0000950170-23-007681 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Mar. 10, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Entity Registrant Name	IKENA ONCOLOGY, INC.
Entity Central Index Key	0001835579
Entity Incorporation, State or Country Code	DE
Entity File Number	001-40287
Entity Tax Identification Number	81-1697316
Entity Address, Address Line One	645 Summer Street
Entity Address, Address Line Two	Suite 101
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	857
Local Phone Number	273-8343
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	IKNA
Security Exchange Name	NASDAQ
Document Annual Report	true
Document Transition Report	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Common Stock, Shares Outstanding		36,257,493
Entity Public Float	$ 58.0
Auditor Name	Ernst & Young LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	42
Documents Incorporated by Reference	Portions of the registrant’s proxy statement for the 2023 annual meeting of stockholders to be filed pursuant to Regulation 14A within 120 days after the registrant’s fiscal year ended December 31, 2022, are incorporated by reference in Part III of this Form 10-K.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 59,919	$ 232,217
Marketable Securities	97,028
Prepaid expenses and other current assets	3,063	4,299
Total current assets	160,010	236,516
Property and equipment, net	3,205	2,439
Right-of-use asset	5,255	6,538
Deposits and other assets	3,789	2,386
Total assets	172,259	247,879
Current liabilities:
Accounts payable	2,093	2,384
Accrued expenses and other current liabilities	8,343	5,854
Operating lease liability	1,907	1,851
Deferred revenue	9,160	17,100
Total current liabilities	21,503	27,189
Long-term portion of operating lease liability	3,787	5,135
Deferred revenue, net of current portion		7,678
Total liabilities	25,290	40,002
Commitments and contingencies (Note 15)
Stockholders' deficit:
Preferred Stock, $0.001 par value - 10,000,000 shares authorized as of December 31, 2022 and 2021; No shares issued and outstanding as of December 31, 2022 or December 31, 2021
Common stock, $0.001 par value, 150,000,000 shares authorized, 36,257,493 issued and outstanding as of December 31, 2022; 150,000,000 shares authorized, 35,975,034 issued and outstanding as of December 31, 2021	36	36
Additional paid-in capital	361,915	353,295
Accumulated other comprehensive loss	(763)
Accumulated deficit	(214,219)	(145,454)
Total stockholders' equity	146,969	207,877
Total liabilities and stockholders' equity	$ 172,259	$ 247,879

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	36,257,493	35,975,034
Common stock, shares outstanding	36,257,493	35,975,034

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue
Research and development revenue under collaboration agreement	$ 15,618	$ 30,985
Revenue from Contract with Customer, Product and Service [Extensible List]	us-gaap:InProcessResearchAndDevelopmentMember	us-gaap:InProcessResearchAndDevelopmentMember
Operating expenses
Research and development	$ 64,321	$ 47,108
General and administrative	22,201	18,015
Total operating expenses	86,522	65,123
Loss from operations	(70,904)	(34,138)
Other income (expense)
Interest income	2,149	23
Other expense	(10)
Total other income, net	2,139	23
Net loss	(68,765)	(34,115)
Other comprehensive loss:
Unrealized loss on marketable securities	(763)
Total comprehensive loss	$ (69,528)	$ (34,115)
Net loss per share:
Net loss per share attributable to common stockholders basic	$ (1.90)	$ (1.22)
Net loss per share attributable to common stockholders diluted	$ (1.90)	$ (1.22)
Weighted-average common shares outstanding, basic	36,188,420	27,983,359
Weighted-average common shares outstanding, diluted	36,188,420	27,983,359

CONSOLIDATED STATEMENTS REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Redeemable Convertible Preferred Stock
Beginning Balance, Shares at Dec. 31, 2020						169,396,576
Beginning Balance at Dec. 31, 2020						$ 205,979
Beginning Balance, Shares at Dec. 31, 2020		3,096,903
Beginning 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
Stock-based compensation	5,177		5,177
Net loss and comprehensive loss	(34,115)				(34,115)
Ending Balance, Shares at Dec. 31, 2021		35,975,034
Ending Balance at Dec. 31, 2021	207,877	$ 36	353,295		(145,454)
Exercise of stock options	$ 1,095		1,095
Exercise of stock options, Shares	282,459	282,459
Stock-based compensation	$ 7,525		7,525
Other comprehensive loss	(763)			$ (763)
Net loss and comprehensive loss	(68,765)				(68,765)
Ending Balance, Shares at Dec. 31, 2022		36,257,493
Ending Balance at Dec. 31, 2022	$ 146,969	$ 36	$ 361,915	$ (763)	$ (214,219)

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, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (68,765)	$ (34,115)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation	751	544
Amortization of marketable securities	50
Stock-based compensation expense	7,525	5,177
Non-cash operating lease expense	1,283	1,174
Loss on disposal of property and equipment	173
Net realized loss on marketable securities	12
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,236	(1,452)
Accounts payable	(291)	361
Accrued expenses and other current liabilities	2,230	1,298
Lease liability	(1,292)	(740)
Deferred revenue	(15,618)	(30,985)
Deposits and other assets	(1,403)	(1,514)
Net cash flows used in operating activities	(74,109)	(60,252)
Cash flows from investing activities
Purchases of property and equipment	(1,431)	(1,760)
Purchase of marketable securities	(216,338)
Sales and maturities of marketable securities	118,485
Net cash flows used in investing activities	(99,284)	(1,760)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs		131,302
Proceeds from exercise of stock options	1,095	582
Proceeds from issuance of preferred stock, net of offering costs		(146)
Net cash flows provided by financing activities	1,095	131,738
Net (decrease) increase in cash and cash equivalents	(172,298)	69,726
Cash, cash equivalents and restricted cash, beginning of year	233,089	163,363
Cash, cash equivalents and restricted cash, end of year	60,791	233,089
Cash and cash equivalents	59,919	232,217
Restricted cash included in other assets	872	872
Cash, cash equivalents and restricted cash, end of year	60,791	233,089
Supplemental disclosure of non-cash activities
Purchases of property and equipment in accounts payable and accrued expenses	$ 259	13
Right-of-use assets and lease liabilities recognized upon lease inception		$ 7,541

Nature of Business and Organization

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business and Organization

1. NATURE OF BUSINESS AND ORGANIZATION

Ikena Oncology Inc. is a targeted oncology company developing precision medicines tailored to biomarker-defined patient groups with specific unmet needs. With a robust biomarker and translational approach, the Company aims to develop targeted treatments and define patient populations who are most likely to respond to treatment. Ikena’s current programs are across the Hippo pathway, RAS pathway, and key immune signaling pathways in the tumor-microenvironment (TME). The Company’s approach in each of its programs is to target both cancer-driving targets and mechanisms of resistance to other targeted therapies. Since the Company commenced operations in 2016, it has advanced multiple product candidates into clinical development. In addition, the Company has a robust pipeline of discovery-stage targeted oncology programs.

On March 30, 2021 the Company completed an initial public offering ("IPO") in which 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, 2022

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.

Liquidity: The Company is subject to a number of risks similar to other early-stage life science companies, including, but not limited to, successful development of its product candidates, raising additional capital with favorable terms, protection of proprietary technology and market acceptance of any approved future products. The successful development of product candidates requires substantial working capital, which may not be available to the Company on favorable terms or at all.

To date, the Company has financed its operations primarily through the initial public offering of its common stock, private placements of preferred stock, payments from a collaboration arrangement and related party revenue. The Company currently has no source of product revenue, and it does not expect to generate product revenue for the foreseeable future. To date, the Company’s revenue has primarily been from a collaboration agreement. The Company has devoted substantially all of its financial resources and efforts to identifying potential product candidates and conducting preclinical studies and clinical trials.

As of December 31, 2022, the Company’s cash, cash equivalents, marketable securities were $156.9 million. The Company believes the cash, cash equivalents, marketable securities as of December 31, 2022 will enable it to fund its current planned operations for at least the next twelve months from the date of issuance of these financial statements, though it may realize additional cash resources upon the achievement of certain collaboration agreement option exercises, or it may pursue additional cash resources through public or private equity or by establishing collaborations with other companies.

Management’s expectations with respect to its ability to fund current and long term planned operations are based on estimates that are subject to risks and uncertainties. If actual results are different from management’s estimates, the Company may need to seek additional strategic or financing opportunities sooner than would otherwise be expected. However, there is no guarantee that any collaboration exercise options will be achieved or that any of these strategic or financing opportunities will be executed on favorable terms, and some could be dilutive to existing stockholders.

If the Company is unable to obtain additional funding on a timely basis, it may be forced to significantly curtail, delay, or discontinue one or more of its planned research or development programs or be unable to expand its operations. As of December 31, 2022, the Company had an accumulated deficit of $214.2 million. The Company anticipates operating losses to continue for the foreseeable future due to, among other things, costs related to research and development of its product candidates and its administrative organization.

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, cash equivalents, and marketable securities. Cash and cash equivalents are deposited with federally insured financial institutions in the United States and may, at times, exceed federally insured limits. The Company places marketable securities with a highly rated financial institution. Additionally, as of December 31, 2022, the Company has not experienced any credit related losses on accounts that hold the Company’s cash, cash equivalents and marketable securities.

The Company is dependent on third-party manufacturers and CROs 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. The Company also relies on at least two CROs to conduct its clinical trials. The Company’s programs could be adversely affected if a third-party manufacturer or a CRO is unable to successfully carry out their contractual obligations or meet expected deadlines. If a third-party manufacturer or a CRO needs to be replaced, the Company may not be able to complete its program development on its anticipated timelines and may incur additional expenses as a result, which could be significant.

Fair Value of Financial Instruments: The Company’s financial instruments consist mainly of cash equivalents, restricted cash, accounts payable, and marketable securities. The carrying amounts of cash equivalents, restricted cash, and accounts payable approximate their estimated fair value due to their short-term maturities. Fair value is estimated based on a three-tier fair value hierarchy to prioritize the inputs used in the Company’s 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.

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. The Company’s cash equivalents are generally composed of commercial paper, U.S. government-sponsored enterprise securities, U.S. treasury securities and money market funds.

Marketable securities: The Company invests its excess cash balances in marketable securities and classifies its investments as available-for-sale based on facts and circumstances present at the time it purchased the securities. At each balance sheet date presented, the Company classified all of its investments in marketable securities as available-for-sale and as current assets as they represent the investment of funds available for current operations. The Company reports available-for-sale securities at fair value at each balance sheet date and includes any unrealized holding gains and losses (the adjustment to fair value) in accumulated other comprehensive loss, a component of stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income (expense). If any adjustment to fair value reflects a decline in the value of the marketable securities, the Company considers all available evidence to evaluate if an impairment loss exists, and if so, adjusts the investment to market value through a charge to its consolidated statements of operations and comprehensive loss.

Restricted Cash: As of December 31, 2022 and 2021, 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, 2022, the Company had one collaborative agreement with Bristol-Myers Squibb, which the Company entered into in January 2019 For a complete discussion of the accounting related to Bristol Myers Squibb Collaboration Agreement, see Note 8, Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb.

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.

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 its 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.

Accumulated Other Comprehensive Loss: Comprehensive loss is defined as the change in the equity of a business entity during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Comprehensive loss consists of: (i) all components of net loss and (ii) all components of comprehensive loss other than net loss, referred to as other comprehensive loss. Other comprehensive loss is comprised of unrealized gains and losses on debt securities.

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 its consolidated financial statements and disclosures.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. FAIR VALUE MEASUREMENTS

The following table presents information about the Company’s financial assets measured or disclosed at fair value by level within the fair value hierarchy (in thousands):


	As of December 31, 2022		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents:
Money market funds	$	55,861	$	55,861	$	—	$	—
Marketable securities
U.S. treasury securities		22,606		—		22,606		—
Corporate debt securities		74,422		—		74,422		—
Total assets	$	152,889	$	55,861	$	97,028	$	—


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

For the years ended December 31, 2022 and 2021, there were no transfers into or out of Level 3.

- Definition

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

+ References + Details

Marketable Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

4. MARKETABLE SECURITIES

The following table summarizes the Company’s marketable securities (in thousands):


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. treasury securities		22,630		—		(24	)		22,606
Corporate debt securities		75,161		—		(739	)		74,422
Total	$	97,791	$	—	$	(763	)	$	97,028

The Company did not hold any marketable securities as of December 31, 2021.

As of December 31, 2022, the Company held 43 marketable securities in an unrealized loss position. These investments were in loss for less than 12 months and the Company considers the loss to be temporary in nature. The Company considered the decline in market value for these investments to be primarily attributable to economic and market conditions. In accordance with the Company’s investment policy, it places investments in investment grade securities with high credit quality issuers, and generally limits the amount of credit exposure to any one issuer. The Company evaluates securities for impairment at the end of each reporting period. The Company did not record any impairment charges related to its available-for-sale securities during years ended December 31, 2022 and 2021. The Company did not recognize any credit-related allowance to available-for-sale securities as of the years ended December 31, 2022 and 2021. The Company does not intend to sell its marketable securities and it is not more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost bases, which may be maturity.

Marketable securities fair value by contractual maturity were as follows (in thousands):


	As of December 31, 2022
Due in one year or less	$	79,652
Due after one year through five years		17,376
Total	$	97,028

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS

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


	As of December 31,
	2022		2021
Clinical, manufacturing and scientific development	$	1,372	$	2,820
Prepaid Insurance		727		850
Other		964		629
Total	$	3,063	$	4,299

Property and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

6. PROPERTY AND EQUIPMENT, NET

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


	As of December 31,
	2022			2021
Property and equipment:
Lab equipment	$	2,858		$	1,776
Leasehold improvements		1,216			923
Electronic equipment and software		481			430
Furniture and fixtures		475			384
Total property and equipment		5,030			3,513
Less: accumulated depreciation		(1,825	)		(1,074	)
Property and equipment, net	$	3,205		$	2,439

Depreciation expense for the years ended December 31, 2022 and 2021 was $0.9 million and $0.5 million, respectively. There were no impairments for the years ended December 31, 2022 and 2021.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2022

Accrued Expenses And Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

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


	As of December 31,
	2022		2021
Employee compensation	$	3,236	$	2,809
Research and development expenses		4,462		2,489
Professional fees		526		530
Other current liabilities		119		26
Total	$	8,343	$	5,854

Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb

12 Months Ended

Dec. 31, 2022

Collaboration And Stock Purchase Agreement [Abstract]

Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb

. COLLABORATION AGREEMENT AND STOCK PURCHASE AGREEMENT WITH BRISTOL MYERS SQUIBB

In January 2019, the Company entered into the Bristol Myers Squibb Collaboration Agreement with Celgene Corporation, which was acquired by Bristol Myers Squibb 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 Bristol Myers Squibb Collaboration Agreement, the Company entered into a stock purchase agreement with Bristol Myers Squibb, 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 Bristol Myers Squibb 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"). Bristol Myers Squibb 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, Bristol Myers Squibb is responsible for the worldwide development, manufacturing and commercialization of these product candidates.

Bristol Myers Squibb paid the Company a total of $95.0 million in aggregate upfront consideration related to the Bristol Myers Squibb 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 Bristol Myers Squibb 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 Bristol Myers Squibb 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 Bristol Myers Squibb Collaboration Agreement was allocated to the equity arrangement.

The Company determined that the Bristol Myers Squibb 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 Bristol Myers Squibb partnership, the Company made the strategic decision to pause IK-412 development activities for the remainder of the Bristol Myers Squibb research term outside of the committed manufacturing efforts, which were completed in 2022.

During the year ended December 31, 2022 and 2021, the Company recognized revenue of $15.6 million and $31.0 million, respectively, from the Bristol Myers Squibb Collaboration Agreement. The consolidated balance sheet as of December 31, 2022 includes current deferred revenue of $9.2 million related to this agreement. This amount is expected to be recognized as performance obligations are satisfied through the completion of the research and development services for the partnered programs.

Common Stock

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Common Stock

9. COMMON STOCK

As of December 31, 2022 and 2021, the Company had 150,000,000 and 150,000,000 shares of common stock authorized, respectively, of which 36,257,493 and 35,975,034 were issued and outstanding as of December 31, 2022 and 2021, 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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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. 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.

In March 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 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.

The 2021 Plan allows the Company to make equity-based and cash-based incentive awards to officers, employees, directors and consultants. The number of shares initially reserved under the 2021 Plan was 3,263,664 shares of the Company’s common stock. 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. On January 1, 2022, the number of shares of common stock available for issuance under the 2021 Plan increased by 1,439,001 shares as a result of the automatic increase provision of the 2021 Plan. As of December 31, 2022, 2,639,915 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,
	2022		2021
Research and development	$	3,974	$	2,427
General and administrative		3,551		2,750
Total share-based compensation expense	$	7,525	$	5,177

The weighted-average fair value of the stock options granted during the year ended December 31, 2022 and 2021 was $5.52 and $6.13 per share, respectively. As of December 31, 2022, the total unrecognized stock-based compensation balance for unvested options was $17.7 million which is expected to be recognized over 2.6 years.

The following table summarizes stock option activity under the Plan for the year ended December 31, 2022:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2021		5,822,373		$	7.17		8.27	$	33,275
Granted		1,927,649			7.71
Exercised		(282,459	)		3.88
Cancelled or forfeited		(878,084	)		8.50
Outstanding as of December 31, 2022		6,589,479		$	7.29	7.73		$	362,112
Vested or expected to vest as of December 31, 2022		6,589,479		$	7.29	7.73		$	362,112
Options exercisable as of December 31, 2022		3,009,095		$	5.76		6.50	$	358,798

The intrinsic value of options exercised for the years ended December 31, 2022 and 2021 was $1.2 million and $1.9 million, respectively.

The fair value of each option award granted during the years ended December 31, 2022 and 2021 is estimated on the date of grant using the Black-Scholes option pricing model. This model incorporates various assumptions, including the expected volatility, expected term, and interest rates. The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing were as follows:


	Year Ended December 31,
	2022			2021
Risk-free interest rate	1.67% to 3.59%			0.68% to 1.33%
Expected dividend yield		0	%		0	%
Expected option term (in years)	5.15 to 6.08			6.00 to 6.08
Expected stock price volatility range	83.60% to 86.00%			68.58% to 73.30%

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, 2022, no shares have been purchased by employees under the ESPP.

Employee Benefit Plan

12 Months Ended

Dec. 31, 2022

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”). Contributions to the plan by the Company totaled $0.6 million for the year ended December 31, 2022. The Company did not make any employer contributions for the year ended December 31, 2021. 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, 2022 and 2021, were immaterial.

Income Taxes

12 Months Ended

Dec. 31, 2022

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,
	2022			2021
Tax effected at statutory rate		21.0	%		21.0	%
State taxes		7.2	%		7.4	%
Stock compensation		(0.5	)%		(0.7	)%
Non-deductible expenses		(0.7	)%		(0.5	)%
Federal research and development credits		5.0	%		5.0	%
Change in valuation allowance		(32.0	)%		(32.2	)%
Total		—	%		—	%

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


	As of December 31,
	2022			2021
Deferred tax assets:
Federal net operating loss carryforward	$	22,875		$	18,233
State net operating loss carryforward		6,693			5,269
R&D credit carryforwards		10,667			6,385
Capitalized start-up costs		219			242
Accruals and reserves		823			629
Deferred revenue		2,502			6,769
Stock based compensation		1,900			1,026
Lease liability		1,556			1,908
Capitalized R&E		14,995			—
Total deferred tax asset		62,230			40,461

Deferred tax liability:
Fixed assets	$	(761	)	$	(648	)
Right of use asset		(1,436	)		(1,786	)
Total deferred tax liability		(2,197	)		(2,434	)
Net deferred tax asset and liability before valuation allowance		60,033			38,027
Valuation allowance		(60,033	)		(38,027	)
Net deferred tax asset	$	-		$	-

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 2022, the valuation allowance increased by $22.0 million primarily due to the increase in the Company’s book loss reported in the period.

Beginning in 2022, Tax Cuts and Jobs Act (“TCJA”) amended Section 174 and now requires U.S.-based and non-U.S-based research and experimental (“R&E”) expenditures to be capitalized and amortized over a period of five or 15 years, respectively, for amounts paid in tax years starting after December 31, 2021. Prior to the TCJA amendment, Section 174 allowed taxpayers to immediately deduct R&E expenditures in the year paid or incurred. The Company has applied this required change in accounting method beginning in 2022 and the computation may be adjusted pending future IRS guidance.

As of December 31, 2022, the Company had approximately $108.9 million and $105.9 million of Federal & 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, 2022, the Company also has federal and state research and development tax credit carryforwards of approximately $8.4 million and $2.8 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; and specifies how reserves for uncertain tax positions should be classified on the balance sheet; among other provisions. As of December 31, 2022, and 2021, the Company has not recorded tax reserves associated with any unrecognized tax benefits.

The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more-likely-than-not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for income taxes. To date, the Company has not incurred interest and penalties related to 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, 2022 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, 2022

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, 2022

Leases [Abstract]

Lease Obligation

14. LEASE OBLIGATION

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 base rent at commencement is $0.1 million 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,
	2022		2021
Operating lease costs	$	1,764	$	1,693
Variable lease costs		466		479
Total lease costs	$	2,230	$	2,172

Variable lease cost primarily related to operating expenses, parking, taxes and insurance associated with the Company's operating leases.

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


	Year Ended December 31,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$	1,774	$	1,259

The remaining lease terms and discount rates related to the Company's leases were as follows:


	As of December 31,
	2022	2021
Remaining lease term	3.4 years	4.4 years
Discount Rate	7.7%	7.7%

The future minimum lease payments for the Company’s operating lease as of December 31, 2022, were as follows (in thousands):


Fiscal Year	Operating Leases
2023		1,827
2024		1,882
2025		1,938
2026		817
2027		—
Total minimum lease payments		6,464
Less amounts representing interest or imputed interest		770
Present value of lease liabilities	$	5,694

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
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, 2022 or royalties on future sales of specified products that have not yet occurred as of December 31, 2022.

Related Party Transactions

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 the Company recorded expenses in connection with University license fees and certain patent-related costs incurred on its behalf of $0.2 million and $0.2 million, respectively.

Certain entities affiliated with directors purchased shares in the IPO.

Net Loss per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss per Share Attributable to Common Stockholders

17. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

The Company has generated a net loss in all periods presented, therefore the basic and diluted net loss per share attributable to common stockholders are the same as the inclusion of the potentially dilutive securities would be anti-dilutive.

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,
	2022		2021
Options to Purchase Common Stock		6,589,479		5,822,373
Total		6,589,479		5,822,373

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
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.
Liquidity	Liquidity: The Company is subject to a number of risks similar to other early-stage life science companies, including, but not limited to, successful development of its product candidates, raising additional capital with favorable terms, protection of proprietary technology and market acceptance of any approved future products. The successful development of product candidates requires substantial working capital, which may not be available to the Company on favorable terms or at all. To date, the Company has financed its operations primarily through the initial public offering of its common stock, private placements of preferred stock, payments from a collaboration arrangement and related party revenue. The Company currently has no source of product revenue, and it does not expect to generate product revenue for the foreseeable future. To date, the Company’s revenue has primarily been from a collaboration agreement. The Company has devoted substantially all of its financial resources and efforts to identifying potential product candidates and conducting preclinical studies and clinical trials. As of December 31, 2022, the Company’s cash, cash equivalents, marketable securities were $156.9 million. The Company believes the cash, cash equivalents, marketable securities as of December 31, 2022 will enable it to fund its current planned operations for at least the next twelve months from the date of issuance of these financial statements, though it may realize additional cash resources upon the achievement of certain collaboration agreement option exercises, or it may pursue additional cash resources through public or private equity or by establishing collaborations with other companies. Management’s expectations with respect to its ability to fund current and long term planned operations are based on estimates that are subject to risks and uncertainties. If actual results are different from management’s estimates, the Company may need to seek additional strategic or financing opportunities sooner than would otherwise be expected. However, there is no guarantee that any collaboration exercise options will be achieved or that any of these strategic or financing opportunities will be executed on favorable terms, and some could be dilutive to existing stockholders. If the Company is unable to obtain additional funding on a timely basis, it may be forced to significantly curtail, delay, or discontinue one or more of its planned research or development programs or be unable to expand its operations. As of December 31, 2022, the Company had an accumulated deficit of $214.2 million. The Company anticipates operating losses to continue for the foreseeable future due to, among other things, costs related to research and development of its product candidates and its administrative organization.
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, cash equivalents, and marketable securities. Cash and cash equivalents are deposited with federally insured financial institutions in the United States and may, at times, exceed federally insured limits. The Company places marketable securities with a highly rated financial institution. Additionally, as of December 31, 2022, the Company has not experienced any credit related losses on accounts that hold the Company’s cash, cash equivalents and marketable securities. The Company is dependent on third-party manufacturers and CROs 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. The Company also relies on at least two CROs to conduct its clinical trials. The Company’s programs could be adversely affected if a third-party manufacturer or a CRO is unable to successfully carry out their contractual obligations or meet expected deadlines. If a third-party manufacturer or a CRO needs to be replaced, the Company may not be able to complete its program development on its anticipated timelines and may incur additional expenses as a result, which could be significant.
Fair Value of Financial Instruments	Fair Value of Financial Instruments: The Company’s financial instruments consist mainly of cash equivalents, restricted cash, accounts payable, and marketable securities. The carrying amounts of cash equivalents, restricted cash, and accounts payable approximate their estimated fair value due to their short-term maturities. Fair value is estimated based on a three-tier fair value hierarchy to prioritize the inputs used in the Company’s 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. 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. The Company’s cash equivalents are generally composed of commercial paper, U.S. government-sponsored enterprise securities, U.S. treasury securities and money market funds.
Marketable securities	Marketable securities: The Company invests its excess cash balances in marketable securities and classifies its investments as available-for-sale based on facts and circumstances present at the time it purchased the securities. At each balance sheet date presented, the Company classified all of its investments in marketable securities as available-for-sale and as current assets as they represent the investment of funds available for current operations. The Company reports available-for-sale securities at fair value at each balance sheet date and includes any unrealized holding gains and losses (the adjustment to fair value) in accumulated other comprehensive loss, a component of stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income (expense). If any adjustment to fair value reflects a decline in the value of the marketable securities, the Company considers all available evidence to evaluate if an impairment loss exists, and if so, adjusts the investment to market value through a charge to its consolidated statements of operations and comprehensive loss.
Restricted Cash	Restricted Cash: As of December 31, 2022 and 2021, 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, 2022, the Company had one collaborative agreement with Bristol-Myers Squibb, which the Company entered into in January 2019 For a complete discussion of the accounting related to Bristol Myers Squibb Collaboration Agreement, see Note 8, Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb.
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.
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 its 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.
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss: Comprehensive loss is defined as the change in the equity of a business entity during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Comprehensive loss consists of: (i) all components of net loss and (ii) all components of comprehensive loss other than net loss, referred to as other comprehensive loss. Other comprehensive loss is comprised of unrealized gains and losses on debt securities.
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 its consolidated financial statements and disclosures.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value On Recurring Basis

The following table presents information about the Company’s financial assets measured or disclosed at fair value by level within the fair value hierarchy (in thousands):


	As of December 31, 2022		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents:
Money market funds	$	55,861	$	55,861	$	—	$	—
Marketable securities
U.S. treasury securities		22,606		—		22,606		—
Corporate debt securities		74,422		—		74,422		—
Total assets	$	152,889	$	55,861	$	97,028	$	—


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

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Summary Of Marketable Securities

The following table summarizes the Company’s marketable securities (in thousands):


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. treasury securities		22,630		—		(24	)		22,606
Corporate debt securities		75,161		—		(739	)		74,422
Total	$	97,791	$	—	$	(763	)	$	97,028

Schedule of Marketable Securities Fair Value By Contractual Maturity

Marketable securities fair value by contractual maturity were as follows (in thousands):


	As of December 31, 2022
Due in one year or less	$	79,652
Due after one year through five years		17,376
Total	$	97,028

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021
Clinical, manufacturing and scientific development	$	1,372	$	2,820
Prepaid Insurance		727		850
Other		964		629
Total	$	3,063	$	4,299

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

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


	As of December 31,
	2022			2021
Property and equipment:
Lab equipment	$	2,858		$	1,776
Leasehold improvements		1,216			923
Electronic equipment and software		481			430
Furniture and fixtures		475			384
Total property and equipment		5,030			3,513
Less: accumulated depreciation		(1,825	)		(1,074	)
Property and equipment, net	$	3,205		$	2,439

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021
Employee compensation	$	3,236	$	2,809
Research and development expenses		4,462		2,489
Professional fees		526		530
Other current liabilities		119		26
Total	$	8,343	$	5,854

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021
Research and development	$	3,974	$	2,427
General and administrative		3,551		2,750
Total share-based compensation expense	$	7,525	$	5,177

Summary of Stock Option Activity

The following table summarizes stock option activity under the Plan for the year ended December 31, 2022:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding as of December 31, 2021		5,822,373		$	7.17		8.27	$	33,275
Granted		1,927,649			7.71
Exercised		(282,459	)		3.88
Cancelled or forfeited		(878,084	)		8.50
Outstanding as of December 31, 2022		6,589,479		$	7.29	7.73		$	362,112
Vested or expected to vest as of December 31, 2022		6,589,479		$	7.29	7.73		$	362,112
Options exercisable as of December 31, 2022		3,009,095		$	5.76		6.50	$	358,798

Summary of Assumptions Used to Value Stock Options Granted Using Black-Scholes Option-Pricing


	Year Ended December 31,
	2022			2021
Risk-free interest rate	1.67% to 3.59%			0.68% to 1.33%
Expected dividend yield		0	%		0	%
Expected option term (in years)	5.15 to 6.08			6.00 to 6.08
Expected stock price volatility range	83.60% to 86.00%			68.58% to 73.30%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022			2021
Tax effected at statutory rate		21.0	%		21.0	%
State taxes		7.2	%		7.4	%
Stock compensation		(0.5	)%		(0.7	)%
Non-deductible expenses		(0.7	)%		(0.5	)%
Federal research and development credits		5.0	%		5.0	%
Change in valuation allowance		(32.0	)%		(32.2	)%
Total		—	%		—	%

Schedule of Total Deferred Tax Assets

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


	As of December 31,
	2022			2021
Deferred tax assets:
Federal net operating loss carryforward	$	22,875		$	18,233
State net operating loss carryforward		6,693			5,269
R&D credit carryforwards		10,667			6,385
Capitalized start-up costs		219			242
Accruals and reserves		823			629
Deferred revenue		2,502			6,769
Stock based compensation		1,900			1,026
Lease liability		1,556			1,908
Capitalized R&E		14,995			—
Total deferred tax asset		62,230			40,461

Deferred tax liability:
Fixed assets	$	(761	)	$	(648	)
Right of use asset		(1,436	)		(1,786	)
Total deferred tax liability		(2,197	)		(2,434	)
Net deferred tax asset and liability before valuation allowance		60,033			38,027
Valuation allowance		(60,033	)		(38,027	)
Net deferred tax asset	$	-		$	-

Lease Obligation (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021
Operating lease costs	$	1,764	$	1,693
Variable lease costs		466		479
Total lease costs	$	2,230	$	2,172

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):


	Year Ended December 31,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$	1,774	$	1,259

Summary of Remaining Lease Terms and Discount Rates

The remaining lease terms and discount rates related to the Company's leases were as follows:


	As of December 31,
	2022	2021
Remaining lease term	3.4 years	4.4 years
Discount Rate	7.7%	7.7%

Summary of Future Minimum Lease Payments for Operating Lease

The future minimum lease payments for the Company’s operating lease as of December 31, 2022, were as follows (in thousands):


Fiscal Year	Operating Leases
2023		1,827
2024		1,882
2025		1,938
2026		817
2027		—
Total minimum lease payments		6,464
Less amounts representing interest or imputed interest		770
Present value of lease liabilities	$	5,694

Net Loss per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021
Options to Purchase Common Stock		6,589,479		5,822,373
Total		6,589,479		5,822,373

Nature of Business and Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 30, 2021	Dec. 31, 2021
Subsidiary Sale Of Stock [Line Items]
Public offering price	$ 16.00
Net proceeds received after deducting underwriting discounts and commissions	$ 131,300	$ 131,302
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 Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)
Subsidiary Sale Of Stock [Line Items]
Cash, cash equivalents, marketable securities	$ 156,900
Accumulated deficit	$ 214,219	$ 145,454
Number of operating segment \| Segment	1
Restricted cash	$ 900	$ 900
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.

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, 2022
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, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 152,889	$ 232,017
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	55,861	232,017
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	97,028
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	55,861	232,017
Money Market Funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	55,861	$ 232,017
U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	22,606
U.S. Treasury Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	22,606
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	74,422
Corporate Debt Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	$ 74,422

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value, level 3 transfers out, amount	$ 0	$ 0

Marketable Securities - Summary Of Marketable Securities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Marketable Securities [Line Items]
Amortized Cost	$ 97,791
Gross Unrealized Losses	(763)
Fair Value	97,028
U.S. Treasury Securities
Marketable Securities [Line Items]
Amortized Cost	22,630
Gross Unrealized Losses	(24)
Fair Value	22,606
Corporate Debt Securities
Marketable Securities [Line Items]
Amortized Cost	75,161
Gross Unrealized Losses	(739)
Fair Value	$ 74,422

Marketable Securities - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Position	Dec. 31, 2021 USD ($)
Investments, Debt and Equity Securities [Abstract]
Number of marketable securities in an unrealized loss position \| Position	43
Impairment charges related to available-for-sale securities	$ 0	$ 0
Allowance for credit losses for available for sale debt securities	$ 0	$ 0

Marketable Securities - Schedule of Marketable Securities Fair Value By Contractual Maturity (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Due in one year or less	$ 79,652
Due after one year through five years	17,376
Total marketable securities	$ 97,028

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Clinical, manufacturing and scientific development	$ 1,372	$ 2,820
Prepaid Insurance	727	850
Other	964	629
Total	$ 3,063	$ 4,299

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property and equipment:
Total property and equipment, gross	$ 5,030	$ 3,513
Less: accumulated depreciation	(1,825)	(1,074)
Property and equipment, net	3,205	2,439
Lab Equipment
Property and equipment:
Total property and equipment, gross	2,858	1,776
Leasehold Improvements
Property and equipment:
Total property and equipment, gross	1,216	923
Electronic Equipment and Software
Property and equipment:
Total property and equipment, gross	481	430
Furniture and Fixtures
Property and equipment:
Total property and equipment, gross	$ 475	$ 384

Property and Equipment, Net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 900,000	$ 500,000
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, 2022	Dec. 31, 2021
Accrued Expenses And Other Current Liabilities [Abstract]
Employee compensation	$ 3,236	$ 2,809
Research and development expenses	4,462	2,489
Professional fees	526	530
Other current liabilities	119	26
Total	$ 8,343	$ 5,854

Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 31, 2019	Dec. 31, 2022	Dec. 31, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Preferred stock, shares issued		0	0
Deferred revenue current		$ 9,160	$ 17,100
Deferred revenue non-current			7,678
Stock Purchase Agreement with Bristol Myers Squibb \| Series A-1 Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Preferred stock, shares issued	14,545,450
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement \| Bristol Myers Squibb
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
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement \| Bristol Myers Squibb \| IK-175
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive in case of exercise of options	50,000
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement \| Bristol Myers Squibb \| IK-412
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive in case of exercise of options	40,000
Bristol Myers Squibb 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		15,600	$ 31,000
Deferred revenue		$ 9,200
Bristol Myers Squibb Collaboration Agreement \| IK-175
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price allocated to revenue arrangement	41,200
Bristol Myers Squibb Collaboration Agreement \| IK-412
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price allocated to revenue arrangement	$ 37,500

Redeemable Convertible Preferred Stock - Additional Information (Details) - Redeemable Convertible Preferred Stock - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Redeemable convertible preferred stock, shares outstanding		169,396,576
Shares converted	(169,396,576)

Common Stock - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	36,257,493	35,975,034
Common stock, shares outstanding	36,257,493	35,975,034
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 Millions			12 Months Ended
	Mar. 30, 2021	Mar. 20, 2021	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value of the stock options granted			$ 5.52	$ 6.13
Number of shares granted			1,927,649
Total unrecognized stock-based compensation balance for unvested options			$ 17.7
Total unrecognized stock-based compensation balance for unvested options expected to be recognized period			2 years 7 months 6 days
Intrinsic value of options exercised			$ 1.2	$ 1.9
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			2,639,915		1,439,001
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, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 7,525	$ 5,177
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	3,974	2,427
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 3,551	$ 2,750

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding	5,822,373
Number of Options, Granted	1,927,649
Number of Options, Exercised	(282,459)
Number of Options, Cancelled or forfeited	(878,084)
Number of Options, Outstanding	6,589,479	5,822,373
Number of Options, Vested or expected to vest	6,589,479
Number of Options, Options exercisable	3,009,095
Weighted- Average Exercise Price, Outstanding	$ 7.17
Weighted- Average Exercise Price, Granted	7.71
Weighted- Average Exercise Price, Exercised	3.88
Weighted- Average Exercise Price, Cancelled or forfeited	8.50
Weighted- Average Exercise Price, Outstanding	7.29	$ 7.17
Weighted- Average Exercise Price, Vested or expected to vest	7.29
Weighted- Average Exercise Price, Options exercisable	$ 5.76
Weighted- Average Remaining Contractual Term, Outstanding	7 years 8 months 23 days	8 years 3 months 7 days
Weighted- Average Remaining Contractual Term, Vested or expected to vest	7 years 8 months 23 days
Weighted- Average Remaining Contractual Term, Option exercisable	6 years 6 months
Aggregate Intrinsic Value, Outstanding	$ 362,112	$ 33,275
Aggregate Intrinsic Value, Vested or expected to vest	362,112
Aggregate Intrinsic Value, Options exercisable as of December 31, 2021	$ 358,798

Stock-Based Compensation - Summary of Assumptions Used to Value Stock Options Granted Using Black-Scholes Option-Pricing (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate minimum	1.67%	0.68%
Risk-free interest rate maximum	3.59%	1.33%
Expected dividend yield	0.00%	0.00%
Expected stock price volatility range minimum	83.60%	68.58%
Expected stock price volatility range maximum	86.00%	73.30%
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)	5 years 1 month 24 days	6 years

Employee Benefit Plan - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Employer contributions to defined contribution savings plan	$ 600,000	$ 0

Income Taxes - Schedule of Effective Income Tax Rate Differed from Amount Computed by Applying Federal Statutory Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax effected at statutory rate	21.00%	21.00%
State taxes	7.20%	7.40%
Stock compensation	(0.50%)	(0.70%)
Non-deductible expenses	(0.70%)	(0.50%)
Federal research and development credits	5.00%	5.00%
Change in valuation allowance	(32.00%)	(32.20%)

Income Taxes - Schedule of Total Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Federal net operating loss carryforward	$ 22,875	$ 18,233
State net operating loss carryforward	6,693	5,269
R&D credit carryforwards	10,667	6,385
Capitalized start-up costs	219	242
Accruals and reserves	823	629
Deferred revenue	2,502	6,769
Stock based compensation	1,900	1,026
Lease liability	1,556	1,908
Capitalized R&E	14,995
Total deferred tax asset	62,230	40,461
Deferred tax liability:
Fixed assets	(761)	(648)
Right of use asset	(1,436)	(1,786)
Total deferred tax liability	(2,197)	(2,434)
Net deferred tax asset and liability before valuation allowance	60,033	38,027
Valuation Allowance	$ (60,033)	$ (38,027)

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Valuation allowance increased amount	$ 22,000,000.0
Income tax expense	0
Reserves for uncertain tax positions	0	$ 0
Incurred interest and penalties related to uncertain tax positions	$ 0
Minimum
Income Taxes [Line Items]
Tax cut jobs act research and experimental expenditures to be capitalized and amortized period.	5 years
Maximum
Income Taxes [Line Items]
Tax cut jobs act research and experimental expenditures to be capitalized and amortized period.	15 years
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	2022
Federal \| Research and Development Tax Credit Carryforwards
Income Taxes [Line Items]
Tax credit carryforwards amount	$ 8,400,000
Tax credit carryforwards begin to expire	2031-12
Federal \| Not Subject to Expiration
Income Taxes [Line Items]
Operating loss carryforwards	$ 108,900,000
State \| Research and Development Tax Credit Carryforwards
Income Taxes [Line Items]
Tax credit carryforwards amount	$ 2,800,000
Tax credit carryforwards begin to expire	2031-12
State \| Begin to Expire in 2037
Income Taxes [Line Items]
Operating loss carryforwards	$ 105,900,000
Operating loss carryforwards expiration year	2037

Research License Agreements - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2018	Dec. 31, 2015
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		12 Months Ended
	Jul. 21, 2020 USD ($) ft²	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Lessee Lease Description [Line Items]
Total lease rent payments		$ 1,283	$ 1,174
Right-of-use asset		5,255	$ 6,538
Present value of lease liabilities		$ 5,694
Boston, Massachusetts
Lessee Lease Description [Line Items]
Area of leased property \| ft²	20,752
Lease commencement date	Feb. 19, 2021
Lease term	63 months
Monthly base rent	$ 100
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

Lease Obligation - Summary of components of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease costs	$ 1,764	$ 1,693
Variable lease costs	466	479
Total lease costs	$ 2,230	$ 2,172

Lease Obligation - Summary of Supplemental Cash Flow Information Relating to the Company's Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SupplementalCashFlowInformationLeasesAbstract
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)	$ 1,774	$ 1,259

Lease Obligation - Summary of Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Description [Abstract]
Remaining lease term	3 years 4 months 24 days	4 years 4 months 24 days
Discount Rate	7.70%	7.70%

Lease Obligation - Summary of Future Minimum Lease Payments for Operating Lease (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Lease Liabilities Payments Due [Abstract]
2023	$ 1,827
2024	1,882
2025	1,938
2026	817
Total minimum lease payments	6,464
Less amounts representing interest or imputed interest	770
Present value of lease liabilities	$ 5,694

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
UT Austin License \| University \| Affiliated to Director
Related Party Transaction [Line Items]
University license fees and certain-patent related costs	$ 0.2	$ 0.2

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, 2022	Dec. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	6,589,479	5,822,373
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	6,589,479	5,822,373