0000950170-24-089945 | 10-Q | XBRL Viewer | DAY ONE Biopharmaceuticals INC

Description of Business and Organization	6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Organization	1. Description of Business and Organization Organization and Business Day One Biopharmaceuticals, Inc., or the Company, is a commercial-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.

Description of Business and Organization

6 Months Ended

Jun. 30, 2024

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 commercial-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.

Net Loss Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

10.

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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Net loss	$	(4,407	)	$	(45,863	)	$	(66,819	)	$	(88,256	)
Net loss per share, basic and diluted	$	(0.05	)	$	(0.61	)	$	(0.77	)	$	(1.20	)
Weighted-average number of common shares used in computing net loss per share, basic and diluted		87,121,310			74,964,878			86,864,545			73,478,567

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


	As of June 30,
	2024		2023
Stock options		12,203,622		9,933,697
Unvested common shares		345,673		1,202,257
Restricted stock units		1,916,588		999,509
Shares committed under ESPP		90,306		69,578
Total		14,556,189		12,205,041

Share-based Compensation - Summary of Stock Option Activity (Detail) - 2021 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance	10,211,758
Granted	2,597,862
Exercised	(27,013)
Forfeiture	(578,985)
Outstanding at June 30, 2024	12,203,622
Vested and expected to vest at June 30, 2024	12,203,622
Exercisable at June 30, 2024	6,400,855
Weighted Average Exercise Price Per Share, Beginning Balance	$ 17.1
Granted	14.36
Exercised	13.76
Forfeiture	16.89
Weighted Average Exercise Price Per Share, Ending Balance	16.54
Weighted Average Exercise Price Per Share, Vested and expected to vest at June 30, 2024	16.54
Exercisable at June 30, 2024	$ 16.68
Weighted-Average Remaining Contractual Term, Outstanding at June 30, 2024	7 years 10 months 24 days
Weighted-Average Remaining Contractual Term, Vested and expected to vest at June 30, 2024	7 years 10 months 24 days
Weighted-Average Remaining Contractual Term, Exercisable at June 30, 2024	7 years 3 months 18 days
Exercised	$ 68
Outstanding at June 30, 2024 Aggregate Intrinsic Value	2,237
Vested and expected to vest at June 30, 2024, Aggregate Intrinsic Value	2,237
Exercisable at June 30, 2024	$ 1,011

Condensed Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 239,616	$ 230,784
Short-term investments	122,250	135,563
Accounts receivable, net	9,136	0
Inventory	151	0
Prepaid expenses and other current assets	12,005	8,927
Total current assets	383,158	375,274
Property and equipment, net	196	208
Operating lease right-of-use asset	164	352
Intangible assets, net	16,802	0
Deposits and other long-term assets	117	214
Total assets	400,437	376,048
Current Liabilities:
Accounts payable	6,444	2,576
Accrued expenses and other current liabilities	87,072	26,524
Current portion of operating lease liability	190	408
Total current liabilities	93,706	29,508
Total liabilities	93,706	29,508
Commitments and contingencies (Note 6)
Stockholders' equity
Common stock, $0.0001 par value; 500,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 87,692,916 and 87,227,132 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	9	9
Additional paid-in-capital	832,148	805,107
Accumulated other comprehensive (loss) income	(22)	9
Accumulated deficit	(525,404)	(458,585)
Total stockholders' equity	306,731	346,540
Total liabilities and stockholders' equity	$ 400,437	$ 376,048

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

12.

Subsequent Events

Ipsen License Agreement

On July 23, 2024, the Company and Ipsen Pharma SAS, or Ipsen, entered into an Exclusive License Agreement, or the Ipsen License Agreement, pursuant to which the Company will license to Ipsen, on an exclusive basis, the right to commercialize tovorafenib outside the United States.

In consideration for the rights and licenses granted by the Company to Ipsen in the Ipsen License Agreement, Ipsen will pay the Company (i) an upfront license fee in the amount of approximately $71.0 million within thirty days after the effective date of the Ipsen License Agreement and (ii) Ipsen Biopharmaceuticals, Inc. (USA), or the Investor, a fully-owned Affiliate, as defined in the Ipsen License Agreement, of Ipsen, agreed to purchase shares of the Company’s common stock, or the Company Share Issuance, for $40.0 million, at a price per share representing a 17.0% premium to the volume weighted average price of the Company’s common stock as traded on The Nasdaq Stock Market LLC for the ten consecutive trading days prior to and including the date of the Company’s public release of U.S. GAAP revenue for the quarter ended June 30, 2024, or the Revenue Release, and the ten consecutive trading days following the Revenue Release, in accordance with the terms set forth in a certain investment agreement by and between the Company and the Investor dated July 23, 2024.

The Company is also eligible to receive up to approximately $350.0 million in launch and sales milestones as well as tiered, double-digit royalty payments starting at mid-teens percentage of annual net sales of OJEMDA, subject to certain adjustments specified in the Ipsen License Agreement. The royalty payment obligations under the Ipsen License Agreement expire on a country-by-country basis no earlier than ten years following the first commercial sale of OJEMDA in the applicable country.

The Company will account for the Ipsen License Agreement under the provisions of ASC 606. The Company will estimate the standalone selling price of each performance obligation to allocate the transaction price and recognize revenue for each performance obligation when the associated goods or services are transferred. The Company expects a portion of the transaction price received under the Ipsen License Agreement shall be deferred into future periods as each performance obligation is not expected to be fully satisfied at contract inception.

2024 Private Placement

On July 30, 2024, the Company entered into a securities purchase agreement, or the Securities Purchase Agreement, with certain institutional and accredited investors, or Investors, pursuant to which the Company agreed to sell and issue to the Investors in a private placement, or the Private Placement, an aggregate of (i) 10,551,718 shares, or the Shares, of the Company’s common stock, par value $0.0001 per share, or the Common Stock, at a purchase price of $14.50 per share and (ii) 1,517,241 pre-funded warrants, or the Pre-Funded Warrants, to purchase up to an aggregate of 1,517,241 shares of Common Stock, or the Warrant Shares, and together with the Shares and the Pre-Funded Warrants, or the Securities, at a purchase price of $14.4999 per Pre-Funded Warrant. Each Pre-Funded Warrant has an exercise price of $0.0001 per Warrant Share. The Pre-Funded Warrants are exercisable at any time after their original issuance and will not expire.

The Private Placement closed on August 1, 2024. The Company received gross proceeds from the Private Placement of approximately $175.0 million, before deducting placement agent fees and other expenses.

Summary Of Significant Accounting Policies	6 Months Ended
Summary Of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission, or SEC, and should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024. The condensed financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in 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 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 financial statements, and the reported amounts of expenses during the reporting period. Estimates and assumptions made in the accompanying condensed financial statements include, but are not limited to, accruals for research and development expenses, variable consideration and other relevant inputs impacting the gross and net revenue recognition, the valuation of share-based awards, and the valuation of deferred tax assets. 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, short-term investments, and accounts receivable. 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. For the six months ended June 30, 2024, two individual customers accounted for 98% of total net product revenue, with these individual customers representing 61% and 37% of the Company's total net product revenue. As of June 30, 2024, two customers accounted for 98% of the accounts receivable balance, with these individual customers representing 59% and 39% of the accounts receivable balance. No other individual customers account for more than 10.0% of net product sales or accounts receivable. The Company monitors the financial condition of its customers so that it can appropriately respond to changes in their creditworthiness. To date, the Company has not experienced any losses with respect to the collection of its accounts receivable. 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. Accounts Receivable, Net Accounts receivable, net consists of trade receivables which are amounts due from the Company's specialty pharmacy and specialty distributor customers related to product sales. The Company records trade receivables net of discounts, chargebacks, and any allowances for potential credit losses. An allowance for credit losses is determined based on the financial condition and creditworthiness of customers and the Company considers economic factors and events or trends expected to affect future collections experience. Any allowance would reduce the net receivables to the amount that is expected to be collected. The payment history of the Company’s customers will be considered in future assessments of collectability as these patterns are established over a longer period of time. For the three and six months ended June 30, 2024, the Company did not record any expected credit losses related to outstanding accounts receivable. Inventory The Company began capitalizing inventory for OJEMDA upon approval by the U.S. Food and Drug Administration, or FDA, in April 2024. OJEMDA is approved for the treatment of patients 6 months of age and older with relapsed or refractory pediatric low-grade glioma, or pLGG, harboring a BRAF fusion rearrangement, or BRAF V600 mutation. Prior to regulatory approval, all direct and indirect manufacturing costs were charged to research and development expense in the period incurred. Inventory is comprised of raw materials, work-in-process and finished goods, and includes costs related to third-party contract manufacturing, packaging, freight-in and overhead. Inventory is stated at the lower of cost or net realizable value with cost based on the first-in-first-out method. Raw and intermediate materials that may be used for either research and development or commercial purposes where the intended use is not yet known are classified as inventory until the material is consumed or otherwise allocated for research and development. If the material is used or otherwise allocated for research and development, it is expensed as research and development in the period that determination is made. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and it writes down any excess and obsolete inventories to their estimated realizable value in the period in which the impairment is first identified. Such impairment charges, should they occur, are recorded within cost of product revenue. The determination of whether inventory costs will be realizable requires estimates by management. If actual market conditions are less favorable than projected by management, additional write-downs of inventory may be required, which would be recorded as a cost of product revenue in the statements of operations. There were no expenses recorded for excess inventory or other impairments during the three and six months ended June 30, 2024. Product Revenue, Net The Company recognizes net product revenue from OJEMDA for the treatment of patients 6 months of age and older with relapsed or refractory pLGG harboring a BRAF fusion rearrangement, or BRAF V600 mutation, which it began selling in May 2024 through contractual arrangements with its specialty pharmacy and specialty distributor customers. The Company recognizes net product revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, or ASC 606, which outlines a five-step process for recognizing revenue from contracts with customers: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the separate performance obligations in the contract, and (v) recognize revenue associated with the performance obligations as they are satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606, the Company determines the performance obligations that are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to each respective performance obligation when the performance obligation is satisfied. The Company has determined that the delivery of OJEMDA to its customers constitutes a single performance obligation. There are no other promises to deliver goods or services beyond what is specified in each accepted customer order. Net product revenue is recognized at the transaction price when the customer obtains control of the Company’s product, which occurs at a point in time upon delivery of the product to the customer. The Company has assessed the existence of a significant financing component in the agreements with its customers. The trade payment terms with the Company’s customers do not exceed one year and therefore the Company has elected to apply the practical expedient and no amount of consideration has been allocated as a financing component. Net product revenues from the sale of OJEMDA are recorded at the transaction price, which include adjustments for discounts and allowances, including estimated cash discounts, government chargebacks, government rebates, specialty distributor fees, copay assistance, and returns. These adjustments represent variable consideration under ASC 606 and are estimated using the expected value method or most likely amount method and are recorded when revenue is recognized on the sale of the product. These adjustments are established by management as its best estimate based on available information and will be adjusted to reflect known changes in the factors that impact such allowances. Adjustments for variable consideration are determined based on the contractual terms with customers, historical trends, communications with customers and the levels of inventory remaining in the distribution channel, as well as expectations about the market for the product and anticipated introduction of competitive products. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the respective underlying contracts. The amount of variable consideration which is included in the transaction price may be constrained, and is included in the net sales price, only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s original estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. Cash Discounts — The Company estimates cash discounts based on contractual terms and expectations regarding future customer payment patterns. The adjustments are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and accounts receivable. Government Chargebacks — Chargebacks for fees and discounts to qualified government healthcare providers represent the estimated obligations resulting from contractual commitments to sell products to qualified U.S. Department of Veterans Affairs hospitals and 340B entities at prices lower than the list prices charged to customers who directly purchase the product from the Company. The 340B Drug Discount Program is a U.S. federal government program created in 1992 that requires drug manufacturers to provide outpatient drugs to eligible health care organizations and covered entities at significantly reduced prices. Customers charge the Company for the difference between what they pay for the product and the statutory selling price to the qualified government entity. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and accounts receivables, net. Chargeback amounts are generally determined at the time of resale to the qualified government healthcare provider by customers, and the Company generally issues credits for such amounts within a few weeks of the Customer’s notification to the Company of the resale. Reserves for chargebacks consist of chargebacks that customers have claimed, but for which the Company has not yet issued a credit and credits that the Company expects to issue for product that has been recognized as revenue, but which remains in the distribution channel inventories at the end of each reporting period. Government Rebates — The Company is subject to discount obligations under state Medicaid programs and Medicare. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities. For Medicare, the Company also estimates the number of patients in the prescription drug coverage gap for whom the Company will owe an additional liability under the Medicare Part D program. For Medicaid programs, the Company estimates the portion of sales attributed to Medicaid patients and records a liability for the rebates to be paid to the respective state Medicaid programs. The Company’s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but which remains in the distribution channel inventories at the end of each reporting period. Specialty Distributor Fees — The Company pays fees to our specialty distributor customers for distribution services provided in connection with the sales of OJEMDA. These specialty distributor fees are based on a contractually determined fixed percentage of sales. The adjustments are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities. Copay Assistance — The Company offers a co-pay assistance program, which is intended to provide financial assistance to qualified commercially-insured patients with prescription drug co-payments required by payers. The calculation of the accrual for co-pay assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with product that has been recognized as revenue, but remains in the distribution channel inventories at the end of each reporting period. The adjustments are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included as accrued expenses and other current liabilities. Product Returns — Consistent with industry practice, the Company’s contracts with customers for OJEMDA generally provide for returns only if the product is damaged or defective upon delivery, if there is a shipment error, and for certain customers, if the product is within an eligible expiry window. The Company currently estimates product return reserves using available industry data and its own sales information, including its visibility into the inventory remaining in the distribution channel. The Company believes the returns of OJEMDA will be minimal because our customers often carry limited inventory given the price of our products, and the limited number of patients. These reserves are established in the same period that the related revenue is recognized. Cost of Product Revenue Our cost of product revenue includes the cost of inventory sold, amortization expense of intangible assets and third-party royalties payable on our net product revenue. Cost of goods sold may also include costs related to excess or obsolete inventory adjustment charges, abnormal costs, unabsorbed manufacturing and overhead costs, and manufacturing variances. Intangible Assets, Net Upon FDA approval and commercial launch of OJEMDA in April 2024, the Company capitalized the $9.0 million milestone payment to Viracta Therapeutics, Inc. (f/k/a Sunesis Pharmaceuticals, Inc.), or Viracta, for a specified regulatory milestone as a finite-lived intangible asset. Upon the sale of the Priority Review Voucher, or PRV, in May 2024 to fully satisfy PRV-related obligations of the Company's license agreement with Viracta, dated December 16, 2019, as amended, the Company capitalized the $8.1 million payment to Viracta as a finite-lived intangible asset. The intangible assets will be amortized on a straight-line basis over each of the estimated useful life of the underlying intellectual property of 7.3 years. Amortization expense will be recorded as cost of product revenue. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which requires incremental disclosure of segment information on an interim and annual basis. This ASU is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective application to all prior periods presented in the financial statements is required for public entities. The Company is currently evaluating the effect of this update on its financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures by requiring disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The ASU is effective for fiscal years beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the effect of this update on its financial statement disclosures.

Recurring Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of fair value, assets and liabilities measured on recurring basis

The following table sets forth the Company’s financial instruments as of June 30, 2024 and December 31, 2023, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	8,658	$	—	$	—	$	8,658
U.S. treasury securities		—		181,583		—		181,583
U.S. government agency securities		—		96,037		—		96,037
Total assets measured at fair value	$	8,658	$	277,620	$	—	$	286,278


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	47,003	$	—	$	—	$	47,003
U.S. treasury securities		—		246,208		—		246,208
U.S. government agency securities		—		63,202		—		63,202
Total assets measured at fair value	$	47,003	$	309,410	$	—	$	356,413

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

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):


	June 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market funds	$	8,658	$	—	$	—		$	8,658
U.S. government agency securities		59,607		—		—			59,607
U.S. treasury securities		95,763		—		—			95,763
Total cash equivalents		164,028		—		—			164,028

Short-term investments
U.S. government agency securities		36,445		—		(15	)		36,430
U.S. treasury securities		85,827		—		(7	)		85,820
Total short-term investments	$	122,272	$	—	$	(22	)	$	122,250


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	47,003	$	—	$	—	$	47,003
U.S. government agency securities		63,202		—		—		63,202
U.S. treasury securities		110,645		—		—		110,645
Total cash equivalents		220,850		—		—		220,850

Short-term investments
U.S. treasury securities		135,554		9		—		135,563
Total short-term investments	$	135,554	$	9	$	—	$	135,563

Schedule of maturities of available-for-sale marketable securities

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


	June 30, 2024
	Amortized Cost		Fair Value
Mature in one year or less	$	286,300	$	286,278
Total	$	286,300	$	286,278


	December 31, 2023
	Amortized Cost		Fair Value
Mature in one year or less	$	356,404	$	356,413
Total	$	356,404	$	356,413

Condensed Statements of Stockholders' Equity (unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2023 USD ($)
Common Stock
Stock issuance costs	$ 10,827

Balance Sheet Items

6 Months Ended

Jun. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Items

Prepaid Expenses and Other Current Assets

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


	June 30, 2024		December 31, 2023
Prepaid research and development expenses	$	7,611	$	5,657
Prepaid insurance		1,928		918
Other prepaid expenses and other assets		2,466		2,352
Total prepaid expenses and other current assets	$	12,005	$	8,927

Accrued Expenses and Other Current Liabilities

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


	June 30, 2024		December 31, 2023
Accrued license agreement upfront payment	$	55,000	$	—
Accrued research and development expenses		18,332		12,643
Accrued payroll related expenses		6,601		9,165
Accrued professional service expenses		4,007		3,675
Other		3,132		1,041
Total accrued expenses and other current liabilities	$	87,072	$	26,524

Net Loss Per Share - Summary of Outstanding Potentially Dilutive Securities Have Been Excluded From Calculation of Diluted Net Loss Per Share (Detail) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	14,556,189	12,205,041
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	12,203,622	9,933,697
Unvested common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	345,673	1,202,257
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	1,916,588	999,509
Shares committed under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	90,306	69,578

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

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 balance sheet.

In June 2024, the Company entered into a lease agreement for approximately 19,000 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 approximately 7.1 years. 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. As of June 30, 2024, this lease has not yet commenced. The total payments for base rent over the term of the lease is approximately $4.4 million.

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 June 30, 2024, for the lease entered into in April 2022, the weighted-average remaining lease term and weighted-average discount rate were 0.4 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 for each of the three months ended June 30, 2024 and 2023 and was $0.2 million for each of the six months ended June 30, 2024 and 2023. Cash paid for amounts included in the measurement of operating lease liabilities was $0.2 million for each of the six months ended June 30, 2024 and 2023. Variable payments expensed during the three and six months ended June 30, 2024 and 2023 were immaterial.

As of June 30, 2024, the future lease obligations for the lease entered into in April 2022 were as follows (in thousands):


	June 30, 2024
Remaining in 2024	$	193
Total future minimum lease payments		193
Less: imputed interest		(3	)
Present value of operating lease liabilities		190
Less: current portion of operating lease liabilities		(190	)
Operating lease liabilities	$	-

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 June 30, 2024 and December 31, 2023, there were no amounts accrued related to termination and cancellation charges as these are not probable.

License Agreements

The Company entered into license agreements, as disclosed in Note 5, with various parties under which it is obligated to make contingent and non-contingent payments.

Purchase Commitments

To support product needs for OJEMDA, the Company has entered into a manufacturing and supply agreement with Quotient Sciences - Philadelphia, LLC in July 2023 that requires the Company to meet minimum purchase obligations on an annual basis. The amount of future minimum purchase obligations under the manufacturing and supply agreement over the next five years is approximately $16.7 million, in aggregate, as of June 30, 2024. For the six months ended June 30, 2024, the Company made purchases of $0.5 million under the purchase obligation.

Legal Proceedings

The Company, from time to time, may be party to litigation, claims and assessments arising in the ordinary course of business. The Company accrues liabilities for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. 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 June 30, 2024 and December 31, 2023.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	DAY ONE BIOPHARMACEUTICALS, INC.
Entity Central Index Key	0001845337
Securities Act 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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	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		87,760,456

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 13,030	$ 9,477	$ 25,674	$ 18,924
Research and development expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	4,709	3,410	9,362	6,790
Selling, general and administrative expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 8,321	$ 6,067	$ 16,312	$ 12,134

Condensed Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net loss	$ (4,407)	$ (45,863)	$ (66,819)	$ (88,256)
Other comprehensive loss:
Unrealized (loss) gain on available-for-sale securities	(17)	(76)	(31)	62
Total comprehensive loss	$ (4,424)	$ (45,939)	$ (66,850)	$ (88,194)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

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

Summary of Restricted Stock Units Activity

The following table provides a summary of restricted stock units activity during the six months ended June 30, 2024:


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2023		1,031,545		$	18.27
Granted		1,430,880		$	14.45
Vested		(369,359	)	$	16.63
Forfeiture		(176,478	)	$	16.41
Unvested restricted stock units at June 30, 2024		1,916,588		$	15.90

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 statements of operations is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development expense	$	4,709	$	3,410	$	9,362	$	6,790
Selling, general and administrative expense		8,321		6,067		16,312		12,134
Total share-based compensation expense	$	13,030	$	9,477	$	25,674	$	18,924

Summary of The Unvested Common Stock

The following table provides a summary of the unvested common stock awards activity during the six months ended June 30, 2024.


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested common stock as of December 31, 2023		747,679		$	16.00
Vested		(376,591	)	$	16.00
Forfeiture		(25,415	)	$	16.00
Unvested common stock as of June 30, 2024		345,673		$	16.00

Schedule of fair value of our common stock to be issued under the ESPP

The fair value of our common stock to be issued under the ESPP is estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:


	Six Months Ended June 30,
	2024	2023
Expected term (in years)	0.5	0.5
Expected volatility	63.45%	63.57%
Risk-free interest rate	5.40%	5.24%
Expected dividend yield	—	—

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

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Expected term (in years)	5.3 - 6.1	5.3 - 6.2	5.3 - 6.7	5.3 - 6.3
Expected volatility	68.57% - 69.18%	69.21% - 81.65%	68.27% - 70.57%	69.21% - 81.98%
Risk-free interest rate	4.24% - 4.47%	3.47% - 3.98%	3.90% - 4.47%	3.47% - 4.08%
Expected dividend yield	—	—	—	—

2021 Equity Incentive 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 during the six months ended June 30, 2024.


	Options			Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		10,211,758		$	17.10
Granted		2,597,862		$	14.36
Exercised		(27,013	)	$	13.76			$	68
Forfeiture		(578,985	)	$	16.89
Outstanding at June 30, 2024		12,203,622		$	16.54		7.9	$	2,237
Vested and expected to vest at June 30, 2024		12,203,622		$	16.54		7.9	$	2,237
Exercisable at June 30, 2024		6,400,855		$	16.68		7.3	$	1,011

- Definition

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

+ References

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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Defined Contribution Plan	6 Months Ended
Defined Contribution Plan	Jun. 30, 2024
Retirement Benefits [Abstract]
Defined Contribution Plan	11. 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 each of the three months ended June 30, 2024 and 2023, the Company made matching contributions of $0.4 million and $0.3 million, respectively. For the six months ended June 30, 2024 and 2023, the Company made matching contributions of $1.0 million and $0.8 million, respectively.

Recurring Fair Value Measurement - Schedule of cash equivalents, marketable securities, and unrealized gains and losses (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	$ 239,616	$ 230,784
Marketable securities
Cash and Cash Equivalents [Line Items]
Debt securities, available-for-sale, amortized cost	122,272	135,554
Debt securities, available-for-sale, unrealized gain	0	9
Debt securities, available-for-sale, unrealized loss	(22)	0
Debt securities, available-for-sale, estimated fair value	122,250	135,563
Cash equivalents
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	164,028	220,850
Cash equivalents, unrealized gains	0	0
Cash equivalents, unrealized losses	0	0
Cash and cash equivalents, fair value disclosure	164,028	220,850
Money market funds
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	8,658	47,003
Cash equivalents, unrealized gains	0	0
Cash equivalents, unrealized losses	0	0
Cash and cash equivalents, fair value disclosure	8,658	47,003
U.S. government agency securities
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	59,607	63,202
Cash equivalents, unrealized gains	0	0
Cash equivalents, unrealized losses	0	0
Cash and cash equivalents, fair value disclosure	59,607	63,202
Debt securities, available-for-sale, amortized cost	36,445
Debt securities, available-for-sale, unrealized gain	0
Debt securities, available-for-sale, unrealized loss	(15)
Debt securities, available-for-sale, estimated fair value	36,430
U.S. treasury securities
Cash and Cash Equivalents [Line Items]
Cash equivalents, amortized cost	95,763	110,645
Cash equivalents, unrealized gains	0	0
Cash equivalents, unrealized losses	0	0
Cash and cash equivalents, fair value disclosure	95,763	110,645
Debt securities, available-for-sale, amortized cost	85,827	135,554
Debt securities, available-for-sale, unrealized gain	0	9
Debt securities, available-for-sale, unrealized loss	(7)	0
Debt securities, available-for-sale, estimated fair value	$ 85,820	$ 135,563

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Net loss	$	(4,407	)	$	(45,863	)	$	(66,819	)	$	(88,256	)
Net loss per share, basic and diluted	$	(0.05	)	$	(0.61	)	$	(0.77	)	$	(1.20	)
Weighted-average number of common shares used in computing net loss per share, basic and diluted		87,121,310			74,964,878			86,864,545			73,478,567

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:


	As of June 30,
	2024		2023
Stock options		12,203,622		9,933,697
Unvested common shares		345,673		1,202,257
Restricted stock units		1,916,588		999,509
Shares committed under ESPP		90,306		69,578
Total		14,556,189		12,205,041

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2022 USD ($) ft²	Jun. 30, 2024 USD ($) ft²	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) ft²	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease term	31 months	7 months 3 days		7 months 3 days
Amortization of operating right-of-use assets				$ 188,000	$ 169,000
Operating lease payments	$ 1,100,000			$ 4,400,000
Weighted average remaining lease term		4 months 24 days		4 months 24 days
Weighted average discount rate percent		9.00%		9.00%
Research And Development Agreements
Lessee, Lease, Description [Line Items]
Termination and cancellation charges payable		$ 0		$ 0		$ 0
Indemnification Agreement
Lessee, Lease, Description [Line Items]
Termination and cancellation charges payable		0		0		$ 0
Purchase Commitments
Lessee, Lease, Description [Line Items]
Aggregate amount of future minimum purchase obligations		$ 16,700,000		16,700,000
Purchases under the purchase obligation				$ 500,000
Brisbane, California
Lessee, Lease, Description [Line Items]
Sublease agreement area \| ft²	12,000	19,000		19,000
Security deposit	$ 40,000
Lease For Corporate Office Facility
Lessee, Lease, Description [Line Items]
Amortization of operating right-of-use assets		$ 100,000	$ 100,000	$ 200,000	200,000
Operating lease payments				$ 200,000	$ 200,000

Common Stock - Schedule of Common Stock Shares Reserved for Future Issuance (Details) (Details)	Jun. 30, 2024 shares
Class of Stock [Line Items]
Common stock shares reserved for future issuance	20,335,506
Employee Stock Option
Class of Stock [Line Items]
Common stock shares reserved for future issuance	3,716,936
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Common stock shares reserved for future issuance	1,916,588
Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock shares reserved for future issuance	2,498,360
Common Stock
Class of Stock [Line Items]
Common stock shares reserved for future issuance	12,203,622

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Recurring Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, measurement recurring basis, asset, transfers, net	$ 0	$ 0
Unrealized losses twelve months or greater	$ 0	$ 0

Share-based Compensation

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Share-based Compensation

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development expense	$	4,709	$	3,410	$	9,362	$	6,790
Selling, general and administrative expense		8,321		6,067		16,312		12,134
Total share-based compensation expense	$	13,030	$	9,477	$	25,674	$	18,924

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.

2021 Equity Incentive Plan

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.

Stock Options

The following table provides a summary of stock option activity during the six months ended June 30, 2024.


	Options			Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023		10,211,758		$	17.10
Granted		2,597,862		$	14.36
Exercised		(27,013	)	$	13.76			$	68
Forfeiture		(578,985	)	$	16.89
Outstanding at June 30, 2024		12,203,622		$	16.54		7.9	$	2,237
Vested and expected to vest at June 30, 2024		12,203,622		$	16.54		7.9	$	2,237
Exercisable at June 30, 2024		6,400,855		$	16.68		7.3	$	1,011

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 intrinsic value of options exercised during the six months ended June 30, 2024 and 2023 was less than $0.1 million and $0.6 million, respectively.

The total fair value of options that vested during the six months ended June 30, 2024 and 2023 was $17.9 million and $12.8 million, respectively. The weighted-average grant date fair value of options granted during the six months ended June 30, 2024 and 2023 was $9.26 per share and $13.81 per share, respectively.

Unamortized share-based compensation for stock options as of June 30, 2024 was $59.6 million, which is expected to be recognized over a weighted-average period of 2.4 years.

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Expected term (in years)	5.3 - 6.1	5.3 - 6.2	5.3 - 6.7	5.3 - 6.3
Expected volatility	68.57% - 69.18%	69.21% - 81.65%	68.27% - 70.57%	69.21% - 81.98%
Risk-free interest rate	4.24% - 4.47%	3.47% - 3.98%	3.90% - 4.47%	3.47% - 4.08%
Expected dividend yield	—	—	—	—

Restricted Stock Units

The following table provides a summary of restricted stock units activity during the six months ended June 30, 2024:


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2023		1,031,545		$	18.27
Granted		1,430,880		$	14.45
Vested		(369,359	)	$	16.63
Forfeiture		(176,478	)	$	16.41
Unvested restricted stock units at June 30, 2024		1,916,588		$	15.90

Unamortized share-based compensation for restricted stock units as of June 30, 2024 was $28.7 million, which is expected to be recognized over a weighted-average period of 3.0 years.

Restricted Stock Awards

The following table provides a summary of the unvested common stock awards activity during the six months ended June 30, 2024.


	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Unvested common stock as of December 31, 2023		747,679		$	16.00
Vested		(376,591	)	$	16.00
Forfeiture		(25,415	)	$	16.00
Unvested common stock as of June 30, 2024		345,673		$	16.00

Unamortized share-based compensation for restricted stock awards as of June 30, 2024 was $1.9 million, which is expected to be recognized over a weighted-average period of 0.7 years.

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. 331,014 shares have been issued under the ESPP as of June 30, 2024. The Company recognized compensation expense related to the ESPP of $0.2 million and $0.3 million for the three months ended June 30, 2024 and 2023, respectively, and $0.4 million and $0.5 million for the six months ended June 30, 2024 and 2023, respectively.

The fair value of our common stock to be issued under the ESPP is estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:


	Six Months Ended June 30,
	2024	2023
Expected term (in years)	0.5	0.5
Expected volatility	63.45%	63.57%
Risk-free interest rate	5.40%	5.24%
Expected dividend yield	—	—

Balance Sheet Items (Tables)

6 Months Ended

Jun. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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


	June 30, 2024		December 31, 2023
Prepaid research and development expenses	$	7,611	$	5,657
Prepaid insurance		1,928		918
Other prepaid expenses and other assets		2,466		2,352
Total prepaid expenses and other current assets	$	12,005	$	8,927

Schedule of Accrued expenses and other current liabilities

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


	June 30, 2024		December 31, 2023
Accrued license agreement upfront payment	$	55,000	$	—
Accrued research and development expenses		18,332		12,643
Accrued payroll related expenses		6,601		9,165
Accrued professional service expenses		4,007		3,675
Other		3,132		1,041
Total accrued expenses and other current liabilities	$	87,072	$	26,524

Share-based Compensation - Fair value of our common stock to be issued under the ESPP (Details) - 2021 Employee Stock Purchase Plan [Member]	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 months	6 months
Expected volatility	63.45%	63.57%
Risk-free interest rate	5.40%	5.24%
Expected dividend yield	0.00%	0.00%

- Definition

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

+ References

+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Future Lease Obligations

As of June 30, 2024, the future lease obligations for the lease entered into in April 2022 were as follows (in thousands):


	June 30, 2024
Remaining in 2024	$	193
Total future minimum lease payments		193
Less: imputed interest		(3	)
Present value of operating lease liabilities		190
Less: current portion of operating lease liabilities		(190	)
Operating lease liabilities	$	-

Common Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
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	87,692,916		87,227,132
Common Stock, Shares Outstanding	87,692,916		87,227,132
Common stock shares reserved for future issuance	20,335,506
Proceeds from the issuance of common stock, net	$ 0	$ 161,409
Common Shares Purchase Agreement
Class of Stock [Line Items]
Common Stock, Shares Authorized	500,000,000
Common Stock, Par or Stated Value Per Share	$ 0.0001
Sales Agreement with Piper Sandler and Jones Services LLC
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share		$ 13
Common Stock, Shares Issued		13,269,231
Common stock shares reserved for future issuance		1,730,769
Proceeds from the issuance of common stock, net	$ 250,000	$ 161,400

- Definition

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

+ References

+ Details

Significant Agreements

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Agreements

Takeda asset purchase agreement

On December 16, 2019, a subsidiary of the Company 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. Effective December 31, 2021, the subsidiary was merged with and into the Company, with the Company being the surviving corporation and assuming the subsidiary’s obligations under the Takeda Assets Purchase Agreement. Pursuant to the Takeda Asset Agreement, the Company purchased certain technology rights and know-how related to TAK-580 (which is now OJEMDA™ (tovorafenib)) that provides a new approach for treating patients with primary brain tumors or brain metastases of solid tumors. The Company 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 the Company its exclusive license agreement, or the Viracta License Agreement, with Viracta. Takeda also granted the Company 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 the Company 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.

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 the Company ceases 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 the Company's 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.

In consideration for the sale and assignment of assets and the grant of the license under the Takeda Asset Agreement, the Company made an upfront payment of $1.0 million in cash and issued 9,857,143 shares of Series A redeemable convertible

preferred stock in the Company’s subsidiary 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 the Company’s subsidiary. 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 the Company’s subsidiary for 6,470,382 shares of the Company's common stock upon the effectiveness of the conversion, on May 26, 2021.

License agreement with Viracta

On December 16, 2019, a subsidiary of the Company amended and restated the Viracta License Agreement that was assigned pursuant to the Takeda Asset Agreement. Effective December 31, 2021, the subsidiary was merged with and into the Company, with the Company being the surviving corporation and assuming the subsidiary’s obligations under Viracta License Agreement. Under the Viracta License Agreement, the Company 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.

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. The Company 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.

The Company paid $2.0 million upfront in cash to Viracta, which was recorded as research and development expenses as the technology does not have an alternative future use.

On March 4, 2024, the Company entered into an amendment to the Viracta License Agreement. As part of the amendment, the Company made a one-time payment in March 2024 to Viracta of $5.0 million, which was recorded as research and development expenses during the six months ended June 30, 2024, in exchange for reduced future payment obligations ranging from the mid-teens to the high single-digit percentage related to the future sale or use of the rare pediatric disease PRV received.

On April 23, 2024, the FDA approved OJEMDA (a tablet formulation and powder solution formulation of tovorafenib) for the treatment of patients 6 months of age and older with relapsed or refractory pLGG harboring a BRAF fusion or rearrangement, or BRAF V600 mutation. The indication was approved under accelerated approval based on response rate and duration of response. With the approval, the Company received a rare pediatric disease PRV from the FDA. The Company made a $9.0 million milestone payment to Viracta in May 2024 for the achievement of this milestone. The $9.0 million milestone was accounted for as a finite-lived intangible asset and will be amortized over the life of the underlying asset. Related amortization expense will be recorded as cost of product revenue in the Company’s statements of operations.

On May 29, 2024, the Company sold its rare pediatric disease PRV for $108.0 million to an undisclosed buyer. As part of the transaction, $8.1 million of the total consideration received from the sale of the rare pediatric disease PRV was paid to Viracta to fully satisfy PRV-related obligations under the Viracta License Agreement. The gross proceeds of $108.0 million were recorded as a gain from sale of priority review voucher in the accompanying condensed statements of operations during the three and six months ended June 30, 2024. As of June 30, 2024, the $8.1 million paid to satisfy PRV-related obligations was capitalized as a finite-lived intangible asset, which will be amortized on a straight-line basis over its estimated useful life. Related amortization expense will be recorded as cost of product revenue in the Company’s statements of operations.

As of June 30, 2024, the Company could be required to make additional milestone payments of up to $40.0 million upon achievement of specified development and regulatory milestones for each licensed product in two indications, with milestones payable for the second indication upon achievement of a specified milestone event being lower than milestones payable for the first indication. Commencing with the first commercial sale of OJEMDA in a country, the Company is obligated to pay tiered royalties ranging in the mid-single-digit percentages on net sales of licensed products. 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.

License agreement with Merck KGaA, Darmstadt, Germany

On February 10, 2021, a subsidiary of the Company entered into a license agreement, or the MRKDG License Agreement, with Merck KGaA, Darmstadt, Germany, a pharmaceutical corporation located in Darmstadt, Germany. Effective December 31, 2021, the subsidiary was merged with and into the Company, with the Company being the surviving corporation and assuming the subsidiary’s obligations under the MRKDG License Agreement.

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.

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.

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. As of June 30, 2024, the Company could 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 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.

Research collaboration and license agreement with Sprint Bioscience AB

On August 15, 2023, the Company entered into a research collaboration and license agreement, or the Sprint License Agreement, with Sprint Bioscience AB, or Sprint, a Swedish corporation located in Huddinge, Sweden. Under the Sprint License Agreement, Sprint granted to the Company an exclusive, worldwide license, with the right to grant sublicenses through multiple tiers, to research, develop, and commercialize pharmaceutical products and to engage in research aimed at discovery, optimization and development of Vaccinia Related Kinase 1, or VRK1.

The term of the Sprint License Agreement will expire on a licensed product and country basis upon the expiration of the royalty term with respect to such licensed product and such country, unless terminated earlier. The Company has the right to terminate the Sprint License Agreement in its entirety, or on a licensed product-by-licensed product basis, at will upon a specified notice period.

The Company paid $3.0 million upfront in cash to Sprint, which was recorded as research and development expenses as the technology does not have an alternative future use. As of June 30, 2024, the Company could be required to make milestone payments of up to $309.0 million based upon achievement of specified development, regulatory, and commercial milestones for each licensed product, as well as tiered royalties ranging in the single-digit percentages 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.

License agreement with MabCare Therapeutics

On June 17, 2024, the Company entered into a license agreement, or the MabCare License Agreement, with MabCare Therapeutics, or MabCare, a pharmaceutical corporation located in Shanghai, China. Under the MabCare License Agreement, MabCare granted to the Company an exclusive worldwide license, excluding Greater China, with the right to grant sublicenses through multiple tiers, under specified patent rights and know-how for the Company to develop, manufacture and commercialize DAY301 (formerly MTX-13), a novel Antibody Drug Conjugate, or ADC, targeting protein-tyrosine kinase 7, or PTK7. The Company will also receive clinical inventory supplies to use in its research and development activities. Under the MabCare License Agreement, the Company has obligations to use commercially reasonable efforts to develop, obtain regulatory approval for, and commercialize at least one licensed product in one indication in each of the United States, Japan, and three European countries.

The term of the MabCare License Agreement will expire in its entirety upon the expiration of the last to expire royalty term with respect to all licensed products in the Company's territory, unless terminated earlier. Following the expiration of the royalty term for a licensed product in a country, the license grant to the Company shall become non-exclusive, fully paid-up, royalty-free, perpetual, and irrevocable for such licensed product in such country. Upon the expiration of the term, the license granted to the Company shall become non-exclusive, transferable, sublicensable, fully paid, royalty free, perpetual, and irrevocable in its entirety.

In consideration for the rights granted under the MabCare License Agreement, the Company accrued a $55.0 million upfront payment as a liability as of June 30, 2024, which was paid in July 2024. The upfront payment was recorded as research and development expenses, as the technology and supplies licensed do not have an alternative future use. As of June 30, 2024,

the Company could be required to make additional payments of $1,152.0 million based upon the achievement of specified development, regulatory, and commercial success-based milestones plus low-to-mid single-digit royalties on net sales outside of Greater China. Milestones and royalties are contingent upon future events and will be recorded when the milestones are achieved and when payments are due.

Commitments and Contingencies - Summary of Future Lease Obligations (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Remaining in 2024	$ 193
Total future minimum lease payments	193
Less: Imputed interest	(3)
Present value of operating lease liabilities	190
Less: Current portion of operating lease liabilities	(190)	$ (408)
Operating lease liabilities	$ 0

Significant Agreements - Additional Information (Detail) - USD ($) $ in Millions						3 Months Ended	6 Months Ended
	May 29, 2024	Apr. 23, 2024	Mar. 04, 2024	May 26, 2021	Dec. 16, 2019	Jun. 30, 2024	Jun. 30, 2024
Takeda Asset Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront of cash payment					$ 1.0
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					$ 9.9
Issuance of Series B redeemable convertible preferred shares for cash, net of issuance costs, shares				9,857,143
Merck License Agreement [Member] \| Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment							$ 8.0
Merck License Agreement [Member] \| Research And Development Expense \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments not yet paid							364.5
Viracta License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones		$ 9.0
Viracta License Agreement [Member] \| Other Intangible Assets [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones							9.0
Viracta License Agreement [Member] \| PRV
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment of Milestones							8.1
Proceeds From sale of PRV	$ 108.0					$ 108.0	108.0
Payment of PRV related obligations	$ 8.1
Viracta License Agreement [Member] \| Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment			$ 5.0
Upfront of cash payment							2.0
Sprint Bioscience Agreement [Member] \| Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment							3.0
Payment of Milestones							40.0
Sprint Bioscience Agreement [Member] \| Research And Development Expense \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments not yet paid							309.0
MabCare License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment							55.0
MabCare License Agreement [Member] \| Research And Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments not yet paid							$ 1,152.0

Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,552	$ 0	$ 1,552	$ 0
Effective income tax rate	(54.40%)		(2.40%)
Federal statutory rate	21.00%		21.00%

- Definition

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

+ References + Details

Condensed Balance Sheets (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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	87,692,916	87,227,132
Common Stock, Shares Outstanding	87,692,916	87,227,132

Condensed Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2022	$ 332,039	$ 7	$ 601,771	$ (71)	$ (269,668)
Beginning 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
Unvested common stock forfeiture		(21,400)
Share-based compensation expenses	9,447		9,447
Unrealized (loss) gain on available-for-sale securities	138			138
Net loss	(42,393)				(42,393)
Ending Balance at Mar. 31, 2023	300,415	$ 7	612,402	67	(312,061)
Ending Balance (In shares) at Mar. 31, 2023		73,572,633
Beginning Balance at Dec. 31, 2022	332,039	$ 7	601,771	(71)	(269,668)
Beginning Balance (In shares) at Dec. 31, 2022		73,458,176
Unrealized (loss) gain on available-for-sale securities	62
Net loss	(88,256)
Ending Balance at Jun. 30, 2023	426,054	$ 9	783,978	(9)	(357,924)
Ending Balance (In shares) at Jun. 30, 2023		86,971,328
Beginning Balance at Mar. 31, 2023	300,415	$ 7	612,402	67	(312,061)
Beginning Balance (In shares) at Mar. 31, 2023		73,572,633
Issuance of common stock upon exercise of stock options (share)		2,704
Issuance of common stock upon exercise of stock options, Amount	39		39
Issuance of common stock upon release of restricted stock units, shares		69,020
Share-based compensation expenses	9,477		9,477
Unrealized (loss) gain on available-for-sale securities	(76)			(76)
Issuance of common stock pursuant to follow-on offering, net of issuance costs, Shares		13,269,231
Issuance of common stock pursuant to follow-on offering, net of issuance costs, Amount	161,409	$ 2	161,407
Issuance of common stock pursuant to Employee Stock Purchase Plan, Shares		57,740
Issuance of common stock pursuant to Employee Stock Purchase Plan, Amount	653		653
Net loss	(45,863)				(45,863)
Ending Balance at Jun. 30, 2023	426,054	$ 9	783,978	(9)	(357,924)
Ending Balance (In shares) at Jun. 30, 2023		86,971,328
Beginning Balance at Dec. 31, 2023	346,540	$ 9	805,107	9	(458,585)
Beginning Balance (In shares) at Dec. 31, 2023		87,227,132
Issuance of common stock upon exercise of stock options (share)		4,862
Issuance of common stock upon exercise of stock options, Amount	48		48
Issuance of common stock upon release of restricted stock units, shares		157,724
Unvested common stock forfeiture		(12,555)
Share-based compensation expenses	12,644		12,644
Unrealized (loss) gain on available-for-sale securities	(14)			(14)
Net loss	(62,412)				(62,412)
Ending Balance at Mar. 31, 2024	296,806	$ 9	817,799	(5)	(520,997)
Ending Balance (In shares) at Mar. 31, 2024		87,377,163
Beginning Balance at Dec. 31, 2023	346,540	$ 9	805,107	9	(458,585)
Beginning Balance (In shares) at Dec. 31, 2023		87,227,132
Unrealized (loss) gain on available-for-sale securities	(31)
Net loss	(66,819)
Ending Balance at Jun. 30, 2024	306,731	$ 9	832,148	(22)	(525,404)
Ending Balance (In shares) at Jun. 30, 2024		87,692,916
Beginning Balance at Mar. 31, 2024	296,806	$ 9	817,799	(5)	(520,997)
Beginning Balance (In shares) at Mar. 31, 2024		87,377,163
Issuance of common stock upon exercise of stock options (share)		22,151
Issuance of common stock upon exercise of stock options, Amount	324		324
Issuance of common stock upon release of restricted stock units, shares		211,635
Unvested common stock forfeiture		(12,860)
Share-based compensation expenses	13,052		13,052
Unrealized (loss) gain on available-for-sale securities	(17)			(17)
Issuance of common stock pursuant to Employee Stock Purchase Plan, Shares		94,827
Issuance of common stock pursuant to Employee Stock Purchase Plan, Amount	973		973
Net loss	(4,407)				(4,407)
Ending Balance at Jun. 30, 2024	$ 306,731	$ 9	$ 832,148	$ (22)	$ (525,404)
Ending Balance (In shares) at Jun. 30, 2024		87,692,916

Recurring Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	8,658	$	—	$	—	$	8,658
U.S. treasury securities		—		181,583		—		181,583
U.S. government agency securities		—		96,037		—		96,037
Total assets measured at fair value	$	8,658	$	277,620	$	—	$	286,278


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	47,003	$	—	$	—	$	47,003
U.S. treasury securities		—		246,208		—		246,208
U.S. government agency securities		—		63,202		—		63,202
Total assets measured at fair value	$	47,003	$	309,410	$	—	$	356,413

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 June 30, 2024 and December 31, 2023.

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


	June 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market funds	$	8,658	$	—	$	—		$	8,658
U.S. government agency securities		59,607		—		—			59,607
U.S. treasury securities		95,763		—		—			95,763
Total cash equivalents		164,028		—		—			164,028

Short-term investments
U.S. government agency securities		36,445		—		(15	)		36,430
U.S. treasury securities		85,827		—		(7	)		85,820
Total short-term investments	$	122,272	$	—	$	(22	)	$	122,250


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	47,003	$	—	$	—	$	47,003
U.S. government agency securities		63,202		—		—		63,202
U.S. treasury securities		110,645		—		—		110,645
Total cash equivalents		220,850		—		—		220,850

Short-term investments
U.S. treasury securities		135,554		9		—		135,563
Total short-term investments	$	135,554	$	9	$	—	$	135,563

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


	June 30, 2024
	Amortized Cost		Fair Value
Mature in one year or less	$	286,300	$	286,278
Total	$	286,300	$	286,278


	December 31, 2023
	Amortized Cost		Fair Value
Mature in one year or less	$	356,404	$	356,413
Total	$	356,404	$	356,413

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 June 30, 2024 and December 31, 2023, there were no securities that

were in an unrealized loss position for more than 12 months. As of June 30, 2024, the unrealized losses, if any, on the Company’s short-term investments were primarily caused by interest rate increases. 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

Common Stock (Tables)

6 Months Ended

Jun. 30, 2024

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:


	June 30, 2024
Common stock options issued and outstanding		12,203,622
Common stock available for future grants		3,716,936
Common stock available for ESPP		2,498,360
Restricted stock units issued and outstanding		1,916,588
Total		20,335,506

Balance Sheet Items - Summary of Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development expenses	$ 7,611	$ 5,657
Prepaid insurance	1,928	918
Other prepaid expenses and other assets	2,466	2,352
Total prepaid expenses and other current assets	$ 12,005	$ 8,927

Share-based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units - 2021 Equity Incentive Plan	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested restricted stock, beginning balance \| shares	1,031,545
Granted \| shares	1,430,880
Vested \| shares	(369,359)
Forfeiture \| shares	(176,478)
Unvested restricted stock, ending balance \| shares	1,916,588
Weighted Average Grant Date Fair Value Per Share, Beginning Balance \| $ / shares	$ 18.27
Grant date fair value \| $ / shares	14.45
Vested \| $ / shares	16.63
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	16.41
Weighted Average Grant Date Fair Value Per Share, Ending Balance \| $ / shares	$ 15.9

Common Stock

6 Months Ended

Jun. 30, 2024

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 June 30, 2024, 87,692,916 shares of common stock were issued and outstanding.

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


	June 30, 2024
Common stock options issued and outstanding		12,203,622
Common stock available for future grants		3,716,936
Common stock available for ESPP		2,498,360
Restricted stock units issued and outstanding		1,916,588
Total		20,335,506

June 2023 Follow-On Offering

In June 2023, the Company completed a follow-on offering and issued and sold 13,269,231 shares of common stock (including the exercise by the underwriters of their option to purchase an additional 1,730,769 shares of common stock) at a price to the public of $13.00 per share for net proceeds of approximately $161.4 million, after deducting underwriting discounts, commissions, and offering costs.

At-The-Market Offering

The Company has entered into an equity distribution agreement, or the 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 $250.0 million under an at-the-market offering program, or the ATM. The Company has no obligation to sell any shares and could at any time suspend solicitations and offers under the ATM. No shares of the Company’s common stock have been sold under the ATM as of June 30, 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission, or SEC, and should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024. The condensed financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in 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 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 financial statements, and the reported amounts of expenses during the reporting period. Estimates and assumptions made in the accompanying condensed financial statements include, but are not limited to, accruals for research and development expenses, variable consideration and other relevant inputs impacting the gross and net revenue recognition, the valuation of share-based awards, and the valuation of deferred tax assets. 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	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, short-term investments, and accounts receivable. 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. For the six months ended June 30, 2024, two individual customers accounted for 98% of total net product revenue, with these individual customers representing 61% and 37% of the Company's total net product revenue. As of June 30, 2024, two customers accounted for 98% of the accounts receivable balance, with these individual customers representing 59% and 39% of the accounts receivable balance. No other individual customers account for more than 10.0% of net product sales or accounts receivable. The Company monitors the financial condition of its customers so that it can appropriately respond to changes in their creditworthiness. To date, the Company has not experienced any losses with respect to the collection of its accounts receivable. 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.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net consists of trade receivables which are amounts due from the Company's specialty pharmacy and specialty distributor customers related to product sales. The Company records trade receivables net of discounts, chargebacks, and any allowances for potential credit losses. An allowance for credit losses is determined based on the financial condition and creditworthiness of customers and the Company considers economic factors and events or trends expected to affect future collections experience. Any allowance would reduce the net receivables to the amount that is expected to be collected. The payment history of the Company’s customers will be considered in future assessments of collectability as these patterns are established over a longer period of time. For the three and six months ended June 30, 2024, the Company did not record any expected credit losses related to outstanding accounts receivable.
Inventory	Inventory The Company began capitalizing inventory for OJEMDA upon approval by the U.S. Food and Drug Administration, or FDA, in April 2024. OJEMDA is approved for the treatment of patients 6 months of age and older with relapsed or refractory pediatric low-grade glioma, or pLGG, harboring a BRAF fusion rearrangement, or BRAF V600 mutation. Prior to regulatory approval, all direct and indirect manufacturing costs were charged to research and development expense in the period incurred. Inventory is comprised of raw materials, work-in-process and finished goods, and includes costs related to third-party contract manufacturing, packaging, freight-in and overhead. Inventory is stated at the lower of cost or net realizable value with cost based on the first-in-first-out method. Raw and intermediate materials that may be used for either research and development or commercial purposes where the intended use is not yet known are classified as inventory until the material is consumed or otherwise allocated for research and development. If the material is used or otherwise allocated for research and development, it is expensed as research and development in the period that determination is made. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and it writes down any excess and obsolete inventories to their estimated realizable value in the period in which the impairment is first identified. Such impairment charges, should they occur, are recorded within cost of product revenue. The determination of whether inventory costs will be realizable requires estimates by management. If actual market conditions are less favorable than projected by management, additional write-downs of inventory may be required, which would be recorded as a cost of product revenue in the statements of operations. There were no expenses recorded for excess inventory or other impairments during the three and six months ended June 30, 2024.
Product Revenue, Net	Product Revenue, Net The Company recognizes net product revenue from OJEMDA for the treatment of patients 6 months of age and older with relapsed or refractory pLGG harboring a BRAF fusion rearrangement, or BRAF V600 mutation, which it began selling in May 2024 through contractual arrangements with its specialty pharmacy and specialty distributor customers. The Company recognizes net product revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, or ASC 606, which outlines a five-step process for recognizing revenue from contracts with customers: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the separate performance obligations in the contract, and (v) recognize revenue associated with the performance obligations as they are satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of ASC 606, the Company determines the performance obligations that are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to each respective performance obligation when the performance obligation is satisfied. The Company has determined that the delivery of OJEMDA to its customers constitutes a single performance obligation. There are no other promises to deliver goods or services beyond what is specified in each accepted customer order. Net product revenue is recognized at the transaction price when the customer obtains control of the Company’s product, which occurs at a point in time upon delivery of the product to the customer. The Company has assessed the existence of a significant financing component in the agreements with its customers. The trade payment terms with the Company’s customers do not exceed one year and therefore the Company has elected to apply the practical expedient and no amount of consideration has been allocated as a financing component. Net product revenues from the sale of OJEMDA are recorded at the transaction price, which include adjustments for discounts and allowances, including estimated cash discounts, government chargebacks, government rebates, specialty distributor fees, copay assistance, and returns. These adjustments represent variable consideration under ASC 606 and are estimated using the expected value method or most likely amount method and are recorded when revenue is recognized on the sale of the product. These adjustments are established by management as its best estimate based on available information and will be adjusted to reflect known changes in the factors that impact such allowances. Adjustments for variable consideration are determined based on the contractual terms with customers, historical trends, communications with customers and the levels of inventory remaining in the distribution channel, as well as expectations about the market for the product and anticipated introduction of competitive products. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the respective underlying contracts. The amount of variable consideration which is included in the transaction price may be constrained, and is included in the net sales price, only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s original estimates, the Company will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. Cash Discounts — The Company estimates cash discounts based on contractual terms and expectations regarding future customer payment patterns. The adjustments are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and accounts receivable. Government Chargebacks — Chargebacks for fees and discounts to qualified government healthcare providers represent the estimated obligations resulting from contractual commitments to sell products to qualified U.S. Department of Veterans Affairs hospitals and 340B entities at prices lower than the list prices charged to customers who directly purchase the product from the Company. The 340B Drug Discount Program is a U.S. federal government program created in 1992 that requires drug manufacturers to provide outpatient drugs to eligible health care organizations and covered entities at significantly reduced prices. Customers charge the Company for the difference between what they pay for the product and the statutory selling price to the qualified government entity. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and accounts receivables, net. Chargeback amounts are generally determined at the time of resale to the qualified government healthcare provider by customers, and the Company generally issues credits for such amounts within a few weeks of the Customer’s notification to the Company of the resale. Reserves for chargebacks consist of chargebacks that customers have claimed, but for which the Company has not yet issued a credit and credits that the Company expects to issue for product that has been recognized as revenue, but which remains in the distribution channel inventories at the end of each reporting period. Government Rebates — The Company is subject to discount obligations under state Medicaid programs and Medicare. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities. For Medicare, the Company also estimates the number of patients in the prescription drug coverage gap for whom the Company will owe an additional liability under the Medicare Part D program. For Medicaid programs, the Company estimates the portion of sales attributed to Medicaid patients and records a liability for the rebates to be paid to the respective state Medicaid programs. The Company’s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but which remains in the distribution channel inventories at the end of each reporting period. Specialty Distributor Fees — The Company pays fees to our specialty distributor customers for distribution services provided in connection with the sales of OJEMDA. These specialty distributor fees are based on a contractually determined fixed percentage of sales. The adjustments are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities. Copay Assistance — The Company offers a co-pay assistance program, which is intended to provide financial assistance to qualified commercially-insured patients with prescription drug co-payments required by payers. The calculation of the accrual for co-pay assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with product that has been recognized as revenue, but remains in the distribution channel inventories at the end of each reporting period. The adjustments are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included as accrued expenses and other current liabilities. Product Returns — Consistent with industry practice, the Company’s contracts with customers for OJEMDA generally provide for returns only if the product is damaged or defective upon delivery, if there is a shipment error, and for certain customers, if the product is within an eligible expiry window. The Company currently estimates product return reserves using available industry data and its own sales information, including its visibility into the inventory remaining in the distribution channel. The Company believes the returns of OJEMDA will be minimal because our customers often carry limited inventory given the price of our products, and the limited number of patients. These reserves are established in the same period that the related revenue is recognized.
Cost of Product Revenue	Cost of Product Revenue Our cost of product revenue includes the cost of inventory sold, amortization expense of intangible assets and third-party royalties payable on our net product revenue. Cost of goods sold may also include costs related to excess or obsolete inventory adjustment charges, abnormal costs, unabsorbed manufacturing and overhead costs, and manufacturing variances.
Intangible Assets, Net	Intangible Assets, Net Upon FDA approval and commercial launch of OJEMDA in April 2024, the Company capitalized the $9.0 million milestone payment to Viracta Therapeutics, Inc. (f/k/a Sunesis Pharmaceuticals, Inc.), or Viracta, for a specified regulatory milestone as a finite-lived intangible asset. Upon the sale of the Priority Review Voucher, or PRV, in May 2024 to fully satisfy PRV-related obligations of the Company's license agreement with Viracta, dated December 16, 2019, as amended, the Company capitalized the $8.1 million payment to Viracta as a finite-lived intangible asset. The intangible assets will be amortized on a straight-line basis over each of the estimated useful life of the underlying intellectual property of 7.3 years. Amortization expense will be recorded as cost of product revenue.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which requires incremental disclosure of segment information on an interim and annual basis. This ASU is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective application to all prior periods presented in the financial statements is required for public entities. The Company is currently evaluating the effect of this update on its financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures by requiring disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The ASU is effective for fiscal years beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the effect of this update on its financial statement disclosures.

Subsequent Event (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 30, 2024	Jul. 23, 2024	Jun. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock par value per share			$ 0.0001	$ 0.0001
Subsequent Event [Member]
Subsequent Event [Line Items]
Upfront License Fee		$ 71.0
Proceeds from issuance of private placement	$ 175.0
Share Issuance	10,551,718
Purchase price per share	$ 14.5
Common stock par value per share	$ 0.0001
Common stock issued, share issuance costs		$ 40.0
Volume Weighted Average Price		17.00%
Launch And Sales Milestones		$ 350.0
Subsequent Event [Member] \| Warrant [Member]
Subsequent Event [Line Items]
Share Issuance	1,517,241
Purchase price per share	$ 14.4999
Common stock par value per share	$ 0.0001
Subsequent Event [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Share Issuance	1,517,241

Recurring Fair Value Measurement - Schedule of maturities of available-for-sale marketable securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Amortized cost, mature in one year or less	$ 286,300	$ 356,404
Amortized cost, total	286,300	356,404
Fair value, mature in one year or less	286,278	356,413
Fair value, total	$ 286,278	$ 356,413

Share-based Compensation - Summary of The Unvested Common Stock (Detail) - Unvested Common Stock [Member]	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested Common Stock, Beginning balance \| shares	747,679
Vested \| shares	(376,591)
Number of Shares, Forfeited \| shares	(25,415)
Number of Shares, Unvested Common Stock, Ending balance \| shares	345,673
Weighted Average Grant Date Fair Value Per Share, Beginning Balance \| $ / shares	$ 16
Vested \| $ / shares	16
Forfeiture \| $ / shares	16
Weighted Average Grant Date Fair Value Per Share, Ending Balance \| $ / shares	$ 16

- Definition

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

+ References

+ Details

Condensed Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (66,819)	$ (88,256)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	25,674	18,924
Depreciation expense	38	12
Accretion of discounts on short-term investments, net	(2,189)	(5,858)
Amortization of intangible assets	298	0
Amortization of operating right-of-use asset	188	169
Gain from sale of priority review voucher	(108,000)	0
Changes in operating assets and liabilities:
Accounts receivable, net	(9,136)	0
Inventory	(129)	0
Prepaid expenses and other current assets	(3,078)	(1,297)
Deposits and other long-term assets	97	210
Accounts payable	3,868	4,305
Accrued expenses and other current liabilities	60,548	3,569
Operating lease liability	(218)	(195)
Net cash used in operating activities	(98,858)	(68,417)
Cash flows from investing activities
Cash paid for purchase of short-term investments	(168,761)	(264,744)
Proceeds from maturity of short-term investments	184,232	274,000
Cash paid for acquired intangible assets	(17,100)	0
Proceeds from sale of priority review voucher	108,000	0
Cash paid for purchase of property and equipment	(26)	(175)
Net cash provided by investing activities	106,345	9,081
Cash flows from financing activities
Proceeds from the issuance of common stock, net	0	161,409
Proceeds from issuance of common stock upon stock option exercises	372	1,223
Proceeds from issuance of common stock upon Employee Stock Purchase Plan purchase	973	653
Cash provided by financing activities	1,345	163,285
Net increase in cash and cash equivalents	8,832	103,949
Cash and cash equivalents, beginning of period	230,784	85,262
Cash and cash equivalents, end of period	239,616	189,211
Supplemental disclosures of noncash activities
Cash not yet paid for upfront license agreement payment	55,000	0
Unpaid and Deferred Offering Costs	$ 0	$ 307

Balance Sheet Items - Summary of Accrued expenses and other current liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued license agreement upfront payment	$ 55,000	$ 0
Accrued research and development expenses	18,332	12,643
Accrued payroll related expenses	6,601	9,165
Accrued professional service expenses	4,007	3,675
Other	3,132	1,041
Total accrued expenses and other current liabilities	$ 87,072	$ 26,524

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

For the three and six months ended June 30, 2024, the Company recognized income tax expense of $1.6 million resulting in an effective tax rate of (54.4)% and (2.4)%, respectively. The primary reconciling items between the federal statutory rate of 21.0% for the three and six months ended June 30, 2024 and the Company’s overall effective tax rate of (54.4)% and (2.4)%, respectively, was the effect of equity compensation, generation of tax credits, deferred state income taxes and the valuation allowance recorded against the full amount of its net deferred tax assets. The Company did not record an income tax provision for the three and six months ended June 30, 2023 as it generated tax losses during each of the periods.

A valuation allowance is established when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. The Company continues to establish a valuation allowance against the full amount of its net deferred tax assets since it is more likely than not that benefits will not be realized, including those benefits created in the current year. This assessment is based on the Company's historical cumulative losses, which provide strong objective evidence that cannot be overcome with projections of income, as well as the fact the Company expects continuing losses in the future.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

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				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (4,407)	$ (62,412)	$ (45,863)	$ (42,393)	$ (66,819)	$ (88,256)
Net loss per share, basic	$ (0.05)		$ (0.61)		$ (0.77)	$ (1.2)
Net loss per share, diluted	$ (0.05)		$ (0.61)		$ (0.77)	$ (1.2)
Weighted-average number of common shares used in computing net loss per share, basic	87,121,310		74,964,878		86,864,545	73,478,567
Weighted-average number of common shares used in computing net loss per share, diluted	87,121,310		74,964,878		86,864,545	73,478,567

- Definition

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

+ References

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+ Details

- 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.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
	May 31, 2021	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Oct. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock upon exercise of stock options, Amount		$ 324	$ 48	$ 39	$ 1,184
Common stock shares reserved for future issuance		20,335,506				20,335,506
Allocated share based compensation expense		$ 13,030		9,477		$ 25,674	$ 18,924
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized stock-based compensation for stock options		28,700				$ 28,700
Weighted-average period expected to be recognized						3 years
2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock upon exercise of stock options, Amount						$ 100	600
Total fair value of options		$ 17,900		$ 12,800		$ 17,900	$ 12,800
Share based compensation by share based payment award fair value assumptions dividend yield		0.00%		0.00%		0.00%	0.00%
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						2,597,862
Weighted-average period expected to be recognized						7 years 10 months 24 days
Granted						2,597,862
2021 Equity Incentive Plan \| PSOs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation by share based payment arrangement non vested options granted during the period weighted average grant date fair value						$ 9.26	$ 13.81
Unamortized stock-based compensation for stock options		$ 59,600				$ 59,600
Weighted-average period expected to be recognized						2 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		$ 300		$ 400	$ 500
Stock Issued During Period, Shares, Employee Stock Ownership Plan						331,014
2022 Equity Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares reserved for future issuance								1,000,000
Unvested Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unamortized stock-based compensation for stock options		$ 1,900				$ 1,900
Weighted-average period expected to be recognized						8 months 12 days

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Accounting Policies [Line Items]
Accounts receivable, credit losses	$ 0	$ 0
Other expenses	$ 0	0
Milestone payment, capitalized		$ 9,000
Intangible asset useful life	7 years 3 months 18 days	7 years 3 months 18 days
Viracta License Agreement
Accounting Policies [Line Items]
Milestone payment, capitalized		$ 8,100
One Customer [Member] \| Revenue Benchmark [Member] \| Concentration of Credit Risk and Other Risks and Uncertainties [Member]
Accounting Policies [Line Items]
Concentration risk percentage of net product revenue and accounts receivable		61.00%
One Customer [Member] \| Accounts Receivable [Member] \| Concentration of Credit Risk and Other Risks and Uncertainties [Member]
Accounting Policies [Line Items]
Concentration risk percentage of net product revenue and accounts receivable		59.00%
Two Customer [Member] \| Revenue Benchmark [Member] \| Concentration of Credit Risk and Other Risks and Uncertainties [Member]
Accounting Policies [Line Items]
Concentration risk percentage of net product revenue and accounts receivable		37.00%
Two Customer [Member] \| Accounts Receivable [Member] \| Concentration of Credit Risk and Other Risks and Uncertainties [Member]
Accounting Policies [Line Items]
Concentration risk percentage of net product revenue and accounts receivable		39.00%
Other Individual Customer [Member] \| Net Product Revenue and Accounts Receivable [Member] \| Concentration of Credit Risk and Other Risks and Uncertainties [Member] \| Maximum [Member]
Accounting Policies [Line Items]
Concentration risk percentage of net product revenue and accounts receivable		10.00%
Individual Customer [Member] \| Revenue Benchmark [Member] \| Concentration of Credit Risk and Other Risks and Uncertainties [Member]
Accounting Policies [Line Items]
Concentration risk percentage of net product revenue and accounts receivable		98.00%
Individual Customer [Member] \| Accounts Receivable [Member] \| Concentration of Credit Risk and Other Risks and Uncertainties [Member]
Accounting Policies [Line Items]
Concentration risk percentage of net product revenue and accounts receivable		98.00%

Condensed Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cost and operating expenses:
Cost of product revenue	$ 707	$ 0	$ 707	$ 0
Research and development	92,106	32,182	132,316	60,010
Selling, general and administrative	30,186	17,072	56,743	35,099
Total cost and operating expenses	122,999	49,254	189,766	95,109
Loss from operations	(114,807)	(49,254)	(181,574)	(95,109)
Non-operating income (expense):
Gain from sale of priority review voucher	108,000	0	108,000	0
Investment income, net	3,962	3,406	8,327	6,872
Other expense, net	(10)	(15)	(20)	(19)
Total non-operating income, net	111,952	3,391	116,307	6,853
Loss before income taxes	(2,855)	(45,863)	(65,267)	(88,256)
Income tax expense	(1,552)	0	(1,552)	0
Net loss	$ (4,407)	$ (45,863)	$ (66,819)	$ (88,256)
Net loss per share, basic	$ (0.05)	$ (0.61)	$ (0.77)	$ (1.2)
Net loss per share, diluted	$ (0.05)	$ (0.61)	$ (0.77)	$ (1.2)
Weighted-average number of common shares used in computing net loss per share, basic	87,121,310	74,964,878	86,864,545	73,478,567
Weighted-average number of common shares used in computing net loss per share, diluted	87,121,310	74,964,878	86,864,545	73,478,567
Product [Member]
Revenue:
Total revenue, net	$ 8,192	$ 0	$ 8,192	$ 0

Share-based Compensation - Summary of The Black-Scholes Option Pricing Model to Estimate The Fair Value of Stock Option Granted (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Two Thousand And Twenty One Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Two Thousand And Twenty One Equity Incentive Plan [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 2 months 12 days	6 years 8 months 12 days	6 years 3 months 18 days
Expected volatility	69.18%	81.65%	70.57%	81.98%
Risk-free interest rate	4.47%	3.98%	4.47%	4.08%
Two Thousand And Twenty One Equity Incentive Plan [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 3 months 18 days	5 years 3 months 18 days	5 years 3 months 18 days	5 years 3 months 18 days
Expected volatility	68.57%	69.21%	68.27%	69.21%
Risk-free interest rate	4.24%	3.47%	3.90%	3.47%
Two Thousand Twenty One Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)			6 months	6 months
Expected dividend yield			0.00%	0.00%

Defined Contribution Plan (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Matching Contribution	$ 0.4	$ 0.3	$ 1.0	$ 0.8