0000950170-23-040702 | 10-Q | XBRL Viewer

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Stockholders' Equity - Schedule of Shares of Common Stock Available for Future Issuance (Details)	Jun. 30, 2023 shares
Class Of Stock [Line Items]
Total available for future issuance	14,508,511
Equity Incentive Plans
Class Of Stock [Line Items]
Total available for future issuance	2,044,087
Employee Stock Purchase Plan
Class Of Stock [Line Items]
Total available for future issuance	1,220,897
Exercise of Warrants and Pre-funded Warrants
Class Of Stock [Line Items]
Total available for future issuance	11,243,527

Net Loss Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

9. Net Loss Per Share

The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods indicated due to their anti-dilutive effect:


	Six Months Ended June 30,
	2023		2022
Stock options to purchase common stock		4,441,690		3,152,274
Unvested RSUs		1,201,500		600,648
Warrants to purchase common stock1		10,443,527		58,923
Conversion shares under the term loan with K2HV		590,816		—
Total		16,677,533		3,811,845

1 The table above excludes pre-funded warrants issued in connection with the July 2022 public offering (see Note 7).

Summary of Significant Accounting Policies	6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Unaudited Condensed Consolidated Financial Statements The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2022 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and comprehensive loss, and cash flows. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2022 was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 15, 2023. Reclassification Certain prior period amounts in the Company’s condensed consolidated statements of operations and comprehensive loss have been reclassified to conform to the current period presentation. Specifically, interest expense is disclosed separately on the Company’s condensed consolidated statements of operations and comprehensive loss, which had no impact on reported net loss, comprehensive loss, or loss per share. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated 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 disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to accrued research and development expenses, the fair value of stock options and unrecognized tax benefits. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Unrecognized tax benefits increased by approximately $6.7 million during the three and six months ended June 30, 2023. This change had no impact on the effective tax rate because of corresponding deductions from deferred tax assets. Fair Value Measurements Financial assets and liabilities are recorded at fair value on a recurring basis in the condensed consolidated balance sheets. The carrying values of Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, prepaid and other current assets, accounts payable and accrued expenses approximate to their fair value due to the short-term nature of these instruments. The fair value of the Company’s term loan approximates its carrying value, or amortized cost, due to the prevailing market rates of interest it bears. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds and commercial paper that are stated at fair value. Investments Investments have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its available-for-sale investments in debt securities at the time of purchase. Generally, investments with original maturities beyond three months at the date of purchase are classified as short-term because it is management’s intent to use the investments to fund current operations or to make them available for current operations. Realized gains and losses, if any, on available-for-sale securities are included in interest income and other, net. The cost of investments sold is based on the specific-identification method. The Company has not experienced any material realized gains or losses in the periods presented. The Company periodically evaluates whether declines in fair values of its available-for-sale securities below amortized cost are due to credit-related factors or other factors. This evaluation consists of several qualitative and quantitative factors regarding the creditworthiness of the issuers of the security, the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the available-for-sale security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any available-for-sale securities before recovery of its amortized cost basis. If a credit loss exists, an allowance for credit losses is recorded in interest income and other, net. To date, the Company has not recorded any impairment charges on its available-for-sale securities related to expected credit losses. Any remaining losses related to other factors are excluded from earnings and are reported as a component of comprehensive loss as an unrealized loss. Comprehensive Loss The Company’s comprehensive loss is comprised of net loss and changes in unrealized gains or losses on available-for-sale securities and foreign currency translation adjustments. Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The Company adopted this new guidance on January 1, 2023, using a modified retrospective approach and adoption did not have a material impact on the Company's consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40)—Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for convertible instruments, amends the guidance on derivative scope exceptions for contracts in an entity's own equity, and modifies the guidance on diluted earnings per share calculations as a result of these changes. The Company early adopted ASU 2020-06 as of January 1, 2023, using a modified retrospective approach and adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Unaudited Condensed Consolidated Financial Statements

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

The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2022 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and comprehensive loss, and cash flows. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2022 was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 15, 2023.

Reclassification

Certain prior period amounts in the Company’s condensed consolidated statements of operations and comprehensive loss have been reclassified to conform to the current period presentation. Specifically, interest expense is disclosed separately on the Company’s condensed consolidated statements of operations and comprehensive loss, which had no impact on reported net loss, comprehensive loss, or loss per share.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of condensed consolidated 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 disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period.

Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to accrued research and development expenses, the fair value of stock options and unrecognized tax benefits. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.

Unrecognized tax benefits increased by approximately $6.7 million during the three and six months ended June 30, 2023. This change had no impact on the effective tax rate because of corresponding deductions from deferred tax assets.

Fair Value Measurements

Financial assets and liabilities are recorded at fair value on a recurring basis in the condensed consolidated balance sheets. The carrying values of Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, prepaid and other current assets, accounts payable and accrued expenses approximate to their fair value due to the short-term nature of these instruments. The fair value of the Company’s term loan approximates its carrying value, or amortized cost, due to the prevailing market rates of interest it bears. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows:

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds and commercial paper that are stated at fair value.

Investments

Investments have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its available-for-sale investments in debt securities at the time of purchase. Generally, investments with original maturities beyond three months at the date of purchase are classified as short-term because it is management’s intent to use the investments to fund current operations or to make them available for current operations. Realized gains and losses, if any, on available-for-sale securities are included in interest income and other, net. The cost of investments sold is based on the specific-identification method. The Company has not experienced any material realized gains or losses in the periods presented.

The Company periodically evaluates whether declines in fair values of its available-for-sale securities below amortized cost are due to credit-related factors or other factors. This evaluation consists of several qualitative and quantitative factors regarding the creditworthiness of the issuers of the security, the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the available-for-sale security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any available-for-sale securities before recovery of its amortized cost basis. If a credit loss exists, an allowance for credit losses is recorded in interest income and other, net. To date, the Company has not recorded any impairment charges on its available-for-sale securities related to expected credit losses. Any remaining losses related to other factors are excluded from earnings and are reported as a component of comprehensive loss as an unrealized loss.

Comprehensive Loss

The Company’s comprehensive loss is comprised of net loss and changes in unrealized gains or losses on available-for-sale securities and foreign currency translation adjustments.

Recently Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the

net amount expected to be collected. The Company adopted this new guidance on January 1, 2023, using a modified retrospective approach and adoption did not have a material impact on the Company's consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40)—Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for convertible instruments, amends the guidance on derivative scope exceptions for contracts in an entity's own equity, and modifies the guidance on diluted earnings per share calculations as a result of these changes. The Company early adopted ASU 2020-06 as of January 1, 2023, using a modified retrospective approach and adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 31, 2023	Jul. 31, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Feb. 15, 2023	Mar. 31, 2021
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of common stock, net of commissions and offering expenses					$ 142	$ 43
Pre-funded Warrants
Subsidiary Sale Of Stock [Line Items]
Percentage of ownership limitation		9.99%
Percentage of ownership prior to issuance		4.99%
Warrants
Subsidiary Sale Of Stock [Line Items]
Percentage of ownership limitation		9.99%
Percentage of ownership prior to issuance		4.99%
Maximum \| Pre-funded Warrants
Subsidiary Sale Of Stock [Line Items]
Percentage of ownership limitation		19.99%
Maximum \| Warrants
Subsidiary Sale Of Stock [Line Items]
Percentage of ownership limitation		19.99%
A T M Facility
Subsidiary Sale Of Stock [Line Items]
Issuance of common stock			$ 23,667	$ 13,422
Public Offerings
Subsidiary Sale Of Stock [Line Items]
Public offering description		In July 2022, the Company completed an underwritten public offering of its common stock, warrants to purchase shares of its common stock and pre-funded warrants to purchase shares of its common stock. The Company sold 18,675,466 shares of its common stock with accompanying warrants to purchase up to 9,337,733 shares of its common stock at a combined public offering price of $3.55 per share. The Company also sold 7,944,252 pre-funded warrants to purchase shares of its common stock with accompanying warrants to purchase up to 3,972,126 shares of its common stock at a combined public offering price of $3.549 per pre-funded warrant, which represents the per share public offering price for the common stock less $0.001 per share, the exercise price for each pre-funded warrant. The Company raised aggregate proceeds of $88.2 million, net of underwriting discounts and commissions of $5.7 million and other offering costs of $0.6 million.
Proceeds from issuance of common stock, net of commissions and offering expenses	$ 296,800	$ 88,200
Issuance of common stock				$ 296,817
Shares issued and sold	19,461,538	18,675,466
Offering price per share	$ 16.25			$ 16.25
Offering price per share		$ 3.55
Underwriting discounts and commissions	$ 19,000	$ 5,700
Other offering costs	$ 500	$ 600
Common stock, par value		$ 0.001
Public Offerings \| Pre-funded Warrants
Subsidiary Sale Of Stock [Line Items]
Number of prefunded warrants issued during period		7,944,252
Combined price of prefunded and common stock warrant		$ 3.549
Public Offerings \| Maximum
Subsidiary Sale Of Stock [Line Items]
Warrants to purchase shares of common stock		9,337,733
Public Offerings \| Maximum \| Pre-funded Warrants
Subsidiary Sale Of Stock [Line Items]
Warrants to purchase shares of common stock		3,972,126
Public Offerings \| A T M Facility
Subsidiary Sale Of Stock [Line Items]
Maximum value of common stock to be issued under agreement							$ 150,000	$ 75,000
Public Offerings \| SVB Leerink LLC
Subsidiary Sale Of Stock [Line Items]
Selling commission per shares sold percentage								3.00%
Proceeds from issuance of common stock, net of commissions and offering expenses			$ 23,700	$ 13,400
Shares issued and sold			1,200,539	968,000

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs")	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of RSUs
Outstanding, Beginning Balance \| shares	1,095,738
Granted \| shares	379,075
Vested / released \| shares	(165,196)
Cancelled / forfeited \| shares	(108,117)
Outstanding, Ending Balance \| shares	1,201,500
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value Outstanding, Beginning Balance \| $ / shares	$ 5.77
Weighted Average Grant Date Fair Value Outstanding, Granted \| $ / shares	15.02
Weighted Average Grant Date Fair Value Outstanding, Vested/Released \| $ / shares	6.72
Weighted Average Grant Date Fair Value Outstanding, Cancelled/Forfeited \| $ / shares	6.74
Weighted Average Grant Date Fair Value Outstanding, Ending Balance \| $ / shares	$ 8.46

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2023 were as follows (in thousands):


	Valuation	Amortized		Unrealized		Unrealized			Fair
	Hierarchy	Cost		Gains		Losses			Value
Money market funds	Level 1	$	18,253	$	—	$	—		$	18,253
Commercial paper	Level 2		113,810		—		(70	)		113,740
U.S. treasury bills	Level 2		93,824		16		(11	)		93,829
U.S. government bonds	Level 2		77,871		1		(306	)		77,566
Agency bonds	Level 2		30,529		—		(195	)		30,334
Agency discount securities	Level 2		16,743		7		(5	)		16,745
Corporate debt securities	Level 2		8,137		—		(40	)		8,097
Total cash equivalents and available- for-sale securities		$	359,167	$	24	$	(627	)	$	358,564
Classified as:
Cash equivalents									$	126,010
Short-term available-for-sale securities									$	232,554
Total cash equivalents and available- for-sale securities									$	358,564

The Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2022 were as follows (in thousands):


	Valuation	Amortized		Unrealized		Unrealized			Fair
	Hierarchy	Cost		Gains		Losses			Value
Money market funds	Level 1	$	18,224	$	—	$	—		$	18,224
Commercial paper	Level 2		104,279		1		(84	)		104,196
U.S. government bonds	Level 2		18,225		1		(109	)		18,117
Agency bonds	Level 2		13,986		—		(78	)		13,908
Corporate debt securities	Level 2		10,488		—		(62	)		10,426
U.S. treasury bills	Level 2		7,414		1		(21	)		7,394
Agency discount securities	Level 2		5,216		9		—			5,225
Non-U.S. debt securities	Level 2		3,975		—		(20	)		3,955
Total cash equivalents and available- for-sale securities		$	181,807	$	12	$	(374	)	$	181,445
Classified as:
Cash equivalents										48,540
Short-term available-for-sale securities										132,905
Total cash equivalents and available- for-sale securities									$	181,445

Schedule of Contractual Maturities of Financial Assets Measured at Fair Value

The Company’s financial assets measured at fair value by contractual maturity as of June 30, 2023 were as follows (in thousands):


Within one year	$	333,305
After one year through two years		25,259
Total cash equivalents and available-for-sale securities	$	358,564

The Company’s financial assets measured at fair value by contractual maturity as of December 31, 2022 were as follows (in thousands):


Within one year	$	175,243
After one year through two years		6,202
Total cash equivalents and available-for-sale securities	$	181,445

Organization and Basis of Presentation - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Date of incorporation	Jun. 30, 2019
Cash and cash equivalents and short term available-for-sale securities	$ 478.0

Term Loan

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Term Loan

6. Term Loan

2021 Loan Agreement

In April 2020, the Company entered into a Loan and Security Agreement, (the “Loan Agreement”) with the lenders referred to therein, and Silicon Valley Bank (“SVB”), as collateral agent. The Loan Agreement as amended in May 2021 (the “2021 Loan Agreement”) provided for (i) a secured term A loan facility (the “Term A Loan Facility”) of up to $20.0 million and (ii) a secured term B loan facility (the “Term B Loan Facility”) of up to $5.0 million. The Term A Loan Facility of $20.0 million was fully drawn as of December 2022 and the Term B Loan Facility expired unused.

In January 2023, the Company executed a loan and security agreement with new lenders (the “2023 Loan Agreement”) and from the proceeds repaid $21.4 million in outstanding principal, final payment fee, prepayment fee and interest due under the 2021 Loan Agreement. Repayment of the 2021 Loan Agreement was accounted for as an extinguishment as the 2023 Loan Agreement was with new lenders. The Company recorded a loss on extinguishment of $1.2 million, which was recognized as a component of interest expense on the Company’s condensed consolidated statements of operations and comprehensive loss.

2023 Loan Agreement

In January 2023, the Company executed the 2023 Loan Agreement with the lenders referred to therein, K2 HealthVentures LLC (“K2HV”) as administrative agent and Ankura Trust Company, LLC as collateral agent. The 2023 Loan Agreement provides for up to $100.0 million in aggregate principal in term loans, consisting of a first term loan of $25.0 million that was funded at closing, two subsequent term loans totaling $25.0 million that may be funded upon the achievement of certain time-based, clinical and regulatory milestones, and a fourth term loan of up to $50.0 million that may be funded upon discretionary approval by the lenders.

The term loans are secured by substantially all of the assets of the Company, excluding the Company’s intellectual property. The 2023 Loan Agreement contains customary representations and warranties, restricts certain activities and includes customary events of default, including payment default, breach of covenants, change of control, and material adverse effects. In addition, starting January 1, 2024, the Company is required to maintain minimum unrestricted cash and cash equivalents equal to 5.0 times the average change in cash and cash equivalents measured over the trailing three-month period.

The term loans mature on January 1, 2027, provided that the maturity date may be extended to July 1, 2027, if the second and third term loans are funded and the Company achieves certain other financing milestones. The 2023 Loan Agreement provides for interest-only payments to February 1, 2025 that could be extended to February 1, 2026, provided that the maturity date is extended. Consecutive equal payments of principal and interest are due once the interest-only period has elapsed. The term loans bear interest equal to the greater of (i) 8.45% and (ii) the sum of (a) the Prime Rate as reported in The Wall Street Journal plus (b) 2.25%. The interest rate on the term loan was 9.75% at inception and 10.50% as of June 30, 2023. In addition, a final payment fee of 5.95% of the principal amount of the term loans is due upon the earlier of prepayment or maturity of the term loans. The Company has the option to prepay the entire outstanding balance of the term loans subject to a prepayment fee ranging from 3.0% to 1.0% depending on the timing of such prepayment. A commitment fee equal to 0.6% of the principal amount of the fourth term loan is also payable should such loan be funded.

At any time prior to full repayment of the term loans, the lenders may elect to convert up to an aggregate of $7.5 million of the principal amount of the term loans then outstanding into shares of the Company's common stock at a conversion price of $12.6943 per share. The embedded conversion option qualifies for a scope exception from derivative accounting because it is both indexed to the Company’s own stock and meets the conditions for equity classification.

Total debt issuance costs related to the first term loan were $0.8 million, including the fair value of the warrant related to the first term loan (discussed below) were recorded as a debt discount since the first term loan was funded at inception. The debt discount, together with the final payment fee, are recognized as interest expense using the effective interest method over the term of the loan.

The expected repayments of principal amount due on the term loans as of June 30, 2023 are as follows (in thousands):


Remainder of 2023	$	—
2024		—
2025		10,789
2026		13,024
2027		1,187
Total principal repayments		25,000
Final payment fee		185
Total principal repayments and final payment fee		25,185
Unamortized debt discount		(702	)
Total term loan, non-current, net	$	24,483

Warrants

In January 2023, in connection with the 2023 Loan Agreement, the Company issued the lenders a warrant to purchase up to an aggregate of 204,815 shares of the Company’s common stock at an exercise price of $9.7649 per share (the “warrant shares”) that expires in January 2033. The warrant shares become exercisable upon the funding of each term loan. In connection with the first term loan that was funded at closing, 51,204 of the warrant shares became exercisable. The warrant shares cannot be settled for cash and include a cashless exercise feature allowing the holder to receive shares net of shares withheld in lieu of the exercise price. The warrant shares also provide for automatic cashless exercise under certain specific conditions and settlement is permitted in unregistered shares. The 51,204 warrant shares meet the requirements for equity classification.

The Company determined the fair value of the 51,204 warrant shares issued using the Black-Scholes option-pricing model with the following assumptions: risk-free interest rate of 3.9%, no dividends, expected volatility of 93.8% and expected term of 10.0 years.

The remaining 153,611 warrant shares are contingently exercisable upon the funding of each subsequent term loan and have the same exercise price and contractual term (the “contingent warrants”). The contingent warrants did not meet the derivative scope exception or equity classification criteria and were accounted for as a derivative liability. The initial fair value and the fair value as of June 30, 2023 of the contingent warrants was insignificant. The contingent warrants derivative liability will be remeasured each reporting period until settled or extinguished with subsequent changes in fair value recorded as interest expense in the condensed consolidated statements of operations and comprehensive loss. The initial fair value of the contingent warrants derivative liability was determined using a probability weighted Black-Scholes option pricing model based on the same input assumptions above.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

5. Commitments and Contingencies

Asset Transfer and License Agreement with Teva Pharmaceutical Industries Ltd

In April 2018, the Company concurrently entered into two Asset Transfer and License Agreements (the “Teva Agreements”) with Teva Pharmaceutical Industries Ltd (“Teva”) under which it acquired certain patents and intellectual property relating to two programs: (1) Teva’s glycoPEGylated FGF21 program, including the compound TEV-47948 (pegozafermin), a glycoPEGylated long-acting FGF21 and (2) Teva’s development program of small molecule inhibitors of fatty acid synthase. Pursuant to the Teva Agreements, the Company paid Teva an initial nonrefundable upfront payment of $6.0 million and the Company could be obligated to pay Teva up to $67.5 million under each program, for a total of $135.0 million, upon the achievement of certain clinical development and commercial milestones. In addition, the Company is obligated to pay Teva tiered royalties at percentages in the low-to-mid single-digits on worldwide net sales on all products containing the Teva compounds.

The Teva Agreements can be terminated (i) by the Company without cause upon 120 days’ written notice to Teva, (ii) by either party, if the other party materially breaches any of its obligations under the Teva Agreements and fails to cure such breach within 60 days after receiving notice thereof, or (iii) by either party, if a bankruptcy petition is filed against the other party and is not dismissed within 60 days. In addition, Teva can also terminate the agreement related to the Company’s glycoPEGylated FGF21 program in the event the Company, or any of its affiliates or sublicensees, challenges any of the Teva patents licensed to the Company, and the challenge is not withdrawn within 30 days of written notice from Teva.

During the three and six months ended June 30, 2023 and 2022, none of the development and commercial milestones were met and accordingly, there were no milestone payments related to the Teva Agreements.

Term Loan - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended			6 Months Ended
	Jan. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Apr. 30, 2020 USD ($)	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Debt discount				$ 702
Loss on extinguishment				(1,208)
Tranche one
Debt Instrument [Line Items]
Warrants to purchase common stock \| shares	51,204
Loan Agreement
Debt Instrument [Line Items]
Line of credit facility, description			In April 2020, the Company entered into a Loan and Security Agreement, (the “Loan Agreement”) with the lenders referred to therein, and Silicon Valley Bank (“SVB”), as collateral agent. The Loan Agreement as amended in May 2021 (the “2021 Loan Agreement”) provided for (i) a secured term A loan facility (the “Term A Loan Facility”) of up to $20.0 million and (ii) a secured term B loan facility (the “Term B Loan Facility”) of up to $5.0 million. The Term A Loan Facility of $20.0 million was fully drawn as of December 2022 and the Term B Loan Facility expired unused.
Loss on extinguishment				$ (1,200)
Loan Agreement \| Term A Loan Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 20,000
Line of credit facility fully drawn amount		$ 20,000
Loan Agreement \| Term B Loan Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 5,000
2021 Loan Agreement
Debt Instrument [Line Items]
Repaid line of credit	$ 21,400
2023 Loan Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000
Line of credit facility, description	In January 2023, the Company executed a loan and security agreement with new lenders (the “2023 Loan Agreement”) and from the proceeds repaid $21.4 million in outstanding principal, final payment fee, prepayment fee and interest due under the 2021 Loan Agreement. Repayment of the 2021 Loan Agreement was accounted for as an extinguishment as the 2023 Loan Agreement was with new lenders. The Company recorded a loss on extinguishment of $1.2 million, which was recognized as a component of interest expense on the Company’s condensed consolidated statements of operations and comprehensive loss.
Warrant exercise price \| $ / shares	$ 9.7649
Warrants expiration month and year	2033-01
Minimum unrestriced cash and cash equivalents to three month average cash and cash equivalents multiplier				5.0
Debt instrument, maturity date	Jan. 01, 2027
Debt instrument, maturity date, description				The term loans mature on January 1, 2027, provided that the maturity date may be extended to July 1, 2027, if the second and third term loans are funded and the Company achieves certain other financing milestones.
Debt instrument, interest rate	9.75%			10.50%
Debt instrument, basis spread on variable rate	2.25%
Percentage of fee on loan				5.95%
Conversion price per share \| $ / shares	$ 12.6943
2023 Loan Agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate	8.45%
Prepayment fee percentage.				1.00%
2023 Loan Agreement \| Maximum
Debt Instrument [Line Items]
Warrants to purchase common stock \| shares	204,815
Prepayment fee percentage.				3.00%
Conversion of principal amount	$ 7,500
2023 Loan Agreement \| Tranche one
Debt Instrument [Line Items]
Debt discount	800
Line of credit facility fully drawn amount	$ 25,000
Contingent warrants \| shares	153,611
2023 Loan Agreement \| Tranche one \| Measurement Input, Expected Dividend Payment
Debt Instrument [Line Items]
Fair value of warrant assumptions, dividends	$ 0
2023 Loan Agreement \| Tranche one \| Valuation Technique, Option Pricing Model \| Measurement Input, Risk Free Interest Rate
Debt Instrument [Line Items]
Fair measurement input	0.039
2023 Loan Agreement \| Tranche one \| Valuation Technique, Option Pricing Model \| Measurement Input, Price Volatility
Debt Instrument [Line Items]
Fair measurement input	0.938
2023 Loan Agreement \| Tranche one \| Valuation Technique, Option Pricing Model \| Measurement Input, Expected Term
Debt Instrument [Line Items]
Fair measurement input	10 years
2023 Loan Agreement \| Tranche two and three
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 25,000
Debt instrument, maturity date	Jul. 01, 2027
2023 Loan Agreement \| Tranche Four
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000
Commitment fee percentage				0.60%

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2023 were as follows (in thousands):


	Valuation	Amortized		Unrealized		Unrealized			Fair
	Hierarchy	Cost		Gains		Losses			Value
Money market funds	Level 1	$	18,253	$	—	$	—		$	18,253
Commercial paper	Level 2		113,810		—		(70	)		113,740
U.S. treasury bills	Level 2		93,824		16		(11	)		93,829
U.S. government bonds	Level 2		77,871		1		(306	)		77,566
Agency bonds	Level 2		30,529		—		(195	)		30,334
Agency discount securities	Level 2		16,743		7		(5	)		16,745
Corporate debt securities	Level 2		8,137		—		(40	)		8,097
Total cash equivalents and available- for-sale securities		$	359,167	$	24	$	(627	)	$	358,564
Classified as:
Cash equivalents									$	126,010
Short-term available-for-sale securities									$	232,554
Total cash equivalents and available- for-sale securities									$	358,564

The Company’s financial assets measured at fair value by contractual maturity as of June 30, 2023 were as follows (in thousands):


Within one year	$	333,305
After one year through two years		25,259
Total cash equivalents and available-for-sale securities	$	358,564

The Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2022 were as follows (in thousands):


	Valuation	Amortized		Unrealized		Unrealized			Fair
	Hierarchy	Cost		Gains		Losses			Value
Money market funds	Level 1	$	18,224	$	—	$	—		$	18,224
Commercial paper	Level 2		104,279		1		(84	)		104,196
U.S. government bonds	Level 2		18,225		1		(109	)		18,117
Agency bonds	Level 2		13,986		—		(78	)		13,908
Corporate debt securities	Level 2		10,488		—		(62	)		10,426
U.S. treasury bills	Level 2		7,414		1		(21	)		7,394
Agency discount securities	Level 2		5,216		9		—			5,225
Non-U.S. debt securities	Level 2		3,975		—		(20	)		3,955
Total cash equivalents and available- for-sale securities		$	181,807	$	12	$	(374	)	$	181,445
Classified as:
Cash equivalents										48,540
Short-term available-for-sale securities										132,905
Total cash equivalents and available- for-sale securities									$	181,445

The Company’s financial assets measured at fair value by contractual maturity as of December 31, 2022 were as follows (in thousands):


Within one year	$	175,243
After one year through two years		6,202
Total cash equivalents and available-for-sale securities	$	181,445

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2023

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Basis of Presentation

1. Organization and Basis of Presentation

Description of Business

89bio, Inc. (“89bio” or the “Company”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. The Company’s lead product candidate, pegozafermin, a specifically engineered glycoPEGylated analog of fibroblast growth factor 21, is currently being developed for the treatment of nonalcoholic steatohepatitis and for the treatment of severe hypertriglyceridemia.

89bio was formed as a Delaware corporation in June 2019 to carry on the business of 89Bio Ltd., which was incorporated in Israel in January 2018.

Liquidity

The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. To date, the Company has not generated revenues from its activities and has incurred substantial operating losses. Management expects the Company to continue to generate substantial operating losses for the foreseeable future until it completes development of its products and seeks regulatory approvals to market such products. The Company had cash and cash equivalents and short-term available-for-sale securities of $478.0 million as of June 30, 2023.

The Company expects that its cash and cash equivalents and short-term available-for-sale securities as of June 30, 2023 will be sufficient to fund operating expenses and capital expenditure requirements for a period of at least one year from the date these unaudited condensed consolidated financial statements are filed with the Securities and Exchange Commission (“SEC”).

Term Loan (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Repayment of Principal Amount

The expected repayments of principal amount due on the term loans as of June 30, 2023 are as follows (in thousands):


Remainder of 2023	$	—
2024		—
2025		10,789
2026		13,024
2027		1,187
Total principal repayments		25,000
Final payment fee		185
Total principal repayments and final payment fee		25,185
Unamortized debt discount		(702	)
Total term loan, non-current, net	$	24,483

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event [Line Items]
Aggregate proceeds from sale of common stock, net of commissions	$ 142	$ 43
Aggregate proceeds from exercise of warrants	$ 15,590

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Realized gains or losses on investments		$ 0
Increase in unrecognized tax benefits	$ 6,700,000	$ 6,700,000
ASU 2016-13
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2023	Jan. 01, 2023
Change in accounting principle, accounting standards update, immaterial effect [true false]	true	true
ASU 2020-06
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, early adopted [true false]	true	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2023	Jan. 01, 2023
Change in accounting principle, accounting standards update, immaterial effect [true false]	true	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

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- Definition

Indicates (true false) whether accounting standards update was early adopted.

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+ Details

Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

As of June 30, 2023, the Company’s shares of common stock available for future issuance were as follows:


Shares available for future grant under the equity incentive plans			2,044,087
Shares available for future issuance under the employee stock purchase plan			1,220,897
Shares available for future issuance upon the exercise of warrants and pre-funded warrants			11,243,527
Total available for future issuance			14,508,511

Public Offerings

At-the-Market Offerings

In March 2021, the Company entered into a sales agreement (the “Sales Agreement”) with SVB Securities LLC and Cantor Fitzgerald & Co. (the “Sales Agents”) pursuant to which it may offer and sell up to $75.0 million of the Company’s common stock, from time to time, in “at-the-market” offerings (the “ATM Facility”). The Sales Agents are entitled to compensation at a commission equal to 3.0% of the aggregate gross sales price per share sold under the Sales Agreement.

During the three months ending March 31, 2023, the Company received aggregate proceeds of $13.4 million, net of commissions, from sales of 968,000 shares of its common stock pursuant to the ATM Facility.

On February 15, 2023, the Company entered into Amendment No. 1 to the Sales Agreement with the Sales Agents, pursuant to which the Company may offer and sell up to $150.0 million of its common stock, from time to time, through the ATM Facility.

During the three months ended June 30, 2023, the Company received aggregate proceeds of $23.7 million, net of commissions, from sales of 1,200,539 shares of its common stock pursuant to the ATM Facility.

July 2022 Public Offering

In July 2022, the Company completed an underwritten public offering of its common stock, warrants to purchase shares of its common stock and pre-funded warrants to purchase shares of its common stock. The Company sold 18,675,466 shares of its common stock with accompanying warrants to purchase up to 9,337,733 shares of its common stock at a combined public offering price of $3.55 per share. The Company also sold 7,944,252 pre-funded warrants to purchase shares of its common stock with accompanying warrants to purchase up to 3,972,126 shares of its common stock at a combined public offering price of $3.549 per pre-funded warrant, which represents the per share public offering price for the common stock less $0.001 per share, the exercise price for each pre-funded warrant. The Company raised aggregate proceeds of $88.2 million, net of underwriting discounts and commissions of $5.7 million and other offering costs of $0.6 million.

The exercise of the outstanding warrants is subject to a beneficial ownership limitation of 9.99%, or at the election of the holder prior to the issuance of the warrant, 4.99%. The exercise of the outstanding pre-funded warrants is subject to a beneficial ownership limitation of 9.99%, or at the election of the holder prior to the issuance of the pre-funded warrant, 4.99%, which a holder may increase or decrease from time to time but shall not exceed 19.99%. The exercise price and number of shares of common stock issuable upon the exercise of the warrants and pre-funded warrants are subject to adjustment in the event of any stock dividends, stock splits, reverse stock split, recapitalization, or reorganization or similar transaction, as described in the agreements. Under certain circumstances, the warrants and pre-funded warrants may be exercisable on a “cashless” basis. The warrants and pre-funded warrants were classified as a component of stockholders’ equity and additional paid-in capital because such warrants and pre-funded warrants (i) are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, (ii) are immediately exercisable, (iii) do not embody an obligation for the Company to repurchase its shares, (iv) permit the holders to receive a fixed number of common shares upon exercise, (v) are indexed to the Company’s common stock and (vi) meet the equity classification criteria. In addition, the warrants and pre-funded warrants do not provide any guarantee of value or return.

March 2023 Public Offering

In March 2023, the Company completed an underwritten public offering of its common stock. The Company sold 19,461,538 shares of its common stock at a public offering price of $16.25 per share. The Company raised aggregate proceeds of $296.8 million, net of underwriting discounts and commissions of $19.0 million and other offering costs of $0.5 million.

Common Stock Warrants

As of June 30, 2023, the Company’s outstanding warrants to purchase shares of its common stock were as follows:


	Shares of Common Stock Underlying Warrants		Exercise Price Per Share		Expiration Date
Warrant issued with term loan to SVB		25,000	$	22.06	June 30, 2025
Warrant issued with term loan to SVB		33,923		19.12	May 28, 2031
Warrants issued with term loan to K2HV		204,815		9.76	January 27, 2033
Warrants issued in public offering		10,179,789		5.325	July 1, 2024
Pre-funded warrants issued in public offering		800,000		0.001	Do Not Expire
Total outstanding		11,243,527

- 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.

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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Public Offerings	A T M Facility	Common Stock	Common Stock Public Offerings	Common Stock A T M Facility	Additional Paid-in Capital	Additional Paid-in Capital Public Offerings	Additional Paid-in Capital A T M Facility	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning balance at Dec. 31, 2021	$ 125,957			$ 20			$ 339,218			$ (64)	$ (213,217)
Beginning balance, shares at Dec. 31, 2021				20,317,204
Issuance of common stock upon exercise of stock options	29						29
Issuance of common stock upon exercise of stock options, shares				12,065
Issuance of common stock upon vesting of restricted stock units, net, shares				22,115
Stock-based compensation	2,512						2,512
Net loss	(25,565)										(25,565)
Other comprehensive income (loss)	(192)									(192)
Ending balance at Mar. 31, 2022	102,741			$ 20			341,759			(256)	(238,782)
Ending balance, shares at Mar. 31, 2022				20,351,384
Beginning balance at Dec. 31, 2021	125,957			$ 20			339,218			(64)	(213,217)
Beginning balance, shares at Dec. 31, 2021				20,317,204
Net loss	(50,619)
Other comprehensive income (loss)	(254)
Ending balance at Jun. 30, 2022	80,185			$ 20			344,319			(318)	(263,836)
Ending balance, shares at Jun. 30, 2022				20,367,363
Beginning balance at Mar. 31, 2022	102,741			$ 20			341,759			(256)	(238,782)
Beginning balance, shares at Mar. 31, 2022				20,351,384
Issuance of common stock upon ESPP purchases	43						43
Issuance of common stock upon ESPP purchase, Shares				15,979
Withholding taxes related to restricted stock units	(69)						(69)
Stock-based compensation	2,586						2,586
Net loss	(25,054)										(25,054)
Other comprehensive income (loss)	(62)									(62)
Ending balance at Jun. 30, 2022	80,185			$ 20			344,319			(318)	(263,836)
Ending balance, shares at Jun. 30, 2022				20,367,363
Beginning balance at Dec. 31, 2022	151,832			$ 51			467,374			(350)	(315,243)
Beginning balance, shares at Dec. 31, 2022				50,560,590
Issuance of common stock		$ 296,817	$ 13,422		$ 19	$ 1		$ 296,798	$ 13,421
Issuance of common stock, shares					19,461,538	968,000
Issuance of common stock upon exercise of warrants	8,960			$ 2			8,958
Issuance of common stock upon exercise of warrants				1,682,500
Issuance of common stock upon exercise of stock options	185						185
Issuance of common stock upon exercise of stock options, shares				61,408
Issuance of common stock upon vesting of restricted stock units, net of withholding taxes	(693)						(693)
Issuance of common stock upon vesting of restricted stock units, net of withholding taxes, shares				133,669
Issuance of common stock warrants in connection with term loan	482						482
Stock-based compensation	3,551						3,551
Net loss	(28,836)										(28,836)
Other comprehensive income (loss)	110									110
Ending balance at Mar. 31, 2023	445,830			$ 73			790,076			(240)	(344,079)
Ending balance, shares at Mar. 31, 2023				72,867,705
Beginning balance at Dec. 31, 2022	151,832			$ 51			467,374			(350)	(315,243)
Beginning balance, shares at Dec. 31, 2022				50,560,590
Issuance of common stock warrants in connection with term loan	482
Net loss	(67,229)
Other comprehensive income (loss)	(244)
Ending balance at Jun. 30, 2023	441,986			$ 75			824,977			(594)	(382,472)
Ending balance, shares at Jun. 30, 2023				75,466,600
Beginning balance at Mar. 31, 2023	445,830			$ 73			790,076			(240)	(344,079)
Beginning balance, shares at Mar. 31, 2023				72,867,705
Issuance of common stock			$ 23,667			$ 1			$ 23,666
Issuance of common stock, shares						1,200,539
Issuance of common stock upon exercise of warrants	6,630			$ 1			6,629
Issuance of common stock upon exercise of warrants				1,245,070
Issuance of common stock upon exercise of stock options	327						327
Issuance of common stock upon exercise of stock options, shares				107,832
Issuance of common stock upon ESPP purchases	142						142
Issuance of common stock upon ESPP purchase, Shares				13,927
Issuance of common stock upon vesting of restricted stock units, net of withholding taxes, shares				31,527
Stock-based compensation	4,137						4,137
Net loss	(38,393)										(38,393)
Other comprehensive income (loss)	(354)									(354)
Ending balance at Jun. 30, 2023	$ 441,986			$ 75			$ 824,977			$ (594)	$ (382,472)
Ending balance, shares at Jun. 30, 2023				75,466,600

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Aggregated Fair Value	$ 358,564	$ 181,445
Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	359,167	181,807
Short-term investments, Gross Unrealized Holding Gains	24	12
Short-term investments, Gross Unrealized Holding Losses	(627)	(374)
Short-term investments, Aggregated Fair Value	358,564	181,445
Recurring \| Cash equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Aggregated Fair Value	126,010	48,540
Recurring \| Short-term available for sale securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Aggregated Fair Value	232,554	132,905
Recurring \| Level 1 \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	18,253	18,224
Short-term investments, Aggregated Fair Value	18,253	18,224
Recurring \| Level 2 \| Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	113,810	104,279
Short-term investments, Gross Unrealized Holding Gains		1
Short-term investments, Gross Unrealized Holding Losses	(70)	(84)
Short-term investments, Aggregated Fair Value	113,740	104,196
Recurring \| Level 2 \| U.S. treasury bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	93,824	7,414
Short-term investments, Gross Unrealized Holding Gains	16	1
Short-term investments, Gross Unrealized Holding Losses	(11)	(21)
Short-term investments, Aggregated Fair Value	93,829	7,394
Recurring \| Level 2 \| U.S. government bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	77,871	18,225
Short-term investments, Gross Unrealized Holding Gains	1	1
Short-term investments, Gross Unrealized Holding Losses	(306)	(109)
Short-term investments, Aggregated Fair Value	77,566	18,117
Recurring \| Level 2 \| Agency bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	30,529	13,986
Short-term investments, Gross Unrealized Holding Losses	(195)	(78)
Short-term investments, Aggregated Fair Value	30,334	13,908
Recurring \| Level 2 \| Non-US debt securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost		3,975
Short-term investments, Gross Unrealized Holding Losses		(20)
Short-term investments, Aggregated Fair Value		3,955
Recurring \| Level 2 \| Agency discount securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	16,743	5,216
Short-term investments, Gross Unrealized Holding Gains	7	9
Short-term investments, Gross Unrealized Holding Losses	(5)
Short-term investments, Aggregated Fair Value	16,745	5,225
Recurring \| Level 2 \| Corporate Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	8,137	10,488
Short-term investments, Gross Unrealized Holding Losses	(40)	(62)
Short-term investments, Aggregated Fair Value	$ 8,097	$ 10,426

Stock-Based Compensation - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 4,137	$ 2,586	$ 7,688	$ 5,098
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	1,712	1,014	3,199	1,898
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 2,425	$ 1,572	$ 4,489	$ 3,200

Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Securities Excluded From Calculation of Diluted Net Loss (Details) - shares

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive common stock equivalents excluded from calculation of diluted net loss per share

16,677,533

3,811,845

Stock Options to Purchase Common Stock

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive common stock equivalents excluded from calculation of diluted net loss per share

4,441,690

3,152,274

Unvested RSUs

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive common stock equivalents excluded from calculation of diluted net loss per share

1,201,500

600,648

Warrants to Purchase Common Stock

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive common stock equivalents excluded from calculation of diluted net loss per share

^[1]

10,443,527

58,923

Conversion Shares Under the Term Loan with K2hv

Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]

Antidilutive common stock equivalents excluded from calculation of diluted net loss per share

590,816

[1]	The table above excludes pre-funded warrants issued in connection with the July 2022 public offering (see Note 7).

Term Loan - Schedule of Repayment of Principal Amount (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2025	$ 10,789
2026	13,024
2027	1,187
Total principal repayments	25,000
Final payment fee	185
Total principal repayments and final payment fee	25,185
Less: unamortized debt discount	(702)
Total term loan, non-current, net	$ 24,483	$ 20,192

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables And Accruals [Abstract]
Accrued research and development expenses	$ 11,023	$ 6,499
Accrued employee and related expenses	2,760	4,165
Accrued professional and legal fees	1,191	1,052
Accrued other expenses	82	228
Total accrued expenses	$ 15,056	$ 11,944

Stock-Based Compensation - Additional Information (Details) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Feb. 28, 2021	Oct. 31, 2019 shares	Sep. 30, 2019 shares	Jun. 30, 2023 USD ($) Employee shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Employee shares	Jun. 30, 2022 USD ($)	Feb. 28, 2023 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares reserved for future issuance				14,508,511		14,508,511
Share base compensation expense \| $				$ 4,137	$ 2,586	$ 7,688	$ 5,098
Service-based RSUs \| Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share base compensation expense \| $				900	200	1,600	400
Performance RSUs \| Executive Officer and Certain Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share base compensation expense \| $				$ 200	$ 400	$ 500	$ 700
Vesting period	1 year
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares issuable under the plan (in shares)		225,188
Common stock shares reserved for future issuance				1,220,897		1,220,897
Percentage of increase in number of shares of capital stock issued and outstanding		1.00%
Percent of purchase shares of common stock		85.00%
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares issuable under the plan (in shares)			2,844,193
Percentage of increase in number of shares of capital stock issued and outstanding			4.00%
Granted						1,504,300
2023 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares reserved for future issuance								1,500,000
Granted				138,100		138,100
Number of new employees granted shares under the plan \| Employee				6		6
Minimum \| Service-based RSUs \| Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						2 years
Maximum \| Service-based RSUs \| Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						3 years
Maximum \| Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period for increase in number of shares of common stock reserved for issuance		10 years
Maximum \| 2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period for increase in number of shares of common stock reserved for issuance			10 years

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 245,441	$ 55,255
Short-term available-for-sale securities	232,554	132,905
Prepaid and other current assets	13,879	7,920
Total current assets	491,874	196,080
Operating lease right-of-use asset	280	363
Property and equipment, net	68	92
Other assets	289	289
Total assets	492,511	196,824
Current liabilities:
Accounts payable	10,715	12,502
Accrued expenses	15,056	11,944
Operating lease liability, current	173	168
Total current liabilities	25,944	24,614
Operating lease liability, non-current	98	186
Term loan, non-current, net	24,483	20,192
Total liabilities	50,525	44,992
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock	75	51
Additional paid-in capital	824,977	467,374
Accumulated other comprehensive loss	(594)	(350)
Accumulated deficit	(382,472)	(315,243)
Total stockholders’ equity	441,986	151,832
Total liabilities and stockholders’ equity	$ 492,511	$ 196,824

Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

Equity Incentive Plans

In September 2019, the Company’s board of directors adopted the 2019 Equity Incentive Plan (the “2019 Plan”), which also became effective in September 2019. The Company initially reserved 2,844,193 shares of common stock for issuance under the 2019 Plan. In addition, the number of shares of common stock reserved for issuance under the 2019 Plan will automatically increase on the first day of January for a period of up to ten years in an amount equal to 4% of the total number of shares of the Company’s capital stock outstanding on the immediately preceding December 31, or a lesser number of shares determined by the Company’s board of directors.

In February 2023, the Company’s board of directors adopted the 2023 Inducement Plan (the “2023 Plan”), which also became effective in February 2023. The Company initially reserved 1,500,000 shares of common stock for issuance under the 2023 Plan. Under the 2023 Plan, new employees are eligible to receive equity awards as a material inducement to the commencement of employment with the Company. During the three and six months ended June 30, 2023, options to purchase an aggregate of 138,100 shares were granted to six new employees under the 2023 Plan.

Employee Stock Purchase Plan

In October 2019, the Company’s board of directors adopted the 2019 Employee Stock Purchase Plan (“ESPP”), which became effective in November 2019. The Company initially reserved 225,188 shares of common stock for purchase under the ESPP. The number of shares of common stock reserved for issuance under the ESPP will automatically increase on the first day of January for a period of up to ten years in an amount equal to 1% of the total number of shares of the Company’s common stock outstanding on the immediately preceding December 31, or a lesser number of shares determined by the Company’s board of directors. Purchases are accomplished through the participation of discrete offering periods and each offering is expected to be six months in duration. For each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of the fair

market value of the Company’s common stock on (1) the first trading day of the applicable offering period or (2) the last trading day of the applicable offering period.

Stock Options

The following table summarizes stock option activity for the six months ended June 30, 2023:


						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Options			Price		Term		Value
						(In years)		(In thousands)
Balance outstanding as of December 31, 2022		3,161,917		$	12.80		7.9	$	16,612
Granted		1,504,300			15.02
Exercised		(169,240	)		3.02
Cancelled and forfeited		(55,287	)		9.08
Balance outstanding as of June 30, 2023		4,441,690		$	13.97		8.2	$	30,853
Exercisable as of June 30, 2023		1,877,088		$	14.12		7.0	$	15,647

The fair value of stock option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:


	Six Months Ended June 30,
	2023	2022
Expected term (years)	5.5-6.1	5.5-6.1
Expected volatility	91.6-98.2%	89.9-91.0%
Risk-free interest rate	3.4-3.8%	1.6-2.8%
Expected dividend	—	—

Restricted Stock Units (“RSUs”)

The Company has granted certain employees service-based RSUs that generally vest annually over a two or three-year period. The restrictions lapse over time for these service-based RSUs. In the event of termination of the holder’s continuous service to the Company, any unvested portion of the service-based RSUs is cancelled. For the three months ended June 30, 2023 and 2022, the Company recognized $0.9 million and $0.2 million, respectively, in expense related to the service-based RSUs. For the six months ended June 30, 2023 and 2022, the Company recognized $1.6 million and $0.4 million, respectively, in expense related to the service-based RSUs.

In February 2021, the Company granted performance-based RSUs that vest as to one-third on each one-year anniversary date, subject to achievement of a development milestone and continued service to the Company. In each of February 2022 and 2023, a portion of the performance-based RSUs vested upon achievement of the development milestone and satisfaction of the continued service condition.

In February and September 2022, the Company granted performance-based RSUs that vest during the applicable performance period, subject to the achievement of certain corporate or department targets and continued service to the Company. In September 2022, March 2023 and June 2023, a portion of the performance-based RSUs that were granted in February 2022 vested upon achievement of specific targets and satisfaction of the continued service condition.

As of June 30, 2023, it was probable that the remaining performance conditions would be met for the Company’s performance-based RSUs and expense was recognized using the accelerated attribution method. For the three months ended June 30, 2023 and 2022, the Company recognized expense of $0.2 million and $0.4 million, respectively, related to performance-based RSUs. For the six months ended June 30, 2023 and 2022, the Company recognized $0.5 million and $0.7 million, respectively, in expense related to the performance-based RSUs.

The following table summarizes RSU activity for the six months ended June 30, 2023:


	Number of RSUs			Weighted Average Fair Value at Date of Grant per Unit
Balance outstanding as of December 31, 2022		1,095,738		$	5.77
Granted		379,075			15.02
Vested / released		(165,196	)		6.72
Cancelled / forfeited		(108,117	)		6.74
Balance outstanding as of June 30, 2023		1,201,500		$	8.46

The Company recorded stock-based compensation for the periods indicated as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	1,712	$	1,014	$	3,199	$	1,898
General and administrative		2,425		1,572		4,489		3,200
Total stock-based compensation	$	4,137	$	2,586	$	7,688	$	5,098

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for the six months ended June 30, 2023:


						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Options			Price		Term		Value
						(In years)		(In thousands)
Balance outstanding as of December 31, 2022		3,161,917		$	12.80		7.9	$	16,612
Granted		1,504,300			15.02
Exercised		(169,240	)		3.02
Cancelled and forfeited		(55,287	)		9.08
Balance outstanding as of June 30, 2023		4,441,690		$	13.97		8.2	$	30,853
Exercisable as of June 30, 2023		1,877,088		$	14.12		7.0	$	15,647

Summary of Estimated Fair Value of Stock Option Awards Granted Using Black-Scholes Option-Pricing Model

The fair value of stock option awards granted for the periods indicated was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:


	Six Months Ended June 30,
	2023	2022
Expected term (years)	5.5-6.1	5.5-6.1
Expected volatility	91.6-98.2%	89.9-91.0%
Risk-free interest rate	3.4-3.8%	1.6-2.8%
Expected dividend	—	—

Summary of Restricted Stock Unit Activity

The following table summarizes RSU activity for the six months ended June 30, 2023:


	Number of RSUs			Weighted Average Fair Value at Date of Grant per Unit
Balance outstanding as of December 31, 2022		1,095,738		$	5.77
Granted		379,075			15.02
Vested / released		(165,196	)		6.72
Cancelled / forfeited		(108,117	)		6.74
Balance outstanding as of June 30, 2023		1,201,500		$	8.46

Summary of Stock-Based Compensation

The Company recorded stock-based compensation for the periods indicated as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	1,712	$	1,014	$	3,199	$	1,898
General and administrative		2,425		1,572		4,489		3,200
Total stock-based compensation	$	4,137	$	2,586	$	7,688	$	5,098

Commitments and Contingencies - Additional Information (Details) - Teva Agreement - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2018	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Loss Contingencies [Line Items]
Nonrefundable upfront payment	$ 6,000,000.0
Payment upon achievement of certain clinical and commercial milestones	135,000,000.0
Asset transfer and license agreement, termination period after written notice				120 days
Asset transfer and license agreement, termination period notice of breach				60 days
Asset transfer and license agreement termination notice period if bankruptcy petition filed				60 days
Milestone payments		$ 0	$ 0	$ 0	$ 0
Research and Development Expenses
Loss Contingencies [Line Items]
Milestone payments		$ 0	$ 0	$ 0	$ 0
Teva's GlycoPEGylated FGF21 Program
Loss Contingencies [Line Items]
Payment upon achievement of certain clinical and commercial milestones	67,500,000
Teva's Development Program
Loss Contingencies [Line Items]
Payment upon achievement of certain clinical and commercial milestones	$ 67,500,000

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Unaudited Condensed Consolidated Financial Statements	Unaudited Condensed Consolidated Financial Statements The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. The accompanying interim condensed consolidated financial statements are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2022 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and comprehensive loss, and cash flows. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2022 was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 15, 2023.
Reclassification	Reclassification Certain prior period amounts in the Company’s condensed consolidated statements of operations and comprehensive loss have been reclassified to conform to the current period presentation. Specifically, interest expense is disclosed separately on the Company’s condensed consolidated statements of operations and comprehensive loss, which had no impact on reported net loss, comprehensive loss, or loss per share.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated 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 disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to accrued research and development expenses, the fair value of stock options and unrecognized tax benefits. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Unrecognized tax benefits increased by approximately $6.7 million during the three and six months ended June 30, 2023. This change had no impact on the effective tax rate because of corresponding deductions from deferred tax assets.
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities are recorded at fair value on a recurring basis in the condensed consolidated balance sheets. The carrying values of Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, prepaid and other current assets, accounts payable and accrued expenses approximate to their fair value due to the short-term nature of these instruments. The fair value of the Company’s term loan approximates its carrying value, or amortized cost, due to the prevailing market rates of interest it bears. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market funds and commercial paper that are stated at fair value.
Investments	Investments Investments have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its available-for-sale investments in debt securities at the time of purchase. Generally, investments with original maturities beyond three months at the date of purchase are classified as short-term because it is management’s intent to use the investments to fund current operations or to make them available for current operations. Realized gains and losses, if any, on available-for-sale securities are included in interest income and other, net. The cost of investments sold is based on the specific-identification method. The Company has not experienced any material realized gains or losses in the periods presented. The Company periodically evaluates whether declines in fair values of its available-for-sale securities below amortized cost are due to credit-related factors or other factors. This evaluation consists of several qualitative and quantitative factors regarding the creditworthiness of the issuers of the security, the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the available-for-sale security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any available-for-sale securities before recovery of its amortized cost basis. If a credit loss exists, an allowance for credit losses is recorded in interest income and other, net. To date, the Company has not recorded any impairment charges on its available-for-sale securities related to expected credit losses. Any remaining losses related to other factors are excluded from earnings and are reported as a component of comprehensive loss as an unrealized loss.
Comprehensive Loss	Comprehensive Loss The Company’s comprehensive loss is comprised of net loss and changes in unrealized gains or losses on available-for-sale securities and foreign currency translation adjustments.
Recent Adopted And Accounting Pronouncements	Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The Company adopted this new guidance on January 1, 2023, using a modified retrospective approach and adoption did not have a material impact on the Company's consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40)—Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for convertible instruments, amends the guidance on derivative scope exceptions for contracts in an entity's own equity, and modifies the guidance on diluted earnings per share calculations as a result of these changes. The Company early adopted ASU 2020-06 as of January 1, 2023, using a modified retrospective approach and adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Stock-Based Compensation - Summary of Estimated Fair Value of Stock Option Awards Granted Using Black-Scholes Option-Pricing Model (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	91.60%	89.90%
Expected volatility, maximum	98.20%	91.00%
Risk-free interest rate, minimum	3.40%	1.60%
Risk-free interest rate, maximum	3.80%	2.80%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 6 months	5 years 6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days

Balance Sheet Components

6 Months Ended

Jun. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

4. Balance Sheet Components

Prepaid and other current assets consist of the following as of the periods indicated (in thousands):


	June 30, 2023		December 31, 2022
Prepaid research and development	$	11,519	$	5,727
Prepaid taxes		608		646
Prepaid other		1,752		1,547
Total prepaid and other current assets	$	13,879	$	7,920

Accrued expenses consist of the following as of the periods indicated (in thousands):


	June 30, 2023		December 31, 2022
Accrued research and development expenses	$	11,023	$	6,499
Accrued employee and related expenses		2,760		4,165
Accrued professional and legal fees		1,191		1,052
Accrued other expenses		82		228
Total accrued expenses	$	15,056	$	11,944

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Outstanding Potentially Dilutive Securities Excluded From Calculation of Diluted Net Loss


	Six Months Ended June 30,
	2023		2022
Stock options to purchase common stock		4,441,690		3,152,274
Unvested RSUs		1,201,500		600,648
Warrants to purchase common stock1		10,443,527		58,923
Conversion shares under the term loan with K2HV		590,816		—
Total		16,677,533		3,811,845

1 The table above excludes pre-funded warrants issued in connection with the July 2022 public offering (see Note 7).

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2019 Plan $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Number of Options
Outstanding, Beginning Balance \| shares	3,161,917
Granted \| shares	1,504,300
Exercised \| shares	(169,240)
Cancelled and forfeited \| shares	(55,287)
Outstanding, Ending Balance \| shares	4,441,690	3,161,917
Exercisable as of June 30, 2023 \| shares	1,877,088
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning Balance \| $ / shares	$ 12.80
Weighted Average Exercise Price, Granted \| $ / shares	15.02
Weighted Average Exercise Price, Exercised \| $ / shares	3.02
Weighted Average Exercise Price, Cancelled and forfeited \| $ / shares	9.08
Weighted Average Exercise Price Outstanding, Ending Balance \| $ / shares	13.97	$ 12.80
Weighted Average Exercise Price, Exercisable as of June 30, 2023 \| $ / shares	$ 14.12
Weighted Average Remaining Contractual Term (In years)
Weighted Average Remaining Contractual Term (In years), Outstanding	8 years 2 months 12 days	7 years 10 months 24 days
Weighted Average Remaining Contractual Term (In years), Exercisable as of June 30, 2023	7 years
Aggregate Intrinsic Value
Aggregate Intrinsic Value \| $	$ 30,853	$ 16,612
Aggregate Intrinsic Value, Exercisable as of June 30, 2023 \| $	$ 15,647

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Shares of Common Stock Available for Future Issuance

As of June 30, 2023, the Company’s shares of common stock available for future issuance were as follows:


Shares available for future grant under the equity incentive plans			2,044,087
Shares available for future issuance under the employee stock purchase plan			1,220,897
Shares available for future issuance upon the exercise of warrants and pre-funded warrants			11,243,527
Total available for future issuance			14,508,511

Schedule of Outstanding Warrants to Purchase Shares of Common Stock

As of June 30, 2023, the Company’s outstanding warrants to purchase shares of its common stock were as follows:


	Shares of Common Stock Underlying Warrants		Exercise Price Per Share		Expiration Date
Warrant issued with term loan to SVB		25,000	$	22.06	June 30, 2025
Warrant issued with term loan to SVB		33,923		19.12	May 28, 2031
Warrants issued with term loan to K2HV		204,815		9.76	January 27, 2033
Warrants issued in public offering		10,179,789		5.325	July 1, 2024
Pre-funded warrants issued in public offering		800,000		0.001	Do Not Expire
Total outstanding		11,243,527

Balance Sheet Components - Schedule of Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expense And Other Assets Current [Abstract]
Prepaid research and development	$ 11,519	$ 5,727
Prepaid taxes	608	646
Prepaid other	1,752	1,547
Total prepaid and other current assets	$ 13,879	$ 7,920

Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Cash flows from operating activities:
Net loss	$ (67,229)	$ (50,619)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	7,688	5,098
Net (accretion) amortization on available-for-sale securities	(2,188)	128
Accretion of final payment fee on term loan	185	245
Amortization of debt issuance costs	271	152
Loss on extinguishment of term loan facility	1,208
Noncash operating lease expense	83	91
Depreciation	24	34
Changes in operating assets and liabilities:
Prepaid and other current assets	(5,816)	4,037
Other assets		(507)
Accounts payable	(1,787)	(1,936)
Accrued expenses	3,112	4,194
Operating lease liability	(83)	(96)
Net cash used in operating activities	(64,532)	(39,179)
Cash flows from investing activities:
Proceeds from sales and maturities of available-for-sale securities	82,880	59,912
Purchases of available-for-sale securities	(180,582)	(40,731)
Purchases of property and equipment		(5)
Net cash (used in) provided by investing activities	(97,702)	19,176
Cash flows from financing activities:
Proceeds from issuance of common stock in public offering, net of issuance costs	296,817	28,186
Proceeds from issuance of common stock in at-the-market public offering, net of issuance costs	37,089
Proceeds from term loan facility, net of issuance costs	24,363
Proceeds from issuance of common stock upon exercise of warrants	15,590
Proceeds from issuance of common stock upon exercise of stock options	512	29
Proceeds from issuance of common stock upon ESPP purchases	142	43
Payment of withholding taxes related to restricted stock units	(693)	(69)
Repayment of term loan facility	(21,400)
Net cash provided by financing activities	352,420	28,189
Net change in cash and cash equivalents, and restricted cash	190,186	8,186
Cash and cash equivalents, and restricted cash at beginning of period	55,255	52,457
Cash and cash equivalents, and restricted cash at end of period	245,441	60,643
Components of cash and cash equivalents, and restricted cash:
Cash and cash equivalents	245,441	60,618
Restricted cash		25
Total cash and cash equivalents, and restricted cash	245,441	60,643
Supplemental disclosures of cash information:
Cash paid for interest	1,198	404
Cash paid for operating leases	93	127
Supplemental disclosures of noncash information:
Issuance of common stock warrants in connection with term loan	$ 482
Offering costs included in other assets and accrued expenses		$ 580

Fair Value Measurements - Schedule of Contractual Maturities of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Within one year	$ 333,305	$ 175,243
After one year through two years	25,259	6,202
Total cash equivalents and available-for-sale securities	$ 358,564	$ 181,445

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	89bio, Inc.
Entity Central Index Key	0001785173
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		75,480,884
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	ETNB
Security Exchange Name	NASDAQ
Entity File Number	001-39122
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4946844
Entity Address, Address Line One	142 Sansome Street
Entity Address, Address Line Two	Second Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94104
City Area Code	415
Local Phone Number	432-9270
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 34,915	$ 19,686	$ 57,221	$ 39,535
General and administrative	7,214	5,052	13,432	10,311
Total operating expenses	42,129	24,738	70,653	49,846
Loss from operations	(42,129)	(24,738)	(70,653)	(49,846)
Interest expense	(894)	(434)	(2,969)	(842)
Interest income and other, net	4,630	118	6,393	70
Net loss before income tax	(38,393)	(25,054)	(67,229)	(50,618)
Income tax expense				(1)
Net loss	(38,393)	(25,054)	(67,229)	(50,619)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(355)	(77)	(241)	(272)
Foreign currency translation adjustments	1	15	(3)	18
Total other comprehensive loss	(354)	(62)	(244)	(254)
Comprehensive loss	$ (38,747)	$ (25,116)	$ (67,473)	$ (50,873)
Net loss per share, basic	$ (0.52)	$ (1.23)	$ (1.06)	$ (2.49)
Net loss per share, diluted	$ (0.52)	$ (1.23)	$ (1.06)	$ (2.49)
Weighted-average shares used to compute net loss per share, basic	74,126,569	20,351,560	63,706,856	20,345,521
Weighted-average shares used to compute net loss per share, diluted	74,126,569	20,351,560	63,706,856	20,345,521

Stockholders' Equity - Schedule of Outstanding Warrants to Purchase Shares of Common Stock (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	11,243,527
Warrants Term Loan
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	25,000
Warrant exercise price \| $ / shares	$ 22.06
Warrant expiration date	Jun. 30, 2025
Warrants Term Loan
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	33,923
Warrant exercise price \| $ / shares	$ 19.12
Warrant expiration date	May 28, 2031
Warrants Term Loan
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	204,815
Warrant exercise price \| $ / shares	$ 9.76
Warrant expiration date	Jan. 27, 2033
Warrants Public Offerings
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	10,179,789
Warrant exercise price \| $ / shares	$ 5.325
Warrant expiration date	Jul. 01, 2024
Pre-funded Warrants
Class Of Warrant Or Right [Line Items]
Shares of Common Stock Underlying Warrants	800,000
Warrant exercise price \| $ / shares	$ 0.001
Expiration Date	Do Not Expire

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2023

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid and Other Current Assets

Prepaid and other current assets consist of the following as of the periods indicated (in thousands):


	June 30, 2023		December 31, 2022
Prepaid research and development	$	11,519	$	5,727
Prepaid taxes		608		646
Prepaid other		1,752		1,547
Total prepaid and other current assets	$	13,879	$	7,920

Schedule of Accrued Expenses

Accrued expenses consist of the following as of the periods indicated (in thousands):


	June 30, 2023		December 31, 2022
Accrued research and development expenses	$	11,023	$	6,499
Accrued employee and related expenses		2,760		4,165
Accrued professional and legal fees		1,191		1,052
Accrued other expenses		82		228
Total accrued expenses	$	15,056	$	11,944