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

6 Months Ended

Jun. 30, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Liabilities Measured at Fair Value on Recurring Basis

Liabilities measured at fair value on a recurring basis are as follows (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 June 30, 2022:
Warrant liabilities	$	—	$	—	$	—	$	—
Convertible promissory notes		—		—		—		—
Total	$	—	$	—	$	—	$	—
As of December 31, 2021:
Warrant liabilities	$	56,445	$	—	$	—	$	56,445
Convertible promissory notes		158,276		—		—		158,276
Total	$	214,721	$	—	$	—	$	214,721

Summary of Significant Unobservable Inputs Used in Fair Value Measurements

The following table summarizes information about the significant unobservable inputs used in the fair value measurements for the Takeda Warrants and the August 2021 Notes as of December 31, 2021:

Liability	Key Unobservable Inputs	Range
Takeda Warrants	Transaction prices per share	$11.83 - $12.54
	Estimated time to liquidity	0.20 - 1.75 years
	Discount rate	20%
August 2021 Notes	Estimated time to liquidity	0.20 - 1.75 years
	Volatility	80% - 100%
	Discount rate	19% - 20%
	Risk-free interest rate	0.1% - 0.7%

Reconciliation of All Liabilities Measured at Fair Value Using Level 3 Significant Unobservable Inputs

The following table provides a reconciliation of all liabilities measured at fair value using Level 3 significant unobservable inputs (in thousands):

	Warrant Liabilities			Convertible Promissory Notes
Balance at December 31, 2021	$	56,445		$	158,276
Change in fair value		43,575			51,469
Reclass Takeda Warrant into equity		(100,020	)		—
Conversion of August 2021 Notes into common shares upon IPO (excluding accrued interest of $5,619)		—			(209,745	)
Balance at June 30, 2022	$	—		$	—

Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash

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

	June 30, 2022
Cash and cash equivalents	$	314,612
Restricted cash		1,631
Total cash, cash equivalents and restricted cash	$	316,243

Schedule of Potentially Dilutive Securities Not Included in the Calculation of Diluted Net Loss Per Share

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):

	June 30,
	2022		2021
Common stock options		1,515,447		—
Unvested common stock		2,115,822		3,630,752
ESPP shares		5,175		—
Total potentially dilutive shares		3,636,444		3,630,752