was $5.8 million. The weighted-average grant date fair value of options granted during the year ended twelve months ended December 31, 2022 and 2021, was $13.63 per share and $9.36 per share, respectively.

ESPP

The ESPP enables eligible employees to purchase shares of the Company’s Class A common stock at the end of each offering period at a price equal to 85% of the fair market value of the shares on the first trading day or the last trading day of the offering period, whichever is lower. Eligible employees generally include all employees. Share purchases are funded through payroll deductions of at least 1% and up to 15% of an employee’s eligible compensation for each payroll period. The number of shares reserved for issuance under the ESPP increase automatically on the first day of each fiscal year, beginning on January 1, 2022, by a number equal to the lesser of 440,502 shares, 1% of the total number of shares of the Company’s capital stock (including all classes of the Company’s common stock) outstanding on the last day of the calendar month prior to the date of the increase, or such lower number of shares (including no shares) approved by the Company’s board of directors. As of December 31, 2022, 15,328 shares have been issued pursuant to the ESPP. The ESPP generally provides for six-month consecutive offering periods beginning on September 14, 2021. The ESPP is a compensatory plan as defined by the authoritative guidance for stock compensation. As such, stock-based compensation expense has been recorded for the twelve months ended December 31, 2022.

Stock-Based Compensation Expense

The following tables summarize the stock-based compensation expense for stock options, restricted stock awards, and restricted stock units granted to employees and nonemployees and for ESPP stock-based compensation that was recorded in the Company’s statements of operations and comprehensive loss for the twelve months ended December 31, 2022 and 2021 (in thousands).


	Year Ended December 31,
	2022		2021
Research and development	$	4,592	$	915
General and administrative		4,295		2,097
Total stock-based compensation expense	$	8,887	$	3,012


	Year Ended December 31,
	2022		2021
Employees	$	5,975	$	2,605
Nonemployees		2,912		407
Total stock-based compensation expense	$	8,887	$	3,012

As of December 31, 2022, the Company had $20.3 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of approximately 2.5 years.

The fair value of stock options granted during the year ended December 31, 2022 and 2021 was estimated using the Black-Scholes option pricing model based on the following weighted average assumptions.


	Year Ended December 31,
	2022	2021
Expected term (in years)	5.5 – 6.1	5.5 – 6.1
Expected volatility	75.8% – 77.6%	75.4% – 76.8%
Risk-free rate	1.76% – 4.2%	0.6% – 1.3%
Dividend yield	—	—

Restricted Stock Units

The Company grants restricted stock units (RSU) pursuant to the 2021 EIP and satisfies such grants through the issuance of the Company’s Class A common stock. The following table shows RSU activity for the period ending December 31, 2022.


	NUMBER OF SHARES			WEIGHTED- AVERAGE GRANT DATE FAIR VALUE PER SHARE
Unvested balance at December 31, 2021		77,719		$	23.99
Granted		215,750			18.38
Vested		(77,719	)		23.99
Cancelled and forfeited		(11,750	)		18.60
Unvested balance at December 31, 2022		204,000			18.37

For the twelve months ended December 31, 2022, the Company recognized $2.3 million of stock-based compensation for RSUs.

As of December 31, 2022, the Company had $3.3 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 1.77 years.

Restricted Stock Awards

In October 2020, in conjunction with the Company’s issuance of Series C redeemable convertible preferred stock (which subsequently converted into Class A and Class B common stock), the Company restricted 49,636 shares of fully issued and outstanding Class A common stock held by the Company’s Chief Executive Officer and founder. The restriction allowed the Company to repurchase shares that had not vested. The vesting term of restricted stock was one year. These restricted stock awards fully vested in October 2021. The grant date fair value of the restricted stock was $6.37 per share.

No stock-based compensation expense related to restricted stock awards was recognized in 2022.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

11. EMPLOYEE BENEFIT PLANS

The Company sponsors a qualified 401(k) defined contribution plan covering eligible employees. Participants may contribute a portion of their annual compensation limited to a maximum annual amount set by the Internal Revenue Service. The Company contributed $95,000 to the plan for the twelve months ended December 31, 2022. There were no employer contributions under this plan during 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
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+ Details

Licenses and Collaborations

12 Months Ended

Dec. 31, 2022

Licenses And Collaborations [Abstract]

Licenses and Collaborations

12. LICENSES AND COLLABORATIONS

Ares Trading S.A.

In October 2020, the Company entered into a license agreement with Ares (the Ares Agreement), pursuant to which the Company obtained an exclusive worldwide license to certain patents and related know-how to research, develop, manufacture, use and commercialize therapeutic products containing atacicept, a recombinant fusion protein used to inhibit B cell growth and differentiation, which could potentially treat some autoimmune diseases.

As consideration for the Ares Agreement, the Company issued to Ares a non-refundable license issue fee of 22,171,553 shares of Series C redeemable convertible preferred stock resulting in Ares becoming a related party to the Company. The Series C redeemable convertible preferred stock had a deemed issuance price of $0.5918 per share, or $13.1 million in the aggregate.

In December 2020, the Company paid Ares a milestone payment of $25.0 million upon delivery and initiation of the transfer of specified information and materials. The Company is obligated to pay Ares aggregate milestone payments of up to $176.5 million upon the achievement of specified BLA filing or regulatory approval milestones and up to $515.0 million upon the achievement of specified commercial milestones.

The non-refundable license issue fee and milestone payment were recorded to research and development expense in the period incurred.

Subsequent to the effective date of the Ares Agreement, Ares is performing manufacturing technology and know-how transfer to the Company. The Company recorded related party expense of $4.5 million and $1.7 million to Ares for these services during the twelve months ended December 31, 2022, and December 31, 2021, respectively. These amounts are included in research and development expenses on the statements of operations and comprehensive loss.

Commencing on the first commercial sale of licensed products, the Company is obligated to pay Ares tiered royalties of low double-digit to mid-teen percentages on annual net sales of the licensed products covered by the license. The Company is obligated to pay royalties on a licensed product-by-licensed product and country-by-country basis from the first commercial sale of a product in a country until the latest of (i) 15 years after the first commercial sale of such licensed product in such country; (ii) the expiration of the last valid claim of a licensed patent that covers such licensed product in, or its use, importation or manufacture with respect to, such country; and (iii) expiration of all applicable regulatory exclusivity periods, including data exclusivity, in such country with respect to such product. If the Company were to sublicense its rights under the Ares Agreement, the Company is obligated to pay Ares a percentage ranging from the mid-single-digit to the low double-digits of specified sublicensing income received.

Amplyx Pharmaceuticals, Inc.

In December 2021, the Company entered into an asset purchase agreement (the Amplyx Agreement) with Amplyx Pharmaceuticals, Inc. (Amplyx), a wholly owned subsidiary of Pfizer Inc. Pursuant to the terms of the Amplyx Agreement, the Company paid $5.0 million to Amplyx to purchase assets relating to an anti-BKV monoclonal antibody referred to as MAU868 for the treatment of BKV infection pursuant to a License Agreement between Amplyx and Novartis International Pharmaceutical AG (Novartis). In addition, the Company recognized a $2.0 million contingent milestone obligation as an assumed liability related to the asset purchase.

The transaction was treated as an asset acquisition, as the assets acquired did not meet the definition of a business. ASC 805-10-55 states that if substantially all the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not considered a business. Since the gross assets acquired are concentrated on a single identifiable asset, MAU868, the transaction was accounted for as an asset acquisition. In accordance with accounting guidance, costs incurred in obtaining technology licenses are charged to research and development expense if the technology licensed has not reached technological feasibility and has no alternative future use. The assets purchased from Amplyx require substantial completion of research and development, regulatory and marketing approval efforts in order to reach technological feasibility. Accordingly, the acquisition cost of $7.0 million was recorded as research and development expense in the statement of operations and comprehensive loss on the acquisition date.

In connection with the Amplyx asset purchase, Amplyx assigned the Exclusive License Agreement between Amplyx and Novartis (the Novartis License) and Manufacturing and Supply Agreements to the Company. Under the Novartis License, the Company has exclusive worldwide rights from Novartis to develop, manufacture and commercialize MAU868. The Company will be solely responsible for all research, development, regulatory, manufacturing and commercialization activities of MAU868.

Under the Amplyx Agreement, the Company is obligated to make future milestone payments to Amplyx and Novartis upon the achievement of specified development, regulatory and commercial milestones. In September 2022, the Company and Novartis entered into an amendment to the Novartis License to modify the terms of future milestone payments. Pursuant to this amendment, the Company issued 283,034 shares of Class A common stock to Novartis in exchange for a reduction of $7.0 million in contingent future development milestones, including the $2.0 million contingent milestone obligation accrued by the Company in December 2021. The value of the shares issued was $5.7 million based on the closing market value of the Company’s Class A common stock as of the effective date of the amendment, and as a result of the amendment the Company recognized $3.7 million of research and development expense in the twelve months ended December 31, 2022.

As of December 31, 2022, the Company is obligated to make future milestone payments of up to $7.0 million and $62.0 million to Amplyx and Novartis, respectively, contingent upon the achievement of specified development, regulatory and commercial milestones. In the event that MAU868 is commercialized, the Company will be obligated to pay royalties to Amplyx and Novartis based on net sales by country and by product.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

13. INCOME TAXES

For financial reporting purposes, income (loss) before provision for income taxes, includes the following components (in thousands):


	December 31,
	2022			2021
Domestic	$	(89,055	)	$	(32,608	)
Foreign		—			—
Loss before income taxes	$	(89,055	)	$	(32,608	)

Provision for Income Taxes

The provision for income taxes consisted of the following (in thousands).


	December 31,
	2022		2021
Current:
Federal	$	—	$	—
State		1		1
Total current		1		1
Total deferred		—		—
Provision for income taxes	$	1	$	1

A reconciliation of the provision for income taxes computed using the U.S. statutory federal income tax rate compared to the income tax provision included in the statement of operations and comprehensive loss is as follows (in thousands).


	December 31,
	2022			2021
Tax on U.S. statutory rate on income before income taxes	$	(18,702	)	$	(6,847	)
State taxes		3,583			(5,405	)
State valuation allowance		(3,582	)		5,405
Federal valuation allowance		19,643			6,600
Tax credits		(710	)		(209	)
Other		(231	)		457
Provision for income taxes	$	1		$	1

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are determined based on the differences between financial reporting and income tax bases of assets and liabilities, as well as net operating loss carryforwards and are measured using the enacted tax rates and laws in effect when the differences are expected to reverse. The significant components of the Company’s net deferred tax assets and liabilities are as follows (in thousands).


	December 31,
	2022			2021
Deferred tax assets:
Federal and state NOL carryforward	$	21,945		$	17,469
Research and other credits		3,762			2,671
Capitalized R&D		12,731			—
Fixed assets		2			15
Reserves and accruals		519			947
Stock based compensation		1,430			535
Other intangibles		8,583			12,589
Other DTA		402			266
Lease liability		1,360			—
Total gross DTA		50,734			34,492
Less: valuation allowance		(49,648	)		(34,492	)
Total deferred tax assets		1,086			—
Deferred tax liabilities:
Right of use		(1,086	)		—
Total gross DTL		(1,086	)		—
Net deferred tax assets	$	—		$	—

As of December 31, 2022, the Company has federal and state net operating loss carryforwards of $92.3 million and $35.7 million, respectively, of which $0.1 million of federal net operating loss carryforwards and $0.3 million of state net operating carryforwards will begin expiring in the year 2032 and 2036, respectively, if not utilized. The Company also has $82.1 million of federal net operating loss carryforwards as of December 31, 2022 that does not expire as a result of recent tax law changes. The Company has $3.3 million of federal research and development tax credit carryforwards, which begin to expire in the year 2037. The Company has $1.4 million of state research and development tax credit carryforwards, which have no expiration date.

Utilization of the federal and state net operating loss and tax credit carryforwards may be subject to a substantial annual limitation due to the “change in ownership” provisions of the Internal Revenue Code of 1986. The annual limitation may result in the expiration of net operating losses and credits before utilization. The Company has not performed an analysis to determine if such ownership changes have occurred. An analysis will be performed prior to recognizing the benefits of any losses or credits in the financial statements.

Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. Based on the weight of all evidence including a history of operating losses, management has determined that it is not more likely than not that the net deferred tax assets will be realized. A valuation allowance of $49.6 million and $34.5 million for the year ended December 31, 2022 and 2021 has been established to offset the deferred tax assets as realization of such assets is uncertain.

Uncertain Tax Benefits

The Company has the following activity relating to the gross amount of unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2022			2021
Beginning balance	$	668		$	663
Additions based on tax positions related to prior year		19			—
Decreases based on tax positions related to prior year		(11	)		(97	)
Additions based on tax positions related to current year		265			102
Ending balance	$	941		$	668

None of these uncertain tax positions will impact the Company’s effective tax rate if assessed. The Company’s policy is to classify interest and penalties associated with unrecognized tax benefits as income tax expense. The Company had no interest or penalty accruals associated with uncertain tax benefits in its balance sheet and statement of operations for the years ended December 31, 2022 and 2021. The Company files income tax returns in the U.S. and California. The Company is not currently under examination by any major tax jurisdictions nor has it been in the past. Because of net operating losses and research credit carryovers, substantially all of our tax years remain open to examination. Although it is reasonably possible that certain unrecognized tax benefits may increase or decrease within the next 12 months due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities, the Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months.

The Company accounts for income taxes in accordance with authoritative accounting guidance which states the impact of an uncertain income tax position is recognized at the largest amount that is “more likely than not” to be sustained upon audit by the relevant taxing authority. An uncertain tax position will not be recognized if it has less than a 50% likelihood of being sustained. As of December 31, 2022 and 2021, the Company had no material unrecognized tax benefits. No significant interest or penalties were recorded during the years ended December 31, 2022 and 2021.We are currently unaware of any uncertain tax positions that could result in significant additional payments, accruals, or other material deviation in this estimate over the next 12 months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. COMMITMENTS AND CONTINGENCIES

Facilities Leases

In November 2020, the Company entered into a non-cancellable sublease agreement for the facilities in South San Francisco, California, under the terms of which the Company is entitled to receive $7.9 million in sublease payments over the term of the sublease, which ends concurrently with the original lease in September 2025. As tenant, the Company remains responsible for the minimum lease commitment on the facilities.

In November 2021, the Company entered a lease for approximately 4,900 square feet of office space for a term of 36 months in Brisbane, California. The base rent is approximately $0.3 million for the first year with scheduled annual 3% increases. The lease includes renewal options for the Company.

In July 2022, the Company entered into an amendment to this lease to add approximately 5,000 square feet of office space in Brisbane, California, adjacent to its current offices. The term of the lease is 27 months beginning September 2022, and the base rent is approximately $0.3 million for the first 12 months with scheduled annual 3% increases. The lease includes renewal options for the Company.

Restructuring and Related Activities

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities

15. RESTRUCTURING AND RELATED ACTIVITIES

In July 2020, the Company initiated a restructuring plan to reduce operating expense as a result of the disposal of PNAi technology. The restructuring plan included reducing the number of employees, vacating leased facilities, and ceasing use of leased equipment. As a result of this restructuring plan, the Company completely vacated its leased facilities in South San Francisco, California, which was subleased to a third party in November 2020, and returned certain leased equipment to the lessor. The Company recorded a discounted lease-related restructuring liability of $2.2 million and $0.8 million for the abandonment of the leased facilities and equipment, which was calculated as the present value of the estimated future lease costs for which the Company would obtain no future economic benefit over the term of the leases. In addition, the Company recognized restructuring liability of $0.3 million related to severance and other employee termination costs related to the reduction in the number of employees.

The lease related restructuring liability of $1.6 million as of December 31, 2021, was derecognized upon the adoption of ASC 842 on January 1, 2022, and included in operating lease liabilities.

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

16. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

The following outstanding potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis).


	Year Ended December 31,
	2022		2021
Class A common stock options issued and outstanding		3,821,787		2,924,521
Unvested restricted stock units		204,000		—
Total		4,025,787		2,924,521

Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions

17. RELATED PARTY TRANSACTIONS

In October 2020, the Company entered into the Ares Agreement with Ares, pursuant to which the Company obtained an exclusive worldwide license to certain patents and related know-how to research, develop, manufacture, use and commercialize therapeutic

products containing atacicept, a recombinant fusion protein used to inhibit B cell growth and differentiation, which could potentially treat some autoimmune diseases. Related party transactions and balances in the current periods presented are described in Note 3 and Note 12.

Subsequent Event

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Event

18. SUBSEQUENT EVENTS

On February 6, 2023, the Company completed a follow-on public offering pursuant to which the Company issued and sold 16,428,572 shares of its Class A common stock at an offering price of $7.00 per share, including the exercise in full by the underwriters of their option to purchase an additional 2,142,857 shares of Class A common stock. The Company received total net proceeds of approximately $107.6 million, after deducting underwriting discounts and commissions of $6.9 million, and offering costs of approximately $0.5 million, of which $0.2 million was incurred as of December 31, 2022.

In March 2023, upon achievement of a clinical data milestone, the Company elected to extend the Loan Facility maturity by 12 months, from December 2026 to December 2027. The interest-only payment period was also extended by 12 months to December 2026. With this election, the maturity date of the loan was also extended from December 2026 to December 2027 and the final payment increased from 5% to 7% of the aggregate principal balance of the loan, to be paid upon the maturity date or prepayment of the loan.

The Company has a banking relationship with Silicon Valley Bank (“SVB”). On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation ("FDIC") as receiver. On March 12, 2023, the Federal Reserve Board approved actions enabling the FDIC to complete its resolution of SVB in a manner that fully protects all depositors. Based on the foregoing and the Company’s analysis of the components of its relationship with SVB, the Company does not expect these events to have a material impact on the Company’s financial statements.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the SEC regarding financial reporting. The U.S. dollar is the Company’s functional and reporting currency.
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 certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (1) is no longer an emerging growth company or (2) 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.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements 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 expenses during the reporting period. Management estimates that affect the reported amounts of assets and liabilities include the research contract costs and accruals, fair value of common stock and stock-based compensation expense, and the valuation allowance for deferred tax assets. The Company evaluates and adjusts its estimates and assumptions on an ongoing basis using historical experience and other factors. Actual results could differ materially from those estimates.
Concentrations of Credit Risk and Other Risks and Uncertainties	Concentrations of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains bank deposits in a federally insured financial institution and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institution holding its cash, cash equivalents, and marketable securities to the extent recorded in the balance sheet. The Company has not experienced any losses to date related to these concentrations. The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers. The Company relies on one supply chain for each of its product candidates. If any of the single source suppliers in any of the supply chains fails to satisfy the Company’s requirements on a timely basis, it could suffer delays in its clinical development programs and activities, which could adversely affect operating results. The Company’s product candidates require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed, or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist of money market funds and are stated at fair value.
Restricted Cash	Restricted Cash Restricted cash represents cash held by a financial institution as collateral for a letter of credit securing its operating lease for office and laboratory space, which is classified as a non-current asset on the balance sheets based on the maturity of the lease.
Marketable Securities	Marketable Securities The Company holds investments in marketable securities, consisting of U.S. government securities and are classified as available-for-sale securities and are carried at estimated fair values as determined based on quoted prices in active markets. Management determines the appropriate classification of its marketable securities at the time of purchase and reevaluates such designation periodically. Short-term marketable securities have maturities less than one year as of the balance sheet date. Long-term marketable securities have maturities greater than one year as of the balance sheet date. Unrealized gains and losses are reported as a component of other comprehensive loss. Interest, amortization and accretion of purchase premiums and discounts on marketable debt securities are included in other income, net, in the statements of operations and comprehensive loss. The cost of available-for-sale marketable securities sold is based on the specific identification method. Realized gains and losses on the sale of available-for-sale marketable securities are recorded in other income, net in the statements of operations and comprehensive loss. The Company regularly reviews all of the marketable securities for decline in fair value to determine whether unrealized losses have resulted from credit loss or other factors. The review includes considerations for the cause of the impairment but is not limited to (i) the consideration of the cause of the decline, (ii) any currently recorded expected credit losses and (iii) the creditworthiness of the respective security issuers. A decline of fair value below cost basis is considered an other-than-temporary impairment if the Company has the intent to sell the security or it is more likely than not that the company will be required to sell the security before recovery of the entire cost basis. Regardless of the Company’s intent or requirement to sell the security, an impairment is considered other-than-temporary if the Company does not expect to recover the entire cost basis. In those instances, an impairment charge equal to the difference between fair value and the cost basis is recorded in other income (expense), on the statements of operations and comprehensive loss. No impairment loss was recognized for the fiscal years ended December 31, 2022 and 2021. The amortized or accreted cost basis of the marketable securities approximates its fair value.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs consisting of legal, accounting and filing fees relating to equity offerings. Deferred offering costs are included in other long-term assets on the Company’s balance sheets. Upon completion of the offering, these amounts are offset against the proceeds of the offering.
Leases	Leases The Company leases office space under operating leases and determines if the arrangement is a lease at inception. These leases contain lease and non-lease components. Non-lease components include payments for maintenance, utilities, real estate taxes, and management fees. The lease and non-lease components are combined and accounted as a single lease component. Payments made under operating leases (net of any incentive received from the lessors) are recorded on a straight-line basis over the term of the lease. These leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is a hypothetical rate based on the Company’s understanding of what the credit rating would be in a similar economic environment. Operating leases are included in operating lease right-of-use assets and operating lease liabilities, current and non-current, on the balance sheets. Leases may include one or more options to renew. The Company does not assume renewals in determination of the lease term unless the renewals are deemed to be reasonably assured. The lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.
Foreign Currency Translations	Foreign Currency Translations Transactions denominated in foreign currencies are initially measured in U.S. dollars using the exchange rate on the date of the transaction. Foreign currency denominated monetary assets and liabilities are subsequently re-measured at the end of each reporting period using the exchange rate at that date, with the corresponding foreign currency transaction gain or loss recorded in the statements of operations and statements of cash flows. Nonmonetary assets and liabilities are not subsequently re-measured.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the exchange price to sell an asset or transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value should be based on the assumptions market participants would use when pricing the asset or liability. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Fair value measurements are classified and disclosed in one of the following three categories: Level 1 – Quoted unadjusted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all observable inputs and significant value drivers are observable in active markets. Level 3 – Model derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by the Company. Fair value accounting is applied to all financial assets and liabilities that are recognized or disclosed in the financial statements on a recurring basis. The Company’s financial instruments consist of cash and cash equivalents, restricted cash, marketable securities, prepaid expenses and other current assets, non-marketable equity securities, accounts payable and accrued expenses and long-term debt. Cash, restricted cash, and marketable securities and non-marketable securities are reported at their respective fair values on the Company’s balance sheets. The remaining financial instruments are reported on the Company’s balance sheets at cost, which approximate their fair value due to their short-term nature. Money market funds are highly liquid investments that are actively traded. The pricing information for the Company’s money market funds are readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. The Company’s non-marketable equity securities (see Note 6) are measured at fair value using an option pricing valuation methodology. The option pricing methodology relies on risk-neutral valuation which calculates the value of an asset by discounting the expected value of its future payoffs at the risk-free rate of return. The fair value of the non-marketable equity securities is derived from quoted prices for similar instruments and observable inputs in active markets. This approach results in the classification of these securities as Level 2 of the fair value hierarchy. There were no transfers between Levels 1, 2, or 3 for any of the periods presented. As of December 31, 2022, and December 31, 2021, the Company held $42.5 million and $73.8 million, respectively, in money market funds.
Restructuring Costs	Restructuring Costs Restructuring costs primarily consist of contract termination costs related to leases and employee termination costs. The Company recognizes restructuring charges when the liability has been incurred. Key assumptions in determining the restructuring costs include the terms and payments that may be negotiated to terminate certain contractual obligations, cease use date of leased property and equipment, and the timing of employees leaving the Company. Accretion expenses related to restructuring costs are included in general and administrative expenses.
Comprehensive Loss	Comprehensive Loss Comprehensive loss consists of two components: net loss and other comprehensive loss. Other comprehensive loss refers to unrealized gains and losses that are recorded as an element of stockholder’s equity and are excluded from net loss. For the twelve months ended December 31, 2022, other comprehensive loss consists of unrealized gains and losses on marketable securities.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred and consist primarily of employees’ salaries and related benefits, including stock-based compensation and termination expenses for employees engaged in research and development efforts, allocated overhead including rent, depreciation, information technology and utilities, contracted services, license fees, and external expenses to conduct and support the Company’s operations that are directly attributable to the Company’s research and development efforts. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered. Costs incurred in obtaining technology licenses including upfront and milestone payments incurred under the Company’s licensing agreements are recorded as expense in the period in which they are incurred, provided that the licensed technology, method or process has no alternative future uses other than for the Company’s research and development activities. Where contingent milestone payments are due to third parties under license or other agreements, the milestone payment obligations are recognized as expense when achievement of the contingent milestone is probable, which is generally upon achievement of the milestone.
Research Contract Costs And Accruals	Research Contract Costs and Accruals The Company enters into various research and development and other agreements with commercial firms, researchers, and others for provisions of goods and services from time to time. These agreements are generally cancellable, and the related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes compensation expense based on estimated fair values for all stock-based payment awards made to the Company’s employees, nonemployee directors and consultants that are expected to vest. The valuation of stock option awards is determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the Company to make assumptions and judgements about the inputs used in the calculations, such as the fair value of the common stock, expected term, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend yield. The valuation of restricted stock awards is measured by the fair value of the Company’s Class A common stock on the date of the grant. For all stock options granted, the Company calculated the expected term using the simplified method (derived from the average midpoint between the weighted average vesting period and the contractual term of the award) for “plain vanilla” stock option awards, as the Company has limited historical information to develop expectations about future exercise patterns and post vesting employment termination behavior. The estimate of expected volatility is based on comparative companies’ volatility. The risk-free rate is based on the yield available on United States Treasury zero-coupon issues corresponding to the expected term of the award. The Company records forfeitures when they occur. Prior to the IPO, the fair value of the shares of common stock underlying the stock options was determined by the board of directors with the assistance of management and input from an independent third-party valuation firm, as there was no public market for the common stock. The board of directors determined the fair value of the Company’s common stock by considering a number of objective and subjective factors, including the valuation of comparable companies, sales of redeemable convertible preferred stock, the Company’s operating and financial performance, the lack of liquidity of common stock, and general and industry specific economic outlook, amongst other factors. Subsequent to the IPO, the Company determines the fair value using the market closing price of its Class A common stock on the date of grant. The Company records compensation expense for service-based awards on a straight-line basis over the requisite service period, which is generally the vesting period of the award. The amount of stock-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income taxes are recorded for temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets and liabilities reflect tax rates expected to be in effect for the years in which the differences are expected to be reversed. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized.
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders Net loss per share of common stock is computed using the two-class method required for multiple classes of common stock and participating securities based upon their respective rights to receive dividends as if all income for the period has been distributed. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders is therefore the same for Class A and Class B common stock on an individual or combined basis. Prior to the IPO, the Company’s participating securities included the Company’s redeemable convertible preferred stock, as the holders were entitled to receive noncumulative dividends on a pari passu basis in the event that a dividend is paid on common stock. The Company also considers any shares issued on the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of redeemable convertible preferred stock, as well as the holders of early exercised shares subject to repurchase, did not and do not have a contractual obligation to share in losses of the Company, and therefore during periods of loss there is no allocation required under the two-class method. 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 during the period, adjusted for outstanding shares that are subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the if-converted method based on the nature of such securities. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive shares are not assumed to have been issued if their effect is anti-dilutive.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes, related to simplifying the accounting for income taxes. The guidance eliminates certain exceptions from Accounting Standards Codification (ASC) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The guidance also clarifies and simplifies other aspects of the accounting for income taxes. The guidance became effective for the Company beginning on the first quarter of 2021 on a prospective basis. The Company adopted this standard on January 1, 2021, and it did not have a material impact on the Company’s financial statements or related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), subsequently amended by ASU 2018-10, ASU 2018-11, ASU 2018-20, ASU 2019-01 and ASU 2019-10, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessors and lessees of a contract. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification on the balance sheets. Leases with a term of 12 months or less may be accounted for similar to historical guidance for operating leases. The Company adopted this standard on January 1, 2022, using the optional transition method, which allows for the prospective application of the standard. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the standard, which allowed the Company to carry forward historical lease classification, to not reassess prior conclusions related to initial direct costs, and to not reassess whether any expired or existing contracts are or contain leases. The Company also elected the practical expedient to not separate lease and non-lease components for all leases. In connection with the adoption of the new guidance, the Company recognized $6.8 million of operating lease right-of-use assets and $8.5 million of operating lease liabilities and derecognized $1.6 million of restructuring lease liability, with immaterial effect to the statements of operations and comprehensive loss and cash flows. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In response to concerns about structural risks of the cessation of London Interbank Offered Rate (LIBOR), the amendments in this ASU provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effect of) reference rate reform on financial reporting. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by this amendment do not apply to contract modifications made and hedge relationships entered into or evaluated after December 31, 2022. The amendments in this ASU are elective and are effective for all entities as of March 12, 2020 through December 31, 2022. The Company amended its Loan Agreement with Oxford in November 2022, which among other things, changed the interest rate index that the Company uses to accrue interest on outstanding borrowings from LIBOR to the Secured Overnight Financing Rate (“SOFR”) as published by the Chicago Merchantile Exchange (“CME”) Term SOFR Administrator. The Company no longer has any contracts that reference LIBOR as of December 31, 2022. The Company adjusted the effective interest rate on outstanding borrowings on a prospective basis, which did not have a material impact on the financial statements for the fiscal year ending December 31, 2022.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2022, the FASB issued ASU2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The standard clarifies the guidance in Topic 210, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The guidance is effective for the Company beginning December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact the standard may have on its financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The objective of the standard is to provide information about expected credit losses on financial instruments at each reporting date and to change how other-than temporary impairments on investment securities are recorded. The guidance became effective for the Company beginning on January 1, 2023. The Company does not anticipate the implementation will have a material impact on its financial statements upon adoption.

Other Financial Statement Information (Tables)

12 Months Ended

Dec. 31, 2022

Other Financial Statement Information [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands).


	December 31, 2022		December 31, 2021
Prepaid clinical trial and drug manufacturing costs	$	8,487	$	320
Prepaid insurance		998		1,193
Prepaid equity financing costs		490		275
Prepaid rent		247		219
Prepaid audit fees		—		123
Prepaid recruiting fees		—		253
Other		823		480
Total prepaid expenses and other current assets	$	11,045	$	2,863

Schedule of Accrued Expenses And Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands).


	December 31, 2022		December 31, 2021
Accrued clinical and drug manufacturing expenses	$	4,334	$	364
Accrued payroll		3,217		1,458
Related party payable		2,780		1,022
Accrued legal fees		338		457
Accrued expenses and other		295		627
Accrued development milestone		—		2,000
Total accrued expenses and other current liabilities	$	10,964	$	5,928

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summarizes the Unrealized Gains and Losses in the Company's Investments in Marketable Securities

The following table summarizes the unrealized gains and losses in the Company’s investments in marketable securities (in thousands):


	As of December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Level 2:
US Government bonds	$	71,418	$	1	$	(225	)	$	71,194
Total marketable securities	$	71,418	$	1	$	(225	)	$	71,194

Non-Marketable Equity Securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of Carrying Value of the Non-marketable Equity Securities

The carrying value of the non-marketable equity securities as of December 31, 2022, is summarized below (in thousands).


Balance as of December 31, 2021	$	867
Change in fair value		(809	)
Balance as of December 31, 2022	$	58

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Lease Cost

Net lease cost recognized for 2022 is summarized as follows (in thousands):


	Year Ended December 31, 2022			Year Ended December 31, 2021
Operating lease cost	$	2,378		$	24
Sublease income		(1,928	)		—
Net lease cost	$	450		$	24

Schedule of lease liabilities based on minimum lease commitment

As of December 31, 2022, the maturities of the lease liabilities based on minimum lease commitment amount are as follows (in thousands):


As of December 31:	(in thousands)
2023		2,999
2024		3,022
2025		1,880
2026		-
2027		-
Total minimum lease payments		7,901
Less: Imputed interest		(1,425	)
Present value of operating lease liabilities		6,476
Less: Current portion of operating lease liabilities		(2,645	)
Non-current operating lease liabilities	$	3,831

Schedule of Receivable Future Annual Sublease Payments

As of December 31, 2022, under the terms of the sublease agreement, the Company is entitled to receive future annual sublease payments as follows (in thousands):


2023	$	1,910
2024		1,954
2025		1,496
Total sublease payments	$	5,360

Schedule of future minimum lease payments under operating leases

In accordance with ASC 840, Leases, the aggregate minimum non-cancellable annual lease payments for operating leases in effect as of December 31, 2021, were as follows (in thousands):


	Operating Leases (1)		Sublease Income
2022	$	2,669	$	1,901
2023		2,755		1,964
2024		2,818		2,029
2025		1,954		1,569
Total minimum lease payments	$	10,196	$	7,463

(1) Future minimum lease payments include repayment of outstanding restructuring liabilities.

Note Payable (Table)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Notes Payable

Note payable consists of the following ($ in thousands):


		December 31, 2022				December 31, 2021
	Maturity	Effective Interest Rate	Amount			Effective Interest Rate	Amount
Collateralized note 2021-12	2026	13.57%	$	5,000		9.53%	$	5,000
Collateralized note 2022-11	2026	13.74%		20,000				—
Total borrowings				25,000				5,000
Less: Debt issuance costs				(190	)			(77	)
Net carrying amount of debt			$	24,810			$	4,923

Schedule Principal Installments Due

Principal installments due on the note subsequent to December 31, 2022, are as follows (in thousands):



2023		—
2024		—
2025		—
2026		25,000
Total accrued expenses and other current liabilities	$	25,000

Stock Compensation (Table)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Share-based Compensation Arrangements by Share-based Payment Award

Stock option activity under the 2017 EIP and 2021 EIP was as follows:


	NUMBER OF OPTIONS			WEIGHTED- AVERAGE EXERCISE PRICE PER SHARE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL LIFE (YEARS)		AGGREGATE INTRINSIC VALUE (000s)
Outstanding as of December 31, 2021		2,924,521		$	5.62		9.11	$	61,712
Granted		1,319,802			18.98
Exercised		(405,140	)		4.42
Cancelled and forfeited		(17,396	)		17.52
Outstanding as of December 31, 2022		3,821,787			10.30		8.51		35,872
Options exercisable as of December 31, 2022		1,150,982			7.07		8.17		14,363
Vested and expected to vest as of December 31, 2022		3,821,787			10.30		8.51		35,872

Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount


	Year Ended December 31,
	2022		2021
Research and development	$	4,592	$	915
General and administrative		4,295		2,097
Total stock-based compensation expense	$	8,887	$	3,012


	Year Ended December 31,
	2022		2021
Employees	$	5,975	$	2,605
Nonemployees		2,912		407
Total stock-based compensation expense	$	8,887	$	3,012

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions


	Year Ended December 31,
	2022	2021
Expected term (in years)	5.5 – 6.1	5.5 – 6.1
Expected volatility	75.8% – 77.6%	75.4% – 76.8%
Risk-free rate	1.76% – 4.2%	0.6% – 1.3%
Dividend yield	—	—

Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table shows RSU activity for the period ending December 31, 2022.


	NUMBER OF SHARES			WEIGHTED- AVERAGE GRANT DATE FAIR VALUE PER SHARE
Unvested balance at December 31, 2021		77,719		$	23.99
Granted		215,750			18.38
Vested		(77,719	)		23.99
Cancelled and forfeited		(11,750	)		18.60
Unvested balance at December 31, 2022		204,000			18.37

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income (loss) Before Provision for Income Taxes

For financial reporting purposes, income (loss) before provision for income taxes, includes the following components (in thousands):


	December 31,
	2022			2021
Domestic	$	(89,055	)	$	(32,608	)
Foreign		—			—
Loss before income taxes	$	(89,055	)	$	(32,608	)

Schedule of Components of Provision for Income Taxes

The provision for income taxes consisted of the following (in thousands).


	December 31,
	2022		2021
Current:
Federal	$	—	$	—
State		1		1
Total current		1		1
Total deferred		—		—
Provision for income taxes	$	1	$	1

Schedule of reconciliation of the provision for income taxes


	December 31,
	2022			2021
Tax on U.S. statutory rate on income before income taxes	$	(18,702	)	$	(6,847	)
State taxes		3,583			(5,405	)
State valuation allowance		(3,582	)		5,405
Federal valuation allowance		19,643			6,600
Tax credits		(710	)		(209	)
Other		(231	)		457
Provision for income taxes	$	1		$	1

Summary of Deferred Tax Assets and Liabilities

The significant components of the Company’s net deferred tax assets and liabilities are as follows (in thousands).


	December 31,
	2022			2021
Deferred tax assets:
Federal and state NOL carryforward	$	21,945		$	17,469
Research and other credits		3,762			2,671
Capitalized R&D		12,731			—
Fixed assets		2			15
Reserves and accruals		519			947
Stock based compensation		1,430			535
Other intangibles		8,583			12,589
Other DTA		402			266
Lease liability		1,360			—
Total gross DTA		50,734			34,492
Less: valuation allowance		(49,648	)		(34,492	)
Total deferred tax assets		1,086			—
Deferred tax liabilities:
Right of use		(1,086	)		—
Total gross DTL		(1,086	)		—
Net deferred tax assets	$	—		$	—

Summary of Activity Relating to Gross Amount of Unrecognized Tax Benefits

The Company has the following activity relating to the gross amount of unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2022			2021
Beginning balance	$	668		$	663
Additions based on tax positions related to prior year		19			—
Decreases based on tax positions related to prior year		(11	)		(97	)
Additions based on tax positions related to current year		265			102
Ending balance	$	941		$	668

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Summary of Dilutive Shares Excluded From Computation of Diluted Net Loss Per Share


	Year Ended December 31,
	2022		2021
Class A common stock options issued and outstanding		3,821,787		2,924,521
Unvested restricted stock units		204,000		—
Total		4,025,787		2,924,521

Organization and Description of the Business - Additional Information (Detail) $ / shares in Units, $ in Thousands						1 Months Ended	12 Months Ended
	Feb. 14, 2022 $ / shares shares	Feb. 09, 2022 USD ($)	May 20, 2021 USD ($) shares	May 13, 2021 $ / shares shares	May 07, 2021	May 31, 2021 shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2022 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accumulated deficit \| $							$ 124,056	$ 213,112
Cash and cash equivalents and marketable securities \| $								$ 114,700
Stock split ratio					11.5869
Underwriting discounts and commissions \| $		$ 5,200	$ 3,900
Offering costs \| $		900	2,800
Common Class A [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Stock shares issued during the period new issues shares \| shares	748,959						5,002,500
Sale of stock net consideration received on the transaction \| $		$ 80,000
Common Class A [Member] \| Conversion Of Redeemable Preferred Stock Into Common Stock [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Conversion of redeemable convertible preferred stock to common stock \| shares						15,464,776
Common Class A [Member] \| IPO [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Stock shares issued during the period new issues shares \| shares				4,350,000
Sale of stock, price per share \| $ / shares				$ 11.00
Sale of stock net consideration received on the transaction \| $			$ 48,400
Common Class A [Member] \| Over-Allotment Option
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Stock shares issued during the period new issues shares \| shares			652,500
Common Class A [Member] \| Follow On Public Offering [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Stock shares issued during the period new issues shares \| shares	5,742,026
Sale of stock, price per share \| $ / shares	$ 15.00
Common Class B [Member] \| Conversion Of Redeemable Preferred Stock Into Common Stock [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Conversion of redeemable convertible preferred stock to common stock \| shares						309,238

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2022
Accounting Policies [Line Items]
Income tax provision	$ 1	$ 1
Impairment loss on available-for-sale marketable securities	0	0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]			Operating lease right-of-use assets
Operating lease right-of-use assets	5,173	0	$ 6,800
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]			us-gaap:OtherLiabilitiesNoncurrent
Operating Lease, Liability	6,476		$ 8,500
Restructuring lease liability	0	377	$ 1,600
Money Market Funds [Member]
Accounting Policies [Line Items]
Money market funds	$ 42,500	$ 73,800

Other Financial Statement Information - Schedule Of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Financial Statement Information [Abstract]
Prepaid clinical trial and drug manufacturing costs	$ 8,487	$ 320
Prepaid insurance	998	1,193
Prepaid equity financing costs	490	275
Prepaid rent	247	219
Prepaid audit fee	0	123
Prepaid recruiting fees	0	253
Other	823	480
Total prepaid expenses and other current assets	$ 11,045	$ 2,863

Other Financial Statement Information - Schedule Of Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Financial Statement Information [Abstract]
Accrued clinical and drug manufacturing expenses	$ 4,334	$ 364
Accrued payroll	3,217	1,458
Related party payable	2,780	1,022
Accrued legal fees	338	457
Accrued expenses and other	295	627
Accrued development milestone	0	2,000
Total accrued expenses and other current liabilities	$ 10,964	$ 5,928

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(a))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

+ Details

Neubase Asset Sale - Additional Information (Detail) - USD ($)		3 Months Ended	12 Months Ended
	Apr. 26, 2021	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Proceeds received from the disposal of business			$ 0	$ 796,000
Gain (Loss) on Disposition of Assets			$ 2,700,000
Neubase Therapeutics Inc [Member]
Investment owned number of shares placed in escrow account	162,260
Shares eligible for release from escrow		$ 54,070
Neubase Therapeutics Inc [Member] \| Investment In PNAI [Member]
Proceeds received from the disposal of business	$ 800,000
Disposal group including discontinued operations shares received for disposal	308,635
Investments owned market value	$ 1,800,000

Marketable Securities - Additional Information (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Fair value of the debt securities	$ 71,194

Marketable Securities - Summarizes the Unrealized Gains and Losses in the Company's Investments in Marketable Securities (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Marketable Securities [Line Items]
Amortized Cost	$ 71,418
Unrealized Gains	1
Unrealized Losses	(225)
Estimated Fair Value	71,194
Government Bonds [Member]
Marketable Securities [Line Items]
Amortized Cost	71,418
Unrealized Gains	1
Unrealized Losses	(225)
Estimated Fair Value	$ 71,194

Non-Marketable Equity Securities - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, FV-NI, unrealized gain (loss)	$ (809)	$ (892)
Other Expense
Debt and Equity Securities, FV-NI [Line Items]
Equity securities, FV-NI, unrealized gain (loss)	$ 800

Non-Marketable Equity Securities - Summary of Carrying Value of the Non-marketable Equity Securities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Balance as of December 31, 2021	$ 867
Change in fair value	(809)	$ (892)
Balance as of December 31, 2022	$ 58	$ 867

Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 2,378	$ 24
Sublease income	(1,928)	0
Net lease cost	$ 450	$ 24

Leases - Schedule of Lease Liabilities Based on Minimum Lease Commitment (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 2,999
2024	3,022
2025	1,880
2026	0
2027	0
Total minimum lease payments	7,901
Less: Imputed interest	(1,425)
Present value of operating lease liabilities	6,476	$ 8,500
Less: Current portion of operating lease liabilities	(2,645)		$ 0
Non-current operating lease liabilities	$ 3,831		$ 0

Leases - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	2 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent	9.00%
Operating lease minimum future commitments	$ 6,700	$ 7,463

Leases - Schedule of receivable future annual sublease payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 1,910
2024	1,954
2025	1,496
Total sublease payments	$ 5,360

Leases - Schedule of Future Minimum Lease Payments Under Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating Leases 2022		$ 2,669
Operating Leases 2023		2,755
Operating Leases 2024		2,818
Operating Leases 2025		1,954
Operating Leases, Total minimum lease payments		10,196
Sublease Income, 2022		1,901
Sublease Income, 2023		1,964
Sublease Income, 2024		2,029
Sublease Income, 2025		1,569
Sublease Income, Total minimum lease payments	$ 6,700	$ 7,463

Note Payable - Schedule of Notes Payable (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total borrowings	$ 25,000	$ 5,000
Less: Debt issuance costs	(190)	(77)
Net carrying amount of debt	$ 24,810	$ 4,923
LIBOR [Member]
Debt Instrument [Line Items]
Collateralized debt instrument maturity date.	2026
Collateralized note , Effective interest rate	13.57%	9.53%
Collateralized note ,Amount	$ 5,000	$ 5,000
SOFR [Member]
Debt Instrument [Line Items]
Collateralized debt instrument maturity date.	2026
Collateralized note , Effective interest rate	13.74%
Collateralized note ,Amount	$ 20,000	$ 0

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Note Payable - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Carrying amount of debt outstanding	$ 25,000
Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	8.25%
Loan Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility with borrowing capacity		$ 50,000
Carrying amount of debt outstanding	$ 25,000
Additional borrowing capacity		20,000
Remaining capacity available		25,000
Debt facility payments description	The Loan Facility provides for interest-only payments to December 2025, which may be extended by 12 months to 2026 if the final maturity date is extended.
Minimum draws		$ 5,000
Prepayment of the loan	5.00%
Extended maturity date	7.00%

Note Payable - Schedule Principal Installments Due (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2026	$ 25,000
Total accrued expenses and other current liabilities	$ 25,000

Common Stock - Additional Information (Detail) - USD ($)	1 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2022	May 31, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Maximum aggregate offering price of common stock, preferred stock, debt securities and warrants				$ 400,000,000.0
Available for Issuance and Sale Under Sales Agreement				150,000,000.0
Cowen and Company, LLC [Member] \| Maximum [Member] \| 2022 ATM facility [Member]
Class Of Stock [Line Items]
Maximum aggregate offering price of common stock, preferred stock, debt securities and warrants				$ 150,000,000.0
Common Class A [Member]
Class Of Stock [Line Items]
Common stock, shares authorized				500,000,000	500,000,000
Common stock, Par value				$ 0.001	$ 0.001
Cash dividends				$ 0
Shares converted	99,238	210,000
Common stock, Shares outstanding				27,800,861	20,968,376
Company shares issued			283,034	283,034
Common Class B [Member]
Class Of Stock [Line Items]
Common stock, shares authorized				14,600,000	14,600,000
Common stock, Par value				$ 0.001	$ 0.001
Cash dividends				$ 0
Shares converted	99,238	210,000
Common stock, Shares outstanding				0	309,238

Stock Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Apr. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, Options exercised in period, Total intrinsic value		$ 5,800
Number of shares issued under share based payment arrangement		15,328
Stock-based compensation expense		$ 8,887	$ 3,012
Employee Stock Purchase Plan ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock capital, Shares reserved for future issuance				429,934
2021 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock capital, Shares reserved for future issuance				3,260,753
Share-based compensation arrangement by share-based payment award, Number of shares available for issuance		945,108
2017 and 2021 Amended Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, Options granted in period, Weighted average grant date fair value		$ 13.63	$ 9.36
Unvested Stock Options And Restricted Stock Awards [Member] \| 2017 and 2021 Amended Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation, Nonvested awards, Compensation cost not yet recognized Stock options and equity instruments other than options		$ 20,300
Share based compensation, Nonvested awards, Compensation cost not yet recognized period of recognition stock options and equity instruments other than options		2 years 6 months
Unvested Stock Options And Restricted Stock Unit [Member] \| 2017 and 2021 Amended Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation, Nonvested awards, Compensation cost not yet recognized Stock options and equity instruments other than options		$ 3,300
ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock Percent of Fair Market Value		85.00%
Share purchases funded through payroll deductions for employee's eligible minimum annual compensation, percentage		1.00%
Share purchases funded through payroll deductions for employee's eligible maximum annual compensation, percentage		15.00%
Potential increase in shares reserved for future issuance (in shares)		440,502
Potential increase in shares reserved for future issuance as percentage of outstanding share		1.00%
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average Grant date fair value		$ 18.37	$ 23.99
Restricted Stock [Member] \| 2017 and 2021 Amended Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, Vesting period	1 year
Weighted average Grant date fair value	$ 6.37
Stock-based compensation expense		$ 0
Restricted Stock [Member] \| Common Class A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award, Restricted shares of fully issued and outstanding common stock	49,636
Restricted Stock [Member] \| Unvested Stock Options And Restricted Stock Unit [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation, Nonvested awards, Compensation cost not yet recognized period of recognition stock options and equity instruments other than options		1 year 9 months 7 days
Restricted Stock Units R S U [Member] \| 2017 and 2021 Amended Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 2,300

Stock Compensation - Summary of Share-based Compensation Arrangements by Share-based Payment Award (Details) - 2017 EIP And 2021 EIP [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Beginning	2,924,521
Number of options, Granted	1,319,802
Number of Options, Exercised	(405,140)
Number of Options, Cancelled and forfeited	(17,396)
Number of Options, Ending	3,821,787	2,924,521
Number of Options, Options exercisable	1,150,982
Number of Options, Vested and expected to vest	3,821,787
Weighted average exercise price Opening balance	$ 5.62
Weighted average exercise price, Granted	18.98
Weighted average exercise price, Exercised	4.42
Weighted average exercise price, Cancelled and forfeited	17.52
Weighted average exercise price Ending balance	10.30	$ 5.62
Weighted average exercise price, Options exercisable	7.07
Weighted average exercise price, Vested and expected to vest	$ 10.30
Weighted average remaining contractual term	8 years 6 months 3 days	9 years 1 month 9 days
Weighted average remaining contractual term, Options exercisable	8 years 2 months 1 day
Weighted average remaining contractual term, Vested and expected to vest	8 years 6 months 3 days
Intrinsic Value	$ 35,872	$ 61,712
Intrinsic Value, Options exercisable	14,363
Intrinsic Value, Vested and expected to vest	$ 35,872

Stock Compensation - Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 8,887	$ 3,012
Employees [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	5,975	2,605
Nonemployees [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	2,912	407
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	4,592	915
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 4,295	$ 2,097

Stock Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected volatility, Minimum	75.80%	75.40%
Expected volatility, Maximum	77.60%	76.80%
Risk-free rate, Minimum	1.76%	0.60%
Risk-free rate, Maximum	4.20%	1.30%
Minimum [Member]
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected term (in years)	5 years 6 months	5 years 6 months
Maximum [Member]
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days

Stock Compensation - Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Details) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested as of December 31, 2021 \| shares	77,719
Granted \| shares	215,750
Vested \| shares	(77,719)
Cancelled and forfeited \| shares	(11,750)
Unvested as of December 31, 2022 \| shares	204,000
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 23.99
Weighted Average Grant Date Fair Value, Granted \| $ / shares	18.38
Weighted Average Grant Date Fair Value, Vested \| $ / shares	23.99
Weighted Average Grant Date Fair Value, Cancelled and Forfeited \| $ / shares	18.60
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 18.37

Employee Benefit Plans - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Employer contributions	$ 95,000,000	$ 0

Licenses and Collaborations - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended	12 Months Ended
	Oct. 31, 2020	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
License And Collaborations [Line Items]
Research and development			$ 68,993	$ 22,484
Ares Agreement [Member] \| Ares Trading S A [Member]
License And Collaborations [Line Items]
Milestone payments paid					$ 25,000
Related party transaction, expenses from transactions with related party			4,500	1,700
Ares Agreement [Member] \| Ares Trading S A [Member] \| Achievement Of Specified BLA Filing Or Regulatory Approval Milestones [Member]
License And Collaborations [Line Items]
Milestone payments payable					$ 176,500
Ares Agreement [Member] \| Ares Trading S A [Member] \| Achievement Of Specified Commercial Milestones [Member]
License And Collaborations [Line Items]
Milestone payments payable						$ 515,000
Amplyx Agreement [Member]
License And Collaborations [Line Items]
Milestone payments payable				2,000
Acquisition cost				5,000
Research and development			3,700	7,000
Reduction in contingent future development			7,000
Contingent milestone obligation accrued				$ 2,000
Issuance of common stock for payment of licensing fees in equity, net of offering cost			5,700
Amplyx Agreement [Member] \| Amplyx and Novartis [Member] \| Achievement of Various Clinical Development and Regulatory Milestones [Member]
License And Collaborations [Line Items]
Milestone payments payable			7,000
Novartis [Member] \| Amplyx and Novartis [Member] \| Achievement of Various Clinical Development and Regulatory Milestones [Member]
License And Collaborations [Line Items]
Milestone payments payable			$ 62,000
Series C [Member] \| Ares Agreement [Member] \| Ares Trading S A [Member]
License And Collaborations [Line Items]
Initial fee paid as consideration	22,171,553
Temporary equity purchase price per share	$ 0.5918
Temporary equity shares issued during the period value	$ 13,100
Common Class A [Member]
License And Collaborations [Line Items]
Issuance of common stock for payment of licensing fees, net of offering costs, shares		283,034	283,034

Income Taxes - Schedule of Income (loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ (89,055)	$ (32,608)
Foreign	0	0
Loss before provision for income taxes	$ (89,055)	$ (32,608)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Name Accounting Standards Codification
-Topic 942
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-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 0	$ 0
State	1	1
Total current	1	1
Deferred:
Total deferred	0	0
Provision for income taxes	$ 1	$ 1

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Schedule of Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Line Items]
Tax on U.S. statutory rate on income before income taxes	$ (18,702)	$ (6,847)
State Taxes	3,583	(5,405)
Tax credits	(710)	(209)
Other	(231)	457
Provision for income taxes	1	1
Federal
Valuation Allowance [Line Items]
Valuation allowance	19,643	6,600
State
Valuation Allowance [Line Items]
Valuation allowance	$ (3,582)	$ 5,405

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets, Net [Abstract]
Federal and state NOL carryforward	$ 21,945	$ 17,469
Research and other credits	3,762	2,671
Capitalized R&D	12,731	0
Fixed assets	2	15
Reserves and accruals	519	947
Stock based compensation	1,430	535
Other intangibles	8,583	12,589
Other DTA	402	266
Lease liability	1,360	0
Total gross DTA	50,734	34,492
Less: valuation allowance	(49,648)	(34,492)
Total deferred tax assets	1,086	0
Right of use	(1,086)	0
Total gross DTL	(1,086)	0
Net deferred tax assets	$ 0	$ 0

Income Taxes - Summary of Activity Relating to Gross Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Uncertainties [Abstract]
Beginning balance	$ 668	$ 663
Additions based on tax positions related to prior year	19	0
Decreases based on tax positions related to prior year	(11)	(97)
Additions based on tax positions related to current year	265	102
Ending balance	$ 941	$ 668

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 49,648,000	$ 34,492,000
Federal net operating loss carryforwards	82,100,000
Unrecognized Tax Benefits	941,000	668,000	$ 663,000
Income Tax Examination, Penalties and Interest Expense	0	0
Interest or penalty accruals associated with uncertain tax benefits	0	$ 0
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 92,300,000
Operating loss carryforwards expiration year	2032
Federal \| 2032
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 100,000
Federal \| Research
Operating Loss Carryforwards [Line Items]
Tax credit carryforward amount	3,300,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 35,700,000
Operating loss carryforwards expiration year	2036
State \| 2036
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 300,000
State \| Research
Operating Loss Carryforwards [Line Items]
Tax credit carryforward amount	$ 1,400,000

Commitments and Contingencies - Additional Information (Details) $ in Thousands		1 Months Ended
	Nov. 30, 2021 USD ($) ft²	Jul. 31, 2022 USD ($) ft²	Dec. 31, 2022 USD ($)	Sep. 01, 2022	Dec. 31, 2021 USD ($)	Nov. 30, 2020 USD ($)
Other Commitments [Line Items]
Operating lease minimum future commitments			$ 6,700		$ 7,463
PNAI [Member] \| Office and Laboratory Space at Woborn Massauchets [Member]
Other Commitments [Line Items]
Area of real estate availed on lease \| ft²	4,900	5,000
Operating lease term	36 months			27 months
Base rent	$ 300	$ 300
Operating lease minimum future commitments						$ 7,900
Percentage of increase in rent annually	3.00%	3.00%

Restructuring and Related Activities - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Nov. 30, 2020
Restructuring Cost And Reserve [Line Items]
Restructuring liability	$ 1.6
Employee Severance And Other Employee Termination [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring liability		$ 0.3
Leased Facilities Abandoned [Member] \| Discounted Lease Related Restructuring Liability [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring liability		2.2
Equipment Abandoned [Member] \| Discounted Lease Related Restructuring Liability [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring liability		$ 0.8

Net Loss Per Share Attributable to Common Stockholders - Summary of Dilutive Shares Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities	4,025,787	2,924,521
Class A Common Stock Options Issued and Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities	3,821,787	2,924,521
Unvested Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities	204,000	0

Subsequent Event - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended	12 Months Ended
	Feb. 06, 2023	Feb. 14, 2022	Feb. 09, 2022	May 20, 2021	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Payments of offering costs						$ 0	$ 2,765
Common Class A [Member]
Subsequent Event [Line Items]
Stock shares issued during the period new issues shares		748,959					5,002,500
Sale of stock net consideration received on the transaction			$ 80,000
Payments of offering costs						$ 200
Common Class A [Member] \| Over-Allotment Option
Subsequent Event [Line Items]
Stock shares issued during the period new issues shares				652,500
Subsequent Event
Subsequent Event [Line Items]
Sale of stock net consideration received on the transaction	$ 107,600
Underwriting Discounts and Commissions	6,900
Payments of offering costs	$ 500
Subsequent Event \| Common Class A [Member]
Subsequent Event [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	16,428,572
Sale of Stock, Price Per Share	$ 7.00
Subsequent Event \| Common Class A [Member] \| Over-Allotment Option
Subsequent Event [Line Items]
Stock shares issued during the period new issues shares	2,142,857
Revolving Credit Facility [Member] \| Subsequent Event
Subsequent Event [Line Items]
Debt facility payments description					In March 2023, upon achievement of a clinical data milestone, the Company elected to extend the Loan Facility maturity by 12 months, from December 2026 to December 2027. The interest-only payment period was also extended by 12 months to December 2026.
Prepayment of the loan					5.00%
Extended maturity date					7.00%