0000950170-22-004239 | 10-K | XBRL Viewer

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BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 226,006	$ 78,446
Short-term investments, available-for-sale	10,973	215,154
Prepaid expenses and other current assets	3,543	3,097
Total current assets	240,522	296,697
Investments, available-for-sale	43,386	0
Property and equipment, net	2,413	1,981
Other assets	12,321	319
Total assets	298,642	298,997
Current liabilities:
Accounts payable	1,886	757
Accrued liabilities	13,265	8,245
Total current liabilities	15,151	9,002
Other Liabilities, Noncurrent	10,515	219
Total liabilities	25,666	9,221
Commitments and contingencies (Note 11)
Stockholders' equity (deficit):
Preferred stock, $0.0001 par value; 200,000,000 shares and no shares authorized at December 31, 2020 and December 31, 2019, respectively; no shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively	0	0
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 39,430,120 and 36,672,415 shares issued and outstanding at December 31, 2021 and 2020, respectively	4	4
Additional paid-in capital	518,183	456,196
Adjustment to opening balance of accumulated deficit	(245,108)	(166,393)
Accumulated other comprehensive loss	(103)	(31)
Total stockholders' equity	272,976	289,776
Total liabilities and stockholders' equity	$ 298,642	$ 298,997

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, shares, issued	0	0
Preferred stock, shares, outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares, issued	39,430,120	36,672,415
Common stock, shares, outstanding	39,430,120	36,672,415

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating expenses:
Research and development	$ 56,858	$ 35,921	$ 22,844
General and administrative	22,013	13,422	5,725
Acquired in-process research and development	0	24,843	0
Total operating expenses	78,871	74,186	28,569
Loss from operations	(78,871)	(74,186)	(28,569)
Other income:
Interest income, net	141	306	1,397
Other income	15	177	289
Total other income	156	483	1,686
Net loss	(78,715)	(73,703)	(26,883)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(72)	(31)
Comprehensive loss	$ (78,787)	$ (73,734)	$ (26,883)
Net loss per share, basic and diluted	$ (2.07)	$ (3.36)	$ (14.15)
Weighted-average shares outstanding, basic and diluted	37,954,280	21,942,476	1,899,348

STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Initial Public Offering	Public Offering	Convertible Preferred Stock	Common Stock	Common Stock Initial Public Offering	Common Stock Public Offering	Additional Paid-in Capital	Additional Paid-in Capital Initial Public Offering	Additional Paid-in Capital Public Offering	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2018				$ 107,266
Beginning Balance (in shares) at Dec. 31, 2018				13,789,770
Beginning Balance at Dec. 31, 2018	$ (64,426)							$ 1,381			$ (65,807)
Beginning Balance (in shares) at Dec. 31, 2018					1,802,134
Issuance of Series C and D preferred stock, net of issuance costs of $135				$ 70,792
Issuance of Series C and D preferred stock, net of issuance costs of $135 (in shares)				5,488,836
Exercise of common stock options	131							131
Exercise of common stock options (in shares)					182,088
Stock-based compensation expense	1,094							1,094
Net loss	$ (26,883)										(26,883)
Ending Balance at Dec. 31, 2019				$ 178,058
Ending Balance (in shares) at Dec. 31, 2019	19,278,606			19,278,606
Ending Balance at Dec. 31, 2019	$ (90,084)							2,606			(92,690)
Ending Balance (in shares) at Dec. 31, 2019					1,984,222
Offering of common stock		$ 138,000	$ 133,308			$ 1	$ 1		$ 137,999	$ 133,307
Offering of common stock (in shares)						8,625,000	5,796,000
Issuance costs associated with offering of common stock		$ (12,790)	$ (8,546)						$ 12,790	$ 8,546
Conversion to Common Stock (in shares)				19,278,606
Conversion to Common Stock	178,058			$ (178,058)	$ 2			178,056
Conversion to Common Stock (in shares)					19,278,606
Issuance of common stock related to acquired-in- process research and development	19,843							19,843
Issuance of common stock related to acquired-in-process research and development (in shares)					871,494
Exercise of common stock options	443							443
Exercise of common stock options (in shares)					117,093
Stock-based compensation expense	5,278							5,278
Unrealized loss on available-for-sale securities	(31)											$ (31)
Net loss	(73,703)										(73,703)
Ending Balance at Dec. 31, 2020	$ 289,776				$ 4			456,196			(166,393)	(31)
Ending Balance (in shares) at Dec. 31, 2020	36,672,415				36,672,415
Offering of common stock	$ 50,000							50,000
Offering of common stock (in shares)					2,597,402
Issuance costs associated with offering of common stock	(1,852)							(1,852)
Exercise of common stock options	$ 986							986
Exercise of common stock options (in shares)	160,303				160,303
Stock-based compensation expense	$ 12,853							12,853
Unrealized loss on available-for-sale securities	(72)											(72)
Net loss	(78,715)										(78,715)
Ending Balance at Dec. 31, 2021	$ 272,976				$ 4			$ 518,183			$ (245,108)	$ (103)
Ending Balance (in shares) at Dec. 31, 2021	39,430,120				39,430,120

STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Series C and D Convertible Preferred Stock
Preferred stock, issuance costs	$ 135

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (78,715)	$ (73,703)	$ (26,883)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	897	970	1,028
Stock-based compensation expense	12,853	5,278	1,094
Non-cash stock consideration, acquisition	0	19,843	0
Loss on fixed asset disposals	2		8
Amortization of discount on investments, net	1,349	299	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,142	(2,258)	234
Accounts payable and accrued other liabilities	2,931	4,303	986
Net cash used in operating activities	(59,541)	(45,268)	(23,533)
Cash flows from investing activities:
Acquisitions of property and equipment	(939)	(667)	(768)
Purchases of investments	(69,626)	(225,485)
Sales and maturities of investments	229,000	10,000
Proceeds from notes receivable	0	193
Net cash used in investing activities	158,435	(215,959)	(768)
Cash flows from financing activities:
Proceeds from issuance of common stock	50,000	271,308
Issuance costs associated with financings	(1,852)	(21,237)	(99)
Proceeds from issuance of preferred stock, net of issuance costs	0	0	70,792
Proceeds from stock option exercises	986	443	131
Net cash provided by financing activities	49,134	250,514	70,824
Net (decrease) increase in cash and cash equivalents	148,028	(10,713)	46,523
Cash and cash equivalents, beginning of period	78,446	89,159	42,636
Cash and cash equivalents, end of period	226,474	78,446	89,159
Supplemental disclosure of non-cash investing and financing activities:
Amounts accrued for purchase of property and equipment	436	43
Conversion of preferred stock to common stock	0	178,058
Unpaid deferred financing costs	$ 0	$ 0	$ 1,244

Description of the Business

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of the Business

1. Description of the Business

ORIC Pharmaceuticals, Inc. (ORIC or the Company) is a clinical-stage biopharmaceutical company dedicated to improving patients’ lives by Overcoming Resistance In Cancer. The Company was incorporated in Delaware in August 2014 and has offices in South San Francisco and San Diego, California. The Company’s principal operations are in the United States and the Company operates in one segment.

Since inception, the Company has devoted its primary efforts to raising capital, internal research and development activities and business development efforts and has incurred significant operating losses and negative cash flows from operations. In August 2020, the Company licensed from Mirati Therapeutics, Inc. development and commercialization rights to an allosteric inhibitor program directed towards the polycomb repressive complex 2 (PRC2) and in October 2020, the Company licensed from Voronoi Inc. development and commercialization rights to a brain penetrant, orally bioavailable, irreversible inhibitor designed to selectively target epidermal growth factor receptor (EGFR) and human epidermal growth factor receptor 2 (HER2) with high potency against exon 20 insertion mutations.

As of December 31, 2021, the Company had an accumulated deficit of $245.1 million. Through December 31, 2021, all of the Company’s financial support has been provided by proceeds from the issuance of common stock and convertible preferred stock.

As the Company continues its expansion, it may seek additional financing and/or strategic investments, however, there can be no assurance that any additional financing or strategic investments will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it will most likely be required to reduce its plans and/or certain discretionary spending, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. The accompanying financial statements do not include any adjustments that might be necessary if it were unable to continue as a going concern. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date of the issuance of these financial statements.

At-The-Market Sales Agreement and Offering

On May 6, 2021, the Company entered into an "at the market" (ATM) sales agreement with Jefferies LLC as the Company's sales agent, under which the Company may offer and sell from time to time up to $150 million of shares of the Company's common stock in negotiated transactions or transactions that are deemed to be an ATM offering. On July 8, 2021, the Company raised gross proceeds of $50.0 million through the sale of 2,597,402 shares in an ATM offering, with participation based on unsolicited interest received from a healthcare specialist fund. The Company sold such shares at a purchase price per share of $19.25, a premium to the market price at the time of sale. After deducting commissions and other offering expenses related to the ATM offering of $1.9 million, the net proceeds to the Company from the transaction were $48.1 million.

Secondary Public Offering

On November 17, 2020, the Company completed a secondary public offering selling 5,796,000 shares of common stock, which includes the full exercise by the underwriters of their option to purchase up to 756,000 additional shares, at a price of $23.00 per share, resulting in gross proceeds of $133.3 million. After deducting underwriting discounts and commissions and other offering expenses related to the secondary public offering of approximately $8.5 million, the net proceeds to the Company from the transaction were $124.8 million.

Initial Public Offering and Related Transaction

On April 28, 2020, the Company completed an initial public offering (IPO) selling 8,625,000 shares of common stock, which included the full exercise by the underwriters of their option to purchase up to 1,125,000 additional shares, at a price of $16.00 per share resulting in gross proceeds of $138.0 million. After deducting underwriting discounts and commissions and other offering expenses related to the IPO of $12.8 million, the net proceeds to the Company from the transaction were $125.2 million. In connection with the IPO, all shares of convertible preferred stock outstanding at the time of the IPO converted into 19,278,606 shares of common stock.

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The accompanying financial statements include all known adjustments necessary for a fair presentation of the results as required by GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the year ended December 31, 2021, are not necessarily indicative of future results.

In March 2020, the World Health Organization declared the novel coronavirus disease, or COVID-19, outbreak a global pandemic. To limit the spread of COVID-19, governments have taken various actions including the issuance of stay-at-home orders and physical distancing guidelines. Accordingly, businesses have adjusted, reduced or suspended operating activities. A portion of the Company’s workforce continues to work from home. Disruptions caused by the COVID-19 pandemic, including the effects of the stay-at-home orders and work-from-home policies, have impacted productivity, have resulted in increased operational expenses, certain adjustments to the operations of the Company’s clinical trials, the temporary suspension of enrollment of new patients at certain of the Company’s clinical trial sites, and delays in certain supply chain activities and collecting and analyzing data from patients in the Company’s clinical trials, and may further disrupt the business and delay the development programs and regulatory timelines, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. As a result, research and development expenses and general and administrative expenses may vary significantly if there is an increased impact from COVID-19 on the costs and timing associated with the conduct of the clinical trials and other related business activities.

Use of Estimates

The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, expenses, and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially from these estimates.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash, cash equivalents and investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents and investments that are recorded on its balance sheets. The Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits its exposure.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase that are readily convertible into cash as cash equivalents. These investments may include money market funds, securities issued by U.S. Government agencies, corporate debt securities and commercial paper.

Cash that is restricted and not available for general operations is considered restricted cash. The Company's restricted cash is in connection to property leases and restrictions will be removed at the respective lease expiration.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the balance sheet to the total of the amount presented in the statement of cash flows, in thousands:


	Years Ended December 31,
	2021		2020		2019
Cash and cash equivalents	$	226,006	$	78,446	$	89,159
Restricted cash included in other assets		468		—		—
Total cash, cash equivalents and restricted cash presented in the statement of cash flows	$	226,474	$	78,446	$	89,159

Investments

All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments with contractual maturities 12 months or greater at the balance sheet date are considered long-term investments. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). The Company reviews its portfolio of available-for-sale debt securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, a loss is recognized in statements of operations, whereas if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive income (loss).

Property and Equipment

Property and equipment, which consist of lab equipment, leasehold improvements, computer hardware and software, and furniture and fixtures, are stated at historical cost less accumulated depreciation. Depreciation is recognized on a straight-line basis over the estimated useful lives of the related assets, which are generally three to seven years. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimate useful life of the asset.

Impairment of Property and Equipment

The Company accounts for the impairment of long-lived assets by reviewing these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted-cash-flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. The Company did not recognize impairment losses for the years ended December 31, 2021, 2020 and 2019.

Leases

The Company determines if an arrangement is or contains a lease at inception. For leases with a term greater than one year, lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses its incremental borrowing rate which represents an estimated rate of interest that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations.

Research and Development Expenses and Accrued Research and Development Expenses

The Company is required to estimate its expenses resulting from its obligations under contracts with vendors, consultants, contract research organizations (CRO), and contract manufacturing organizations (CMO) in connection with conducting research and development activities. The financial terms of these contracts vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts.

Research and development costs are expensed in the period in which they are incurred. External costs consist primarily of payments to outside consultants, third-party CROs, CMOs, clinical trial sites and central laboratories in connection with the Company’s discovery and preclinical activities, process development, clinical manufacturing and clinical development activities. External expenses are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers or its estimate of the level of service that has been performed at each reporting date. The Company tracks external costs by program, clinical or preclinical. Internal costs consist primarily of employee-related costs, laboratory supplies, facilities, depreciation and costs related to compliance with regulatory requirements. The Company does not track internal costs by program because these costs are deployed across multiple programs and, as such, are not separately classified.

The Company makes estimates of accrued expenses as of each balance sheet date based on facts and circumstances known at that time. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. The significant estimates in its accrued research and development expenses include the costs incurred for services performed by vendors in connection with research and development activities for which the Company has not yet been invoiced.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

As of December 31, 2021 and 2020, the Company maintained valuation allowances against its deferred tax assets as the Company concluded it had not met the “more likely than not” to be realized threshold. Changes in the valuation allowance when they are recognized in the provision for income taxes would result in a change in the estimated annual effective tax rate.

Stock-Based Compensation

Stock-based compensation expense represents the grant date fair value of employee, officer, director and non-employee stock option grants, estimated in accordance with the applicable accounting guidance and recognized over the vesting period, which approximates the requisite service period of the awards. The Company recognizes forfeitures as they occur.

The fair value of stock options is estimated using a Black-Scholes Merton valuation model on the date of grant. This method requires certain assumptions be used as inputs, such as a risk-free interest rate, expected volatility of the Company’s common stock and expected term of the option before exercise. The risk-free interest rate is based on U.S. Treasury instruments with maturities similar to the expected term. The expected volatility is computed using historical volatility for a period equal to the expected term. Given the limited period of time the Company's stock has been traded, expected volatility is based on the Company's historical volatility and the historical volatility of a group of similar companies that are publicly traded. The expected term represents the length of time the stock options are expected to be outstanding. Because the Company does not have sufficient exercise behavior, it determines the expected term assumption using the simplified method, which is an average of the contractual term of the option and its vesting period. Options granted have a maximum contractual term of ten years.

License Fees

Acquisitions of technology licenses are charged to acquired in-process research and development expense or capitalized based upon the asset achieving technological feasibility in accordance with management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use.

Deferred Offering Costs

The Company capitalizes costs that are directly associated with equity financings until such financings are consummated at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss.

Other Comprehensive Gain (Loss)

Other comprehensive gain (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency gains and losses. The unrealized gains (losses) on available for sale investments represent the only component of other comprehensive loss that is excluded from the reported net loss.

Net Loss Per Share

Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by

dividing the net loss by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods.

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts).


	Years Ended December 31,
	2021			2020			2019
Numerator
Net loss	$	(78,715	)	$	(73,703	)	$	(26,883	)
Denominator
Weighted average shares outstanding used in computing net loss per share, basic and diluted		37,954,280			21,942,476			1,899,348
Net loss per share, basic and diluted	$	(2.07	)	$	(3.36	)	$	(14.15	)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive:


	December 31,
	2021		2020		2019
Options to purchase common stock		5,268,320		3,996,174		2,683,441
Convertible preferred stock		—		—		19,278,606
Total		5,268,320		3,996,174		21,962,047

Recently Adopted Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) under its accounting standard codifications (ASC) or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below.

In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase by the lessee. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. ASC 842 provides a lessee with an option to not account for leases with a term of 12 months or less as leases in the scope of the new standard. ASC 842 supersedes the previous leases standard, ASC 840 Leases. ASC 842 requires a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued supplemental adoption guidance and clarification to ASC 842 within ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements. ASU No. 2018-11 provides another transition method in addition to the existing modified retrospective transition method by allowing entities to initially apply the new leasing standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of accumulated deficit in the period of adoption. On January 1, 2021, the Company early adopted ASC 842 using the modified retrospective approach. Accordingly, prior period financial information and disclosures have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under the previous lease standard. In addition, the Company elected the package of practical expedients available for existing contracts, which allowed it to carry forward historical assessments of lease identification, lease classification, and initial direct costs. As a result of adopting ASC 842, the Company recognized right-of-use assets and lease liabilities of $1.7 million and $2.5 million, respectively, on January 1, 2021, which are related to our facility operating leases. The difference between the right-of-use assets and lease liabilities is primarily attributed to the elimination of deferred rent and unamortized lease incentives. There was no adjustment to the opening balance of accumulated deficit as a result of the adoption of ASC 842.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) (ASC 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential

amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The guidance is effective for public business entities for annual periods beginning after December 15, 2019, including interim periods within those years. For all other entities, the standard is effective for annual periods beginning after December 15, 2022 and interim periods, therein. Early adoption is permitted. The Company early adopted the new standard in the first quarter of 2021, using the modified retrospective approach. The adoption did not have a material impact on its financial statements.

Recently Issued Accounting Pronouncements

There are no recently issued accounting pronouncements that would materially impact the Company's financial statements and related disclosures.

License Agreements

12 Months Ended

Dec. 31, 2021

License Agreements [Abstract]

License Agreements

3. License Agreements

Voronoi License Agreement

On October 19, 2020, the Company entered into a license and collaboration agreement (Voronoi License Agreement) with Voronoi Inc. (Voronoi). The Voronoi License Agreement gives the Company access to Voronoi’s preclinical stage EGFR and HER2 exon 20 insertion mutation program, including a lead product candidate now designated as ORIC-114. Under the Voronoi License Agreement, Voronoi granted the Company an exclusive, sublicensable license under Voronoi’s rights to certain patent applications directed to certain small molecule compounds that bind to EGFR and HER2 with one or more exon 20 insertion mutations and certain related know-how, in each case, to develop and commercialize certain licensed compounds and licensed products incorporating any such compound in the ORIC Territory, defined as worldwide other than in the People’s Republic of China, Hong Kong, Macau and Taiwan. Under the Voronoi License Agreement, Voronoi has the right to perform certain mutually agreed upon development activities. Except for Voronoi's right to participate in such development activities, the Company is wholly responsible for development and commercialization of licensed products in the ORIC Territory. In addition, the Company is obligated to use commercially reasonable efforts to develop and commercialize at least one licensed product in certain major markets in the ORIC Territory.

The Company’s financial obligations under the Voronoi License Agreement included an upfront payment of $5.0 million in cash and the issuance to Voronoi of 283,259 shares of the Company’s common stock, valued at approximately $6.8 million, issued pursuant to a stock issuance agreement entered into between the parties on October 19, 2020. The number of shares issued pursuant to the stock issuance agreement was based on a price of $28.24 per share, representing a premium of 25% to the 30-day trailing volume weighted average trading price of the Company’s common stock. The shares were issued in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, for transactions by an issuer not involving any public offering.

Under the Voronoi License Agreement, Voronoi will be responsible for certain research and development costs up to a predetermined threshold. Upon achievement of the predetermined threshold, Voronoi has the option to opt-out of participation in and funding of future development activities. If Voronoi decides not to exercise the opt-out provision, the parties will share certain future research and development costs equally in the Republic of Korea. The Company is also obligated to make milestone payments to Voronoi upon the achievement of certain events. Upon the achievement of certain development and regulatory milestones with respect to the first licensed product, the Company is obligated to pay Voronoi up to a maximum of $111.0 million. Upon the achievement of certain commercial milestones with respect to the first licensed product, the Company is obligated to pay Voronoi up to a maximum of $225.0 million. If the Company pursues a second licensed product, the Company could pay Voronoi up to an additional $272.0 million in success-based milestones. In addition, the Company is obligated to pay royalties on net sales of licensed products in the ORIC Territory.

Unless earlier terminated, the Voronoi License Agreement will continue in effect until the expiration of all royalty payment obligations. Following the expiration of the Voronoi License Agreement, the Company will retain its licenses under the intellectual property Voronoi licensed to it on a royalty-free basis. The Company and Voronoi may each terminate the Voronoi License Agreement if the other party materially breaches the terms of such agreement, subject to specified notice and cure provisions, or enters into bankruptcy or insolvency proceedings. Voronoi may also terminate the agreement if the Company discontinues development of licensed products for a specified period of time. The Company also has the right to terminate the Voronoi License Agreement without cause by providing prior notice to Voronoi.

If Voronoi terminates the Voronoi License Agreement for cause, or if the Company terminates the Voronoi License Agreement without cause, then the Company is obligated to grant a nonexclusive license to Voronoi under certain of the Company’s patents and know-how and to assign to Voronoi certain of its regulatory filings for licensed compounds and licensed products.

The Company recorded the transaction as an asset purchase as management concluded that all of the value received was related to a specific identifiable asset related to EGFR and HER2. Further, as the asset was in early development at the time the license was acquired, the Company concluded that there was no alternative future use for the asset and recorded a charge to acquired in-process research and development expense of $11.8 million at the closing of the transaction in October 2020, which consisted of the $5.0 million cash payment plus the $6.8 million value assigned to the shares issued in connection with Voronoi License Agreement.

Mirati License Agreement

On August 3, 2020, the Company entered into a license agreement (Mirati License Agreement) with Mirati Therapeutics, Inc (Mirati). Under the Mirati License Agreement, Mirati granted the Company a worldwide, exclusive, sublicensable, royalty-free license under Mirati’s rights to certain patents and patent applications directed to certain small molecule compounds that bind to and inhibit PRC2 and certain related know-how, in each case, to develop and commercialize certain licensed compounds and licensed products incorporating any such compounds. Under the Mirati License Agreement, the Company is wholly responsible for development and commercialization of licensed products. In addition, the Company is obligated to use commercially reasonable efforts to develop and commercialize at least one licensed product in certain major markets.

The Company’s financial obligation under the Mirati License Agreement was an upfront payment of 588,235 shares of ORIC common stock, valued at approximately $13.0 million based upon the closing price of the Company’s common stock on the acquisition date. The number of shares issued was based on a price of $34.00 per share, representing a premium of 10% to the 60-day trailing volume-weighted average trading price of the Company’s common stock. The shares were issued in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, for transactions by an issuer not involving any public offering. During the eighteen-month period following the date of the agreement, Mirati is subject to certain transfer restrictions, and the parties agreed to negotiate and enter into a registration rights agreement, with respect to the shares. The Company is not obligated to pay Mirati milestones or royalties.

Unless earlier terminated, the Mirati License Agreement will continue in effect on a country-by-country and licensed product-by-licensed product basis until the later of (a) the expiration of the last valid claim of a licensed patent covering such licensed product in such country or (b) ten years after the first commercial sale of such licensed product in such country. Following the expiration of the Mirati License Agreement, the Company will retain its licenses under the intellectual property Mirati licensed to it on a royalty-free basis. ORIC and Mirati may each terminate the Mirati License Agreement if the other party materially breaches the terms of such agreement, subject to specified notice and cure provisions, or enters into bankruptcy or insolvency proceedings. Mirati may terminate the agreement if the Company challenges any of the patent rights licensed to the Company by Mirati or it discontinues development of licensed products for a specified period of time. The Company also has the right to terminate the Mirati License Agreement without cause by providing prior notice to Mirati.

The Company recorded the transaction as an asset purchase as management concluded that all of the value received was related to a single identifiable asset. Further, as the asset was in early development at the time the license was acquired, the Company concluded that there was no alternative future use for the asset and recorded a charge to acquired in-process research and development at the closing of the transaction in August 2020 for the full $13.0 million value assigned to the shares issued in connection with Mirati License Agreement.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, net

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


	December 31,
	2021			2020
Lab equipment	$	5,305		$	4,396
Leasehold improvements		1,710			1,710
Computer hardware and software		247			220
Furniture and fixtures		140			140
Total property and equipment, gross		7,402			6,466
Less accumulated depreciation		(4,989	)		(4,485	)
Total property and equipment, net	$	2,413		$	1,981

Depreciation expense was $0.9 million for the year ended December 31, 2021 and $1.0 million for the years ended December 31, 2020 and 2019.

Accrued Liabilities

12 Months Ended

Dec. 31, 2021

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

5. Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,
	2021		2020
Accrued clinical and manufacturing costs	$	5,678	$	3,072
Accrued compensation		4,798		3,723
Lease liabilities - short-term		1,926		—
Other accruals		863		904
Deferred rent - short-term		—		546
Total accrued liabilities	$	13,265	$	8,245

Investments, Available-for-Sale

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investments, Available-for-Sale

6. Investments, Available-for-Sale

The Company's available-for-sale investments consisted of the following (in thousands):


December 31, 2021	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Short-term
U.S. treasury securities	$	10,014	$	—	$	(1	)	$	10,013
Certificates of deposit		961		—		(1	)		960
Short-term investments, available-for-sale	$	10,975	$	—	$	(2	)	$	10,973

Long-term
U.S. treasury securities	$	42,517	$	—	$	(98	)	$	42,419
Certificates of deposit		970		—		(3	)		967
Investments, available-for-sale	$	43,487	$	—	$	(101	)	$	43,386

December 31, 2020
U.S. treasury securities	$	215,185	$	—	$	(31	)	$	215,154
Short-term investments, available-for-sale	$	215,185	$	—	$	(31	)	$	215,154

The Company has determined that there were no material declines in fair value of its investments due to credit-related factors as of December 31, 2021 and December 31, 2020. Credit loss is limited due to the nature of the investments.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. Fair Value Measurements

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. 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. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair-value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets;

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The carrying amounts of the Company’s interest receivable, included in prepaid expenses and other current assets, accounts payable and accrued liabilities are generally considered to be representative of their fair value because of their short-term nature. The Company’s investments, which may include money market funds and available-for-sale investments consisting of U.S. treasury securities, certificates of deposit and high-quality, marketable debt instruments of corporations and government sponsored enterprises, are measured at fair value in accordance with the fair value hierarchy.

Following are the major categories of assets measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements
	Fair Value		Level 1		Level 2		Level 3		Total
December 31, 2021
Money market funds (1)	$	226,006	$	226,006	$	—	$	—	$	226,006
U.S. treasury securities		52,432		52,432		—		—		52,432
Certificates of deposit		1,927		1,927		—		—		1,927
Total	$	280,365	$	280,365	$	—	$	—		280,365
December 31, 2020
Money market funds (1)	$	78,446	$	78,446	$	—	$	—	$	78,446
U.S. treasury securities		215,154		215,154		—		—		215,154
Total	$	293,600	$	293,600	$	—	$	—		293,600

(1) Included in cash and cash equivalents in accompanying balance sheets.

No transfers between levels occurred during either of the reporting periods presented.

- Definition

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

+ References + Details

Convertible Preferred Stock

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

8. Convertible Preferred Stock

Prior to its conversion to common stock in connection with the Company’s IPO in April 2020, the Company’s convertible preferred stock was classified as temporary equity on the Company’s balance sheets in accordance with authoritative guidance. Convertible preferred stock authorized and issued and its principal terms as of December 31, 2019, consisted of the following (in thousands, except share and per share amounts):


	As of December 31, 2019
	Shares Authorized		Shares Issued and Outstanding		Issue Period	Issue Price per Share		Dividend Annual Rate per Share		Aggregate Liquidation Preference
Series A		3,862,500		3,862,500	2014 - 2015	$	4.00	$	0.32	$	15,450
Series B		6,750,000		6,749,999	2015 - 2016	$	8.00	$	0.64	$	54,000
Series C		4,448,788		4,448,780	2018 - 2019	$	12.00	$	0.96	$	53,385
Series D		5,287,500		4,217,327	2019	$	13.20	$	1.056	$	55,669
Total		20,348,788		19,278,606

In connection with the Company’s IPO in April 2020, all outstanding shares of the convertible preferred stock converted into 19,278,606 shares of common stock and the related carrying value was reclassified to common stock and additional paid-in capital. There were no shares of convertible preferred stock outstanding as of the closing of the IPO.

Equity Incentive Plans and Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Equity Incentive Plans and Stock-Based Compensation

9. Equity Incentive Plans and Stock-Based Compensation

Equity Incentive Plans

In February 2020, the Company’s Board of Directors adopted, and its stockholders approved, the 2020 Equity Incentive Plan (the 2020 Plan), which became effective in April 2020 in connection with the Company’s IPO. The 2020 Plan provides for the grants of stock options and other equity-based awards to employees, non-employee directors, and consultants of the Company. Upon adoption of the 2020 Plan, the Company restricted the grant of future equity awards under its 2014 Equity Incentive Plan, as amended and restated (the 2014 Plan).

Stock options granted under the 2020 Plan and the 2014 Plan become exercisable at various dates as determined by the Company’s Board of Directors or its authorized committee 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 is determined by the Company’s Board of Directors, although generally options have an exercise price equal to the fair market value of the Company’s stock on the date of the option grant. In the case of incentive stock options, 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 at the date of grant and for a term not to exceed five years.

As of December 31, 2021, there were 1,831,539 shares available for future issuance under the 2020 Plan. The 2020 Plan share reserve will be increased by the number of shares under the 2014 Plan that are repurchased, forfeited, expired or cancelled after

the effective date of the 2020 Plan up to the limit under the 2020 Plan. In addition, the number of shares of the Company’s common stock available for issuance under the 2020 Plan will automatically increase on the first day of each fiscal year, beginning with the Company’s 2021 fiscal year, in an amount equal to the lessor of (1) 2,656,500 shares, (2) 5% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (3) such other amount as determined by the Company’s Board of Directors.

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


	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020		3,996,174		$	9.03
Granted		1,694,692			26.55
Exercised		(160,303	)		6.26
Forfeited and cancelled		(262,243	)		21.02
Outstanding at December 31, 2021		5,268,320		$	14.16		7.9	$	25,633
Exercisable at December 31, 2021		2,317,374		$	6.76		7.1	$	19,965

The total intrinsic value of options exercised was $2.2 million, $2.7 million and $0.1 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Employee Stock Purchase Plan

In February 2020, the Company’s Board of Directors adopted, and its stockholders approved, the 2020 Employee Stock Purchase Plan (ESPP). The first offering period began in December 2021 and the first purchase under the ESPP will be in 2022. A total of 290,000 shares of common stock were reserved for future issuance under the ESPP. Further, the number of shares of common stock available for issuance under the ESPP will automatically increase on the first day of each fiscal year following the fiscal year in which the first offering period under the ESPP commences in an amount equal to the lessor of (1) 500,000 shares, (2) 1% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (3) such other amount as determined by the Company’s Board of Directors. As of December 31, 2021, no shares had been issued pursuant to the ESPP and the associated compensation expense was immaterial for the year ended December 31, 2021.

Stock-Based Compensation Expense

Stock option awards and ESPP grants are valued using the Black-Scholes Merton option pricing model on the date of grant. This option pricing model involves a number of estimates, including the expected lives of the stock options, the Company’s anticipated stock volatility and interest rates. Stock-based compensation expense is recognized over the vesting period. Forfeitures are recognized as they occur.

The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes Merton option pricing model with the following assumptions.


	Years Ended December 31,
	2021	2020	2019
Stock price	$13.36 - $35.67	$16.00 - $35.92	$1.60 - $9.16
Risk-free interest rate	0.60% - 1.34%	3.17% - 5.59%	1.4% - 2.6%
Expected volatility	82.34% - 88.43%	88.01% - 95.11%	77% - 104%
Expected term (in years)	5.50 - 6.08	5.50 - 6.08		6.10
Expected dividend yield	0%	0%	0%

The weighted-average grant-date fair value of options granted was $19.21, $12.99 and $5.01 for the years ended December 31, 2021, 2020 and 2019, respectively.

The total unrecognized compensation expense related to outstanding unvested stock-based awards as of December 31, 2021, was $36.4 million, which is expected to be recognized over a weighted-average remaining service period of 2.54 years.

The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for stock options for the periods presented (in thousands):


	Years Ended December 31,
	2021		2020		2019
Research and development	$	4,959	$	2,025	$	476
General and administrative		7,894		3,253		618
Total stock-based compensation expense	$	12,853	$	5,278	$	1,094

Income Tax

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax

10. Income Tax

Significant components of the Company’s provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate were as follows (in thousands):


	For the Year Ended December 31,
	2021			2020			2019
Statutory rate	$	(16,530	)	$	(15,478	)	$	(5,647	)
State tax		(5,383	)		(5,158	)		(2,351	)
Other permanent items		30			(280	)		17
Federal return to provision		144			—			—
Research and development credit		(4,539	)		—			(692	)
Change in valuation allowance		25,309			20,916			8,673
Stock-based compensation		969			—			—
Provisions for income taxes	$	—		$	—		$	—

Significant components of the Company’s deferred taxes were as follows (in thousands):


	As of December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforward	$	55,488		$	36,740
Research and development credits		7,706			3,319
Deferred rent		—			214
Accruals and other		5,185			2,636
Intangible		6,369			6,836
Lease liability		3,482			—
Gross deferred tax assets		78,230			49,745
Less valuation allowance		(74,816	)		(49,507	)
Total deferred tax assets		3,414			238

Deferred tax liabilities:
Fixed assets		(114	)		(238	)
Right of use assets		(3,300	)		—
Total deferred tax liabilities		(3,414	)		(238	)
Deferred income taxes, net	$	—		$	—

A valuation allowance of $74.8 million at December 31, 2021, has been recognized to offset the net deferred tax assets as realization of such assets is uncertain. The valuation allowance increased by $25.3 million during the year ended December 31, 2021.

As of December 31, 2021, the Company had available net operating loss (NOL) carryforwards of $198.2 million. Of the $198.2 million of NOL carryforwards, $41.6 million begin to expire in 2034 and $156.6 million do not expire. The Company also has available California NOL carryforwards of approximately $197.3 million as of December 31, 2021, which begin to expire in 2034. In addition, the Company has federal and California research and development (R&D) credit carryforwards totaling $6.1 million and $3.9 million, respectively. The federal credits begin to expire in 2034 unless previously utilized, while the state credits do not expire.

Pursuant to Sections 382 and 383 of the Internal Revenue Code (IRC), annual use of the Company’s NOL and credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. Since the Company’s formation, the Company has raised capital through the issuance of capital stock, which on its own or combined with the purchasing stockholders’ subsequent disposition of those shares, may have resulted in such an ownership change, or could result in an ownership.

Upon the occurrence of an ownership change under Section 382 as outlined above, utilization of the Company’s NOL and research and development credit carryforwards are subject to an annual limitation, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate, which could be subject to additional adjustments, as required. Any limitation may result in expiration of a portion of the NOL or R&D credit carryforwards before utilization. The Company has not completed an analysis to determine if such an ownership change has occurred.

The Company recognizes liabilities for uncertain tax positions based in a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While the Company believes that it has appropriate support for the positions taken on its tax returns, the Company regularly assesses the potential outcome of examinations by tax authorities in determining the adequacy of its provision for income taxes.

As of December 31, 2021, the Company had gross unrecognized tax benefits of $1.6 million, none of which would affect the effective tax rate if recognized. The Company does not anticipate any significant changes in its unrecognized tax benefits over the next 12 months. The Company’s policy is to recognize the interest expense and/or penalties related to income tax matters as a component of income tax expense. The Company had no accrual for interest or penalties on its balance sheets at December 31, 2021 and has not recognized interest and/or penalties in its statement of operations for the year ended December 31, 2021.

The Company is subject to taxation in the United States and California. The Company is not currently under examination by any taxing authorities. Due to the carryover of tax attributes, the statute of limitations is currently open for tax years since inception.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

Operating Leases

The Company has operating leases for office and lab space in South San Francisco, California and office space in San Diego, California. In August 2021, the Company entered into a lease amendment for the South San Francisco facility that extended the lease term until May 2028. The lease amendment includes the option to extend the lease for one additional year. In October 2021, the Company entered into a lease amendment for the current San Diego facility that extended the lease expiration from December 2021 to February 2022. Additionally, in September 2021, the Company entered into a lease agreement for a new San Diego facility with a term of 36 months that is expected to commence in the second quarter of 2022.

The right-of-use assets were $11.8 million as of December 31, 2021 and are recorded on the balance sheet in other assets. Lease liabilities are recorded in accrued liabilities and other long-term liabilities on the balance sheet and as of December 31, 2021, were $1.9 million and $10.5 million, respectively.

Operating lease costs for the year ended December 31, 2021, were $1.8 million. Cash paid for operating leases for the year ended December 31, 2021, was $1.9 million. The weighted average discount rate used was 8.2% and the weighted-average remaining lease term for all operating leases was 6.4 years.

Future lease payments of operating lease liabilities as of December 31, 2021, were as follows (in thousands):


Year ending December 31,	Operating Leases
2022	$	2,001
2023		2,415
2024		2,499
2025		2,587
2026		2,677
Thereafter		3,820
Total minimum lease payments		15,999
Less: interest		3,558
Present value of lease liabilities	$	12,441

Under ASC 840, future minimum lease payments for non-cancelable operating leases as of December 31, 2020, were as follows (in thousands):


Year ending December 31,	Operating Leases
2021	$	1,942
2022		686
Total minimum lease payments	$	2,628

Rent expense was $1.4 million and $1.3 million for the years ended December 31, 2020 and 2019, respectively.

Litigation

From time to time, the Company may be involved in legal proceedings arising in the ordinary course of business. The Company believes there is no threatened litigation or litigation pending that could have, individually or in the aggregate, a material adverse effect on the Company’s financial position, results of operations or cash flows.

Employee Benefit Plan

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Employee Benefit Plan

12. Employee Benefit Plan

The Company has a defined-contribution 401(k) plan for employees. Employees are eligible to participate in the plan beginning on the first day of the month following date of hire. Under the terms of the plan, employees may make voluntary contributions as a percentage of compensation. The Company matches employee contributions as permitted by the plan and may make an additional discretionary match as determined by the Company's board of directors. The Company's total cost related to the 401(k) plan was $0.5 million for the year ended December 31, 2021. There were no employer contributions to the plan during the years ended December 31, 2020 and 2019.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Concentration of Credit Risk

Cash, Cash Equivalents and Restricted Cash


	Years Ended December 31,
	2021		2020		2019
Cash and cash equivalents	$	226,006	$	78,446	$	89,159
Restricted cash included in other assets		468		—		—
Total cash, cash equivalents and restricted cash presented in the statement of cash flows	$	226,474	$	78,446	$	89,159

Investments

Property and Equipment

Impairment of Property and Equipment

Leases

Research and Development Expenses and Accrued Research and Development Expenses

Income Taxes

Stock-Based Compensation

License Fees

Deferred Offering Costs

Comprehensive Loss

Comprehensive Gain (Loss)

Net Loss Per Share

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts).


	Years Ended December 31,
	2021			2020			2019
Numerator
Net loss	$	(78,715	)	$	(73,703	)	$	(26,883	)
Denominator
Weighted average shares outstanding used in computing net loss per share, basic and diluted		37,954,280			21,942,476			1,899,348
Net loss per share, basic and diluted	$	(2.07	)	$	(3.36	)	$	(14.15	)


	December 31,
	2021		2020		2019
Options to purchase common stock		5,268,320		3,996,174		2,683,441
Convertible preferred stock		—		—		19,278,606
Total		5,268,320		3,996,174		21,962,047

Recently Adopted Accounting Pronouncements

New Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements

There are no recently issued accounting pronouncements that would materially impact the Company's financial statements and related disclosures.

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash


	Years Ended December 31,
	2021		2020		2019
Cash and cash equivalents	$	226,006	$	78,446	$	89,159
Restricted cash included in other assets		468		—		—
Total cash, cash equivalents and restricted cash presented in the statement of cash flows	$	226,474	$	78,446	$	89,159

Summary of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts).


	Years Ended December 31,
	2021			2020			2019
Numerator
Net loss	$	(78,715	)	$	(73,703	)	$	(26,883	)
Denominator
Weighted average shares outstanding used in computing net loss per share, basic and diluted		37,954,280			21,942,476			1,899,348
Net loss per share, basic and diluted	$	(2.07	)	$	(3.36	)	$	(14.15	)

Summary of Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share


	December 31,
	2021		2020		2019
Options to purchase common stock		5,268,320		3,996,174		2,683,441
Convertible preferred stock		—		—		19,278,606
Total		5,268,320		3,996,174		21,962,047

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	December 31,
	2021			2020
Lab equipment	$	5,305		$	4,396
Leasehold improvements		1,710			1,710
Computer hardware and software		247			220
Furniture and fixtures		140			140
Total property and equipment, gross		7,402			6,466
Less accumulated depreciation		(4,989	)		(4,485	)
Total property and equipment, net	$	2,413		$	1,981

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,
	2021		2020
Accrued clinical and manufacturing costs	$	5,678	$	3,072
Accrued compensation		4,798		3,723
Lease liabilities - short-term		1,926		—
Other accruals		863		904
Deferred rent - short-term		—		546
Total accrued liabilities	$	13,265	$	8,245

Investments, Available-for-Sale (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Cost, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Value of Available for Sale Investments

The Company's available-for-sale investments consisted of the following (in thousands):


December 31, 2021	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Short-term
U.S. treasury securities	$	10,014	$	—	$	(1	)	$	10,013
Certificates of deposit		961		—		(1	)		960
Short-term investments, available-for-sale	$	10,975	$	—	$	(2	)	$	10,973

Long-term
U.S. treasury securities	$	42,517	$	—	$	(98	)	$	42,419
Certificates of deposit		970		—		(3	)		967
Investments, available-for-sale	$	43,487	$	—	$	(101	)	$	43,386

December 31, 2020
U.S. treasury securities	$	215,185	$	—	$	(31	)	$	215,154
Short-term investments, available-for-sale	$	215,185	$	—	$	(31	)	$	215,154

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

Following are the major categories of assets measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements
	Fair Value		Level 1		Level 2		Level 3		Total
December 31, 2021
Money market funds (1)	$	226,006	$	226,006	$	—	$	—	$	226,006
U.S. treasury securities		52,432		52,432		—		—		52,432
Certificates of deposit		1,927		1,927		—		—		1,927
Total	$	280,365	$	280,365	$	—	$	—		280,365
December 31, 2020
Money market funds (1)	$	78,446	$	78,446	$	—	$	—	$	78,446
U.S. treasury securities		215,154		215,154		—		—		215,154
Total	$	293,600	$	293,600	$	—	$	—		293,600

(1) Included in cash and cash equivalents in accompanying balance sheets.

Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Schedule of Convertible Preferred Stock Authorized and Issued and its Principal Terms

Convertible preferred stock authorized and issued and its principal terms as of December 31, 2019, consisted of the following (in thousands, except share and per share amounts):


	As of December 31, 2019
	Shares Authorized		Shares Issued and Outstanding		Issue Period	Issue Price per Share		Dividend Annual Rate per Share		Aggregate Liquidation Preference
Series A		3,862,500		3,862,500	2014 - 2015	$	4.00	$	0.32	$	15,450
Series B		6,750,000		6,749,999	2015 - 2016	$	8.00	$	0.64	$	54,000
Series C		4,448,788		4,448,780	2018 - 2019	$	12.00	$	0.96	$	53,385
Series D		5,287,500		4,217,327	2019	$	13.20	$	1.056	$	55,669
Total		20,348,788		19,278,606

Equity Incentive Plans and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Option Activity

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


	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020		3,996,174		$	9.03
Granted		1,694,692			26.55
Exercised		(160,303	)		6.26
Forfeited and cancelled		(262,243	)		21.02
Outstanding at December 31, 2021		5,268,320		$	14.16		7.9	$	25,633
Exercisable at December 31, 2021		2,317,374		$	6.76		7.1	$	19,965

Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions


	Years Ended December 31,
	2021	2020	2019
Stock price	$13.36 - $35.67	$16.00 - $35.92	$1.60 - $9.16
Risk-free interest rate	0.60% - 1.34%	3.17% - 5.59%	1.4% - 2.6%
Expected volatility	82.34% - 88.43%	88.01% - 95.11%	77% - 104%
Expected term (in years)	5.50 - 6.08	5.50 - 6.08		6.10
Expected dividend yield	0%	0%	0%

Summary of Total Stock-based Compensation Expense


	Years Ended December 31,
	2021		2020		2019
Research and development	$	4,959	$	2,025	$	476
General and administrative		7,894		3,253		618
Total stock-based compensation expense	$	12,853	$	5,278	$	1,094

Income Tax (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes and Income Taxes Computed

Significant components of the Company’s provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate were as follows (in thousands):


	For the Year Ended December 31,
	2021			2020			2019
Statutory rate	$	(16,530	)	$	(15,478	)	$	(5,647	)
State tax		(5,383	)		(5,158	)		(2,351	)
Other permanent items		30			(280	)		17
Federal return to provision		144			—			—
Research and development credit		(4,539	)		—			(692	)
Change in valuation allowance		25,309			20,916			8,673
Stock-based compensation		969			—			—
Provisions for income taxes	$	—		$	—		$	—

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred taxes were as follows (in thousands):


	As of December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforward	$	55,488		$	36,740
Research and development credits		7,706			3,319
Deferred rent		—			214
Accruals and other		5,185			2,636
Intangible		6,369			6,836
Lease liability		3,482			—
Gross deferred tax assets		78,230			49,745
Less valuation allowance		(74,816	)		(49,507	)
Total deferred tax assets		3,414			238

Deferred tax liabilities:
Fixed assets		(114	)		(238	)
Right of use assets		(3,300	)		—
Total deferred tax liabilities		(3,414	)		(238	)
Deferred income taxes, net	$	—		$	—

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Summary of Future Lease Payments of Operating Lease Liabilities

Future lease payments of operating lease liabilities as of December 31, 2021, were as follows (in thousands):


Year ending December 31,	Operating Leases
2022	$	2,001
2023		2,415
2024		2,499
2025		2,587
2026		2,677
Thereafter		3,820
Total minimum lease payments		15,999
Less: interest		3,558
Present value of lease liabilities	$	12,441

Summary of Future Minimum Lease Payments under Non-cancelable Operating Leases

uture minimum lease payments for non-cancelable operating leases as of December 31, 2020, were as follows (in thousands):


Year ending December 31,	Operating Leases
2021	$	1,942
2022		686
Total minimum lease payments	$	2,628

Rent expense was $1.4 million and $1.3 million for the years ended December 31, 2020 and 2019, respectively.

Description of the Business - Additional Information (Details) $ / shares in Units, $ in Thousands					12 Months Ended
	Jul. 08, 2021 USD ($) $ / shares shares	May 06, 2021 USD ($)	Nov. 17, 2020 USD ($) $ / shares shares	Apr. 28, 2020 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) Segment $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 $ / shares
Description Of Business [Line Items]
Number of operating segments \| Segment					1
Accumulated deficit					$ 245,108	$ 166,393
Reverse stock split ratio				0.25
Proceeds from issuance of common stock					$ 50,000	$ 271,308
Maximum
Description Of Business [Line Items]
Price per share of common stock \| $ / shares					$ 35.67	$ 35.92	$ 9.16
Minimum
Description Of Business [Line Items]
Price per share of common stock \| $ / shares					$ 13.36	$ 16.00	$ 1.60
At The Market Sales Agreement And Offering Member
Description Of Business [Line Items]
Proceeds from issuance of common stock	$ 50,000
Sale of stock, number of shares issued in transaction \| shares	2,597,402
Sale of stock, price per share \| $ / shares	$ 19.25
At The Market Sales Agreement And Offering Member \| Maximum
Description Of Business [Line Items]
Sale of Stock, Consideration Received on Transaction		$ 150,000
Common Stock
Description Of Business [Line Items]
Shares of common stock issued \| shares					2,597,402
Proceeds from issuance of common stock pursuant to initial public offering				$ 138,000
Underwriting discounts and commissions and other offering expenses				12,800
Net proceeds from IPO				$ 125,200
Convertible preferred stock outstanding converted into shares of common stock \| shares				19,278,606
Common Stock \| Initial Public Offering
Description Of Business [Line Items]
Shares of common stock issued \| shares				8,625,000		8,625,000
Price per share of common stock \| $ / shares				$ 16.00
Common Stock \| Option to Purchase Additional Shares \| Maximum
Description Of Business [Line Items]
Shares of common stock issued \| shares			756,000	1,125,000
Common Stock \| Secondary Public Offering
Description Of Business [Line Items]
Shares of common stock issued \| shares			5,796,000
Price per share of common stock \| $ / shares			$ 23.00
Underwriting discounts and commissions and other offering expenses			$ 8,500
Gross proceeds from secondary public offering excluding underwriting discounts and commissions and other offering expenses			133,300
Proceeds from issuance of common stock			$ 124,800
Common Stock \| At The Market Sales Agreement And Offering Member
Description Of Business [Line Items]
Underwriting discounts and commissions and other offering expenses	$ 1,900
Proceeds from issuance of common stock	$ 48,100

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Liquid investments maturity period	90 days
Impairment of property and equipment	$ 0		$ 0	$ 0
Options granted, maximum contractual term	10 years
Right-of-use assets	$ 11,800,000
Lease liabilities	12,441,000
Adjustment to opening balance of accumulated deficit	$ (245,108,000)		$ (166,393,000)
ASC 842
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, early adoption	true
Change in accounting principle, accounting standards update, early adoption	false
Right-of-use assets		$ 1,700,000
Lease liabilities		2,500,000
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, adopted	true
ASC 842 \| Cumulative Effect, Period of Adoption, Adjustment
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Adjustment to opening balance of accumulated deficit		$ 0
ASU No. 2016-13
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, early adoption	true
Change in accounting principle, accounting standards update, early adoption	true
Minimum
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of related assets	3 years
Maximum
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of related assets	7 years

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 226,006	$ 78,446	$ 89,159
Restricted cash included in other assets	468
Total cash, cash equivalents and restricted cash presented in the statement of cash flows	$ 226,474	$ 78,446	$ 89,159	$ 42,636

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator
Net loss	$ (78,715)	$ (73,703)	$ (26,883)
Denominator
Weighted average shares outstanding used in computing net loss per share, basic and diluted	37,954,280	21,942,476	1,899,348
Net loss per share, basic and diluted	$ (2.07)	$ (3.36)	$ (14.15)

- Definition

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

+ References

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	5,268,320	3,996,174	21,962,047
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	5,268,320	3,996,174	2,683,441
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share			19,278,606

License Agreements - Additional Information (Details)			1 Months Ended
License Agreements - Additional Information (Details)	Oct. 19, 2020 USD ($) Product $ / shares shares	Aug. 03, 2020 USD ($) Product $ / shares shares	Aug. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
License Agreements [Line Items]
Number of licensed products obliged to develop and commercialize \| Product	1	1
Upfront payment shares issued \| shares				39,430,120	36,672,415
Upfront payment value				$ 4,000	$ 4,000
Mirati Therapeutics, Inc
License Agreements [Line Items]
Number of period the agreement in effect		10 years
Mirati Therapeutics, Inc \| Private Placement \| Acquired In-Process Research and Development Expense
License Agreements [Line Items]
License agreement shares issued value related to acquired assets charge			$ 13,000,000.0
Mirati Therapeutics, Inc \| Private Placement \| Common Stock
License Agreements [Line Items]
Upfront payment shares issued \| shares		588,235
Upfront payment value		$ 13,000,000.0
Issue price per share \| $ / shares		$ 34.00
Premium percentage		10.00%
Stock transfer restrictions period		18 months
Voronoi Inc. \| Development And Regulatory Milestone
License Agreements [Line Items]
License agreement maximum milestone payment obligation to pay	$ 111,000,000.0
Voronoi Inc. \| Commercial Milestone
License Agreements [Line Items]
License agreement maximum milestone payment obligation to pay	225,000,000.0
Voronoi Inc. \| Success Based Milestones
License Agreements [Line Items]
License agreement, additional milestone payment	272,000,000.0
Voronoi Inc. \| Private Placement
License Agreements [Line Items]
License agreement charge related to acquired assets	11,800,000
Voronoi Inc. \| Private Placement \| Acquired In-Process Research and Development Expense
License Agreements [Line Items]
License agreement cash payment related to acquired assets charge	5,000,000.0
License agreement shares issued value related to acquired assets charge	$ 6,800,000
Voronoi Inc. \| Private Placement \| Common Stock
License Agreements [Line Items]
Upfront payment shares issued \| shares	283,259
Upfront payment value	$ 6,800,000
Issue price per share \| $ / shares	$ 28.24
Premium percentage	25.00%
Upfront cash payment	$ 5,000,000.0

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 7,402	$ 6,466
Less accumulated depreciation	(4,989)	(4,485)
Total property and equipment, net	2,413	1,981
Lab Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	5,305	4,396
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,710	1,710
Computer Hardware and Software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	247	220
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 140	$ 140

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 897	$ 970	$ 1,028

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities, Current [Abstract]
Accrued clinical and manufacturing costs	$ 5,678	$ 3,072
Accrued compensation	4,798	3,723
Lease liabilities - short-term	$ 1,926	$ 0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued liabilities	Total accrued liabilities
Other accruals	$ 863	$ 904
Deferred rent - short-term	0	546
Total accrued liabilities	$ 13,265	$ 8,245

Investments, Available-for-Sale - Schedule of Cost, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Value of Available for Sale Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 10,975	$ 215,185
Unrealized Gains	0	0
Unrealized Losses	(2)	(31)
Estimated Fair Value	10,973	215,154
Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	43,487
Unrealized Gains	0
Unrealized Losses	(101)
Estimated Fair Value	43,386
U.S. Treasury Securities \| Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	10,014	215,185
Unrealized Gains	0	0
Unrealized Losses	(1)	(31)
Estimated Fair Value	10,013	$ 215,154
U.S. Treasury Securities \| Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	42,517
Unrealized Gains	0
Unrealized Losses	(98)
Estimated Fair Value	42,419
Certificates of Deposit \| Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	961
Unrealized Gains	0
Unrealized Losses	(1)
Estimated Fair Value	960
Certificates of Deposit \| Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	970
Unrealized Gains	0
Unrealized Losses	(3)
Estimated Fair Value	$ 967

Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	$ 280,365	$ 293,600
Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	226,006	78,446
U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	52,432	215,154
Certificates of Deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	1,927
Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	280,365	293,600
Level 1 \| Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	226,006	78,446
Level 1 \| U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	52,432	215,154
Level 1 \| Certificates of Deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	1,927
Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value
Level 2 \| Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value
Level 2 \| U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value
Level 2 \| Certificates of Deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value
Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value
Level 3 \| Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value
Level 3 \| U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value
Level 3 \| Certificates of Deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	280,365	293,600
Fair Value \| Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	226,006	78,446
Fair Value \| U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	52,432	$ 215,154
Fair Value \| Certificates of Deposit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	$ 1,927

Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Transfer between level 1 to 2	$ 0	$ 0
Transfer between level 2 to 1	0	0
Transfer between level 2 to 3	0	0
Transfer between level 3 to 2	0	0
Transfer between level 1 to 3	0	0
Transfer between level 3 to 1	$ 0	$ 0

Convertible Preferred Stock - Schedule of Convertible Preferred Stock Authorized and Issued and its Principal Terms (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Apr. 30, 2020
Temporary Equity [Line Items]
Shares Authorized	20,348,788
Shares Issued	19,278,606
Shares Outstanding	19,278,606	0
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Shares Authorized	3,862,500
Shares Issued	3,862,500
Shares Outstanding	3,862,500
Issue Price per Share	$ 4.00
Dividend Annual Rate per Share	$ 0.32
Aggregate Liquidation Preference	$ 15,450
Series A Convertible Preferred Stock \| Minimum
Temporary Equity [Line Items]
Issue Period	2014
Series A Convertible Preferred Stock \| Maximum
Temporary Equity [Line Items]
Issue Period	2015
Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Shares Authorized	6,750,000
Shares Issued	6,749,999
Shares Outstanding	6,749,999
Issue Price per Share	$ 8.00
Dividend Annual Rate per Share	$ 0.64
Aggregate Liquidation Preference	$ 54,000
Series B Convertible Preferred Stock \| Minimum
Temporary Equity [Line Items]
Issue Period	2015
Series B Convertible Preferred Stock \| Maximum
Temporary Equity [Line Items]
Issue Period	2016
Series C Convertible Preferred Stock
Temporary Equity [Line Items]
Shares Authorized	4,448,788
Shares Issued	4,448,780
Shares Outstanding	4,448,780
Issue Price per Share	$ 12.00
Dividend Annual Rate per Share	$ 0.96
Aggregate Liquidation Preference	$ 53,385
Series C Convertible Preferred Stock \| Minimum
Temporary Equity [Line Items]
Issue Period	2018
Series C Convertible Preferred Stock \| Maximum
Temporary Equity [Line Items]
Issue Period	2019
Series D Convertible Preferred Stock
Temporary Equity [Line Items]
Shares Authorized	5,287,500
Shares Issued	4,217,327
Shares Outstanding	4,217,327
Issue Period	2019
Issue Price per Share	$ 13.20
Dividend Annual Rate per Share	$ 1.056
Aggregate Liquidation Preference	$ 55,669

Convertible Preferred Stock - Additional Information (Details) - shares	Apr. 30, 2020	Dec. 31, 2019
Temporary Equity Disclosure [Abstract]
Outstanding shares of convertible preferred stock converted into shares of common stock	19,278,606
Convertible preferred stock, outstanding	0	19,278,606

Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Intrinsic value of options exercised		$ 2,200	$ 2,700	$ 100
Expected dividend yield		0.00%	0.00%	0.00%
Weighted-average grant-date fair value of options granted		$ 19.21	$ 12.99	$ 5.01
Stock-based compensation expense		$ 12,853	$ 5,278	$ 1,094
Total unrecognized compensation expense related to outstanding unvested stock-based awards		$ 36,400
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period		2 years 6 months 14 days
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional number of shares available for future issuance		2,656,500
Percentage of outstanding shares of common stock		5.00%
2020 Plan and 2014 Plan \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
2020 Plan and 2014 Plan \| Stock Options \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period		10 years
2020 Plan and 2014 Plan \| Incentive Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price as a percentage of fair market value		100.00%
Minimum percentage required for holders of combined voting power to be eligible for incentive stock options		10.00%
Percentage of options may not be granted at less than fair market value of the common stock at the date of grant		110.00%
Maximum term of options may not be granted at less than fair market value of the common stock at the date of grant		5 years
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional number of shares available for future issuance	500,000
Percentage of outstanding shares of common stock	1.00%
Number of shares available for future issuance	290,000
Number of shares issued under ESPP		0	0

Equity Incentive Plans and Stock-Based Compensation - Summary of Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Share-based Payment Arrangement [Abstract]
Options outstanding, Beginning Balance \| shares	3,996,174
Options, Granted \| shares	1,694,692
Options, Exercised \| shares	(160,303)
Options, Forfeited and cancelled \| shares	(262,243)
Options outstanding, Ending Balance \| shares	5,268,320
Options, Exercisable \| shares	2,317,374
Weighted Average Exercise Price, Options outstanding Beginning Balance \| $ / shares	$ 9.03
Weighted Average Exercise Price, Granted \| $ / shares	26.55
Weighted Average Exercise Price, Exercised \| $ / shares	6.26
Weighted Average Exercise Price, Forfeited and Cancelled \| $ / shares	21.02
Weighted Average Exercise Price, Options outstanding Ending Balance \| $ / shares	14.16
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 6.76
Weighted Average Remaining Contractual Term (in years), Options outstanding	7 years 10 months 24 days
Weighted Average Remaining Contractual Term (in years), Exercisable	7 years 1 month 6 days
Aggregate Intrinsic Value, Options outstanding \| $	$ 25,633
Aggregate Intrinsic Value, Exercisable \| $	$ 19,965

Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	0.60%	3.17%	1.40%
Risk-free interest rate, maximum	1.34%	5.59%	2.60%
Expected volatility, minimum	82.34%	88.01%	77.00%
Expected volatility, maximum	88.43%	95.11%	104.00%
Expected term (in years)			6 years 1 month 6 days
Expected dividend yield	0.00%	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price	$ 13.36	$ 16.00	$ 1.60
Expected term (in years)	5 years 6 months	5 years 6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price	$ 35.67	$ 35.92	$ 9.16
Expected term (in years)	6 years 29 days	6 years 29 days

Equity Incentive Plans and Stock-Based Compensation - Summary of Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 12,853	$ 5,278	$ 1,094
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	4,959	2,025	476
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 7,894	$ 3,253	$ 618

Income Tax - Schedule of Provision for Income Taxes and Income Taxes Computed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Statutory rate	$ (16,530)	$ (15,478)	$ (5,647)
State tax	(5,383)	(5,158)	(2,351)
Other permanent items	30	(280)	17
Federal return to provision	144	0	0
Research and development credit	(4,539)	0	(692)
Change in valuation allowance	25,309	20,916	8,673
Stock-based compensation	969	0	0
Provisions for income taxes	$ 0	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Tax - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforward	$ 55,488	$ 36,740
Research and development credits	7,706	3,319
Deferred rent	0	214
Accruals and other	5,185	2,636
Intangible	6,369	6,836
Lease liability	3,482	0
Gross deferred tax assets	78,230	49,745
Less valuation allowance	(74,816)	(49,507)
Total deferred tax assets	3,414	238
Deferred tax liabilities:
Fixed assets	(114)	(238)
Right of use assets	(3,300)	0
Total deferred tax liabilities	3,414	238
Deferred income taxes, net	$ 0	$ 0

Income Tax - Additional Information (Details) - USD ($)	12 Months Ended
Income Tax - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Income Tax [Line Items]
Valuation allowance	$ 74,816,000	$ 49,507,000
Increase in valuation allowance	25,300,000
Net operating loss carryforwards	$ 198,200,000
Operating loss carryforwards, expiration	Dec. 31, 2034
Cumulative change in ownership period	3 years
Unrecognized tax benefits	$ 1,600,000
Accrual for interest or penalties	0
Interest and penalties not recognized	$ 0
Minimum
Income Tax [Line Items]
Cumulative change in ownership percentage	50.00%
Research tax credit carryforward
Income Tax [Line Items]
Tax credit carryforward	$ 3,900,000
Begin to expire in 2034
Income Tax [Line Items]
Net operating loss carryforwards	41,600,000
Not expire
Income Tax [Line Items]
Net operating loss carryforwards	156,600,000
Federal
Income Tax [Line Items]
Tax credit carryforward	6,100,000
CALIFORNIA
Income Tax [Line Items]
Net operating loss carryforwards	$ 197,300,000
Operating loss carryforwards, expiration	Dec. 31, 2034

Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Oct. 31, 2021	Aug. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021
Loss Contingencies [Line Items]
Operating Lease, Right-of-Use Asset			$ 11.8
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]			Other Assets, Noncurrent
Accrued Liabilities			$ 1.9
Long-term Debt			10.5
Operating Lease, Payments			$ 1.9
Operating Lease, Weighted Average Discount Rate, Percent			8.20%
Operating Lease, Weighted Average Remaining Lease Term			6 years 4 months 24 days
Operating Lease, Cost			$ 1.8
Rent expense				$ 1.4	$ 1.3
South San Francisco, California
Loss Contingencies [Line Items]
Extend the lease term		May 2028
San Diego, California
Loss Contingencies [Line Items]
Operating lease, renewal term						36 months
Extend the lease term	February 2022

Commitment and Contingencies - Summary of Future Lease Payments of Operating Leases Liabilities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 2,001
2023	2,415
2024	2,499
2025	2,587
2026	2,677
Thereafter	3,820
Total minimum lease payments	15,999
Less: interest	3,558
Present value of lease liabilities	$ 12,441

Commitment and Contingencies - Summary of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 1,942
2022	686
Total minimum lease payments	$ 2,628

Employee Benefit Plan - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Defined Contribution Plan, Cost	$ 500,000
Employer contribution amount		$ 0	$ 0