0000950170-22-020701 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Document Transition Report	false
Document Quarterly Report	true
Entity Registrant Name	Pyxis Oncology, Inc.
Entity Central Index Key	0001782223
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-40881
Entity Tax Identification Number	83-1160910
Entity Address, Address Line One	150 Cambridgepark Drive
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02140
Entity Incorporation, State or Country Code	DE
City Area Code	617
Local Phone Number	221-9059
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PYXS
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		35,097,256

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 198,538	$ 274,735
Restricted cash	1,472	1,472
Prepaid expenses and other current assets	2,798	2,466
Total current assets	202,808	278,673
Property and equipment, net	6,391	1,007
Operating lease right-of-use assets	14,696	232
Other assets, noncurrent		109
Total assets	223,895	280,021
Current liabilities:
Accounts payable	5,509	11,951
Accrued expenses and other current liabilities	13,586	6,592
Operating lease liabilities, current portion		165
Total current liabilities	19,095	18,708
Operating lease liabilities, net of current portion	16,053
Total liabilities	35,148	18,708
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, par value $0.001 per share, 10,000,000 shares authorized as of September 30, 2022 and December 31, 2021, zero shares issued and outstanding as of September 30, 2022 and December 31, 2021
Common stock, $0.001 par value per share; 190,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 32,834,682 and 32,792,867 shares issued as of September 30, 2022 and December 31, 2021, respectively, and 32,588,140 and 32,222,881 shares outstanding as of September 30, 2022 and December 31, 2021, respectively	32	32
Additional paid-in capital	365,049	352,999
Accumulated deficit	(176,334)	(91,718)
Total stockholders' equity	188,747	261,313
Total liabilities and stockholders' equity	$ 223,895	$ 280,021

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	190,000,000	190,000,000
Common stock, shares issued	32,834,682	32,792,867
Common stock, shares outstanding	32,588,140	32,222,881

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Research and development expense	$ 19,034	$ 7,849	$ 56,275	$ 43,828
General and administrative	9,359	3,772	29,233	9,463
Total operating expenses	28,393	11,621	85,508	53,291
Loss from operations	(28,393)	(11,621)	(85,508)	(53,291)
Other income (expense):
Interest income	719	6	892	16
Service fee income from related party				181
Change in fair value of derivative liability		(2,560)		(5,821)
Total other income (expense)	719	(2,554)	892	(5,624)
Loss from equity method investment in joint venture				(231)
Net loss and comprehensive loss	$ (27,674)	$ (14,175)	$ (84,616)	$ (59,146)
Net loss per common share - basic	$ (0.85)	$ (8.96)	$ (2.61)	$ (40.27)
Net loss per common share - diluted	$ (0.85)	$ (8.96)	$ (2.61)	$ (40.27)
Weighted average shares of common stock outstanding - basic	32,561,228	1,581,610	32,444,072	1,468,777
Weighted average shares of common stock outstanding - diluted	32,561,228	1,581,610	32,444,072	1,468,777

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Pfizer License Agreement Convertible Preferred Stock	Common Stock	Additional paid-in capital	Accumulated deficit
Beginning balance at Dec. 31, 2020		$ 21,942
Beginning Balance, Shares at Dec. 31, 2020		22,724,925
Beginning balance at Dec. 31, 2020	$ (15,645)			$ 1	$ 97	$ (15,743)
Beginning Balance, Shares at Dec. 31, 2020				1,289,342
Issuance of Series B convertible preferred stock		$ 152,081	$ 20,000
Issuance of Series B convertible preferred stock, Shares		92,660,103	12,152,145
Stock options exercised	14				14
Stock options exercised (Shares)				16,370
Vesting of restricted common stock	9			$ 1	8
Vesting of restricted common stock (Shares)				333,888
Stock-based compensation	3,329				3,329
Net loss	(59,146)					(59,146)
Ending balance at Sep. 30, 2021		$ 194,023
Ending balance (in shares) at Sep. 30, 2021		127,537,173
Ending balance at Sep. 30, 2021	(71,439)			$ 2	3,448	(74,889)
Ending balance (in shares) at Sep. 30, 2021				1,639,600
Beginning balance at Jun. 30, 2021		$ 194,023
Beginning Balance, Shares at Jun. 30, 2021		127,537,173
Beginning balance at Jun. 30, 2021	(57,588)			$ 2	3,124	(60,714)
Beginning Balance, Shares at Jun. 30, 2021				1,519,007
Stock options exercised	3				3
Stock options exercised (Shares)				104,223
Vesting of restricted common stock	14				14
Vesting of restricted common stock (Shares)				16,370
Stock-based compensation	307				307
Net loss	(14,175)					(14,175)
Ending balance at Sep. 30, 2021		$ 194,023
Ending balance (in shares) at Sep. 30, 2021		127,537,173
Ending balance at Sep. 30, 2021	(71,439)			$ 2	3,448	(74,889)
Ending balance (in shares) at Sep. 30, 2021				1,639,600
Beginning balance at Dec. 31, 2021	261,313			$ 32	352,999	(91,718)
Beginning Balance, Shares at Dec. 31, 2021				32,222,881
Stock options exercised	$ 183				183
Stock options exercised (Shares)	73,841			73,841
Vesting of restricted common stock	$ 1				1
Vesting of restricted common stock (Shares)				291,418
Stock-based compensation	11,866				11,866
Net loss	(84,616)					(84,616)
Ending balance at Sep. 30, 2022	188,747			$ 32	365,049	(176,334)
Ending balance (in shares) at Sep. 30, 2022				32,588,140
Beginning balance at Jun. 30, 2022	211,966			$ 32	360,594	(148,660)
Beginning Balance, Shares at Jun. 30, 2022				32,483,883
Stock options exercised	6				6
Stock options exercised (Shares)				9,003
Vesting of restricted common stock (Shares)				95,254
Stock-based compensation	4,449				4,449
Net loss	(27,674)					(27,674)
Ending balance at Sep. 30, 2022	$ 188,747			$ 32	$ 365,049	$ (176,334)
Ending balance (in shares) at Sep. 30, 2022				32,588,140

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' (Deficit) (Parenthetical) (Unaudited) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Series B Convertible Preferred Stock
Issuance costs	$ 419

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net loss	$ (84,616)	$ (59,146)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	517	489
Stock-based compensation	11,866	3,329
Non-cash research and development expenses		20,000
Non-cash lease expense	855	448
Non-cash loss from equity method investment in joint venture		50
Changes in fair value of derivative liability		(5,821)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(332)	(836)
Accounts payable	(6,443)	610
Accrued expenses and other current liabilities	5,636	3,164
Operating lease liabilities	569	(455)
Derivative liability		3,369
Net cash used in operating activities	(71,948)	(23,157)
Investing activities
Purchase of property and equipment	(4,541)	(540)
Investment in joint venture		(50)
Net cash used in investing activities	(4,541)	(590)
Financing activities
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs		151,581
Deferred offering costs		(2,451)
Proceeds from the exercise of stock options	183	14
Net cash provided by financing activities	183	149,144
Net (decrease) increase in cash, cash equivalents, and restricted cash	(76,306)	125,397
Cash, cash equivalents and restricted cash at beginning of year	276,316	8,189
Cash, cash equivalents and restricted cash at end of year	200,010	133,586
Supplemental cash flow information:
Cash received for interest	892	16
Supplemental schedule of noncash investing and financing activities:
Property and equipment in accounts payable and accrued expenses	1,360
Deferred offering costs in accounts payable and accrued expenses		1,050
Operating lease right-of-use asset obtained in exchange for operating lease liabilities	15,319
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	198,538	133,477
Restricted cash	1,472	109
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 200,010	$ 133,586

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business Nature of Business Pyxis Oncology, Inc. (the “Company”), a Delaware corporation, was founded in June 2018 and launched its operations in July 2019. The Company is an oncology company focused on developing an arsenal of next-generation therapeutics to target difficult-to-treat cancers and improve quality of life for patients. The Company develops its product candidates with the objective to directly kill tumor cells, and to address the underlying pathologies created by cancer that enable its uncontrollable proliferation and immune evasion. Since the Company’s launch in 2019, the Company has developed a broad portfolio of novel antibody drug conjugate, or ADC, product candidates and monoclonal antibody, or mAb, preclinical discovery programs that the Company is developing as monotherapies and in combination with other therapies. The Company has determined that it has one operating and reporting segment.

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Company’s fiscal year ends on December 31 and its first three fiscal quarters end on March 31, June 30 and September 30. The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the unaudited condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of those expected for the year ending December 31, 2022 or for any future period. The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes thereto for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2022. Liquidity As of September 30, 2022, the Company had an accumulated deficit of $176.3 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $84.6 million and $59.1 million for the nine months ended September 30, 2022 and 2021, respectively. The Company has not generated any revenue to date and does not anticipate generating any revenues unless and until it successfully completes development and obtains regulatory approval for its current or any future product candidates. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to expand its research and development programs and develop its product candidates. The Company currently expects that its existing cash and cash equivalents of $198.5 million as of September 30, 2022 will fund its operating expenses and capital requirements at least twelve months from the date these unaudited condensed consolidated financial statements are issued. Additional funding may be necessary to fund future clinical and preclinical activities. The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity, convertible or debt financing or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-based compensation, derivative liability, operating leases, and research and development costs. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates and there may be changes to management’s estimates in future periods. Risks and Uncertainties The Company is subject to risks common to early-stage companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, dependence on key suppliers for active ingredients and third-party service providers such as contract research organizations, protection of intellectual property rights and the ability to make milestone, royalty or other payments due under any license, collaboration or supply agreements. Concentration of Credit Risks Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalents are held at an accredited financial institution and the Company has not experienced any losses in such accounts. The Company maintains its cash in bank deposit accounts, which at times may exceed federally insured limits. The Company’s cash equivalents consist primarily of short-term money market funds held in accredited financial institutions. The Company believes it is not exposed to any significant risk in cash and cash equivalents. Significant Accounting Policies There have been no changes to the Company’s significant accounting policies disclosed in “Note 2 – Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2022. Recent Accounting Pronouncements Recent authoritative guidance issued by the FASB (including technical corrections to the ASC), the American Institute of Certified Public Accountants, and the SEC did not, or are not expected to, have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables present the financial instruments carried at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, respectively, in accordance with the FASB ASC 820 hierarchy (in thousands):


	Fair Value Measurements at September 30, 2022
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	189,035	$	—	$	—	$	189,035

	Fair Value Measurements at December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	272,210	$	—	$	—	$	272,210

The Company’s cash equivalents represent deposits in a short-term United States Treasury money market fund quoted in an active market and classified as a Level 1 asset. There were no assets or liabilities measured at fair value on a nonrecurring basis at September 30, 2022 and December 31, 2021. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the three and nine months ended September 30, 2022 and 2021.

The Company recognized initial derivative liability of $3.4 million related to LegoChem Extra Milestone Payment and revalued at each reporting period, with a fair value adjustment to the derivative liability of $2.6 million and $5.8 million for the three months and nine months ended September 30, 2021, respectively. The fair value of the derivative liability was initially determined using a probability-weighted income approach and was revalued at each reporting date or more frequently if circumstances dictate. The significant unobservable inputs used in the fair value measurement of the derivative liability include probability of payment factors and the discount rate. Refer to Note 5, Licensing Agreements, for additional information on the derivative liability.

- 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

Joint Venture

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Joint Venture

4. Joint Venture

In March 2021, the Company entered into definitive transaction agreements with Alloy Therapeutics, Inc. (“Alloy”) and Voxall Therapeutics, LLC (“Voxall”), to finance and operate Voxall, a joint venture company formed in collaboration with Alloy to leverage the Company’s technology and Alloy’s ATX-Gx™ platform and antibody discovery services. Voxall granted, the Company and Alloy, 50% of the voting membership units of Voxall in exchange for certain initial contributions. The Company’s initial contribution included $50 thousand and a non-exclusive fully paid-up license to certain intellectual property owned or controlled by the Company and the execution of the services agreement to enable the collaboration with Voxall. Alloy’s initial contribution included $50 thousand and the execution of the Alloy license agreement and the Alloy services agreement to enable the collaboration with Voxall. Voxall is governed by a board of directors consisting of an equal number of the Company’s representatives and Alloy’s representatives. The protective provisions under Voxall’s operating agreement require the approval of both the Company and Alloy before Voxall may take certain actions.

The Company accounted for investment in Voxall under the equity method of accounting. The initial contribution of $50 thousand was recorded as “Investment in equity method investment in joint venture” in March 2021.

Voxall has incurred losses since inception and the Company has recognized its share of losses of Voxall only to the extent of the carrying value of its investment in Voxall and the promissory note issued by Voxall, which aggregated to $0.2 million in 2021. The Company has not recognized any further losses of Voxall during the three and nine months ended September 30, 2022. The remaining unabsorbed loss will be offset against future income, if any. As the Company has no commitment to fund the losses of the equity method investment, the carrying value of the equity method investment has not been reduced below zero.

Licensing Agreements

9 Months Ended

Sep. 30, 2022

License Agreements [Abstract]

Licensing Agreements

5. Licensing Agreements

The University of Chicago Agreement

In April 2020, the Company entered into a license agreement (the “University License Agreement”), as well as a sponsored research agreement, with the University of Chicago (the “University”). Under the terms of the license, the Company has the global right to develop and commercialize products that are covered by a valid claim of a licensed patent, incorporate or use the licensed know-how and materials or are known to assess, modulate or utilize the activity of certain specified biological targets. In partial consideration for the license from the University, the Company issued to the University 48,919 shares of its Common Stock in 2020.

Further, pursuant to the University License Agreement, the Company is obligated to pay to the University, the future contingent payments including development, regulatory and commercial milestones as well as running royalties on net sales of licensed products at varying rates. The Company assessed the milestone and royalty events involving the University as of September 30, 2022 and concluded no such amounts were due.

Pfizer, Inc. Agreement

In December 2020, the Company entered into a license agreement (as amended, the “Pfizer License Agreement”) with Pfizer, Inc. (“Pfizer”) for worldwide development and commercialization rights to antibody drug conjugate ("ADC") product candidates directed to certain licensed targets, including PYX-201 and PYX-203, and products containing the ADC product candidates. The Company’s rights are exclusive with respect to certain patents owned or controlled by Pfizer covering the licensed ADCs. Pfizer has also granted the Company a non-exclusive license to use Pfizer’s ADC technology platform to develop and commercialize the licensed ADCs and licensed products. The initial licensed targets include CD123 and extra domain B (EDB of fibronectin) and the Company has the option to expand the scope of its license to add additional licensed targets that have not been licensed to a third party or are not the subject of a Pfizer ADC development program. The Pfizer License Agreement became effective in March 2021. During the three months ended March 31, 2021, the Company paid a combined $25.0 million for the license fee, which was recorded as research and development expenses, consisting of an upfront fee equal to a cash payment of $5.0 million and the issuance of 12,152,145 shares of Series B convertible preferred stock with a value of $20.0 million to Pfizer.

Further, pursuant to the Pfizer License Agreement, the Company is obligated to pay future contingent payments including development, regulatory and commercial milestones as well as running royalties on net sales of licensed products at varying rates. The Company assessed the milestone and royalty events involving Pfizer as of September 30, 2022 and concluded no such amounts were due.

LegoChem Biosciences, Inc. Agreements

In December 2020, the Company entered into a license agreement (the “LegoChem License Agreement”) and an opt-in, investment and additional consideration agreement (the “Opt-In Agreement”) with LegoChem Biosciences, Inc. (“LegoChem”). Pursuant to the LegoChem License Agreement, the Company obtained worldwide (other than Korea) license for development and commercialization rights for LCB67, an ADC product candidate targeting DLK-1, and products containing the licensed compound. The Company paid $9.0 million in March 2021 to LegoChem, which was recorded as research and development expenses. Pursuant to the LegoChem License Agreement, the Company may purchase certain initial quantities of licensed products from LegoChem for an estimated cost of $7.0 million. No amounts were due and payable related to the manufacturing of the initial quantities of licensed product as of September 30, 2022. Further, pursuant to the LegoChem License Agreement, the Company is obligated to pay future contingent payments including development, regulatory and commercial milestones as well as running royalties on net sales of licensed products at varying rates.

In addition, as part of the Opt-in Agreement, LegoChem had an option to pay $8.0 million to the Company, in exchange for the right to receive a milestone payment (the “Extra Milestone Payment”) of $9.6 million upon the earliest to occur of certain events, including the date of pricing or offer of the first public offering of its common stock or if the Company is the subject of a change in control transaction. The Company determined that the Extra Milestone Payment met the definition and recognition condition of derivative under ASC 815, “Derivatives and Hedging” for which there was a binding contract and firm commitment in January 2021. An initial derivative liability was recognized for $3.4 million with an offset to research and development expenses in January 2021. The derivative liability was re-measured at each reporting date, with changes recorded in “Other income (expense)” in the unaudited condensed consolidated statements of operations and comprehensive loss. The Company recorded a fair value adjustment to the derivative liability of $2.6 million and $5.8 million for the three and nine months ended September 30, 2021. The Company settled its derivative liability by paying the Extra Milestone Payment of $9.6 million to LegoChem in January 2022.

The Company assessed the milestone and royalty events involving LegoChem as of September 30, 2022 and concluded no such amounts were due.

License Agreement with Biosion USA, Inc.

On March 28, 2022, the Company entered into a license agreement, or the “Biosion License Agreement,” with Biosion USA, Inc., or Biosion, pursuant to which the Company obtained exclusive, worldwide (other than Greater China (mainland China, Hong Kong, Macau and Taiwan)), licenses for development, manufacture and commercialization rights for BSI-060T, a Siglec-15 targeting antibody, an IO product candidate (now referred to as PYX-106), and products containing the licensed compound.

Pursuant to the Biosion License Agreement, the Company paid an upfront license fee of $10.0 million, which was recorded as research and development expenses. The Company is also obligated to pay future contingent payments including development, regulatory and commercial milestones up to an aggregate of $217.5 million in case of normal approval and $222.5 million in case of accelerated approval. Additionally, if products are launched, the Company will pay Biosion tiered royalties on net sales of licensed products in varying royalty rates ranging from low single digits to low teens. The Company’s royalty obligations apply on a licensed product-by-licensed product and country-by-country basis from first commercial sale until the latest to occur of: (1) 12 years from first commercial sale; (2) the expiration of all regulatory or data exclusivity; and (3) the expiration of the last valid claim of a licensed patent covering the licensed product in a country.

The Company assessed the milestone and royalty events involving Biosion as of September 30, 2022 and concluded no such amounts were due.

Convertible Preferred Stock

9 Months Ended

Sep. 30, 2022

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

6. Convertible Preferred Stock

Series B Convertible Preferred Stock

On March 5, 2021, the Company entered into a securities purchase agreement (as amended, “Series B Agreement”) with certain investors to sell shares of Series B convertible preferred stock (“Series B”) at $1.6458 per share. In March 2021, the Company issued 92,356,299 shares of Series B to institutional investors at $1.6458 per share for gross cash proceeds of $152.0 million, less issuance costs of $0.4 million, resulting in net proceeds of $151.6 million. In addition, the Company granted 12,455,949 shares, or $20.5 million, of Series B convertible preferred stock through separate agreements with Pfizer and LegoChem. The Company effected a 1-for-6.359 reverse stock split in October 2021. Upon the initial public offering, 104,812,248 shares of Series B were converted to 16,482,486 shares of common stock.

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' Equity

7. Stockholders' Equity

Preferred Stock

There were no issued and outstanding shares of preferred stock as of September 30, 2022 and December 31, 2021.

Common Stock

The Company was authorized to issue up to 190,000,000 shares of common stock as of September 30, 2022 and December 31, 2021, of which 32,834,682 and 32,792,867 shares were issued as of September 30, 2022 and December 31, 2021, respectively, 32,588,140 and 32,222,881 shares were outstanding at September 30, 2022 and December 31, 2021, respectively. The difference between shares issued and shares outstanding represents unvested restricted common stock issued pursuant to standalone restricted stock purchase agreements (refer to Note 8 - Stock-Based Compensation).

The voting, dividend and liquidation rights of the holders of the common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock.

Voting—Each holder of outstanding shares of common stock shall be entitled to one vote in respect of each share.

Reserved Shares— The Company reserved the following shares of common stock for issuance:


	September 30, 2022		December 31, 2021
Unvested restricted stock awards		3,124,325		618,494
Stock options available for issuance		1,581,813		1,289,259
Stock options outstanding		5,835,740		5,926,969
Employee stock purchase plan		424,595		424,595
Total		10,966,473		8,259,317

- Definition

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

+ References

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

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

2022 Equity Inducement Plan

On July 1, 2022, the Company’s board of directors approved the 2022 Equity Inducement Plan (the “2022 Plan”), which became effective on that date. The 2022 Plan allows the Company to make equity-based incentive awards to its officers, and employees without stockholder approval pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules, or any successor rule relating to inducement awards. Unless earlier terminated by the Board, 2022 Plan will terminate on the tenth anniversary of the effective date. The Company has initially reserved 1,400,000 shares of its common stock for the issuance of awards under the 2022 Plan. As of September 30, 2022, options to purchase 342,991 shares of common stock and 274,390 restricted stock units were outstanding under the 2022 Plan and 782,619 shares remained available for future issuance under the 2022 Plan.

2021 Equity Incentive Plan

On September 27, 2021, the Company’s board of directors and stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective on October 7, 2021, when the Company’s registration statement was declared effective by the SEC. The 2021 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors and consultants. The Company has initially reserved 3,852,807 shares of its common stock for the issuance of awards under the 2021 Plan. The number of shares of common stock reserved for issuance under the 2021 Plan will automatically increase annually on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2022, and continuing until (and including) the fiscal year ending December 31, 2031 by lesser of 5% of the total number of shares of common stock outstanding on December 31st of the immediately preceding fiscal year or number of shares as may be determined by the board of directors. As a result of the evergreen provision of the 2021 Plan, the Company added an additional 1,639,643 shares of common stock to the 2021 Plan as of January 1, 2022. The maximum number of shares of common stock that may be issued pursuant to the exercise of incentive options under the 2021 Plan is 7,705,614. As of September 30, 2022, options to purchase 2,757,434 shares of common stock and 2,509,014 restricted stock units were outstanding under the 2021 Plan and 226,002 shares remained available for future issuance under the 2021 Plan.

2019 Equity Incentive Plan

In 2019, the Company established the 2019 Plan, under which the Company is allowed to grant options and restricted stock to its employees and non-employees. The maximum number of shares of common stock reserved for issuance under the 2019 Plan is 4,042,408 shares. Options granted under the 2019 Plan include incentive stock options that can be granted only to the Company’s employees and non-statutory stock options that can be granted to the Company’s employees, consultants, advisors and directors. The 2019 Plan also permits the Company to issue restricted stock awards.

Prior to the initial public offering, the exercise prices, vesting and other restrictions of the awards granted under the 2019 Plan were determined by the board of directors, except that no stock option may be issued with an exercise price less than the fair market value of the common stock at the date of the grant or have a term in excess of ten years. Options granted under the 2019 Plan are exercisable in whole or in part at any time subsequent to vesting. As of September 30, 2022, options to purchase 2,735,315 shares of

common stock and 94,379 restricted stock units were outstanding under the 2019 Plan and 573,192 shares remained available for future issuance under the 2019 Plan.

Stock Options

The summary of stock option activity for the nine months ended September 30, 2022 (in thousands, except share and per share amounts):


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value

Outstanding at January 1, 2022		5,926,969		$	10.03		9.5	$	16,414
Granted		1,106,488			4.24
Exercised		(73,841	)		2.48
Forfeited		(715,331	)		7.01
Expired		(408,545	)		2.18
Outstanding at September 30, 2022		5,835,740		$	9.72		8.5	$	101
Options exercisable at September 30, 2022		1,535,955		$	8.05		8.7	$	61

The aggregate intrinsic value is calculated as the difference between the exercise price of all outstanding and exercisable stock options and the fair value of the Company’s common stock of $1.97 per share as of September 30, 2022. The options granted during the three and nine months ended September 30, 2022 had a weighted average fair value of $1.90 and $3.35 per share, respectively, and $5.59 and $4.15 per share for the options granted during the three and nine months ended September 30, 2021, respectively.

The Company estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the range of assumptions in the following table:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Expected volatility	96.09% - 97.34%	72.88% - 73.13%	96.09% - 101.66%	72.88% - 75.17%
Risk-free interest rate	2.85% - 4.02%	0.81% - 0.96%	1.60% - 4.02%	0.81% - 1.16%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected term (in years)	6.00 - 6.08	6.00 - 6.08	6.00 - 6.11	6.00 - 6.08

Stock-based compensation expense related to stock options recorded is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development	$	1,623	$	96	$	3,190	$	1,106
General and administrative		1,534		211		6,134		2,223
Total	$	3,157	$	307	$	9,324	$	3,329

The Company has an aggregate $28.7 million of gross unrecognized stock-based compensation expense as of September 30, 2022 remaining to be amortized over a weighted average period of 2.34 years. The Company has not recognized and does not expect to recognize in the near future, any tax benefit related to employee stock-based compensation expense as a result of the full valuation allowance related to its net deferred tax assets.

Restricted Stock Units and Awards

Under the 2019 Plan, 2021 Plan and 2022 Inducement Plan, the Company issued 3,170,604 restricted stock units ("RSU") to employees and non-employees. Compensation costs related to these RSUs were recorded based on the Company's stock price on the date of issuance and amortized over the service period.

Additionally, the Company issued certain shares of restricted common stock ("RSA") to the employee co-founders and certain non-employee consultants in 2019. The shares of restricted common stock were issued pursuant to standalone restricted stock purchase agreements that are independent of the 2019 Plan, 2021 Plan and 2022 Inducement Plan. The shares of restricted common stock pursuant to standalone restricted stock purchase agreements carried a purchase price equivalent of $0.01 per share. The compensation cost was measured based on the fair value of the underlying common stock less the purchase price of the restricted common stock and the Company recognizes compensation costs over the requisite service period.

Under the terms of the restricted stock purchase agreements, the Company has a repurchase option whereby it has the right to repurchase any unvested shares upon termination at a price per share equal to the lesser of: (i) the fair market value of the Company’s common stock on the date of repurchase and (ii) the original purchase price. The shares of restricted common stock issued to the Company’s co-founders and non-employee consultants vest based on a predefined number of shares.

The Company recognized an associated deposit liability for restricted stock awards issued pursuant to standalone restricted stock purchase agreements upon issuance based on the purchase price of the awards as the unvested shares are subject to repurchase upon termination. As the awards of restricted stock vest, the Company reclassifies the deposit liability to additional paid-in capital.

The summary of restricted stock activity for the nine months ended September 30, 2022:


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2021		618,494		$	3.04
Granted		3,122,096			3.73
Vested and settled		(291,418	)		0.05
Forfeited		(324,847	)		3.60
Non-vested and unsettled at September 30, 2022		3,124,325		$	3.60

The Company has recorded stock-based compensation expense related to the restricted stock of $1.3 million and $5 thousand for the three months ended September 30, 2022, and 2021, respectively. For the nine months ended September 30, 2022 and 2021, the Company recorded stock-based compensation expense related to the restricted stock of $2.5 million and $17 thousand, respectively. The Company has an aggregate $8.7 million of gross unrecognized restricted stock-based compensation expense as of September 30, 2022 remaining to be amortized over a weighted average period of 2.23 years.

2021 Employee Stock Purchase Plan

On September 27, 2021, the Company’s board of directors and stockholders approved the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective on October 7, 2021, when the Company’s registration statement was declared effective by the SEC. The 2021 ESPP reserved and authorized the issuance of up to a total of 424,595 shares of common stock to participating employees. No shares are issued under the 2021 ESPP plan as of the date of issuance of these unaudited condensed consolidated financial statements.

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

9. Leases

In September 2021, the Company entered into an operating lease agreement, with a lease term commencement date of April 1, 2022, the date the Company took control of the property, for an office and laboratory space in Boston, Massachusetts. The lease payments will begin from December 1, 2022 and will continue through December 31, 2032 and have scheduled rent increases each year of 3%. In addition to the rent, the Company bears the costs of certain insurance, property taxes and maintenance, which represent the Company’s proportionate share of the actual expenses incurred by the landlord. There is an additional five-year option to extend the lease beyond December 31, 2032.

The lease is classified as an operating lease. At the lease commencement date, the operating lease right-of-use ('ROU') assets of $15.3 million and lease liabilities of $15.3 million were recognized based on the present value of remaining fixed lease payments over the expected lease term using an incremental borrowing rate of 9.4%. As the Company’s operating leases do not provide an implicit rate, estimated incremental borrowing rates based on the information available at the time of lease commencement date were used in determining the present value of lease payments. Under the lease agreement the landlord provided for a tenant improvement allowance of $6.4 million to be applied to the costs of the construction of the leasehold improvements. The tenant improvement allowance is recognized as a reduction in operating lease ROU assets and lease liabilities on the lease commencement date. Variable lease costs such as common area costs and other operating costs are expensed as incurred and were minimal for the three months ended September 30, 2022. The aggregate weighted-average remaining lease term was 10.3 years as of September 30, 2022.

During the three months ended September 30, 2022 and 2021, the Company incurred $1.2 million and $0.2 million in rent expenses, respectively. For the nine months ended September 30, 2022 and 2021, rent expenses were $2.6 million and $0.5 million, respectively. The following table provides a reconciliation of the Company’s remaining undiscounted contractual rent obligations due

within each respective fiscal year ending December 31 to the operating lease liabilities recognized as of September 30, 2022 (in thousands):


Years Ending December 31,	Operating Leases
2022	$	259
2023		3,117
2024		3,208
2025		3,302
2026		3,399
Thereafter		22,248
Total undiscounted payments		35,533
Less: tenant improvement allowance		(6,368	)
Less: present value adjustment		(13,112	)
Present value of future payments		16,053
Less: current portion of operating lease liabilities		—
Operating lease liabilities, net of current portion	$	16,053

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The Company’s effective tax rate from continuing operations was 0% for the three and nine months ended September 30, 2022 and 2021. The Company has not recorded a federal income tax provision for the three and nine months ended September 30, 2022 and 2021. The Company recorded a nominal state and local income tax provision for the nine months ended September 30, 2022 and 2021.

The Company assesses the realizability of the deferred tax assets at each reporting date. The Company continues to maintain a full valuation allowance for its U.S. federal and state deferred tax assets, which significantly consists of net operating losses and tax credits. If certain substantial changes in the entity's ownership occur, there may be an annual limitation on the amount of the carryforwards that can be utilized. The Company will continue to assess the need for a valuation allowance on its deferred tax assets.

- 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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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Loss per Common Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Loss per Common Share

11. Net Loss per Common Share

Basic and diluted net loss per common share was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(27,674	)	$	(14,175	)	$	(84,616	)	$	(59,146	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		32,561,228			1,581,610			32,444,072			1,468,777
Net loss per share, basic and diluted	$	(0.85	)	$	(8.96	)	$	(2.61	)	$	(40.27	)

The Company’s potentially dilutive securities, which include convertible preferred stock, restricted stock, and stock options, have been excluded from the computation of diluted net loss per common share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at September 30, 2022 and 2021 because including them would have had an anti-dilutive effect:


	September 30,
	2022		2021
Convertible preferred stock		—		20,056,145
Unvested restricted stock awards		3,124,325		554,724
Stock options outstanding		5,835,740		3,530,706
Stock options available for issuance		1,581,813		3,852,807
Employee stock purchase plan		424,595		424,595
Total		10,966,473		28,418,977

Related Parties

9 Months Ended

Sep. 30, 2022

Related Parties

12. Related Parties

Prior to IPO, Pfizer along-with its affiliated entity and Bayer HealthCare LLC ("Bayer"), were principal owners of the Company. Subsequent to IPO, Pfizer and Bayer are no longer principal owners and related parties of the Company as of September 30, 2022. In 2020, the Company entered into the Pfizer License Agreement, and it became effective in March 2021. During the nine months ended September 30, 2021, the Company incurred a combined $25.0 million (which was recorded as research and development expenses), consisting of an upfront fee equal to a cash payment of $5.0 million and the issuance of 12,152,145 shares of Series B Convertible Preferred Stock with a value of $20.0 million in 2021 to Pfizer. Refer to Note 5 for additional discussion.

The Company and Alloy formed a joint venture company, Voxall Therapeutics, LLC (“Voxall”) to leverage the Company’s technology and Alloy’s ATX-Gx™ platform and antibody discovery services. The Company and Alloy contributed $50 thousand each to Voxall along with a certain license in March 2021. No transactions occurred with Voxall during the three and nine months ended September 30, 2022.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and Contingencies

Commitments

In the normal course of business, the Company enters into agreements with contract research organizations (“CROs”), research programs and with vendors for nonclinical studies, manufacturing and other services and products for operating purposes, which agreements are generally cancellable by the Company at any time, subject to payment of remaining obligations under binding purchase orders and, in certain cases, nominal early-termination fees. These commitments are not deemed significant.

Contingencies

In March 2020, COVID-19 disease was declared a pandemic by the World Health Organization. Currently, the Company has not suffered significant adverse consequences as a result of the COVID-19 pandemic, however, the extent to which COVID-19 may impact the Company’s future financial condition or results of operations is uncertain.

Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Event

Effective on October 6, 2022 (the “Effective Date”), the Company entered into an amended and restated license agreement (the “A&R License Agreement”) with Pfizer, which amends and restates the previously executed license agreement between Pfizer and the Company, as amended to date. Pursuant to the A&R License Agreement, Pfizer granted to the Company exclusive worldwide rights under Pfizer’s Flexible Antibody Conjugation Technology, or FACT, platform technology to develop and commercialize antibody drug conjugate (“ADC”) product candidates directed to certain licensed targets, including PYX-201 and PYX-203, and products containing the ADC product candidates. In accordance with the terms of the A&R License Agreement, the Company agreed to pay $8.0 million to Pfizer and issued 2,229,654 shares of its common stock on the Effective Date, which is an amount equivalent to $5.0 million at a per share price equal to 115% of the closing price of the Company’s common stock on the business day prior to the Effective Date. Additionally, pursuant to the A&R License Agreement, the Company and Pfizer agree that the Company will issue such number of shares of common stock 180 days following the Effective Date (the “Issuance Date”), equivalent to $5.0 million at a per share price equal to the closing price of the Company’s common stock on the business day prior to the Issuance Date, such that Pfizer’s ownership interest in the Company shall not exceed nineteen and a half percent (19.5%) with any difference in value between the value of shares and $5.0 million being payable in cash.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Nature of Business	Nature of Business Pyxis Oncology, Inc. (the “Company”), a Delaware corporation, was founded in June 2018 and launched its operations in July 2019. The Company is an oncology company focused on developing an arsenal of next-generation therapeutics to target difficult-to-treat cancers and improve quality of life for patients. The Company develops its product candidates with the objective to directly kill tumor cells, and to address the underlying pathologies created by cancer that enable its uncontrollable proliferation and immune evasion. Since the Company’s launch in 2019, the Company has developed a broad portfolio of novel antibody drug conjugate, or ADC, product candidates and monoclonal antibody, or mAb, preclinical discovery programs that the Company is developing as monotherapies and in combination with other therapies. The Company has determined that it has one operating and reporting segment.
Basis of Presentation	Basis of Presentation The Company’s fiscal year ends on December 31 and its first three fiscal quarters end on March 31, June 30 and September 30. The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the unaudited condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of those expected for the year ending December 31, 2022 or for any future period. The condensed consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes thereto for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2022.
Liquidity	Liquidity As of September 30, 2022, the Company had an accumulated deficit of $176.3 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $84.6 million and $59.1 million for the nine months ended September 30, 2022 and 2021, respectively. The Company has not generated any revenue to date and does not anticipate generating any revenues unless and until it successfully completes development and obtains regulatory approval for its current or any future product candidates. The Company expects that its operating losses and negative cash flows will continue for the foreseeable future as the Company continues to expand its research and development programs and develop its product candidates. The Company currently expects that its existing cash and cash equivalents of $198.5 million as of September 30, 2022 will fund its operating expenses and capital requirements at least twelve months from the date these unaudited condensed consolidated financial statements are issued. Additional funding may be necessary to fund future clinical and preclinical activities. The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity, convertible or debt financing or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-based compensation, derivative liability, operating leases, and research and development costs. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates and there may be changes to management’s estimates in future periods.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks common to early-stage companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, dependence on key suppliers for active ingredients and third-party service providers such as contract research organizations, protection of intellectual property rights and the ability to make milestone, royalty or other payments due under any license, collaboration or supply agreements.
Concentration of Credit Risk	Concentration of Credit Risks Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalents are held at an accredited financial institution and the Company has not experienced any losses in such accounts. The Company maintains its cash in bank deposit accounts, which at times may exceed federally insured limits. The Company’s cash equivalents consist primarily of short-term money market funds held in accredited financial institutions. The Company believes it is not exposed to any significant risk in cash and cash equivalents.
Significant Accounting Policies	Significant Accounting Policies There have been no changes to the Company’s significant accounting policies disclosed in “Note 2 – Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K filed with the SEC on March 29, 2022.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent authoritative guidance issued by the FASB (including technical corrections to the ASC), the American Institute of Certified Public Accountants, and the SEC did not, or are not expected to, have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Carried at Fair Value on Recurring Basis


	Fair Value Measurements at September 30, 2022
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	189,035	$	—	$	—	$	189,035

	Fair Value Measurements at December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	272,210	$	—	$	—	$	272,210

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Common Stock Reserved for Issuance

The Company reserved the following shares of common stock for issuance:


	September 30, 2022		December 31, 2021
Unvested restricted stock awards		3,124,325		618,494
Stock options available for issuance		1,581,813		1,289,259
Stock options outstanding		5,835,740		5,926,969
Employee stock purchase plan		424,595		424,595
Total		10,966,473		8,259,317

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The summary of stock option activity for the nine months ended September 30, 2022 (in thousands, except share and per share amounts):


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value

Outstanding at January 1, 2022		5,926,969		$	10.03		9.5	$	16,414
Granted		1,106,488			4.24
Exercised		(73,841	)		2.48
Forfeited		(715,331	)		7.01
Expired		(408,545	)		2.18
Outstanding at September 30, 2022		5,835,740		$	9.72		8.5	$	101
Options exercisable at September 30, 2022		1,535,955		$	8.05		8.7	$	61

Schedule of Estimated Fair Value Assumptions

The Company estimated the fair value of each option on the date of grant using the Black-Scholes option pricing model applying the range of assumptions in the following table:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Expected volatility	96.09% - 97.34%	72.88% - 73.13%	96.09% - 101.66%	72.88% - 75.17%
Risk-free interest rate	2.85% - 4.02%	0.81% - 0.96%	1.60% - 4.02%	0.81% - 1.16%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected term (in years)	6.00 - 6.08	6.00 - 6.08	6.00 - 6.11	6.00 - 6.08

Summary of Stock-Based Compensation Expense

Stock-based compensation expense related to stock options recorded is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development	$	1,623	$	96	$	3,190	$	1,106
General and administrative		1,534		211		6,134		2,223
Total	$	3,157	$	307	$	9,324	$	3,329

Summary of Restricted Stock Activity

The summary of restricted stock activity for the nine months ended September 30, 2022:


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2021		618,494		$	3.04
Granted		3,122,096			3.73
Vested and settled		(291,418	)		0.05
Forfeited		(324,847	)		3.60
Non-vested and unsettled at September 30, 2022		3,124,325		$	3.60

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Schedule of Reconciliation of Remaining Undiscounted Contractual Rent Obligations

The following table provides a reconciliation of the Company’s remaining undiscounted contractual rent obligations due

within each respective fiscal year ending December 31 to the operating lease liabilities recognized as of September 30, 2022 (in thousands):


Years Ending December 31,	Operating Leases
2022	$	259
2023		3,117
2024		3,208
2025		3,302
2026		3,399
Thereafter		22,248
Total undiscounted payments		35,533
Less: tenant improvement allowance		(6,368	)
Less: present value adjustment		(13,112	)
Present value of future payments		16,053
Less: current portion of operating lease liabilities		—
Operating lease liabilities, net of current portion	$	16,053

Net Loss per Common Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Common Share

Basic and diluted net loss per common share was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(27,674	)	$	(14,175	)	$	(84,616	)	$	(59,146	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		32,561,228			1,581,610			32,444,072			1,468,777
Net loss per share, basic and diluted	$	(0.85	)	$	(8.96	)	$	(2.61	)	$	(40.27	)

Anti-Dilutive Effect Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders


	September 30,
	2022		2021
Convertible preferred stock		—		20,056,145
Unvested restricted stock awards		3,124,325		554,724
Stock options outstanding		5,835,740		3,530,706
Stock options available for issuance		1,581,813		3,852,807
Employee stock purchase plan		424,595		424,595
Total		10,966,473		28,418,977

Description of Business - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 Segment
Segment Reporting [Abstract]
Operating and Reporting Segment.	1

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit	$ (176,334)		$ (176,334)		$ (91,718)
Net loss	(27,674)	$ (14,175)	(84,616)	$ (59,146)
Cash and cash equivalents	$ 198,538	$ 133,477	$ 198,538	$ 133,477	$ 274,735

- Definition

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

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+ Details

Fair Value Measurements - Summary of Financial Instruments Carried at Fair Value on Recurring Basis (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Assets
Assets measured at fair value	$ 0	$ 0
Fair Value, Recurring \| Money Market Funds
Assets
Assets measured at fair value	189,035,000	272,210,000
Fair Value, Recurring \| Level 1 \| Money Market Funds
Assets
Assets measured at fair value	$ 189,035,000	$ 272,210,000

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Jan. 31, 2022	Dec. 31, 2021	Jan. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value			$ 0		$ 0
Liabilities measured at fair value			0		$ 0
LegoChem License Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recognition of derivative liability related to extra milestone payment			$ 3,400,000	$ 9,600,000		$ 3,400,000
Fair value adjustment to derivative liability	$ 2,600,000	$ 5,800,000

Joint Venture - Additional Information (Details) - Voxall - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Mar. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Initial contribution				$ 50,000
Losses incurred	$ 0	$ 0	$ (200,000)
Promissory note issued			$ 200,000
Equity method investment, description		As the Company has no commitment to fund the losses of the equity method investment, the carrying value of the equity method investment has not been reduced below zero.
Alloy Therapeutics, Inc.
Schedule Of Equity Method Investments [Line Items]
Percentage of voting membership units				50.00%
Initial contribution				$ 50,000

- Definition

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

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+ Details

License Agreements - Additional Information (Details) - USD ($)		1 Months Ended			3 Months Ended		9 Months Ended
	Mar. 28, 2022	Mar. 31, 2021	Dec. 31, 2020	Apr. 30, 2020	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 31, 2022	Jan. 31, 2021
Research And Development Arrangement Contract To Perform For Others [Line Items]
Proceeds from stock options exercised							$ 183,000	$ 14,000
Pfizer License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone and royalties incurred							0
Upfront payments						$ 5,000,000.0		$ 5,000,000.0
Pfizer License Agreement \| Series B Convertible Preferred Stock
Research And Development Arrangement Contract To Perform For Others [Line Items]
Issuance of convertible preferred stock shares						12,152,145		12,152,145
Issuance of convertible preferred stock value					$ 20,000,000.0			$ 20,000,000.0		$ 20,000,000.0
Pfizer License Agreement \| Research and Development Expenses
Research And Development Arrangement Contract To Perform For Others [Line Items]
Payment for license fee						$ 25,000,000.0
LegoChem License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Payments to purchase licensed products		$ 9,000,000.0
Estimated cost to purchase licensed products							7,000,000.0
Amount due related to licensed products							0
Amount payable related to licensed products							0
Proceeds from stock options exercised			$ 8,000,000.0
Extra milestone payment			$ 9,600,000
Derivative liability							3,400,000		$ 9,600,000	$ 3,400,000
Fair value adjustment to the derivative liability					$ 2,600,000			$ 5,800,000
Other milestone and royalties incurred							0
Biosion License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone and royalties incurred							$ 0
Aggregate maximum obligation to pay future contingent milestone payments for normal approval	$ 217,500,000
Aggregate maximum obligation to pay future contingent milestone payments for accelerated approval	$ 222,500,000
Royalty obligation period for licensed products upon first commercial sale	12 years
Biosion License Agreement \| Research and Development Expenses
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront fee	$ 10,000,000.0
University License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Stock issued				48,919
Milestone and royalties incurred									$ 0

Convertible Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended		9 Months Ended
	Oct. 31, 2021 shares	Mar. 31, 2021 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Mar. 05, 2021 $ / shares
Temporary Equity [Line Items]
Issuance costs			$ 2,451
Net proceeds from issuance of convertible preferred stock			$ 151,581
Securities Purchase Agreement \| Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Share sale price per share \| $ / shares		$ 1.6458		$ 1.6458
Shares issued \| shares		92,356,299
Gross cash proceeds from issuance of convertible preferred stock		$ 152,000
Issuance costs		400
Net proceeds from issuance of convertible preferred stock		$ 151,600
Reverse stock split description	1-for-6.359 reverse stock split
Reverse stock split, conversion ratio	0.15725743
Securities Purchase Agreement \| Series B Convertible Preferred Stock \| Common Stock
Temporary Equity [Line Items]
Convertible preferred stock shares issued upon conversion \| shares	16,482,486
Securities Purchase Agreement \| Series B Convertible Preferred Stock \| Initial Public Offering
Temporary Equity [Line Items]
Number of preferred shares conversion \| shares	104,812,248
Agreements with Pfizer, Inc. and LegoChem \| Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Shares issued \| shares		12,455,949
Net proceeds from issuance of convertible preferred stock		$ 20,500

Stockholders' Equity - Additional Information (Details) - shares	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	190,000,000	190,000,000
Common stock, shares issued	32,834,682	32,792,867
Common stock, shares outstanding	32,588,140	32,222,881
Common stock voting rights	one

Stockholders' Equity - Common Stock Reserved for Issuance (Details) - shares	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	10,966,473	8,259,317
Unvested Restricted Stock Awards
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	3,124,325	618,494
Stock Options Available for Issuance
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	1,581,813	1,289,259
Stock Options Outstanding
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	5,835,740	5,926,969
Employee Stock Purchase Plan
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	424,595	424,595

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jul. 01, 2022	Jan. 01, 2022	Dec. 31, 2021	Sep. 27, 2021	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved for future issuance	10,966,473		10,966,473				8,259,317
Fair value of common stock per share	$ 1.97		$ 1.97
Weighted-average fair value of options granted	$ 1.90	$ 5.59	$ 3.35	$ 4.15
Gross unrecognized stock-based compensation expense	$ 28,700		$ 28,700
Unrecognized stock-based compensation expense weighted average amortized period			2 years 4 months 2 days
Stock-based compensation expense	$ 3,157	$ 307	$ 9,324	$ 3,329
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved for future issuance	3,124,325		3,124,325				618,494
Number of shares authorized to be repurchased under a stock repurchase plan	2,509,014		2,509,014
Unrecognized stock-based compensation expense weighted average amortized period			2 years 2 months 23 days
Common stock public offering price per share									$ 0.01
Stock-based compensation expense	$ 1,300	$ 5	$ 2,500	$ 17
Gross unrecognized stock-based compensation expense	$ 8,700		$ 8,700
Restricted Stock Units ('RSU')
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted stock units issued			3,170,604
2022 Equity Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved for future issuance	782,619		782,619		1,400,000
Number of shares authorized to be repurchased under a stock repurchase plan	342,991		342,991
2022 Equity Inducement Plan \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized to be repurchased under a stock repurchase plan	274,390		274,390
2022 Equity Inducement Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award expiration period			10 years
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved for future issuance	226,002		226,002			1,639,643		3,852,807
Number of shares of common stock outstanding percentage			5.00%
Maximum number of common shares issuable under exercise of options	7,705,614		7,705,614
Number of shares authorized to be repurchased under a stock repurchase plan	2,757,434		2,757,434
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved for future issuance	573,192		573,192
Number of shares authorized to be repurchased under a stock repurchase plan	2,735,315		2,735,315
2019 Equity Incentive Plan \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized to be repurchased under a stock repurchase plan	94,379		94,379
2019 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved for future issuance									4,042,408
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares authorized for issuance	424,595		424,595
Number of shares issued			0

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Shares, Outstanding, Beginning Balance \| shares	5,926,969
Number of Shares, Granted \| shares	1,106,488
Number of Shares, Exercised \| shares	(73,841)
Number of Shares, Forfeited \| shares	(715,331)
Number of Shares, Expired \| shares	(408,545)
Number of Shares, Outstanding, Ending Balance \| shares	5,835,740	5,926,969
Number of Shares, Exercisable at September 30, 2022 \| shares	1,535,955
Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 10.03
Weighted Average Exercise Price, Granted \| $ / shares	4.24
Weighted Average Exercise Price, Exercised \| $ / shares	2.48
Weighted Average Exercise Price, Forfeited \| $ / shares	7.01
Weighted Average Exercise Price, Expired \| $ / shares	2.18
Weighted Average Exercise Price, Ending Balance \| $ / shares	9.72	$ 10.03
Weighted Average Exercise Price, Exercisable at September 30, 2022 \| $ / shares	$ 8.05
Weighted Average Remaining Contractual Term, Outstanding	8 years 6 months	9 years 6 months
Weighted Average Remaining Contractual Term, Exercisable	8 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding \| $	$ 101	$ 16,414
Aggregate Intrinsic Value, Exercisable at September 30, 2022 \| $	$ 61

Stock-Based Compensation - Schedule of Estimated Fair Value Assumptions (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	96.09%	72.88%	96.09%	72.88%
Expected volatility, maximum	97.34%	73.13%	101.66%	75.17%
Risk-free interest rate, minimum	2.85%	0.81%	1.60%	0.81%
Risk-free interest rate, maximum	4.02%	0.96%	4.02%	1.16%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years	6 years	6 years	6 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	6 years 29 days	6 years 1 month 9 days	6 years 29 days

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,157	$ 307	$ 9,324	$ 3,329
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,623	96	3,190	1,106
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,534	$ 211	$ 6,134	$ 2,223

Stock-Based Compensation - Summary of Restricted Stock Activity (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning Balance \| shares	618,494
Number of Shares, Granted \| shares	3,122,096
Number of Shares, Vested and settled \| shares	(291,418)
Number of Shares, Forfeited \| shares	(324,847)
Number of Shares, Outstanding, Ending Balance \| shares	3,124,325
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance \| $ / shares	$ 3.04
Weighted Average Grant Date Fair Value, Outstanding, Granted \| $ / shares	3.73
Weighted Average Grant Date Fair Value, Outstanding, Vested and settled \| $ / shares	0.05
Weighted Average Grant Date Fair Value, Outstanding, Forfeited \| $ / shares	3.60
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance \| $ / shares	$ 3.60

Leases Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Leases Additional Information (Details) $ in Thousands	Sep. 30, 2021	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Apr. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)
Leases [Abstract]
Lease Expiration Date	Dec. 31, 2032
Rent Increase Percentage	3.00%
Operating lease, option to extend				option to extend the lease beyond December 31, 2032.
Operating lease, renewal term	5 years		5 years		5 years
Operating lease, rent expense		$ 1,200	$ 200	$ 2,600	$ 500
Operating lease right-of-use assets		14,696		14,696		$ 15,300	$ 232
Operating lease liabilities, net of current portion		16,053		16,053		$ 15,300
Tenant improvement allowance receivable		$ 6,368		$ 6,368
Incremental borrowing rate		0.094		0.094
Operating lease, weighted-average remaining lease term		10 years 3 months 18 days		10 years 3 months 18 days

Leases - Schedule of Reconciliation of Remaining Undiscounted Contractual Rent Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Apr. 01, 2022	Dec. 31, 2021
Leases [Abstract]
2022	$ 259
2023	3,117
2024	3,208
2025	3,302
2026	3,399
Thereafter	22,248
Total undiscounted payments	35,533
Less: tenant improvement allowance	(6,368)
Less: present value adjustment	(13,112)
Present value of future payments	16,053
Less: current portion of operating lease liabilities			$ (165)
Operating lease liabilities, net of current portion	$ 16,053	$ 15,300

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate from continuing operations	0.00%	0.00%	0.00%	0.00%
Federal income tax provision	$ 0	$ 0	$ 0	$ 0

Net Loss per Common Share - Summary of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net loss	$ (27,674)	$ (14,175)	$ (84,616)	$ (59,146)
Denominator:
Weighted average shares of common stock outstanding - basic	32,561,228	1,581,610	32,444,072	1,468,777
Weighted average shares of common stock outstanding - diluted	32,561,228	1,581,610	32,444,072	1,468,777
Net loss per common share - basic	$ (0.85)	$ (8.96)	$ (2.61)	$ (40.27)
Net loss per common share - diluted	$ (0.85)	$ (8.96)	$ (2.61)	$ (40.27)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
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-Subparagraph (e)(4)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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.

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

+ References

+ Details

Net Loss per Common Share - Anti-Dilutive Effect Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	10,966,473	28,418,977
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders		20,056,145
Unvested Restricted Stock Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	3,124,325	554,724
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	5,835,740	3,530,706
Stock Options Available for Issuance
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	1,581,813	3,852,807
Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive effect excluded from computation of diluted net loss per share attributable to common stockholders	424,595	424,595

Related Parties - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended			9 Months Ended
	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 31, 2021
Related Party Transaction [Line Items]
Research and development expense		$ 19,034,000	$ 7,849,000		$ 56,275,000	$ 43,828,000
Pfizer License Agreement
Related Party Transaction [Line Items]
Research and development expense						25,000,000.0
Upfront payments				$ 5,000,000.0		$ 5,000,000.0
Series B Convertible Preferred Stock \| Pfizer License Agreement
Related Party Transaction [Line Items]
Issuance of convertible preferred stock shares				12,152,145		12,152,145
Issuance of convertible preferred stock value			$ 20,000,000.0			$ 20,000,000.0	$ 20,000,000.0
Voxall
Related Party Transaction [Line Items]
Contributed amount to joint venture	$ 50,000	$ 0			$ 0

Subsequent Event (Additional Information) (Details) $ in Thousands		3 Months Ended	9 Months Ended
	Oct. 06, 2022 USD ($) Days shares	Mar. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Apr. 03, 2023 USD ($)	Sep. 30, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Subsequent Event [Line Items]
Common stock, shares issued \| shares					32,834,682	32,792,867
Common Stock, Value, Issued					$ 32	$ 32
Pfizer License Agreement
Subsequent Event [Line Items]
Upfront payments		$ 5,000	$ 5,000
Forecast \| Pfizer License Agreement
Subsequent Event [Line Items]
Common Stock, Value, Issued				$ 5,000
Subsequent Event \| Pfizer License Agreement
Subsequent Event [Line Items]
Upfront payments	$ 8,000
Common stock, shares issued \| shares	2,229,654
Common Stock, Value, Issued	$ 5,000
Percentage of share price equal to closing price	115.00%
Number of days common stock issued from effective date \| Days	180
Percentage of ownership interest with difference in value of shares	19.50%
Amount of cash payable	$ 5,000