Organization and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Financial Instruments Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial instruments measured at fair value on a recurring basis (in thousands):

			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of June 30, 2022:
Assets:
Cash equivalents:
Money market funds	$	34,229	$	34,229	$	—	$	—
Total cash equivalents		34,229		34,229		—		—
Short-term investments:
U.S. Treasury securities		122,883		122,883		—		—
U.S. agency bonds		23,404		—		23,404		—
Commercial paper		149,606		—		149,606		—
Total short-term investments		295,893		122,883		173,010		—
Restricted cash:
Money market account		816		816		—		—
Total restricted cash		816		816		—		—
Total assets measured at fair value on a recurring basis	$	330,938	$	157,928	$	173,010	$	—

			Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of December 31, 2021:
Assets:
Cash equivalents:
Money market funds	$	15,020	$	15,020	$	—	$	—
Commercial paper		9,998		—		9,998		—
Total cash equivalents		25,018		15,020		9,998		—
Short-term investments:
U.S. Treasury securities		99,247		99,247		—		—
Corporate debt securities		6,026		—		6,026		—
Commercial paper		234,110		—		234,110		—
Total short-term investments		339,383		99,247		240,136		—
Restricted cash:
Money market account		816		816		—		—
Total restricted cash		816		816		—		—
Total assets measured at fair value on a recurring basis	$	365,217	$	115,083	$	250,134	$	—

Reconciliation of Cash and Cash Equivalents and Restricted Cash

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

	June 30, 2022		December 31, 2021
Cash and cash equivalents	$	58,403	$	35,582
Restricted cash		816		816
Total cash and cash equivalents and restricted cash	$	59,219	$	36,398

Summary of Short-Term Investments

The following tables summarize short-term investments (in thousands):

	As of June 30, 2022
	Amortized		Unrealized					Estimated
	Cost		Gains		Losses			Fair Value
U.S. Treasury securities	$	124,418	$	—	$	(1,535	)	$	122,883
U.S. agency bonds		23,499		—		(95	)		23,404
Commercial paper		149,883		15		(292	)		149,606
Total	$	297,800	$	15	$	(1,922	)	$	295,893

	As of December 31, 2021
	Amortized		Unrealized					Estimated
	Cost		Gains		Losses			Fair Value
U.S. Treasury securities	$	99,457	$	—	$	(210	)	$	99,247
Corporate debt securities		6,029		—		(3	)		6,026
Commercial paper		234,167		7		(64	)		234,110
Total	$	339,653	$	7	$	(277	)	$	339,383

Schedule of Contractual Maturities of Available-for-sale Debt Securities

Contractual maturities of available-for-sale debt securities are as follows (in thousands):

	As of June 30, 2022
	Due in 1 Year or Less		Due Between 1 and 2 Years
U.S. Treasury securities	$	122,883	$	—
U.S. agency bonds		18,414		4,990
Commercial paper		149,606		—
Total	$	290,903	$	4,990

	As of December 31, 2021
	Due in 1 Year or Less		Due Between 1 and 2 Years
U.S. Treasury securities	$	51,131	$	48,116
Corporate debt securities		6,026		—
Commercial paper		234,110		—
Total	$	291,267	$	48,116

Summary of Potentially Dilutive Shares Not Included in the Calculation of Net Loss Per Share

Potentially dilutive securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares):

	June 30,
	2022		2021
Common stock options		7,548,970		5,173,702
Unvested common stock		161,760		516,951
Employee stock purchase plan shares		5,936		1,235
Total potentially dilutive shares		7,716,666		5,691,888