Organization and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize the Company’s financial instruments measured at fair value on a recurring basis (in thousands):

			Fair Value Measurements at Reporting Date Using:
	Total		Quoted Prices in Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs  (Level 2)		Significant Unobservable Inputs (Level 3)
As of September 30, 2023:
Assets:
Cash equivalents:
Money market funds	$	220,045	$	220,045	$	—	$	—
Commercial paper	7,478		—		7,478		—
U.S. treasury securities	14,856		14,856		—		—
Total cash equivalents	242,379		234,901		7,478		—
Short-term investments:
Commercial paper	47,653		—		47,653		—
Corporate debt securities	8,042		—		8,042		—
U.S. agency securities	25,233		—		25,233		—
U.S. treasury securities	207,277		207,277		—		—
Total short-term investments	288,205		207,277		80,928		—
Total assets measured at fair value on a recurring basis	$	530,584	$	442,178	$	88,406	$	—
As of December 31, 2022:
Assets:
Cash equivalents:
Money market fund	$	9,691	$	9,691	$	—	$	—
Commercial paper	106,042		—		106,042		—
Corporate debt securities	7,677		—		7,677		—
Total cash equivalents	123,410		9,691		113,719		—
Short-term investments:
Asset backed securities	105		—		105		—
Commercial paper	85,732		—		85,732		—
Corporate debt securities	16,661		—		16,661		—
U.S. agency securities	15,351		—		15,351		—
U.S. treasury securities	49,238		49,238		—		—
Total short-term investments	167,087		49,238		117,849		—
Total assets measured at fair value on a recurring basis	$	290,497	$	58,929	$	231,568	$	—

Summary of Condensed Cash Flow Statement

Cash, cash equivalents and restricted cash presented in the accompanying condensed statements of cash flows consist of the following (in thousands):

	September 30,
	2023		2022
Cash and cash equivalents	$	251,964	$	215,585
Restricted cash	339		339
Total	$	252,303	$	215,924

Summary of Available-for-Sale Securities

The following tables summarize available-for-sale securities (in thousands):

	As of September 30, 2023
	Maturity in Years	Amortized Cost		Unrealized				Estimated Fair Value
				Gains		Losses
Cash equivalents:
Money market funds		$	220,045	$	—	$	—	$	220,045
Commercial paper	1 year or less	7,477		1		—		7,478
U.S. treasury securities	1 year or less	14,854		2		—		14,856
Total cash equivalents		242,376		3		—		242,379
Short-term investments:
Commercial paper	2 years or less	47,701		—		(48)		47,653
Corporate debt securities	2 years or less	8,078		1		(37)		8,042
U.S. agency securities	2 years or less	25,323		—		(90)		25,233
U.S. treasury securities	2 years or less	207,492		4		(219)		207,277
Total short-term investments		288,594		5		(394)		288,205
Total		$	530,970	$	8	$	(394)	$	530,584

	As of December 31, 2022
	Maturity in Years	Amortized Cost		Unrealized				Estimated Fair Value
				Gains		Losses
Cash equivalents:
Money market funds		$	9,691	$	—	$	—	$	9,691
Commercial paper	1 year or less	106,014		28		—		106,042
Corporate debt securities	1 year or less	7,677		—		—		7,677
Total cash equivalents		123,382		28		—		123,410
Short-term investments:
Asset backed securities	2 years or less	105		—		—		105
Commercial paper	1 year or less	85,746		33		(47)		85,732
Corporate debt securities	2 years or less	16,699		2		(40)		16,661
U.S. agency securities	2 years or less	15,353		10		(12)		15,351
U.S. treasury securities	2 years or less	49,765		—		(527)		49,238
Total short-term investments		167,668		45		(626)		167,087
Total		$	291,050	$	73	$	(626)	$	290,497

Summary of Potentially Dilutive Securities

Potentially dilutive securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares):

	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Convertible preferred stock outstanding	–	35,543,204	–	35,543,204
Common stock options	4,257,580	2,983,404	4,257,580	2,983,404
Unvested common stock	1,221,005	1,129,250	1,221,005	1,129,250
Total	5,478,585	39,655,858	5,478,585	39,655,858