0000950170-23-020836 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 10, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Document Transition Report	false
Document Quarterly Report	true
Entity Registrant Name	Pyxis Oncology, Inc.
Entity Central Index Key	0001782223
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-40881
Entity Tax Identification Number	83-1160910
Entity Address, Address Line One	321 Harrison Avenue
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02118
Entity Incorporation, State or Country Code	DE
City Area Code	617
Local Phone Number	221-9059
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PYXS
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		38,245,287

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 53,059	$ 179,293
Marketable debt securities, short-term	96,290
Restricted cash	1,472	1,472
Prepaid expenses and other current assets	5,361	5,847
Total current assets	156,182	186,612
Property and equipment, net	13,163	11,165
Operating lease right-of-use assets	13,458	13,602
Total assets	182,803	211,379
Current liabilities:
Accounts payable	4,025	7,097
Accrued expenses and other current liabilities	6,363	24,537
Operating lease liabilities, current portion	1,213
Total current liabilities	11,601	31,634
Operating lease liabilities, net of current portion	19,039	18,921
Total liabilities	30,640	50,555
Commitments and contingencies (Note 13)
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; 36,974,396 and 35,110,016 shares issued as of March 31, 2023 and December 31, 2022, respectively, 36,918,371 and 34,958,730 shares outstanding as of March 31, 2023 and December 31, 2022, respectively	37	34
Additional paid-in capital	383,108	373,225
Accumulated other comprehensive income	696
Accumulated deficit	(231,678)	(212,435)
Total stockholders' equity	152,163	160,824
Total liabilities and stockholders' equity	$ 182,803	$ 211,379

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	190,000,000	190,000,000
Common stock, shares issued	36,974,396	35,110,016
Common stock, shares outstanding	36,918,371	34,958,730

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Research and development expense	$ 11,901	$ 20,071
General and administrative	9,053	11,318
Total operating expenses	20,954	31,389
Loss from operations	(20,954)	(31,389)
Other income, net:
Interest and investment income	1,673	9
Sublease income	38
Total other income, net	1,711	9
Net loss	$ (19,243)	$ (31,380)
Net loss per common share - basic	$ (0.54)	$ (0.97)
Net loss per common share - diluted	$ (0.54)	$ (0.97)
Weighted average shares of common stock outstanding - basic	35,351,671	32,316,689
Weighted average shares of common stock outstanding - diluted	35,351,671	32,316,689
Other comprehensive income:
Net unrealized gain on marketable debt securities	$ 696
Other comprehensive income	696
Comprehensive loss	$ (18,547)	$ (31,380)

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Pfizer License Agreement	Common Stock	Common Stock Pfizer License Agreement	Additional Paid-in Capital	Additional Paid-in Capital Pfizer License Agreement	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2021	$ 261,313		$ 32		$ 352,999		$ (91,718)
Beginning Balance, Shares at Dec. 31, 2021			32,222,881
Stock options exercised	176				176
Stock options exercised (Shares)			51,118
Vesting of restricted common stock	1				1
Vesting of restricted common stock (Shares)			100,908
Stock-based compensation	3,404				3,404
Net loss	(31,380)						(31,380)
Ending balance at Mar. 31, 2022	233,514		$ 32		356,580		(123,098)
Ending balance (in shares) at Mar. 31, 2022			32,374,907
Beginning balance at Dec. 31, 2022	$ 160,824		$ 34		373,225		(212,435)
Beginning Balance, Shares at Dec. 31, 2022			34,958,730
Issuance of common stock		$ 5,000		$ 2		$ 4,998
Issuance of common stock (Shares)				1,811,594
Stock options exercised (Shares)	0
Vesting of restricted common stock	$ 2		$ 1		1
Vesting of restricted common stock (Shares)			148,047
Stock-based compensation	4,884				4,884
Net unrealized gains on marketable debt securities	696							$ 696
Net loss	(19,243)						(19,243)
Ending balance at Mar. 31, 2023	$ 152,163		$ 37		$ 383,108		$ (231,678)	$ 696
Ending balance (in shares) at Mar. 31, 2023			36,918,371

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net loss	$ (19,243)	$ (31,380)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	190	158
Stock-based compensation	4,884	3,404
Non-cash lease expense	144	232
Accretion of discount on marketable debt securities	(607)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	486	(232)
Other assets, noncurrent		(340)
Accounts payable	(753)	(9,896)
Accrued expenses and other current liabilities	(13,273)	10,540
Operating lease liabilities	1,331	(165)
Net cash used in operating activities	(26,841)	(27,679)
Investing activities
Purchase of marketable debt securities	(94,987)
Purchase of property and equipment	(4,406)	(146)
Net cash used in investing activities	(99,393)	(146)
Financing activities
Proceeds from the exercise of stock options		176
Net cash provided by financing activities		176
Net (decrease) increase in cash, cash equivalents, and restricted cash	(126,234)	(27,649)
Cash, cash equivalents and restricted cash at beginning of year	180,765	276,316
Cash, cash equivalents and restricted cash at end of period	54,531	248,667
Supplemental cash flow information:
Cash received for interest	915
Cash paid for taxes	20
Noncash investing and financing activities:
Property and equipment in accounts payable and accrued expenses	2,261
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	53,059	247,087
Restricted cash	1,472	1,580
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 54,531	$ 248,667

Description of Business	3 Months Ended
Description of Business	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business Nature of Business Pyxis Oncology, Inc. (the “Company”), a Delaware corporation, was founded in June 2018 and launched its operations in July 2019. The Company is 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

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The Company’s fiscal year ends on December 31 and its first three fiscal quarters end on March 31, June 30 and September 30. The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

In the opinion of management, the unaudited condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods. The results for the three months ended March 31, 2023 are not necessarily indicative of those expected for the year ending December 31, 2023 or for any future period. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes thereto for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 22, 2023.

Liquidity

As of March 31, 2023, the Company had an accumulated deficit of $231.7 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $19.2 million and $31.4 million for the three months ended March 31, 2023 and 2022, 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, cash equivalents and short-term investments of $149.3 million as of March 31, 2023 will fund its operating expenses and capital requirements at least twelve months from the date these unaudited consolidated financial statements are issued. Additional funding may be necessary to fund future clinical and preclinical activities.

The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity, convertible or debt financing or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects.

Use of Estimates

The preparation of unaudited condensed consolidated financial statements in conformity with 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, marketable debt securities, 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 which potentially subject the Company to significant concentration of credit risk consist of cash and cash equivalents, restricted cash, and short-term investments. The Company is exposed to credit risk from its deposits of cash in excess of amounts insured by the Federal Deposit Insurance Corporation. The Company maintains insured cash sweep accounts where balances are maintained in interest bearing demand accounts. The Company has not realized any losses on these deposits.

Significant Accounting Policies

Other than the new accounting policy for "Investments", detailed below, there have been no other changes to the Company’s significant accounting policies disclosed in “Note 2 – Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K filed with the SEC on March 22, 2023.

Investments

Short-term investments consist of U.S. Treasury securities with original maturities greater than three months. The Company may sell investments at any time for use in current operations even if the investments have not yet reached maturity. As a result, the Company classifies its investments as current assets. All investments have been classified as available-for-sale marketable debt securities. Marketable debt securities are recorded at fair value, with unrealized gains and losses, net of tax, included as a component of accumulated other comprehensive income (loss) in stockholders’ equity (deficit) and a component of total comprehensive loss in the condensed consolidated statements of operations and comprehensive loss, until realized. The fair value of these securities is determined based upon quoted market prices or pricing models for similar securities at period end. Premiums paid or discounts received at the time of purchase of marketable securities, are amortized to interest and investment income over the terms of the related securities. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold.

At each reporting date the Company will evaluate available-for-sale marketable debt securities in an unrealized loss position, using the discounted cash flow model, to determine whether the unrealized loss or any potential credit losses should be recognized in net loss. For available-for-sale marketable debt securities in an unrealized loss position, the Company will assess (i) whether it intends to sell, or (ii) it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If the aforementioned criteria is met, such marketable debt security’s amortized cost basis will be written down to its fair value through earnings along with any existing allowance for credit losses. For available-for-sale marketable debt securities that do not meet this criteria, the Company will evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, underlying credit ratings, and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded as an allowance in interest income.

There have been no impairment or credit losses recognized during the periods presented in the accompanying condensed consolidated statements of operations and comprehensive loss.

Recently Adopted 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. On January 1, 2023, the Company adopted ASU 2016-13, which did not have a material effect on the Company's financial position, results of operations, or cash flows.

Recently Issued Accounting Pronouncements

Recent authoritative guidance issued by the FASB (including technical corrections to the ASC), the American Institute of Certified Public Accountants, and the SEC did not, or are not expected to, have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The carrying amounts of the Company’s financial instruments, including prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value due to their relatively short maturities. The Company’s financial instruments consist of Level I assets which consist primarily of highly liquid money market funds and U.S. Treasury securities that are included in marketable debt securities.

The following tables set forth the fair value of the Company’s financial instruments subject to fair value measurements on a recurring basis and the level of inputs used in such measurements in accordance with the FASB ASC 820 hierarchy (in thousands):


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	48,929	$	-	$	-	$	48,929
Restricted Cash
Money market funds		1,472		-		-		1,472
Marketable debt securities
U.S. Treasury securities		96,290		-		-		96,290
Total	$	146,691	$	-	$	-	$	146,691

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash Equivalents
Money market funds	$	177,279	$	-	$	-	$	177,279
Restricted Cash
Money market funds		1,472		-		-		1,472
Total	$	178,751	$	-	$	-	$	178,751

Money market funds and U.S. Treasury securities are classified as Level 1 within the fair value hierarchy, as they are valued using quoted prices in active markets. There were no transfers of financial instruments among Level 1, Level 2, and Level 3 during the periods presented.

- 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

Marketable Debt Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Debt Securities

4. Marketable Debt Securities

Marketable debt securities, all of which were classified as available-for-sale, consist of the following (in thousands):


	March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Marketable debt securities
U.S. Treasury securities	$	95,594	$	696	$	-	$	96,290
Total	$	95,594	$	696	$	-	$	96,290

As of December 31, 2022, the Company did not have marketable debt securities.

As of March 31, 2023, the remaining contractual terms of the U.S. Treasury securities are less than 12 months.

Interest and Investment Income

Interest and investment income consists of the following (in thousands):


	Three Months Ended March 31,
	2023		2022
Interest income	$	1,066	$	9
Accretion of discount, net		607		-
Total interest and investment income	$	1,673	$	9

Joint Venture

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Joint Venture

5. 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 the investment in Voxall under the equity method of accounting. Voxall has incurred losses since inception and the Company has recognized its share of losses of Voxall only to the extent of the carrying value of its investment in Voxall and the promissory note issued by Voxall, which aggregated to $0.2 million for the year ended December 31, 2021. The Company has not recognized any further losses of Voxall during the three months ended March 31, 2023 and 2022. The remaining unabsorbed loss will be offset against future income, if any. As the Company has no commitment to fund the losses of the equity method investment, the carrying value of the equity method investment has not been reduced below zero.

Licensing Agreements

3 Months Ended

Mar. 31, 2023

License Agreements [Abstract]

Licensing Agreements

6. 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 as well as running royalties on net sales of licensed products at varying rates.

The Company assessed the milestone and royalty events under University License Agreement as of March 31, 2023 and 2022, 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 initial public offering ("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. In accordance with the terms of the A&R License Agreement, the Company issued 2,229,654 shares of its common stock in October 2022, paid $8.0 million to Pfizer in January 2023 and issued 1,811,594 shares of its common stock in March 2023.

Further, pursuant to the A&R License Agreement, the Company is obligated to pay future contingent payments including development, regulatory and commercial milestones as well as running royalties on net sales of licensed products at varying rates. The Company assessed the milestone and royalty events under A&R License Agreement as of March 31, 2023 and 2022, 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 a 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. Additionally, the Company may purchase certain initial quantities of licensed products from LegoChem for an estimated cost of $7.0 million. No amounts were due and payable related to the manufacturing of the initial quantities of licensed product as of March 31, 2023.

Further, 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. The Company assessed the milestone and royalty events under LegoChem License Agreement as of March 31, 2023 and 2022, and determined that no such amounts were required.

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, manufacturing and commercialization rights for BSI-060T, a Siglec-15 targeting antibody, an IO product candidate (now referred to as PYX-106), and products containing the licensed compound.

Pursuant to the Biosion License Agreement, the Company paid an upfront license fee of $10.0 million in March 2022, which was recorded as research and development expenses. Further, the Company is also obligated to pay future contingent payments including development, regulatory and commercial milestones and, 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 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 March 31, 2023 and 2022 and determined that no such amounts were required

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

7. Stockholders' Equity

Shelf Registration Statement and "At-the-Market" Offering Program

On November 1, 2022, the Company filed a registration statement on Form S-3 with the SEC for the issuance of common stock, preferred stock, warrants, debt securities, rights and units up to an aggregate of $250.0 million. On November 14, 2022, the registration statement was declared effective by the SEC. The registration statement includes an at-the-market ("ATM") offering program for the sale of up to $125.0 million of shares of the Company's common stock.

See Note 14, Subsequent Events for further discussion of the status of the Company’s ATM offering program.

Preferred Stock

There were no issued and outstanding shares of preferred stock as of March 31, 2023 and December 31, 2022.

Common Stock

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:


	March 31, 2023		December 31, 2022
Stock options outstanding		5,706,777		5,720,415
Unvested restricted stock awards and units		5,747,172		3,015,387
Stock options available for issuance		600,127		1,697,166
Employee stock purchase plan		1,103,624		752,524
Total		13,157,700		11,185,492

- Definition

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

+ References

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

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

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

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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

2022 Equity Inducement Plan

On July 1, 2022, the Company’s board of directors approved the 2022 Equity Inducement Plan (the “2022 Plan”), which became effective on that date. The 2022 Plan allows the Company to make equity-based incentive awards to its officers and employees without stockholder approval pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules, or any successor rule relating to inducement awards. Unless earlier terminated by the Board, 2022 Plan will terminate on the tenth anniversary of the effective date. The Company has initially reserved 1,400,000 shares of its common stock for the issuance of awards under the 2022 Plan. As of March 31, 2023, options to purchase 468,205 shares of common stock and 374,560 restricted stock units were outstanding under the 2022 Plan and 557,235 shares remained available for future issuance under the 2022 Plan.

2021 Equity and Incentive Plan

On September 27, 2021, the Company’s board of directors and stockholders approved the 2021 Equity and 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 1,755,501 shares of common stock to the 2021 Plan as of January 1, 2023. 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 March 31, 2023, options to purchase 2,668,559 shares of common stock and 4,471,264 restricted stock units were outstanding under the 2021 plan and 42,892 shares remained available for future issuance under the 2021 plan.

2019 Equity Incentive Plan

In 2019, the Company established the 2019 Equity and 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. As of March 31, 2023, options to purchase 2,570,013 shares of common stock and 832,873 restricted stock units were outstanding under the 2019 Plan and zero 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 351,100 shares of common stock to the 2021 ESPP as of January 1, 2023. No shares are issued under 2021 ESPP plan as of the date of issuance of these condensed consolidated financial statements. As of March 31, 2023, the authorized number of shares and shares available for issuance under the 2021 ESPP is 1,103,624.

Repricing of Outstanding and Unexercised Options

On March 24, 2023 and in accordance with the terms of the 2019 Plan, the board of directors approved a stock option repricing (the “Repricing”) where the exercise price of each Relevant Option (as defined below) was reduced to $2.21 per share, the closing stock price on the date of approval by the board of directors. “Relevant Options” are all outstanding stock options as of March 24, 2023 (vested or unvested) to acquire shares of the Company’s common stock that were issued to current employees of the Company under the 2019 Plan prior to the Company’s IPO. Members of the board of directors did not participate in the Repricing. The board of directors believes that the Repricing is in the best interests of the Company, as the amended stock options will provide added incentives to retain and motivate key contributors of the Company without incurring the stock dilution resulting from significant additional equity grants or significant additional cash expenditures resulting from additional cash compensation. The board of directors also believes that the Repricing better aligns the interests of the key contributors with the goals of the Company.

The option repricing resulted in incremental stock-based compensation of $1.1 million, of which $0.7 million was recorded as expense in the three months ended March 31, 2023. The remaining expense will be recognized over the requisite service period in which the stock options vest.

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 summary of stock option activity for the three months ended March 31, 2023 (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, 2023		5,720,415		$	9.68			8.8	$	72
Granted		67,513			4.01
Expired		(81,151	)		5.46
Outstanding at March 31, 2023		5,706,777		$	7.94	(1)		8.5	$	5,282	(1)
Options exercisable at March 31, 2023		2,320,405		$	7.24	(1)		8.3	$	2,540	(1)


(1)	The weighted average exercise price and aggregate intrinsic value as of March 31, 2023 reflect the impact of the stock option repricing discussed above.

The weighted-average grant date fair value of options granted during the three months ended March 31, 2023 and 2022, was $3.19 and $6.27 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 $4.01 per share as of March 31, 2023. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2023 and 2022 was $0, as no stock options were exercised during the three months ended March 31, 2023, and less than $0.1 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:


	Three Months Ended March 31,
	2023	2022
Expected volatility	97.82%	98.05% - 101.66%
Risk-free interest rate	3.58%	1.60%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6.08	6.08

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


	Three Months Ended March 31,
	2023		2022
Research and development	$	1,243	$	472
General and administrative		2,141		2,874
Total	$	3,384	$	3,346

The Company has an aggregate $23.1 million of gross unrecognized stock-based compensation expense as of March 31, 2023, remaining to be amortized over a weighted average period of 2.07 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 2,879,832 restricted stock units ("RSUs") 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 March 31, 2023 56,023 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 summary of restricted stock activity for the three months ended March 31, 2023:


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2023		3,015,387		$	3.64
Granted		2,879,832			2.19
Vested and settled		(148,047	)		0.55
Non-vested and unsettled at March 31, 2023		5,747,172		$	2.96

The Company has recorded stock-based compensation expense related to the restricted stock of $1.5 million and $58 thousand for the three months ended March 31, 2023 and 2022, respectively. The Company has an aggregate $12.2 million of gross unrecognized restricted stock-based compensation expense as of March 31, 2023 remaining to be amortized over a weighted average period of 2.59 years.

Operating Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Operating Leases

9. Operating Leases

Leases classified as operating leases are included in operating lease right-of-use assets ("ROU"), operating lease liabilities, current portion and operating lease liabilities, net of current portion, in the Company's condensed consolidated balance sheets. Cash paid for operating lease liabilities was $0.2 million during the three months ended March 31, 2023 and 2022, respectively, which is included in operating cash flows. During the three months ended March 31, 2023 and 2022, the Company incurred $0.7 million and $0.2 in rent expense, respectively.

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 included a rent-free period, with rent payments commencing on May 24, 2023. Under the terms of the sublease, the sublessee is to pay the Company approximately $1.5 million in year one and $1.9 million per year thereafter, which is subject to a 3.0% annual rent increase, plus certain other costs under the sublease, such as operating expenses, taxes, insurance, property management fee and utilities. The Company remains jointly and severally liable under the head lease and accounts for the sublease as an operating lease. The lease term commenced on March 24, 2023 and is expected to end in March 2026. The sublessee has the option to extend the sublease for a one-year period on the same terms and conditions as the current sublease, subject to a change in base rent for the extended period equal to a 3% increase to the then current rent. Upon execution of the sublease agreement, the sublessee provided the Company a security deposit of $0.4 million which is held in the form of a letter of credit. During the three months ended March 31, 2023, the Company recognized sublease income of $38 thousand.

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


	Three Months Ended March 31,
	2023		2022
Lease cost
Operating lease cost	$	656	$	—
Short-term lease cost		488		165
Total	$	1,144	$	165

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. Variable lease expense for the three months ended March 31, 2023 and 2022, respectively, was not material.

The weighted-average remaining lease term and weighted-average discount rate for operating leases were:


	As of March 31, 2023
Weighted-average remaining lease term (in years)		9.70
Weighted-average discount rate		9.40	%

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The Company’s effective tax rate from continuing operations was 0% for the three months ended March 31, 2023 and 2022. The Company has not recorded a federal income tax provision for the three months ended March 31, 2023 and 2022. The Company recorded a nominal state and local income tax provision for the three months ended March 31, 2023 and 2022.

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Loss per Common Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Loss per Common Share

11. Net Loss per Common Share

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


	Three Months Ended March 31,
	2023			2022
Numerator:
Net loss	$	(19,243	)	$	(31,380	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		35,351,671			32,316,689
Net loss per share, basic and diluted	$	(0.54	)	$	(0.97	)

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:


	March 31,
	2023		2022
Stock options outstanding		5,706,777		6,166,516
Unvested restricted stock awards and units		5,747,172		2,600,538
Stock options available for issuance		600,127		620,084
Employee stock purchase plan		1,103,624		752,524
Total		13,157,700		10,139,662

Related Parties

3 Months Ended

Mar. 31, 2023

Related Parties

12. 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. During the three months ended March 31, 2023 and 2022, the Company did not incur expenses related to the University License Agreement. Refer to Note 6 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 Pfizer License Agreement. During the three months ended March 31, 2023, in accordance with the terms of the A&R License Agreement, the Company paid $8.0 million to Pfizer in January 2023 and issued 1,811,594 shares of its common stock in March 2023. The Company did not incur any expenses related to Pfizer for the three months ended March 31, 2022. Refer to Note 6 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. During the three months ended March 31, 2023 and 2022, the Company did not incur expenses related to Voxall. Refer to Note 5 for additional discussion.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. 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 Event

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Event

14. Subsequent Event

ATM

On April 3 and April 4, 2023, the Company completed the sale of an aggregate of 1,001,208 shares of common stock under the at-the-market ("ATM") offering program, with an average gross sale price of $6.30 per share, resulting in gross proceeds of $6.3 million. The Company paid commissions of $0.2 million to the placement agent under the ATM offering program. The issuance and sale of common stock under the ATM offering program is made pursuant to our registration statement on Form S-3 (file number 333-268100), which was declared effective by the SEC on November 14, 2022.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Nature of Business	Nature of Business Pyxis Oncology, Inc. (the “Company”), a Delaware corporation, was founded in June 2018 and launched its operations in July 2019. The Company is 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	Basis of Presentation The Company’s fiscal year ends on December 31 and its first three fiscal quarters end on March 31, June 30 and September 30. The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. The Company has no unconsolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the unaudited condensed consolidated financial statements include all normal and recurring adjustments that are considered necessary for the fair statement of results for the interim periods. The results for the three months ended March 31, 2023 are not necessarily indicative of those expected for the year ending December 31, 2023 or for any future period. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the related notes thereto for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 22, 2023.
Liquidity	Liquidity As of March 31, 2023, the Company had an accumulated deficit of $231.7 million. The Company has incurred losses and negative cash flows from operations since inception, including net losses of $19.2 million and $31.4 million for the three months ended March 31, 2023 and 2022, 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, cash equivalents and short-term investments of $149.3 million as of March 31, 2023 will fund its operating expenses and capital requirements at least twelve months from the date these unaudited consolidated financial statements are issued. Additional funding may be necessary to fund future clinical and preclinical activities. The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity, convertible or debt financing or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with 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, marketable debt securities, and research and development costs. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates and there may be changes to management’s estimates in future periods.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks common to early-stage companies in the biopharmaceutical industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, dependence on key suppliers for active ingredients and third-party service providers such as contract research 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 Risk	Concentration of Credit Risks Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash and cash equivalents, restricted cash, and short-term investments. The Company is exposed to credit risk from its deposits of cash in excess of amounts insured by the Federal Deposit Insurance Corporation. The Company maintains insured cash sweep accounts where balances are maintained in interest bearing demand accounts. The Company has not realized any losses on these deposits.
Significant Accounting Policies	Significant Accounting Policies Other than the new accounting policy for "Investments", detailed below, there have been no other changes to the Company’s significant accounting policies disclosed in “Note 2 – Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K filed with the SEC on March 22, 2023.
Investments	Investments Short-term investments consist of U.S. Treasury securities with original maturities greater than three months. The Company may sell investments at any time for use in current operations even if the investments have not yet reached maturity. As a result, the Company classifies its investments as current assets. All investments have been classified as available-for-sale marketable debt securities. Marketable debt securities are recorded at fair value, with unrealized gains and losses, net of tax, included as a component of accumulated other comprehensive income (loss) in stockholders’ equity (deficit) and a component of total comprehensive loss in the condensed consolidated statements of operations and comprehensive loss, until realized. The fair value of these securities is determined based upon quoted market prices or pricing models for similar securities at period end. Premiums paid or discounts received at the time of purchase of marketable securities, are amortized to interest and investment income over the terms of the related securities. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. At each reporting date the Company will evaluate available-for-sale marketable debt securities in an unrealized loss position, using the discounted cash flow model, to determine whether the unrealized loss or any potential credit losses should be recognized in net loss. For available-for-sale marketable debt securities in an unrealized loss position, the Company will assess (i) whether it intends to sell, or (ii) it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If the aforementioned criteria is met, such marketable debt security’s amortized cost basis will be written down to its fair value through earnings along with any existing allowance for credit losses. For available-for-sale marketable debt securities that do not meet this criteria, the Company will evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, underlying credit ratings, and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded as an allowance in interest income. There have been no impairment or credit losses recognized during the periods presented in the accompanying condensed consolidated statements of operations and comprehensive loss.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted 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. On January 1, 2023, the Company adopted ASU 2016-13, which did not have a material effect on the Company's financial position, results of operations, or cash flows. Recently Issued Accounting Pronouncements Recent authoritative guidance issued by the FASB (including technical corrections to the ASC), the American Institute of Certified Public Accountants, and the SEC did not, or are not expected to, have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Instruments Carried at Fair Value on Recurring Basis


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	48,929	$	-	$	-	$	48,929
Restricted Cash
Money market funds		1,472		-		-		1,472
Marketable debt securities
U.S. Treasury securities		96,290		-		-		96,290
Total	$	146,691	$	-	$	-	$	146,691

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash Equivalents
Money market funds	$	177,279	$	-	$	-	$	177,279
Restricted Cash
Money market funds		1,472		-		-		1,472
Total	$	178,751	$	-	$	-	$	178,751

- 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

Marketable Debt Securities (Table)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities Classified as Available-for-sale

Marketable debt securities, all of which were classified as available-for-sale, consist of the following (in thousands):


	March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Marketable debt securities
U.S. Treasury securities	$	95,594	$	696	$	-	$	96,290
Total	$	95,594	$	696	$	-	$	96,290

Interest and Investment Income

Interest and investment income consists of the following (in thousands):


	Three Months Ended March 31,
	2023		2022
Interest income	$	1,066	$	9
Accretion of discount, net		607		-
Total interest and investment income	$	1,673	$	9

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Common Stock Reserved for Issuance

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


	March 31, 2023		December 31, 2022
Stock options outstanding		5,706,777		5,720,415
Unvested restricted stock awards and units		5,747,172		3,015,387
Stock options available for issuance		600,127		1,697,166
Employee stock purchase plan		1,103,624		752,524
Total		13,157,700		11,185,492

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The summary of stock option activity for the three months ended March 31, 2023 (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, 2023		5,720,415		$	9.68			8.8	$	72
Granted		67,513			4.01
Expired		(81,151	)		5.46
Outstanding at March 31, 2023		5,706,777		$	7.94	(1)		8.5	$	5,282	(1)
Options exercisable at March 31, 2023		2,320,405		$	7.24	(1)		8.3	$	2,540	(1)


(1)	The weighted average exercise price and aggregate intrinsic value as of March 31, 2023 reflect the impact of the stock option repricing discussed above.

Schedule of Estimated Fair Value Assumptions


	Three Months Ended March 31,
	2023	2022
Expected volatility	97.82%	98.05% - 101.66%
Risk-free interest rate	3.58%	1.60%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6.08	6.08

Summary of Stock-Based Compensation Expense

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


	Three Months Ended March 31,
	2023		2022
Research and development	$	1,243	$	472
General and administrative		2,141		2,874
Total	$	3,384	$	3,346

Summary of Restricted Stock Activity

The summary of restricted stock activity for the three months ended March 31, 2023:


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2023		3,015,387		$	3.64
Granted		2,879,832			2.19
Vested and settled		(148,047	)		0.55
Non-vested and unsettled at March 31, 2023		5,747,172		$	2.96

Operating Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Components of Lease Expense

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


	Three Months Ended March 31,
	2023		2022
Lease cost
Operating lease cost	$	656	$	—
Short-term lease cost		488		165
Total	$	1,144	$	165

Weighted Average Remaining Lease Term and Discount Rate

The weighted-average remaining lease term and weighted-average discount rate for operating leases were:


	As of March 31, 2023
Weighted-average remaining lease term (in years)		9.70
Weighted-average discount rate		9.40	%

Net Loss per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Common Share

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


	Three Months Ended March 31,
	2023			2022
Numerator:
Net loss	$	(19,243	)	$	(31,380	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		35,351,671			32,316,689
Net loss per share, basic and diluted	$	(0.54	)	$	(0.97	)

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:


	March 31,
	2023		2022
Stock options outstanding		5,706,777		6,166,516
Unvested restricted stock awards and units		5,747,172		2,600,538
Stock options available for issuance		600,127		620,084
Employee stock purchase plan		1,103,624		752,524
Total		13,157,700		10,139,662

Description of Business - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 Segment
Segment Reporting [Abstract]
Operating and Reporting Segment	1

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit	$ (231,678)		$ (212,435)
Net loss	19,243	$ 31,380
Cash, cash equivalents and short-term investments	$ 149,300
ASU 2016-13
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2023
Change in accounting principle, accounting standards update, immaterial effect [true false]	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

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+ Details

- Definition

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

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+ Details

Fair Value Measurements - Summary of Financial Instruments Carried at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	$ 96,290,000	$ 0
U S Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	96,290,000
Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	146,691,000	178,751,000
Fair Value, Recurring \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	48,929,000	177,279,000
Restricted Cash	1,472,000	1,472,000
Fair Value, Recurring \| U S Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	96,290,000
Fair Value, Recurring \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	146,691,000	178,751,000
Fair Value, Recurring \| Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	48,929,000	177,279,000
Restricted Cash	1,472,000	$ 1,472,000
Fair Value, Recurring \| Level 1 \| U S Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	$ 96,290,000

Marketable Debt Securities - Summary of Marketable Securities Classified as Available-for-sale (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Marketable debt securities, Amortized Cost	$ 95,594,000
Marketable debt securities, Unrealized Gains	696,000
Marketable debt securities, Aggregate Fair Value	96,290,000	$ 0
U S Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Marketable debt securities, Amortized Cost	95,594,000
Marketable debt securities, Unrealized Gains	696,000
Marketable debt securities, Aggregate Fair Value	$ 96,290,000

Marketable Debt Securities - Additional Information (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Marketable debt securities at fair value	$ 96,290,000	$ 0
U S Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Marketable debt securities at fair value	$ 96,290,000

Marketable Debt Securities - Interest and Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Interest income	$ 1,066	$ 9
Accretion of discount, net	607
Total interest and investment income	$ 1,673	$ 9

Joint Venture - Additional Information (Details) - Voxall - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Loss from equity method investment in joint venture	$ 0	$ 0
Promissory note issued			$ 200,000
Equity method investment, description	As the Company has no commitment to fund the losses of the equity method investment, the carrying value of the equity method investment has not been reduced below zero
Alloy Therapeutics, Inc.
Schedule Of Equity Method Investments [Line Items]
Percentage of voting membership units				50.00%

License Agreements - Additional Information (Details) - USD ($)	1 Months Ended					3 Months Ended
	Jan. 31, 2023	Mar. 31, 2022	Oct. 31, 2021	Mar. 31, 2021	Apr. 30, 2020	Mar. 31, 2023	Dec. 31, 2022	Oct. 06, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Common stock, shares issued						36,974,396	35,110,016
Pfizer License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Payment for license fee				$ 25,000,000.0
Milestone and royalties required		$ 0				$ 0
Upfront payments	$ 8,000,000.0			$ 5,000,000.0		$ 8,000,000.0
Common stock, shares issued						1,811,594		2,229,654
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			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			12,152,145
Issuance of convertible preferred stock value			$ 20,000,000.0
LegoChem License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone and royalties required		0				$ 0
Amount payable related to licensed products						0
Estimated cost to purchase licensed products						7,000,000.0
Biosion License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone and royalties required		0				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					48,919
Milestone and royalties required		$ 0				$ 0

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Nov. 14, 2022	Nov. 01, 2022
Schedule of Equity Method Investments [Line Items]
Maximum value of stock and debt instruments authorized to issue				$ 250,000
Common stock issued, value	$ 37	$ 34
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
ATM Offering Program \| Maximum
Schedule of Equity Method Investments [Line Items]
Common stock issued, value			$ 125,000

Stockholders' Equity - Common Stock Reserved for Issuance (Details) - shares	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	13,157,700	11,185,492
Stock Options Outstanding
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	5,706,777	5,720,415
Unvested Restricted Stock Awards and Units
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	5,747,172	3,015,387
Stock Options Available for Issuance
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	600,127	1,697,166
Employee Stock Purchase Plan
Schedule Of Common Stock Reserved For Future Issuance [Line Items]
Common stock reserved for future issuance	1,103,624	752,524

Stock-Based Compensation - Additional Information (Details) - USD ($)			3 Months Ended
	Mar. 24, 2023	Jan. 01, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	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			13,157,700		11,185,492
Number of options to purchase common stock			5,706,777		5,720,415
Number of option to purchase restricted stock			5,747,172		3,015,387
Incremental stock-based compensation expense			$ 1,100,000
Incremental stock-based compensation expense recognized			$ 700,000
Fair value of common stock per share			$ 4.01
Weighted-average fair value of options granted			$ 3.19	$ 6.27
Intrinsic value of options exercised			$ 0
Stock options exercised			0
Gross unrecognized stock-based compensation expense			$ 23,100,000
Unrecognized stock-based compensation expense weighted average amortized period			2 years 25 days
Stock-based compensation expense			$ 3,384,000	$ 3,346,000
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares reserved and autorized for future issuance			5,747,172		3,015,387
Unrecognized stock-based compensation expense weighted average amortized period			2 years 7 months 2 days
Common stock public offering price per share			$ 0.01
RSAs unvested and outstanding			56,023
Stock-based compensation expense			$ 1,500,000	58,000
Gross unrecognized stock-based compensation expense			$ 12,200,000
Restricted Stock Units ('RSU')
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted stock units issued			2,879,832
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Intrinsic value of options exercised				$ 100,000
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 options to purchase common stock			468,205
Number of common shares reserved for future issuance			557,235
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			374,560
2022 Equity Inducement Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award expiration period			10 years
2021 Equity and 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 shares of common stock outstanding percentage			5.00%
Maximum number of common shares issuable under exercise of options			7,705,614
Number of options to purchase common stock			2,668,559
Number of common shares reserved for future issuance			42,892
Number of additional shares authorized		1,755,501
2021 Equity and Incentive Plan \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of option to purchase restricted stock			4,471,264
2021 Equity and 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 options to purchase common stock			2,570,013
Number of common shares reserved for future issuance			0
Reduction in exercise price of relevant option	$ 2.21
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			832,873
2019 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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			1,103,624				424,595
Number of shares of common stock outstanding percentage			1.00%
Number of additional shares authorized		351,100
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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding, Beginning Balance	5,720,415
Number of Options, Granted	67,513
Number of Options, Expired	(81,151)
Number of Options, Outstanding, Ending Balance	5,706,777	5,720,415
Number of Options, Exercisable at March 31, 2023	2,320,405
Weighted Average Exercise Price, Beginning Balance	$ 9.68
Weighted Average Exercise Price, Granted	4.01
Weighted Average Exercise Price, Expired	5.46
Weighted Average Exercise Price, Ending Balance	7.94	$ 9.68
Weighted Average Exercise Price, Exercisable at March 31, 2023	$ 7.24
Weighted Average Remaining Contractual Term, Outstanding	8 years 6 months	8 years 9 months 18 days
Weighted Average Remaining Contractual Term, Exercisable	8 years 3 months 18 days
Aggregate Intrinsic Value, Outstanding	$ 5,282	$ 72
Aggregate Intrinsic Value, Exercisable at March 31, 2023	$ 2,540

Stock-Based Compensation - Summary of Stock Option Activity (Parenthetical) (Details)	Mar. 24, 2023 $ / shares
2019 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reduction in exercise price of relevant option	$ 2.21

Stock-Based Compensation - Schedule of Estimated Fair Value Assumptions (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum		98.05%
Expected volatility, maximum		101.66%
Expected volatility	97.82%
Risk-free interest rate	3.58%	1.60%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6 years 29 days	6 years 29 days

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,384	$ 3,346
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,243	472
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,141	$ 2,874

Stock-Based Compensation - Summary of Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning Balance \| shares	3,015,387
Number of Shares, Granted \| shares	2,879,832
Number of Shares, Vested and settled \| shares	(148,047)
Number of Shares, Outstanding, Ending Balance \| shares	5,747,172
Weighted Average Grant ate fair value, Outstanding, Beginning Balance \| $ / shares	$ 3.64
Weighted Average Grant Date Fair Value, Outstanding, Granted \| $ / shares	2.19
Weighted Average Grant Date Fair Value, Outstanding, Vested and settled \| $ / shares	0.55
Weighted Average Grant ate fair value, Outstanding, Ending Balance \| $ / shares	$ 2.96

Operating Leases - Additional Information (Details) $ in Thousands		3 Months Ended
	Feb. 02, 2023 USD ($) ft²	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Leases [Abstract]
Cash paid for operating lease liabilities		$ 200	$ 200
Operating lease, rent expense		$ 700	$ 200
Sublease agreement, square feet space area in building \| ft²	17,729
Sublease payment in year one	$ 1,500
Sublease payment per year thereafter	$ 1,900
Annual rent increase percentage	3.00%
Lessee, operating sublease, option to extend		The sublessee has the option to extend the sublease for a one-year period on the same terms and conditions as the current sublease, subject to a change in base rent for the extended period equal to a 3% increase to the then current rent.
Lessee, Operating Sublease, Existence of Option to Extend [true false]		true
Percentage of increase in current rent	3.00%
Security deposit	$ 400
Sublease income		$ 38

Operating Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 656
Short-term lease cost	488	$ 165
Total lease cost	$ 1,144	$ 165

Operating Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Mar. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term	9 years 8 months 12 days
Weighted-average discount rate	9.40%

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate from continuing operations	0.00%	0.00%
Federal income tax provision	$ 0	$ 0

Net Loss per Common Share - Summary of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss	$ (19,243)	$ (31,380)
Denominator:
Weighted average shares of common stock outstanding - basic	35,351,671	32,316,689
Weighted average shares of common stock outstanding - diluted	35,351,671	32,316,689
Net loss per common share - basic	$ (0.54)	$ (0.97)
Net loss per common share - diluted	$ (0.54)	$ (0.97)

- Definition

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

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- Definition

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

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- Definition

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

+ References

+ Details

Net Loss per Common Share - Anti-Dilutive Effect Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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	13,157,700	10,139,662
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	5,706,777	6,166,516
Unvested Restricted Stock Awards and Units
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	5,747,172	2,600,538
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	600,127	620,084
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	1,103,624	752,524

Related Parties - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended
	Jan. 31, 2023	Mar. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Oct. 06, 2022
Related Party Transaction [Line Items]
Common stock issued, shares			36,974,396		35,110,016
Common stock issued, value			$ 37,000		$ 34,000
Pfizer License Agreement
Related Party Transaction [Line Items]
Related party transaction expenses incurred				$ 0
Ownership percentage			10.00%
Common stock issued, shares			1,811,594			2,229,654
Upfront payments	$ 8,000,000.0	$ 5,000,000.0	$ 8,000,000.0
Voxall
Related Party Transaction [Line Items]
Related party transaction expenses incurred			0	0
University License Agreement
Related Party Transaction [Line Items]
Related party transaction expenses incurred			$ 0	$ 0

Subsequent Event - Additional Information (Details) - Common Stock - Subsequent Event $ / shares in Units, $ in Millions	Apr. 04, 2023 USD ($) $ / shares shares
Subsequent Event [Line Items]
Common stock, shares sold \| shares	1,001,208
Average gross sale price per share \| $ / shares	$ 6.30
Commissions paid to the placement agent	$ 0.2
Gross proceeds from sale of common stock shares	$ 6.3