0000950170-22-017397 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 10, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	Ventyx Biosciences, Inc.
Entity Central Index Key	0001851194
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity File Number	001-40928
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2996852
Entity Address, Address Line One	662 Encinitas Blvd
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	Encinitas
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92024
City Area Code	760
Local Phone Number	593-4832
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		50,917,801
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	VTYX
Security Exchange Name	NASDAQ

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 45,343	$ 70,791
Marketable securities	205,109	187,785
Prepaid expenses and other assets (includes related party amounts of $39 and $29, respectively)	1,741	4,444
Total current assets:	252,193	263,020
Property and equipment, net	287	254
Operating lease right-of-use assets	1,733
Marketable securities	7,900	28,148
Other long-term assets	72	60
Total assets	262,185	291,482
Current liabilities
Accounts payable (includes related party amounts of $77 and $0, respectively)	5,805	4,661
Accrued expenses (includes related party amounts of $74 and $175, respectively)	11,483	7,622
Current portion of operating lease liabilities	386
Total current liabilities	17,674	12,283
Operating lease liabilities, net of current portion	1,359
Total liabilities	19,033	12,283
Commitments and contingencies (Note 6)
Stockholders' equity:
Common stock, $0.0001 par value; 900,000,000 shares authorized at June 30, 2022 and December 31, 2021; 50,959,950 and 50,526,702 shares issued at June 30, 2022 and December 31, 2021, respectively; 50,899,066 and 50,408,830 shares outstanding at June 30, 2022 and December 31, 2021, respectively	5	5
Additional paid-in capital	404,987	397,051
Accumulated other comprehensive loss	(1,291)	(58)
Accumulated deficit	(160,549)	(117,799)
Total stockholders' equity	243,152	279,199
Total liabilities and stockholders' equity	$ 262,185	$ 291,482

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Prepaid expense and other assets, related party	$ 39	$ 29
Accounts payable, related party	77	0
Accrued expenses, related party	$ 74	$ 175
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	50,959,950	50,526,702
Common stock, shares outstanding	50,899,066	50,408,830

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development (includes related party amounts of $230, $254, $433 and $462, respectively)	$ 14,676	$ 9,511	$ 32,085	$ 34,112
General and administrative (includes related party amounts of $0, $0, $0 and $116, respectively)	5,722	1,675	11,060	2,422
Total operating expenses	20,398	11,186	43,145	36,534
Loss from operations	(20,398)	(11,186)	(43,145)	(36,534)
Other (income) expense:
Other (income) expense	(380)	44	(395)	44
Interest expense - related party				99
Change in fair value of notes and derivative - related party				11,051
Change in fair value of Series A tranche liability		4,329		5,476
Total other (income) expense	(380)	4,373	(395)	16,670
Net loss	(20,018)	(15,559)	(42,750)	(53,204)
Deemed dividend				(1,552)
Net loss attributable to common shareholders	(20,018)	(15,559)	(42,750)	(54,756)
Net loss	(20,018)	(15,559)	(42,750)	(53,204)
Unrealized loss on marketable securities	(279)		(1,221)
Foreign currency translation	(54)	(14)	(12)	(12)
Comprehensive loss	$ (20,351)	$ (15,573)	$ (43,983)	$ (53,216)
Net loss per share attributable to common shareholders, basic	$ (0.39)	$ (4.31)	$ (0.84)	$ (17.69)
Net loss per share attributable to common shareholders, diluted	$ (0.39)	$ (4.31)	$ (0.84)	$ (17.69)
Shares used to compute basic net loss per share attributable to common shareholders	50,848,391	3,609,462	50,717,548	3,095,244
Shares used to compute diluted net loss per share attributable to common shareholders	50,848,391	3,609,462	50,717,548	3,095,244

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Research and development expenses related party	$ 230	$ 254	$ 433	$ 462
General and administrative expenses with related party	$ 0	$ 0	$ 0	$ 116

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock	Series A-1 Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2020	$ (30,654)				$ 1,847		$ (32,501)
Balance, shares at Dec. 31, 2020				2,059,157
Temporary equity, Issuance of preferred stock upon modification and conversion of notes			$ 38,911
Temporary equity, Issuance of preferred stock upon modification and conversion of notes, shares			12,713,585
Issuance of preferrred stock upon modification and conversion of notes	1,735				1,735
Temporary equity, Acquisition of Oppilan and Zomagen			$ 18,526
Temporary equity, Acquisition of Oppilan and Zomagen, shares			6,052,911
Acquisition of Oppilan and Zomagen	2,820				2,820
Acquisition of Oppilan and Zomagen, shares				818,798
Temporary equity, Issuance of preferred stock and common stock, net of legal fees		$ 112,301
Temporary equity, Issuance of preferred stock and common stock, net of legal fees, shares		12,533,905
Issuance of preferred stock and common stock, net of legal fees					1,552		(1,552)
Issuance of preferred stock and common stock, net of legal fees, shares				507,133
Temporary equity, Conversion of tranche liability to Series A preferred stock and common stock		$ 3,978
Conversion of tranche liability to Series A preferred stock and common stock	3,058				3,058
Conversion of tranche liability to Series A preferred stock and common stock, shares				507,133
Issuance of common stock upon exercise of stock options	25				25
Issuance of common stock upon exercise of stock options, shares				12,540
Issuance of common stock upon vesting of restricted common stock, shares				51,212
Stock-based compensation expense	368				368
Foreign currency translation	(12)					$ (12)
Net loss	(53,204)						(53,204)
Temporary equity, Balance at Jun. 30, 2021		$ 116,279	$ 57,437
Temporary equity, Balance, shares at Jun. 30, 2021		12,533,905	18,766,496
Balance at Jun. 30, 2021	(75,864)				11,405	(12)	(87,257)
Balance, shares at Jun. 30, 2021				3,955,973
Temporary equity, Balance at Mar. 31, 2021		$ 55,301	$ 57,437
Temporary equity, Balance, shares at Mar. 31, 2021		6,283,401	18,766,496
Balance at Mar. 31, 2021	(63,662)				8,034	2	(71,698)
Balance, shares at Mar. 31, 2021				3,410,694
Temporary equity, Issuance of preferred stock and common stock, net of legal fees		$ 57,000
Temporary equity, Issuance of preferred stock and common stock, net of legal fees, shares		6,250,504
Temporary equity, Conversion of tranche liability to Series A preferred stock and common stock		$ 3,978
Conversion of tranche liability to Series A preferred stock and common stock	3,058				3,058
Conversion of tranche liability to Series A preferred stock and common stock, shares				507,133
Issuance of common stock upon exercise of stock options	25				25
Issuance of common stock upon exercise of stock options, shares				12,540
Issuance of common stock upon vesting of restricted common stock, shares				25,606
Stock-based compensation expense	288				288
Foreign currency translation	(14)					(14)
Net loss	(15,559)						(15,559)
Temporary equity, Balance at Jun. 30, 2021		$ 116,279	$ 57,437
Temporary equity, Balance, shares at Jun. 30, 2021		12,533,905	18,766,496
Balance at Jun. 30, 2021	(75,864)				11,405	(12)	(87,257)
Balance, shares at Jun. 30, 2021				3,955,973
Balance at Dec. 31, 2021	279,199			$ 5	397,051	(58)	(117,799)
Balance, shares at Dec. 31, 2021				50,408,830
Issuance of common stock upon exercise of stock options	$ 220				220
Issuance of common stock upon exercise of stock options, shares	417,332			417,332
Issuance of common stock upon vesting of restricted common stock, shares				63,830
Shares issued under employee stock purchase plan	$ 115				115
Shares issued under employee stock purchase plan, shares				9,074
Adjustment to offering expenses in the initial public offering	26				26
Stock-based compensation expense	7,575				7,575
Unrealized loss on marketable securities	(1,221)					(1,221)
Foreign currency translation	(12)					(12)
Net loss	(42,750)						(42,750)
Balance at Jun. 30, 2022	243,152			$ 5	404,987	(1,291)	(160,549)
Balance, shares at Jun. 30, 2022				50,899,066
Balance at Mar. 31, 2022	259,123			$ 5	400,607	(958)	(140,531)
Balance, shares at Mar. 31, 2022				50,729,820
Issuance of common stock upon exercise of stock options	134				134
Issuance of common stock upon exercise of stock options, shares				118,918
Issuance of common stock upon vesting of restricted common stock, shares				41,254
Shares issued under employee stock purchase plan	115				115
Shares issued under employee stock purchase plan, shares				9,074
Stock-based compensation expense	4,131				4,131
Unrealized loss on marketable securities	(279)					(279)
Foreign currency translation	(54)					(54)
Net loss	(20,018)						(20,018)
Balance at Jun. 30, 2022	$ 243,152			$ 5	$ 404,987	$ (1,291)	$ (160,549)
Balance, shares at Jun. 30, 2022				50,899,066

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (42,750)	$ (53,204)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	45	5
Amortization of right-of-use assets - operating	148
Stock-based compensation	7,575	368
Accretion of marketable securities, net	(109)
Non-cash interest - related party		99
Change in fair value of notes and derivative - related party		11,051
Change in fair value of Series A tranche liability		5,476
Acquired in-process research and development		21,781
Changes in operating assets and liabilities
Prepaid expenses and other assets	2,677	(1,737)
Operating lease liabilities	(136)
Accounts payable (includes related party amounts of $77 and ($421), respectively)	1,171	171
Accrued expenses (includes related party amounts of ($101) and $265, respectively)	3,861	3,068
Net cash used in operating activities	(27,518)	(12,922)
Cash flows from investing activities
Acquisition of Oppilan and Zomagen, net of cash		1,899
Purchases in marketable securities, available-for-sale	(125,397)
Proceeds from maturities of marketable securities, available-for-sale	127,210
Purchases of property and equipment	(66)	(11)
Net cash provided by investing activities	1,747	1,888
Cash flows from financing activities
Proceeds from issuance of Series A convertible preferred stock, net of offering costs		113,415
Deferred offering costs		(300)
Proceeds from exercise of stock options	220	25
Proceeds from issuance of common stock under employee stock purchase plan	115
Proceeds from issuance of SAFE notes, net		450
Net cash provided by financing activities	335	113,590
Effect of exchange rates on cash and cash equivalents	(12)	(12)
Net increase (decrease) in cash and cash equivalents	(25,448)	102,544
Cash and cash equivalents, beginning of period	70,791	244
Cash and cash equivalents, end of period	45,343	102,788
Supplemental disclosure for non-cash activities
Conversion of promissory and SAFE notes - related party		38,911
Stock issued for the acquisition of Oppilan and Zomagen		21,345
Unpaid deferred offering costs		$ 453
Unrealized loss on marketable securities, available-for-sale	$ (1,221)

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of Cash Flows [Abstract]
Accounts payable, related party amounts	$ 77	$ (421)
Accrued expenses, related party amounts	$ (101)	$ 265

Organization and Business

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business

1. Organization and Business

Organization

Ventyx Biosciences, Inc. (“Ventyx” or “the Company”) is a clinical-stage pharmaceutical company developing a pipeline of novel small molecule product candidates to address a range of inflammatory diseases with significant unmet medical need. The Company was incorporated in the State of Delaware in November 2018, with its principal operations in California. The Company leverages its drug discovery and development expertise to develop novel and differentiated therapeutics that target both the innate and adaptive immune system.

Initial Public Offering

The Company's registration statement on Form S-1 (“Registration Statement”) related to its initial public offering (“IPO”) was declared effective on October 20, 2021, and the Company's common stock began trading on the Nasdaq Global Select Market (“Nasdaq”) on October 21, 2021. In its initial public offering, the Company sold an aggregate of 10,893,554 shares of its common stock, including 1,420,898 shares sold pursuant to the underwriters' over-allotment option, at a public offering price of $16.00 per share. The Company received net proceeds of approximately $158.8 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company, from sales of its shares in the IPO.

In connection with the closing of the initial public offering, all 12.5 million outstanding shares of Series A Convertible Preferred Stock (“Series A Preferred Stock”), 18.8 million outstanding shares of Series A-1 Convertible Preferred Stock (“Series A-1 Preferred Stock”) and 4.0 million shares of Series B Convertible Preferred Stock (“Series B Preferred Stock”) converted into an aggregate of 35.3 million shares of common stock.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The presentation of the Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2022 and 2021 reflect the financial results of Ventyx Biosciences, Inc. and its two acquired wholly owned subsidiaries, Oppilan Pharma Ltd (“Oppilan”) and Zomagen Biosciences Ltd. (“Zomagen”), on a consolidated basis, as of the acquisition date of February 26, 2021 (Note 5). All intercompany transactions and balances have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial information. The condensed consolidated balance sheet data as of December 31, 2021 was derived from the Company’s audited financial statements. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2021 and the notes thereto included in the Company’s annual report on Form 10-K filed with the SEC on March 23, 2022.

The Company's significant accounting policies are detailed in “Note 2: Summary of Significant Accounting Policies” of the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Except as set forth below, there have been no changes to the Company's significant accounting policies from those disclosed in the annual report. Additionally, on January 1, 2022, the Company adopted Accounting Standards Codification No. 842, Leases, with application to leases that existed as of the adoption date.

The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operation for the periods presented, with such adjustments consisting only of normal recurring adjustments. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results expected for the full year ending December 31, 2022 or any future period.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. Significant estimates include, but are not limited to, estimates related to clinical trial prepaids and accruals, estimates related to prepaid and accrued research and development costs, available-for-sale marketable securities, estimates related to the measurement of operating lease right-of-use assets and operating lease liabilities, and determinations of the fair value of stock-based awards. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates.

Risks and Uncertainties

The global COVID-19 pandemic and the related variants continue to rapidly evolve. The extent of the impact of the COVID-19 pandemic on our business, operations and clinical development timelines and plans remains uncertain, and will depend on certain developments, including the duration and spread of the outbreak and its impact on our operations and those of our CROs, third-party manufacturers and other third parties with whom we do business, as well as its potential impact on regulatory authorities and our ability to attract and retain key scientific and management personnel. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change.

We are conducting business as usual, with necessary or advisable modifications, and have modified our business practices, including but not limited to, modifying employee travel and allowing office employees to work remotely. We will continue to actively monitor the rapidly evolving situation related to COVID-19. We may take further actions that alter our operations, including those that may be required by federal, state or local authorities, or that we determine are in the best interests of our employees and other third parties with whom we do business. At this point, the extent to which the COVID-19 pandemic may affect our business, operations and clinical development timelines and plans, including the resulting impact on our expenditures and capital needs, remains uncertain and is subject to change.

Investments in Marketable Securities, Available-for-Sale

The Company maintains a portfolio of investments which include U.S. Treasury securities, U.S. government agency securities, corporate debt securities, commercial paper and asset-backed securities (“ABS”). The Company's investments in marketable securities are available-for-sale securities and the marketable securities are reported at fair value. Investments in marketable securities with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments in marketable securities with contractual maturities 12 months or greater at the balance sheet date are considered long-term investments. Unrealized gains and losses are included in accumulated other comprehensive loss, net of tax. The cost of securities sold is determined on a specific identification basis, and realized gains and losses, if any, are included in other (income) expense within the condensed consolidated statements of operations and comprehensive loss.

The Company regularly reviews its investment portfolio to determine if any security is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period that any such determination is made. Calculating an impairment charge requires a high degree of judgment. In making this judgment, the Company evaluates, among other items, the time frame and extent to which the fair market value of a security is less than its amortized cost and the Company's intent and ability to sell, or whether the Company will more likely than not be required to sell the security before recovery of its amortized cost basis.

Fair Value of Financial Instruments

The Company follows Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), issued by the Financial Accounting Standards Board (“FASB”) with respect to fair value reporting for financial assets and liabilities. The carrying amounts of the Company’s current financial assets and current financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Financial assets and liabilities measured at fair value on a recurring basis include cash equivalents, marketable securities, the change of control derivative liability, the fair value of the Simple Agreements for Future Equity (“SAFEs” or “Convertible SAFE Notes”), and the fair value of the Series A tranche liability. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis.

Comprehensive Loss

Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss is comprised of net loss, foreign currency translation adjustments and unrealized gains (losses) on marketable securities.

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

As an “emerging growth company,” the Company is allowed by the Jumpstart Our Business Startups Act to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use the adoption dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies.

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. ASU 2016-13 is effective for the Company’s annual periods beginning after 2023, with early adoption permitted. The Company is currently evaluating the impact the adoption of this guidance will have on its condensed consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in Entity’s Own Equity (“ASU 2020-06”), which, among other things, provides guidance on how to account for contracts on an entity’s own equity. This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, the ASU eliminated the need for the Company to assess whether a contract on the entity’s own equity (1) permits settlement in unregistered shares, (2) whether counterparty rights rank higher shareholder’s rights, and (3) whether collateral is required. In addition, this ASU requires incremental disclosure related to contracts on the entity’s own equity and clarifies the treatment of certain financial instruments accounted for under this ASU on earnings per share. This ASU may be applied on a full retrospective or modified retrospective basis. The amendments within this ASU are effective for the Company’s fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption of the ASU is permitted for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the potential impact that this standard may have on its condensed consolidated financial statements and related disclosures.

Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This guidance requires lessees to recognize right-of-use (“ROU”) assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. The Company adopted this standard effective January 1, 2022, using the modified retrospective transition method applied at the effective date of the standard. Results for reporting periods beginning after January 1, 2022 are presented under the new leasing standard, while prior period amounts are not retrospectively adjusted and will continue to be reported in accordance with the Company's historic accounting treatment.

The new standard provides a number of optional practical expedients in transition. The Company has elected to apply the package of practical expedients, which permit the Company not to reassess prior conclusions about lease identification, lease classification and initial direct costs for leases that existed prior to adoption of the new lease standard. The Company has also elected to utilize the short-term lease recognition exemption for all leases that qualify and, for those leases that qualified, the Company did not recognize ROU assets or lease liabilities. Additionally, the Company elected not to separate lease and non-lease components for all classes of assets. Upon adoption, on the effective date of January 1, 2022, the Company recognized operating lease liabilities of approximately $1.4 million and corresponding operating lease ROU assets of approximately $1.4 million on the condensed consolidated balance sheet. The Company does not have any finance leases. The adoption of the new standard did not have a significant impact on beginning accumulated deficit, net earnings or cash flows.

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the

measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is as follows:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs, other than the quoted prices included in Level 1 that are either directly or indirectly observable.

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

The following tables present information about the fair value measurements of the Company’s financial assets and liabilities which are measured at fair value on a recurring basis, and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):


	June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	23,032	$	—	$	—	$	23,032
Commercial paper		—		13,987		—		13,987
Total cash equivalents		23,032		13,987		—		37,019
Marketable securities
U.S. Treasury securities		55,390		—		—		55,390
U.S. government agency securities		—		11,459		—		11,459
Corporate debt securities		—		2,979		—		2,979
Commercial paper		—		141,860		—		141,860
Asset backed securities		—		1,321				1,321
Total marketable securities		55,390		157,619		—		213,009
Total assets	$	78,422	$	171,606	$	—	$	250,028


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	23,712	$	—	$	—	$	23,712
Corporate debt securities		—		975		—		975
Commercial paper		—		34,248		—		34,248
Total cash equivalents		23,712		35,223		—		58,935
Marketable securities
U.S. Treasury securities		28,148		—		—		28,148
Corporate debt securities		—		4,039		—		4,039
Commercial paper		—		176,735		—		176,735
Asset backed securities		—		7,011		—		7,011
Total marketable securities		28,148		187,785		—		215,933
Total assets	$	51,860	$	223,008	$	—	$	274,868

In determining the fair value of its Level 2 investments, the Company relied on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable. These quoted prices were obtained by the Company with the assistance of a third-party pricing service based on available trade, bid and other observable market data for identical or similar securities. During the six months ended June 30, 2022, there were no transfers between Level 1, Level 2 and Level 3.

As of June 30, 2022 and December 31, 2021, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows (in thousands):


	June 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. Treasury securities	$	56,077	$	—	$	(687	)	$	55,390
U.S. government agency securities		11,499		—		(40	)		11,459
Corporate debt securities		3,025		—		(46	)		2,979
Commercial paper		142,373		—		(513	)		141,860
Asset backed securities		1,324		—		(3	)		1,321
Total marketable securities	$	214,298	$	—	$	(1,289	)	$	213,009


	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. Treasury securities	$	28,204	$	—	$	(56	)	$	28,148
Corporate debt securities		4,042		—		(3	)		4,039
Commercial paper		176,742		17		(24	)		176,735
Asset backed securities		7,014		—		(3	)		7,011
Total marketable securities	$	216,002	$	17	$	(86	)	$	215,933

All of the Company’s marketable securities have maturity dates of two years or less.

The Company reviews its marketable securities at each reporting date to determine if any security is other-than-temporarily impaired, which would require the Company to record an impairment charge in that respective period. In making this judgment, the Company considers the intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value and the duration and extent that the market value has been less than cost.

As of June 30, 2022, all available-for-sale marketable securities were in an unrealized loss position, all of which had been in an unrealized loss position for less than 12 months. The Company evaluated the securities individually for other-than-temporary impairment and considered the unrealized losses to be temporary in nature as the Company has no intent to sell these securities and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis. Additionally, each security remained at a high credit quality rating. The decline in market value was primarily attributable to an increase in interest rates during the six months ended June 30, 2022. As such, the Company has classified the losses as temporary in nature.

At December 31, 2021, there were 26 available-for-sale marketable securities in an unrealized loss position, all of which had been in an unrealized loss position for less than 12 months, and the unrealized losses of each security were immaterial individually and in the aggregate.

- 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

Consolidated Balance Sheet Details

6 Months Ended

Jun. 30, 2022

Consolidated Balance Sheet [Abstract]

Consolidated Balance Sheet Details

4. Consolidated Balance Sheet Details

Accrued expenses consisted of the following (in thousands):


	June 30,		December 31,
	2022		2021
Accrued research and development costs	$	6,756	$	3,893
Accrued clinical trial costs		2,853		1,025
Other accrued liabilities		1,800		2,529
Accrued related party liabilities		74		175
Total accrued expenses	$	11,483	$	7,622

Acquisitions

6 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Acquisitions

5. Acquisitions

In February 2021, in connection with the Series A and Series A-1 Preferred Stock financing, the Company acquired all of the outstanding equity and convertible debt interests of Oppilan and Zomagen. Certain investors of Oppilan and Zomagen are also investors of the Company and are considered related parties. Details of the acquisitions are as follows:

•

Pursuant to the terms of the Share Purchase Agreement (the “Oppilan Purchase Agreement”), upon closing, the Company issued to the shareholders of Oppilan 360,854 shares of Ventyx common stock valued at $3.06 per share, 4,049,143 shares of Series A-1 Preferred Stock valued at $3.06 per share and options to purchase 75,955 shares of Ventyx common stock valued at a weighted average fair value of $1.86 per share in exchange for all of the outstanding equity interests of Oppilan. Oppilan’s lead candidate, VTX002, is a modulator of the S1P1 receptor that has a unique pharmacokinetic and pharmacodynamic profile and has completed Phase 1 clinical testing. A Phase 2 clinical trial of VTX002 for the treatment of moderate-to-severe ulcerative colitis was initiated in the fourth quarter of 2021.

•

Pursuant to the terms of the Share Purchase Agreement (the “Zomagen Purchase Agreement”), upon closing, the Company issued to the shareholders of Zomagen 457,944 shares of Ventyx common stock valued at $3.06 per share, 2,003,768 shares of Series A-1 Preferred Stock valued at $3.06 per share and options to purchase 30,483 shares of Ventyx common stock valued at a weighted average fair value of $2.87 per share in exchange for all of the outstanding equity interests of Zomagen. Zomagen’s lead candidate, VTX2735, is a peripheral NLRP3 inhibitor for which we recently completed a Phase 1 trial.

Oppilan and Zomagen do not have an organized workforce that significantly contributes to their ability to create output. Additionally, substantially all of the fair value of the gross assets acquired were in-process research and development (“IPR&D”) intangible assets. The Company concluded that the acquisitions of Oppilan and Zomagen did not meet the definition of a business combination pursuant to the FASB Accounting Standards Codification (“ASC”) 805, Business Combinations.

The fair value of the consideration provided in the acquisitions was $14.0 million and $7.8 million for Oppilan and Zomagen, respectively. The excess of the cost of acquisition over net assets acquired was $12.8 million and $8.9 million for Oppilan and Zomagen, respectively. Management determined that there is no alternative future use of the IPR&D assets acquired and, accordingly, the excess of the cost of acquisition over net assets acquired was expensed as IPR&D at the acquisition date. For the year ended December 31, 2021, we recorded the excess IPR&D costs of $21.7 million in research and development costs within the Company's consolidated statements of operations and comprehensive loss.

The net assets (liabilities) acquired were as follows (in thousands):


	Oppilan			Zomagen			Total
Cash and cash equivalents	$	1,748		$	151		$	1,899
Prepaid expenses and other assets		587			12			599
Property and equipment, net		10			6			16
Other long-term assets		—			7			7
Accounts payable		(453	)		(349	)		(802	)
Accrued expenses		(722	)		(854	)		(1,576	)
Net assets (liabilities) acquired	$	1,170		$	(1,027	)	$	143

The determination of the purchase price and related charge to IPR&D as of December 31, 2021 is as follows (in thousands):


	Oppilan		Zomagen			Total
Net assets (liabilities) acquired	$	1,170	$	(1,027	)	$	143
Fair value of shares issued		13,498		7,534			21,032
Transaction fees		370		207			577
Fair value of vested common stock options exchanged		141		87			228
Purchase price		14,009		7,828			21,837
Acquired IPR&D	$	12,839	$	8,855		$	21,694

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Litigation

In the ordinary course of its business, the Company may be involved in various legal proceedings involving contractual and employment relationships, patent or other intellectual property rights, and a variety of other matters. The Company is not aware of any

pending legal proceedings that would reasonably be expected to have a material impact on the Company’s financial position or results of operations.

Convertible Preferred Stock

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Convertible Preferred Stock

7. Convertible Preferred Stock

Series A Convertible Preferred Shares

On February 26, 2021, the Company received gross proceeds of $57.3 million in cash in connection with its Series A Preferred Stock financing from various related party investors. The Company issued 6,283,401 shares at a purchase price of $9.12 per share. The Company incurred issuance costs related to its Series A Preferred Stock financing of $0.4 million, which were recorded as a reduction of the total proceeds. The Series A purchase agreement allowed the original investors to purchase an additional 6,250,504 shares of Series A convertible preferred shares (the “Additional Shares”), on the same terms and conditions as the original issuance at the original issue price of $9.12 per share (the “Second Closing” or “Tranche Liability”) upon the election of at least a majority of the then outstanding shares. On June 10, 2021, the Series A Preferred Stock investors exercised their right to purchase the Additional Shares, and the Company received an additional $57.0 million in proceeds in the second closing of the Series A Preferred Stock financing. The Series A Preferred Stock has a $0.0001 par value.

Deemed Dividend

On February 26, 2021, in connection with the $57.3 million in cash received with the Series A Preferred Stock financing, the Company issued 507,133 incremental common shares to a Series A investor. The fair value of the incremental common shares of $1.6 million was treated as a deemed dividend during the six months ended June 30, 2021. The deemed dividend is reflected on the face of the condensed consolidated statements of operations and comprehensive loss for the six months ended June 30, 2021 as a reduction to net loss to arrive at net loss attributable to common shareholders.

Series A Convertible Shares – Tranche Liability

The rights and preferences of the Series A Preferred Stock sold under the two tranches had the same rights and preferences. The Company concluded that these rights or obligations of the investors to participate in tranches of Series A convertible preferred shares met the definition of a freestanding financial instrument that was required to be recorded as a liability at fair value as (i) the instruments were legally detachable and separately exercisable from the Series A convertible preferred shares and (ii) the rights would require the Company to transfer assets upon future closings of the Series A convertible preferred shares. In addition, the Company was obligated to issue 507,133 shares of common stock to a Series A investor if they participated in the second tranche. Given the common shares were linked to the second tranche, they were also considered a component of the Tranche Liability. Upon the closing of the Series A Preferred Stock financing in February 2021, the fair value of the tranche right was $1.5 million. On June 10, 2021, the Series A Preferred Stock investors exercised their right and the Company received an additional $57.0 million in proceeds in the second closing of the Series A Preferred Stock financing. The Company recorded a change in fair value of the Series A Tranche Liability of $5.5 million, which was recognized in the Company’s condensed consolidated statements of operations and comprehensive loss for the six months ended June 30, 2021.

Series A-1 Convertible Preferred Shares

On February 26, 2021, the Company issued 4,049,143 and 2,003,768 shares of Series A-1 Preferred Stock to the former equity and debt security holders of Oppilan and Zomagen, respectively. Additionally, on February 26, 2021, the Company issued 12,713,585 shares of Series A-1 Preferred Stock upon the conversion of the convertible promissory notes (“Convertible Notes”) and Convertible SAFE Notes with a principal amount outstanding of $9.8 million.

Conversion of Convertible Preferred Shares into Common Stock

In connection with the closing of the Company’s initial public offering in October 2021, all 12.5 million outstanding shares of Series A Preferred Stock and 18.8 million outstanding shares of Series A-1 Preferred Stock converted into an aggregate of 31.3 million shares of common stock.

Description of Securities

Prior to the Company’s IPO, the rights and preferences of the convertible preferred stock were as follows:

Dividends

The holders of then outstanding shares of Series A Preferred Stock (“Senior Convertible Preferred Stock”) were entitled to receive, only when, as and if declared by the Board of Directors, out of any funds and assets legally available therefore, dividends at the rate of 8.0% of the applicable original issue price of $9.12 per share for each share of Series A Preferred Stock prior and in preference to any declaration or payment of any other dividend (other than dividends on shares of common stock payable in shares of common stock). The right to receive dividends on shares of Senior Convertible Preferred Stock pursuant to the preceding sentence were not cumulative, and no right to dividends were to accrue to holders of Senior Convertible Preferred Stock by reason of the fact that dividends on said shares were not declared. The Company could not declare, pay or set aside any dividends on shares of Series A-1 Preferred Stock, common stock or any other class or series of capital stock of the Company (other than dividends on shares of common stock payable in shares of common stock). The original issue price of the Series A-1 Preferred Stock was $9.56 per share. No dividends were declared from the date of issuance of the convertible preferred shares through the initial public offering date in October 2021 when the convertible preferred shares converted into common stock.

Liquidation

In the event of (a) any voluntary liquidation, dissolution or winding up of the Company, the holders of shares of Senior Convertible Preferred Stock then outstanding were to be entitled to be paid out of the assets of the Company available for distribution to its stockholders, and (b) a deemed liquidation event, the holders of shares of Senior Convertible Preferred Stock then outstanding were to be entitled to be paid out of the consideration payable to stockholders in such deemed liquidation event or out of the available proceeds, as applicable, on a pari passu basis among each other, before any payments could be made to the holders of Series A-1 Preferred Stock or common stock by reason of their ownership thereof, an amount per share equal to one times the applicable original issue price, plus any dividends declared but unpaid thereon. If, upon any such liquidation, dissolution or winding up of the Company or deemed liquidation event, the assets of the Company available for distribution to its stockholders were insufficient to pay the holders of shares of Senior Convertible Preferred Stock the full amount to which they were entitled, the holders of shares of Senior Convertible Preferred Stock would share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would have otherwise been payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

In the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Company, after the payment in full of all preferred liquidation amounts required to be paid to the holders of shares of Senior Convertible Preferred Stock, the remaining assets of the Company available for distribution to its stockholders and not payable to the holders of Senior Convertible Preferred Stock as defined above, or (b) a deemed liquidation event, after the payment in full of all preferred liquidation amounts required to be paid to the holders of shares of Senior Convertible Preferred Stock the consideration available for distribution to the stockholders of the Company and not payable to the holders of shares of Senior Convertible Preferred Stock, or the available proceeds not payable to the holders of shares of Senior Convertible Preferred Stock pursuant to the preceding paragraph, as the case may be, were to be distributed among the holders of the shares of Senior Convertible Preferred Stock, Series A-1 Preferred Stock and common stock, pro rata based on the number of shares held by each such holder, treating for this purpose all such shares of Senior Convertible Preferred Stock and Series A-1 Preferred Stock as if they had been converted to common stock pursuant to the terms of the Second Amended and Restated Certificate of Incorporation immediately prior to such liquidation, dissolution or winding up of the Company or such deemed liquidation event.

Conversion

Each share of Senior Convertible Preferred Stock and Series A-1 Preferred Stock were convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of common stock as was determined by dividing the applicable original issue price by the applicable conversion price in effect at the time of conversion, provided that such holder could waive such option to convert upon written notice to the Company. The conversion price was initially equal to $9.12 and $9.56 per share for the Series A Preferred Stock and Series A-1 Preferred Stock, respectively, and was subject to adjustment.

In the event of a liquidation, dissolution or winding up of the Company or a deemed liquidation event, the conversion rights would terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of Senior Convertible Preferred Stock and Series A-1 Preferred Stock, provided that the foregoing

termination of conversion rights did not affect the amount otherwise paid or payable to holders of Senior Convertible Preferred Stock and Series A-1 Preferred Stock pursuant to such liquidation, dissolution or winding up of the Company or a deemed liquidation event.

Upon either (a) the closing of the sale of shares of common stock to the public at a price of at least $12.66 per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the common stock) in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $75.0 million of gross proceeds to the Company and in connection with such offering the common stock was listed for trading on the Nasdaq Stock Market’s National Market, the New York Stock Exchange or another exchange or marketplace approved by the Board of Directors, or (b) the date and time, or the occurrence of an event, specified by vote or written consent of the Requisite Holders, then (i) all outstanding shares of Senior Convertible Preferred Stock and Series A-1 Preferred Stock would automatically be converted into shares of common stock, at the then effective conversion rate as calculated and (ii) such shares could not be reissued by the Company.

Voting Rights

On any matter presented to the stockholders of the Company for their action or consideration at any meeting of stockholders of the Company, each holder of outstanding shares of Senior Convertible Preferred Stock and Series A-1 Preferred Stock was entitled to cast the number of votes equal to the number of whole shares of common stock into which the shares of Senior Convertible Preferred Stock and Series A-1 Preferred Stock held by such holder was convertible into as of the record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of the Second Amended and Restated Certificate of Incorporation, holders of Senior Convertible Preferred Stock and Series A-1 Preferred Stock voted together with the holders of common stock as a single class and on an as-converted to common stock basis.

Redemption

The shares of Senior Convertible Preferred Stock and Series A-1 Preferred Stock were not redeemable by any holder thereof.

Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Stockholders Equity

8. Stockholders' Equity

Common Stock

The Company is authorized to issue up to 900,000,000 shares of common stock having a par value of $0.0001 par value as of June 30, 2022 and December 31, 2021. Holders of outstanding shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. Prior to the Company's IPO, the common stockholders were not entitled to vote on any amendment to the Second Amended and Restated Certificate of Incorporation that related solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled to vote thereon. Subject to the rights of the holders of any class of the Company's capital stock having any preference or priority over common stock, the holders of common stock are entitled to receive dividends that are declared by the Company's board of directors out of legally available funds.

Common stock reserved for future issuance is as follows (in common stock equivalents shares) as of June 30, 2022:


	June 30,
	2022
Issued and outstanding:
Stock options		7,399,965
Restricted stock awards		60,884
Restricted stock units		678,837
Authorized for future stock award grants:
2021 Equity Incentive Plan		1,982,763
2021 Employee Stock Purchase Plan		500,926
Total		10,623,375

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 13
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

9. Leases

In February 2021, the Company assumed an operating lease in Encinitas, California for its office facilities, and in June 2021 the Company signed an amendment to add an additional term and additional suites in the office building in Encinitas, California. This

non-cancellable lease expires on June 30, 2026. In September 2021, the Company executed an operating lease which adds existing office space in its existing building in Encinitas, California. The non-cancellable lease also expires on June 30, 2026.

In May 2022, the Company entered into a lease agreement to add office space to its existing lease in Encinitas, California. The non-cancellable lease commenced on June 1, 2022 and expires on June 30, 2026. The Company recognized operating lease liabilities of approximately $0.5 million and corresponding operating lease right-of-use assets of approximately $0.5 million on the condensed consolidated balance sheet as of June 30, 2022. The office building leases do not contain renewal options.

In March 2021, the Company signed a three-year operating lease for a multi-function ventilated research laboratory and office space in Ghent, Belgium. The non-cancellable lease expires on June 30, 2024. This laboratory and office space lease includes two, two-year renewal options.

The Company's leases have remaining terms ranging between two years to four years. The leases contain various termination options. The Company's leases do not contain any residual value guarantees or material restrictive covenants.

The weighted average remaining lease term and discount rate for our operating leases were approximately 3.8 years and 9.0%, respectively, at June 30, 2022.

During the three and six months ended June 30, 2022, the Company recognized operating lease costs of $0.1 million and $0.2 million, respectively, and an immaterial amount of variable lease costs in both periods. In addition, the Company made cash payments of $0.2 million for operating leases during the six months ended June 30, 2022, which are included in cash flows from operating activities in the condensed consolidated statements of cash flows.

Supplemental cash flow information related to operating leases for the six months ended June 30, 2022 is as follows (in thousands):


	Six Months
	Ended
	June 30, 2022
Noncash activity:
Right-of-use assets obtained in exchange for operating lease liabilities in connection with adoption of new lease standard	$	1,384
Right-of-use assets obtained in exchange for operating lease liabilities	$	508

The Company's right-of-use assets and lease liabilities were as follows at June 30, 2022 (in thousands):


	June 30,
	2022
Assets
Operating lease right-of-use assets	$	1,733
Liabilities
Current portion of operating lease liabilities		386
Operating lease liabilities, net of current portion		1,359
Total lease liabilities	$	1,745

Future minimum payments under non-cancellable leases as of June 30, 2022 were as follows (in thousands):


Years ending December 31,
Remainder of 2022	$	261
2023		530
2024		516
2025		502
2026		255
Total future minimum lease payments		2,064
Less: imputed interest		(319	)
Present value of lease liabilities		1,745
Less: lease liabilities, current		(386	)
Lease liabilities, net of current portion	$	1,359

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

Equity Incentive Plan

In February 2019, the Company adopted its 2019 Equity Incentive Plan (the “2019 Plan”) and in October 2021, the 2019 Plan was terminated as to new awards and the Company’s board of directors adopted, and the Company’s stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective on October 19, 2021. The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units and performance awards to employees, directors or consultants of the Company.

The number of common shares available for issuance under the 2021 Plan is 5,612,000 shares of common stock plus any common shares subject to stock options, restricted stock units or similar awards granted under the 2019 Plan that expire, are forfeited or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations or are forfeited to or repurchased by the Company due to failure to vest, with the maximum number of common shares to be added to the 2021 Plan equal to 4,978,561 common shares. Additionally, shares available for issuance under the 2021 Plan increase on the first day of each fiscal year, beginning with the Company’s 2023 fiscal year, equal to the lesser of 5,102,000 common shares, 5% of the outstanding common shares on the last day of the immediately preceding fiscal year, or such number of common shares determined by the board of directors.

Options granted under the 2019 Plan and 2021 Plan (the “Plans”) generally vest over a period of between 2 and 4 years and expire 10 years from grant date. As of June 30, 2022 and December 31, 2021, the Company had 6,093,573 and 5,612,000 shares, respectively, authorized for issuance under the Plans, and 1,982,763 and 3,799,570 shares, respectively, remained available for grant.

Total share-based compensation expense was comprised of the following (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Research and development	$	1,599	$	181	$	2,794	$	230
General and administrative		2,532		107		4,781		138
Total	$	4,131	$	288	$	7,575	$	368

Stock Options

The following table summarizes stock option activity for the six months ended June 30, 2022:


						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number			Exercise		Contractual		Intrinsic
	of Shares			Price		Term		Value
						(in years)		(in thousands)
Outstanding as of December 31, 2021		6,010,490		$	6.83		9.27	$	78,630
Granted		2,472,855			13.86
Exercised		(417,332	)		0.53
Forfeited and cancelled		(666,048	)		8.97
Outstanding as of June 30, 2022		7,399,965		$	9.34		9.02	$	30,296
Vested and expected to vest as of June 30, 2022		7,399,965		$	9.34		9.02	$	30,296
Exercisable as of June 30, 2022		1,807,268		$	4.30		7.96	$	15,018

The weighted average grant date fair value of stock options granted during the six months ended June 30, 2022 and 2021 was $9.03 and $3.21 per share, respectively. The intrinsic value of a stock option or restricted award is the difference between the market price of the common stock at measurement date and the exercise price of the option. The total intrinsic value of stock options exercised during the six months ended June 30, 2022 was $5.1 million.

The fair value of each option award is estimated on the date of grant using the Black-Scholes model. The following assumptions were used in the Black-Scholes option pricing model to estimate the fair value of stock options granted to employees under the Company’s Plan during the periods presented:


	Six Months Ended
	June 30,
	2022		2021
Risk-free interest rate	0.9% - 3.4%		0.9% - 1.0%
Expected volatility	67.9% - 75.0%			80.0	%
Expected term (in years)	0.3 - 10.0		3.1 - 5.9
Expected dividend yield		—		—

Stock-based compensation expense related to stock options was $3.4 million and $0.3 million for the three months ended June 30, 2022 and 2021, respectively. During the three months ended June 30, 2022, the Company recorded incremental stock-based compensation expense of approximately $0.3 million pertaining to the modification of stock options in connection with the termination of two employees. The modification provided for an acceleration of unvested options, resulting in additional compensation expense to be immediately recognized.

For the six months ended June 30, 2022 and 2021, stock-based compensation expense related to stock options was $6.2 million and $0.3 million, respectively. As of June 30, 2022, unrecognized stock-based compensation was $37.4 million which is expected to be recognized over the weighted average period of 2.9 years.

Restricted Stock Awards

The following table summarizes restricted stock award activity for the six months ended June 30, 2022:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Unvested balance as of December 31, 2021		117,872		$	2.80
Vested		(56,988	)		2.12
Unvested balance as of June 30, 2022		60,884		$	3.45

As of June 30, 2022, there was approximately $0.2 million of unrecognized stock-based compensation cost pertaining restricted stock awards which will be recognized over a weighted average period of 1.8 years.

Restricted Stock Units

The following table summarizes restricted stock unit activity for the six months ended June 30, 2022:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Balance as of December 31, 2021		675,679		$	14.78
Granted		10,000		$	15.95
Vested		(6,842	)	$	21.90
Unvested balance as of June 30, 2022		678,837		$	14.73

As of June 30, 2022, there was approximately $8.7 million of unrecognized stock-based compensation cost pertaining to restricted stock units which will be recognized over a weighted average period of 3.5 years.

Employee Stock Purchase Plan

In October 2021, the board of directors and stockholders approved the ESPP which became effective on October 19, 2021. The maximum number of shares of common stock that will be made available for sale under the ESPP is equal to 510,000 shares of common stock. In addition, the number of shares of common stock available for issuance under the ESPP will be increased on the first day of each fiscal year, beginning with fiscal year 2023, in an amount equal to the lesser of 1,020,000 shares of common stock, 1% of

the outstanding shares of common stock on the last day of the immediately preceding fiscal year or such number of common shares determined by the board of directors.

Participating employees purchase stock under the ESPP at a price equal to the lower of 85% of the closing price on the applicable offering commencement date or 85% of the closing price on the applicable offering termination date. The ESPP provides for two offering periods of six months’ duration with purchase periods terminating on either May 15 or November 15. Contributions under the ESPP are limited to a maximum of 15% of an employee’s eligible compensation and a maximum of 3,000 shares per year. During the six months ended June 30, 2022, a total of 9,074 shares of common stock were issued under the ESPP at an average per share price of $12.62.

Net Loss Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

11. Net Loss Per Share

Basic net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands, except share and per share amounts)	2022			2021			2022			2021
Numerator:
Net loss	$	(20,018	)	$	(15,559	)	$	(42,750	)	$	(53,204	)
Deemed dividend		—			—			—			(1,552	)
Net loss attributable to common shareholders	$	(20,018	)	$	(15,559	)	$	(42,750	)	$	(54,756	)
Denominator
Weighted average shares of common stock outstanding, basic and diluted		50,848,391			3,609,462			50,717,548			3,095,244
Basic and diluted net loss per share attributable to common shareholders	$	(0.39	)	$	(4.31	)	$	(0.84	)	$	(17.69	)

The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share (in common stock equivalent shares) at June 30, 2022 and 2021, because to do so would be anti-dilutive. Excluded from the table at June 30, 2021 is the potential impact from the Convertible Notes and Convertible SAFE Notes, as the number of shares was unknown at that time:


	June 30,
	2022		2021
Shares issuable upon conversion of Series A and A-1 preferred stock		—		31,300,401
Shares issuable upon exercise of stock options		7,399,965		2,423,990
Unvested restricted stock units		678,837		—
Unvested restricted stock awards		60,884		172,114
Shares purchasable under the 2021 Employee Stock Purchase Plan		18,130		—
Total		8,157,816		33,896,505

Related Party Transactions

6 Months Ended

Jun. 30, 2022

Related Party Transactions

12. Related Party Transactions

On January 1, 2019, the Company entered into a Support Services Agreement with Kalika that outlined the terms of services provided by Kalika to the Company, as well as the fees charged for such services. Kalika was a shared service company that provided certain administrative and research and development support services, including facilities support and office space. Kalika was beneficially owned by Raju Mohan, Ph.D., the Chief Executive Officer of the Company, and New Science Ventures (“NSV”), which is affiliated with both a non-employee director and funds of NSV, which are owners of more than 5% of the Company’s capital stock. The Company paid Kalika monthly for costs incurred under the agreement. Either party had the right to terminate the support services agreement by giving 30 days’ prior notice. On March 1, 2021, in conjunction with the acquisitions of Oppilan and Zomagen, the Company terminated the agreement with Kalika and transitioned the employees of Kalika to the Company.

On October 17, 2019, the Company entered into a Research and Development Support Services Agreement with Bayside Pharma, LLC (“Bayside”) that outlined the terms of services provided by Bayside to the Company, as well as the fees charged for such services. Bayside is a research and development services company that provides certain research and development support services

and facilities. Bayside is owned by an employee of the Company. The Company pays Bayside monthly for costs incurred under the agreement. Either party may terminate the support services agreement by giving 30 days’ prior notice.

Expense recognized by the Company under the related party Support Services Agreements was as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Research and development - Kalika	$	—	$	—	$	—	$	112
Research and development - Bayside		230		254		433		350
Total research and development - related party	$	230	$	254	$	433	$	462
General and administrative - Kalika	$	—	$	—	$	—	$	116
Total general and administrative - related party	$	—	$	—	$	—	$	116

At June 30, 2022 and December 31, 2021, the Company had accounts payable and accrued expenses due to related parties of $0.2 million. At June 30, 2022 and December 31, 2021, the Company had an immaterial amount of prepaid expenses to related parties.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The presentation of the Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2022 and 2021 reflect the financial results of Ventyx Biosciences, Inc. and its two acquired wholly owned subsidiaries, Oppilan Pharma Ltd (“Oppilan”) and Zomagen Biosciences Ltd. (“Zomagen”), on a consolidated basis, as of the acquisition date of February 26, 2021 (Note 5). All intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial information. The condensed consolidated balance sheet data as of December 31, 2021 was derived from the Company’s audited financial statements. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2021 and the notes thereto included in the Company’s annual report on Form 10-K filed with the SEC on March 23, 2022. The Company's significant accounting policies are detailed in “Note 2: Summary of Significant Accounting Policies” of the Company's Annual Report on Form 10-K for the year ended December 31, 2021. Except as set forth below, there have been no changes to the Company's significant accounting policies from those disclosed in the annual report. Additionally, on January 1, 2022, the Company adopted Accounting Standards Codification No. 842, Leases, with application to leases that existed as of the adoption date. The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operation for the periods presented, with such adjustments consisting only of normal recurring adjustments. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results expected for the full year ending December 31, 2022 or any future period.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. Significant estimates include, but are not limited to, estimates related to clinical trial prepaids and accruals, estimates related to prepaid and accrued research and development costs, available-for-sale marketable securities, estimates related to the measurement of operating lease right-of-use assets and operating lease liabilities, and determinations of the fair value of stock-based awards. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates.
Risks and Uncertainties	Risks and Uncertainties The global COVID-19 pandemic and the related variants continue to rapidly evolve. The extent of the impact of the COVID-19 pandemic on our business, operations and clinical development timelines and plans remains uncertain, and will depend on certain developments, including the duration and spread of the outbreak and its impact on our operations and those of our CROs, third-party manufacturers and other third parties with whom we do business, as well as its potential impact on regulatory authorities and our ability to attract and retain key scientific and management personnel. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. We are conducting business as usual, with necessary or advisable modifications, and have modified our business practices, including but not limited to, modifying employee travel and allowing office employees to work remotely. We will continue to actively monitor the rapidly evolving situation related to COVID-19. We may take further actions that alter our operations, including those that may be required by federal, state or local authorities, or that we determine are in the best interests of our employees and other third parties with whom we do business. At this point, the extent to which the COVID-19 pandemic may affect our business, operations and clinical development timelines and plans, including the resulting impact on our expenditures and capital needs, remains uncertain and is subject to change.
Investments in Marketable Securities, Available-for-Sale	Investments in Marketable Securities, Available-for-Sale The Company maintains a portfolio of investments which include U.S. Treasury securities, U.S. government agency securities, corporate debt securities, commercial paper and asset-backed securities (“ABS”). The Company's investments in marketable securities are available-for-sale securities and the marketable securities are reported at fair value. Investments in marketable securities with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments in marketable securities with contractual maturities 12 months or greater at the balance sheet date are considered long-term investments. Unrealized gains and losses are included in accumulated other comprehensive loss, net of tax. The cost of securities sold is determined on a specific identification basis, and realized gains and losses, if any, are included in other (income) expense within the condensed consolidated statements of operations and comprehensive loss. The Company regularly reviews its investment portfolio to determine if any security is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period that any such determination is made. Calculating an impairment charge requires a high degree of judgment. In making this judgment, the Company evaluates, among other items, the time frame and extent to which the fair market value of a security is less than its amortized cost and the Company's intent and ability to sell, or whether the Company will more likely than not be required to sell the security before recovery of its amortized cost basis.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company follows Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), issued by the Financial Accounting Standards Board (“FASB”) with respect to fair value reporting for financial assets and liabilities. The carrying amounts of the Company’s current financial assets and current financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Financial assets and liabilities measured at fair value on a recurring basis include cash equivalents, marketable securities, the change of control derivative liability, the fair value of the Simple Agreements for Future Equity (“SAFEs” or “Convertible SAFE Notes”), and the fair value of the Series A tranche liability. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss is comprised of net loss, foreign currency translation adjustments and unrealized gains (losses) on marketable securities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted As an “emerging growth company,” the Company is allowed by the Jumpstart Our Business Startups Act to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use the adoption dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. ASU 2016-13 is effective for the Company’s annual periods beginning after 2023, with early adoption permitted. The Company is currently evaluating the impact the adoption of this guidance will have on its condensed consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in Entity’s Own Equity (“ASU 2020-06”), which, among other things, provides guidance on how to account for contracts on an entity’s own equity. This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, the ASU eliminated the need for the Company to assess whether a contract on the entity’s own equity (1) permits settlement in unregistered shares, (2) whether counterparty rights rank higher shareholder’s rights, and (3) whether collateral is required. In addition, this ASU requires incremental disclosure related to contracts on the entity’s own equity and clarifies the treatment of certain financial instruments accounted for under this ASU on earnings per share. This ASU may be applied on a full retrospective or modified retrospective basis. The amendments within this ASU are effective for the Company’s fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption of the ASU is permitted for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the potential impact that this standard may have on its condensed consolidated financial statements and related disclosures. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This guidance requires lessees to recognize right-of-use (“ROU”) assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. The Company adopted this standard effective January 1, 2022, using the modified retrospective transition method applied at the effective date of the standard. Results for reporting periods beginning after January 1, 2022 are presented under the new leasing standard, while prior period amounts are not retrospectively adjusted and will continue to be reported in accordance with the Company's historic accounting treatment. The new standard provides a number of optional practical expedients in transition. The Company has elected to apply the package of practical expedients, which permit the Company not to reassess prior conclusions about lease identification, lease classification and initial direct costs for leases that existed prior to adoption of the new lease standard. The Company has also elected to utilize the short-term lease recognition exemption for all leases that qualify and, for those leases that qualified, the Company did not recognize ROU assets or lease liabilities. Additionally, the Company elected not to separate lease and non-lease components for all classes of assets. Upon adoption, on the effective date of January 1, 2022, the Company recognized operating lease liabilities of approximately $1.4 million and corresponding operating lease ROU assets of approximately $1.4 million on the condensed consolidated balance sheet. The Company does not have any finance leases. The adoption of the new standard did not have a significant impact on beginning accumulated deficit, net earnings or cash flows.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Financial Assets & Liabilities Measured At Fair Value On Recurring Basis


	June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	23,032	$	—	$	—	$	23,032
Commercial paper		—		13,987		—		13,987
Total cash equivalents		23,032		13,987		—		37,019
Marketable securities
U.S. Treasury securities		55,390		—		—		55,390
U.S. government agency securities		—		11,459		—		11,459
Corporate debt securities		—		2,979		—		2,979
Commercial paper		—		141,860		—		141,860
Asset backed securities		—		1,321				1,321
Total marketable securities		55,390		157,619		—		213,009
Total assets	$	78,422	$	171,606	$	—	$	250,028


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	23,712	$	—	$	—	$	23,712
Corporate debt securities		—		975		—		975
Commercial paper		—		34,248		—		34,248
Total cash equivalents		23,712		35,223		—		58,935
Marketable securities
U.S. Treasury securities		28,148		—		—		28,148
Corporate debt securities		—		4,039		—		4,039
Commercial paper		—		176,735		—		176,735
Asset backed securities		—		7,011		—		7,011
Total marketable securities		28,148		187,785		—		215,933
Total assets	$	51,860	$	223,008	$	—	$	274,868

Summary Of Available For Sale Marketable Securities By Type Of Security

As of June 30, 2022 and December 31, 2021, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows (in thousands):


	June 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. Treasury securities	$	56,077	$	—	$	(687	)	$	55,390
U.S. government agency securities		11,499		—		(40	)		11,459
Corporate debt securities		3,025		—		(46	)		2,979
Commercial paper		142,373		—		(513	)		141,860
Asset backed securities		1,324		—		(3	)		1,321
Total marketable securities	$	214,298	$	—	$	(1,289	)	$	213,009


	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Marketable securities:
U.S. Treasury securities	$	28,204	$	—	$	(56	)	$	28,148
Corporate debt securities		4,042		—		(3	)		4,039
Commercial paper		176,742		17		(24	)		176,735
Asset backed securities		7,014		—		(3	)		7,011
Total marketable securities	$	216,002	$	17	$	(86	)	$	215,933

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Consolidated Balance Sheet Details (Tables)

6 Months Ended

Jun. 30, 2022

Consolidated Balance Sheet [Abstract]

Summary of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30,		December 31,
	2022		2021
Accrued research and development costs	$	6,756	$	3,893
Accrued clinical trial costs		2,853		1,025
Other accrued liabilities		1,800		2,529
Accrued related party liabilities		74		175
Total accrued expenses	$	11,483	$	7,622

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Summary of Net Assets (Liabilities) Acquired

The net assets (liabilities) acquired were as follows (in thousands):


	Oppilan			Zomagen			Total
Cash and cash equivalents	$	1,748		$	151		$	1,899
Prepaid expenses and other assets		587			12			599
Property and equipment, net		10			6			16
Other long-term assets		—			7			7
Accounts payable		(453	)		(349	)		(802	)
Accrued expenses		(722	)		(854	)		(1,576	)
Net assets (liabilities) acquired	$	1,170		$	(1,027	)	$	143

Summary of Determination of Purchase Price and Related Charge to IPR&D

The determination of the purchase price and related charge to IPR&D as of December 31, 2021 is as follows (in thousands):


	Oppilan		Zomagen			Total
Net assets (liabilities) acquired	$	1,170	$	(1,027	)	$	143
Fair value of shares issued		13,498		7,534			21,032
Transaction fees		370		207			577
Fair value of vested common stock options exchanged		141		87			228
Purchase price		14,009		7,828			21,837
Acquired IPR&D	$	12,839	$	8,855		$	21,694

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule Of Common Stock Reserved For Future Issuance

Common stock reserved for future issuance is as follows (in common stock equivalents shares) as of June 30, 2022:


	June 30,
	2022
Issued and outstanding:
Stock options		7,399,965
Restricted stock awards		60,884
Restricted stock units		678,837
Authorized for future stock award grants:
2021 Equity Incentive Plan		1,982,763
2021 Employee Stock Purchase Plan		500,926
Total		10,623,375

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Summary of Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to operating leases for the six months ended June 30, 2022 is as follows (in thousands):


	Six Months
	Ended
	June 30, 2022
Noncash activity:
Right-of-use assets obtained in exchange for operating lease liabilities in connection with adoption of new lease standard	$	1,384
Right-of-use assets obtained in exchange for operating lease liabilities	$	508

Summary of Right-of-use Assets and Lease Liabilities

The Company's right-of-use assets and lease liabilities were as follows at June 30, 2022 (in thousands):


	June 30,
	2022
Assets
Operating lease right-of-use assets	$	1,733
Liabilities
Current portion of operating lease liabilities		386
Operating lease liabilities, net of current portion		1,359
Total lease liabilities	$	1,745

Summary of Future Minimum Payments under Non-cancellable Leases

Future minimum payments under non-cancellable leases as of June 30, 2022 were as follows (in thousands):


Years ending December 31,
Remainder of 2022	$	261
2023		530
2024		516
2025		502
2026		255
Total future minimum lease payments		2,064
Less: imputed interest		(319	)
Present value of lease liabilities		1,745
Less: lease liabilities, current		(386	)
Lease liabilities, net of current portion	$	1,359

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Total Share Based Compensation Expense

Total share-based compensation expense was comprised of the following (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Research and development	$	1,599	$	181	$	2,794	$	230
General and administrative		2,532		107		4,781		138
Total	$	4,131	$	288	$	7,575	$	368

Summary of Stock Option Activity

The following table summarizes stock option activity for the six months ended June 30, 2022:


						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number			Exercise		Contractual		Intrinsic
	of Shares			Price		Term		Value
						(in years)		(in thousands)
Outstanding as of December 31, 2021		6,010,490		$	6.83		9.27	$	78,630
Granted		2,472,855			13.86
Exercised		(417,332	)		0.53
Forfeited and cancelled		(666,048	)		8.97
Outstanding as of June 30, 2022		7,399,965		$	9.34		9.02	$	30,296
Vested and expected to vest as of June 30, 2022		7,399,965		$	9.34		9.02	$	30,296
Exercisable as of June 30, 2022		1,807,268		$	4.30		7.96	$	15,018

Summary of Assumptions Used in Black-Scholes Option Pricing Model


	Six Months Ended
	June 30,
	2022		2021
Risk-free interest rate	0.9% - 3.4%		0.9% - 1.0%
Expected volatility	67.9% - 75.0%			80.0	%
Expected term (in years)	0.3 - 10.0		3.1 - 5.9
Expected dividend yield		—		—

Summary of Restricted Stock Award Activity

The following table summarizes restricted stock award activity for the six months ended June 30, 2022:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Unvested balance as of December 31, 2021		117,872		$	2.80
Vested		(56,988	)		2.12
Unvested balance as of June 30, 2022		60,884		$	3.45

Summary of Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity for the six months ended June 30, 2022:


				Weighted
				Average
				Grant Date
	Number			Fair Value
	of Shares			Per Share
Balance as of December 31, 2021		675,679		$	14.78
Granted		10,000		$	15.95
Vested		(6,842	)	$	21.90
Unvested balance as of June 30, 2022		678,837		$	14.73

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common shareholders:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands, except share and per share amounts)	2022			2021			2022			2021
Numerator:
Net loss	$	(20,018	)	$	(15,559	)	$	(42,750	)	$	(53,204	)
Deemed dividend		—			—			—			(1,552	)
Net loss attributable to common shareholders	$	(20,018	)	$	(15,559	)	$	(42,750	)	$	(54,756	)
Denominator
Weighted average shares of common stock outstanding, basic and diluted		50,848,391			3,609,462			50,717,548			3,095,244
Basic and diluted net loss per share attributable to common shareholders	$	(0.39	)	$	(4.31	)	$	(0.84	)	$	(17.69	)

Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share


	June 30,
	2022		2021
Shares issuable upon conversion of Series A and A-1 preferred stock		—		31,300,401
Shares issuable upon exercise of stock options		7,399,965		2,423,990
Unvested restricted stock units		678,837		—
Unvested restricted stock awards		60,884		172,114
Shares purchasable under the 2021 Employee Stock Purchase Plan		18,130		—
Total		8,157,816		33,896,505

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Expense Recognized Under the Related Party

Expense recognized by the Company under the related party Support Services Agreements was as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Research and development - Kalika	$	—	$	—	$	—	$	112
Research and development - Bayside		230		254		433		350
Total research and development - related party	$	230	$	254	$	433	$	462
General and administrative - Kalika	$	—	$	—	$	—	$	116
Total general and administrative - related party	$	—	$	—	$	—	$	116

Organization and Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Oct. 21, 2021	Jun. 30, 2021	Jun. 30, 2022	Mar. 31, 2021	Feb. 26, 2021
Common Stock
Class Of Stock [Line Items]
Number of shares issued		507,133
Series A Convertible Preferred Stock
Class Of Stock [Line Items]
Common stock, price per share			$ 9.12		$ 9.12
Preferred stock shares outstanding		12,533,905		6,283,401
Series A-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock shares outstanding		18,766,496		18,766,496
Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Common stock, price per share			$ 12.66
Initial Public Offering
Class Of Stock [Line Items]
Common stock, price per share	$ 16.00
Number of shares issued	10,893,554
Proceeds from issuance of common stock in initial public offering, net of underwriting discounts, commissions and offering expenses	$ 158.8
Initial Public Offering \| Common Stock
Class Of Stock [Line Items]
Preferred stock outstanding shares converted	31,300,000
Initial Public Offering \| Series A Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock shares outstanding	12,500,000
Initial Public Offering \| Series A-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock shares outstanding	18,800,000
Initial Public Offering \| Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock shares outstanding	4,000,000.0
Initial Public Offering \| Series B Convertible Preferred Stock \| Common Stock
Class Of Stock [Line Items]
Preferred stock outstanding shares converted	35,300,000
Underwriters' Over-Allotment Option
Class Of Stock [Line Items]
Number of shares issued	1,420,898

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) Subsidiary	Jan. 01, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of acquired wholly owned subsidiaries \| Subsidiary	2
Operating lease liabilities	$ 1,745	$ 1,400
Operating lease ROU assets	$ 1,733	$ 1,400
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2022
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate201602Member

- Definition

Indicates amendment to accounting standards.

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-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL120254519-210437

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL120254526-165497

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=128293352&loc=SL126838806-209984

+ Details

Fair Value Measurements - Financial Assets & Liabilities Measured At Fair Value On Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Total assets	$ 250,028	$ 274,868
Cash Equivalents
Assets:
Total assets	37,019	58,935
Cash Equivalents \| Money Market Fund
Assets:
Total assets	23,032	23,712
Cash Equivalents \| Commercial Paper
Assets:
Total assets	13,987	34,248
Cash Equivalents \| Corporate Debt Securities
Assets:
Total assets		975
Marketable Securities
Assets:
Total assets	213,009	215,933
Marketable Securities \| Commercial Paper
Assets:
Total assets	141,860	176,735
Marketable Securities \| Asset Backed Securities
Assets:
Total assets	1,321	7,011
Marketable Securities \| U S Treasury Securities
Assets:
Total assets	55,390	28,148
Marketable Securities \| U.S. Government Agency Securities
Assets:
Total assets	11,459
Marketable Securities \| Corporate Debt Securities
Assets:
Total assets	2,979	4,039
Level 1
Assets:
Total assets	78,422	51,860
Level 1 \| Cash Equivalents
Assets:
Total assets	23,032	23,712
Level 1 \| Cash Equivalents \| Money Market Fund
Assets:
Total assets	23,032	23,712
Level 1 \| Marketable Securities
Assets:
Total assets	55,390	28,148
Level 1 \| Marketable Securities \| U S Treasury Securities
Assets:
Total assets	55,390	28,148
Level 2
Assets:
Total assets	171,606	223,008
Level 2 \| Cash Equivalents
Assets:
Total assets	13,987	35,223
Level 2 \| Cash Equivalents \| Commercial Paper
Assets:
Total assets	13,987	34,248
Level 2 \| Cash Equivalents \| Corporate Debt Securities
Assets:
Total assets		975
Level 2 \| Marketable Securities
Assets:
Total assets	157,619	187,785
Level 2 \| Marketable Securities \| Commercial Paper
Assets:
Total assets	141,860	176,735
Level 2 \| Marketable Securities \| Asset Backed Securities
Assets:
Total assets	1,321	7,011
Level 2 \| Marketable Securities \| U.S. Government Agency Securities
Assets:
Total assets	11,459
Level 2 \| Marketable Securities \| Corporate Debt Securities
Assets:
Total assets	$ 2,979	$ 4,039

Fair Value Measurements - Additional Information (Details)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 MarketableSecurities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value liabilities level 1 to level 2 to level 3 transfers amount \| $	$ 0
Available-for-sale marketable securities in an unrealized loss position \| MarketableSecurities		26
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities unrealized loss position	12 months	12 months

Fair Value Measurements - Summary of Available For Sale Marketable Securities By Type Of Security (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 214,298	$ 216,002
Gross Unrealized Gain		17
Gross Unrealized Loss	(1,289)	(86)
Fair Value	213,009	215,933
U S Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	56,077	28,204
Gross Unrealized Loss	(687)	(56)
Fair Value	55,390	28,148
U.S. Government Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	11,499
Gross Unrealized Loss	(40)
Fair Value	11,459
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	3,025	4,042
Gross Unrealized Loss	(46)	(3)
Fair Value	2,979	4,039
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	142,373	176,742
Gross Unrealized Gain		17
Gross Unrealized Loss	(513)	(24)
Fair Value	141,860	176,735
Asset Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,324	7,014
Gross Unrealized Loss	(3)	(3)
Fair Value	$ 1,321	$ 7,011

Consolidated Balance Sheet Details - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued research and development costs	$ 6,756	$ 3,893
Accrued clinical trial costs	2,853	1,025
Other accrued liabilities	1,800	2,529
Accrued related party liabilities	74	175
Total accrued expenses	$ 11,483	$ 7,622

Acquisitions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2021	Dec. 31, 2021	Jun. 30, 2022
Business Acquisition [Line Items]
Common stock, shares issued		50,526,702	50,959,950
Common stock, par value		$ 0.0001	$ 0.0001
Excess of the cost of acquisition over net assets acquired	$ 21,694	$ 21,700
Oppilan
Business Acquisition [Line Items]
Common stock, shares issued	360,854
Common stock, par value	$ 3.06
Options to purchase shares of common stock	75,955
Weighted average fair value of common stock	$ 1.86
Fair value of consideration provided	$ 14,000
Excess of the cost of acquisition over net assets acquired	$ 12,839
Oppilan \| Series A-1 Convertible Preferred Stock
Business Acquisition [Line Items]
Common stock, shares issued	4,049,143
Common stock, par value	$ 3.06
Zomagen
Business Acquisition [Line Items]
Common stock, shares issued	457,944
Common stock, par value	$ 3.06
Options to purchase shares of common stock	30,483
Weighted average fair value of common stock	$ 2.87
Fair value of consideration provided	$ 7,800
Excess of the cost of acquisition over net assets acquired	$ 8,855
Zomagen \| Series A-1 Convertible Preferred Stock
Business Acquisition [Line Items]
Common stock, shares issued	2,003,768
Common stock, par value	$ 3.06

Acquisitions - Summary of Net Assets (Liabilities) Acquired (Details) $ in Thousands	Feb. 28, 2021 USD ($)
Business Acquisition [Line Items]
Cash and cash equivalents	$ 1,899
Prepaid expenses and other assets	599
Property and equipment, net	16
Other long-term assets	7
Accounts payable	(802)
Accrued expenses	(1,576)
Net assets (liabilities) acquired	143
Oppilan
Business Acquisition [Line Items]
Cash and cash equivalents	1,748
Prepaid expenses and other assets	587
Property and equipment, net	10
Accounts payable	(453)
Accrued expenses	(722)
Net assets (liabilities) acquired	1,170
Zomagen
Business Acquisition [Line Items]
Cash and cash equivalents	151
Prepaid expenses and other assets	12
Property and equipment, net	6
Other long-term assets	7
Accounts payable	(349)
Accrued expenses	(854)
Net assets (liabilities) acquired	$ (1,027)

Acquisitions - Summary of Determination of Purchase Price and Related Charge to IPR&D (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Net assets (liabilities) acquired	$ 143
Fair value of shares issued	21,032
Transaction fees	577
Fair value of vested common stock options exchanged	228
Purchase price	21,837
Acquired IPR&D	21,694	$ 21,700
Oppilan
Business Acquisition [Line Items]
Net assets (liabilities) acquired	1,170
Fair value of shares issued	13,498
Transaction fees	370
Fair value of vested common stock options exchanged	141
Purchase price	14,009
Acquired IPR&D	12,839
Zomagen
Business Acquisition [Line Items]
Net assets (liabilities) acquired	(1,027)
Fair value of shares issued	7,534
Transaction fees	207
Fair value of vested common stock options exchanged	87
Purchase price	7,828
Acquired IPR&D	$ 8,855

Convertible Preferred Stock - Additional Information (Details) - USD ($)			3 Months Ended	6 Months Ended
	Jun. 10, 2021	Feb. 26, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Oct. 21, 2021	Mar. 31, 2021
Class Of Stock [Line Items]
Gross proceeds received from various related party investors					$ 113,415,000
Preferred stock, issuance costs					300,000
Change in fair value of Series A tranche liability			$ (4,329,000)		(5,476,000)
Dividends declared				$ 0
Initial Public Offering
Class Of Stock [Line Items]
Preferred stock, issue price						$ 16.00
Common Stock \| Initial Public Offering
Class Of Stock [Line Items]
Preferred stock outstanding shares converted						31,300,000
Series A Convertible Preferred Stock
Class Of Stock [Line Items]
Gross proceeds received from various related party investors		$ 57,300,000
Preferred stock, shares issued		6,283,401
Preferred stock, issue price		$ 9.12		$ 9.12
Preferred stock, issuance costs		$ 400,000
Preferred stock, par value		$ 0.0001
Incremental common shares to a Series A investor		507,133
Fair value of the incremental common shares treated as a deemed dividend					1,600,000
Fair value of the tranche rights		$ 1,500,000
Change in fair value of Series A tranche liability					$ 5,500,000
Preferred stock shares outstanding			12,533,905		12,533,905		6,283,401
Dividend rate				8.00%
Series A Convertible Preferred Stock \| Initial Public Offering
Class Of Stock [Line Items]
Preferred stock shares outstanding						12,500,000
Series A Convertible Preferred Stock \| Second Tranche
Class Of Stock [Line Items]
Gross proceeds received from various related party investors	$ 57,000,000.0
Preferred stock, shares issued		6,250,504
Preferred stock, issue price		$ 9.12
Series A-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock, issue price				$ 9.56
Preferred stock, shares issued upon the conversion of the amended and convertible SAFE notes		12,713,585
Amended and convertible SAFE notes, principal amount outstanding		$ 9,800,000
Series A-1 Convertible Preferred Stock \| Initial Public Offering
Class Of Stock [Line Items]
Preferred stock shares outstanding						18,800,000
Series A-1 Convertible Preferred Stock \| Oppilan
Class Of Stock [Line Items]
Preferred stock, shares issued		4,049,143
Series A-1 Convertible Preferred Stock \| Zomagen
Class Of Stock [Line Items]
Preferred stock, shares issued		2,003,768
Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock, issue price				$ 12.66
Series B Convertible Preferred Stock \| Initial Public Offering
Class Of Stock [Line Items]
Preferred stock shares outstanding						4,000,000.0
Series B Convertible Preferred Stock \| Minimum \| Initial Public Offering
Class Of Stock [Line Items]
Amount of preferred stock convertible in to common stock				$ 75,000,000.0
Series B Convertible Preferred Stock \| Common Stock \| Initial Public Offering
Class Of Stock [Line Items]
Preferred stock outstanding shares converted						35,300,000

Stockholders' Equity - Additional Information (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Common stock, shares authorized	900,000,000	900,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common Stock Voting Rights	Holders of outstanding shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders

Stockholders' Equity - Schedule Of Common Stock Reserved For Future Issuance (Details)	Jun. 30, 2022 shares
Class of Stock [Line Items]
Common stock reserved and available for future issuance	10,623,375
Stock Options
Class of Stock [Line Items]
Common stock reserved and available for future issuance	7,399,965
Restricted Stock Awards
Class of Stock [Line Items]
Common stock reserved and available for future issuance	60,884
Restricted Stock Units
Class of Stock [Line Items]
Common stock reserved and available for future issuance	678,837
2021 Equity Incentive Plan
Class of Stock [Line Items]
Common stock reserved and available for future issuance	1,982,763
2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock reserved and available for future issuance	500,926

Leases - Additional Information (Details) $ in Thousands	1 Months Ended				3 Months Ended	6 Months Ended
Leases - Additional Information (Details) $ in Thousands	May 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021 Room	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jan. 01, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Lease expiration date		Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2024
Operating lease right-of-use assets					$ 1,733	$ 1,733	$ 1,400
Operating lease liabilities					$ 1,745	$ 1,745	$ 1,400
Lessee, Operating Lease, Existence of Option to Terminate [true false]						true
Termination, description						The leases contain various termination options.
Operating lease, weighted average remaining lease term					3 years 9 months 18 days	3 years 9 months 18 days
Operating lease, weighted average discount rate					9.00%	9.00%
Operating lease costs					$ 100	$ 200
Operating lease payments						$ 200
Minimum
Lessee, Lease, Description [Line Items]
Lease, remaining term					2 years	2 years
Maximum
Lessee, Lease, Description [Line Items]
Lease, remaining term					4 years	4 years
Laboratory
Lessee, Lease, Description [Line Items]
Number of lab lease \| Room				2
Lease, renewal term				2 years
Laboratory \| Belgium
Lessee, Lease, Description [Line Items]
Lease, term of contract				3 years
Office Space
Lessee, Lease, Description [Line Items]
Number of lab lease \| Room				2
Lease, renewal term				2 years
Office Space \| Belgium
Lessee, Lease, Description [Line Items]
Lease, term of contract				3 years
Office Space \| California
Lessee, Lease, Description [Line Items]
Lease commencement date	Jun. 01, 2022
Lease expiration date	Jun. 30, 2026
Operating lease right-of-use assets					$ 500	$ 500
Operating lease liabilities					$ 500	$ 500

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Noncash activity:
Right-of-use assets obtained in exchange for operating lease liabilities in connection with adoption of new lease standard	$ 1,384
Right-of-use assets obtained in exchange for operating lease liabilities	$ 508

Leases - Summary of Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jan. 01, 2022
Assets
Operating lease right-of-use assets	$ 1,733	$ 1,400
Liabilities
Current portion of operating lease liabilities	386
Operating lease liabilities, net of current portion	1,359
Total lease liabilities	$ 1,745	$ 1,400

Leases - Summary of Future Minimum Payments under Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jan. 01, 2022
Leases [Abstract]
Remainder of 2022	$ 261
2023	530
2024	516
2025	502
2026	255
Total future minimum lease payments	2,064
Less: imputed interest	(319)
Total lease liabilities	1,745	$ 1,400
Less: lease liabilities, current	(386)
Lease liabilities, net of current portion	$ 1,359

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Oct. 19, 2021 Offeringperiod shares	Jun. 30, 2022 USD ($) Employee shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Dec. 31, 2021 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense \| $		$ 4,131	$ 288	$ 7,575	$ 368
Number of employees terminated \| Employee		2
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of stock options granted \| $ / shares				$ 9.03	$ 3.21
Total intrinsic value of stock options exercised \| $				$ 5,100
Stock-based compensation expense \| $		$ 3,400	$ 300	6,200	$ 300
Incremental stock-based compensation expense \| $		300
Unrecognized stock-based compensation expense \| $		37,400		$ 37,400
Unrecognized stock-based compensation expense, weighted average period				2 years 10 months 24 days
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense other than stock option \| $		200		$ 200
Unrecognized stock-based compensation expense, weighted average period				1 year 9 months 18 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense other than stock option \| $		$ 8,700		$ 8,700
Unrecognized stock-based compensation expense, weighted average period				3 years 6 months
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance	5,612,000
Number of shares that may be issued in accordance with plan	5,102,000
Number of common shares to be added	4,978,561
Percentage of outstanding shares of common stock that may be issued in accordance with plan	5.00%
2019 and 2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance		6,093,573		6,093,573		5,612,000
Term of stock options granted				10 years
Shares remained available for grant		1,982,763		1,982,763		3,799,570
2019 and 2021 Equity Incentive Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period				2 years
2019 and 2021 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted vesting period				4 years
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for issuance	510,000
Number of shares that may be issued in accordance with plan	1,020,000
Percentage of closing price on offering commencement date that participating employees purchase stock under plan	85.00%
Number of offering periods \| Offeringperiod	2
Duration of offering periods	6 months
Maximum percentage of eligible compensation of employee	15.00%
Maximum number of shares an employee can purchase under plan	3,000
Percentage of outstanding shares of common stock that may be issued in accordance with plan	1.00%
Number of common stock issued				9,074
Common stock issued, average price per share \| $ / shares				$ 12.62

Stock-Based Compensation - Schedule of Total Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 4,131	$ 288	$ 7,575	$ 368
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	1,599	181	2,794	230
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 2,532	$ 107	$ 4,781	$ 138

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Shares, Beginning Balance \| shares	6,010,490
Number of Shares, Granted \| shares	2,472,855
Number of Shares, Exercised \| shares	(417,332)
Number of Shares, Forfeited and cancelled \| shares	(666,048)
Number of Shares, Ending Balance \| shares	7,399,965	6,010,490
Number of Shares, Vested and expected to vest \| shares	7,399,965
Number of Shares, Exercisable \| shares	1,807,268
Weighted Average Exercise Price, Beginning balance \| $ / shares	$ 6.83
Weighted Average Exercise Price, Granted \| $ / shares	13.86
Weighted Average Exercise Price, Exercised \| $ / shares	0.53
Weighted Average Exercise Price, Forfeited and cancelled \| $ / shares	8.97
Weighted Average Exercise Price, ending balance \| $ / shares	9.34	$ 6.83
Weighted Average Exercise Price, Vested and expected to vest \| $ / shares	9.34
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 4.30
Weighted Average Contractual Term, Outstanding	9 years 7 days	9 years 3 months 7 days
Weighted Average Contractual Term, Vested and expected to vest	9 years 7 days
Weighted Average Contractual Term, Exercisable	7 years 11 months 15 days
Aggregate Intrinsic Value \| $	$ 30,296	$ 78,630
Aggregate Intrinsic Value, Vested and expected to vest \| $	30,296
Aggregate Intrinsic Value, Exercisable \| $	$ 15,018

Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option Pricing Model (Details) - Stock Options	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, Minimum	0.90%	0.90%
Risk-free interest rate, Maximum	3.40%	1.00%
Expected volatility		80.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	67.90%
Expected term (in years)	3 months 18 days	3 years 1 month 6 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	75.00%
Expected term (in years)	10 years	5 years 10 months 24 days

Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock Awards	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning Balance \| shares	117,872
Number of Shares, Vested \| shares	(56,988)
Number of Shares, Ending Balance \| shares	60,884
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 2.80
Weighted Average Grant Date Fair Value, Vested \| $ / shares	2.12
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 3.45

Stock-Based Compensation - Summary of Restricted Stock Units (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning Balance \| shares	675,679
Number of Shares, Granted \| shares	10,000
Number of Shares, Vested \| shares	(6,842)
Number of Shares, Ending Balance \| shares	678,837
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 14.78
Weighted Average Grant Date Fair Value, Granted \| $ / shares	15.95
Weighted Average Grant Date Fair Value, Vested \| $ / shares	21.90
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 14.73

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net loss	$ (20,018)	$ (15,559)	$ (42,750)	$ (53,204)
Deemed dividend				(1,552)
Net loss attributable to common shareholders	$ (20,018)	$ (15,559)	$ (42,750)	$ (54,756)
Denominator
Weighted average shares of common stock outstanding, basic	50,848,391	3,609,462	50,717,548	3,095,244
Weighted average shares of common stock outstanding, diluted	50,848,391	3,609,462	50,717,548	3,095,244
Basic net loss per share attributable to common shareholders	$ (0.39)	$ (4.31)	$ (0.84)	$ (17.69)
Diluted net loss per share attributable to common shareholders	$ (0.39)	$ (4.31)	$ (0.84)	$ (17.69)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
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Net Loss Per Share - Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	8,157,816	33,896,505
Series A, A-1 And B Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share		31,300,401
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	7,399,965	2,423,990
Unvested Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	678,837
Unvested Restricted Stock Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	60,884	172,114
Shares purchasable under the 2021 Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	18,130

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jan. 01, 2019
Accounts Payable and Accrued Expenses
Related Party Transaction [Line Items]
Due to Related Parties	$ 0.2	$ 0.2
Raju Mohan, PhD \| Minimum
Related Party Transaction [Line Items]
Ownership percentage of capital stock			5.00%

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.17)
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(3),(4))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details

Related Party Transactions - Summary of Expense Recognized Under the Related Party (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Research and Development
Related Party Transaction [Line Items]
Expense recognized under related party	$ 230	$ 254	$ 433	$ 462
Research and Development \| Kalika
Related Party Transaction [Line Items]
Expense recognized under related party	0	0	0	112
Research and Development \| Bayside
Related Party Transaction [Line Items]
Expense recognized under related party	230	254	433	350
General and Administrative
Related Party Transaction [Line Items]
Expense recognized under related party	0	0	0	116
General and Administrative \| Kalika
Related Party Transaction [Line Items]
Expense recognized under related party	$ 0	$ 0	$ 0	$ 116