0000950170-23-016046 | 10-Q | XBRL Viewer | DAY ONE Biopharmaceuticals INC

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 25, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	DAY ONE BIOPHARMACEUTICALS, INC.
Entity Central Index Key	0001845337
Entity File Number	001-40431
Entity Tax Identification Number	83-2415215
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Address, Address Line One	2000 Sierra Point Parkway
Entity Address, Address Line Two	Suite 501
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	484-0899
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	DAWN
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		73,572,633

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Total assets	$ 323,563	$ 349,062
Current assets:
Cash and cash equivalents	49,268	85,262
Short-term investments	268,911	257,007
Prepaid expenses and other current assets	4,209	5,605
Total current assets	322,388	347,874
Property and equipment, net	72	20
Operating lease right-of-use asset	616	699
Deposits and other long-term assets	487	469
Liabilities and stockholders' equity
Total liabilities	23,148	17,023
Current Liabilities:
Total current liabilities	22,848	16,615
Accounts payable	4,657	260
Accrued expenses and other current liabilities	17,774	15,950
Current portion of operating lease liabilities	417	405
Long-term portion of lease liabilities	300	408
Commitments and contingencies (Note 6)
Stockholders' equity
Common stock, $0.0001 par value; 500,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 73,572,633 and 73,458,176 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	7	7
Additional paid-in-capital	612,402	601,771
Accumulated other comprehensive loss	67	(71)
Accumulated deficit	(312,061)	(269,668)
Total stockholders' equity	300,415	332,039
Total liabilities and stockholders' equity	$ 323,563	$ 349,062

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares Issued	73,572,633	73,458,176
Common Stock, Shares Outstanding	73,572,633	73,458,176

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Research and development	$ 27,828	$ 15,003
General and administrative	18,027	12,745
Total operating expenses	45,855	27,748
Loss from operations	(45,855)	(27,748)
Investment income, net	3,466	2
Other expense, net	(4)	(1)
Net loss attributable to common stockholders	$ (42,393)	$ (27,747)
Net loss per share, Basic	$ (0.59)	$ (0.48)
Net loss per share, Diluted	$ (0.59)	$ (0.48)
Weighted-average number of common shares used in computing net loss per share, basic	71,972,888	58,382,444
Weighted-average number of common shares used in computing net loss per share, Diluted	71,972,888	58,382,444

Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net loss	$ (42,393)	$ (27,747)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	138	0
Total comprehensive loss	$ (42,255)	$ (27,747)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Condensed Consolidated Statements of Redeemable Convertible Preferred Shares, Redeemable Noncontrolling Interest and Stockholders' Equity/ Members' (Deficit) (unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning Balance at Dec. 31, 2021	$ 281,148		$ 6	$ 408,629	$ (127,487)
Beginning Balance (In shares) at Dec. 31, 2021			61,952,292
Share-based compensation expenses	6,202			6,202
Unrealized loss on available-for-sale securities	0
Unvested common stock forfeiture			(40,363)
Net loss attributable to common stockholders/members	(27,747)				(27,747)
Ending Balance at Mar. 31, 2022	259,603	$ 6		414,831	(155,234)
Ending Balance (In shares) at Mar. 31, 2022		61,911,929
Beginning Balance at Dec. 31, 2021	281,148		$ 6	408,629	(127,487)
Beginning Balance (In shares) at Dec. 31, 2021			61,952,292
Unrealized loss on available-for-sale securities						$ 71
Ending Balance at Dec. 31, 2022	332,039		$ 7	601,771	(269,668)
Ending Balance (In shares) at Dec. 31, 2022			73,458,176
Issuance of common stock upon exercise of stock options, share		75,184
Issuance of common stock upon exercise of stock options, Amount	1,184			1,184
Issuance of common stock upon release of restricted stock units, shares		60,673
Share-based compensation expenses	9,447			9,447
Unrealized loss on available-for-sale securities	138					138
Unvested common stock forfeiture			(21,400)
Net loss attributable to common stockholders/members	(42,393)				(42,393)
Ending Balance at Mar. 31, 2023	$ 300,415		$ 7	$ 612,402	$ (312,061)	$ 67
Ending Balance (In shares) at Mar. 31, 2023			73,572,633

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (42,393)	$ (27,747)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	9,447	6,202
Depreciation expense	6	6
Accretion of discounts on debt securities	(599)	0
Amortization of operating right-of-use assets	83	47
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,396	422
Deposits and other long-term assets	(18)	4
Accounts payable	4,379	(1,043)
Accrued expenses and other current liabilities	1,810	595
Operating lease liabilities	(96)	(49)
Net cash used in operating activities	(25,985)	(21,563)
Cash flows from investing activities
Cash paid for purchase of short-term investments	(160,014)	0
Proceeds from maturity of short-term investments	148,847	0
Cash paid for purchase of property and equipment	(26)	(15)
Cash used in investing activities	(11,193)	(15)
Cash flows from financing activities
Proceeds from issuance of common stock upon stock option exercises	1,184	0
Net cash provided by financing activities	1,184	0
Net increase in cash and cash equivalents	(35,994)	(21,578)
Cash and cash equivalents, beginning of period	85,262	284,309
Cash and cash equivalents, end of period	49,268	262,731
Supplemental disclosures of noncash activities
Purchases of property and equipment included in accounts payable and in accrued expenses and other current liabilities	$ 32	$ 0

Description of Business and Organization

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Organization

Organization and Business

Day One Biopharmaceuticals, Inc., or the Company, is a clinical-stage biopharmaceutical company dedicated to developing and commercializing targeted therapies for people of all ages with life-threatening diseases. The Company was formed as a limited liability company under the laws of the State of Delaware in November 2018, under the name Hero Therapeutics Holding Company, LLC. Subsequently, the Company changed its name to Day One Therapeutics Holding Company, LLC in December 2018 and to Day One Biopharmaceuticals Holding Company, LLC, or Day One Holding LLC, in March 2020.

On May 26, 2021, the Company completed a conversion by filing a certificate of conversion with the Secretary of State of the State of Delaware and changed its name to Day One Biopharmaceuticals, Inc.

Summary Of Significant Accounting Policies	3 Months Ended
Summary Of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies There have been no changes to the significant accounting policies as disclosed in Note 2 to the Company’s annual consolidated financial statements for the years ended December 31, 2022 and 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These accounting principles were applied on a basis consistent with those of the consolidated financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company's financial statements for interim periods presented in accordance with U.S. GAAP. The condensed consolidated balance sheet as of December 31, 2022 was derived from audited annual financial statements but does not include all disclosures required by U.S. GAAP. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2022 included in the Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year or any other future periods. The Company's significant accounting policies are described in Note 2 of the notes to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Updates, or ASU, of the Financial Accounting Standards Board, or FASB. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the valuation of share-based awards, the valuation of deferred tax assets and income tax uncertainties, and accruals for research and development activities. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions. Segments The Company has determined that its chief executive officer is the chief operating decision maker, or CODM. The Company operates and manages the business as one reporting and one operating segment, which is the business of identifying and advancing targeted therapies for people of all ages with genomically defined cancers. The Company’s CODM reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. All of the Company’s assets are located in the United States. Concentration of credit risk and other risks and uncertainties Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. Amounts on deposit may at times exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents and short-term investments that are recorded on its balance sheet. Per policy, the Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits its exposure. The Company has not experienced any losses on its cash, cash equivalents and short-term investments. The Company is subject to certain risks and uncertainties and believes that changes in any of the following areas could have a material adverse effect on the Company's future financial position or results of its operations: ability to obtain future financing; regulatory requirements for approval and market acceptance of, and reimbursement for, product candidates; performance of third-party clinical research organizations and manufacturers upon which the Company relies; development of sales channels; protection of the Company’s intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; changes to the market landscape; and the Company’s ability to attract and retain employees necessary to support its growth. The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The JOBS Act does not preclude an emerging growth company from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies. The Company expects to use the extended transition period for any other new or revised accounting standards during the period in which it remains an emerging growth company.

Recurring Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements

The following table sets forth the Company’s financial instruments as of March 31, 2023 and December 31, 2022, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	33,059	$	—	$	—	$	33,059
U.S. treasury securities		—		37,817		—		37,817
U.S. government agency securities		—		234,087		—		234,087
Total assets measured at fair value	$	33,059	$	271,904	$	—	$	304,963


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	18,765	$	—	$	—	$	18,765
U.S. treasury securities		—		145,785		—		145,785
U.S. government agency securities		—		136,022		—		136,022
Total assets measured at fair value	$	18,765	$	281,807	$	—	$	300,572

The Company's money market funds are classified as Level 1 because they are measured using observable inputs from active markets for identical assets.

The Company's U.S. treasury securities and U.S. government agency securities are classified as Level 2 because they are measured with inputs that are either directly or indirectly observable for the asset which include quoted prices for similar assets in active markets and quoted prices for identical or similar assets in markets that are not active.

There were no assets or liabilities classified as Level 3 as of March 31, 2023 and December 31, 2022.

There were no transfers between Level 1, Level 2 or Level 3 categories during the periods presented.

The following tables summarize the estimated fair value of the Company's cash equivalents, available-for-sale securities classified as short-term investments, and associated unrealized gains and losses (in thousands):


	March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market funds	$	33,059	$	—	$	—		$	33,059
U.S. government agency securities		2,993		—		—			2,993
Total cash equivalents		36,052		—		—			36,052

Short-term investments
U.S. treasury securities		37,806		11		—			37,817
U.S. government agency securities		231,038		59		(3	)		231,094
Total short-term investments	$	268,844	$	70	$	(3	)	$	268,911


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market funds	$	18,765	$	—	$	—		$	18,765
U.S. government agency securities		24,800		—		—			24,800
Total cash equivalents		43,565		—		—			43,565

Short-term investments
U.S. treasury securities		145,880		1		(96	)		145,785
U.S. government agency securities		111,197		37		(12	)		111,222
Total short-term investments	$	257,077	$	38	$	(108	)	$	257,007

The following table summarizes the maturities of our cash equivalents and available-for-sale securities (in thousands):


	March 31, 2023
	Amortized Cost		Fair Value
Mature in one year or less	$	304,896	$	304,963
Total	$	304,896	$	304,963


	December 31, 2022
	Amortized Cost		Fair Value
Mature in one year or less	$	300,642	$	300,572
Total	$	300,642	$	300,572

The following table presents the breakdown of the Company's available-for-sale securities with gross unrealized losses and the duration that those losses had been unrealized (in thousands):


	March 31, 2023
	Unrealized Losses Less Than 12 Months					Unrealized Losses 12 Months or Greater				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Financial assets:
U.S. government agency securities	$	24,815	$	(3	)	$	—	$	—	$	24,815	$	(3	)
Total financial assets	$	24,815	$	(3	)	$	—	$	—	$	24,815	$	(3	)


	December 31, 2022
	Unrealized Losses Less Than 12 Months					Unrealized Losses 12 Months or Greater				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Financial assets:
U.S. treasury securities	$	140,822	$	(96	)	$	—	$	—	$	140,822	$	(96	)
U.S. government agency securities		26,811		(12	)		—		—		26,811		(12	)
Total financial assets	$	167,633	$	(108	)	$	—	$	—	$	167,633	$	(108	)

The Company regularly reviews the changes to the rating of its securities and monitors the surrounding economic conditions to assess the risk of expected credit losses. As of March 31, 2023 and December 31, 2022, there were no securities that were in an unrealized loss position for more than 12 months. As of March 31, 2023, the unrealized losses on the Company’s investments in U.S. treasury securities and U.S. government agency securities were caused by interest rate increases. The current credit ratings are all within the guidelines of the investment policy of the Company and the Company does not expect the issuers to settle any security at a price less than the amortized cost basis of the investment with the contractual cash flows of these investments guaranteed by the issuer. No allowance for credit losses has been recorded since it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Balance Sheet Items

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Items

Prepaid Expenses and Other Current Assets

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


	March 31, 2023		December 31, 2022
Prepaid research and development expenses	$	2,753	$	3,007
Prepaid insurance		674		1,592
Other prepaid expenses and other assets		782		1,006
Total prepaid expenses and other current assets	$	4,209	$	5,605

Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):


	March 31, 2023			December 31, 2022
Leasehold improvements	$	39		$	26
Laboratory equipment		45			—
Property and equipment, gross		84			26
Less: accumulated depreciation		(12	)		(6	)
Property and equipment, net	$	72		$	20

Depreciation expense for each of the three months ended March 31, 2023 and 2022 was immaterial.

Accrued Expenses and Other Current Liabilities

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


	March 31, 2023		December 31, 2022
Accrued research and development expenses	$	11,283	$	7,554
Accrued payroll related expenses		2,814		6,129
Accrued professional service expenses		3,162		2,088
Other		515		179
Total accrued expenses and other current liabilities	$	17,774	$	15,950

Significant Agreements

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Agreements

License agreement with Merck KGaA, Darmstadt, Germany

On February 10, 2021, DOT Therapeutics-2, Inc., or DOT-2, the Company’s subsidiary, entered into a license agreement, or the MRKDG License Agreement, with Merck KGaA, Darmstadt, Germany, a pharmaceutical corporation located in Darmstadt, Germany. Under the MRKDG License Agreement, Merck KGaA, Darmstadt, Germany granted to the Company an exclusive worldwide license, with the right to grant sublicenses through multiple tiers, under specified patent rights and know-how for the Company to research, develop, manufacture and commercialize products containing and comprising the pimasertib and MSC2015103B compounds. The Company also received clinical inventory supplies to use in its research and development activities. The Company’s exclusive license grant is subject to a non-exclusive license granted by Merck KGaA, Darmstadt, Germany’s affiliate to a cancer research organization and Merck KGaA, Darmstadt, Germany retains the right to conduct, directly or indirectly, certain ongoing clinical studies relating to pimasertib.

Under the MRKDG License Agreement, the Company has obligations to use commercially reasonable efforts to develop and commercialize at least two licensed products in at least two specified major market countries by the year 2029.

In consideration for the rights granted under the MRKDG License Agreement and clinical supplies, the Company made an upfront payment of $8.0 million, which was recorded as research and development expenses, as the technology does not have an alternative future use and supplies are used for research activities. Additionally, the Company made a milestone payment of $2.5 million, which was recorded as research and development expenses due to the nature of the license agreement and the milestone event relating to the first dosing of a patient in a first clinical trial of a product containing pimasertib, in the year ended December 31, 2022. The Company may also be required to make additional payments of up to $364.5 million based upon the achievement of specified development, regulatory, and commercial milestones, as well as a high, single-digit royalty percentage on future net sales of licensed products, if any. Milestones and royalties are contingent upon future events and will be recorded when the milestones are achieved and when payments are due. No milestones were achieved and due as of March 31, 2023.

The term of the MRKDG License Agreement will expire on a licensed product-by-licensed product and country-by-country basis upon the expiration of the Company’s obligation to pay royalties to the licensor with respect to such licensed product in such country and will expire in its entirety upon the expiration of all of the Company’s payment obligations with respect to all licensed products and all countries under the MRKDG License Agreement.

Effective December 31, 2021, DOT-2 was merged with and into the Company, with the Company being the surviving corporation and assuming DOT-2’s obligations under the MRKDG License Agreement.

Takeda Asset Purchase Agreement

On December 16, 2019, DOT Therapeutics-1, Inc., or DOT-1, the Company’s subsidiary, entered into an asset purchase agreement, or the Takeda Asset Agreement, with Millennium Pharmaceuticals, Inc., a related party and an affiliate of Takeda Pharmaceutical Company Limited, or Takeda. Pursuant to the Takeda Asset Agreement, DOT-1 purchased certain technology rights and know-how related to TAK-580 (which is now tovorafenib (DAY101)) that provides a new approach for treating patients with primary brain tumors or brain metastases of solid tumors. DOT-1 also received clinical inventory supplies to use in the Company’s research and development activities of such RAF-inhibitor and an assigned investigator clinical trial agreement. Takeda also assigned to DOT-1 its exclusive license agreement, or the Viracta License Agreement, with Viracta Therapeutics, Inc. (f/k/a Sunesis Pharmaceuticals, Inc.), or Viracta. Takeda also granted DOT-1 a worldwide, sublicensable exclusive license under specified patents and know-how and non-exclusive license under other patents and know-how generated by Takeda under the Takeda Asset Agreement. The Company also granted Takeda a grant back license, as defined in the Takeda Asset Agreement, which is terminable either automatically or by DOT-1 in the event Takeda does not achieve specified development milestones within the applicable timeframes set forth under the Takeda Asset Agreement. This grant back license to Takeda was terminated at the time of Conversion in connection with the Millennium Stock Exchange Agreement.

In consideration for the sale and assignment of assets and the grant of the license under the Takeda Asset Agreement, DOT-1 made an upfront payment of $1.0 million in cash and issued 9,857,143 shares of Series A redeemable convertible preferred stock in DOT-1 in December 2019. The fair value of issued shares was estimated as $9.9 million, based on the price paid by other investors for issued shares in the Series A financing of DOT-1. Based on the terms of the Millennium Stock Exchange Agreement, Takeda exchanged the 9,857,143 shares of Series A redeemable convertible preferred stock of DOT-1 for 6,470,382 shares of the Company’s common stock upon the effectiveness of the Conversion, on May 26, 2021.

The term of the Takeda Asset Agreement will expire on a country-by-country basis upon expiration of all assigned patent rights and all licensed patent rights in such country. Takeda may terminate the Takeda Asset Agreement prior to the Company's first commercial sale of a product if we cease conducting any development activities for a continuous and specified period of time and such cessation is not agreed upon by the parties and is not done in response to guidance from a regulatory authority. Additionally, Takeda can terminate the Takeda Asset Agreement in the event of the Company's bankruptcy. In the event of termination of the Takeda Asset Agreement by Takeda as a result of our cessation of development or bankruptcy, all assigned patents, know-how and contracts (other than the Viracta License Agreement) will be assigned back to Takeda and Takeda will obtain a reversion license under patents and know-how generated to exploit all such terminated products.

Effective December 31, 2021, DOT-1 was merged with and into the Company, with the Company being the surviving corporation and assuming DOT-1’s obligations under the Takeda Assets Purchase Agreement.

Viracta License Agreement

On December 16, 2019, DOT-1 amended and restated the Viracta License Agreement that was assigned pursuant to the Takeda Asset Agreement. Under the Viracta License Agreement, DOT-1 received a worldwide exclusive license under specified patent rights and know-how to develop, use, manufacture, and commercialize products containing compounds binding the RAF protein family.

DOT-1 paid $2.0 million upfront in cash to Viracta, which was recorded as research and development expenses in 2019. DOT-1 made a milestone payment of $3.0 million to Viracta in February 2021, which was recorded as research and development expense when the milestone was achieved in April 2021. DOT-1 is also required to make additional milestone payments of up to $54.0 million upon achievement of specified development and regulatory milestones for each licensed product in two indications, with milestones payable for the second indication to achieve a specified milestone event being lower than milestones payable for the first indication. Additionally, if DOT-1 obtains a priority review voucher with respect to a licensed product and sells such priority review voucher to a third party or uses such priority review voucher, DOT-1 is obligated to pay Viracta a specified percentage in the mid-teen digits of all net consideration received from any such sale or of the value of such used priority review voucher, as applicable. Commencing on the first commercial sale of a licensed product in a country, DOT-1 is obligated to pay tiered royalties ranging in the mid-single-digit percentages on net sales of licensed products, if any. The obligation to pay royalties will end on a country-by-country and licensed product-by-licensed product basis commencing on the first commercial sale in a country and continuing until the later of: (i) the expiration of the last valid claim of the Viracta licensed patents, jointly owned collaboration patents or specified patents owned by the Company covering the use or sale of such product in such country, (ii) the expiration of the last statutory exclusivity pertaining to such product in such country or (iii) the tenth anniversary of the first commercial sale of such product in such country. No milestones were achieved and due as of March 31, 2023.

The term of the Viracta License Agreement will expire on a licensed product-by-licensed product and country-by-country basis upon the expiration of the Company’s obligation to pay royalties to Viracta with respect to such product in such country. DOT-1 has the right to terminate the Viracta License Agreement with respect to any or all of the licensed products at will upon a specified notice period.

Effective December 31, 2021, DOT-1 was merged with and into the Company, with the Company being the surviving corporation and assuming DOT-1’s obligations under Viracta License Agreement.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

In April 2022, the Company entered into a lease agreement for approximately 12,000 square feet of general use office space in Brisbane, California. Such agreement was determined to be a lease since the right to control the use of the identified asset was conveyed to the Company for a period of time in exchange for consideration. The term of the lease is 31 months and commenced in May 2022. There is no option to extend the lease term nor is there an option to terminate the lease term prior to its expiration. The Company is obligated to pay monthly rent expense and its pro rata share of the landlord's operating expenses which include utilities, common area maintenance expenses, and property taxes. Such expenses are a non-lease component and a variable consideration and included in the Company's operating expenses as incurred. The Company concluded that this lease is also an operating lease. The total payments for base rent over the term of the lease is approximately $1.1 million. Upon execution of the agreement, the Company paid a security deposit of approximately $40,000 classified as deposits and other long-term assets on the condensed consolidated balance sheets.

The Company determined the lease incremental borrowing rate, or IBR, based on the information available at the applicable lease commencement date as the Company’s leases do not provide an implicit rate. The IBR is determined by using the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment where the asset is located. As of March 31, 2023, the weighted-average remaining lease term and weighted-average discount rate were 1.7 years and 9.0%, respectively.

The Company’s lease does not require any contingent rental payments, impose financial restrictions, or contain any residual value guarantees.

Lease expense of right-of-use assets is recognized on a straight-line basis over the applicable lease term. Lease expense was $0.1 million and $47,000 for the three months ended March 31, 2023 and 2022, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $0.1 million and $52,000 for the three months ended March 31, 2023 and 2022, respectively. Variable payments expensed during the three months ended March 31, 2023 and 2022 were immaterial.

As of March 31, 2023, the future lease obligations were as follows (in thousands):


	March 31, 2023
Remaining in 2023	$	345
2024		424
Total future minimum lease payments		769
Less: Imputed interest		(52	)
Present value of operating lease liabilities		717
Less: current portion of operating lease liabilities		(417	)
Operating lease liabilities	$	300

Research and Development Agreements

The Company enters into contracts in the normal course of business with clinical research organizations, contract manufacturing organizations, and other third-party vendors for clinical trial, manufacturing, testing, and other research and development activities. These contracts generally provide for termination on notice, with the exception of one vendor where certain costs are non-cancellable after the approval of the project. As of March 31, 2023 and December 31, 2022, there were no amounts accrued related to termination and cancellation charges as these are not probable.

License Agreements

The Company entered into the license agreements, as disclosed in Note 5, pursuant to which the Company is required to pay milestones contingent upon meeting of specific events. The first milestone, related to the Viracta License Agreement, was achieved and recorded to research and development expense during the year ended December 31, 2021. The second milestone, related to the MRKDG License Agreement, was achieved and recorded to research and development during the year ended December 31, 2022. The Company may be required to pay royalties on sales of products developed under these agreements. All products are in development as of March 31, 2023 and December 31, 2022, and no such royalties were due.

Legal Proceedings

The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company is not subject to any material legal proceedings, and to the best of its knowledge, no material legal proceedings are currently pending or threatened.

Indemnification Agreements

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for indemnification for certain liabilities. The exposure under these agreements is unknown because it involves claims that may be made against it in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company also has indemnification obligations to its directors and executive officers for specified events or occurrences, subject to some limits, while they are serving at its request in such capacities. There have been no claims, to date and the Company believes the fair value of these indemnification agreements is minimal. Accordingly, the Company had not recorded any liabilities for these agreements as of March 31, 2023 and December 31, 2022.

Common Stock

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Common Stock

Pursuant to its certificate of incorporation, the Company is authorized to issue 500.0 million shares of common stock at a par value of $0.0001 per share. As of March 31, 2023, 73,572,633 shares of common stock were issued and outstanding.

At-The-Market Offering

In June 2022, the Company entered into an equity distribution agreement with Piper Sandler & Co. and JonesTrading Institutional Services LLC, as sales agents, relating to the issuance and sale of shares of the Company’s common stock for an aggregate offering price of up to $150.0 million under an at-the-market offering program, or the 2022 ATM. During the three months ended March 31, 2023, the Company did not make any sales under the 2022 ATM.

June 2022 Follow-On Offering

In June 2022, the Company completed a follow-on offering and issued and sold 11,500,000 shares of common stock (including the exercise by the underwriters of their option to purchase an additional 1,500,000 shares of common stock) at a price to the public of $15.00 per share for net proceeds of approximately $161.6 million, after deducting underwriting discounts, commissions, and offering costs.

The Company has reserved shares of common stock for future issuances as follows:


	March 31, 2023
Common stock options issued and outstanding		9,292,431
Common stock available for future grants		3,617,013
Common stock available for ESPP		1,836,337
Restricted stock units issued and outstanding		964,700
Total		15,710,481

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

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

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+ Details

Share-based Compensation

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Share-based Compensation

2022 Equity Inducement Plan

In October 2022, the board of directors and stockholders approved the 2022 Equity Inducement Plan, or the 2022 Plan. The 2022 Plan provides for the grant of non-statutory stock options and restricted stock units. The number of shares of common stock reserved for issuance under the 2022 Plan is 1,000,000 shares.

The following table provides a summary of stock option activity under the 2022 Plan during the three months ended March 31, 2023.


	Options		Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022		309,000	$	21.14
Granted		—	$	—
Exercised		—	$	—			$	—
Forfeiture		—	$	—
Outstanding at March 31, 2023		309,000	$	21.14		9.6	$	—
Vested and expected to vest at March 31, 2023		309,000	$	21.14		9.6	$	—
Exercisable at March 31, 2023		—	$	—		—	$	—

Aggregate intrinsic value represents the difference between the estimated fair value of the underlying common stock and the exercise price of outstanding, in-the-money options.

There was no fair value of options that vested during each of the three months ended March 31, 2023 and 2022. There was no weighted-average grant date fair value of options granted since there were no options granted from the 2022 Plan during each of the three months ended March 31, 2023 and 2022.

Unamortized share-based compensation for stock options as of March 31, 2023 was $4.2 million, which is expected to be recognized over a weighted-average period of 3.6 years.

The following table provides a summary of restricted stock units activity under the 2022 Plan during the three months ended March 31, 2023:


	Number of Shares		Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2022		47,400	$	21.14
Granted		—	$	—
Vested		—	$	—
Forfeiture		—	$	—
Unvested restricted stock units at March 31, 2023		47,400	$	21.14

Unamortized share-based compensation for restricted stock units as of March 31, 2023 was $0.9 million, which is expected to be recognized over a weighted-average period of 3.6 years.

2021 Equity Incentive Plan

Immediately prior to consummation of the Company’s initial public offering, or the IPO, all the outstanding incentive shares were converted into common stock. The following table provides a summary of the unvested common stock awards activity during the three months ended March 31, 2023.


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested common stock as of December 31, 2022		1,722,744		$	16.00
Vested		(251,620	)	$	16.00
Forfeiture		(21,400	)	$	16.00
Unvested common stock as of March 31, 2023		1,449,724		$	16.00

In May 2021, in connection with the IPO, the board of directors and stockholders approved, the 2021 Equity Incentive Plan, or the 2021 Plan, which became effective on the day before the date of the effectiveness of the IPO. The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, awards of restricted stock, restricted stock units and other share-based awards. The number of shares of common stock reserved for issuance under the 2021 Plan is equal to the sum of: (x) 6,369,000 shares of common stock; plus (y) 4,719,605 shares of common stock issued in respect of the Conversion of incentive shares that were subject to vesting immediately prior to the effectiveness of the registration statement for the IPO that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by us at their original issuance price pursuant to a contractual repurchase right. The number of shares available for grant and issuance under the 2021 Plan will be automatically increased on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2021 and continuing for each fiscal year until, and including, the fiscal year commencing on January 1, 2031, by the lesser of (a) 5% of the number of shares of all classes of the Company’s common stock, plus the total number of shares of Company common stock issuable upon conversion of any preferred stock or exercise of any warrants to acquire shares of Company common stock for a nominal exercise price issued and outstanding on each December 31 immediately prior to the date of increase or (b) such number of shares determined by the board of directors.

The following table provides a summary of stock option activity under the 2021 Plan during the three months ended March 31, 2023.


	Options			Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022		7,634,167		$	16.42
Granted		1,515,000		$	23.25
Exercised		(75,184	)	$	15.74			$	612
Forfeiture		(90,552	)	$	20.04
Outstanding at March 31, 2023		8,983,431		$	17.54		8.7	$	1,099
Vested and expected to vest at March 31, 2023		8,983,431		$	17.54		8.7	$	1,099
Exercisable at March 31, 2023		2,828,518		$	16.55		8.4	$	61

Aggregate intrinsic value represents the difference between the estimated fair value of the underlying common stock and the exercise price of outstanding, in-the-money options.

The total fair value of options that vested during the three months ended March 31, 2023 and 2022 was $6.3 million and $1.7 million, respectively. The weighted-average grant date fair value of options granted during the three months ended March 31, 2023 and 2022 was $16.63 per share and $8.47 per share, respectively.

Unamortized share-based compensation for stock options as of March 31, 2023 was $67.5 million, which is expected to be recognized over a weighted-average period of 2.9 years.

The Company used the Black-Scholes option pricing model to estimate the fair value of stock options awards granted with the following assumptions:


	Three Months Ended March 31,
	2023	2022
Expected term (in years)	5.86 - 6.25	5.90 - 6.08
Expected volatility	80.79% - 81.98%	65.20% - 66.92%
Risk-free interest rate	3.55% - 4.08%	1.47% - 2.55%
Expected dividend yield	—	—

The following table provides a summary of restricted stock units activity under the 2021 Plan during the three months ended March 31, 2023:


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2022		485,351		$	16.83
Granted		510,660		$	23.23
Vested		(60,673	)	$	20.08
Forfeiture		(18,038	)	$	21.04
Unvested restricted stock units at March 31, 2023		917,300		$	20.10

Unamortized share-based compensation for restricted stock units as of March 31, 2023 was $17.4 million, which is expected to be recognized over a weighted-average period of 3.4 years.

Performance Awards

In June 2022, the Company granted performance awards, consisting of performance stock options, or PSOs, and performance stock units, or PSUs, to non-executive employees pursuant to the 2021 Equity Incentive Plan. Each performance award is earned through the achievement of a performance-based metric over a defined performance period determined by the compensation committee of the Company's board of directors. The estimated fair value of the equity awards that contain performance conditions is expensed over the term of the award once the Company has determined that it is probable that the performance conditions will be satisfied. As of March 31, 2023, the Company has granted 152,550 PSOs with a weighted-average grant date fair value of $7.78 per share and 99,250 PSUs with a weighted-average grant date fair value of $15.25 per share. The total fair values of PSOs and PSUs granted were $1.2 million and $1.5 million, respectively. As of March 31, 2023, no PSOs or PSUs had vested since the achievement of the performance-based metrics of the performance awards was not deemed probable.

For the three months ended March 31, 2023 and 2022, the Company has not granted any performance awards under the 2021 Plan.

2021 Employee Stock Purchase Plan

In May 2021, the board of directors adopted, and the stockholders approved the 2021 Employee Stock Purchase Plan, or the ESPP, which became effective on May 26, 2021. A total of 603,000 shares of common stock were initially reserved for issuance under the ESPP. The number of shares of the common stock reserved for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2021 and continuing for each fiscal year until, and including, the fiscal year commencing on January 1, 2031, by the lesser of: (a) 1% of the total number of outstanding shares of common stock of the Company (on an as converted basis outstanding on the immediately preceding December 31 (rounded down to the nearest whole share) and (b) an amount determined by the board of directors. 97,413 shares have been issued under the ESPP as of March 31, 2023. The Company recognized $0.2 million and $0.1 million compensation expense related to the ESPP for the three months ended March 31, 2023 and 2022, respectively.

For the three months ended March 31, 2023 and 2022, the Company has not issued any shares pursuant to the ESPP.

Share-based compensation expense recorded in the accompanying condensed consolidated statements of operations is as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Research and development expense	$	3,380	$	2,147
General and administrative expense		6,067		4,055
Total share-based compensation expense	$	9,447	$	6,202

As of March 31, 2023, there was $96.6 million of unrecognized compensation cost related to unvested restricted stock, unvested restricted stock units, unvested stock options, and shares subject to purchase under the ESPP that is expected to be recognized over a weighted-average period of approximately 3.0 years.

As of March 31, 2023, there was $2.6 million of unrecognized compensation cost related to unvested PSOs and PSUs. The Company will recognize the PSO and PSU expense through the expected vesting dates when the achievement of the performance-based metrics is probable.

Net Loss Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts):


	Three Months Ended March 31,
	2023			2022
Net loss attributable to common stockholders	$	(42,393	)	$	(27,747	)
Net loss per share, basic and diluted	$	(0.59	)	$	(0.48	)
Weighted-average number of common shares used in computing net loss per share, basic and diluted		71,972,888			58,382,444

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:


	Three Months Ended March 31,
	2023		2022
Stock options		9,292,431		7,018,228
Unvested common shares		1,449,724		3,352,683
Restricted stock units		964,700		392,757
Shares committed under ESPP		47,099		24,357
Total		11,753,954		10,788,025

Defined Contribution Plan	3 Months Ended
Defined Contribution Plan	Mar. 31, 2023
Retirement Benefits [Abstract]
Defined Contribution Plan	10. Defined Contribution Plan The Company maintains an employee savings plan pursuant to Section 401(k) of the Internal Revenue Code. All employees are eligible to participate provided that they meet the requirements of the plan. For the three months ended March 31, 2023 and 2022, the Company made matching contributions of $0.8 million and $0.2 million, respectively.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These accounting principles were applied on a basis consistent with those of the consolidated financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company's financial statements for interim periods presented in accordance with U.S. GAAP. The condensed consolidated balance sheet as of December 31, 2022 was derived from audited annual financial statements but does not include all disclosures required by U.S. GAAP. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2022 included in the Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year or any other future periods. The Company's significant accounting policies are described in Note 2 of the notes to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Updates, or ASU, of the Financial Accounting Standards Board, or FASB.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the valuation of share-based awards, the valuation of deferred tax assets and income tax uncertainties, and accruals for research and development activities. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions.
Segment	Segments The Company has determined that its chief executive officer is the chief operating decision maker, or CODM. The Company operates and manages the business as one reporting and one operating segment, which is the business of identifying and advancing targeted therapies for people of all ages with genomically defined cancers. The Company’s CODM reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. All of the Company’s assets are located in the United States.
Concentration of credit risk and other risks and uncertainties	Concentration of credit risk and other risks and uncertainties Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. Amounts on deposit may at times exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents and short-term investments that are recorded on its balance sheet. Per policy, the Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits its exposure. The Company has not experienced any losses on its cash, cash equivalents and short-term investments. The Company is subject to certain risks and uncertainties and believes that changes in any of the following areas could have a material adverse effect on the Company's future financial position or results of its operations: ability to obtain future financing; regulatory requirements for approval and market acceptance of, and reimbursement for, product candidates; performance of third-party clinical research organizations and manufacturers upon which the Company relies; development of sales channels; protection of the Company’s intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; changes to the market landscape; and the Company’s ability to attract and retain employees necessary to support its growth. The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.
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, or the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The JOBS Act does not preclude an emerging growth company from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies. The Company expects to use the extended transition period for any other new or revised accounting standards during the period in which it remains an emerging growth company.

Recurring Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	33,059	$	—	$	—	$	33,059
U.S. treasury securities		—		37,817		—		37,817
U.S. government agency securities		—		234,087		—		234,087
Total assets measured at fair value	$	33,059	$	271,904	$	—	$	304,963


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	18,765	$	—	$	—	$	18,765
U.S. treasury securities		—		145,785		—		145,785
U.S. government agency securities		—		136,022		—		136,022
Total assets measured at fair value	$	18,765	$	281,807	$	—	$	300,572

Schedule of cash equivalents, marketable securities, and unrealized gains and losses


	March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market funds	$	33,059	$	—	$	—		$	33,059
U.S. government agency securities		2,993		—		—			2,993
Total cash equivalents		36,052		—		—			36,052

Short-term investments
U.S. treasury securities		37,806		11		—			37,817
U.S. government agency securities		231,038		59		(3	)		231,094
Total short-term investments	$	268,844	$	70	$	(3	)	$	268,911


	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market funds	$	18,765	$	—	$	—		$	18,765
U.S. government agency securities		24,800		—		—			24,800
Total cash equivalents		43,565		—		—			43,565

Short-term investments
U.S. treasury securities		145,880		1		(96	)		145,785
U.S. government agency securities		111,197		37		(12	)		111,222
Total short-term investments	$	257,077	$	38	$	(108	)	$	257,007

Schedule of available-for-sale marketable securities with gross unrealized losses

The following table presents the breakdown of the Company's available-for-sale securities with gross unrealized losses and the duration that those losses had been unrealized (in thousands):


	March 31, 2023
	Unrealized Losses Less Than 12 Months					Unrealized Losses 12 Months or Greater				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Financial assets:
U.S. government agency securities	$	24,815	$	(3	)	$	—	$	—	$	24,815	$	(3	)
Total financial assets	$	24,815	$	(3	)	$	—	$	—	$	24,815	$	(3	)


	December 31, 2022
	Unrealized Losses Less Than 12 Months					Unrealized Losses 12 Months or Greater				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Financial assets:
U.S. treasury securities	$	140,822	$	(96	)	$	—	$	—	$	140,822	$	(96	)
U.S. government agency securities		26,811		(12	)		—		—		26,811		(12	)
Total financial assets	$	167,633	$	(108	)	$	—	$	—	$	167,633	$	(108	)

Schedule of maturities of our available-for-sale marketable securities table text block

The following table summarizes the maturities of our cash equivalents and available-for-sale securities (in thousands):


	March 31, 2023
	Amortized Cost		Fair Value
Mature in one year or less	$	304,896	$	304,963
Total	$	304,896	$	304,963


	December 31, 2022
	Amortized Cost		Fair Value
Mature in one year or less	$	300,642	$	300,572
Total	$	300,642	$	300,572

Balance Sheet Items (Tables)

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid and Other Current Assets

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


	March 31, 2023		December 31, 2022
Prepaid research and development expenses	$	2,753	$	3,007
Prepaid insurance		674		1,592
Other prepaid expenses and other assets		782		1,006
Total prepaid expenses and other current assets	$	4,209	$	5,605

Schedule of Property and Equipment

Property and equipment, net, consisted of the following (in thousands):


	March 31, 2023			December 31, 2022
Leasehold improvements	$	39		$	26
Laboratory equipment		45			—
Property and equipment, gross		84			26
Less: accumulated depreciation		(12	)		(6	)
Property and equipment, net	$	72		$	20

Schedule of Accrued expenses and other current liabilities

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


	March 31, 2023		December 31, 2022
Accrued research and development expenses	$	11,283	$	7,554
Accrued payroll related expenses		2,814		6,129
Accrued professional service expenses		3,162		2,088
Other		515		179
Total accrued expenses and other current liabilities	$	17,774	$	15,950

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Future Lease Obligations

As of March 31, 2023, the future lease obligations were as follows (in thousands):


	March 31, 2023
Remaining in 2023	$	345
2024		424
Total future minimum lease payments		769
Less: Imputed interest		(52	)
Present value of operating lease liabilities		717
Less: current portion of operating lease liabilities		(417	)
Operating lease liabilities	$	300

Common Stock (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Common Stock Shares Reserved for Future Issuance

The Company has reserved shares of common stock for future issuances as follows:


	March 31, 2023
Common stock options issued and outstanding		9,292,431
Common stock available for future grants		3,617,013
Common stock available for ESPP		1,836,337
Restricted stock units issued and outstanding		964,700
Total		15,710,481

Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of The Unvested Common Stock

The following table provides a summary of the unvested common stock awards activity during the three months ended March 31, 2023.


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested common stock as of December 31, 2022		1,722,744		$	16.00
Vested		(251,620	)	$	16.00
Forfeiture		(21,400	)	$	16.00
Unvested common stock as of March 31, 2023		1,449,724		$	16.00

Summary of Stock Option Activity

The following table provides a summary of stock option activity under the 2021 Plan during the three months ended March 31, 2023.


	Options			Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022		7,634,167		$	16.42
Granted		1,515,000		$	23.25
Exercised		(75,184	)	$	15.74			$	612
Forfeiture		(90,552	)	$	20.04
Outstanding at March 31, 2023		8,983,431		$	17.54		8.7	$	1,099
Vested and expected to vest at March 31, 2023		8,983,431		$	17.54		8.7	$	1,099
Exercisable at March 31, 2023		2,828,518		$	16.55		8.4	$	61

Summary of Restricted Stock Units Activity

The following table provides a summary of restricted stock units activity under the 2021 Plan during the three months ended March 31, 2023:


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2022		485,351		$	16.83
Granted		510,660		$	23.23
Vested		(60,673	)	$	20.08
Forfeiture		(18,038	)	$	21.04
Unvested restricted stock units at March 31, 2023		917,300		$	20.10

Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Performance Stock Option Granted

The Company used the Black-Scholes option pricing model to estimate the fair value of stock options awards granted with the following assumptions:


	Three Months Ended March 31,
	2023	2022
Expected term (in years)	5.86 - 6.25	5.90 - 6.08
Expected volatility	80.79% - 81.98%	65.20% - 66.92%
Risk-free interest rate	3.55% - 4.08%	1.47% - 2.55%
Expected dividend yield	—	—

Summary of Share/Stock-based Compensation Expense Recorded in The Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss

Share-based compensation expense recorded in the accompanying condensed consolidated statements of operations is as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Research and development expense	$	3,380	$	2,147
General and administrative expense		6,067		4,055
Total share-based compensation expense	$	9,447	$	6,202

2022 Equity Inducement Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Option Activity

The following table provides a summary of stock option activity under the 2022 Plan during the three months ended March 31, 2023.


	Options		Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022		309,000	$	21.14
Granted		—	$	—
Exercised		—	$	—			$	—
Forfeiture		—	$	—
Outstanding at March 31, 2023		309,000	$	21.14		9.6	$	—
Vested and expected to vest at March 31, 2023		309,000	$	21.14		9.6	$	—
Exercisable at March 31, 2023		—	$	—		—	$	—

Summary of Restricted Stock Units Activity

The following table provides a summary of restricted stock units activity under the 2022 Plan during the three months ended March 31, 2023:


	Number of Shares		Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2022		47,400	$	21.14
Granted		—	$	—
Vested		—	$	—
Forfeiture		—	$	—
Unvested restricted stock units at March 31, 2023		47,400	$	21.14

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Share Attributable to Common Shareholders/Stockholders

Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts):


	Three Months Ended March 31,
	2023			2022
Net loss attributable to common stockholders	$	(42,393	)	$	(27,747	)
Net loss per share, basic and diluted	$	(0.59	)	$	(0.48	)
Weighted-average number of common shares used in computing net loss per share, basic and diluted		71,972,888			58,382,444

Summary of Outstanding Potentially Dilutive Securities Have Been Excluded From Calculation of Diluted Net Loss Per Share

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:


	Three Months Ended March 31,
	2023		2022
Stock options		9,292,431		7,018,228
Unvested common shares		1,449,724		3,352,683
Restricted stock units		964,700		392,757
Shares committed under ESPP		47,099		24,357
Total		11,753,954		10,788,025

Description of Business and Organization - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock shares authorized	500,000,000	500,000,000
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Retained Earnings (Accumulated Deficit)	$ (312,061)	$ (269,668)
Cash equivalents, amortized cost	$ 49,268	$ 85,262

Recurring Fair Value Measurement - Summary of Company's Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	$ 33,059	$ 18,765
U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	2,993	24,800
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	304,963	300,572
Fair Value, Recurring \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	33,059	18,765
Fair Value, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	271,904	281,807
Fair Value, Recurring \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	0	0
Fair Value, Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	33,059	18,765
Fair Value, Recurring \| Money market funds \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	33,059	18,765
Fair Value, Recurring \| Money market funds \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	0	0
Fair Value, Recurring \| Money market funds \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	0	0
Fair Value, Recurring \| U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	37,817	145,785
Fair Value, Recurring \| U.S. treasury securities \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	0	0
Fair Value, Recurring \| U.S. treasury securities \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	37,817	145,785
Fair Value, Recurring \| U.S. treasury securities \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	0	0
Fair Value, Recurring \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	234,087	136,022
Fair Value, Recurring \| U.S. government agency securities \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	0	0
Fair Value, Recurring \| U.S. government agency securities \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	234,087	136,022
Fair Value, Recurring \| U.S. government agency securities \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds, included in cash and cash equivalents	$ 0	$ 0

Recurring Fair Value Measurement - Schedule of cash equivalents, marketable securities, and unrealized gains and losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	$ 49,268	$ 85,262
Marketable securities
Cash and Cash Equivalents [Line Items]
Debt securities, available-for-sale, amortized cost	268,844	257,077
Debt securities, available-for-sale, unrealized gain	70	38
Debt securities, available-for-sale, unrealized loss	(3)	(108)
Debt securities, available-for-sale, estimated fair value	268,911	257,007
Cash equivalents
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	36,052	43,565
Cash equivalents, unrealized gains	0	0
Cash equivalents, unrealized losses	0	0
Cash and cash equivalents, fair value disclosure	36,052	43,565
Money market funds
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	33,059	18,765
Cash equivalents, unrealized gains	0	0
Cash equivalents, unrealized losses	0	0
Cash and cash equivalents, fair value disclosure	33,059	18,765
U.S. government agency securities
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	2,993	24,800
Cash equivalents, unrealized gains	0	0
Cash equivalents, unrealized losses	0	0
Cash and cash equivalents, fair value disclosure	2,993	24,800
Debt securities, available-for-sale, amortized cost	231,038	111,197
Debt securities, available-for-sale, unrealized gain	59	37
Debt securities, available-for-sale, unrealized loss	(3)	(12)
Debt securities, available-for-sale, estimated fair value	231,094	111,222
U.S. treasury securities
Cash and Cash Equivalents [Line Items]
Debt securities, available-for-sale, amortized cost	37,806	145,880
Debt securities, available-for-sale, unrealized gain	11	1
Debt securities, available-for-sale, unrealized loss	0	(96)
Debt securities, available-for-sale, estimated fair value	$ 37,817	$ 145,785

Recurring Fair Value Measurement - Schedule of available-for-sale marketable securities with gross unrealized losses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Unrealized Losses Less Than 12 Months, Fair value	$ 24,815	$ 167,633
Unrealized Losses Less Than 12 Months, Unrealized losses	(3)	(108)
Unrealized losses 12 months or greater fair value	0	0
Unrealized losses 12 months or greater unrealized losses	0	0
Unrealized losses	24,815	167,633
Fair Value	(3)	(108)
U.S. treasury securities
Cash and Cash Equivalents [Line Items]
Unrealized Losses Less Than 12 Months, Fair value		140,822
Unrealized Losses Less Than 12 Months, Unrealized losses		(96)
Unrealized losses 12 months or greater fair value		0
Unrealized losses 12 months or greater unrealized losses		0
Unrealized losses		140,822
Fair Value		(96)
U.S. government agency securities
Cash and Cash Equivalents [Line Items]
Unrealized Losses Less Than 12 Months, Fair value	24,815	26,811
Unrealized Losses Less Than 12 Months, Unrealized losses	(3)	(12)
Unrealized losses 12 months or greater fair value	0	0
Unrealized losses 12 months or greater unrealized losses	0	0
Unrealized losses	24,815	26,811
Fair Value	$ (3)	$ (12)

Recurring Fair Value Measurement - Schedule of maturities of available-for-sale marketable securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Amortized cost, Mature in one year or less	$ 304,896	$ 300,642
Amortized Cost, Total	304,896	300,642
Fair Value, Mature in one year or less	304,963	300,572
Fair Value, Total	$ 304,963	$ 300,572

Recurring Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, measurement recurring basis, asset, transfers, net	$ 0	$ 0
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	$ 0	$ 0

Balance Sheet Items - Summary of Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development expenses	$ 2,753	$ 3,007
Prepaid insurance	674	1,592
Other prepaid expenses and other assets	782	1,006
Total prepaid expenses and other current assets	$ 4,209	$ 5,605

Balance Sheet Items - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 84	$ 26
Less: accumulated depreciation	(12)	(6)
Property, and equipment, net	72	20
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	39	26
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 45	$ 0

Balance Sheet Items - Summary of Accrued expenses and other current liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 11,283	$ 7,554
Accrued payroll related expenses	2,814	6,129
Accrued professional service expenses	3,162	2,088
Other	515	179
Total accrued expenses and other current liabilities	$ 17,774	$ 15,950

Significant Agreements - Additional Information (Detail) - USD ($) $ in Thousands				1 Months Ended	3 Months Ended	12 Months Ended
	May 26, 2021	Feb. 10, 2021	Dec. 16, 2019	Feb. 28, 2021	Mar. 31, 2023	Dec. 31, 2022
Takeda Asset Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront of cash payment			$ 1,000
Takeda Asset Agreement [Member] \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance of Series B redeemable convertible preferred shares for cash, net of issuance costs, shares	6,470,382
Takeda Asset Agreement [Member] \| Series A Redeemable Convertible Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock Issued During Period, Shares, New Issues			9,857,143
Stock Issued During Period, Value, New Issues			$ 9,900
Issuance of Series B redeemable convertible preferred shares for cash, net of issuance costs, shares	9,857,143
Takeda Asset Agreement [Member] \| Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment		$ 8,000
Merck License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones					$ 0
Merck License Agreement [Member] \| Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones						$ 2,500
Merck License Agreement [Member] \| Research And Development Expense \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments not yet paid					$ 364,500
Viracta License Agreement [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments not yet paid				$ 54,000
Viracta License Agreement [Member] \| Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones				$ 3,000
Upfront of cash payment			$ 2,000

Commitment and Contingencies - Summary of Future Lease Obligations (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Remaining in 2022	$ 345
2023	424
Total future minimum lease payments	769
Less: Imputed interest	(52)
Present value of operating lease liabilities	717
Less: Current portion of operating lease liabilities	(417)	$ (405)
Operating lease liabilities	$ 300

Commitment and Contingencies - Additional Information (Detail)	1 Months Ended	3 Months Ended
	Apr. 30, 2022 USD ($) ft²	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Amortization of operating right-of-use assets		$ 83,000	$ 47,000
Weighted Average Remaining Lease Term		1 year 8 months 12 days
Weighted Average Discount Rate Percent		9.00%
Research And Development Agreements
Lessee, Lease, Description [Line Items]
Termination and cancellation charges payable		$ 0		$ 0
Viracta License Agreement
Lessee, Lease, Description [Line Items]
Royalty fee payable		0		0
Indemnification Agreement
Lessee, Lease, Description [Line Items]
Termination and cancellation charges payable		0		$ 0
Central America
Lessee, Lease, Description [Line Items]
Operating lease term	31 months
Sublease agreement area \| ft²	12,000
Operating lease payments	$ 1,100,000
Security Deposit	$ 40,000
Lease For Corporate Office Facility \| Central America
Lessee, Lease, Description [Line Items]
Amortization of operating right-of-use assets		100,000	47,000,000
Operating lease payments		$ 100,000	$ 52,000,000

Common Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common Stock, Shares Authorized		500,000,000	500,000,000
Common Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
Common Stock, Shares Issued		73,572,633	73,458,176
Common Stock, Shares Outstanding		73,572,633	73,458,176
Common stock shares reserved for future issuance		15,710,481
Common Shares Purchase Agreement
Class of Stock [Line Items]
Common Stock, Shares Authorized		500,000,000.0
Common Stock, Par or Stated Value Per Share		$ 0.0001
Common Stock, Shares Issued		73,572,633
Common Stock, Shares Outstanding		73,572,633
Sales Agreement with Piper Sandler and Jones Services LLC
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share	$ 15.00
Common Stock, Shares Issued	11,500,000
Common stock shares reserved for future issuance	1,500,000
Gross proceeds from issuance of common stock	$ 150.0
Proceeds from the issuance of common stock	$ 161.6

Common Stock - Schedule of Common Stock Shares Reserved for Future Issuance (Details) (Details)	Mar. 31, 2023 shares
Class of Stock [Line Items]
Common stock shares reserved for future issuance	15,710,481
Share-based Payment Arrangement, Option
Class of Stock [Line Items]
Common stock shares reserved for future issuance	3,617,013
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Common stock shares reserved for future issuance	964,700
Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock shares reserved for future issuance	1,836,337
Common Stock
Class of Stock [Line Items]
Common stock shares reserved for future issuance	9,292,431

Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	May 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Oct. 31, 2022	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares reserved for future issuance		15,710,481
Allocated share based compensation expense		$ 9,447	$ 6,202
PSOs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total fair value of options		$ 1,200	1,500
Share based compensation by share based payment arrangement non vested options granted during the period		152,550
Share based compensation by share based payment arrangement non vested options granted during the period weighted average grant date fair value		$ 7.78
Granted		152,550
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted Average Grant Date Fair Value, Granted		$ 15.25
Number of Shares, Granted		99,250
Incentive Share Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation by share based payment arrangement unrecognized compensation remaining period for recognition		3 years 7 months 6 days
Unamortized stock-based compensation for stock options		$ 4,200
2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total fair value of options		$ 6,300	$ 1,700
Number of shares issued upon conversion	4,719,605
Common stock shares reserved for future issuance	6,369,000
Share based compensation by share based payment arrangement non vested options granted during the period		1,515,000
Share based compensation by share based payment arrangement non vested options granted during the period weighted average grant date fair value		$ 16.63	$ 8.47
Weighted-average period expected to be recognized		8 years 8 months 12 days
Granted		1,515,000
2021 Equity Incentive Plan \| PSOs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized stock-based compensation for stock options		$ 67,500
Weighted-average period expected to be recognized		2 years 10 months 24 days
2021 Equity Incentive Plan \| Unvested Restricted Stock and Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized stock-based compensation for stock options		$ 17,400
Weighted-average period expected to be recognized		3 years 4 months 24 days
2021 Equity Incentive Plan \| Incremental Shares Reserved for Future Issuance [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum	5.00%
2021 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares reserved for future issuance					603,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum	1.00%
Allocated share based compensation expense		$ 200	$ 100
Stock Issued During Period, Shares, Employee Stock Ownership Plan		97,413
2021 Employee Stock Purchase Plan \| Unvested Restricted Stock and Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation by share based payment arrangement unrecognized compensation		$ 96,600
Share based compensation by share based payment arrangement unrecognized compensation remaining period for recognition		3 years
2021 Employee Stock Purchase Plan \| Unvested PSOs and PSUs [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation by share based payment arrangement unrecognized compensation		$ 2,600
2022 Equity Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total fair value of options		$ 0	$ 0
Common stock shares reserved for future issuance				1,000,000
Share based compensation by share based payment arrangement non vested options granted during the period		0	0
Share based compensation by share based payment arrangement non vested options granted during the period weighted average grant date fair value		$ 0	$ 0
Weighted-average period expected to be recognized		9 years 7 months 6 days
Granted		0	0
2022 Equity Inducement Plan \| Unvested Restricted Stock and Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized stock-based compensation for stock options		$ 900
Weighted-average period expected to be recognized		3 years 7 months 6 days

Share-based Compensation - Summary of The Unvested Common Stock (Detail) - 2021 Stock Incentive Plan	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested Common Stock, Beginning balance \| shares	1,722,744
Vested \| shares	(251,620)
Forfeiture \| shares	(21,400)
Number of Shares, Unvested Common Stock, Ending balance \| shares	1,449,724
Weighted Average Grant Date Fair Value Per Share, Beginning Balance \| $ / shares	$ 16.00
Vested \| $ / shares	16.00
Forfeiture \| $ / shares	16.00
Weighted Average Grant Date Fair Value Per Share, Ending Balance \| $ / shares	$ 16.00

Share-based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
2022 Equity Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance	309,000
Granted	0	0
Number of Shares, Ending Balance	309,000
Number of Shares, Vested and expected to vest at March 31, 2023	309,000
Weighted Average Exercise Price Per Share, Beginning Balance	$ 21.14
Granted	0
Weighted Average Exercise Price Per Share, Ending Balance	21.14
Weighted Average Exercise Price Per Share, Vested and expected to vest at March 31, 2023	$ 21.14
Weighted-Average Remaining Contractual Term, Outstanding at March 31, 2023	9 years 7 months 6 days
Weighted-Average Remaining Contractual Term, Vested and expected to vest at March 31, 2023	9 years 7 months 6 days
Outstanding at March 31, 2023, Aggregate Intrinsic Value	$ 0
Vested and expected to vest at March 31, 2023, Aggregate Intrinsic Value	$ 0
2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance	7,634,167
Granted	1,515,000
Exercised	75,184
Forfeiture	(90,552)
Number of Shares, Ending Balance	8,983,431
Number of Shares, Vested and expected to vest at March 31, 2023	8,983,431
Exercisable at March 31, 2023	2,828,518
Weighted Average Exercise Price Per Share, Beginning Balance	$ 16.42
Granted	23.25
Exercised	15.74
Forfeiture	20.04
Weighted Average Exercise Price Per Share, Ending Balance	17.54
Weighted Average Exercise Price Per Share, Vested and expected to vest at March 31, 2023	17.54
Exercisable at March 31, 2023	$ 16.55
Weighted-Average Remaining Contractual Term, Outstanding at March 31, 2023	8 years 8 months 12 days
Weighted-Average Remaining Contractual Term, Vested and expected to vest at March 31, 2023	8 years 8 months 12 days
Weighted-Average Remaining Contractual Term, Exercisable at March 31, 2023	8 years 4 months 24 days
Outstanding at March 31, 2023, Aggregate Intrinsic Value	$ 1,099
Vested and expected to vest at March 31, 2023, Aggregate Intrinsic Value	1,099
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested	612
Exercisable at March 31, 2023, Aggregate Intrinsic Value	$ (61)

Share-based Compensation - Summary of Restricted Stock Units Activity (Detail)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested \| shares	(251,620)
Weighted Average Grant Date Fair Value Per Share, Beginning Balance	$ 16.00
Vested	16.00
Weighted Average Grant Date Fair Value, Forfeited	16.00
Weighted Average Grant Date Fair Value Per Share, Ending Balance	$ 16.00
Restricted Stock Units \| 2022 Equity Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested restricted stock, beginning balance \| shares	47,400
Unvested restricted stock, ending balance \| shares	47,400
Weighted Average Grant Date Fair Value Per Share, Beginning Balance	$ 21.14
Weighted Average Grant Date Fair Value Per Share, Ending Balance	$ 21.14
Restricted Stock Units \| 2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested restricted stock, beginning balance \| shares	485,351
Granted \| shares	510,660
Vested \| shares	(60,673)
Forfeiture \| shares	(18,038)
Unvested restricted stock, ending balance \| shares	917,300
Weighted Average Grant Date Fair Value Per Share, Beginning Balance	$ 16.83
Grant date fair value	23.23
Vested	20.08
Weighted Average Grant Date Fair Value, Forfeited	21.04
Weighted Average Grant Date Fair Value Per Share, Ending Balance	$ 20.10

Share-based Compensation - Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Stock Option Granted (Detail) - Two Thousand And Twenty One Equity Incentive Plan [Member]	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 3 months	6 years 29 days
Expected volatility	81.98%	66.92%
Risk-free interest rate	4.08%	2.55%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 10 months 9 days	5 years 10 months 24 days
Expected volatility	80.79%	65.20%
Risk-free interest rate	3.55%	1.47%

Share-based Compensation - Summary of Share/Stock-based Compensation Expense Recorded in The Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	$ 9,447	$ 6,202
Research And Development Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	3,380	2,147
General And Administrative Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	$ 6,067	$ 4,055

Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share Attributable to Common Shareholders/Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (42,393)	$ (27,747)
Net loss attributable to common stockholders/members	$ (42,393)	$ (27,747)
Net loss per share, Basic	$ (0.59)	$ (0.48)
Net loss per share, Diluted	$ (0.59)	$ (0.48)
Weighted-average number of common shares used in computing net loss per share, basic	71,972,888	58,382,444
Weighted-average number of common shares used in computing net loss per share, Diluted	71,972,888	58,382,444

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Net Loss Per Share - Summary of Outstanding Potentially Dilutive Securities Have Been Excluded From Calculation of Diluted Net Loss Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	11,753,954	10,788,025
Share-based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	9,292,431	7,018,228
Unvested common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	1,449,724	3,352,683
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	964,700	392,757
Shares committed under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	47,099	24,357

Defined Contribution Plan (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Matching Contribution	$ 0.8	$ 0.2