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Stock-Based Compensation - Schedule of TSR PSU Valuation Assumptions (Details) - Performance-Based Restricted Stock Units, TSR Goal	12 Months Ended
	Dec. 31, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation date share price (USD per share)	$ 17.57
Expected term (in years)	1 year 11 months 1 day
Volatility	70.62%
Correlation coefficient	0.3508
Average peer group volatility	79.69%
Average peer group correlation coefficient	0.4397
Risk free interest rate	2.84%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Details)	Dec. 31, 2024
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounting Policies [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Restricted cash \| $	$ 1,400,000	$ 1,400,000
Impairment of long-lived assets \| $	$ 0	$ 0	$ 0
Expected dividends	0.00%
Novartis Agreement
Accounting Policies [Line Items]
Description of customer payment terms	The Company performs credit evaluations of its customer, and the risk with respect to accounts receivable is further mitigated by the short duration of customer payment terms, generally within 60 days, and the pedigree of the customer base.
Customer payment term duration	60 days
Percentage of revenue contributed by related party	100.00%	100.00%	100.00%

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

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


	December 31,
	2024		2023
Prepaid research and development	$	2,101	$	3,403
Prepaid insurance	877		1,131
Prepaid licenses	1,097		2,454
Interest receivable	2,302		2,997
Other	163		1,272
Total prepaid expenses and other current assets	$	6,540	$	11,257

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 71,188	$ 63,234
Short-term investments	284,536	431,011
Prepaid expenses and other current assets (Note 5)	6,540	11,257
Total current assets	362,264	505,502
Property and equipment, net	5,525	3,567
Operating lease right-of-use assets	27,243	1,211
Restricted cash	1,482	1,482
Other non-current assets	435	392
Total assets	396,949	512,154
Current liabilities
Accounts payable	5,960	4,531
Accrued research and development	14,363	12,456
Accrued liabilities (Note 6)	12,353	10,219
Lease liabilities, current	542	1,318
Total current liabilities	33,218	28,524
Lease liabilities, non-current	29,439	0
Long-term debt (Note 7)	30,211	10,054
Total liabilities	92,868	38,578
Commitments and Contingencies (Note 14)
Stockholders’ equity
Preferred stock, $0.0001 par value 10,000,000 shares authorized at December 31, 2024 and 2023, none issued or outstanding at December 31, 2024 and 2023	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized at December 31, 2024 and 2023; and 60,860,838 and 59,921,002 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively;	6	6
Additional paid-in capital	1,013,806	972,973
Accumulated deficit	(710,052)	(499,748)
Accumulated other comprehensive gain	321	345
Total stockholders’ equity	304,081	473,576
Total liabilities and stockholders’ equity	$ 396,949	$ 512,154

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (210,304)	$ (161,336)	$ (123,321)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	2,125	1,841	1,823
Stock-based compensation expense	37,626	44,483	22,598
Non-cash operating lease expense	3,451	2,390	1,858
Amortization (accretion) on short-term investments and debt	2,510	(4,990)	(1,806)
Changes in operating assets and liabilities:
Accounts receivable	0	1,983	15
Prepaid expenses and other current assets	4,717	(3,735)	(294)
Other non-current assets	(43)	0	201
Accounts payable	1,428	2,969	(1,351)
Accrued liabilities	3,807	2,781	7,904
Operating lease liabilities	(820)	(2,747)	(2,258)
Net cash used in operating activities	(155,503)	(116,361)	(94,631)
Cash flows from investing activities
Purchase of short-term investments	(211,285)	(583,069)	(325,716)
Maturity of short-term investments	355,473	456,978	177,272
Purchase of property and equipment	(3,848)	(921)	(1,760)
Net cash provided by (used in) investing activities	140,340	(127,012)	(150,204)
Cash flows from financing activities
Proceeds from sale of common stock in a public offering	0	270,251	216,201
Proceeds from issuances of common stock under benefit plans	3,207	5,001	1,360
Payment of offering costs	0	(847)	(557)
Proceeds from term loan, net of issuance costs	19,910	0	9,850
Net cash provided by financing activities	23,117	274,405	226,854
Net increase (decrease) in cash and cash equivalents	7,954	31,032	(17,981)
Cash, cash equivalents and restricted cash at beginning of period	72,670	64,716	33,684
Cash, cash equivalents and restricted cash at end of period	64,716	33,684	51,665
Supplemental disclosures of cash flow information:
Cash paid for interest	2,620	1,149	615
Reconciliation of cash, cash equivalents, and restricted cash reported in the balance sheets
Cash and cash equivalents	71,188	63,234	33,684
Restricted cash	1,482	1,482	0
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	72,670	64,716	33,684
Supplemental disclosures of noncash investing and financing activities:
Net unrealized (loss) gain on short-term investments	(24)	2,303	(1,757)
Purchase of property and equipment in accounts payable	236	0	0
Reclassification of restricted stock awards from liabilities to common stock upon vesting	0	0	2
Supplemental disclosures of cash flow information related to leases:
Cash paid for operating lease liabilities in operating cash flows	4,698	3,846	2,657
Right-of-use assets obtained in exchange for new operating lease liabilities	29,779	0	950
Decrease in right-of -use assets and liabilities from lease modifications	$ 0	$ 1,821	$ 0

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain prior year reported amounts have been reclassified to conform with the current period presentation.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses as well as the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, accruals for research and development costs, fair value of assets, stock-based compensation, income taxes and uncertain tax positions. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances, however, actual results may differ from those estimates.

Revenue Recognition

The Company accounts for revenues in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (Topic 606). To determine revenue recognition for arrangements that fall within the scope of ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer.

At contract inception, we assess the goods or services promised within each contract, determine those that are performance obligations, and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. To date, our revenues have been generated solely from the Collaboration and License Agreement with Novartis (the “Novartis Agreement”). The Novartis Agreement, which was terminated effective April 18, 2023, included licenses of intellectual property, cost reimbursements, research and development services, upfront signing fees, milestone payments and royalties on future licensee’s product sales.

As part of accounting for this arrangement, we must apply judgment to determine whether the performance obligations are distinct, and develop assumptions in determining the stand-alone selling price for each distinct performance obligation identified in the contract. To determine the stand-alone selling price, we rely on assumptions which may include

forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success.

Licenses of Intellectual Property

If the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenues. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition.

Milestone Payments

At the inception of an arrangement that includes development milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which we recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each reporting period, we re-evaluate the probability of achievement of such development milestones and any related constraint and, if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration and license revenue in the period of adjustment.

Research and development services

Amounts related to research and development services are recognized as the related services or activities are performed, in accordance with the contract terms. The cost associated with full-time equivalent researchers is estimated each period and billable to Novartis based at specified full-time equivalent rates.

Royalties

Sales-based royalties, including milestone payments based on the level of sales, are considered to be predominately related to the license included in the arrangement, and we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). We did not recognize any royalty revenue from the Novartis Agreement during the period it was in effect.

We recognize contract assets when we have a right to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditional on something other than the passage of time. A receivable will be recorded on the balance sheet when the Company has unconditional rights to consideration (i.e., only the passage of time is required before payment becomes due). A contract liability is an obligation to transfer goods or services for which the Company has received consideration, or for which an amount of consideration is due from the customer. Receivables cannot be netted against contract liabilities and would be presented separately from contract assets. Contract assets and contract liabilities are netted at the contract level.

Fair Value Measurements

The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which to transact and the market-based risk. Fair value accounting is applied for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The carrying amount of the Company’s financial instruments, including cash and cash equivalents, tax credit receivable, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities approximate fair value due to their short-term maturities.

Assets and liabilities recorded at fair value on a recurring basis in the Balance Sheets and assets and liabilities measured at fair value on a non-recurring basis or disclosed at fair value, are categorized based upon the level of judgment associated with inputs used to measure their fair values. Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Accounting guidance establishes a three-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based upon whether such inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions made by the reporting entity. The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows:

•Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

•Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

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

The fair value of the Company’s cash equivalent Money Market Funds are classified as Level 1 because they are valued using quoted market prices. The fair value of the Company’s U.S. Treasury securities, U.S. government agency securities and corporate debt securities are classified as Level 2 because they are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. These Level 2 instruments require more management judgment and subjectivity compared to Level 1 instruments which include determining which instruments are most similar to the instrument being priced, determining whether the market is active and determining which model-derived valuations are to be used when calculating fair value. The Company performs its analysis with the assistance of investment advisors.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, short-term investments and accounts receivable. The Company invests in Money Market Funds, United States (“U.S.”) Treasury securities, government notes and corporate debt securities. The Company limits its credit risk associated with its cash and cash equivalents by placing them with banks and institutions it believes are highly credit worthy and in

highly rated investments. However, the Company had deposits in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limit of $250,000. The Company performs credit evaluations of its customer, and the risk with respect to accounts receivable is further mitigated by the short duration of customer payment terms, generally within 60 days, and the pedigree of the customer base. During the year ended December 31, 2024, the Company had no revenue or accounts receivable, and during the years ended December 31, 2023 and 2022, Novartis accounted for 100% of the Company’s revenue and accounts receivable.

The Company’s future results of operations involve several other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products, including those that may be developed or marketed by larger companies, securing and protecting intellectual property, strategic relationships and dependence on key individuals and sole source suppliers.

The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.

Segments

Segment

The Company operates and manages its business as one reportable and operating segment, which is the business of developing and commercializing novel therapies for fibrotic diseases. The Company’s chief executive officer, who is the chief operating decision maker ("CODM"), reviews financial information on an aggregate basis for allocating and evaluating financial performance; however, our CODM is regularly provided with more detailed expense information than what is included in our Statement of Operations and Comprehensive Loss. See Note 13 for further details. The single operating segment constitutes all of the Company activity, the chief operating decision maker regularly reviews the entity-wide operating results and performance. All long-lived assets are maintained in the United States of America.

Cash and Cash Equivalents, Restricted Cash

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist of amounts invested in Money Market Funds and are stated at fair value.

Restricted Cash

Our restricted cash balance of $1.4 million as of December 31, 2024 and 2023 represented cash required to be held as collateral by a financial institution to guarantee lease payments due to our landlord at Oyster Point Blvd, South San Francisco, California (the "Oyster Point Lease").

Short-Term Investments

The Company’s short-term investments consist of U.S. Treasury securities, U.S. government agency securities and corporate debt securities with remaining maturities beyond three months at the date of purchase. The Company has classified and accounted for its short-term investments as available-for-sale securities as the Company may sell these securities at any time even prior to maturity and such investments represent cash available for current operations. As a result, short-term investments may include securities with maturities beyond twelve months that are classified within current assets in the Balance Sheets. As of December 31, 2024 and 2023, all of the Company’s short-term investments were classified as available-for-sale and were carried at fair market value with unrealized losses recorded in other comprehensive (loss) gain in the statements of operations and comprehensive loss. See Note 3 for further details.

The Company records an allowance for credit losses using an expected loss model. Credit losses are limited to the amount by which the amortized cost of an investment exceeds its fair value. A previously recognized credit loss may be decreased in subsequent periods if the Company’s estimate of fair value for the investment increases. To determine whether to record a credit loss, the Company considers issuer specific credit ratings and historical losses as well as current economic conditions and its expectations for future economic conditions. The Company has not recorded any credit losses during the three years ended December 31, 2024, 2023 and 2022.

Interest and other income (expense)

Interest and other income (expense) includes interest income from our short-term investment portfolio.

Property and Equipment, Net

Property and equipment are recorded at cost net of accumulated depreciation and amortization. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. The useful lives of property and equipment are as follows:


Laboratory equipment			5 years
Computer equipment and software			3 years
Leasehold improvements			Shorter of remaining lease term or estimated useful life

Upon retirement or sale of the assets, the cost and related accumulated depreciation and amortization are removed from the balance sheets and the resulting gain or loss is recorded to the statements of operations and comprehensive loss. Repairs and maintenance are expensed as incurred.

Leases

The Company determines if an arrangement contains a lease at the inception of the contract and a records right-of-use (“ROU”) asset and lease liability on the balance sheet at lease commencement based on the present value of remaining lease payments over the lease term. The Company only considers payments that are fixed and determinable at the time of commencement.

For leases with an initial term greater than 12 months, lease liabilities are recognized based on the present value of the future minimum lease payments discounted by the Company’s estimated incremental borrowing rate. The Company measures ROU assets based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs incurred and (iii) tenant incentives under the lease. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

The Company calculates the present value of future minimum lease payments using its estimated incremental borrowing rate when the discount rate implicit in the lease is not known. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. In determining its incremental borrowing rate, the Company gives consideration to its credit risk, term of the lease, total lease payments and an analysis of peer companies with profiles similar to its own.

The Company has elected the short-term lease practical expedient to exclude leases with a term less than 12 months from its ROU assets and lease liabilities. The Company records rent expense for short-term leases in its statements of operations on a straight-line basis over the lease term and records variable lease payments as incurred. The Company has also elected to not separate lease and non-lease components and, as a result, accounts for any lease and non-lease components as a single lease component.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. There was no impairment of long-lived assets during the years ended December 31, 2024, 2023 and 2022.

Research and Development Expenses

Research and development costs are expensed as incurred. Research and development expenses consist primarily of personnel costs for the Company’s research and development employees. Also included are non-personnel costs such as fees paid to consultants and third parties for preclinical and clinical studies, research and development services, laboratory supplies and equipment maintenance costs, license costs, contract manufacturing costs and allocations of facility related costs. The Company estimates preclinical and clinical studies and research expenses based on the services performed, pursuant to contracts with research institutions that conduct and manage preclinical and clinical studies and research services on its behalf. We estimate the amount of work completed through review of detailed budgets and timelines included in our contracts and agreements, and update these estimates with information obtained from third-party service providers and internal personnel on a quarterly basis. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accrual accordingly. Payments made to third parties

under these arrangements in advance of the performance of the related services are recorded as prepaid expenses and are expensed as services are rendered.

Payments associated with licensing agreements to acquire exclusive licenses to develop, use, manufacture and commercialize products that have not reached technological feasibility and do not have alternate commercial use are expensed as incurred.

Stock-Based Compensation

The Company’s stock-based equity awards include restricted stock awards, stock options, restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs"), issued under the Company's 2020 Stock Option and Incentive Plan (the "2020 Plan"), 2022 Inducement Plan ("Inducement Plan") and shares issued under the Company’s 2020 Employee Stock Purchase Plan ("ESPP"). Stock-based compensation for awards that are granted to employees is accounted at fair value on the award grant date and the expense is recognized over the period the employee is required to provide service in exchange for the award, which is generally on a straight-line basis over the vesting period of the award. The expense is recorded in either research and development or general and administrative expenses in the statements of operations and comprehensive loss based on the function to which the related services are provided. Forfeitures are accounted for as they occur.

The Company utilizes the Monte Carlo simulation model with significant inputs including volatility and closing price of stock on grant for estimating the fair value of equity awards with market-based vesting conditions and uses the closing price of common stock on the date of grant for PSUs and RSUs with a performance or service-based vesting condition.

The Black-Scholes option-pricing model, used to estimate fair value of stock options with service-based vesting conditions, requires the use of the following assumptions:

•Expected term—The expected term represents the period that the stock-based awards are expected to be outstanding. The expected term for the Company’s stock options was calculated utilizing the simplified method, which represents the average of the weighted-average vesting term and the contract period of the awards. The expected term for the ESPP is the offering period.

•Expected volatility—Prior to the Company being public, the Company did not have any trading history for its common stock, the expected volatility was estimated based on the average historical volatilities of common stock of comparable publicly traded entities over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on their size, stage in the life cycle or area of specialty. As the Company went public in June 2020, the Company will continue to apply this process for stock options and ESPP awards until enough historical information regarding the volatility of its stock price becomes available.

•Risk-free interest rate—The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the awards.

•Expected dividend—The Company has never paid dividends on the common stock and has no plans to pay dividends on the common stock. Therefore, the Company used an expected dividend yield of zero.

Income Taxes

The Company provides for income taxes under the asset and liability method. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax basis of assets and liabilities and net operating loss and credit carryforwards and are measured using the enacted tax rates and laws that will be in effect when such items are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all the tax benefits will not be realized.

The Company accounts for uncertain tax positions in accordance with ASC 740, Income Taxes. The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and

measurement of tax benefits requires significant judgment. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available.

The Company includes any penalties and interest expense related to income taxes as a component of income tax expense, as necessary.

Comprehensive Loss

Comprehensive loss includes net loss as well as other changes in stockholders' equity that result from transactions and economic events other than those with stockholders. The Company's comprehensive gain (loss) represents unrealized losses and gains on short-term investments.

Interest and other income (expense)

Short-Term Investments

Interest and other income (expense)

Interest and other income (expense) includes interest income from our short-term investment portfolio.

Net Loss Per Share

Basic net loss per share is computed by dividing net loss attributed to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period and, if dilutive, the weighted-average number of potential shares of common stock.

Common stock equivalent shares are excluded from the computation of diluted net loss or income per share if their effect is antidilutive. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is generally the same as basic net loss per share attributable to common stockholders since dilutive common shares are not assumed to have been issued if their effect is antidilutive. The Company reported a net loss attributable to common stockholders during the years ended December 31, 2024, 2023 and 2022.

Recently Adopted Accounting Pronouncements and Recently Announced Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting - Improvements to Reportable Segment Disclosures”, which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The guidance is effective for the Company's annual periods beginning in 2024 and interim periods beginning in the first quarter of fiscal year 2025. The Company adopted the standard on December 31, 2024. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. See Note 13, Segment, for the updated segment disclosures as a result of adopting this ASU.

Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): "Improvements to Income Tax Disclosures", which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impact of this standard on its disclosures and will adopt the ASU for its 2025 10-K.

In November 2024, the FASB issued ASU 2024-03 “Disaggregation of Income Statement Expenses,” which aims to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for the Company's annual periods beginning in 2027 and interim periods beginning in the first quarter of fiscal year 2028. The Company is currently evaluating the impact of the new guidance.

Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Company’s Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax computed at federal statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal tax benefit	(0.60%)	6.70%	7.30%
General business credit—federal	3.30%	5.30%	3.60%
Stock-based compensation	(1.60%)	0.90%	(1.00%)
Other permanent differences	(0.20%)	0.10%	(0.40%)
Section 162(m)	(0.70%)	(3.80%)	0.00%
Change in valuation allowance	(21.20%)	(30.20%)	(30.50%)
Effective income tax rate	0.00%	0.00%	0.00%

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The Company had a pre-tax U.S. book loss of $210.3 million, $161.3 million, and $123.3 million, for the years ended December 31, 2024, 2023 and 2022, respectively. During the years ended December 31, 2024, 2023 and 2022, the Company did not record an income tax provision. The Company will continue to maintain a 100% valuation allowance on total deferred tax assets. The Company believes it is more likely than not that the related deferred tax assets will not be realized.

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2024		2023		2022
Income tax computed at federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal tax benefit	(0.6)	%	6.7	%	7.3	%
General business credit—federal	3.3	%	5.3	%	3.6	%
Stock-based compensation	(1.6)	%	0.9	%	(1.0)	%
Other permanent differences	(0.2)	%	0.1	%	(0.4)	%
Section 162(m)	(0.7)	%	(3.8)	%	—	%
Change in valuation allowance	(21.2)	%	(30.2)	%	(30.5)	%
Effective income tax rate	—	%	—	%	—	%

Net deferred tax assets and liabilities consisted of the following (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
Net operating losses	$	94,882	$	78,452
Research and development credits	37,740		29,559
Accrued expenses	1,862		2,211
Other	757		1,350
Capitalized research and development	55,291		34,769
Lease liability	6,300		369
Stock based compensation	7,722		8,291
Total deferred tax assets	204,554		155,001
Deferred tax liabilities:
Fixed asset basis	—		(123)
Prepaid expenses	(331)		(598)
Right of use asset	(5,725)		(339)
Total deferred tax liabilities	(6,056)		(1,060)
Valuation allowance	198,498		153,941
Net deferred taxes	$	—	$	—

Net operating losses and tax credit carryforwards were as follows (in thousands):


	December 31, 2024		Expiration Year
Net operating losses, federal (starting from January 1, 2018)	$	289,189	Does not expire
Net operating losses, federal (before January 1, 2018)	$	29,486	2035-2037
Net operating losses, state	$	397,900	2035-2044
Tax credits, federal	$	40,517	2036-2044
Tax credits, state	$	9,077	Does not expire

Utilization of the net operating loss carryforwards and research credit carryforwards may be subject to an annual limitation due to the ownership percentage change limitations provided by the Internal Revenue Code (“IRC”) and similar state provisions. Annual limitations may result in the expiration of the net operating losses and tax credit carryforwards before they are utilized. The Company performed a IRC Section 382 analysis through December 31, 2024 and does not expect any previous ownership changes to result in a limitation that will reduce the total amount of net operating loss and tax credit carryforwards disclosed that can be utilized. Subsequent ownership changes may affect the limitation in future years.

During the years ended December 31, 2024 and 2023, the Company recorded a full valuation allowance on federal and state deferred balances since management does not forecast the Company to be in a profitable position in the near

future. Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2024 and 2023 related primarily to the increases in net operating loss carryforwards and research and development tax credit carryforwards and were as follows (in thousands):


	Year Ended December 31,
	2024		2023
Valuation allowance at the beginning of the year	$	153,941	$	105,684
Increases recorded to income tax provision	44,557		48,257
Valuation allowance at the end of the year	$	198,498	$	153,941

The Company’s U.S. federal and state income tax returns are generally subject to tax examinations for the tax years ended December 31, 2018 through December 31, 2023. There are currently no pending income tax examinations. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service and state tax authorities to the extent utilized in a future period.

The entire amount of the unrecognized tax benefits would not impact the Company’s effective tax rate if recognized. The Company's accounting policy is to include interest and penalties as a component of tax expense. During the years ended December 31, 2024 and 2023, the Company did not recognize accrued interest and penalties related to unrecognized tax benefits. The Company does not anticipate that the amount of existing unrecognized tax benefits will significantly increase or decrease during the next 12 months.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2024		2023
January 1	$	7,974	$	5,196
Additions based on tax positions related to current year	2,505		2,475
(Reductions) additions for tax positions of prior year	(240)		303
December 31	$	10,239	$	7,974

Effective January 1, 2022, we are subject to mandatory capitalization of Section 174 research and development expenditures. The capitalized expenses are subject to amortization over five and fifteen years for expenses incurred within the U.S. and outside of U.S., respectively.

- Definition

The entire disclosure for income tax.

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+ Details

Novartis Collaboration and License Agreement (the "Novartis Agreement") (Details) - Novartis Agreement - Novartis	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2019 researchTarget
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues	$ 0	$ 1,600,000	$ 9,700,000
Accounts receivable, current	$ 0	$ 0
Integrin Research Target Program
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues			$ 4,000,000
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Integrin research targets \| researchTarget				3

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Leases - Schedule of Operating and Variable Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease costs	$ 5,756	$ 2,771	$ 2,501
Other variable costs	1,428	766	721
Total expense	$ 7,184	$ 3,537	$ 3,222

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Segment - Schedule of Segment Reporting Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 1,580	$ 9,685
Operating expenses:
Loss from operations	228,365	184,145	127,200
Reconciliation of segment loss
Interest and other (income) expense, net	(21,085)	(24,076)	(4,670)
Interest expense	3,024	1,267	791
Net loss	210,304	161,336	123,321
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	0	1,580	9,685
Operating expenses:
Bexotegrast - clinical trial and outside service third party contracting costs	86,365	51,446	29,890
Employee-related expenses - research and development (excluding stock-based compensation)	35,489	28,685	21,727
General and administrative costs (excluding stock-based compensation)	35,537	31,418	26,082
Other segment items	70,974	74,176	59,186
Loss from operations	228,365	184,145	127,200
Reconciliation of segment loss
Interest and other (income) expense, net	(21,085)	(24,076)	(4,670)
Interest expense	3,024	1,267	791
Net loss	$ 210,304	$ 161,336	$ 123,321

Income Taxes - Schedule of Net Operating Losses and Tax Credit Carry Forwards (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Federal
Operating Loss Carryforwards [Line Items]
Tax credits	$ 40,517
Federal \| Starting from January 1, 2018
Operating Loss Carryforwards [Line Items]
Net operating losses	289,189
Federal \| Before January 1, 2018
Operating Loss Carryforwards [Line Items]
Net operating losses	29,486
State
Operating Loss Carryforwards [Line Items]
Net operating losses	397,900
Tax credits	$ 9,077

Financial Instruments - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities measured at fair value	$ 0	$ 0
Fair Value Measurements, Non-recurring Basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities measured at fair value	0	0
Assets measured at fair value	0	0
Fair Value, Inputs, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities measured at fair value	0	0
Assets measured at fair value	$ 0	$ 0

Stock-Based Compensation - 2020 Employee Stock Purchase Plan Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares reserved for future issuance (in shares)			16,200,412	12,544,982
Share-based payment arrangement, expense			$ 37,626	$ 44,483	$ 22,598
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares reserved for future issuance (in shares)	700,000	700,000
Common stock shares outstanding percentage	1.00%
Employee stock purchase plan, description	The 2020 ESPP is subject to automatic increases on January 1 of each calendar year, beginning January 1, 2021, by the lesser of (i) 1% of the outstanding shares on the immediately preceding December 31, (ii) 700,000 shares or (iii) such lesser amount as determined by, the compensation committee of the Board of Directors.
Percentage of payroll deductions	15.00%	15.00%
Employee stock purchase plan offering period	6 months
Common stock fair market value percentage		85.00%
Share-based payment arrangement, expense			$ 500	$ 600	$ 400
Number of common stock issued (in shares)			110,222	82,428	85,969

Stock-Based Compensation - Incentive Stock Options and Nonqualified Stock Options - Narrative (Details) - 2015 and 2020 Equity Incentive Plans and 2020 Inducement Plan - Incentive Stock Options and Nonqualified Stock Options - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Expiration period from date of grant	10 years
Unrecognized compensation cost	$ 42.2
Unrecognized compensation expense, weighted average period	2 years 6 months
Intrinsic value of time-based stock options exercised	$ 1.9	$ 11.4	$ 2.0
Grant date fair value of stock option (USD per share)	$ 15.00	$ 27.22	$ 7.82

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt - Narrative (Details) - USD ($)		1 Months Ended	12 Months Ended
Debt - Narrative (Details) - USD ($)	Mar. 11, 2024	Oct. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 01, 2029	Mar. 10, 2024
Debt Instrument [Line Items]
Proceeds from term loan, net of issuance costs			$ 19,910,000	$ 0	$ 9,850,000
Interest expense			$ 3,024,000	$ 1,267,000	$ 791,000
Loan Agreement \| Term Loan Facility
Debt Instrument [Line Items]
Term loan facility	$ 150,000,000.0	$ 100,000,000.0
Proceeds from term loan, net of issuance costs		10,000,000.0
Amount subject to lender's discretion	50,000,000.0
Line of credit facility, current borrowing capacity	30,000,000.0
Line of credit							$ 10,000,000.0
Line of credit facility, remaining borrowing capacity	70,000,000.0
Line of credit facility, conditional borrowing capacity	35,000,000
Outstanding amount threshold, maximum collateral requirement	50,000,000.0
Term loan balance threshold for minimum cash balance covenant	$ 30,000,000.0
Minimum cash balance, percentage of outstanding principal	50.00%
Loan agreement interest rate	5.25%
Debt instrument final payment, percentage of original principal amount drawn	5.50%
Interest rate in case of default	5.00%
Effective interest rate for the term loan			11.51%	12.69%	12.69%
Interest expense			$ 3,000,000	$ 1,300,000	$ 800,000
Loan Agreement \| Term Loan Facility \| First Anniversary
Debt Instrument [Line Items]
Prepayment fee percentage	3.00%
Loan Agreement \| Term Loan Facility \| Second Anniversary
Debt Instrument [Line Items]
Prepayment fee percentage	2.00%
Loan Agreement \| Term Loan Facility \| Subsequent To Second Anniversary
Debt Instrument [Line Items]
Prepayment fee percentage	1.00%
Loan Agreement \| Term Loan Facility \| Forecast
Debt Instrument [Line Items]
Debt instrument final payment, percentage of original principal amount drawn						7.25%
Loan Agreement \| Term Loan Facility \| Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	3.50%
Stated interest rate plus variable rate floor	8.75%
Loan Agreement \| Term Loan Facility \| Debt Draw, Tranche Two
Debt Instrument [Line Items]
Amount undrawn		$ 65,000,000.0		$ 65,000,000

Common Stock - Schedule of Shares Reserved for Future Issuance (Details) - shares	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	16,200,412	12,544,982
Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	4,212,229	2,882,239
Shares of common stock available for future issuance under the 2020 ESPP
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	1,294,745	805,756
Shares of common stock available for future issuance under the 2022 Inducement Plan
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	1,460,000	700,000
Outstanding stock options
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	8,300,804	6,953,487
Restricted stock units
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	932,634	874,748
Performance Stock Units
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	0	328,752
Performance-based restricted stock units
Class of Stock [Line Items]
Target level of achievement percentage	100.00%

Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Financial Instruments

The Company’s short-term investments consist of U.S. Treasury securities, U.S. Government agency securities and highly rated, investment-grade corporate debt securities with original maturities beyond three months at the date of purchase. The Company has classified and accounted for its short-term investments as available-for-sale securities as the Company may sell these securities at any time even prior to maturity and such investments represent cash available for current operations. As a result, short-term investments may include securities with maturities beyond twelve months that are classified within current assets in the Balance Sheets. The Company’s short-term investments classified as available-for-sale are carried at fair market value with unrealized gain or loss recognized in other comprehensive gain (loss).

•Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

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

There were no assets or liabilities recorded at fair value using Level 3 inputs as of December 31, 2024 and 2023.

The following tables show the Company’s cash and cash equivalents and short-term investments by significant investment category as of December 31, 2024 and 2023 (in thousands):


		As of December 31, 2024								As of December 31, 2023
		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Money Market Funds	Level 1	$	54,825	$	—	$	—	$	54,825	$	57,241	$	—	$	—	$	57,241
U.S. Treasury securities	Level 2	9,968		7		—		9,975		27,250		46		(8)		27,288
U.S. Government Agency Securities	Level 2	77,769		235		—		78,004		133,655		563		(132)		134,086
Corporate debt securities	Level 2	196,479		160		(82)		196,557		269,761		213		(337)		269,637
Total financial assets		$	339,041	$	402	$	(82)	$	339,361	$	487,907	$	822	$	(477)	$	488,252


	As of December 31, 2024								As of December 31, 2023
Classified as:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Cash equivalents	$	54,825	$	—	$	—	$	54,825	$	57,241	$	—	$	—	$	57,241
Short-term investments	284,216		402		(82)		284,536		430,666		822		(477)		431,011
Total	$	339,041	$	402	$	(82)	$	339,361	$	487,907	$	822	$	(477)	$	488,252

The Company may sell certain of its short-term securities prior to their stated maturities for reasons including, but not limited to, managing liquidity, credit risk, duration and asset allocation.

The following summarizes the remaining contractual maturities of the Company’s short-term investments as of December 31, 2024:


	Adjusted Cost		Market Value
Mature in 1 year or less	$	276,666	$	277,008
Mature in 1 to 2 years	7,550		7,528
Total	$	284,216	$	284,536

There were no liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023. There have been no transfers between fair value measurement levels during the years ended December 31, 2024 and 2023. In addition, there were no assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2024 and 2023.

The Company records interest income and accretion income earned on Money Market Funds and U.S. Treasury, U.S. government agency and corporate debt securities to interest and other income (expense), net in its statement of operations and comprehensive loss.

Stock-Based Compensation - Schedule of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for Stock Option Awards (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividends	0.00%
Incentive Stock Options and Nonqualified Stock Options \| 2015 and 2020 Equity Incentive Plans and 2020 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	85.02%	80.97%	73.78%
Expected volatility, maximum	88.02%	83.28%	80.64%
Risk-free interest rate, minimum	3.45%	3.42%	1.64%
Risk-free interest rate, maximum	4.60%	4.68%	4.16%
Incentive Stock Options and Nonqualified Stock Options \| Minimum \| 2015 and 2020 Equity Incentive Plans and 2020 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividends	0.00%	0.00%	0.00%
Expected term (in years)	5 years 3 months 21 days	5 years 3 months 21 days	5 years 3 months 29 days
Underlying common stock fair value (USD per share)	$ 11.09	$ 15.25	$ 4.92
Incentive Stock Options and Nonqualified Stock Options \| Maximum \| 2015 and 2020 Equity Incentive Plans and 2020 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividends	0.00%	0.00%	0.00%
Expected term (in years)	6 years 29 days	6 years 29 days	6 years 29 days
Underlying common stock fair value (USD per share)	$ 17.44	$ 34.65	$ 24.23

Segment

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment

The Company operates and manages its business as one reportable and operating segment, which is the business of developing and commercializing novel therapies for patients. The CODM reviews financial information on an aggregate basis for allocating and evaluating financial performance. The Company defines its segments based on the way in which internally reported financial information is regularly reviewed by the CODM to analyze financial performance, make decisions, and allocate resources. The CODM assesses performance for the segment and decides how to allocate resources based on net loss which is also reported on the Statement of Operations and Comprehensive Loss as consolidated net loss.

All long-lived assets are maintained in the United States of America.

Our CODM is regularly provided with more detailed expense information than what is included in our Statement of Operations and Comprehensive Loss. The table below shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP to the Company’s total net loss in the statements of operations (in thousands)


	Year Ended
	2024		2023		2022
Revenue	$	—	$	1,580	$	9,685
Operating expenses:
Bexotegrast - clinical trial and outside service third party contracting costs	86,365		51,446		29,890
Employee-related expenses - research and development (excluding stock-based compensation)	35,489		28,685		21,727
General and administrative costs (excluding stock-based compensation)	35,537		31,418		26,082
Other segment items	70,974		74,176		59,186
Segment loss	228,365		184,145		127,200
Reconciliation of segment loss
Interest and other (income) expense, net	(21,085)		(24,076)		(4,670)
Interest expense	3,024		1,267		791
Net loss	$	210,304	$	161,336	$	123,321

Other segment items include total stock-based compensation and research and development costs related to other pipeline programs and other non-program costs (excluding employee-related expenses).

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Gain	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		36,083,301
Beginning balance at Dec. 31, 2021	$ 199,059	$ 3	$ 414,348	$ (201)	$ (215,091)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued in a public offering, net of offering expenses (in shares)		12,432,432
Common stock issued in a public offering, net of offering expenses	215,401	$ 2	215,399
Issuance of common stock under benefit plans (in shares)		403,680
Issuance of common stock under benefit plans	1,360		1,360
Vesting of restricted stock awards (in shares)		21,841
Vesting of restricted stock awards	2		2
Stock-based compensation expense	22,598		22,598
Net unrealized (loss) gain on short-term investments	(1,757)			(1,757)
Net loss	(123,321)				(123,321)
Ending balance (in shares) at Dec. 31, 2022		48,941,254
Ending balance at Dec. 31, 2022	313,342	$ 5	653,707	(1,958)	(338,412)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued in a public offering, net of offering expenses (in shares)		9,583,334
Common stock issued in a public offering, net of offering expenses	269,782	$ 1	269,781
Issuance of common stock under benefit plans (in shares)		1,396,414
Issuance of common stock under benefit plans	5,002		5,002
Stock-based compensation expense	44,483		44,483
Net unrealized (loss) gain on short-term investments	2,303			2,303
Net loss	$ (161,336)				(161,336)
Ending balance (in shares) at Dec. 31, 2023	59,921,002	59,921,002
Ending balance at Dec. 31, 2023	$ 473,576	$ 6	972,973	345	(499,748)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under benefit plans (in shares)		939,836
Issuance of common stock under benefit plans	3,207		3,207
Stock-based compensation expense	37,626		37,626
Net unrealized (loss) gain on short-term investments	(24)			(24)
Net loss	$ (210,304)				(210,304)
Ending balance (in shares) at Dec. 31, 2024	60,860,838	60,860,838
Ending balance at Dec. 31, 2024	$ 304,081	$ 6	$ 1,013,806	$ 321	$ (710,052)

Commitments and Contingencies (Details)	12 Months Ended
Commitments and Contingencies (Details)	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contractual arrangements cancellation period	30 days

Defined Contribution Plan	12 Months Ended
Defined Contribution Plan	Dec. 31, 2024
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan The Company sponsors a defined contribution plan under Section 401(k) of the Internal Revenue Code covering substantially all full-time U.S. employees. Employee contributions are voluntary and are determined on an individual basis subject to the maximum allowable under federal tax regulations. The Company made contributions to the plan of $1.3 million, $1.0 million and $0.8 million during the years ended December 31, 2024, 2023 and 2022, respectively.

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 0	$ 1,580	$ 9,685
Operating expenses:
Research and development	(169,310)	(127,797)	(96,936)
General and administrative	(59,055)	(57,928)	(39,949)
Total operating expenses	(228,365)	(185,725)	(136,885)
Loss from operations	(228,365)	(184,145)	(127,200)
Interest and other income (expense), net	21,085	24,076	4,670
Interest expense	(3,024)	(1,267)	(791)
Net loss	$ (210,304)	$ (161,336)	$ (123,321)
Earnings Per Share [Abstract]
Basic (USD per share)	$ (3.47)	$ (2.75)	$ (2.94)
Diluted (USD per share)	$ (3.47)	$ (2.75)	$ (2.94)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted average shares used in computing net loss per share - basic (in shares)	60,538,639	58,719,083	42,015,908
Weighted average shares used in computing net loss per share - diluted (in shares)	60,538,639	58,719,083	42,015,908
Comprehensive loss:
Net loss	$ (210,304)	$ (161,336)	$ (123,321)
Net unrealized (loss) gain on short-term investments	(24)	2,303	(1,757)
Total other comprehensive (loss) gain	(24)	2,303	(1,757)
Comprehensive loss	$ (210,328)	$ (159,033)	$ (125,078)

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2024
Temporary Equity Disclosure [Abstract]
Preferred Stock	Preferred Stock Under the Company’s Amended and Restated Certificate of Incorporation, the Company is authorized to issue two classes of shares: preferred stock and common stock. The preferred stock may be issued in series, and the Company’s board of directors is authorized to determine the rights, preferences, and terms of each series. These rights, preferences and terms could include dividend rights, conversion rights, voting rights, terms of redemptions, liquidation preferences and sinking fund terms. As of December 31, 2024 and 2023, the Company was authorized to issue 10,000,000 shares of preferred stock and there was no preferred stock outstanding as of December 31, 2024 and 2023.

Preferred Stock (Details)	Dec. 31, 2024 class shares	Dec. 31, 2023 shares
Temporary Equity Disclosure [Abstract]
Number of classes of stock authorized \| class	2
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0

Stock-Based Compensation - Schedule of Option Activity Under the 2015 Plan and 2020 Plan (Details) - 2015 Equity and 2020 Incentive Plan - Incentive Stock Options and Nonqualified Stock Options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	6,953,487
Granted (in shares)	2,541,819
Exercised (in shares)	(248,343)
Forfeited (in shares)	(946,159)
Outstanding, ending balance (in shares)	8,300,804	6,953,487
Number of options, exercisable (in shares)	4,733,737
Number of options, vested and expected to vest (in shares)	8,300,804
Weighted- Average Exercise Price per Share
Outstanding, beginning balance (USD per share)	$ 17.95
Granted (USD per share)	15.00
Exercised (USD per share)	7.29
Forfeited (USD per share)	19.18
Outstanding, ending balance (USD per share)	17.23	$ 17.95
Weighted- average exercise price per share, exercisable (USD per share)	16.99
Weighted- average exercise price per share, vested and expected to vest (USD per share)	$ 17.23
Weighted- average remaining contractual term (in years), outstanding	7 years 6 months	7 years 8 months 12 days
Weighted- average remaining contractual term (in years), exercisable	6 years 7 months 6 days
Weighted- average remaining contractual term (in years), vested and expected to vest	7 years 6 months
Aggregate intrinsic value, outstanding balance	$ 13,769	$ 32,646
Aggregate intrinsic value, exercisable	11,734
Aggregate intrinsic value, vested and expected to vest	$ 13,769

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The following common share equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been antidilutive:


	Year Ended December 31,
	2024	2023	2022
Options to purchase common stock	8,300,804	6,953,487	5,569,567
Restricted stock units	932,634	874,748	507,925
Performance-based restricted stock units*	—	328,750	354,532
Total	9,233,438	8,156,985	6,432,024
*PSUs outstanding based on target level of achievement of 100%.

Stock-Based Compensation - Schedule of Restricted Stock Activity (Details) - Restricted stock units	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding and unvested, beginning balance (in shares) \| shares	874,748
Granted (in shares) \| shares	599,011
Released (in shares) \| shares	(425,979)
Forfeited (in shares) \| shares	(115,146)
Outstanding and unvested, ending balance (in shares) \| shares	932,634
Weighted Average Grant Date Fair Value
Weighted-Average Grant Date fair value, Outstanding and unvested, beginning balance (USD per share) \| $ / shares	$ 29.85
Granted (USD per share) \| $ / shares	17.39
Released (USD per share) \| $ / shares	25.93
Forfeited (USD per share) \| $ / shares	24.63
Weighted-Average Grant Date fair value, Outstanding and unvested, ending balance (USD per share) \| $ / shares	$ 24.28

Organization and Description of Business (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jan. 31, 2023	Jul. 31, 2022
Public Offering
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Public and private offering, shares issued (in shares)	9,583,334	12,432,432
Private Placement \| Underwriters
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Public and private offering, shares issued (in shares)	1,250,000	1,621,621
Public Offering And Private Placement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Share price of shares issued (USD per share)	$ 30.00	$ 18.50
Proceeds from the sale of shares	$ 269.8	$ 215.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2024	Feb. 21, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39303
Entity Registrant Name	PLIANT THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4272481
Entity Address, Address Line One	331 Oyster Point Boulevard
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	481-6770
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	PLRX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 607,605,287
Entity Common Stock, Shares Outstanding		61,236,291
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2025 Annual Meeting of Stockholders to be filed with the U.S. Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference in Part III, Items 10-14 of this Annual Report on Form 10-K
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001746473

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In June 2022 and 2021, the Company granted 15,000 and 26,572 stock options with a grant date fair value of $0.1 million and $0.5 million to partners of Third Rock Ventures who were also serving as non-employee directors on the Company's Board of Directors. Both of the non-employee directors resigned from the Company's Board of Directors in 2022. The shares of common stock subject to these options have all vested. The stock-based compensation expense related to these options was immaterial during the year ended December 31, 2022. There were no related party transactions during the years ended December 31, 2024 and 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for Stock Option Awards

The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards with the following assumptions:


	Year Ended December 31,
	2024		2023		2022
	Min	Max	Min	Max	Min	Max
Expected volatility	85.02%	88.02%	80.97%	83.28%	73.78%	80.64%
Risk-free interest rate	3.45%	4.60%	3.42%	4.68%	1.64%	4.16%
Expected dividend	—	—	—	—	—	—
Expected term (in years)	5.31	6.08	5.31	6.08	5.33	6.08
Underlying common stock fair value	$11.09	$17.44	$15.25	$34.65	$4.92	$24.23

Schedule of Option Activity Under the 2015 Plan and 2020 Plan

A summary of option activity under the 2015 Plan and the 2020 Plan is as follows:


	Number of Options	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2023	6,953,487	$	17.95	7.7	$	32,646
Granted	2,541,819	$	15.00
Exercised	(248,343)	$	7.29
Forfeited	(946,159)	$	19.18
Outstanding as of December 31, 2024	8,300,804	$	17.23	7.5	$	13,769
Exercisable as of December 31, 2024	4,733,737	$	16.99	6.6	$	11,734
Vested and expected to vest as of December 31, 2024	8,300,804	$	17.23	7.5	$	13,769

Schedule of Restricted Stock Activity

The following table sets forth the outstanding RSUs and related activity for the year ended December 31, 2024:


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2023	874,748	$	29.85
Granted	599,011	$	17.39
Released	(425,979)	$	25.93
Forfeited	(115,146)	$	24.63
Unvested and outstanding as of December 31, 2024	932,634	$	24.28

Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions

The fair value of the TSR PSUs were derived from a Monte Carlo simulation model that used the following key assumptions:


Valuation date share price	$	17.57
Award term (years)	1.92
Volatility	70.62		%
Correlation coefficient	0.3508
Average peer group volatility	79.69		%
Average peer group correlation coefficient	0.4397
Risk free interest rate	2.84		%

Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table sets forth the outstanding PSUs associated with the TSR goal and related activity for the years ended December 31, 2024 and 2023:


	Performance Stock Units	Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2022	354,532	$	29.15
Forfeited	(25,782)	$	29.15
Unvested balance at December 31, 2023	328,750	$	29.15
Vested	(155,290)	$	29.15
Forfeited	(173,460)	29.15
Unvested balance at December 31, 2024	—	$	—

Schedule of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for 2020 Employee Stock Purchase Plan

The Company used the Black-Scholes option pricing model to estimate stock-based compensation expense for the 2020 ESPP with the following assumptions:


	Year Ended December 31,
	2024	2023	2022
Risk-free interest rate	4.80% - 5.27%	5.20% -5.47%	0.60% -3.34%
Expected term of options (in years)	0.50	0.50	0.50
Expected stock price volatility	50.95% - 63.92%	54.78% - 69.15%	63.17% - 82.02%
Expected dividends	—%	—%	—%

Schedule of Classification of Stock-based Compensation Expense

The following table presents the classification of stock-based compensation expense during the years ended December 31, 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Restricted stock awards	$	—	$	—	$	36
Stock options and ESPP	24,764		21,313		13,280
Restricted stock units	11,585		11,149		1,892
Performance-based restricted stock units	1,277		12,021		7,390
Total stock-based compensation expense	$	37,626	$	44,483	$	22,598
Research and development expenses	$	14,108	$	17,973	$	8,730
General and administrative expenses	$	23,518	$	26,510	$	13,867

Common Stock - Narrative (Details)	12 Months Ended
Common Stock - Narrative (Details)	Dec. 31, 2024 research $ / shares shares	Dec. 31, 2023 $ / shares shares
Equity [Abstract]
Common stock, shares authorized (in shares) \| shares	300,000,000	300,000,000
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, voting rights \| research	1
Dividends declared (USD per share)	$ 0
Dividends paid (USD per share)	$ 0

Financial Instruments - Schedule of Remaining Contractual Maturities of Company's Short-term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Market Value	$ 339,361	$ 488,252
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	284,216
Market Value	$ 284,536	$ 431,011
Investment, Type [Extensible Enumeration]	Short-term investments
Mature in 1 year or less \| Short-term investments
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	$ 276,666
Market Value	277,008
Mature in 1 to 2 years \| Short-term investments
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	7,550
Market Value	$ 7,528

- Definition

Indicates type of investment. Includes, but is not limited to, common stock, preferred stock, convertible security, fixed income security, government security, option purchased, warrant, loan participation and assignment, commercial paper, bankers' acceptance, certificates of deposit, short-term security, repurchase agreement, and other investment company.

+ References

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Eric Lefebvre [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 27, 2024, Eric Lefebvre, our Chief Medical Officer, entered into a trading plan, or the Lefebvre 10b5-1 Sales Plan, intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. Under the Lefebvre 10b5-1 Sales Plan, which goes into effect on March 10, 2025, an aggregate of 111,781 shares of the Company’s common stock may be sold (such aggregate amount, which may be reduced by any shares sold prior pursuant to a prior trading plan adopted by Dr. Lefebvre on December 7, 2023 and prior to initiation of sales pursuant to the Lefebvre 10b5-1 Sales Plan, the “Lefebvre Authorized Shares”). The Lefebvre 10b5-1 Sales Plan, which was entered into during an open trading window under the Company’s insider trading policy, will be in effect until the earlier of (1) March 7, 2026, or (2) the date on which all Lefebvre Authorized Shares have been sold under the Lefebvre 10b5-1 Sales Plan.
Name	Eric Lefebvre
Title	Chief Medical Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 27, 2024
Expiration Date	March 7, 2026
Arrangement Duration	362 days
Aggregate Available	111,781	111,781

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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


	December 31,
	2024		2023
Prepaid research and development	$	2,101	$	3,403
Prepaid insurance	877		1,131
Prepaid licenses	1,097		2,454
Interest receivable	2,302		2,997
Other	163		1,272
Total prepaid expenses and other current assets	$	6,540	$	11,257

Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Payment made under defined contribution plan	$ 1.3	$ 1.0	$ 0.8

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Pliant Therapeutics, Inc. (the “Company” or "Pliant" or “we” or “our” or “us”) is a late stage clinical stage biopharmaceutical company focused on discovering and developing novel therapies for the treatment of fibrosis with an initial focus on treating fibrosis by inhibiting integrin-mediated activation of TGF-β. Fibrosis refers to the abnormal thickening and scarring of connective tissue due to the production and deposition of excess collagen in the extra-cellular matrix. Fibrosis can occur in many different tissues including lung, liver, kidney, muscle, skin and the GI tract, and often causes severe and debilitating disease leading to organ failure. The Company is located in South San Francisco, California, and was incorporated in the state of Delaware in June 2015. Public Offerings In July 2022, the Company completed a public offering of 12,432,432 shares of common stock, including the exercise in full of the underwriters' option to purchase 1,621,621 additional shares of common stock. The shares were offered at a price of $18.50 per share, resulting in aggregate proceeds of approximately $215.4 million, net of underwriting discounts, commissions and offering expenses. In January 2023, the Company completed a public offering of 9,583,334 shares of common stock, including the exercise in full of the underwriters' option to purchase 1,250,000 additional shares of common stock. The shares were offered at a price of $30.00 per share, resulting in aggregate proceeds of approximately $269.8 million, net of underwriting discounts, commissions and offering expenses payable by us.

Leases - Schedule of Weighted-average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term (in years)	6 years 4 months 24 days	7 months 6 days
Weighted-average discount rate	9.30%	13.60%

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Cash and Cash Equivalents, Money Market Funds and Short-term Investments by Significant Investment Category

The following tables show the Company’s cash and cash equivalents and short-term investments by significant investment category as of December 31, 2024 and 2023 (in thousands):


		As of December 31, 2024								As of December 31, 2023
		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Money Market Funds	Level 1	$	54,825	$	—	$	—	$	54,825	$	57,241	$	—	$	—	$	57,241
U.S. Treasury securities	Level 2	9,968		7		—		9,975		27,250		46		(8)		27,288
U.S. Government Agency Securities	Level 2	77,769		235		—		78,004		133,655		563		(132)		134,086
Corporate debt securities	Level 2	196,479		160		(82)		196,557		269,761		213		(337)		269,637
Total financial assets		$	339,041	$	402	$	(82)	$	339,361	$	487,907	$	822	$	(477)	$	488,252


	As of December 31, 2024								As of December 31, 2023
Classified as:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Cash equivalents	$	54,825	$	—	$	—	$	54,825	$	57,241	$	—	$	—	$	57,241
Short-term investments	284,216		402		(82)		284,536		430,666		822		(477)		431,011
Total	$	339,041	$	402	$	(82)	$	339,361	$	487,907	$	822	$	(477)	$	488,252

Schedule of Remaining Contractual Maturities of Company’s Short-term Investments

The following summarizes the remaining contractual maturities of the Company’s short-term investments as of December 31, 2024:


	Adjusted Cost		Market Value
Mature in 1 year or less	$	276,666	$	277,008
Mature in 1 to 2 years	7,550		7,528
Total	$	284,216	$	284,536

Common Stock

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Common Stock

As of December 31, 2024 and 2023, the Company had 300,000,000 authorized shares of common stock, at a par value of $0.0001 per share. The common stock has the following rights and privileges:

Voting

The holders of shares of common stock are entitled to one vote for each share of common stock held at any meeting of stockholders and at the time of any written action in lieu of a meeting.

Dividends

The holders of shares of common stock are entitled to receive dividends, when declared by the Company’s Board of Directors. Cash dividends may not be declared or paid to holders of shares of common stock until all unpaid dividends on the Preferred Stock have been paid in accordance with their terms. No dividends have been declared or paid by the Company since its inception. The terms of the Amended Loan Agreement restrict our ability to declare and pay dividends.

Liquidation

The holders of shares of common stock are entitled to share ratably in the Company’s remaining assets available for distribution to its stockholders in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company or upon occurrence of a deemed liquidation event.

Shares reserved for future issuance


	December 31,
	2024	2023
Outstanding stock options	8,300,804	6,953,487
Vesting of RSUs	932,634	874,748
Vesting of PSUs*	—	328,752
Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan	4,212,229	2,882,239
Shares of common stock available for future issuance under the 2020 ESPP	1,294,745	805,756
Shares of common stock available for future issuance under the 2022 Inducement Plan	1,460,000	700,000
Total shares reserved for future issuance	16,200,412	12,544,982
*PSUs granted and outstanding based on target level of achievement of 100%.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Equity Incentive Plans

In 2015, the Company's Board of Directors adopted the 2015 Equity Incentive Plan, as amended in 2018, 2019 and 2020 (the “2015 Plan”), which provided for the grant of incentive stock options, nonqualified stock options or other awards including stock appreciation rights and restricted stock awards to the Company’s employees, officers, directors, advisors, and consultants. In May 2020, the Board of Directors adopted the 2020 Stock Option and Incentive Plan (the “2020 Plan”) and suspended the 2015 Plan. Awards outstanding under either the 2015 Plan or 2020 Plan that are cancelled, expire or otherwise terminated subsequent to May 2020 will become available for issuance as common stock under the 2020 Plan. Additionally, the 2020 Plan is subject to automatic increases on January 1 of each year beginning January 1, 2021. The number of shares added each January 1 will be equal to the lesser of: (i) 5% of the outstanding shares on the immediately preceding December 31 or (ii) such amount as determined by the compensation committee of the Board of Directors.

The 2020 Plan provides for the grant of incentive stock options, nonqualified stock options or other awards including stock appreciation rights, restricted stock awards and restricted stock units to the Company’s employees, officers, directors, advisors and consultants. As of December 31, 2024, the 2020 Plan had 4,212,229 shares of common stock available for future issuance.

In 2022, the Board of Directors adopted the 2022 Inducement Plan ("Inducement Plan"), under which the Company may grant nonqualified stock options or other awards including stock appreciation rights and restricted stock awards. As of December 31, 2024, 1,460,000 shares of common stock were available for issuance.

Options under the 2020 Plan and Inducement Plan may be granted for periods of up to 10 years and at prices no less than the market price of the Company’s common stock on the date of grant, provided, however, that the exercise price of an incentive stock option granted to a 10% shareholder shall not be less than 110% of the fair value of the shares on the date of grant and the option is not exercisable after the expiration of five years from the date of grant.

Incentive Stock Options and Nonqualified Stock Options

Stock options issued under either the 2015 Plan, the 2020 Plan or the Inducement Plan generally vest over four years and expire ten years from the date of grant. Certain options provide for accelerated vesting if there is a change in control, as defined in the respective plans.

The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards with the following assumptions:


	Year Ended December 31,
	2024		2023		2022
	Min	Max	Min	Max	Min	Max
Expected volatility	85.02%	88.02%	80.97%	83.28%	73.78%	80.64%
Risk-free interest rate	3.45%	4.60%	3.42%	4.68%	1.64%	4.16%
Expected dividend	—	—	—	—	—	—
Expected term (in years)	5.31	6.08	5.31	6.08	5.33	6.08
Underlying common stock fair value	$11.09	$17.44	$15.25	$34.65	$4.92	$24.23

A summary of option activity under the 2015 Plan and the 2020 Plan is as follows:


	Number of Options	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2023	6,953,487	$	17.95	7.7	$	32,646
Granted	2,541,819	$	15.00
Exercised	(248,343)	$	7.29
Forfeited	(946,159)	$	19.18
Outstanding as of December 31, 2024	8,300,804	$	17.23	7.5	$	13,769
Exercisable as of December 31, 2024	4,733,737	$	16.99	6.6	$	11,734
Vested and expected to vest as of December 31, 2024	8,300,804	$	17.23	7.5	$	13,769

As of December 31, 2024, there was $42.2 million of unrecognized compensation costs that is expected to be recognized over the weighted-average periods of 2.5 years related to stock options. The total intrinsic value of stock options exercised was $1.9 million, $11.4 million and $2.0 million for December 31, 2024, 2023 and 2022, respectively. Intrinsic value represents the difference between the current fair value of the underlying stock and the exercise price of the stock option at the respective balance sheet dates. The weighted-average grant date fair value of options granted during the years ended December 31, 2024, 2023 and 2022 was $15.00, $27.22 and $7.82 per share, respectively.

Restricted Stock Units

The service-based condition for restricted stock units ("RSUs") is generally satisfied over two or three years. The following table sets forth the outstanding RSUs and related activity for the year ended December 31, 2024:


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2023	874,748	$	29.85
Granted	599,011	$	17.39
Released	(425,979)	$	25.93
Forfeited	(115,146)	$	24.63
Unvested and outstanding as of December 31, 2024	932,634	$	24.28

As of December 31, 2024, the Company had $13.4 million of unrecognized stock-based compensation expense related to outstanding RSUs expected to be recognized over a weighted-average period of 1.6 years.

Performance-Based Restricted Stock Units

In July 2022 the Company granted performance-based restricted stock units ("PSUs") that vest upon the achievement of market and performance conditions. Market conditions include the Company's total shareholder return ("TSR") relative to the NASDAQ Biotechnology Index over the term of the award ending on June 30, 2024, and performance conditions consist of multiple clinical development milestones associated with bexotegrast. The performance vesting conditions generally must be satisfied within a two-year period and are forfeited if the vesting conditions are not met. Additionally, the number of shares of common stock issued upon vesting will range from 0% to 200% of the PSUs based on achievement of certain targets.

The fair value of PSUs with clinical development vesting conditions were determined to be equal to the fair market value of the Company's share price on the date of grant. The fair value of the TSR PSUs were derived from a Monte Carlo simulation model that used the following key assumptions:


Valuation date share price	$	17.57
Award term (years)	1.92
Volatility	70.62		%
Correlation coefficient	0.3508
Average peer group volatility	79.69		%
Average peer group correlation coefficient	0.4397
Risk free interest rate	2.84		%

The following table sets forth the outstanding PSUs associated with the TSR goal and related activity for the years ended December 31, 2024 and 2023:


	Performance Stock Units	Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2022	354,532	$	29.15
Forfeited	(25,782)	$	29.15
Unvested balance at December 31, 2023	328,750	$	29.15
Vested	(155,290)	$	29.15
Forfeited	(173,460)	29.15
Unvested balance at December 31, 2024	—	$	—

As of December 31, 2022, 177,266 PSUs, with a weighted average grant date fair value of $17.57, associated with clinical development milestones met their vesting conditions. In March and July 2023 the second and the third clinical development vesting conditions were achieved and the remaining 531,792 PSUs relating to clinical development vesting conditions vested. There are no remaining PSUs outstanding as of December 31, 2024.

2020 Employee Stock Purchase Plan

In June 2020, the Company adopted the 2020 Employee Stock Purchase Plan (the "2020 ESPP") and reserved 700,000 shares of common stock for future issuance under the plan. The 2020 ESPP is subject to automatic increases on January 1 of each calendar year, beginning January 1, 2021, by the lesser of (i) 1% of the outstanding shares on the immediately preceding December 31, (ii) 700,000 shares or (iii) such lesser amount as determined by, the compensation committee of the Board of Directors.

Under the 2020 ESPP, eligible employees may purchase shares of our common stock through payroll deductions that cannot exceed 15% of the employee’s salary. The 2020 ESPP provides for a six-month offering period. At the end of the purchase period, eligible employees are permitted to purchase shares of common stock at the lower of 85% of the fair market value at the beginning or end of the offering period subject to tax limitations on the total value of the purchase. The 2020 ESPP is considered a compensatory plan, and the Company recorded $0.5 million, $0.6 million and $0.4 million in stock-based compensation expense for years ended December 31, 2024, 2023 and 2022, respectively. During the years ended December 31, 2024, 2023 and 2022, 110,222 shares, 82,428 shares and 85,969 shares, respectively, of common stock were issued under the 2020 ESPP.

The Company used the Black-Scholes option pricing model to estimate stock-based compensation expense for the 2020 ESPP with the following assumptions:


	Year Ended December 31,
	2024	2023	2022
Risk-free interest rate	4.80% - 5.27%	5.20% -5.47%	0.60% -3.34%
Expected term of options (in years)	0.50	0.50	0.50
Expected stock price volatility	50.95% - 63.92%	54.78% - 69.15%	63.17% - 82.02%
Expected dividends	—%	—%	—%

Stock-Based Compensation Expense

The following table presents the classification of stock-based compensation expense during the years ended December 31, 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Restricted stock awards	$	—	$	—	$	36
Stock options and ESPP	24,764		21,313		13,280
Restricted stock units	11,585		11,149		1,892
Performance-based restricted stock units	1,277		12,021		7,390
Total stock-based compensation expense	$	37,626	$	44,483	$	22,598
Research and development expenses	$	14,108	$	17,973	$	8,730
General and administrative expenses	$	23,518	$	26,510	$	13,867

Stock-Based Compensation - Schedule of Classification of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 37,626	$ 44,483	$ 22,598
Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	14,108	17,973	8,730
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	23,518	26,510	13,867
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	0	36
Stock options and ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	24,764	21,313	13,280
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	11,585	11,149	1,892
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,277	$ 12,021	$ 7,390

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Schedule of Outstanding PSUs Associated with the TSR goal (Details) - Performance-Based Restricted Stock Units, TSR Goal - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding and unvested, beginning balance (in shares)	328,750	354,532
Vested (in shares)	(155,290)
Forfeited (in shares)	(173,460)	(25,782)
Outstanding and unvested, ending balance (in shares)	0	328,750
Weighted Average Grant Date Fair Value
Weighted-Average Grant Date fair value, Outstanding and unvested, beginning balance (USD per share)	$ 29.15	$ 29.15
Weighted-average grant date fair value, vested (USD per share)	29.15
Weighted-Average Grant Date fair value, forfeited (USD per share)	29.15	29.15
Weighted-Average Grant Date fair value, Outstanding and unvested, ending balance (USD per share)	$ 0	$ 29.15

Stock-Based Compensation - 2020 Employee Stock Purchase Plan - Schedule of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for 2020 Employee Stock Purchase Plan (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividends	0.00%
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	4.80%	5.20%	0.60%
Risk-free interest rate, maximum	5.27%	5.47%	3.34%
Expected term (in years)	6 months	6 months	6 months
Expected volatility, minimum	50.95%	54.78%	63.17%
Expected volatility, maximum	63.92%	69.15%	82.02%
Expected dividends	0.00%	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments The Company has contractual arrangements with research and development organizations and suppliers; however, these contracts are generally cancellable on 30 days’ notice and the obligations under these contracts are largely based on services performed. Legal Proceedings From time to time, the Company may become involved in legal proceedings arising from the ordinary course of business. The Company record a liability for such matters when it is probable that future losses will be incurred and that such losses can be reasonably estimated. Significant judgment by us is required to determine both probability and the estimated amount. Management is currently not aware of any legal matters that could have a material adverse effect on our financial position, results of operations or cash flows. Indemnification In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance.

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

In May 2022, as amended in October 2022, we entered into a term loan facility (the “Oxford Loan Agreement”) with Oxford Finance LLC (the "Lender") for up to $100.0 million. In connection with the Oxford Loan Agreement, we granted a security interest in substantially all of our current and future assets. At closing, we entered into a term loan for $10.0 million and we decided not to draw upon the additional $65.0 million that became available to us over the course of 2023

as certain conditions related to the development of bexotegrast and one of our preclinical product candidates were satisfied. As of December 31, 2023, the time period to draw upon the additional $65.0 million had lapsed.

On March 11, 2024, we entered into an Amended and Restated Loan and Security Agreement (the “Amended Loan Agreement”) with the Lender to borrow a series of term loans up to an aggregate principal amount of $150.0 million (the “Term Loans”), of which $50.0 million is subject to the Lender’s sole discretion. The availability of additional term loans is dependent upon the status of BEACON-IPF, a global Phase 2b trial in patients with idiopathic pulmonary fibrosis (IPF).

Pursuant to the Amended Loan Agreement, we drew an initial Term Loan of $30.0 million, inclusive of $10.0 million in principal amount previously outstanding under the Oxford Loan Agreement. Under the agreement, additional borrowing of up to an additional $70.0 million of Term Loans would be available at our option, $35.0 million being available commencing October 1, 2025 contingent upon the continued operation of the BEACON-IPF study and a further $35.0 million being available upon demonstrating that BEACON-IPF had achieved positive Phase 2b data sufficient to support continued development, in the sole discretion of Oxford. Given the discontinuation of the BEACON-IPF trial, we do not expect to have access to additional borrowing under the Oxford Agreement. Refer to Note 19 for further discussion regarding the discontinuation of BEACON-IPF.

In connection with the Amended Loan Agreement, the Company granted the Lender a security interest in substantially all of the Company’s assets now owned or hereafter acquired, excluding intellectual property to the extent the aggregate amount of Term Loans advanced and outstanding does not exceed $50.0 million (but including the right to payments and proceeds of intellectual property) and certain customary exceptions. There are no warrants or current financial covenants associated with the Amended Loan Agreement, however, if the aggregate original principal amount of Term Loans exceeds $30.0 million and, in Oxford’s sole discretion, bexotegrast demonstrates negative Phase 2b or Phase 3 data in IPF, or the Company has been issued a complete response letter by the FDA for its IPF new drug application submission, the Company is required to maintain a cash balance of at least 50% of the aggregate outstanding principal of Term Loans then outstanding.

The principal amount outstanding under the Term Loans will accrue interest at a floating per annum rate equal to (i) the greater of (a) 1-month term Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) on the last business day of the month that immediately precedes the month in which the interest will accrue and (b) three and one-half percent (3.50%) plus (ii) five and one-quarter percent (5.25%), subject to an agreed upon floor of 8.75%. Beginning on July 1, 2028, which may be extended to July 1, 2029 (subject to certain conditions set forth in the Amended Loan Agreement), the Company is required to repay the Term Loans in consecutive equal monthly payments of principal, together with applicable interest, in arrears. Interest on the Term Loans is paid on a monthly basis. All unpaid principal and accrued and unpaid interest with respect to each Term Loan will be due and payable in full on March 1, 2029, which may be extended to March 1, 2030 (subject to certain conditions set forth in the Amended Loan Agreement). Accrued interest as of December 31, 2024 and December 31, 2023 is included in other accrued liabilities.

The Company will be required to make a final payment of 5.50% (or 7.25% if the amortization date of the Term Loans has been extended to July 1, 2029 (as discussed above)) of the original principal amount of the Term Loans that were drawn, payable at maturity or upon any earlier acceleration or prepayment of the Term Loans. The Company may prepay the Term Loans in whole or in part, subject to a prepayment fee equal to (i) if prepaid on or before the first anniversary date of the funding date of such Term Loan, 3.00% of the principal amount of the applicable Term Loan prepaid, (ii) if prepaid after the first anniversary and on or before the second anniversary of the funding date of such Term Loan, 2.00% of the principal amount of the applicable Term Loan prepaid, and (iii) if prepaid after the second anniversary and on or before the third anniversary of the funding date of such Term Loan prepaid, 1.00% of the principal amount of the applicable Term Loan prepaid.

The Agreement contains representations and warranties, affirmative, and negative covenants, and events of default that are customary for loans of this type. The occurrence of an event of default could result in the acceleration of the obligations under the Amended Loan Agreement, termination of the Term Loan commitments and the right by the Lender to foreclose on the collateral securing the obligations. During the existence of an event of default, the Term Loans would accrue interest at a rate per annum equal to 5.00% above the otherwise applicable interest rate.

The estimated fair value of the term loan as of December 31, 2024 was measured using Level 3 inputs and approximates the carrying value recorded to the balance sheet. The effective interest rate for the term loan is 11.51% for December 31, 2024 and 12.69% for the years ended December 31, 2023 and 2022, respectively. Interest expense during the years ended December 31, 2024, 2023 and 2022 was $3.0 million, $1.3 million and $0.8 million, respectively.

Future maturities of debt as of December 31, 2024 are as follows (in thousands):


	As of December 31, 2024
2028	$	20,000
2029	10,000
Thereafter	—
Total	30,000
Less: unamortized debt issuance costs	(166)
Accretion of final payment	377
Total	$	30,211

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Leases - Narrative (Details) $ in Thousands	Sep. 28, 2023 USD ($) ft²	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Total undiscounted lease payments		$ 41,881
Operating lease right-of-use assets		27,243			$ 1,211
Operating lease liability		29,981
California
Lessee, Lease, Description [Line Items]
Leased premises under non cancelable operating lease \| ft²	100,904
Lease term	7 years
Lease term extension period	8 years
Total undiscounted lease payments		$ 41,900
Operating lease right-of-use assets			$ 6,100	$ 23,700
Operating lease liability			$ 6,100	$ 23,700
California \| Landlord \| Letter of Credit \| Pliant Therapeutics
Lessee, Lease, Description [Line Items]
Line of credit	$ 1,400

Property and Equipment, net -Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 16,332	$ 12,249
Less: Accumulated depreciation	(10,807)	(8,682)
Total property and equipment, net	5,525	3,567
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	10,988	10,410
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	2,118	1,663
Furniture and Fixture
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,775	0
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,105	124
Construction-in-progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 346	$ 52

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
January 1	$ 7,974	$ 5,196
Additions based on tax positions related to current year	2,505	2,475
(Reductions) additions for tax positions of prior year	(240)
(Reductions) additions for tax positions of prior year		303
December 31	$ 10,239	$ 7,974

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Accrued compensation and benefits	$ 11,154	$ 9,042
Other accrued liabilities	1,199	1,177
Total accrued liabilities	$ 12,353	$ 10,219

Accrued Liabilities

12 Months Ended

Dec. 31, 2024

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,
	2024		2023
Accrued compensation and benefits	$	11,154	$	9,042
Other accrued liabilities	1,199		1,177
Total accrued liabilities	$	12,353	$	10,219

Accrued compensation and benefits consist primarily of accrued bonuses and accrued vacation.

Stock-Based Compensation - Restricted Stock Units - Narrative (Details) - Restricted stock units $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 13.4
Unrecognized compensation expense, weighted average period	1 year 7 months 6 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders


	Year Ended December 31,
	2024	2023	2022
Options to purchase common stock	8,300,804	6,953,487	5,569,567
Restricted stock units	932,634	874,748	507,925
Performance-based restricted stock units*	—	328,750	354,532
Total	9,233,438	8,156,985	6,432,024
*PSUs outstanding based on target level of achievement of 100%.

Segment - Narrative (Details)	12 Months Ended
Segment - Narrative (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Stock-Based Compensation - Performance-Based Restricted Stock Units - Narrative (Details) - $ / shares	1 Months Ended	5 Months Ended	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2023	Dec. 31, 2024	Dec. 31, 2022	Dec. 31, 2023
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Remaining PSU vested (in shares)		531,792		177,266
Weighted-Average Grant Date fair value, Vested (USD per share)				$ 17.57
Performance-based restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights, percentage	0.00%
Performance-based restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights, percentage	200.00%
Performance-Based Restricted Stock Units, TSR Goal
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining PSU vested (in shares)			155,290
Weighted-Average Grant Date fair value, Vested (USD per share)			$ 29.15
Outstanding and unvested (in shares)			0	354,532	328,750

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventIn March 2025, we announced that we were discontinuing the BEACON-IPF Phase 2b trial following a prespecified data review and recommendation by the trial’s independent DSMB, as well as a secondary review and recommendation by an outside expert panel, due to an imbalance in safety events between the treatment and placebo groups. The Company plans to analyze the complete data from the BEACON-IPF trial and evaluate next steps for bexotegrast’s development.

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Summary of Operating Lease Liability

The undiscounted future non-cancellable lease payments of the Company's operating lease liability as of December 31, 2024 were as follows (in thousands):


Year ending December 31:	Operating Leases
2025	$	3,287
2026	4,406
2027	5,898
2028	7,468
2029	8,129
Thereafter	12,693
Total undiscounted lease payments	41,881
Less: Present value discount	(11,900)
Total discounted lease payments	29,981
Total current operating lease liabilities	542
Total non-current operating lease liabilities	29,439
Total lease liability	$	29,981

Summary of Weighted-average Remaining Lease Terms and Discount Rates

The weighted-average remaining lease terms and discount rates related to the Company's operating leases were as follows:


	As of December 31,
	2024		2023
Weighted-average remaining lease term (in years)	6.4		0.6
Weighted-average discount rate	9.3	%	13.6	%

Summary of Operating and Variable Lease Cost

Lease expenses are as follows (in thousands)


	As of December 31,
	2024		2023		2022
Operating lease costs	$	5,756	$	2,771	$	2,501
Other variable costs	1,428		766		721
Total expense	$	7,184	$	3,537	$	3,222

Segment (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Expenses

The table below shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP to the Company’s total net loss in the statements of operations (in thousands)


	Year Ended
	2024		2023		2022
Revenue	$	—	$	1,580	$	9,685
Operating expenses:
Bexotegrast - clinical trial and outside service third party contracting costs	86,365		51,446		29,890
Employee-related expenses - research and development (excluding stock-based compensation)	35,489		28,685		21,727
General and administrative costs (excluding stock-based compensation)	35,537		31,418		26,082
Other segment items	70,974		74,176		59,186
Segment loss	228,365		184,145		127,200
Reconciliation of segment loss
Interest and other (income) expense, net	(21,085)		(24,076)		(4,670)
Interest expense	3,024		1,267		791
Net loss	$	210,304	$	161,336	$	123,321

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, California

Debt - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2028	$ 20,000
2029	10,000
Thereafter	0
Total	30,000
Less: unamortized debt issuance costs	(166)
Accretion of final payment	377
Total	$ 30,211	$ 10,054

- Definition

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

+ References + Details

Income Taxes - Narrative (Details)	12 Months Ended
Income Taxes - Narrative (Details)	Dec. 31, 2024 USD ($) taxExamination	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Pre-tax U.S. book loss	$ (210,300,000)	$ (161,300,000)	$ (123,300,000)
Income tax provision	$ 0	0	$ 0
Valuation allowance as a percentage on total deferred tax assets	100.00%
Number of income tax examinations pending \| taxExamination	0
Unrecognized tax benefits, income tax penalties and interest expense	$ 0	$ 0

- Definition

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

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (210,304)	$ (161,336)	$ (123,321)

- Definition

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

+ References

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+ Details

Novartis Collaboration and License Agreement (the "Novartis Agreement")	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Novartis Collaboration and License Agreement (the "Novartis Agreement")	Novartis Collaboration and License Agreement (the "Novartis Agreement") In 2019, we entered into the Novartis Agreement with Novartis Institutes for BioMedical Research, Inc. (“Novartis”) for the development and commercialization of our preclinical product candidate, PLN-1474, and up to three additional integrin research targets. We assessed the Novartis Agreement in accordance with ASC 606 and determined that Novartis was a customer and identified the following performance obligations: (1) to provide worldwide license rights to PLN-1474, (2) to provide research and development services for PLN-1474, (3) to provide non-exclusive license rights to integrin research targets, and (4) to provide research and development services on integrin research targets. On February 17, 2023, Novartis exercised their right to terminate the Novartis Agreement. The termination took effect on April 18, 2023, and effective upon the termination, all rights and licenses granted to Novartis under the Novartis Agreement, including PLN-1474, the related investigational new drug (“IND”), and the validated research target, reverted back to us. The payment obligations of Novartis with respect to future milestones, royalties and research and development funding were also terminated. Revenues associated with the Novartis Agreement for the years ended December 31, 2024, 2023 and 2022, were nil, $1.6 million and $9.7 million, respectively, which consisted of revenue generated from research and development services and a $4.0 million contingent payment received in 2022 associated with the integrin research target program. As of December 31, 2024 and 2023, there were no receivables, contract assets or contract liabilities related to the Novartis Agreement.

Net Loss Per Share Attributable to Common Stockholders (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	9,233,438	8,156,985	6,432,024
Performance-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Target level of achievement percentage	100.00%
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	8,300,804	6,953,487	5,569,567
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	932,634	874,748	507,925
Performance-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	328,750	354,532

Leases - Schedule of Operating Lease Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases, After Adoption of 842:
2025	$ 3,287
2026	4,406
2027	5,898
2028	7,468
2029	8,129
Thereafter	12,693
Total undiscounted lease payments	41,881
Less: Present value discount	(11,900)
Total discounted lease payments	29,981
Total current operating lease liabilities	542	$ 1,318
Total non-current operating lease liabilities	$ 29,439	$ 0

Property and Equipment, net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

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


	December 31,
	2024	2023
Laboratory equipment	10,988	10,410
Leasehold improvements	2,118	1,663
Furniture and Fixture	1,775	—
Computer equipment and software	1,105	124
Construction-in-progress	346	52
Total property and equipment, gross	16,332	12,249
Less: Accumulated depreciation	(10,807)	(8,682)
Total property and equipment, net	5,525	3,567

Depreciation expense during the year ended December 31, 2024 was $2.1 million and for each of the years ended December 31, 2023 and 2022 was $1.8 million.

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

On September 28, 2023, the Company entered into a lease agreement for premises consisting of approximately 100,904 square feet of office and laboratory space located at Oyster Point Blvd, South San Francisco, California (the "Oyster Point Lease"), which is being used as a single unified the Company headquarters. The lease term of approximately seven years started in the second quarter of 2024 when the Landlord substantially completed tenant improvements, and may be extended for a period of eight years at then prevailing market rates for a comparable property. Future lease payments are approximately $41.9 million which represent payments due for the initial term of the lease. We excluded extension options that are not reasonably certain to be exercised from our lease terms. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease term. Additionally, the Company

provided a letter of credit to the Landlord in the amount of $1.4 million in connection with the Oyster Point Lease, which is classified as restricted cash as of December 31, 2024.

Though the Oyster Point Lease is accounted for as a single contract, the office space was occupied in March 2024 while the laboratory space was occupied in June 2024. Accordingly, the Company measured and allocated consideration to each lease component. Upon commencement of each lease component the Company recognized an aggregate right-of-use asset ("ROU") and lease liability of $23.7 million and $6.1 million during the quarters ended March 31, 2024 and June 30, 2024, respectively.

Operating lease ROU assets and liabilities on our balance sheets represent the present value of our remaining lease payments over the remaining lease terms. We use our incremental borrowing rate to calculate the present value of our lease payments, as the implicit rates in our leases are not readily determinable. Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company used its incremental borrowing rate based on the information available at the date of the commencement of the new lease.

The undiscounted future non-cancellable lease payments of the Company's operating lease liability as of December 31, 2024 were as follows (in thousands):


Year ending December 31:	Operating Leases
2025	$	3,287
2026	4,406
2027	5,898
2028	7,468
2029	8,129
Thereafter	12,693
Total undiscounted lease payments	41,881
Less: Present value discount	(11,900)
Total discounted lease payments	29,981
Total current operating lease liabilities	542
Total non-current operating lease liabilities	29,439
Total lease liability	$	29,981

The weighted-average remaining lease terms and discount rates related to the Company's operating leases were as follows:


	As of December 31,
	2024		2023
Weighted-average remaining lease term (in years)	6.4		0.6
Weighted-average discount rate	9.3	%	13.6	%

Variable lease costs comprise primarily of the Company's proportionate share of operating expenses, property taxes, and insurance. Short-term lease expense and variable lease payments recorded in operating expenses were immaterial for the years ended December 31, 2024, 2023 and 2022. Lease expenses are as follows (in thousands)


	As of December 31,
	2024		2023		2022
Operating lease costs	$	5,756	$	2,771	$	2,501
Other variable costs	1,428		766		721
Total expense	$	7,184	$	3,537	$	3,222

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	December 31,
	2024	2023
Laboratory equipment	10,988	10,410
Leasehold improvements	2,118	1,663
Furniture and Fixture	1,775	—
Computer equipment and software	1,105	124
Construction-in-progress	346	52
Total property and equipment, gross	16,332	12,249
Less: Accumulated depreciation	(10,807)	(8,682)
Total property and equipment, net	5,525	3,567

Stock-Based Compensation - Equity Incentive Plan - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares reserved for future issuance (in shares)	16,200,412	12,544,982
2020 Stock Options and Incentive Plan and 2022 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price as a percentage of estimated grant date fair value of shares	10.00%
Expiration period from date of grant	5 years
2020 Stock Options and Incentive Plan and 2022 Inducement Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options under plan may be granted for periods	10 years
Exercise price as a percentage of estimated grant date fair value of shares	110.00%
Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares reserved for future issuance (in shares)	4,212,229	2,882,239
Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of outstanding shares, shares added per year to plan	5.00%
Shares of common stock available for future issuance under the 2022 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares reserved for future issuance (in shares)	1,460,000	700,000

Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2,125	$ 1,841	$ 1,823

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Useful Lives of Property and Equipment

The useful lives of property and equipment are as follows:


Laboratory equipment			5 years
Computer equipment and software			3 years
Leasehold improvements			Shorter of remaining lease term or estimated useful life

Income Taxes - Schedule of Changes in Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Valuation allowance at the beginning of the year	$ 153,941	$ 105,684
Increases recorded to income tax provision	44,557	48,257
Valuation allowance at the end of the year	$ 198,498	$ 153,941

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Revenue Recognition

forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success.

Licenses of Intellectual Property

Milestone Payments

Research and development services

Royalties

Fair Value Measurements

Concentration of Credit Risk and Other Risks and Uncertainties

Segment

Cash and Cash Equivalents

Restricted Cash

Short-Term Investments

Property and Equipment, Net


Laboratory equipment			5 years
Computer equipment and software			3 years
Leasehold improvements			Shorter of remaining lease term or estimated useful life

Leases

Impairment of Long-Lived Assets

Research and Development Expenses

under these arrangements in advance of the performance of the related services are recorded as prepaid expenses and are expensed as services are rendered.

Stock-Based Compensation

The Black-Scholes option-pricing model, used to estimate fair value of stock options with service-based vesting conditions, requires the use of the following assumptions:

•Expected dividend—The Company has never paid dividends on the common stock and has no plans to pay dividends on the common stock. Therefore, the Company used an expected dividend yield of zero.

Income Taxes

measurement of tax benefits requires significant judgment. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available.

The Company includes any penalties and interest expense related to income taxes as a component of income tax expense, as necessary.

Comprehensive Loss

Interest and other income (expense)

Interest and other income (expense) includes interest income from our short-term investment portfolio.

Net Loss Per Share

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

Related Party Transactions (Details) - USD ($)	1 Months Ended		12 Months Ended
Related Party Transactions (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Related party transaction amount			$ 0	$ 0
Outstanding stock options \| Third Rock Ventures \| Non-employee Director
Related Party Transaction [Line Items]
Options granted (in shares)	15,000	26,572
Grant date fair value of stock option	$ 100,000	$ 500,000

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	60,860,838	59,921,002
Common stock, shares outstanding (in shares)	60,860,838	59,921,002

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Company’s Effective Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2024		2023		2022
Income tax computed at federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal tax benefit	(0.6)	%	6.7	%	7.3	%
General business credit—federal	3.3	%	5.3	%	3.6	%
Stock-based compensation	(1.6)	%	0.9	%	(1.0)	%
Other permanent differences	(0.2)	%	0.1	%	(0.4)	%
Section 162(m)	(0.7)	%	(3.8)	%	—	%
Change in valuation allowance	(21.2)	%	(30.2)	%	(30.5)	%
Effective income tax rate	—	%	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets and liabilities consisted of the following (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
Net operating losses	$	94,882	$	78,452
Research and development credits	37,740		29,559
Accrued expenses	1,862		2,211
Other	757		1,350
Capitalized research and development	55,291		34,769
Lease liability	6,300		369
Stock based compensation	7,722		8,291
Total deferred tax assets	204,554		155,001
Deferred tax liabilities:
Fixed asset basis	—		(123)
Prepaid expenses	(331)		(598)
Right of use asset	(5,725)		(339)
Total deferred tax liabilities	(6,056)		(1,060)
Valuation allowance	198,498		153,941
Net deferred taxes	$	—	$	—

Schedule of Net Operating Losses and Tax Credit Carryforwards

Net operating losses and tax credit carryforwards were as follows (in thousands):


	December 31, 2024		Expiration Year
Net operating losses, federal (starting from January 1, 2018)	$	289,189	Does not expire
Net operating losses, federal (before January 1, 2018)	$	29,486	2035-2037
Net operating losses, state	$	397,900	2035-2044
Tax credits, federal	$	40,517	2036-2044
Tax credits, state	$	9,077	Does not expire

Schedule of Changes in Valuation Allowance for Deferred Tax Assets

Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2024 and 2023 related primarily to the increases in net operating loss carryforwards and research and development tax credit carryforwards and were as follows (in thousands):


	Year Ended December 31,
	2024		2023
Valuation allowance at the beginning of the year	$	153,941	$	105,684
Increases recorded to income tax provision	44,557		48,257
Valuation allowance at the end of the year	$	198,498	$	153,941

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2024		2023
January 1	$	7,974	$	5,196
Additions based on tax positions related to current year	2,505		2,475
(Reductions) additions for tax positions of prior year	(240)		303
December 31	$	10,239	$	7,974

Common Stock (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Shares Reserved for Future Issuance

Shares reserved for future issuance


	December 31,
	2024	2023
Outstanding stock options	8,300,804	6,953,487
Vesting of RSUs	932,634	874,748
Vesting of PSUs*	—	328,752
Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan	4,212,229	2,882,239
Shares of common stock available for future issuance under the 2020 ESPP	1,294,745	805,756
Shares of common stock available for future issuance under the 2022 Inducement Plan	1,460,000	700,000
Total shares reserved for future issuance	16,200,412	12,544,982
*PSUs granted and outstanding based on target level of achievement of 100%.

Financial Instruments - Schedule of Cash and Cash Equivalents, Money Market Funds and Short-term Investments by Significant Investment Category (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	$ 339,041	$ 487,907
Unrealized Gains	402	822
Unrealized Losses	(82)	(477)
Market Value	339,361	488,252
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	284,216	430,666
Unrealized Gains	402	822
Unrealized Losses	(82)	(477)
Market Value	284,536	431,011
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	54,825	57,241
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	54,825	57,241
Level 1 \| Money Market Funds
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	54,825	57,241
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	54,825	57,241
Level 2 \| U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	9,968	27,250
Unrealized Gains	7	46
Unrealized Losses	0	(8)
Market Value	9,975	27,288
Level 2 \| U.S. Government Agency Securities
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	77,769	133,655
Unrealized Gains	235	563
Unrealized Losses	0	(132)
Market Value	78,004	134,086
Level 2 \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	196,479	269,761
Unrealized Gains	160	213
Unrealized Losses	(82)	(337)
Market Value	$ 196,557	$ 269,637

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,
	2024		2023
Accrued compensation and benefits	$	11,154	$	9,042
Other accrued liabilities	1,199		1,177
Total accrued liabilities	$	12,353	$	10,219

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating losses	$ 94,882	$ 78,452
Research and development credits	37,740	29,559
Accrued expenses	1,862	2,211
Other	757	1,350
Capitalized research and development	55,291	34,769
Lease liability	6,300	369
Stock based compensation	7,722	8,291
Total deferred tax assets	204,554	155,001
Deferred tax liabilities:
Fixed asset basis	0	(123)
Prepaid expenses	(331)	(598)
Right of use asset	(5,725)	(339)
Total deferred tax liabilities	(6,056)	(1,060)
Valuation allowance	198,498	153,941	$ 105,684
Net deferred taxes	$ 0	$ 0

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Maturities of Long-Term Debt

Future maturities of debt as of December 31, 2024 are as follows (in thousands):


	As of December 31, 2024
2028	$	20,000
2029	10,000
Thereafter	—
Total	30,000
Less: unamortized debt issuance costs	(166)
Accretion of final payment	377
Total	$	30,211

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid research and development	$ 2,101	$ 3,403
Prepaid insurance	877	1,131
Prepaid licenses	1,097	2,454
Interest receivable	2,302	2,997
Other	163	1,272
Total prepaid expenses and other current assets	$ 6,540	$ 11,257