0000950170-23-040943 | 10-Q | XBRL Viewer

Print Document View Excel Document

Marketable securities - Summary Of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized Cost	$ 93,516	$ 97,791
Gross Unrealized Gains	2
Gross Unrealized Losses	(458)	(763)
Fair Value	93,060	97,028
U.S. Treasury Securities
Marketable Securities [Line Items]
Amortized Cost	40,430	22,630
Gross Unrealized Gains	2
Gross Unrealized Losses	(20)	(24)
Fair Value	40,412	22,606
Corporate Debt Securities
Marketable Securities [Line Items]
Amortized Cost	53,086	75,161
Gross Unrealized Losses	(438)	(739)
Fair Value	$ 52,648	$ 74,422

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2023

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 June 30, 2023		As of December 31, 2022
Employee compensation	$	1,929	$	3,236
Research and development expenses		3,436		4,462
Professional fees		1,080		526
Other current liabilities		10		119
Total	$	6,455	$	8,343

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (31,334)	$ (37,330)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	473	328
Amortization of premiums and discounts on marketable securities	(1,132)	69
Stock-based compensation	3,879	3,855
Non-cash operating lease expense	681	628
Loss on disposal of property and equipment	5	173
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	339	(2,036)
Accounts payable	(321)	952
Accrued expenses and other current liabilities	(2,011)	(693)
Lease liability	(701)	(623)
Deferred revenue	(7,316)	(3,765)
Deposits and other assets	(489)	(793)
Net cash flows used in operating activities	(37,927)	(39,235)
Cash flows from investing activities
Purchases of property and equipment	(152)	(69)
Sale of property and equipment	4
Purchase of marketable securities	(47,050)	(174,996)
Sales and maturities of marketable securities	59,072	29,500
Net cash flows provided by (used in) investing activities	11,874	(145,565)
Cash flows from financing activities
Proceeds from issuance of common stock for underwritten registered offering, net of offering costs	37,544
Repurchase of common stock	(663)
Proceeds from exercise of stock options	121	1,070
Net cash flows provided by financing activities	37,002	1,070
Net increase (decrease) in cash and cash equivalents and restricted cash	10,949	(183,730)
Cash, cash equivalents and restricted cash, beginning of period	60,791	233,089
Cash, cash equivalents and restricted cash, end of period	71,740	49,359
Cash and cash equivalents	70,868	48,487
Restricted cash included in other assets	872	872
Cash, cash equivalents and restricted cash, end of period	71,740	49,359
Noncash investing and financing activities
Purchases of property and equipment in accounts payable and accrued expenses		$ 943
Underwritten registered offering costs in accrued expenses	$ 123

Stockholder's Equity - Summary of Stock Option Activity (Details) - 2021 Plan $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Outstanding \| shares	6,589,479
Number of Options, Granted \| shares	1,561,115
Number of Options, Exercised \| shares	(29,485)
Number of Options, Cancelled or forfeited \| shares	(562,439)
Number of Options, Outstanding \| shares	7,558,670	6,589,479
Number of Options, Vested or expected to vest \| shares	7,558,670
Number of Options, Options exercisable \| shares	3,695,490
Weighted- Average Exercise Price, Outstanding \| $ / shares	$ 7.29
Weighted- Average Exercise Price, Granted \| $ / shares	3
Weighted- Average Exercise Price, Exercised \| $ / shares	4.11
Weighted- Average Exercise Price, Cancelled or forfeited \| $ / shares	6.18
Weighted- Average Exercise Price, Outstanding \| $ / shares	6.5	$ 7.29
Weighted- Average Exercise Price, Vested or expected to vest \| $ / shares	6.5
Weighted- Average Exercise Price, Options exercisable \| $ / shares	$ 6.45
Weighted- Average Remaining Contractual Term, Outstanding	7 years 8 months 19 days	7 years 8 months 23 days
Weighted- Average Remaining Contractual Term, Vested or expected to vest	7 years 8 months 19 days
Weighted- Average Remaining Contractual Term, Option exercisable	6 years 7 months 13 days
Aggregate Intrinsic Value, Outstanding \| $	$ 12,170	$ 362
Aggregate Intrinsic Value, Vested or expected to vest \| $	12,170
Aggregate Intrinsic Value, Options exercisable as of June 30, 2023 \| $	$ 5,915

Marketable Securities - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) Position	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Position	Jun. 30, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Number of marketable securities in an unrealized loss position \| Position	34		34
Impairment charges related to available-for-sale securities	$ 0	$ 0	$ 0	$ 0
Allowance for credit losses for available for sale debt securities	$ 0	$ 0	$ 0	$ 0

Property and Equipment, Net - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 200,000	$ 300,000	$ 500,000	$ 500,000
Impairment of property and equipment			$ 0	$ 0

Stockholder's Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholder's Equity

9. Stockholder’s Equity

Common Stock

On May 17, 2023, we completed an underwritten registered offering (“URO”) of common stock pursuant to which we issued and sold 6,110,000 shares of our common stock at a purchase price of $6.55 per share. We received net proceeds from the URO of approximately $37.4 million after deducting commissions and other offering expenses. The URO was made pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-264517).

Equity Incentive Plan

The Company grants stock options under the 2021 Stock Incentive Plan (the “2021 Plan”). The Company also has stock options outstanding under the 2016 Stock Incentive Plan (“2016 Plan”), but is no longer granting awards under such plan. All shares of common stock underlying any awards that are forfeited, cancelled, expired, repurchased, or otherwise terminated under the 2021 and 2016 Plans are added back to the shares of common stock available for issuance under the 2021 Plan. On January 1, 2023 the number of shares available for issuance under the 2021 Plan increased by 1,450,299 shares as a result of the evergreen provision. As of June 30, 2023, 3,091,538 shares of common stock remain available for future issuance under the 2021 Plan.

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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	984	$	1,069	$	2,056	$	2,066
General and administrative		895		886		1,823		1,789
Total	$	1,879	$	1,955	$	3,879	$	3,855

The weighted-average fair value of the stock options granted during the six months ended June 30, 2023 was $2.23. As of June 30, 2023, the total unrecognized stock-based compensation expense for unvested options was $15.9 million which is expected to be recognized over a weighted average period of 2.5 years.

The following table summarizes stock option activity under the 2021 Plan for the six months ended June 30, 2023:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (thousands)
Outstanding as of December 31, 2022		6,589,479		$	7.29		7.73	$	362
Granted		1,561,115			3.00
Exercised		(29,485	)		4.11
Cancelled or forfeited		(562,439	)		6.18
Outstanding as of June 30, 2023		7,558,670		$	6.50		7.72	$	12,170
Vested or expected to vest as of June 30, 2023		7,558,670		$	6.50		7.72	$	12,170
Options exercisable as of June 30, 2023		3,695,490		$	6.45		6.62	$	5,915

The aggregate intrinsic value of options exercised for the six months ended June 30, 2023 and 2022 was $0.1 million and $1.2 million, respectively.

The fair value of each option award granted is estimated on the date of grant using the Black-Scholes option pricing model and the weighted average assumptions. The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing presented on a weight average basis were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Risk-free interest rate		3.89	%		1.67	%		3.91	%		2.23	%
Expected dividend yield		0	%		0	%		0	%		0	%
Expected option term (in years) range	5.71			6.07			6.03			5.99
Expected stock price volatility		87.23	%		83.55	%		86.55	%		84.41	%

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 June 30, 2023, there has been no increase in the shares reserved and available for issuance and no shares have been purchased by employees under the ESPP.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value

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 June 30, 2023		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents:
Money market funds	$	22,700	$	22,700	$	—	$	—
U.S. treasury securities		6,616		—		6,616		—
Marketable securities
U.S. treasury securities		33,796		—		33,796		—
Corporate debt securities		52,648		—		52,648		—
Total assets	$	115,760	$	22,700	$	93,060	$	—


	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	$	—

Marketable Securities

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

4. Marketable securities

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


	As of June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. treasury securities	$	40,430	$	2	$	(20	)	$	40,412
Corporate debt securities		53,086		—		(438	)		52,648
Total	$	93,516	$	2	$	(458	)	$	93,060


	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

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. Factors considered include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the investment to allow for an anticipated recovery in fair value.

As of June 30, 2023, the Company held 34 marketable securities in an unrealized loss position. 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. The Company also believes that it will be able to collect both principal and interest amounts due at maturity. The Company did not record any impairment charges related to its available-for-sale securities during the three and six months ended June 30, 2023 and 2022. The Company did not recognize any credit-related allowance to available-for-sale securities as of the three and six months ended June 30, 2023 and 2022.

The fair values of the Company's marketable securities by classification in the condensed consolidated balance sheets were as follows:


	As of June 30, 2023		As of December 31, 2022
Cash and cash equivalents	$	6,616	$	—
Marketable securities		86,444		97,028
Total	$	93,060	$	97,028

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


	As of June 30, 2023		As of December 31, 2022
Due in one year or less	$	85,071	$	79,652
Due after one year through five years		7,989		17,376
Total	$	93,060	$	97,028

Subsequent Event - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 04, 2023	Jun. 30, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Shares of common stock		42,299,478	36,257,493
Shares of preferred stock		0	0
Subsequent Event \| Merger Agreement \| Pionyr Immunotherapeutics, Inc
Subsequent Event [Line Items]
Net cash acquired	$ 43
Shares of common stock	1,800,652
Conversion of preferred shares in to common shares	1
Series A Preferred Stock \| Subsequent Event \| Merger Agreement \| Pionyr Immunotherapeutics, Inc
Subsequent Event [Line Items]
Purchase price	$ 7.15
Shares of preferred stock	4,153,439
Common Stock \| Subsequent Event \| Merger Agreement \| Pionyr Immunotherapeutics, Inc
Subsequent Event [Line Items]
Purchase price	$ 7.15

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

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 June 30, 2023		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents:
Money market funds	$	22,700	$	22,700	$	—	$	—
U.S. treasury securities		6,616		—		6,616		—
Marketable securities
U.S. treasury securities		33,796		—		33,796		—
Corporate debt securities		52,648		—		52,648		—
Total assets	$	115,760	$	22,700	$	93,060	$	—


	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	$	—

During the six months ended June 30, 2023 and year ended December 31, 2022, 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

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value (Details) - Fair Value On Recurring Basis - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 115,760	$ 152,889
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	22,700	55,861
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	93,060	97,028
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	22,700	55,861
Money Market Funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	22,700	55,861
U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	6,616
Total Marketable Securities	33,796	22,606
U.S. Treasury Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Cash Equivalents	6,616
Total Marketable Securities	33,796	22,606
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	52,648	74,422
Corporate Debt Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Marketable Securities	$ 52,648	$ 74,422

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

Ikena Oncology, Inc. (the “Company”) is a targeted oncology company, focused on developing differentiated therapies for patients in need that target nodes of cancer growth, spread, and therapeutic resistance in the Hippo and RAS onco-signaling network. The Company’s lead targeted oncology program, IK-930, is a TEAD1-selective Hippo pathway inhibitor, a known tumor suppressor pathway that also drives resistance to multiple targeted therapies. The Company’s first program in the RAS pathways, IK-595, is designed to trap MEK and RAF in an inactive complex, more completely inhibiting RAS signals than existing inhibitors. In addition, the Company is developing IK-175, an aryl hydrocarbon receptor (“AHR”) antagonist in collaboration with Bristol-Myers Squibb Company (“Bristol-Myers Squibb”). The Company’s focus on patient-driven development allows it to research both known and novel targets, with a shared guiding principle of aiming to address the unmet needs of biomarker-defined patient populations. Since the Company commenced operations in 2016, it has advanced multiple product candidates into clinical development. In addition, the Company has a robust discovery engine and portfolio of early stage targeted oncology programs. Across the entirety of its pipeline, the Company aims to utilize its depth of institutional knowledge and breadth of tools to efficiently develop the right drug using the right modality for the right patient.

Basis of Presentation: The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting. 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”).

The accompanying condensed consolidated financial statements and footnotes to the financial statements have been prepared on the same basis as the most recently audited annual financial statements and, in the opinion of management, reflect all normal recurring adjustments necessary for the fair presentation of the Company’s financial position for the reported periods. The results of operations for any interim periods are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. These condensed consolidated financial statements should be read in conjunction with, the Company’s audited consolidated financial statements for the year ended December 31, 2022, which were included in its Annual Report on Form 10-K that was filed with the Securities and Exchange Commission (“SEC”) on March 14, 2023.

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 2.6

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. 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 June 30, 2023 or royalties on future sales of specified products that have not yet occurred as of June 30, 2023.

Stockholder's Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			6 Months Ended
	May 17, 2023	Mar. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jan. 01, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance			3,091,538
Weighted-average fair value of the stock options granted			$ 2.23
Total unrecognized stock-based compensation balance for unvested options			$ 15.9
Total unrecognized stock-based compensation balance for unvested options expected to be recognized period			2 years 6 months
Aggregate intrinsic value of options exercised			$ 0.1	$ 1.2
Common Stock \| URO
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company issued and sold shares of common stock	6,110,000
Public offering price	$ 6.55
Net proceeds received after deducting commissions and other offering expenses	$ 37.4
2021 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance					1,450,299
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

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

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


	As of June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. treasury securities	$	40,430	$	2	$	(20	)	$	40,412
Corporate debt securities		53,086		—		(438	)		52,648
Total	$	93,516	$	2	$	(458	)	$	93,060


	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

Summary Of Fair Values Of Marketable Securities

The fair values of the Company's marketable securities by classification in the condensed consolidated balance sheets were as follows:


	As of June 30, 2023		As of December 31, 2022
Cash and cash equivalents	$	6,616	$	—
Marketable securities		86,444		97,028
Total	$	93,060	$	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 June 30, 2023		As of December 31, 2022
Due in one year or less	$	85,071	$	79,652
Due after one year through five years		7,989		17,376
Total	$	93,060	$	97,028

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2023

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 consist of the following (in thousands):


	As of June 30, 2023		As of December 31, 2022
Clinical, manufacturing and scientific development	$	1,025	$	1,372
Prepaid Insurance		1,578		727
Other		731		964
Total	$	3,334	$	3,063

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Research and development revenue under collaboration agreement	$ 2,004	$ 382	$ 7,316	$ 3,766
Revenue from Contract with Customer, Product and Service [Extensible List]	us-gaap:InProcessResearchAndDevelopmentMember	us-gaap:InProcessResearchAndDevelopmentMember	us-gaap:InProcessResearchAndDevelopmentMember	us-gaap:InProcessResearchAndDevelopmentMember
Operating expenses:
Research and development	$ 15,172	$ 15,488	$ 30,723	$ 29,831
General and administrative	5,322	5,845	10,598	11,848
Total operating expenses	20,494	21,333	41,321	41,679
Loss from operations	(18,490)	(20,951)	(34,005)	(37,913)
Other income (expense):
Investment income	1,381	460	2,677	583
Other expense	(6)		(6)
Total other income, net	1,375	460	2,671	583
Net loss	(17,115)	(20,491)	(31,334)	(37,330)
Other comprehensive loss:
Unrealized gain (loss) on marketable securities	35	(626)	(456)	(1,104)
Total comprehensive loss	$ (17,080)	$ (21,117)	$ (31,790)	$ (38,434)
Net loss per share:
Net loss per share attributable to common stockholders basic	$ (0.44)	$ (0.57)	$ (0.83)	$ (1.03)
Net loss per share attributable to common stockholders diluted	$ (0.44)	$ (0.57)	$ (0.83)	$ (1.03)
Weighted-average common stock outstanding, basic	39,292,710	36,160,951	37,783,486	36,118,415
Weighted-average common stock outstanding, diluted	39,292,710	36,160,951	37,783,486	36,118,415

Stockholder's Equity - Schedule of Total Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 1,879	$ 1,955	$ 3,879	$ 3,855
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	984	1,069	2,056	2,066
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 895	$ 886	$ 1,823	$ 1,789

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

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


	As of June 30, 2023		As of December 31, 2022
Clinical, manufacturing and scientific development	$	1,025	$	1,372
Prepaid Insurance		1,578		727
Other		731		964
Total	$	3,334	$	3,063

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Expenses And Other Current Liabilities [Abstract]
Employee compensation	$ 1,929	$ 3,236
Research and development expenses	3,436	4,462
Professional fees	1,080	526
Other current liabilities	10	119
Total	$ 6,455	$ 8,343

Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Preferred stock, shares issued		0		0		0
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 \| BMS
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront consideration payment	$ 95,000
Option to exercise additional consideration if clinical trial not completed within research term	250
Milestone payments eligible to receive	450,000
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement \| BMS \| IK-175
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive in case of exercise of options	50,000
Bristol Myers Squibb Collaboration Agreement and Stock Purchase Agreement \| BMS \| IK-412
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive in case of exercise of options	40,000
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		$ 2,000	$ 400	$ 7,300	$ 3,800
Deferred revenue		$ 1,800		$ 1,800
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

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair value, level 3 transfers out, amount	$ 0	$ 0

Stockholder's Equity (Tables)

6 Months Ended

Jun. 30, 2023

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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	984	$	1,069	$	2,056	$	2,066
General and administrative		895		886		1,823		1,789
Total	$	1,879	$	1,955	$	3,879	$	3,855

Summary of Stock Option Activity

The following table summarizes stock option activity under the 2021 Plan for the six months ended June 30, 2023:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (thousands)
Outstanding as of December 31, 2022		6,589,479		$	7.29		7.73	$	362
Granted		1,561,115			3.00
Exercised		(29,485	)		4.11
Cancelled or forfeited		(562,439	)		6.18
Outstanding as of June 30, 2023		7,558,670		$	6.50		7.72	$	12,170
Vested or expected to vest as of June 30, 2023		7,558,670		$	6.50		7.72	$	12,170
Options exercisable as of June 30, 2023		3,695,490		$	6.45		6.62	$	5,915

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Risk-free interest rate		3.89	%		1.67	%		3.91	%		2.23	%
Expected dividend yield		0	%		0	%		0	%		0	%
Expected option term (in years) range	5.71			6.07			6.03			5.99
Expected stock price volatility		87.23	%		83.55	%		86.55	%		84.41	%

Marketable Securities - Schedule of Marketable Securities Fair Value By Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Due in one year or less	$ 85,071	$ 79,652
Due after one year through five years	7,989	17,376
Total	$ 93,060	$ 97,028

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 70,868	$ 59,919
Marketable securities	86,444	97,028
Prepaid expenses and other current assets	3,334	3,063
Total current assets	160,646	160,010
Property and equipment, net	2,875	3,205
Right-of-use asset	4,575	5,255
Deposits and other assets	3,668	3,789
Total assets	171,764	172,259
Current liabilities:
Accounts payable	1,772	2,093
Accrued expenses and other current liabilities	6,455	8,343
Operating lease liability	1,937	1,907
Deferred revenue	1,844	9,160
Total current liabilities	12,008	21,503
Long-term portion of operating lease liability	3,056	3,787
Total liabilities	15,064	25,290
Commitments and contingencies (Note 12)
Stockholders equity
Preferred Stock, $0.001 par value - 10,000,000 shares authorized as of June 30, 2023 and December 31, 2022; No shares issued and outstanding as of June 30, 2023 or December 31, 2022
Common stock, $0.001 par value - 150,000,000 shares authorized and 42,299,478 issued and outstanding as of June 30, 2023 and 150,000,000 shares authorized and 36,257,493 issued and outstanding as of December 31, 2022	42	36
Additional paid-in capital	402,667	361,915
Accumulated other comprehensive loss	(456)	(763)
Accumulated deficit	(245,553)	(214,219)
Total stockholders' equity	156,700	146,969
Total liabilities and stockholders' equity	$ 171,764	$ 172,259

Property and Equipment, Net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

6. Property and Equipment, net

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


	As of June 30, 2023			As of December 31, 2022
Property and equipment:
Lab equipment	$	2,980		$	2,858
Leasehold improvements		1,219			1,216
Electronic equipment and software		480			481
Furniture and fixtures		475			475
Total property and equipment		5,154			5,030
Less: accumulated depreciation		(2,279	)		(1,825	)
Property and equipment, net	$	2,875		$	3,205

Depreciation expense for the three months ended June 30, 2023 and 2022 was $0.2 million and $0.3 million, respectively. Depreciation expense for the six months ended June 30, 2023 and 2022 was $0.5 million and $0.5 million, respectively. There were no impairments for the six months ended June 30, 2023 and 2022.

Subsequent event

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent event

13. Subsequent Event

On August 4, 2023, the Company acquired Pionyr Immunotherapeutics, Inc., (“Pionyr”), a privately-held company headquartered in San Francisco, California, in accordance with the terms of the Agreement and Plan of Merger, dated August 4, 2023 (the “Merger Agreement”). Under the terms of the Merger Agreement, at the closing of the Merger, the Company acquired all of Pionyr’s assets, including approximately $43 million in net cash at the time of closing, and the Company issued the holders of Pionyr common stock a total of 1,800,652 shares of the Company’s common stock, comprised of both voting and non-voting common stock, at the purchase price of $7.15 per share and 4,153,439 shares of Series A Preferred Stock (as defined in the Merger Agreement), also at the purchase price of $7.15 per share, each share of which is convertible into one (1) share of the Company’s common stock, subject to certain conditions. The Company is in process of evaluating the accounting treatment of the transaction.

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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	7,558,670	6,581,026
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	7,558,670	6,581,026

Net Loss per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2023

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:


	Six Months Ended June 30,
	2023		2022
Options to purchase Common Stock		7,558,670		6,581,026
Total		7,558,670		6,581,026

Stockholder's Equity - Summary of Assumptions Used to Value Stock Options Granted to Participants Using Black-Scholes Option-Pricing (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	3.89%	1.67%	3.91%	2.23%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected option term (in years)	5 years 8 months 15 days	6 years 25 days	6 years 10 days	5 years 11 months 26 days
Expected stock price volatility	87.23%	83.55%	86.55%	84.41%

Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb

6 Months Ended

Jun. 30, 2023

Collaboration And Stock Purchase Agreement [Abstract]

Collaboration Agreement and Stock Purchase Agreement with Bristol Myers Squibb

8. 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 initial public offering (“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 AHR pathway, 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 other 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 option 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.

The Company recognized revenue of $2.0 million and $0.4 million in the three months ended June 30, 2023 and 2022 and $7.3 million and $3.8 million six months ended June 30, 2023 and 2022 respectively, from the Bristol-Myers Squibb Collaboration Agreement, that in each case was previously included in deferred revenue at the beginning of the respective period. The condensed consolidated balance sheet as of June 30, 2023 includes current deferred revenue of $1.8 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.

Research License Agreements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2018	Dec. 31, 2015
Research And Development Arrangement Contract To Perform For Others [Line Items]
Additional milestone payments payable upon meeting certain development milestones					$ 4,000
Research and development	$ 15,172	$ 15,488	$ 30,723	$ 29,831
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]
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.
Research and development					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

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property and equipment:
Total property and equipment, gross	$ 5,154	$ 5,030
Less: accumulated depreciation	(2,279)	(1,825)
Property and equipment, net	2,875	3,205
Lab Equipment
Property and equipment:
Total property and equipment, gross	2,980	2,858
Leasehold Improvements
Property and equipment:
Total property and equipment, gross	1,219	1,216
Electronic Equipment and Software
Property and equipment:
Total property and equipment, gross	480	481
Furniture and Fixtures
Property and equipment:
Total property and equipment, gross	$ 475	$ 475

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies 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. 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 and research and development revenue under a collaboration agreement. Summary of Significant Accounting Policies: The significant accounting policies and estimates used in the preparation of the accompanying consolidated financial statements are described in the Company’s audited consolidated financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 14, 2023. There have been no material changes in the Company’s significant accounting policies during the six months ended June 30, 2023 except as discussed below. 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 June 30, 2023, 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 clinical research organizations (“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. Recent Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements and disclosures.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation	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.
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 and research and development revenue under a collaboration agreement.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies: The significant accounting policies and estimates used in the preparation of the accompanying consolidated financial statements are described in the Company’s audited consolidated financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 14, 2023. There have been no material changes in the Company’s significant accounting policies during the six months ended June 30, 2023 except as discussed below.
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 June 30, 2023, 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 clinical research organizations (“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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial statements and disclosures.

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Clinical, manufacturing and scientific development	$ 1,025	$ 1,372
Prepaid Insurance	1,578	727
Other	731	964
Total	$ 3,334	$ 3,063

Net Loss per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss per Share Attributable to Common Stockholders

12. 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:


	Six Months Ended June 30,
	2023		2022
Options to purchase Common Stock		7,558,670		6,581,026
Total		7,558,670		6,581,026

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023		As of December 31, 2022
Employee compensation	$	1,929	$	3,236
Research and development expenses		3,436		4,462
Professional fees		1,080		526
Other current liabilities		10		119
Total	$	6,455	$	8,343

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance, Shares at Dec. 31, 2021		35,975,034
Beginning Balance at Dec. 31, 2021	$ 207,877	$ 36	$ 353,295		$ (145,454)
Stock-based compensation	1,900		1,900
Exercise of stock options	495		495
Exercise of stock options, Shares		134,500
Other comprehensive income (loss)	(478)			$ (478)
Net loss	(16,839)				(16,839)
Ending Balance, Shares at Mar. 31, 2022		36,109,534
Ending Balance at Mar. 31, 2022	192,955	$ 36	355,690	(478)	(162,293)
Beginning Balance, Shares at Dec. 31, 2021		35,975,034
Beginning Balance at Dec. 31, 2021	207,877	$ 36	353,295		(145,454)
Net loss	(37,330)
Ending Balance, Shares at Jun. 30, 2022		36,251,977
Ending Balance at Jun. 30, 2022	174,368	$ 36	358,220	(1,104)	(182,784)
Beginning Balance, Shares at Mar. 31, 2022		36,109,534
Beginning Balance at Mar. 31, 2022	192,955	$ 36	355,690	(478)	(162,293)
Stock-based compensation	1,955		1,955
Exercise of stock options	575		575
Exercise of stock options, Shares		142,443
Other comprehensive income (loss)	(626)			(626)
Net loss	(20,491)				(20,491)
Ending Balance, Shares at Jun. 30, 2022		36,251,977
Ending Balance at Jun. 30, 2022	174,368	$ 36	358,220	(1,104)	(182,784)
Beginning Balance, Shares at Dec. 31, 2022		36,257,493
Beginning Balance at Dec. 31, 2022	146,969	$ 36	361,915	(763)	(214,219)
Stock-based compensation	2,000		2,000
Other comprehensive income (loss)	272			272
Net loss	(14,219)				(14,219)
Ending Balance, Shares at Mar. 31, 2023		36,257,493
Ending Balance at Mar. 31, 2023	135,022	$ 36	363,915	(491)	(228,438)
Beginning Balance, Shares at Dec. 31, 2022		36,257,493
Beginning Balance at Dec. 31, 2022	146,969	$ 36	361,915	(763)	(214,219)
Net loss	(31,334)
Ending Balance, Shares at Jun. 30, 2023		42,299,478
Ending Balance at Jun. 30, 2023	156,700	$ 42	402,667	(456)	(245,553)
Beginning Balance, Shares at Mar. 31, 2023		36,257,493
Beginning Balance at Mar. 31, 2023	135,022	$ 36	363,915	(491)	(228,438)
Issuance of common stock for underwritten registered offering, net of offering costs	37,421	$ 6	37,415
Issuance of common stock for underwritten registered offering, net of offering costs, Shares		6,110,000
Repurchase of common stock	663		(663)
Repurchase of common stock, Shares		(97,500)
Stock-based compensation	1,879		1,879
Exercise of stock options	121		121
Exercise of stock options, Shares		29,485
Other comprehensive income (loss)	35			35
Net loss	(17,115)				(17,115)
Ending Balance, Shares at Jun. 30, 2023		42,299,478
Ending Balance at Jun. 30, 2023	$ 156,700	$ 42	$ 402,667	$ (456)	$ (245,553)

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

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


	As of June 30, 2023			As of December 31, 2022
Property and equipment:
Lab equipment	$	2,980		$	2,858
Leasehold improvements		1,219			1,216
Electronic equipment and software		480			481
Furniture and fixtures		475			475
Total property and equipment		5,154			5,030
Less: accumulated depreciation		(2,279	)		(1,825	)
Property and equipment, net	$	2,875		$	3,205

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
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	2023
Document Fiscal Period Focus	Q2
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 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 Quarterly Report	true
Document Transition Report	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		42,301,253

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	42,299,478	36,257,493
Common stock, shares outstanding	42,299,478	36,257,493

Marketable securities - Summary Of Fair Values Of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Cash and cash equivalents	$ 6,616
Marketable securities	86,444	$ 97,028
Total	$ 93,060	$ 97,028

Research License Agreements

6 Months Ended

Jun. 30, 2023

Research and Development [Abstract]

Research License Agreements

10. 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.