0000950170-23-041399 | 10-Q | XBRL Viewer

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Other Financial Statement Information - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued clinical trial and drug manufacturing expenses	$ 6,122	$ 4,334
Accrued payroll	2,003	3,217
Accrued legal fees	296	338
Accrued expenses and other	622	295
Total accrued expenses and other current liabilities	10,995	10,964
Related Party [Member]
Related party payable	$ 1,952	$ 2,780

Common Stock	6 Months Ended
Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Common Stock	8. COMMON STOCK As of June 30, 2023, 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. 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 June 30, 2023, no cash dividends have been declared or paid. In February 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. 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. 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. 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 June 30, 2023, 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 to Novartis Pharma AG pursuant to an amendment to a license agreement between the two parties (see Note 11). In February 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 a public offering price of $7.00 per share, including 2,142,857 shares of Class A common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares.

Common Stock

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Common Stock

8. COMMON STOCK

As of June 30, 2023, 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. 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 June 30, 2023, no cash dividends have been declared or paid.

In February 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.

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.

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. 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 June 30, 2023, 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 to Novartis Pharma AG pursuant to an amendment to a license agreement between the two parties (see Note 11).

In February 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 a public offering price of $7.00 per share, including 2,142,857 shares of Class A common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares.

- Definition

The entire disclosure for equity.

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+ Details

Organization and Description of the Business	6 Months Ended
Jun. 30, 2023
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. 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 Offerings 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. 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 $107.7 million, after deducting underwriting discounts and commissions of $6.9 million, and offering costs of approximately $0.4 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 $263.3 million as of June 30, 2023. The Company had cash, cash equivalents and marketable securities of $181.0 million as of June 30, 2023 and has access to additional debt financing under a credit facility (see Note 7). 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 June 30, 2023 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.

Organization and Description of the Business

6 Months Ended

Jun. 30, 2023

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.

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 Offerings

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.

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 $107.7 million, after deducting underwriting discounts and commissions of $6.9 million, and offering costs of approximately $0.4 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 $263.3 million as of June 30, 2023. The Company had cash, cash equivalents and marketable securities of $181.0 million as of June 30, 2023 and has access to additional debt financing under a credit facility (see Note 7). 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 June 30, 2023 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.

Note Payable - Schedule Principal Installments Due (Detail) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2027	$ 25,000
Total long-term debt	$ 25,000

Cash Equivalents And Marketable Securities - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Cash Equivalents And Marketable Securities [Abstract]
Fair value of the debt securities	$ 147.1	$ 71.2

Leases - Schedule of Lease Liabilities Based on Minimum Lease Commitment (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Leases [Abstract]
2023 (remaining six months)	$ 1,507
2024	3,022
2025	1,880
2026	0
2027	0
Total minimum lease payments	6,409
Less: Imputed interest	(1,278)
Present value of operating lease liabilities	5,131		$ 8,500
Less: Current portion of operating lease liabilities	(2,560)	$ (2,645)
Non-current operating lease liabilities	$ 2,571	$ 3,831

Employee Benefit Plans

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

10. 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 $18,000 and $127,000 to the plan for the three and six months ended June 30, 2023, respectively. There were no employer contributions under this plan during the six months ended June 30, 2022.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Cash Equivalents And Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2023

Cash Equivalents And Marketable Securities [Abstract]

Summarizes the Unrealized Gains and Losses in Fair Value of the Company's Investments in Debt Securities

The following table summarizes the unrealized gains and losses in fair value of the Company’s investments in debt securities (in thousands):


	As of June 30, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Level 2:
Money market funds	$	31,396	$	-	$	-		$	31,396
U.S. Government bonds		147,274		8		(150	)		147,132
Total cash equivalents and marketable securities	$	178,670	$	8	$	(150	)	$	178,528

	As of December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Level 2:
Money market funds	$	42,495	$	-	$	-		$	42,495
U.S. Government bonds		71,418		1		(225	)		71,194
Total cash equivalents and marketable securities	$	113,913	$	1	$	(225	)	$	113,689

Schedule of Estimated Fair Value of Investments in Available-for-sale Marketable Debt Securities

The following table classifies the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in thousands):


	June 30, 2023
Due within one year	$	142,383
Due after one year to two years		4,749
Total marketable securities	$	147,132

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Non-Marketable Equity Securities

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Non-Marketable Equity Securities

5. NON-MARKETABLE EQUITY SECURITIES

In 2021, the Company disposed of its previous research program through the sale of assets and certain related liabilities to NeuBase Therapeutics, Inc. (NeuBase) in exchange for cash and shares of NeuBase common stock. The shares have certain restrictions on sale or transfer.

Fair value of this asset 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 condensed balance sheet and determines current or non-current classification based on the expected duration of the restriction.

The carrying value is measured as the total initial cost, less the cumulative net unrealized loss. The following table summarizes the value of non-marketable equity securities using the measurement alternative (in thousands):


	June 30, 2023			December 31, 2022
Initial cost	$	1,759		$	1,759
Cumulative net fair value adjustments		(1,730	)		(1,701	)
Total non-marketable equity securities	$	29		$	58

Employee Benefit Plans - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023
Retirement Benefits [Abstract]
Employer contributions	$ 18,000	$ 0	$ 127,000

Stock compensation - Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 2,682	$ 2,025	$ 5,349	$ 3,687
Employees [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	2,597	1,325	4,921	2,339
Nonemployees [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	85	700	428	1,348
Research and development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	1,231	1,069	2,365	1,971
General and administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 1,451	$ 956	$ 2,984	$ 1,716

Cash Equivalents And Marketable Securities

6 Months Ended

Jun. 30, 2023

Cash Equivalents And Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

4. CASH EQUIVALENTS AND MARKETABLE SECURITIES

Cash equivalents and marketable debt 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 debt securities are accounted for as available-for-sale securities.

Unrealized gains and losses are reported as a component of other comprehensive loss. Fair value of the debt securities were $147.1 million and $71.2 million as of June 30, 2023 and December 31, 2022, respectively.

The following table summarizes the unrealized gains and losses in fair value of the Company’s investments in debt securities (in thousands):


	As of June 30, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Level 2:
Money market funds	$	31,396	$	-	$	-		$	31,396
U.S. Government bonds		147,274		8		(150	)		147,132
Total cash equivalents and marketable securities	$	178,670	$	8	$	(150	)	$	178,528

	As of December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Level 2:
Money market funds	$	42,495	$	-	$	-		$	42,495
U.S. Government bonds		71,418		1		(225	)		71,194
Total cash equivalents and marketable securities	$	113,913	$	1	$	(225	)	$	113,689

Marketable debt securities that had been in unrealized loss positions as of June 30, 2023 and December 31, 2022 were in an unrealized loss position for less than 12 months. Unrealized losses from marketable debt securities are primarily attributable to changes in interest rates. Management does not believe any remaining unrealized losses represent impairments based on evaluation of available evidence.

The following table classifies the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in thousands):


	June 30, 2023
Due within one year	$	142,383
Due after one year to two years		4,749
Total marketable securities	$	147,132

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jan. 01, 2022
Accounting Policies [Line Items]
Impairment loss on available-for-sale marketable securities	$ 0	$ 0	$ 0	$ 0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]						Operating Lease, Right-of-Use Asset
Operating Lease, Right-of-Use Asset	4,030		4,030		$ 5,173	$ 6,800
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]						us-gaap:OtherLiabilitiesNoncurrent
Operating Lease, Liability	$ 5,131		$ 5,131			$ 8,500
Restructuring lease liability						$ 1,600

Basis of Presentation and Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed 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 interim financial reporting. The U.S. dollar is the Company’s functional and reporting currency.

Unaudited Interim Condensed Financial Statements

The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP), and in the opinion of management, include all adjustments of a normal recurring nature necessary for fair financial statement presentation. Interim results are not necessarily indicative of the results to be expected for the full year ending December 31, 2023, or any other period.

The condensed balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date, but may not include all disclosures notes required by GAAP.

These unaudited condensed financial statements and other information presented in this Form 10-Q should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 28, 2023.

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 unaudited condensed 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 accrual of research and development expenses, fair value of common stock and stock-based compensation expense, determination of incremental borrowing rate for operating leases, the valuation allowance for deferred tax assets, and fair value of marketable and non-marketable securities. 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. Marketable debt securities with stated maturities of three months or less from the date of purchase are classified as cash equivalents and those with stated maturities of greater than three months as marketable securities on the balance sheet. The Company determines the appropriate classification of marketable debt securities at the time of purchase. The Company has the ability, if necessary, to liquidate its investments to meet its liquidity needs in the next 12 months, without significant penalty. Accordingly, those investments with contractual maturities greater than one year from the date of purchase are classified as current assets on the accompanying balance sheets. All marketable debt securities are classified as available-for-sale and are reported at estimated fair value, with unrealized gains and losses recorded in accumulated other comprehensive loss within stockholders’ equity. Interest, amortization and accretion of purchase premiums and discounts on marketable debt securities are included in other income (expense), net, in the condensed statements of operations and comprehensive loss.

The cost of available-for-sale marketable debt 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 condensed statements of operations and comprehensive loss. No impairment loss was recognized for the three and six months ended June 30, 2023 and 2022.

Deferred Offering Costs

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

Leases

The Company leases office and laboratory 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 spot 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 spot 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 condensed financial statements on a recurring basis. The Company’s financial instruments include cash equivalents, marketable securities, prepaid expenses, other current assets, accounts payable and accrued expenses. Cash equivalents and marketable securities are reported at their respective fair values on the Company’s condensed balance sheets. The remaining financial instruments are reported on the Company’s condensed balance sheets at cost, which approximate their fair value due to their short-term nature.

The Company’s non-marketable equity securities (Note 5) 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.

Comprehensive Loss

Comprehensive loss consists of two components: net loss and other comprehensive loss. For the six months ended June 30, 2023 and 2022, other comprehensive loss consists of net unrealized gains and losses on marketable securities that are recorded as an element of stockholders’ equity and are excluded from net loss.

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 of the shares of common stock underlying the stock options by 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.

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 February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (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 the ASUs 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 impact on the Company’s financial statements.

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 Mercantile 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.

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. Further, the FASB issued ASU No. 2018-19, ASU No. 2019-04, ASU No. 2019-05, ASU 2019-10, ASU 2019-11, ASU 2020-02 and ASU 2020-03 to provide additional guidance on the credit losses standard. The guidance is effective for the annual period beginning after December 15, 2022, with early adoption permitted. The Company adopted the ASUs on January 1, 2023. The ASUs did not have a material impact on the Company’s financial statements.

Recently Issued Accounting Pronouncements

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This 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 annual period beginning after December 15, 2023, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material impact on its financial statements and related disclosures.

Condensed Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (50,231)	$ (31,938)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization and accretion	(1,477)	(97)
Reduction in the carrying amount of operating lease right of use assets	1,143	1,115
Stock-based compensation	5,349	3,687
Change in fair value of non-marketable equity securities	30	543
Changes in operating assets and liabilities:
Prepaid expense and other current assets	1,451	(7,546)
Other assets	(304)	(32)
Accounts payable	1,289	5,699
Accrued and other current liabilities	31	1,817
Operating lease liabilities	(1,345)	(1,262)
Net cash used in operating activities	(44,064)	(28,014)
Cash flows from investing activities
Purchase of property and equipment	0	(24)
Purchase of marketable securities	(143,058)	(97,524)
Proceeds from maturities of marketable securities	59,300	15,999
Proceeds from sale of marketable securities	9,543	0
Net cash used in investing activities	(74,215)	(81,549)
Cash flows from financing activities
Proceeds from exercise of stock options and employee stock purchase plan	672	281
Proceeds from issuance of Class A common stock in follow-on offering	115,000	86,131
Payment of costs and underwriting discounts and commissions related to follow-on offering	(7,256)	(6,096)
Net cash provided by financing activities	108,416	80,316
Net decrease in cash and cash equivalents and restricted cash	(9,863)	(29,247)
Cash, cash equivalents and restricted cash, beginning of period	43,752	79,967
Cash, cash equivalents and restricted cash, end of period	33,889	50,720
Supplemental disclosure of cash flow information
Cash paid for interest	1,636	217
Cash paid for operating leases	1,492	1,311
Receivable on exercise of stock options	5	0
Cash and cash equivalents [Member]
Cash flows from financing activities
Cash, cash equivalents and restricted cash, end of period	33,889	50,427
Restricted cash [Member]
Cash flows from financing activities
Cash, cash equivalents and restricted cash, end of period	$ 0	$ 293

Net Loss Per Share Attributable to Common Stockholders - Summary of Dilutive Shares Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	6,048,562	3,849,346	6,048,562	3,849,346
Class A Common Stock Options Issued and Outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	5,847,562	3,795,486	5,847,562	3,795,486
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	201,000	53,860	201,000	53,860

Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss per Share Attributable to Common Stockholders

12. 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).


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Class A common stock options issued and outstanding		5,847,562		3,795,486		5,847,562		3,795,486
Unvested RSUs		201,000		53,860		201,000		53,860
Total		6,048,562		3,849,346		6,048,562		3,849,346

Note Payable - Schedule of Notes Payable (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total Borrowings	$ 25,000	$ 25,000
Less: Unamortized debt issuance costs	(38)	(190)
Total long-term debt	$ 24,962	$ 24,810
LIBOR (Member)
Debt Instrument [Line Items]
Collateralized debt instrument maturity date	2027
Collateralized note , Effective interest rate	14.57%	13.57%
Collateralized note ,Amount	$ 5,000	$ 5,000
SOFR [Member]
Debt Instrument [Line Items]
Collateralized debt instrument maturity date	2027
Collateralized note , Effective interest rate	14.71%	13.74%
Collateralized note ,Amount	$ 20,000	$ 20,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Subparagraph (c)
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
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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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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

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

+ References + Details

Non-Marketable Equity Securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Non-marketable Equity Securities

The following table summarizes the value of non-marketable equity securities using the measurement alternative (in thousands):


	June 30, 2023			December 31, 2022
Initial cost	$	1,759		$	1,759
Cumulative net fair value adjustments		(1,730	)		(1,701	)
Total non-marketable equity securities	$	29		$	58

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

LEASES

6. LEASES

Net lease costs recognized were as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Operating lease cost	$	644		$	570		$	1,289		$	1,139
Sublease income		(482	)		(482	)		(964	)		(964	)
Net lease cost	$	162		$	88		$	325		$	175

As of June 30, 2023, the maturities of the lease liabilities based on minimum lease commitment amount are as follows (in thousands):


2023 (remaining six months)	$	1,507
2024		3,022
2025		1,880
2026		-
2027		-
Total minimum lease payments		6,409
Less: Imputed interest		(1,278	)
Present value of operating lease liabilities		5,131
Less: Current portion of operating lease liabilities		(2,560	)
Non-current operating lease liabilities	$	2,571

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 June 30, 2023, under the terms of the sublease agreement, the Company is entitled to receive future annual sublease payments as follows (in thousands):


2023 (remaining six months)	$	957
2024		1,954
2025		1,496
Total sublease payments	$	4,407

As tenant, the Company remains responsible for minimum lease commitments of $5.6 million as of June 30, 2023, on the South San Francisco facilities.

In July 2022, the Company amended an existing lease agreement to increase the amount of leased office space in its Brisbane, California, headquarters, from approximately 4,900 square feet to approximately 9,900 square feet. The leases have scheduled annual

3% increases and include renewal options for the Company. As of June 30, 2023, the Company had not executed any finance leases that were yet to commence. As of June 30, 2023, the weighted-average remaining operating lease term was 2.0 years and the weighted-average discount rate was 9.1% for operating leases recognized in the condensed financial statements.

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 16,231	$ 10,112	$ 41,340	$ 22,661
General and administrative	5,739	4,945	11,887	9,417
Total operating expenses	21,970	15,057	53,227	32,078
Loss from operations	(21,970)	(15,057)	(53,227)	(32,078)
Other income (expense):
Interest income	2,239	263	3,862	289
Interest expense	(914)	(128)	(1,789)	(246)
Other income	511	325	953	640
Change in fair value of non-marketable equity securities	(28)	(256)	(30)	(543)
Total other income	1,808	204	2,996	140
Net loss	(20,162)	(14,853)	(50,231)	(31,938)
Other comprehensive loss:
Change in unrealized loss on marketable securities	(138)	(140)	82	(152)
Comprehensive loss	$ (20,300)	$ (14,993)	$ (50,149)	$ (32,090)
Net loss per share attributable to common stockholders, basic	$ (0.46)	$ (0.55)	$ (1.23)	$ (1.24)
Net loss per share attributable to common stockholders, diluted	$ (0.46)	$ (0.55)	$ (1.23)	$ (1.24)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic	44,269,772	27,078,450	40,986,907	25,660,742
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted	44,269,772	27,078,450	40,986,907	25,660,742

Note Payable - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Nov. 30, 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
Additional borrowing capacity		$ 20,000
Carrying amount of debt outstanding	$ 25,000
Debt facility payments description	The interest-only payment period was also extended by 12 months to December 2026.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Lease Costs

Net lease costs recognized were as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Operating lease cost	$	644		$	570		$	1,289		$	1,139
Sublease income		(482	)		(482	)		(964	)		(964	)
Net lease cost	$	162		$	88		$	325		$	175

Schedule of lease liabilities based on minimum lease commitment

As of June 30, 2023, the maturities of the lease liabilities based on minimum lease commitment amount are as follows (in thousands):


2023 (remaining six months)	$	1,507
2024		3,022
2025		1,880
2026		-
2027		-
Total minimum lease payments		6,409
Less: Imputed interest		(1,278	)
Present value of operating lease liabilities		5,131
Less: Current portion of operating lease liabilities		(2,560	)
Non-current operating lease liabilities	$	2,571

Schedule of Receivable Future Annual Sublease Payments

As of June 30, 2023, under the terms of the sublease agreement, the Company is entitled to receive future annual sublease payments as follows (in thousands):


2023 (remaining six months)	$	957
2024		1,954
2025		1,496
Total sublease payments	$	4,407

Stock Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected volatility, Minimum	80.20%	75.80%	79.50%	75.80%
Expected volatility, Maximum	80.50%	76.50%	80.50%	76.50%
Risk-free rate, Minimum	3.40%	2.80%	3.40%	1.80%
Risk-free rate, Maximum	3.80%	3.10%	4.00%	3.10%
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	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	6 years 1 month 6 days	6 years 1 month 6 days

Leases - Schedule of Receivable Future Annual Sublease Payments (Detail) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023 (remaining six months)	$ 957
2024	1,954
2025	1,496
Total sublease payments	$ 4,407

Leases - Additional Information (Detail) $ in Millions	Jun. 30, 2023 USD ($)	Jul. 31, 2022 ft²
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	2 years
Operating Lease, Weighted Average Discount Rate, Percent	9.10%
Operating lease minimum future commitments \| $	$ 5.6
Office and Laboratory Space at Brisbane California [Member]
Lessee, Lease, Description [Line Items]
Percentage of increase in rent annually		3.00%
Office and Laboratory Space at Brisbane California [Member] \| Maximum [Member]
Lessee, Lease, Description [Line Items]
Area of real estate availed on lease		9,900
Office and Laboratory Space at Brisbane California [Member] \| Minimum [Member]
Lessee, Lease, Description [Line Items]
Area of real estate availed on lease		4,900

Other Financial Statement Information - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Financial Statement Information [Abstract]
Prepaid clinical trial and drug manufacturing expenses	$ 6,218	$ 8,487
Prepaid insurance	1,165	998
Prepaid equity financing costs	560	490
Prepaid rent	251	247
Other	1,399	823
Total prepaid expenses and other current assets	$ 9,593	$ 11,045

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Class A common stock options issued and outstanding		5,847,562		3,795,486		5,847,562		3,795,486
Unvested RSUs		201,000		53,860		201,000		53,860
Total		6,048,562		3,849,346		6,048,562		3,849,346

Cash Equivalents And Marketable Securities - Schedule of Estimated Fair Value of Marketable Securities by Stated Contractual Maturities (Detail) $ in Thousands	Jun. 30, 2023 USD ($)
Cash Equivalents And Marketable Securities [Abstract]
Due within one year	$ 142,383
Due after one year to two years	4,749
Total marketable securities	$ 147,132

Condensed Balance Sheet - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash, cash equivalents and short-term marketable securities	$ 33,889	$ 43,459
Marketable securities	147,132	71,194
Prepaid expenses and other current assets	9,593	11,045
Total current assets	190,614	125,698
Restricted cash, noncurrent	0	293
Property and equipment, net	40	51
Operating lease right-of-use assets	4,030	5,173
Prepaid expenses and other noncurrent assets	465	162
Non-marketable equity securities	29	58
Total assets	195,178	131,435
Current liabilities:
Accounts payable	13,280	11,991
Operating lease liabilities	2,560	2,645
Accrued expenses and other current liabilities	10,995	10,964
Total current liabilities	26,835	25,600
Long-term debt	24,962	24,810
Operating lease liabilities, noncurrent	2,571	3,831
Accrued and other noncurrent liabilities	287	286
Total liabilities	54,655	54,527
Stockholders' equity
Preferred stock, $0.001 par value; 10,000,000 authorized as of June 30, 2023 and December 31, 2022; no shares issued and outstanding as of June 30, 2023 and December 31, 2022	0	0
Additional paid-in capital	403,964	290,216
Accumulated other comprehensive loss	(142)	(224)
Accumulated deficit	(263,343)	(213,112)
Total stockholders' equity	140,523	76,908
Total liabilities and stockholders' equity	195,178	131,435
Common Class A [Member]
Stockholders' equity
Class A common stock, $0.001 par value; 500,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 44,308,429 and 27,800,861 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	$ 44	$ 28

Note Payable

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Note Payable

7. NOTE PAYABLE

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


		June 30, 2023				December 31, 2022
	Maturity	Effective Interest Rate	Amount			Effective Interest Rate	Amount
Collateralized note 2021-12	2027	14.57%	$	5,000		13.57	$	5,000
Collateralized note 2022-11	2027	14.71%		20,000		13.74		20,000
Total borrowings				25,000				25,000
Less: Unamortized debt issuance costs				(38	)			(190	)
Net carrying amount of debt			$	24,962			$	24,810

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.

In March 2023, upon achievement of a clinical data milestone, the Company elected to exercise a borrower option to extend the maturity of the outstanding loan by 12 months, from December 2026 to December 2027. The interest-only payment period was also extended by 12 months to December 2026. The Company is permitted to prepay the loan, subject to certain conditions. The final payment upon the maturity date or prepayment of the loan increased from 5% to 7% of the aggregate principal balance of the loan.

As of June 30, 2023, 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 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 notes are as follows (in thousands):


Remainder of 2023	$	—
2024		—
2025		—
2026		—
2027		25,000
Total long-term debt	$	25,000

Licenses and Collaborations - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended		9 Months Ended	12 Months Ended
	Oct. 31, 2020	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
License and Collaborations [Line Items]
Research and development		$ 16,231		$ 10,112	$ 41,340	$ 22,661
Ares Agreement Member \| Ares Trading S A Member
License and Collaborations [Line Items]
Milestone payments paid									$ 25,000
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
Ares Agreement Member \| Ares Trading S A Member \| Related Party Member
License and Collaborations [Line Items]
Related party transaction, expenses from transactions with related party		$ 1,100		$ 500	2,000	$ 1,700
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
Company shares issued					$ 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				$ 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				$ 62,000
Common Class A [Member]
License and Collaborations [Line Items]
Company shares issued					283,034		283,034
Common Class A [Member] \| IPO [Member]
License and Collaborations [Line Items]
Conversion of redeemable convertible preferred stock to common stock	1,913,501

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed 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 interim financial reporting. The U.S. dollar is the Company’s functional and reporting currency.
Unaudited Interim Condensed Financial Statements	Unaudited Interim Condensed Financial Statements The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP), and in the opinion of management, include all adjustments of a normal recurring nature necessary for fair financial statement presentation. Interim results are not necessarily indicative of the results to be expected for the full year ending December 31, 2023, or any other period. The condensed balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date, but may not include all disclosures notes required by GAAP. These unaudited condensed financial statements and other information presented in this Form 10-Q should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 28, 2023.
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 unaudited condensed 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 accrual of research and development expenses, fair value of common stock and stock-based compensation expense, determination of incremental borrowing rate for operating leases, the valuation allowance for deferred tax assets, and fair value of marketable and non-marketable securities. 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. Marketable debt securities with stated maturities of three months or less from the date of purchase are classified as cash equivalents and those with stated maturities of greater than three months as marketable securities on the balance sheet. The Company determines the appropriate classification of marketable debt securities at the time of purchase. The Company has the ability, if necessary, to liquidate its investments to meet its liquidity needs in the next 12 months, without significant penalty. Accordingly, those investments with contractual maturities greater than one year from the date of purchase are classified as current assets on the accompanying balance sheets. All marketable debt securities are classified as available-for-sale and are reported at estimated fair value, with unrealized gains and losses recorded in accumulated other comprehensive loss within stockholders’ equity. Interest, amortization and accretion of purchase premiums and discounts on marketable debt securities are included in other income (expense), net, in the condensed statements of operations and comprehensive loss. The cost of available-for-sale marketable debt 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 condensed statements of operations and comprehensive loss. No impairment loss was recognized for the three and six months ended June 30, 2023 and 2022.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs consisting of legal, accounting and filing fees attributable to equity offerings. Deferred offering costs are included in other long-term assets on the Company's condensed balance sheets. Upon completion of an offering, these amounts are offset against the proceeds of the offering.
Leases	Leases The Company leases office and laboratory 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 spot 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 spot 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 condensed financial statements on a recurring basis. The Company’s financial instruments include cash equivalents, marketable securities, prepaid expenses, other current assets, accounts payable and accrued expenses. Cash equivalents and marketable securities are reported at their respective fair values on the Company’s condensed balance sheets. The remaining financial instruments are reported on the Company’s condensed balance sheets at cost, which approximate their fair value due to their short-term nature. The Company’s non-marketable equity securities (Note 5) 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.
Comprehensive Loss	Comprehensive Loss Comprehensive loss consists of two components: net loss and other comprehensive loss. For the six months ended June 30, 2023 and 2022, other comprehensive loss consists of net unrealized gains and losses on marketable securities that are recorded as an element of stockholders’ equity and are excluded from net loss.
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 of the shares of common stock underlying the stock options by 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. 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 February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (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 the ASUs 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 impact on the Company’s financial statements. 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 Mercantile 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. 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. Further, the FASB issued ASU No. 2018-19, ASU No. 2019-04, ASU No. 2019-05, ASU 2019-10, ASU 2019-11, ASU 2020-02 and ASU 2020-03 to provide additional guidance on the credit losses standard. The guidance is effective for the annual period beginning after December 15, 2022, with early adoption permitted. The Company adopted the ASUs on January 1, 2023. The ASUs did not have a material impact on the Company’s financial statements.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This 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 annual period beginning after December 15, 2023, with early adoption permitted. The Company does not expect that the adoption of this standard will have a material impact on its financial statements and related disclosures.

Stock Compensation - Summary of Share-based Compensation Arrangements by Share-based Payment Award (Details) - 2017 EIP And 2021 EIP [Member] $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Beginning	3,821,787
Number of Options, Granted	2,201,000
Number of Options, Exercised	(48,570)
Number of Options, Cancelled and forfeited	(126,655)
Number of Options, Ending	5,847,562	3,821,787
Number of Options, Options exercisable	1,849,727
Number of Options, Vested and expected to vest	5,847,562
Weighted average exercise price, Opening balance \| $ / shares	$ 10.3
Weighted average exercise price, Ending balance \| $ / shares	9.41	$ 10.3
Weighted average exercise price, Option exercisable \| $ / shares	8
Weighted average exercise price, Vested and expected to vest \| $ / shares	$ 9.41
Weighted average remaining contractual term	8 years 6 months 14 days	8 years 6 months 3 days
Weighted average remaining contractual term, Options exercisable	7 years 10 months 9 days
Weighted average remaining contractual term, Vested and expected to vest	8 years 6 months 14 days
Intrinsic Value \| $	$ 43,216	$ 35,872
Intrinsic Value, Options exercisable \| $	16,026
Intrinsic Value, Vested and expected to vest \| $	$ 43,216

Organization and Description of the Business - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended
	Feb. 06, 2023	Feb. 14, 2022	May 20, 2021	May 13, 2021	Oct. 31, 2020	May 31, 2021	Jun. 30, 2023	Dec. 31, 2022
Accumulated deficit							$ (263,343)	$ (213,112)
Cash And Cash Equivalents And Marketable Securities							$ 181,000
Underwriting discounts and commissions	$ 6,900	$ 5,200	$ 3,900
Offering Costs	$ 400	$ 900	2,800
Common Class A [Member]
Stock shares issued during the period new issues shares	2,142,857	748,959
Sale of stock net consideration received on the transaction	$ 107,700	$ 80,000
Common Class A [Member] \| IPO [Member]
Conversion of redeemable convertible preferred stock to common stock					1,913,501
Stock shares issued during the period new issues shares				4,350,000
Sale of stock, price per share				$ 11.00
Sale of stock net consideration received on the transaction			$ 48,400
Common Class A [Member] \| Follow-on Public Offering [Member]
Stock shares issued during the period new issues shares	16,428,572	5,742,026
Sale of stock, price per share	$ 7.00	$ 15.00
Common Class A [Member] \| Over-Allotment Option [Member]
Stock shares issued during the period new issues shares			652,500
Common Class A [Member] \| Conversion Of Redeemable Preferred Stock Into Common Stock [Member]
Conversion of redeemable convertible preferred stock to common stock						15,464,776
Common Class B [Member] \| Conversion Of Redeemable Preferred Stock Into Common Stock [Member]
Conversion of redeemable convertible preferred stock to common stock						309,238

Common Stock - Additional Information (Detail) - USD ($)			1 Months Ended		6 Months Ended	9 Months Ended
	Feb. 06, 2023	Feb. 14, 2022	Sep. 30, 2022	May 31, 2022	Jun. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class of Stock [Line Item]
Maximum aggregate offering price of common stock, preferred stock, debt securities and warrants					$ 400,000,000
Available for Issuance and Sale Under Sales Agreement					150,000,000
Cowen and Company, LLC [Member] \| Maximum [Member] \| 2022 ATM facility [Member]
Class of Stock [Line Item]
Maximum aggregate offering price of common stock, preferred stock, debt securities and warrants					$ 150,000,000
Common Class A [Member]
Class of Stock [Line Item]
Common stock, shares authorized					500,000,000		500,000,000
Common stock, Par value					$ 0.001		$ 0.001
Common stock conversion basis					one
Cash dividends					$ 0
Stock shares issued during the period new issues shares	2,142,857	748,959
Shares converted			99,238	210,000
Company shares issued					283,034	283,034
Common Class A [Member] \| Follow-on Public Offering [Member]
Class of Stock [Line Item]
Stock shares issued during the period new issues shares	16,428,572	5,742,026
Sale of stock, price per share	$ 7.00	$ 15.00
Common Class B [Member]
Class of Stock [Line Item]
Common stock, shares authorized					14,600,000
Common stock, Par value					$ 0.001
Cash dividends					$ 0
Shares converted			99,238	210,000

Stock Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock Compensation

9. 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 707,942 and 4,650,796 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 June 30, 2023, there were 261,306 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, 2022		3,821,787		$	10.30		8.51	$	35,872
Granted		2,201,000
Exercised		(48,570	)
Cancelled and forfeited		(126,655	)
Outstanding as of June 30, 2023		5,847,562			9.41		8.54		43,216
Options exercisable as of June 30, 2023		1,849,727			8.00		7.86		16,026
Vested and expected to vest as of June 30, 2023		5,847,562			9.41		8.54		43,216

The aggregate intrinsic value of stock options exercised during the three and six months ended June 30, 2023, was approximately $0.2 million and $0.2 million, respectively. The weighted-average grant date fair value of options granted during the three and six months ended June 30, 2023, was $5.57 and $5.71 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 June 30, 2023, 43,254 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 three and six months ended June 30, 2023.

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 condensed statements of operations and comprehensive loss for the three and six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	1,231	$	1,069	$	2,365	$	1,971
General and administrative		1,451		956		2,984		1,716
Total stock-based compensation expense	$	2,682	$	2,025	$	5,349	$	3,687


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Employees	$	2,597	$	1,325	$	4,921	$	2,339
Nonemployees		85		700		428		1,348
Total stock-based compensation expense	$	2,682	$	2,025	$	5,349	$	3,687

As of June 30, 2023, the Company had $27 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 2.83 years.

The fair value of stock options granted during the three and six months ended June 30, 2023 and 2022 was estimated using the Black-Scholes option pricing model based on the following weighted-average assumptions.


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Expected term (in years)	5.5 – 6.1	5.5 – 6.1	5.5 – 6.1	5.5 – 6.1
Expected volatility	80.2% – 80.5%	75.8% – 76.5%	79.5% – 80.5%	75.8% – 76.5%
Risk-free rate	3.4% – 3.8%	2.8% – 3.1%	3.4% – 4.0%	1.8% – 3.1%
Dividend yield	—	—	—	—

Restricted Stock Units

The Company grants restricted stock units (RSUs) 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 June 30, 2023.


	NUMBER OF SHARES			WEIGHTED- AVERAGE GRANT DATE FAIR VALUE
Unvested balance at December 31, 2022		204,000		$	18.37
Granted		—
Vested		(2,500	)		16.41
Cancelled and forfeited		(500	)		18.60
Unvested balance at June 30, 2023		201,000			18.39

For the six months ended June 30, 2023, the Company recognized $0.6 million of stock-based compensation expense for restricted stock units.

As of June 30, 2023, the Company had $2.6 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 1.26 years.

Stock Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	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	$ 200		$ 200
Number of shares issued under share-based payment arrangement			43,254
Stock-based compensation expense	$ 2,682	$ 2,025	$ 5,349	$ 3,687
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					707,942
2021 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock capital, Shares reserved for future issuance					4,650,796
Share-based compensation arrangement by share-based payment award, Number of shares available for issuance	261,306		261,306
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	$ 5.57		$ 5.71
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	$ 27,000		$ 27,000
Share based compensation, Nonvested awards, Compensation cost not yet recognized period of recognition stock options and equity instruments other than options			2 years 9 months 29 days
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	$ 2,600		$ 2,600
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 3 months 3 days
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%		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 Units (RSUs) [Member] \| 2017 and 2021 Amended Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 600

Leases - Schedule of Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 644	$ 570	$ 1,289	$ 1,139
Sublease income	(482)	(482)	(964)	(964)
Net lease cost	$ 162	$ 88	$ 325	$ 175

Other Financial Statement Information

6 Months Ended

Jun. 30, 2023

Other Financial Statement Information [Abstract]

Other Financial Statement Information

3. OTHER FINANCIAL STATEMENT INFORMATION

Prepaid Expenses and Other Current Assets

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


	June 30, 2023		December 31, 2022
Prepaid clinical trial and drug manufacturing expenses	$	6,218	$	8,487
Prepaid insurance		1,165		998
Prepaid equity financing costs		560		490
Prepaid rent		251		247
Other		1,399		823
Total prepaid expenses and other current assets	$	9,593	$	11,045

Accrued Expenses and Other Current Liabilities

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


	June 30, 2023		December 31, 2022
Accrued clinical trial and drug manufacturing expenses	$	6,122	$	4,334
Accrued payroll		2,003		3,217
Related party payable		1,952		2,780
Accrued legal fees		296		338
Accrued expenses and other		622		295
Total accrued expenses and other current liabilities	$	10,995	$	10,964

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 11).

Other Financial Statement Information (Tables)

6 Months Ended

Jun. 30, 2023

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):


	June 30, 2023		December 31, 2022
Prepaid clinical trial and drug manufacturing expenses	$	6,218	$	8,487
Prepaid insurance		1,165		998
Prepaid equity financing costs		560		490
Prepaid rent		251		247
Other		1,399		823
Total prepaid expenses and other current assets	$	9,593	$	11,045

Schedule of Accrued Expenses and Other Current Liabilities

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


	June 30, 2023		December 31, 2022
Accrued clinical trial and drug manufacturing expenses	$	6,122	$	4,334
Accrued payroll		2,003		3,217
Related party payable		1,952		2,780
Accrued legal fees		296		338
Accrued expenses and other		622		295
Total accrued expenses and other current liabilities	$	10,995	$	10,964

Non-Marketable Equity Securities - Summary of Non-marketable Equity Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Initial cost	$ 1,759	$ 1,759
Cumulative net fair value adjustments	(1,730)	(1,701)
Total non-marketable equity securities	$ 29	$ 58

Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions

13. 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 11.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Stock Compensation (Tables)

6 Months Ended

Jun. 30, 2023

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, 2022		3,821,787		$	10.30		8.51	$	35,872
Granted		2,201,000
Exercised		(48,570	)
Cancelled and forfeited		(126,655	)
Outstanding as of June 30, 2023		5,847,562			9.41		8.54		43,216
Options exercisable as of June 30, 2023		1,849,727			8.00		7.86		16,026
Vested and expected to vest as of June 30, 2023		5,847,562			9.41		8.54		43,216

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	1,231	$	1,069	$	2,365	$	1,971
General and administrative		1,451		956		2,984		1,716
Total stock-based compensation expense	$	2,682	$	2,025	$	5,349	$	3,687


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Employees	$	2,597	$	1,325	$	4,921	$	2,339
Nonemployees		85		700		428		1,348
Total stock-based compensation expense	$	2,682	$	2,025	$	5,349	$	3,687

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Expected term (in years)	5.5 – 6.1	5.5 – 6.1	5.5 – 6.1	5.5 – 6.1
Expected volatility	80.2% – 80.5%	75.8% – 76.5%	79.5% – 80.5%	75.8% – 76.5%
Risk-free rate	3.4% – 3.8%	2.8% – 3.1%	3.4% – 4.0%	1.8% – 3.1%
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 June 30, 2023.


	NUMBER OF SHARES			WEIGHTED- AVERAGE GRANT DATE FAIR VALUE
Unvested balance at December 31, 2022		204,000		$	18.37
Granted		—
Vested		(2,500	)		16.41
Cancelled and forfeited		(500	)		18.60
Unvested balance at June 30, 2023		201,000			18.39

Condensed Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Common Class A [Member]	Common Class A [Member] Common Stock [Member]	Common Class B [Member]
Beginning balance, shares at Dec. 31, 2021					20,968,376		309,238
Beginning Balance, Value at Dec. 31, 2021	$ 69,592	$ 193,627		$ (124,056)		$ 21
Issuance of Class A common stock from underwritten follow-on offering, net of offering costs					5,742,026
Issuance of Class A common stock from underwritten follow-on offering, net of offering costs, value	80,034	80,028			$ 6
Issuance of Class A common stock pursuant to exercise of options, value	65	65
Issuance of Class A common stock pursuant to exercise of options					17,946
Issuance of Class A common stock pursuant to employee stock purchase plan					8,458
Issuance of Class A common stock pursuant to employee stock purchase plan, value	169	169
Issuance of Class A common stock upon vesting of restricted stock units, shares					19,429
Stock-based compensation	1,662	1,662
Unrealized loss on marketable securities	(12)		$ (12)
Net loss	(17,085)			(17,085)
Ending Balance, shares at Mar. 31, 2022					26,756,235		309,238
Ending Balance, Value at Mar. 31, 2022	134,425	275,551	(12)	(141,141)		27
Beginning balance, shares at Dec. 31, 2021					20,968,376		309,238
Beginning Balance, Value at Dec. 31, 2021	69,592	193,627		(124,056)		21
Net loss	(31,938)
Ending Balance, shares at Jun. 30, 2022					26,998,306		99,238
Ending Balance, Value at Jun. 30, 2022	121,504	277,623	(152)	(155,994)		27
Beginning balance, shares at Mar. 31, 2022					26,756,235		309,238
Beginning Balance, Value at Mar. 31, 2022	134,425	275,551	(12)	(141,141)		27
Issuance of Class A common stock pursuant to exercise of options, value	47	47
Issuance of Class A common stock pursuant to exercise of options					12,641
Issuance of Class A common stock upon vesting of restricted stock units, shares					19,430
Conversion of Class B common stock into Class A common stock, Shares					210,000		(210,000)
Stock-based compensation	2,025	2,025
Unrealized loss on marketable securities	(140)		(140)
Net loss	(14,853)			(14,853)
Ending Balance, shares at Jun. 30, 2022					26,998,306		99,238
Ending Balance, Value at Jun. 30, 2022	121,504	277,623	(152)	(155,994)		27
Beginning balance, shares at Dec. 31, 2022					27,800,861
Beginning Balance, Value at Dec. 31, 2022	76,908	290,216	(224)	(213,112)		28
Issuance of Class A common stock from underwritten follow-on offering, net of offering costs					16,428,572
Issuance of Class A common stock from underwritten follow-on offering, net of offering costs, value	107,743	107,727			$ 16
Issuance of Class A common stock pursuant to exercise of options, value	65	65
Issuance of Class A common stock pursuant to exercise of options					3,750
Issuance of Class A common stock pursuant to employee stock purchase plan					27,926
Issuance of Class A common stock pursuant to employee stock purchase plan, value	175	175
Stock-based compensation	2,667	2,667
Unrealized loss on marketable securities	220		220
Net loss	(30,069)			(30,069)
Ending Balance, shares at Mar. 31, 2023					44,261,109
Ending Balance, Value at Mar. 31, 2023	157,709	400,850	(4)	(243,181)		44
Beginning balance, shares at Dec. 31, 2022					27,800,861
Beginning Balance, Value at Dec. 31, 2022	76,908	290,216	(224)	(213,112)		28
Net loss	(50,231)
Ending Balance, shares at Jun. 30, 2023					44,308,429
Ending Balance, Value at Jun. 30, 2023	140,523	403,964	(142)	(263,343)		44
Beginning balance, shares at Mar. 31, 2023					44,261,109
Beginning Balance, Value at Mar. 31, 2023	157,709	400,850	(4)	(243,181)		44
Issuance of Class A common stock pursuant to exercise of options, value	432	432
Issuance of Class A common stock pursuant to exercise of options					44,820
Issuance of Class A common stock upon vesting of restricted stock units, shares					2,500
Stock-based compensation	2,682	2,682
Unrealized loss on marketable securities	(138)		(138)
Net loss	(20,162)		0	(20,162)
Ending Balance, shares at Jun. 30, 2023					44,308,429
Ending Balance, Value at Jun. 30, 2023	$ 140,523	$ 403,964	$ (142)	$ (263,343)		$ 44

Note Payable (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Notes Payable

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


		June 30, 2023				December 31, 2022
	Maturity	Effective Interest Rate	Amount			Effective Interest Rate	Amount
Collateralized note 2021-12	2027	14.57%	$	5,000		13.57	$	5,000
Collateralized note 2022-11	2027	14.71%		20,000		13.74		20,000
Total borrowings				25,000				25,000
Less: Unamortized debt issuance costs				(38	)			(190	)
Net carrying amount of debt			$	24,962			$	24,810

Schedule Principal Installments Due

Principal installments due on the notes are as follows (in thousands):


Remainder of 2023	$	—
2024		—
2025		—
2026		—
2027		25,000
Total long-term debt	$	25,000

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Aug. 07, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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
Securities Act File Number	001-40407
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-2744449
Document Quarterly 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 Common Stock, Shares Outstanding		44,318,429

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	44,308,429	27,800,861
Common stock, Shares outstanding	44,308,429	27,800,861

Cash Equivalents And Marketable Securities - Summarizes the Unrealized Gains and Losses in Fair Value of the Company's Investments in Debt Securities (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized Cost	$ 178,670,000	$ 113,913,000
Unrealized Gains	8,000	1,000
Unrealized Losses	(150,000)	(225,000)
Estimated Fair Value	178,528,000	113,689,000
Money Market Funds
Marketable Securities [Line Items]
Amortized Cost	31,396,000	42,495,000
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	31,396,000	42,495,000
US Government Bonds [Member]
Marketable Securities [Line Items]
Amortized Cost	147,274,000	71,418,000
Unrealized Gains	8,000	1,000
Unrealized Losses	(150,000)	(225,000)
Estimated Fair Value	$ 147,132,000	$ 71,194,000

Stock Compensation - Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested as of December 31, 2022	204,000
Granted	0
Vested	(2,500)
Cancelled and forfeited	(500)
Unvested as of June 30, 2023	201,000
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 18.37
Weighted Average Grant Date Fair Value, Vested \| $ / shares	16.41
Weighted Average Grant Date Fair Value, Cancelled and Forfeited \| $ / shares	18.6
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 18.39

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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+ Details

Licenses and Collaborations

6 Months Ended

Jun. 30, 2023

Licenses And Collaborations [Abstract]

Licenses and Collaborations

11. 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 paid a non-refundable license issue fee to Ares in the form of shares of redeemable convertible preferred stock valued at $13.1 million, resulting in Ares becoming a related party to the Company. The redeemable convertible preferred stock subsequently converted into 1,913,501 shares of Class A common stock in connection with the IPO.

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 $1.1 million and $0.5 million to Ares for these services during the three months ended June 30, 2023 and 2022, respectively, and $2.0 million and $1.7 million during the six months ended June 30, 2023 and 2022, respectively. These amounts are included in research and development expenses on the condensed 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 would be 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 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.