Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 01, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | Forma Therapeutics Holdings, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 47,852,557 | |
Amendment Flag | false | |
Entity Central Index Key | 0001538927 | |
Entity Filer Category | Large Accelerated Filer | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-39333 | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 37-1657129 | |
Entity Address Address Line1 | 300 North Beacon Street | |
Entity Address, Address Line Two | Suite 501 | |
Entity Address City Or Town | Watertown | |
Entity Address State Or Province | MA | |
Entity Address Postal Zip Code | 02472 | |
City Area Code | 617 | |
Local Phone Number | 679-1970 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Security12b Title | Common stock, par value $0.001 per share | |
Trading Symbol | FMTX | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 75,136 | $ 77,421 |
Short-term marketable securities | 320,767 | 386,805 |
Income tax receivable | 12,054 | 11,988 |
Prepaid expenses and other current assets | 18,489 | 10,187 |
Total current assets | 426,446 | 486,401 |
Property and equipment, net | 13,635 | 13,927 |
Long-term marketable securities | 0 | 26,047 |
Operating lease right-of-use asset | 22,251 | 22,074 |
Other assets | 12,837 | 12,612 |
Total assets | 475,169 | 561,061 |
Current liabilities: | ||
Accounts payable | 3,040 | 4,145 |
Accrued expenses and other current liabilities | 25,046 | 25,748 |
Operating lease liability | 5,335 | 5,125 |
Income tax payable | 43 | 70 |
Total current liabilities | 33,464 | 35,088 |
Operating lease liability, noncurrent | 27,213 | 27,617 |
Total liabilities | 60,677 | 62,705 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 150,000,000 shares authorized at June 30, 2022 and December 31, 2021; 47,838,797 and 47,411,356 shares issued at June 30, 2022 and December 31, 2021, respectively; 47,834,542 and 47,398,238 shares outstanding at June 30, 2022 and December 31, 2021, respectively | 47 | 47 |
Preferred stock, $0.001 par value; 10,000,000 shares authorized and no issued or outstanding at June 30, 2022 and December 31, 2021 | 0 | 0 |
Additional paid-in capital | 741,555 | 728,683 |
Accumulated deficit | (327,110) | (230,374) |
Total stockholders’ equity | 414,492 | 498,356 |
Total liabilities and stockholders’ equity | $ 475,169 | $ 561,061 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value | $ 0.001 | $ 0.001 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 150,000,000 | 150,000,000 |
Common stock shares issued | 47,838,797 | 47,411,356 |
Common stock shares outstanding | 47,834,542 | 47,398,238 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Collaboration revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses: | ||||
Research and development | 39,059 | 31,587 | 70,332 | 57,930 |
General and administrative | 13,939 | 12,471 | 27,075 | 22,338 |
Total operating expenses | 52,998 | 44,058 | 97,407 | 80,268 |
Loss from operations | (52,998) | (44,058) | (97,407) | (80,268) |
Other income: | ||||
Interest income | 599 | 309 | 888 | 571 |
Other (expense) income, net | (192) | 272 | (227) | 268 |
Total other income, net | 407 | 581 | 661 | 839 |
Loss before taxes | (52,591) | (43,477) | (96,746) | (79,429) |
Income tax (benefit) expense | (13) | 108 | (10) | 116 |
Net loss and comprehensive loss | (52,578) | (43,585) | (96,736) | (79,545) |
Net loss allocable to shares of common stock, basic and diluted | $ (52,578) | $ (43,585) | $ (96,736) | $ (79,545) |
Net loss per share of common stock, basic and diluted | $ (1.10) | $ (0.92) | $ (2.03) | $ (1.68) |
Weighted-average shares of common stock outstanding, basic and diluted | 47,805,493 | 47,339,464 | 47,684,236 | 47,317,361 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Common Stock |
Balance at Dec. 31, 2020 | $ 648,244 | $ 705,607 | $ (57,410) | $ 47 |
Balance, Shares at Dec. 31, 2020 | 47,248,685 | |||
Exercise of options to purchase common stock | 333 | 333 | ||
Exercise of options to purchase common stock, Shares | 68,389 | |||
Vesting of restricted common stock, Shares | 11,501 | |||
Equity-based compensation | 3,848 | 3,848 | ||
Net loss and comprehensive loss | (35,960) | (35,960) | ||
Balance at Mar. 31, 2021 | 616,465 | 709,788 | (93,370) | $ 47 |
Balance, Shares at Mar. 31, 2021 | 47,328,575 | |||
Balance at Dec. 31, 2020 | 648,244 | 705,607 | (57,410) | $ 47 |
Balance, Shares at Dec. 31, 2020 | 47,248,685 | |||
Net loss and comprehensive loss | (79,545) | |||
Balance at Jun. 30, 2021 | 579,395 | 716,303 | (136,955) | $ 47 |
Balance, Shares at Jun. 30, 2021 | 47,354,879 | |||
Balance at Mar. 31, 2021 | 616,465 | 709,788 | (93,370) | $ 47 |
Balance, Shares at Mar. 31, 2021 | 47,328,575 | |||
Exercise of options to purchase common stock | 92 | 92 | ||
Exercise of options to purchase common stock, Shares | 17,652 | |||
Vesting of restricted common stock, Shares | 8,652 | |||
Equity-based compensation | 6,423 | 6,423 | ||
Net loss and comprehensive loss | (43,585) | (43,585) | ||
Balance at Jun. 30, 2021 | 579,395 | 716,303 | (136,955) | $ 47 |
Balance, Shares at Jun. 30, 2021 | 47,354,879 | |||
Balance at Dec. 31, 2021 | 498,356 | 728,683 | (230,374) | $ 47 |
Balance, Shares at Dec. 31, 2021 | 47,398,238 | |||
Exercise of options to purchase common stock | 741 | 741 | ||
Exercise of options to purchase common stock, Shares | 131,788 | |||
Vesting of restricted common stock, Shares | 4,413 | |||
Vesting of restricted stock units, Shares | 228,244 | |||
Equity-based compensation | 6,254 | 6,254 | ||
Net loss and comprehensive loss | (44,158) | (44,158) | ||
Balance at Mar. 31, 2022 | 461,193 | 735,678 | (274,532) | $ 47 |
Balance, Shares at Mar. 31, 2022 | 47,762,683 | |||
Balance at Dec. 31, 2021 | $ 498,356 | 728,683 | (230,374) | $ 47 |
Balance, Shares at Dec. 31, 2021 | 47,398,238 | |||
Exercise of options to purchase common stock, Shares | 158,804 | |||
Net loss and comprehensive loss | $ (96,736) | |||
Balance at Jun. 30, 2022 | 414,492 | 741,555 | (327,110) | $ 47 |
Balance, Shares at Jun. 30, 2022 | 47,834,542 | |||
Balance at Mar. 31, 2022 | 461,193 | 735,678 | (274,532) | $ 47 |
Balance, Shares at Mar. 31, 2022 | 47,762,683 | |||
Exercise of options to purchase common stock | 88 | 88 | ||
Exercise of options to purchase common stock, Shares | 27,016 | |||
Vesting of restricted common stock, Shares | 3,268 | |||
Vesting of restricted stock units, Shares | 41,575 | |||
Equity-based compensation | 5,789 | 5,789 | ||
Net loss and comprehensive loss | (52,578) | (52,578) | ||
Balance at Jun. 30, 2022 | $ 414,492 | $ 741,555 | $ (327,110) | $ 47 |
Balance, Shares at Jun. 30, 2022 | 47,834,542 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (96,736) | $ (79,545) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,353 | 360 |
Non-cash operating lease expense | 555 | 642 |
Gain on lease modification | 0 | (287) |
Equity-based compensation | 12,043 | 10,271 |
Accretion amortization of marketable securities | (165) | 761 |
Loss on disposal and sale of property and equipment | 0 | 17 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in income taxes receivable | (66) | 1,207 |
(Increase) in prepaid expenses and other current assets | (8,328) | (2,180) |
(Increase) in other assets | 0 | (2,555) |
(Decrease) increase in accounts payable | (1,082) | 721 |
(Decrease) in accrued expenses and other current liabilities | (706) | (2,117) |
(Decrease) in income taxes payable | (27) | (189) |
(Decrease) in operating lease liability | (900) | (882) |
Net cash used in operating activities | (94,059) | (73,776) |
Cash flows from investing activities | ||
Purchases of held-to-maturity marketable securities | (209,581) | (397,222) |
Proceeds from maturity and redemption of marketable securities | 301,831 | 239,440 |
Purchases of property and equipment | (1,061) | (183) |
Net cash used in investing activities | 91,189 | (157,965) |
Cash flows from financing activities | ||
Payment of Deferred Offering Cost | (206) | |
Proceeds from exercise of options to purchase common stock | 829 | 425 |
Payment of public offering costs | (500) | |
Net cash (used in) provided by financing activities | 623 | (75) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (2,247) | (231,816) |
Cash, cash equivalents and restricted cash, beginning of the period | 79,538 | 285,159 |
Cash, cash equivalents and restricted cash, end of the period | 77,291 | 53,343 |
Supplemental disclosure of non-cash activities: | ||
Operating lease right-of-use asset recognized upon adoption of Topic 842 | 7,478 | |
Operating lease right-of-use asset obtained in exchange for operating lease liability | 1,115 | |
Deferred offering costs included in accrued expenses | $ 4 |
Organization and Nature of Busi
Organization and Nature of Business | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | Note 1—Organization and Nature of Business Forma Therapeutics Holdings, Inc. and its wholly-owned subsidiaries, hereinafter collectively, “the Company”, is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers. On June 23, 2020, the Company completed an initial public offering (“IPO”) in which the Company issued and sold 15,964,704 shares of its common stock at a public offering price of $ 20.00 per share, resulting in net proceeds of $ 293.3 million after deducting underwriting discounts and commissions and offering expenses payable by the Company. Upon the closing of the IPO, all outstanding shares of preferred stock automatically converted into 20,349,223 shares of common stock; all issued shares of enterprise junior stock automatically converted into 2,124,845 and 103,007 shares of common stock and restricted common stock, respectively; and all outstanding warrants to purchase shares of preferred stock automatically converted into warrants to purchase an aggregate of 70,133 shares of common stock with an exercise price of $ 5.13 per share. On December 15, 2020, the Company completed a follow-on public offering in which the Company issued and sold 6,095,000 shares of its common stock at a public offering price of $ 45.25 per share, resulting in net proceeds of $ 258.6 million after deducting underwriting discounts and commissions and offering expenses payable by the Company. On July 26, 2021, the Company filed a Registration Statement on Form S-3 with the U.S. Securities and Exchange Commission (“SEC”), which was automatically declared effective on July 26, 2021 (File No. 333-258174), as amended by Post-Effective Amendment No. 1 and Post-Effective Amendment No. 2 on Form S-3 filed on March 1, 2022, in relation to the registration of up to $400.0 million of common stock, preferred stock, debt securities, warrants and units or any combination thereof (the “2021 Shelf”). The Company also simultaneously entered into a Sales Agreement ("Sales Agreement") with SVB Leerink LLC (the "Sales Agent") to provide for the offering, issuance and sale of up to an aggregate amount of $ 200.0 million of common stock from time to time in “at-the-market” offerings, with $ 150.0 million of common stock currently registered under the 2021 Shelf, and subject to the limitations thereof. The Company will pay to the Sales Agent cash commissions of up to 3.0 % of the gross proceeds of sales of common stock under the Sales Agreement. As of the date of this Quarterly Report on Form 10-Q, the Company has not made any sales of its common stock under the Sales Agreement. Liquidity The Company is focused on the development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers. The Company is building a pipeline of therapeutics with a focus on these areas and has devoted substantially all of its resources to the research and development of its drug development efforts, comprised of research and development, manufacturing, conducting clinical trials, protecting its intellectual property and general and administrative functions relating to these operations. The future success of the Company is dependent on its ability to develop its product candidates and ultimately upon its ability to attain sustained profitable operations through commercialization of products. The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, the need for additional capital, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval and reimbursement for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development of technological innovations by competitors, reliance on third-party manufacturers and the ability to transition from pilot-scale production to large-scale manufacturing of products. The Company has determined that its cash, cash equivalents and marketable securities of $ 395.9 million as of June 30, 2022 will be sufficient to fund its operations for at least one year from the date these condensed consolidated financial statements are issued. To date, the Company has primarily financed its operations through license and collaboration agreements, the sale of preferred shares and preferred stock to outside investors and the completion of the IPO and follow-on public offering. The Company has experienced significant negative cash flows from operations during the six months ended June 30, 2022 . The Company does not expect to experience any significant positive cash flows from its existing collaboration agreements and does not expect to have any product revenue in the near term. The Company expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future as it continues to invest significantly in research and development of its programs. Management’s belief with respect to its ability to fund operations is based on estimates that are subject to risks and uncertainties. If actual results are different from management’s estimates, the Company may need to seek additional funding sooner than would otherwise be expected. There can be no assurance that the Company will be able to obtain additional funding on acceptable terms, if at all. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2—Summary of Significant Accounting Policies Basis of Presentation and Consolidation The condensed consolidated financial statements include the accounts of Forma Therapeutics Holdings, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company has prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures generally included in financial statements in conformity with GAAP have been condensed or omitted in accordance with such rules and regulations. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standard Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Significant Accounting Policies These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Unaudited Interim Condensed Consolidated Financial Statements The accompanying condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The financial data and other information contained in the notes thereto as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 are also unaudited. The condensed consolidated balance sheet data as of December 31, 2021 was derived from the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2021, and in the opinion of the Company’s management, reflect all adjustments which are necessary to present fairly the Company’s financial position as of June 30, 2022, the results of its operations for the three and six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021. Such adjustments are of a normal and recurring nature. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2021, and the notes thereto, included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021 . Cash, Cash Equivalents and Restricted Cash The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. The carrying amounts of the Company’s cash equivalents approximate their fair value due to their short-term nature. Amounts in restricted cash consist of letters of credit and a security deposit to secure the Company’s facilities. Restricted cash is included in other assets on the condensed consolidated balance sheets. The following table reconciles cash, cash equivalents and restricted cash as of June 30, 2022 and 2021 to the condensed consolidated statements of cash flows (in thousands): June 30, 2022 2021 Cash and cash equivalents $ 75,136 $ 50,873 Restricted cash 2,155 2,470 Total cash, cash equivalents and restricted cash as shown in the condensed $ 77,291 $ 53,343 Marketable Securities Marketable securities generally consist of U.S. Treasury securities, debt securities of U.S. Government agencies and corporate entities and commercial paper. The objectives for holding investments are to invest the Company’s excess cash resources in investment vehicles that provide a better rate of return compared to an interest-bearing bank account with limited risk to the principal invested. Marketable securities with original maturities of greater than 90 days and remaining maturities of less than one year from the balance sheet date are classified as short-term marketable securities. Marketable securities with remaining maturities of greater than one year from the balance sheet date are classified as long-term marketable securities. All investments are classified as held-to-maturity marketable securities as the Company does not have intent to sell these securities and it is more likely than not the Company will not be required to sell such investments before recovery of their amortized cost basis. Held-to-maturity securities are stated at their amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income in the condensed consolidated statements of operations and comprehensive loss. Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with the equity holders. There was no difference between net loss and comprehensive loss presented in the accompanying condensed consolidated financial statements for the three and six months ended June 30, 2022 and 2021 . Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments, which has been subsequently amended by ASU No. 2018-19, ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11, ASU No. 2020-02 and ASU No. 2022-02 (“ASU 2016-13”). The provisions of ASU 2016-13 modify the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology and require a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Although earlier adoption is permitted, the Company plans to adopt ASU 2016-13 on January 1, 2023. The Company is currently evaluating the potential impact that this standard may have on its condensed consolidated financial statements and related disclosures. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | Note 3—Fair Value of Financial Assets The following tables present information about the Company’s assets that are measured or disclosed at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Fair Value Measurements at the Reporting Date Using June 30, Quoted Prices Significant Significant Assets—Cash equivalents Repurchase agreement $ 25,000 $ — $ 25,000 $ — Commercial paper 16,952 — 16,952 — Money market funds 29,906 29,906 — — Assets—Short-term marketable securities U.S. Government agency securities 9,881 — 9,881 — U.S. Treasury securities 72,228 72,228 — — Commercial paper 208,014 — 208,014 — Corporate debt securities 28,843 — 28,843 — Total $ 390,824 $ 102,134 $ 288,690 $ — Fair Value Measurements at the Reporting Date Using December 31, Quoted Prices Significant Significant Assets—Cash equivalents Repurchase agreement $ 25,000 $ — $ 25,000 $ — Money market funds 49,957 49,957 — — Assets—Short-term marketable securities U.S. Government agency securities 40,022 — 40,022 — U.S. Treasury securities 27,972 27,972 — — Commercial paper 268,472 — 268,472 — Corporate debt securities 50,271 — 50,271 — Assets—Long-term marketable securities U.S. Government agency securities 1,991 — 1,991 — U.S. Treasury securities 23,958 23,958 — — Total $ 487,643 $ 101,887 $ 385,756 $ — During the six months ended June 30, 2022 and twelve months ended December 31, 2021 there were no transfers into or out of Level 3. The Company’s Level 2 investments classified as cash equivalents and marketable securities are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities and other observable inputs. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Note 4—Marketable Securities The following table presents the carrying amounts and estimated fair values of financial instruments not measured at fair value in the condensed consolidated balance sheets as they are considered held-to-maturity securities. The Company’s investments by type consisted of the following (in thousands): June 30, 2022 Amortized Gross Gross Estimated Assets U.S. Government agency securities $ 9,999 $ — $ ( 118 ) $ 9,881 U.S. Treasury securities 72,977 — ( 749 ) 72,228 Commercial paper 208,756 30 ( 772 ) 208,014 Corporate debt securities 29,035 — ( 192 ) 28,843 Total $ 320,767 $ 30 $ ( 1,831 ) $ 318,966 December 31, 2021 Amortized Gross Gross Estimated Assets U.S. Government agency securities $ 42,032 $ — $ ( 19 ) $ 42,013 U.S. Treasury securities 52,048 — ( 118 ) 51,930 Commercial paper 268,471 38 ( 37 ) 268,472 Corporate debt securities 50,301 — ( 30 ) 50,271 Total $ 412,852 $ 38 $ ( 204 ) $ 412,686 As marketable securities are considered held-to-maturity, the unrealized gains and losses are not recorded within the condensed consolidated financial statements. As of June 30, 2022 and December 31, 2021, the Company held 45 and 34 investments, respectively, in an unrealized loss position with an aggregate fair value of $ 293.4 million and $ 219.3 million, respectively. These investments were in a loss position for less than 12 months and the Company considered the loss to be temporary in nature. The Company considered the decline in market value for these investments to be primarily attributable to economic and market conditions. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | Note 5—Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, 2022 2021 Manufacturing and clinical prepaid expenses $ 10,688 $ 5,559 Other prepaid expenses 4,483 3,549 Other non-trade receivables 3,318 1,079 Total $ 18,489 $ 10,187 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Note 6—Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2022 2021 Computer and office equipment $ 1,787 $ 1,593 Software 388 388 Lab equipment 1,854 1,906 Furniture and fixtures 1,368 1,248 Leasehold improvements 13,995 13,386 Construction in process 148 175 Total 19,540 18,696 Less: Accumulated depreciation ( 5,905 ) ( 4,769 ) Total $ 13,635 $ 13,927 Depreciation and amortization expense related to property and equipment for the three months ended June 30, 2022 and 2021 totaled $ 0.7 million and $ 0.2 million, respectively. For the six months ended June 30, 2022 and 2021, depreciation and amortization expense related to property and equipment totaled $ 1.4 million an d $ 0.4 million, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Note 7—Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, 2022 2021 Manufacturing and clinical accruals $ 12,513 $ 11,001 Employee compensation 6,991 8,508 Other research and development related accruals 2,853 3,804 Professional and consulting services 1,071 971 Other current liabilities 1,618 1,464 Total $ 25,046 $ 25,748 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8—Commitments and Contingencies Guarantees and Indemnification Obligations The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies and agrees to reimburse the indemnified party for losses and costs incurred by the indemnified party, generally the Company’s customers, in connection with any patent, copyright, trade secret or other intellectual property or personal right infringement claim by any third party with respect to the Company’s technology. The term of these indemnification agreements is generally perpetual after execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. Based on historical experience and information known as of June 30, 2022 and December 31, 2021 , the Company had no t incurred any costs for the above guarantees and indemnities. |
Stockholder's Equity
Stockholder's Equity | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Note 9—Stockholders’ Equity Common Stock Reserved for Future Issuances As of June 30, 2022, the Company had reserved for future issuance the following number of shares of common stock: Number of Shares For exercise of stock options under the 2019 Stock Incentive Plan 3,546,461 For exercise of stock options under the 2020 Stock Option and Incentive Plan 3,041,526 For restricted stock units granted under the 2020 Stock Option and Incentive Plan 1,680,687 For future issuance under the 2020 Stock Option and Incentive Plan 2,527,779 For future issuance under the 2020 Employee Stock Purchase Plan 1,314,014 Total 12,110,467 |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity-Based Compensation | Note 10—Equity-Based Compensation 2020 Stock Option and Incentive Plan The Company grants stock-based awards under the 2020 Stock Option and Incentive Plan (the “2020 Plan”). The Company also has stock options and restricted common stock outstanding under the 2019 Stock Incentive Plan (the “2019 Plan”) and 2012 Equity Incentive Plan, as Amended and Restated, (the “2012 Plan”) respectively, but is no longer granting awards under such plans. All shares of common stock underlying any awards that are forfeited, canceled, expired, repurchased, or otherwise terminated under the 2020 and 2019 Plans are added back to the shares of common stock available for issuance under the 2020 Plan, while all unvested shares under the 2012 Plan that are forfeited, canceled or are otherwise terminated that are reserved under the 2012 Plan are automatically retired. On January 1, 2022, the number of shares of common stock available for issuance under the 2020 Plan increased by 1,896,454 shares as a result of the automatic increase provision of the 2020 Plan. As of June 30, 2022, there were 2,527,779 shares available for future issuance under the 2020 Plan. Equity-Based Compensation Expense Equity-based compensation expense was as follows (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Research and development $ 2,702 $ 2,554 $ 5,413 $ 4,009 General and administrative 3,087 3,869 6,630 6,262 Total $ 5,789 $ 6,423 $ 12,043 $ 10,271 Restricted common stock $ 13 $ 76 $ 38 $ 176 Restricted stock units 2,108 2,598 4,657 3,648 Stock options 3,668 3,749 7,348 6,447 Total $ 5,789 $ 6,423 $ 12,043 $ 10,271 Stock Options The following table summarizes the Company’s stock option activity under the 2019 and 2020 Plans: Number Weighted Weighted Aggregate (in years) (in thousands) Outstanding as of December 31, 2021 5,942,569 $ 14.12 8.1 $ 33,891 Granted 1,030,190 9.57 Exercised ( 158,804 ) 5.22 Forfeited ( 225,968 ) 19.28 Outstanding as of June 30, 2022 6,587,987 $ 13.44 8.1 $ 5,833 Exercisable as of June 30, 2022 3,156,390 $ 11.64 7.7 $ 3,767 Vested and expected to vest as of June 30, 2022 6,587,987 $ 13.44 8.1 $ 5,833 The weighted-average grant date fair value per share of stock options granted during the six months ended June 30, 2022 and 2021 was $ 6.63 and $ 23.99 , respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2022 and 2021 was $ 0.9 million and $ 2.7 million, respectively. As of June 30, 2022, there was approximately $ 33.5 million of unrecognized equity-based compensation expense related to stock options that is expected to be recognized over a weighted-average period of approximatel y 2.4 years. Stock Options Valuation The following assumptions were used in determining the fair value of stock options presented on a weighted average basis: Three Months Ended Six Months Ended 2022 2021 2022 2021 Risk-free interest rate 2.96 % 1.03 % 1.97 % 0.96 % Expected term (in years) 5.9 5.9 6.0 6.0 Expected volatility 80.4 % 77.4 % 79.9 % 77.9 % Expected dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Restricted Stock Units The following table summarizes the Company’s restricted stock unit activity under the 2020 Plan: Number of Shares Weighted Unvested as of December 31, 2021 817,704 $ 33.31 Granted 1,221,897 $ 9.47 Vested ( 269,819 ) $ 36.42 Forfeited ( 89,095 ) $ 21.32 Unvested as of June 30, 2022 1,680,687 $ 16.11 The aggregate fair value of restricted stock units that vested during the six months ended June 30, 2022 was $ 9.8 m illion. No restricted stock units vested during the six months ended June 30, 2021. The weighted-average grant date fair value of restricted stock units granted during the six months ended June 30, 2021 was $ 36.11 per share. As of June 30, 2022, there was approximately $ 23.8 million of unrecognized equity-based compensation expense related to the restricted stock units that is expected to be recognized over a weighted-average period of approximately 3.2 years . Restricted Common Stock The following table summarizes the Company’s restricted common stock activity under the 2012 Plan: Number of Shares Weighted Issued and unvested as of December 31, 2021 13,118 $ 4.11 Vested ( 7,681 ) $ 5.25 Forfeited ( 1,182 ) $ 1.95 Issued and unvested as of June 30, 2022 4,255 $ 2.68 The aggregate fair value of restricted common stock that vested during the six months ended June 30, 2022 and 2021 was $ 0.1 m illion and $ 0.2 million, respectively. As of June 30, 2022, there was less tha n $ 0.1 million of unrecognized equity-based compensation expense related to the restricted common stock that is expected to be recognized over a weighted-average period of less than one year. 2020 Employee Stock Purchase Plan The 2020 Employee Stock Purchase Plan (“ESPP”) became effective June 2020. On January 1, 2022, the number of shares of common stock available for issuance under the ESPP increased by 473,982 shares as a result of the automatic increase provision of the ESPP. As of June 30, 2022 , no shares have been issued under the ESPP and 1,314,014 shares remain available for issuance. The Company initiated its first offering period under the ESPP on July 1, 2022. The offering period ends on December 30, 2022. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Note 11—Net Loss per Share The following table sets forth the outstanding shares of common stock equivalents, presented based on amounts outstanding at each period end, which were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended Six Months Ended 2022 2021 2022 2021 Stock options 6,587,987 6,085,992 6,587,987 6,085,992 Restricted common stock 4,255 29,314 4,255 29,314 Restricted stock units 1,680,687 755,220 1,680,687 755,220 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12—Income Taxes Income taxes for the three months ended June 30, 2022 and 2021 have been calculated based on an estimated annual effective tax rate and certain discrete items. For the six months ended June 30, 2022, the Company recorded an insignificant income tax (benefit). For the six months ended June 30, 2021, the Company recorded income tax expense of $ 0.1 million. The Company’s income tax expense for the six months ended June 30, 2021 was related to state tax expense generated against investment income and tax expense related to a provision to return adjustment on carryback claims previously filed. |
Equity Investment
Equity Investment | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Equity Investment | Note 13—Equity Investment The Company holds a preferred share equity investment in Valo Health, Inc. (“Valo Health”) which the Company received, among other consideration, in connection with the Company’s divesture of select hit discovery capabilities to Valo Health during the year ended December 31, 2020. As the preferred shares do not have a readily determinable fair value and the Company does not have a significant influence on the operating and financial policies of Valo Health, the Company accounted for its equity investment in Valo Health by applying the measurement alternative under ASC 321, Equity Securities (“ASC 321”). As of June 30, 2022 , no impairments, nor any upward or downward adjustments have been recognized on the equity investment in Valo Health as there have been no observable price changes. The carrying value of the Company’s equity investment in Valo Health, which is classified in other assets in the condensed consolidated balance sheets, was equal to $ 10.0 million each as of June 30, 2022 and December 31, 2021 . |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14—Subsequent Event On July 27, 2022, the Company entered into an exclusive worldwide license agreement with Rigel Pharmaceuticals, Inc., or Rigel, to develop, manufacture and commercialize olutasidenib. Under the terms of the agreement, Forma will receive an upfront payment of $ 2.0 million and is eligible to receive (i) an additional $ 17.5 million upon the achievement of certain near-term regulatory, approval, and first commercial sale milestones and (ii) a total of up to $ 215.5 million in connection with the achievement of certain development and commercial milestones. Forma is also eligible to receive tiered royalties in the low-teens to mid-thirties. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Liquidity | Liquidity The Company is focused on the development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers. The Company is building a pipeline of therapeutics with a focus on these areas and has devoted substantially all of its resources to the research and development of its drug development efforts, comprised of research and development, manufacturing, conducting clinical trials, protecting its intellectual property and general and administrative functions relating to these operations. The future success of the Company is dependent on its ability to develop its product candidates and ultimately upon its ability to attain sustained profitable operations through commercialization of products. The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, the need for additional capital, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval and reimbursement for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development of technological innovations by competitors, reliance on third-party manufacturers and the ability to transition from pilot-scale production to large-scale manufacturing of products. The Company has determined that its cash, cash equivalents and marketable securities of $ 395.9 million as of June 30, 2022 will be sufficient to fund its operations for at least one year from the date these condensed consolidated financial statements are issued. To date, the Company has primarily financed its operations through license and collaboration agreements, the sale of preferred shares and preferred stock to outside investors and the completion of the IPO and follow-on public offering. The Company has experienced significant negative cash flows from operations during the six months ended June 30, 2022 . The Company does not expect to experience any significant positive cash flows from its existing collaboration agreements and does not expect to have any product revenue in the near term. The Company expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future as it continues to invest significantly in research and development of its programs. Management’s belief with respect to its ability to fund operations is based on estimates that are subject to risks and uncertainties. If actual results are different from management’s estimates, the Company may need to seek additional funding sooner than would otherwise be expected. There can be no assurance that the Company will be able to obtain additional funding on acceptable terms, if at all. |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The condensed consolidated financial statements include the accounts of Forma Therapeutics Holdings, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company has prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures generally included in financial statements in conformity with GAAP have been condensed or omitted in accordance with such rules and regulations. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standard Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). |
Unaudited Interim Condensed Consolidated Financial Statements | Unaudited Interim Condensed Consolidated Financial Statements The accompanying condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The financial data and other information contained in the notes thereto as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 are also unaudited. The condensed consolidated balance sheet data as of December 31, 2021 was derived from the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2021, and in the opinion of the Company’s management, reflect all adjustments which are necessary to present fairly the Company’s financial position as of June 30, 2022, the results of its operations for the three and six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021. Such adjustments are of a normal and recurring nature. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2021, and the notes thereto, included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021 . |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. The carrying amounts of the Company’s cash equivalents approximate their fair value due to their short-term nature. Amounts in restricted cash consist of letters of credit and a security deposit to secure the Company’s facilities. Restricted cash is included in other assets on the condensed consolidated balance sheets. The following table reconciles cash, cash equivalents and restricted cash as of June 30, 2022 and 2021 to the condensed consolidated statements of cash flows (in thousands): June 30, 2022 2021 Cash and cash equivalents $ 75,136 $ 50,873 Restricted cash 2,155 2,470 Total cash, cash equivalents and restricted cash as shown in the condensed $ 77,291 $ 53,343 |
Marketable Securities | Marketable Securities Marketable securities generally consist of U.S. Treasury securities, debt securities of U.S. Government agencies and corporate entities and commercial paper. The objectives for holding investments are to invest the Company’s excess cash resources in investment vehicles that provide a better rate of return compared to an interest-bearing bank account with limited risk to the principal invested. Marketable securities with original maturities of greater than 90 days and remaining maturities of less than one year from the balance sheet date are classified as short-term marketable securities. Marketable securities with remaining maturities of greater than one year from the balance sheet date are classified as long-term marketable securities. All investments are classified as held-to-maturity marketable securities as the Company does not have intent to sell these securities and it is more likely than not the Company will not be required to sell such investments before recovery of their amortized cost basis. Held-to-maturity securities are stated at their amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income in the condensed consolidated statements of operations and comprehensive loss. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with the equity holders. There was no difference between net loss and comprehensive loss presented in the accompanying condensed consolidated financial statements for the three and six months ended June 30, 2022 and 2021 . |
Recently Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments, which has been subsequently amended by ASU No. 2018-19, ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, ASU No. 2019-11, ASU No. 2020-02 and ASU No. 2022-02 (“ASU 2016-13”). The provisions of ASU 2016-13 modify the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology and require a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Although earlier adoption is permitted, the Company plans to adopt ASU 2016-13 on January 1, 2023. The Company is currently evaluating the potential impact that this standard may have on its condensed consolidated financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Reconciles Cash, Cash equivalents and Restricted Cash | The following table reconciles cash, cash equivalents and restricted cash as of June 30, 2022 and 2021 to the condensed consolidated statements of cash flows (in thousands): June 30, 2022 2021 Cash and cash equivalents $ 75,136 $ 50,873 Restricted cash 2,155 2,470 Total cash, cash equivalents and restricted cash as shown in the condensed $ 77,291 $ 53,343 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The following tables present information about the Company’s assets that are measured or disclosed at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Fair Value Measurements at the Reporting Date Using June 30, Quoted Prices Significant Significant Assets—Cash equivalents Repurchase agreement $ 25,000 $ — $ 25,000 $ — Commercial paper 16,952 — 16,952 — Money market funds 29,906 29,906 — — Assets—Short-term marketable securities U.S. Government agency securities 9,881 — 9,881 — U.S. Treasury securities 72,228 72,228 — — Commercial paper 208,014 — 208,014 — Corporate debt securities 28,843 — 28,843 — Total $ 390,824 $ 102,134 $ 288,690 $ — Fair Value Measurements at the Reporting Date Using December 31, Quoted Prices Significant Significant Assets—Cash equivalents Repurchase agreement $ 25,000 $ — $ 25,000 $ — Money market funds 49,957 49,957 — — Assets—Short-term marketable securities U.S. Government agency securities 40,022 — 40,022 — U.S. Treasury securities 27,972 27,972 — — Commercial paper 268,472 — 268,472 — Corporate debt securities 50,271 — 50,271 — Assets—Long-term marketable securities U.S. Government agency securities 1,991 — 1,991 — U.S. Treasury securities 23,958 23,958 — — Total $ 487,643 $ 101,887 $ 385,756 $ — |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Held-to-maturity Securities | The Company’s investments by type consisted of the following (in thousands): June 30, 2022 Amortized Gross Gross Estimated Assets U.S. Government agency securities $ 9,999 $ — $ ( 118 ) $ 9,881 U.S. Treasury securities 72,977 — ( 749 ) 72,228 Commercial paper 208,756 30 ( 772 ) 208,014 Corporate debt securities 29,035 — ( 192 ) 28,843 Total $ 320,767 $ 30 $ ( 1,831 ) $ 318,966 December 31, 2021 Amortized Gross Gross Estimated Assets U.S. Government agency securities $ 42,032 $ — $ ( 19 ) $ 42,013 U.S. Treasury securities 52,048 — ( 118 ) 51,930 Commercial paper 268,471 38 ( 37 ) 268,472 Corporate debt securities 50,301 — ( 30 ) 50,271 Total $ 412,852 $ 38 $ ( 204 ) $ 412,686 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, 2022 2021 Manufacturing and clinical prepaid expenses $ 10,688 $ 5,559 Other prepaid expenses 4,483 3,549 Other non-trade receivables 3,318 1,079 Total $ 18,489 $ 10,187 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2022 2021 Computer and office equipment $ 1,787 $ 1,593 Software 388 388 Lab equipment 1,854 1,906 Furniture and fixtures 1,368 1,248 Leasehold improvements 13,995 13,386 Construction in process 148 175 Total 19,540 18,696 Less: Accumulated depreciation ( 5,905 ) ( 4,769 ) Total $ 13,635 $ 13,927 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, 2022 2021 Manufacturing and clinical accruals $ 12,513 $ 11,001 Employee compensation 6,991 8,508 Other research and development related accruals 2,853 3,804 Professional and consulting services 1,071 971 Other current liabilities 1,618 1,464 Total $ 25,046 $ 25,748 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Reserved Common Stock for Warrants to Purchase Common Stock and Future Issuance | As of June 30, 2022, the Company had reserved for future issuance the following number of shares of common stock: Number of Shares For exercise of stock options under the 2019 Stock Incentive Plan 3,546,461 For exercise of stock options under the 2020 Stock Option and Incentive Plan 3,041,526 For restricted stock units granted under the 2020 Stock Option and Incentive Plan 1,680,687 For future issuance under the 2020 Stock Option and Incentive Plan 2,527,779 For future issuance under the 2020 Employee Stock Purchase Plan 1,314,014 Total 12,110,467 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation Expense | Equity-based compensation expense was as follows (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 Research and development $ 2,702 $ 2,554 $ 5,413 $ 4,009 General and administrative 3,087 3,869 6,630 6,262 Total $ 5,789 $ 6,423 $ 12,043 $ 10,271 Restricted common stock $ 13 $ 76 $ 38 $ 176 Restricted stock units 2,108 2,598 4,657 3,648 Stock options 3,668 3,749 7,348 6,447 Total $ 5,789 $ 6,423 $ 12,043 $ 10,271 |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity under the 2019 and 2020 Plans: Number Weighted Weighted Aggregate (in years) (in thousands) Outstanding as of December 31, 2021 5,942,569 $ 14.12 8.1 $ 33,891 Granted 1,030,190 9.57 Exercised ( 158,804 ) 5.22 Forfeited ( 225,968 ) 19.28 Outstanding as of June 30, 2022 6,587,987 $ 13.44 8.1 $ 5,833 Exercisable as of June 30, 2022 3,156,390 $ 11.64 7.7 $ 3,767 Vested and expected to vest as of June 30, 2022 6,587,987 $ 13.44 8.1 $ 5,833 The following table summarizes the Company’s restricted stock unit activity under the 2020 Plan: Number of Shares Weighted Unvested as of December 31, 2021 817,704 $ 33.31 Granted 1,221,897 $ 9.47 Vested ( 269,819 ) $ 36.42 Forfeited ( 89,095 ) $ 21.32 Unvested as of June 30, 2022 1,680,687 $ 16.11 The following table summarizes the Company’s restricted common stock activity under the 2012 Plan: Number of Shares Weighted Issued and unvested as of December 31, 2021 13,118 $ 4.11 Vested ( 7,681 ) $ 5.25 Forfeited ( 1,182 ) $ 1.95 Issued and unvested as of June 30, 2022 4,255 $ 2.68 |
Schedule of Assumptions to Estimate Fair Value of Stock Options, Presented on a Weighted Average Basis | The following assumptions were used in determining the fair value of stock options presented on a weighted average basis: Three Months Ended Six Months Ended 2022 2021 2022 2021 Risk-free interest rate 2.96 % 1.03 % 1.97 % 0.96 % Expected term (in years) 5.9 5.9 6.0 6.0 Expected volatility 80.4 % 77.4 % 79.9 % 77.9 % Expected dividend yield 0.0 % 0.0 % 0.0 % 0.0 % |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Income (Loss) per Share | The following table sets forth the outstanding shares of common stock equivalents, presented based on amounts outstanding at each period end, which were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended Six Months Ended 2022 2021 2022 2021 Stock options 6,587,987 6,085,992 6,587,987 6,085,992 Restricted common stock 4,255 29,314 4,255 29,314 Restricted stock units 1,680,687 755,220 1,680,687 755,220 |
Organization and Nature of Bu_2
Organization and Nature of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 26, 2021 | Dec. 15, 2020 | Jun. 23, 2020 | Jun. 30, 2022 |
Class Of Stock [Line Items] | ||||
Public offering price per share | $ 45.25 | |||
Proceeds from public offering after deducting underwriting discounts and commissions and offering expenses | $ 258.6 | |||
Aggregate Amount of Issuance and Offering Cost | $ 200 | |||
Common stock currently registered under the 2021 shelf | $ 150 | |||
Cash, cash equivalents and marketable securities | $ 395.9 | |||
Sales Agent cash commissions | 3% | |||
Enterprise Junior Stock [Member] | ||||
Class Of Stock [Line Items] | ||||
Temporary equity shares issued | 103,007 | |||
Common Stock | ||||
Class Of Stock [Line Items] | ||||
Issuance of common stock at follow-on public offering | 6,095,000 | |||
Proceeds from initial public offering of common stock, net of issuance costs | $ 293.3 | |||
Common stock outstanding after conversion | 20,349,223 | |||
Common Stock | Enterprise Junior Stock [Member] | ||||
Class Of Stock [Line Items] | ||||
Temporary equity shares issued | 2,124,845 | |||
Warrant | ||||
Class Of Stock [Line Items] | ||||
Number of warrants issued to purchase common stock | shares | 70,133 | |||
Warrants exercise price, per share | $ / shares | $ 5.13 | |||
IPO [Member] | Common Stock | ||||
Class Of Stock [Line Items] | ||||
Issuance of common stock from initial public offering, net of issuance costs, Shares | 15,964,704 | |||
Shares issued and sold, public offering price | $ / shares | $ 20 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Short-term, highly liquid investments with original maturities | 90 days or less | |
Operating lease right-of-use asset | $ 22,251 | $ 22,074 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Reconciles Cash, Cash equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 75,136 | $ 77,421 | $ 50,873 | |
Restricted cash | 2,155 | 2,470 | ||
Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statements of cash flows | $ 77,291 | $ 79,538 | $ 53,343 | $ 285,159 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets, Fair Value Disclosure | |||
Assets | $ 390,824 | ||
Quoted Prices in Active Markets Using Identical Assets (Level 1) | |||
Assets, Fair Value Disclosure | |||
Assets | 102,134 | $ 101,887 | |
Significant Other Observable Inputs (Level 2) | |||
Assets, Fair Value Disclosure | |||
Assets | 288,690 | ||
Repurchase agreements | |||
Assets, Fair Value Disclosure | |||
Assets | 25,000 | 25,000 | |
Repurchase agreements | Significant Other Observable Inputs (Level 2) | |||
Assets, Fair Value Disclosure | |||
Assets | 25,000 | 25,000 | |
Money market funds | |||
Assets, Fair Value Disclosure | |||
Assets | 29,906 | ||
Money market funds | Quoted Prices in Active Markets Using Identical Assets (Level 1) | |||
Assets, Fair Value Disclosure | |||
Assets | 29,906 | 49,957 | |
US Government Corporations and Agencies Securities | Short Term Marketable Securities | |||
Assets, Fair Value Disclosure | |||
Assets | 9,881 | 40,022 | |
US Government Corporations and Agencies Securities | Long Term Marketable Securities | |||
Assets, Fair Value Disclosure | |||
Assets | 1,991 | ||
US Government Corporations and Agencies Securities | Significant Other Observable Inputs (Level 2) | Short Term Marketable Securities | |||
Assets, Fair Value Disclosure | |||
Assets | 9,881 | 40,022 | |
US Government Corporations and Agencies Securities | Significant Other Observable Inputs (Level 2) | Long Term Marketable Securities | |||
Assets, Fair Value Disclosure | |||
Assets | 1,991 | ||
US Treasury Securities | Short Term Marketable Securities | |||
Assets, Fair Value Disclosure | |||
Assets | 72,228 | 27,972 | |
US Treasury Securities | Long Term Marketable Securities | |||
Assets, Fair Value Disclosure | |||
Assets | 23,958 | ||
US Treasury Securities | Quoted Prices in Active Markets Using Identical Assets (Level 1) | Short Term Marketable Securities | |||
Assets, Fair Value Disclosure | |||
Assets | 72,228 | 27,972 | |
US Treasury Securities | Quoted Prices in Active Markets Using Identical Assets (Level 1) | Long Term Marketable Securities | |||
Assets, Fair Value Disclosure | |||
Assets | 0 | 23,958 | |
Commercial Paper | |||
Assets, Fair Value Disclosure | |||
Assets | 16,952 | 49,957 | |
Commercial Paper | Short Term Marketable Securities | |||
Assets, Fair Value Disclosure | |||
Assets | 208,014 | 268,472 | |
Commercial Paper | Significant Other Observable Inputs (Level 2) | |||
Assets, Fair Value Disclosure | |||
Assets | 16,952 | ||
Commercial Paper | Significant Other Observable Inputs (Level 2) | Short Term Marketable Securities | |||
Assets, Fair Value Disclosure | |||
Assets | 208,014 | 268,472 | $ 50,271 |
Corporate Debt Securities | Short Term Marketable Securities | |||
Assets, Fair Value Disclosure | |||
Assets | 28,843 | 50,271 | |
Corporate Debt Securities | Long Term Marketable Securities | |||
Assets, Fair Value Disclosure | |||
Assets | 487,643 | ||
Corporate Debt Securities | Significant Other Observable Inputs (Level 2) | Short Term Marketable Securities | |||
Assets, Fair Value Disclosure | |||
Assets | $ 28,843 | ||
Corporate Debt Securities | Significant Other Observable Inputs (Level 2) | Long Term Marketable Securities | |||
Assets, Fair Value Disclosure | |||
Assets | $ 385,756 |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | Jun. 23, 2020 | |
Warrant | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Number of warrants issued to purchase common stock | shares | 70,133 | ||
Warrants exercise price, per share | $ / shares | $ 5.13 | ||
Significant Unobservable Inputs (Level 3) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Transfers into out of Level 3 | $ 0 | $ 0 |
Marketable Securities - Held-to
Marketable Securities - Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Amortized Cost | $ 320,767 | $ 412,852 |
Gross Unrealized Gains | 30 | 38 |
Gross Unrealized Losses | (1,831) | (204) |
Estimated Fair Value | 318,966 | 412,686 |
US Treasury Securities | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Amortized Cost | 72,977 | 52,048 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (749) | (118) |
Estimated Fair Value | 72,228 | 51,930 |
Commercial Paper | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Amortized Cost | 208,756 | 268,471 |
Gross Unrealized Gains | 30 | 38 |
Gross Unrealized Losses | (772) | (37) |
Estimated Fair Value | 208,014 | 268,472 |
U.S. Government agency securities | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Amortized Cost | 9,999 | 42,032 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (118) | (19) |
Estimated Fair Value | 9,881 | 42,013 |
Corporate Debt Securities | ||
Schedule Of Investment Income Reported Amounts By Category [Line Items] | ||
Amortized Cost | 29,035 | 50,301 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (192) | (30) |
Estimated Fair Value | $ 28,843 | $ 50,271 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Unrealized loss position with an aggregate fair value | $ 293.4 | $ 219.3 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Manufacturing and clinical prepaid expenses | $ 10,688 | $ 5,559 |
Other prepaid expenses | 4,483 | 3,549 |
Other non-trade receivables | 3,318 | 1,079 |
Prepaid and other current assets | $ 18,489 | $ 10,187 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 19,540 | $ 18,696 |
Less: Accumulated depreciation | (5,905) | (4,769) |
Property and equipment, net | 13,635 | 13,927 |
Computer and office equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,787 | 1,593 |
Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 388 | 388 |
Lab equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,854 | 1,906 |
Furniture and fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,368 | 1,248 |
Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 13,995 | 13,386 |
Construction in process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 148 | $ 175 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization | $ 700 | $ 200 | $ 1,353 | $ 360 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Lessee Lease Description [Line Items] | ||
Operating lease right-of-use asset | $ 22,251 | $ 22,074 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Manufacturing and clinical accruals | $ 12,513 | $ 11,001 |
Employee compensation | 6,991 | 8,508 |
Other research and development related accruals | 2,853 | 3,804 |
Professional and consulting services | 1,071 | 971 |
Other current liabilities | 1,618 | 1,464 |
Accrued Expenses And Other Liabilities Current Net | $ 25,046 | $ 25,748 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Cost for guarantees and indemnities | $ 0 | $ 0 |
Redeemable Convertible and Conv
Redeemable Convertible and Convertible Preferred Stock - Additional Information (Details) - shares | Jun. 30, 2022 | Dec. 31, 2021 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Stockholder's Equity - Schedule
Stockholder's Equity - Schedule of Reserved Common Stock for Warrants to Purchase Common Stock and Future Issuance (Details) | Jun. 30, 2022 shares |
Schedule Of Capitalization [Line Items] | |
Common Stock, Capital Stock Reserved for Future Issuance | 12,110,467 |
2019 Stock Incentive Plan Exercised [Member] | |
Schedule Of Capitalization [Line Items] | |
Common Stock, Capital Stock Reserved for Future Issuance | 3,546,461 |
2020 Stock Option and Incentive Plan Exercised [Member] | |
Schedule Of Capitalization [Line Items] | |
Common Stock, Capital Stock Reserved for Future Issuance | 3,041,526 |
2020 Stock Option and Incentive Plan Restricted [Member] | |
Schedule Of Capitalization [Line Items] | |
Common Stock, Capital Stock Reserved for Future Issuance | 1,680,687 |
2020 Stock Option and Incentive Plan Future Issuance [Member] | |
Schedule Of Capitalization [Line Items] | |
Common Stock, Capital Stock Reserved for Future Issuance | 2,527,779 |
2020 Employee Stock Option Purchase Plan Future Issuance [Member] | |
Schedule Of Capitalization [Line Items] | |
Common Stock, Capital Stock Reserved for Future Issuance | 1,314,014 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Jan. 01, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock shares outstanding | 47,834,542 | 47,834,542 | 47,398,238 | |||
Aggregate Intrinsic Value, Exercisable | $ 3,767 | $ 3,767 | ||||
Equity based compensation expense | 5,789 | $ 6,423 | $ 12,043 | $ 10,271 | ||
Weighted Average Remaining Contractual Term, Outstanding | 8 years 1 month 6 days | 8 years 1 month 6 days | ||||
Number of Shares, Granted | 1,030,190 | |||||
Restricted Stock Units [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Weighted-average grant date fair value | $ 9.47 | $ 36.11 | ||||
Equity based compensation expense | $ 23,800 | |||||
Weighted Average Remaining Contractual Term, Outstanding | 3 years 2 months 12 days | |||||
Number of Shares, Granted | 1,221,897 | |||||
Aggregate fair value of restricted common stock vested | $ 9,800 | |||||
Restricted Common Stock [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Equity based compensation expense | 100 | |||||
Aggregate fair value of restricted common stock vested | $ 100 | $ 200 | ||||
Stock Option [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Weighted-average grant date fair value | $ 6.63 | $ 23.99 | ||||
Aggregate Intrinsic Value, Exercisable | $ 900 | $ 2,700 | $ 900 | $ 2,700 | ||
Equity based compensation expense | $ 33,500 | |||||
Weighted Average Remaining Contractual Term, Outstanding | 2 years 4 months 24 days | |||||
2020 Stock Option And Incentive Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock shares outstanding | 1,896,454 | |||||
Annual increase common stock issuance | 2,527,779 | |||||
2020 Employee stock purchase plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock shares outstanding | 1,314,014 | 1,314,014 | ||||
Annual increase common stock issuance | 473,982 | |||||
Shares issued under ESPP | 0 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity based compensation expense | $ 5,789 | $ 6,423 | $ 12,043 | $ 10,271 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity based compensation expense | 2,702 | 2,554 | 5,413 | 4,009 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity based compensation expense | 3,087 | 3,869 | 6,630 | 6,262 |
Restricted Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity based compensation expense | 13 | 76 | 38 | 176 |
Restricted Stock Units [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity based compensation expense | 2,108 | 2,598 | 4,657 | 3,648 |
Stock Option [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Equity based compensation expense | $ 3,668 | $ 3,749 | $ 7,348 | $ 6,447 |
Equity-Based Compensation - S_2
Equity-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Share-based Payment Arrangement [Abstract] | ||
Number of Shares, Outstanding beginning balance | shares | 5,942,569 | |
Number of Shares, Granted | shares | 1,030,190 | |
Number of Shares, Exercised | shares | (158,804) | |
Number of Shares, Forfeited | shares | (225,968) | |
Number of Shares, Outstanding ending balance | shares | 6,587,987 | 5,942,569 |
Number of Shares, Exercisable | shares | 3,156,390 | |
Number of Shares, Vested and expected to vest | shares | 6,587,987 | |
Weighted Average Exercise Price Per share, Outstanding beginning balance | $ / shares | $ 14.12 | |
Weighted Average Exercise Price Per share, Granted | $ / shares | 9.57 | |
Weighted Average Exercise Price Per share, Exercised | $ / shares | 5.22 | |
Weighted Average Exercise Price Per share, Forfeited | $ / shares | 19.28 | |
Weighted Average Exercise Price Per share, Outstanding ending balance | $ / shares | 13.44 | $ 14.12 |
Weighted Average Exercise Price Per share, Exercisable | $ / shares | 11.64 | |
Weighted Average Exercise Price Per share, Vested and expected to vest | $ / shares | $ 13.44 | |
Weighted Average Remaining Contractual Term, Outstanding | 8 years 1 month 6 days | 8 years 1 month 6 days |
Weighted Average Remaining Contractual Term, Exercisable | 7 years 8 months 12 days | |
Weighted Average Remaining Contractual Term, Vested and expected to vest | 8 years 1 month 6 days | |
Aggregate Intrinsic Value, Outstanding | $ | $ 5,833 | $ 33,891 |
Aggregate Intrinsic Value, Exercisable | $ | 3,767 | |
Aggregate Intrinsic Value, Vested and expected to vest | $ | $ 5,833 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Assumptions to Estimate Fair Value of Stock Options, Presented on a Weighted Average Basis (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | ||||
Risk-free interest rate | 2.96% | 1.03% | 1.97% | 0.96% |
Expected term (in years) | 5 years 10 months 24 days | 5 years 10 months 24 days | 6 years | 6 years |
Expected volatility | 80.40% | 77.40% | 79.90% | 77.90% |
Expected dividend yield | 0% | 0% | 0% | 0% |
Equity-Based Compensation - S_3
Equity-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Granted | 1,030,190 | |
Restricted Stock Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 817,704 | |
Number of Shares, Granted | 1,221,897 | |
Number of Shares, Vested | (269,819) | |
Number of Shares, Forfeited | (89,095) | |
Number of Shares, Ending balance | 1,680,687 | |
Weighted Average Grant Date Fair Value, Beginning period | $ 33.31 | |
Weighted-average grant date fair value | 9.47 | $ 36.11 |
Weighted average fair value of options vested (in dollars per share) | 36.42 | |
Weighted average fair value of options forfeited (in dollars per share) | 21.32 | |
Weighted Average Grant Date Fair Value, Ending period | $ 16.11 |
Equity-Based Compensation - S_4
Equity-Based Compensation - Summary of Restricted Common Stock Activity (Details) - Restricted Common Stock [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Beginning balance | shares | 13,118 |
Number of Shares, Vested | shares | (7,681) |
Number of Shares, Forfeited | shares | (1,182) |
Number of Shares, Ending balance | shares | 4,255 |
Weighted Average Grant Date Fair Value, Beginning period | $ / shares | $ 4.11 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 5.25 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 1.95 |
Weighted Average Grant Date Fair Value, Ending period | $ / shares | $ 2.68 |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Income (Loss) per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock Option [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Stock options | 6,587,987 | 6,085,992 | 6,587,987 | 6,085,992 |
Restricted Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Stock options | 4,255 | 29,314 | 4,255 | 29,314 |
Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Stock options | 1,680,687 | 755,220 | 1,680,687 | 755,220 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Line Items] | ||||
Income tax expense (benefit) | $ (13) | $ 108 | $ (10) | $ 116 |
Hit Discovery Divestiture - Add
Hit Discovery Divestiture - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Research and development | $ 39,059 | $ 31,587 | $ 70,332 | $ 57,930 |
Equity Investment (Additional I
Equity Investment (Additional Information) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Subsidiary, Sale of Stock [Line Items] | ||
Other assets | $ 12,837 | $ 12,612 |
Valo Health [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Other assets | $ 10,000 | $ 10,000 |
Subsequent Event (Additional In
Subsequent Event (Additional Information) (Details) - Subsequent Event [Member] $ in Millions | Jul. 27, 2022 USD ($) |
Subsequent Event [Line Items] | |
Upfront payment | $ 2 |
First Commercial Sale [Member] | |
Subsequent Event [Line Items] | |
Payment Received From Milestones | 17.5 |
Development and Commercial [Member] | |
Subsequent Event [Line Items] | |
Payment Received From Milestones | $ 215.5 |