0000950170-23-004875 | 10-K | XBRL Viewer | Phathom Pharmaceuticals INC

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Feb. 24, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Entity Registrant Name	PHATHOM PHARMACEUTICALS, INC.
Entity Central Index Key	0001783183
Entity Tax Identification Number	82-4151574
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Filer Category	Non-accelerated Filer
Entity File Number	001-39094
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true
ICFR Auditor Attestation Flag	false
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	100 Campus Drive
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Florham Park
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07932
City Area Code	877
Local Phone Number	742-8466
Entity Common Stock, Shares Outstanding		41,973,271
Entity Public Float			$ 198.0
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	PHAT
Security Exchange Name	NASDAQ
Documents Incorporated by Reference	Certain sections of the registrant’s definitive proxy statement for the 2023 annual meeting of stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Form 10-K are incorporated by reference into Part III of this Form 10-K.
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Iselin, New Jersey

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 155,385	$ 183,259
Prepaid expenses and other current assets	5,127	3,267
Total current assets	160,512	186,526
Property, plant and equipment, net	1,207	650
Operating lease right-of-use assets	2,287	1,914
Restricted cash	505	160
Other long-term assets	299	181
Total assets	164,810	189,431
Current liabilities:
Accounts payable (including related party amounts of $35 and $1,343 respectively)	9,997	5,150
Accrued clinical trial expenses		1,402
Accrued expenses (including related party amountsof $2,499 and $2,330, respectively)	14,678	11,405
Accrued interest	854	477
Operating lease liabilities, current	708	487
Total current liabilities	26,237	18,921
Long-term debt, net of discount	95,264	89,671
Revenue interest financing liability	109,525
Operating lease liabilities	1,098	1,183
Other long-term liabilities	7,500	7,500
Total liabilities	239,624	117,275
Commitments and contingencies (Note 4)
Stockholders’ equity:
Preferred stock, $0.0001 par value; authorized shares - 40,000,000 at December 31, 2022 and 2021; no shares issued and outstanding at December 31, 2022 and 2021
Common stock, $0.0001 par value; authorized shares - 400,000,000 at December 31, 2022 and 2021; issued shares - 41,723,308 and 31,656,035 at December 31, 2022 and 2021, respectively; outstanding shares - 41,468,871 and 30,511,226 at December 31, 2022 and 2021, respectively	3	3
Treasury stock - 19 and 1 shares at December 31, 2022 and 2021, respectively
Additional paid-in capital	652,276	601,523
Accumulated deficit	(727,093)	(529,370)
Total stockholders' (deficit) equity	(74,814)	72,156
Total liabilities and stockholders’ equity	$ 164,810	$ 189,431

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts payable, related parties	$ 35	$ 1,343
Accrued expenses, related parties	$ 2,499	$ 2,330
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, authorized shares	40,000,000	40,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized shares	400,000,000	400,000,000
Common stock, issued shares	41,723,308	31,656,035
Common stock, outstanding shares	41,468,871	30,511,226
Treasury stock, shares	19	1

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development (includes related party amounts of $2,123 and $4,933, respectively)	$ 71,441	$ 72,338
General and administrative (includes related party amounts of $0 and $18, respectively)	100,999	62,742
Total operating expenses	172,440	135,080
Loss from operations	(172,440)	(135,080)
Other income (expense):
Interest income	2,132	41
Interest expense	(27,305)	(6,788)
Other expense	(110)	(2,056)
Total other expense	(25,283)	(8,803)
Net loss and comprehensive loss	$ (197,723)	$ (143,883)
Net loss per share, basic	$ (5.05)	$ (3.89)
Net loss per share, diluted	$ (5.05)	$ (3.89)
Weighted-average shares of common stock outstanding, basic	39,118,215	37,002,959
Weighted-average shares of common stock outstanding, diluted	39,118,215	37,002,959

Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Research and development expenses, related party	$ 2,123	$ 4,933
General and administrative expenses, related party	$ 0	$ 18

Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 194,271	$ 3		$ 579,755	$ (385,487)
Beginning balance, shares at Dec. 31, 2020		28,516,010
Issuance of common stock from exercise of stock options	1,944			1,944
Issuance of common stock from exercise of stock options, shares		107,583
Cashless exercise of common stock warrants		228,696
Cashless exercise of common stock warrants, shares			1
401(k) matching contribution	903			903
401(k) matching contribution, shares		26,750
Vesting of restricted shares, shares		1,601,950
Stock-based compensation	16,812			16,812
ESPP shares issued	819			819
ESPP shares issued, shares		30,237
Issuance of common stock warrants	1,290			1,290
Net loss	(143,883)				(143,883)
Ending balance at Dec. 31, 2021	$ 72,156	$ 3		601,523	(529,370)
Ending balance, shares at Dec. 31, 2021	30,511,226	30,511,226	1
Cashless exercise of common stock warrants		7,359,285
Cashless exercise of common stock warrants, shares			18
401(k) matching contribution	$ 1,116			1,116
401(k) matching contribution, shares		101,540
Vesting of restricted shares, shares		992,825
Issuance of common stock under ATM facility	24,595			24,595
Issuance of common stock under ATM facility, shares		2,414,897
Stock-based compensation	24,133			24,133
ESPP shares issued	909			909
ESPP shares issued, shares		89,098
Net loss	(197,723)				(197,723)
Ending balance at Dec. 31, 2022	$ (74,814)	$ 3		$ 652,276	$ (727,093)
Ending balance, shares at Dec. 31, 2022	41,468,871	41,468,871	19

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (197,723)	$ (143,883)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	620	521
Stock-based compensation	24,133	16,812
Issuance of PIK interest debt	3,484	990
Accrued interest on revenue interest financing liability	14,079
Amortization of debt discount	2,110	3,595
Other	1,329	823
Changes in operating assets and liabilities:
Prepaid expenses and other current assets (includes changes in related party amounts of $0 and $82, respectively)	(1,860)	605
Accounts payable and accrued expenses (includes changes in related party amounts of $1,139 and $2,766, respectively)	8,679	(9,791)
Accrued clinical trial expenses	(1,402)	(18,595)
Accrued interest	377	165
Operating right-of-use assets and lease liabilities	(238)	98
Other long-term assets	(118)	203
Net cash used in operating activities	(146,530)	(148,457)
Cash flows from investing activities
Cash paid for property, plant and equipment	(1,041)	(328)
Net cash used in investing activities	(1,041)	(328)
Cash flows from financing activities
Proceeds from issuance of common stock from exercise of stock options		1,944
Repayment of long-term debt		(54,125)
Net proceeds from issuance of long-term debt		96,889
Net proceeds from revenue interest financing transaction	95,446
Net cash provided by financing activities	120,042	44,708
Net decrease in cash and cash equivalents and restricted cash	(27,529)	(104,077)
Cash and cash equivalents – beginning of period	183,419	287,496
Cash and cash equivalents – end of period	155,890	183,419
Supplemental disclosure of cash flow information
Interest paid	7,033	4,069
Supplemental disclosure of noncash investing and financing activities
Issuance of common stock warrants in connection with long-term debt		1,290
Property and equipment purchases included in accounts payable and accrued expenses	138	2
Final interest payment fee		7,500
Settlement of ESPP liability in common stock	909	819
Settlement of 401(k) liability in common stock	1,116	$ 903
Operating lease liabilities arising from obtaining right-of-use assets	554
At-the-Market Offering Program
Cash flows from financing activities
Net proceeds from issuance of common stock	$ 24,596

Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Related parties prepaid expenses and other assets current	$ 0	$ 82
Related parties accounts payable and accrued expenses	$ 1,139	$ 2,766

Organization, Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Basis of Presentation and Summary of Significant Accounting Policies

1. Organization, Basis of Presentation and Summary of Significant Accounting Policies

Organization and Basis of Presentation

Phathom Pharmaceuticals, Inc., or the Company or Phathom, was incorporated in the state of Delaware in January 2018. The Company is a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases. The Company’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, or GAAP.

Liquidity and Capital Resources

From inception to December 31, 2022, the Company has devoted substantially all of its efforts to organizing and staffing the Company, business planning, raising capital, in-licensing its initial product candidate, vonoprazan, meeting with regulatory authorities, managing the clinical trials of vonoprazan, preparing for commercialization of its initial products containing vonoprazan, and providing other general and administrative support for these operations. The Company has a limited operating history, has never generated any revenue, and the sales and income potential of its business is unproven. The Company has incurred net losses and negative cash flows from operating activities since its inception and expects to continue to incur additional net losses in the future as it continues to develop and prepares for commercialization of vonoprazan. From inception to December 31, 2022, the Company has funded its operations through the issuance of convertible promissory notes, commercial bank debt, revenue interest financing debt, the sale of 10,997,630 shares of common stock for net proceeds of approximately $191.5 million in its 2019 IPO, the sale of 2,250,000 shares of common stock for net proceeds of approximately $88.6 million in its December 2020 follow-on public offering, and the sale of 2,414,897 shares of common stock for net proceeds of approximately $24.6 million in its September 2022 issuance of common stock under the ATM Offering.

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities. Management is required to perform a two-step analysis over the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern (Step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (Step 2).

Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date these financial statements were available to be issued. There can be no assurance that the Company will be successful in acquiring additional funding, if needed, that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years.

Use of Estimates

The preparation of the Company’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses, and the valuation of warrant liabilities and various other equity instruments. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results could differ materially from those estimates and assumptions.

Fair Value Measurements

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, are classified within the Level 1 designation discussed above, while prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities.

The Company has no financial assets measured at fair value on a recurring basis. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented.

As of December 31, 2022, the estimated fair value of the Company’s long-term debt approximated the carrying amount given its floating interest rate basis. The fair value of the Company’s long-term debt was estimated for disclosure purposes only and was determined based on quoted market data for valuation, and thus categorized as Level 2 in the fair value hierarchy.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts and money market funds.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

Property, Plant, and Equipment, Net

Property, plant and equipment are recorded at cost, less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the useful life of the asset. Computer equipment and related software are depreciated over two to three years. Furniture and fixtures are depreciated over three years. Leasehold improvements are amortized over the lesser of the lease term or the estimated useful lives of the related assets. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations.

Impairment of Long-Lived Assets

The Company reviews long-lived assets, including property, plant and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than the carrying amount. The impairment loss, if recognized, would be based on the excess of the carrying value of the impaired asset over its respective fair value. No impairment losses have been recorded through December 31, 2022.

Leases

At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company records the associated lease liability and corresponding right-of-use asset upon commencement of the lease using the implicit rate or a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The Company additionally evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: the lease has a purchase option that is reasonably certain of being exercised, the present value of the future cash flows is substantially all of the fair market value of the underlying asset, the lease term is for a significant portion of the remaining economic life of the underlying asset, the title to the underlying asset transfers at the end of the lease term, or if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. Operating lease assets represent a right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease liabilities with a term greater than one year and their corresponding right-of-use assets are recognized on the balance sheet at the commencement date of the lease based on the present value of lease payments over the expected lease term. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. As the Company’s leases do not typically provide an implicit rate, the Company utilizes the appropriate incremental borrowing rate, determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment. Lease cost is recognized on a straight-line basis over the lease term and variable lease payments are recognized as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company. The Company has elected the practical expedient to not separate between lease and non-lease components.

Revenue Interest Financing Liability

The Company entered into a revenue interest financing agreement, or the Revenue Interest Financing Agreement, with entities managed or advised by NovaQuest Capital Management, or NQ, Sagard Holdings Manager LP, or Sagard, and Hercules Capital, Inc., or Hercules, together with NQ and Sagard, the Initial Investors, in which the Company received funds in return for royalties on net sales of products containing vonoprazan. The net proceeds received under the transaction were recognized as short-term and long-term liabilities with interest expense based on an imputed effective rate derived from the expected future payments. The Company recalculates the effective interest rate each period based on the current carrying value and the revised estimated future payments. Changes in future payments from previous estimates are included in current and future financing expense.

Research and Development Expenses and Accruals

All research and development costs are expensed in the period incurred and consist primarily of salaries, payroll taxes, employee benefits, stock-based compensation charges for those individuals involved in research and development efforts, external research and development costs incurred under agreements with contract research organizations and consultants to conduct and support the Company’s ongoing clinical trials of vonoprazan, and costs related to manufacturing vonoprazan for clinical trials.

The Company has entered into various research and development contracts with clinical research organizations, clinical manufacturing organizations and other companies. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and payments made in advance of or after performance are reflected in the accompanying balance sheets as prepaid expenses or accrued liabilities, respectively. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates.

In-Process Research and Development

The Company evaluates whether acquired intangible assets are a business under applicable accounting standards. Additionally, the Company evaluates whether the acquired assets have a future alternative use. Intangible assets that do not have future alternative use are considered acquired in-process research and development. When the acquired in-process research and development assets are not part of a business combination, the value of the consideration paid is expensed on the acquisition date. Future costs to develop these assets are recorded to research and development expense as they are incurred.

General and Administrative Expenses

General and administrative expenses consist of salaries, stock-based compensation, facilities and third-party expenses. General and administrative expenses are associated with the activities of the executive, finance, accounting, information technology, legal, medical affairs and human resource functions.

Stock-Based Compensation

Stock-based compensation expense represents the cost of the grant date fair value of equity awards recognized over the requisite service period of the awards (generally the vesting period) on a straight-line basis with forfeitures recognized as they occur.

The Company also maintains an employee stock purchase program, or ESPP, under which it may issue shares. The Company estimates the fair value of stock options and shares that will be issued under the ESPP using the Black-Scholes valuation model, which requires the use of estimates. The Company recognizes stock-based compensation cost for shares that it will issue under the ESPP on a straight-line basis over the requisite service period of the award.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the statement of operations in the period that includes the enactment date.

The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Company records uncertain tax positions on the basis of a two-step process whereby (i) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability.

Beginning in 2022, the Tax Cuts and Jobs Act, or TCJA, eliminates the option to deduct research and development expenditures currently and requires taxpayers to amortize domestic and foreign research and development expenditures over 5 years and 15 years, respectively. The requirement did not impact cash from operations in the current period.

Comprehensive Loss

Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s comprehensive loss was the same as its reported net loss for all periods presented.

Segment Reporting

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company views its operations and manages its business as one operating segment.

Net Loss Per Share

Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. The Company included 7,588,000 shares of common stock under its warrant (the “Takeda Warrant”) issued to Takeda Pharmaceutical Company Limited (“Takeda”) in connection with a May 2019 license agreement (see Note 4) in the calculation of basic weighted-average common shares outstanding from the time it became exercisable at the Company’s IPO until its exercise because the Takeda Warrant was exercisable for little consideration. As of December 31, 2022, all Takeda Warrants has been exercised and no Takeda Warrants remain exercisable. For the years ended December 31, 2022 and December 31, 2021, the Company has excluded weighted-average unvested shares of 686,703 and 1,939,252, respectively, from the weighted-average number of common shares outstanding. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of unvested common stock, options and warrants. For the periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities (warrants, stock options, and common shares subject to repurchase) would be antidilutive.

Recently Adopted Accounting Standards

There were no recently adopted accounting standards which would have a material impact on the Company's financial statements.

Recently Issued Accounting Pronouncements

The Company assesses the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board or other standard setting bodies on the Company's financial statements as well as material updates to previous assessments. There were no new material accounting standards issued or adopted in year of 2022 that impacted the Company.

Balance Sheet Details

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Details

2. Balance Sheet Details

Property, Plant and Equipment, net

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


	December 31,
	2022			2021
Computer equipment and software	$	1,078		$	646
Furniture and fixtures		1,086			780
Leasehold improvements		115			76
Construction in process		399			—
Total property, plant and equipment, gross		2,678			1,502
Less: accumulated depreciation		(1,471	)		(852	)
Total property, plant and equipment, net	$	1,207		$	650

Depreciation expense for the years ended December 31, 2022 and 2021 was approximately $0.6 million and $0.5 million, respectively. No property, plant or equipment was disposed of during the years ended December 31, 2022 and 2021.

Accrued Expenses

Accrued expenses consist of the following (in thousands):


	December 31,
	2022		2021
Accrued research and development expenses	$	3,080	$	3,165
Accrued compensation expenses		8,447		6,344
Accrued professional & consulting expenses		3,000		1,855
Accrued other		151		41
Total accrued expenses	$	14,678	$	11,405

Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions

3. Related Party Transactions

Frazier is a principal stockholder of the Company and is a principal stockholder in PCI Pharma Services, or PCI. In the third quarter of 2019, the Company engaged PCI for clinical manufacturing services. As of December 31, 2022 and 2021, the Company had $1.1 million and $1.7 million, respectively, in outstanding accounts payable and accrued expenses related to these manufacturing services. For the years ended December 31, 2022 and 2021, the Company incurred $0.7 million and $3.2 million, respectively, of expenses related to services performed by PCI.

Takeda became a common stockholder of the Company in connection with the May 2019 license agreement (see Note 4). In conjunction with this license, Takeda provides proprietary supplies for the Company’s ongoing clinical development of vonoprazan in addition to the exclusive license for the commercialization of vonoprazan in the United States, Canada and Europe. On May 5, 2020, the Company entered into a Commercial Supply Agreement, or the Commercial Supply Agreement, with Takeda, pursuant to which Takeda agreed to supply commercial quantities of vonoprazan bulk drug product or drug substance. Pursuant to the Commercial Supply Agreement, Takeda agreed to supply the Company with, and the Company agreed to purchase from Takeda, certain quantities of vonoprazan bulk drug product according to approved specifications at a fixed price per batch of bulk drug product in order to commercialize vonoprazan in accordance with the Takeda License. Unless terminated earlier, the term of the Commercial Supply Agreement extends for a period of two years from the date the Company places an order for bulk drug product or drug substance for the first commercial launch of vonoprazan in any jurisdiction in the licensed territory, provided that this two-year period will expire no later than December 31, 2023. The Commercial Supply Agreement will terminate immediately upon the termination of the Takeda License in accordance with its terms. In connection with the Takeda License, the Company entered into a temporary services agreement, or the Temporary Services Agreement, with Takeda on November 24, 2020. Pursuant to the Temporary Services Agreement, Takeda agreed to provide or procure the provision of services related to the ongoing clinical development of vonoprazan. The Temporary Services Agreement will terminate immediately upon termination of the Takeda License in accordance with its terms. As of December 31, 2022 and December 31, 2021, the Company had $1.4 million and $0.9 million, respectively, in outstanding accounts payable and accrued expenses related to these agreements. For the years ended December 31, 2022 and 2021, the Company incurred $1.4 million and $1.8 million, respectively, of expenses related to these agreements. The Company has no remaining minimum purchase obligation related to these agreements.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

4. Commitments and Contingencies

License Agreement

On May 7, 2019, the Company entered into a license agreement with Takeda pursuant to which it was granted an exclusive license to commercialize vonoprazan fumarate in the United States, Canada and Europe, or, the Takeda License. The Company also has the right to sublicense its rights under the agreement, subject to certain conditions. The agreement will remain in effect, on a country-by-country and product-by-product basis, until the later of (i) the expiration of the last to expire valid patent claim covering vonoprazan fumarate alone or in combination with at least one other therapeutically active ingredient, (ii) the expiration of the applicable regulatory exclusivity and (iii) 15 years from the date of first commercial sale, unless earlier terminated. The Company may terminate the Takeda License upon six months’ written notice. The Company and Takeda may terminate the Takeda License in the case of the other party’s insolvency or material uncured breach. Takeda may terminate the Takeda License if the Company challenges, or assists in challenging, licensed patents.

In consideration of the Takeda License, the Company (i) paid Takeda $25.0 million in cash, (ii) issued Takeda 1,084,000 shares of its common stock at a fair value of $5.9 million, (iii) issued the Takeda Warrant to purchase 7,588,000 shares of its common stock at an exercise price of $0.00004613 per share at an initial fair value of $47.9 million, and (iv) issued a right to receive an additional common stock warrant, or, the Takeda Warrant Right, should Takeda’s fully-diluted ownership of the Company represent less than a certain specified percentage of the fully-diluted capitalization, including shares issuable upon conversion of then outstanding convertible promissory notes, calculated immediately before the closing of the Company’s IPO, with a nominal initial fair value due to the low probability of issuance. The Takeda Warrant Right expired without effect since no fair value had been allocated to it upon completion of the IPO, and no additional warrant was issued. In addition, the Company is obligated to pay Takeda up to an aggregate of $250.0 million in sales milestones upon the achievement of specified levels of product sales, and a low double-digit royalty rate on aggregate net sales of licensed products, subject to certain adjustments. The Takeda Warrant had an exercise price of $0.00004613 per share, and was to expire on May 7, 2029 and became exercisable upon the consummation of the IPO. As of December 31, 2022 all Takeda Warrants have been exercised.

Purchase Commitments

In December 2020, the Company entered into a supply agreement with Sandoz pursuant to which Sandoz will supply commercial quantities of amoxicillin capsules and clarithromycin tablets, package these antibiotics with vonoprazan, and provide in finished convenience packs. The supply agreement commits the Company to a minimum purchase obligation of approximately $3.8 million in the first 24-month period following the launch of the final product. The Company has not incurred any expenses under the agreement during the years ended December 31, 2022 and 2021.

Contingencies

In the event the Company becomes subject to claims or suits arising in the ordinary course of business, the Company would accrue a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.

Lease Commitments

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lease Commitments

5. Lease Commitments

As of December 31, 2022, the Company had operating leases for office space in both Buffalo Grove, Illinois and Florham Park, New Jersey, with weighted average remaining lease terms of 2.3 years and 2.7 years, respectively. All operating leases contain an option to extend the term for one additional five-year period, which was not considered in the determination of the right-of-use asset or lease liability as the Company did not consider it reasonably certain that it would exercise such options.

The total rent expense for the years ended December 31, 2022 and 2021 was approximately $1.0 million and $0.7 million, respectively.

The following table summarizes supplemental balance sheet information related to the operating leases as of December 31, 2022:


	December 31,
	2022		2021
Assets:
Operating lease right-of-use assets	$	2,287	$	1,914
Total right-of-use assets		2,287		1,914

Liabilities:
Operating lease liabilities, current		708		487
Operating lease liabilities, non-current		1,098		1,183
Total operating lease liabilities	$	1,806	$	1,670

As of December 31, 2022, the future minimum annual lease payments under the operating leases were as follows (in thousands):


2023		734
2024		753
2025		513
Total minimum lease payments		2,000
Less: amount representing interest		(194	)
Present value of operating lease liabilities		1,806
Less: operating lease liabilities, current		(708	)
Operating lease liabilities	$	1,098

Weighted-average remaining lease term (in years)		2.6
Weighted-average incremental borrowing rate		8.20	%

Operating cash flows for the years ended December 31, 2022 included $1.1 million in cash payments for operating leases, none of which were prepaid lease payments. Operating cash flows for the years ended December 31, 2021 included $0.7 million in cash payments for operating leases, $0.1 million of which were prepaid lease payments.

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

6. Debt

Total debt consists of the following (in thousands):


	December 31, 2022
Long-term debt, current portion	$	—
Long-term debt, non-current portion		104,474
Unamortized debt discount		(9,210	)
Total debt, net of debt discount	$	95,264

On September 17, 2021, or the Closing Date, the Company entered into a Loan and Security Agreement, or, the Loan Agreement, with Hercules Capital, Inc., in its capacity as administrative agent and collateral agent and as a lender, or, in such capacity, the Agent or Hercules, and the other financial institutions that from time to time become parties to the Loan Agreement as lenders, or, collectively, the Lenders.

The Loan Agreement provides for term loans in an aggregate principal amount of up to $200.0 million, or the Term Loan, under multiple tranches. The tranches consist of (i) a first tranche consisting of term loans in an aggregate principal amount of $100.0 million, all of which was funded to the Company on the Closing Date, or First Advance, (ii) a second tranche consisting of up to an additional $50.0 million, which became available to the Company upon achievement of the protocol-specified primary efficacy endpoints in the Company’s Phase 3 trial studying vonoprazan for the healing and maintenance of healing of erosive GERD with acceptable safety data, such that the results support the submission of a New Drug Application, or NDA, or supplemental NDA without the need to conduct another Phase 3 study and will be available, if specified conditions are met, through December 15, 2022, see amendment to later date below, (iii) a third and fourth tranches consisting of an additional total $50.0 million, which became available to the Company in May 2022 upon the achievement of (a) Food and Drug Administration, or FDA, approval of the Company’s NDA for vonoprazan and amoxicillin, or its New Drug Application for vonoprazan, amoxicillin and clarithromycin, in each case for an indication relating to the treatment of Helicobacter pylori, or H. pylori, with an approved indication on the claim that is generally consistent with that sought in the Company’s NDA submission; and (b) filing of the Company’s NDA or supplemental NDA for vonoprazan for indications relating to the healing and maintenance of healing of erosive GERD. The third and fourth tranches will remain available until September 30, 2023, and March 31, 2024, respectively.

On September 27, 2022, the Company entered into an amendment to the Loan Agreement, or the Second Loan Amendment, pursuant to which the date the second tranche of funding of $50 million will remain available to the Company has been moved until May 15, 2023, rather than December 15, 2022.

The Company paid a $1.25 million facility charge in connection with closing of the Loan Agreement and would need to pay 0.5% of any advances made under the third and fourth tranches.

The Term Loan will mature on October 1, 2026, or the Maturity Date. The Term Loan bears (i) cash interest at a variable annual rate equal to the greater of (a) 5.50% and (b) the Prime Rate (as reported in the Wall Street Journal) plus 2.25%, or the “Interest Rate”, and (ii) payment-in-kind interest at a per annum rate of interest equal to 3.35%. Phathom may make payments of interest only through October 1, 2024, which was extended to October 1, 2025, upon the achievement of the Second Performance Milestone in May 2022 prior to September 30, 2024 and met the condition that no default or event of default exists, and which is further extendable to October 1, 2026, subject to FDA approval of the Company’s NDA (or supplemental NDA) for vonoprazan for an indication relating to the healing and maintenance of healing of erosive GERD with an approved indication on the label that is generally consistent with that sought in the Company’s NDA submission (or supplemental NDA submission), or the Third Performance Milestone, on or prior to September 30, 2025 and no default or event of default exists (the “interest only period”). After the interest-only period, the principal balance and related interest will be required to be repaid in equal monthly installments and continuing until the Maturity Date.

In addition, the Company is obligated to pay a final payment fee of 7.50% of the original principal amount of amounts actually advanced under the Term Loan, or, each a Term Loan Advance and together, the Term Loan Advances. As of December 31, 2022, the aggregate final payment fee for the first Term Loan Advance of $7.5 million has been recorded as an other long-term liability.

The Company may elect to prepay all or a portion of the Term Loan Advances prior to maturity, subject to a prepayment fee of up to 1.25% of the then outstanding principal balance of the Term Loan Advances being prepaid. After repayment, no Term Loan amounts may be borrowed again.

As collateral for the obligations, the Company has granted to Hercules a senior security interest in all of Company’s right, title, and interest in, to and under substantially all of Company’s property, inclusive of intellectual property.

The Loan Agreement contains customary closing fees, prepayment fees and provisions, events of default, and representations, warranties and covenants, including a financial covenant requiring the Company to maintain certain levels of cash subject to a control agreement in favor of the Agent (minus accounts payable not paid within 120 days of invoice), or Qualified Cash, and commencing on May 15, 2023, trailing three-month net product revenue from the sale of vonoprazan and products containing vonoprazan. The revenue covenant will be waived at any time in which the Company maintains Qualified Cash equal to at least 60.0% (prior to the Third Performance Milestone), and 35% (following the Third Performance Milestone) of the total outstanding Term Loan principal amount, or the Company’s market capitalization is at least $900.0 million. Upon the occurrence of an event of default, subject to any specified cure periods, all amounts owed by the Company may be declared immediately due and payable by Hercules, as collateral agent. As of December 31, 2022, the Company was in compliance with all applicable covenants under the Loan Agreement.

Under the Second Loan Amendment, the commencement date for the covenant based on trailing three-month net product revenue from the sale of vonoprazan and products containing vonoprazan was moved from May 15, 2023, to November 15, 2023.

In connection with the entry into the Loan Agreement, the Company issued to Hercules a warrant, or, the Warrant, to purchase a number of shares of the Company’s common stock equal to 2.5% of the aggregate amount of the Term Loan advances funded, and will issue to Hercules additional warrants when future Term Loan advances are funded. On the Closing Date, the Company issued a Warrant for 74,782 shares of common stock. The Warrant will be exercisable for a period of seven years from the date of issuance at a per-share exercise price equal to $33.43, which was the closing price of the Company’s common stock on September 16, 2021. The Warrant is exercisable any time until September 17, 2028 and had an initial fair value of approximately $1.3 million.

The initial $1.3 million fair value of the Warrant, the $7.5 million final interest payment fee and $3.1 million of debt issuance costs have been recorded as debt discount and are being amortized to interest expense using the effective interest method over the term of the Term Loan.

Future minimum principal payments under the Term Loan, including the final payment fee, as of December 31, 2022 are as follows (in thousands):


Year ending December 31:
2023		—
2024		—
2025		29,707
2026		94,764
Total principal and interest payments		124,471
Less payment-in-kind and final payment fee		(24,471	)
Total term loan borrowings	$	100,000

Prior to the Loan Agreement with Hercules, the Company had a loan with SVB and approximately $54.3 million of the proceeds from the First Advance was used to satisfy in full and retire the Company’s indebtedness under the SVB Term Loan with SVB, including accrued interest through the payoff date.

During the years ended December 31, 2022 and 2021, the Company recognized $13.0 million and $6.8 million, respectively, of interest expense, including amortization of the debt discount, in connection with the Hercules Loan Agreement and SVB Term Loan. As of December 31, 2022, the Company had outstanding loan balance of $104.5 million and accrued interest of $0.9 million.

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

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

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

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

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

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

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

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

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

+ Details

Revenue Interest Financing Liability

12 Months Ended

Dec. 31, 2022

Contract with Customer, Liability [Abstract]

Revenue Interest Financing Liability

7. Revenue Interest Financing Liability

On May 3, 2022, Phathom entered into a Revenue Interest Financing Agreement with Initial Investors NQ, Sagard, and Hercules pursuant to which the Company will receive up to $260 million in funding from the Initial Investors. Under the terms of the Revenue Interest Financing Agreement, the Company received $100 million at the initial closing and can receive an additional $160 million upon FDA approval of vonoprazan for treatment of erosive GERD on or before March 31, 2024. At any time prior to December 31, 2022, the Company also has the right to obtain a written commitment from a third party for up to $15 million of funding upon FDA approval of vonoprazan for erosive GERD. In addition, the Company has the right at any time prior to June 30, 2024, to obtain a written commitment from a third party for up to $25 million of funding upon achievement of a sales milestone. The Initial Investors have a right of first offer if the Company seeks to obtain such additional funding. The total amount funded by the Initial Investors and any subsequent investors is referred to herein as the Investment Amount.

On October 31, 2022, the Company entered into a Joinder Agreement with the Initial Investors and CO Finance LVS XXXVII LLC (“the Additional Investor”), and Hercules Capital, Inc. Under the terms of the Joinder Agreement, the Initial Investors waived their rights of first offer regarding the Additional Investor Funding and the Additional Investor joined the Revenue Interest Financing Agreement to extend commitments for the Additional Investor Funding.

Under the Revenue Interest Financing Agreement, the investors are entitled to receive a 10% royalty on net sales of products containing vonoprazan. The royalty rate is subject to a step-down on net sales exceeding certain annual thresholds and if the Company receives FDA approval for vonoprazan for an indication relating to the treatment of heartburn associated with non-erosive GERD. The investors’ right to receive royalties on net sales will terminate when the investors have aggregate payments equal to 200% of the Investment Amount. In addition, at any time after the earlier of (i) April 30, 2024 and (ii) the date that the payment for erosive GERD regulatory approval is made, the Company has the right to make a cap payment equal to 200% of the Investment Amount less any royalties already paid, at which time the agreement will terminate.

If the investors have not received aggregate payments of at least 100% of the Investment Amount by December 31, 2028, and at least 200% of the Investment Amount by December 31, 2037, each a Minimum Amount, then the Company will be obligated to make a cash payment to the investors in an amount sufficient to gross the investors up to the applicable Minimum Amount.

Upon the occurrence of an event of default taking place prior to April 1, 2025, between April 1, 2025, and April 1, 2028, and after April 1, 2028, the Company is obligated to pay 1.30 times Investment Amount, 1.65 times Investment Amount, and 2.0 times investment amount, respectively, less any amounts the Company previously paid pursuant to the agreement.

Upon the occurrence of a change in control event taking place prior to the earlier of April 1, 2024, or FDA approval of vonoprazan for erosive GERD, the Company is obligated to pay 200% of the Investment Amount plus either 15% of the Investment Amount if occurrence prior to May 3, 2023, or plus 30% of the Investment Amount if occurrence thereafter.

During the year ended December 31, 2022, the Company received gross proceeds of $100.0 million before deducting transaction costs of $4.6 million, which resulted in net proceeds of $95.4 million.

The Company has evaluated the terms of the Revenue Interest Financing Agreement and concluded that the features of the Investment Amount are similar to those of a debt instrument. Accordingly, the Company has accounted for the transaction as a debt obligation with interest expense based on an imputed effective rate derived from the initial carrying value of the obligation and the expected future payments. The Company recalculates the effective interest rate each period based on the current carrying value and the revised estimated future payments. Changes in future payments from previous estimates are included in the current and future financing expense. The carrying value of the revenue interest financing liability was $109.5 million as of December 31, 2022.

Total revenue interest financing liability consists of the following (in thousands):


	December 31, 2022
Beginning liability balance	$	—
Proceeds from the Revenue Interest Financing Agreement		100,000
Less: transaction costs		(4,554	)
Less: royalty payments and payables		-
Plus: interest expense		14,079
Ending liability balance	$	109,525

During the year ended December 31, 2022, the Company recognized $14.1 million of interest expense in connection with the revenue interest financing liability.

The Company will record liabilities associated with additional funding upon FDA approval of vonoprazan for erosive GERD and achievement of the sales milestone when such contingent events occur. To determine the accretion of the liability related to the Revenue Interest Financing Agreement, the Company is required to estimate the total amount of future royalty payments and estimated timing of such payments based on the Company’s revenue projections. As royalty payments are made, the balance of the debt obligation will be effectively repaid. Based on the Company’s periodic review, the exact timing of repayment is likely to be different in each reporting period as compared to those estimated in the Company’s initial revenue projections. A significant increase or decrease in actual net sales of vonoprazan compared to the Company’s revenue projections could impact the interest expense associated with the revenue interest financing liability. Also, the Company’s total obligation can vary depending on change in control or default events and the achievement of FDA approval of vonoprazan for erosive GERD and achievement of the sales milestone.

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Common Stock

In March 2019, subsequent to the Merger, the Company sold 1,491,072 shares of the Company’s common stock to Frazier.

In March 2019, the founders granted the Company a repurchase right for the 3,373,408 shares of common stock originally purchased in 2018. The Company has the right, but not the obligation, to repurchase unvested shares in the event the founder’s relationship with the Company is terminated, subject to certain limitations, at the original purchase price of the stock. The repurchase right lapsed for 843,352 shares in March 2019 and the repurchase right for the remaining 2,530,056 shares lapses in equal monthly amounts over the following 48-month period ending in March 2023. The fair value of the founder shares at the date the repurchase right was granted is being recognized as stock-based compensation expense on a straight-line basis over the vesting period. As of December 31, 2022, 79,064 shares of common stock were subject to repurchase by the Company and the associated repurchase liability was not significant. The amount of recognized and unrecognized stock-based compensation related to the founder stock was immaterial for all periods presented.

In May 2019, the Company issued Takeda 1,084,000 shares of common stock in connection with the Takeda License.

For the period from January 1, 2019 to May 6, 2019, the Company issued 2,524,852 shares of common stock to various employees and consultants of the Company for aggregate proceeds of approximately $1,000. Upon issuance, these shares were subject to a repurchase option by the Company at the original purchase price of the shares. The repurchase rights generally lapse as to 25% of the shares on the first anniversary of the vesting commencement date, and the repurchase right lapses as to 1/48th of the shares each one-month period thereafter, subject to the purchaser remaining continuously an employee, consultant or director of the Company. In November 2019, the Company repurchased 17,560 shares at the original purchase price for an aggregate purchase price of $5.20. As of December 31, 2022, 175,373 shares remain available for repurchase by the Company and the associated repurchase liability was not significant.

On October 29, 2019, upon completion of the IPO, the Company sold 10,997,630 shares of common stock, which included the exercise in full by the underwriters of their option to purchase 1,434,473 additional shares at a public offering price of $19.00 per share. The net proceeds were approximately $191.5 million, after deducting underwriting discounts, commissions and offering costs.

In November 2020, the Company entered into an Open Market Sale Agreement, or, the Sales Agreement, with Jefferies LLC, or, the Sales Agent, under which it may, from time to time, sell shares of its common stock having an aggregate offering price of up to $125.0 million through the Sales Agent, or, the ATM Offering. Pursuant to the Sales Agreement, the Company will pay the Sales Agent a commission for its services in acting as an agent in the sale of common stock in an amount equal to 3% of the gross sales price per share sold. In September 2022, the Company sold 2,414,897 shares for net proceeds of approximately $24.6 million under the ATM offering after deducting $0.8 million of issuance costs. As of December 31, 2022, the Company has utilized $25.4 million of the available $125.0 million under the ATM Offering.

On December 16, 2020, the Company completed an underwritten public offering, in which it sold 2,250,000 shares of its common stock at a price of $42.00 per share for total gross proceeds of $94.5 million. The net purchase price after deducting underwriting discounts and commissions was $39.48 per share, which generated net proceeds of $88.8 million. The Company incurred an additional $0.2 million of offering expenses in connection with this public offering.

A summary of the Company’s unvested shares is as follows:


Balance at December 31, 2021	1,144,809
Share vesting	(890,372	)
Balance at December 31, 2022	254,437

For accounting purposes, unvested awards are considered issued, but not outstanding until they vest.

Common stock reserved for future issuance consists of the following:


	December 31, 2022
Common stock warrants		91,228
Stock options and performance-based awards outstanding		6,876,237
Shares available for issuance under the 2019 Incentive Plan		957,885
Shares available for issuance under the ESPP Plan		752,938
Balance at December 31, 2022		8,678,288

Preferred Stock

The Company is authorized to issue up to 40 million shares of preferred stock. As of December 31, 2022, and December 31, 2021, there were no shares of preferred stock issued or outstanding.

Equity Incentive Plan

The Company’s 2019 Equity Incentive Plan, or the Existing Incentive Plan, provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and other stock awards to eligible recipients, including employees, directors or consultants of the Company. The Company had 2,231,739 shares of common stock authorized for issuance under the Existing Incentive Plan, of which, 1,400,528 stock options and 16,260 restricted stock awards were granted in 2019. As a result of the adoption of the 2019 Incentive Award Plan, or the 2019 Plan, in October 2019, no further shares are available for issuance under the Existing Incentive Plan.

2019 Incentive Award Plan

In October 2019, the board of directors adopted, and the Company’s stockholders approved, the 2019 Plan, which became effective in connection with the IPO. Under the 2019 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then employees, officers, non-employee directors or consultants of the Company or its subsidiaries. The number of shares initially available for issuance will be increased by (i) the number of shares subject to stock options or similar awards granted under the Existing Incentive Plan that expire or otherwise terminate without having been exercised in full after the effective date of the 2019 Plan and unvested shares issued pursuant to awards granted under the Existing Incentive Plan that are forfeited to or repurchased by the Company after the effective date of the 2019 Plan, with the maximum number of shares to be added to the 2019 Plan pursuant to clause (i) above or equal to 1,416,788 shares, and (ii) an annual increase on January 1 of each calendar year beginning in 2020 and ending in 2029, equal to the lesser of (a) 5% of the shares of common stock outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares as determined by the board of directors. As of December 31, 2022, 957,885 shares remain available for issuance, which reflects 2,789,868 stock options and performance-based units, or PSU, and restricted stock unit, or RSU, awards granted, and 392,207 of awards cancelled or forfeited, during the year ended December 31, 2022 as well as an annual increases of 1,582,802 shares authorized on January 1, 2022.

Performance-based Units

During 2020, the Company granted the initial PSUs whereby vesting depends upon the approval by the FDA of vonoprazan for H. pylori and then, or concurrent with, erosive GERD. In 2022, the Company granted an additional 37,500 PSUs to employees. As of December 31, 2022, the PSU milestones had not been achieved. As of December 31, 2022, no related compensation cost had been recognized. The following table summarizes PSU activity under the 2019 Incentive Award Plan during the year ended December 31, 2022.


	Number of Stock Units			Weighted- Average Grant Date Fair Value Per Share
Unvested balance at December 31, 2021		394,300		$	32.23
Granted		37,500			20.06
Vested		—			—
Forfeited		(19,500	)		35.39
Unvested balance at December 31, 2022		412,300		$	30.97

As of December 31, 2022 there was approximately $12.8 million of related unrecognized compensation cost, which will be recognized upon vesting.

Restricted Stock Units

During 2022, the Company granted 1,010,437 RSUs with vesting over time. The following table summarizes RSU activity under the 2019 Incentive Award Plan during the year ended December 31, 2022.


	Number of Stock Units			Weighted- Average Grant Date Fair Value Per Share
Unvested balance at December 31, 2021		-		$	-
Granted		1,010,437			10.79
Vested		(102,453	)		8.51
Forfeited		(30,517	)		12.14
Unvested balance at December 31, 2022		877,467		$	11.03

As of December 31, 2022, the Company had $7.2 million of unrecognized stock-based compensation expense, which is expected to be recognized over a weighted-average period of 1.8 years.

Employee Stock Purchase Plan

In October 2019, the board of directors adopted, and the Company’s stockholders approved, the Employee Stock Purchase Plan, or the ESPP, which became effective in connection with the IPO. The ESPP permits participants to purchase common stock through payroll deductions of up to 20% of their eligible compensation, which includes a participant’s gross base compensation for services to the Company, including overtime payments and excluding sales commissions, incentive compensation, bonuses, expense reimbursements, fringe benefits and other special payments. A total of 270,000 shares of common stock was initially reserved for issuance under the ESPP. In addition, the number of shares available for issuance under the ESPP will be annually increased on January 1 of each calendar year beginning in 2020 and ending in 2029, by an amount equal to the lesser of: (i) 1% of the shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the board of directors. As of December 31, 2022, 752,938 shares of common stock remain available for issuance, which reflects 89,098 shares sold to employees during the year ended December 31, 2022.

The ESPP is considered a compensatory plan, and the Company recorded related stock-based compensation of $0.5 million and $0.4 million for the years ended December 31, 2022 and 2021, respectively. The weighted-average assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows:


	Years Ended December 31,
	2022			2021
Assumptions:
Expected term (in years)		0.50			0.69
Expected volatility		68.59	%		76.25	%
Risk free interest rate		2.04	%		0.09	%
Dividend yield		—			—

The estimated weighted-average fair value of ESPP awards during 2022 and 2021 was $3.98 and $14.66, respectively. As of December 31, 2022, the total unrecognized compensation expense related to the ESPP was $31,000, which is expected to be recognized over a weighted-average period of approximately 0.5 months.

401(k) Plan

The Company established a 401(k) savings plan during the year ended December 31, 2020. The Company’s contributions to the plan are discretionary. During the years ended December 31, 2022 and December 31, 2021, the Company incurred $1.3 million and $0.8 million, respectively, of expense related to estimated employer contribution liabilities, which was based on a 75% match of employees’ contributions during the periods. In August 2021, the Board of Directors approved a semi-annual discretionary match for 2021, which was settled by contributing 18,394 shares. In January 2022, the Board of Directors approved a second semi-annual discretionary match for 2021, which was settled by contributing 16,756 shares. In July 2022, the Board of Directors approved a semi-annual match for 2022, which was settled by contributing 84,784 shares.

Stock Options

The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company, prior to the IPO on October 29, 2019, was a private company and lacked company-specific historical and implied volatility information. Therefore, it estimated its expected volatility based on the historical volatility of a publicly-traded set of peer companies. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees was determined utilizing the “simplified” method for awards. The expected term of stock options granted to non-employees was equal to the contractual term of the option award. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield was zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

A summary of the Company’s stock option activity and related information is as follows:


	Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2021		4,186,729		$	27.53		7.91	$	13,973
Options granted		1,741,931			14.62
Options exercised		—			—
Options cancelled		(342,190	)		29.32
Balance at December 31, 2022		5,586,470		$	23.40		7.90	$	4,476
Options exercisable as of December 31, 2022		2,455,735			25.00		7.18		2,867

The estimated weighted-average fair value of employee and nonemployee director stock options granted during 2022 was $8.40 per option. As of December 31, 2022, the Company had $37.3 million of unrecognized stock-based compensation expense, which is expected to be recognized over a weighted-average period of 2.1 years.

The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model were as follows:


	Years Ended December 31,
	2022			2021
Assumptions:
Expected term (in years)		5.88			5.93
Expected volatility		66.00	%		67.46	%
Risk free interest rate		2.06	%		0.68	%
Dividend yield		—			—

Stock-Based Compensation Expense

Stock-based compensation expense recognized for all equity awards, including founder stock, has been reported in the statements of operations as follows (in thousands):


	Years Ended December 31,
	2022		2021
Research and development expense	$	5,534	$	3,838
General and administrative expense		18,599		12,974
Total	$	24,133	$	16,812

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

. Income Taxes

For the years ended December 31, 2022 and 2021, the Company did not record a provision for income taxes due to a full valuation against its deferred taxes. A reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate is as follows (in thousands):


	Years Ended December 31,
	2022			2021
Income taxes computed at the statutory rate	$	(41,522	)	$	(30,216	)
Permanent items		2,713			1,387
Research and development credit		(2,453	)		(2,950	)
Change in valuation allowance		41,137			31,783
Other		125			(4	)
Provision (benefit) for income taxes	$	—		$	—

Significant components of the Company’s net deferred tax assets are as follows (in thousands):


	Years Ended December 31,
	2022			2021
Deferred tax assets:
Net operating loss carryforwards	$	85,918		$	60,936
Research credits		8,897			6,694
Intangible assets		25,319			13,809
Other		6,517			3,996
Gross deferred tax assets		126,651			85,435
Less valuation allowance		(126,170	)		(85,033	)
Deferred tax assets, net of valuation allowance		481			402
Deferred tax liabilities:
Other		(481	)		(402	)
Net deferred tax assets	$	—		$	—

Based upon the Company’s history of operating losses, the Company is unable to conclude that it is more likely than not that the benefit of its deferred tax assets will be realized. Accordingly, the Company has provided a full valuation allowance for its deferred tax assets as of December 31, 2022 and 2021.

As of December 31, 2022 and 2021, the Company had federal net operating loss carryforwards of approximately $408.7 million and $290.1 million, respectively, which are carried over indefinitely.

As of December 31, 2022, the Company had approximately $1.7 million of state net operating loss carryforwards that begins to expire in 2036.

As of December 31, 2022, the Company has available federal research and development credits of $10.5 million which begin to expire in 2038. The Company has $0.9 million of state research and development credits, some of which, begin to expire in 2025.

The Company has not completed a formal analysis of the potential impact of Section 382 on its deferred tax assets as of December 31, 2022. Until this analysis has been completed, the Company has not adjusted any of its deferred tax assets, including net operating losses or research and development credits. The Company will reassess the amount of net operating losses and credits subject to limitation under Section 382 when a study is complete.

Due to the existence of the valuation allowance, future changes in the deferred tax assets related to these tax attributes will not impact the Company’s effective tax rate.

The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While the Company believes that it has appropriate support for the positions taken on its tax returns, the Company regularly assesses the potential outcome of examinations by tax authorities in determining the adequacy of its provision for income taxes.

The following table summarizes the activity related to the Company's gross unrecognized tax benefits:


	Years Ended December 31,
	2022		2021
Beginning balance	$	1,704	$	938
Increases related to prior year tax positions		-		64
Increases related to current year tax positions		623		702
Ending balance	$	2,327	$	1,704

As of December 31, 2022, the Company has gross unrecognized tax benefits of $2,327, none of which would affect the effective tax rate due to a full valuation allowance. The Company does not anticipate any significant changes in its unrecognized tax benefits over the next 12 months. The Company's policy is to recognize the interest expense and/or penalties related to income tax matters as a component of income tax expense. The Company has no accrual for interest or penalties on its balance sheet at December 31, 2022, and has not recognized interest and/or penalties in its statement of operations for the year ended December 31, 2022.

The Company is subject to taxation in the United States and various states. The Company is not currently under examination by any taxing authorities. Due to the carryover of tax attributes, the statute of limitations is currently open for tax years since inception.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

At-The-Market Offering

From January 1, 2023 through February 27, 2023, the Company issued 1,514,219 shares of common stock in a single trade under the ATM Sale Agreement generating gross proceeds of $14.5 million and net proceeds of $14.1 million, after offering expenses.

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Phathom Pharmaceuticals, Inc., or the Company or Phathom, was incorporated in the state of Delaware in January 2018. The Company is a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases. The Company’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, or GAAP.
Liquidity and Capital Resources	Liquidity and Capital Resources From inception to December 31, 2022, the Company has devoted substantially all of its efforts to organizing and staffing the Company, business planning, raising capital, in-licensing its initial product candidate, vonoprazan, meeting with regulatory authorities, managing the clinical trials of vonoprazan, preparing for commercialization of its initial products containing vonoprazan, and providing other general and administrative support for these operations. The Company has a limited operating history, has never generated any revenue, and the sales and income potential of its business is unproven. The Company has incurred net losses and negative cash flows from operating activities since its inception and expects to continue to incur additional net losses in the future as it continues to develop and prepares for commercialization of vonoprazan. From inception to December 31, 2022, the Company has funded its operations through the issuance of convertible promissory notes, commercial bank debt, revenue interest financing debt, the sale of 10,997,630 shares of common stock for net proceeds of approximately $191.5 million in its 2019 IPO, the sale of 2,250,000 shares of common stock for net proceeds of approximately $88.6 million in its December 2020 follow-on public offering, and the sale of 2,414,897 shares of common stock for net proceeds of approximately $24.6 million in its September 2022 issuance of common stock under the ATM Offering. The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities. Management is required to perform a two-step analysis over the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern (Step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (Step 2). Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date these financial statements were available to be issued. There can be no assurance that the Company will be successful in acquiring additional funding, if needed, that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses, and the valuation of warrant liabilities and various other equity instruments. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results could differ materially from those estimates and assumptions.
Fair Value Measurements	Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, are classified within the Level 1 designation discussed above, while prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. The Company has no financial assets measured at fair value on a recurring basis. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. As of December 31, 2022, the estimated fair value of the Company’s long-term debt approximated the carrying amount given its floating interest rate basis. The fair value of the Company’s long-term debt was estimated for disclosure purposes only and was determined based on quoted market data for valuation, and thus categorized as Level 2 in the fair value hierarchy.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts and money market funds.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.
Property, Plant, and Equipment, Net	Property, Plant, and Equipment, Net Property, plant and equipment are recorded at cost, less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the useful life of the asset. Computer equipment and related software are depreciated over two to three years. Furniture and fixtures are depreciated over three years. Leasehold improvements are amortized over the lesser of the lease term or the estimated useful lives of the related assets. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews long-lived assets, including property, plant and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than the carrying amount. The impairment loss, if recognized, would be based on the excess of the carrying value of the impaired asset over its respective fair value. No impairment losses have been recorded through December 31, 2022.
Leases	Leases At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company records the associated lease liability and corresponding right-of-use asset upon commencement of the lease using the implicit rate or a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The Company additionally evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: the lease has a purchase option that is reasonably certain of being exercised, the present value of the future cash flows is substantially all of the fair market value of the underlying asset, the lease term is for a significant portion of the remaining economic life of the underlying asset, the title to the underlying asset transfers at the end of the lease term, or if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. Operating lease assets represent a right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease liabilities with a term greater than one year and their corresponding right-of-use assets are recognized on the balance sheet at the commencement date of the lease based on the present value of lease payments over the expected lease term. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. As the Company’s leases do not typically provide an implicit rate, the Company utilizes the appropriate incremental borrowing rate, determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment. Lease cost is recognized on a straight-line basis over the lease term and variable lease payments are recognized as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company. The Company has elected the practical expedient to not separate between lease and non-lease components.
Revenue Interest Financing Liability	Revenue Interest Financing Liability The Company entered into a revenue interest financing agreement, or the Revenue Interest Financing Agreement, with entities managed or advised by NovaQuest Capital Management, or NQ, Sagard Holdings Manager LP, or Sagard, and Hercules Capital, Inc., or Hercules, together with NQ and Sagard, the Initial Investors, in which the Company received funds in return for royalties on net sales of products containing vonoprazan. The net proceeds received under the transaction were recognized as short-term and long-term liabilities with interest expense based on an imputed effective rate derived from the expected future payments. The Company recalculates the effective interest rate each period based on the current carrying value and the revised estimated future payments. Changes in future payments from previous estimates are included in current and future financing expense.
Research and Development Expenses and Accruals	Research and Development Expenses and Accruals All research and development costs are expensed in the period incurred and consist primarily of salaries, payroll taxes, employee benefits, stock-based compensation charges for those individuals involved in research and development efforts, external research and development costs incurred under agreements with contract research organizations and consultants to conduct and support the Company’s ongoing clinical trials of vonoprazan, and costs related to manufacturing vonoprazan for clinical trials. The Company has entered into various research and development contracts with clinical research organizations, clinical manufacturing organizations and other companies. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and payments made in advance of or after performance are reflected in the accompanying balance sheets as prepaid expenses or accrued liabilities, respectively. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates.
In-Process Research and Development	In-Process Research and Development The Company evaluates whether acquired intangible assets are a business under applicable accounting standards. Additionally, the Company evaluates whether the acquired assets have a future alternative use. Intangible assets that do not have future alternative use are considered acquired in-process research and development. When the acquired in-process research and development assets are not part of a business combination, the value of the consideration paid is expensed on the acquisition date. Future costs to develop these assets are recorded to research and development expense as they are incurred.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses consist of salaries, stock-based compensation, facilities and third-party expenses. General and administrative expenses are associated with the activities of the executive, finance, accounting, information technology, legal, medical affairs and human resource functions.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense represents the cost of the grant date fair value of equity awards recognized over the requisite service period of the awards (generally the vesting period) on a straight-line basis with forfeitures recognized as they occur. The Company also maintains an employee stock purchase program, or ESPP, under which it may issue shares. The Company estimates the fair value of stock options and shares that will be issued under the ESPP using the Black-Scholes valuation model, which requires the use of estimates. The Company recognizes stock-based compensation cost for shares that it will issue under the ESPP on a straight-line basis over the requisite service period of the award.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the statement of operations in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions on the basis of a two-step process whereby (i) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability. Beginning in 2022, the Tax Cuts and Jobs Act, or TCJA, eliminates the option to deduct research and development expenditures currently and requires taxpayers to amortize domestic and foreign research and development expenditures over 5 years and 15 years, respectively. The requirement did not impact cash from operations in the current period.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s comprehensive loss was the same as its reported net loss for all periods presented.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company views its operations and manages its business as one operating segment.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. The Company included 7,588,000 shares of common stock under its warrant (the “Takeda Warrant”) issued to Takeda Pharmaceutical Company Limited (“Takeda”) in connection with a May 2019 license agreement (see Note 4) in the calculation of basic weighted-average common shares outstanding from the time it became exercisable at the Company’s IPO until its exercise because the Takeda Warrant was exercisable for little consideration. As of December 31, 2022, all Takeda Warrants has been exercised and no Takeda Warrants remain exercisable. For the years ended December 31, 2022 and December 31, 2021, the Company has excluded weighted-average unvested shares of 686,703 and 1,939,252, respectively, from the weighted-average number of common shares outstanding. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of unvested common stock, options and warrants. For the periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities (warrants, stock options, and common shares subject to repurchase) would be antidilutive.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Standards There were no recently adopted accounting standards which would have a material impact on the Company's financial statements. Recently Issued Accounting Pronouncements The Company assesses the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board or other standard setting bodies on the Company's financial statements as well as material updates to previous assessments. There were no new material accounting standards issued or adopted in year of 2022 that impacted the Company.

Balance Sheet Details (Tables)

12 Months Ended

Dec. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Property, Plant and Equipment, Net

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


	December 31,
	2022			2021
Computer equipment and software	$	1,078		$	646
Furniture and fixtures		1,086			780
Leasehold improvements		115			76
Construction in process		399			—
Total property, plant and equipment, gross		2,678			1,502
Less: accumulated depreciation		(1,471	)		(852	)
Total property, plant and equipment, net	$	1,207		$	650

Schedule of Accrued Expenses

Accrued expenses consist of the following (in thousands):


	December 31,
	2022		2021
Accrued research and development expenses	$	3,080	$	3,165
Accrued compensation expenses		8,447		6,344
Accrued professional & consulting expenses		3,000		1,855
Accrued other		151		41
Total accrued expenses	$	14,678	$	11,405

Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Supplemental Balance Sheet Information Related to the Operating Leases

The following table summarizes supplemental balance sheet information related to the operating leases as of December 31, 2022:


	December 31,
	2022		2021
Assets:
Operating lease right-of-use assets	$	2,287	$	1,914
Total right-of-use assets		2,287		1,914

Liabilities:
Operating lease liabilities, current		708		487
Operating lease liabilities, non-current		1,098		1,183
Total operating lease liabilities	$	1,806	$	1,670

Summary of Future Minimum Lease Payments Under Operating Leases

As of December 31, 2022, the future minimum annual lease payments under the operating leases were as follows (in thousands):


2023		734
2024		753
2025		513
Total minimum lease payments		2,000
Less: amount representing interest		(194	)
Present value of operating lease liabilities		1,806
Less: operating lease liabilities, current		(708	)
Operating lease liabilities	$	1,098

Weighted-average remaining lease term (in years)		2.6
Weighted-average incremental borrowing rate		8.20	%

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Total Debt

Total debt consists of the following (in thousands):


	December 31, 2022
Long-term debt, current portion	$	—
Long-term debt, non-current portion		104,474
Unamortized debt discount		(9,210	)
Total debt, net of debt discount	$	95,264

Schedule of Future Minimum Principal Payments Under Term Loans

Future minimum principal payments under the Term Loan, including the final payment fee, as of December 31, 2022 are as follows (in thousands):


Year ending December 31:
2023		—
2024		—
2025		29,707
2026		94,764
Total principal and interest payments		124,471
Less payment-in-kind and final payment fee		(24,471	)
Total term loan borrowings	$	100,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.12-04(a))
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Revenue Interest Financing Liability (Tables)

12 Months Ended

Dec. 31, 2022

Contract with Customer, Liability [Abstract]

Schedule of Total Revenue Interest Financing Liability

Total revenue interest financing liability consists of the following (in thousands):


	December 31, 2022
Beginning liability balance	$	—
Proceeds from the Revenue Interest Financing Agreement		100,000
Less: transaction costs		(4,554	)
Less: royalty payments and payables		-
Plus: interest expense		14,079
Ending liability balance	$	109,525

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Unvested Shares

A summary of the Company’s unvested shares is as follows:


Balance at December 31, 2021	1,144,809
Share vesting	(890,372	)
Balance at December 31, 2022	254,437

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:


	December 31, 2022
Common stock warrants		91,228
Stock options and performance-based awards outstanding		6,876,237
Shares available for issuance under the 2019 Incentive Plan		957,885
Shares available for issuance under the ESPP Plan		752,938
Balance at December 31, 2022		8,678,288

Summary of PSU Activity Under the 2019 Incentive Award Plan

The following table summarizes PSU activity under the 2019 Incentive Award Plan during the year ended December 31, 2022.


	Number of Stock Units			Weighted- Average Grant Date Fair Value Per Share
Unvested balance at December 31, 2021		394,300		$	32.23
Granted		37,500			20.06
Vested		—			—
Forfeited		(19,500	)		35.39
Unvested balance at December 31, 2022		412,300		$	30.97

Summary of Weighted-Average Assumptions Used to Estimate Fair Value of ESPP Awards

The weighted-average assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows:


	Years Ended December 31,
	2022			2021
Assumptions:
Expected term (in years)		0.50			0.69
Expected volatility		68.59	%		76.25	%
Risk free interest rate		2.04	%		0.09	%
Dividend yield		—			—

Summary of Stock Option Activity

A summary of the Company’s stock option activity and related information is as follows:


	Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2021		4,186,729		$	27.53		7.91	$	13,973
Options granted		1,741,931			14.62
Options exercised		—			—
Options cancelled		(342,190	)		29.32
Balance at December 31, 2022		5,586,470		$	23.40		7.90	$	4,476
Options exercisable as of December 31, 2022		2,455,735			25.00		7.18		2,867

Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options

The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model were as follows:


	Years Ended December 31,
	2022			2021
Assumptions:
Expected term (in years)		5.88			5.93
Expected volatility		66.00	%		67.46	%
Risk free interest rate		2.06	%		0.68	%
Dividend yield		—			—

Summary of Stock-Based Compensation Expense

Stock-based compensation expense recognized for all equity awards, including founder stock, has been reported in the statements of operations as follows (in thousands):


	Years Ended December 31,
	2022		2021
Research and development expense	$	5,534	$	3,838
General and administrative expense		18,599		12,974
Total	$	24,133	$	16,812

Restricted Stock Units (RSUs)

Summary of Unvested Shares

During 2022, the Company granted 1,010,437 RSUs with vesting over time. The following table summarizes RSU activity under the 2019 Incentive Award Plan during the year ended December 31, 2022.


	Number of Stock Units			Weighted- Average Grant Date Fair Value Per Share
Unvested balance at December 31, 2021		-		$	-
Granted		1,010,437			10.79
Vested		(102,453	)		8.51
Forfeited		(30,517	)		12.14
Unvested balance at December 31, 2022		877,467		$	11.03

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Reconciliation Between Provision for Income Taxes and Income Taxes Computed Using U.S. Federal Statutory Corporate Tax Rate

A reconciliation between the provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate is as follows (in thousands):


	Years Ended December 31,
	2022			2021
Income taxes computed at the statutory rate	$	(41,522	)	$	(30,216	)
Permanent items		2,713			1,387
Research and development credit		(2,453	)		(2,950	)
Change in valuation allowance		41,137			31,783
Other		125			(4	)
Provision (benefit) for income taxes	$	—		$	—

Components of Deferred Tax Assets

Significant components of the Company’s net deferred tax assets are as follows (in thousands):


	Years Ended December 31,
	2022			2021
Deferred tax assets:
Net operating loss carryforwards	$	85,918		$	60,936
Research credits		8,897			6,694
Intangible assets		25,319			13,809
Other		6,517			3,996
Gross deferred tax assets		126,651			85,435
Less valuation allowance		(126,170	)		(85,033	)
Deferred tax assets, net of valuation allowance		481			402
Deferred tax liabilities:
Other		(481	)		(402	)
Net deferred tax assets	$	—		$	—

Summary of Activity Related to Gross Unrecognized Benefits

The following table summarizes the activity related to the Company's gross unrecognized tax benefits:


	Years Ended December 31,
	2022		2021
Beginning balance	$	1,704	$	938
Increases related to prior year tax positions		-		64
Increases related to current year tax positions		623		702
Ending balance	$	2,327	$	1,704

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)		1 Months Ended			4 Months Ended	12 Months Ended
	Oct. 29, 2019 USD ($) shares	Sep. 30, 2022 USD ($) shares	Dec. 31, 2020 USD ($) shares	May 31, 2019 shares	May 06, 2019 USD ($) shares	Dec. 31, 2022 USD ($) Segment shares	Dec. 31, 2021 shares	May 07, 2019 shares
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Fair value liability, transfers into level 3						$ 0
Impairment losses						$ 0
Number of operating segment \| Segment						1
Domestic
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Research and development expenditures, amortization period						5 years
Foreign
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Research and development expenditures, amortization period						15 years
Unvested Shares
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Unvested shares excluded from computation of weighted average earnings per share \| shares						686,703	1,939,252
Furniture and Fixtures
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property and equipment, useful life						3 years
Minimum \| Computer Equipment and Related Software
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property and equipment, useful life						2 years
Maximum \| Computer Equipment and Related Software
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property and equipment, useful life						3 years
Fair Value, Recurring
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Financial assets fair value disclosure						$ 0
Fair Value, Nonrecurring
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Non-financial liabilities fair value disclosure						0
Non-financial assets fair value disclosure						$ 0
Common Stock
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Common stock shares issued \| shares					2,524,852	2,414,897
Net proceeds from issuance of common stock					$ 1,000
Common Stock \| Takeda License
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Common stock shares issued \| shares				1,084,000
Common Stock \| Takeda License \| Takeda
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Warrants issued to purchase shares \| shares								7,588,000
Number of warrants remaining exercisable \| shares						0
IPO \| Common Stock
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Common stock shares issued \| shares	10,997,630
Proceeds from Initial Public Offering (IPO)	$ 191,500,000
Follow-on Public Offering \| Common Stock
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Common stock shares issued \| shares			2,250,000
Net proceeds from issuance of common stock			$ 88,600,000
At-the-Market Offering Program
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Common stock shares issued \| shares		2,414,897
Net proceeds from issuance of common stock		$ 24,600,000				$ 24,596,000

Balance Sheet Details - Schedule of Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 2,678	$ 1,502
Less: accumulated depreciation	(1,471)	(852)
Total property, plant and equipment, net	1,207	650
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,078	646
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,086	780
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	115	$ 76
Construction in Process
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 399

Balance Sheet Details - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 600,000	$ 500,000
Disposal of property, plant or equipment	$ 0	$ 0

Balance Sheet Details - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued research and development expenses	$ 3,080	$ 3,165
Accrued compensation expenses	8,447	6,344
Accrued professional & consulting expenses	3,000	1,855
Accrued other	151	41
Total accrued expenses	$ 14,678	$ 11,405

Related Party Transactions - Additional Information (Details) - USD ($)		12 Months Ended
	May 05, 2020	Dec. 31, 2022	Dec. 31, 2021
Commercial Supply Agreement
Related Party Transaction [Line Items]
Agreement extends period for termination	2 years
Commercial Supply and Temporary Services Agreement
Related Party Transaction [Line Items]
Minimum purchase obligation		$ 0
PCI Pharma Services \| Clinical Manufacturing Services
Related Party Transaction [Line Items]
Outstanding accounts payable and accrued expenses		1,100,000	$ 1,700,000
Expense related to services		700,000	3,200,000
Takeda \| Commercial Supply and Temporary Services Agreement
Related Party Transaction [Line Items]
Outstanding accounts payable and accrued expenses		1,400,000	900,000
Expense related to services		$ 1,400,000	$ 1,800,000

Commitments and Contingencies - Additional Information (Details) - USD ($)		12 Months Ended
	May 07, 2019	Dec. 31, 2022	Dec. 31, 2021
Commitments And Contingencies [Line Items]
Common stock fair value		$ 3,000	$ 3,000
Common stock, shares issued		41,723,308	31,656,035
Common stock, authorized shares		400,000,000	400,000,000
Expenses incurred related to purchase commitments		$ 0	$ 0
Minimum
Commitments And Contingencies [Line Items]
Purchase obligation in the first 24-month period		$ 3,800,000
Takeda License \| Takeda
Commitments And Contingencies [Line Items]
License agreement description		The agreement will remain in effect, on a country-by-country and product-by-product basis, until the later of (i) the expiration of the last to expire valid patent claim covering vonoprazan fumarate alone or in combination with at least one other therapeutically active ingredient, (ii) the expiration of the applicable regulatory exclusivity and (iii) 15 years from the date of first commercial sale, unless earlier terminated. The Company may terminate the Takeda License upon six months’ written notice. The Company and Takeda may terminate the Takeda License in the case of the other party’s insolvency or material uncured breach. Takeda may terminate the Takeda License if the Company challenges, or assists in challenging, licensed patents
Agreement expiration term from date of first commercial sale	15 years
Cash consideration paid for license	$ 25,000,000.0
Common stock fair value	$ 5,900,000
Common stock, shares issued	1,084,000
Warrants exercise price	$ 0.00004613
Initial fair value of warrants	$ 47,900,000
Additional warrant issued	0
Maximum amount payable in sales milestones upon achievement of specified levels of product sales	$ 250,000,000.0
Warrants expiration date	May 07, 2029
Takeda License \| Takeda \| Common Stock
Commitments And Contingencies [Line Items]
Warrants issued to purchase shares	7,588,000

Lease Commitments - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Option	Dec. 31, 2021 USD ($)
Lessee Lease Description [Line Items]
Operating leases, rent expense	$ 1.0	$ 0.7
Cash payments for operating lease costs	$ 1.1	0.7
Prepaid Lease Payments
Lessee Lease Description [Line Items]
Cash payments for operating lease costs		$ 0.1
Buffalo Grove, Illinois
Lessee Lease Description [Line Items]
Operating leases, remaining lease terms	2 years 3 months 18 days
Operating lease number of option to extend \| Option	1
Operating lease, option to extend description	operating leases contain an option to extend the term for one additional five-year period
Operating lease, renewal term	5 years
Florham Park, New Jersey
Lessee Lease Description [Line Items]
Operating leases, remaining lease terms	2 years 8 months 12 days
Operating lease number of option to extend \| Option	1
Operating lease, option to extend description	operating leases contain an option to extend the term for one additional five-year period
Operating lease, renewal term	5 years

Lease Commitments - Summary of Supplemental Balance Sheet Information Related to the Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Operating lease right-of-use assets	$ 2,287	$ 1,914
Liabilities:
Operating lease liabilities, current	708	487
Operating lease liabilities, non-current	1,098	1,183
Total operating lease liabilities	$ 1,806	$ 1,670

Lease Commitments - Summary of Future Annual Minimum Lease Payments Under Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 734
2024	753
2025	513
Total minimum lease payments	2,000
Less: amount representing interest	(194)
Total operating lease liabilities	1,806	$ 1,670
Less: operating lease liabilities, current	(708)	(487)
Operating lease liabilities	$ 1,098	$ 1,183
Weighted-average remaining lease term (in years)	2 years 7 months 6 days
Weighted-average incremental borrowing rate	8.20%

Debt - Schedule of Total Debt (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
Long-term debt, non-current portion	$ 104,474
Unamortized debt discount	(9,210)
Total debt, net of debt discount	$ 95,264

- Definition

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

+ References + Details

Debt - Additional Information (Details) - USD ($)		12 Months Ended
Debt - Additional Information (Details) - USD ($)	Sep. 17, 2021	Dec. 31, 2022	Dec. 31, 2021	Sep. 27, 2022
Debt Instrument [Line Items]
Term loans aggregate principal amount		$ 100,000,000
Adjustments to additional paid-in-capital, warrants issued			$ 1,290,000
Term Loan \| Floor Rate
Debt Instrument [Line Items]
Debt instrument interest rate	5.50%
Loan Agreement
Debt Instrument [Line Items]
Debt instrument, final payment fee or end of term charge	$ 7,500,000
Percentage of qualified cash prior to Third performance milestone	60.00%
Minimum percentage of qualified cash following third performance milestone	35.00%
Minimum market capitalization amount	$ 900,000,000.0
Percentage of debt funded to be issued as warrants to purchase common stock	2.50%
Warrants exercise price	$ 33.43
Warrants expire term	7 years
Warrants expiration date	Sep. 17, 2028
Fair value of warrant liabilities	$ 1,300,000
Debt issuance costs	$ 3,100,000
Loan Agreement \| Common Stock
Debt Instrument [Line Items]
Warrants issued to purchase shares	74,782
Loan Agreement \| Term Loan
Debt Instrument [Line Items]
Term loans aggregate principal amount	$ 200,000,000.0
Payment for facility charge	$ 1,250,000
Debt instrument, facility charge percentage	0.50%
Debt instrument, maturity date	Oct. 01, 2026
Loan Agreement \| Term Loan \| Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.25%
Loan Agreement \| Term Loan \| Payment In Kind PIK Interest Rate
Debt Instrument [Line Items]
Debt instrument, interest rate	3.35%
Loan Agreement \| Term Loans, Aggregate Principal Amount Tranches One
Debt Instrument [Line Items]
Term loans aggregate principal amount	$ 100,000,000.0
Loan Agreement \| Term Loans, Aggregate Principal Amount Tranches Two
Debt Instrument [Line Items]
Term loans aggregate principal amount		50,000,000.0
Loan Agreement \| Term Loans Aggregate Principal Amount Tranches Three and Four
Debt Instrument [Line Items]
Term loans aggregate principal amount		50,000,000.0
Loan Agreement \| Term Loan Advance
Debt Instrument [Line Items]
Debt instrument, final payment fee percentage	7.50%
Debt instrument, final payment fee or end of term charge		7,500,000
Loan Agreement \| Term Loan Advance \| Maximum
Debt Instrument [Line Items]
Debt instrument, prepayment fee percentage of outstanding principal amount	1.25%
Hercules and SVB Term Loan
Debt Instrument [Line Items]
Term loans aggregate principal amount		104,500,000
Accrued interest		900,000
Amendment to Loan Agreement
Debt Instrument [Line Items]
Term loans aggregate principal amount				$ 50,000,000
Hercules Loan Agreement
Debt Instrument [Line Items]
Interest expense		$ 13,000,000.0	6,800,000
SVB Term Loan \| Term Loan First Advance
Debt Instrument [Line Items]
Final payment of debt			$ 54,300,000

Debt - Schedule of Future Minimum Principal and Interest Payments Under Term Loans (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 0
2024	0
2025	29,707
2026	94,764
Total principal and interest payments	124,471
Less payment-in-kind and final payment fee	(24,471)
Total term loan borrowings	$ 100,000

Revenue Interest Financing Liability - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	May 03, 2022	Dec. 31, 2022
Revenue Interest Financing Liability [Line Items]
Investors right to receive royalties termination description		The investors’ right to receive royalties on net sales will terminate when the investors have aggregate payments equal to 200% of the Investment Amount. In addition, at any time after the earlier of (i) April 30, 2024 and (ii) the date that the payment for erosive GERD regulatory approval is made, the Company has the right to make a cap payment equal to 200% of the Investment Amount less any royalties already paid, at which time the agreement will terminate.
Investors receipt description		If the investors have not received aggregate payments of at least 100% of the Investment Amount by December 31, 2028, and at least 200% of the Investment Amount by December 31, 2037, each a Minimum Amount, then the Company will be obligated to make a cash payment to the investors in an amount sufficient to gross the investors up to the applicable Minimum Amount.
Default obligation description		Upon the occurrence of an event of default taking place prior to April 1, 2025, between April 1, 2025, and April 1, 2028, and after April 1, 2028, the Company is obligated to pay 1.30 times Investment Amount, 1.65 times Investment Amount, and 2.0 times investment amount, respectively, less any amounts the Company previously paid pursuant to the agreement.
Change in control description		Upon the occurrence of a change in control event taking place prior to the earlier of April 1, 2024, or FDA approval of vonoprazan for erosive GERD, the Company is obligated to pay 200% of the Investment Amount plus either 15% of the Investment Amount if occurrence prior to May 3, 2023, or plus 30% of the Investment Amount if occurrence thereafter.
Gross proceeds		$ 100,000
Transaction costs		4,554
Net proceeds		95,446
Revenue interest financing liability		109,525
Interest expense with revenue interest finance liability		$ 14,079
Revenue Interest Financing Agreement
Revenue Interest Financing Liability [Line Items]
Percentage of investor share of royalty in net sales	10.00%
Percentage of aggregate payments on investment amount to investors on net sales	200.00%
Revenue Interest Financing Agreement Upon Occurrence of Event of Default Prior to April 1, 2025
Revenue Interest Financing Liability [Line Items]
Percentage of aggregate payment on investment amount to investors	1.30%
Revenue Interest Financing Agreement Upon Occurrence of Event of Default between April 1, 2025, and April 1, 2028
Revenue Interest Financing Liability [Line Items]
Percentage of aggregate payment on investment amount to investors	1.65%
Revenue Interest Financing Agreement Upon Occurrence of Event of Default after April 1, 2028
Revenue Interest Financing Liability [Line Items]
Percentage of aggregate payments on investment amount to investors on net sales	2.00%
Revenue Interest Financing Agreement Upon Occurrence of a Change in Control Event Earlier of April 1, 2024 or FDA Approval If Occurrence Prior May 3, 2023
Revenue Interest Financing Liability [Line Items]
Percentage of aggregate payments on investment amount to investors on net sales	200.00%
Revenue Interest Financing Agreement Upon Occurrence of a Change in Control Event Earlier of April 1, 2024 or FDA Approval If Occurrence Prior May 3, 2023
Revenue Interest Financing Liability [Line Items]
Additional percentage to be paid with obligated payment on investment amount	15.00%
Revenue Interest Financing Agreement Upon Occurrence of a Change in Control Event Earlier of April 1, 2024 or FDA approval If occurrence is Thereafter to May 3, 2023
Revenue Interest Financing Liability [Line Items]
Additional percentage to be paid with obligated payment on investment amount	30.00%
Initial Investors NQ, Sagard, and Hercules \| Revenue Interest Financing Agreement
Revenue Interest Financing Liability [Line Items]
Funds received from initial closing	$ 100,000
Initial Investors NQ, Sagard, and Hercules \| Revenue Interest Financing Agreement, Funding Commitment On or Before March 31, 2024
Revenue Interest Financing Liability [Line Items]
Investors additional funding amount upon FDA approval of vonoprazan for treatment of erosive esophagitis	160,000
Maximum \| Initial Investors NQ, Sagard, and Hercules \| Revenue Interest Financing Agreement
Revenue Interest Financing Liability [Line Items]
Investors funding amount	260,000
Maximum \| Initial Investors NQ, Sagard, and Hercules \| Revenue Interest Financing Agreement Funding upon FDA Approval at any Time Prior to December 31, 2022
Revenue Interest Financing Liability [Line Items]
Potential additional investor funding amount	15,000
Maximum \| Initial Investors NQ, Sagard, and Hercules \| Revenue Interest Financing Agreement Funding upon Achievement of Sales Milestone at any Time Prior to June 30, 2024
Revenue Interest Financing Liability [Line Items]
Investors funding commitment potential amount available upon achievement of sales milestone	$ 25,000
Minimum \| Revenue Interest Financing Agreement Percentage on Investment Amount On December December 31, 2028
Revenue Interest Financing Liability [Line Items]
Percentage of aggregate payment on investment amount to investors	100.00%
Minimum \| Revenue Interest Financing Agreement Percentage On Investment Amount by December 31, 2037
Revenue Interest Financing Liability [Line Items]
Percentage of aggregate payment on investment amount to investors	200.00%

Revenue Interest Financing Liability - Schedule of Total Revenue Interest Financing Liability (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Contract with Customer, Liability [Abstract]
Proceeds from the Revenue Interest Financing Agreement	$ 100,000
Less: transaction costs	(4,554)
Plus: interest expense	14,079
Ending liability balance	$ 109,525

Stockholders' Equity - Additional Information (Details)			1 Months Ended									2 Months Ended	4 Months Ended	12 Months Ended
Stockholders' Equity - Additional Information (Details)	Dec. 16, 2020 USD ($) $ / shares shares	Oct. 29, 2019 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) shares	Jul. 31, 2022 shares	Jan. 31, 2022 shares	Aug. 31, 2021 shares	Nov. 30, 2020 USD ($)	Nov. 30, 2019 $ / shares shares	Oct. 31, 2019 shares	May 31, 2019 shares	Mar. 31, 2019 shares	Feb. 27, 2023 USD ($) shares	May 06, 2019 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2019 shares	Jan. 01, 2022 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred stock, shares authorized														40,000,000	40,000,000
Preferred stock, shares issued														0	0
Preferred stock, shares outstanding														0	0
Stock options, granted														1,741,931
Stock-based compensation cost \| $														$ 24,133,000	$ 16,812,000
Common stock initially reserved for issuance														8,678,288
Unrecognized stock-based compensation expense \| $														$ 37,300,000
Defined contribution plan employer contribution liabilities expense \| $														$ 1,300,000	$ 800,000
Defined contribution plan, employer matching contribution, percentage														75.00%
Employer discretionary match number of shares settled				84,784	16,756	18,394
Unrecognized stock-based compensation expense, weighted-average period for recognition														2 years 1 month 6 days
Dividend yield														0.00%	0.00%
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield														0.00%
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense \| $														$ 7,200,000
Unrecognized stock-based compensation expense, weighted-average period for recognition														1 year 9 months 18 days
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized for issuance																2,231,739
Number of shares available for issuance									0
Stock options, granted																1,400,528
2019 Equity Incentive Plan \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock awards, granted																16,260
2019 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annual increase to shares available for issuance percentage of outstanding common stock									5.00%
Equity plan, description														The number of shares initially available for issuance will be increased by (i) the number of shares subject to stock options or similar awards granted under the Existing Incentive Plan that expire or otherwise terminate without having been exercised in full after the effective date of the 2019 Plan and unvested shares issued pursuant to awards granted under the Existing Incentive Plan that are forfeited to or repurchased by the Company after the effective date of the 2019 Plan, with the maximum number of shares to be added to the 2019 Plan pursuant to clause (i) above or equal to 1,416,788 shares, and (ii) an annual increase on January 1 of each calendar year beginning in 2020 and ending in 2029, equal to the lesser of (a) 5% of the shares of common stock outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares as determined by the board of directors. As of December 31, 2022, 957,885 shares remain available for issuance, which reflects 2,789,868 stock options and performance-based units, or PSU, and restricted stock unit, or RSU, awards granted, and 392,207 of awards cancelled or forfeited, during the year ended December 31, 2022 as well as an annual increases of 1,582,802 shares authorized on January 1, 2022.
Number of shares remain available for issuance, annual increase																	1,582,802
Common stock initially reserved for issuance														957,885
2019 Incentive Award Plan \| Performance-Based Stock Units (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock awards, granted														37,500
Stock-based compensation cost \| $														$ 0
Unrecognized stock-based compensation expense \| $														$ 12,800,000
2019 Incentive Award Plan \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock awards, granted														1,010,437	1,010,437
2019 Incentive Award Plan \| Stock options, PSUs and RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted														2,789,868
Number of shares, cancelled or forfeited														392,207
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annual increase to shares available for issuance percentage of outstanding common stock									1.00%
Equity plan, description														In addition, the number of shares available for issuance under the ESPP will be annually increased on January 1 of each calendar year beginning in 2020 and ending in 2029, by an amount equal to the lesser of: (i) 1% of the shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the board of directors. As of December 31, 2022, 752,938 shares of common stock remain available for issuance, which reflects 89,098 shares sold to employees during the year ended December 31, 2022.
Stock-based compensation cost \| $														$ 500,000	$ 400,000
Common stock initially reserved for issuance									270,000					752,938
Number of shares issued														89,098
Estimated weighted-average fair value \| $ / shares														$ 3.98	$ 14.66
Unrecognized stock-based compensation expense \| $														$ 31,000
Unrecognized stock-based compensation expense, weighted-average period for recognition														6 months
Dividend yield														0.00%	0.00%
Underwritten Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued	2,250,000
Common stock, price per share \| $ / shares	$ 42.00
Proceeds from issuance initial public offering gross \| $	$ 94,500,000
Purchase price per share after deducting underwriting discounts and commissions \| $ / shares	$ 39.48
Net proceeds after deducting underwriters commission \| $	$ 88,800,000
Purchase of additional offering expenses \| $	$ 200,000
At-the-Market Offering Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued			2,414,897
Proceeds from issuance of shares \| $			$ 24,600,000											$ 24,596,000
Stock issuance costs \| $			$ 800,000
Amount utilized of equity financing \| $														25,400,000
Available equity financing amount \| $														$ 125,000,000.0
At-the-Market Offering Program \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued												1,514,219
Proceeds from issuance of shares \| $												$ 14,500,000
Employee and Nonemployee Director
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated weighted-average fair value \| $ / shares														$ 8.40
Open Market Sale Agreement with Jefferies LLC \| At-the-Market Offering Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sales commission payable as a percentage of sale of gross sales price per share							3.00%
Open Market Sale Agreement with Jefferies LLC \| At-the-Market Offering Program \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate offering price through equity financing \| $							$ 125,000,000.0
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued													2,524,852	2,414,897
Number of shares authorized to repurchase											3,373,408
Stock repurchase program, number of shares right lapse											843,352
Remaining number of shares to be repurchased											2,530,056
Stock repurchase program, period in force											48 months
Stock repurchase program expiration period											2023-03
Proceeds from issuance of shares \| $													$ 1,000
Repurchase right lapse each month after first anniversary, shares													0.000208
Repurchases of shares								17,560
Shares aggregate repurchase price \| $ / shares								$ 5.20
Employer discretionary match number of shares settled														101,540	26,750
Common Stock \| 2019 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional number of shares available for issuance									1,416,788
Common Stock \| Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum percentage of eligible compensation contributed by participants									20.00%
Common Stock \| IPO
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued		10,997,630
Common stock, price per share \| $ / shares		$ 19.00
Proceeds from Initial Public Offering (IPO) \| $		$ 191,500,000
Common Stock \| Underwritten Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued		1,434,473
Common Stock \| Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining number of shares to be repurchased														175,373
Common Stock \| First Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Repurchase right lapse rate													25.00%
Common Stock \| Takeda License
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued										1,084,000
Common Stock \| Founders
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining number of shares to be repurchased														79,064
Common Stock \| Frazier
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued											1,491,072

Stockholders' Equity - Summary of Unvested Shares (Details)	12 Months Ended
	Dec. 31, 2022 shares
Share-Based Payment Arrangement [Abstract]
Balance at December 31, 2021	1,144,809
Share vesting	(890,372)
Balance at December 31, 2022	254,437

Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2022	Oct. 31, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	8,678,288
Common stock warrants
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	91,228
Stock Options and Performance-Based Awards Outstanding
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	6,876,237
2019 Incentive Award Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	957,885
ESPP Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	752,938	270,000

Stockholders' Equity - Summary of PSU and RSUs Activity Under the 2019 Incentive Award Plan (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Balance at December 31, 2021	1,144,809
Balance at December 31, 2022	254,437	1,144,809
2019 Incentive Award Plan \| Performance-Based Stock Units (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Balance at December 31, 2021	394,300
Stock awards, granted	37,500
Number of Stock Units, Forfeited	(19,500)
Balance at December 31, 2022	412,300	394,300
Weighted Average Grant Date Fair Value Per Share, Unvested Beginning Balance	$ 32.23
Weighted Average Grant Date Fair Value Per Share, Granted	20.06
Weighted Average Grant Date Fair Value Per Share, Forfeited	35.39
Weighted Average Grant Date Fair Value Per Share, Unvested Ending Balance	$ 30.97	$ 32.23
2019 Incentive Award Plan \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock awards, granted	1,010,437	1,010,437
Number of Stock Units, Vested	(102,453)
Number of Stock Units, Forfeited	(30,517)
Balance at December 31, 2022	877,467
Weighted Average Grant Date Fair Value Per Share, Granted	$ 10.79
Weighted Average Grant Date Fair Value Per Share, Vested	8.51
Weighted Average Grant Date Fair Value Per Share, Forfeited	12.14
Weighted Average Grant Date Fair Value Per Share, Unvested Ending Balance	$ 11.03

Stockholders' Equity - Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted and ESPP Awards (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Assumptions:
Expected term (in years)	5 years 10 months 17 days	5 years 11 months 4 days
Expected volatility	66.00%	67.46%
Risk free interest rate	2.06%	0.68%
Dividend yield	0.00%	0.00%
Employee Stock Purchase Plan
Assumptions:
Expected term (in years)	6 months	8 months 8 days
Expected volatility	68.59%	76.25%
Risk free interest rate	2.04%	0.09%
Dividend yield	0.00%	0.00%

Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Options Outstanding, Beginning Balance	4,186,729
Options Outstanding, Options granted	1,741,931
Options Outstanding, Options cancelled	(342,190)
Options Outstanding, Ending Balance	5,586,470	4,186,729
Options Outstanding, Options exercisable as of December 31, 2022	2,455,735
Weighted-Average Exercise Price, Beginning Balance	$ 27.53
Weighted-Average Exercise Price, Options granted	14.62
Weighted-Average Exercise Price, Options cancelled	29.32
Weighted-Average Exercise Price, Ending Balance	23.40	$ 27.53
Weighted-Average Exercise Price, Options exercisable as of December 31, 2022	$ 25.00
Weighted-Average Remaining Contractual Term	7 years 10 months 24 days	7 years 10 months 28 days
Weighted-Average Remaining Contractual Term, Options exercisable as of December 31, 2022	7 years 2 months 4 days
Aggregate Intrinsic Value, Balance	$ 4,476	$ 13,973
Aggregate Intrinsic Value, Options exercisable as of December 31, 2022	$ 2,867

Stockholders' Equity - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 24,133	$ 16,812
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	5,534	3,838
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 18,599	$ 12,974

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Provision for income taxes	$ 0	$ 0
Research and development credits	8,897,000	6,694,000
Gross unrecognized tax benefits	2,327,000	1,704,000	$ 938,000
Unrecognized tax benefits that would affect effective tax rate	0
Interest or penalties related income tax	0
Accrual for interest or penalties related to income tax	0
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards which are carried over indefinitely	408,700,000	$ 290,100,000
Research and development credits	$ 10,500,000
Research and development credits expiration period	2038
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 1,700,000
Net operating loss carryforwards expiration year	2036
Research and development credits	$ 900,000
Research and development credits expiration period	2025

Income Taxes - Reconciliation Between Provision for Income Taxes and Income Taxes Computed Using U.S. Federal Statutory Corporate Tax Rate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income taxes computed at the statutory rate	$ (41,522,000)	$ (30,216,000)
Permanent items	2,713,000	1,387,000
Research and development credit	(2,453,000)	(2,950,000)
Change in valuation allowance	41,137,000	31,783,000
Other	125,000	(4,000)
Provision (benefit) for income taxes	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 85,918	$ 60,936
Research credits	8,897	6,694
Intangible assets	25,319	13,809
Other	6,517	3,996
Gross deferred tax assets	126,651	85,435
Less valuation allowance	(126,170)	(85,033)
Deferred tax assets, net of valuation allowance	481	402
Deferred tax liabilities:
Other	(481)	(402)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Summary of Activity Related to Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Beginning balance	$ 1,704	$ 938
Increases related to prior year tax positions	0	64
Increases related to current year tax positions	623	702
Ending balance	$ 2,327	$ 1,704

Subsequent Events - Additional Information - (Details) - ATM Sale Agreement - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	12 Months Ended
	Sep. 30, 2022	Feb. 27, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Issuance of common stock under ATM facility, shares	2,414,897
Proceeds from issuance of shares	$ 24,600		$ 24,596
Subsequent Event
Subsequent Event [Line Items]
Issuance of common stock under ATM facility, shares		1,514,219
Proceeds from issuance of shares		$ 14,500
Net proceeds from issuance of common stock		$ 14,100