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Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2024

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information

Quarterly Financial Information (Unaudited)

The previously reported financial information for the three months ended March 31, 2024, three and six months ended June 30, 2024 and the three and nine months ended September 30, 2024 and the comparable periods in 2023, has been restated. Relevant restated financial information for each period is included in this restatement and for other immaterial adjustments in the tables that follow.

Restatement Related to NC Premises

As described in Note 2, the Company inappropriately omitted accounting for available tenant improvement allowance that resulted in a misstatement of its operating lease right-of-use asset and related lease liability. Additionally, the Company did not account for a tenant improvement allowances that were conveyed to the subtenant resulting in an overstatement of sublease income. The tables below reflect the adjustments related to this restatement, the amounts of which are included with reference (a).

During the quarter ended June 30, 2024, the Company inappropriately assessed the collectibility of the sublease payments as probable and recorded a deferred rent receivable of $7.0 million. The Company corrected its collectibility assessment and recognized an adjustment to eliminate the $7.0 million and $7.1 million deferred rent receivable in the second and third quarters of 2024, respectively, the amounts of which are included in the tables below with reference (b).

Other Adjustments

As part of this restatement, the Company has corrected certain other immaterial errors. These adjustments are described in more detail references (c) and (d) as follows:

(c)The Company had previously recorded an out of period adjustment related to research and development expenses in the first quarter of 2023 that was the result of not recording a severance accrual of $0.2 million in 2022.

(d)The Company had previously understated its right-of-use assets and lease liability by $0.3 million related to its facilities in Redwood City, California at each balance sheet date in 2024 and 2023.

The unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented (in thousands, except per share data).

Condensed Consolidated Balance Sheets

			September 30, 2024 (unaudited)
			As Previously Reported						Adjustment						Reference						As Restated
Assets
Current assets:
Cash and cash equivalents			$	92,851					$	—											$	92,851
Short-term investments			60,390						—												60,390
Prepaid expenses and other current assets			7,839						—												7,839
Total current assets			161,080						—												161,080
Operating lease right-of-use assets			50,695						(17,015)						(a) (d)						33,680
Property and equipment, net			12,215						—												12,215
Deferred rent receivable			7,116						(7,116)						(b)						—
Restricted cash			1,976						—												1,976
Deposit and other long-term assets			1,293						—												1,293
Total assets			$	234,375					$	(24,131)											$	210,244
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable			$	2,110					—												$	2,110
Accrued expenses and other current liabilities			14,886						—												14,886
Lease liability, current portion			10,661						(5,044)						(a)						5,617
Total current liabilities			27,657						(5,044)												22,613
Long-term liabilities:
Lease liability, net of current portion			62,602						16,759						(a) (d)						79,361
Total liabilities			90,259						11,715												101,974
Commitments and contingencies
Stockholders’ equity:
Preferred stock			—						—												—
Common stock			2						—												2
Additional paid-in capital			1,134,556						—												1,134,556
Accumulated other comprehensive loss			(268)						—												(268)
Accumulated deficit			(990,174)						(35,846)						(a) (b)						(1,026,020)
Total stockholders’ equity			144,116						(35,846)												108,270
Total liabilities and stockholders’ equity			$	234,375					$	(24,131)											$	210,244

			June 30, 2024 (unaudited)
			As Previously Reported						Adjustment						Reference						As Restated
Assets
Current assets:
Cash and cash equivalents			$	127,321					$	—											$	127,321
Short-term investments			46,506						—												46,506
Prepaid expenses and other current assets			5,591						—												5,591
Total current assets			179,418						—												179,418
Operating lease right-of-use assets			51,237						(17,241)						(a) (d)						33,996
Property and equipment, net			13,047																		13,047
Deferred rent receivable			6,963						(6,963)						(b)						—
Restricted cash			1,976						—												1,976
Deposit and other long-term assets			1,162						—												1,162
Total assets			$	253,803					$	(24,204)											$	229,599
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable			1,973						—												1,973
Accrued expenses and other current liabilities			9,912						—												9,912
Lease liability, current portion			10,576						(5,006)						(a)						5,570
Total current liabilities			22,461						(5,006)												17,455
Long-term liabilities:
Lease liability, net of current portion			63,313						11,431						(a) (d)						74,744
Total liabilities			85,774						6,425												92,199
Commitments and contingencies
Stockholders’ equity:
Preferred stock			—						—												—
Common stock			2						—												2
Additional paid-in capital			1,131,592						—												1,131,592
Accumulated other comprehensive loss			(525)						—												(525)
Accumulated deficit			(963,040)						(30,629)						(a) (b)						(993,669)
Total stockholders’ equity			168,029						(30,629)												137,400
Total liabilities and stockholders’ equity			$	253,803					$	(24,204)											$	229,599

			March 31, 2024 (unaudited)
			As Previously Reported						Adjustment						Reference						As Restated
Assets
Current assets:
Cash and cash equivalents			$	149,608					$	—											$	149,608
Short-term investments			43,720						—												43,720
Prepaid expenses and other current assets			5,802						—												5,802
Total current assets			199,130						—												199,130
Operating lease right-of-use assets			51,760						(17,282)						(a) (d)						34,478
Property and equipment, net			13,766						—												13,766
Restricted cash			1,976						—												1,976
Deposit and other long-term assets			1,196						—												1,196
Total assets			$	267,828					$	(17,282)											$	250,546
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable			1,897						—												1,897
Accrued expenses and other current liabilities			9,160						—												9,160
Lease liability, current portion			10,492						(4,971)						(a)						5,521
Total current liabilities			21,549						(4,971)												16,578
Long-term liabilities:
Lease liability, net of current portion			63,991						6,296						(a) (d)						70,287
Total liabilities			85,540						1,325												86,865
Commitments and contingencies
Stockholders’ equity:
Preferred stock			—						—												—
Common stock			2						—												2
Additional paid-in capital			1,127,383						—												1,127,383
Accumulated other comprehensive loss			(533)						—												(533)
Accumulated deficit			(944,564)						(18,607)						(a)						(963,171)
Total stockholders’ equity			182,288						(18,607)												163,681
Total liabilities and stockholders’ equity			$	267,828					$	(17,282)											$	250,546

			September 30, 2023 (unaudited)
			As Previously Reported						Adjustment						Reference						As Restated
Assets
Current assets:
Cash and cash equivalents			$	105,366					$	—											$	105,366
Short-term investments			11,716						—												11,716
Prepaid expenses and other current assets			7,514						—												7,514
Total current assets			124,596						—												124,596
Operating lease right-of-use assets			52,757						(17,158)						(a) (d)						35,599
Property and equipment, net			15,497						—												15,497
Restricted cash			2,650						—												2,650
Deposit and other long-term assets			1,270						—												1,270
Total assets			$	196,770					$	(17,158)											$	179,612
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable			2,170						—												2,170
Accrued expenses and other current liabilities			16,362						—												16,362
Lease liability, current portion			10,324						(4,897)						(a)						5,427
Total current liabilities			28,856						(4,897)												23,959
Long-term liabilities:
Lease liability, net of current portion			65,200						3,196						(a) (d)						68,396
Total liabilities			94,056						(1,701)												92,355
Commitments and contingencies
Stockholders’ equity:
Preferred stock			—						—												—
Common stock			1						—												1
Additional paid-in capital			999,328						—												999,328
Accumulated other comprehensive loss			(552)						—												(552)
Accumulated deficit			(896,063)						(15,457)						(a) (c)						(911,520)
Total stockholders’ equity			102,714						(15,457)												87,257
Total liabilities and stockholders’ equity			$	196,770					$	(17,158)											$	179,612

			June 30, 2023 (unaudited)
			As Previously Reported						Adjustment						Reference						As Restated
Assets
Current assets:
Cash and cash equivalents			$	111,187					$	—											$	111,187
Short-term investments			30,266						—												30,266
Prepaid expenses and other current assets			5,690						—												5,690
Total current assets			147,143						—												147,143
Operating lease right-of-use assets			58,287						(17,054)						(a) (d)						41,233
Property and equipment, net			32,041						—												32,041
Restricted cash			2,650						—												2,650
Deposit and other long-term assets			1,308						—												1,308
Total assets			$	241,429					$	(17,054)											$	224,375
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable			1,418						—												1,418
Accrued expenses and other current liabilities			17,704						—												17,704
Lease liability, current portion			25,396						(4,861)						(a)						20,535
Total current liabilities			44,518						(4,861)												39,657
Long-term liabilities:
Lease liability, net of current portion			65,756						2,734						(a) (d)						68,490
Total liabilities			110,274						(2,127)												108,147
Commitments and contingencies
Stockholders’ equity:
Preferred stock			—						—												—
Common stock			1						—												1
Additional paid-in capital			994,938						—												994,938
Accumulated other comprehensive loss			(606)						—												(606)
Accumulated deficit			(863,178)						(14,927)						(a) (c)						(878,105)
Total stockholders’ equity			131,155						(14,927)												116,228
Total liabilities and stockholders’ equity			$	241,429					$	(17,054)											$	224,375

			March 31, 2023 (unaudited)
			As Previously Reported						Adjustment						Reference						As Restated
Assets
Current assets:
Cash and cash equivalents			$	67,552					$	—											$	67,552
Short-term investments			96,733						—												96,733
Prepaid expenses and other current assets			4,588						—												4,588
Total current assets			168,873						—												168,873
Operating lease right-of-use assets			69,503						(22,905)						(a) (d)						46,598
Property and equipment, net			33,347						—												33,347
Restricted cash			2,503						—												2,503
Deposit and other long-term assets			1,351						—												1,351
Total assets			$	275,577					$	(22,905)											$	252,672
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable			2,863						—												2,863
Accrued expenses and other current liabilities			17,344						—												17,344
Lease liability, current portion			26,265						(5,531)						(a)						20,734
Total current liabilities			46,472						(5,531)												40,941
Long-term liabilities:
Lease liability, net of current portion			71,348						(3,462)						(a) (d)						67,886
Total liabilities			117,820						(8,993)												108,827
Commitments and contingencies
Stockholders’ equity:
Preferred stock			—						—												—
Common stock			1						—												1
Additional paid-in capital			990,223						—												990,223
Accumulated other comprehensive loss			(799)						—												(799)
Accumulated deficit			(831,668)						(13,912)						(a) (c)						(845,580)
Total stockholders’ equity			157,757						(13,912)												143,845
Total liabilities and stockholders’ equity			$	275,577					(22,905)												$	252,672

Quarterly and Year to Date Condensed Consolidated Statements of Operations and Comprehensive Loss

			Three Months Ended																								Nine Months Ended
			September 30, 2024 (unaudited)																								September 30, 2024 (unaudited)
			As Previously Reported						Adjustment						Reference						As Restated						As Previously Reported						Adjustment						Reference						As Restated
License revenue			$	1,000					$	—											$	1,000					$	1,000					$	—											$	1,000
Operating expenses:
Research and development			20,439						—												20,439						52,946						—												52,946
General and administrative			9,782						5,217						(a)						14,999						24,996						19,599						(a) (b)						44,595
Total operating expenses			30,221						5,217												35,438						77,942						19,599												97,541
Operating loss			(29,221)						(5,217)												(34,438)						(76,942)						(19,599)												(96,541)
Other income, net			2,087						—												2,087						6,545						—												6,545
Net loss			(27,134)						(5,217)												(32,351)						(70,397)						(19,599)												(89,996)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities			241						—												241						198						—												198
Foreign currency translation adjustment			16						—												16						7						—												7
Comprehensive loss			$	(26,877)					$	(5,217)											$	(32,094)					$	(70,192)					$	(19,599)											$	(89,791)
Net loss per share — basic and diluted			$	(1.30)					—												$	(1.55)					$	(3.63)					—												$	(4.64)
Weighted-average common shares used to compute net loss per share - basic and diluted			20,876						—												20,876						19,408						—												19,408

			Three Months Ended																								Six Months Ended
			June 30, 2024 (unaudited)																								June 30, 2024 (unaudited)
			As Previously Reported						Adjustment						Reference						As Restated						As Previously Reported						Adjustment						Reference						As Restated
Operating expenses:
Research and development			$	17,097					$	—											$	17,097					$	32,507					$	—											$	32,507
General and administrative			3,785						12,022						(a) (b)						15,807						15,214						14,382						(a) (b)						29,596
Total operating expenses			20,882						12,022												32,904						47,721						14,382												62,103
Operating loss			(20,882)						(12,022)												(32,904)						(47,721)						(14,382)												(62,103)
Other income, net			2,406						—												2,406						4,458						—												4,458
Net loss			(18,476)						(12,022)												(30,498)						(43,263)						(14,382)												(57,645)
Other comprehensive gain (loss):
Net unrealized loss on marketable securities			(2)						—												(2)						(43)						—												(43)
Foreign currency translation adjustment			10						—												10						(9)						—												(9)
Comprehensive loss			$	(18,468)					(12,022)												$	(30,490)					$	(43,315)					$	(14,382)											$	(57,697)
Net loss per share — basic and diluted			$	(0.89)					—												$	(1.46)					$	(2.31)					—												$	(3.08)
Weighted-average common shares used to compute net loss per share - basic and diluted			20,852						—												20,852						18,713						—												18,713

			Three Months Ended
			March 31, 2024 (unaudited)
			As Previously Reported						Adjustment						Reference						As Restated
Operating expenses:
Research and development			$	15,410					$	—											$	15,410
General and administrative			11,429						2,360						(a)						13,789
Total operating expenses			26,839						2,360												29,199
Operating loss			(26,839)						(2,360)												(29,199)
Other income, net			2,052						—												2,052
Net loss			(24,787)						(2,360)												(27,147)
Other comprehensive gain (loss):
Net unrealized loss on marketable securities			(41)						—												(41)
Foreign currency translation adjustment			(19)						—												(19)
Comprehensive loss			$	(24,847)					$	(2,360)											$	(27,207)
Net loss per share — basic and diluted			$	(1.50)					—												$	(1.65)
Weighted-average common shares used to compute net loss per share - basic and diluted			16,479						—												16,479

			Three Months Ended																								Nine Months Ended
			September 30, 2023 (unaudited)																								September 30, 2023 (unaudited)
			As Previously Reported						Adjustment						Reference						As Restated						As Previously Reported						Adjustment						Reference						As Restated
License revenue			$	—					$	—											$	—					$	3,600					$	—											$	3,600
Operating expenses:
Research and development			20,740						—												20,740						62,398						(190)						(c)						62,208
General and administrative			13,789						530						(a)						14,319						39,035						4,351						(a)						43,386
Total operating expenses			34,529						530												35,059						101,433						4,161												105,594
Operating loss			(34,529)						(530)												(35,059)						(97,833)						(4,161)												(101,994)
Other income, net			1,661						—												1,661						4,437						—												4,437
Net loss before income taxes			(32,868)						(530)												(33,398)						(93,396)						(4,161)												(97,557)
Income tax provision			(17)																		(17)						(55)																		(55)
Net loss			(32,885)						(530)												(33,415)						(93,451)						(4,161)												(97,612)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities			66						—												66						1,003						—												1,003
Foreign currency translation adjustment			(12)						—												(12)						(24)						—												(24)
Comprehensive loss			$	(32,831)					(530)												$	(33,361)					$	(92,472)					$	(4,161)											$	(96,633)
Net loss per share — basic and diluted			$	(3.26)					—												$	(3.31)					$	(9.28)					—												$	(9.69)
Weighted-average common shares used to compute net loss per share - basic and diluted			10,099						—												10,099						10,069						—												10,069

			Three Months Ended																								Six Months Ended
			June 30, 2023 (unaudited)																								June 30, 2023 (unaudited)
			As Previously Reported						Adjustment						Reference						As Restated						As Previously Reported						Adjustment						Reference						As Restated
License revenue			$	—					$	—											$	—					$	3,600					$	—											$	3,600
Operating expenses:
Research and development			$	20,599					$	—											$	20,599					$	41,658					$	(190)					(c)						$	41,468
General and administrative			12,466						1,015						(a)						13,481						25,246						3,821						(a)						29,067
Total operating expenses			33,065						1,015												34,080						66,904						3,631												70,535
Operating loss			(33,065)						(1,015)												(34,080)						(63,304)						(3,631)												(66,935)
Other income, net			1,576						—												1,576						2,776						—												2,776
Net loss before income taxes			(31,489)						(1,015)												(32,504)						(60,528)						(3,631)												(64,159)
Income tax provision			(21)																		(21)						(38)																		(38)
Net loss			(31,510)						(1,015)												(32,525)						(60,566)						(3,631)												(64,197)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities			198						—												198						937						—												937
Foreign currency translation adjustment			(5)						—												(5)						(12)						—												(12)
Comprehensive loss			$	(31,317)					(1,015)												$	(32,332)					$	(59,641)					$	(3,631)											$	(63,272)
Net loss per share — basic and diluted			$	(3.13)					—												$	(3.23)					$	(6.02)					—												$	(6.39)
Weighted-average common shares used to compute net loss per share - basic and diluted			10,076						—												10,076						10,053						—												10,053

			Three Months Ended
			March 31, 2023 (unaudited)
			As Previously Reported						Adjustment						Reference						As Restated
License revenue			$	3,600					$	—											$	3,600
Operating expenses:
Research and development			$	21,059					$	(190)					(c)						$	20,869
General and administrative			12,780						2,806						(a)						15,586
Total operating expenses			33,839						2,616												36,455
Operating loss			(30,239)						(2,616)												(32,855)
Other income, net			1,200						—												1,200
Net loss before income taxes			(29,039)						(2,616)												(31,655)
Income tax provision			(17)						—												(17)
Net loss			(29,056)						(2,616)												(31,672)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities			739						—												739
Foreign currency translation adjustment			(7)						—												(7)
Comprehensive loss			$	(28,324)					(2,616)												$	(30,940)
Net loss per share — basic and diluted			$	(2.90)					—												$	(3.16)
Weighted-average common shares used to compute net loss per share - basic and diluted			10,030						—												10,030

Statements of Cash Flows

The effects of this restatement on certain line items of the condensed consolidated statements of cash flows are summarized in the following tables (in thousands). There was no impact on net cash used in operating activities or within any line items within investing and financing activities.

			Nine Months Ended September 30, 2024
			As Previously Reported						Adjustments						Reference						As Restated
Cash flows from operating activities:
Net loss			$	(70,397)					$	(19,599)					(a) (b)						$	(89,996)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense			1,571						4,006						(a)						5,577
Non-cash sublease loss			—						8,477						(a)						8,477
Changes in operating assets and liabilities:
Deposit and other long-term assets and deferred rent receivable			(7,178)						7,116						(b)						(62)

			Six Months Ended June 30, 2024
			As Previously Reported						Adjustments						Reference						As Restated
Cash flows from operating activities:
Net loss			$	(43,263)					$	(14,382)					(a) (b)						$	(57,645)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense			1,029						2,654						(a)						3,683
Non-cash sublease loss			—						4,765						(a)						4,765
Changes in operating assets and liabilities:
Deposit and other long-term assets and deferred rent receivable			(6,894)						6,963						(b)						69

			Three Months Ended March 31, 2024
			As Previously Reported						Adjustments						Reference						As Restated
Cash flows from operating activities:
Net loss			$	(24,787)					$	(2,360)					(a)						$	(27,147)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense			506						1,314						(a)						1,820
Non-cash sublease loss			—						1,046						(a)						1,046

			Nine Months Ended September 30, 2023
			As Previously Reported						Adjustments						Reference						As Restated
Cash flows from operating activities:
Net loss			$	(93,451)					$	(4,161)					(a) (c)						$	(97,612)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense			12,466						3,916						(a)						16,382
Non-cash sublease loss			—						435						(a)						435
Changes in operating assets and liabilities:																					—
Accrued expenses and other liabilities			(1,452)						(190)						(c)						(1,642)
Supplemental schedule of noncash information
Remeasurement of operating lease right-of-use assets			$	13,711					$	(6,079)											$	7,632

			Six Months Ended June 30, 2023
			As Previously Reported						Adjustments						Reference						As Restated
Cash flows from operating activities:
Net loss			$	(60,566)					$	(3,631)					(a) (c)						(64,197)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense			6,936						2,602						(a)						9,538
Non-cash sublease loss			—						1,219						(a)						1,219
Changes in operating assets and liabilities:
Accrued expenses and other liabilities			(525)						(190)						(c)						(715)
Supplemental schedule of noncash information
Remeasurement of operating lease right-of-use assets			$	13,711					$	(6,079)											$	7,632

			Three Months Ended March 31, 2023
			As Previously Reported						Adjustments						Reference						As Restated
Cash flows from operating activities:
Net loss			$	(29,056)					$	(2,616)					(a) (c)						$	(31,672)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense			1,427						1,239						(a)						2,666
Non-cash sublease loss			—						1,567												1,567
Changes in operating assets and liabilities:																					—
Accrued expenses and other liabilities			(749)						(190)						(c)						(939)
Supplemental schedule of noncash information
Remeasurement of operating lease right-of-use assets			$	8,004					$	(104)											$	7,900

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- Definition

The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1B

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 270
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/270/tableOfContent

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