0001725160-23-000155 | 10-Q | XBRL Viewer | Zentalis Pharmaceuticals INC

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Significant Transactions (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
Significant Transactions (Details) - USD ($) $ in Thousands	Jun. 15, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Loss on equity method investment			$ 13,704	$ 5,338	$ 16,014	$ 7,089
Contingent consideration		$ 500	500		500		$ 0
In-process research and development			$ 45,568	$ 0	$ 45,568	$ 0
Zentera
Schedule of Equity Method Investments [Line Items]
Total consideration transferred	$ 45,600
Fixed consideration	30,000
Forgiveness of outstanding receivables	9,400
Acquisition-related costs	500
In-process research and development		$ 45,600
Zentera \| Variable consideration of a change in control milestone payment \| Minimum
Schedule of Equity Method Investments [Line Items]
Contingent consideration	0
Zentera \| Variable consideration of a change in control milestone payment \| Maximum
Schedule of Equity Method Investments [Line Items]
Contingent consideration	15,000
Zentera \| Discounted cash flow \| Milestone payment
Schedule of Equity Method Investments [Line Items]
Contingent consideration	$ 500
Zentera
Schedule of Equity Method Investments [Line Items]
Ownership percentage sold	40.30%

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):


	June 30,		December 31,
	2023		2022

Lab equipment	$	2,754	$	2,622
Leasehold improvements	4,432		4,891
Office equipment and furniture	1,854		2,065
Computer equipment	150		150
Construction in progress	224		37
Subtotal	9,414		9,765
Accumulated depreciation and amortization	(2,764)		(2,060)
Property and equipment, net	$	6,650	$	7,705

Depreciation and amortization expense for the three months ended June 30, 2023 and 2022 was approximately $344 thousand and $348 thousand, respectively. Depreciation and amortization expense for the six months ended June 30, 2023 and 2022 was $704 thousand and $692 thousand, respectively.

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021		45,491,000
Beginning balance at Dec. 31, 2021	$ 364,482	$ 45	$ 723,593	$ (125)	$ (359,559)	$ 528
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	26,911		26,911
Other comprehensive loss	(1,654)			(1,654)
Issuance of common stock in connection with an equity offering, net of underwriting discounts, commissions and offering costs (in shares)		11,284,000
Issuance of common stock in connection with an equity offering, net of underwriting discounts, commissions and offering costs	209,297	$ 11	209,286
Issuance of common stock in connection with restricted stock unit vesting (in shares)		149,000
Issuance of common stock in connection with restricted stock unit vesting	1	$ 1
Issuance of common stock upon exercise of options, net (in shares)		42,000
Issuance of common stock upon exercise of options, net	803		803
Shares issued under employee stock purchase plan (in shares)		16,000
Shares issued under employee stock purchase plan	612		612
Cancellation of restricted stock awards (in shares)		(15,000)
Net loss attributable to non-controlling interest	(195)					(195)
Net loss attributable to Zentalis	(127,434)				(127,434)
Ending balance (in shares) at Jun. 30, 2022		56,967,000
Ending balance at Jun. 30, 2022	472,823	$ 57	961,205	(1,779)	(486,993)	333
Beginning balance (in shares) at Dec. 31, 2021		45,491,000
Beginning balance at Dec. 31, 2021	364,482	$ 45	723,593	(125)	(359,559)	528
Ending balance (in shares) at Dec. 31, 2022		59,280,000
Ending balance at Dec. 31, 2022	434,024	$ 59	1,031,462	(1,353)	(596,365)	221
Beginning balance (in shares) at Mar. 31, 2022		45,584,000
Beginning balance at Mar. 31, 2022	315,666	$ 46	734,997	(1,109)	(418,636)	368
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	16,764		16,764
Other comprehensive loss	(670)			(670)
Issuance of common stock in connection with an equity offering, net of underwriting discounts, commissions and offering costs (in shares)		11,284,000
Issuance of common stock in connection with an equity offering, net of underwriting discounts, commissions and offering costs	209,297	$ 11	209,286
Issuance of common stock in connection with restricted stock unit vesting (in shares)		104,000
Issuance of common stock upon exercise of options, net (in shares)		9,000
Issuance of common stock upon exercise of options, net	158		158
Cancellation of restricted stock awards (in shares)		(14,000)
Net loss attributable to non-controlling interest	(35)					(35)
Net loss attributable to Zentalis	(68,357)				(68,357)
Ending balance (in shares) at Jun. 30, 2022		56,967,000
Ending balance at Jun. 30, 2022	472,823	$ 57	961,205	(1,779)	(486,993)	333
Beginning balance (in shares) at Dec. 31, 2022		59,280,000
Beginning balance at Dec. 31, 2022	434,024	$ 59	1,031,462	(1,353)	(596,365)	221
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	27,075		27,075
Other comprehensive loss	1,015			1,015
Issuance of common stock in connection with an equity offering, net of underwriting discounts, commissions and offering costs (in shares)		11,033,000
Issuance of common stock in connection with an equity offering, net of underwriting discounts, commissions and offering costs	$ 235,680	$ 11	235,669
Issuance of common stock in connection with restricted stock unit vesting (in shares)	73,500	218,000
Issuance of common stock upon exercise of options, net (in shares)	51,500	51,000
Issuance of common stock upon exercise of options, net	$ 941		941
Shares issued under employee stock purchase plan (in shares)		25,000
Shares issued under employee stock purchase plan	373		373
Cancellation of restricted stock awards (in shares)		(3,000)
Net loss attributable to non-controlling interest	(80)					(80)
Net loss attributable to Zentalis	(175,746)				(175,746)
Ending balance (in shares) at Jun. 30, 2023		70,604,000
Ending balance at Jun. 30, 2023	523,282	$ 70	1,295,520	(338)	(772,111)	141
Beginning balance (in shares) at Mar. 31, 2023		59,442,000
Beginning balance at Mar. 31, 2023	385,665	$ 59	1,045,568	(556)	(659,584)	178
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	13,342		13,342
Other comprehensive loss	218			218
Issuance of common stock in connection with an equity offering, net of underwriting discounts, commissions and offering costs (in shares)		11,033,000
Issuance of common stock in connection with an equity offering, net of underwriting discounts, commissions and offering costs	235,680	$ 11	235,669
Issuance of common stock in connection with restricted stock unit vesting (in shares)		79,000
Issuance of common stock upon exercise of options, net (in shares)		51,000
Issuance of common stock upon exercise of options, net	941		941
Cancellation of restricted stock awards (in shares)		(1,000)
Net loss attributable to non-controlling interest	(37)					(37)
Net loss attributable to Zentalis	(112,527)				(112,527)
Ending balance (in shares) at Jun. 30, 2023		70,604,000
Ending balance at Jun. 30, 2023	$ 523,282	$ 70	$ 1,295,520	$ (338)	$ (772,111)	$ 141

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 and amortization	$ 344	$ 348	$ 704	$ 692

Business Combinations - Narrative (Details) - Kalyra Pharmaceuticals, Inc. $ in Millions	Dec. 21, 2017 USD ($)
Variable Interest Entity [Line Items]
Cash payments to acquire interest	$ 4.5
Ownership percentage	25.00%

- 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

Fair Value Measurement - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial assets:
Cash equivalents	$ 261,994	$ 28,809
Marketable securities, available-for-sale	286,428	394,302
Total assets measured at fair value	548,422	423,111
Financial Liabilities:
Contingent consideration	500	0
Total financial liabilities	500	0
Level 1
Financial assets:
Cash equivalents	261,994	28,809
Marketable securities, available-for-sale	29,636	67,275
Total assets measured at fair value	291,630	96,084
Financial Liabilities:
Contingent consideration	0	0
Total financial liabilities	0	0
Level 2
Financial assets:
Cash equivalents	0	0
Marketable securities, available-for-sale	256,792	327,027
Total assets measured at fair value	256,792	327,027
Financial Liabilities:
Contingent consideration	0	0
Total financial liabilities	0	0
Level 3
Financial assets:
Cash equivalents	0	0
Marketable securities, available-for-sale	0	0
Total assets measured at fair value	0	0
Financial Liabilities:
Contingent consideration	500	0
Total financial liabilities	500	0
Commercial paper
Financial assets:
Marketable securities, available-for-sale	171,628	295,793
Commercial paper \| Level 1
Financial assets:
Marketable securities, available-for-sale	0	0
Commercial paper \| Level 2
Financial assets:
Marketable securities, available-for-sale	171,628	295,793
Commercial paper \| Level 3
Financial assets:
Marketable securities, available-for-sale	0	0
Corporate Debt Securities
Financial assets:
Marketable securities, available-for-sale	0	7,446
Corporate Debt Securities \| Level 1
Financial assets:
Marketable securities, available-for-sale	0	0
Corporate Debt Securities \| Level 2
Financial assets:
Marketable securities, available-for-sale	0	7,446
Corporate Debt Securities \| Level 3
Financial assets:
Marketable securities, available-for-sale	0	0
US Government Agencies
Financial assets:
Marketable securities, available-for-sale	85,164	23,788
US Government Agencies \| Level 1
Financial assets:
Marketable securities, available-for-sale	0	0
US Government Agencies \| Level 2
Financial assets:
Marketable securities, available-for-sale	85,164	23,788
US Government Agencies \| Level 3
Financial assets:
Marketable securities, available-for-sale	0	0
US Treasury securities
Financial assets:
Marketable securities, available-for-sale	29,636	67,275
US Treasury securities \| Level 1
Financial assets:
Marketable securities, available-for-sale	29,636	67,275
US Treasury securities \| Level 2
Financial assets:
Marketable securities, available-for-sale	0	0
US Treasury securities \| Level 3
Financial assets:
Marketable securities, available-for-sale	0	0
Money market funds
Financial assets:
Cash equivalents	261,994	26,811
Money market funds \| Level 1
Financial assets:
Cash equivalents	261,994	26,811
Money market funds \| Level 2
Financial assets:
Cash equivalents	0	0
Money market funds \| Level 3
Financial assets:
Cash equivalents	0	0
Commercial paper
Financial assets:
Cash equivalents	0	1,998
Commercial paper \| Level 1
Financial assets:
Cash equivalents	0	1,998
Commercial paper \| Level 2
Financial assets:
Cash equivalents	0	0
Commercial paper \| Level 3
Financial assets:
Cash equivalents	$ 0	$ 0

Stockholders’ Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders’ Equity

Follow-on Offering of Common Stock

On June 15, 2023, we completed a follow-on offering in which we issued and sold 11,032,656 shares of common stock at a public offering price of $22.66 per share. The total gross proceeds for the offering were approximately $250.0 million, before deducting offering expenses of $14.3 million payable by us.

Share-based Compensation

Effective April 2020, the Company’s Board of Directors adopted, and the Company’s stockholders approved, the 2020 Incentive Award Plan (the “2020 Plan”), as amended in January 2021, which allows for grants to selected employees, consultants and non-employee members of the Board of Directors. We currently grant stock options and restricted stock units (“RSUs”), under the 2020 Plan. Awards may be made under the 2020 Plan covering up to the sum of (1) 5,600,000 shares of common stock; plus (2) any shares forfeited from the unvested restricted shares of our common stock issued upon conversion of unvested Class B common units (up to 1,250,000 shares); plus (3) an annual increase on the first day of each fiscal year beginning with the fiscal year ending December 31, 2021 and continuing to, and including, the fiscal year ending December 31, 2030, equal to the lesser of (a) 5% of the shares of common stock outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares as determined by our Board of Directors.

At June 30, 2023, 10,223,133 shares were subject to outstanding awards under the 2020 Plan and 973,778 shares were available for future grants of share-based awards under the 2020 Plan.

In July 2022, the Company’s Board of Directors approved the Zentalis Pharmaceuticals, Inc. 2022 Employment Inducement Incentive Award Plan (the “2022 Inducement Plan”), which is used exclusively for the grant of equity awards to new employees as an inducement material to the employees’ entering into employment with the Company. The Board of Directors has initially reserved 1,500,000 shares of the Company’s common stock for issuance pursuant to awards granted under the 2022 Inducement Plan.

At June 30, 2023, 1,360,975 shares were subject to outstanding awards under the 2022 Inducement Plan and 139,025 shares were available for future grants of share-based awards under the 2022 Inducement Plan.

Total share-based compensation expense related to share based awards was comprised of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development expense	$	5,985	$	5,155	$	11,858	$	10,197
General and administrative expense	7,357		11,609		15,217		16,714
Total share-based compensation expense	$	13,342	$	16,764	$	27,075	$	26,911

Share-based compensation expense by type of share-based award (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

Stock Options	$	10,205	$	12,524	$	20,814	$	20,302
Employee Stock Purchase Plan	111		110		216		212
RSAs and RSUs	3,026		4,130		6,045		6,397
	$	13,342	$	16,764	$	27,075	$	26,911

Stock Options and Restricted Stock Units

The exercise price of stock options granted is equal to the closing price of the Company’s common stock on the date of grant. The fair value of each option award is estimated on the date of grant using the Black-Scholes model. Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the Company estimates expected volatility based on the historical volatility of a group of similar companies that are publicly traded. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. The Company uses the “simplified method” for estimating the expected term of employee options, whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option (generally 10 years). The risk-free interest rate is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The Company has not issued any dividends and does not expect to issue dividends over the life of the options. As a result, the Company has estimated the dividend yield to be zero. The fair value of the stock options granted during the six months ended June 30, 2023 and June 30, 2022 was determined with the following assumptions:


	June 30, 2023		June 30, 2022
Expected volatility	77.5% - 80.8%		73.6% - 80.5%
Average expected term (in years)	5.5 - 6.1		6.0 - 6.5
Risk-free interest rate	3.4% - 4.2%		1.5% - 3.2%
Expected dividend yield	—	%	—	%

Employee Stock Purchase Plan

Effective April 2020, the Company’s Board of Directors adopted, and the Company’s stockholders approved the Zentalis Pharmaceuticals, Inc. 2020 Employee Stock Purchase Plan (the “ESPP”), which was subsequently amended and restated effective March 15, 2021. The maximum aggregate number of shares of the Company’s common stock available for issuance under the ESPP at June 30, 2023 was 1,929,891. Under the terms of the ESPP, the Company’s employees may elect to have up to 20% of their compensation, up to a maximum value of $25,000 per calendar year, withheld to purchase shares of the Company’s common stock for a purchase price equal to 85% of the lower of the fair market value per share (at closing) of the Company’s common stock on (i) the first trading day of a six-month offering period, or (ii) the applicable purchase date, defined as the last trading day of the six-month offering period. The weighted average assumptions used to estimate the fair value of stock purchase rights under the ESPP during the period ended are as follows:


	Ended June 30, 2023

ESPP
Volatility	94.2	%
Expected term (years)	0.5
Risk free rate	4.9	%
Expected dividend yield	—

Compensation Expense Summary

Total unrecognized estimated compensation cost by type of award and the weighted average requisite service period over which such expense is expected to be recognized (in thousands, unless otherwise noted):


	June 30, 2023
	Unrecognized Expense		Remaining Weighted-Average Recognition Period (years)
Stock options	$	113,266	3.02
RSAs	101		0.28
RSUs	31,227		2.88
ESPP	$	110	0.25

During the six months ended June 30, 2023, we issued 51.5 thousand shares of common stock in connection with the exercises of stock options. For the six months ended June 30, 2023, 73.5 thousand shares of common stock issued in conjunction with certain restricted stock awards (“RSAs”), vested. Outstanding stock options, unvested RSAs, and unvested RSUs totaling approximately 10.1 million shares, 47.7 thousand shares and 1.5 million shares of our common stock, respectively, were outstanding as of June 30, 2023.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Interim Unaudited Financial Statements (Policies)	6 Months Ended
Interim Unaudited Financial Statements (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to a quarterly report on Form 10-Q. The year-end condensed consolidated balance sheet data was derived from the Company’s audited financial statements but do not include all disclosures required by U.S. GAAP. These interim unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 1, 2023. The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operation for the periods presented, with such adjustments consisting only of normal recurring adjustments. Certain reclassifications have been made to the prior period condensed consolidated balance sheet to conform to the current period presentation.
Consolidation	The accompanying interim unaudited condensed consolidated financial statements include our wholly-owned subsidiaries and a variable interest entity (“VIE”), for which we are the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. We evaluate our ownership, contractual and other interests in entities that are not wholly-owned to determine if these entities are VIEs, and, if so, whether we are the primary beneficiary of the VIE. In determining whether we are the primary beneficiary of a VIE and therefore required to consolidate the VIE, we apply a qualitative approach that determines whether we have both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses of, or the rights to receive benefits from, the VIE that could potentially be significant to that VIE. We will continuously assess whether we are the primary beneficiary of a VIE, as changes to existing relationships or future transactions may result in the consolidation or deconsolidation of such VIE. During the periods presented, we have not provided any other material financial or other support to our VIE that we were not contractually required to provide. The equity method is used to account for investments in which we have the ability to exercise significant influence, but not control, over the investee. Such investments are recorded on the balance sheet, and the share of net income or losses of equity investments is recognized on a one quarter lag in investment and other income (expense), net.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates.
Acquisitions and Contingent Consideration	Acquisitions and Contingent Consideration The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen is met, the transaction is accounted for as an asset acquisition. If the screen is not met, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs, which would meet the requirements of a business. If determined to be a business combination, the Company accounts for the transaction under the acquisition method of accounting as indicated in ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed, and any non-controlling interest in the acquired entity and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities, and non-controlling interest in the acquired entity based on the fair value estimates as of the date of acquisition. In accordance with Accounting Standards Codification (ASC) 805, Business Combinations, the Company recognizes and measures goodwill as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. The consideration for the Company’s business acquisitions may include future payments that are contingent upon the occurrence of a particular event or events. The obligations for such contingent consideration payments are recorded at fair value on the acquisition date. The contingent consideration obligations are then evaluated each reporting period. Changes in the fair value of contingent consideration, other than changes due to payments, are recognized as a gain or loss and recorded within change in the fair value of deferred and contingent consideration liabilities in the consolidated statements of comprehensive loss. Contingent consideration liabilities expected to be settled within 12 months after the balance sheet date are presented in current liabilities. Contingent consideration liabilities expected to be settled 12 months after the balance sheet date are presented in long-term liabilities. If determined to be an asset acquisition, the Company accounts for the transaction under ASC 805-50, which requires the acquiring entity to recognize assets acquired and liabilities assumed based on the cost to the acquiring entity on a relative fair value basis, which includes transaction costs in addition to consideration given. No gain or loss is recognized as of the date of acquisition unless the fair value of non-cash assets given as consideration differs from the assets’ carrying amounts on the acquiring entity’s books. Consideration transferred that is non-cash will be measured based on either the cost (which shall be measured based on the fair value of the consideration given) or the fair value of the assets acquired and liabilities assumed, whichever is more reliably measurable. Goodwill is not recognized in an asset acquisition and any excess consideration transferred over the fair value of the net assets acquired is allocated to the identifiable assets based on relative fair values. If the in-licensed agreement for in-process research and development (“IPR&D”) does not meet the definition of a business and the assets have not reached technological feasibility and therefore have no alternative future use, the Company expenses payments made under such license agreements as acquired IPR&D expense in its consolidated statement of comprehensive loss. Contingent consideration payments in asset acquisitions are recognized when the contingency is resolved and the consideration is paid or becomes payable (unless the contingent consideration meets the definition of a derivative, in which case the amount becomes part of the basis in the asset acquired). Upon recognition of the contingent consideration payment, the amount is included in the cost of the acquired asset or group of assets.
Acquisitions and Contingent Consideration	Acquisitions and Contingent Consideration The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen is met, the transaction is accounted for as an asset acquisition. If the screen is not met, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs, which would meet the requirements of a business. If determined to be a business combination, the Company accounts for the transaction under the acquisition method of accounting as indicated in ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed, and any non-controlling interest in the acquired entity and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities, and non-controlling interest in the acquired entity based on the fair value estimates as of the date of acquisition. In accordance with Accounting Standards Codification (ASC) 805, Business Combinations, the Company recognizes and measures goodwill as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. The consideration for the Company’s business acquisitions may include future payments that are contingent upon the occurrence of a particular event or events. The obligations for such contingent consideration payments are recorded at fair value on the acquisition date. The contingent consideration obligations are then evaluated each reporting period. Changes in the fair value of contingent consideration, other than changes due to payments, are recognized as a gain or loss and recorded within change in the fair value of deferred and contingent consideration liabilities in the consolidated statements of comprehensive loss. Contingent consideration liabilities expected to be settled within 12 months after the balance sheet date are presented in current liabilities. Contingent consideration liabilities expected to be settled 12 months after the balance sheet date are presented in long-term liabilities. If determined to be an asset acquisition, the Company accounts for the transaction under ASC 805-50, which requires the acquiring entity to recognize assets acquired and liabilities assumed based on the cost to the acquiring entity on a relative fair value basis, which includes transaction costs in addition to consideration given. No gain or loss is recognized as of the date of acquisition unless the fair value of non-cash assets given as consideration differs from the assets’ carrying amounts on the acquiring entity’s books. Consideration transferred that is non-cash will be measured based on either the cost (which shall be measured based on the fair value of the consideration given) or the fair value of the assets acquired and liabilities assumed, whichever is more reliably measurable. Goodwill is not recognized in an asset acquisition and any excess consideration transferred over the fair value of the net assets acquired is allocated to the identifiable assets based on relative fair values. If the in-licensed agreement for in-process research and development (“IPR&D”) does not meet the definition of a business and the assets have not reached technological feasibility and therefore have no alternative future use, the Company expenses payments made under such license agreements as acquired IPR&D expense in its consolidated statement of comprehensive loss. Contingent consideration payments in asset acquisitions are recognized when the contingency is resolved and the consideration is paid or becomes payable (unless the contingent consideration meets the definition of a derivative, in which case the amount becomes part of the basis in the asset acquired). Upon recognition of the contingent consideration payment, the amount is included in the cost of the acquired asset or group of assets.

Business Combinations

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations

Kalyra Pharmaceuticals, Inc.

On December 21, 2017, we acquired $4.5 million of Kalyra Pharmaceuticals, Inc.’s (“Kalyra”) Series B Preferred Stock representing a 25% equity interest in Kalyra for purposes of entering the analgesics therapeutic research space. The acquisition price was paid entirely in cash.

In accordance with the authoritative guidance, we concluded that Kalyra is a business consisting of inputs, employees, intellectual property and processes capable of producing outputs. Additionally, we have concluded that Kalyra is a VIE, we are the primary beneficiary and have the power to direct the activities that most significantly affect Kalyra’s economic performance through common management and our board representation. Prior to December 21, 2017, the Company and Kalyra transacted for the delivery of research and development services and support. The financial position and results of operations of Kalyra have been included in our consolidated financial statements from the date of the initial investment.

Pursuant with authoritative guidance, we have recorded the identifiable assets, liabilities and noncontrolling interests in the VIE at their fair value upon initial consolidation. The identified goodwill is comprised of the workforce and expected synergies from combining the entities. Total assets and liabilities of Kalyra as of June 30, 2023 and December 31, 2022 are immaterial. The liabilities recognized as a result of consolidating Kalyra do not represent additional claims on our general assets. Pursuant to the authoritative guidance, the equity interest in Kalyra not owned by Zentalis is reported as a noncontrolling interest on our condensed consolidated balance sheets.

The following is a reconciliation of equity (net assets) attributable to the noncontrolling interest (in thousands):


	June 30,		December 31,
	2023		2022
Noncontrolling interest at beginning of period	$	221	$	528
Net loss attributable to noncontrolling interest	(80)		(307)



Noncontrolling interest at end of period	$	141	$	221

Stockholders’ Equity - Unrecognized Compensation Cost (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense, stock options	$ 113,266
Remaining Weighted-Average Recognition Period (years)	3 years 7 days
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense, other than stock options	$ 101
Remaining Weighted-Average Recognition Period (years)	3 months 10 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense, other than stock options	$ 31,227
Remaining Weighted-Average Recognition Period (years)	2 years 10 months 17 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense, other than stock options	$ 110
Remaining Weighted-Average Recognition Period (years)	3 months

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders’ Equity - Share-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 share-based compensation expense	$ 13,342	$ 16,764	$ 27,075	$ 26,911
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	10,205	12,524	20,814	20,302
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	111	110	216	212
RSAs and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 3,026	$ 4,130	$ 6,045	$ 6,397

- 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

Significant Transactions	6 Months Ended
Significant Transactions	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Significant Transactions	Significant Transactions Zentera Therapeutics On June 15, 2023, we announced that we and certain of our wholly owned subsidiaries had entered into an agreement to terminate our Collaboration and License Agreements (the “Termination Agreement”) with Zentera Therapeutics, a Shanghai-based clinical-stage biopharmaceutical company focused on developing cancer therapeutics (“Zentera”), pursuant to which such wholly owned subsidiaries had granted to Zentera certain development and commercialization rights to our product candidates, azenosertib, ZN-d5 and ZN-c5 (the “Zentera Collaboration Products”) in the People’s Republic of China, Macau, Hong Kong and Taiwan (collectively, “Greater China”). As a result of the termination of these agreements, we have regained the rights from Zentera for azenosertib, ZN-d5 and ZN-c5 in Greater China, and now hold worldwide development and commercialization rights to these assets. Concurrent with the agreement to terminate the Collaboration and License Agreements, we executed a share purchase agreement (the “Share Purchase Agreement”) with Zentera to return our 40.3% equity stake in Zentera for de minimis consideration. We assessed the Termination Agreement and Share Purchase Agreement together and determined that the transaction to reacquire the licensed intellectual property without an acquired workforce, inputs or any substantive processes capable of contributing to the ability to produce outputs, represents asset acquisitions for accounting purposes. The total consideration transferred of $45.6 million was comprised of the following components: Fixed consideration of $30 million, representing an up-front payment. Fixed consideration of forgiveness of $9.4 million of outstanding receivables under the Collaboration and License Agreements. Fixed consideration of the return of our 40.3% equity stake in Zentera for de minimis cash consideration. Using the adjusted balance sheet method under the cost approach, the difference between the carrying value of the equity method investment at the time of the transaction and the fair value of the equity method investment after the return of the intellectual property was $13.7 million, which was recognized as a loss on the equity method investment line item in the statement of operations during the second quarter of 2023. Variable consideration of a change in control milestone payment as contingent consideration can be either zero or $15.0 million. The value of the contingent consideration of approximately $0.5 million was calculated using estimates of future discounted cash flows, and other significant estimates including estimates for probability of milestone achievement and discount rates. The value of the contingent consideration for this milestone will be remeasured at fair value at each reporting period with gains and losses reported in the statement of operations. We also incurred $0.5 million of acquisition-related costs that were included in the total consideration for the acquired assets. Additional consideration to be paid to Zentera includes a low single digit royalty on net sales of azenosertib, ZN-d5 and ZN-c5 in the Greater China region. These additional payments are payable only after regulatory approval and commercials sales in the Greater China region and are excluded from the transaction price. The fair value of in-process research and development assets acquired was based on the market approach, which includes significant estimates. These estimates included calibration adjustments for comparable companies, cost estimates, control and marketability discounts, as well as estimates for the probability of success and applicable discount rates. The excess of the fair value of the consideration given in exchange for the Zentera in-process research and development received was accounted for as a contract termination cost. The Company determined to recognize the full amount of $45.6 million in the condensed consolidated statement of operations and comprehensive loss during the three months ended June 30, 2023.

Net Loss Per Common Share - Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss attributable to Zentalis	$ (112,527)	$ (68,357)	$ (175,746)	$ (127,434)
Denominator:
Weighted average number of common shares outstanding, basic (in shares)	60,790	51,117	60,038	48,197
Weighted average number of common shares outstanding, diluted (in shares)	60,790	51,117	60,038	48,197
Net loss per common share, basic (in dollars per share)	$ (1.85)	$ (1.34)	$ (2.93)	$ (2.64)
Net loss per common share, diluted (in dollars per share)	$ (1.85)	$ (1.34)	$ (2.93)	$ (2.64)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Operating Lease Payments

Approximate annual future minimum operating lease payments as of June 30, 2023 are as follows (in thousands):


Year	Operating Leases

2023 (remaining)	$	3,257
2024	6,486
2025	6,799
2026	7,278
2027	7,451
Thereafter	38,778
Total minimum lease payments:	70,049
Less: imputed interest	(23,687)
Total operating lease liabilities	46,362
Less: current portion	(2,335)
Lease liability, net of current portion	$	44,027

Organization and Business	6 Months Ended
Organization and Business	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Organization Zentalis Pharmaceuticals, Inc. (“Zentalis,” “We” or the “Company”) is a clinical-stage biopharmaceutical company discovering and developing small molecule therapeutics targeting fundamental biological pathways of cancers. Utilizing its Integrated Discovery Engine, the Company is developing a focused pipeline of potentially best-in-class oncology candidates, which include azenosertib (ZN-c3), a WEE1 inhibitor for advanced solid tumors, ZN-d5, a BCL-2 inhibitor for hematologic malignancies and related disorders, and a heterobifunctional degrader of BCL-xL for solid and hematological malignancies. The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. All of the Company’s tangible assets are held in the United States. Liquidity Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year from the financial statement issuance date. The Company determined that there are no conditions or events that raise substantial doubt about its ability to continue as a going concern within one year after the date that the interim unaudited condensed consolidated financial statements for the quarter ended June 30, 2023 are issued.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Activities:
Consolidated net loss	$ (112,564)	$ (68,392)	$ (175,826)	$ (127,629)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	344	348	704	692
Operating lease right-of-use asset and fixed asset impairment			4,953	0
Noncash consideration portion of Zentera in-process research and development			15,045	0
Loss on equity method investment	13,704	5,338	16,014	7,089
Share-based compensation			27,075	26,911
(Loss)/gain on disposal of equipment			(4)	57
(Accretion of discounts)/amortization of premiums on marketable securities, net			(6,483)	17
Deferred income taxes			(853)	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets			(3,922)	(6,663)
Accounts payable and accrued liabilities			(5,805)	4,025
Operating lease right-of-use assets and liabilities, net			544	2,278
Net cash used in operating activities			(128,558)	(93,223)
Investing Activities:
Purchases of marketable securities			(189,085)	(277,576)
Proceeds from maturities of marketable securities			304,457	156,000
Purchases of property and equipment			(319)	(728)
Net cash provided by (used in) investing activities			115,053	(122,304)
Financing Activities:
Proceeds from issuance of common stock, net			235,680	209,297
Proceeds from issuance of common stock under equity incentive plans			1,314	1,416
Net cash provided by financing activities			236,994	210,713
Net increase (decrease) in cash, cash equivalents and restricted cash			223,489	(4,814)
Cash, cash equivalents and restricted cash at beginning of period			45,696	62,584
Cash, cash equivalents and restricted cash at end of period	269,185	57,770	269,185	57,770
Supplemental disclosure of non-cash investing and financing activities:
Accrued capital expenditures			0	91
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	266,558	55,143	266,558	55,143
Restricted cash	2,627	2,627	2,627	2,627
Total cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statement of Cash Flows	$ 269,185	$ 57,770	$ 269,185	$ 57,770

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease, weighted-average remaining lease term (in years)	9 years 3 months 18 days
Operating lease right-of-use asset and fixed asset impairment	$ 4,953	$ 0
Sublease income	$ 200

Net Loss Per Common Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Common Share

Basic and diluted net loss per common share were calculated as follows (in thousands except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022			2023		2022
Numerator:
Net loss attributable to Zentalis	$	(112,527)	$	(68,357)		$	(175,746)	$	(127,434)
Denominator:
Weighted average number of common shares outstanding, basic and diluted	60,790		51,117			60,038		48,197
Net loss per common share	$	(1.85)	$	(1.34)		$	(2.93)	$	(2.64)

Our potential and dilutive securities, which include outstanding stock options, unvested RSAs and unvested RSUs have been excluded from the computation of diluted net loss per common share as the effect would be anti-dilutive.

The following common stock equivalents have been excluded from the calculations of diluted net loss per common share because their inclusion would be antidilutive (in thousands).


	June 30,
	2023	2022
Outstanding stock options	10,085	7,828
Unvested RSAs	42	222
Unvested RSUs	1,499	472
	11,626	8,522

Related Party Disclosures (Details) - USD ($) $ in Millions	6 Months Ended
Related Party Disclosures (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 15, 2023
Zentera
Related Party Transaction [Line Items]
Ownership percentage sold			40.30%
Contra-research and development expense	$ 3.5	$ 5.1
Related Party \| Master Services Agreement
Related Party Transaction [Line Items]
Due to related parties	$ 0.5	$ 0.0

Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 1,322	$ 1,018
Prepaid software licenses and maintenance	574	958
Foreign R&D credit refund	911	659
Prepaid research and development expenses	13,872	15,002
Interest receivable	878	508
Sublease assets	932	0
Zentera receivable	0	5,874
Other prepaid expenses	372	266
Total prepaid expenses and other assets	18,861	24,285
Less long-term portion	7,918	9,723
Total prepaid expenses and other assets, current	$ 10,943	$ 14,562

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Reconciliation of Equity Attributable to Noncontrolling Interest

The following is a reconciliation of equity (net assets) attributable to the noncontrolling interest (in thousands):


	June 30,		December 31,
	2023		2022
Noncontrolling interest at beginning of period	$	221	$	528
Net loss attributable to noncontrolling interest	(80)		(307)



Noncontrolling interest at end of period	$	141	$	221

Fair Value Measurement

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value MeasurementAvailable-for-sale marketable securities consisted of the following (in thousands):


	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	171,816	$	12	$	(200)	$	171,628
Corporate Debt Securities	—		—		—		—
US Government Agencies	85,248		28		(112)		85,164
US Treasury	29,702		—		(66)		29,636
	$	286,766	$	40	$	(378)	$	286,428


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	296,309	$	71	$	(587)	$	295,793
Corporate Debt securities	7,472		—		(26)		7,446
US Government Agencies	23,970		—		(182)		23,788
US Treasury securities	67,904		—		(629)		67,275
	$	395,655	$	71	$	(1,424)	$	394,302

As of June 30, 2023, forty-two of our available-for-sale debt securities with a fair market value of $193.7 million were in a gross unrealized loss position of $0.4 million. Of those, thirty-eight have been in a gross unrealized loss position of $0.4 million for less than one year and four have been in a gross unrealized loss position of $25.9 thousand for more than one year. When evaluating an investment for impairment, we review factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, our intent to sell or the likelihood that we would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. Based on our review of these marketable securities, we believe none of the unrealized loss is as a result of a credit loss as of June 30, 2023, because we do not intend to sell these securities, and it is not more-likely-than-not that we will be required to sell these securities before the recovery of their amortized cost basis.

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



	June 30, 2023		December 31, 2022
	Estimated Fair Value
Due within one year	$	264,470	$	394,302
After one but within five years	21,958		—
	$	286,428	$	394,302

The Company had $0.5 million in contingent consideration liabilities as of June 30, 2023 related to the agreement to terminate its Collaboration and License Agreements with Zentera. The contingent consideration balance is limited to one potential milestone payment measured at fair value (See Note 3 - Significant Transactions for additional information). The fair value of the contingent consideration is estimated based on the monetary value of the milestone discounted for the probability of achieving the milestone and a present value factor based on the timing of when the milestone is expected to be achieved. The value for the contingent consideration balance is based on significant inputs not observable in the market which represents Level 3 measurement within the fair value hierarchy. This liability did not exist as of December 31, 2022.

The following table summarizes the financial assets and liabilities that are measured on a recurring basis at fair value as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023
	Level 1		Level 2		Level 3		Total estimated fair value
Financial assets:
Cash equivalents:
Money market funds	$	261,994	$	—	$	—	$	261,994
Commercial paper	—		—		—		—
Total cash equivalents:	261,994		—		—		261,994

Available-for-sale marketable securities:
Commercial paper	—		171,628		—		171,628
Corporate Debt Securities	—		—		—		—
US Government Agencies	—		85,164		—		85,164
US Treasury securities	29,636		—		—		29,636
Total available-for-sale marketable securities:	29,636		256,792		—		286,428

Total assets measured at fair value	$	291,630	$	256,792	$	—	$	548,422
Financial Liabilities:
Contingent consideration	$	—	$	—	$	500	$	500
Total financial liabilities	$	—	$	—	$	500	$	500


	December 31, 2022
	Level 1		Level 2		Level 3		Total estimated fair value
Financial assets:
Cash equivalents:
Money market funds	$	26,811	$	—	$	—	$	26,811
Commercial paper	1,998		—		—		1,998
Total cash equivalents:	28,809		—		—		28,809

Available-for-sale marketable securities:
Commercial paper	—		295,793		—		295,793
Corporate Debt Securities	—		7,446		—		7,446
US Government Agencies	—		23,788		—		23,788
US Treasury securities	67,275		—		—		67,275
Total available-for-sale marketable securities:	67,275		327,027		—		394,302

Total assets measured at fair value	$	96,084	$	327,027	$	—	$	423,111
Financial Liabilities:
Contingent consideration	$	—	$	—	$	—	$	—
Total financial liabilities	$	—	$	—	$	—	$	—

The following significant unobservable inputs were used in the valuation of the contingent consideration payable to Zentera pursuant to the Termination Agreement at June 30, 2023.

Contingent Consideration Liability

Fair Value

as of

June 30, 2023

Valuation Technique

Unobservable Input

Range

(in thousands)

Milestone payment

500

Discounted cash flow

Likelihood of occurrence

1.0% - 2.4%

Discount rate

40%

Expected term

Perpetuity

The following table reflects the activity for the Company’s contingent consideration, measured at fair value using Level 3 inputs (in thousands):


Contingent consideration at December 31, 2022	$	—
Issuance of contingent consideration to Zentera	500
Changes in the fair value of contingent consideration	—
Contingent consideration at June 30, 2023	$	500

There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the six months ended June 30, 2023. We had one instrument that was classified within Level 3 as of June 30, 2023. No instruments were classified as Level 3 as of December 31, 2022. As of June 30, 2023 and December 31, 2022, no material fair value adjustments were required for non-financial assets and liabilities.

- 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

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Expenses
Research and development	$ 42,684	$ 43,825	$ 91,268	$ 89,937
Zentera in-process research and development	45,568	0	45,568	0
General and administrative	15,664	19,636	32,033	31,403
Total operating expenses	103,916	63,461	168,869	121,340
Operating loss	(103,916)	(63,461)	(168,869)	(121,340)
Other Income (Expense)
Investment and other income, net	4,451	424	8,560	850
Net loss before income taxes	(99,465)	(63,037)	(160,309)	(120,490)
Income tax (benefit) expense	(605)	17	(497)	50
Loss on equity method investment	13,704	5,338	16,014	7,089
Net loss	(112,564)	(68,392)	(175,826)	(127,629)
Net loss attributable to noncontrolling interests	(37)	(35)	(80)	(195)
Net loss attributable to Zentalis	$ (112,527)	$ (68,357)	$ (175,746)	$ (127,434)
Net loss per common share outstanding, basic (in dollars per share)	$ (1.85)	$ (1.34)	$ (2.93)	$ (2.64)
Net loss per common share outstanding, diluted (in dollars per share)	$ (1.85)	$ (1.34)	$ (2.93)	$ (2.64)
Common shares used in computing net loss per share, basic (in shares)	60,790	51,117	60,038	48,197
Common shares used in computing net loss per share, diluted (in shares)	60,790	51,117	60,038	48,197

Property and Equipment, net - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Subtotal	$ 9,414	$ 9,765
Accumulated depreciation and amortization	(2,764)	(2,060)
Property and equipment, net	6,650	7,705
Lab equipment
Property, Plant and Equipment [Line Items]
Subtotal	2,754	2,622
Leasehold improvements
Property, Plant and Equipment [Line Items]
Subtotal	4,432	4,891
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Subtotal	1,854	2,065
Computer equipment
Property, Plant and Equipment [Line Items]
Subtotal	150	150
Construction in progress
Property, Plant and Equipment [Line Items]
Subtotal	$ 224	$ 37

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Components of Available-for-sale Marketable Securities

Available-for-sale marketable securities consisted of the following (in thousands):


	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	171,816	$	12	$	(200)	$	171,628
Corporate Debt Securities	—		—		—		—
US Government Agencies	85,248		28		(112)		85,164
US Treasury	29,702		—		(66)		29,636
	$	286,766	$	40	$	(378)	$	286,428


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	296,309	$	71	$	(587)	$	295,793
Corporate Debt securities	7,472		—		(26)		7,446
US Government Agencies	23,970		—		(182)		23,788
US Treasury securities	67,904		—		(629)		67,275
	$	395,655	$	71	$	(1,424)	$	394,302

Contractual Maturities of Available-for-sale Debt Securities

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



	June 30, 2023		December 31, 2022
	Estimated Fair Value
Due within one year	$	264,470	$	394,302
After one but within five years	21,958		—
	$	286,428	$	394,302

Fair Value of Assets and Liabilities Measured on a Recurring Basis

The following table summarizes the financial assets and liabilities that are measured on a recurring basis at fair value as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023
	Level 1		Level 2		Level 3		Total estimated fair value
Financial assets:
Cash equivalents:
Money market funds	$	261,994	$	—	$	—	$	261,994
Commercial paper	—		—		—		—
Total cash equivalents:	261,994		—		—		261,994

Available-for-sale marketable securities:
Commercial paper	—		171,628		—		171,628
Corporate Debt Securities	—		—		—		—
US Government Agencies	—		85,164		—		85,164
US Treasury securities	29,636		—		—		29,636
Total available-for-sale marketable securities:	29,636		256,792		—		286,428

Total assets measured at fair value	$	291,630	$	256,792	$	—	$	548,422
Financial Liabilities:
Contingent consideration	$	—	$	—	$	500	$	500
Total financial liabilities	$	—	$	—	$	500	$	500


	December 31, 2022
	Level 1		Level 2		Level 3		Total estimated fair value
Financial assets:
Cash equivalents:
Money market funds	$	26,811	$	—	$	—	$	26,811
Commercial paper	1,998		—		—		1,998
Total cash equivalents:	28,809		—		—		28,809

Available-for-sale marketable securities:
Commercial paper	—		295,793		—		295,793
Corporate Debt Securities	—		7,446		—		7,446
US Government Agencies	—		23,788		—		23,788
US Treasury securities	67,275		—		—		67,275
Total available-for-sale marketable securities:	67,275		327,027		—		394,302

Total assets measured at fair value	$	96,084	$	327,027	$	—	$	423,111
Financial Liabilities:
Contingent consideration	$	—	$	—	$	—	$	—
Total financial liabilities	$	—	$	—	$	—	$	—

Measurement Inputs for Contingent Consideration Liability

The following significant unobservable inputs were used in the valuation of the contingent consideration payable to Zentera pursuant to the Termination Agreement at June 30, 2023.

Contingent Consideration Liability

Fair Value

as of

June 30, 2023

Valuation Technique

Unobservable Input

Range

(in thousands)

Milestone payment

500

Discounted cash flow

Likelihood of occurrence

1.0% - 2.4%

Discount rate

40%

Expected term

Perpetuity

Activity for Contingent Consideration

The following table reflects the activity for the Company’s contingent consideration, measured at fair value using Level 3 inputs (in thousands):


Contingent consideration at December 31, 2022	$	—
Issuance of contingent consideration to Zentera	500
Changes in the fair value of contingent consideration	—
Contingent consideration at June 30, 2023	$	500

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Stockholders’ Equity - Fair Value Assumptions for Stock Options (Details) - Stock Options	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility, minimum	77.50%	73.60%
Expected volatility, maximum	80.80%	80.50%
Risk-free interest rate, minimum	3.40%	1.50%
Risk-free interest rate, maximum	4.20%	3.20%
Expected dividend yield	0.00%	0.00%
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Average expected term (in years)	5 years 6 months	6 years
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Average expected term (in years)	6 years 1 month 6 days	6 years 6 months

Fair Value Measurement - Measurement Inputs for Contingent Consideration Liability (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	$ 500	$ 0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	$ 500	$ 0
Level 3 \| Discounted cash flow \| Likelihood of occurrence \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.010
Level 3 \| Discounted cash flow \| Likelihood of occurrence \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.024
Level 3 \| Milestone payment \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.40
Level 3 \| Milestone payment \| Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	$ 500

Fair Value Measurement - Activity for Contingent Consideration (Details) - Contingent Consideration Liability $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent consideration, beginning balance	$ 0
Issuance of contingent consideration to Zentera	500
Changes in the fair value of contingent consideration	0
Contingent consideration, ending balance	$ 500

Net Loss Per Common Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Unit

Basic and diluted net loss per common share were calculated as follows (in thousands except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022			2023		2022
Numerator:
Net loss attributable to Zentalis	$	(112,527)	$	(68,357)		$	(175,746)	$	(127,434)
Denominator:
Weighted average number of common shares outstanding, basic and diluted	60,790		51,117			60,038		48,197
Net loss per common share	$	(1.85)	$	(1.34)		$	(2.93)	$	(2.64)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Unit

The following common stock equivalents have been excluded from the calculations of diluted net loss per common share because their inclusion would be antidilutive (in thousands).


	June 30,
	2023	2022
Outstanding stock options	10,085	7,828
Unvested RSAs	42	222
Unvested RSUs	1,499	472
	11,626	8,522

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consist of the following (in thousands):


	June 30,		December 31,
	2023		2022
Accrued research and development expenses	$	28,783	$	32,310
Accrued employee expenses	7,992		11,246
Accrued legal expenses	602		1,256
Accrued general and administrative expenses	996		662
Lease liability	2,335		2,162
Contingent consideration	500		—
Taxes payable	622		384
Total accrued expenses	41,830		48,020

Less long-term portion	2,376		2,620
Total accrued expenses	$	39,454	$	45,400

Fair Value Measurement - Components of Available-for-sale Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 286,766	$ 395,655
Gross Unrealized Gains	40	71
Gross Unrealized Losses	(378)	(1,424)
Estimated Fair Value	286,428	394,302
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	171,816	296,309
Gross Unrealized Gains	12	71
Gross Unrealized Losses	(200)	(587)
Estimated Fair Value	171,628	295,793
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	0	7,472
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(26)
Estimated Fair Value	0	7,446
US Government Agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	85,248	23,970
Gross Unrealized Gains	28	0
Gross Unrealized Losses	(112)	(182)
Estimated Fair Value	85,164	23,788
US Treasury
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	29,702	67,904
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(66)	(629)
Estimated Fair Value	$ 29,636	$ 67,275

- 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 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 2
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 266,558	$ 43,069
Marketable securities, available-for-sale	286,428	394,302
Prepaid expenses and other current assets	10,943	14,562
Total current assets	563,929	451,933
Property and equipment, net	6,650	7,705
Operating lease right-of-use assets	36,584	42,373
Prepaid expenses and other assets	7,918	9,723
Goodwill	3,736	3,736
Investment in Zentera Therapeutics	0	21,213
Restricted cash	2,627	2,627
Total assets	621,444	539,310
Current liabilities
Accounts payable	12,305	11,247
Accrued expenses	39,454	45,400
Total current liabilities	51,759	56,647
Deferred tax liability	0	853
Long-term lease liability	44,027	45,166
Other long-term liabilities	2,376	2,620
Total liabilities	98,162	105,286
Commitments and contingencies
EQUITY
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding at June 30, 2023 and December 31, 2022	0	0
Common stock, $0.001 par value; 250,000,000 shares authorized; 70,603,663 and 59,280,247 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	70	59
Additional paid-in capital	1,295,520	1,031,462
Accumulated other comprehensive loss	(338)	(1,353)
Accumulated deficit	(772,111)	(596,365)
Total stockholders’ equity	523,141	433,803
Noncontrolling interests	141	221
Total equity	523,282	434,024
Total liabilities and stockholders’ equity	$ 621,444	$ 539,310

Prepaid Expenses and Other Assets

6 Months Ended

Jun. 30, 2023

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

Prepaid Expenses and Other Assets

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


	June 30,		December 31,
	2023		2022
Prepaid insurance	$	1,322	$	1,018
Prepaid software licenses and maintenance	574		958
Foreign R&D credit refund	911		659
Prepaid research and development expenses	13,872		15,002
Interest receivable	878		508
Sublease assets	932		—
Zentera receivable	—		5,874
Other prepaid expenses	372		266
Total prepaid expenses and other assets	18,861		24,285
Less long-term portion	7,918		9,723
Total prepaid expenses and other assets, current	$	10,943	$	14,562

Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2023 (remaining)	$ 3,257
2024	6,486
2025	6,799
2026	7,278
2027	7,451
Thereafter	38,778
Total minimum lease payments:	70,049
Less: imputed interest	(23,687)
Total operating lease liabilities	46,362
Less: current portion	(2,335)	$ (2,162)
Lease liability, net of current portion	$ 44,027	$ 45,166

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net loss attributable to Zentalis	$ (112,527)	$ (68,357)	$ (175,746)	$ (127,434)

- Definition

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

+ References

+ Details

Stockholders’ Equity - Share-based Compensation (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 share-based compensation expense	$ 13,342	$ 16,764	$ 27,075	$ 26,911
Research and development expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	5,985	5,155	11,858	10,197
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 7,357	$ 11,609	$ 15,217	$ 16,714

- 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

Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Share-based Compensation Expense

Total share-based compensation expense related to share based awards was comprised of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development expense	$	5,985	$	5,155	$	11,858	$	10,197
General and administrative expense	7,357		11,609		15,217		16,714
Total share-based compensation expense	$	13,342	$	16,764	$	27,075	$	26,911

Share-based compensation expense by type of share-based award (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

Stock Options	$	10,205	$	12,524	$	20,814	$	20,302
Employee Stock Purchase Plan	111		110		216		212
RSAs and RSUs	3,026		4,130		6,045		6,397
	$	13,342	$	16,764	$	27,075	$	26,911

Schedule of Valuation Assumptions

The fair value of the stock options granted during the six months ended June 30, 2023 and June 30, 2022 was determined with the following assumptions:


	June 30, 2023		June 30, 2022
Expected volatility	77.5% - 80.8%		73.6% - 80.5%
Average expected term (in years)	5.5 - 6.1		6.0 - 6.5
Risk-free interest rate	3.4% - 4.2%		1.5% - 3.2%
Expected dividend yield	—	%	—	%

Schedule of Valuation Assumptions, ESPP

The weighted average assumptions used to estimate the fair value of stock purchase rights under the ESPP during the period ended are as follows:


	Ended June 30, 2023

ESPP
Volatility	94.2	%
Expected term (years)	0.5
Risk free rate	4.9	%
Expected dividend yield	—

Share-based Compensation Expense by Type of Share-based Award


	June 30, 2023
	Unrecognized Expense		Remaining Weighted-Average Recognition Period (years)
Stock options	$	113,266	3.02
RSAs	101		0.28
RSUs	31,227		2.88
ESPP	$	110	0.25

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 28,783	$ 32,310
Accrued employee expenses	7,992	11,246
Accrued legal expenses	602	1,256
Accrued general and administrative expenses	996	662
Lease liability	2,335	2,162
Contingent consideration	500	0
Taxes payable	622	384
Total accrued expenses	41,830	48,020
Less long-term portion	2,376	2,620
Total accrued expenses	$ 39,454	$ 45,400

Accrued Expenses

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consist of the following (in thousands):


	June 30,		December 31,
	2023		2022
Accrued research and development expenses	$	28,783	$	32,310
Accrued employee expenses	7,992		11,246
Accrued legal expenses	602		1,256
Accrued general and administrative expenses	996		662
Lease liability	2,335		2,162
Contingent consideration	500		—
Taxes payable	622		384
Total accrued expenses	41,830		48,020

Less long-term portion	2,376		2,620
Total accrued expenses	$	39,454	$	45,400

Stockholders’ Equity - Narrative (Details) - USD ($)		1 Months Ended	6 Months Ended
Stockholders’ Equity - Narrative (Details) - USD ($)	Jun. 15, 2023	Jan. 31, 2021	Jun. 30, 2023	Jun. 30, 2022	Jul. 31, 2022
Class of Stock [Line Items]
Issuance of common stock upon exercise of options, net (in shares)			51,500
Shares issued upon vesting of certain RSAs (in shares)			73,500
Follow On Offering
Class of Stock [Line Items]
Gross proceeds from issuance of common stock	$ 250,000,000.0
Expenses and fees from the issuance of common stock	$ 14,300,000
Stock Options
Class of Stock [Line Items]
Generally expected vesting term of the option contract (in years)			10 years
Expected dividend yield			0.00%	0.00%
Options outstanding (in shares)			10,100,000
Employee Stock Purchase Plan
Class of Stock [Line Items]
Number of shares reserved for future issuance (in shares)			1,929,891
Expected dividend yield			0.00%
ESPP maximum percent of compensation to contribute			20.00%
Maximum contribution amount			$ 25,000
ESPP purchase price of common stock, percent of market price			85.00%
Offering period (in months)			6 months
RSAs
Class of Stock [Line Items]
Non-option equity instruments, outstanding (in shares)			47,700
RSUs
Class of Stock [Line Items]
Non-option equity instruments, outstanding (in shares)			1,500,000
The 2020 Plan
Class of Stock [Line Items]
Non-option equity instruments, outstanding (in shares)			10,223,133
Number of shares available for future grants (in shares)			973,778
2022 Inducement Plan
Class of Stock [Line Items]
Non-option equity instruments, outstanding (in shares)			1,360,975
Number of shares available for future grants (in shares)			139,025
Number of shares reserved for future issuance (in shares)					1,500,000
Common Stock \| Follow On Offering
Class of Stock [Line Items]
Number of shares issued and sold (in shares)	11,032,656
Share price (in dollars per share)	$ 22.66
Common Stock \| The 2020 Plan
Class of Stock [Line Items]
Shares authorized to be issued under plan (in shares)		5,600,000
Percent of common stock outstanding used as threshold to calculate shares available for issuance		5.00%
Common Class B \| The 2020 Plan \| Maximum
Class of Stock [Line Items]
Shares authorized to be issued under plan (in shares)		1,250,000

Fair Value Measurement - Contractual Maturities of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Due within one year	$ 264,470	$ 394,302
After one but within five years	21,958	0
Total	$ 286,428	$ 394,302

Interim Unaudited Financial Statements	6 Months Ended
Interim Unaudited Financial Statements	Jun. 30, 2023
Accounting Policies [Abstract]
Interim Unaudited Financial Statements	Interim Unaudited Financial Statements Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to a quarterly report on Form 10-Q. The year-end condensed consolidated balance sheet data was derived from the Company’s audited financial statements but do not include all disclosures required by U.S. GAAP. These interim unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 1, 2023. The unaudited financial information for the interim periods presented herein reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial condition and results of operation for the periods presented, with such adjustments consisting only of normal recurring adjustments. Certain reclassifications have been made to the prior period condensed consolidated balance sheet to conform to the current period presentation. The accompanying interim unaudited condensed consolidated financial statements include our wholly-owned subsidiaries and a variable interest entity (“VIE”), for which we are the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. We evaluate our ownership, contractual and other interests in entities that are not wholly-owned to determine if these entities are VIEs, and, if so, whether we are the primary beneficiary of the VIE. In determining whether we are the primary beneficiary of a VIE and therefore required to consolidate the VIE, we apply a qualitative approach that determines whether we have both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses of, or the rights to receive benefits from, the VIE that could potentially be significant to that VIE. We will continuously assess whether we are the primary beneficiary of a VIE, as changes to existing relationships or future transactions may result in the consolidation or deconsolidation of such VIE. During the periods presented, we have not provided any other material financial or other support to our VIE that we were not contractually required to provide. The equity method is used to account for investments in which we have the ability to exercise significant influence, but not control, over the investee. Such investments are recorded on the balance sheet, and the share of net income or losses of equity investments is recognized on a one quarter lag in investment and other income (expense), net. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates. Significant Accounting Policies During the six months ended June 30, 2023, we adopted the following significant accounting policies not previously reported in the Company’s significant accounting policies as described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Acquisitions and Contingent Consideration The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen is met, the transaction is accounted for as an asset acquisition. If the screen is not met, further determination is required as to whether or not the Company has acquired inputs and processes that have the ability to create outputs, which would meet the requirements of a business. If determined to be a business combination, the Company accounts for the transaction under the acquisition method of accounting as indicated in ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed, and any non-controlling interest in the acquired entity and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities, and non-controlling interest in the acquired entity based on the fair value estimates as of the date of acquisition. In accordance with Accounting Standards Codification (ASC) 805, Business Combinations, the Company recognizes and measures goodwill as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. The consideration for the Company’s business acquisitions may include future payments that are contingent upon the occurrence of a particular event or events. The obligations for such contingent consideration payments are recorded at fair value on the acquisition date. The contingent consideration obligations are then evaluated each reporting period. Changes in the fair value of contingent consideration, other than changes due to payments, are recognized as a gain or loss and recorded within change in the fair value of deferred and contingent consideration liabilities in the consolidated statements of comprehensive loss. Contingent consideration liabilities expected to be settled within 12 months after the balance sheet date are presented in current liabilities. Contingent consideration liabilities expected to be settled 12 months after the balance sheet date are presented in long-term liabilities. If determined to be an asset acquisition, the Company accounts for the transaction under ASC 805-50, which requires the acquiring entity to recognize assets acquired and liabilities assumed based on the cost to the acquiring entity on a relative fair value basis, which includes transaction costs in addition to consideration given. No gain or loss is recognized as of the date of acquisition unless the fair value of non-cash assets given as consideration differs from the assets’ carrying amounts on the acquiring entity’s books. Consideration transferred that is non-cash will be measured based on either the cost (which shall be measured based on the fair value of the consideration given) or the fair value of the assets acquired and liabilities assumed, whichever is more reliably measurable. Goodwill is not recognized in an asset acquisition and any excess consideration transferred over the fair value of the net assets acquired is allocated to the identifiable assets based on relative fair values. If the in-licensed agreement for in-process research and development (“IPR&D”) does not meet the definition of a business and the assets have not reached technological feasibility and therefore have no alternative future use, the Company expenses payments made under such license agreements as acquired IPR&D expense in its consolidated statement of comprehensive loss. Contingent consideration payments in asset acquisitions are recognized when the contingency is resolved and the consideration is paid or becomes payable (unless the contingent consideration meets the definition of a derivative, in which case the amount becomes part of the basis in the asset acquired). Upon recognition of the contingent consideration payment, the amount is included in the cost of the acquired asset or group of assets.

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Melissa Epperly [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 19, 2023, Melissa Epperly, the Company’s Chief Financial Officer, terminated a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c), originally adopted on August 15, 2022, for the sale of up to 55,227 shares of the Company’s common stock until August 15, 2023.
Name	Melissa Epperly
Title	Chief Financial Officer
Adoption Date	August 15, 2022
Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 19, 2023
Aggregate Available	55,227	55,227
Kevin Bunker [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 6, 2023, Kevin Bunker, the Company’s Chief Scientific Officer, terminated a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c), originally adopted on September 16, 2021 and modified on August 18, 2022 by Sundog Ranch, Inc. on behalf of the Bunker Family Protection Trust, the sole shareholder of Sundog Ranch, Inc., for the sale of up to 95,000 shares of the Company’s common stock until July 31, 2023.
Name	Kevin Bunker
Title	Chief Scientific Officer
Adoption Date	September 16, 2021
Rule 10b5-1 Arrangement Terminated	true
Termination Date	June 6, 2023
Aggregate Available	95,000	95,000

Fair Value Measurement - Narrative (Details)	Jun. 30, 2023 USD ($) security potential_milestone_payment	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of available-for-sale securities in unrealized loss position \| security	42
Debt securities fair market value	$ 193,700,000
Fair market value of available-for-sale securities in unrealized loss position	$ 400,000
Number of available-for-sale securities in unrealized loss position for less than one year \| security	38
Gross unrealized loss position for less than one year	$ 400,000
Number of available-for-sale securities in unrealized loss position for more than one year \| security	4
Gross unrealized loss position for more than one year	$ 25,900
Contingent consideration	500,000	$ 0
Zentera \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	$ 500,000
Number of potential milestone payments \| potential_milestone_payment	1

Related Party Disclosures	6 Months Ended
Related Party Disclosures	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Disclosures	Related Party Disclosures Tempus Kimberly Blackwell, M.D., our Chief Executive Officer and a member of our Board of Directors, was previously employed by Tempus Labs, Inc. ("Tempus") and served as an advisor of Tempus until June 2023. The Company entered into a Master Services Agreement with Tempus in December 2020 to provide data licensing and research services. There were $0.5 million and immaterial fees incurred for services performed by Tempus for the six months ended June 30, 2023 and 2022, respectively. Zentera Kevin D. Bunker, Ph.D., our Chief Scientific Officer, served as a member of the Board of Directors of Zentera until June 2023, when Dr. Bunker resigned in connection with the termination of our Collaboration and License Agreements with Zentera and the sale of our 40.3% equity stake in Zentera back to Zentera. For additional information, please see Note 3. Accordingly, the Company identified Zentera as a related party. In May 2020, each of our wholly owned subsidiaries, Zeno Alpha, Inc., K-Group Alpha, Inc. and K-Group Beta, Inc., entered into Collaboration and License Agreements, pursuant to which we collaborated with Zentera on the development and commercialization of the Zentera Collaboration Products, in Greater China. Under the terms of the Collaboration and License Agreements with Zentera, Zentera was responsible for the costs of developing the Zentera Collaboration Products in Greater China, and we were responsible for the costs of developing the Zentera Collaboration Products outside Greater China, provided that Zentera was obligated to reimburse us for a portion of its costs for global data management, pharmacovigilance, safety database management, and chemistry, manufacturing and controls activities with respect to each Zentera Collaboration Product. For the six months ended June 30, 2023 and 2022, the amounts incurred under this arrangement totaled $3.5 million and $5.1 million, respectively, and are presented as contra-research and development expense in the consolidated statement of operations. As disclosed above, these Collaboration and License Agreements were terminated in June 2023.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Property and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, net

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


	June 30,		December 31,
	2023		2022

Lab equipment	$	2,754	$	2,622
Leasehold improvements	4,432		4,891
Office equipment and furniture	1,854		2,065
Computer equipment	150		150
Construction in progress	224		37
Subtotal	9,414		9,765
Accumulated depreciation and amortization	(2,764)		(2,060)
Property and equipment, net	$	6,650	$	7,705

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (112,564)	$ (68,392)	$ (175,826)	$ (127,629)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities	218	(670)	1,015	(1,654)
Total comprehensive loss	(112,346)	(69,062)	(174,811)	(129,283)
Comprehensive loss attributable to noncontrolling interests	(37)	(35)	(80)	(195)
Comprehensive loss attributable to Zentalis	$ (112,309)	$ (69,027)	$ (174,731)	$ (129,088)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Prepaid Expenses and Other Assets (Tables)

6 Months Ended

Jun. 30, 2023

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

Summary of Prepaid Expenses and Other Assets

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


	June 30,		December 31,
	2023		2022
Prepaid insurance	$	1,322	$	1,018
Prepaid software licenses and maintenance	574		958
Foreign R&D credit refund	911		659
Prepaid research and development expenses	13,872		15,002
Interest receivable	878		508
Sublease assets	932		—
Zentera receivable	—		5,874
Other prepaid expenses	372		266
Total prepaid expenses and other assets	18,861		24,285
Less long-term portion	7,918		9,723
Total prepaid expenses and other assets, current	$	10,943	$	14,562

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 07, 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	001-39263
Entity Registrant Name	Zentalis Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3607803
Entity Address, Address Line One	1359 Broadway
Entity Address, Address Line Two	Suite 801
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
City Area Code	212
Local Phone Number	433-3791
Title of 12(b) Security	Common Stock,$0.001 par value per share
Trading Symbol	ZNTL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		70,609,407
Entity Central Index Key	0001725160
Amendment Flag	false
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock issued (in shares)	70,603,663	59,280,247
Common stock outstanding (in shares)	70,603,663	59,280,247

Business Combinations - Reconciliation of Equity (Net Assets) Attributable to Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest at beginning of period			$ 221
Net loss attributable to noncontrolling interests	$ (37)	$ (35)	(80)	$ (195)
Noncontrolling interest at end of period	141		141		$ 221
VIE, Primary Beneficiary
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest at beginning of period			221	$ 528	528
Net loss attributable to noncontrolling interests			(80)		(307)
Noncontrolling interest at end of period	$ 141		$ 141		$ 221

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

Stockholders’ Equity - Fair Value Assumptions for ESPP (Details) - Employee Stock Purchase Plan	6 Months Ended
	Jun. 30, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Volatility	94.20%
Expected term (years)	6 months
Risk free rate	4.90%
Expected dividend yield	0.00%

Net Loss Per Common Share - Antidilutive Securities (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per unit (in shares)	11,626	8,522
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per unit (in shares)	10,085	7,828
Unvested RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per unit (in shares)	42	222
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per unit (in shares)	1,499	472

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Contingencies

From time to time, we may be involved in various disputes, including lawsuits and claims arising in the ordinary course of business, including actions with respect to intellectual property, employment, and contractual matters. Any of these claims could subject us to costly legal expenses. The Company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in our consolidated financial statements. While we do generally believe that we have adequate insurance to cover many different types of liabilities, our insurance carriers may deny coverage, or our policy limits may be inadequate to fully satisfy any damage awards or settlement. If this were to happen, the payment of any such awards could have a material adverse effect on our consolidated results of operations and financial position. Additionally, any such claims, whether or not successful, could damage our reputation and business. We are currently not a party to any legal proceedings that require a loss liability to be recorded.

Leases

Our commitments include payments related to operating leases. Approximate annual future minimum operating lease payments as of June 30, 2023 are as follows (in thousands):


Year	Operating Leases

2023 (remaining)	$	3,257
2024	6,486
2025	6,799
2026	7,278
2027	7,451
Thereafter	38,778
Total minimum lease payments:	70,049
Less: imputed interest	(23,687)
Total operating lease liabilities	46,362
Less: current portion	(2,335)
Lease liability, net of current portion	$	44,027

The weighted-average remaining lease term of our operating leases is approximately 9.3 years.

On March 6, 2023, we entered into a sublease agreement pursuant to which we sublet the office space located at 1359 Broadway, Suites 1710 and 1800 in New York, New York to a subtenant. As a result of certain triggering events, we performed an interim impairment test by comparing the carrying value of the long-lived asset group to its estimated fair value, which was determined based on the income approach using a discounted cash flow model. Estimates and assumptions used in the model included projected cash flows and a discount rate. As a result, we recorded an impairment expense of $5.0 million within our operating expenses against our operating lease right-of-use asset and fixed assets associated with our New York lease during the six months ended June 30, 2023. For the six months ended June 30, 2023, we recorded lease income of $0.2 million relating to this sublease.