0000950170-22-003998 | 10-K | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 232,217	$ 162,491
Prepaid expenses and other current assets	4,299	3,478
Total current assets	236,516	165,969
Property and equipment, net	2,439	1,393
Right-of-use asset	6,538	170
Deposits and Other assets	2,386	872
Total assets	247,879	168,404
Current liabilities:
Accounts payable	2,384	2,122
Accrued expenses and other current liabilities	5,854	5,402
Operating lease liability	1,851	186
Deferred revenue	17,100	20,622
Total current liabilities	27,189	28,332
Long-term portion of lease liabilities	5,135
Deferred revenue, net of current portion	7,678	35,141
Total liabilities	40,002	63,473
Commitments and contingencies (Note 15)
Redeemable convertible preferred stock (Series A, A-1, A-2, and B), $0.001 par value. No shares authorized, issued and outstanding as of December 31, 2021; 169,396,576 shares, authorized, issued and outstanding as of December 31, 2020 (liquidation preference $0 as of December 31, 2021 and $202.2 million as of December 31, 2020)	0	205,979
Stockholders' deficit:
Preferred Stock, $0.001 par value - 10,000,000 shares authorized as of December 31, 2021 and no shares authorized as of December 31, 2020; No shares issued and outstanding as of December 31, 2021 or December 31, 2020
Common stock, $0.001 par value, 150,000,000 shares authorized, 35,975,034 issued and outstanding as of December 31, 2021; 230,000,000 shares authorized, 3,096,903 issued and outstanding as of December 31, 2020	36	3
Additional paid-in capital	353,295	10,288
Accumulated deficit	(145,454)	(111,339)
Total stockholders' equity (deficit)	207,877	(101,048)
Total liabilities, redeemable convertible preferred stock and stockholders' equity	$ 247,879	$ 168,404

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value	$ 0.001	$ 0.001
Redeemable convertible preferred stock, shares authorized	0	169,396,576
Redeemable convertible preferred stock, shares issued	0	169,396,576
Redeemable convertible preferred stock, shares outstanding	0	169,396,576
Redeemable convertible preferred stock, liquidation preference	$ 0	$ 202,227
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	230,000,000
Common stock, shares issued	35,975,034	3,096,903
Common stock, shares outstanding	35,975,034	3,096,903

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue
Research and development revenue under collaboration agreement	$ 30,985	$ 9,194
Revenue from Contract with Customer, Product and Service [Extensible List]	Research And Development Member	Research And Development Member
Operating expenses
Research and development	$ 47,108	$ 44,847
General and administrative	18,015	8,866
Total operating expenses	65,123	53,713
Loss from operations	(34,138)	(44,519)
Other income, net	23	263
Net loss and comprehensive loss	$ (34,115)	$ (44,256)
Net loss per share attributable to common stockholders, basic and diluted	$ (1.22)	$ (16.00)
Weighted-average shares of common stock outstanding, basic and diluted	27,983,359	2,765,494

CONSOLIDATED STATEMENTS REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Redeemable Convertible Preferred Stock
Beginning Balance, Shares at Dec. 31, 2019					75,727,268
Beginning Balance at Dec. 31, 2019					$ 78,867
Beginning Balance, Shares at Dec. 31, 2019		2,651,333
Beginning Balance at Dec. 31, 2019	$ (61,463)	$ 3	$ 5,617	$ (67,083)
Issuance of preferred stock in connection with the acquisition of Amplify Medicines, Inc.					$ 10,924
Issuance of preferred stock in connection with the acquisition of Amplify Medicines, Inc., Shares					7,863,094
Issuance of common stock in connection with the acquisition of Amplify Medicines, Inc.	2,804		2,804
Issuance of common stock in connection with the acquisition of Amplify Medicines, Inc., Shares		426,159
Issuance of preferred stock in connection with private placement					$ 116,188
Issuance of preferred stock in connection with private placement, Shares					85,806,214
Exercise of stock options	70		70
Exercise of stock options, Shares		19,411
Stock-based compensation	1,797		1,797
Net loss and comprehensive loss	$ (44,256)			(44,256)
Ending Balance, Shares at Dec. 31, 2020	169,396,576				169,396,576
Ending Balance at Dec. 31, 2020	$ 205,979				$ 205,979
Ending Balance, Shares at Dec. 31, 2020		3,096,903
Ending Balance at Dec. 31, 2020	(101,048)	$ 3	10,288	(111,339)
Initial public offering, net of issuance costs	131,302	$ 9	131,293
Initial public offering, net of issuance costs, Shares		8,984,375
Conversion of convertible preferred stock into common stock					$ (205,979)
Conversion of convertible preferred stock into common stock, Shares					(169,396,576)
Conversion of convertible preferred stock into common stock	205,979	$ 24	205,955
Conversion of convertible preferred stock into common stock, Shares		23,678,568
Exercise of stock options	$ 582		582
Exercise of stock options, Shares	215,188	215,188
Stock-based compensation	$ 5,177		5,177
Net loss and comprehensive loss	$ (34,115)			(34,115)
Ending Balance, Shares at Dec. 31, 2021	0
Ending Balance at Dec. 31, 2021	$ 0
Ending Balance, Shares at Dec. 31, 2021		35,975,034
Ending Balance at Dec. 31, 2021	$ 207,877	$ 36	$ 353,295	$ (145,454)

CONSOLIDATED STATEMENTS REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Initial Public Offering
Issuance costs	$ 2.4

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (34,115)	$ (44,256)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation expense	544	300
Stock-based compensation	5,177	1,797
Non-cash research and development expense for in-process research and development acquired in acquisition		11,140
Non-cash lease expense	1,174	964
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,452)	297
Accounts payable	361	519
Accrued expenses and other current liabilities	1,298	1,585
Lease liability	(740)	(978)
Deferred revenue	(30,985)	(9,194)
Deposits and other assets	(1,514)
Net cash flows used in operating activities	(60,252)	(37,826)
Cash flows from investing activities
Cash obtained in asset acquisition		3,688
Payments to acquire property and equipment	(1,760)	(766)
Net cash flows (used in) provided by investing activities	(1,760)	2,922
Cash flows from financing activities
Proceeds from issuance of preferred stock, net of offering costs	(146)	116,171
Proceeds from initial public offering, net of offering costs	131,302	(57)
Proceeds from exercise of stock options	582	70
Net cash flows provided by financing activities	131,738	116,184
Net increase in cash and cash equivalents	69,726	81,280
Cash, cash equivalents and restricted cash, beginning of year	163,363	82,083
Cash, cash equivalents and restricted cash, end of year	233,089	163,363
Cash and cash equivalents	232,217	162,491
Restricted cash included in other assets	872	872
Cash, cash equivalents and restricted cash, end of year	233,089	163,363
Supplemental disclosure of non-cash activities
Assets obtained in asset acquisition		34
Liabilities assumed in asset acquisition		970
Fair value of equity instruments issued in connection with asset acquisition		13,892
Purchases of property and equipment in accounts payable and accrued expenses	13	367
Deferred transaction costs in accounts payable and accrued liabilities		591
Right-of-use assets recognized upon adoption of ASC 842		$ 956
Right-of-use assets and lease liabilities recognized upon lease inception	$ 7,541

Nature of Business and Organization

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business and Organization

1. NATURE OF BUSINESS AND ORGANIZATION

We are a targeted oncology company developing precision medicines tailored to biomarker-defined patient groups with specific unmet needs. With our robust biomarker and translational approach we aim to develop targeted treatments and define patient populations who are most likely to respond to treatment. Our current programs are across the Hippo pathway, RAS pathway, and key immune signals in the tumor-microenvironment (TME), with approaches to targeting both cancer-driving targets and mechanisms of resistance to targeted therapies. Our focus on patient-driven development is platform and process agnostic, allowing us to research both known and novel targets , with a shared guiding principle of aiming to address the unmet need of a biomarker-defined patient population. Since we commenced operations in 2016, we have advanced multiple product candidates into clinical development. In addition, we have a robust pipeline of discovery-stage targeted oncology programs.

On March 22, 2021, ahead of the initial public offering, the Company effected a one-for-7.154 reverse stock split of the Company’s common stock. All share and per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in capital. Shares of common stock underlying outstanding stock options and other equity instruments were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the appropriate securities agreements. Shares of common stock reserved for issuance upon the conversion of the Company’s convertible preferred stock were proportionately reduced and the respective conversion prices were proportionately increased.

On March 25, 2021, the Company’s registration statement on Form S-1 relating to its initial public offering of its common stock was declared effective by the Securities and Exchange Commission (“SEC”). In the IPO, which closed on March 30, 2021, the Company issued and sold 8,984,375 shares of common stock, including full exercise of the underwriters’ over-allotment option to purchase an additional 1,171,875 shares, at a public offering price of $16.00 per share and received $131.3 million in net proceeds after deducting underwriting discounts and commissions and offering expenses.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Arrys Therapeutics, Inc. (“Arrys”), Ikena Oncology Securities Corporation and Amplify Medicines, Inc, (“Amplify”). All intercompany balances and transactions have been eliminated in consolidation. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the ASC and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Use of Estimates: The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and judgments are based on historical information and other market-specific or various relevant assumptions, including in certain circumstances, future projections, that management believes to be reasonable under the circumstances. Actual results could differ materially from estimates. Significant estimates and assumptions are used for, but not limited to the accruals for research and development expenses, research and development revenue under a collaboration agreement, and intangible assets acquired in an asset acquisition and, for periods prior to the completion of the IPO, stock based compensation expense.

Liquidity: Based on our current operating plan, we believe that our cash, cash equivalents and marketable securities as of December 31, 2021, will be sufficient to enable us to advance our long-term strategic goals for at least the next 12 months from the filing of this annual report on Form 10-K.

In addition, the Company expects that it will seek additional funding through public or private financings, debt financing, collaboration agreements or government grants. The inability to obtain funding, as and when needed, could have a negative impact on the Company’s financial condition and ability to pursue its business strategies, which may include amending, delaying, limiting, reducing, or terminating planned activities related to its product candidates.

Segments: Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in a single operating segment and has one reportable segment. All long-lived assets of the Company reside in the United States.

Concentration of Credit Risk and of Significant Suppliers: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. As of December 31, 2021, substantially all of the Company’s cash and cash equivalents were deposited at two highly rated financial institutions. The Company maintains balances in operating accounts above federally insured limits. The Company has not experienced any losses on such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents.

The Company is dependent on third-party manufacturers and clinical research organizations to supply products and provide services for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.

Fair Value of Financial Instruments: The amounts reported for cash equivalents, accounts payable and accrued expenses approximate fair value because of their short maturities. Fair value is estimated based on a three-tier fair value hierarchy to prioritize the inputs used in our fair value measurements. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring us to develop our own assumptions. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer.

Cash and Cash Equivalents: The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. Our cash equivalents are generally composed of commercial paper, corporate notes, U.S. government-sponsored enterprise securities, U.S. treasury securities and money market funds.

Restricted Cash: As of December 31, 2021 and 2020, the Company maintained restricted cash totaling approximately $0.9 million and $0.9 million, respectively, held in the form of a money market account as collateral for the Company’s facility lease obligations. The balance is included within other non-current assets in the accompanying consolidated balance sheets.

Property and Equipment: Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful life of each asset. Lab equipment is depreciated over five years. Electronic equipment and software are depreciated over three years. Leasehold improvements are amortized over the shorter of their useful life or lease term. When an item is sold or retired, the costs and related accumulated depreciation are eliminated, and the resulting gain or loss, if any, is credited or charged to income in the statement of operations. Repairs and maintenance costs are expensed as incurred.

Long-lived Assets: Long-lived assets consist of property and equipment. The Company reviews the recoverability of its long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable, based on undiscounted cash flows. If such assets are considered to be impaired, an impairment loss is recognized and is measured as the amount by which the carrying amount of the assets exceed their estimated fair value, which is measured based on the projected discounted future net cash flows arising from the assets.

Income Taxes: The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities using the enacted statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Recognition of deferred tax assets is limited to amounts for which, in the opinion of management, realization is considered more likely than not in future periods.

Revenue Recognition: The Company has generated revenue from a collaboration agreement as well as service agreements with related parties.

To determine revenue recognition, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception the Company assesses the goods or services promised within each contract and determine those that are performance obligations, then assesses whether each promised good or service is distinct. When the Company offers options for additional goods or services, such as to receive a license for intellectual property or for additional goods or services, the Company evaluates whether such options contain material rights that should be treated as additional performance obligations. Once performance obligations are identified, the Company then recognizes as revenue the amount of the transaction price that the Company allocated to the respective performance obligation when (or as) each performance obligation is satisfied, either at a point in time or over time. If the performance obligation is satisfied over time, the Company recognizes revenue based on the use of an input method.

Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion.

As of December 31, 2021, the Company had one collaborative agreement with Bristol-Myers Squibb (“BMS”), which the Company entered into in January 2019 (the “BMS Collaboration Agreement”). For a complete discussion of the accounting related to BMS Collaboration Agreement, see Note 7, Collaboration Agreement and Stock Purchase Agreement with BMS.

Research and Development Expense: Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs, depreciation, third-party license fees, acquisition of technology, and external costs of outside vendors engaged to conduct preclinical development activities and trials. Research and development expense for the year ended December 31, 2020, also includes the write-off of acquired in-process research and development (“IPR&D”) assets with no alternative future use.

Asset Acquisitions: The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs, and the consideration is allocated to the items acquired based on a relative fair value methodology. Goodwill is not recognized in asset acquisitions. In an asset acquisition, the cost allocated to acquire IPR&D with no alternative future use is charged to research and development expense at the acquisition date.

Stock-based Compensation: The Company’s stock-based compensation program grants awards that may include stock options, restricted stock awards, restricted stock units, and other stock-based awards. The fair values of stock

option grants are estimated as of the date of grant using a Black-Scholes option valuation model. The fair values of restricted stock awards and restricted stock units are based on the fair value of the Company’s common stock on the date of grant. The estimated fair values of the awards are expensed over the requisite service period, which is generally the vesting period of the award. For service-based awards that are subject to graded vesting, the Company has elected to recognize compensation expense for these awards on a straight-line basis. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in our consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s salary and related costs are classified or in which the award recipient’s service payments are classified.

The Company’s expected stock price volatility assumption is based on volatilities of similar entities whose share or option prices are publicly available. The Company uses the simplified method to estimate the expected life assumption. The risk-free interest rate is based on the yield of U.S. Treasury securities consistent with the expected life of the option. No dividend yield was assumed as the Company does not intend to pay dividends on its common stock.

Leases: Under Accounting Standards Codification (ASC) 842 Leases, which was adopted on January 1, 2020, the Company determines if an arrangement is or contains a lease at inception. For leases with a term of 12 months or less, the Company does not recognize a right-of-use asset or lease liability. The Company's operating leases are recognized on its consolidated balance sheet as other long-term assets, other current liabilities, and other long-term liabilities. The Company does not have any finance leases.

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Operating lease right-of-use assets also include the effect of any lease prepaid or deferred lease payments and are reduced by lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. The Company has elected to utilize the practical expedient to not separate lease components from non-lease components.

Comprehensive Loss: Comprehensive loss is comprised of the net loss and other comprehensive income or loss. Other comprehensive income or loss consists of unrealized gains or losses on marketable securities.

Deferred Issuance Costs: Deferred issuance costs consist of legal, accounting and other third-party fees that are directly associated with in-process equity financings and remain deferred issuance costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction to the proceeds generated as a result of the offering.

On March 30, 2021, the Company completed its IPO. Accordingly, the Company recognized offering costs of approximately $2.4 million as a reduction from the gross proceeds associated with the closing of the IPO through additional paid-in capital in the accompanying consolidated balance sheet. The Company incurred deferred offering costs of $0.5 million as of December 31, 2020 which were included in prepaid expenses and other current assets.

Emerging Growth Company Status: The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such a time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company no longer is an emerging growth company or affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Recent Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements and disclosures.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. FAIR VALUE MEASUREMENTS

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):


	As of December 31, 2021		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	232,017	$	232,017		—		—
Total Cash Equivalents	$	232,017	$	232,017	$	—	$	—


	As of December 31, 2020		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	162,290	$	162,290		—		—
Total Cash Equivalents	$	162,290	$	162,290	$	—	$	—

For the years ended December 31, 2021 and 2020, there were no transfers between Level 1 and Level 2 financial assets.

- Definition

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

+ References + Details

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2021

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

4. PREPAID EXPENSES AND OTHER CURRENT ASSETS

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


	As of December 31,
	2021		2020
Clinical, manufacturing and scientific development	$	2,820	$	1,917
Prepaid Insurance		850		23
Other		629		1,538
Total	$	4,299	$	3,478

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. PROPERTY AND EQUITPMENT, NET

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


	As of December 31,
	2021			2020
Property and equipment:
Lab equipment	$	1,776		$	1,071
Leasehold improvements		923			939
Electronic equipment and software		430			71
Furniture and fixtures		384			—
Total property and equipment		3,513			2,081
Less: accumulated depreciation		(1,074	)		(688	)
Property and equipment, net	$	2,439		$	1,393

Depreciation expense for the years ended December 31, 2021 and 2020 was $0.5 million and $0.3 million, respectively. There were no impairments for the years ended December 31, 2021 and 2020.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Accrued Expenses And Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

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


	As of December 31,
	2021		2020
Employee compensation	$	2,809	$	1,816
Research and development expenses		2,489		2,251
Professional fees		530		955
Other current liabilities		26		380
Total	$	5,854	$	5,402

Collaboration Agreement and Stock Purchase Agreement with BMS

12 Months Ended

Dec. 31, 2021

Collaboration And Stock Purchase Agreement [Abstract]

Collaboration Agreement and Stock Purchase Agreement with BMS

7. COLLABORATION AGREEMENT AND STOCK PURCHASE AGREEMENT WITH BMS

In January 2019, the Company entered into the BMS Collaboration Agreement with Celgene Corporation, which was acquired by BMS in November 2019, whereby the Company will carry out initial research and development activities with the goal of identifying and developing drug candidates for certain cancer types. Concurrent with execution of the BMS Collaboration Agreement, the Company entered into a stock purchase agreement with BMS, which resulted in the issuance of 14,545,450 shares of Series A-1 Preferred Stock (the “Stock Purchase Agreement”). In connection with the Company’s IPO, the series A-1 preferred stock converted into common stock.

Agreement Structure

Under the BMS Collaboration Agreement, the Company will conduct exploratory and discovery activities, with the goal of identifying product candidates for certain targets, which are in the kynurenine pathway, which the Company is developing as IK-412, and the aryl hydrocarbon receptor (“AHR”), which the Company is developing as IK-175. The Company is obligated to advance research and development activities through the earlier of January 2024 or the completion of a Phase 1b clinical trial for each program ("the research term"). BMS has the option to receive a global-development, manufacture and commercialization license for the product candidate, which expires in January 2024. Subsequent to the delivery of a license, BMS is responsible for the worldwide development, manufacturing and commercialization of these product candidates.

BMS paid the Company a total of $95.0 million in aggregate upfront consideration related to the BMS Collaboration Agreement and Stock Purchase Agreement. The Company is eligible to receive $50.0 million, in case of an exercise of its option with respect to IK-175, and $40.0 million, in case of an exercise of its option with respect to IK-412. If the Company does not complete a Phase 1b clinical trial by the end of the research term, the Company may provide a data package to BMS to support the decision to exercise the option for an additional $0.25 million. Upon the exercise of the delivery of each license, the Company becomes eligible to receive up to $450 million in milestone payments as well as a tiered royalty on worldwide sales from the high single to low teen digits.

Accounting Considerations of the Agreement

The BMS Collaboration Agreement and the Stock Purchase Agreement were executed concurrently and in contemplation of each other. The issuance of Series A-1 Preferred Stock was initially accounted for at fair value. The purchase price for the Series A-1 Preferred Stock was considered to be at a discount from fair value, and therefore $1.8 million of the upfront from the BMS Collaboration Agreement was allocated to the equity arrangement.

The Company determined that the BMS Collaboration Agreement represented a contract with a customer and should be accounted for in accordance with ASC 606. The Company identified the two performance obligations, which are research and development services for IK-175 and IK-412. The options to receive worldwide development and

commercialization licenses for the two targets and the option to receive manufacturing services in the future were determined to not provide any material rights to the customer and are therefore not considered to be performance obligations. The arrangement also contains certain di minimis items, including participation on joint oversight committees.

The Company identified $78.7 million of total transaction price which represents the upfront consideration allocated to the revenue arrangement. Additional consideration to be paid to the Company upon exercise of a right to receive a license or potential milestone and royalty payments are excluded from the transaction price as they relate to amounts that can only be achieved subsequent to the exercise of an options and are outside of the initial contact term.

Based on the distinct performance obligations identified above, the Company allocated the $78.7 million transaction price based on relative estimated standalone selling prices of each of its performance obligations as follows:

•

$41.2 million for research and development services for IK-175; and

•

$37.5 million for research and development services for IK-412.

The Company determined the estimated standalone selling price for the research and development services based on internal estimates of the costs to perform the services, including expected internal expenses and expenses with third parties, adjusted to include a reasonable profit margin. Significant inputs used to determine the total expense of the research and development activities include the length of time required and the number and cost of various studies that will be performed to complete the applicable development plan.

The Company is recognizing revenue related to each of its performance obligations as the research and development services are performed through January 2024. The Company recognizes revenue related to research and development services performed using an input method by calculating costs incurred at each period end relative to total costs expected to be incurred.

In December 2021, the Company re-assessed the IK-412 program, which experienced manufacturing delays as a key component required in the manufacturing of IK-412, is similarly essential to the manufacturing of COVID-19 vaccines and therapies. As such, the availability of the component was delayed as resources were allocated towards vaccine production. Considering these delays and the timeline of the BMS partnership, the Company made the strategic decision to pause IK-412 development activities for the remainder of the BMS research term once the ongoing CMC work has been completed. As a result of the decision to pause, the Company recorded a change in estimate during the three months ended December 31, 2021 and recognized $16.5 million of research and development revenue.

During the year ended December 31, 2021 and 2020, the Company recognized revenue of $31.0 million and $9.2 million, respectively, from the BMS Collaboration Agreement. The consolidated balance sheet as of December 31, 2021 includes deferred revenue of $24.8 million related this agreement, of which $17.1 million and $7.7 million were classified as current and non-current, respectively. This amount is expected to be recognized as performance obligations are satisfied through the completion of the research and development services for IK-175 and IK-412.

Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Redeemable Convertible Preferred Stock

8. REDEEMABLE CONVERTIBLE PREFERRED STOCK

In connection with the closing of the Company’s IPO on March 30, 2021, all issued and outstanding Redeemable Convertible Preferred Stock of 169,396,576 were converted to 23,678,568 shares of the Company’s common stock and are no longer issued.

As of December 31, 2020, the authorized capital stock of the Company included 169,396,576 shares of redeemable convertible preferred stock.

As of December 31, 2020, redeemable convertible preferred stock consisted of the following:


	As of December 31, 2020
	Shares Authorized		Shares Issued and Outstanding		Carrying Value		Aggregate Liquidation Preference
Series A		28,000,000		28,000,000	$	27,832	$	28,000
Series A-1		47,727,268		47,727,268		51,035		47,727
Series A-2		7,863,094		7,863,094		10,924		6,500
Series B		85,806,214		85,806,214		116,188		120,000
Total		169,396,576		169,396,576	$	205,979	$	202,227

The Preferred Stock had the following characteristics as of December 31, 2020:

(a) Voting

On any matter presented to the stockholders of the Company for their action or consideration at any meeting of stockholders of the Company (or by written consent of stockholders in lieu of meeting), each holder of outstanding shares of Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Preferred Stock held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of the Company’s Amended and Restated Certificate of Incorporation, holders of Preferred Stock shall vote together with the holders of Common Stock as a single class and have other special voting rights.

The holders of outstanding shares of Preferred Stock shall be entitled to elect three directors of the Company. The investors have agreed that two of the directors are to be named by one investor and the other director is to be named by a separate investor.

(b) Dividends

The holders of Preferred Stock are entitled to an 8% non-cumulative dividend. Dividends are payable only when, as and if declared by the Board. No dividends are payable to the common stockholders unless a dividend is also paid to Preferred Stockholders equal to at least the amount that would be received if the shares of Preferred Stock were converted into common stock.

Through December 31, 2020 and the completion of the IPO, no dividends have been declared or paid by the Company.

In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, or upon the event of certain other deemed liquidation events, holders of shares of Preferred Stock then outstanding shall be entitled to receive the greater of (i) an amount per share equal to the Preferred Stock original issue price, plus any dividends declared but unpaid thereon or (ii) the amount that would be received if the Preferred Stock was converted into common stock just prior to the liquidation event.

(d) Conversion

Each share of Preferred Stock shall be convertible into shares of common stock at the option of the stockholder, at any time, at a rate of one for one and are automatically converted upon a qualified initial public offering or upon written consent of at least 75% of the holders of the outstanding shares of Preferred Stock. The conversion ratio is initially set at one for one, but may be adjusted for certain issuances of additional shares of Common Stock, stock splits, stock combinations, certain dividends and distributions, and mergers and reorganizations.

The conversion ratio was changed to 7.154 for one upon the Company’s filing of its amendment to its Amended and Restated Certificate of Incorporation on March 22, 2021.

Common Stock

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Common Stock

9. COMMON STOCK

As of December 31, 2021 and 2020, the Company had 150,000,000 and 230,000,000 shares of common stock authorized, respectively, of which 35,975,034 and 3,096,903 were issued and outstanding as of December 31, 2021 and 2020, respectively.

Voting: The holders of shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders and written action in lieu of meetings; there is no cumulative voting. The holders of outstanding shares of common stock shall be entitled to elect two directors of the Company.

Dividends: The holders of shares of common stock are entitled to receive dividends, if and when declared by the Board of Directors. No dividends have been declared or paid by the Company since its inception

Liquidation: After payment to the holders of shares of Preferred Stock of their liquidation preferences, the remaining assets of the Company are distributed to the holders of common stock.

- 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

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-Name Accounting Standards Codification
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

. STOCK BASED COMPENSATION

In March 2016, the Company’s board of directors and stockholders adopted the 2016 Stock Incentive Plan which was amended and restated in December 2020, (as so amended and restated, the “2016 Plan”) which permits the granting of (1) options to purchase common stock intended to qualify as incentive stock options under Section 422 of the Code, and (2) options that do not so qualify.

On March 19, 2021, the Company’s board of directors approved, and on March 20, 2021, the Company’s stockholders approved the 2021 Stock Incentive Plan (the “2021 Plan”), which became effective on March 30, 2021. The 2021 Plan replaced the 2016 Plan as the board of directors had determined it would not to make additional awards under the 2016 Plan following the closing of the initial public offering. However, the 2016 Plan will continue to govern outstanding equity awards granted thereunder. The 2021 Plan allows the Company to make equity-based and cash-based incentive awards to officers, employees, directors and consultants.

As of the effective date of the 2021 Plan, no further awards will be made under the 2016 Plan. Any options or awards outstanding under the 2016 Plan remain outstanding and effective and are governed by their existing terms. The shares of the Company’s common stock subject to outstanding awards under the 2016 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right will be added back to the shares of common stock available for issuance under the 2021 Plan. No more than 3,263,664 shares of the Company’s common stock may be granted subject to incentive stock options under the 2021 Plan. In addition, the 2021 Plan contains an “evergreen” provision, which allows for an annual increase in the number of shares of common stock available for issuance under the 2021 Plan on the first day of each fiscal year during the period beginning in fiscal year 2022. The annual increase in the number of shares shall be equal to 4% of the number of shares of common stock outstanding on the immediately preceding December 31; and such lesser number of shares as determined by the Administrator as provided in the 2021 Plan.

As of December 31, 2021, 2,250,479 shares of common stock remain available for future issuance under the 2021 Plan. The vesting periods for equity awards, which generally is four years, are determined by the Board of Directors. The contractual term for stock option awards is ten years.

The total compensation expense recognized in the statements of operations associated with all the stock-based compensation awards granted by the Company is as follows (in thousands):


	Year Ended December 31,
	2021		2020
Research and development	$	2,427	$	790
General and administrative		2,750		1,007
Total share-based compensation expense	$	5,177	$	1,797

The weighted-average fair value of the stock options granted during the year ended December 31, 2021 and 2020 was $6.13 and $3.53 per share, respectively. As of December 31, 2021, the total unrecognized stock-based compensation balance for unvested options was $19.1 million which is expected to be recognized over 2.97 years.

The following table summarizes stock option activity under the Plan for the year ended December 31, 2021:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2020		2,650,396		$	3.45		8.01	$	5,463
Granted		3,435,687			9.73
Exercised		(215,188	)		2.70
Cancelled or forfeited		(48,522	)		5.21
Outstanding as of December 31, 2021		5,822,373		$	7.17		8.27	$	33,275
Vested or expected to vest as of December 31, 2021		5,822,373		$	7.17		8.27	$	33,275
Options exercisable as of December 31, 2021		1,841,894		$	3.35		6.71	$	16,928

The intrinsic value of options exercised for the years ended December 31, 2021 and 2020 was $1.9 million and $30 thousand, respectively.

The fair value of each option award granted during the years ended December 31, 2021 and 2020 is estimated on the date of grant using the Black-Scholes option pricing model and the weighted average assumptions noted in the following table:


	Year Ended December 31,
	2021			2020
Risk-free interest rate	0.68% to 1.33%			0.27% to 0.47%
Expected dividend yield		0	%		0	%
Expected option term (in years)	6.00 to 6.08			5.00 to 6.08
Expected stock price volatility range	68.58% to 73.30%			73.15% to 74.89%

Employee Stock Purchase Plan

On March 20, 2021, the Company’s stockholders approved the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective on March 30, 2021. The ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 346,613 shares of the Company’s common stock. An annual increase in the number of shares of common stock reserved and available for issuance under the ESPP shall be equal to 1% of the number of shares of common stock outstanding on the immediately preceding December 31; and such lesser number of shares as determined by the Administrator as provided in the ESPP. As of December 31, 2021, no shares have been purchased by employees under the ESPP.

Employee Benefit Plan

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Employee Benefit Plan

11. EMPLOYEE BENEFIT PLAN

The Company has a defined-contribution savings plan covering all eligible U.S. employees under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). During the years ended December 31, 2021 and 2020, the Company did not make any employer contributions to the plan. Employees can designate the investment of their 401(k) accounts into several mutual funds. Administrative costs of the plan for each of the years ended December 31, 2021 and 2020, were immaterial.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

12. INCOME TAXES

The effective income tax rate differed from the amount computed by applying the federal statutory rate to the Company’s loss before income taxes as follows:


	Year Ended December 31,
	2021			2020
Tax effected at statutory rate		21.0	%		21.0	%
State taxes		7.4	%		5.2	%
Stock compensation		(0.7	)%		(0.4	)%
Non-deductible expenses		(0.5	)%		—	%
Acquired in-process R&D		—	%		(5.1	)%
Federal research and development credits		5.0	%		3.2	%
Change in valuation allowance		(32.2	)%		(23.9	)%
Total		—	%		—	%

The Company’s total deferred tax assets are as follows (in thousands):


	As of December 31,
	2021			2020
Deferred tax assets:
Federal net operating loss carryforward	$	18,233		$	5,445
State net operating loss carryforward		5,269			1,593
R&D credit carryforwards		6,385			4,023
Capitalized start-up costs		242			264
Accruals and reserves		629			327
Deferred revenue		6,769			15,234
Stock options		1,026			318
Lease liability		1,908			—
Total deferred tax asset		40,461			27,204
Deferred tax liability:
Fixed assets		(648	)		(170	)
Right of use asset		(1,786	)		—
Total deferred tax liability		(2,434	)		(170	)
Valuation Allowance		(38,027	)		(27,034	)
Net deferred tax assets and liability	$	—		$	—

The Company has had no income tax expense due to operating losses incurred since inception. ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on this, the Company has provided a valuation allowance for the full amount of the net deferred tax assets as the realization of the deferred tax assets is not determined to be more likely than not. During 2021, the valuation allowance increased by $11.0 million primarily due to the increase in the Company's book loss reported in the period.

As of December 31, 2021, the Company had approximately $86.8 million and $83.4 million of Federal and State operating loss carryforwards respectively. The Federal net operating losses are not subject to expiration and the state net operating losses begin to expire in 2037. These loss carryforwards are available to reduce future federal taxable income, if any. As of December 31, 2021, the Company also has federal and state research and development tax credit carryforwards of approximately $5.0 million and $1.7 million respectively, to offset future income taxes, which will begin to expire beginning in December 2031. These loss carryforwards are subject to review and possible adjustment by the appropriate taxing authorities. The amount of loss carryforwards that may be utilized in any future period may be limited based upon changes in the ownership of the company's ultimate parent.

The Company follows the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes, which specifies how tax benefits for uncertain tax positions are to be recognized, measured, and recorded in financial statements;

requires certain disclosures of uncertain tax matters; specifies how reserves for uncertain tax positions should be classified on the balance sheet; and provides transition and interim period guidance, among other provisions. As of December 31, 2021, and 2020, the Company has not recorded tax reserves associated with any unrecognized tax benefits. The Company’s policy is to recognize interest and penalties accrued on any uncertain tax positions as a component of income tax expense, if any, in its statements of income. As of December 31, 2021, and 2020, the Company had no reserves for uncertain tax positions. For the years ended December 31, 2021 and 2020, no estimated interest or penalties were recognized on uncertain tax positions.

The Company has not conducted a study of its research and development credit carryforwards. This study may result in an adjustment to research and development credit carryforwards; however, until a study is completed, and any adjustment is known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the Company’s research and development credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheets or statements of operations if an adjustment were required.

The Company's Federal and Massachusetts income tax returns for the years ended December 31, 2018 to December 31, 2021 remain open and are subject to examination by the Internal Revenue Service and state taxing authorities.

- 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

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+ Details

Research License Agreements

12 Months Ended

Dec. 31, 2021

Research and Development [Abstract]

Research License Agreements

13. RESEARCH LICENSE AGREEMENTS

During 2015, the Company entered into an exclusive patent license agreement (the “UT Austin License”) to license certain technologies and intellectual property rights from the University of Texas at Austin (the “University”), an entity affiliated with a director of the Company at the time of the agreement. The UT Austin License shall remain in effect until the expiration or abandonment of the last to expire technologies and intellectual property rights. The Company shall pay License Maintenance fees annually of $40 thousand. Additionally, the Company shall make additional milestone payments to the University upon meeting certain development milestones in the aggregate of $4.7 million upon meeting certain development milestones during the term of the UT Austin License. The Company will pay the University royalties as defined in the UT Austin License on any commercialized product sales related to the licensed technology in a percentage in the low single digits. The Company will also be responsible for reimbursing the University for certain patent-related costs incurred on its behalf.

In 2018, the Company acquired IPR&D on an Arrys’ immune-oncology candidate based on the intellectual property associated with Arrys’ AskAt License as part of the acquisition of Arrys. Total consideration allocated to the technology was $28.5 million and was recognized as research and development expense upon the acquisition. The AskAt License is intended to be used by the Company in its future development of therapeutic drug candidates for eventual clinical development and commercialization. The Company shall make additional milestone payments to AskAt upon meeting certain development milestones totaling $4 million, as well as certain sales event milestones ranging from $50 million to $250 million contingent on sales in a calendar year, during the term of the AskAt License. The Company will pay the AskAt royalties a percentage in the low single digits as defined in the AskAt License on any commercialized product sales related to the licensed technology.

Lease Obligation

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lease Obligation

14. LEASE OBLIGATION

In December 2018, the Company entered into an operating lease with Vertex Pharmaceuticals Inc. (“Vertex”) to lease approximately 13,170 square feet of office, laboratory and vivarium space at 50 Northern Ave, Boston, Massachusetts, expiring in December 2020. In July 2020, the Company extended the term of the lease through February 2021.

On July 21, 2020, the Company entered into an operating lease agreement for 20,752 square feet of office, lab and animal care facility space located in Boston, Massachusetts for the Company’s corporate headquarters. The commencement date of the lease was February 19, 2021 and the lease term is 63 months. The lease provides a three-month free rent period, which commenced on the lease commencement date. The base rent at commencement is $145 thousand per month and escalates by 3% annually for total lease payments during the term of $9.3 million.

The Company's lease agreement requires the Company to maintain a cash letter of credit to secure their obligations under the lease of $0.9 million. This balance is included in other assets on the accompanying consolidated balance sheets. The Company recognized a right of use asset of $7.5 million and an operating lease liability of $7.5 million upon the commencement of the lease.

The components of the lease costs which are included in the consolidated statements of operations and comprehensive loss were as follows (in thousands):


	Year Ended December 31,
	2021		2020
Operating lease costs	$	1,693	$	1,011
Variable lease costs		479		706
Total lease costs	$	2,172	$	1,717

Our variable lease cost primarily related to operating expenses, parking, taxes and insurance associated with our operating leases.

Supplemental cash flow information relating to the Company’s leases were as follows (in thousands):


	December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$	1,259	$	1,025

The remaining lease terms and discount rates related to our leases were as follows:


	As of December 31,
	2021	2020
Remaining lease term	4.4 years	0.2 years
Discount Rate	7.7%	8.0%

The future minimum lease payments for the Company’s operating lease as of December 31, 2021, were as follows (in thousands):


Fiscal Year	Operating Leases
2022	$	1,774
2023		1,827
2024		1,882
2025		1,938
2026		817
Thereafter		—
Total minimum lease payments		8,238
Less amounts representing interest or imputed interest		1,251
Present value of lease liabilities	$	6,987

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. COMMITMENTS AND CONTINGENCIES The Company is also party to various agreements, principally relating to licensed technology, that require future payments relating to milestones not met as of December 31, 2021 or royalties on future sales of specified products that have not yet occurred as of December 31, 2021.

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

16. RELATED PARTY TRANSACTIONS

The Company entered into several agreements with a director and an entity affiliated with a director:

As discussed in Note 11 above, the Company has entered into a license agreement with the University, which was affiliated with a director of the Company at the time of the license agreement. During the years ended December 31, 2021 and 2020 the Company recorded expenses in connection with University license fees and certain patent-related costs incurred on its behalf of $233 thousand and $182 thousand, respectively.

Certain entities affiliated with directors purchased shares in the IPO.

Net Loss per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss per Share Attributable to Common Stockholders

17. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding during the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, convertible preferred stock, restricted common stock, restricted stock units and stock options are considered to be potentially dilutive securities, but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and therefore basic and diluted net loss per share were the same for all periods presented.

The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive:


	Year ended December 31,
	2021		2020
Redeemable Convertible Preferred Stock		—		169,396,576
Options to Purchase Common Stock		5,822,373		2,650,396
Total		5,822,373		172,046,972

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Arrys Therapeutics, Inc. (“Arrys”), Ikena Oncology Securities Corporation and Amplify Medicines, Inc, (“Amplify”). All intercompany balances and transactions have been eliminated in consolidation. These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the ASC and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates	Use of Estimates: The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and judgments are based on historical information and other market-specific or various relevant assumptions, including in certain circumstances, future projections, that management believes to be reasonable under the circumstances. Actual results could differ materially from estimates. Significant estimates and assumptions are used for, but not limited to the accruals for research and development expenses, research and development revenue under a collaboration agreement, and intangible assets acquired in an asset acquisition and, for periods prior to the completion of the IPO, stock based compensation expense.
Liquidity	Liquidity: Based on our current operating plan, we believe that our cash, cash equivalents and marketable securities as of December 31, 2021, will be sufficient to enable us to advance our long-term strategic goals for at least the next 12 months from the filing of this annual report on Form 10-K. In addition, the Company expects that it will seek additional funding through public or private financings, debt financing, collaboration agreements or government grants. The inability to obtain funding, as and when needed, could have a negative impact on the Company’s financial condition and ability to pursue its business strategies, which may include amending, delaying, limiting, reducing, or terminating planned activities related to its product candidates.
Segments	Segments: Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in a single operating segment and has one reportable segment. All long-lived assets of the Company reside in the United States.
Concentration of Credit Risk and of Significant Suppliers	Concentration of Credit Risk and of Significant Suppliers: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. As of December 31, 2021, substantially all of the Company’s cash and cash equivalents were deposited at two highly rated financial institutions. The Company maintains balances in operating accounts above federally insured limits. The Company has not experienced any losses on such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents. The Company is dependent on third-party manufacturers and clinical research organizations to supply products and provide services for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.
Fair Value of Financial Instruments	Fair Value of Financial Instruments: The amounts reported for cash equivalents, accounts payable and accrued expenses approximate fair value because of their short maturities. Fair value is estimated based on a three-tier fair value hierarchy to prioritize the inputs used in our fair value measurements. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring us to develop our own assumptions. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer.
Cash and Cash Equivalents	Cash and Cash Equivalents: The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. Our cash equivalents are generally composed of commercial paper, corporate notes, U.S. government-sponsored enterprise securities, U.S. treasury securities and money market funds.
Restricted Cash	Restricted Cash: As of December 31, 2021 and 2020, the Company maintained restricted cash totaling approximately $0.9 million and $0.9 million, respectively, held in the form of a money market account as collateral for the Company’s facility lease obligations. The balance is included within other non-current assets in the accompanying consolidated balance sheets.
Property and Equipment	Property and Equipment: Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful life of each asset. Lab equipment is depreciated over five years. Electronic equipment and software are depreciated over three years. Leasehold improvements are amortized over the shorter of their useful life or lease term. When an item is sold or retired, the costs and related accumulated depreciation are eliminated, and the resulting gain or loss, if any, is credited or charged to income in the statement of operations. Repairs and maintenance costs are expensed as incurred.
Long-lived Assets	Long-lived Assets: Long-lived assets consist of property and equipment. The Company reviews the recoverability of its long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable, based on undiscounted cash flows. If such assets are considered to be impaired, an impairment loss is recognized and is measured as the amount by which the carrying amount of the assets exceed their estimated fair value, which is measured based on the projected discounted future net cash flows arising from the assets.
Income Taxes	Income Taxes: The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities using the enacted statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Recognition of deferred tax assets is limited to amounts for which, in the opinion of management, realization is considered more likely than not in future periods.
Revenue Recognition	Revenue Recognition: The Company has generated revenue from a collaboration agreement as well as service agreements with related parties. To determine revenue recognition, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception the Company assesses the goods or services promised within each contract and determine those that are performance obligations, then assesses whether each promised good or service is distinct. When the Company offers options for additional goods or services, such as to receive a license for intellectual property or for additional goods or services, the Company evaluates whether such options contain material rights that should be treated as additional performance obligations. Once performance obligations are identified, the Company then recognizes as revenue the amount of the transaction price that the Company allocated to the respective performance obligation when (or as) each performance obligation is satisfied, either at a point in time or over time. If the performance obligation is satisfied over time, the Company recognizes revenue based on the use of an input method. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. As of December 31, 2021, the Company had one collaborative agreement with Bristol-Myers Squibb (“BMS”), which the Company entered into in January 2019 (the “BMS Collaboration Agreement”). For a complete discussion of the accounting related to BMS Collaboration Agreement, see Note 7, Collaboration Agreement and Stock Purchase Agreement with BMS.
Research and Development Expense	Research and Development Expense: Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs, depreciation, third-party license fees, acquisition of technology, and external costs of outside vendors engaged to conduct preclinical development activities and trials. Research and development expense for the year ended December 31, 2020, also includes the write-off of acquired in-process research and development (“IPR&D”) assets with no alternative future use.
Asset Acquisitions	Asset Acquisitions: The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs, and the consideration is allocated to the items acquired based on a relative fair value methodology. Goodwill is not recognized in asset acquisitions. In an asset acquisition, the cost allocated to acquire IPR&D with no alternative future use is charged to research and development expense at the acquisition date.
Stock-based Compensation	Stock-based Compensation: The Company’s stock-based compensation program grants awards that may include stock options, restricted stock awards, restricted stock units, and other stock-based awards. The fair values of stock option grants are estimated as of the date of grant using a Black-Scholes option valuation model. The fair values of restricted stock awards and restricted stock units are based on the fair value of the Company’s common stock on the date of grant. The estimated fair values of the awards are expensed over the requisite service period, which is generally the vesting period of the award. For service-based awards that are subject to graded vesting, the Company has elected to recognize compensation expense for these awards on a straight-line basis. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in our consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s salary and related costs are classified or in which the award recipient’s service payments are classified. The Company’s expected stock price volatility assumption is based on volatilities of similar entities whose share or option prices are publicly available. The Company uses the simplified method to estimate the expected life assumption. The risk-free interest rate is based on the yield of U.S. Treasury securities consistent with the expected life of the option. No dividend yield was assumed as the Company does not intend to pay dividends on its common stock.
Leases	Leases: Under Accounting Standards Codification (ASC) 842 Leases, which was adopted on January 1, 2020, the Company determines if an arrangement is or contains a lease at inception. For leases with a term of 12 months or less, the Company does not recognize a right-of-use asset or lease liability. The Company's operating leases are recognized on its consolidated balance sheet as other long-term assets, other current liabilities, and other long-term liabilities. The Company does not have any finance leases. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Operating lease right-of-use assets also include the effect of any lease prepaid or deferred lease payments and are reduced by lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. The Company has elected to utilize the practical expedient to not separate lease components from non-lease components.
Comprehensive Loss	Comprehensive Loss: Comprehensive loss is comprised of the net loss and other comprehensive income or loss. Other comprehensive income or loss consists of unrealized gains or losses on marketable securities.
Deferred Issuance Costs	Deferred Issuance Costs: Deferred issuance costs consist of legal, accounting and other third-party fees that are directly associated with in-process equity financings and remain deferred issuance costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction to the proceeds generated as a result of the offering. On March 30, 2021, the Company completed its IPO. Accordingly, the Company recognized offering costs of approximately $2.4 million as a reduction from the gross proceeds associated with the closing of the IPO through additional paid-in capital in the accompanying consolidated balance sheet. The Company incurred deferred offering costs of $0.5 million as of December 31, 2020 which were included in prepaid expenses and other current assets.
Emerging Growth Company Status	Emerging Growth Company Status: The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such a time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company no longer is an emerging growth company or affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements and disclosures.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value On Recurring Basis


	As of December 31, 2021		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	232,017	$	232,017		—		—
Total Cash Equivalents	$	232,017	$	232,017	$	—	$	—


	As of December 31, 2020		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	162,290	$	162,290		—		—
Total Cash Equivalents	$	162,290	$	162,290	$	—	$	—

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

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


	As of December 31,
	2021		2020
Clinical, manufacturing and scientific development	$	2,820	$	1,917
Prepaid Insurance		850		23
Other		629		1,538
Total	$	4,299	$	3,478

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

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


	As of December 31,
	2021			2020
Property and equipment:
Lab equipment	$	1,776		$	1,071
Leasehold improvements		923			939
Electronic equipment and software		430			71
Furniture and fixtures		384			—
Total property and equipment		3,513			2,081
Less: accumulated depreciation		(1,074	)		(688	)
Property and equipment, net	$	2,439		$	1,393

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Expenses And Other Current Liabilities [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

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


	As of December 31,
	2021		2020
Employee compensation	$	2,809	$	1,816
Research and development expenses		2,489		2,251
Professional fees		530		955
Other current liabilities		26		380
Total	$	5,854	$	5,402

Redeemable Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of Redeemable Convertible Preferred Stock

As of December 31, 2020, redeemable convertible preferred stock consisted of the following:


	As of December 31, 2020
	Shares Authorized		Shares Issued and Outstanding		Carrying Value		Aggregate Liquidation Preference
Series A		28,000,000		28,000,000	$	27,832	$	28,000
Series A-1		47,727,268		47,727,268		51,035		47,727
Series A-2		7,863,094		7,863,094		10,924		6,500
Series B		85,806,214		85,806,214		116,188		120,000
Total		169,396,576		169,396,576	$	205,979	$	202,227

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Total Compensation Expense

The total compensation expense recognized in the statements of operations associated with all the stock-based compensation awards granted by the Company is as follows (in thousands):


	Year Ended December 31,
	2021		2020
Research and development	$	2,427	$	790
General and administrative		2,750		1,007
Total share-based compensation expense	$	5,177	$	1,797

Summary of Stock Option Activity

The following table summarizes stock option activity under the Plan for the year ended December 31, 2021:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2020		2,650,396		$	3.45		8.01	$	5,463
Granted		3,435,687			9.73
Exercised		(215,188	)		2.70
Cancelled or forfeited		(48,522	)		5.21
Outstanding as of December 31, 2021		5,822,373		$	7.17		8.27	$	33,275
Vested or expected to vest as of December 31, 2021		5,822,373		$	7.17		8.27	$	33,275
Options exercisable as of December 31, 2021		1,841,894		$	3.35		6.71	$	16,928

Summary of Estimated Date of Grant Using the Black-Scholes Option Pricing Model and The Weighted Average Assumptions


	Year Ended December 31,
	2021			2020
Risk-free interest rate	0.68% to 1.33%			0.27% to 0.47%
Expected dividend yield		0	%		0	%
Expected option term (in years)	6.00 to 6.08			5.00 to 6.08
Expected stock price volatility range	68.58% to 73.30%			73.15% to 74.89%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Differed from Amount Computed by Applying Federal Statutory Rate

The effective income tax rate differed from the amount computed by applying the federal statutory rate to the Company’s loss before income taxes as follows:


	Year Ended December 31,
	2021			2020
Tax effected at statutory rate		21.0	%		21.0	%
State taxes		7.4	%		5.2	%
Stock compensation		(0.7	)%		(0.4	)%
Non-deductible expenses		(0.5	)%		—	%
Acquired in-process R&D		—	%		(5.1	)%
Federal research and development credits		5.0	%		3.2	%
Change in valuation allowance		(32.2	)%		(23.9	)%
Total		—	%		—	%

Schedule of Total Deferred Tax Assets

The Company’s total deferred tax assets are as follows (in thousands):


	As of December 31,
	2021			2020
Deferred tax assets:
Federal net operating loss carryforward	$	18,233		$	5,445
State net operating loss carryforward		5,269			1,593
R&D credit carryforwards		6,385			4,023
Capitalized start-up costs		242			264
Accruals and reserves		629			327
Deferred revenue		6,769			15,234
Stock options		1,026			318
Lease liability		1,908			—
Total deferred tax asset		40,461			27,204
Deferred tax liability:
Fixed assets		(648	)		(170	)
Right of use asset		(1,786	)		—
Total deferred tax liability		(2,434	)		(170	)
Valuation Allowance		(38,027	)		(27,034	)
Net deferred tax assets and liability	$	—		$	—

Lease Obligation (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of components of Lease Costs

The components of the lease costs which are included in the consolidated statements of operations and comprehensive loss were as follows (in thousands):


	Year Ended December 31,
	2021		2020
Operating lease costs	$	1,693	$	1,011
Variable lease costs		479		706
Total lease costs	$	2,172	$	1,717

Summary of Supplemental Cash Flow Information Relating to the Company's Leases

Supplemental cash flow information relating to the Company’s leases were as follows (in thousands):


	December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$	1,259	$	1,025

Summary of Remaining Lease Terms and Discount Rates

The remaining lease terms and discount rates related to our leases were as follows:


	As of December 31,
	2021	2020
Remaining lease term	4.4 years	0.2 years
Discount Rate	7.7%	8.0%

Summary of Future Minimum Lease Payments for Operating Lease

The future minimum lease payments for the Company’s operating lease as of December 31, 2021, were as follows (in thousands):


Fiscal Year	Operating Leases
2022	$	1,774
2023		1,827
2024		1,882
2025		1,938
2026		817
Thereafter		—
Total minimum lease payments		8,238
Less amounts representing interest or imputed interest		1,251
Present value of lease liabilities	$	6,987

Net Loss per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Summary of Outstanding Potentially Dilutive Securities Excluded in Calculation of Diluted Net Loss Per Share

The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive:


	Year ended December 31,
	2021		2020
Redeemable Convertible Preferred Stock		—		169,396,576
Options to Purchase Common Stock		5,822,373		2,650,396
Total		5,822,373		172,046,972

Nature of Business and Organization - Additional Information (Details)			12 Months Ended
	Mar. 30, 2021 USD ($) $ / shares shares	Mar. 22, 2021	Dec. 31, 2021
Subsidiary Sale Of Stock [Line Items]
Reverse stock split			one-for-7.154 reverse stock split
Stock split, conversion ratio		0.1397
Public offering price \| $ / shares	$ 16.00
Net proceeds received after deducting underwriting discounts and commissions \| $	$ 131,300
IPO
Subsidiary Sale Of Stock [Line Items]
Company issued and sold shares of common stock	8,984,375
Over-allotment Option to Purchase
Subsidiary Sale Of Stock [Line Items]
Company issued and sold shares of common stock	1,171,875

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions		12 Months Ended
	Mar. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) Segment FinancialInstitution	Dec. 31, 2020 USD ($)
Subsidiary Sale Of Stock [Line Items]
Number of operating segment \| Segment		1
Concentration of credit risk, number of financial institutions \| FinancialInstitution		2
Restricted cash		$ 0.9	$ 0.9
Dividend yield		0.00%	0.00%
Change in accounting principle, ASU, Adopted [true false]		true
Change in accounting principle, ASU, Adoption date		Jan. 01, 2020
Accounting Standards Update [Extensible Enumeration]		us-gaap:AccountingStandardsUpdate201602Member
Lab Equipment
Subsidiary Sale Of Stock [Line Items]
Property and equipment, estimated useful life		5 years
Electronic Equipment and Software
Subsidiary Sale Of Stock [Line Items]
Property and equipment, estimated useful life		3 years
Leasehold Improvements
Subsidiary Sale Of Stock [Line Items]
Property and equipment, estimated useful life		the shorter of their useful life or lease term.
IPO
Subsidiary Sale Of Stock [Line Items]
Offering costs recognized	$ 2.4
Deferred offering costs			$ 0.5

Summary of Significant Accounting Policies - Additional Information (Details)1 - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01	12 Months Ended
	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, explanation	Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion.
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value On Recurring Basis (Details) - Fair Value On Recurring Basis - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	$ 232,017	$ 162,290
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	232,017	162,290
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	232,017	162,290
Money Market Funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	$ 232,017	$ 162,290

Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Transfers between level 1 to level 2 financial assets	$ 0	$ 0
Transfers between level 2 to level 1 financial assets	$ 0	$ 0

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid Expense and Other Assets, Current [Abstract]
Clinical, manufacturing and scientific development	$ 2,820	$ 1,917
Prepaid Insurance	850	23
Other	629	1,538
Total	$ 4,299	$ 3,478

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property and equipment:
Total property and equipment, gross	$ 3,513	$ 2,081
Less: accumulated depreciation	(1,074)	(688)
Property and equipment, net	2,439	1,393
Lab Equipment
Property and equipment:
Total property and equipment, gross	1,776	1,071
Leasehold Improvements
Property and equipment:
Total property and equipment, gross	923	939
Electronic Equipment and Software
Property and equipment:
Total property and equipment, gross	430	$ 71
Furniture and Fixtures
Property and equipment:
Total property and equipment, gross	$ 384

Property and Equipment, Net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 544,000	$ 300,000
Impairment of property and equipment	$ 0	$ 0

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Expenses And Other Current Liabilities [Abstract]
Employee compensation	$ 2,809	$ 1,816
Research and development expenses	2,489	2,251
Professional fees	530	955
Other current liabilities	26	380
Total	$ 5,854	$ 5,402

Collaboration Agreement and Stock Purchase Agreement with BMS - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Preferred stock, shares issued		0	0	0
Deferred revenue current		$ 17,100	$ 17,100	$ 20,622
Deferred revenue non-current		7,678	7,678	35,141
Stock Purchase Agreement with BMS \| Series A-1 Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Preferred stock, shares issued	14,545,450
BMS Collaboration Agreement and Stock Purchase Agreement \| BMS
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront consideration payment	$ 95,000
Option to exercise additional consideration if clinical trial not completed within research term	250
Milestone payments eligible to receive	450,000
BMS Collaboration Agreement and Stock Purchase Agreement \| BMS \| IK-175
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive in case of exercise of options	50,000
BMS Collaboration Agreement and Stock Purchase Agreement \| BMS \| IK-412
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive in case of exercise of options	40,000
BMS Collaboration Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront amount allocated to equity arrangements	1,800
Transaction price allocated to revenue arrangement	78,700
Revenue recognized which were previously included in deferred revenue			31,000	$ 9,200
Deferred revenue		24,800	24,800
Deferred revenue current		17,100	17,100
Deferred revenue non-current		7,700	$ 7,700
BMS Collaboration Agreement \| IK-175
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price allocated to revenue arrangement	41,200
BMS Collaboration Agreement \| IK-412
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price allocated to revenue arrangement	$ 37,500
Revenue recognized which were previously included in deferred revenue		$ 16,500

Redeemable Convertible Preferred Stock - Additional Information (Details)		1 Months Ended	12 Months Ended
	Mar. 30, 2021 shares	Mar. 30, 2021 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Mar. 22, 2021	Dec. 31, 2019 shares
Class Of Stock [Line Items]
Redeemable convertible preferred stock, shares outstanding			0	169,396,576
Redeemable convertible preferred stock, shares issued			0	169,396,576
Redeemable convertible preferred stock, shares authorized			0	169,396,576
Voting rights			The holders of outstanding shares of Preferred Stock shall be entitled to elect three directors of the Company. The investors have agreed that two of the directors are to be named by one investor and the other director is to be named by a separate investor.
Dividends payable to common stockholders \| $			$ 0
Redeemable Convertible Preferred Stock
Class Of Stock [Line Items]
Redeemable convertible preferred stock, shares outstanding				169,396,576		75,727,268
Redeemable convertible preferred stock, shares authorized				169,396,576
Shares converted			(169,396,576)
Percentage of non-cumulative dividend			8.00%
Temporary equity dividend declared or paid \| $		$ 0		$ 0
Conversion ratio			1		7.154
Percentage of holders of outstanding shares of preferred stock			75.00%
Redeemable Convertible Preferred Stock \| IPO
Class Of Stock [Line Items]
Redeemable convertible preferred stock, shares outstanding	169,396,576	169,396,576
Redeemable convertible preferred stock, shares issued			0
Shares converted	23,678,568

Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Shares Authorized	0	169,396,576
Shares Issued	0	169,396,576
Shares Outstanding	0	169,396,576
Carrying Value	$ 0	$ 205,979
Aggregate Liquidation Preference	$ 0	$ 202,227
Series A
Class of Stock [Line Items]
Shares Authorized		28,000,000
Shares Issued		28,000,000
Shares Outstanding		28,000,000
Carrying Value		$ 27,832
Aggregate Liquidation Preference		$ 28,000
Series A-1
Class of Stock [Line Items]
Shares Authorized		47,727,268
Shares Issued		47,727,268
Shares Outstanding		47,727,268
Carrying Value		$ 51,035
Aggregate Liquidation Preference		$ 47,727
Series A-2
Class of Stock [Line Items]
Shares Authorized		7,863,094
Shares Issued		7,863,094
Shares Outstanding		7,863,094
Carrying Value		$ 10,924
Aggregate Liquidation Preference		$ 6,500
Series B
Class of Stock [Line Items]
Shares Authorized		85,806,214
Shares Issued		85,806,214
Shares Outstanding		85,806,214
Carrying Value		$ 116,188
Aggregate Liquidation Preference		$ 120,000

Common Stock - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Common stock, shares authorized	150,000,000	230,000,000
Common stock, shares issued	35,975,034	3,096,903
Common stock, shares outstanding	35,975,034	3,096,903
Common stock voting rights	The holders of shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders and written action in lieu of meetings; there is no cumulative voting. The holders of outstanding shares of common stock shall be entitled to elect two directors of the Company.

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Mar. 30, 2021	Mar. 20, 2021	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value of the stock options granted			$ 6.13	$ 3.53
Number of shares granted			3,435,687
Total unrecognized stock-based compensation balance for unvested options			$ 19,100
Total unrecognized stock-based compensation balance for unvested options expected to be recognized period			2 years 11 months 19 days
Intrinsic value of options exercised			$ 1,900	$ 30
2021 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan effective date		Mar. 30, 2021
Number of stock granted	3,263,664
Available for issuance percentage of annual increase in number of common stock outstanding	4.00%
Number of shares reserved for issuance			2,250,479
Vesting period			4 years
Stock option contractual term			10 years
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan effective date	Mar. 30, 2021
Increase in number of shares reserved and available for issuance as percentage on common stock outstanding			1.00%
Number of shares purchased by employees			0
2021 Employee Stock Purchase Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued for purchase			346,613

Stock-Based Compensation - Schedule of Total Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 5,177	$ 1,797
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	2,427	790
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 2,750	$ 1,007

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Number of Options, Outstanding	2,650,396
Number of Options, Granted	3,435,687
Number of Options, Exercised	(215,188)
Number of Options, Cancelled or forfeited	(48,522)
Number of Options, Outstanding	5,822,373	2,650,396
Number of Options, Vested or expected to vest	5,822,373
Number of Options, Options exercisable	1,841,894
Weighted- Average Exercise Price, Outstanding	$ 3.45
Weighted- Average Exercise Price, Granted	9.73
Weighted- Average Exercise Price, Exercised	2.70
Weighted- Average Exercise Price, Cancelled or forfeited	5.21
Weighted- Average Exercise Price, Outstanding	7.17	$ 3.45
Weighted- Average Exercise Price, Vested or expected to vest	7.17
Weighted- Average Exercise Price, Options exercisable	$ 3.35
Weighted- Average Remaining Contractual Term, Outstanding	8 years 3 months 7 days	8 years 3 days
Weighted- Average Remaining Contractual Term, Vested or expected to vest	8 years 3 months 7 days
Weighted- Average Remaining Contractual Term, Option exercisable	6 years 8 months 15 days
Aggregate Intrinsic Value, Outstanding	$ 33,275	$ 5,463
Aggregate Intrinsic Value, Vested or expected to vest	33,275
Aggregate Intrinsic Value, Options exercisable as of December 31, 2021	$ 16,928

Stock-Based Compensation - Summary of Estimated Date of Grant Using the Black-Scholes Option Pricing Model and The Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate minimum	0.68%	0.27%
Risk-free interest rate maximum	1.33%	0.47%
Expected dividend yield	0.00%	0.00%
Expected stock price volatility range minimum	68.58%	73.15%
Expected stock price volatility range maximum	73.30%	74.89%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option term (in years)	6 years 29 days	6 years 29 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option term (in years)	6 years	5 years

Employee Benefit Plan (Additional Information) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Employer contributions to defined contribution savings plan	$ 0	$ 0

Income Taxes - Schedule of Effective Income Tax Rate Differed from Amount Computed by Applying Federal Statutory Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax effected at statutory rate	21.00%	21.00%
State taxes	7.40%	5.20%
Stock compensation	(0.70%)	(0.40%)
Non-deductible expenses	(0.50%)
Acquired in-process R&D		(5.10%)
Federal research and development credits	5.00%	3.20%
Change in valuation allowance	(32.20%)	(23.90%)

Income Taxes - Schedule of Total Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Federal net operating loss carryforward	$ 18,233	$ 5,445
State net operating loss carryforward	5,269	1,593
R&D credit carryforwards	6,385	4,023
Capitalized start-up costs	242	264
Accruals and reserves	629	327
Deferred revenue	6,769	15,234
Stock options	1,026	318
Lease liability	1,908
Total deferred tax asset	40,461	27,204
Deferred tax liability:
Fixed assets	(648)	(170)
Right of use asset	(1,786)
Total deferred tax liability	(2,434)	(170)
Valuation Allowance	$ (38,027)	$ (27,034)

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Valuation allowance increased amount	$ 11,000,000.0
Income tax expense	0
Reserves for uncertain tax positions	0	$ 0
Interest and penalties accrued on uncertain tax positions	0	0
Interest or penalties recognized on uncertain tax positions	$ 0	$ 0
Earliest Tax Year
Income Taxes [Line Items]
Income tax returns years open and subject to examination	2018
Latest Tax Year
Income Taxes [Line Items]
Income tax returns years open and subject to examination	2021
Federal \| Research and Development Tax Credit Carryforwards
Income Taxes [Line Items]
Tax credit carryforwards amount	$ 5,000,000.0
Tax credit carryforwards begin to expire	2031-12
Federal \| Not Subject to Expiration
Income Taxes [Line Items]
Operating loss carryforwards	$ 86,800,000
State \| Research and Development Tax Credit Carryforwards
Income Taxes [Line Items]
Tax credit carryforwards amount	$ 1,700,000
Tax credit carryforwards begin to expire	2031-12
State \| Begin to Expire in 2037
Income Taxes [Line Items]
Operating loss carryforwards	$ 83,400,000
Operating loss carryforwards expiration year	2037

Research License Agreements - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2015
Research And Development Arrangement Contract To Perform For Others [Line Items]
Total consideration allocated to technology recognized as research and development expense		$ 11,140
UT Austin License \| University
Research And Development Arrangement Contract To Perform For Others [Line Items]
License maintenance fees				$ 40
Additional milestone payments payable upon meeting certain development milestones				$ 4,700
Royalties terms	The Company will pay the University royalties as defined in the UT Austin License on any commercialized product sales related to the licensed technology in a percentage in the low single digits.
AskAt License
Research And Development Arrangement Contract To Perform For Others [Line Items]
Additional milestone payments payable upon meeting certain development milestones			$ 4,000
Royalties terms	The Company will pay the AskAt royalties a percentage in the low single digits as defined in the AskAt License on any commercialized product sales related to the licensed technology.
Total consideration allocated to technology recognized as research and development expense			28,500
AskAt License \| Minimum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestones payable contingent on sales in calendar year			50,000
AskAt License \| Maximum
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestones payable contingent on sales in calendar year			$ 250,000

Lease Obligation - Additional Information (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 21, 2020 USD ($) ft²	Jul. 31, 2020	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2018 ft²
Lessee Lease Description [Line Items]
Total lease rent payments			$ 1,174	$ 964
Right-of-use asset			6,538	$ 170
Present value of lease liabilities			$ 6,987
Boston, Massachusetts
Lessee Lease Description [Line Items]
Area of leased property \| ft²	20,752
Lease commencement date	Feb. 19, 2021
Lease term	63 months
Lease rent free period	3 months
Monthly base rent	$ 145
Percentage escalation in annual base rent	3.00%
Total lease rent payments	$ 9,300
Letter of credit to secure lease	900
Right-of-use asset	7,500
Present value of lease liabilities	$ 7,500
Boston, Massachusetts \| Vertex Pharmaceuticals Inc.
Lessee Lease Description [Line Items]
Area of leased property \| ft²					13,170
Lease maturity					2020-12
Lease extended term period		2021-02

Lease Obligation - Summary of components of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease costs	$ 1,693	$ 1,011
Variable lease costs	479	706
Total lease costs	$ 2,172	$ 1,717

Lease Obligation - Summary of Supplemental Cash Flow Information Relating to the Company's Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SupplementalCashFlowInformationLeasesAbstract
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$ 1,259	$ 1,025

Lease Obligation - Summary of Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2021	Dec. 31, 2020
Lessee, Operating Lease, Description [Abstract]
Remaining lease term	4 years 4 months 24 days	2 months 12 days
Discount Rate	7.70%	8.00%

Lease Obligation - Summary of Future Minimum Lease Payments for Operating Lease (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Operating Lease Liabilities Payments Due [Abstract]
2022	$ 1,774
2023	1,827
2024	1,882
2025	1,938
2026	817
Total minimum lease payments	8,238
Less amounts representing interest or imputed interest	1,251
Present value of lease liabilities	$ 6,987

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
UT Austin License \| University \| Affiliated to Director
Related Party Transaction [Line Items]
University license fees and certain-patent related costs	$ 233	$ 182

Net Loss per Share Attributable to Common Stockholders - Summary of Outstanding Potentially Dilutive Securities Excluded in Calculation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	5,822,373	172,046,972
Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount		169,396,576
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	5,822,373	2,650,396