0000950170-23-021289 | 10-Q | XBRL Viewer

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

A summary of the 2018 Plan and 2021 Plan activity is as follows:


				Options Outstanding
	Number of Shares Available for Issuance			Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2022		4,814,394			6,951,620		$	7.92		8.08	$	1,089
Authorized		4,775,796			—		$	—
Granted		(3,582,453	)		67,666		$	3.10
Cancelled		323,663			(84,672	)	$	4.72
Balance at March 31, 2023		6,331,400			6,934,614		$	5.44		7.84	$	451
Vested and exercisable at March 31, 2023					3,452,242		$	9.19		7.02	$	258
Vested and expected to vest at March 31, 2023					6,492,805		$	8.02		7.78	$	430

Summary of Restricted Stock Unit Activity

The following table summarizes our restricted stock unit activity during the three months ended March 31, 2023:


	Number of Shares			Weighted- Average Grant Date Fair Value
Outstanding, unvested at December 31, 2022		561,526		$	5.38
Issued		3,514,787		$	3.29
Vested		(561,526	)	$	5.38
Canceled/Forfeited		(23,128	)	$	3.29
Outstanding, unvested at March 31, 2023		3,491,659		$	3.29

Schedule of Stock Based Compensation Expense

Total stock-based compensation for all awards granted to employees, consultants and the Company's 2018 Employee Stock Purchase Plan (“ESPP”), before taxes, is as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Research and development expenses	$	1,613	$	1,745
General and administrative expenses		1,278		1,386
Total	$	2,891	$	3,131

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Common Stock [Member] ATM Equity Offering Program [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member] ATM Equity Offering Program [Member]	Accumulated Other Comprehensive Gain (Loss) [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2021	$ 216,086	$ 20		$ 617,523		$ (73)	$ (401,384)
Balance, shares at Dec. 31, 2021		69,047,878
Unrealized gain (loss) on marketable securities	(318)					(318)
Issuance of common stock upon restricted stock units vesting, net of shares withheld, Shares		215,350
Tax payments related to shares withheld for vested restricted stock units	(890)			(890)
Issuance of common stock for warrant exercises, Value	34			34
Issuance of common stock for warrant exercises, shares		3,442,567
Issuance of common stock upon exercise of stock options	64			64
Issuance of common stock upon exercise of stock options, shares		73,713
Stock-based compensation	3,131			3,131
Net income (loss)	(28,916)						(28,916)
Balance at Mar. 31, 2022	189,191	$ 20		619,862		(391)	(430,300)
Balance, shares at Mar. 31, 2022		72,779,508
Balance at Dec. 31, 2022	170,781	$ 22		691,910		(80)	(521,071)
Balance, shares at Dec. 31, 2022		86,894,901
Unrealized gain (loss) on marketable securities	28					28
Issuance of common stock upon restricted stock units vesting, net of shares withheld, Shares		345,663
Tax payments related to shares withheld for vested restricted stock units	(742)			(742)
Stock Issued During Period, Value, New Issues	1,902				$ 1,902
Stock Issued During Period, Shares, New Issues			607,853
Stock-based compensation	2,891			2,891
Net income (loss)	(33,982)						(33,982)
Balance at Mar. 31, 2023	$ 140,878	$ 22		$ 695,961		$ (52)	$ (555,053)
Balance, shares at Mar. 31, 2023		87,848,417

Balance Sheet Components - Schedule of Deposits and Other Long-Term Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deposit Assets And Other Assets Noncurrent Disclosure [Abstract]
Lease security deposits	$ 934	$ 934
Prepaid research and development-related expenses	488	643
Prepaid Rent	12,495	8,162
Total deposits and other long-term assets	$ 13,917	$ 9,739

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows (in thousands):


	March 31, 2023
Description	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	24,674	$	24,674	$	—	$	—
Commercial paper		2,391		—		2,391		—
Corporate debt securities		2,822		—		2,822		—
U.S. government treasuries		3,987		3,987		—		—
Total cash equivalents		33,874		28,661		5,213		—
Short-term marketable securities:
U.S. government treasuries		22,122		22,122		—		—
Asset backed securities		484		—		484		—
U.S. government debt securities		26,980		—		26,980		—
Certificates of deposit		948		—		948		—
Commercial paper		28,760		—		28,760		—
Corporate debt securities		19,386		—		19,386		—
Total short-term marketable securities		98,680		22,122		76,558		—
Total	$	132,554	$	50,783	$	81,771	$	—


	December 31, 2022
Description	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	38,191	$	38,191	$	—	$	—
Total cash equivalents		38,191		38,191		—		—
Short-term marketable securities:
Certificates of deposit		949		—		949		—
Commercial paper		33,328		—		33,328		—
Corporate debt securities		21,853		—		21,853		—
U.S. government treasuries		35,540		35,540		—		—
U.S. government debt securities		24,719		—		24,719		—
Total short-term marketable securities		116,389		35,540		80,849		—
Long-term marketable securities:
Corporate debt securities		932		—		932		—
U.S. government treasuries		3,099		3,099		—		—
Total long-term marketable securities		4,031		3,099		932		—
Total	$	158,611	$	76,830	$	81,781	$	—

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment and related accumulated depreciation and amortization are as follows (in thousands):


	March 31,			December 31,
	2023			2022
Computer equipment and software	$	1,403		$	1,155
Furniture and fixtures		2,285			2,285
Laboratory equipment		27,369			27,309
Leasehold improvements		18,537			18,024
		49,594			48,773
Less accumulated depreciation and amortization		(30,581	)		(28,782	)
Construction-in-progress		1,352			1,344
Total property and equipment, net	$	20,365		$	21,335

Organization - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments \| Segment	1
Net income (loss)	$ (33,982)	$ (28,916)
Net cash used in operating activities	(40,090)	$ (33,451)
Accumulated deficit	555,053		$ 521,071
Cash, cash equivalents and marketable securities	$ 145,800

- Definition

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

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+ Details

Cash Equivalents and Marketable Securities - Additional Information (Detail) - Security	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash equivalents and marketable securities [Line Items]
Realized gains or losses on marketable securities	no material realized gains or losses	no material realized gains or losses
Number of individual securities in an unrealized loss position for 12 months or greater	0
Period of unrealized loss position	12 months or greater
Maximum [Member]
Cash equivalents and marketable securities [Line Items]
Marketable securities contractual maturities period	1 year

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

The components of the long-term debt balance are as follows:


	March 31,
	2023
Principal loan balance	$	30,000
Final fee		1,725
Unamortized debt discount, issuance costs, and unaccreted value of final fee		(2,149	)
Long term debt, net	$	29,576

Schedule of Maturities of Long-Term Debt [Table Text Block]

As of March 31, 2023, the estimated future principal payments due (excluding the final payment fee) were as follows:


2023 (remaining nine months)	$	—
2024		—
2025		6,616
2026		14,108
2027		9,276
Total principal payments	$	30,000

Debt - Schedule of Long term debt (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Principal loan balance	$ 30,000
Final Fee	1,725
Unamortized debt discount and issuance costs	(2,149)
Long-Term Debt, net	$ 29,576

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share

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


	Three Months Ended March 31,
	2023			2022
Numerator:
Net loss	$	(33,982	)	$	(28,916	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		114,423,000			86,277,599
Net loss per share, basic and diluted	$	(0.30	)	$	(0.34	)

Computation of Potentially Anti-Dilutive Securities

During a period of net loss, basic net loss per share is the same as diluted net loss per share, as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	March 31,
	2023		2022
Options issued and outstanding and ESPP shares issuable and outstanding		7,120,656		7,038,660
Restricted stock subject to future vesting		3,491,659		669,790
Total		10,612,315		7,708,450

Commitments and Contingencies - Schedule of Minimum Annual Rental Payments Under Operating Lease Agreements (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
2023 (remaining nine months)	$ 6,456
2024	12,527
2025	10,658
2026	10,376
2027	10,466
Thereafter	52,348
Total minimum payments	102,831
Less: Amounts representing interest expense	(4,515)
Less: Amounts representing lease payments under the Boston Lease	(79,113)
Present value of future minimum lease payments	19,203
Less: Current portion of lease liability	(4,628)	$ (5,294)
Noncurrent portion of lease liability	$ 14,575	$ 15,673

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 1,799	$ 1,589

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

The accompanying interim condensed consolidated financial statements are unaudited and are comprised of the consolidation of the Company and its wholly-owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. The Company has no unconsolidated subsidiaries or investments accounted for under the equity method.

The accompanying interim condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim reporting.

The interim condensed consolidated financial statements are unaudited and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation for interim reporting. The results of operations for any interim period are not necessarily indicative of results of operations for any future period.

Certain information and footnote disclosures typically included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements as of and for the year ended December 31, 2022, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 9, 2023.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosures of contingent

liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Fair Value of Financial Instruments

U.S. GAAP establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.

Fair value is established as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, an established three-tier fair value hierarchy distinguishes between the following:

•

Level 1 inputs are quoted prices in active markets that are accessible at the market date for identical assets or liabilities.

•

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

•

Level 3 inputs are unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the assets or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument.

The carrying amounts reflected on the condensed consolidated balance sheets for cash and cash equivalents, prepaid expenses and other current assets, accounts payable, accrued compensation and accrued liabilities approximate their fair values due to their short-term nature.

Debt Issuance Costs and Debt Discounts

Debt issuance costs include legal fees, accounting fees and other direct costs incurred in connection with the execution of the Company’s debt financing. Debt discounts represent costs paid to the lenders. Debt issuance costs and debt discounts are deducted from the carrying amount of the debt liability and are amortized to interest expense over the term of the related debt using the effective interest method.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents and marketable securities. Cash, cash equivalents and marketable securities are invested through banks and other financial institutions in the United States. Such deposits may be in excess of federally insured limits. The Company maintains cash equivalents and marketable securities with various high-credit-quality and capitalized financial institutions. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds.

The Company’s investment policy limits investments to certain types of securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and marketable securities and issuers of marketable securities to the extent recorded on the condensed consolidated balance sheets. As of March 31, 2023, the Company has no off-balance sheet concentrations of credit risk.

Other Risks and Uncertainties

The Company is subject to a number of risks similar to those of other clinical-stage biotechnology companies, including dependence on key individuals; the need to develop commercially viable therapeutics; competition from other companies, many of which are larger and better capitalized; and the need to obtain adequate additional financing to fund the development of its products. The Company currently depends on third-party suppliers for key materials and services used in its research and development manufacturing process and is subject to certain risks related to the loss of these third-party suppliers or their inability to supply the Company with adequate materials and services. Further, the Company is subject to broad market risks and uncertainties resulting from recent events, such as the COVID-19 pandemic, the Russian invasion of Ukraine, inflation, rising interest rates and recession risks, as well as supply chain and labor shortages.

Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

Cash equivalents, which consist primarily of highly liquid investments with original maturities of three (3) months or less when purchased, are stated at fair value. These assets include investments in money market funds that invest in U.S. Treasury obligations and certificates of deposit, which are stated at fair value.

The Company has issued letters of credit under certain lease agreements that have been collateralized by cash deposits for an equal amount and are recorded within short-term restricted cash and deposits and other long-term assets on the condensed consolidated balance sheets based on the term of the underlying lease. Additionally, the Company’s restricted cash includes payments received under the Coalition for Epidemic Preparedness Innovations (“CEPI”) Funding Agreement, dated as of August 14, 2021 (the “CEPI Funding Agreement”) and the Gates Foundation Grant Agreement (see Note 9). The Company will utilize the CEPI and Gates Foundation funds as it incurs expenses for services performed under the agreements.

The following table provides a reconciliation of cash, cash equivalents and short-term and long-term restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands):


	March 31,		December 31,
	2023		2022
Cash and cash equivalents	$	47,128	$	55,498
Restricted cash		2,077		3,977
Long-term restricted cash		5,290		5,290
Total cash, cash equivalents and restricted cash	$	54,495	$	64,765

Leases

The Company determines whether the arrangement is or contains a lease at the inception of the arrangement and if such a lease is classified as a financing lease or operating lease. The majority of the Company’s leases are classified as operating leases. Leases with a term greater than one year are included in operating lease ROU Assets, lease liabilities, current portion, and lease liabilities, net of current portion in the Company’s condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. The Company has elected not to recognize on the condensed consolidated balance sheets leases with terms of one year or less. Lease liabilities and their corresponding ROU Assets are recorded based on the present value of lease payments over the expected lease term. In determining the net present value of lease payments, the interest rate implicit in lease contracts is typically not readily determinable. As such, the Company estimates the appropriate incremental borrowing rate, which is the rate that would be incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the ROU Assets may be required for items such as initial direct costs paid or incentives received and impairment charges if the Company determines the ROU Asset is impaired.

The Company considers a lease term to be the non-cancelable period that it has the right to use the underlying asset, including any periods where it is reasonably assured the Company will exercise the option to extend the contract. Periods covered by an option to extend are included in the lease term if the lessor controls the exercise of that option.

The Company recognizes lease expense on a straight-line basis over the expected lease term.

The Company has elected not to separate lease and non-lease components for its leased assets and accounts for all lease and non-lease components of its agreements as a single lease component. The lease components resulting

in an ROU Asset have been recorded on the condensed consolidated balance sheets and amortized as lease expense on a straight-line basis over the lease term.

Revenue Recognition

The Company performs research and development under collaboration, license, grant and clinical development agreements. The Company’s revenue primarily consists of collaboration agreements and grant agreements. At contract inception, the Company analyzes a revenue arrangement to determine the appropriate accounting under U.S. GAAP. Currently, the Company’s revenue arrangements represent customer contracts within the scope of ASC Topic 606, Revenue from Contracts with Customers (Topic 606) (“ASC 606”) or are subject to the contribution guidance in ASC Topic 958-605, Not-for-Profit Entities – Revenue Recognition (“ASC 958-605”), which applies to business entities that receive contributions within the scope of ASC 958-605.

For collaboration agreements, the Company analyzes such arrangements to assess whether they involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed throughout the life of the arrangement based on changes in the responsibilities of all parties in the arrangement. For collaboration arrangements that are considered to be in the scope of the collaboration guidance and that contain multiple elements, the Company first determines which elements of the collaboration are deemed to be within the scope of the collaboration guidance and those that are more reflective of a vendor-customer relationship and, therefore, within the scope of the revenue with contracts with customers guidance. Elements of collaboration arrangements that are reflective of a vendor-customer relationship are accounted for pursuant to the revenue from contracts with customers guidance. The terms of the licensing and collaboration agreements entered into typically include payment of one or more of the following: non-refundable, up-front fees; development, regulatory, and commercial milestone payments; payments for manufacturing supply services; and royalties on net sales of licensed products. Each of these payments results in license, collaboration and other revenues, except for revenues from royalties on net sales of licensed products, which are classified as royalty revenues. The core principle of the accounting for revenue from contracts with customers guidance is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received in exchange for those goods or services.

In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s condensed consolidated balance sheets. If the related performance obligation is expected to be satisfied within the next twelve (12) months, this will be classified in current liabilities. Amounts recognized as revenue prior to receipt are recorded as contract assets in the Company’s condensed consolidated balance sheets. If the Company expects to have an unconditional right to receive consideration in the next twelve (12) months, this will be classified in current assets. A net contract asset or liability is presented for each contract with a customer.

At contract inception, the Company assesses the goods or services promised in a contract with a customer and identifies those distinct goods and services that represent a performance obligation. A promised good or service may not be identified as a performance obligation if it is immaterial in the context of the contract with the customer, if it is not separately identifiable from other promises in the contract (either because it is not capable of being separated or because it is not separable in the context of the contract), or if the performance obligation does not provide the customer with a material right.

The Company considers the terms of the contract and its customary business practices to determine the transaction price. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. Variable consideration will only be included in the transaction price when it is not considered constrained, which is when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur.

If it is determined that multiple performance obligations exist, the transaction price is allocated at the inception of the agreement to all identified performance obligations, based on the relative standalone selling prices. The relative selling price for each performance obligation is estimated using objective evidence if it is available. If objective evidence is not available, the Company uses its best estimate of the selling price for the performance obligation.

Revenue is recognized when, or as, the Company satisfies a performance obligation by transferring a promised good or service to a customer. An asset is transferred when, or as, the customer obtains control of that asset, which for a service is considered to be as the services are received and used. The Company recognizes revenue over time by measuring the progress toward complete satisfaction of the relevant performance obligation, using an appropriate input or output method based on the nature of the good or service promised to the customer.

After contract inception, the transaction price is reassessed at every period end and updated for changes, such as resolution of uncertain events. Any change in the transaction price is allocated to the performance obligations on the same basis as at contract inception.

Management may be required to exercise considerable judgment in estimating revenue to be recognized. Judgment is required in identifying performance obligations, estimating the transaction price, estimating the stand-alone selling prices of identified performance obligations (which may include forecasted revenue, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success) and estimating the progress towards satisfaction of performance obligations.

For grant funding agreements, grant revenue is recognized during the period that the research and development services occur, as qualifying expenses are incurred. The Company concluded that payments received under these grants represent nonreciprocal contributions, as described in ASC 958, Not-for-Profit Entities, and that the grants are not within the scope of ASC 606 as the organization providing the grant does not meet the definition of a customer. Grant revenue relates primarily to the CEPI and Gates Funding Agreements (see Note 9).

Income Taxes

Recently Issued Accounting Pronouncements Not Yet Adopted

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 (“ASU 2020-06”). The standard eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the standard modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. The amendments in ASU 2020-06 are effective for the Company as defined by the SEC for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but not earlier than fiscal years beginning after December 15, 2020. The Company does not expect the adoption of ASU 2020-06 to have a material impact on its condensed consolidated financial statements and related disclosures.

Net Loss Per Common Share - Computation of Potentially Anti-dilutive Securities (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities that were not included in the diluted per share calculations	10,612,315	7,708,450
Options Issued and Outstanding and ESPP Shares Issuable and Outstanding [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities that were not included in the diluted per share calculations	7,120,656	7,038,660
Restricted Stock Subject to Future Vesting [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities that were not included in the diluted per share calculations	3,491,659	669,790

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 47,128	$ 55,498
Marketable securities	98,680	116,389
Restricted cash, current	2,077	3,977
Prepaid expenses and other current assets	6,880	7,014
Total current assets	154,765	182,878
Long-term restricted cash	5,290	5,290
Property and equipment, net	20,365	21,335
Lease right-of-use assets	15,615	17,481
Deposits and other long-term assets	13,917	9,739
Long-term marketable securities	0	4,031
Total assets	209,952	240,754
Current liabilities:
Accounts payable	5,975	8,694
Accrued compensation	4,697	8,215
Accrued liabilities	3,123	4,124
Accrued research and development expenses	3,448	3,343
Lease liabilities, current portion	4,628	5,294
Deferred revenue, current portion	2,801	5,131
Total current liabilities	24,672	34,801
Other non-current liabilities	251	150
Lease liabilities, net of current portion	14,575	15,673
Debt, noncurrent	29,576	19,349
Total liabilities	69,074	69,973
Commitments and contingencies (Notes 6 and 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding at March 31, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized at March 31, 2022 and December 31, 2021; 72,779,508 and 69,047,878 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	22	22
Additional paid-in capital	695,961	691,910
Accumulated other comprehensive loss	(52)	(80)
Accumulated deficit	(555,053)	(521,071)
Total stockholders’ equity	140,878	170,781
Total liabilities and stockholders’ equity	$ 209,952	$ 240,754

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Issued and Outstanding Warrants to Purchase Shares of the Company's Common Stock

As of March 31, 2023, the following warrants to purchase shares of the Company’s common stock were issued and outstanding:


Issue Date	Expiration Date	Exercise Price		Number of Warrants Outstanding
December 28, 2020	None	$	0.01		13,573,704
October 24, 2022	None	$	0.0001		13,274,923
					26,848,627

There were no warrants exercised during the three months ended March 31, 2023.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating activities
Net income (loss)	$ (33,982)	$ (28,916)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,799	1,589
Net amortization of premiums and discounts on marketable securities	(973)	196
Amortization of Debt Issuance Costs	342	0
Stock-based compensation	2,891	3,131
Non-cash operating lease expense	2,243	2,332
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	134	(3,273)
Deposits and other long-term assets	(4,177)	787
Accounts payable	327	1,861
Accrued compensation	(3,518)	(2,640)
Accrued and other non-current liabilities	(869)	121
Accrued research and development expenses	105	(105)
Lease liability	(2,082)	(2,034)
Deferred revenue	(2,330)	(6,500)
Net cash provided by (used in) operating activities	(40,090)	(33,451)
Investing activities
Purchase of marketable securities	(15,874)	(28,342)
Maturities of marketable securities	38,614	37,788
Purchase of property and equipment	(1,567)	(1,812)
Net cash provided by (used in) investing activities	21,173	7,634
Financing activities
Proceeds from long-term debt, net of debt discount and issuance costs	9,977	0
Payments of financing costs	(2,489)	(69)
Payments of financing lease	(59)	(56)
Tax payments related to shares withheld for vested restricted stock units	742	890
Net cash provided by (used in) financing activities	8,647	(917)
Net decrease in cash, cash equivalents and restricted cash	(10,270)	(26,734)
Cash, cash equivalents and restricted cash at beginning of period	64,765	110,577	$ 110,577
Cash, cash equivalents and restricted cash at end of period	54,495	83,843	$ 64,765
Supplemental disclosures of non-cash investing and financing information
Property and equipment purchases accrued but not yet paid	407	1,182
Remeasurement of operating lease right-of-use asset for lease modification	0	228
Cash paid for interest on debt	436	0
ATM Offering Program [Member]
Financing activities
Proceeds from issuance of common stock	1,960	0
Stock Options, Warrants and Other [Member]
Financing activities
Proceeds from issuance of common stock	$ 0	$ 98

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows (in thousands):


	March 31, 2023
Description	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	24,674	$	24,674	$	—	$	—
Commercial paper		2,391		—		2,391		—
Corporate debt securities		2,822		—		2,822		—
U.S. government treasuries		3,987		3,987		—		—
Total cash equivalents		33,874		28,661		5,213		—
Short-term marketable securities:
U.S. government treasuries		22,122		22,122		—		—
Asset backed securities		484		—		484		—
U.S. government debt securities		26,980		—		26,980		—
Certificates of deposit		948		—		948		—
Commercial paper		28,760		—		28,760		—
Corporate debt securities		19,386		—		19,386		—
Total short-term marketable securities		98,680		22,122		76,558		—
Total	$	132,554	$	50,783	$	81,771	$	—


	December 31, 2022
Description	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	38,191	$	38,191	$	—	$	—
Total cash equivalents		38,191		38,191		—		—
Short-term marketable securities:
Certificates of deposit		949		—		949		—
Commercial paper		33,328		—		33,328		—
Corporate debt securities		21,853		—		21,853		—
U.S. government treasuries		35,540		35,540		—		—
U.S. government debt securities		24,719		—		24,719		—
Total short-term marketable securities		116,389		35,540		80,849		—
Long-term marketable securities:
Corporate debt securities		932		—		932		—
U.S. government treasuries		3,099		3,099		—		—
Total long-term marketable securities		4,031		3,099		932		—
Total	$	158,611	$	76,830	$	81,781	$	—

The Company measures the fair value of money market funds and U.S. treasuries based on quoted prices in active markets for identical securities. Commercial paper, corporate debt securities, certificates of deposits, asset backed securities, and U.S. government debt securities are valued taking into consideration valuations obtained from third-party pricing services. These pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of, and broker/dealer quotes on, the same or similar securities, issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs.

There were no transfers between Level 1 and Level 2 during the periods presented. See Note 3 for further information regarding the amortized cost of the Company’s financial instruments.

- 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

Net Loss Per Common Share - Additional Information (Detail) - Private Investment In Public Equity [Member]	Dec. 31, 2020 $ / shares shares
Earnings Per Share Basic [Line Items]
Outstanding warrants to purchase common stock \| shares	13,274,923
Class of warrant nominal exercise price \| $ / shares	$ 0.0001
Warrant [Member]
Earnings Per Share Basic [Line Items]
Outstanding warrants to purchase common stock \| shares	27,480,719
Class of warrant nominal exercise price \| $ / shares	$ 0.01

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock Based Compensation Expense	$ 2,891	$ 3,131
Research and Development Expense [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock Based Compensation Expense	1,613	1,745
General and Administrative Expense [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock Based Compensation Expense	$ 1,278	$ 1,386

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	1 Months Ended					3 Months Ended
	Sep. 30, 2021 USD ($) RenewalTerm	Mar. 31, 2021	Jan. 31, 2019 USD ($) RenewalTerm	Sep. 30, 2018	Mar. 31, 2017 USD ($) ft²	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	May 31, 2019	Feb. 28, 2016 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Operating lease cash security deposit						$ 934			$ 934
Lease right-of-use assets						15,615			17,481
Lease liability						19,203
Letters of credit outstanding, amount						600
Research and Development Expense						30,514	$ 28,199
Emeryville lease [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating leasing term			120 months
Operating leases number of renewal terms \| RenewalTerm			2
Operating leasing renewal option to extend lease			5 years
Operating lease cash security deposit						600
Tenant improvement allowance			$ 4,000
Lease right-of-use assets						7,900				$ 8,100
Lease liability						12,500			12,800
Pleasanton Lease [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating leasing renewal option to extend lease					5 years
Tenant improvement allowance					$ 1,200
Net rentable area \| ft²					42,620
Lease expiration date					Nov. 30, 2024
Letters of credit outstanding, amount					$ 1,000
Withdrawal from irrevocable letters of credit						0
Pleasanton Lease [Member] \| Additional Office Space [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating leasing term											64 months
Cambridge Lease [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating lease cash security deposit						500			700
Cambridge Lease [Member] \| Prepaid and other assets [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating lease cash security deposit						200			400
Cambridge Lease [Member] \| Deposits and other long term assets [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating lease cash security deposit						300			$ 300
Cambridge Lease [Member] \| Fourty Erie Lease [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating leasing term												67 months
Tenant improvement allowance												$ 2,100
Operating lease termination date	2025-04
Cambridge Lease [Member] \| Twenty one Erie Lease [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating leasing term				24 months
Operating lease termination date				2023-06
Cambridge Lease [Member] \| Cambridge Storage Lease [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating leasing term		17 months						17 months
Lease expiration date		Jun. 30, 2023
Storage space commenced								Apr. 01, 2021
Boston Lease [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating leasing term	120 months
Operating leases number of renewal terms \| RenewalTerm	2
Operating leasing renewal option to extend lease	5 years
Minimum Lease Payments						79,100
Letters of credit outstanding, amount						4,600
Withdrawal from irrevocable letters of credit						0
Restricted cash deposit used as collateral for letter of credit						$ 4,700
Boston Lease [Member] \| Maximum [Member]
Commitments and Contingencies Disclosure [Line Items]
Tenant improvement allowance	$ 19,100

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 08, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Gritstone bio, Inc.
Entity Central Index Key	0001656634
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-38663
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4859534
Entity Address, Address Line One	5959 Horton Street
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Emeryville
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94608
City Area Code	510
Local Phone Number	871-6100
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	GRTS
Security Exchange Name	NASDAQ
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		88,913,562

Collaboration and License Agreements - Additional Information (Detail) - USD ($)			1 Months Ended							3 Months Ended			12 Months Ended
	Apr. 30, 2022	Aug. 14, 2021	Nov. 30, 2021	Sep. 30, 2021	Jan. 31, 2021	Oct. 31, 2020	Oct. 31, 2018	Sep. 30, 2018	Aug. 31, 2018	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2022	Dec. 31, 2020	Oct. 31, 2017
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Preferred stock shares issued										0					0
Contract with Customer, Liability, Current										$ 2,801,000					$ 5,131,000
Increase in contribution revenue										(2,330,000)	$ (6,500,000)
Loss from operations										(34,816,000)	(28,963,000)
Revenue										$ 2,443,000	7,191,000
Common stock, shares issued										87,848,417					86,894,901
Research and development										$ 30,514,000	28,199,000
Restricted cash, current										2,077,000					$ 3,977,000
Restricted Cash										2,077,000					3,977,000
License Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue										542,000	4,745,000
Grant Revenues [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue										1,901,000	2,446,000
Coalition for Epidemic Preparedness Innovations [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Restricted Cash Current										$ 1,500,000					3,000,000.0
Collaboration Agreement [Member] \| 2 Seventy [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Proceeds from non refundable upfront payment									$ 20,000,000.0
Future Milestone And Royalty Payments, Reduction Percentage										50.00%
Proceeds from issuance of convertible preferred stock, net of issuance costs									10,000,000.0
Proceeds from Issuance of Common Stock							$ 10,000,000.0
Maximum development, regulatory, and commercial milestones									$ 1,200,000,000
Collaboration agreement early termination notice period										120 days
Early termination reduction of future milestone and royalty payments, description										Additionally, all of 2seventy’s payment obligations that have not yet accrued related to future milestone and royalty payments will be reduced by 50% for the remainder of the agreement term.
Revenue recognition contract end month year										2023-09
Collaboration and license revenue										$ 400,000	4,000,000.0
Increase in contribution revenue											3,500,000
Loss from operations											$ 3,500,000
Decrease in loss per share											$ 0.04
Deferred revenue										600,000					1,000,000.0
Contract assets										0					0
Receivables										0					0
Contract with Customer, Liability, Revenue Recognized										$ 400,000	$ 4,000,000.0
Collaboration Agreement [Member] \| 2 Seventy [Member] \| Research and Development Expense [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue recognition contract start month year										2018-08
Revenue recognition contract end month year										2023-08
Collaboration Agreement [Member] \| 2 Seventy [Member] \| Series C [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Preferred stock shares issued									768,115
Proceeds from issuance of convertible preferred stock, net of issuance costs									$ 10,000,000.0
Offering price per share									$ 13.04
Issuance of convertible preferred stock, Transaction price									$ 10,000,000.0
Collaboration Agreement [Member] \| 2 Seventy [Member] \| Common Stock [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Offering price per share							$ 15.00
Number of common shares sold							666,667
Collaboration Agreement [Member] \| Arbutus Biopharma Corporation and Protiva Biotherapeutics Inc [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Maximum milestone consideration payable																	$ 123,500,000
Milestone payment included in research and development expense								$ 2,500,000						$ 3,000,000.0
Research and development										$ 0	0
Collaboration, Option and License Agreement [Member] \| Gilead Sciences Inc [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Proceeds from non refundable upfront payment					$ 30,000,000.0
Offering price per share					$ 25.65
Proceeds from Issuance of Common Stock					$ 30,000,000.0
Collaboration agreement early termination notice period					90 days
Early termination reduction of future milestone and royalty payments, description										Additionally, if terminated early by Gilead for convenience or by the Company for material breach or insolvency, all of Gilead’s payment obligations for reimbursable costs or for future milestone and royalty payments remain. If terminated early by Gilead for material breach or insolvency, all of Gilead’s unaccrued payment obligations related to future milestone and royalty payments will be reduced by 50% for the remainder of the agreement term.
Revenue recognition contract start month year										2021-01
Deferred revenue										$ 94,000					107,000
Receivables										$ 100,000					100,000
Maximum aggregate contingent milestone payment					$ 685,000,000.0
Proceeds from equity investment					$ 30,000,000.0
Common stock fair value closing price per share					$ 18.10
Non-refundable option fee					$ 40,000,000.0
Collaboration agreement termination term										Gilead may terminate the Gilead Supply Agreement without cause by giving six months prior written notice and any active orders with 60-day notice without terminating the agreement, and either party may terminate based on an uncured material breach, insolvency of the other party, or in the event that the Gilead Collaboration Agreement is terminated. Upon termination, the Company will deliver all supply products that have been produced and destroy, reimburse or deliver materials that Gilead has reimbursed, and Gilead must pay for any manufacturing costs that the Company has actually incurred or committed to pay, including any cancellation costs owed to subcontractors.
Transaction price allocated to shares of common stock at fair value					$ 21,200,000
Common stock, shares issued					1,169,591
Common stock purchase price in excess of fair value					$ 8,800,000
Deferred incremental costs to acquire contract										$ 0		$ 100,000
Collaboration, Option and License Agreement [Member] \| Gilead Sciences Inc [Member] \| License Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration and license revenue											700,000
Contract with Customer, Liability, Revenue Recognized											700,000
Collaboration, Option and License Agreement [Member] \| Gilead Sciences Inc [Member] \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration and license revenue										100,000
Contract with Customer, Liability, Revenue Recognized										100,000
Collaboration, Option and License Agreement [Member] \| Gilead Sciences Inc [Member] \| Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue recognition contract end period												4 years
Collaboration, Option and License Agreement [Member] \| Common Stock [Member] \| Gilead Sciences Inc [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of common shares sold					1,169,591
Option and License and Development Agreement [Member] \| Genevant Sciences GmbH [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Upfront payment						$ 2,000,000.0
Amount to extend the option term						1,000,000.0
Option and License and Development Agreement [Member] \| Genevant Sciences GmbH [Member] \| Research and Development Expense [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Upfront payment																$ 2,000,000.0
Milestone payments											1,000,000.0
Option and License and Development Agreement [Member] \| Genevant Sciences GmbH [Member] \| Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Aggregate payment in specified development regulatory and commercial milestone						71,000,000.0
Payments for options to license for each indication						$ 1,500,000
Non-Exclusive License and Development Agreement [Member] \| Genevant Sciences GmbH [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Maximum aggregate contingent milestone payment					$ 141,000,000.0
Non-Exclusive License and Development Agreement [Member] \| Genevant Sciences GmbH [Member] \| Research and Development Expense [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Upfront payments					$ 1,500,000								$ 1,500,000
Milestone payments										0		$ 1,000,000.0	1,000,000.0
Funding Agreement [Member] \| Coalition for Epidemic Preparedness Innovations [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Agreement Total Funding													25,600,000
Deferred revenue										1,497,000					2,952,000
Additional Funding													$ 5,000,000.0
Collaboration and license revenue										1,500,000	2,200,000
Total Grant Amount		$ 20,600,000
First tranche of funding received				$ 11,300,000
Second Tranche Of Funding Received	$ 2,700,000
Grant Agreement [Member] \| Gates Foundation [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Proceeds from non refundable upfront payment			$ 2,200,000
Contract with Customer, Liability, Current										600,000					1,000,000.0
Future Funding Expected			1,000,000.0
Deferred revenue										580,000					$ 1,025,000
Revenue										$ 400,000	$ 200,000
Total Grant Amount			$ 3,200,000

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

. Stockholders’ Equity

The Company’s amended and restated certificate of incorporation provides for 300,000,000 shares of common stock and 10,000,000 shares of preferred stock authorized for issuance, each with a par value of $0.0001 per share.

As of March 31, 2023 and December 31, 2022, no shares of preferred stock were issued and outstanding.

As of March 31, 2023 and December 31, 2022, there were 87,848,417 and 86,894,901 shares of common stock issued and outstanding, respectively. Holders of the Company’s common stock are entitled to one vote per share.

Sale of Common Stock and Pre-Funded Warrants

In December 2020, the Company entered into two private placement financing transactions (collectively, the “First PIPE Financing”), as follows: (i) to sell 5,543,351 shares of its common stock at a price of $3.34 per share and pre-funded warrants (the “Warrants”) to purchase 27,480,719 shares of common stock at a price of $3.34 per share (of which $3.33 per share was prepaid by each purchaser), and (ii) to sell an additional 4,043,127 shares of its common stock at a price per share of $3.71. In connection with the First PIPE Financing, the Company received aggregate net proceeds of approximately $119.8 million. The Warrants are exercisable upon issuance at an exercise price of $0.01 per share.

The outstanding Warrants generally may not be exercised if the holder’s aggregate beneficial ownership would be more than 9.99% of the total issued and outstanding shares of the Company’s common stock following such exercise. The exercise price and number of shares of common stock issuable upon the exercise of the Warrants (the “Warrant Shares”) are subject to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization or similar transaction, as described in the Warrant agreements. Under certain circumstances, the Warrants may be exercisable on a “cashless” basis. In connection with the issuance and sale of the common stock and Warrants, the Company granted the purchasers certain registration rights with respect to the Warrants and the Warrant Shares.

The Warrants were classified as a component of permanent stockholders’ equity within additional paid-in-capital and were recorded at the issuance date using a relative fair value allocation method. The Warrants are equity classified because they are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of common shares upon exercise, are indexed to the Company’s common stock and meet the equity classification criteria. In addition, such Warrants do not provide any guarantee of value or return. The Company valued the Warrants at issuance, concluding their sales price approximated their fair value, and allocated net proceeds from the sale proportionately to the common stock and Warrants, of which $87.7 million, net of issuance costs, was allocated to the Warrants and recorded as a component of additional paid-in-capital.

In September 2021, the Company completed a PIPE financing transaction, in which it sold 5,000,000 shares of its common stock at a price of $11.00 per share pursuant to a securities purchase agreement entered into on September 16, 2021 (the “Second PIPE Financing”). The Company received aggregate net proceeds of approximately $52.7 million after deducting placement agent commissions and offering expenses payable by the Company. In connection with the issuance and sale of the common stock, the Company agreed to file a registration statement with the SEC registering the resale of the shares of common stock issued in the Second PIPE Financing.

In March 2022, the Company filed a Registration Statement on Form S-3 with the SEC (the “2022 Shelf Registration Statement”), covering the offering of up to $250.0 million of common stock, preferred stock, debt securities, warrants and units. The 2022 Shelf Registration Statement included a prospectus supplement covering the issuance and sale of up to $100.0 million of the Company’s common stock, from time to time, through an “at-the-market” offering program (the “2022 ATM Offering Program”) under the Securities Act. The SEC declared the 2022 Shelf Registration Statement effective as of May 6, 2022.

In connection with the 2022 ATM Offering Program, in March 2022, the Company also entered into a sales agreement (the “2022 Sales Agreement”) with Cowen, pursuant to which Cowen will act as the Company’s sales agent and, from time to time, offer and sell shares of the Company’s common stock having an aggregate offering price of up to $100.0 million. Cowen is entitled to compensation for its services equal to up to 3.0% of the gross proceeds of any shares of common stock sold under the 2022 Sales Agreement. In addition, the Company agreed to reimburse a portion of Cowen’s expenses in connection with the 2022 ATM Offering Program up to $50,000

. As of December 31, 2022, the Company has received aggregate proceeds from its 2022 ATM Offering Program of $19.6 million, net of commissions and offering costs, pursuant to the issuance of 7,034,948 shares of its common stock. As of March 31, 2023, the Company has received aggregate proceeds from its 2022 ATM Offering Program of $21.5 million, net of commissions and offering costs, pursuant to the issuance of 7,642,801 shares of its common stock.

In October 2022, the Company completed a PIPE financing transaction, in which it sold 6,637,165 shares of its common stock at a price of $2.26 per share pursuant to a securities purchase agreement entered into on October 24, 2022 and pre-funded warrants (the “Warrants”) to purchase 13,274,923 shares of common stock at a price of $2.26 per share (of which $2.2599 per share was prepaid by each purchaser) (the “Third PIPE Financing”). The Company received aggregate net proceeds of approximately $42.4 million after deducting placement agent commissions and offering expenses payable by the Company. In connection with the issuance and sale of the common stock, the Company agreed to file a registration statement with the SEC registering the resale of the shares of common stock issued in the Third PIPE Financing. The Warrants are exercisable upon issuance at an exercise price of $0.0001 per share.

The Warrants were classified as a component of permanent stockholders’ equity within additional paid-in-capital and were recorded at the issuance date using a relative fair value allocation method. The Warrants are equity classified because they are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of common shares upon exercise, are indexed to the Company’s common stock and meet the equity classification criteria. In addition, such Warrants do not provide any guarantee of value or return. The Company valued the Warrants at issuance, concluding their sales price approximated their fair value, and allocated net proceeds from the sale proportionately to the common stock and Warrants, of which $28.2 million, net of issuance costs, was allocated to the Warrants and recorded as a component of additional paid-in-capital.

Common Stock Warrants

As of March 31, 2023, the following warrants to purchase shares of the Company’s common stock were issued and outstanding:


Issue Date	Expiration Date	Exercise Price		Number of Warrants Outstanding
December 28, 2020	None	$	0.01		13,573,704
October 24, 2022	None	$	0.0001		13,274,923
					26,848,627

There were no warrants exercised during the three months ended March 31, 2023. During the three months ended March 31, 2022, there were 3,442,567 warrants exercised resulting in the Company issuing 3,442,567 shares of common stock.

- 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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-Section 50
-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
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-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
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-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
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-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
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-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
-Topic 505
-SubTopic 10
-Section 50
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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
-Topic 505
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-Section 50
-Paragraph 14
-Subparagraph (a)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

Award Incentive Plans

In August 2015, the Company’s board of directors approved the 2015 Equity Incentive Plan (“2015 Plan”). In connection with the Company’s IPO and the effectiveness of the 2018 Award Incentive Plan (“2018 Plan”), discussed below, the 2015 Plan terminated. The 92,815 shares of common stock that were then unissued and available for future issuance under the 2015 Plan became available under the 2018 Plan.

In September 2018, the Company’s board of directors approved the 2018 Plan. Under the 2018 Plan, a total of 2,690,000 shares of common stock were initially reserved for issuance under the 2018 Plan, plus the number of shares remaining available for future awards under the 2015 Plan, as of the effective date of the 2018 Plan. The number of shares of common stock reserved for issuance under the 2018 Plan will automatically increase on January 1 of each year, beginning on January 1, 2019 and continuing through and including January 1, 2028, by 4% of the total number of shares of the Company’s outstanding stock on December 31 of the preceding calendar year, or a lesser number of shares determined by the Company’s board of directors. The 2018 Plan provides, among others, for the grant of options, stock appreciation rights, restricted stock awards, restricted stock unit awards and performance bonus awards.

The maximum number of shares that may be issued upon the exercise of stock options under the 2018 Plan is 45,000,000.

The Company’s board of directors has the authority to determine to whom options will be granted, the number of shares, the term, and the exercise price. If an individual owns stock representing 10% or more of the outstanding shares, the price of each share shall be at least 110% of the fair market value, as determined by the board of directors. Options granted have a term of up to 10 years and generally vest over a 4-year period with a straight-line vesting.

Material Features of the 2021 Employment Inducement Incentive Award Plan

In April 2021, the Company’s board of directors adopted the 2021 Employment Inducement Incentive Award Plan (the “2021 Plan”), pursuant to Nasdaq Listing Rule 5635(c)(4). The principal purpose of the 2021 Plan is to enhance our ability to attract, retain and motivate employees who are expected to make important contributions to us by providing such individuals with equity ownership opportunities. Awards granted under the 2021 Plan are intended to constitute “employment inducement awards” under Nasdaq Listing Rule 5635(c)(4), and, as such, the 2021 Plan is intended to be exempt from the Nasdaq Listing Rules regarding shareholder approval of stock option and stock purchase plans. A total of 790,400 shares of our common stock ("Share Limit") were initially reserved for issuance under the 2021 Plan. The Share Limit may be increased by the Company's board of directors. The 2021 Plan provides for the grant of non-qualified stock options, restricted stock units, restricted stock awards, stock appreciation rights, and other stock-based and cash-based awards. The 2021 Plan does not provide for the grant of incentive stock options. Awards under the 2021 Plan may be granted to eligible employees who are either new employees or who are commencing employment with the Company or one of its subsidiaries following a bona fide period of non-employment with the Company, and for whom such awards are granted as a material inducement to commencing employment with the Company or one of its subsidiaries. Awards under the 2021 Plan may not be granted to the Company's consultants or non-employee directors.

The 2021 Plan is administered by our board of directors and the Company's compensation committee, acting pursuant to the delegation by our board of directors. In the event of a change in control in which the Company's successor refuses to assume or substitute any outstanding award under the 2021 Plan, the vesting of such award will accelerate in full. The Company's board of directors may terminate, amend, or modify the 2021 Plan at any time, provided that no termination or amendment may materially impair any rights under any outstanding award under the 2021 Plan without the consent of the holder.

On April 21, 2022, the Company’s board of directors increased the number of shares available under the 2021 Plan by 700,000 shares. On February 2, 2023, the Company’s board of directors increased the number of shares available under the 2021 Plan by 1,300,000 shares.

Stock Option Activity

A summary of the 2018 Plan and 2021 Plan activity is as follows:


				Options Outstanding
	Number of Shares Available for Issuance			Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2022		4,814,394			6,951,620		$	7.92		8.08	$	1,089
Authorized		4,775,796			—		$	—
Granted		(3,582,453	)		67,666		$	3.10
Cancelled		323,663			(84,672	)	$	4.72
Balance at March 31, 2023		6,331,400			6,934,614		$	5.44		7.84	$	451
Vested and exercisable at March 31, 2023					3,452,242		$	9.19		7.02	$	258
Vested and expected to vest at March 31, 2023					6,492,805		$	8.02		7.78	$	430

For the three months ended March 31, 2023, there were no stock options exercised. For the three months ended March 31, 2022, the total intrinsic value of stock option awards exercised was $0.3 million, determined at the date of option exercise, and the total cash received upon exercise of stock options was not significant for either period. The aggregate intrinsic value was calculated as the difference between the exercise prices of the underlying stock option awards and the estimated fair value of the common stock on the date of exercise.

As of March 31, 2023, $12.8 million of total unrecognized compensation cost related to non-vested employee and consultant options is expected to be recognized over a weighted-average period of 2.2 years. The total fair value of shares vested during the three months ended March 31, 2023 was $2.0 million.

Stock-based compensation expense and awards granted to non-employees were $0.2 million and immaterial, respectively, for the three months ended March 31, 2023 and 2022.

Restricted Stock Units

We have granted restricted stock unit awards under the 2018 Equity Plan. Our restricted stock unit awards have a term of up to 10 years and generally vest over a 6 month, 1 or 2-year period. The following table summarizes our restricted stock unit activity during the three months ended March 31, 2023:


	Number of Shares			Weighted- Average Grant Date Fair Value
Outstanding, unvested at December 31, 2022		561,526		$	5.38
Issued		3,514,787		$	3.29
Vested		(561,526	)	$	5.38
Canceled/Forfeited		(23,128	)	$	3.29
Outstanding, unvested at March 31, 2023		3,491,659		$	3.29

Stock-Based Compensation Expense

Total stock-based compensation for all awards granted to employees, consultants and the Company's 2018 Employee Stock Purchase Plan (“ESPP”), before taxes, is as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Research and development expenses	$	1,613	$	1,745
General and administrative expenses		1,278		1,386
Total	$	2,891	$	3,131

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	87,848,417	86,894,901
Common stock, shares outstanding	87,848,417	86,894,901

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Leases

The Company leases office, laboratory and storage space in facilities at several locations:

Emeryville Lease

The Company’s principal executive offices in Emeryville, California, consisting of office and laboratory space, are leased pursuant to a 120-month operating lease (the “Emeryville Lease”), which the Company entered into in January 2019, with the obligation to pay rent commencing in November 2019. In conjunction with signing the Emeryville Lease, the Company paid a cash security deposit of $0.6 million, which is recorded as a deposit on the Company’s condensed consolidated balance sheet as of March 31, 2023. The Emeryville Lease includes a free rent period, an escalation clause for increased rent and a renewal provision allowing the Company to extend this lease for an additional two five-year periods at the then market rental rate. The lessor provided the Company a tenant improvement allowance for a total of $4.0 million to complete the laboratory and office renovation. The Company has determined the tenant improvements to be lessee owned and therefore has recorded a $7.9 million ROU Asset and a $12.5 million lease liability on the condensed consolidated balance sheet as of March 31, 2023. The Company recorded a $8.1 million ROU Asset and a $12.8 million lease liability on the consolidated balance sheet as of December 31, 2022.

Pleasanton Leases

The Company leases 42,620 square feet of office, cleanroom, and laboratory support manufacturing space in Pleasanton, California pursuant to a non-cancelable operating lease (the “Pleasanton Lease”), which the Company entered into in March 2017, with the obligation to pay rent commencing in December 2017. The Pleasanton Lease includes a free rent period, escalating rent payments and a term that expires on November 30, 2024. The Company may extend the lease term for a period of five years at the then market rental rate. The Company obtained an irrevocable letter of credit in March 2017 in the initial amount of approximately $1.0 million as a security deposit to the Pleasanton Lease, which may be drawn down by the landlord in the event the Company fails to fully and faithfully perform its obligations under the Pleasanton lease. The letter of credit may be reduced based on certain levels of cash and cash equivalents the Company holds. In October 2022, the letter of credit was reduced to a balance of $0.6 million. As of March 31, 2023, none of the irrevocable letter of credit amount had been drawn. The Pleasanton Lease further provides that the Company is obligated to pay to the landlord its proportionate share of certain basic operating costs, including taxes and operating expenses.

In connection with the Pleasanton Lease, the Company received a tenant improvement allowance of $1.2 million from the landlord for the costs associated with the design, development and construction of tenant improvements. The unamortized tenant improvement balance is recognized as a component of operating lease ROU Assets on the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022.

In addition, in May 2019, the Company entered into a 64-month non-cancelable operating lease for additional office space in Pleasanton, California, with an obligation to pay rent commencing in August 2019. In January 2022, the Company amended the lease to add additional leased space and extend the lease expiration date to February 2027.

Cambridge Leases

The Company leases laboratory, office and storage space in several facilities in Cambridge, Massachusetts, pursuant to three separate agreements:

The Company’s facility located at 40 Erie Street in Cambridge, Massachusetts is leased pursuant to a 67-month non-cancelable operating lease (the “40 Erie Lease”), which the Company entered into in February 2016, with an obligation to pay rent commencing in October 2016. The lessor provided the Company a tenant improvement allowance for a total of $2.1 million to complete the laboratory and office renovation. In September 2021, the Company executed an amendment to the 40 Erie Lease, which extends its term through April 2025 and provides for monthly base rent amounts, subject to annual increases over the term of the lease.

The Company’s facility located at 21 Erie Street in Cambridge, Massachusetts is leased pursuant to a 24-month non-cancelable operating lease (the “21 Erie Lease”), which the Company entered into in September 2018. The 21 Erie Lease has since been amended five times, as a result of which the lease term extends through June 2023.

In March 2021, the Company entered into a 17-month operating lease (the “Cambridge Storage Lease”) for additional office and laboratory storage space in Cambridge, Massachusetts, which commenced on April 1, 2021. The Company also paid an insignificant cash security deposit. The Cambridge Storage Lease was amended in June 2022 to extend the lease term through June 30, 2023.

In conjunction with the 40 Erie Lease, the 21 Erie Lease and the Cambridge Storage Lease, each as amended (if applicable), the Company has paid certain cash security deposits, which in each case included amounts for the applicable last month’s rent and has been classified as part of the operating lease ROU Assets. As of March 31, 2023, of the $0.5 million security deposits, $0.2 million was recorded in prepaids and other assets and the remaining $0.3 million was recorded in deposits and other long-term assets on the Company's condensed consolidated balance sheet. As of December 31, 2022, of the $0.7 million security deposits, $0.4 million was recorded in prepaids and other assets and the remaining $0.3 million was recorded in deposits and other long-term assets on the Company's condensed consolidated balance sheet.

Boston Lease

The Company plans to occupy a newly built facility in Boston, Massachusetts, with office and laboratory space, in 2023 pursuant to a 120-month operating lease (the “Boston Lease”), which the Company entered into in September 2021. The Boston Lease includes a free rent period, an escalation clause for increased rent and a renewal provision allowing the Company to extend the Boston Lease for two additional five-year periods at the then market rental rate. The landlord provided the Company with a tenant improvement allowance of up to approximately $19.1 million for costs relating to the design, permitting and construction of improvements. The Company’s obligation to pay rent is expected to commence in the second half of 2023, subject to free rent periods of three and six months with respect to certain premises. The Company expects to be provided early access to the premises to install fixtures and equipment 60 days prior to the anticipated rent commencement date. The Boston Lease is expected to expire in 2033. The Boston Lease further provides that the Company is obligated to pay to the landlord its proportionate share of certain basic operating costs, including taxes and operating expenses. In connection with the Boston Lease and as a security deposit thereunder, the Company has provided the landlord an irrevocable letter of credit in the amount of approximately $4.6 million, which is collateralized by a restricted cash deposit of $4.7 million, and which may be reduced in the fifth and seventh years of the Boston Lease. As of March 31, 2023, none of the irrevocable letter of credit amount had been drawn.

As of March 31, 2023, the Company has not recognized a ROU Asset or lease liability for the Boston Lease as it did not control the underlying assets at any time in the three months ended March 31, 2023. Under the Boston Lease, the Company is obligated to make minimum lease payments of approximately $79.1 million for the years from 2023 to 2033, which includes rent abatement during the free rent periods.

The Company’s operating leases include various covenants, indemnities, defaults, termination rights, security deposits and other provisions customary for lease transactions of this nature.

The components of lease costs, which were included in our condensed consolidated statements of operations and comprehensive loss, were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Lease cost
Operating lease cost	$	2,164	$	2,253
Total lease cost	$	2,164	$	2,253

Supplemental information related to leases was as follows:


	Three Months Ended March 31,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities (in thousands):
Operating cash flows from operating leases	$	2,094		$	2,034
New right-of-use assets obtained in exchange for lease obligations (in thousands):
Operating leases	$	—		$	781
Weighted-average remaining lease term (years):
Operating leases		5.1			5.3
Weighted-average discount rate:
Operating leases		7.9	%		7.4	%

As of March 31, 2023, minimum annual rental payments under the Company’s lease agreements are as follows (in thousands):


	Lease Financing Obligation
Year ending December 31,
2023 (remaining nine months)	$	6,456
2024		12,527
2025		10,658
2026		10,376
2027		10,466
Thereafter		52,348
Total minimum payments		102,831
Less: Amounts representing interest expense		(4,515	)
Less: Amounts representing lease payments under the Boston Lease		(79,113	)
Present value of future minimum lease payments		19,203
Less: Current portion of lease liability		(4,628	)
Noncurrent portion of lease liability	$	14,575

Guarantees and Indemnifications

The Company, as permitted under Delaware law and in accordance with its certificate of incorporation and bylaws, and pursuant to indemnification agreements with certain of its officers and directors, indemnifies its officers and directors for certain events or occurrences, subject to certain limits, with respect to which the officer or director is or was serving at the Company’s request in such capacity. The term of the indemnification period lasts as long as an officer or director may be subject to any proceeding arising out of acts or omissions of such officer or director in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company currently holds director and officer liability insurance. This insurance limits the Company’s exposure and may enable it to recover a portion of any future amounts paid. The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations for any period presented.

Collaboration and License Agreements and Grant Revenue

3 Months Ended

Mar. 31, 2023

Collaborative And License Agreements [Abstract]

Collaboration and License Agreements

. Collaboration and License Agreements and Grant Revenue

2seventy bio, Inc.

In August 2018, the Company entered into a Research Collaboration and License Agreement with bluebird bio, Inc. (“bluebird”). In November 2021, bluebird assigned the Research Collaboration and License Agreement (the “2seventy Agreement”) to its affiliate, 2seventy bio, Inc. (“2seventy”), in connection with bluebirds restructuring and subsequent spin-out of 2seventy. Under the terms of the 2seventy Agreement, the Company provides to 2seventy tumor-specific targets across several tumor types and, in certain cases, T cell receptors (TCR) directed to those targets. The Company received a non-refundable upfront payment of $20.0 million, and 2seventy also concurrently acquired 768,115 shares of the Company’s Series C convertible preferred stock for $10.0 million at $13.04 per share. Per the 2seventy Agreement, 2seventy was also provided an option to acquire shares of the Company’s common stock at the same price as all other investors in connection with the Company’s initial public offering (“IPO”). In October 2018, 2seventy purchased 666,667 shares of the Company’s common stock at the price to the public of $15.00 per share for a total of $10.0 million. Under the terms of the 2seventy Agreement, the Company is eligible to earn development, regulatory, and sales-based milestones in an amount of up to $1.2 billion, and single-digit royalties on sales of products that utilize the technology subject to the 2seventy Agreement. None of these events had occurred as of March 31, 2023, and no royalties were due from the sale of licensed products.

In August 2019, the Company entered into a First Amendment to the 2seventy Agreement, which extended the timeline for the Company and 2seventy to execute a Patient Selection Services Agreement from within one year to within two years after the effective date of the 2seventy Agreement. In August 2020, the Company entered into a Second Amendment, which extended the timeline of the Patient Selection Services Agreement to within three years and also extended the Tissue Analysis Period from February 28, 2021 to June 30, 2021. In April 2021, the Company entered into a Third Amendment, which removed the Patient Selection Services Agreement in its entirety and extended the Tissue Analysis Period from June 30, 2021 to December 31, 2021. The amendments were entered into for administrative purposes, and the Company determined the amendments were not a modification of contract under the contract with customers guidance.

2seventy may terminate the 2seventy Agreement by giving a 120-day prior written notice to the Company at any time after the effective date of the agreement. Unless terminated early, the agreement has a term that ends upon the last payment owed by the Company on a licensed product. The 2seventy Agreement may be terminated for cause by either party based on uncured material breach by the other party or bankruptcy of the other party. Upon early termination, all ongoing activities under the agreement and all mutual collaboration, development and commercialization licenses and sublicenses will terminate. The licenses granted by the Company to 2seventy under the licensed intellectual property will remain in effect in accordance with their respective terms. Additionally, all of 2seventy’s payment obligations that have not yet accrued related to future milestone and royalty payments will be reduced by 50% for the remainder of the agreement term.

The Company concluded that 2seventy is a customer, and the contract is not subject to guidance on collaborative arrangements. This is because the Company granted to 2seventy a license to its intellectual property and provided research and development services, all of which are outputs of the Company’s ongoing activities, in exchange for consideration.

The Company identified the following three material promises under the 2seventy Agreement: (i) transfer of a license to intellectual property and related technology know-how (“License and Know-How”); (ii) the obligation to perform target selection and TCR generation services (“Research and Development Services”); and (iii) participation on the Joint Steering Committee (the “JSC”). The Company provided to 2seventy standard indemnification and protection of licensed intellectual property, which is part of assurance that the license meets the contract’s specifications and is not an obligation to provide goods or services.

The Company considered that the License and Know-How has standalone functionality, was considered to be functional intellectual property, and is capable of being distinct. However, the Company determined that the License and Know-How is not distinct from the Research and Development Services or participation on the JSC within the context of the 2seventy Agreement, because 2seventy is dependent on the Company to execute the Research and Development Services and participate on the JSC in order for 2seventy to benefit from the License and Know-How. As such, the License and Know-How is combined with the Research and Development Services and participation on the JSC into a single performance obligation, and the transaction price under this arrangement will be allocated to this single performance obligation.

The Company has also determined that all other goods or services that are contingent upon 2seventy reaching various milestones are not considered performance obligations at the inception of the arrangement.

The transaction price at the inception of the 2seventy Agreement consisted of the upfront payment of $20.0 million and the $10.0 million received from 2seventy for the purchase of the Company’s Series C convertible preferred stock. The sale of the Series C convertible preferred stock was not considered to be a performance obligation, as it was a separate financing component of the transaction. Accordingly, $10.0 million of the transaction price was allocated to the issuance of 768,115 shares of Series C convertible preferred stock at fair value of $13.04 per share and recorded in stockholders’ equity.

The variable consideration related to the remaining development, regulatory, and sales-based milestones payments has not been included in the initial transaction price and continues to be fully constrained as of March 31, 2023. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon initiation of clinical trials for early-stage targets and 2seventy’s development efforts. Any variable consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur, as they were determined to relate predominantly to the License and Know-How granted to 2seventy. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

For revenue recognition purposes, the Company determined that the duration of the 2seventy Agreement began on the effective date in August 2018 and ends upon completion of the Research and Development Services, which is also when participation on the JSC is no longer an obligation. The contract duration is defined as the period in which parties to the contract have present enforceable rights and obligations. The Company also analyzed the impact of 2seventy terminating the agreement prior to August 2023 and determined, considering both quantitative and qualitative factors, that there were substantive non-monetary penalties to 2seventy for doing so.

Revenue is recognized when, or as, the Company satisfies its performance obligation by transferring the promised services to 2seventy. Revenue is being recognized over time using a cost-based input method, based on internal labor cost effort to perform the research services, since the internal labor cost incurred over time is thought to best reflect the transfer of services to 2seventy. In applying a cost-based input method of revenue recognition, we use actual costs incurred relative to budgeted costs to fulfill the combined performance obligation. A cost-based input method of revenue recognition requires us to make estimates of costs to complete the performance obligation. The cumulative effect of any revisions to estimated costs to complete the performance obligation will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods.

During the three months ended March 31, 2023 and 2022, the Company recognized $0.4 million and $4.0 million, respectively, in collaboration revenue under the 2seventy Agreement. The amount of collaboration revenue recognized during the three months ended March 31, 2022 included a cumulative catch-up adjustment increasing contribution revenue by $3.5 million due to revisions to estimated costs to complete the remaining performance obligation. The adjustment resulted in a decrease in the Company’s loss from operations of $3.5 million and a decrease in loss per share of $0.04 for the three months ended March 31, 2022. Deferred revenue of $0.6 million and $1.0 million was recorded on the condensed consolidated balance sheets in current liabilities as of March 31, 2023 and December 31, 2022, respectively. Deferred revenue relates to the performance obligations identified under the 2seventy Agreement and will be recognized over the period the performance obligations are expected to be satisfied, which is currently estimated to be through September 2023.

Changes in the deferred revenue balance during the three months ended March 31, 2023 for the 2seventy Agreement are as follows (in thousands):


	Deferred Revenue
Balance at December 31, 2022	$	1,047
Additions		—
Deductions		(417	)
Balance at March 31, 2023	$	630

There were no receivables or net contract assets recorded as of March 31, 2023 and December 31, 2022 associated with the 2seventy Agreement.

Gilead Sciences, Inc.

In January 2021, the Company entered into a Collaboration, Option and License Agreement (the “Gilead Collaboration Agreement”) with Gilead Sciences, Inc. (“Gilead”) to research and develop a vaccine-based immunotherapy as part of Gilead’s efforts to find a curative treatment for HIV infection. Under the terms of the Gilead Collaboration Agreement, the Company granted to Gilead an exclusive, worldwide license to develop and commercialize a HIV-specific therapeutic vaccine utilizing the Company’s technology. Gilead is responsible for conducting all development and commercialization activities beginning with a Phase 1 study, and the Company is responsible for contributing to preclinical research studies and participation in a joint steering committee (collectively, “research and development activities”). Concurrently with execution of the Gilead Collaboration Agreement, the Company and Gilead entered into a Supply Agreement (the “Gilead Supply Agreement”) under which the Company will supply research product and GMP product (“Product Supply”) that may be required under the Gilead Collaboration Agreement until Gilead completes its first GMP product batch, and the Company will participate in a joint manufacturing team (collectively, “product supply activities”). In addition, the Company also concurrently entered into a Stock Purchase Agreement (the “Gilead Stock Purchase Agreement”) under which Gilead acquired, in a private placement transaction, 1,169,591 shares of the Company’s common stock. The common shares were issued

to Gilead with certain registration rights and certain standstill and market stand-off provisions. The Company determined that these concurrent contracts represent a combined arrangement (“the Gilead Arrangement”).

Under the Gilead Collaboration Agreement, the Company received a non-refundable upfront payment of $30.0 million. Under the Gilead Collaboration Agreement and the Gilead Supply Agreement, the Company will receive additional reimbursement payments for expenses incurred in the research and development activities and product supply activities. Under the Gilead Stock Purchase Agreement, the common shares were sold at a price of $25.65 per share for a total of $30.0 million. The Company’s common stock at fair value on closing was $18.10 per share. If Gilead decides to move forward with development beyond the initial Phase 1 study (the “Option”), the Company will receive a $40.0 million non-refundable option fee and will be eligible to receive up to an aggregate of $685.0 million if certain clinical, regulatory and commercial milestones are achieved, as well as tiered royalties ranging from the mid-single digits to low double-digits on net sales of a therapeutic product utilizing its technology. None of these events had occurred as of March 31, 2023 and no royalties were due from the sale of licensed products.

Gilead may terminate the Gilead Collaboration Agreement for convenience by giving a 90-day prior written notice to the Company at any time after the effective date of the agreement. Unless terminated early, the agreement has a term that ends upon the expiration of the royalty term, or, if the Option is not exercised, by the end of the Option term. The Gilead Collaboration Agreement may be terminated for cause by either party based on uncured material breach by the other party, insolvency of the other party, or patent challenge. Upon early termination, all ongoing activities under the agreement and all mutual collaboration, development and commercialization licenses and sublicenses will terminate. The licenses granted by the Company to Gilead under the licensed intellectual property will remain in effect in accordance with their respective terms. Additionally, if terminated early by Gilead for convenience or by the Company for material breach or insolvency, all of Gilead’s payment obligations for reimbursable costs or for future milestone and royalty payments remain. If terminated early by Gilead for material breach or insolvency, all of Gilead’s unaccrued payment obligations related to future milestone and royalty payments will be reduced by 50% for the remainder of the agreement term. Furthermore, Gilead may terminate the Gilead Supply Agreement without cause by giving six months prior written notice and any active orders with 60-day notice without terminating the agreement, and either party may terminate based on an uncured material breach, insolvency of the other party, or in the event that the Gilead Collaboration Agreement is terminated. Upon termination, the Company will deliver all supply products that have been produced and destroy, reimburse or deliver materials that Gilead has reimbursed, and Gilead must pay for any manufacturing costs that the Company has actually incurred or committed to pay, including any cancellation costs owed to subcontractors.

The Company concluded that Gilead is a customer and therefore revenue recognition should be accounted for in accordance with ASC 606, because the Company granted to Gilead licenses to its intellectual property and will provide research and development services and Supply of Product, as defined below, all of which are outputs of the Company’s ongoing activities, in exchange for consideration. The Option, if exercised by Gilead, will be considered a modification that increases the scope of the arrangement beyond the Option Term.

The Company identified the following performance obligations under the Gilead Collaboration Agreement: (i) licenses including an exclusive (in the HIV field), royalty-free, worldwide collaboration license and transfer of know-how and an exclusive (in the HIV field) worldwide, royalty-bearing development and commercial license subject to restrictions on its use during the Option Term and an exclusive option to release such restrictions; (ii) preclinical research and development activities, manufacturing-related activities, and participation on a Joint Steering Committee; and (iii) product supply, including research and GMP product, until Gilead completes its first GMP batch, and participation on a Joint Manufacturing Team.

The Company considered that the licenses and know-how have standalone functionality, are considered to be functional intellectual property and are capable of being distinct. The Company also determined that the research and development activities and product supply by Gritstone could be provided by resources otherwise available to Gilead and thus are capable of being distinct.

The Company has also determined that the pricing for optional goods and services and release of license restrictions upon exercise of the Option do not constitute material rights and are not a potential performance obligation. The Company evaluated whether there is an interdependence between the promises and determined that the licenses are a combined solution and the predominant performance obligation, while the other promises are separately identifiable in the context of the contract; however, the research and development activities are dependent on the research product supply, which is accounted for as a combined performance obligation. As a result, the Company

identified three performance obligations in the Gilead Arrangement: (i) exclusive licenses and know-how, (ii) research and development activities and product supply, and (iii) GMP product supply.

The transaction price at the inception of the Gilead Collaboration Agreement consisted of the upfront payment of $30.0 million and the $30.0 million received for the sale of the Company’s common stock. The sale of the common stock was not considered to be a performance obligation, as it was a separate financing component of the transaction. Accordingly, $21.2 million of the transaction price was allocated to the issuance of 1,169,591 shares of the Company’s common stock at fair value on closing of $18.10 per share and recorded in stockholders’ equity. The remaining $8.8 million of the common stock purchase price in excess of the fair value of the shares received is added to the transaction price for the Gilead Collaboration Agreement. In addition, the initial transaction price includes estimated variable consideration for budgeted reimbursement of research and development costs and product supply. The variable consideration related to reimbursable costs and product supply has been constrained as of March 31, 2023 based on the current research and development plan forecast. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

The Company determined that the variable consideration for the $40.0 million option exercise fee and for the development, regulatory, and sales-based milestones payments were probable of significant revenue reversal as their achievement was highly dependent on factors outside the Company’s control. As a result, these payments were fully constrained and were not included in the transaction price. Any variable consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur, as they were determined to relate predominantly to the exclusive licenses and know-how granted to Gilead.

The transaction price is allocated to the performance obligation based upon relative standalone selling prices, which were determined for the exclusive licenses and know-how using an adjusted market approach and for the research and development activities and product supply using a cost plus reasonable margin approach. Variable consideration is allocated to the specific performance obligations to which it relates.

For revenue recognition purposes, the Company determined that the duration of the contract began on the effective date in January 2021 and ends upon (i) the completion of the Option term, which is expected to end within four years after the effective date, if the Option is not exercised or (ii) the expiration of the royalty-term on a product-by-product and country-by-country basis. The Company also analyzed the impact of Gilead terminating the agreement prior to the end of the Option term and determined, considering both quantitative and qualitative factors, that there were substantive non-monetary penalties to Gilead for doing so.

Revenue for the exclusive licenses and know-how was recognized on the effective date of the Gilead Collaboration Agreement at the point in time that the licenses are effective. The research and development activities and product combined performance obligation and the GMP product supply performance obligation are recognized over time when, or as, the Company transfers the promised goods and services to Gilead. Research and development service and product supply revenues will be recognized over time using a cost-based input method, based on internal and external labor cost effort to perform the services, costs to acquire research materials, and costs of product supply, since the costs incurred over time are thought to best reflect the transfer of goods and services to Gilead. In applying a cost-based input method of revenue recognition, we use actual costs incurred relative to estimated total costs to fulfill each performance obligation. A cost-based input method of revenue recognition requires us to make estimates of costs to complete the performance obligation. The cumulative effect of any revisions to estimated costs to complete the performance obligation and associated variable consideration will be recorded in the period in which changes are identified and amounts can be reasonably estimated. A significant change in these assumptions and estimates could have a material impact on the timing and amount of revenue recognized in future periods.

For the three months ended March 31, 2023, the Company did not record any license revenue and recorded $0.1 million as collaboration revenue as a result of satisfying its performance obligations by transferring the promised goods and services estimated by the costs incurred for the Gilead Collaboration Agreement. For the three months ended March 31, 2022, the Company did not record any license revenue and recorded $0.7 million as collaboration revenue as a result of satisfying its performance obligations by transferring the promised goods and services estimated by the costs incurred for the Gilead Collaboration Agreement. There was no contract asset recorded on the condensed consolidated balance sheets as of March 31, 2023 or December 31, 2022. There was $0.1 million recorded as deferred revenue as of March 31, 2023 and December 31, 2022 associated with the Gilead Collaboration Agreement.

Changes in the deferred revenue balance during the three months ended March 31, 2023 for the Gilead Collaboration Agreement are as follows (in thousands):


	Deferred Revenue
Balance at December 31, 2022	$	107
Additions		—
Deductions		(13	)
Balance at March 31, 2023	$	94

There was $0.1 million of receivables recorded on the condensed consolidated balance sheet as a current asset in the prepaid expenses and other current assets balance as of March 31, 2023 and December 31, 2022, associated with the Gilead Collaboration Agreement.

The Company deferred $0.1 million in incremental costs to acquire the Gilead Collaboration Agreement in the first quarter of 2021 allocated to performance obligations recognized over time, which will be recognized over time in each period proportionate to revenue recognition. There were no deferred contract acquisition costs amortized during the three months ended March 31, 2023 as they were fully amortized during the year ended December 31, 2022. Deferred contract acquisition costs amortized during the three months ended March 31, 2022 were negligible.

Arbutus Biopharma Corporation

In October 2017, the Company entered into an Exclusive License Agreement with Arbutus and its wholly-owned subsidiary, Protiva Biotherapeutics Inc. Certain terms of the agreement were modified by amendment in July 2018. Under the license agreement, the Company has an exclusive license to utilize certain Arbutus intellectual property, including patents and know-how relating to immunotherapy. During the three months ended March 31, 2023 and 2022, the Company had no research and development expense under the agreement. The Company is obligated to pay Arbutus certain milestone payments up to $123.5 million on achievement of specified events, and royalties on sales of its licensed products. Following the acceptance of our investigational new drug application for GRANITE by the FDA, the Company made a $2.5 million development milestone payment to Arbutus in September 2018 that was recorded as research and development expense. In August 2019, a milestone was met following the initial patient treatment of SLATE in the Company’s GO-005 clinical trial. In 2019, the Company recorded $3.0 million as research and development expense in connection with the milestone. None of the other events had occurred as of March 31, 2023, and no royalties were due from the sale of licensed products.

Non-Profit Hospital Cancer Center

In January 2016, the Company entered into an Exclusive License Agreement with a non-profit hospital cancer center. Under the license agreement, the Company has an exclusive license to utilize certain patents and know-how relating to immunotherapy for an insignificant upfront payment, cash milestone payments on achievement of specified events, and low single digit royalties on sales of licensed products. The achievement of the milestones and payment of royalties is dependent upon obtaining regulatory approval. Upon achievement of a milestone related to the Company’s Phase 1 clinical trial for GRANITE, GO-004, in December 2018 the Company recorded an insignificant amount to research and development expense for amounts owed to the Hospital Cancer Center, which was paid to the hospital in February 2019. None of the other milestone events had occurred as of March 31, 2023 and no royalties were due from the sales of licensed products.

Genevant Sciences GmbH

In October 2020, the Company entered into an Option and License and Development Agreement (the “2020 Genevant License Agreement”) with Genevant Sciences GmbH (“Genevant”), pursuant to which Genevant granted the Company exclusive license rights under certain intellectual property related to Genevant’s LNP technology for a single therapeutic indication, and the Company agreed to pay Genevant an initial payment of $2.0 million, up to an aggregate of $71.0 million in specified development, regulatory, and commercial milestones, and low to mid-single digit royalties on net sales of licensed products. The upfront payment of $2.0 million was included in research and development expense for the year ended December 31, 2020. Genevant is a spin-off of Arbutus, and the 2020 Genevant License Agreement expands Gritstone’s intellectual property rights to such LNP technology originally obtained pursuant to the Company’s license agreement with Arbutus. Prior to the 2020 Genevant License Agreement, the Company licensed Arbutus’ LNP technology for indications in the oncology space. The remainder of Arbutus’ IP

portfolio was transferred to Genevant in the spin-off. In March 2022, a milestone in the amount of $1.0 million was met, which was included in research and development expense for the year ended December 31, 2022.

Pursuant to the 2020 Genevant License Agreement, Genevant also granted the Company certain options to license the LNP technology for additional therapeutic indications of up to $1.5 million for each indication and $1.0 million to extend the option term. The 2020 Genevant License Agreement continues in effect until the last to expire royalty term or early termination. It is terminable by the Company for convenience with 90 days prior written notice or immediately if based on certain product safety or efficacy or regulatory criteria. Either party may terminate the agreement for material breach, subject to a cure period, and Genevant may terminate the agreement if the Company challenges a licensed patent.

In January 2021, the Company entered into a Non-Exclusive License and Development Agreement (the “2021 Genevant License Agreement”) with Genevant. Pursuant to the 2021 Genevant License Agreement, the Company obtained a nonexclusive license to Genevant’s LNP technology to develop and commercialize self-amplifying RNA (“samRNA”) vaccines against SARS-CoV-2, the virus that causes COVID-19. Under the 2021 Genevant License Agreement, the Company made a $1.5 million upfront payment to Genevant, and Genevant is eligible to receive from the Company up to an aggregate of $141.0 million in contingent milestone payments per product, plus certain tiered royalties, upon achievement of development and commercial milestones. In certain scenarios, in lieu of milestones and royalties, Genevant will be entitled to a percentage of amounts that the Company receives from sublicenses under the 2021 Genevant License Agreement, subject to certain conditions. In March 2021, a milestone in the amount of $1.0 million was met following the initial patient treatment in the Phase 1 clinical trial conducted through the NIAID-supported Infectious Diseases Clinical Research Consortium (“IDCRC”). Both the $1.5 million upfront and $1.0 million milestone payments were recorded as research and development expense for the year ended December 31, 2021. None of the other milestone events had occurred as of March 31, 2023.

Coalition for Epidemic Preparedness Innovations

On August 14, 2021, the Company entered into the CEPI Funding Agreement with CEPI, under which CEPI agreed to provide funding of up to $20.6 million to the Company to advance the Company’s program, which is developing a second-generation COVID-19 vaccine, with an initial clinical trial in South Africa. Under the terms of the agreement, CEPI will fund a multi-arm Phase 1 study evaluating the CORAL program’s samRNA vaccine in naïve, convalescent, and HIV+ patients. The study will evaluate three different samRNA vaccine constructs that each target both the spike protein and other SARS-CoV-2 targets and are designed to drive both robust B and T cell immune responses. The funding will also support pre-clinical studies, scale-up and formulation development to enable manufacturing of large quantities of stable vaccine product.

Under the terms of the CEPI Funding Agreement, among other things, the Company and CEPI agreed on the importance of global equitable access to the vaccine produced pursuant to the CEPI Funding Agreement. The vaccine, if approved, is expected to be made available to the COVAX Facility for procurement and allocation. The COVAX Facility aims to deliver equitable access to COVID-19 vaccines for all countries, at all levels of development, that wish to participate.

The scope and continuation of the CEPI Funding Agreement may be amended depending on ongoing developments of the COVID-19 outbreak and the success of the Company’s COVID-19 vaccine candidate developed under the CEPI Funding Agreement relative to other third-party COVID-19 vaccine candidates or treatments. If the World Health Organization (WHO), CEPI or a regulatory authority having jurisdiction over a clinical trial performed under the CEPI Funding Agreement determines that a third-party product candidate has substantially greater potential than the Company’s COVID-19 vaccine candidate developed under the CEPI Funding Agreement and should be prioritized instead for a particular trial, the Company must consider in good faith any written request of CEPI not to proceed with a clinical trial of such COVID-19 vaccine candidate (the determination of whether to proceed or not with such trial shall be made by the Company in its sole discretion). In addition, CEPI has the right to unilaterally terminate the CEPI Funding Agreement upon prior written notice if CEPI determines that (i) there are material safety, regulatory, scientific misconduct or ethical issues with the project undertaken by the Company under the CEPI Funding Agreement, (ii) the project undertaken by the Company under the CEPI Funding Agreement should be terminated, (iii) the Company becomes unable to discharge its obligations under the CEPI Funding Agreement, (iv) the Company fails to meet certain criteria set forth in the CEPI Funding Agreement, or (v) the Company commits fraud or a financial irregularity, as such terms are defined in the CEPI Funding Agreement.

In December 2021, the Company and CEPI entered into an amendment to the CEPI Funding Agreement, under which CEPI agreed to provide additional funding of up to $5.0 million, for a total of up to $25.6 million, to the Company to conduct a Phase I clinical trial of the Company's Omicron vaccine candidate in South Africa.

CEPI advances grant funds upon request by the Company consistent with the agreed upon amounts and schedules as provided in the CEPI Funding Agreement. The first tranche of funding of $11.3 million was received in September 2021, and the second tranche of funding of $2.7 million was received in April 2022.

Payments received in advance that are related to future performance are deferred and recognized as grant revenue when the research and development activities are performed. Cash payments received under the CEPI Funding Agreement are restricted as to their use until expenditures contemplated in the funding agreement are incurred. During the three months ended March 31, 2023 and 2022, the Company recognized grant revenue of $1.5 million and $2.2 million, respectively, under the CEPI Funding Agreement. As of March 31, 2023 and December 31, 2022, short-term deferred revenue of $1.5 million and $3.0 million, respectively, was recorded on the condensed consolidated balance sheets. Deferred revenue will be recognized over the period in which the funding agreement activities related to the tranches of funding are expected to take place, which is currently estimated to be through the end of the year 2023. As of March 31, 2023 and December 31, 2022, $1.5 million and $3.0 million, respectively, was recorded as short-term restricted cash on the condensed consolidated balance sheet.

Changes in the deferred revenue balance during the three months ended March 31, 2023 for the CEPI Funding Agreement are as follows (in thousands):


	Deferred Revenue
Balance at December 31, 2022	$	2,952
Additions		—
Deductions		(1,455	)
Balance at March 31, 2023	$	1,497

Gates Foundation

In November 2021, the Company entered into a Grant Agreement with the Gates Foundation ("Gates Grant Agreement"), under which the Company will develop an optimal immunogen in the context of a therapeutic human papillomavirus ("HPV") vaccine. In consideration for the work to be performed, the Gates Foundation provided the Company with an upfront payment of $2.2 million in December 2021, and future funding of $1.0 million is expected to be received by the Company in 2023, for a total grant amount of up to $3.2 million.

Payments received in advance that are related to future performance are deferred and recognized as grant revenue when the research and development activities are performed. Cash payments received under the Gates Grant Agreement are restricted as to their use until expenditures contemplated in the funding agreement are incurred. The Company did not recognize any grant revenue under the Gates Grant Agreement in 2021. During the three months ended March 31, 2023 and 2022, the Company recognized $0.4 million and $0.2 million, respectively, in revenue under the Gates Grant Agreement. As of March 31, 2023 and December 31, 2022, short-term deferred revenue of $0.6 million and $1.0 million, respectively, was recorded on the condensed consolidated balance sheets. Deferred revenue will be recognized over the period in which the funding agreement activities related to the tranches of funding are expected to take place, which is currently estimated to be through the year ended 2023.

Changes in the deferred revenue balance during the three months ended March 31, 2023 for the Gates Grant Agreement are as follows (in thousands):


	Deferred Revenue
Balance at December 31, 2022	$	1,025
Additions		—
Deductions		(445	)
Balance at March 31, 2023	$	580

Debt (Additional Information) (Details) - USD ($)		1 Months Ended	3 Months Ended
Debt (Additional Information) (Details) - USD ($)	Apr. 01, 2024	Jul. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 15, 2023
Short-Term Debt [Line Items]
Unamortized debt discount and issuance costs			$ (2,149,000)
Forecast [Member]
Short-Term Debt [Line Items]
Long-Term Line of Credit					$ 10,000,000
Tranche One Additional [Member]
Short-Term Debt [Line Items]
Long-Term Line of Credit		$ 10,000,000.0
Loan Agreement [Member]
Short-Term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		80,000,000.0
Debt Instrument, Description of Variable Rate Basis				Borrowings under the Loan Agreement bear interest (i) at an annual cash rate equal to the greater of (x) the lesser of (1) the prime rate (as customarily defined) and (2) 5.50%, in either case, plus 3.15%, and (y) 7.15% and (ii) at an annual payment-in-kind rate which may equal 2.00%
Debt Instrument, Fee Amount		$ 150,000
Facility Charge Percentage of Borrowing		0.50%
Final Payment Fee Percentage		5.75%
Unamortized debt discount and issuance costs			2,100,000
Interest Expense, Debt			$ 800,000
Debt Instrument, Interest Rate, Effective Percentage			13.00%
Loan Agreement [Member] \| Loan Origination Commitments [Member]
Short-Term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		5.50%
Debt Instrument, Basis Spread on Variable Rate		7.15%
Loan Agreement [Member] \| Loan Origination Commitments [Member] \| Prime Rate Plus [Member]
Short-Term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate		3.15%
Loan Agreement [Member] \| Loan Origination Commitments [Member] \| Payment-in-kind rate [Member]
Short-Term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.00%
Loan Agreement [Member] \| Forecast [Member] \| Loan Origination Commitments [Member]
Short-Term Debt [Line Items]
Minimum Liquidity Requirement Capital Description	the Company is subject to a minimum liquidity requirement equal to the then outstanding balance under the Loan Agreement multiplied by 0.55 or 0.45, which multiplier depends on whether the Company achieves certain performance milestones
Loan Agreement [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Prepayment Premium Rate		0.00%
Loan Agreement [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Prepayment Premium Rate		2.50%
Loan Agreement [Member] \| Maximum [Member] \| Forecast [Member]
Short-Term Debt [Line Items]
Capitalization, Long-Term Debt and Equity	$ 400,000,000.0
Loan Agreement [Member] \| Tranche One [Member]
Short-Term Debt [Line Items]
Long-Term Line of Credit		$ 20,000,000.0
Loan Agreement [Member] \| Remaining Tranche [Member]
Short-Term Debt [Line Items]
Long-Term Line of Credit		$ 50,000,000.0	$ 10,000,000

Stockholders' Equity - Schedule of Issued and Outstanding Warrants to Purchase Shares of the Company's Common Stock (Detail)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of warrants outstanding	26,848,627
Common Stock Warrants One [Member]
Number of warrants outstanding	13,573,704
Warrant exercise price \| $ / shares	$ 0.01
Expiration Date	None
Issue Date	Dec. 28, 2020
Common Stock Warrants Two [Member]
Number of warrants outstanding	13,274,923
Warrant exercise price \| $ / shares	$ 0.0001
Expiration Date	None
Issue Date	Oct. 24, 2022

Property and Equipment, Net - Summary of Property and Equipment and Related Accumulated Depreciation and Amortization (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 49,594	$ 48,773
Less accumulated depreciation and amortization	(30,581)	(28,782)
Total property and equipment, net	20,365	21,335
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,403	1,155
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,285	2,285
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	27,369	27,309
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	18,537	18,024
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, net	$ 1,352	$ 1,344

Net Loss Per Common Share - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income (loss)	$ (33,982)	$ (28,916)
Denominator:
Weighted-average common shares outstanding, basic	114,423,000	86,277,599
Weighted-average common shares outstanding, diluted	114,423,000	86,277,599
Net loss per share, basic	$ (0.30)	$ (0.34)
Net loss per share, diluted	$ (0.30)	$ (0.34)

- Definition

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

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

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Organization

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

Description of Business

Gritstone bio, Inc. (“Gritstone” or “the Company”) is a clinical stage biotechnology company developing targeted immunotherapies for cancer and infectious disease. The Company was incorporated in the state of Delaware in August 2015, and is based in Emeryville, California and Cambridge, Massachusetts, with a manufacturing facility in Pleasanton, California. The Company operates in one segment.

Liquidity

The Company has incurred operating losses and has an accumulated deficit as a result of ongoing efforts to develop drug product candidates, including conducting preclinical and clinical trials and providing general and administrative support for these operations. The Company had net losses of $34.0 million and $28.9 million for the three months ended March 31, 2023 and 2022, respectively. Cash used by operating activities was $40.1 million and $33.5 million during the three months ended March 31, 2023 and 2022, respectively. The Company had an accumulated deficit of $555.1 million and $521.1 million as of March 31, 2023 and December 31, 2022, respectively. To date, none of the Company’s product candidates have been approved for sale and therefore the Company has not generated any revenue from sales of commercial products. Management expects operating losses to continue for the foreseeable future. The Company has funded its operations to date primarily through private placements of its convertible preferred stock, the sale of common stock in public offerings and under its “at the market” offering programs, the private placement of common stock and pre-funded warrants, and through proceeds received from its collaboration arrangements. As of March 31, 2023, the Company had cash, cash equivalents and marketable securities of $145.8 million, which the Company believes will be sufficient to fund its planned operations for a period of at least twelve months following the filing date of this report.

Commitments and Contingencies - Schedule of Supplemental Information Related to Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities (in thousands):
Operating cash flows from operating leases	$ 2,094	$ 2,034
New right-of-use assets obtained in exchange for lease obligations (in thousands):
Operating leases	$ 0	$ 781
Weighted-average remaining lease term (years):
Operating leases	5 months 3 days	5 months 9 days
Weighted-average discount rate:
Operating leases	7.90%	7.40%

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

8. Debt

In July 2022, the Company entered into a loan and security agreement (the “Loan Agreement”) with Hercules Capital, Inc. (“Hercules”) and Silicon Valley Bank (“SVB”), which provides the Company a 60-month term loan facility for up to $80.0 million in borrowing capacity across five potential tranches. At the closing of the Loan Agreement, the Company drew $20.0 million from the first tranche and in March 2023, the Company drew an additional $10.0 million. The remaining tranches provide up to $50.0 million borrowing capacity and become available upon the Company meeting certain milestones set forth in the Loan Agreement. In the fourth quarter of 2022, one milestone had been achieved, which provides the Company the ability to draw up to $10 million through December 15, 2023. As of March 31, 2023, the additional $10 million remains available to be drawn by the Company. The term loan is secured by substantially all of the Company’s assets, other than intellectual property. There are no warrants associated with the Loan Agreement.

Borrowings under the Loan Agreement bear interest (i) at an annual cash rate equal to the greater of (x) the lesser of (1) the prime rate (as customarily defined) and (2) 5.50%, in either case, plus 3.15%, and (y) 7.15% and (ii) at an annual payment-in-kind rate which may equal 2.00%. The Company is required to make monthly interest-only payments prior to the amortization date of January 1, 2025, subject to a potential six-month and one-year extension upon satisfaction of certain conditions. The interest-only payment date has been extended an additional six months based on the Company's achievement of one of the milestones as set forth in the Loan Agreement. In addition, the Company paid a $150,000 facility charge upon closing, and the Company must pay a facility charge equal to 0.50% of the principal amount of any borrowings made pursuant to the amounts under the last four tranches.

All unpaid principal and accrued and unpaid interest with respect to each term loan is due and payable in full on July 19, 2027. At the Company’s option, the Company may prepay all or any portion of the outstanding borrowings, plus accrued and unpaid interest thereon and fees and expenses, subject to a prepayment premium ranging from zero to 2.5%, during the first three years after closing, depending on the year of such prepayment. Upon repayment of the term loan, the Company is required to make a final payment fee to the lenders equal to 5.75% of the aggregate original principal amount of the loan. Debt issuance costs have been treated as debt discounts on the Company’s consolidated

balance sheet and together with the final payment are being amortized to interest expense throughout the life of the term loan using the effective interest rate method.

In March 2023, Gritstone, Hercules and SVB amended the Loan Agreement to change the minimum liquidity requirements. Under the amended Loan Agreement, beginning on the earliest occurrence of certain milestones or April 1, 2024, and at all times thereafter, so long as the Company’s market capitalization is no greater than $400.0 million, the Company is subject to a minimum liquidity requirement equal to the then outstanding balance under the Loan Agreement multiplied by 0.55 or 0.45, which multiplier depends on whether the Company achieves certain performance milestones.

The Company’s obligations under the Loan Agreement, as amended, are subject to acceleration upon the occurrence of customary events of default, including payment default, insolvency and the occurrence of certain events having a material adverse effect on the Company, including (but not limited to) material adverse effects upon the business, operations, properties, assets or financial condition of the Company and its subsidiaries, taken as a whole. As of March 31, 2023, the Company is in compliance with all covenants in the Loan Agreement, as amended.

As of March 31, 2023, there were debt discounts, unamortized issuance costs and unaccreted value of the final fee of $2.1 million which were recorded as a direct deduction from the term loan on the condensed consolidated balance sheet. Interest expense related to the Loan Agreement was $0.8 million for the three months ended March 31, 2023. The effective interest rate on the term loan, including the amortization of the debt discount and issuance costs, and accretion of the final payment, was 13%. The components of the long-term debt balance are as follows:


	March 31,
	2023
Principal loan balance	$	30,000
Final fee		1,725
Unamortized debt discount, issuance costs, and unaccreted value of final fee		(2,149	)
Long term debt, net	$	29,576

As of March 31, 2023, the estimated future principal payments due (excluding the final payment fee) were as follows:


2023 (remaining nine months)	$	—
2024		—
2025		6,616
2026		14,108
2027		9,276
Total principal payments	$	30,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Stock Based Compensation - Additional Information (Detail) - USD ($)			3 Months Ended
	Feb. 02, 2023	Apr. 21, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Apr. 30, 2021	Sep. 30, 2018	Aug. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance			6,331,400		4,814,394
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Period Increase (Decrease), Total	1,300,000	700,000
Stock options exercised			$ 0	$ 300,000
Unrecognized compensation cost related to non-vested employee and consultant options			$ 12,800,000
Recognition period of unrecognized compensation cost related to non-vested employee and consultant			2 years 2 months 12 days
Fair value of shares vested			$ 2,000,000.0
Awards granted to non-employees			$ 200,000	$ 200,000
Restricted Stock Unit Awards under 2018 Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option vesting period			1 year
Share based compensation by shared based payment award, description			We have granted restricted stock unit awards under the 2018 Equity Plan. Our restricted stock unit awards have a term of up to 10 years and generally vest over a 6 month, 1 or 2-year period.
Restricted Stock Unit Awards under 2018 Equity Plan \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option vesting period			2 years
Option granted expiration period			10 years
Restricted Stock Unit Awards under 2018 Equity Plan \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option vesting period			6 months
2018 Award Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance								92,815
Number of shares available for issuance							2,690,000
Increase in shares available for issuance			4.00%
Maximum number of shares authorized			45,000,000
Minimum percentage of outstanding shares held by individual			10.00%
Minimum percentage fair market value of share price			110.00%
Option vesting period			4 years
Share based compensation by shared based payment award, description			If an individual owns stock representing 10% or more of the outstanding shares, the price of each share shall be at least 110% of the fair market value, as determined by the board of directors. Options granted have a term of up to 10 years and generally vest over a 4-year period with a straight-line vesting.
2018 Award Incentive Plan [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option granted expiration period			10 years
2021 Employment Inducement Incentive Award Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance						790,400

Collaboration and License Agreements and Grant Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Collaboration Agreement [Member] | 2 Seventy [Member]

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Schedule of Changes in Contract Asset and Deferred Revenue Balance

Changes in the deferred revenue balance during the three months ended March 31, 2023 for the 2seventy Agreement are as follows (in thousands):


	Deferred Revenue
Balance at December 31, 2022	$	1,047
Additions		—
Deductions		(417	)
Balance at March 31, 2023	$	630

Collaboration, Option and License Agreement [Member] | Gilead Sciences Inc [Member]

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Schedule of Changes in Contract Asset and Deferred Revenue Balance

Changes in the deferred revenue balance during the three months ended March 31, 2023 for the Gilead Collaboration Agreement are as follows (in thousands):


	Deferred Revenue
Balance at December 31, 2022	$	107
Additions		—
Deductions		(13	)
Balance at March 31, 2023	$	94

Grant Agreement [Member] | Gates Foundation [Member]

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Schedule of Changes in Contract Asset and Deferred Revenue Balance

Changes in the deferred revenue balance during the three months ended March 31, 2023 for the Gates Grant Agreement are as follows (in thousands):


	Deferred Revenue
Balance at December 31, 2022	$	1,025
Additions		—
Deductions		(445	)
Balance at March 31, 2023	$	580

Funding Agreement [Member] | CEPI [Member]

Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]

Schedule of Changes in Contract Asset and Deferred Revenue Balance

Changes in the deferred revenue balance during the three months ended March 31, 2023 for the CEPI Funding Agreement are as follows (in thousands):


	Deferred Revenue
Balance at December 31, 2022	$	2,952
Additions		—
Deductions		(1,455	)
Balance at March 31, 2023	$	1,497

Collaboration and License Agreements - Schedule of Changes in Contract Asset and Deferred Revenue Balance (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Research Collaboration and License Agreement [Member] \| 2 Seventy [Member]
Deferred Revenue
Balance at December 31, 2022	$ 1,047
Additions	0
Deductions	(417)
Balance at March 31, 2023	630
Collaboration, Option and License Agreement [Member] \| Gilead Sciences Inc [Member]
Deferred Revenue
Balance at December 31, 2022	107
Additions	0
Deductions	(13)
Balance at March 31, 2023	94
C E P I Funding Agreement [Member] \| Coalition for Epidemic Preparedness Innovations [Member]
Deferred Revenue
Balance at December 31, 2022	2,952
Additions	0
Deductions	(1,455)
Balance at March 31, 2023	1,497
Grant Agreement [Member] \| Gates Foundation [Member]
Deferred Revenue
Balance at December 31, 2022	1,025
Additions	0
Deductions	(445)
Balance at March 31, 2023	$ 580

Commitments and Contingencies - Schedule of Components of Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease cost
Operating lease cost	$ 2,164	$ 2,253
Total lease cost	$ 2,164	$ 2,253

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Total revenues	$ 2,443	$ 7,191
Operating expenses:
Research and development	30,514	28,199
General and administrative	6,745	7,955
Total operating expenses	37,259	36,154
Income (Loss) from operations	(34,816)	(28,963)
Interest income, net	1,678	71
Interest Expense	(844)	(24)
Net loss	33,982	28,916
Other comprehensive loss:
Unrealized gain (loss) on marketable securities	28	(318)
Net and comprehensive income (loss)	$ (33,954)	$ (29,234)
Net loss per share, basic	$ (0.30)	$ (0.34)
Net loss per share, diluted	$ (0.30)	$ (0.34)
Weighted-average number of shares used in computing net loss per share, basic	114,423,000	86,277,599
Weighted-average number of shares used in computing net loss per share, basic, diluted	114,423,000	86,277,599
Collaboration and license revenues [Member]
Total revenues	$ 542	$ 4,745
Grant Revenues [Member]
Total revenues	$ 1,901	$ 2,446

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Shares
Outstanding, unvested beginning balance \| shares	561,526
Issued \| shares	3,514,787
Vested \| shares	(561,526)
Canceled/Forfeited \| shares	(23,128)
Outstanding, unvested ending balance \| shares	3,491,659
Weighted Average Grant Date Fair Value
Outstanding, unvested beginning balance \| $ / shares	$ 5.38
Issued \| $ / shares	3.29
Vested \| $ / shares	5.38
Canceled/Forfeited \| $ / shares	3.29
Outstanding, unvested ending balance \| $ / shares	$ 3.29

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Costs

The components of lease costs, which were included in our condensed consolidated statements of operations and comprehensive loss, were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Lease cost
Operating lease cost	$	2,164	$	2,253
Total lease cost	$	2,164	$	2,253

Schedule of Supplemental Information Related to Leases

Supplemental information related to leases was as follows:


	Three Months Ended March 31,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities (in thousands):
Operating cash flows from operating leases	$	2,094		$	2,034
New right-of-use assets obtained in exchange for lease obligations (in thousands):
Operating leases	$	—		$	781
Weighted-average remaining lease term (years):
Operating leases		5.1			5.3
Weighted-average discount rate:
Operating leases		7.9	%		7.4	%

Schedule of Minimum Annual Rental Payments Under Operating Lease Agreements

As of March 31, 2023, minimum annual rental payments under the Company’s lease agreements are as follows (in thousands):


	Lease Financing Obligation
Year ending December 31,
2023 (remaining nine months)	$	6,456
2024		12,527
2025		10,658
2026		10,376
2027		10,466
Thereafter		52,348
Total minimum payments		102,831
Less: Amounts representing interest expense		(4,515	)
Less: Amounts representing lease payments under the Boston Lease		(79,113	)
Present value of future minimum lease payments		19,203
Less: Current portion of lease liability		(4,628	)
Noncurrent portion of lease liability	$	14,575

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended				3 Months Ended		12 Months Ended
	Oct. 31, 2022	Mar. 31, 2022	Sep. 30, 2021	Dec. 31, 2020	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Subsidiary Sale Of Stock [Line Items]
Common stock, shares authorized					300,000,000		300,000,000
Common stock, par value					$ 0.0001		$ 0.0001
Preferred stock, shares authorized					10,000,000		10,000,000
Preferred stock, par value					$ 0.0001		$ 0.0001
Preferred stock, shares issued					0		0
Preferred stock, shares outstanding					0		0
Common stock, shares issued					87,848,417		86,894,901
Common stock, shares outstanding					87,848,417		86,894,901
Common stock voting rights					Holders of the Company’s common stock are entitled to one vote per share.
Common stock, preferred stock, debt securities, warrants and units covered in Registration Statement		$ 250,000,000.0				$ 250,000,000.0
Warrants exercised					0	3,442,567
Common Stock and Warrants [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued		3,442,567				3,442,567
Common Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Issuance of common stock for warrant exercises, Share						3,442,567
Amended and Restated Certificate of Incorporation [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares authorized					300,000,000
Common stock, par value					$ 0.0001
Preferred stock, shares authorized					10,000,000
Preferred stock, par value					$ 0.0001
ATM Equity Offering Program [Member] \| Common Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Stock Issued During Period, Shares, New Issues					607,853
2022 At The Market Equity Offering Program [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued					7,642,801		7,034,948
Net proceeds from issuance of stock							$ 19,600,000
Net proceeds from issuance of stock					$ 21,500,000
Percentage of gross proceeds as underwriter compensation		3.00%
Maximum offering expense agreed to be reimbursed		$ 50,000
2022 At The Market Equity Offering Program [Member] \| Maximum [Member]
Subsidiary Sale Of Stock [Line Items]
Net proceeds from issuance of stock		$ 100,000,000.0
Private Investment In Public Equity [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock, shares issued	6,637,165
Net proceeds from issuance of stock	$ 42,400,000
Shares issued price per share	$ 2.26
Issuance of pre-funded warrants, net of issuance costs				$ 87,700,000	$ 28,200,000
Private Investment In Public Equity [Member] \| Common Stock and Warrants [Member]
Subsidiary Sale Of Stock [Line Items]
Shares issued price per share				$ 3.34
Proceed from issuance of stock and pre-funded warrants				$ 119,800,000
Sale Of Stock, Price Per Share Prepaid By Purchaser	2.2599			$ 3.33
Warrant exercise price	0.0001			$ 0.01
Offering price per share	$ 2.26
Pre-funded warrants to purchase shares of common stock	13,274,923			27,480,719
Maximum percentage of common stock ownership to exercise warrant				9.99%	9.99%
Private Investment In Public Equity [Member] \| Common Stock and Warrants [Member] \| Additional Shares [Member]
Subsidiary Sale Of Stock [Line Items]
Stock Issued During Period, Shares, New Issues				4,043,127
Shares issued price per share				$ 3.71
Private Investment In Public Equity [Member] \| Common Stock [Member]
Subsidiary Sale Of Stock [Line Items]
Net proceeds from issuance of stock			$ 52,700,000
Stock Issued During Period, Shares, New Issues			5,000,000
Sale of common stock				5,543,351
Shares issued price per share			$ 11.00

Property and Equipment, Net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment and related accumulated depreciation and amortization are as follows (in thousands):


	March 31,			December 31,
	2023			2022
Computer equipment and software	$	1,403		$	1,155
Furniture and fixtures		2,285			2,285
Laboratory equipment		27,369			27,309
Leasehold improvements		18,537			18,024
		49,594			48,773
Less accumulated depreciation and amortization		(30,581	)		(28,782	)
Construction-in-progress		1,352			1,344
Total property and equipment, net	$	20,365		$	21,335

Depreciation and amortization expense was $1.8 million and $1.6 million for the three months ended March 31, 2023 and March 31, 2022, respectively.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	March 31,		December 31,
	2023		2022
Cash and cash equivalents	$	47,128	$	55,498
Restricted cash		2,077		3,977
Long-term restricted cash		5,290		5,290
Total cash, cash equivalents and restricted cash	$	54,495	$	64,765

Balance Sheet Components

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

7. Balance Sheet Components

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	March 31,		December 31,
	2023		2022
Prepaid research and development-related expenses	$	4,056	$	4,241
Collaboration receivable		112		135
Prepaid insurance		813		1,158
Interest and other receivables		454		529
Facilities-related deposits		717		384
Other		728		567
Total prepaid expenses and other current assets	$	6,880	$	7,014

Deposits and Other Long-Term Assets

Deposits and other long-term assets consist of the following (in thousands):


	March 31,		December 31,
	2023		2022
Lease security deposits	$	934	$	934
Prepaid research and development-related expenses		488		643
Prepaid rent		12,495		8,162
Total deposits and other long-term assets	$	13,917	$	9,739

Cash Equivalents and Marketable Securities - Schedule of Amortized Cost, Unrealized Gains and Losses and Fair Value of Cash Equivalent and Marketable Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash equivalents and marketable securities [Line Items]
Cash and cash equivalents	$ 47,128	$ 55,498
Amortized Cost	132,606	158,691
Unrealized Gains	28	55
Unrealized Losses	(80)	(135)
Fair Value	132,554	158,611
Cash Equivalents [Member]
Cash equivalents and marketable securities [Line Items]
Cash and cash equivalents	33,874	38,191
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	33,874	38,191
Cash Equivalents [Member] \| Money Market Funds [Member]
Cash equivalents and marketable securities [Line Items]
Cash and cash equivalents	24,674	38,191
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	24,674	38,191
Cash Equivalents [Member] \| Corporate Debt Securities [Member]
Cash equivalents and marketable securities [Line Items]
Cash and cash equivalents	2,822
Unrealized Gains	0
Unrealized Losses	0
Fair Value	2,822
Cash Equivalents [Member] \| Commercial Paper [Member]
Cash equivalents and marketable securities [Line Items]
Cash and cash equivalents	2,391
Unrealized Gains	0
Unrealized Losses	0
Fair Value	2,391
Cash Equivalents [Member] \| U.S. Treasuries [Member]
Cash equivalents and marketable securities [Line Items]
Cash and cash equivalents	3,987
Unrealized Gains	0
Unrealized Losses	0
Fair Value	3,987
Short-Term Marketable Securities [Member]
Cash equivalents and marketable securities [Line Items]
Amortized Cost	98,732	116,464
Unrealized Gains	28	55
Unrealized Losses	(80)	(130)
Fair Value	98,680	116,389
Short-Term Marketable Securities [Member] \| Corporate Debt Securities [Member]
Cash equivalents and marketable securities [Line Items]
Amortized Cost	19,435	21,887
Unrealized Gains	0	6
Unrealized Losses	(49)	(40)
Fair Value	19,386	21,853
Short-Term Marketable Securities [Member] \| Certificates of Deposit [Member]
Cash equivalents and marketable securities [Line Items]
Amortized Cost	948	948
Unrealized Gains	0	1
Unrealized Losses	0	0
Fair Value	948	949
Short-Term Marketable Securities [Member] \| Commercial Paper [Member]
Cash equivalents and marketable securities [Line Items]
Amortized Cost	28,759	33,318
Unrealized Gains	6	23
Unrealized Losses	(5)	(13)
Fair Value	28,760	33,328
Short-Term Marketable Securities [Member] \| U.S. Treasuries [Member]
Cash equivalents and marketable securities [Line Items]
Amortized Cost	22,139	35,608
Unrealized Gains	3	3
Unrealized Losses	(20)	(71)
Fair Value	22,122	35,540
Short-Term Marketable Securities [Member] \| U.S. Government Debt Securities [Member]
Cash equivalents and marketable securities [Line Items]
Amortized Cost	26,967	24,703
Unrealized Gains	19	22
Unrealized Losses	(6)	(6)
Fair Value	26,980	24,719
Short-Term Marketable Securities [Member] \| Asset Backed Securities [Member]
Cash equivalents and marketable securities [Line Items]
Amortized Cost	484
Unrealized Gains	0
Unrealized Losses	0
Fair Value	$ 484
Long-term Marketable Securities [Member]
Cash equivalents and marketable securities [Line Items]
Amortized Cost		4,036
Unrealized Gains		0
Unrealized Losses		(5)
Fair Value		4,031
Long-term Marketable Securities [Member] \| Corporate Debt Securities [Member]
Cash equivalents and marketable securities [Line Items]
Amortized Cost		933
Unrealized Gains		0
Unrealized Losses		(1)
Fair Value		932
Long-term Marketable Securities [Member] \| U.S. Treasuries [Member]
Cash equivalents and marketable securities [Line Items]
Amortized Cost		3,103
Unrealized Gains		0
Unrealized Losses		(4)
Fair Value		$ 3,099

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Fair Value of Financial Instruments

•

Level 1 inputs are quoted prices in active markets that are accessible at the market date for identical assets or liabilities.

•

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

•

Debt Issuance Costs and Debt Discounts

Concentrations of Credit Risk

Other Risks and Uncertainties

Cash, Cash Equivalents and Restricted Cash


	March 31,		December 31,
	2023		2022
Cash and cash equivalents	$	47,128	$	55,498
Restricted cash		2,077		3,977
Long-term restricted cash		5,290		5,290
Total cash, cash equivalents and restricted cash	$	54,495	$	64,765

Leases

The Company recognizes lease expense on a straight-line basis over the expected lease term.

in an ROU Asset have been recorded on the condensed consolidated balance sheets and amortized as lease expense on a straight-line basis over the lease term.

Revenue Recognition

Income Taxes

The Company did not record income tax expense for the three months ended March 31, 2023 and 2022, respectively, as the Company expected to be in a cumulative taxable loss position in 2023 and 2022, and the net deferred tax assets are fully offset by a valuation allowance as it is not more likely than not that the benefit will be realized. As of March 31, 2023, the Company remains in a cumulative book loss position and does not have sufficient positive evidence to realize its net deferred tax assets. As such, the Company continues to maintain a full valuation allowance against its net deferred tax assets.

Effective January 1, 2022, a provision of the Tax Cuts and Jobs Act (TCJA) took effect creating a significant change to the treatment of research and experimental expenditures under Section 174 of the Internal Revenue Code (Sec. 174 expenses). Historically, businesses have had the option of deducting Sec. 174 expenses in the year incurred or capitalizing and amortizing the costs over five years. The new TCJA provision, however, eliminates this option and will require Sec. 174 expenses associated with research conducted in the United States to be capitalized and amortized over a five-year period. For expenses associated with research outside of the United States, Sec. 174 expenses will be capitalized and amortized over a 15-year period. This provision is not expected to have a material impact to the Company's financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 47,128	$ 55,498
Restricted cash	2,077	3,977
Long-term restricted cash	5,290	5,290
Total cash, cash equivalents and restricted cash	$ 54,495	$ 64,765

Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2023

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Marketable Securities

The amortized costs, unrealized gains and losses and fair values of cash equivalents and marketable securities were as follows (in thousands):


	March 31, 2023
Description	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	$	24,674	$	—	$	—		$	24,674
Commercial paper		2,391		—		—			2,391
Corporate debt securities		2,822		—		—			2,822
U.S. government treasuries		3,987		—		—			3,987
Total cash equivalents		33,874		—		—			33,874
Short-term marketable securities:
U.S. government treasuries		22,139		3		(20	)		22,122
Asset backed securities		484		—		—			484
U.S. government debt securities		26,967		19		(6	)		26,980
Certificates of deposit		948		—		—			948
Commercial paper		28,759		6		(5	)		28,760
Corporate debt securities		19,435		—		(49	)		19,386
Total short-term marketable securities		98,732		28		(80	)		98,680
Total	$	132,606	$	28	$	(80	)	$	132,554


	December 31, 2022
Description	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	$	38,191	$	—	$	—		$	38,191
Total cash equivalents		38,191		—		—			38,191
Short-term marketable securities:
Certificates of deposit		948		1		—			949
Commercial paper		33,318		23		(13	)		33,328
Corporate debt securities		21,887		6		(40	)		21,853
U.S. government treasuries		35,608		3		(71	)		35,540
U.S. government debt securities		24,703		22		(6	)		24,719
Total short-term marketable securities		116,464		55		(130	)		116,389
Long-term marketable securities:
Corporate debt securities		933		—		(1	)		932
U.S. government treasuries		3,103		—		(4	)		3,099
Total long-term marketable securities		4,036		—		(5	)		4,031
Total	$	158,691	$	55	$	(135	)	$	158,611

Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2023

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Marketable Securities

3. Cash Equivalents and Marketable Securities

The amortized costs, unrealized gains and losses and fair values of cash equivalents and marketable securities were as follows (in thousands):


	March 31, 2023
Description	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	$	24,674	$	—	$	—		$	24,674
Commercial paper		2,391		—		—			2,391
Corporate debt securities		2,822		—		—			2,822
U.S. government treasuries		3,987		—		—			3,987
Total cash equivalents		33,874		—		—			33,874
Short-term marketable securities:
U.S. government treasuries		22,139		3		(20	)		22,122
Asset backed securities		484		—		—			484
U.S. government debt securities		26,967		19		(6	)		26,980
Certificates of deposit		948		—		—			948
Commercial paper		28,759		6		(5	)		28,760
Corporate debt securities		19,435		—		(49	)		19,386
Total short-term marketable securities		98,732		28		(80	)		98,680
Total	$	132,606	$	28	$	(80	)	$	132,554


	December 31, 2022
Description	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	$	38,191	$	—	$	—		$	38,191
Total cash equivalents		38,191		—		—			38,191
Short-term marketable securities:
Certificates of deposit		948		1		—			949
Commercial paper		33,318		23		(13	)		33,328
Corporate debt securities		21,887		6		(40	)		21,853
U.S. government treasuries		35,608		3		(71	)		35,540
U.S. government debt securities		24,703		22		(6	)		24,719
Total short-term marketable securities		116,464		55		(130	)		116,389
Long-term marketable securities:
Corporate debt securities		933		—		(1	)		932
U.S. government treasuries		3,103		—		(4	)		3,099
Total long-term marketable securities		4,036		—		(5	)		4,031
Total	$	158,691	$	55	$	(135	)	$	158,611

All marketable securities held as of March 31, 2023 had contractual maturities of less than one year. There have been no material realized gains or losses on marketable securities for the periods presented. As of March 31, 2023, the Company did not hold any individual securities in an unrealized loss position for 12 months or greater. The Company has the ability and intent to hold all marketable securities that have been in a continuous loss position until maturity or recovery. No significant facts or circumstances have arisen to indicate that there has been any significant deterioration in the creditworthiness of the issuers of the securities held by us. The Company considered the current and expected future economic and market conditions and determined that the estimate of credit losses was not significantly impacted. Thus, there has been no change in estimate of expected credit loss during the three months ended March 31, 2023 and no allowance for credit loss was recorded at March 31, 2023 and December 31, 2022. The Company will continue to assess the current and expected future economic and market conditions as further development arises.

See Note 4 for further information regarding the fair value of the Company’s financial instruments.

Stock-Based Compensation - Schedule of Stock Options Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of Shares Available for Issuance
Number of options beginning balance	4,814,394
Authorized	4,775,796
Granted	(3,582,453)
Cancelled	323,663
Number of options ending balance	6,331,400	4,814,394
Number of Shares
Outstanding at beginning of period	6,951,620
Granted	67,666
Cancelled	(84,672)
Outstanding at end of period	6,934,614	6,951,620
Options Outstanding, Number of Shares, Vested and exercisable	3,452,242
Options Outstanding, Number of Shares, Vested and expected to vest	6,492,805
Weighted-Average Exercise Price
Beginning Balance	$ 7.92
Granted	3.10
Cancelled	4.72
Ending Balance	5.44	$ 7.92
Weighted-Average Exercise Price, Vested and exercisable	9.19
Weighted-Average Exercise Price, Vested and expected to vest	$ 8.02
Options Outstanding, Weighted-Average Remaining Contractual Term (in years)	7 years 10 months 2 days	8 years 29 days
Options Outstanding, Weighted-Average Remaining Contractual Term, Vested and exercisable (in years)	7 years 7 days
Options Outstanding, Weighted-Average Remaining Contractual Term, Vested and expected to vest (in years)	7 years 9 months 10 days
Options Outstanding, Aggregate Intrinsic Value	$ 451	$ 1,089
Options Outstanding, Aggregate Intrinsic Value, Vested and exercisable	258
Options Outstanding, Aggregate Intrinsic Value, Vested and expected to vest	$ 430

Debt - Schedule of estimated future principal payment (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2023 (remaining nine months)	$ 0
2024	0
2025	6,616
2026	14,108
Long-Term Debt, Maturities, Repayments of Principal in Rolling Year Five	9,276
Principal loan balance	$ 30,000

Net Loss Per Common Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

12. Net Loss Per Common Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents.

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


	Three Months Ended March 31,
	2023			2022
Numerator:
Net loss	$	(33,982	)	$	(28,916	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		114,423,000			86,277,599
Net loss per share, basic and diluted	$	(0.30	)	$	(0.34	)

In December 2020, the Company issued and sold the 2020 Warrants to purchase 27,480,719 shares of common stock at a nominal exercise price of $0.01 per share and, in October 2022, the Company issued and sold the 2022 Warrants to purchase 13,274,923 shares of common stock at a nominal exercise price of $0.0001 per share (see Note 10). The shares of common stock into which the 2020 and 2022 Warrants may be exercised are considered outstanding for the purposes of computing earnings per share, because the shares may be issued for little or no consideration, they are fully vested and the Warrants are immediately exercisable upon their issuance date.


	March 31,
	2023		2022
Options issued and outstanding and ESPP shares issuable and outstanding		7,120,656		7,038,660
Restricted stock subject to future vesting		3,491,659		669,790
Total		10,612,315		7,708,450

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurement Level 1 to Level 2 Transfers	$ 0	$ 0

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	March 31,		December 31,
	2023		2022
Prepaid research and development-related expenses	$	4,056	$	4,241
Collaboration receivable		112		135
Prepaid insurance		813		1,158
Interest and other receivables		454		529
Facilities-related deposits		717		384
Other		728		567
Total prepaid expenses and other current assets	$	6,880	$	7,014

Schedule of Deposits and Other Long-Term Assets

Deposits and other long-term assets consist of the following (in thousands):


	March 31,		December 31,
	2023		2022
Lease security deposits	$	934	$	934
Prepaid research and development-related expenses		488		643
Prepaid rent		12,495		8,162
Total deposits and other long-term assets	$	13,917	$	9,739

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development-related expenses	$ 4,056	$ 4,241
Collaboration receivable	112	135
Prepaid insurance	813	1,158
Interest and other receivables	454	529
Facilities-related deposits	717	384
Other	728	567
Total prepaid expenses and other current assets	$ 6,880	$ 7,014

Fair Value Measurements - Financial Assets Subject To Fair Value Measurements on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	$ 132,554	$ 158,611
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	50,783	76,830
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	81,771	81,781
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0	0
Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	33,874	38,191
Cash Equivalents [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	24,674	38,191
Cash Equivalents [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	2,391
Cash Equivalents [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	2,822
Cash Equivalents [Member] \| U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	3,987
Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	28,661	38,191
Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	24,674	38,191
Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0
Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0
Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member] \| U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	3,987
Cash Equivalents [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	5,213	0
Cash Equivalents [Member] \| Fair Value, Inputs, Level 2 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0	0
Cash Equivalents [Member] \| Fair Value, Inputs, Level 2 [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	2,391
Cash Equivalents [Member] \| Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	2,822
Cash Equivalents [Member] \| Fair Value, Inputs, Level 2 [Member] \| U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0
Cash Equivalents [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0	0
Cash Equivalents [Member] \| Fair Value, Inputs, Level 3 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0	0
Cash Equivalents [Member] \| Fair Value, Inputs, Level 3 [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0
Cash Equivalents [Member] \| Fair Value, Inputs, Level 3 [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0
Short-Term Marketable Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	98,680	116,389
Short-Term Marketable Securities [Member] \| U.S. Government Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	26,980	24,719
Short-Term Marketable Securities [Member] \| Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	484
Short-Term Marketable Securities [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	28,760	33,328
Short-Term Marketable Securities [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	19,386	21,853
Short-Term Marketable Securities [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	948	949
Short-Term Marketable Securities [Member] \| U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	22,122	35,540
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	22,122	35,540
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| U.S. Government Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0	0
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0	0
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0	0
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0	0
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	22,122	35,540
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	76,558	80,849
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| U.S. Government Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	26,980	24,719
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	484
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	28,760	33,328
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	19,386	21,853
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	948	949
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0	0
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0	0
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| U.S. Government Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0	0
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Asset Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0	0
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0	0
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	0	0
Short-Term Marketable Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value	$ 0	0
Long-term Marketable Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value		4,031
Long-term Marketable Securities [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value		932
Long-term Marketable Securities [Member] \| U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value		3,099
Long-term Marketable Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value		3,099
Long-term Marketable Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value		0
Long-term Marketable Securities [Member] \| Fair Value, Inputs, Level 1 [Member] \| U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value		3,099
Long-term Marketable Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value		932
Long-term Marketable Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value		932
Long-term Marketable Securities [Member] \| Fair Value, Inputs, Level 2 [Member] \| U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value		0
Long-term Marketable Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value		0
Long-term Marketable Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value		0
Long-term Marketable Securities [Member] \| Fair Value, Inputs, Level 3 [Member] \| U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets fair value		$ 0