0000950170-24-125481 | 10-Q | XBRL Viewer

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Accrued Expenses and Other Current Liabilities

Note 6. Accrued expenses and other current liabilities

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


	September 30,		December 31,
	2024		2023
Accrued research and development expenses	$	14,226	$	8,803
Accrued compensation		8,003		10,311
Unvested early exercised stock option liability		—		464
Accrued professional services		427		435
Accrued property and equipment		—		13
Other accruals and current liabilities		514		160
Total	$	23,170	$	20,186

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Use of Estimates

Use of estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with US GAAP requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities, expenses, and the disclosure of contingent assets and liabilities in the condensed consolidated financial statements and accompanying notes. Accounting estimates and management judgments reflected in the condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses, stock-based compensation expense, the fair value of long-lived assets, the fair value of equity investments and the incremental borrowing rate for determining the operating lease asset and liability. Management evaluates its estimates on an ongoing basis. Although estimates are based on the Company’s historical experience, knowledge of current events, and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.

Unaudited Interim Financial Information

Unaudited interim financial information

The accompanying condensed consolidated balance sheet as of September 30, 2024, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2024 and 2023 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 are unaudited. The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s condensed consolidated financial position as of September 30, 2024 and the condensed consolidated results of its operations and cash flows for the three and nine months ended September 30, 2024 and 2023. The condensed consolidated financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2024 and 2023 are unaudited. The condensed consolidated results for the three and nine months ended September 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 27, 2024.

Concentration of Credit Risk and Off-Balance Sheet Risk

Concentration of credit risk and off-balance sheet risk

Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company’s investment policy includes guidelines for the quality of the related institutions and financial instruments and defines allowable investments that the Company may invest in, which the Company believes minimizes the exposure to concentration of credit risk.

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash

Cash and cash equivalents include cash in readily available checking and savings accounts and money market funds. The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents.

The Company had deposited cash of $408,000 as of September 30, 2024 and December 31, 2023 to secure a letter of credit in connection with the lease of the Company’s facilities (see Note 10). The Company has classified the restricted cash as a noncurrent asset on its condensed consolidated balance sheets.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands):


	September 30,
	2024		2023
Cash and cash equivalents	$	68,885	$	112,862
Restricted cash		408		408
Total cash, cash equivalents and restricted cash	$	69,293	$	113,270

Marketable Securities and Investments

Marketable securities and investments

The Company classifies all marketable securities as available-for-sale, as the sale of such securities may be required prior to maturity. Management determines the appropriate classification of its marketable securities at the time of purchase. Marketable securities with original maturities beyond three months at the date of purchase and which mature at, or less than 12 months from, the balance sheet date are classified as short-term marketable securities. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported as accumulated other comprehensive income (loss) until realized. The amortized cost of available-for-sale debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. The Company regularly reviews all of its marketable securities for declines in fair value. The review includes the consideration of the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity of the unrealized loss(es), whether the Company has the intent to sell the securities and whether it is more likely than not that the Company will be required to sell the securities before the recovery of their amortized cost basis. If the decline in fair value is due to credit-related factors, a loss is recognized in net income; whereas, if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive income (loss). Realized gains and losses on available-for-sale securities are included in other income or expense. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income.

Through its wholly-owned subsidiary, Erasca Ventures, the Company has also invested in equity securities of a company whose securities are not publicly traded and whose fair value is not readily available (see Notes 3 and 14). This investment is recorded using cost minus impairment, plus or minus changes in its estimated fair value resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Investments in equity securities without readily determinable fair values are assessed for potential impairment on a quarterly basis based on qualitative factors. This investment is included in other assets in the Company's condensed consolidated balance sheets.

Fair Value Measurements

Fair value measurements

Certain assets and liabilities are carried at fair value under US GAAP. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

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

Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently issued accounting pronouncements not yet adopted

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act) and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company can adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to provide enhancements to segment disclosures, even for entities with only one reportable segment. In particular, the standard will require disclosures of significant segment expenses regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. The standard will also require disclosure of all other segment items by reportable segment and a description of its composition. Finally, the standard will require disclosure of the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The standard is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. Retrospective application to all prior periods presented in the financial statements is required. The Company is currently evaluating the impact of the standard on the presentation of its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. In particular, the standard will require more detailed information in the income tax rate reconciliation, as well as the disclosure of income taxes paid disaggregated by jurisdiction, among other enhancements. The standard is effective for the Company in its annual period beginning after December 15, 2025 and early adoption is permitted. The standard allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the impact of the standard on the presentation of its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve the disclosures of expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard can be applied either prospectively or retrospectively. The Company is currently evaluating the impact of the standard on the presentation of its consolidated financial statements and related disclosures.

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for federal income taxes	$ 0	$ 0	$ 0	$ 0
Provision for state income taxes	0	0	0	0
Provision for foreign income taxes	0	0	0	0
Interest or penalties related to income taxes	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Private Placement
Issuance of common stock, costs		$ 1,396
Underwritten Offering
Issuance of common stock, costs		$ 9,574
ATM offering
Issuance of common stock, costs	$ 847

Income Taxes	9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 12. Income taxes No provision for federal, state or foreign income taxes has been recorded for the three and nine months ended September 30, 2024 and 2023. The Company has incurred net operating losses for all the periods presented and has not reflected any benefit of such net operating loss carryforwards in the accompanying condensed consolidated financial statements due to uncertainty around utilizing these tax attributes within their respective carryforward periods. The Company has recorded a full valuation allowance against all of its deferred tax assets as it is not more likely than not that such assets will be realized in the near future. The Company’s policy is to recognize interest expense and penalties related to income tax matters as tax expense. For the three and nine months ended September 30, 2024 and 2023, the Company has not recognized any interest or penalties related to income taxes.

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 12. Income taxes

No provision for federal, state or foreign income taxes has been recorded for the three and nine months ended September 30, 2024 and 2023. The Company has incurred net operating losses for all the periods presented and has not reflected any benefit of such net operating loss carryforwards in the accompanying condensed consolidated financial statements due to uncertainty around utilizing these tax attributes within their respective carryforward periods. The Company has recorded a full valuation allowance against all of its deferred tax assets as it is not more likely than not that such assets will be realized in the near future. The Company’s policy is to recognize interest expense and penalties related to income tax matters as tax expense. For the three and nine months ended September 30, 2024 and 2023, the Company has not recognized any interest or penalties related to income taxes.

- Definition

The entire disclosure for income tax.

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Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (31,200)	$ (63,201)	$ (35,017)	$ (30,361)	$ (31,781)	$ (33,199)	$ (129,418)	$ (95,341)
Weighted-average shares of common stock used in computing net loss per share, basic	282,384,964			150,450,201			217,355,959	150,000,613
Weighted-average shares of common stock used in computing net loss per share, diluted	282,384,964			150,450,201			217,355,959	150,000,613
Net loss per share, basic	$ (0.11)			$ (0.20)			$ (0.60)	$ (0.64)
Net loss per share, diluted	$ (0.11)			$ (0.20)			$ (0.60)	$ (0.64)

- Definition

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

+ References

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- Definition

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

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- Definition

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

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-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Restricted cash	$ 408,000	$ 408,000

Stock-based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Note 9. Stock-based compensation

In July 2021, the Company’s board of directors adopted and the Company’s stockholders approved the Company’s 2021 Incentive Award Plan (the 2021 Plan), which became effective in connection with the IPO. Upon the adoption of the 2021 Plan, the Company ceased making equity grants under its 2018 Equity Incentive Plan (the 2018 Plan). Under the 2021 Plan, the Company may grant stock options, restricted stock, restricted stock units, stock appreciation rights, and other stock or cash-based awards to individuals who are then employees, officers, directors or non-entity consultants of the Company. A total of 15,150,000 shares of common stock were initially reserved for issuance under the 2021 Plan. In addition, the number of shares of common stock available for issuance under the 2021 Plan may be increased annually on the first day of each calendar year during the term of the 2021 Plan, beginning in 2022, by an amount equal to the lesser of (i) 5% of the shares of common stock outstanding on the final day of the immediately preceding calendar year or (ii) such smaller number of shares as determined by the Company’s board of directors or an authorized committee of the board of directors. As of September 30, 2024, there were 12,912,223 stock-based awards available for future grant under the 2021 Plan.

Subsequent to July 2021, no further awards will be granted under the 2018 Plan and all future stock-based awards will be granted under the 2021 Plan. To the extent outstanding options or restricted stock granted under the 2018 Plan are cancelled, forfeited, repurchased, or otherwise terminated without being exercised or becoming vested, and would otherwise have been returned to the share reserve under the 2018 Plan, the number of shares underlying such awards will be available for future grant under the 2021 Plan.

Options granted are exercisable at various dates as determined upon grant and will expire no more than ten years from their date of grant. Stock options generally vest over a four-year term. The exercise price of each option shall be determined by the Company’s board of directors based on the estimated fair value of the Company’s stock on the date of the option grant. The exercise price shall not be less than 100% of the fair market value of the Company’s common stock at the time the option is granted. For holders of more than 10% of the Company’s total combined voting power of all classes of stock, incentive stock options may not be granted at less than 110% of the fair market value of the Company’s common stock on the date of grant and for a term that exceeds five years. Early exercise was permitted for certain grants under the 2018 Plan.

Stock options

A summary of the Company’s stock option activity under the 2021 Plan and 2018 Plan is as follows (in thousands, except share and per share data and years):


						Weighted-
				Weighted-		average remaining		Aggregate
				average		contractual		intrinsic
	Shares			exercise price		term (years)		value
Outstanding at December 31, 2023		24,970,957		$	4.98		8.12	$	4,412
Granted		11,958,945			1.79
Exercised		(441,196	)		1.00
Canceled		(1,955,266	)		4.13
Outstanding at September 30, 2024		34,533,440		$	3.97		7.87	$	16,661
Options exercisable at September 30, 2024		16,767,573		$	4.67		6.88	$	7,412

The weighted-average grant date fair value of options granted for the three and nine months ended September 30, 2024 was $1.86 and $1.29, respectively, and for the three and nine months ended September 30, 2023 was $1.99 and $2.74, respectively. As of September 30, 2024, the unrecognized compensation cost related to unvested stock option grants was $41.9 million and is expected to be recognized as expense over approximately 2.53 years. The intrinsic value of the options exercised for the three and nine months ended September 30, 2024 was $535,000 and $705,000, respectively. The intrinsic value of the options exercised for the three and nine months ended September 30, 2023 was $21,000 and $914,000, respectively.

Prior to the Company's IPO, certain individuals were granted the ability to early exercise their stock options. The shares of common stock issued from the early exercise of unvested stock options are restricted and continue to vest in accordance with the original vesting schedule. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees and non-employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest. The cash received in exchange for exercised and unvested shares related to stock options granted is recorded as a liability for the early exercise of stock options on the accompanying condensed consolidated balance sheets and will be transferred into common stock and additional paid-in capital as the shares vest. As of September 30, 2024 and December 31, 2023, there were zero shares and 371,876 shares subject to repurchase by the Company, respectively. As of September 30, 2024 and December 31, 2023, the Company recorded $0 and $464,000 of liabilities associated with shares issued with repurchase rights, respectively, which is recorded in accrued expenses and other current liabilities.

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Risk-free interest rate	3.69%-4.45%	4.11%-4.39%	3.69%-4.64%	3.46%-4.39%
Expected volatility	81.57%-81.64%	83.73%-84.41%	81.57%-83.91%	83.20%-85.81%
Expected term (in years)	6.02-6.07	6.03-6.08	5.28-6.08	5.50-6.08
Expected dividend yield	--%	--%	--%	--%

Effective May 21, 2024, and in accordance with the terms of the 2021 Plan, the Company's board of directors approved a stock option repricing (the Option Repricing) whereby the exercise price of each Repriced Option (as defined below) was reduced to $2.35 per share, the closing stock price on May 21, 2024. For purposes of the Option Repricing, “Repriced Options” are 7,478,918 outstanding stock options as of May 21, 2024 (vested and unvested) granted under the 2021 Plan and held by those eligible employees of the Company identified by the Company's board of directors, excluding the Company’s Section 16 officers (the Chairman and Chief Executive Officer, the Chief Financial Officer and Chief Business Officer, the Chief Medical Officer, and the General Counsel) and the Company's board of directors.

To the extent a Repriced Option is exercised prior to the Premium End Date (as defined below), the eligible employee will be required to pay the original exercise price per share of the Repriced Options in connection with any exercise of the Repriced Option. The “Premium End Date” means the earliest of (i) May 21, 2026; (ii) the date of a change in control of the Company; (iii) the date of the eligible employee’s death or disability; or (iv) the date of the eligible employee’s termination without cause, provided that such termination without cause occurs after May 21, 2025. Except for the reduction in the exercise prices of the Repriced Options as described above, the Repriced Options will retain their existing terms and conditions as set forth in the 2021 Plan and the applicable award agreements. All repriced options will retain their original vesting schedule.

The Option Repricing resulted in $1.1 million of incremental cost, which was calculated using the Black-Scholes option pricing model, of which $559,000 of the incremental cost will be recognized on a straight-line basis through the Premium End Date, and $558,000 of the incremental cost will be recognized on a straight-line basis over the greater of the period through the Premium End Date or the remaining service period. The incremental cost is included in general and administrative expense and research and development expense on the condensed consolidated statements of operations and comprehensive loss.

Employee stock purchase plan

In July 2021, the Company’s board of directors adopted and the Company’s stockholders approved the Company's 2021 Employee Stock Purchase Plan (the ESPP), which became effective in connection with the IPO. The ESPP permits participants to contribute up to a specified percentage of their eligible compensation during a series of offering periods of 24 months, each comprised of four six-month purchase periods, to purchase the Company’s common stock. The purchase price of the shares will be 85% of the fair market value of the Company’s common stock on the first day of trading of the applicable offering period or on the applicable purchase date, whichever is lower. A total of 1,260,000 shares of common stock was initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP may be increased annually on the first day of each calendar year during the term of the ESPP, beginning in 2022, by an amount equal to the lesser of (i) 1% of the shares of common stock outstanding on the final day of the immediately preceding calendar year or (ii) such smaller number of shares as determined by the Company’s board of directors or an authorized committee of the board of directors. The Company recognized stock-based compensation expense related to the ESPP of $156,000 and $600,000 during the three and nine months ended September 30, 2024, respectively, and $198,000 and $1.3 million during the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, the unrecognized compensation cost related to the ESPP was $891,000 and is expected to be recognized as expense over approximately 1.22 years. As of September 30, 2024 and December 31, 2023, $305,000 and $46,000 has been withheld on behalf of employees for future purchase under the ESPP, respectively, and is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The Company issued and sold zero and 252,444 shares under the ESPP during the three and nine months ended September 30, 2024, respectively, and zero and 223,696 shares under the ESPP during the three and nine months ended September 30, 2023, respectively.

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock to be purchased under the ESPP were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024(1)	2023(1)	2024	2023
Risk-free interest rate	--%	--%	4.75%-5.39%	4.70%-5.35%
Expected volatility	--%	--%	68.73%-74.72%	72.54%-82.79%
Expected term (in years)	--	--	0.49-1.99	0.50-1.99
Expected dividend yield	--%	--%	--%	--%

(1)

No grants were made under the ESPP during the three months ended September 30, 2024 and 2023.

Stock-based compensation expense

The allocation of stock-based compensation for all stock awards was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	3,103	$	3,162	$	10,374	$	10,909
General and administrative		3,534		3,076		10,291		9,186
Total	$	6,637	$	6,238	$	20,665	$	20,095

Common stock reserved for future issuance

Common stock reserved for future issuance consisted of the following as of September 30, 2024 and December 31, 2023:


	September 30,		December 31,
	2024		2023
Stock options issued and outstanding		34,533,440		24,970,957
Awards available for future grant		12,912,223		15,342,797
Shares available for purchase under the ESPP		1,828,237		2,080,681
Total		49,273,900		42,394,435

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment	$ 26,343	$ 29,559
Less accumulated depreciation and amortization	(9,190)	(7,232)
Property and equipment, net	17,153	22,327
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment	4,751	5,620
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment	3,712	4,099
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	16,313	18,173
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment	$ 1,567	$ 1,667

Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Note 5. Property and equipment, net

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


	September 30,			December 31,
	2024			2023
Laboratory equipment	$	4,751		$	5,620
Furniture and fixtures		3,712			4,099
Leasehold improvements		16,313			18,173
Computer equipment and software		1,567			1,667
Property and equipment		26,343			29,559
Less accumulated depreciation and amortization		(9,190	)		(7,232	)
Property and equipment, net	$	17,153		$	22,327

Depreciation and amortization expense related to property and equipment was $842,000 and $3.0 million for the three and nine months ended September 30, 2024, respectively, and $941,000 and $2.8 million for the three and nine months ended September 30, 2023, respectively.

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Percentage of reduction in workforce		18.00%
Charges in connection with reduction in force	$ 0.0	$ 2.2

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Option Activity

A summary of the Company’s stock option activity under the 2021 Plan and 2018 Plan is as follows (in thousands, except share and per share data and years):


						Weighted-
				Weighted-		average remaining		Aggregate
				average		contractual		intrinsic
	Shares			exercise price		term (years)		value
Outstanding at December 31, 2023		24,970,957		$	4.98		8.12	$	4,412
Granted		11,958,945			1.79
Exercised		(441,196	)		1.00
Canceled		(1,955,266	)		4.13
Outstanding at September 30, 2024		34,533,440		$	3.97		7.87	$	16,661
Options exercisable at September 30, 2024		16,767,573		$	4.67		6.88	$	7,412

Schedule of Stock-based Compensation Expense

The allocation of stock-based compensation for all stock awards was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	3,103	$	3,162	$	10,374	$	10,909
General and administrative		3,534		3,076		10,291		9,186
Total	$	6,637	$	6,238	$	20,665	$	20,095

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following as of September 30, 2024 and December 31, 2023:


	September 30,		December 31,
	2024		2023
Stock options issued and outstanding		34,533,440		24,970,957
Awards available for future grant		12,912,223		15,342,797
Shares available for purchase under the ESPP		1,828,237		2,080,681
Total		49,273,900		42,394,435

ESPP

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Assumptions used to Determine Fair Value of Stock Option Grants

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock to be purchased under the ESPP were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024(1)	2023(1)	2024	2023
Risk-free interest rate	--%	--%	4.75%-5.39%	4.70%-5.35%
Expected volatility	--%	--%	68.73%-74.72%	72.54%-82.79%
Expected term (in years)	--	--	0.49-1.99	0.50-1.99
Expected dividend yield	--%	--%	--%	--%

(1)

No grants were made under the ESPP during the three months ended September 30, 2024 and 2023.

Employee Stock Option

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Assumptions used to Determine Fair Value of Stock Option Grants

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee and nonemployee stock option grants were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Risk-free interest rate	3.69%-4.45%	4.11%-4.39%	3.69%-4.64%	3.46%-4.39%
Expected volatility	81.57%-81.64%	83.73%-84.41%	81.57%-83.91%	83.20%-85.81%
Expected term (in years)	6.02-6.07	6.03-6.08	5.28-6.08	5.50-6.08
Expected dividend yield	--%	--%	--%	--%

- 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

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-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

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities Accounted for Available-for-Sale Securities

The following tables summarize the Company’s marketable securities accounted for as available-for-sale securities (in thousands, except years):


	September 30, 2024
	Maturity	Amortized		Unrealized		Unrealized			Estimated
	(in years)	cost		gains		losses			fair value
US treasury securities	1 or less	$	50,620	$	101	$	(4	)	$	50,717
US government agency securities	1 or less		26,776		71		—			26,847
Corporate debt securities	1 or less		40,697		109		(3	)		40,803
Commercial paper	1 or less		131,441		245		(26	)		131,660
US treasury securities	1-2		79,351		686		—			80,037
US government agency securities	1-2		63,708		655		(9	)		64,354
Total		$	392,593	$	1,867	$	(42	)	$	394,418


	December 31, 2023
	Maturity	Amortized		Unrealized		Unrealized			Estimated
	(in years)	cost		gains		losses			fair value
US treasury securities	1 or less	$	93,377	$	74	$	(148	)	$	93,303
US government agency securities	1 or less		26,783		45		(4	)		26,824
Corporate debt securities	1 or less		10,719		15		—			10,734
Commercial paper	1 or less		88,356		68		(10	)		88,414
US treasury securities	1-2		9,605		37		—			9,642
Total		$	228,840	$	239	$	(162	)	$	228,917

Summary of Fair Values and Gross Unrealized Losses for Available-for-sale Securities

The following tables present fair values and gross unrealized losses for those available-for-sale securities that were in an unrealized loss position as of September 30, 2024 and December 31, 2023, aggregated by category and the length of time that the securities have been in a continuous loss position (in thousands):


	September 30, 2024
	Unrealized losses less than 12 months					Unrealized losses 12 months or greater					Total
	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
US treasury securities	$	—	$	—		$	14,976	$	(4	)	$	14,976	$	(4	)
US government agency securities		9,121		(9	)		—		—			9,121		(9	)
Corporate debt securities		8,931		(3	)		—		—			8,931		(3	)
Commercial paper		11,785		(26	)		—		—			11,785		(26	)
Total	$	29,837	$	(38	)	$	14,976	$	(4	)	$	44,813	$	(42	)


	December 31, 2023
	Unrealized losses less than 12 months					Unrealized losses 12 months or greater				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
US treasury securities	$	74,912	$	(148	)	$	—	$	—	$	74,912	$	(148	)
US government agency securities		6,950		(4	)		—		—		6,950		(4	)
Corporate debt securities		748		—			—		—		748		—
Commercial paper		22,944		(10	)		—		—		22,944		(10	)
Total	$	105,554	$	(162	)	$	—	$	—	$	105,554	$	(162	)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Asset Acquisitions - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 30, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Asset Acquisition [Line Items]
In-process research and development				$ 22,500,000
Asana Merger Agreement
Asset Acquisition [Line Items]
Upfront payment made	$ 20,000,000
Future development and regulatory milestone cash payments maximum	$ 90,000,000
Additional shares required to issue upon achieving development milestone	3,888,889
In-process research and development		$ 0	$ 0	0	$ 0
Milestones accrued		$ 0		$ 0		$ 0
Asana Merger Agreement \| Series B-2 Convertible Preferred Stock
Asset Acquisition [Line Items]
Shares issued	4,000,000
Value per share	$ 7.5
Total fair value of equity	$ 30,000,000
Asana Merger Agreement \| Series B-2 Convertible Preferred Stock \| Common Stock \| IPO
Asset Acquisition [Line Items]
Convertible preferred stock converted into shares of common stock	3,333,333

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 68,885	$ 93,075	$ 112,862
Restricted cash	408		408
Total cash, cash equivalents and restricted cash	$ 69,293		$ 113,270

Property and Equipment, Net - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 842,000	$ 941,000	$ 2,973,000	$ 2,790,000

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	September 30,			December 31,
	2024			2023
Laboratory equipment	$	4,751		$	5,620
Furniture and fixtures		3,712			4,099
Leasehold improvements		16,313			18,173
Computer equipment and software		1,567			1,667
Property and equipment		26,343			29,559
Less accumulated depreciation and amortization		(9,190	)		(7,232	)
Property and equipment, net	$	17,153		$	22,327

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair value measurements

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):


			Fair value measurements as of September 30, 2024 using
			Quoted prices in		Significant		Significant
			active markets		other		unobservable
	September 30,		for identical		observable		inputs
	2024		assets (level 1)		inputs (level 2)		(level 3)
Assets:
Money market funds(1)	$	60,123	$	60,123	$	—	$	—
Commercial paper(1)		4,987		—		4,987		—
US treasury securities(2)		50,717		50,717		—		—
US government agency securities(2)		26,847		—		26,847		—
Corporate debt securities(2)		40,803		—		40,803		—
Commercial paper(2)		131,660		—		131,660		—
US treasury securities(3)		80,037		80,037		—		—
US government agency securities(3)		64,354		—		64,354		—
Total fair value of assets	$	459,528	$	190,877	$	268,651	$	—

(1)

Included as cash and cash equivalents on the condensed consolidated balance sheets.

(2)

Included as short-term marketable securities on the condensed consolidated balance sheets.

(3)

Included as long-term marketable securities on the condensed consolidated balance sheets.


			Fair value measurements as of December 31, 2023 using
			Quoted prices in		Significant		Significant
			active markets		other		unobservable
	December 31,		for identical		observable		inputs
	2023		assets (level 1)		inputs (level 2)		(level 3)
Assets:
Money market funds(1)	$	83,101	$	83,101	$	—	$	—
US treasury securities(2)		93,303		93,303		—		—
US government agency securities(2)		26,824		—		26,824		—
Corporate debt securities(2)		10,734		—		10,734		—
Commercial paper(2)		88,414		—		88,414		—
US treasury securities(3)		9,642		9,642		—		—
Total fair value of assets	$	312,018	$	186,046	$	125,972	$	—

(1)

Included as cash and cash equivalents on the condensed consolidated balance sheets.

(2)

Included as short-term marketable securities on the condensed consolidated balance sheets.

(3)

Included as long-term marketable securities on the condensed consolidated balance sheets.

The carrying amounts of the Company’s financial instruments, including cash, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities, approximate fair value due to their short maturities. As of September 30, 2024 and December 31, 2023, the Company held $1.8 million and $2.0 million in equity investments in Affini-T Therapeutics, Inc. (Affini-T) at cost, less impairment, respectively. An impairment adjustment of $402,000 was made to the value of the Company’s equity investment in Affini-T during the nine months ended September 30, 2024. The Company was notified by Affini-T of an extension financing in June 2024 and the terms of such financing. Accordingly, the Company reassessed the value of its equity investment in Affini-T using a market approach. This represented a Level 3 nonrecurring fair value measurement. Calculating the fair value of the equity investment involves unobservable inputs, including the terms and preferences of the extension financing, and significant estimates and assumptions. Changes in the estimates and assumptions used could materially affect the amount of impairment loss recognized in the period the equity investment is considered impaired. This impairment was offset by a new investment obligation of approximately $235,000 recorded during the nine months ended September 30, 2024. In July 2024, the Company paid approximately $157,000 of the obligation related to the extension financing. No adjustment was made to the value of the Company’s equity investment in Affini-T during the three months ended September 30, 2024. No transfers between levels have occurred during the periods presented.

Cash equivalents consist of money market funds and commercial paper, short-term marketable securities consist of US treasury securities, US government agency securities, corporate debt securities and commercial paper, and long-term marketable securities consist of US treasury securities and US government agency securities. The Company obtains pricing information from its investment manager and generally determines the fair value of marketable securities using standard observable inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, and bid and/or offers.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Future Minimum Lease Payments under Operating Leases

Future minimum lease payments under operating leases as of September 30, 2024 are as follows (in thousands):


Year ending December 31,
2024 (remaining three months)	$	2,213
2025		9,024
2026		9,170
2027		9,199
2028		9,277
Thereafter		35,097
Total lease payments	$	73,980
Less: Amount representing interest		(21,041	)
Operating lease liabilities	$	52,939

Stock-based Compensation - Assumptions used to Determine Fair Value of Stock Option Grants (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate, minimum	3.69%	4.11%	3.69%	3.46%
Risk-free interest rate, maximum	4.45%	4.39%	4.64%	4.39%
Expected volatility, minimum	81.57%	83.73%	81.57%	83.20%
Expected volatility, maximum	81.64%	84.41%	83.91%	85.81%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Employee Stock Option \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 7 days	6 years 10 days	5 years 3 months 10 days	5 years 6 months
Employee Stock Option \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 25 days	6 years 29 days	6 years 29 days	6 years 29 days
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	0.00%	0.00%
Risk-free interest rate, minimum			4.75%	4.70%
Risk-free interest rate, maximum			5.39%	5.35%
Expected volatility	0.00%	0.00%
Expected volatility, minimum			68.73%	72.54%
Expected volatility, maximum			74.72%	82.79%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
ESPP \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)			5 months 26 days	6 months
ESPP \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)			1 year 11 months 26 days	1 year 11 months 26 days

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

Note 13. Net loss per share

The following table summarizes the computation of basic and diluted net loss per share of the Company (in thousands, except share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net loss	$	(31,200	)	$	(30,361	)	$	(129,418	)	$	(95,341	)
Weighted-average shares of common stock used in computing net loss per share, basic and diluted		282,384,964			150,450,201			217,355,959			150,000,613
Net loss per share, basic and diluted	$	(0.11	)	$	(0.20	)	$	(0.60	)	$	(0.64	)

The Company’s potentially dilutive securities, which include options to purchase common stock, shares purchasable under the ESPP and common stock subject to repurchase related to options early exercised, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented as amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	September 30,		September 30,
	2024		2023
Options to purchase common stock		34,533,440		25,382,517
Options early exercised subject to future vesting		—		515,366
Estimated shares purchasable under the ESPP		798,238		1,350,546
Total potentially dilutive shares		35,331,678		27,248,429

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	80,000,000	80,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	282,690,975	151,462,103
Common stock, shares outstanding	282,690,975	151,090,227

Leases - Additional Information (Details)			1 Months Ended				3 Months Ended		9 Months Ended
Leases - Additional Information (Details)	Sep. 30, 2024 USD ($) ft²	Jan. 31, 2024 ft²	Apr. 30, 2022	Dec. 31, 2021 USD ($) ft²	Mar. 31, 2021 ft²	Sep. 30, 2020 USD ($) ft²	Sep. 30, 2024 USD ($) ft²	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft²	Sep. 30, 2023 USD ($)	Jul. 31, 2024 ft²	Dec. 31, 2023 USD ($)
Lessee Lease Description [Line Items]
Operating leases cancellable and non-cancellable expiration dates									2032
Operating leases Noncancelable expiration dates									2026
Total lease cost							$ 2,400,000	$ 2,800,000	$ 8,400,000	$ 8,600,000
Operating lease cost							1,800,000	1,900,000	6,200,000	5,700,000
Variable lease costs							940,000	$ 859,000	2,800,000	2,900,000
Cash paid for operating leases									6,100,000	$ 4,700,000
Sublease income							$ 361,000		$ 577,000
Operating lease, weighted-average remaining lease term	7 years 6 months 25 days						7 years 6 months 25 days		7 years 6 months 25 days			8 years 3 months 14 days
Operating lease, weighted-average discount rate	8.96%						8.96%		8.96%			8.95%
Operating lease, aggregate monthly payments to lessor	$ 73,980,000						$ 73,980,000		$ 73,980,000
Letter of credit provided to lessor	408,000						408,000		408,000			$ 408,000
Noncash impairment charge									$ 4,653,000
2020 Lease
Lessee Lease Description [Line Items]
Office space leases \| ft²						59,407
Lease commencement month and year						2021-08
Operating lease initial term						10 years 9 months
Operating lease, aggregate monthly payments to lessor						$ 51,600,000
Tenant improvement allowance						$ 16,800,000
Term for cancellation of lease						84 months
Notice period for cancellation of lease						12 months
Operating lease cancellation payment						$ 2,500,000
2020 Lease \| Letter of Credit
Lessee Lease Description [Line Items]
Letter of credit provided to lessor						$ 408,000
Line of credit facility, expiration date						Jul. 29, 2032
First Amendment to 2020 Lease
Lessee Lease Description [Line Items]
Office space leases \| ft²					18,421
Lease commencement month and year			2022-05		2022-02
2021 Lease
Lessee Lease Description [Line Items]
Office space leases \| ft²				29,542
Lease commencement month and year				2022-07
Operating lease initial term				124 months
Operating lease option to extend									5 years
Operating lease existence of option to extend [true false]									true
Operating lease, aggregate monthly payments to lessor				$ 34,400,000
Tenant improvement allowance				8,200,000
Prepaid rent	$ 5,100,000						$ 5,100,000		$ 5,100,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating Lease, Right-of-Use Asset						Operating Lease, Right-of-Use Asset		Operating Lease, Right-of-Use Asset
2021 Lease \| Other Assets
Lessee Lease Description [Line Items]
Security deposit paid				$ 874,000
2024 Lease
Lessee Lease Description [Line Items]
Sublease income							$ 361,000		$ 577,000
Office space leases \| ft²	5,000	10,000					5,000		5,000		18,421
Lessor, Operating lease initial term	1 year	3 years					1 year		1 year		61 months
Lessor, Operating lease existence of option to extend [true false]	true	true
Lessor, Operating lease existence of option to terminate [true false]		true
Lease discount rate	13.50%						13.50%		13.50%
Noncash impairment charge							$ 0		$ 4,700,000
Operating lease assets impairment							0		2,400,000
Leasehold improvements and furniture impairment							0		2,300,000
2024 Lease \| Research and Development Expense
Lessee Lease Description [Line Items]
Noncash impairment charge							0		3,000,000
2024 Lease \| General and Administrative Expense
Lessee Lease Description [Line Items]
Noncash impairment charge							$ 0		$ 1,700,000

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development	$ 27,631	$ 25,213	$ 89,237	$ 79,016
In-process research and development			22,500
General and administrative	9,611	9,445	32,138	28,637
Total operating expenses	37,242	34,658	143,875	107,653
Loss from operations	(37,242)	(34,658)	(143,875)	(107,653)
Other income (expense)
Interest income	5,869	4,346	14,810	12,474
Other income (expense), net	173	(49)	(353)	(162)
Total other income (expense), net	6,042	4,297	14,457	12,312
Net loss	$ (31,200)	$ (30,361)	$ (129,418)	$ (95,341)
Net loss per share, basic	$ (0.11)	$ (0.20)	$ (0.60)	$ (0.64)
Net loss per share, diluted	$ (0.11)	$ (0.20)	$ (0.60)	$ (0.64)
Weighted-average shares of common stock used in computing net loss per share, basic	282,384,964	150,450,201	217,355,959	150,000,613
Weighted-average shares of common stock used in computing net loss per share, diluted	282,384,964	150,450,201	217,355,959	150,000,613
Other comprehensive income (loss):
Unrealized gain on marketable securities, net	$ 2,021	$ 218	$ 1,748	$ 466
Comprehensive loss	$ (29,179)	$ (30,143)	$ (127,670)	$ (94,875)

Stock-based Compensation - Summary of Stock Option Activity (Details) - Employee Stock Option $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Outstanding at December 31, 2023 \| shares	24,970,957
Shares Granted \| shares	11,958,945
Shares Exercised \| shares	(441,196)
Shares Canceled \| shares	(1,955,266)
Shares Outstanding at June 30, 2024 \| shares	34,533,440	24,970,957
Shares Options exercisable at June 30, 2024 \| shares	16,767,573
Weighted-average exercise price, Outstanding at December 31, 2023 \| $ / shares	$ 4.98
Weighted-average exercise price, Granted \| $ / shares	1.79
Weighted-average exercise price, Exercised \| $ / shares	1
Weighted-average exercise price, Canceled \| $ / shares	4.13
Weighted-average exercise price, Outstanding at June 30, 2024 \| $ / shares	3.97	$ 4.98
Weighted-average exercise price, Options exercisable at June 30, 2024 \| $ / shares	$ 4.67
Weighted-average remaining contractual term (years), Outstanding	7 years 10 months 13 days	8 years 1 month 13 days
Weighted-average remaining contractual term (years), Options exercisable at June 30, 2024	6 years 10 months 17 days
Aggregate intrinsic value, Outstanding \| $	$ 16,661	$ 4,412
Aggregate intrinsic value, Options exercisable at June 30, 2024 \| $	$ 7,412

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss Per Share

The following table summarizes the computation of basic and diluted net loss per share of the Company (in thousands, except share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Net loss	$	(31,200	)	$	(30,361	)	$	(129,418	)	$	(95,341	)
Weighted-average shares of common stock used in computing net loss per share, basic and diluted		282,384,964			150,450,201			217,355,959			150,000,613
Net loss per share, basic and diluted	$	(0.11	)	$	(0.20	)	$	(0.60	)	$	(0.64	)

Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share


	September 30,		September 30,
	2024		2023
Options to purchase common stock		34,533,440		25,382,517
Options early exercised subject to future vesting		—		515,366
Estimated shares purchasable under the ESPP		798,238		1,350,546
Total potentially dilutive shares		35,331,678		27,248,429

Fair Value Measurements - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Jul. 31, 2024	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Impairment adjustment to equity investment			$ 402,000
Obligation for investment in equity securities			235,000
Payment for investment obligation	$ 157,000
Measurement at fair value, transfers among Level 1, Level 2 or Level 3		$ 0		$ 0
Affini T Therapeutics, Inc.
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment in equity securities		1,800,000	1,800,000	$ 2,000,000
Impairment adjustment to equity investment			$ 402,000
Adjustments to value of investment in equity securities		$ 0

- 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 + Details

Stock-based Compensation - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	49,273,900	42,394,435
Stock Options Issued and Outstanding
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	34,533,440	24,970,957
Awards Available for Future Grant
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	12,912,223	15,342,797
Shares Available for Purchase Under ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	1,828,237	2,080,681

- 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

+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	ERASCA, INC.
Entity Central Index Key	0001761918
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity File Number	001-40602
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1217027
Entity Address, Address Line One	3115 Merryfield Row
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	465-6511
Entity Current Reporting Status	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		282,727,282
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	ERAS
Security Exchange Name	NASDAQ

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11. Commitments and contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are no matters currently outstanding for which any such liabilities have been accrued.

Strategic reprioritization

In May 2024, in connection with the execution of the Joyo License Agreement and the Medshine License Agreement, the Company approved a strategic reprioritization to focus the Company’s resources on its naporafenib program, its ERAS-0015 product candidate, which is the lead candidate from the Joyo License Agreement, and its ERAS-4001 product candidate, which is the lead candidate from the Medshine License Agreement. The Company deprioritized its HERKULES-3 clinical trial evaluating ERAS-007 in combination with encorafenib and cetuximab (EC) in patients with EC-naïve BRAFm colorectal cancer, its THUNDERBBOLT-1 clinical trial evaluating ERAS-801 in patients with recurrent glioblastoma, and its ERAS-4 pan-KRAS program. The Company will explore further advancement of the ERAS-801 program, including via partnerships and select investigator-sponsored trials, and certain of the existing ERAS-4 molecules may serve as backup compounds for ERAS-4001. In connection with this strategic reprioritization, the Company also approved a reduction in the Company’s workforce by approximately 18%, primarily affecting employees working in certain drug discovery functions or on the deprioritized programs and trials. As a result, the Company recognized $0 and $2.2 million in total charges in the three and nine months ended September 30, 2024 in the condensed consolidated statements of operations and comprehensive loss based upon the underlying employees’ role within the Company in connection with the reduction in force. These charges consisted primarily of one-time cash charges for termination benefits which were substantially all paid in June 2024.

Asset Acquisitions

9 Months Ended

Sep. 30, 2024

Asset Acquisition [Abstract]

Asset Acquisitions

Note 7. Asset acquisitions

The following purchased assets were accounted for as asset acquisitions as substantially all of the fair value of the assets acquired were concentrated in a group of similar assets, and the acquired assets did not have outputs or employees. Because the assets had not yet received regulatory approval, the fair value attributable to these assets was recorded as in-process research and development expenses in the Company’s condensed consolidated statements of operations and comprehensive loss.

Asana BioSciences, LLC

In November 2020, the Company entered into the Asana Merger Agreement, pursuant to which ASN became its wholly-owned subsidiary. Asana and ASN had previously entered into a license agreement, which was amended and restated prior to the closing of the merger transaction (the Asana License Agreement, and collectively with the Asana Merger Agreement, the Asana Agreements), pursuant to which ASN acquired an exclusive, worldwide license to certain intellectual property rights relating to inhibitors of ERK1 and ERK2 owned or controlled by Asana to develop and commercialize ERAS-007 and certain other related compounds for all applications.

Under the Asana Merger Agreement, in 2020, the Company made an upfront payment of $20.0 million and issued 4,000,000 shares of its Series B-2 convertible preferred stock to Asana at a value of $7.50 per share or a total fair value of equity of $30.0 million. In connection with the Company's IPO, these shares of Series B-2 convertible preferred stock were converted into 3,333,333 shares of the Company’s common stock. The Company is obligated to make future development and regulatory milestone cash payments for a licensed product in an amount of up to $90.0 million. Additionally, upon achieving a development milestone related to demonstration of successful proof-of-concept in a specified clinical trial, the Company will also be required to issue 3,888,889 shares of its common stock to Asana. The Company is not obligated to pay royalties on the net sales of licensed products. No IPR&D expense was recorded during the three and nine months ended September 30, 2024 and 2023. As of September 30, 2024 and December 31, 2023, no milestones had been accrued as the underlying contingencies were not probable or estimable.

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

Note 14. Related party transactions

Erasca Foundation

In May 2021, the Company established the Erasca Foundation to provide support such as funding research, patient advocacy, patient support and education in underserved populations, and funding for other initiatives to positively impact society that align with the Company’s mission. The Company's chief executive officer and certain board members serve as directors of the Erasca Foundation and the Company's chief executive officer, chief financial officer and chief business officer, and general counsel are also officers of the Erasca Foundation. In April 2023, the Company loaned the Erasca Foundation $125,000 in exchange for a non-interest bearing promissory note that matures one year following the date of the note. In December 2023, the Erasca Foundation repaid the note. In April 2024, the Company donated $125,000 to the Erasca Foundation, which is recorded in general and administrative expense in the condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2024. No such expense was recorded for the three months ended September 30, 2024.

Affini-T Therapeutics, Inc.

As of September 30, 2024 and December 31, 2023, the Company held a $1.8 million and $2.0 million equity investment in Affini-T, respectively (see Note 3). One of the Company’s board members is also a member of the board of Affini-T.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Net Loss Per Share - Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	35,331,678	27,248,429
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	34,533,440	25,382,517
Options Early Exercised Subject to Future Vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	0	515,366
Estimated Shares Purchasable Under the ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	798,238	1,350,546

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (129,418,000)	$ (95,341,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,973,000	2,790,000
Stock-based compensation expense	20,665,000	20,095,000
In-process research and development expenses	22,500,000
Accretion on marketable securities, net	(7,237,000)	(4,756,000)
Impairment charge on operating lease assets and property and equipment	4,653,000
Impairment charge on investment in equity securities	402,000
Changes in operating assets and liabilities:
Prepaid expenses and other current and long-term assets	(2,599,000)	(38,000)
Accounts payable	405,000	777,000
Accrued expenses and other current and long-term liabilities	3,158,000	(3,253,000)
Operating lease assets and liabilities, net	(355,000)	3,297,000
Net cash used in operating activities	(84,853,000)	(76,429,000)
Cash flows from investing activities:
Purchases of marketable securities	(336,091,000)	(253,272,000)
Maturities of marketable securities	179,575,000	179,200,000
In-process research and development	(22,500,000)	(20,000,000)
Payment made for investment in equity securities	(157,000)
Purchases of property and equipment	(60,000)	(1,693,000)
Net cash used in investing activities	(179,233,000)	(95,765,000)
Cash flows from financing activities:
Proceeds from issuance of common stock in private placement, net of fees and expenses	43,604,000
Proceeds from the exercise of stock options	440,000	312,000
Proceeds from issuance of common stock under the Employee Stock Purchase Plan	395,000	527,000
Net cash provided by financing activities	239,896,000	839,000
Net decrease in cash, cash equivalents and restricted cash	(24,190,000)	(171,355,000)
Cash, cash equivalents and restricted cash at beginning of the period	93,483,000	284,625,000
Cash, cash equivalents and restricted cash at end of the period	69,293,000	113,270,000
Supplemental disclosure of noncash investing and financing activities:
Amounts accrued for purchases of property and equipment		54,000
Vesting of early exercised options	465,000	$ 1,063,000
Obligation accrued for investment in equity securities	78,000
Underwritten Offering
Cash flows from financing activities:
Proceeds from issuance of common stock	174,426,000
ATM offering
Cash flows from financing activities:
Proceeds from issuance of common stock	$ 21,031,000

Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 6,637	$ 6,238	$ 20,665	$ 20,095
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	3,103	3,162	10,374	10,909
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 3,534	$ 3,076	$ 10,291	$ 9,186

- 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

+ Details

Related Party Transactions - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
General and administrative			$ 9,611,000	$ 9,445,000	$ 32,138,000	$ 28,637,000
Affini T Therapeutics, Inc.
Related Party Transaction [Line Items]
Investment in equity securities			1,800,000		$ 1,800,000		$ 2,000,000
Erasca Foundation
Related Party Transaction [Line Items]
Amount loaned in exchange of non-interest bearing promissory note		$ 125,000
General and administrative			$ 0
Amount donated to related party	$ 125,000

License Agreements - Additional Information (Details) - USD ($)	1 Months Ended							3 Months Ended		9 Months Ended
	May 31, 2024	Dec. 31, 2022	Mar. 31, 2022	Jan. 31, 2021	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
License Agreements [Line Items]
In-process research and development										$ 22,500,000
License Agreement \| Novartis Pharma AG
License Agreements [Line Items]
Upfront payment		$ 20,000,000
In-process research and development								$ 0	$ 0	0	$ 0
Stock issued, value		$ 80,000,000
Stock issued and sold		12,307,692
License Agreement \| Novartis Pharma AG \| Maximum
License Agreements [Line Items]
Development and regulatory milestone payments obligation		$ 80,000,000
Sales milestone payments obligation		$ 200,000,000
License Agreement \| NiKang Therapeutics, Inc.
License Agreements [Line Items]
Upfront payment							$ 5,000,000
Reimbursement of certain initial manufacturing costs							400,000
Payment for US patent application					$ 7,000,000
In-process research and development								0	0	0	0
License Agreement \| NiKang Therapeutics, Inc. \| First Licensed Product
License Agreements [Line Items]
Payment of development and regulatory milestone obligation				$ 4,000,000
License Agreement \| NiKang Therapeutics, Inc. \| First Licensed Product \| Maximum
License Agreements [Line Items]
Development and regulatory milestone payments obligation							16,000,000
Commercial milestone payments obligation							157,000,000
License Agreement \| NiKang Therapeutics, Inc. \| Second Licensed Product
License Agreements [Line Items]
Development and regulatory milestone payments obligation							12,000,000
Commercial milestone payments obligation							$ 151,000,000
License Agreement \| Katmai Pharmaceuticals, Inc.
License Agreements [Line Items]
Upfront payment						$ 5,700,000
Payment of development and regulatory milestone obligation			$ 2,000,000
In-process research and development								0	$ 0	0	$ 0
License Agreement \| Katmai Pharmaceuticals, Inc. \| Series B-1 Convertible Preferred Stock and Series B-2 Convertible Preferred Stock
License Agreements [Line Items]
Stock issued, value						$ 2,700,000
License Agreement \| Katmai Pharmaceuticals, Inc. \| Series B-1 Convertible Preferred Stock and Series B-2 Convertible Preferred Stock \| IPO
License Agreements [Line Items]
Conversion of convertible preferred stock into common stock						395,555
License Agreement \| Katmai Pharmaceuticals, Inc. \| Series B-1 Convertible Preferred Stock
License Agreements [Line Items]
Stock issued, value					$ 1,800,000
Stock issued and sold					356,000
License Agreement \| Katmai Pharmaceuticals, Inc. \| Series B-2 Convertible Preferred Stock
License Agreements [Line Items]
Stock issued, value				$ 900,000
Stock issued and sold				118,666
License Agreement \| Katmai Pharmaceuticals, Inc. \| Maximum
License Agreements [Line Items]
Development and regulatory milestone payments obligation						$ 26,000,000
Commercial milestone payments obligation						$ 101,000,000
Joyo License Agreement \| Guangzhou Joyo Pharmatech Co., Ltd.
License Agreements [Line Items]
Upfront payment	$ 12,500,000
In-process research and development								0		12,500,000
Joyo License Agreement \| Guangzhou Joyo Pharmatech Co., Ltd. \| Maximum
License Agreements [Line Items]
Development and regulatory milestone payments obligation	51,500,000
Development and regulatory milestone payments obligation if territory expanded	57,500,000
Commercial milestone payments obligation	125,000,000
Joyo License Agreement \| Guangzhou Joyo Pharmatech Co., Ltd. \| Phase 2 Clinical Trial
License Agreements [Line Items]
Payment for option to expand territory of license on or prior to first dosing of first patient	50,000,000
Payment for option to expand territory of license after first dosing of first patient	150,000,000
Medshine License Agreement \| Medshine Discovery Inc.
License Agreements [Line Items]
Upfront payment	10,000,000
In-process research and development								$ 0		$ 10,000,000
Medshine License Agreement \| Medshine Discovery Inc. \| Maximum
License Agreements [Line Items]
Development and regulatory milestone payments obligation	30,000,000
Commercial milestone payments obligation	$ 130,000,000

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Organization and Basis of Presentation - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended		9 Months Ended
	Apr. 02, 2024	May 31, 2024	Mar. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Organization And Basis Of Presentation [Line Items]
Cash, cash equivalents, and short-term marketable securities				$ 318,900,000		$ 318,900,000
Long-term marketable securities				144,391,000		144,391,000	$ 9,642,000
Accumulated deficit				(735,431,000)		(735,431,000)	$ (606,013,000)
Private Placement
Organization And Basis Of Presentation [Line Items]
Proceeds from private placement, after deducting placement agent fees and expenses	$ 43,600,000
Offering costs	$ 1,400,000
Underwritten Offering
Organization And Basis Of Presentation [Line Items]
Net proceeds from offering						$ 174,426,000
Net proceeds from underwritten offering		$ 174,400,000
Underwriting discounts and commissions and offering costs, net		$ 9,600,000
Common Stock \| Private Placement
Organization And Basis Of Presentation [Line Items]
Stock issued and sold			21,844,660		21,844,660
Price per share			$ 2.06
Weighted average price per share			$ 2.06
Common Stock \| Underwritten Offering
Organization And Basis Of Presentation [Line Items]
Stock issued and sold		99,459,458			99,459,458
Price per share		$ 1.85
Weighted average price per share		$ 1.85
Underwriters option to purchase additional shares		12,972,972
Common Stock \| 2024 ATM Offering
Organization And Basis Of Presentation [Line Items]
Offering costs				847,000
Net proceeds from offering				$ 21,000,000
Common Stock \| 2024 ATM Offering \| Jefferies LLC
Organization And Basis Of Presentation [Line Items]
Price per share				$ 2.37		$ 2.37
Number of stock sold				9,231,114
Weighted average price per share				$ 2.37		$ 2.37
Common Stock \| 2024 ATM Offering \| Jefferies LLC \| Maximum
Organization And Basis Of Presentation [Line Items]
Aggregate offering price				$ 200,000,000		$ 200,000,000
Percentage of commission on gross sales proceeds						3.00%

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 68,885,000	$ 93,075,000
Short-term marketable securities	250,027,000	219,275,000
Prepaid expenses and other current assets	11,262,000	8,326,000
Total current assets	330,174,000	320,676,000
Long-term marketable securities	144,391,000	9,642,000
Property and equipment, net	17,153,000	22,327,000
Operating lease assets	32,891,000	37,861,000
Restricted cash	408,000	408,000
Other assets	3,879,000	4,383,000
Total assets	528,896,000	395,297,000
Current liabilities:
Accounts payable	2,405,000	2,000,000
Accrued expenses and other current liabilities	23,170,000	20,186,000
Operating lease liabilities	4,450,000	3,970,000
Total current liabilities	30,025,000	26,156,000
Operating lease liabilities, net of current portion	48,489,000	51,889,000
Other liabilities	340,000	566,000
Total liabilities	78,854,000	78,611,000
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.0001 par value; 80,000,000 shares authorized at September 30, 2024 and December 31, 2023; no shares issued and outstanding at September 30, 2024 and December 31, 2023
Common stock, $0.0001 par value; 800,000,000 shares authorized at September 30, 2024 and December 31, 2023; 282,690,975 shares issued and outstanding at September 30, 2024; 151,462,103 and 151,090,227 shares issued and outstanding at December 31, 2023, respectively	28,000	15,000
Additional paid-in capital	1,183,620,000	922,607,000
Accumulated other comprehensive income	1,825,000	77,000
Accumulated deficit	(735,431,000)	(606,013,000)
Total stockholders' equity	450,042,000	316,686,000
Total liabilities and stockholders' equity	$ 528,896,000	$ 395,297,000

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 14,226	$ 8,803
Accrued compensation	8,003	10,311
Unvested early exercised stock option liability		464
Accrued professional services	427	435
Accrued property and equipment		13
Other accruals and current liabilities	514	160
Total	$ 23,170	$ 20,186

Marketable Securities - Summary of Marketable Securities Accounted for Available-for-Sale-Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Available for sale securities, Amortized cost	$ 392,593	$ 228,840
Available for sale securities, Unrealized gains	1,867	239
Available for sale securities, Unrealized losses	(42)	(162)
Available for sale securities, Estimated fair value	394,418	228,917
US Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Available for sale securities, Amortized cost	50,620	93,377
Available for sale securities, Unrealized gains	101	74
Available for sale securities, Unrealized losses	(4)	(148)
Available for sale securities, Estimated fair value	$ 50,717	$ 93,303
US Treasury Securities \| Maximum
Schedule Of Available For Sale Securities [Line Items]
Maturity	1 year	1 year
US Government Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Available for sale securities, Amortized cost	$ 26,776	$ 26,783
Available for sale securities, Unrealized gains	71	45
Available for sale securities, Unrealized losses		(4)
Available for sale securities, Estimated fair value	$ 26,847	$ 26,824
US Government Agency Securities \| Maximum
Schedule Of Available For Sale Securities [Line Items]
Maturity	1 year	1 year
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Available for sale securities, Amortized cost	$ 40,697	$ 10,719
Available for sale securities, Unrealized gains	109	15
Available for sale securities, Unrealized losses	(3)
Available for sale securities, Estimated fair value	$ 40,803	$ 10,734
Corporate Debt Securities \| Maximum
Schedule Of Available For Sale Securities [Line Items]
Maturity	1 year	1 year
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Available for sale securities, Amortized cost	$ 131,441	$ 88,356
Available for sale securities, Unrealized gains	245	68
Available for sale securities, Unrealized losses	(26)	(10)
Available for sale securities, Estimated fair value	$ 131,660	$ 88,414
Commercial Paper \| Maximum
Schedule Of Available For Sale Securities [Line Items]
Maturity	1 year	1 year
US Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Available for sale securities, Amortized cost	$ 79,351	$ 9,605
Available for sale securities, Unrealized gains	686	37
Available for sale securities, Estimated fair value	$ 80,037	$ 9,642
US Treasury Securities \| Minimum
Schedule Of Available For Sale Securities [Line Items]
Maturity	1 year	1 year
US Treasury Securities \| Maximum
Schedule Of Available For Sale Securities [Line Items]
Maturity	2 years	2 years
US Government Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Available for sale securities, Amortized cost	$ 63,708
Available for sale securities, Unrealized gains	655
Available for sale securities, Unrealized losses	(9)
Available for sale securities, Estimated fair value	$ 64,354
US Government Agency Securities \| Minimum
Schedule Of Available For Sale Securities [Line Items]
Maturity	1 year
US Government Agency Securities \| Maximum
Schedule Of Available For Sale Securities [Line Items]
Maturity	2 years

Stock-based Compensation - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended		5 Months Ended	9 Months Ended
	May 21, 2024	Jul. 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance			49,273,900			49,273,900		42,394,435
Share-based compensation, shares subject to repurchase			0			0		371,876
Stock-based compensation			$ 6,637,000	$ 6,238,000		$ 20,665,000	$ 20,095,000
Accrued Expenses and Other Current Liabilities
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation, liabilities associated with shares issued with repurchase rights			$ 0			$ 0		$ 464,000
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation, common stock grant in period, term						5 years
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance			34,533,440			34,533,440		24,970,957
Stock vesting period						4 years
Weighted-average grant date fair value of options granted			$ 1.86	$ 1.99		$ 1.29	$ 2.74
Unrecognized compensation cost related to unvested stock option grants			$ 41,900,000			$ 41,900,000
Unrecognized compensation cost expected to be recognized as expense, period						2 years 6 months 10 days
Intrinsic value of options exercised			$ 535,000	$ 21,000		$ 705,000	$ 914,000
Share-based compensation, options granted that vest based on performance milestone						11,958,945
Employee Stock Option \| Minimum \| At the Time Option is Granted
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of fair market value of common stock						100.00%
Employee Stock Option \| Minimum \| For Holders of More Than 10% of Company's Total Combined Voting Power of All Classes of Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of fair market value of common stock						110.00%
Employee Stock Option \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation, plan expiration period						10 years
Option Repricing \| Black-Scholes Option Pricing Model
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment arrangement, incremental cost	$ 1,100,000
Option Repricing \| Straight-line Basis Through Premium End Date
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment arrangement, incremental cost	559,000
Option Repricing \| Straight-line Basis Over Greater of Period Through Premium End Date
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment arrangement, incremental cost	$ 558,000
2018 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation, options granted that vest based on performance milestone					0
2021 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance			12,912,223			12,912,223
Shares of common stock, authorized for issuance		15,150,000
Percentage of outstanding common stock maximum		5.00%
2021 Incentive Award Plan \| Option Repricing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation, options repriced	7,478,918
Decrease in stock option, exercise price	$ 2.35
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		1,260,000
Unrecognized compensation cost related to unvested stock option grants			$ 891,000			$ 891,000
Unrecognized compensation cost expected to be recognized as expense, period						1 year 2 months 19 days
Stock-based compensation			156,000	$ 198,000		$ 600,000	$ 1,300,000
Share-based payment arrangement, withheld on behalf of employees for future purchase			$ 305,000			$ 305,000		$ 46,000
Offering period		24 months
Purchase period		6 months
Shares issued under ESPP			0	0		252,444	223,696
ESPP \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of fair market value of common stock		85.00%

Leases - Schedule of Future Minimum Lease Payments under Operating Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining three months)	$ 2,213
2025	9,024
2026	9,170
2027	9,199
2028	9,277
Thereafter	35,097
Total lease payments	73,980
Less: Amount representing interest	(21,041)
Operating lease liabilities	$ 52,939

Marketable Securities - Summary of Fair Values and Gross Unrealized Losses for Available-for-sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Unrealized losses less than 12 months, Fair value	$ 29,837	$ 105,554
Unrealized losses less than 12 months, Unrealized losses	(38)	(162)
Unrealized losses 12 months or greater, Fair value	14,976
Unrealized losses 12 months or greater, Unrealized losses	(4)
Fair value, Total	44,813	105,554
Unrealized losses, Total	(42)	(162)
US Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Unrealized losses less than 12 months, Fair value		74,912
Unrealized losses less than 12 months, Unrealized losses		(148)
Unrealized losses 12 months or greater, Fair value	14,976
Unrealized losses 12 months or greater, Unrealized losses	(4)
Fair value, Total	14,976	74,912
Unrealized losses, Total	(4)	(148)
US Government Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Unrealized losses less than 12 months, Fair value	9,121	6,950
Unrealized losses less than 12 months, Unrealized losses	(9)	(4)
Fair value, Total	9,121	6,950
Unrealized losses, Total	(9)	(4)
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Unrealized losses less than 12 months, Fair value	8,931	748
Unrealized losses less than 12 months, Unrealized losses	(3)
Fair value, Total	8,931	748
Unrealized losses, Total	(3)
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Unrealized losses less than 12 months, Fair value	11,785	22,944
Unrealized losses less than 12 months, Unrealized losses	(26)	(10)
Fair value, Total	11,785	22,944
Unrealized losses, Total	$ (26)	$ (10)

Marketable Securities - Additional Information (Details) $ in Thousands	Sep. 30, 2024 USD ($) Position	Dec. 31, 2023 USD ($) Position
Investments, Debt and Equity Securities [Abstract]
Available of sale securities, unrealized loss position, Number of positions \| Position	7	22
Available for sale securities, gross unrealized loss position	$ 44,813	$ 105,554
Available of sale securities, unrealized loss position, greater than 12 months, Number of positions \| Position	3	0
Available of sale securities, unrealized loss position, greater than 12 months	$ 14,976
Available-for-sale securities, accrued interest	$ 2,400	$ 1,100
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (31,200)	$ (63,201)	$ (35,017)	$ (30,361)	$ (31,781)	$ (33,199)	$ (129,418)	$ (95,341)

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Private Placement	Underwritten Offering	ATM offering	Common Stock	Common Stock Private Placement	Common Stock Underwritten Offering	Common Stock ATM offering	Additional Paid-in Capital	Additional Paid-in Capital Private Placement	Additional Paid-in Capital Underwritten Offering	Additional Paid-in Capital ATM offering	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance, shares at Dec. 31, 2022					150,448,363
Beginning balance at Dec. 31, 2022	$ 411,853				$ 15				$ 893,850				$ (1,041)	$ (480,971)
Exercise of stock options, shares					199,344
Exercise of stock options	183								183
Vesting of early exercised stock options	243								243
Stock-based compensation expense	6,845								6,845
Net loss	(33,199)													(33,199)
Unrealized gain (loss) on marketable securities, net	527												527
Ending balance, shares at Mar. 31, 2023					150,647,707
Ending balance at Mar. 31, 2023	386,452				$ 15				901,121				(514)	(514,170)
Beginning balance, shares at Dec. 31, 2022					150,448,363
Beginning balance at Dec. 31, 2022	411,853				$ 15				893,850				(1,041)	(480,971)
Net loss	(95,341)
Ending balance, shares at Sep. 30, 2023					151,053,118
Ending balance at Sep. 30, 2023	338,975				$ 15				915,847				(575)	(576,312)
Beginning balance, shares at Mar. 31, 2023					150,647,707
Beginning balance at Mar. 31, 2023	386,452				$ 15				901,121				(514)	(514,170)
Exercise of stock options, shares					170,715
Exercise of stock options	122								122
Issuance of common stock under the Employee Stock Purchase Plan	527								527
Issuance of common stock under the Employee Stock Purchase Plan, Shares					223,696
Vesting of early exercised stock options	652								652
Stock-based compensation expense	7,012								7,012
Net loss	(31,781)													(31,781)
Unrealized gain (loss) on marketable securities, net	(279)												(279)
Ending balance, shares at Jun. 30, 2023					151,042,118
Ending balance at Jun. 30, 2023	362,705				$ 15				909,434				(793)	(545,951)
Exercise of stock options, shares					11,000
Exercise of stock options	7								7
Vesting of early exercised stock options	168								168
Stock-based compensation expense	6,238								6,238
Net loss	(30,361)													(30,361)
Unrealized gain (loss) on marketable securities, net	218												218
Ending balance, shares at Sep. 30, 2023					151,053,118
Ending balance at Sep. 30, 2023	$ 338,975				$ 15				915,847				(575)	(576,312)
Beginning balance, shares at Dec. 31, 2023	151,462,103				151,462,103
Beginning balance at Dec. 31, 2023	$ 316,686				$ 15				922,607				77	(606,013)
Exercise of stock options, shares					35,035
Exercise of stock options	24								24
Vesting of early exercised stock options	155								155
Stock-based compensation expense	6,848								6,848
Net loss	(35,017)													(35,017)
Unrealized gain (loss) on marketable securities, net	(287)												(287)
Ending balance, shares at Mar. 31, 2024					151,497,138
Ending balance at Mar. 31, 2024	$ 288,409				$ 15				929,634				(210)	(641,030)
Beginning balance, shares at Dec. 31, 2023	151,462,103				151,462,103
Beginning balance at Dec. 31, 2023	$ 316,686				$ 15				922,607				77	(606,013)
Net loss	$ (129,418)
Ending balance, shares at Sep. 30, 2024	282,690,975				282,690,975
Ending balance at Sep. 30, 2024	$ 450,042				$ 28				1,183,620				1,825	(735,431)
Beginning balance, shares at Mar. 31, 2024					151,497,138
Beginning balance at Mar. 31, 2024	288,409				$ 15				929,634				(210)	(641,030)
Issuance of common stock		$ 43,604	$ 174,426			$ 2	$ 10			$ 43,602	$ 174,416
Issuance of common stock, share						21,844,660	99,459,458
Exercise of stock options, shares					110,258
Exercise of stock options	105								105
Issuance of common stock under the Employee Stock Purchase Plan	395								395
Issuance of common stock under the Employee Stock Purchase Plan, Shares					252,444
Vesting of early exercised stock options	155								155
Stock-based compensation expense	7,180								7,180
Net loss	(63,201)													(63,201)
Unrealized gain (loss) on marketable securities, net	14												14
Ending balance, shares at Jun. 30, 2024					273,163,958
Ending balance at Jun. 30, 2024	451,087				$ 27				1,155,487				(196)	(704,231)
Issuance of common stock				$ 21,031				$ 1				$ 21,030
Issuance of common stock, share								9,231,114
Exercise of stock options, shares					295,903
Exercise of stock options	311								311
Vesting of early exercised stock options	155								155
Stock-based compensation expense	6,637								6,637
Net loss	(31,200)													(31,200)
Unrealized gain (loss) on marketable securities, net	$ 2,021												2,021
Ending balance, shares at Sep. 30, 2024	282,690,975				282,690,975
Ending balance at Sep. 30, 2024	$ 450,042				$ 28				$ 1,183,620				$ 1,825	$ (735,431)