0001628280-23-008602 | 10-K | XBRL Viewer | Neoleukin Therapeutics INC

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Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2022	Mar. 16, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36327
Entity Registrant Name	Neoleukin Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0542593
Entity Address, Address Line One	188 East Blaine Street,
Entity Address, Address Line Two	Suite 450
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98102
City Area Code	866
Local Phone Number	245-0312
Title of 12(b) Security	Common Stock, par value $0.000001
Trading Symbol	NLTX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 36.1
Entity Common Stock, Shares Outstanding		42,818,346
Documents Incorporated by Reference	Part III incorporates information by reference from the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A, not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, in connection with the registrant’s 2023 Annual Meeting of Stockholders (the “2023 Proxy Statement”).
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001404644

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Seattle, Washington
Auditor Firm ID	34

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 37,887	$ 142,467
Short-term investments	58,497	0
Other current assets	2,750	1,522
Total current assets	99,134	143,989
Property and equipment, net	6,163	6,452
Operating lease right-of-use asset	9,715	10,766
Intangible asset, net	0	128
Other non-current assets	936	1,928
Total assets	115,948	163,263
Current liabilities
Accounts payable and other liabilities	9,547	7,415
Operating lease liability	1,375	1,166
Finance lease liability	140	55
Total current liabilities	11,062	8,636
Non-current operating lease liability	10,322	11,696
Non-current finance lease liability	233	67
Total liabilities	21,617	20,399
Stockholders’ equity
Common stock, $0.000001 par value - authorized, 100,000,000 as of December 31, 2022 and December 31, 2021; issued and outstanding, 42,648,346 as of December 31, 2022 and 42,457,471 as of December 31, 2021.	0	0
Preferred stock, $0.000001 par value - authorized, 5,000,000 as of December 31, 2022 and December 31, 2021; issued and outstanding, 0 as of December 31, 2022 and December 31, 2021	0	0
Additional paid-in capital	545,407	536,362
Accumulated other comprehensive income (loss)	(21)	0
Accumulated deficit	(451,055)	(393,498)
Total stockholders’ equity	94,331	142,864
Total liabilities and stockholders’ equity	$ 115,948	$ 163,263

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	42,648,346	42,457,471
Common stock, shares outstanding (in shares)	42,648,346	42,457,471
Preferred stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses
Research and development	$ 41,129	$ 39,162
General and administrative	17,968	21,536
Total operating expenses	59,097	60,698
Loss from operations	(59,097)	(60,698)
Interest income	1,582	19
Other income (loss), net	(42)	(13)
Net loss	(57,557)	(60,692)
Comprehensive income (loss)
Unrealized loss on available-for-sale securities	(21)	0
Comprehensive loss	$ (57,578)	$ (60,692)
Net loss per share - basic (in dollars per share)	$ (1.04)	$ (1.10)
Net loss per share - diluted (in dollars per share)	$ (1.04)	$ (1.10)
Basic weighted average number of shares outstanding (in shares)	55,221,161	55,041,662
Diluted weighted average common shares outstanding (in shares)	55,221,161	55,041,662

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net loss	$ (57,557)	$ (60,692)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	8,829	11,557
Depreciation and amortization	1,561	1,306
Amortization of operating lease right-of-use assets	1,051	971
Amortization and accretion of premiums/discounts on available-for-sale securities	(494)	0
Loss on disposal of property and equipment	118	0
Changes in operating assets and liabilities:
Other current assets and non-current assets	(206)	129
Accounts payable and accrued liabilities	2,256	(142)
Operating lease liabilities	(1,165)	(687)
Net cash used in operating activities	(45,607)	(47,558)
Investing activities
Purchases of property and equipment	(1,110)	(3,263)
Purchase of available-for-sale securities	(107,524)	0
Proceeds from maturities of available-for-sale securities	49,500	0
Net cash used in investing activities	(59,134)	(3,263)
Financing activities
Proceeds from exercise of stock options	134	411
Payment on finance lease obligations	(55)	(51)
Proceeds from issuance of common stock under Employee Stock Purchase Plan	82	372
Net cash provided by financing activities	161	732
Net change in cash, cash equivalents, and restricted cash during the year	(104,580)	(50,089)
Cash, cash equivalents, and restricted cash at beginning of year	143,345	193,434
Cash, cash equivalents, and restricted cash at end of year	38,765	143,345
Supplemental disclosure:
Operating lease liabilities arising from obtaining right-of-use asset	0	1,584
Finance lease liabilities arising from obtaining right-of-use asset	307	0
Purchase of property and equipment unpaid at period end	$ 283	$ 412

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2020		42,196,296
Beginning balance at Dec. 31, 2020	$ 191,216		$ 524,022	$ (332,806)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued upon exercises of stock options (in shares)		124,928
Common stock issued upon exercises of stock options	411		411
Common stock issued upon vesting of restricted stock units (in shares)		84,500
Issuance of shares under Employee Stock Purchase Plan (in shares)		51,747
Issuance of common stock under Employee Stock Purchase Plan	372		372
Stock-based compensation	11,557		11,557
Unrealized loss on available-for-sale securities	0
Net loss	(60,692)			(60,692)
Ending balance (in shares) at Dec. 31, 2021		42,457,471
Ending balance at Dec. 31, 2021	$ 142,864		536,362	(393,498)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued upon exercises of stock options (in shares)	36,500	36,500
Common stock issued upon exercises of stock options	$ 134		134
Common stock issued upon vesting of restricted stock units (in shares)		24,750
Issuance of shares under Employee Stock Purchase Plan (in shares)		129,625
Issuance of common stock under Employee Stock Purchase Plan	82		82
Stock-based compensation	8,829		8,829
Unrealized loss on available-for-sale securities	(21)				$ (21)
Net loss	(57,557)			(57,557)
Ending balance (in shares) at Dec. 31, 2022		42,648,346
Ending balance at Dec. 31, 2022	$ 94,331		$ 545,407	$ (451,055)	$ (21)

Nature of operations	12 Months Ended
Nature of operations	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations	Nature of operationsNeoleukin Therapeutics, Inc. (“Neoleukin” or the “Company”) is a biopharmaceutical company creating next generation immunotherapies for cancer, inflammation, and autoimmunity using de novo protein design technology. Neoleukin uses sophisticated computational methods to design proteins that demonstrate specific pharmaceutical properties that provide potentially superior therapeutic benefit over native proteins.

Basis of presentation and summary of significant accounting policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of presentation and summary of significant accounting policies

(a)Basis of presentation

The accompanying financial statements are presented in United States (“U.S.”) dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

(b)Use of estimates and assumptions

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant areas requiring estimates include valuation and recognition of stock-based compensation, the incremental borrowing rate utilized in the measurement of operating and finance lease liabilities, estimated useful lives utilized in the amortization and depreciation of property and equipment, and pre-clinical, clinical, and other accruals. Actual results could differ from those estimates.

(c)Leases

At contract inception, the Company determines if the contract is or contains a lease. Lease liabilities are recognized on the lease commencement date based on the estimated present value of lease payments over the lease term. To determine the present value of the lease payments, the Company utilizes its estimated incremental borrowing rate based on information available at the lease commencement date as the interest rate implicit in the lease is typically not readily determinable. The related right-of-use assets are recorded net of any lease incentives received. Variable lease cost primarily includes building operating expenses as charged to the Company by its landlords and payments for lessor-owned assets that are not covered by a tenant improvement allowance.

The Company includes options to extend the lease in its lease liability and right-of-use asset when it is reasonably certain that it will exercise that option. None of the Company's options to extend the rental term of any of its existing leases were considered reasonably certain as of December 31, 2022.

For leases of office space, the Company has elected to not separate the lease components from the non-lease components.

For leases of office space with a lease term of 12 months or less and which do not include an option to purchase the underlying asset, the Company has elected to recognize the lease payments in the statement of operations on a straight-line basis over the lease term.

(d)Cash, cash equivalents, and restricted cash

The Company considers all highly liquid investments with an original contractual maturity or a remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents consist of money market funds and U.S. treasury securities as of December 31,2022 and of money market funds as of December 31,2021.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (in thousands):


	December 31,
	2022		2021
Cash and cash equivalents	$	37,887	$	142,467
Restricted cash	878		878
Total cash, cash equivalents, and restricted cash	$	38,765	$	143,345

Restricted cash, included in other non-current assets in the balance sheets, includes $0.9 million in cash deposits the Company maintains with its bank as collateral for the irrevocable letters of credits related to its lease obligations.

(e)Property and equipment

Property and equipment are recorded at cost and are amortized using the straight-line basis over a range of three to seven years. Expenditures for maintenance and repairs are expensed as incurred.

The Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors. Based on management’s assessment there were no indicators of impairment of property and equipment as of December 31, 2022 and 2021.

(f)Net loss per share

Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, without consideration for common stock equivalents. Common stock equivalents are included in the calculation of diluted earnings per share only in periods of net income. Such common stock equivalents are excluded in the calculation of diluted net loss per share in periods of net loss as inclusion of such amounts would be anti-dilutive. Outstanding pre-funded warrants as of December 31, 2022 and 2021 of 12,663,010 are considered outstanding as of their issuance date and are included in the basic and diluted net loss per share calculation because they are fully vested and exercisable at any time for a nominal cash consideration.

(g)Intangible assets subject to amortization

Long-lived intangible assets are recorded at the acquired cost and amortized using the straight-line method over their estimated useful life.

The intangible asset is tested for impairment when events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company recognizes an impairment loss when carrying amount is not recoverable and the estimated fair value of the intangible asset is less than its carrying value. Based on management’s assessment there were no indicators of impairment of intangible assets as of December 31, 2022 and 2021.

(h)Income taxes

The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the differences between events that have been recognized in the Company’s financial statements and the tax bases of assets and liabilities and tax carryforwards recognized at enacted tax rates. The measurement of deferred tax assets is reduced, if necessary, to the amount more likely than not to be realized by a valuation allowance.

(i)Research and development costs

Research and development costs are charged to expense as incurred and include items such as: employee related expenses, including salaries, stock-based compensation, and benefits, expenses incurred under agreements with contract research organizations that conduct clinical trials and preclinical studies, the cost of acquiring, developing, and manufacturing clinical trial materials, facilities, and other expenses, which include direct and allocated expenses for rent and maintenance of facilities, and other supplies and costs associated with clinical trials, preclinical activities, and regulatory operations.

Development costs are expensed in the period incurred unless management believes a development project meets generally accepted accounting criteria for deferral and amortization. No product development expenditures have been deferred to date. The Company records costs for certain development activities based on management’s evaluation of the progress to completion of specific tasks or information provided to the Company by vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued expense.

(j)Accounting for stock-based compensation

The Company has issued stock options and restricted stock units (“RSUs”). The Company measures the cost of services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost of such award is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. Awards subject to performance-based vesting requirements are expensed utilizing a graded vesting model if achievement of the performance criteria is determined to be probable. The Company accounts for forfeitures as they occur. The Company utilizes newly issued shares to satisfy option exercises, the vesting of RSUs, and Employee Stock Purchase Plan purchases.

The Company estimates the fair value of options using the Black-Scholes option pricing model on the grant date. This approximation uses assumptions regarding a number of inputs that requires management to make significant estimates and judgments. The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. As the Company does not have sufficient historical experience for determining the expected term of the stock option awards granted, the Company has based its expected term for awards issued to employees on the simplified method, which represents the average period from vesting to the expiration of the stock option. In addition, the Company does not have sufficient trading history for the Company’s common stock, and therefore, the expected stock price volatility for the Company’s common stock was estimated by taking the average historical price volatility for industry peers. The Company has never declared or paid any cash dividends to common stockholders and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero. The risk-free interest rate was based on the yields of treasury securities with maturities similar to the expected term of the options for each option group.

The fair value of each RSU is measured using the closing price of the Company’s common stock on the date of grant.

(k)Segment reporting

The Company operates in one segment, the research and development of de novo protein therapeutics using sophisticated computational algorithms and methods to address unmet medical needs. The Company's primary areas of focus are in oncology, inflammation, and autoimmunity. The Company’s operations and its assets are held in the United States.

(l)Fair value of financial instruments

The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, receivables, accounts payable, and other liabilities, approximate their fair values because of their nature and/or short maturities.

Certain of the Company’s financial instruments are measured at fair value on a recurring basis. The Company determines the fair value of those financial instruments based upon the fair value hierarchy, which prioritizes valuation inputs based on the observable nature of those inputs. The three levels of the fair value hierarchy are as follows:

Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed on the measurement date

Level 2 - quoted prices (in non-active markets or in active markets for similar assets or liabilities), observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data

Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities

The following table presents information about the Company's financial instruments that are measured at fair value on a recurring basis:


	December 31, 2022
(in thousands)	Total		Level 1		Level 2		Level 3
Financial assets
Money market funds	$	33,767	$	33,767	$	—	$	—
U.S. treasury securities	61,970		61,970		—		—
Total financial assets	$	95,737	$	95,737	$	—	$	—


	December 31, 2021
(in thousands)	Total		Level 1		Level 2		Level 3
Financial assets
Money market funds	$	140,856	$	140,856	$	—	$	—
U.S. treasury securities	—		—		—		—
Total financial assets	$	140,856	$	140,856	$	—	$	—

(m)Investments

The Company’s short-term investments consist entirely of investments in U.S. treasury securities. These investments are classified as available-for-sale debt securities and are therefore reported at fair value in the balance sheets. Unrealized gains and losses are included in accumulated other comprehensive income (loss). There were no realized gains or losses on investments for the years ended December 31, 2022 and 2021.

The Company assesses investments for impairment at each reporting period. An investment is considered impaired when the amortized cost basis exceeds the fair value. When this is the case, the Company assesses whether the impairment is credit-related or noncredit-related based on various factors. When an impairment, or a portion of an impairment, is considered credit-related, an allowance for credit losses is recorded. For the years ended December 31, 2022 and 2021, the Company recognized no year-to-date credit losses and no allowance for credit losses is recorded as of December 31, 2022 or 2021. The aggregate fair value of investments with unrealized losses as of December 31, 2022 is $40.7 million.

(n)Concentration of credit risk

Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash, cash equivalents, and short-term investments. Cash, cash equivalents, and short-term investments are invested in accordance with the Company’s investment policy. The primary objective for the Company’s investment portfolio is the preservation of capital and maintenance of liquidity and includes guidelines on the quality of financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk.

(o)Restructuring charges

The Company records costs and liabilities associated with exit and disposal activities in accordance with ASC 420, Exit or Disposal Cost Obligations. Restructuring charges are recorded in the period in which they are incurred. The Company evaluates and adjusts these costs as appropriate for changes in circumstances as additional information becomes available.

(p)Recently issued and recently adopted accounting standards

In June 2016, the FASB issued Accounting Standard Update ("ASU") No. 2016-13, Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In November 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives (Topic 815), and Leases (Topic 842). This ASU delayed the required adoption for SEC filers that are smaller reporting companies as of their determination on November 15, 2019, until annual and interim periods beginning after December 15, 2022, with early adoption permitted. The Company adopted this standard in conjunction with the investment in debt securities during the quarter ended June 30, 2022.

Investments

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

The Company's investments consist of the following (in thousands):


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	33,767	$	—	$	—	$	33,767
U.S. treasury securities - due within 3 months	3,473		—		—		3,473
Short-term investments:
U.S. treasury securities - due within 1 year	58,518		6		(27)		58,497
Total	$	95,758	$	6	$	(27)	$	95,737


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	140,856		—		—		140,856
Total	$	140,856	$	—	$	—	$	140,856

Property and equipment, net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment, net consist of the following (in thousands):


	December 31, 2022
	Cost		Accumulated Amortization		Net Book Value
Laboratory equipment	$	6,773	$	1,926	$	4,847
Furniture, fixtures, and IT equipment	2,342		1,026		1,316
	$	9,115	$	2,952	$	6,163


	December 31, 2021
	Cost		Accumulated Amortization		Net Book Value
Laboratory equipment	$	6,237	$	1,006	$	5,231
Furniture, fixtures, and IT equipment	1,850		629		1,221
	$	8,087	$	1,635	$	6,452

Depreciation expense on property and equipment totaled $1.4 million and $1.1 million for the years ended December 31, 2022 and 2021, respectively.

Intangible asset, net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible asset, net

The following table summarizes intangible asset (in thousands):


	December 31,
	2022		2021
Cost	$	659	$	659
Accumulated amortization	(659)		(531)
Net intangible asset	$	—	$	128

Intangible asset, net, which is fully amortized as of December 31, 2022, included an assembled workforce that was acquired in 2019 and was being amortized over its expected life of 3 years based on management's judgement. Amortization expense was $0.1 million for the year ended December 31, 2022 and $0.2 million for the year ended December 31, 2021.

Accounts payable and other liabilities

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accounts payable and other liabilities

Accounts payable and other liabilities consist of the following (in thousands):


	December 31,
	2022		2021
Trade accounts payable	$	478	$	526
Accrued clinical and preclinical expenses	4,360		2,399
Accrued compensation and vacation	3,539		3,263
Other accrued liabilities	1,170		1,227
	$	9,547	$	7,415

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

The Company enters into lease arrangements for its facilities as well as certain equipment, classified either as operating or finance leases.

The Company has an operating lease agreement, as amended by the execution of two subsequent amendments, for approximately 33,300 square feet of office space in Seattle, Washington for the Company’s principal executive offices, a laboratory for research and development, and related uses. In January 2020, the Company issued an irrevocable letter of credit in the amount of $0.5 million for the security deposit in accordance with the terms of the lease. The lease term commenced on January 15, 2020 and payments of rent obligations began on February 1, 2021. The lease is scheduled to expire on February 1, 2029, with the option to extend the lease for two five-year terms. The lease provides for a tenant improvement allowance of up to $9.5 million, which is included in the base rent, and has been fully utilized. The Company will also be responsible for the payment of additional rent to cover the Company’s share of the annual operating, tax expenses, and utilities costs for the building.

The Company has an operating lease agreement for approximately 6,272 square feet of laboratory and office space in Seattle, Washington, for research and development and related uses. In March 2021, the Company executed an amendment to this lease pursuant to which the contractual lease term was extended through September 30, 2026, unless terminated earlier, with the option to extend the lease for an additional 28-month term. The execution of this amendment was accounted for as a modification to the lease due to the extension of the lease term and an increase in lease payments, and the Company recorded an increase in the lease liability and related right-of-use asset of $1.6 million. In December 2022, the Company entered into an agreement to sublease this space to an unrelated third party. Pursuant to the terms of the sublease, the Company is entitled to receive up to $0.5 million in base lease payments. The term of the sublease is through August 2023, with an option by the sublessee to extend such term through November 2023.

As of December 31, 2022, and December 31, 2021, the Company’s operating lease right-of-use assets were $9.7 million and $10.8 million, respectively. As of December 31, 2022, and December 31, 2021, the Company's finance lease right-of use-assets, included within property and equipment on the balance sheet, were $0.5 million and $0.2 million, respectively.

The components of the lease expense were as follows (in thousands):


	December 31,
	2022		2021
Finance lease cost
Amortization of right-of-use asset	$	58	$	49
Interest on lease liabilities	8		12
Operating lease cost	2,542		2,535
Short term lease cost	—		40
Variable lease cost	1,124		2,161
Total net lease cost	$	3,732	$	4,797

Supplemental balance sheet information related to leases is as follows:


	December 31,
	2022	2021
Weighted average remaining lease term—finance leases	3.00 years	2.70 years
Weighted average remaining lease term—operating leases	5.87 years	6.86 years
Weighted average discount rate—finance leases	6.99%	6.98%
Weighted average discount rate—operating leases	12.46%	12.42%

Supplemental cash flow information related to leases was as follows (in thousands):


	December 31,
	2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,657	$	2,249
Cash paid for amounts included in the measurement of finance lease liabilities	$	64	$	63

The calculation of the present value of the lease payments for operating leases did not include any options to extend the leases as the Company is not reasonably certain to exercise such options.

At December 31, 2022, the future payments under the Company’s operating and finance lease liabilities were as follows (in thousands):


	Finance Lease		Operating Lease
2023	$	173	$	2,718
2024	109		2,781
2025	109		2,845
2026	26		2,806
2027	—		2,557
Thereafter	—		2,835
Total undiscounted lease payments	417		16,542
Less: imputed interest	(44)		(4,845)
Total lease liabilities	373		11,697
Less: current portion	(140)		(1,375)
Non-current lease liabilities—December 31, 2022	$	233	$	10,322

Leases

The Company enters into lease arrangements for its facilities as well as certain equipment, classified either as operating or finance leases.

The components of the lease expense were as follows (in thousands):


	December 31,
	2022		2021
Finance lease cost
Amortization of right-of-use asset	$	58	$	49
Interest on lease liabilities	8		12
Operating lease cost	2,542		2,535
Short term lease cost	—		40
Variable lease cost	1,124		2,161
Total net lease cost	$	3,732	$	4,797

Supplemental balance sheet information related to leases is as follows:


	December 31,
	2022	2021
Weighted average remaining lease term—finance leases	3.00 years	2.70 years
Weighted average remaining lease term—operating leases	5.87 years	6.86 years
Weighted average discount rate—finance leases	6.99%	6.98%
Weighted average discount rate—operating leases	12.46%	12.42%

Supplemental cash flow information related to leases was as follows (in thousands):


	December 31,
	2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,657	$	2,249
Cash paid for amounts included in the measurement of finance lease liabilities	$	64	$	63

The calculation of the present value of the lease payments for operating leases did not include any options to extend the leases as the Company is not reasonably certain to exercise such options.

At December 31, 2022, the future payments under the Company’s operating and finance lease liabilities were as follows (in thousands):


	Finance Lease		Operating Lease
2023	$	173	$	2,718
2024	109		2,781
2025	109		2,845
2026	26		2,806
2027	—		2,557
Thereafter	—		2,835
Total undiscounted lease payments	417		16,542
Less: imputed interest	(44)		(4,845)
Total lease liabilities	373		11,697
Less: current portion	(140)		(1,375)
Non-current lease liabilities—December 31, 2022	$	233	$	10,322

Stockholders' equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' equity

Stockholders’ equity

(a) Common stock and pre-funded warrants

The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.000001 per share as of December 31, 2022. As of December 31, 2022, and 2021, the total number of shares of common stock issued and outstanding was 42,648,346, and 42,457,471, respectively.

The Company has pre-funded warrants outstanding to purchase an aggregate of 12,663,010 shares of common stock as of December 31, 2022. The pre-funded warrants are exercisable at any time for an exercise price of $0.000001, except that the pre-funded warrants cannot be exercised by the holders if, after giving effect thereto, the holders would beneficially own more than 9.99% of the outstanding common stock, subject to certain exceptions. However, any holder may increase or decrease such percentage to any other percentage (not in excess of 19.99%) upon at least 61 days’ prior notice from the holder to the Company. The holders of the pre-funded warrants will not have the right to vote on any matter except to the extent required by Delaware law.

On November 4, 2021, the Company entered into an ATM “at-the-market” Equity Offering Sales Agreement (the “Sales Agreement”) with BofA Securities, Inc., as agent (“BofA”), pursuant to which the Company may offer and sell, from time to time through BofA, shares of the Company’s common stock, having an aggregate offering price of up to $40.0 million. The offer and sale of the shares will be made pursuant to a shelf registration statement on Form S-3 and the related prospectus filed on December 11, 2020, and declared effective by the SEC on December 21, 2020, as supplemented by a prospectus supplement dated November 4, 2021. The Company has no obligation to sell any such shares under the Sales Agreement. As of December 31, 2022, no sales of common stock had been made pursuant to the Sales Agreement.

(b) Preferred stock

The Company is authorized to issue 5,000,000 shares of preferred stock with a par value of $0.000001 per share. As of December 31, 2022 and 2021, 0 shares of preferred stock were issued or outstanding.

The 2014 Equity Incentive Plan (“2014 Plan”), as amended and restated on May 13, 2021, became effective in March 2014 and is the successor to and continuation of the Joint Canadian Stock Option Plan (the “2006 Plan”). No further grants will be made under the 2006 Plan. The 2014 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards, performance cash awards, and other forms of equity awards to employees, directors, and consultants.

As of December 31, 2022, the maximum number of shares of common stock that may be issued under the 2014 Plan was 13,408,356. The number of shares of common stock reserved for issuance under the 2014 Plan will be increased by the number of shares subject to stock options granted under the 2006 Plan that would have otherwise returned to the 2006 Plan, such as upon the expiration or termination of a stock award prior to vesting. As of December 31, 2022, there were no shares subject to stock options granted under the 2006 Plan. Additionally, the number of shares of common stock reserved for issuance under the 2014 Plan will automatically increase on January 1 of each year, beginning on January 1, 2022 and ending on and including January 1, 2030, by 4.00% of the sum of (A) the total number of shares of capital stock and (B) the total number of shares of common stock subject to pre-funded warrants, in each case outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the board of directors. On January 1, 2023, the number of shares of common stock reserved under the 2014 Plan was increased by 2,212,454 shares. All stock options granted pursuant to the 2014 Plan have a contractual term of ten years. All awards granted to date are equity classified and subject to either service or performance based vesting, typically over a period of one to four years.

The number of shares available to be granted under the 2014 Plan was 6,705,058 and 5,040,300 as of December 31, 2022 and 2021, respectively.

Stock options

A summary of the Company's stock option activity and related information for the year ended December 31, 2022 is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2021	8,963,945	$	7.20	8.32	$	6,912
Options granted	3,431,050	$	1.32
Options exercised	(36,500)	$	3.67
Options cancelled/forfeited	(3,844,114)	$	7.10
Outstanding at December 31, 2022	8,514,381	$	4.89	8.32	$	—
Exercisable as of December 31, 2022	3,890,924	$	6.01	7.18	$	—

During the year ended December 31, 2022, 36,500 shares of common stock were issued upon exercise of options with an aggregate intrinsic value of $0.1 million. During the year ended December 31, 2021, 124,928 shares of common stock were issued upon exercise of options with an aggregate intrinsic value of $1.3 million. The weighted-average grant date fair value of options granted during the years ended December 31, 2022 and 2021 was $0.95 and $6.37 per share, respectively.

The fair value of stock options granted is estimated using the Black-Scholes option pricing model with the following weighted average assumptions:


	December 31,
	2022		2021
Expected volatility	84	%	89	%
Expected dividends	0	%	0	%
Expected terms (years)	6.04		6.03
Risk free rate	2.66	%	0.93	%

Restricted stock units

A summary of the Company's restricted stock unit activity and related information for the year ended December 31, 2022 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2021	132,000	$	9.97
Restricted stock units granted	700,000	$	3.69
Restricted stock units vested	(24,750)	$	12.20
Restricted stock units forfeited	(428,750)	$	4.66
Non-vested at December 31, 2022	378,500	$	4.22

(d) Stock-based compensation

Stock-based compensation expense is classified in the statements of operations as follows (in thousands):


	December 31,
	2022		2021
Research and development expenses	$	4,342	$	5,095
General and administrative expenses	4,487		6,462
Total stock-based compensation expense	$	8,829	$	11,557

Total unrecognized compensation for all stock-based compensation was $13.4 million as of December 31, 2022, which is expected to be recognized over a weighted-average period of 2.15 years.

(e) Employee stock purchase plan

The Company’s 2020 Employee Stock Purchase Plan (“2020 ESPP”) was adopted by the Company’s board of directors in March 2020 and approved by the Company’s stockholders in May 2020. A total of 759,936 shares of common stock have been reserved for issuance under the 2020 ESPP.

Subject to share and dollar limits as described in the plan, the 2020 ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their earnings for the purchase of the Company’s shares of common stock at the lower of 85% of the closing price of the Company’s common stock on the first trading day of the offering period or 85% of the closing price of the Company’s common stock on the last trading day of the offering period. There are two six-month offering periods during each fiscal year, ending on May 15 and November 15.

During the year ended December 31, 2022, the Company issued 75,881 shares of common stock at a price per share of $0.83 and 53,744 of shares of common stock at a price per share of $0.36, respectively, under the 2020 ESPP. During the year ended December 31, 2021, the Company issued 22,972 shares of common stock at a price per share of $9.53 and 28,775 of shares of common stock at a price per share of $5.33, respectively, under the 2020 ESPP. Cash received from the purchases under the 2020 ESPP for the years ended December 31, 2022 and 2021 was $0.1 million and $0.4 million, respectively. As of December 31, 2022 and 2021, employee contributions included in accounts payable and accrued liabilities in the accompanying balance sheet were immaterial.

- 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

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+ Details

Net loss per common stock

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net loss per common stock

The Company excluded the following potentially dilutive shares from diluted net loss per share as the effect would have been anti-dilutive for all periods presented:


	December 31,
	2022	2021
Outstanding stock options	8,514,381	8,963,945
Restricted stock units	378,500	132,000
Shares issuable under 2020 ESPP	49,251	53,446
	8,942,132	9,149,391

Income taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income taxes

Income tax recovery varies from the amounts that would be computed by applying the expected U.S. federal income tax rate (21%) as shown in the following table:


	December 31,
	2022		2021
Statutory federal income tax rate	(21.0)	%	(21.0)	%
Stock-based compensation	2.2		2.0
Change in valuation allowance	21.4		21.2
Tax credits	(2.6)		(2.2)
Income tax recovery	—	%	—	%


Net loss before taxes (in thousands):	Years Ended December 31,
	2022		2021
U.S.	(57,578)		(60,692)
Total	$	(57,578)	$	(60,692)

Deferred income tax assets and liabilities result from the temporary differences between the amount of assets and liabilities recognized for financial statement and income tax purposes. The significant components of the deferred income tax assets are as follows (in thousands):


	December 31,
	2022		2021
Deferred tax assets:
U.S. net operating losses	$	26,362	$	22,863
Research and development deductions and credits	3,931		2,414
Intangibles	446		457
Lease liability	2,456		2,701
Stock-based compensation	2,274		1,695
Capitalized research and development	6,920		—
Other	168		186
Total deferred tax assets:	42,557		30,316
Deferred income tax liabilities
Right-of-use assets	2,040		2,261
Other	410		287
Total deferred tax liabilities	2,450		2,548
Net deferred income tax assets	40,107		27,768
Less: valuation allowance	(40,107)		(27,768)
Deferred tax assets, net of valuation allowance	$	—	$	—

The Tax Cuts and Jobs Act contained a provision which requires the capitalization of Section 174 costs incurred in years beginning on or after January 1, 2022. Section 174 costs are expenditures which represent research and development costs that are incident to the development or improvement of a product, process, formula, invention, computer software, or technique. This provision changes the treatment of Section 174 costs such that the expenditures are no longer allowed as an immediate deduction but rather must be capitalized and amortized.

The Company has included the impact of this provision, which results in a deferred tax asset of approximately $6.9 million as of December 31, 2022.

At December 31, 2022 and December 31, 2021, the Company had U.S. federal net operating losses ("NOL") carryforwards for tax purposes of approximately $124.9 million and $108.2 million, respectively, which were available to reduce taxable income. Of the $124.9 million of federal NOL carryforwards, $1.7 million will expire between the years 2028 and 2037 and the remaining $123.2 million are indefinite. The Company also has U.S. federal research & development tax credits of $3.9 million and $2.4 million as of December 31, 2022 and December 31, 2021, respectively, that begin to expire in 2039. The Company completed a formal study under IRC Section 382 through 2019 to determine the U.S. tax attributes available for use. The U.S. attributes disclosed reflect the conclusion of that study. However, subsequent ownership changes may further affect the limitation in future years.

The Company maintains a full valuation allowance on its net U.S. deferred tax assets. The assessment regarding whether a valuation allowance is required considers both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. In making this assessment, significant weight is given to evidence that can be objectively verified. In its evaluation, the Company considered its cumulative losses and its forecasted losses in the near-term as significant negative evidence. Therefore, the Company determined that the negative evidence outweighed the positive evidence and a full valuation allowance on its assets will be maintained. The Company will continue to assess the realizability of its assets going forward and will adjust the valuation allowance as needed. The valuation allowance increased by $12.3 million for the year ended December 31, 2022. The increase is primarily due to an increase in U.S. net operating losses, capitalized research expense, and research and development tax credits. The valuation allowance increased by $12.9 million for the year ended December 31, 2021. The increase is primarily due to an increase in U.S. net operating losses and research and development tax credits.

The Company applies judgment in the determination of the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. As of December 31, 2022, the Company had no uncertain tax positions.

The Company currently files income tax returns in the United States, the jurisdictions in which the Company believes that it is subject to tax. Further, while the statute of limitations in each jurisdiction where an income tax return has been filed generally limits the examination period, as a result of loss carryforwards, the limitation period for examination generally does not expire until several years after the loss carryforwards are utilized. Other than routine audits by tax authorities for tax credits and tax refunds that the Company has claimed, the Company is not aware of any other material income tax examination currently in progress by any taxing jurisdiction.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

License and patent agreements	12 Months Ended
License and patent agreements	Dec. 31, 2022
License Agreement [Abstract]
License and patent agreements	License and patent agreements On July 8, 2019, Neoleukin Therapeutics, Inc., or Former Neoleukin, entered into an exclusive license agreement with the University of Washington ("UW"), under which UW (on behalf of itself and Stanford University) granted the Company an exclusive worldwide license under certain patent rights, to make, have made, use, offer to sell, sell, offer to lease or lease, import, export or otherwise offer to dispose of licensed products in all fields of use, and a nonexclusive worldwide license to use certain know-how. The foregoing licenses are sublicensable by the Company without UW’s consent, subject to certain limited conditions. The Exclusive License Agreement was amended effective as of July 24, 2020 to, among other things, (i) add a jointly owned de novo cytokine antagonist to the agreement, (ii) specify royalties, milestone payments and sublicense consideration payments payable by Neoleukin for certain jointly licensed products, (iii) specify the term for achievement of performance milestones for certainly jointly licensed products, and (iv) terminate UW’s right to participate in equity financings. The Exclusive License Agreement was amended a second time, effective as of December 15, 2021 to, among other things, add a second jointly owned patent application family directed to de novo cytokine antagonists to the agreement subject to the same terms of the first jointly owned patent application family. As consideration for the licensed rights, Former Neoleukin issued 536,813 shares of common stock to UW. These shares were exchanged for 188,974 shares of common stock of the Company and 4,197 shares of non-voting convertible preferred stock on the completion of the merger of Former Neoleukin into the Company in August 2019. Such convertible preferred shares were subsequently converted into 419,700 shares of common stock in November 2019. Furthermore, the Company is required to pay; (i) an annual maintenance fee beginning in January 2022 (but excluding any year in which minimum annual royalties are paid); (ii) up to $0.9 million in combined development and regulatory milestone payments with respect to each distinct class of licensed product; (iii) up to $10.0 million in combined commercial milestone payments based on cumulative net sales of licensed products within each distinct class of licensed products, beginning when cumulative net sales of the class of licensed products equals or exceeds $100.0 million, with the majority payable when cumulative net sales of the class of licensed products equals or exceeds $1.0 billion; (iv) a low single-digit royalty on net sales of licensed products sold by the Company and its sublicensees, which may be subject to reductions, and subject to minimum annual royalty payments following the first commercial sale of a licensed product; (v) a certain percentage of any sublicense consideration (other than royalties) the Company receives from sublicensees, based on the stage of development at the time the sublicense is executed; and (vi) a certain percentage of consideration the Company receives from an acquisition of the Company or its assets based on the stage of development at the relevant time. The Company is obligated to pay royalties on a country-by-country basis until the expiration of the last valid claim within the licensed patent rights in such country. The agreement will expire upon the expiration of the last valid claim within the licensed patent rights. The Company may terminate the agreement upon prior written notice to UW. UW may terminate the agreement by a specified number of days’ notice if the Company permanently ceases operations, becomes insolvent or similar, or if the Company challenges the validity of the licensed patent rights. In addition, UW may terminate the agreement for material breach that is not cured within a specified number of days, which cure period is to be at least doubled if the Company is proceeding diligently to cure the default.

401(k) plan	12 Months Ended
401(k) plan	Dec. 31, 2022
Retirement Benefits [Abstract]
401(k) plan	401(k) planIn May 2020, the Company established a 401(k) plan that allows full-time employees to contribute a portion of their salary, subject to statutory limits. The Company makes matching cash contributions up to a pre-defined annual maximum contribution per employee per year. During the years ended December 31, 2022 and December 31, 2021, the Company’s total expense for the matching contributions was immaterial.

Workforce reduction

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring Plan

Workforce reduction

On November 14, 2022, the Company announced the decision to discontinue further development of NL-201. In conjunction with this decision, the Company's Board of Directors approved a restructuring plan that includes a reduction of approximately 40% of the Company's workforce (the "November 2022 Reduction").

The Company expects to incur aggregate restructuring charges consisting of severance payments, benefits, and other employee related costs of $1.8 million, of which $1.4 million was incurred during the year ended December 31, 2022 and the remaining $0.4 million will be incurred during the quarter ended March 31, 2023 due to future service requirements by certain employees to receive severance benefits. Of the $1.4 million of restructuring charges incurred during the year ended December 31, 2022, $0.2 million is included in general and administrative expenses and $1.2 million is included in research and development expenses in the statement of operations and comprehensive income. The Company expects to pay all remaining restructuring charges by the end of 2023.

A summary of the accrued liabilities activity recorded in connection with the November 2022 Reduction for the year ended December 31, 2022 is as follows (in thousands):


	Charges		Amounts Paid		Accrued at December 31, 2022
Employee severance, benefits, and related costs
November 2022 Reduction	$	1,407	$	366	$	1,041
Total	$	1,407	$	366	$	1,041

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn March 6, 2023, the Company's Board of Directors approved a reduction in force of the Company's workforce by approximately 70% and a re-prioritization of the Company’s focus to seek strategic alternatives to maximize shareholder value (the "Restructuring Plan"). The Company's current best estimate of costs it will incur total between $2.5 million and $3.0 million, consisting of employee related costs, including severance and benefits and equity compensation, contract termination costs, and other costs. Approximately $0.3 million of these costs are expected to be non-cash expenses. The majority of these costs are expected to be incurred during the first half of 2023, and the Company expects the execution of the Restructuring Plan will be substantially complete by the end of the second quarter of 2023. These costs are incremental to the exit and disposal costs previously disclosed in Item 5 of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2022.

Basis of presentation and summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentationThe accompanying financial statements are presented in United States (“U.S.”) dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Use of estimates and assumptions	Use of estimates and assumptionsThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant areas requiring estimates include valuation and recognition of stock-based compensation, the incremental borrowing rate utilized in the measurement of operating and finance lease liabilities, estimated useful lives utilized in the amortization and depreciation of property and equipment, and pre-clinical, clinical, and other accruals. Actual results could differ from those estimates.
Leases	Leases At contract inception, the Company determines if the contract is or contains a lease. Lease liabilities are recognized on the lease commencement date based on the estimated present value of lease payments over the lease term. To determine the present value of the lease payments, the Company utilizes its estimated incremental borrowing rate based on information available at the lease commencement date as the interest rate implicit in the lease is typically not readily determinable. The related right-of-use assets are recorded net of any lease incentives received. Variable lease cost primarily includes building operating expenses as charged to the Company by its landlords and payments for lessor-owned assets that are not covered by a tenant improvement allowance. The Company includes options to extend the lease in its lease liability and right-of-use asset when it is reasonably certain that it will exercise that option. None of the Company's options to extend the rental term of any of its existing leases were considered reasonably certain as of December 31, 2022. For leases of office space, the Company has elected to not separate the lease components from the non-lease components. For leases of office space with a lease term of 12 months or less and which do not include an option to purchase the underlying asset, the Company has elected to recognize the lease payments in the statement of operations on a straight-line basis over the lease term.
Cash, cash equivalents, and restricted cash	Cash, cash equivalents, and restricted cashThe Company considers all highly liquid investments with an original contractual maturity or a remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents consist of money market funds and U.S. treasury securities as of December 31,2022 and of money market funds as of December 31,2021.
Property and equipment	Property and equipment Property and equipment are recorded at cost and are amortized using the straight-line basis over a range of three to seven years. Expenditures for maintenance and repairs are expensed as incurred. The Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors. Based on management’s assessment there were no indicators of impairment of property and equipment as of December 31, 2022 and 2021.
Net loss per share	Net loss per shareBasic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, without consideration for common stock equivalents. Common stock equivalents are included in the calculation of diluted earnings per share only in periods of net income. Such common stock equivalents are excluded in the calculation of diluted net loss per share in periods of net loss as inclusion of such amounts would be anti-dilutive.
Intangible assets subject to amortization	Intangible assets subject to amortization Long-lived intangible assets are recorded at the acquired cost and amortized using the straight-line method over their estimated useful life. The intangible asset is tested for impairment when events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company recognizes an impairment loss when carrying amount is not recoverable and the estimated fair value of the intangible asset is less than its carrying value. Based on management’s assessment there were no indicators of impairment of intangible assets as of December 31, 2022 and 2021.
Income taxes	Income taxes The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the differences between events that have been recognized in the Company’s financial statements and the tax bases of assets and liabilities and tax carryforwards recognized at enacted tax rates. The measurement of deferred tax assets is reduced, if necessary, to the amount more likely than not to be realized by a valuation allowance.
Research and development costs	Research and development costs Research and development costs are charged to expense as incurred and include items such as: employee related expenses, including salaries, stock-based compensation, and benefits, expenses incurred under agreements with contract research organizations that conduct clinical trials and preclinical studies, the cost of acquiring, developing, and manufacturing clinical trial materials, facilities, and other expenses, which include direct and allocated expenses for rent and maintenance of facilities, and other supplies and costs associated with clinical trials, preclinical activities, and regulatory operations. Development costs are expensed in the period incurred unless management believes a development project meets generally accepted accounting criteria for deferral and amortization. No product development expenditures have been deferred to date. The Company records costs for certain development activities based on management’s evaluation of the progress to completion of specific tasks or information provided to the Company by vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued expense.
Accounting for stock-based compensation	Accounting for stock-based compensationThe Company has issued stock options and restricted stock units (“RSUs”). The Company measures the cost of services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost of such award is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. Awards subject to performance-based vesting requirements are expensed utilizing a graded vesting model if achievement of the performance criteria is determined to be probable. The Company accounts for forfeitures as they occur. The Company utilizes newly issued shares to satisfy option exercises, the vesting of RSUs, and Employee Stock Purchase Plan purchases. The Company estimates the fair value of options using the Black-Scholes option pricing model on the grant date. This approximation uses assumptions regarding a number of inputs that requires management to make significant estimates and judgments. The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. As the Company does not have sufficient historical experience for determining the expected term of the stock option awards granted, the Company has based its expected term for awards issued to employees on the simplified method, which represents the average period from vesting to the expiration of the stock option. In addition, the Company does not have sufficient trading history for the Company’s common stock, and therefore, the expected stock price volatility for the Company’s common stock was estimated by taking the average historical price volatility for industry peers. The Company has never declared or paid any cash dividends to common stockholders and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero. The risk-free interest rate was based on the yields of treasury securities with maturities similar to the expected term of the options for each option group. The fair value of each RSU is measured using the closing price of the Company’s common stock on the date of grant.
Segment reporting	Segment reportingThe Company operates in one segment, the research and development of de novo protein therapeutics using sophisticated computational algorithms and methods to address unmet medical needs. The Company's primary areas of focus are in oncology, inflammation, and autoimmunity. The Company’s operations and its assets are held in the United States.
Fair value of financial instruments	Fair value of financial instruments The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, receivables, accounts payable, and other liabilities, approximate their fair values because of their nature and/or short maturities. Certain of the Company’s financial instruments are measured at fair value on a recurring basis. The Company determines the fair value of those financial instruments based upon the fair value hierarchy, which prioritizes valuation inputs based on the observable nature of those inputs. The three levels of the fair value hierarchy are as follows: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed on the measurement date Level 2 - quoted prices (in non-active markets or in active markets for similar assets or liabilities), observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities
Concentration of credit risk	Concentration of credit riskFinancial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash, cash equivalents, and short-term investments. Cash, cash equivalents, and short-term investments are invested in accordance with the Company’s investment policy. The primary objective for the Company’s investment portfolio is the preservation of capital and maintenance of liquidity and includes guidelines on the quality of financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk.
Restructuring charges	Restructuring chargesThe Company records costs and liabilities associated with exit and disposal activities in accordance with ASC 420, Exit or Disposal Cost Obligations. Restructuring charges are recorded in the period in which they are incurred. The Company evaluates and adjusts these costs as appropriate for changes in circumstances as additional information becomes available.
Recently issued and recently adopted accounting standards	Recently issued and recently adopted accounting standardsIn June 2016, the FASB issued Accounting Standard Update ("ASU") No. 2016-13, Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In November 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives (Topic 815), and Leases (Topic 842). This ASU delayed the required adoption for SEC filers that are smaller reporting companies as of their determination on November 15, 2019, until annual and interim periods beginning after December 15, 2022, with early adoption permitted. The Company adopted this standard in conjunction with the investment in debt securities during the quarter ended June 30, 2022.
Investments	InvestmentsThe Company’s short-term investments consist entirely of investments in U.S. treasury securities. These investments are classified as available-for-sale debt securities and are therefore reported at fair value in the balance sheets. Unrealized gains and losses are included in accumulated other comprehensive income (loss). There were no realized gains or losses on investments for the years ended December 31, 2022 and 2021. The Company assesses investments for impairment at each reporting period. An investment is considered impaired when the amortized cost basis exceeds the fair value. When this is the case, the Company assesses whether the impairment is credit-related or noncredit-related based on various factors. When an impairment, or a portion of an impairment, is considered credit-related, an allowance for credit losses is recorded. For the years ended December 31, 2022 and 2021, the Company recognized no year-to-date credit losses and no allowance for credit losses is recorded as of December 31, 2022 or 2021.

Basis of presentation and summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	December 31,
	2022		2021
Cash and cash equivalents	$	37,887	$	142,467
Restricted cash	878		878
Total cash, cash equivalents, and restricted cash	$	38,765	$	143,345

Restrictions on Cash and Cash Equivalents


	December 31,
	2022		2021
Cash and cash equivalents	$	37,887	$	142,467
Restricted cash	878		878
Total cash, cash equivalents, and restricted cash	$	38,765	$	143,345

Fair Value, Assets Measured on Recurring Basis

The following table presents information about the Company's financial instruments that are measured at fair value on a recurring basis:


	December 31, 2022
(in thousands)	Total		Level 1		Level 2		Level 3
Financial assets
Money market funds	$	33,767	$	33,767	$	—	$	—
U.S. treasury securities	61,970		61,970		—		—
Total financial assets	$	95,737	$	95,737	$	—	$	—


	December 31, 2021
(in thousands)	Total		Level 1		Level 2		Level 3
Financial assets
Money market funds	$	140,856	$	140,856	$	—	$	—
U.S. treasury securities	—		—		—		—
Total financial assets	$	140,856	$	140,856	$	—	$	—

Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Cash, Cash Equivalents and Investments

The Company's investments consist of the following (in thousands):


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	33,767	$	—	$	—	$	33,767
U.S. treasury securities - due within 3 months	3,473		—		—		3,473
Short-term investments:
U.S. treasury securities - due within 1 year	58,518		6		(27)		58,497
Total	$	95,758	$	6	$	(27)	$	95,737


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	140,856		—		—		140,856
Total	$	140,856	$	—	$	—	$	140,856

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net consist of the following (in thousands):


	December 31, 2022
	Cost		Accumulated Amortization		Net Book Value
Laboratory equipment	$	6,773	$	1,926	$	4,847
Furniture, fixtures, and IT equipment	2,342		1,026		1,316
	$	9,115	$	2,952	$	6,163


	December 31, 2021
	Cost		Accumulated Amortization		Net Book Value
Laboratory equipment	$	6,237	$	1,006	$	5,231
Furniture, fixtures, and IT equipment	1,850		629		1,221
	$	8,087	$	1,635	$	6,452

Intangible asset, net (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Asset

The following table summarizes intangible asset (in thousands):


	December 31,
	2022		2021
Cost	$	659	$	659
Accumulated amortization	(659)		(531)
Net intangible asset	$	—	$	128

Accounts payable and other liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Other Liabilities

Accounts payable and other liabilities consist of the following (in thousands):


	December 31,
	2022		2021
Trade accounts payable	$	478	$	526
Accrued clinical and preclinical expenses	4,360		2,399
Accrued compensation and vacation	3,539		3,263
Other accrued liabilities	1,170		1,227
	$	9,547	$	7,415

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Components of Lease Expense

The components of the lease expense were as follows (in thousands):


	December 31,
	2022		2021
Finance lease cost
Amortization of right-of-use asset	$	58	$	49
Interest on lease liabilities	8		12
Operating lease cost	2,542		2,535
Short term lease cost	—		40
Variable lease cost	1,124		2,161
Total net lease cost	$	3,732	$	4,797

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:


	December 31,
	2022	2021
Weighted average remaining lease term—finance leases	3.00 years	2.70 years
Weighted average remaining lease term—operating leases	5.87 years	6.86 years
Weighted average discount rate—finance leases	6.99%	6.98%
Weighted average discount rate—operating leases	12.46%	12.42%

Supplemental Cash flow Information Related to Leases

Supplemental cash flow information related to leases was as follows (in thousands):


	December 31,
	2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,657	$	2,249
Cash paid for amounts included in the measurement of finance lease liabilities	$	64	$	63

Schedule of Company's Operating Lease Liability

At December 31, 2022, the future payments under the Company’s operating and finance lease liabilities were as follows (in thousands):


	Finance Lease		Operating Lease
2023	$	173	$	2,718
2024	109		2,781
2025	109		2,845
2026	26		2,806
2027	—		2,557
Thereafter	—		2,835
Total undiscounted lease payments	417		16,542
Less: imputed interest	(44)		(4,845)
Total lease liabilities	373		11,697
Less: current portion	(140)		(1,375)
Non-current lease liabilities—December 31, 2022	$	233	$	10,322

Schedule of Company's Finance Lease Liability

At December 31, 2022, the future payments under the Company’s operating and finance lease liabilities were as follows (in thousands):


	Finance Lease		Operating Lease
2023	$	173	$	2,718
2024	109		2,781
2025	109		2,845
2026	26		2,806
2027	—		2,557
Thereafter	—		2,835
Total undiscounted lease payments	417		16,542
Less: imputed interest	(44)		(4,845)
Total lease liabilities	373		11,697
Less: current portion	(140)		(1,375)
Non-current lease liabilities—December 31, 2022	$	233	$	10,322

Stockholders' equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Stock Option Activity

A summary of the Company's stock option activity and related information for the year ended December 31, 2022 is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2021	8,963,945	$	7.20	8.32	$	6,912
Options granted	3,431,050	$	1.32
Options exercised	(36,500)	$	3.67
Options cancelled/forfeited	(3,844,114)	$	7.10
Outstanding at December 31, 2022	8,514,381	$	4.89	8.32	$	—
Exercisable as of December 31, 2022	3,890,924	$	6.01	7.18	$	—

Schedule of Weighted Average Assumptions

The fair value of stock options granted is estimated using the Black-Scholes option pricing model with the following weighted average assumptions:


	December 31,
	2022		2021
Expected volatility	84	%	89	%
Expected dividends	0	%	0	%
Expected terms (years)	6.04		6.03
Risk free rate	2.66	%	0.93	%

Schedule of RSU Activity

A summary of the Company's restricted stock unit activity and related information for the year ended December 31, 2022 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2021	132,000	$	9.97
Restricted stock units granted	700,000	$	3.69
Restricted stock units vested	(24,750)	$	12.20
Restricted stock units forfeited	(428,750)	$	4.66
Non-vested at December 31, 2022	378,500	$	4.22

Summary of Stock-based Compensation Expense

Stock-based compensation expense is classified in the statements of operations as follows (in thousands):


	December 31,
	2022		2021
Research and development expenses	$	4,342	$	5,095
General and administrative expenses	4,487		6,462
Total stock-based compensation expense	$	8,829	$	11,557

Net loss per common stock (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Securities Excluded From Computation of Earnings Per Share

The Company excluded the following potentially dilutive shares from diluted net loss per share as the effect would have been anti-dilutive for all periods presented:


	December 31,
	2022	2021
Outstanding stock options	8,514,381	8,963,945
Restricted stock units	378,500	132,000
Shares issuable under 2020 ESPP	49,251	53,446
	8,942,132	9,149,391

Income taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Tax Recovery

Income tax recovery varies from the amounts that would be computed by applying the expected U.S. federal income tax rate (21%) as shown in the following table:


	December 31,
	2022		2021
Statutory federal income tax rate	(21.0)	%	(21.0)	%
Stock-based compensation	2.2		2.0
Change in valuation allowance	21.4		21.2
Tax credits	(2.6)		(2.2)
Income tax recovery	—	%	—	%

Schedule of Net (Loss) Income Before Taxes


Net loss before taxes (in thousands):	Years Ended December 31,
	2022		2021
U.S.	(57,578)		(60,692)
Total	$	(57,578)	$	(60,692)

Components of Deferred Income Tax Assets

The significant components of the deferred income tax assets are as follows (in thousands):


	December 31,
	2022		2021
Deferred tax assets:
U.S. net operating losses	$	26,362	$	22,863
Research and development deductions and credits	3,931		2,414
Intangibles	446		457
Lease liability	2,456		2,701
Stock-based compensation	2,274		1,695
Capitalized research and development	6,920		—
Other	168		186
Total deferred tax assets:	42,557		30,316
Deferred income tax liabilities
Right-of-use assets	2,040		2,261
Other	410		287
Total deferred tax liabilities	2,450		2,548
Net deferred income tax assets	40,107		27,768
Less: valuation allowance	(40,107)		(27,768)
Deferred tax assets, net of valuation allowance	$	—	$	—

Workforce reduction (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Summary of Restructuring Charges

A summary of the accrued liabilities activity recorded in connection with the November 2022 Reduction for the year ended December 31, 2022 is as follows (in thousands):


	Charges		Amounts Paid		Accrued at December 31, 2022
Employee severance, benefits, and related costs
November 2022 Reduction	$	1,407	$	366	$	1,041
Total	$	1,407	$	366	$	1,041

Basis of presentation and summary of significant accounting policies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) segment shares	Dec. 31, 2021 shares
Significant Accounting Policies [Line Items]
Security deposit	$ 0.9
Outstanding pre-funded warrants (in shares) \| shares	12,663,010	12,663,010
Number of operating segments \| segment	1
Unrealized loss	$ 40.7
Minimum
Significant Accounting Policies [Line Items]
Property and equipment useful life	3 years
Maximum
Significant Accounting Policies [Line Items]
Property and equipment useful life	7 years
Office \| Maximum
Significant Accounting Policies [Line Items]
Lease term	12 months

Basis of presentation and summary of significant accounting policies - Cash and cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 37,887	$ 142,467
Restricted cash	878	878
Total cash, cash equivalents, and restricted cash	$ 38,765	$ 143,345	$ 193,434

Basis of presentation and summary of significant accounting policies - Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Servicing Assets at Fair Value [Line Items]
Gross Unrealized Losses	$ (27)
Money market funds
Servicing Assets at Fair Value [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	33,767	$ 140,856
U.S. treasury securities
Servicing Assets at Fair Value [Line Items]
Gross Unrealized Losses	(27)
Fair Value, Recurring
Servicing Assets at Fair Value [Line Items]
Total financial assets	95,737	140,856
Fair Value, Recurring \| Money market funds
Servicing Assets at Fair Value [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	33,767	140,856
Fair Value, Recurring \| Level 1
Servicing Assets at Fair Value [Line Items]
Total financial assets	95,737	140,856
Fair Value, Recurring \| Level 1 \| Money market funds
Servicing Assets at Fair Value [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	33,767	140,856
Fair Value, Recurring \| Level 2
Servicing Assets at Fair Value [Line Items]
Total financial assets	0	0
Fair Value, Recurring \| Level 2 \| Money market funds
Servicing Assets at Fair Value [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Fair Value, Recurring \| Level 3
Servicing Assets at Fair Value [Line Items]
Total financial assets	0	0
Fair Value, Recurring \| Level 3 \| Money market funds
Servicing Assets at Fair Value [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Fair Value, Recurring \| U.S. treasury securities
Servicing Assets at Fair Value [Line Items]
U.S. treasury securities	61,970	0
Fair Value, Recurring \| U.S. treasury securities \| Level 1
Servicing Assets at Fair Value [Line Items]
U.S. treasury securities	61,970	0
Fair Value, Recurring \| U.S. treasury securities \| Level 2
Servicing Assets at Fair Value [Line Items]
U.S. treasury securities	0	0
Fair Value, Recurring \| U.S. treasury securities \| Level 3
Servicing Assets at Fair Value [Line Items]
U.S. treasury securities	$ 0	$ 0

Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash equivalents:
Amortized Cost	$ 37,887	$ 142,467
Short-term investments:
Amortized Cost	95,758
Gross Unrealized Gains	6
Gross Unrealized Losses	(27)
Fair Value	95,737
U.S. treasury securities
Short-term investments:
Amortized Cost	58,518
Gross Unrealized Gains	6
Gross Unrealized Losses	(27)
Fair Value	58,497
Money market funds
Cash equivalents:
Amortized Cost	33,767	140,856
Fair Value	33,767	$ 140,856
U.S. treasury securities
Cash equivalents:
Amortized Cost	3,473
Fair Value	$ 3,473

Property and equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Cost	$ 9,115	$ 8,087
Accumulated Amortization	2,952	1,635
Net Book Value	6,163	6,452
Laboratory equipment
Property, Plant and Equipment [Line Items]
Cost	6,773	6,237
Accumulated Amortization	1,926	1,006
Net Book Value	4,847	5,231
Furniture, fixtures, and IT equipment
Property, Plant and Equipment [Line Items]
Cost	2,342	1,850
Accumulated Amortization	1,026	629
Net Book Value	$ 1,316	$ 1,221

Property and equipment, net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1.4	$ 1.1

Intangible asset, net - Summary of Intangible Asset (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Cost	$ 659	$ 659
Accumulated amortization	(659)	(531)
Net intangible asset	$ 0	128
Intangible asset useful life	3 years
Amortization expense	$ 100	$ 200

Accounts payable and other liabilities - Schedule of Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Trade accounts payable	$ 478	$ 526
Accrued clinical and preclinical expenses	4,360	2,399
Accrued compensation and vacation	3,539	3,263
Other accrued liabilities	1,170	1,227
Accounts payable and other liabilities	$ 9,547	$ 7,415

Leases - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2022 USD ($) ft² option	Dec. 31, 2021 USD ($)	Jan. 31, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Security deposit	$ 900	$ 900
Tenant improvement allowance		9,500
Base lease payments	500
Increase in lease liability		(1,165)	$ (687)
Loss on disposal of property and equipment		118	0
Operating lease right-of-use asset	9,715	9,715	10,766
Finance lease right-of-use asset	$ 500	$ 500	$ 200
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net	Property and equipment, net
Standby Letters of Credit
Lessee, Lease, Description [Line Items]
Security deposit				$ 500
Washington \| Office space, principal executive offices and laboratory
Lessee, Lease, Description [Line Items]
Lease agreement, square feet of office space \| ft²	33,300	33,300
Number of options to extend lease \| option		2
Lease agreement extended period		5 years
Washington \| Office space, former principal executive offices and laboratory
Lessee, Lease, Description [Line Items]
Lease agreement, square feet of office space \| ft²	6,272	6,272
Washington \| Office space, additional offices and laboratory
Lessee, Lease, Description [Line Items]
Renewal term	28 months	28 months
Increase in right-of-use-asset		$ 1,600
Increase in lease liability		$ 1,600

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finance lease cost
Amortization of right-of-use asset	$ 58	$ 49
Interest on lease liabilities	8	12
Operating lease cost	2,542	2,535
Short term lease cost	0	40
Variable lease cost	1,124	2,161
Total net lease cost	$ 3,732	$ 4,797

Leases - Supplemental Balance Sheet Information Related to Leases (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term—finance leases	3 years	2 years 8 months 12 days
Weighted average remaining lease term—operating leases	5 years 10 months 13 days	6 years 10 months 9 days
Weighted average discount rate—finance leases	6.99%	6.98%
Weighted average discount rate—operating leases	12.46%	12.42%

Leases - Supplemental Cash flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2,657	$ 2,249
Cash paid for amounts included in the measurement of finance lease liabilities	$ 64	$ 63

Leases - Schedule of Company's Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finance Lease
2023	$ 173
2024	109
2025	109
2026	26
2027	0
Thereafter	0
Total undiscounted lease payments	417
Less: imputed interest	(44)
Total lease liabilities	373
Less: current portion	(140)	$ (55)
Non-current lease liabilities—December 31, 2022	233	67
Operating Lease
2023	2,718
2024	2,781
2025	2,845
2026	2,806
2027	2,557
Thereafter	2,835
Total undiscounted lease payments	16,542
Less: imputed interest	(4,845)
Total lease liabilities	11,697
Less: current portion	(1,375)	(1,166)
Non-current lease liabilities—December 31, 2022	$ 10,322	$ 11,696

Stockholders' equity - Additional Information (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 01, 2022 shares	Dec. 31, 2022 USD ($) d offering $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Nov. 04, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)		100,000,000	100,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.000001	$ 0.000001
Common stock, shares issued (in shares)		42,648,346	42,457,471
Common stock, shares outstanding (in shares)		42,648,346	42,457,471
Outstanding pre-funded warrants (in shares)		12,663,010	12,663,010
Exercise price (in dollars per share) \| $ / shares		$ 0.000001
Percentage of outstanding stock per stockholder, upon notice, maximum		19.99%
Notice period \| d		61
Preferred stock, shares authorized (in shares)		5,000,000	5,000,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.000001	$ 0.000001
Preferred stock, shares issued (in shares)		0	0
Preferred stock, shares outstanding (in shares)		0	0
Options outstanding (in shares)		8,514,381	8,963,945
Options exercised (in shares)		36,500
Common stock issued upon exercise of options aggregate intrinsic value \| $		$ 100	$ 1,300
Weighted-average grant date fair value of options granted (in dollars per share) \| $ / shares		$ 0.95	$ 6.37
Stock-based compensation expense \| $		$ 8,829	$ 11,557
Unrecognized stock-based compensation cost (in dollars per share) \| $		$ 13,400
Unrecognized stock-based compensation cost, weighted-average period recognized (in years)		2 years 1 month 24 days
Proceeds from ESPP \| $		$ 82	$ 372
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares of common stock that may be issued (in shares)		13,408,356
Shares of common stock reserved for issuance percentage		4.00%
Number of additional shares authorized (in shares)	2,212,454
Award expiration period (in years)		10 years
Shares available to be granted (in shares)		6,705,058	5,040,300
Equity Incentive Plan 2006
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		0
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised (in shares)		36,500	124,928
Issuance of shares under Employee Stock Purchase Plan (in shares)		129,625	51,747
Pre-funded warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding pre-funded warrants (in shares)		12,663,010
Percentage of outstanding stock per stockholder, maximum		9.99%
Shares issuable under 2020 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of shares under public offering (in dollars per share) \| $ / shares		$ 0.83	$ 9.53
Issuance of shares under Employee Stock Purchase Plan (in shares)		75,881	22,972
Shares issuable under 2020 ESPP \| 2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of shares under public offering (in dollars per share) \| $ / shares		$ 0.36	$ 5.33
ESPP common stock reserved for issuance (in shares)		759,936
ESPP max contribution rate		15.00%
ESPP purchase price of common stock, percent of market price		85.00%
ESPP number of offerings per year \| offering		2
ESPP offering period		6 months
Issuance of shares under Employee Stock Purchase Plan (in shares)		53,744	28,775
Proceeds from ESPP \| $		$ 100	$ 400
Equity Offering Sales Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum value \| $				$ 40,000

Stockholders' equity - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Options outstanding at beginning of period (in shares)	8,963,945
Options granted (in shares)	3,431,050
Options exercised (in shares)	(36,500)
Options cancelled/forfeited (in shares)	(3,844,114)
Options outstanding at end of period (in shares)	8,514,381	8,963,945
Options exercisable, Number of options (in shares)	3,890,924
Weighted Average Exercise Price
Options outstanding at beginning of period (in dollars per share)	$ 7.20
Options granted (in dollars per share)	1.32
Options exercised (in dollars per share)	3.67
Options cancelled/forfeited (in dollars per share)	7.10
Options outstanding at end of period (in dollars per share)	4.89	$ 7.20
Options exercisable, Weighted average exercise price (in dollars per share)	$ 6.01
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, Weighted average remaining contractual life (in years)	8 years 3 months 25 days	8 years 3 months 25 days
Options exercisable, Weighted average remaining contractual life (in years)	7 years 2 months 4 days
Options outstanding at beginning of period, Aggregate intrinsic value (in dollars)	$ 6,912
Options outstanding at end of period, Aggregate intrinsic value (in dollars)	0	$ 6,912
Options exercisable, Aggregate intrinsic value (in dollars)	$ 0

Stockholders' equity - Schedule of Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Expected volatility	84.00%	89.00%
Expected dividends	0.00%	0.00%
Expected terms (years)	6 years 14 days	6 years 10 days
Risk free rate	2.66%	0.93%

Stockholders' equity - Schedule of RSU Activity (Details) - Restricted stock units	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Number of Shares
Non-vested beginning balance (in shares) \| shares	132,000
Restricted stock units granted (in shares) \| shares	700,000
Restricted stock units vested (in shares) \| shares	(24,750)
Restricted stock units forfeited (in shares) \| shares	(428,750)
Non-vested ending balance (in shares) \| shares	378,500
Weighted Average Grant Date Fair Value
Non-vested beginning balance (in dollars per share) \| $ / shares	$ 9.97
Restricted stock units granted (in dollars per share) \| $ / shares	3.69
Restricted stock units vested (in dollars per share) \| $ / shares	12.20
Restricted stock units forfeited (in dollars per share) \| $ / shares	4.66
Non-vested ending balance (in dollars per share) \| $ / shares	$ 4.22

Stockholders' equity - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 8,829	$ 11,557
Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	4,342	5,095
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 4,487	$ 6,462

Net loss per common stock - Schedule of Securities Excluded From Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share (in shares)	8,942,132	9,149,391
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share (in shares)	8,514,381	8,963,945
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share (in shares)	378,500	132,000
Shares issuable under 2020 ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share (in shares)	49,251	53,446

Income taxes - Schedule of Income Tax Recovery (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	(21.00%)	(21.00%)
Stock-based compensation	2.20%	2.00%
Change in valuation allowance	21.40%	21.20%
Tax credits	(2.60%)	(2.20%)
Income tax recovery	0.00%	0.00%

Income taxes - Schedule of Net (Loss) Income Before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S.	$ (57,578)	$ (60,692)
Total	$ (57,578)	$ (60,692)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income taxes - Components of Deferred Income Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
U.S. net operating losses	$ 26,362	$ 22,863
Research and development deductions and credits	3,931	2,414
Intangibles	446	457
Lease liability	2,456	2,701
Stock-based compensation	2,274	1,695
Capitalized research and development	6,920	0
Other	168	186
Total deferred tax assets:	42,557	30,316
Deferred income tax liabilities
Right-of-use assets	2,040	2,261
Other	410	287
Total deferred tax liabilities	2,450	2,548
Net deferred income tax assets	40,107	27,768
Less: valuation allowance	(40,107)	(27,768)
Deferred tax assets, net of valuation allowance	$ 0	$ 0

Income taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes Disclosure [Line Items]
Capitalized research and development	$ 6,920	$ 0
Net operating losses carried forward for tax purposes	124,900	108,200
Operating loss carryforwards subject to expiration	1,700
Operating loss carryforwards not subject to expiration	123,200
Increase (decrease) in valuation allowance	12,300	12,900
Research Tax Credit Carryforward
Income Taxes Disclosure [Line Items]
Tax credits for research and development	$ 3,900	$ 2,400

License and patent agreements - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2019	Aug. 31, 2019	Dec. 31, 2022
License and patent agreements [Line Items]
Convertible preferred stock, Shares issued upon conversion (in shares)	419,700
University Of Washington
License and patent agreements [Line Items]
License arrangements, amounts of development milestones payment			$ 0.9
License arrangements, amounts payable based on net sales			10.0
License and maintenance \| University Of Washington
License and patent agreements [Line Items]
Shares issued for service (in shares)		536,813
License and maintenance \| Common stock \| University Of Washington
License and patent agreements [Line Items]
Stock issued for acquisition (in shares)		188,974
License and maintenance \| Minimum \| University Of Washington
License and patent agreements [Line Items]
Revenue from contract with customer, excluding assessed tax			100.0
License and maintenance \| Maximum \| University Of Washington
License and patent agreements [Line Items]
Revenue from contract with customer, excluding assessed tax			$ 1,000.0
Non-voting convertible preferred stock \| License and maintenance \| University Of Washington
License and patent agreements [Line Items]
Stock issued for acquisition (in shares)		4,197

Workforce reduction (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
Workforce reduction (Details) - USD ($) $ in Thousands	Nov. 14, 2022	Mar. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, period percent	40.00%
Expected cost	$ 1,800
Charges			$ 1,407
Amounts Paid			366
Accrued at period end			1,041
Forecast
Restructuring Cost and Reserve [Line Items]
Charges		$ 400
General and administrative expenses
Restructuring Cost and Reserve [Line Items]
Charges			200
Research and development expenses
Restructuring Cost and Reserve [Line Items]
Charges			1,200
November 2022 Reductions
Restructuring Cost and Reserve [Line Items]
Charges			1,407
Amounts Paid			366
Accrued at period end			$ 1,041

Subsequent Events (Details) - USD ($) $ in Millions		4 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Nov. 14, 2022	Jun. 30, 2023	Mar. 06, 2023
Subsequent Event [Line Items]
Number of positions eliminated, period percent	40.00%
Expected cost	$ 1.8
Subsequent Event
Subsequent Event [Line Items]
Expected non-cash expense			$ 0.3
Subsequent Event \| Forecast
Subsequent Event [Line Items]
Number of positions eliminated, period percent		70.00%
Subsequent Event \| Minimum
Subsequent Event [Line Items]
Expected cost			2.5
Subsequent Event \| Maximum
Subsequent Event [Line Items]
Expected cost			$ 3.0