0000950170-23-009046 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Mar. 21, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Document Transition Report	false
Document Annual 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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 76.9
Entity Common Stock, Shares Outstanding		36,980,621
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Boston, Massachusetts
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement for its 2023 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2022.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 179,293	$ 274,735
Restricted cash	1,472	1,472
Prepaid expenses and other current assets	5,847	2,466
Total current assets	186,612	278,673
Property and equipment, net	11,165	1,007
Operating lease right-of-use assets	13,602	232
Other assets, noncurrent		109
Total assets	211,379	280,021
Current liabilities:
Accounts payable	7,097	11,951
Accrued expenses and other current liabilities	24,537	6,592
Operating lease liabilities, current portion		165
Total current liabilities	31,634	18,708
Operating lease liabilities, net of current portion	18,921
Total liabilities	50,555	18,708
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock, par value $0.001 per share, 10,000,000 shares authorized; zero shares issued and outstanding
Common stock, $0.001 par value per share; 190,000,000 shares; 35,110,016 and 32,792,867 shares issued as of December 31, 2022 and 2021, respectively, and 34,958,730 and 32,222,881 shares outstanding as of December 31, 2022 and 2021, respectively	34	32
Additional paid-in capital	373,225	352,999
Accumulated deficit	(212,435)	(91,718)
Total stockholders' equity	160,824	261,313
Total liabilities and stockholders' equity	$ 211,379	$ 280,021

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	190,000,000	190,000,000
Common stock, shares issued	35,110,016	32,792,867
Common stock, shares outstanding	34,958,730	32,222,881

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development expense	$ 86,129	$ 51,054
General and administrative	37,352	18,663
Total operating expenses	123,481	69,717
Loss from operations	(123,481)	(69,717)
Other income (expense)
Interest income	2,764	23
Service fee income from related party		181
Change in fair value of derivative liability		(6,231)
Total other income (expense)	2,764	(6,027)
Loss from equity method investment in joint venture	0	(231)
Net loss and comprehensive loss	$ (120,717)	$ (75,975)
Net loss per common share - basic	$ (3.65)	$ (8.95)
Net loss per common share - diluted	$ (3.65)	$ (8.95)
Weighted average shares of common stock outstanding - basic	33,033,081	8,493,273
Weighted Average Number of Shares Outstanding, Diluted	33,033,081	8,493,273

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Pfizer License Agreement	Convertible Preferred Stock	Convertible Preferred Stock Pfizer License Agreement	Initial Public Offering	Common Stock	Common Stock Pfizer License Agreement	Common Stock Initial Public Offering	Additional paid-in capital	Additional paid-in capital Pfizer License Agreement	Additional paid-in capital Initial Public Offering	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
Issuance of common stock					$ 152,296			$ 11			$ 152,285
Issuance of common stock (Shares)								10,500,000
Temporary equity, Conversion of Series A and Series B convertible preferred stock into shares of common stock			$ (194,023)
Temporary equity, Conversion of Series A and Series B convertible preferred stock into shares of common stock (Shares)			(127,537,173)
Conversion of Series A and Series B convertible preferred stock into shares of common stock	194,023					$ 20			194,003
Conversion of Series A and Series B convertible preferred stock into shares of common stock (Shares)						20,056,145
Stock options exercised	170								170
Stock options exercised (Shares)						70,396
Vesting of restricted common stock	3								3
Vesting of restricted common stock (Shares)						306,998
Stock-based compensation	6,441								6,441
Net loss	(75,975)											(75,975)
Ending balance at Dec. 31, 2021	261,313					$ 32			352,999			(91,718)
Ending balance (in shares) at Dec. 31, 2021						32,222,881
Issuance of common stock		$ 4,281					$ 2			$ 4,279
Issuance of common stock (Shares)							2,229,654
Stock options exercised	$ 183								183
Stock options exercised (Shares)	73,841					73,841
Vesting of restricted common stock (Shares)						432,354
Stock-based compensation	$ 15,764								15,764
Net loss	(120,717)											(120,717)
Ending balance at Dec. 31, 2022	$ 160,824					$ 34			$ 373,225			$ (212,435)
Ending balance (in shares) at Dec. 31, 2022						34,958,730

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Series B Convertible Preferred Stock
Issuance costs	$ 419
Initial Public Offering
Underwriting commission and issuance costs	$ 15,704

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net loss	$ (120,717)	$ (75,975)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	709	647
Stock-based compensation	15,764	6,441
Non-cash research and development expenses	9,281	20,000
Non-cash lease expense	1,127	604
Non-cash loss from equity method investment in joint venture		50
Changes in fair value of derivative liability		6,231
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(3,381)	(2,444)
Accounts payable	(8,328)	4,643
Accrued expenses and other current liabilities	11,951	5,092
Operating lease liabilities	4,259	(615)
Net cash used in operating activities	(89,335)	(35,326)
Investing activities
Purchase of property and equipment	(6,399)	(540)
Investment in joint venture		(50)
Net cash used in investing activities	(6,399)	(590)
Financing activities
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs		151,581
Proceeds from issuance of common stock in initial public offering, net of issuance costs		152,296
Proceeds from the exercise of stock options	183	167
Net cash provided by financing activities	183	304,044
Net (decrease) increase in cash, cash equivalents, and restricted cash	(95,551)	268,128
Cash, cash equivalents and restricted cash at beginning of year	276,316	8,188
Cash, cash equivalents and restricted cash at end of period	180,765	276,316
Supplemental cash flow information:
Cash received for interest	2,166
Cash paid for taxes	17
Noncash investing and financing activities:
Property and equipment in accounts payable and accrued expenses	4,479	11
Operating lease right-of-use asset obtained in exchange for operating lease liabilities	14,497
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	179,293	274,735
Restricted cash	1,472	1,581
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 180,765	$ 276,316

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2022
Disclosure Text Block [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 a clinical stage company focused on defeating difficult-to-treat cancers. The company is efficiently building next-generation therapeutics that hold the potential for mono and combination therapies. The Company's therapeutic candidates are designed to directly kill tumor cells and to address the underlying pathologies created by cancer that enable its uncontrollable proliferation and immune evasion. The Company's antibody-drug conjugates ("ADCs") and immuno-oncology ("IO") programs employ novel and emerging strategies to target a broad range of solid tumors resistant to current standards of care. The Company has one operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of assessing performance and allocating resources.

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 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 quarters end on March 31, June 30 and September 30. The accompanying consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The consolidated financial statements include the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated upon consolidation.

The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Section 107(b) of the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has irrevocably elected not to avail itself of this extended transition period, and, as a result, the Company will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies.

Liquidity

As of December 31, 2022, the Company had an accumulated deficit of $212.4 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $120.7 million and $76.0 million for the years ended December 31, 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 $179.3 million as of December 31, 2022 will fund its operating expenses and capital requirements at least twelve months from the date these audited 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 consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expense, and related disclosures. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-based compensation, operating leases, assessment of the useful lives of property and equipment, valuation of deferred tax assets and liabilities, impairment of investment in joint venture, 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 and manufacturing 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.

Cash and Cash Equivalents

The Company considers all short term, highly liquid investments with original maturities of 90 days or less to be cash equivalents. Cash equivalents consist primarily of money market funds as of December 31, 2022 and 2021.

Fair Value Measurements

Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principle or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, the first two are considered observable and the last is considered unobservable:

Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2—Quoted prices in markets that are not considered to be active or financial instrument valuations for which all significant inputs are observable, either directly or indirectly; and

Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3.

Property and Equipment, net

Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful lives of the related assets as follows:


		Estimated Useful Life (Years)
Laboratory equipment		3
Furniture and office equipment		3
Leasehold improvements		Shorter of remaining life of lease or useful life
Construction in process		N/A

Depreciation and amortization expense is included in research and development and general and administrative expenses. Major additions and upgrades are capitalized; maintenance and repairs, which do not improve or extend the life of the respective assets, are expensed as incurred. Upon retirement or sale, the cost of assets disposed of, and the related accumulated depreciation and amortization are removed from the respective accounts and any resulting gain or loss is included in income (loss) from operations.

Impairment of Long-Lived Assets

The Company evaluates the long-lived assets, which consist of property and equipment and operating lease right-of-use assets, for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. Management then determines whether the remaining useful life continues to be appropriate, or whether there has been an impairment of long-lived assets based primarily upon whether expected future undiscounted cash flows are sufficient to support the assets’ recovery. Recoverability of these assets is measured by comparison of the carrying amount of the asset to the future undiscounted cash flows the asset is expected to generate. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. The Company recognized no impairment losses for the years ended December 31, 2022 and 2021.

Leases

Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset during the lease term, and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are initially recognized and measured based on the present value of the future fixed lease payments over the expected lease term at the commencement date calculated using the Company’s incremental borrowing rate applicable to the lease asset, unless the implicit rate is readily determinable. The Company determines the lease term as the non-cancelable period of the lease and may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease ROU assets also include any initial direct costs incurred and any lease payments made on or before the lease commencement date, less lease incentives received. Operating lease ROU assets are subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Leases with a term of 12 months or less are not recognized on the consolidated balance sheets. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease costs such as common area costs and other operating costs are expensed as incurred. The Company accounts for lease and non-lease components as a single lease component for all its facilities leases. The Company had no finance leases as of December 31, 2022 and 2021.

Investment in Joint Venture

Investment in the Company’s joint venture is accounted for using the equity method of accounting. The Company applies the equity method of accounting to investments when the Company has significant influence, but not controlling interest in the investee. Judgment regarding the level of influence over equity method investment includes considering key factors such as ownership interest, representation on the board of directors, participation in policy-making decisions and material intercompany transactions. Under the equity method, investments are initially recorded at cost and are adjusted for dividends, distributed and undistributed earnings and losses, and additional investments. In the event the Company’s share of a joint venture’s cumulative losses exceeds the Company’s investment balance, the balance is reported at zero value until proportionate income exceeds the losses. The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable.

Contingencies

The Company, from time to time, may be a party to various disputes and claims arising from normal business activities. The Company continually assesses disputes and claims including resulting litigation to determine if an unfavorable outcome would lead to a probable loss or reasonably possible loss which could be estimated. The Company accrues for all contingencies at the earliest date at which the Company deems it probable that a liability has been incurred and the amount of such liability can be reasonably estimated. If the estimate of a probable loss is a range and no amount within the range is more likely than another, the Company accrues the minimum of the range. In the cases where the Company believes that a reasonably possible loss exists, the Company discloses the facts and circumstances of the contingencies, including an estimable range, if possible.

Research and Development Expenses

The Company expenses research and development costs as incurred. The Company’s research and development expenses consist primarily of license fees to acquire intellectual property which does not meet the definition of intangible assets and costs incurred in performing research and development activities, including personnel-related expenses such as salaries, stock-based compensation and benefits, facilities costs, depreciation as well as external costs from third parties who conduct research and development activities (including manufacturing) on behalf of the Company. The Company accrues expenses related to development activities performed by third parties based on an evaluation of services received and efforts expended pursuant to the terms of the contractual arrangements. Payments under some of these contracts depend on preclinical and/or clinical trial milestones. There may be instances in which payments made to the Company’s vendors will exceed the level of services provided and result in a prepayment of expenses. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts the accrual or prepaid expense accordingly.

Stock-Based Compensation

The Company maintains an equity incentive plan as a long-term incentive for employees, consultants, and directors. The Company accounts for all stock-based awards granted to employees and non-employees based on their fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The grant date fair value of the stock-based awards with graded vesting is recognized on a straight-line basis over the requisite service period. The Company recognizes forfeitures related to stock-based compensation awards as they occur and reverses any previously recognized compensation cost associated with forfeited awards in the period the forfeiture occurs. The Company classifies stock-based compensation expense in the statement of operations in the same manner in which the award recipients’ payroll costs are classified or in which the award recipients’ service payments are classified.

The Company values its stock options with service conditions using the Black-Scholes option-pricing model. The Company uses certain assumptions to determine fair value of the stock options pursuant to the Black-Scholes option-pricing model, including the expected life of the award, volatility of the underlying shares, the risk-free interest rate, expected dividend yield and the fair value of the Company’s common stock. Since the Company lacks sufficient historical option exercise data to provide a reasonable basis upon which to estimate the expected term, the Company uses the simplified method described in the SEC’s Staff Accounting Bulletin No. 107, Share-Based Payment (“SAB 107”), to determine the expected life of the option grants. The Company lacks sufficient company-specific historical and implied volatility information. Therefore, the Company estimates the expected stock volatility based on the historical volatility of a publicly traded set of peer companies. The risk-free interest rate is based on the rates paid on securities issued by the U.S. Treasury with a term approximating the expected life of the equity award. As the Company has never paid and does not anticipate paying cash dividends on its common stock, the expected dividend yield is considered as zero.

Prior to the completion of the Company’s initial public offering ("IPO") of common stock, the fair value of the Company's common stock which is one of the key inputs in Black-Scholes option-pricing model, was determined by the board of directors with input from management and based on certain assumptions including probability weighting of events, business and market conditions, volatility, time to liquidation, a risk-free interest rate and an assumption for a discount for lack of marketability. The Company used 409A valuations to determine the fair value of the shares of common stock. The 409A valuations were performed using methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. After completion of the IPO on October 8, 2021, the Company uses the fair value of its publicly traded common stock to determine grant date fair value.

Income Taxes

The Company accounts for income taxes in accordance with FASB ASC 740, Income Taxes (“ASC 740”), which requires the use of the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between amounts in the consolidated financial statements and the tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income tax (benefit) expense in the consolidated statements of operations and comprehensive loss in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of its net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances.

Net Loss per Share

Basic net income (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the diluted weighted average number of common shares outstanding for the period, including potential dilutive common shares.

In periods in which the Company reports a net loss, all common stock equivalents are deemed anti-dilutive such that basic net loss per common share and diluted net loss per common share are equivalent. Potentially dilutive common stock has been excluded from the diluted net loss per common share computations in all periods presented because such securities have an anti-dilutive effect on net loss per common share due to the Company’s net loss. There are no reconciling items used to calculate the weighted-average number of total common stock outstanding for basic and diluted net loss per common share data.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses on available-for-sale debt securities to be recorded through an allowance for credit losses instead of as a reduction in the amortized cost basis of the securities. For "emerging growth companies", ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company is currently evaluating the new standard and expects it to have no material impact on the Company's consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 revises the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. As an "emerging growth company", ASU 2020-06 will become effective for the Company for fiscal years beginning after December 15, 2023, and early adoption is permitted. The Company is currently evaluating the new standard and expects it to have no material impact on the Company's consolidated financial statements and related disclosures.

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 audited consolidated financial statements and related disclosures.

Licensing Agreements

12 Months Ended

Dec. 31, 2022

License Agreements [Abstract]

Licensing Agreements

3. 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.

Pursuant to the University License Agreement, the Company is obligated to pay potential development and commercial milestones of up to $7.7 million as well as running royalties on net sales of licensed products at varying rates ranging from less than a percent to the low single digits, subject to a minimum annual royalty of up to $3.0 million during certain years following the effective date. The Company is also obligated to pay the University a percentage of certain sublicensing revenue ranging from low- to mid-teens based on the date of entering into the applicable sublicense.

The Company assessed the milestone and royalty events under University License Agreement as of December 31, 2022 and 2021, and determined that no such amounts were required.

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 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 (“FACT”) platform. 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 and the Company paid a combined $25.0 million for the license fee, consisting of an upfront cash payment of $5.0 million and issued 12,152,145 shares of Series B convertible preferred stock, which was converted into 1,911,015 shares of its common stock upon the IPO in October 2021, with a value of $20.0 million to Pfizer.

On October 6, 2022, the Company entered into an amended and restated license agreement (the “A&R License Agreement”) with Pfizer, which amends and restates the Pfizer License Agreement. Pursuant to the A&R License Agreement, Pfizer granted to the Company exclusive worldwide rights under Pfizer’s FACT Platform technology to develop and commercialize ADC product candidates directed to certain licensed targets, including PYX-201 and PYX-203, and products containing the ADC product candidates. Additional ADC targets may be licensed for a nominal upfront payment and milestones. Further, the Company granted the right of first negotiation to Pfizer, on an exclusive basis, to purchase or to develop, manufacture and commercialize licensed ADCs and licensed products in one or more countries directed to EDB and CD123. In accordance with the terms of the A&R License Agreement, the Company agreed to pay $8.0 million to Pfizer (which was paid in January 2023) and issued 2,229,654 shares of its common stock. Additionally, 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. The Company recorded $17.3 million as research and development expenses for the A&R License Agreement during fourth quarter of the calendar year 2022.

The Company is also obligated to pay future contingent payments including development, regulatory and commercial milestones up to an aggregate of $665 million for the first four licensed ADCs. In addition, the Company is required to pay future contingent payments including development, regulatory and commercial milestones for ADCs to each additional licensed target beyond the first four licensed ADC targets developed and commercialized via the FACT Platform. Additionally, if ADC licensed products are launched, the Company will pay Pfizer tiered royalties on net sales of licensed products in varying royalty rates ranging from low single digits to mid-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 is also obligated to pay Pfizer a percentage of certain sublicensing revenue ranging from twenty percent to low-double digits based on the stage of development of the licensed product at the time of entering into the applicable sublicense.

The Company assessed the milestone and royalty events under A&R License Agreement as of December 31, 2022 and 2021, and determined that no such amounts were required.

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. Additionally, the Company may purchase certain initial quantities of licensed products from LegoChem for an estimated cost of $7.0 million.

The Company is obligated to make future contingent payments including development, regulatory and commercial milestones as well as running royalties on net sales of licensed products at varying rates. During the year ended December 31, 2022, the Company stopped the continued development of LCB67, based on review and analysis of data from the toxicity studies, and anticipated clinical use and commercial prospects of anti-DLK1 ADC. Due to stoppage of clinical development of LCB67, no amounts were due and payable related to the manufacturing of the initial quantities of licensed product as well as the milestones and royalties related to LCB67 ADC of December 31, 2022.

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, and as a result, $6.2 million was recorded in “Other income (expense)” in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2021. The liability was realized upon the IPO of the Company and Extra Milestone Payment of $9.6 million was paid to LegoChem in January 2022. The Company has no further obligations under the Opt-In Agreement as of December 31, 2022.

License Agreement with Biosion USA, Inc.

On March 28, 2022, the Company entered into a license agreement (the “Biosion License Agreement”) with Biosion USA, Inc. ("Biosion"), pursuant to which the Company obtained an exclusive, worldwide (other than Greater China (mainland China, Hong Kong, Macau and Taiwan)) license 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. Under the terms of the Biosion License Agreement, each party granted to the other party a right of first offer to obtain an exclusive license in the other party’s territory (Greater China for Biosion, and the rest of the world for Pyxis) to develop, manufacture and commercialize any bi-specific or multi-specific antibody any antibody-drug conjugate controlled by a party or its affiliate that inhibits, modulates or binds to Siglec-15 as an intended mechanism of action.

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 is also obligated to pay Biosion a percentage of certain sublicensing revenue ranging from mid-double to low-double digits based on the stage of development of the licensed product at the time of entering into the applicable sublicense.

The Company assessed the milestone and royalty events involving Biosion as of December 31, 2022 and determined that no such amounts were required.

Joint Venture

12 Months Ended

Dec. 31, 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 to the Company and Alloy, 50% of the voting membership units of Voxall in exchange for certain initial contributions.

The Company accounted for investment in Voxall under the equity method of accounting. Voxall has incurred losses since inception and the Company’s share in the losses of Voxall aggregated to $0.5 million and $1.2 million for the years ended December 31, 2022 and 2021, respectively. The Company 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 for the year ended December 31, 2021. 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.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

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


	Fair Value Measurements at December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	177,279	$	—	$	—	$	177,279

	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 December 31, 2022 and 2021. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2022 and 2021.

The Company recorded the derivative liability of $3.4 million in January 2021 for Extra Milestone Payment due under the Opt-in Agreement with LegoChem. The fair value of the derivative liability was initially determined using a probability-weighted income approach and revalued at each reporting date. Changes in the fair value of the derivative liability of $6.2 million were recorded as expense within other (expense) income in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2021. The significant unobservable inputs used in the fair value measurement of the derivative liability include probability of payment factors and the discount rate. The liability was realized upon the IPO of the Company and Extra Milestone Payment of $9.6 million was paid to LegoChem in January 2022. Refer to Note 3, Licensing Agreements, for additional information on the derivative liability.

There were no Level 3 assets or liabilities as of December 31, 2022 and 2021.

- 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

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

6. Prepaid Expenses and Other Current Assets

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


	December 31,
	2022		2021

Research and development	$	3,560	$	619
Insurance		1,308		1,763
Accrued interest receivable		598		—
Other		381		84
Total prepaid expenses and other current assets	$	5,847	$	2,466

Property and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

7. Property and Equipment, Net

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


	December 31,
	2022			2021
Laboratory equipment	$	2,247		$	1,804
Furniture and office equipment		1,036			94
Leasehold improvements		530			225
Construction in process		9,177			—
		12,990			2,123
Less: accumulated depreciation and amortization		(1,825	)		(1,116	)
Total property and equipment, net	$	11,165		$	1,007

Depreciation and amortization expense for the years ended December 31, 2022 and 2021 was $0.7 million and $0.6 million, respectively.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

8. Accrued Expenses and Other Current Liabilities

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


	December 31,
	2022		2021
Research and development expenses	$	17,414	$	2,381
Employee compensation and benefits		4,238		2,963
Legal and professional fees		1,794		982
Other		1,091		266
Total accrued expenses and other current liabilities	$	24,537	$	6,592

Operating Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Operating Leases

9. Operating 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 began on December 21, 2022 and will continue through December 31, 2032 and with 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.

At the lease commencement date, the operating lease 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 lease does not provide an implicit rate, an estimated incremental borrowing rate based on the information available at the time of lease commencement date was 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, of which $3.0 million was received by the Company during the year ended December 31, 2022. The tenant improvement allowance is recognized as a reduction in operating lease ROU assets and lease liabilities on the lease commencement date.

The components of lease expense were as follows (in thousands):


	Year Ended December 31,
	2022			2021
Lease cost
Operating lease cost	$	1,978		$	650
Short-term lease cost		1,681			5
Variable lease cost		121			75
Total lease cost	$	3,780		$	730
Other information
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities	$	14,497		$	—
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows		—		$	663
Weighted-average remaining lease term (in years)		10.00			0.25
Weighted-average discount rate		9.40	%		10.00	%

Variable lease costs primarily relate to common area costs and other operating costs, which are assessed based on the Company’s proportionate share of such costs for the leased premises. Total lease costs are included as operating expenses in the Company’s consolidated statements of operations and comprehensive loss.

Maturities of lease liabilities as of December 31, 2022, were as follows (in thousands):


Years Ending December 31,	Operating Leases
2023	$	2,557
2024		3,208
2025		3,302
2026		3,399
2027		3,499
Thereafter		18,750
Total undiscounted payments		34,715
Less: tenant improvement allowance		(3,026	)
Less: present value adjustment		(12,768	)
Present value of future payments		18,921
Less: current portion of operating lease liabilities		—
Operating lease liabilities, net of current portion	$	18,921

Convertible Preferred Stock

12 Months Ended

Dec. 31, 2022

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

10. Convertible Preferred Stock

Series A Convertible Preferred Stock

In June 2019, the Company entered into a securities purchase agreement (as amended, “Series A Agreement”) with certain investors to sell shares of Series A convertible preferred stock (“Series A”) at $0.9681 per share. In June and July 2019, the Company issued 22,724,925 shares of Series A to institutional investors at $0.9681 per share for gross cash proceeds of $22.0 million, less issuance costs of $0.1 million, resulting in net proceeds of $21.9 million. On October 1, 2021, the Company effected a 1-for-6.359 reverse stock split. Upon completion of the IPO, 22,724,925 shares of Series A were converted to 3,573,659 shares of common 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. On October 1, 2021, the Company effected a 1-for-6.359 reverse stock split. Upon completion of the IPO, the entire outstanding shares of 104,812,248 of Series B were converted to 16,482,486 shares of common stock.

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

Preferred Stock

In connection with the closing of the IPO, the Company filed an Amended Certificate of Incorporation and authorized 10,000,000 shares of preferred stock, with a par value of $0.001 per share. The board of directors has the authority, without further action by the stockholders to issue such shares of preferred stock in one or more series, to establish from time to time the number of shares to be included in each such series, and to fix the dividend, dividend rights, conversion rights, voting, redemption terms, liquidation preference and other rights, preferences and privileges of the shares. There were no issued and outstanding shares of preferred stock as of December 31, 2022 and 2021, respectively.

Common Stock

Initial Public Offering

On October 8, 2021, the Company completed an IPO in which the Company issued and sold 10,500,000 shares of its common stock at a public offering price of $16.00 per share, for aggregate gross proceeds of $168.0 million. The Company raised approximately $152.3 million in net proceeds after deducting underwriting discounts and commissions of $11.8 million and offering expenses of $3.9 million.

The Company was authorized to issue up to 190,000,000 shares of common stock as of December 31, 2022 and 2021, respectively, of which 35,110,016 and 32,792,867 shares were issued as of December 31, 2022 and 2021, respectively, 34,958,730 and 32,222,881 shares were outstanding at December 31, 2022 and 2021, respectively.

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:


	December 31,
	2022		2021
Stock options outstanding		5,720,415		5,926,969
Unvested restricted stock awards		3,015,387		618,494
Stock options available for issuance		1,697,166		1,289,259
Employee stock purchase plan		752,524		424,595
Total		11,185,492		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
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Reference 5: 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 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12. 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 December 31, 2022, options to purchase 400,692 shares of common stock and 320,550 restricted stock units were outstanding under the 2022 Plan and 678,758 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 the lesser of (i) 5% of the total number of shares of common stock outstanding on December 31st of the immediately preceding fiscal year and (ii) the 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. Unless earlier terminated by the Board, 2021 Plan will terminate on the tenth anniversary of the effective date. As of December 31, 2022, options to purchase 2,668,700 shares of common stock and 2,449,172 restricted stock units were outstanding under the 2021 plan and 360,924 shares remained available for future issuance under the 2021 plan.

2019 Equity Incentive Plan

In 2019, the Company established the 2019 Equity Incentive Plan (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. Unless earlier terminated by the Board, the 2019 Plan will terminate on the tenth anniversary of the effective date.

Prior to the IPO, 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 December 31, 2022, options to purchase 2,651,023 shares of common stock and 94,379 restricted stock units were outstanding under the 2019 Plan and 657,484 shares remained available for future issuance under the 2019 Plan.

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 initially reserved and authorized the issuance of up to a total of 424,595 shares of common stock to participating employees. The number of shares of common stock reserved for issuance under the ESPP 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 the lesser of (1) 1% of the total number of shares of common stock outstanding on December 31st of the immediately preceding fiscal year and (ii) the number of shares as may be determined by the board of directors. As a result of the evergreen provision of the 2021 ESPP, the Company added an additional 327,929 shares of common stock to the 2021 ESPP as of January 1, 2022. No shares are issued under 2021 ESPP plan as of the date of issuance of these consolidated financial statements. As of December 31, 2022, the authorized number of shares and shares available for issuance under the 2021 ESPP is 752,524.

Stock Options

Stock options granted under the 2022 Plan, 2021 Plan and 2019 Plan (together, the “Plans”) to employees generally vest over four years and expire after 10 years.

The following table summarizes stock option activity for the year ended December 31, 2022 (in thousands, except share and per share amounts):


	Number of Options			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		1,178,280			4.06
Exercised		(73,841	)		2.48
Forfeited		(834,095	)		7.24
Expired		(476,898	)		5.51
Outstanding at December 31, 2022		5,720,415		$	9.68		8.8	$	72
Options exercisable at December 31, 2022		2,037,934		$	9.34		8.5	$	59

The weighted-average grant-date fair value of options granted during the years ended December 31, 2022 and 2021, was $3.06 and $7.57 per share, respectively. 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 $1.34 per share as of December 31, 2022. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2022 and 2021 was less than $0.1 million and $0.6 million, 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:


	Year Ended December 31,
	2022	2021
Expected volatility	96.09% - 101.66%	72.88% - 103.41%
Risk-free interest rate	1.60% - 4.02%	0.81% - 1.36%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6.00 - 6.11	5.25 - 7.00

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


	Year Ended December 31,
	2022		2021
Research and development	$	4,330	$	2,396
General and administrative		7,617		3,976
Total	$	11,947	$	6,372

The Company has an aggregate $25.2 million of gross unrecognized stock-based compensation expense as of December 31, 2022, remaining to be amortized over a weighted average period of 2.29 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 Awards

Under the 2019 Plan, 2021 Plan and 2022 Inducement Plan, the Company issued 3,174,656 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. As of December 31, 2022, 151,286 RSAs were unvested and outstanding.

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 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.

The following table summarizes restricted stock activity for the year ended December 31, 2022:


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2021		618,494		$	3.04
Granted		3,174,656			3.69
Vested and settled		(432,354	)		0.55
Forfeited		(345,409	)		3.74
Non-vested and unsettled at December 31, 2022		3,015,387		$	3.64

The Company has recorded stock-based compensation expense related to the restricted stock of $3.8 million and $0.1 million for the years ended December 31, 2022, and 2021, respectively. The Company has an aggregate $7.4 million of gross unrecognized restricted stock-based compensation expense as of December 31, 2022, remaining to be amortized over a weighted average period of 2.26 years.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

During the years ended December 31, 2022 and 2021, the Company recorded no current or deferred income tax expenses or benefits as the Company has incurred losses since inception and has provided a full valuation allowance against its deferred tax assets.

A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2022 and 2021:


	Year Ended December 31,
	2022			2021
Income tax computed at federal statutory rate %		21.0	%		21.0	%
State taxes, net of federal benefit		5.6			5.7
Change in valuation allowance		(26.6	)		(27.7	)
Research and development credit carryovers		1.7			1.9
Permanent differences		(1.7	)		(0.9	)
Effective income tax rate %		0.0	%		0.0	%

The Company's effective tax rate was 0% for the years ended December 31, 2022 and 2021, as a result of the valuation allowance that eliminates the company's net deferred tax assets.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred tax assets as of December 31, 2022 and 2021 are as follows (in thousands):


	Year Ended December 31,
	2022			2021
Deferred tax assets:
Net operating losses	$	13,108		$	12,918
Intangibles		69			75
Tax credit carryforwards		3,674			1,648
Derivative		1,455			1,577
Stock-based compensation		2,645			1,003
Reserves and accruals		1,105			804
Capitalized research expenditures		20,059			—
License fees		14,235			7,716
Operating lease liability		5,107			45
Other		29			25
Total deferred tax assets before valuation allowance		61,486			25,811
Less: valuation allowance		(57,812	)		(25,748	)
Total deferred tax assets	$	3,674		$	63
Deferred tax liabilities:
Operating lease ROU assets		(3,674	)		(63	)
Net deferred tax asset	$	—		$	—

As of December 31, 2022, the Company's federal and state net operating losses ("NOL") in the United States were $10.1 million ($48.0 million before tax) and $3.0 million ($48.1 million before tax) respectively. The federal net operating loss carryforwards in the United States can be carried forward indefinitely but may be subject to annual usage limitations to the extent certain substantial changes in the entity's ownership occur. The state net operating loss carryforwards begin expiring in 2039. In addition, as of December 31, 2022, the Company had $2.5 million and $1.2 million of federal and state credit carryovers which begin to expire in 2039. These loss and credit carryforwards are subject to review and possible adjustment by the appropriate taxing authorities.

The Company assesses the realizability of the deferred tax assets at each balance sheet date based on the available positive and negative evidence in order to determine the amount which is more likely than not to be realized and records a valuation allowance as necessary. Due to the Company's cumulative loss position which provides significant negative evidence, which is difficult to overcome, the Company has recorded a valuation allowance of $57.8 million as of December 31, 2022, representing the portion of the deferred tax asset that is not more likely than not to be realized. For the years ended December 31, 2022 and 2021, the valuation allowance for deferred tax assets increased by $32.2 million and $21.4 million, respectively. The amount of the deferred tax asset considered realizable, could be adjusted for future factors that would impact the assessment of the objective and subjective evidence. The Company will continue to assess the realizability of deferred tax assets at each balance sheet date in order to determine the proper amount, if any, required for a valuation allowance.

The Tax Cuts and Jobs Act contained a provision which requires the capitalization of Section 174 costs incurred in the years beginning on or after January 1, 2022. Section 174 costs are expenditures which represent research and development costs that are incident to the development or improvement of a product, process, formula, invention, computer software or technique. This provision changes the treatment of Section 174 costs such that the expenditures are no longer allowed as an immediate deduction but rather must be capitalized and amortized. We have included the impact of this provision, which results in a deferred tax asset of approximately $20.1 million as of December 31, 2022.

The U.S. tax attributes may be subject to an annual limitation under Section 382 of the Internal Revenue Code of 1986 (the “Code”), and similar state provisions if the Company experiences one or more ownership changes, which would limit the amount of the tax attributes that can be utilized to offset future taxable income. In general, an ownership change as defined by Section 382, results from the transactions increasing ownership of certain stockholders or public groups in the stock of the corporation of more than fifty percentage points over a three-year period. If a change in ownership occurs in the future, the net operating loss and research and development credit carryforwards could be eliminated or restricted. If eliminated, the related asset would be removed from the deferred tax asset schedule with a corresponding reduction in the valuation allowance. Due to the existence of the valuation allowance, limitations created by future ownership changes, if any, will not impact the Company’s effective tax rate.

The Company is subject to tax and will continue to file federal income tax returns in the United States as well as in certain state and local jurisdictions. The Company is subject to tax examinations for tax years ended December 31, 2019 and forward in all applicable income tax jurisdictions. Tax audits and examinations can involve complex issues, interpretations and judgements. The resolution of matters may span multiple years particularly if subject to litigation or negotiation. The Company believes that it has appropriately recorded its tax position using reasonable estimates and assumptions, however the potential tax benefits may impact the results of operations or cashflows in the period of resolution, settlement, or when the statutes of limitations expire. The Company does not currently have any reserves related to unrecognized tax benefits.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Loss per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss per Share

14. Net Loss per Share

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


	Year Ended December 31,
	2022			2021
Numerator:
Net loss	$	(120,717	)	$	(75,975	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		33,033,081			8,493,273
Net loss per share, basic and diluted	$	(3.65	)	$	(8.95	)

The Company’s potentially dilutive securities, which include restricted stock, and stock options, have been excluded from the computation of diluted net loss per 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 following potentially dilutive securities have been excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect:


	December 31,
	2022		2021
Stock options outstanding		5,720,415		5,929,969
Unvested restricted stock awards		3,015,387		618,494
Stock options available for issuance		1,697,166		1,289,259
Employee stock purchase plan		752,524		424,595
Total		11,185,492		8,262,317

Related Parties

12 Months Ended

Dec. 31, 2022

Related Parties

15. Related Parties

The Company was founded out of Dr. Thomas Gajewski’s laboratory at the University of Chicago. In 2020, the Company entered into the License Agreement with the University of Chicago, as well as a sponsored research agreement. The Company incurred $0.3 million and $0 for the years ended December 31, 2022 and 2021, respectively, with regards to the University License Agreement. Refer to Note 3 for additional discussion.

Pfizer owns more than 10% of the Company and is considered the principal owner of the Company. On October 6, 2022, the Company entered into the A&R License Agreement with Pfizer, which amends and restates the previously executed license agreement between Pfizer and the Company. During the year ended December 31, 2022, the Company incurred $17.3 million of research and development expenses for the A&R License Agreement. During the year ended December 31, 2021, the Company incurred $25.0 million of research and development expenses towards license fee. Refer to Note 3 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 certain license in 2021. During the year ended December 31, 2022, the Company has not incurred expenses related to Voxall. During the year ended December 31, 2021, the Company provided services to Voxall for which it recognized service fee other income of $181 thousand. Refer to Note 4 for additional discussion.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. Commitments and Contingencies

Legal Proceedings

From time to time, the Company may become involved in various legal proceedings that arise in the ordinary course of business. The Company is not currently a party to any material legal proceedings and is not aware of any pending or threatened legal proceeding against it that the Company believes could have an adverse effect on its business, operating results or financial condition.

Commitments

In the normal course of business, the Company enters into agreements with various third parties for clinical trials, preclinical research studies and testing, manufacturing and other services and products for operating purposes, which 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.

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

17. Subsequent Event

Leases

On February 2, 2023, the Company entered into a sublease agreement for approximately 17,729 square feet of office and laboratory space in the building located at 321 Harrison Avenue, Boston, Massachusetts. The sublease is for the fixed period of 36 months and will expire on February 1, 2025. The Company will receive approximately $5.2 million in base rent payments over the sublease term. The subtenant will also be responsible for certain other costs under the sublease, such as operating expenses, taxes, insurance, property management fee and utilities.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

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 a clinical stage company focused on defeating difficult-to-treat cancers. The company is efficiently building next-generation therapeutics that hold the potential for mono and combination therapies. The Company's therapeutic candidates are designed to directly kill tumor cells and to address the underlying pathologies created by cancer that enable its uncontrollable proliferation and immune evasion. The Company's antibody-drug conjugates ("ADCs") and immuno-oncology ("IO") programs employ novel and emerging strategies to target a broad range of solid tumors resistant to current standards of care.

The Company has one operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of assessing performance and allocating resources.

Basis of Presentation

Liquidity

Use of Estimates

Actual results could differ from those estimates and there may be changes to management’s estimates in future periods.

Risks and Uncertainties

Concentration of Credit Risk

Concentration of Credit Risks

Cash and Cash Equivalents

Fair Value of Financial Instruments

Fair Value Measurements

Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2—Quoted prices in markets that are not considered to be active or financial instrument valuations for which all significant inputs are observable, either directly or indirectly; and

Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Property and Equipment, net


		Estimated Useful Life (Years)
Laboratory equipment		3
Furniture and office equipment		3
Leasehold improvements		Shorter of remaining life of lease or useful life
Construction in process		N/A

Impairment of Long-Lived Assets

Leases

Investment in Joint Venture

Contingencies

Research and Development Expenses

Stock-Based Compensation

Income Taxes

Net Loss per Share

Recently Issued Accounting Pronouncements

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property and Equipment


		Estimated Useful Life (Years)
Laboratory equipment		3
Furniture and office equipment		3
Leasehold improvements		Shorter of remaining life of lease or useful life
Construction in process		N/A

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Carried at Fair Value on Recurring Basis


	Fair Value Measurements at December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	177,279	$	—	$	—	$	177,279

	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

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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


	December 31,
	2022		2021

Research and development	$	3,560	$	619
Insurance		1,308		1,763
Accrued interest receivable		598		—
Other		381		84
Total prepaid expenses and other current assets	$	5,847	$	2,466

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	December 31,
	2022			2021
Laboratory equipment	$	2,247		$	1,804
Furniture and office equipment		1,036			94
Leasehold improvements		530			225
Construction in process		9,177			—
		12,990			2,123
Less: accumulated depreciation and amortization		(1,825	)		(1,116	)
Total property and equipment, net	$	11,165		$	1,007

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

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


	December 31,
	2022		2021
Research and development expenses	$	17,414	$	2,381
Employee compensation and benefits		4,238		2,963
Legal and professional fees		1,794		982
Other		1,091		266
Total accrued expenses and other current liabilities	$	24,537	$	6,592

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows (in thousands):


	Year Ended December 31,
	2022			2021
Lease cost
Operating lease cost	$	1,978		$	650
Short-term lease cost		1,681			5
Variable lease cost		121			75
Total lease cost	$	3,780		$	730
Other information
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities	$	14,497		$	—
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows		—		$	663
Weighted-average remaining lease term (in years)		10.00			0.25
Weighted-average discount rate		9.40	%		10.00	%

Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2022, were as follows (in thousands):


Years Ending December 31,	Operating Leases
2023	$	2,557
2024		3,208
2025		3,302
2026		3,399
2027		3,499
Thereafter		18,750
Total undiscounted payments		34,715
Less: tenant improvement allowance		(3,026	)
Less: present value adjustment		(12,768	)
Present value of future payments		18,921
Less: current portion of operating lease liabilities		—
Operating lease liabilities, net of current portion	$	18,921

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Common Stock Reserved for Issuance

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


	December 31,
	2022		2021
Stock options outstanding		5,720,415		5,926,969
Unvested restricted stock awards		3,015,387		618,494
Stock options available for issuance		1,697,166		1,289,259
Employee stock purchase plan		752,524		424,595
Total		11,185,492		8,259,317

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2022 (in thousands, except share and per share amounts):


	Number of Options			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		1,178,280			4.06
Exercised		(73,841	)		2.48
Forfeited		(834,095	)		7.24
Expired		(476,898	)		5.51
Outstanding at December 31, 2022		5,720,415		$	9.68		8.8	$	72
Options exercisable at December 31, 2022		2,037,934		$	9.34		8.5	$	59

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:


	Year Ended December 31,
	2022	2021
Expected volatility	96.09% - 101.66%	72.88% - 103.41%
Risk-free interest rate	1.60% - 4.02%	0.81% - 1.36%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6.00 - 6.11	5.25 - 7.00

Summary of Stock-Based Compensation Expense

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


	Year Ended December 31,
	2022		2021
Research and development	$	4,330	$	2,396
General and administrative		7,617		3,976
Total	$	11,947	$	6,372

Summary of Restricted Stock Activity

The following table summarizes restricted stock activity for the year ended December 31, 2022:


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2021		618,494		$	3.04
Granted		3,174,656			3.69
Vested and settled		(432,354	)		0.55
Forfeited		(345,409	)		3.74
Non-vested and unsettled at December 31, 2022		3,015,387		$	3.64

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate


	Year Ended December 31,
	2022			2021
Income tax computed at federal statutory rate %		21.0	%		21.0	%
State taxes, net of federal benefit		5.6			5.7
Change in valuation allowance		(26.6	)		(27.7	)
Research and development credit carryovers		1.7			1.9
Permanent differences		(1.7	)		(0.9	)
Effective income tax rate %		0.0	%		0.0	%

Components of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets as of December 31, 2022 and 2021 are as follows (in thousands):


	Year Ended December 31,
	2022			2021
Deferred tax assets:
Net operating losses	$	13,108		$	12,918
Intangibles		69			75
Tax credit carryforwards		3,674			1,648
Derivative		1,455			1,577
Stock-based compensation		2,645			1,003
Reserves and accruals		1,105			804
Capitalized research expenditures		20,059			—
License fees		14,235			7,716
Operating lease liability		5,107			45
Other		29			25
Total deferred tax assets before valuation allowance		61,486			25,811
Less: valuation allowance		(57,812	)		(25,748	)
Total deferred tax assets	$	3,674		$	63
Deferred tax liabilities:
Operating lease ROU assets		(3,674	)		(63	)
Net deferred tax asset	$	—		$	—

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Share

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


	Year Ended December 31,
	2022			2021
Numerator:
Net loss	$	(120,717	)	$	(75,975	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		33,033,081			8,493,273
Net loss per share, basic and diluted	$	(3.65	)	$	(8.95	)

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

The following potentially dilutive securities have been excluded from the calculation of diluted net loss per common share due to their anti-dilutive effect:


	December 31,
	2022		2021
Stock options outstanding		5,720,415		5,929,969
Unvested restricted stock awards		3,015,387		618,494
Stock options available for issuance		1,697,166		1,289,259
Employee stock purchase plan		752,524		424,595
Total		11,185,492		8,262,317

Description of Business - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 Segment
Disclosure Text Block [Abstract]
Number of Operating Segments	1

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Lease	Dec. 31, 2021 USD ($) Lease	Dec. 31, 2020 shares
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit	$ (212,435,000)	$ (91,718,000)
Net loss	(120,717,000)	(75,975,000)
Cash and cash equivalents	179,293,000	274,735,000
Impairment losses	$ 0	$ 0
Number of finance lease \| Lease	0	0
Convertible Preferred Stock
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Convertible preferred stock, shares outstanding \| shares			22,724,925

- 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

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Related Assets (Details)	12 Months Ended
	Dec. 31, 2022
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives of related assets	3 years
Furniture and Office Equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives of related assets	3 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives of related assets, description	Shorter of remaining lifeof lease or useful life

License Agreements - Additional Information (Details)				1 Months Ended					3 Months Ended	12 Months Ended
License Agreements - Additional Information (Details)	Oct. 06, 2022 USD ($) Days shares	Mar. 28, 2022 USD ($)	Jan. 31, 2022 USD ($)	Oct. 31, 2021 USD ($) shares	Mar. 31, 2021 USD ($)	Jan. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Apr. 30, 2020 USD ($) shares	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development expense										$ 86,129,000	$ 51,054,000
Common stock, shares issued \| shares										35,110,016	32,792,867
Common Stock, Value, Issued										$ 34,000	$ 32,000
Pfizer License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development expense										17,300,000
Payment for license fee									$ 25,000,000.0
Common stock, shares issued \| shares	2,229,654
Common Stock, Value, Issued	$ 5,000,000.0
Maximum percentage of ownership interest	19.50%
Royalty obligation period for licensed products upon first commercial sale							12 years
Milestone and royalties required										0	0
Upfront payments	$ 8,000,000.0								$ 5,000,000.0
Number of days common stock issued from effective date \| Days	180
Pfizer License Agreement \| Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Aggregate milestone payments for first four licensed products							$ 665,000,000
Pfizer License Agreement \| IPO
Research And Development Arrangement Contract To Perform For Others [Line Items]
Number of common shares issued upon conversion of preferred stock \| shares				1,911,015
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 \| shares				12,152,145
Convertible Preferred Stock Shares Issued Value				$ 20,000,000.0
LegoChem License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Estimated cost to purchase licensed products										7,000,000.0
Amount payable related to licensed products										0
Stock option upfront payments							8,000,000.0
Extra milestone payment							$ 9,600,000
Derivative liability offset to research and development expenses						$ 3,400,000
Extra milestone payment for which derivative liability recognized			$ 9,600,000
LegoChem License Agreement \| Research and Development Expenses
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront fee					$ 9,000,000.0
LegoChem License Agreement \| Other (Expense) Income
Research And Development Arrangement Contract To Perform For Others [Line Items]
Changes in the fair value of derivative liability											6,200,000
Biosion License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
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
Milestone and royalties required										0
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]
Common stock issued to university \| shares								48,919
Milestone and royalties required										$ 0	$ 0
University License Agreement \| Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Potential development and commercial milestones								$ 7,700,000
Minimum annual royalty fees								$ 3,000,000.0

Joint Venture - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Loss from equity method investment in joint venture	$ 0	$ 231
Voxall
Schedule Of Equity Method Investments [Line Items]
Loss from equity method investment in joint venture	$ (500)	(1,200)
Promissory note issued		$ 200
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
Voxall \| Alloy Therapeutics, Inc.
Schedule Of Equity Method Investments [Line Items]
Percentage of voting membership units			50.00%

Fair Value Measurements - Summary of Financial Instruments Carried at Fair Value on Recurring Basis (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Level 3
Assets
Assets measured at fair value	$ 0	$ 0
Fair Value, Recurring \| Money market funds
Assets
Assets measured at fair value	177,279,000	272,210,000
Fair Value, Recurring \| Level 1 \| Money market funds
Assets
Assets measured at fair value	$ 177,279,000	$ 272,210,000

Fair Value Measurements - Additional Information (Details) - USD ($)		1 Months Ended	12 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Dec. 31, 2021	Dec. 31, 2022
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets measured at fair value			$ 0	$ 0
Liabilities measured at fair value			0	0
LegoChem License Agreement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability offset to research and development expenses		$ 3,400,000
Extra milestone payment for which derivative liability recognized	$ 9,600,000
Other (Expense) Income \| LegoChem License Agreement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in the fair value of derivative liability			6,200,000
Fair Value, Nonrecurring
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets measured at fair value			0	0
Liabilities measured at fair value			$ 0	$ 0

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Research and development	$ 3,560	$ 619
Insurance	1,308	1,763
Accrued interest receivable	598
Other	381	84
Total Prepaid expenses and other current assets	$ 5,847	$ 2,466

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 12,990	$ 2,123
Less: accumulated depreciation and amortization	(1,825)	(1,116)
Total Property and equipment, net	11,165	1,007
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Property and equipment gross	2,247	1,804
Furniture and Office Equipment
Property, Plant and Equipment [Line Items]
Property and equipment gross	1,036	94
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment gross	530	$ 225
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 9,177

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 709	$ 647

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Research and development expenses	$ 17,414	$ 2,381
Employee compensation and benefits	4,238	2,963
Legal and professional fees	1,794	982
Other	1,091	266
Total Accrued expenses and other current liabilities	$ 24,537	$ 6,592

Operating Leases - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2022 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
Operating lease right-of-use assets		$ 13,602	$ 15,300	$ 232
Operating lease liabilities, net of current portion		$ 18,921	15,300
Incremental borrowing rate		0.094
Tenant improvement allowance			$ 6,400
Tenant improvement allowance receivable		$ 3,026
Proceeds from tenant improvement allowance		$ 3,000

Operating Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 1,978	$ 650
Short-term lease cost	1,681	5
Variable Lease, Cost	121	75
Total lease cost	3,780	730
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities	$ 14,497
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows		$ 663
Weighted-average remaining lease term	10 years	3 months
Weighted-average discount rate	9.40%	10.00%

Operating Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Apr. 01, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 2,557
2024	3,208
2025	3,302
2026	3,399
2027	3,499
Thereafter	18,750
Total undiscounted payments	34,715
Less: tenant improvement allowance	(3,026)
Less: present value adjustment	(12,768)
Present value of future payments	18,921
Less: current portion of operating lease liabilities			$ (165)
Operating lease liabilities, net of current portion	$ 18,921	$ 15,300

Convertible Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended	2 Months Ended	12 Months Ended
	Oct. 01, 2021 shares	Mar. 31, 2021 USD ($) $ / shares shares	Jul. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Oct. 08, 2021 $ / shares	Mar. 05, 2021 $ / shares	Jun. 30, 2019 $ / shares shares
Temporary Equity [Line Items]
Net proceeds from issuance of convertible preferred stock				$ 151,581
Initial Public Offering \| Common Stock
Temporary Equity [Line Items]
Share sale price per share \| $ / shares					$ 16.00
Securities Purchase Agreement \| Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Share sale price per share \| $ / shares			$ 0.9681				$ 0.9681
Shares issued \| shares			22,724,925				22,724,925
Gross cash proceeds from issuance of convertible preferred stock			$ 22,000
Issuance costs			100
Net proceeds from issuance of convertible preferred stock			$ 21,900
Reverse stock split description	1-for-6.359 reverse stock split
Reverse stock split, conversion ratio	0.15725743
Securities Purchase Agreement \| Series A Convertible Preferred Stock \| Initial Public Offering
Temporary Equity [Line Items]
Number of preferred shares conversion \| shares	22,724,925
Securities Purchase Agreement \| Series A Convertible Preferred Stock \| Initial Public Offering \| Common Stock
Temporary Equity [Line Items]
Convertible preferred stock shares issued upon conversion \| shares	3,573,659
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 \| Initial Public Offering
Temporary Equity [Line Items]
Number of preferred shares conversion \| shares	104,812,248
Securities Purchase Agreement \| Series B Convertible Preferred Stock \| Initial Public Offering \| Common Stock
Temporary Equity [Line Items]
Convertible preferred stock shares issued upon conversion \| shares	16,482,486
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) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 08, 2021	Dec. 31, 2022	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Preferred stock, par or stated value per share	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued		0	0
Net proceeds from issuance initial public offering			$ 152,296
Preferred stock, shares outstanding		0	0
Common stock, shares authorized		190,000,000	190,000,000
Common stock, shares issued		35,110,016	32,792,867
Common stock, shares outstanding		34,958,730	32,222,881
Common stock voting rights		one
Common Stock
Subsidiary, Sale of Stock [Line Items]
Gross proceeds from issuance of initial public offering	$ 168,000
Net proceeds from issuance initial public offering	$ 152,300
Common Stock \| Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Stock issued	10,500,000		10,500,000
Common stock public offering price per share	$ 16.00
Underwriting discounts and commissions	$ 11,800
Stock issuance expenses	$ 3,900

Stockholders' Equity - Common Stock Reserved for Issuance (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	11,185,492	8,259,317
Stock Options Outstanding
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	5,720,415	5,926,969
Unvested Restricted Stock Awards
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	3,015,387	618,494
Stock Options Available for Issuance
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	1,697,166	1,289,259
Employee Stock Purchase Plan
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	752,524	424,595

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 01, 2022	Dec. 31, 2022	Dec. 31, 2021	Jul. 01, 2022	Sep. 27, 2021	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved and autorized for future issuance		11,185,492	8,259,317
Number of options to purchase common stock		5,720,415	5,926,969
Number of option to purchase restricted stock		3,015,387	618,494
Weighted-average fair value of options granted		$ 3.06	$ 7.57
Intrinsic value of options exercised		$ 100	$ 600
Gross unrecognized stock-based compensation expense		$ 25,200
Unrecognized stock-based compensation expense weighted average amortized period		2 years 3 months 14 days
Stock-based compensation expense		$ 11,947	$ 6,372
Fair value of common stock per share		$ 1.34
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved and autorized for future issuance		3,015,387	618,494
Unrecognized stock-based compensation expense weighted average amortized period		2 years 3 months 3 days
Common stock public offering price per share		$ 0.01
Stock-based compensation expense		$ 3,800	$ 100
Gross unrecognized stock-based compensation expense		$ 7,400
RSAs unvested and outstanding		151,286
Restricted Stock Units ('RSU')
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted stock units issued		3,174,656
2022 Equity Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved and autorized for future issuance				1,400,000
Number of common shares reserved for future issuance		678,758
Number of options to purchase common stock		400,692
2022 Equity Inducement Plan \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of option to purchase restricted stock		320,550
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 and autorized for future issuance					3,852,807
Number of additional shares authorized	1,639,643
Number of common shares reserved for future issuance		360,924
Number of options to purchase common stock		2,668,700
Number of shares of common stock outstanding percentage		5.00%
Maximum number of common shares issuable under exercise of options		7,705,614
2021 Equity Incentive Plan \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of option to purchase restricted stock		2,449,172
2021 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award expiration period		10 years
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved for future issuance		657,484
Number of options to purchase common stock		2,651,023
2019 Equity Incentive Plan \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of option to purchase restricted stock		94,379
2019 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award expiration period		10 years
Number of common shares reserved and autorized 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 reserved and autorized for future issuance		752,524			424,595
Number of additional shares authorized	327,929
Number of shares of common stock outstanding percentage		1.00%
Number of shares issued		0
Stock Options 2022 Plan, 2021 Plan and 2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award expiration period		10 years
Stock options vesting period		4 years

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding, Beginning Balance	5,926,969
Number of Options, Granted	1,178,280
Number of Options, Exercised	(73,841)
Number of Options, Forfeited	(834,095)
Number of Options, Expired	(476,898)
Number of Options, Outstanding, Ending Balance	5,720,415	5,926,969
Number of Options, Exercisable at December 31, 2022	2,037,934
Weighted Average Exercise Price, Beginning Balance	$ 10.03
Weighted Average Exercise Price, Granted	4.06
Weighted Average Exercise Price, Exercised	2.48
Weighted Average Exercise Price, Forfeited	7.24
Weighted Average Exercise Price, Expired	5.51
Weighted Average Exercise Price, Ending Balance	9.68	$ 10.03
Weighted Average Exercise Price, Exercisable at December 31, 2022	$ 9.34
Weighted Average Remaining Contractual Term, Outstanding	8 years 9 months 18 days	9 years 6 months
Weighted Average Remaining Contractual Term, Exercisable	8 years 6 months
Aggregate Intrinsic Value, Outstanding	$ 72	$ 16,414
Aggregate Intrinsic Value, Exercisable at December 31, 2022	$ 59

Stock-Based Compensation - Schedule of Estimated Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	96.09%	72.88%
Expected volatility, maximum	101.66%	103.41%
Risk-free interest rate, minimum	1.60%	0.81%
Risk-free interest rate, maximum	4.02%	1.36%
Expected dividend yield	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years	5 years 3 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 9 days	7 years

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 11,947	$ 6,372
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	4,330	2,396
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 7,617	$ 3,976

Stock-Based Compensation - Summary of Restricted Stock Activity (Details)	12 Months Ended
	Dec. 31, 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	3,174,656
Number of Shares, Vested and settled \| shares	(432,354)
Number of Shares, Forfeited \| shares	(345,409)
Number of Shares, Outstanding, Ending Balance \| shares	3,015,387
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance \| $ / shares	$ 3.04
Weighted Average Grant Date Fair Value, Outstanding, Granted \| $ / shares	3.69
Weighted Average Grant Date Fair Value, Outstanding, Vested and settled \| $ / shares	0.55
Weighted Average Grant Date Fair Value, Outstanding, Forfeited \| $ / shares	3.74
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance \| $ / shares	$ 3.64

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Effective tax rate	0.00%	0.00%
Increase in deferred tax assets valuation allowance	$ 32,200,000	$ 21,400,000
Valuation allowance	57,812,000	25,748,000
Deferred tax asset	20,100,000
Federal
Income Tax Contingency [Line Items]
Current income tax expenses (benefit)	0	0
Deferred Income Tax Expense (Benefit)	0	$ 0
Operating loss carryforward	10,100,000
Operating loss carryforwards before tax	48,000,000.0
Credit carryovers	$ 2,500,000
Credit carryovers expiration year	2039
State
Income Tax Contingency [Line Items]
Operating loss carryforward	$ 3,000,000.0
Operating loss carryforwards before tax	$ 48,100,000
Operating loss carryforwards expiration year	2039
Credit carryovers	$ 1,200,000
Credit carryovers expiration year	2039

Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax computed at federal statutory rate%	21.00%	21.00%
State taxes, net of federal benefit	5.60%	5.70%
Change in valuation allowance	(26.60%)	(27.70%)
Research and development credit carryovers	1.70%	1.90%
Permanent differences	(1.70%)	(0.90%)
Effective income tax rate%	0.00%	0.00%

Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating losses	$ 13,108	$ 12,918
Intangibles	69	75
Tax credit carryforwards	3,674	1,648
Derivative	1,455	1,577
Stock based compensation	2,645	1,003
Reserves and accruals	1,105	804
Capitalized research expenditures	20,059
License fees	14,235	7,716
Operating lease liability	5,107	45
Other	29	25
Total deferred tax assets before valuation allowance	61,486	25,811
Less: valuation allowance	(57,812)	(25,748)
Total deferred tax assets	3,674	63
Deferred tax liabilities:
Operating lease ROU assets	$ (3,674)	$ (63)

Net Loss per Share - Summary of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss	$ (120,717)	$ (75,975)
Denominator:
Weighted average shares of common stock outstanding - basic	33,033,081	8,493,273
Weighted average shares of common stock outstanding - diluted	33,033,081	8,493,273
Net loss per common share - basic	$ (3.65)	$ (8.95)
Net loss per common share - diluted	$ (3.65)	$ (8.95)

- Definition

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

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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 Share - Anti-Dilutive Effect Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 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	11,185,492	8,262,317
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	5,720,415	5,929,969
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	3,015,387	618,494
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	1,697,166	1,289,259
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	752,524	424,595

Related Parties - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Research and development expense	$ 86,129,000	$ 51,054,000
Pfizer License Agreement
Related Party Transaction [Line Items]
Research and development expense	$ 17,300,000	25,000,000.0
Ownership percentage	10.00%
University License Agreement
Related Party Transaction [Line Items]
Related party transaction expenses incurred	$ 300,000	0
Voxall
Related Party Transaction [Line Items]
Contributed amount to joint venture by each member		$ 50,000
Recognized service fee as other income	$ 181,000

Subsequent Events - Additional Information (Details) - MASSACHUSETTS - Sublease Agreement $ in Millions	Feb. 02, 2023 USD ($) ft²
Office and Laboratory Space
Subsequent Event [Line Items]
Sublease agreement, square feet space area in building \| ft²	17,729
Subsequent Event
Subsequent Event [Line Items]
Base rent payments to receive over sublease term \| $	$ 5.2
Sublease term	36 months
Sublease expire date	Feb. 01, 2025