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Organization and Description of Business (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Jan. 31, 2023 USD ($) $ / shares shares
Public Offering
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Initial public offering, shares issued (in shares)	9,583,334
Private Placement \| Underwriters
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Initial public offering, shares issued (in shares)	1,250,000
Public Offering And Private Placement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Share price of shares issued in initial public offering (USD per share) \| $ / shares	$ 30.00
Proceeds from the initial public offering \| $	$ 269.5

- 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.

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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 80: http://www.xbrl.org/2003/role/disclosureRef
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Reference 81: http://www.xbrl.org/2003/role/disclosureRef
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Reference 82: http://www.xbrl.org/2003/role/disclosureRef
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Reference 83: http://www.xbrl.org/2003/role/disclosureRef
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Reference 84: http://www.xbrl.org/2003/role/disclosureRef
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Reference 85: http://www.xbrl.org/2003/role/disclosureRef
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Reference 87: http://www.xbrl.org/2003/role/disclosureRef
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Reference 88: http://www.xbrl.org/2003/role/disclosureRef
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Reference 89: http://www.xbrl.org/2003/role/disclosureRef
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Reference 90: http://www.xbrl.org/2003/role/disclosureRef
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Reference 91: http://www.xbrl.org/2003/role/disclosureRef
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Reference 92: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Novartis Collaboration and License Agreement ("the Novartis Agreement")	6 Months Ended
	Jun. 30, 2023
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. On February 17, 2023, Novartis exercised their right to terminate the Novartis Agreement as part of their new strategy focusing on a limited number of therapeutic areas. 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 three and six months ended June 30, 2023 were $0.2 million and $1.6 million, respectively and $5.0 million and $6.2 million for the three and six months ended June 30, 2022, respectively.

Organization and Description of Business	6 Months Ended
Organization and Description of Business	Jun. 30, 2023
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 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-ß. 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 Offering 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 $269.5 million, net of underwriting discounts, commissions and offering expenses payable by us.

Commitments and Contingencies (Details)	6 Months Ended
Commitments and Contingencies (Details)	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contractual arrangements cancellation period	30 days

Common Stock - Narrative (Details) - $ / shares	6 Months Ended
Common Stock - Narrative (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, voting rights	The holders of shares of common stock are entitled to one vote for each share of common stock held at any meeting of stockholders.
Dividends declared (USD per share)	$ 0
Dividends paid (USD per share)	$ 0

Financial Instruments - Narrative (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
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

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Accrued Liabilities and Other Liabilities [Abstract]

Accrued compensation and benefits

$ 5,747

$ 7,200

Other accrued liabilities

1,015

1,458

Total accrued liabilities

$ 6,762

$ 8,658

^[1]

[1]	The condensed balance sheet as of December 31, 2022 has been derived from the audited financial statements as of that date.

Common Stock

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Common Stock

As of June 30, 2023 and December 31, 2022, the Company was authorized to issue 300,000,000 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.

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 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 Oxford Loan Agreement restrict our ability to declare and pay dividends.

Liquidation

Subject to the preferential rights of holders of preferred stock then outstanding, 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.

Shares reserved for future issuance


	As of June 30, 2023	As of December 31, 2022
Outstanding stock option awards	6,633,160	5,569,567
Vesting of RSUs	1,160,986	507,925
Vesting of PSUs	472,711	531,796
Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan	4,131,558	2,937,769
Shares of common stock available for future issuance under the 2020 Employee Stock Purchase Plan	844,888	888,184
Shares of common stock available for future issuance under the 2022 Inducement Plan	1,000,000	1,000,000
Total shares reserved for future issuance	14,243,303	11,435,241

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 14
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Net Loss Per Share Attributable to Common Stockholders - Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	7,794,146	5,420,264
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	6,633,160	5,420,264
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,160,986	0
Performance-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	0

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission ("SEC"), for interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the unaudited interim condensed financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of the Company's financial information. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other interim period or for any other future year. The financial information included herein should be read in conjunction with the audited financial statements and related notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 9, 2023 (the "2022 10-K"). Certain prior year reported amounts may have been reclassified to conform with the current period presentation.
Use of Estimates	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 as of and during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, stock-based compensation expense and accruals and prepayments for research and development costs. The Company assesses estimates on an ongoing basis, however, actual results could materially differ from those estimates.

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2023

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):


	As of June 30, 2023		As of December 31, 2022
Prepaid research and development	$	4,402	$	3,421
Prepaid insurance	451		1,427
Prepaid licenses	1,438		959
Interest receivable	2,365		1,078
Other	229		173
Total prepaid expenses and other current assets	$	8,885	$	7,058

Equity Incentive Plans and Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2023 $ / 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	507,925
Granted (in shares) \| shares	671,708
Forfeited (in shares) \| shares	(18,647)
Outstanding and unvested, ending balance (in shares) \| shares	1,160,986
Weighted Average Grant Date Fair Value
Weighted-Average Grant Date fair value, Outstanding and unvested, beginning balance (USD per share) \| $ / shares	$ 17.43
Weighted-Average Grant Date fair value, Issued (USD per share) \| $ / shares	34.65
Weighted- Average Exercise Price per Share, Forfeited (USD per share) \| $ / shares	22.60
Weighted-Average Grant Date fair value, Outstanding and unvested, ending balance (USD per share) \| $ / shares	$ 27.31

Equity Incentive Plans and Stock-Based Compensation - Summary of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for Stock Option Awards (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend	0.00%	0.00%
2015 Equity and 2020 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum			80.97%	73.78%
Expected volatility, maximum			81.66%	75.17%
Risk-free interest rate, minimum			3.42%	1.64%
Risk-free interest rate, maximum			4.18%	3.39%
Expected dividend			0.00%	0.00%
2015 Equity and 2020 Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			5 years 3 months 21 days	5 years 3 months 29 days
Underlying common stock fair value (USD per share)			$ 21.94	$ 4.92
2015 Equity and 2020 Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			6 years 29 days	6 years 29 days
Underlying common stock fair value (USD per share)			$ 34.65	$ 12.68
Incentive Stock Options and Nonqualified Stock Options \| 2015 Equity and 2020 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	81.16%	73.78%
Expected volatility, maximum	81.66%	75.17%
Risk-free interest rate, minimum	3.44%	1.64%
Risk-free interest rate, maximum	3.88%	3.39%
Incentive Stock Options and Nonqualified Stock Options \| 2015 Equity and 2020 Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 3 months 21 days	5 years 3 months 29 days
Underlying common stock fair value (USD per share)	$ 22.33	$ 4.92
Incentive Stock Options and Nonqualified Stock Options \| 2015 Equity and 2020 Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 25 days	6 years 29 days
Underlying common stock fair value (USD per share)	$ 26.50	$ 12.68

Property and Equipment, net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

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


	As of June 30, 2023		As of December 31, 2022
Laboratory equipment	$	10,282	$	9,581
Leasehold improvements	1,638		1,650
Construction-in-progress	142		66
Computer equipment and software	$	40	$	30
Total property and equipment, gross	12,102		11,327
Less: Accumulated depreciation	(7,770)		(6,841)
Total property and equipment, net	$	4,332	$	4,486

Depreciation expense for each of the three months ended June 30, 2023 and 2022 was $0.4 million. Depreciation expense for each of the six months ended June 30, 2023 and 2022 was $0.9 million.

Equity Incentive Plans and Stock-Based Compensation - 2020 Employee Stock Purchase Plan - Summary of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for 2020 Employee Stock Purchase Plan (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend	0.00%	0.00%
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate			5.20%	0.60%
Expected term of options (in years)			6 months	6 months
Expected stock price volatility			69.15%	63.17%
Expected dividend			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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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+ Details

Equity Incentive Plans and Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

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

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


	Three months ended June 30,		Six months ended June 30,
	2023	2022	2023	2022
Expected volatility	81.16% - 81.66%	73.78% - 75.17%	80.97% - 81.66%	73.78% - 75.17%
Risk-free interest rate	3.44% - 3.88%	1.64% - 3.39%	3.42%- 4.18%	1.64% - 3.39%
Expected dividend	—	—	—	—
Expected term (in years)	5.31 - 6.07	5.33 - 6.08	5.31- 6.08	5.33 - 6.08
Underlying common stock fair value	$22.33 - $26.50	$4.92 - $12.68	$21.94 - $34.65	$4.92 - $12.68

Summary 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
Outstanding as of December 31, 2022	5,569,567	$	13.34	7.96	$	43,696
Granted	1,623,184	$	30.85
Exercised	(477,539)	$	6.80
Forfeited	(82,052)	$	16.07
Outstanding as of June 30, 2023	6,633,160	$	18.06	8.18	$	32,749
Exercisable as of June 30, 2023	2,806,127	$	13.98	7.26	$	20,335
Vested and expected to vest as of June 30, 2023	6,633,160	$	18.06	8.18	$	32,749

Summary of Restricted Stock Activity

The following table sets forth the outstanding RSUs and related activity for the six months ended June 30, 2023:


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested and outstanding at December 31, 2022	507,925	17.43
Granted	671,708	34.65
Forfeited	(18,647)	22.60
Unvested and outstanding at June 30, 2023	1,160,986	27.31

PSUs associated with clinical development milestones at maximum level achievement with a weighted average grant date fair value of $17.57 per share.

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		%

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

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


	Six Months Ended June 30,
	2023		2022
Risk-free interest rate	5.20	%	0.60	%
Expected term of options (in years)	0.50		0.50
Expected stock price volatility	69.15	%	63.17	%
Expected dividends	—		—

Summary of Classification of Stock-based Compensation Expense

The following table presents the components and classification of stock-based compensation expense for the Company’s stock-based awards for the three and six months ended June 30, 2023 and 2022 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Restricted stock awards	$	—	$	7	$	—	$	36
Stock options and ESPP	5,229		3,396		10,032		6,898
Restricted stock units	2,963		—		5,569		—
Performance-based restricted stock units	4,854		—		9,368		—
Total stock-based compensation expense	$	13,046	$	3,403	$	24,969	$	6,934
Research and development expenses	$	5,294	$	1,761	$	10,142	$	3,675
General and administrative expenses	$	7,752	$	1,642	$	14,827	$	3,259

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission ("SEC"), for interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the unaudited interim condensed financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of the Company's financial information. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other interim period or for any other future year. The financial information included herein should be read in conjunction with the audited financial statements and related notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 9, 2023 (the "2022 10-K"). Certain prior year reported amounts may 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 as of and during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, stock-based compensation expense and accruals and prepayments for research and development costs. The Company assesses estimates on an ongoing basis, however, actual results could materially differ from those estimates. Significant Accounting Policies There have been no significant changes to the accounting policies during the three and six months ended June 30, 2023, as compared to the significant accounting policies described in Note 2 of the "Notes to the Financial Statements" in the Company's audited financial statements included in the 2022 10-K

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (78,740)	$ (57,646)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	929	914
Stock-based compensation expense	24,969	6,934
Non-cash operating lease expense	1,236	684
(Accretion) amortization on short-term investments	(6,512)	443
Changes in operating assets and liabilities:
Accounts receivable	403	(2,991)
Prepaid expenses and other current assets	(1,809)	1,907
Accounts payable	738	202
Accrued liabilities	5,087	5,404
Operating lease liabilities	(1,336)	(745)
Net cash used in operating activities	(55,035)	(44,894)
Cash flows from investing activities
Purchase of short-term investments	(411,096)	(78,048)
Maturity of short-term investments	214,676	86,972
Purchase of property and equipment	(766)	(898)
Net cash (used in) provided by investing activities	(197,186)	8,026
Cash flows from financing activities
Proceeds from issuances of common stock under benefit plans	3,995	498
Payment of offering costs	(759)	(75)
Payment of debt issuance costs	0	(150)
Proceeds from term loan	0	10,000
Proceeds from sale of common stock in a public offering	270,251	0
Net cash provided by financing activities	273,487	10,273
Net increase (decrease) in cash and cash equivalents	21,266	(26,595)
Cash and cash equivalents at beginning of period	33,685	51,665
Cash and cash equivalents at end of period	54,951	25,070
Supplemental disclosures of cash flow information:
Cash paid for interest	570	72
Supplemental disclosures of noncash investing and financing activities:
Net unrealized loss on short-term investments	(283)	(1,058)
Purchase of property and equipment in accounts payable and accrued liabilities	10	0
Reclassification of restricted stock awards from liabilities to common stock upon vesting	$ 0	$ 1

Equity Incentive Plans and Stock-Based Compensation - 2020 Employee Stock Purchase Plan - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares reserved for future issuance (in shares)		14,243,303		14,243,303		11,435,241
Total stock-based compensation expense		$ 13,046	$ 3,403	$ 24,969	$ 6,934
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	844,888		844,888
Employee stock purchase plan, description	The 2020 ESPP provides that the number of shares reserved and available for issuance will automatically increase on January 1 of each calendar year, beginning January 1, 2021, by the least of (1) 1.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, (2) 700,000 shares or (3) such lesser amount as determined by the administrator of the 2020 ESPP, which is the compensation committee of the board of directors of the Company.
Common stock shares outstanding percentage	1.00%
Percentage of payroll deductions	15.00%
Employee stock purchase plan offering period	6 months
Common stock fair market value percentage	85.00%
Total stock-based compensation expense		$ 100	$ 100	$ 300	$ 100
Number of common stock issued (in shares)		43,296		43,296

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesFor the three and six months ended June 30, 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 asset will not be realized. As a result, the Company’s effective tax rate will remain at 0% because there are no estimated or discrete items that would impact the tax provision.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax provision	$ 0	$ 0	$ 0	$ 0
Valuation allowance as a percentage on total deferred tax assets	100.00%		100.00%
Effective tax rate			0.00%

- Definition

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

+ References + Details

Net Loss Per Share Attributable to Common Stockholders - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Net loss per share:
Net loss	$ (41,192)	$ (37,548)	$ (29,546)	$ (28,100)	$ (78,740)	$ (57,646)
Net loss attributable to common stockholders, basic	(41,192)		(29,546)		(78,740)	(57,646)
Net loss attributable to common stockholders, diluted	$ (41,192)		$ (29,546)		$ (78,740)	$ (57,646)
Denominator
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, basic (in shares)	59,172,869		36,173,135		57,623,842	36,144,944
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, diluted (in shares)	59,172,869		36,173,135		57,623,842	36,144,944
Net loss per share, attributable to common stockholders - basic and diluted
Net loss per share attributable to common stockholders , basic (USD per share)	$ (0.70)		$ (0.82)		$ (1.37)	$ (1.59)
Net loss per share attributable to common stockholders , diluted (USD per share)	$ (0.70)		$ (0.82)		$ (1.37)	$ (1.59)

Novartis Collaboration and License Agreement (the "Novartis Agreement") - Narrative (Details) - Novartis - Novartis Agreement $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2019 research
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues \| $	$ 0.2	$ 1.6	$ 5.0	$ 6.2
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of Integrin research targets \| research					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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 20: 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 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 23: 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//1943274/2147479557/942-235-S99-1

+ Details

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Money Market Funds, U.S. Government Agency Securities and Corporate Debt Securities by Significant Investment Category

The following tables show the Company’s Money Market Funds, U.S. Treasury securities, U.S. government agency securities and corporate debt securities by significant investment category as of June 30, 2023 and December 31, 2022 (in thousands):


	As of June 30, 2023
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Level 1:
Money Market Funds	$	47,810	$	—	$	—	$	47,810
Level 2:
U.S. Treasury securities included in cash and cash equivalents and short-term investments	18,162		—		(57)		18,105
U.S. government agency securities included in cash and cash equivalents and short-term investments	98,749		—		(595)		98,154
Corporate debt securities included in cash and cash equivalents and short-term investments	385,538		4		(1,593)		383,949
Total financial assets	$	550,259	$	4	$	(2,245)	$	548,018


	As of December 31, 2022
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Level 1:
Money Market Funds	$	28,312	$	—	$	—	$	28,312
Level 2:
U.S. Treasury securities included in cash and cash equivalents and short-term investments	4,446		—		(5)		4,441
U.S. government agency securities included in short-term investments	28,746		—		(111)		28,635
Corporate debt securities included in cash and cash equivalents and short-term investments	266,267		45		(1,887)		264,425
Total financial assets	$	327,771	$	45	$	(2,003)	$	325,813

Accrued Liabilities

6 Months Ended

Jun. 30, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	As of June 30, 2023		As of December 31, 2022
Accrued compensation and benefits	$	5,747	$	7,200
Other accrued liabilities	1,015		1,458
Total accrued liabilities	$	6,762	$	8,658

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

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 248	$ 4,989	$ 1,580	$ 6,238
Operating expenses:
Research and development	(33,002)	(26,335)	(62,275)	(47,216)
General and administrative	(14,574)	(8,296)	(28,728)	(16,875)
Total operating expenses	(47,576)	(34,631)	(91,003)	(64,091)
Loss from operations	(47,328)	(29,642)	(89,423)	(57,853)
Interest and other income (expense), net	6,455	269	11,313	380
Interest expense	(319)	(173)	(630)	(173)
Net loss	(41,192)	(29,546)	(78,740)	(57,646)
Net loss attributable to common stockholders, basic	(41,192)	(29,546)	(78,740)	(57,646)
Net loss attributable to common stockholders, diluted	$ (41,192)	$ (29,546)	$ (78,740)	$ (57,646)
Net loss per share, attributable to common stockholders - basic and diluted
Net loss per share, attributable to common stockholders- basic(USD per share)	$ (0.70)	$ (0.82)	$ (1.37)	$ (1.59)
Net loss per share, attributable to common stockholders- diluted (USD per share)	$ (0.70)	$ (0.82)	$ (1.37)	$ (1.59)
Shares used in computing net loss per share attributable to common stockholders - basic and diluted
Shares used in computing net loss per share attributable to common stockholders - basic (in shares)	59,172,869	36,173,135	57,623,842	36,144,944
Shares used in computing net loss per share attributable to common stockholders - diluted (in shares)	59,172,869	36,173,135	57,623,842	36,144,944
Comprehensive loss:
Net loss	$ (41,192)	$ (29,546)	$ (78,740)	$ (57,646)
Net unrealized gain on short-term investments	(910)	(309)	(283)	(1,058)
Total other comprehensive loss	(910)	(309)	(283)	(1,058)
Comprehensive loss	$ (42,102)	$ (29,855)	$ (79,023)	$ (58,704)

Preferred Stock (Details)	Jun. 30, 2023 class shares	Dec. 31, 2022 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

Property and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	As of June 30, 2023		As of December 31, 2022
Laboratory equipment	$	10,282	$	9,581
Leasehold improvements	1,638		1,650
Construction-in-progress	142		66
Computer equipment and software	$	40	$	30
Total property and equipment, gross	12,102		11,327
Less: Accumulated depreciation	(7,770)		(6,841)
Total property and equipment, net	$	4,332	$	4,486

Equity Incentive Plans and Stock-Based Compensation - Summary of Option Activity Under the 2015 Plan and 2020 Plan (Details) - Incentive Stock Options and Nonqualified Stock Options - 2015 Equity and 2020 Incentive Plan $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Options, Outstanding, Beginning balance (in shares) \| shares	5,569,567
Number of Options, Granted (in shares) \| shares	1,623,184
Number of Options, Exercised (in shares) \| shares	(477,539)
Number of Options, Forfeited (in shares) \| shares	(82,052)
Number of Options, Outstanding, Ending balance (in shares) \| shares	6,633,160	5,569,567
Number of Options, Exercisable (in shares) \| shares	2,806,127
Number of Options, Vested and expected to vest (in shares) \| shares	6,633,160
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Weighted- Average Exercise Price per Share, Outstanding, Beginning balance (USD per share) \| $ / shares	$ 13.34
Weighted- Average Exercise Price per Share, Granted (USD per share) \| $ / shares	30.85
Weighted- Average Exercise Price per Share, Exercised (USD per share) \| $ / shares	6.80
Weighted- Average Exercise Price per Share, Forfeited (USD per share) \| $ / shares	16.07
Weighted- Average Exercise Price per Share, Outstanding, Ending balance (USD per share) \| $ / shares	18.06	$ 13.34
Weighted- Average Exercise Price per Share, Exercisable (USD per share) \| $ / shares	13.98
Weighted- Average Exercise Price per Share, Vested and expected to vest (USD per share) \| $ / shares	$ 18.06
Weighted- Average Remaining Contractual Term (in Years), Outstanding	8 years 2 months 4 days	7 years 11 months 15 days
Weighted- Average Remaining Contractual Term (in Years), Exercisable	7 years 3 months 3 days
Weighted- Average Remaining Contractual Term (in Years), Vested and expected to vest	8 years 2 months 4 days
Aggregate Intrinsic Value, Outstanding balance \| $	$ 32,749	$ 43,696
Aggregate Intrinsic Value, Exercisable \| $	20,335
Aggregate Intrinsic Value, Vested and expected to vest \| $	$ 32,749

Long-term Debt - Narrative (Details)	1 Months Ended	3 Months Ended			6 Months Ended
Long-term Debt - Narrative (Details)	May 31, 2022 USD ($) tranche	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Proceeds from term loan, net of issuance costs					$ 0	$ 10,000,000
Interest expense		$ 319,000		$ 173,000	$ 630,000	$ 173,000
Loan Agreement \| Term Loan Facility
Debt Instrument [Line Items]
Term loan facility	$ 100,000,000
Proceeds from term loan, net of issuance costs			$ 10,000,000
Amount available after tranche one	$ 50,000,000
Number of tranches \| tranche	2
Effective interest rate for the term loan		12.69%			12.69%
Interest expense		$ 300,000			$ 600,000
Loan Agreement \| Term Loan Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Loan agreement interest rate	8.50%
Loan Agreement \| Term Loan Facility \| Debt Draw, Tranche One
Debt Instrument [Line Items]
Tranche one amount undrawn	$ 40,000,000
Loan Agreement \| Term Loan Facility \| Debt Draw, Tranche Two
Debt Instrument [Line Items]
Term loan facility	25,000,000
Tranche one amount undrawn	40,000,000
Loan Agreement \| Term Loan Facility \| Debt Draw, Tranche Three
Debt Instrument [Line Items]
Term loan facility	$ 25,000,000

Long-term Debt - Schedule of Maturities of Long-Term Debt (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

^[1]

Debt Disclosure [Abstract]

$ 5,455

4,545

10,000

Less: unamortized debt issuance costs

(121)

Accretion of final payment

109

Total

$ 9,988

$ 9,929

[1]	The condensed balance sheet as of December 31, 2022 has been derived from the audited financial statements as of that date.

- Definition

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

+ References + Details

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

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

The following outstanding shares of potentially dilutive securities 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:


	Six Months Ended June 30,
	2023	2022
Options to purchase common stock	6,633,160	5,420,264
Restricted stock units	1,160,986	—
Performance-based restricted stock units*	—	—
Total	7,794,146	5,420,264
*No unvested performance-based restricted stock units are included above as none of the contingently issuable shares would be issued assuming the end of our reporting period was the end of the relevant PSU award contingency period

Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted Net Loss Per Share

A reconciliation of the numerator and denominator used in the calculation of the basic and diluted net loss per share attributable to common stockholders is as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net loss per share:
Net loss	$	(41,192)	$	(29,546)	$	(78,740)	$	(57,646)
Net loss attributable to common stockholders - basic and diluted	$	(41,192)	$	(29,546)	$	(78,740)	$	(57,646)
Denominator
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders - basic and diluted	59,172,869		36,173,135		57,623,842		36,144,944
Net loss per share attributable to common stockholders - basic and diluted	$	(0.70)	$	(0.82)	$	(1.37)	$	(1.59)

Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Maturities of Long-Term Debt

Future maturities of debt as of June 30, 2023 are as follows (in thousands):


	As of June 30, 2023
2026	$	5,455
2027	4,545
Thereafter	—
Total payments	10,000
Less: unamortized debt issuance costs	(121)
Accretion of final payment	109
Total	$	9,988

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Property, Plant and Equipment [Line Items]

Total property and equipment, gross

$ 12,102

$ 11,327

Less: Accumulated depreciation

(7,770)

(6,841)

Total property and equipment, net

4,332

4,486

^[1]

Laboratory equipment

Property, Plant and Equipment [Line Items]

Total property and equipment, gross

10,282

9,581

Leasehold improvements

Property, Plant and Equipment [Line Items]

Total property and equipment, gross

1,638

1,650

Construction-in-progress

Property, Plant and Equipment [Line Items]

Total property and equipment, gross

142

Computer equipment and software

Property, Plant and Equipment [Line Items]

Total property and equipment, gross

$ 40

$ 30

[1]	The condensed balance sheet as of December 31, 2022 has been derived from the audited financial statements as of that date.

Condensed Balance Sheets (Unaudited) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Current assets

Cash and cash equivalents

$ 54,951

$ 33,685

^[1]

Short-term investments

500,208

297,502

^[1]

Accounts receivable

1,580

1,983

^[1]

Tax credit receivable

^[1]

Prepaid expenses and other current assets (Note 5)

8,885

7,058

^[1]

Total current assets

565,701

340,311

^[1]

Property and equipment, net

4,332

4,486

^[1]

Operating lease right-of-use assets

4,186

5,422

^[1]

Other non-current assets

672

394

^[1]

Total assets

574,891

350,613

^[1]

Current liabilities

Accounts payable

2,310

1,580

^[1]

Accrued research and development

18,216

11,218

Accrued liabilities (Note 6)

6,762

8,658

^[1]

Lease liabilities, current

2,232

2,457

^[1]

Total current liabilities

29,520

23,913

^[1]

Lease liabilities, non-current

2,318

3,429

^[1]

Long-term debt (Note 7)

9,988

9,929

^[1]

Total liabilities

41,826

37,271

^[1]

Stockholders’ equity

Common stock, $0.0001 par value; 300,000,000 shares authorized at June 30, 2023 and December 31, 2022; and 59,222,685 and 48,941,254 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively;

^[1]

Additional paid-in capital

952,452

653,707

^[1]

Accumulated deficit

(417,152)

(338,412)

^[1]

Accumulated other comprehensive loss

(2,241)

(1,958)

^[1]

Total stockholders’ equity

533,065

313,342

^[1]

Total liabilities and stockholders’ equity

$ 574,891

$ 350,613

^[1]

[1]	The condensed balance sheet as of December 31, 2022 has been derived from the audited financial statements as of that date.

Long-term Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-term Debt

In May 2022, we entered into a term loan facility (the “Oxford Loan Agreement”) with Oxford Finance LLC (the "Lender") for up to $100.0 million. At closing, we entered into a term loan for $10.0 million, and in the first quarter of 2023 we declined our option to draw an additional $40.0 million from the first and second tranche. The Oxford Loan Agreement provides for an additional $50.0 million over two tranches, $25.0 million of which is at our option upon the satisfaction of certain conditions related to the development of bexotegrast and one of our preclinical product candidates, and $25.0 million at the Lender's discretion. In connection with the Oxford Loan Agreement, we granted a security interest in substantially all of our current and future assets. There are no warrants or financial covenants associated with the Oxford Loan Agreement.

Borrowings under the Oxford Loan Agreement bear interest at a rate per annum equal to 1-month term Secured Overnight Financing Rate (SOFR) plus 8.5%, subject to an agreed upon floor and cap. The Oxford Loan Agreement requires the Company to make monthly interest-only payments until July 1, 2026 (extendable to July 1, 2027) with monthly interest and principal payments thereafter until the maturity date of May 1, 2027 (extendable to May 1, 2028).

The estimated fair value of the term loan as of June 30, 2023 was measured using Level 2 and Level 3 inputs and approximates the carrying value recorded to the condensed balance sheet. The effective interest rate for the term loan is 12.69% and interest expense for the three and six months ended June 30, 2023 was $0.3 million and $0.6 million, respectively.

Future maturities of debt as of June 30, 2023 are as follows (in thousands):


	As of June 30, 2023
2026	$	5,455
2027	4,545
Thereafter	—
Total payments	10,000
Less: unamortized debt issuance costs	(121)
Accretion of final payment	109
Total	$	9,988

- 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 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 2: 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 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: 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 5: 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 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: 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 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Equity Incentive Plans and Stock-Based Compensation - Schedule of TSR PSU Valuation Assumptions (Details) - Performance-Based Restricted Stock Units, TSR Goal	6 Months Ended
	Jun. 30, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation date share price (in dollars 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

+ Details

Defined Contribution Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Payment made under defined contribution plan	$ 0.3	$ 0.2	$ 0.6	$ 0.4

Defined Contribution Plan	6 Months Ended
Defined Contribution Plan	Jun. 30, 2023
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution PlanThe 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 $0.3 million and $0.2 million for the three months ended June 30, 2023 and 2022, respectively. The Company made contributions of $0.6 million and $0.4 million for the six months ended June 30, 2023 and 2022, respectively.

Equity Incentive Plans and Stock-Based Compensation - Incentive Stock Options and Nonqualified Stock Options - Narrative (Details) - 2015 Equity and 2020 Incentive Plan $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Expiration period from date of grant	10 years
Incentive Stock Options and Nonqualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 53.1
Unrecognized compensation expense, weighted average period	2 years 8 months 12 days

- 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

Common Stock (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Shares Reserved for Future Issuance

Shares reserved for future issuance


	As of June 30, 2023	As of December 31, 2022
Outstanding stock option awards	6,633,160	5,569,567
Vesting of RSUs	1,160,986	507,925
Vesting of PSUs	472,711	531,796
Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan	4,131,558	2,937,769
Shares of common stock available for future issuance under the 2020 Employee Stock Purchase Plan	844,888	888,184
Shares of common stock available for future issuance under the 2022 Inducement Plan	1,000,000	1,000,000
Total shares reserved for future issuance	14,243,303	11,435,241

Common Stock - Schedule of Shares Reserved for Future Issuance (Details) - shares	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	14,243,303	11,435,241
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)	4,131,558	2,937,769
Shares of common stock available for future issuance under the 2020 Employee Stock Purchase Plan
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	844,888	888,184
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)	1,000,000	1,000,000
Outstanding stock option awards
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	6,633,160	5,569,567
Restricted stock units
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	1,160,986	507,925
Vesting of PSUs
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	472,711	531,796

- 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/exampleRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Preferred Stock	6 Months Ended
Preferred Stock	Jun. 30, 2023
Temporary Equity Disclosure [Abstract]
Preferred Stock	Preferred StockUnder the Company’s Amended and Restated Certificate of Incorporation (“Certificate of Incorporation”), the Company is authorized to issue two classes of shares: preferred 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 June 30, 2023 and December 31, 2022, the Company was authorized to issue 10,000,000 shares of preferred stock and there was no outstanding preferred stock as of June 30, 2023 and December 31, 2022.

Equity Incentive Plans and Stock-Based Compensation - Equity Incentive Plan - Narrative (Details) - Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan	1 Months Ended
	May 31, 2020	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares to be added to plan annually, percent of outstanding shares		5.00%
Exercise price as a percentage of estimated grant date fair value of shares	10.00%
Expiration period from date of grant	5 years
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%

- 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

Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

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

Prepaid research and development

$ 4,402

$ 3,421

Prepaid insurance

451

1,427

Prepaid licenses

1,438

959

Interest receivable

2,365

1,078

Other

229

173

Total prepaid expenses and other current assets

$ 8,885

$ 7,058

^[1]

[1]	The condensed balance sheet as of December 31, 2022 has been derived from the audited financial statements as of that date.

Financial Instruments

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Financial Instruments

Financial InstrumentsThe 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 gains or losses recognized in the statements of operations and comprehensive loss.

The Company’s cash equivalent Money Market Funds are classified as Level 1 because they are valued using quoted active 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 other than Level 1 prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency and include U.S. government agency securities, U.S. Treasury securities and corporate debt securities.

There were no assets or liabilities recorded at fair value to the condensed balance sheets using Level 3 inputs as of June 30, 2023 and as of December 31, 2022.


	As of June 30, 2023
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Level 1:
Money Market Funds	$	47,810	$	—	$	—	$	47,810
Level 2:
U.S. Treasury securities included in cash and cash equivalents and short-term investments	18,162		—		(57)		18,105
U.S. government agency securities included in cash and cash equivalents and short-term investments	98,749		—		(595)		98,154
Corporate debt securities included in cash and cash equivalents and short-term investments	385,538		4		(1,593)		383,949
Total financial assets	$	550,259	$	4	$	(2,245)	$	548,018


	As of December 31, 2022
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Level 1:
Money Market Funds	$	28,312	$	—	$	—	$	28,312
Level 2:
U.S. Treasury securities included in cash and cash equivalents and short-term investments	4,446		—		(5)		4,441
U.S. government agency securities included in short-term investments	28,746		—		(111)		28,635
Corporate debt securities included in cash and cash equivalents and short-term investments	266,267		45		(1,887)		264,425
Total financial assets	$	327,771	$	45	$	(2,003)	$	325,813

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.

There were no liabilities measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022. The Company evaluates transfers between levels at the end of each reporting period and there have been no transfers between fair value measurement levels during the six months ended June 30, 2023. In addition, there were no assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2023 and December 31, 2022.

As of June 30, 2023, the Company had not recorded any impairment related to other-than-temporary declines in the fair value of short-term investments. Short-term investments are considered impaired when a decline in fair value is judged to be other-than-temporary. The Company consults with its investment managers and considers available quantitative and qualitative evidence in evaluating potential impairment of its short-term investments on a quarterly basis. If the cost of an individual investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost and its intent and ability to hold the investment.

The Company records interest income, accretion income and amortization expense 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 condensed statement of operations and comprehensive loss.

- Definition

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

+ References + Details

Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders


	Six Months Ended June 30,
	2023	2022
Options to purchase common stock	6,633,160	5,420,264
Restricted stock units	1,160,986	—
Performance-based restricted stock units*	—	—
Total	7,794,146	5,420,264
*No unvested performance-based restricted stock units are included above as none of the contingently issuable shares would be issued assuming the end of our reporting period was the end of the relevant PSU award contingency period


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net loss per share:
Net loss	$	(41,192)	$	(29,546)	$	(78,740)	$	(57,646)
Net loss attributable to common stockholders - basic and diluted	$	(41,192)	$	(29,546)	$	(78,740)	$	(57,646)
Denominator
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders - basic and diluted	59,172,869		36,173,135		57,623,842		36,144,944
Net loss per share attributable to common stockholders - basic and diluted	$	(0.70)	$	(0.82)	$	(1.37)	$	(1.59)

Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 400	$ 400	$ 929	$ 914

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
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.

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	As of June 30, 2023		As of December 31, 2022
Accrued compensation and benefits	$	5,747	$	7,200
Other accrued liabilities	1,015		1,458
Total accrued liabilities	$	6,762	$	8,658

Condensed Statements of Stockholders’ Equity (Unaudited) - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-In Capital

Accumulated Other Comprehensive Loss

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]

Vesting of restricted stock awards (in shares)

15,606

Vesting of restricted stock awards

Option exercises (in shares)

63,552

Option exercises

Stock-based compensation expense

3,531

Net unrealized loss on short-term investments

(749)

Net loss

(28,100)

Ending balance (in shares) at Mar. 31, 2022

36,162,459

Ending balance at Mar. 31, 2022

173,793

$ 3

417,931

(950)

(243,191)

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]

Net unrealized loss on short-term investments

(1,058)

Net loss

(57,646)

Ending balance (in shares) at Jun. 30, 2022

36,182,297

Ending balance at Jun. 30, 2022

147,788

$ 3

421,781

(1,259)

(272,737)

Beginning balance (in shares) at Mar. 31, 2022

36,162,459

Beginning balance at Mar. 31, 2022

173,793

$ 3

417,931

(950)

(243,191)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Vesting of restricted stock awards (in shares)

6,235

Vesting of restricted stock awards

Option exercises (in shares)

13,603

Option exercises

446

Stock-based compensation expense

3,403

Net unrealized loss on short-term investments

(309)

Net loss

(29,546)

Ending balance (in shares) at Jun. 30, 2022

36,182,297

Ending balance at Jun. 30, 2022

$ 147,788

$ 3

421,781

(1,259)

(272,737)

Beginning balance (in shares) at Dec. 31, 2022

48,941,254

Beginning balance at Dec. 31, 2022

$ 313,342

^[1]

$ 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

269,915

$ 1

269,914

Option exercises (in shares)

454,314

Option exercises

3,661

Stock-based compensation expense

11,923

Net unrealized loss on short-term investments

627

Net loss

(37,548)

Ending balance (in shares) at Mar. 31, 2023

58,978,902

Ending balance at Mar. 31, 2023

$ 561,920

$ 6

939,205

(1,331)

(375,960)

Beginning balance (in shares) at Dec. 31, 2022

48,941,254

Beginning balance at Dec. 31, 2022

$ 313,342

^[1]

$ 5

653,707

(1,958)

(338,412)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net unrealized loss on short-term investments

(283)

Net loss

$ (78,740)

Ending balance (in shares) at Jun. 30, 2023

59,222,685

Ending balance at Jun. 30, 2023

$ 533,065

$ 6

952,452

(2,241)

(417,152)

Beginning balance (in shares) at Mar. 31, 2023

58,978,902

Beginning balance at Mar. 31, 2023

561,920

$ 6

939,205

(1,331)

(375,960)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Public offering expenses

(133)

Option exercises (in shares)

243,783

Option exercises

334

Stock-based compensation expense

13,046

Net unrealized loss on short-term investments

(910)

Net loss

$ (41,192)

(41,192)

Ending balance (in shares) at Jun. 30, 2023

59,222,685

Ending balance at Jun. 30, 2023

$ 533,065

$ 6

$ 952,452

$ (2,241)

$ (417,152)

[1]	The condensed balance sheet as of December 31, 2022 has been derived from the audited financial statements as of that date.

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2023

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):


	As of June 30, 2023		As of December 31, 2022
Prepaid research and development	$	4,402	$	3,421
Prepaid insurance	451		1,427
Prepaid licenses	1,438		959
Interest receivable	2,365		1,078
Other	229		173
Total prepaid expenses and other current assets	$	8,885	$	7,058

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	260 Littlefield Avenue
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		59,834,098
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001746473
Current Fiscal Year End Date	--12-31

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
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)	59,222,685	48,941,254
Common stock, shares outstanding (in shares)	59,222,685	48,941,254

Financial Instruments - Summary of Cash and Cash Equivalents, Money Market Funds and Short-term Investments by Significant Investment Category (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	$ 550,259	$ 327,771
Unrealized Gains	4	45
Unrealized Losses	(2,245)	(2,003)
Market Value	548,018	325,813
Level 2 \| Corporate debt securities included in cash and cash equivalents and short-term investments
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	385,538	266,267
Unrealized Gains	4	45
Unrealized Losses	(1,593)	(1,887)
Market Value	383,949	264,425
Money Market Funds \| Level 1
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	47,810	28,312
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	47,810	28,312
U.S. Treasury securities included in cash and cash equivalents and short-term investments \| Level 2
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	18,162	4,446
Unrealized Gains	0	0
Unrealized Losses	(57)	(5)
Market Value	18,105	4,441
U.S. government agency securities included in cash and cash equivalents and short-term investments \| Level 2
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	98,749	28,746
Unrealized Gains	0	0
Unrealized Losses	(595)	(111)
Market Value	$ 98,154	$ 28,635

Equity Incentive Plans and Stock-Based Compensation - Restricted Stock Units and Performance-Based Restricted Stock Units - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 24.2
Unrecognized compensation expense, weighted average period	2 years 3 months 18 days
Outstanding and unvested (in shares)	1,160,986	507,925
Weighted-average grant date fair value, outstanding and unvested (USD per share)	$ 27.31	$ 17.43
Restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Unrecognized compensation cost	$ 6.0
Unrecognized compensation expense, weighted average period	11 months 26 days
Target level of achievement percentage	100.00%
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]
Outstanding and unvested (in shares)	354,532
Weighted-average grant date fair value, outstanding and unvested (USD per share)	$ 29.15
Performance-Based Restricted Stock Units, Clinical Development Milestones
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding and unvested (in shares)	354,532
Weighted-average grant date fair value, outstanding and unvested (USD per share)	$ 17.57

Equity Incentive Plans and Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 13,046	$ 3,403	$ 24,969	$ 6,934
Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	5,294	1,761	10,142	3,675
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	7,752	1,642	14,827	3,259
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	7	0	36
Stock options and ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	5,229	3,396	10,032	6,898
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,963	0	5,569	0
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,854	$ 0	$ 9,368	$ 0

- 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

Equity Incentive Plans and Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans and Stock-Based Compensation

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 Options 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 administrator of the 2020 Plan, which is the compensation committee of the board of directors of the Company.

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.

In 2022, the Board of Directors adopted the 2022 Inducement Plan (“Inducement Plan”), under which the Company may grant restricted stock units, stock options, stock appreciation rights, and restricted stock awards to new hires.

Options under the 2020 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 10.0% shareholder shall not be less than 110.0% of the estimated 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 or the 2020 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 the Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards with the following assumptions:


	Three months ended June 30,		Six months ended June 30,
	2023	2022	2023	2022
Expected volatility	81.16% - 81.66%	73.78% - 75.17%	80.97% - 81.66%	73.78% - 75.17%
Risk-free interest rate	3.44% - 3.88%	1.64% - 3.39%	3.42%- 4.18%	1.64% - 3.39%
Expected dividend	—	—	—	—
Expected term (in years)	5.31 - 6.07	5.33 - 6.08	5.31- 6.08	5.33 - 6.08
Underlying common stock fair value	$22.33 - $26.50	$4.92 - $12.68	$21.94 - $34.65	$4.92 - $12.68

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
Outstanding as of December 31, 2022	5,569,567	$	13.34	7.96	$	43,696
Granted	1,623,184	$	30.85
Exercised	(477,539)	$	6.80
Forfeited	(82,052)	$	16.07
Outstanding as of June 30, 2023	6,633,160	$	18.06	8.18	$	32,749
Exercisable as of June 30, 2023	2,806,127	$	13.98	7.26	$	20,335
Vested and expected to vest as of June 30, 2023	6,633,160	$	18.06	8.18	$	32,749

As of June 30, 2023, there were $53.1 million of unrecognized compensation costs that are expected to be recognized over the weighted-average period of 2.7 years related to stock options. Aggregate intrinsic value represents the difference between the fair value of the underlying common stock and the exercise price as of June 30, 2023. .

Restricted Stock Units

The service-based condition for restricted stock units ("RSUs") is generally satisfied over two years or three years. The following table sets forth the outstanding RSUs and related activity for the six months ended June 30, 2023:


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested and outstanding at December 31, 2022	507,925	17.43
Granted	671,708	34.65
Forfeited	(18,647)	22.60
Unvested and outstanding at June 30, 2023	1,160,986	27.31

As of June 30, 2023, the Company had $24.2 million of unrecognized stock-based compensation expense related to outstanding RSUs expected to be recognized over a weighted-average period of 2.30 years.

Performance-Based Restricted Stock Units

Performance-based restricted stock units ("PSUs") 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 PSUs granted were allocated evenly between the market based, TSR, awards and those with performance conditions associated with clinical development milestones.

The fair value of PSUs associated 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		%

As of June 30, 2023, there were 354,532 PSUs associated with the TSR goal at target level achievement of 100% and related activity outstanding with a weighted average grant date fair value of $29.15 per share. There were no additional grants, forfeitures or vesting of the PSUs associated with market-based vesting conditions during the six months ended June 30, 2023.

As of June 30, 2023, there were 354,532 PSUs associated with clinical development milestones at maximum level achievement with a weighted average grant date fair value of $17.57 per share. In March 2023, the second of three milestones applicable to PSUs with clinical development vesting conditions was achieved. In July 2023, the third of the three milestones applicable to these PSUs was achieved. The Company considered the remaining clinical development performance conditions probable of achievement as of June 30, 2023.

As of June 30, 2023, the Company had $6.0 million of unrecognized stock-based compensation expense related to unvested PSUs expected to be recognized over a remaining weighted-average period of 0.99 years.

2020 Employee Stock Purchase Plan

In June 2020, the Company adopted the Company's 2020 Employee Stock Purchase Plan (the "2020 ESPP"). The Company reserved 700,000 shares of common stock for future issuance under the plan. The 2020 ESPP provides that the number of shares reserved and available for issuance will automatically increase on January 1 of each calendar year, beginning January 1, 2021, by the least of (1) 1.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, (2) 700,000 shares or (3) such lesser amount as determined by the administrator of the 2020 ESPP, which is the compensation committee of the board of directors of the Company.

Under the 2020 ESPP, eligible employees may purchase shares of our common stock through payroll deductions that cannot exceed 15% of each 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 of the offering period or 85% of the fair market value at the end of the purchase period, subject to tax limitations on the total value of the purchase. The 2020 ESPP is considered a compensatory plan, and the Company recorded $0.1 million and $0.3 million in stock-based compensation expense for the three and six months ended June 30, 2023, respectively. There was $0.1 million in stock-based compensation expense attributed to the 2020 ESPP for the three and six months ended June 30, 2022. During the three and six months ended June 30, 2023, 43,296 shares of common stock were issued under the 2020 ESPP with 844,888 shares remaining available for issuance under the 2020 ESPP. The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for the 2020 ESPP with the following assumptions:


	Six Months Ended June 30,
	2023		2022
Risk-free interest rate	5.20	%	0.60	%
Expected term of options (in years)	0.50		0.50
Expected stock price volatility	69.15	%	63.17	%
Expected dividends	—		—

Stock-Based Compensation Expense


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Restricted stock awards	$	—	$	7	$	—	$	36
Stock options and ESPP	5,229		3,396		10,032		6,898
Restricted stock units	2,963		—		5,569		—
Performance-based restricted stock units	4,854		—		9,368		—
Total stock-based compensation expense	$	13,046	$	3,403	$	24,969	$	6,934
Research and development expenses	$	5,294	$	1,761	$	10,142	$	3,675
General and administrative expenses	$	7,752	$	1,642	$	14,827	$	3,259