Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 23, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Revolution Medicines, Inc. | ||
Entity Central Index Key | 0001628171 | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 74,188,971 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Title of 12(b) Security | Common Stock $0.0001 Par Value per Share | ||
Trading Symbol | RVMD | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 001-39219 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-2029180 | ||
Entity Address, Address Line One | 700 Saginaw Drive | ||
Entity Address, City or Town | Redwood City | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94063 | ||
City Area Code | 650 | ||
Local Phone Number | 481-6801 | ||
ICFR Auditor Attestation Flag | true | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Public Float | $ 1,956 | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive Proxy Statement relating to the registrant’s 2021 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. The proxy statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended December 31, 2021 . | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | San Jose, California | ||
Auditor Firm ID | 238 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 108,497 | $ 104,268 |
Marketable securities | 468,557 | 336,473 |
Account receivable | 5,929 | 6,393 |
Prepaid expenses and other current assets | 6,790 | 6,988 |
Total current assets | 589,773 | 454,122 |
Property and equipment, net | 11,544 | 8,902 |
Operating lease right-of-use asset | 59,692 | 27,435 |
Intangible assets, net | 59,876 | 60,945 |
Goodwill | 14,608 | 14,608 |
Restricted cash | 1,737 | 1,084 |
Other noncurrent assets | 758 | 305 |
Total assets | 737,988 | 567,401 |
Current liabilities: | ||
Accounts payable | 14,057 | 12,609 |
Accrued expenses and other current liabilities | 27,721 | 18,784 |
Operating lease liability | 6,214 | 3,672 |
Deferred revenue, current | 12,358 | 12,111 |
Total current liabilities | 60,350 | 47,176 |
Deferred revenue, noncurrent | 6,573 | 8,481 |
Deferred tax liability | 7,444 | 7,444 |
Operating lease liability | 60,419 | 28,992 |
Other noncurrent liabilities | 634 | 632 |
Total liabilities | 135,420 | 92,725 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 10,000,000 and zero shares authorized at December 31, 2021 and 2020, respectively; zero shares issued and outstanding at December 31, 2021 and 2020, respectively | ||
Common stock, $0.0001 par value; 300,000,000 shares authorized at December 31, 2021 and 2020; 74,142,619 and 66,599,748 shares issued and outstanding at December 31, 2021 and 2020, respectively | 8 | 7 |
Additional paid-in capital | 1,055,572 | 740,098 |
Accumulated other comprehensive income (loss) | (376) | 116 |
Accumulated deficit | (452,636) | (265,545) |
Total stockholders' equity | 602,568 | 474,676 |
Total liabilities, redeemable convertible preferred stock and stockholders' equity | $ 737,988 | $ 567,401 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par or stated value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares, issued | 74,142,619 | 66,599,748 |
Common stock, shares, outstanding | 74,142,619 | 66,599,748 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | |||
Total revenue | $ 29,390,000 | $ 42,983,000 | $ 50,041,000 |
Operating expenses: | |||
Research and development | 186,948,000 | 132,252,000 | 91,755,000 |
General and administrative | 30,450,000 | 21,428,000 | 12,406,000 |
Total operating expenses | 217,398,000 | 153,680,000 | 104,161,000 |
Loss from operations | (188,008,000) | (110,697,000) | (54,120,000) |
Other income (expense), net: | |||
Interest income | 929,000 | 2,238,000 | 2,189,000 |
Interest expense | (12,000) | (71,000) | (106,000) |
Total interest income (expense), net | 917,000 | 2,167,000 | 2,083,000 |
Loss before income taxes | (187,091,000) | (108,530,000) | (52,037,000) |
Benefit from income taxes | 0 | 371,000 | 4,373,000 |
Net loss | (187,091,000) | (108,159,000) | (47,664,000) |
Redeemable convertible preferred stock dividends - undeclared and cumulative | (2,219,000) | (14,238,000) | |
Net loss attributable to common stockholders | $ (187,091,000) | $ (110,378,000) | $ (61,902,000) |
Net loss per share attributable to common stockholders - basic and diluted | $ (2.57) | $ (2.01) | $ (22.33) |
Weighted-average common shares used to compute net loss per share, basic and diluted | 72,806,079 | 54,874,119 | 2,772,589 |
Collaboration Revenue | |||
Revenue: | |||
Total revenue | $ 29,390,000 | $ 42,983,000 | $ 50,041,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss | $ (187,091) | $ (108,159) | $ (47,664) |
Other comprehensive income/(loss): | |||
Unrealized gain (loss) on investments, net | (492) | 42 | 74 |
Total comprehensive loss | $ (187,583) | $ (108,117) | $ (47,590) |
CONSOLIDATED STATEMENTS OF REDE
CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Initial Public Offering | Follow-on Offering | At The Market Equity Offering | Common Stock | Common StockInitial Public Offering | Common StockFollow-on Offering | Common StockAt The Market Equity Offering | Additional Paid-In Capital | Additional Paid-In CapitalInitial Public Offering | Additional Paid-In CapitalFollow-on Offering | Additional Paid-In CapitalAt The Market Equity Offering | Accumulated Other Comprehensive Income | Accumulated Deficit | Redeemable Convertible Preferred Stock | Series C Preferred Stock |
Beginning balance at Dec. 31, 2018 | $ (108,422) | $ 1,300 | $ (109,722) | |||||||||||||
Redeemable convertible preferred stock, beginning balance, shares at Dec. 31, 2018 | 29,595,909 | |||||||||||||||
Redeemable convertible preferred stock, beginning balance at Dec. 31, 2018 | $ 205,081 | |||||||||||||||
Beginning balance, shares at Dec. 31, 2018 | 3,208,924 | |||||||||||||||
Issuance of redeemable convertible preferred stock, net of issuance costs, value | $ 100,028 | |||||||||||||||
Issuance of redeemable convertible preferred stock, net of issuance costs, shares | 10,004,514 | |||||||||||||||
Issuance of common stock pursuant to stock option exercises | 114 | 114 | ||||||||||||||
Issuance of common stock pursuant to stock option exercises, shares | 70,250 | |||||||||||||||
Issuance of common stock pursuant to early exercised stock options, shares | 100,860 | |||||||||||||||
Vesting of early exercised stock options | 163 | 163 | ||||||||||||||
Repurchases of early exercised stock, shares | (87,910) | |||||||||||||||
Stock-based compensation expense | 3,161 | 3,161 | ||||||||||||||
Net unrealized gains (loss) on marketable securities | 74 | $ 74 | ||||||||||||||
Net loss | (47,664) | (47,664) | ||||||||||||||
Ending balance at Dec. 31, 2019 | (152,574) | 4,738 | 74 | (157,386) | ||||||||||||
Redeemable convertible preferred stock, ending balance, shares at Dec. 31, 2019 | 39,600,423 | |||||||||||||||
Redeemable convertible preferred stock, ending balance at Dec. 31, 2019 | $ 305,109 | |||||||||||||||
Ending balance, shares at Dec. 31, 2019 | 3,292,124 | |||||||||||||||
Conversion of redeemable convertible preferred stock into common stock | 305,109 | $ 4 | 305,105 | $ (305,109) | ||||||||||||
Conversion of redeemable convertible preferred stock into common stock, shares | 39,600,423 | (39,600,423) | ||||||||||||||
Issuance of common stock from offering, net of offering costs | $ 250,697 | $ 167,767 | $ 2 | $ 1 | $ 250,695 | $ 167,766 | ||||||||||
Issuance of common stock from offering, net of offering costs, shares | 16,100,000 | 6,900,000 | ||||||||||||||
Issuance of common stock pursuant to stock option exercises | 1,877 | 1,877 | ||||||||||||||
Issuance of common stock pursuant to stock option exercises, shares | 694,441 | |||||||||||||||
Issuance of common stock related to employee stock purchase plan | 832 | 832 | ||||||||||||||
Issuance of common stock related to employee stock purchase plan, shares | 29,237 | |||||||||||||||
Issuance of common stock related to vesting of restricted stock units, shares | 1,681 | |||||||||||||||
Vesting of early exercised stock options | 199 | 199 | ||||||||||||||
Repurchases of early exercised stock, shares | (18,158) | |||||||||||||||
Stock-based compensation expense | 8,886 | 8,886 | ||||||||||||||
Net unrealized gains (loss) on marketable securities | 42 | 42 | ||||||||||||||
Net loss | (108,159) | (108,159) | ||||||||||||||
Ending balance at Dec. 31, 2020 | $ 474,676 | $ 7 | 740,098 | 116 | (265,545) | |||||||||||
Redeemable convertible preferred stock, ending balance, shares at Dec. 31, 2020 | 0 | |||||||||||||||
Ending balance, shares at Dec. 31, 2020 | 66,599,748 | |||||||||||||||
Issuance of common stock from offering, net of offering costs | $ 281,145 | $ 10,096 | $ 1 | $ 281,144 | $ 10,096 | |||||||||||
Issuance of common stock from offering, net of offering costs, shares | 6,666,666 | 339,302 | ||||||||||||||
Issuance of common stock pursuant to stock option exercises | $ 1,487 | 1,487 | ||||||||||||||
Issuance of common stock pursuant to stock option exercises, shares | 388,695 | |||||||||||||||
Issuance of common stock related to employee stock purchase plan | 1,875 | 1,875 | ||||||||||||||
Issuance of common stock related to employee stock purchase plan, shares | 75,991 | |||||||||||||||
Issuance of common stock related to vesting of restricted stock units, shares | 78,010 | |||||||||||||||
Vesting of early exercised stock options | 148 | 148 | ||||||||||||||
Repurchases of early exercised stock, shares | 5,793 | |||||||||||||||
Stock-based compensation expense | 20,724 | 20,724 | ||||||||||||||
Net unrealized gains (loss) on marketable securities | (492) | (492) | ||||||||||||||
Net loss | (187,091) | (187,091) | ||||||||||||||
Ending balance at Dec. 31, 2021 | $ 602,568 | $ 8 | $ 1,055,572 | $ (376) | $ (452,636) | |||||||||||
Redeemable convertible preferred stock, ending balance, shares at Dec. 31, 2021 | 0 | |||||||||||||||
Ending balance, shares at Dec. 31, 2021 | 74,142,619 |
CONSOLIDATED STATEMENTS OF RE_2
CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Initial Public Offering | |||
Stock issuance cost | $ 23,003 | ||
Follow-on Offering | |||
Stock issuance cost | $ 18,855 | $ 11,633 | |
Series C Preferred Stock | |||
Shares issued price per share | $ 10.03 | ||
Stock issuance cost | $ 254 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net loss | $ (187,091) | $ (108,159) | $ (47,664) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
Amortization of intangible assets | 1,069 | 1,068 | 1,069 |
Stock-based compensation expense | 20,724 | 8,886 | 3,161 |
Depreciation and amortization | 3,083 | 2,611 | 2,273 |
Loss on disposal of property and equipment | 119 | 226 | |
Loss on disposal of held for sale assets | 597 | ||
Net amortization (accretion) of premium (discount) on marketable securities | 3,012 | 968 | (450) |
Amortization of operating lease right-of-use asset | 3,180 | 2,866 | |
Changes in operating assets and liabilities: | |||
Account receivable | 464 | 2,344 | (1,434) |
Prepaid expenses and other current assets | 198 | (1,924) | (541) |
Accounts payable | 2,239 | 305 | 5,264 |
Accrued expenses and other current liabilities | 8,720 | 4,855 | 6,042 |
Deferred revenue | (1,661) | (11,259) | (13,392) |
Deferred rent | (513) | ||
Operating lease liability | (1,468) | (2,565) | |
Deferred tax liability | (375) | (4,373) | |
Other noncurrent assets | (81) | 139 | (65) |
Other noncurrent liabilities | 151 | 176 | 184 |
Net cash used in operating activities | (147,180) | (100,064) | (49,616) |
Cash flows from investing activities | |||
Purchases of marketable securities | (671,335) | (544,133) | (172,266) |
Sales of marketable securities | 8,992 | 3,005 | 11,200 |
Maturities of marketable securities | 526,754 | 309,828 | 55,490 |
Purchases of property and equipment | (6,528) | (2,933) | (2,589) |
Proceeds from sales of property and equipment | 196 | ||
Proceeds from sale of held for sale assets | 6,000 | ||
Net cash used in investing activities | (142,117) | (234,233) | (101,969) |
Cash flows from financing activities | |||
Proceeds from issuance of common stock | 281,145 | 420,067 | |
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 100,028 | ||
Proceeds from issuance of common stock under equity incentive plans | 1,487 | 1,877 | 277 |
Proceeds from issuance of common stock under employee stock purchase plan | 1,875 | 832 | |
Repurchases of early exercised stock options | (45) | ||
Payments of deferred offering costs | (424) | (1,602) | |
Net cash provided by financing activities | 294,179 | 422,776 | 98,658 |
Net (decrease) increase in cash, cash equivalents and restricted cash | 4,882 | 88,479 | (52,927) |
Cash, cash equivalents and restricted cash - beginning of year | 105,352 | 16,873 | 69,800 |
Cash, cash equivalents and restricted cash - end of year | 110,234 | 105,352 | 16,873 |
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets | |||
Cash and cash equivalents | 108,497 | 104,268 | 16,659 |
Restricted cash | 1,737 | 1,084 | 214 |
Cash, cash equivalents and restricted cash - end of year | 110,234 | 105,352 | 16,873 |
Supplemental disclosure of non-cash investing and financing activities | |||
Vesting of early exercised options and restricted stock | 149 | 199 | 163 |
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities | 1,129 | 1,813 | 380 |
Right-of-use assets obtained in exchange for operating lease liabilities | 35,437 | $ 21,188 | |
Unpaid deferred offering costs | 110 | $ 519 | |
At The Market Equity Offering | |||
Cash flows from financing activities | |||
Proceeds from issuance of common stock | $ 10,096 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Revolution Medicines, Inc. (the Company) is a clinical-stage precision oncology company focused on developing targeted therapies to inhibit frontier targets in RAS-addicted cancers. The Company was founded in October 2014 and is headquartered in Redwood City, California. Liquidity The Company has incurred net operating losses in each year since inception. As of December 31, 2021, the Company had an accumulated deficit of $ 452.6 million . Management believes that its existing cash, cash equivalents and marketable securities will enable the Company to fund its planned operations for at least 12 months following the issuance date of these consolidated financial statements. The Company has been able to fund its operations through the issuance and sale of common stock and redeemable convertible preferred stock in addition to upfront payments and research and development cost reimbursement received under the Company’s collaboration agreement with Genzyme Corporation, an affiliate of Sanofi. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development and payments the Company may receive under the Sanofi collaboration agreement or future collaboration agreements, if any. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending should additional capital not become available could have a material adverse effect on the Company’s ability to achieve its business objectives. Public offerings In February 2020, the Company closed its initial public offering (IPO), and issued 16,100,000 shares of its common stock (including the exercise in full by the underwriters of their option to purchase an additional 2,100,000 shares of common stock) at a price to the public of $ 17.00 per share for net proceeds of $ 250.7 million, after deducting underwriting discounts and commissions of $ 19.2 million and expenses of $ 3.8 million. In July 2020, the Company issued and sold 6,900,000 shares of its common stock in an underwritten public offering (including the exercise in full by the underwriters of their option to purchase an additional 900,000 shares of the Company’s common stock) at a price of $ 26.00 per share for net proceeds of $ 167.8 million, after deducting underwriting discounts and commissions of $ 10.8 million and expenses of $ 0.8 million. In February 2021, the Company issued and sold 6,666,666 shares of its common stock in an underwritten public offering at a price of $ 45.00 per share (including the exercise in full by the underwriters of their option to purchase an additional 869,565 shares of its common stock) for net proceeds of $ 281.3 million, after deducting underwriting discounts and commissions of $ 18.0 million and expenses of $ 0.9 million In November 2021, the Company entered into a sales agreement with Cowen and Company, LLC (Cowen) to sell shares of its common stock, from time to time, with aggregate gross proceeds of up to $ 250 million, through an at-the-market equity offering program (ATM). From November 2021 to December 31, 2021, the Company sold an aggregate of 339,302 shares of common stock under the ATM resulting in gross proceeds of $ 10.4 million. After deducting commissions and expenses of $ 0.3 million, net proceeds to the Company were $ 10.1 million . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of significant accounting policies Basis of presentation The consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (GAAP) and applicable rules of the Securities and Exchange Commission (SEC) regarding financial reporting and, in the opinion of management, include all normal and recurring adjustments which are necessary to state fairly the Company's financial position and results of operations for the reported periods. The consolidated financial statements for the years ended December 31, 2021, 2020 and 2019 include the accounts of the Company and its wholly owned subsidiary, Warp Drive Bio, Inc. (Warp Drive). All intercompany balances and transactions have been eliminated in consolidation. The functional and reporting currency of the Company and its subsidiary is the U.S. dollar. Reverse stock split On February 7, 2020, the Company amended and restated its amended and restated certificate of incorporation to effect a 1-for- 4.8661 reverse stock split of the Company’s common stock and redeemable convertible preferred stock. The par value and authorized shares of the common stock and redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, clinical accruals, valuation of in-process research and development and developed technologies, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill and intangibles, the incremental borrowing rate for determining operating lease assets and liabilities, and stock-based compensation. The extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, financial condition and results of operations is highly uncertain and subject to change. The Company considered the potential impact of the COVID-19 pandemic on its estimates and assumptions and there was not a material impact to the Company’s consolidated financial statements as of and for the twelve months ended December 31, 2021. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods. Cash and cash equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents. As of December 31, 2021 and 2020 , cash equivalents consist of amounts invested in money market funds and investments in U.S. government agency bonds, commercial paper and corporate bonds with original maturities of three months or less at the date of purchase. Marketable securities Investments in marketable securities primarily consist of U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds. The Company has classified its marketable securities as available-for-sale and may sell these securities prior to their stated maturities. The Company views these marketable securities as available to support current operations and classifies marketable securities with maturities beyond 12 months as current assets. The Company’s investments in marketable securities are carried at estimated fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities. Unrealized gains and losses are reported as a component of accumulated other comprehensive loss. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income on the consolidated statements of operations. Realized gains and losses are included in interest income on the consolidated statements of operations. The Company periodically evaluates its investments to assess whether those with unrealized loss positions are other than temporarily impaired. The Company considers various factors in determining whether to recognize an impairment charge. If the Company determines that the decline in an investment’s fair value is other-than-temporary, the difference is recognized as an impairment loss in the consolidated statements of operations. As of December 31, 2021 , no other-than-temporary-impairment has been recorded. Restricted cash As of December 31, 2021 and 2020 , the Company had $ 1.7 million and $ 1.1 million, respectively, of noncurrent restricted cash related to Company issued letters of credit in connection with leases. These amounts are held in separate bank accounts to support letter of credit agreements for the leases. Concentration of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s cash is held by two financial institution in the United States, which management believes to be of high credit quality. The Company invests in money market funds, U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company is subject to credit risk as its receivable and collaboration revenue are entirely related to its collaboration agreement with Sanofi. See Note 8, “Sanofi collaboration agreement.” The Company’s clinical trial sites may be affected by the COVID-19 outbreak due to prioritization of hospital resources toward the COVID-19 outbreak, travel or quarantine restrictions imposed by governments, and the inability to access sites for initiation and patient monitoring and enrollment. As a result, patient screening, new patient enrollment, monitoring and data collection may be affected or delayed. The Company is aware that several clinical sites involved in its clinical studies temporarily stopped or delayed enrolling new patients, with exemptions if appropriate, and it is possible that these or other clinical sites may be similarly affected in the future. These developments may delay the Company’s clinical trial timelines. Some of the Company’s third-party manufacturers which it uses for the supply of materials for product candidates or other materials necessary to manufacture product to conduct preclinical tests and clinical trials and contract research organizations may be impacted by COVID-19, and should they experience disruptions, such as temporary closures or suspension of services, the Company would likely experience delays in advancing clinical trials. Fair value measurement The carrying amounts of the Company’s certain financial instruments, including cash equivalents, accounts payable and accrued expenses and other current liabilities approximate fair value due to their relatively short maturities and market interest rates, if applicable. Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, which is generally three to five years . Leasehold improvements are amortized using the straight-line method over the shorter of the assets’ estimated useful lives or the remaining term of the lease. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is reflected in the consolidated statement of operations. Useful lives of property and equipment are as follows: Property and equipment Estimated useful life Laboratory equipment 4 - 5 years Leasehold improvements Lesser of estimated useful life or remaining lease term Computer equipment and software 3 years Furniture and fixtures 5 years Leases On January 1, 2020 , the Company adopted ASU 2016-02, Leases (Topic 842). For its operating leases with a term greater than twelve months, the Company recognizes a right-of-use asset and a lease liability on its consolidated balance sheets. The Company adopted the new standard using the modified retrospective approach, which resulted in the initial recognition of a lease liability of $ 11.5 million, and a right‑to‑use asset of $ 9.1 million, with no adjustment to the accumulated deficit balance. In connection with the lease adoption, the Company also derecognized deferred rent of $ 2.4 million. The Company determines if an arrangement is, or contains, a lease at inception and then classifies the lease as operating or financing based on the underlying terms and conditions of the contract. Leases with terms greater than one year are initially recognized on the balance sheet as right-of-use assets and lease liabilities based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the incremental borrowing rate, which is the rate incurred to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term and in a similar economic environment of the applicable country or region. Variable lease payments are excluded from the right-of-use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Leases with a term of 12 months or less are not recognized on the consolidated balance sheets. Impairment of long-lived assets Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amounts of the asset group to the future undiscounted cash flows attributable to these assets. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets. There were no impairments of long-lived assets for any of the periods presented. Acquired intangible assets Indefinite-lived intangible assets represent the estimated fair value assigned to in-process research and development (IPR&D) acquired in a business combination. The Company reviews indefinite-lived intangible assets for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of the assets might not be recoverable. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, then it is written down to its adjusted fair value. As of December 31, 2021 , there have been no such impairments. For IPR&D, if a product candidate derived from the indefinite-lived intangible asset is developed and commercialized, the useful life will be determined, and the carrying value will be amortized prospectively over that estimated useful life. Alternatively, if a product candidate is abandoned, the carrying value of the intangible asset will be charged to research and development expenses in the consolidated statements of operations. Finite-lived intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date and are carried at cost less accumulated amortization and impairment. Amortization is computed using the straight-line method over the estimated useful lives of the respective finite-lived intangible assets and is included in research and development expenses in the consolidated statement of operations. Intangible assets are reviewed for impairment at least annually or more frequently if indicators of potential impairment exist. As of December 31, 2021 , no such impairment has been recorded. Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired in a business combination. The Company reviews goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. Goodwill is tested for impairment at the reporting unit level by first assessing the qualitative factors to determine whether it is more likely than not that the fair value of the Company’s single reporting unit is less than its carrying amount. Qualitative indicators assessed include consideration of macroeconomic, industry and market conditions, the Company’s overall financial performance and personnel or strategy changes. Based on the qualitative assessment, if it is determined that it is more likely than not that its fair value is less than its carrying amount, the fair value of the Company’s single reporting unit is compared to its carrying value. Any excess of the goodwill carrying amount over the fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value. As of December 31, 2021 , no goodwill impairment has been identified. Redeemable convertible preferred stock The Company records all shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The redeemable convertible preferred stock is recorded outside of permanent equity because while it is not mandatorily redeemable, in the event of certain events considered not solely within the Company’s control, such as a merger, acquisition or sale of all or substantially all of the Company’s assets (each, a “deemed liquidation event”), the redeemable convertible preferred stock would have become redeemable at the option of the holders of at least a majority of the then outstanding such shares. The Company did not adjust the carrying values of the redeemable convertible preferred stock to the liquidation preferences of such shares because it was uncertain whether or when a deemed liquidation event would occur that would obligate the Company to pay the liquidation preferences to holders of shares of redeemable convertible preferred stock. Revenue recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into collaboration agreements under which it may obtain upfront license fees, research and development funding, and development, regulatory and commercial milestone payments and royalty payments. The Company’s performance obligations under these arrangements may include licenses of intellectual property, sales and distribution rights, research and development services, delivery of manufactured product and/or participation on joint steering committees. Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from upfront license fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring proportional performance for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of proportional performance each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Research, development and regulatory milestone payments: At the inception of each arrangement that includes research, development, or regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. The Company uses the most likely amount method for research, development and regulatory milestone payments. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Sales-based milestones and royalties: For arrangements that include sales-based milestone or royalty payments based on the level of sales, and in which the license is deemed to be the predominant item to which the sales-based milestone or royalties relate to, the Company recognizes revenue in the period in which the sales-based milestone is achieved and in the period in which the sales associated with the royalty occur. To date, the Company has not recognized any sales-based milestone or royalty revenue resulting from its collaboration arrangements. Deferred revenue represents amounts received by the Company for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount to be recognized within one year from the balance sheet date based on the estimated performance period of the underlying performance obligation. The noncurrent portion of deferred revenue represents amounts to be recognized after one year through the end of the performance period of the performance obligation. Research and development expenditures Research and development expenses consist of costs incurred for the Company’s own and for collaborative research and development activities. Research and development costs are expensed as incurred. Research and development costs consist of salaries and benefits, including associated stock-based compensation, and laboratory supplies and facility costs, as well as fees paid to other entities that conduct certain research and development activities on the Company’s behalf. The Company estimates preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions, contract research organizations and clinical manufacturing organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf based on actual time and expenses incurred by them. Further, the Company accrues expenses related to clinical trials based on the level of patient activity according to the related agreement. The Company monitors patient enrollment levels and related activity to the extent reasonably possible and adjusts estimates accordingly. Stock-based compensation The Company measures its stock-based awards granted to employees and directors based on the estimated fair values of the awards and recognizes the compensation on a straight-line basis over the requisite service period. The fair value of options issued under the employee stock purchase plan is calculated using the Black-Scholes option-pricing model. Restricted stock units are valued based on the closing price of the Company’s common stock on the date of grant. Comprehensive loss For the years ended December 31, 2021, 2020, and 2019 other comprehensive loss includes net unrealized gains on marketable securities. Income taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s historical operating performance and the recorded cumulative net losses in prior fiscal periods, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of interest expense. Net loss per share attributable to common stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, redeemable convertible preferred stock, stock options, common stock subject to repurchase related to unvested restricted stock awards and early exercise of stock options are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock is considered a participating security because it participates in dividends with common stock. The Company also considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of all series of redeemable convertible preferred stock and the holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods. Deferred offering costs The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ deficit (equity) as a reduction of additional paid-in capital generated as a result of the equity financing. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations. As of December 31, 2021 and 2020 , $ 0.5 million and zero of deferred offering costs, respectively, were capitalized in other noncurrent assets on the consolidated balance sheets. Segment reporting The Company has one operating and reportable segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources and evaluating financial performance. All of the Company’s long-lived assets are located in the United States. 401(k) retirement plans The Company maintains a 401(k) retirement plan for its employees. The Company is responsible for administrative costs of the 401(k) plan. The Company may, at its discretion, make matching or profit-sharing contributions to the 401(k) plan. For the years ended December 31, 2021, 2020 and 2019 , the Company made $ 0.9 million, $ 0.2 million and $ 0.2 million matching contributions, respectively, under the plan. Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the FASB, under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently adopted 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 (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses (ASU 2018-19) which narrowed the scope and changed the effective date for non-public entities for ASU 2016-13. The FASB subsequently issued supplemental guidance within ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief (ASU 2019-05). ASU 2019-05 provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2016-13 is applicable to the Company for the fiscal year beginning after December 15, 2022. Early adoption is permitted. The Company adopted the standard for the fiscal year beginning on January 1, 2021 and concluded that adoption of the standard did no t have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use-software. This ASU is effective for the Company for the fiscal year beginning after December 15, 2020, and interim periods within fiscal years beginning after December 31, 2021. The Company adopted the standard on December 31, 2021 and concluded that adoption of the standard did not have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance. This ASU is effective for the Company for the fiscal year beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2020. The Company adopted the standard on January 1, 2021 and concluded that adoption of the standard did not have a material impact on its consolidated financial statements. Recent accounting pronouncements not yet adopted In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs (ASU 2020-08). ASU 2020-08 clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for the Company in the first quarter of 2022. Early application is not permitted. All entities should apply ASU 2020-08 on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company is currently evaluating the impact of ASU 2020-08 on its consolidated financial statements. In October 2020, FASB issued ASU 2020-10, Codification Improvements (ASU 2020-10). ASU 2020-10 updates various codification topics by clarifying or improving disclosure requirements to align with the SEC's regulations. The amendments are effective for the Company in the first quarter of 2022. Early adoption is permitted. Adoption shall be applied retrospectively. The Company is currently evaluating the impact of ASU 2020-10 on its consolidated financial statements and related disclosures. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair value measurements The following table presents information about the Company’s financial assets that are measured at fair value and indicates the fair value hierarchy of the valuation: December 31, 2021 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 57,134 $ 57,134 $ — $ — Commercial paper (1, 2) 291,369 — 291,369 — U.S. government and agency securities (1, 2) 87,745 — 87,745 — Corporate bonds (2) 141,698 — 141,698 — Total $ 577,946 $ 57,134 $ 520,812 $ — December 31, 2020 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 16,696 $ 16,696 $ — $ — Commercial paper (1, 2) 151,663 — 151,663 — U.S. government and agency securities (1, 2) 270,520 — 270,520 — Corporate bonds (1, 2) 3,200 — 3,200 — Total $ 442,079 $ 16,696 $ 425,383 $ — (1) Included in cash and cash equivalents on the consolidated balance sheets. (2) Included in marketable securities on the consolidated balance sheets. Money market funds are measured at fair value on a recurring basis using quoted prices. U.S. government debt securities, government agency bonds, commercial paper and corporate bonds are measured at fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities. There were no transfers between Levels 1, 2 or 3 for any of the periods presented. |
Available-for-sale Securities
Available-for-sale Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Available-for-sale securities | 4. Available-for-sale securities The following tables summarize the estimated value of the Company’s available-for-sale marketable securities and cash equivalents and the gross unrealized gains and losses: December 31, 2021 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 239,176 $ 1 $ ( 63 ) $ 239,114 U.S. government and agency securities 87,926 — ( 181 ) 87,745 Corporate bonds 141,829 — ( 131 ) 141,698 Total marketable securities 468,931 1 ( 375 ) 468,557 Cash equivalents: Money market funds 57,134 — — 57,134 Commercial paper 52,257 — ( 2 ) 52,255 U.S. government and agency securities — — — — Corporate bonds — — — — Total cash equivalents 109,391 — ( 2 ) 109,389 Total available-for-sale investments $ 578,322 $ 1 $ ( 377 ) $ 577,946 December 31, 2020 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 69,871 $ — $ ( 5 ) $ 69,866 U.S. government and agency securities 266,481 131 ( 5 ) 266,607 Total marketable securities 336,352 131 ( 10 ) 336,473 Cash equivalents: Money market funds 16,696 — — 16,696 Commercial paper 81,800 — ( 3 ) 81,797 U.S. government and agency securities 3,913 — — 3,913 Corporate bonds 3,202 — ( 2 ) 3,200 Total cash equivalents 105,611 — ( 5 ) 105,606 Total available-for-sale investments $ 441,963 $ 131 $ ( 15 ) $ 442,079 The amortized cost and estimated fair value of the Company’s available-for-sale marketable securities and cash equivalents by contractual maturity are summarized below as of December 31, 2021: December 31, 2021 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Mature in one year or less $ 533,859 $ 1 $ ( 224 ) $ 533,636 Mature after one year through two years 44,463 — ( 153 ) 44,310 Total marketable securities $ 578,322 $ 1 $ ( 377 ) $ 577,946 |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 5. Balance sheet components Property and equipment, net Property and equipment, net consists of the following: December 31, 2021 2020 (in thousands) Laboratory equipment $ 12,727 $ 9,978 Leasehold improvements 7,245 3,387 Computer equipment and software 2,186 1,578 Furniture and fixtures 69 48 Construction in progress 129 1,981 22,356 16,972 Less: accumulated depreciation and amortization ( 10,812 ) ( 8,070 ) Property and equipment, net $ 11,544 $ 8,902 Depreciation and amortization expense for property and equipment amounted to $ 3.1 million, $ 2.6 million and $ 2.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: December 31, 2021 2020 (in thousands) Accrued compensation $ 9,852 $ 7,736 Accrued research and development 17,018 10,459 Accrued professional services 540 492 Other 311 97 Total accrued expenses and other current liabilities $ 27,721 $ 18,784 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | 6. Intangible assets and goodwill Intangible assets, net Intangible assets, net consist of the following as of December 31, 2021: Gross value Accumulated Net book Weighted- (in thousands) (in years) In-process research and development - RAS $ 55,800 $ — $ 55,800 n/a Developed technology – tri-complex platform 7,480 ( 3,404 ) 4,076 3.9 Total $ 63,280 $ ( 3,404 ) $ 59,876 Amortization expense for the years ended December 31, 2021, 2020 and 2019 were $ 1.1 million, $ 1.1 million and $ 1.1 million, respectively. As of December 31, 2021, future amortization expense is as follows: Amount (in thousands) 2022 $ 1,069 2023 1,069 2024 1,069 2025 869 2026 — Total $ 4,076 Intangible assets, net consist of the following as of December 31, 2020: Gross value Accumulated Net book Weighted- (in thousands) (in years) In-process research and development – RAS $ 55,800 $ — $ 55,800 n/a Developed technology – tri-complex platform 7,480 ( 2,335 ) 5,145 4.8 Total $ 63,280 $ ( 2,335 ) $ 60,945 Goodwill Goodwill consists of the following: (in thousands) Balance at December 31, 2020 $ 14,608 Adjustment — Balance at December 31, 2021 $ 14,608 No impairment has been recognized as of December 31, 2021 . Goodwill is not deductible for income tax purposes. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and contingencies Leases In January 2015, as amended in September 2016, the Company entered into an operating lease for approximately 42,000 square feet of office and laboratory space located at 700 Saginaw Drive, Redwood City, California (the 700 Building), with a term through April 2023 . In April 2020, the Company amended the lease to lease an additional 19,000 square feet of office, laboratory and research and development space located at 300 Saginaw Drive, Redwood City, California (the 300 Building), and to extend the lease term through December 2030 . In November 2021, the Company amended the lease to lease an additional 41,000 square feet of office, laboratory and research and development space located at 800 Saginaw Drive, Redwood City, California (the 800 Building), and to extend the lease term through November 2033 . The Company has the option to extend the lease for an additional ten years after November 30, 2033. The Company maintains letters of credit for the benefit of the landlord which is disclosed as restricted cash in the consolidated balance sheets. Restricted cash related to letters of credit due to the landlord was $ 1.5 million and $ 0.9 million as of December 31, 2021 and December 31, 2020, respectively. Through December 31, 2021, the landlord had provided the Company with $ 3.4 million in tenant improvement allowances for the 700 Building, and $ 4.6 million for the 300 building, which were recognized as lease incentives. The lease incentives are being amortized as an offset to rent expense over the lease term in the consolidated statements of operations. Upon the execution of the lease in April 2020, which was deemed to be a lease modification, the Company re-evaluated the assumptions used during the adoption of ASC 842 for the lease. The Company determined the amendment consists of two separate contracts under ASC 842. One contract is related to a new right-of-use asset for the 300 Building, which is being accounted for as an operating lease, and the other is related to the modification of the original lease term for the 700 Building. As a result, the Company recorded a right-of-use asset of $ 6.4 million and a lease liability of $ 9.0 million for the 300 Building and an increase of $ 14.8 million to the right-of-use asset and lease liability for the 700 Building upon execution of the lease amendment. The Company is recognizing rent expense for both buildings on a straight-line basis through the remaining extended term of the lease. Upon the execution of the lease amendment in November 2021, which was deemed to be a lease modification, the Company re-evaluated the assumptions used during the lease amendment in April 2020. The Company determined the amendment consists of two separate contracts under ASC 842. One contract is related to a new right-of-use asset for the 800 Building, which is being accounted for as an operating lease, and the other is related to the modification of the lease term, as amended in April 2020, for the 700 Building and 300 Building. As a result, the Company recorded a right-of-use asset and a lease liability of $ 26.8 million for the 800 Building and an aggregate increase of $ 8.6 million to the right-of-use assets and lease liabilities for the 700 Building and 300 Building upon execution of the lease amendment. The Company is recognizing rent expense for the buildings on a straight-line basis through the remaining extended term of the lease. As part of the Warp Drive acquisition in October 2018, the Company assumed an operating lease for approximately 22,000 square feet of office and laboratory space located in Cambridge, Massachusetts (Cambridge Lease), which expires in February 2023 , with an option to extend the term through February 2028 , subject to certain conditions. In March 2019, the Company fully subleased the Cambridge Lease to Casma Therapeutics, Inc. (Casma), a related party, on financial terms substantially the same as the original lease. The sublease term with Casma is through the remainder of the Cambridge Lease term. The sublease by Casma and related sublease payments by Casma to the Company are fully guaranteed by Third Rock Ventures, LLC, a related party. In conjunction with the Cambridge Lease, the Company issued a letter of credit for $ 0.2 million, which is included in restricted cash on the consolidated balance sheets as of December 31, 2021 and 2020. The balance sheet classification of the Company’s operating lease liabilities was as follows: December 31, 2021 (in thousands) Operating lease liabilities: Operating lease liability – current $ 6,214 Operating lease liability – noncurrent 60,419 Total operating lease liabilities 66,633 For the years ended December 31, 2021 and 2020 , operating lease cost was $ 3.4 million and $ 2.7 million, respectively, net of sublease income of $ 2.1 million and $ 1.9 million respectively, and tenant improvement allowance credits of $ 0.2 million and $ 0.2 million, respectively. The operating cash flows for operating leases were $ 1.5 million and $ 2.6 million year ended December 31, 2021 and 2020, respectively. Short-term lease costs were immaterial for the year ended December 31, 2021 and 2020. As of December 31, 2021, the maturities of the Company’s operating lease liabilities were as follows (in thousands): 2022 $ 7,614 2023 6,961 2024 7,100 2025 7,349 2026 7,606 Thereafter 60,422 Total undiscounted lease payments $ 97,052 Less: Imputed interest ( 29,191 ) Less: Tenant improvement allowance ( 1,228 ) Total operating lease liabilities $ 66,633 The amounts reflected in the table above include the Company’s lease payments for the Cambridge lease, but do not reflect any offset for the sublease payments the Company is entitled to receive from Casma. Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate. The weighted-average discount rate used to determine the operating lease liability was 6.1 %. As of December 31, 2021 and 2020 , the weighted-average remaining lease term is 11.6 years and 9.1 years, respectively. Legal matters From time to time, the Company may be involved in litigation related to claims that arise in the ordinary course of its business activities. The Company accrues for these matters when it is probable that losses will be incurred and these losses can be reasonably estimated. As of December 31, 2021 and 2020, the Company does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows. Indemnification The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these arrangements is not determinable. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is minimal. Other We enter into agreements in the normal course of business with contract research organizations for clinical trials, contract manufacturing organizations to provide clinical trial materials and with vendors for preclinical studies and other services and products for operating purposes which are generally cancelable at any time by us upon 30 to 90 days prior written notice. |
Sanofi Collaboration Agreement
Sanofi Collaboration Agreement | 12 Months Ended |
Dec. 31, 2021 | |
Collaboration Agreement [Abstract] | |
Sanofi Collaboration Agreement | 8. Sanofi collaboration agreement In June 2018, the Company entered into a collaborative research, development and commercialization agreement (the Sanofi Agreement) with Aventis, Inc. (an affiliate of Sanofi) to research and develop SHP2 inhibitors, including RMC-4630, for any indications. The Sanofi Agreement was assigned to Genzyme Corporation, a Sanofi affiliate, in December 2018. For the purposes of this discussion, we refer to Genzyme Corporation as Sanofi. Pursuant to the Sanofi Agreement, the Company granted Sanofi a worldwide, exclusive, sublicensable (subject to the Company’s consent in certain circumstances) license under certain of the Company’s patents and know-how to research, develop, manufacture, use, sell, offer for sale, import and otherwise commercialize SHP2 inhibitors, including RMC-4630, for any and all uses, subject to the Company’s exercise of rights and performance of obligations under the Sanofi Agreement. In October 2018, the Company acquired Warp Drive in exchange for issuance of shares of the Company’s Series B redeemable convertible preferred stock and payment of cash. Sanofi was a stockholder of Warp Drive and received the Company’s Series B redeemable convertible preferred stock during the transaction and accordingly became an investor and related party of the Company. As a result of the Company’s underwritten offering of common stock in February 2021, Sanofi’s ownership percentage in the Company decreased and Sanofi is no longer considered a related party. Under the Sanofi Agreement, the Company received a non-refundable, upfront cash payment of $ 50 million in July 2018 and could also receive up to $ 520 million in development and regulatory milestone payments, including up to $ 235 million upon the achievement of specified development milestones and up to $ 285 million upon the achievement of certain marketing approval milestones. The Company has primary responsibility for early clinical development of RMC-4630 and is responsible for the manufacture of SHP2 inhibitors for Phase 1 and non-registrational Phase 2 clinical trials pursuant to a development plan that is currently approved through 2022. In August 2021, the Company entered into a letter agreement with Sanofi (the Letter Agreement) to include an additional clinical study, RMC-4630-03, as part of the Company’s responsibilities under the development plan. Sanofi is responsible to reimburse the Company all internal and external costs and expenses to perform the Company’s activities under approved development plans, except for costs and expenses related to studies designated in the Sanofi Agreement as RevMed Studies, for which the Company will bear all costs and expenses, and for the RMC-4630-03 study, for which Sanofi will reimburse the Company for 50 % of the costs and expenses. Unreimbursed costs borne by the Company for any RevMed Studies and the Company's 50 % share of the RMC-4630-03 collaboration study are subject to future reimbursement by Sanofi through a buy-in payment pursuant to the terms of the Sanofi Agreement if Sanofi uses the data from a RevMed Study or the RMC-4630-03 study in support of a marketing approval application. There currently are no active RevMed Studies. The Company is also primarily responsible for performing preclinical research on SHP2 inhibitors pursuant to a research plan that is currently approved through 2021. The parties currently do not anticipate additional collaboration preclinical research under the research plan in 2022. Sanofi is responsible to reimburse the Company for all internal and external costs and expenses incurred to perform activities under approved research plans, with the exception of internal and external research costs and expenses under the approved research plans for 2019 and 2020, for which Sanofi was obligated to reimburse the Company for 80 % of such costs. The Company was responsible for 20 % of all internal and external research costs incurred under the research plans for 2019 and 2020. Sanofi is responsible to reimburse the Company for all internal and external costs and expenses incurred under the research plan for 2021. In the United States, the Company will share equally with Sanofi the profits and losses applicable to commercialization of SHP2 inhibitor products, pursuant to a profit/loss share agreement that the parties will negotiate based on key terms agreed in the Sanofi Agreement. On a product-by-product basis, Sanofi will also be required to pay the Company tiered royalties on annual net sales of each product outside the United States ranging from high single digit to mid-teen percentages. Unless terminated earlier, the Sanofi Agreement will continue in effect until the later of the expiration of all of Sanofi’s milestone and royalty payment obligations and the expiration of the profit/loss share agreement. Sanofi may terminate the Sanofi Agreement in its entirety or on a country-by-country or product-by-product basis for any reason or for significant safety concerns, upon prior notice to the Company. Sanofi may terminate the Sanofi Agreement in its entirety upon a change of control in the Company, with prior notice. Either party may terminate the Sanofi Agreement if an undisputed material breach by the other party is not cured within a defined period of time, or immediately upon notice for insolvency-related events of the other party. The Company may terminate the Sanofi Agreement after a certain number of years if Sanofi develops a competing program without commencing a registrational clinical trial for a SHP2 inhibitor product candidate, and subject to certain other conditions. The Company may also terminate the Sanofi Agreement at any time, if Sanofi ceases certain critical activities for SHP2 inhibitor product candidates for more than a specified period of time, provided that such cessations of critical activity were not a result of certain specified factors, and subject to certain other conditions. Upon any termination of the Sanofi Agreement with respect to any product or country, all licenses to Sanofi with respect to such product or country shall automatically terminate and all rights generally revert back to the Company. The Company identified the following promises in the agreement (1) the license related to SHP2 inhibitors, (2) the performance of research and development services for Phase 1 clinical studies and Phase 2 clinical trials that are non-registrational clinical trials and (3) the performance of manufacturing services for the non-registrational clinical trials. The Company determined that the license is not distinct from the services within the context of the agreement because the research, development and manufacturing significantly increase the utility of the intellectual property. The intellectual property (IP) related to SHP2 inhibitors, which is proprietary to the Company, is the foundation for the research and development activities. The manufacturing services are a necessary and integral part of the research and development services as they could only be conducted utilizing the outcomes of these services. Given the research and development services under the Sanofi Agreement are expected to involve significant further development of the initial IP, the Company has concluded that the research, development and manufacturing services are not distinct from the license, and thus the license, research and development services and manufacturing services are combined into a single performance obligation. For revenue recognition purposes, the Company determined that the duration of the contract begins on the effective date of the Sanofi Agreement in July 2018 and ends upon completion of the non-registrational clinical trials. The contract duration is defined as the period in which parties to the contract have present enforceable rights and obligations. The Company analyzed the impact of Sanofi terminating the agreement prior to the completion of these trials and determined that there were significant economic costs to Sanofi for doing so. The Company determined that the transaction price of the Sanofi Agreement was $ 190.4 million as of December 31, 2021 . In order to determine the transaction price, the Company evaluated all the payments to be received during the duration of the contract. The Company determined that the $ 50.0 million upfront payment and $ 140.4 million of estimated variable consideration for expense reimbursements from Sanofi for agreed upon research and development services as of December 31, 2021 constituted consideration to be included in the transaction price, which is to be allocated to the combined performance obligation. Development and regulatory milestones under the Sanofi Agreement were considered but not included in the transaction price, as it is probable that a significant revenue reversal could occur if they were included. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. The license, research, development and manufacturing services are combined as one performance obligation that will be performed over the duration of the contract, which is from the effective date of the Sanofi Agreement through to the completion of studies. The Company concluded that it would utilize a cost-based input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. In applying the cost-based input method of revenue recognition, the Company uses actual costs incurred relative to estimated costs to fulfill the combined performance obligation. These costs consist primarily of internal full-time equivalent efforts and third-party costs. As noted above, a percentage of the actual costs incurred under approved research and development plans are reimbursed by Sanofi under the collaboration agreement. The research and development plans are determined by a joint research and development committee, over which Sanofi has final decision-making subject to certain exceptions. Revenue is recognized under the collaboration agreement with Sanofi, based on actual costs incurred as a percentage of total estimated costs to be incurred over the performance obligation as the Company completes its performance obligation. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. The Company determined that the added development services related to RMC-4630-03 under the Letter Agreement are an extension of services under the development plan that are not distinct from the single performance obligation under the initial Sanofi Agreement. Accordingly, the Company determined the Letter Agreement represented a contract modification that will be accounted for as an adjustment to the existing contract by applying a cumulative catch-up adjustment to collaboration revenue. Concurrent with entering into the Letter Agreement, the Company and Sanofi decided to no longer enroll new patients in the RMC-4630-02 clinical study. The Company calculated the adjusted cumulative revenue under the agreements by updating the transaction price for the estimated consideration to be received, updating the estimated costs to fulfill the performance obligation and decreasing the estimated percentage of completion to date, which resulted in a cumulative catch-up adjustment for the year ended December 31, 2021 , that reduced collaboration revenue by $ 8.5 million. During the years ended December 31, 2021, 2020 and 2019, the Company recognized $ 29.4 million , $ 43.0 million and $ 50.0 million of collaboration revenue associated with this agreement, respectively. As of December 31, 2021 and 2020 , $ 12.4 million and $ 12.1 million of deferred revenue is classified as current and $ 6.6 million and $ 8.5 million is classified as noncurrent. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | 9. Redeemable convertible preferred stock From December 2014 to May 2017, the Company issued a total of 14,430,799 shares of Series A redeemable convertible preferred stock at a price per share of $ 4.87 for proceeds of $ 70.1 million, net of issuance costs. In March and June 2018, the Company issued a total of 7,731,155 shares of Series B redeemable convertible preferred stock at a price per share of $ 7.30 for proceeds of $ 56.2 million, net of issuance costs. In October 2018, the Company issued 6,797,915 shares of Series B redeemable convertible preferred stock in conjunction with acquiring Warp Drive. As part of the Warp Drive acquisition, the Company assumed $ 2.0 million in convertible notes payable, which was fully converted into 200,493 shares of Series B redeemable convertible preferred stock in October 2018. In November 2018, the Company issued 435,547 shares of Series B redeemable convertible preferred stock at a price per share of $ 10.03 for proceeds of $ 4.3 million, net of issuance costs. In June and July 2019, the Company issued a total 10,004,514 shares of Series C redeemable convertible preferred stock at a price per share of $ 10.03 for proceeds of $ 100.0 million, net of issuance costs. Upon the closing of the IPO in February 2020, all shares of redeemable convertible preferred stock then outstanding converted into 39,600,423 shares of common stock. There were no shares of redeemable convertible preferred stock outstanding as of December 31, 2021 and 2020. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders Equity Note [Abstract] | |
Common Stock | 10. Common stock As of December 31, 2021 and 2020 , the Company’s certificate of incorporation authorized the Company to issue 300,000,000 shares of common stock, at a par value of $ 0.0001 per share. Each share of common stock is entitled to one vote . The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to prior rights of the redeemable convertible preferred stockholders. As of December 31, 2021 , no dividends have been declared to date. The Company has reserved shares of common stock for future issuance as follows: December 31, 2021 2020 Outstanding options to purchase common stock 6,050,938 5,118,979 Unvested restricted stock units of common stock 423,621 85,639 Available for future issuance under the 2020 Incentive Award Plan 6,403,548 4,806,916 Available for issuance under the 2020 Employee Stock Purchase Plan 1,089,728 499,722 Total 13,967,835 10,511,256 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 11. Stock-based compensation 2020 Incentive Award Plan In February 2020, the Company adopted the 2020 Equity Incentive Plan (2020 Plan). The 2020 Plan became effective on February 11, 2020. The 2020 Plan provides for a variety of stock-based compensation awards, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance bonus awards, performance stock unit awards, dividend equivalents, or other stock or cash based awards. Under the 2020 Plan, the Company generally grants stock-based awards with service-based vesting conditions only. Options and restricted stock unit awards granted typically vest over a four-year period, but may be granted with different vesting terms. Following the effectiveness of the 2020 Plan, the Company will not make any further grants under the 2014 Equity Incentive Plan (2014 Plan). However, the 2014 Plan will continue to govern the terms and conditions of the outstanding awards granted under it. Shares of common stock subject to awards granted under the 2014 Plan that are forfeited or lapse unexercised and which following the effective date of the 2020 Plan are not issued under the 2014 Plan will be available for issuance under the 2020 Plan. As of December 31, 2021 , there were 6,403,548 shares of common stock reserved for issuance pursuant to the 2020 Plan. 2014 Equity Incentive Plan In December 2014, the Company adopted the 2014 Plan, which provided for the Company to issue restricted common stock, or to grant incentive stock options or nonqualified stock options for the purchase of common stock, to employees, members of the Board of Directors and consultants of the Company under terms and provisions established by the Board of Directors. The Company generally granted stock-based awards with service-based vesting conditions only. Options granted typically vest over a four-year period but may be granted with different vesting terms. The Company allows its employees, non-employees and directors to exercise options granted under the 2014 Plan prior to vesting. The shares related to early exercised stock options are subject to the Company’s lapsing repurchase right upon termination of employment at the original purchase price. In order to vest, the holders are required to provide continued service to the Company. The proceeds are initially recorded in other noncurrent liabilities and are reclassified to common stock and additional paid-in capital as the repurchase right lapses. As of December 31, 2021 and 2020 , there were 30,378 and 130,793 shares, respectively, and $ 0.1 million and $ 0.2 million, respectively, recorded in other noncurrent liabilities, related to early exercised shares that were subject to repurchase. 2020 Employee Stock Purchase Plan In February 2020, the Company adopted the 2020 Employee Stock Purchase Plan (ESPP). Under the ESPP, employees have the ability to purchase shares of the Company’s common stock through payroll deductions at a discount during a series of offering periods of 24 months, each comprised of four six-month purchase periods. The purchase price will be the lower of 85 % of the closing trading price per share of the Company’s common stock on the first day of an offering period in which an employee is enrolled or 85% of the closing trading price per share on the purchase date, which will occur on the last trading day of each purchase period. As of December 31, 2021 , there have been 105,228 shares of common stock purchased under the ESPP. As of December 31, 2021 , a total of 1,089,728 shares of common stock were available for future issuance under the ESPP. As of December 31, 2021 , there was $ 1.9 million of unrecognized compensation cost related to the ESPP. Stock options The following summarizes option activity under both the 2020 Plan and the 2014 Plan: Number of Weighted- Weighted- Aggregate (in years) (in thousands) Balance, December 31, 2020 5,118,979 $ 7.37 8.25 $ 165,088 Options granted 1,560,806 38.04 Options exercised ( 388,695 ) 4.06 Options cancelled ( 240,152 ) 22.73 Balance, December 31, 2021 6,050,938 $ 14.88 7.74 $ 83,953 Options vested and expected to vest as of December 31, 2021 6,050,938 $ 14.88 7.74 $ 83,953 Options vested and exercisable as of December 31, 2021 3,064,268 $ 7.98 7.10 $ 56,750 The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest were calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock by the Board of Directors. The intrinsic value of the options exercised for the years December 31, 2021, 2020 and 2019 was $ 13.1 million, $ 21.7 million and $ 0.4 million, respectively. During the years ended December 31, 2021, 2020 and 2019 , the weighted-average grant-date fair value of options granted was $ 25.13 , $ 15.59 and $ 4.43 per share, respectively. As of December 31, 2021 , there was $ 41.4 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of 2.3 years. The fair value of employee and director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Year Ended December 31, 2021 2020 2019 Expected term (years) 6 6 5 - 6 Expected volatility 70 - 75 % 74 - 80 % 76 - 82 % Risk-free interest rate 0.5 %- 1.3 % 0.2 %- 1.5 % 1.6 %- 2.5 % Dividend yield 0 % 0 % 0 % Consultant stock option awards were measured at fair value at each reporting period using a Black-Scholes option-pricing model with the following assumptions: Year Ended December 31, 2021 2020 2019 Expected term (years) 6 6 - 10 6 - 10 Expected volatility 70 - 75 % 74 - 80 % 79 - 83 % Risk-free interest rate 0.9 %- 1.3 % 1.2 %- 1.5 % 1.6 %- 2.6 % Dividend yield 0 % 0 % 0 % The Black-Scholes model assumptions that determine the fair value of stock-based awards include: Expected term —The expected term is calculated using the simplified method, which is available where there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting-tranche for awards with graded vesting. The mid-point between the vesting date and the maximum contractual expiration date is used as the expected term under this method. Expected volatility —Given the Company does not have sufficient trading history for its common stock, the expected volatility was estimated based on the average volatility of the Company and comparable publicly traded biotechnology companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on their similar size, stage in the life cycle or area of specialty. Risk-free interest rate —The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of option. Expected dividend —The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero. Restricted stock units Restricted stock units (RSUs) have been granted to employees and directors. The fair value of an RSU award is based on the Company’s stock price on the date of grant. The shares underlying the RSU awards are not issued until the RSUs vest. Upon vesting, each RSU converts into one share of the Company’s common stock. The Company has granted RSUs pursuant to the 2020 plan. Activity under the 2020 Plan with respect to the Company’s RSUs during the year ended December 31, 2021 was as follows: Number of Weighted- Weighted- Aggregate (in years) (in thousands) Balance, December 31, 2020 85,639 $ 35.13 1.73 $ 3,390 Restricted stock units granted 444,547 38.07 Restricted stock units vested ( 78,010 ) 39.56 Restricted stock units forfeited ( 28,555 ) 38.62 Balance, December 31, 2021 423,621 $ 37.16 3.16 $ 10,663 Expected to vest as of December 31, 2021 423,621 $ 37.16 3.16 $ 10,663 The number of RSUs vested includes shares of common stock that the Company withheld to satisfy the minimum statutory tax withholding requirements. As of December 31, 2021 , there was $ 14.7 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted average period of 3.2 years. The total fair value of RSUs vested for the years ended December 31, 2021, 2020 and 2019 was $ 3.1 million, $ 0.1 million and zero , respectively. Stock-based compensation expense Total stock-based compensation expense related to stock options, RSUs and the 2020 ESPP by function was as follows: Year Ended December 31, 2021 2020 2019 (in thousands) Research and development $ 11,847 $ 4,848 $ 1,789 General and administrative 8,877 4,038 1,372 Total $ 20,724 $ 8,886 $ 3,161 Stock-based compensation related to options and RSUs granted to consultants was $ 0.7 million, $ 0.8 million and $ 0.7 million for the years ended December 31, 2021, 2020 and 2019 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income taxes The Company recorded an income tax benefit of zero and $ 0.4 million for the years ended December 31, 2021 and 2020, respectively, which reflects a change in the valuation allowance relating to the acquisition of Warp Drive Bio in 2018. The Company has incurred net pre-tax losses in the United States only for all periods presented. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the carrying amounts of existing assets and liabilities in the financial statements and their respective tax bases using tax rates expected to be in effect during the years in which the basis differences reverse. The benefit from income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows: Year Ended December 31, 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % State income tax rate, net of federal benefit 8.9 9.7 Research tax credits 2.2 3.3 Change in valuation allowance ( 31.4 ) ( 34.3 ) Non-deductible permanent expenses ( 0.5 ) 0.9 Other ( 0.2 ) ( 0.3 ) Benefit from income taxes 0.0 % 0.3 % Deferred income tax reflects the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The categories that give rise to significant components of the deferred tax assets are as follows (in thousands): December 31, 2021 2020 (in thousands) Deferred tax assets: Net operating loss carryforwards $ 123,991 $ 74,137 Accruals and reserves 9,164 8,505 Research and development credits 14,449 10,346 Lease liability 19,979 9,845 Stock-based compensation 3,829 1,241 Other 33 38 Gross deferred tax assets 171,445 104,112 Less: valuation allowance ( 143,474 ) ( 84,680 ) Total deferred tax assets 27,971 19,432 Deferred tax liabilities: Fixed assets and finite-lived intangible assets ( 10,073 ) ( 10,397 ) Indefinite-lived intangible assets ( 7,444 ) ( 7,444 ) Lease asset — ( 766 ) Right-of-use asset ( 17,898 ) ( 8,269 ) Gross deferred tax liabilities ( 35,415 ) ( 26,876 ) Net deferred tax liability $ ( 7,444 ) $ ( 7,444 ) The realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Due to the lack of earnings history, the net deferred tax assets have been offset by a valuation allowance. The valuation allowance increased by $ 58.8 million and $ 37.3 million during the years ended December 31, 2021 and 2020 , respectively. The Company had net operating loss carryforwards for federal, California, Massachusetts, and New Jersey income tax purposes of $ 432.1 million, $ 52.4 million, $ 69.3 million and $ 317.8 million, respectively, as of December 31, 2021 . The federal, California and Massachusetts net operating loss carryforwards, if not utilized, will expire beginning in 2035 , with the exception of $ 338.4 million in federal net operating loss carryforwards, which can be carried forward indefinitely. New Jersey net operating loss carryforwards, if not utilized, will expire beginning in 2039 . Under the Tax Act, federal net operating losses arising after December 31, 2017 do not expire and cannot be carried back. However, the TJCA limits the amount of federal net operating losses that can be used annually to 80 % of taxable income for periods beginning after December 31, 2017. Existing federal net operating losses arising in years ending on or before December 31, 2017 are not affected by these provisions. The Company also had federal and state research and development credit carryforwards of $ 13.0 million and $ 7.9 million, respectively, as of December 31, 2021 . The federal credits will expire starting in 2034 if not utilized and the state research credits will expire beginning in 2031 , with the exception of $ 7.1 million in California research credits, which can be carried forward indefinitely. Federal, California, Massachusetts and New Jersey tax laws impose significant restrictions on the utilization of net operating loss carryforwards in the event of a change in ownership of the Company, as defined by Internal Revenue Code Section 382 (Section 382). The Company performed a study in which it determined that it had experienced changes in ownership in December 2014, June 2018, and March 2020 as defined by Section 382. No federal or state net operating losses are expected to expire unutilized as a result of the limitation, with the exception of $ 5.5 million in California net operating losses. In addition, in the future the Company may experience ownership changes, which may limit the utilization of net operating loss carryforwards or other tax attributes. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: December 31, 2021 2020 (in thousands) Beginning balance $ 3,593 $ 2,419 Changes related to tax positions taken in the prior year ( 21 ) ( 41 ) Changes related to tax positions taken in current year 1,571 1,215 Ending balance $ 5,143 $ 3,593 The Company has unrecognized tax benefits of $ 4.7 million and $ 3.3 million as of December 31, 2021 and 2020, which would affect the effective tax rate if recognized; however, recognition would be in the form of a deferred tax attribute which would likely be offset by a valuation allowance. The Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. The Company has recognized no interest or penalties related to uncertain tax positions for the periods presented. Income tax returns are filed in the United States, California, Massachusetts and New Jersey. The years 2010 through 2021 remain open to examination by the domestic taxing jurisdictions to which the Company is subject. Net operating losses generated on a tax return basis by the Company for 2010 through 2021 remain open to examination by the domestic taxing jurisdictions. On March 27, 2020 and December 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Consolidated Appropriation Act (CAA), respectively, as a result of the Coronavirus pandemic, which contain among other things, numerous income tax provisions. Some of these tax provisions are expected to be effective retroactively for years ending before the date of enactment. The Company has evaluated the current legislation and at this time, does not anticipate the CARES Act or the CCA to have a material impact on its financial statements. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | 13. Net loss per share attributable to common stockholders The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders: Year ended December 31, 2021 2020 2019 (in thousands, except share and per share data) Numerator: Net loss $ ( 187,091 ) $ ( 108,159 ) $ ( 47,664 ) Redeemable convertible preferred stock dividends- — ( 2,219 ) ( 14,238 ) Net loss attributable to common stockholders $ ( 187,091 ) $ ( 110,378 ) $ ( 61,902 ) Denominator: Weighted-average shares outstanding 72,866,022 55,109,929 3,231,389 Less: Weighted – average unvested restricted shares and ( 59,943 ) ( 235,810 ) ( 458,800 ) Weighted-average shares used to compute net loss per share 72,806,079 54,874,119 2,772,589 Net loss per share attributable to common stockholders – basic $ ( 2.57 ) $ ( 2.01 ) $ ( 22.33 ) The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: Year ended December 31, 2021 2020 2019 Redeemable convertible preferred stock — — 39,600,423 Options to purchase common stock 6,050,938 5,118,979 4,918,299 Options early exercised subject to future vesting 30,378 130,793 349,501 Unvested restricted stock units of common stock 423,621 85,639 — Expected shares to be purchased under ESPP 176,131 91,210 — Total 6,681,068 5,426,621 44,868,223 |
Related Party Relationships
Related Party Relationships | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Relationships | 14. Related party relationships Following the Company’s acquisition of Warp Drive, in January 2019, the Company entered into a sublease agreement with Casma to sublease the Cambridge Lease. The sublease by Casma and related sublease payments by Casma to the Company are fully guaranteed by an affiliate of Third Rock Ventures. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent events None. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (GAAP) and applicable rules of the Securities and Exchange Commission (SEC) regarding financial reporting and, in the opinion of management, include all normal and recurring adjustments which are necessary to state fairly the Company's financial position and results of operations for the reported periods. The consolidated financial statements for the years ended December 31, 2021, 2020 and 2019 include the accounts of the Company and its wholly owned subsidiary, Warp Drive Bio, Inc. (Warp Drive). All intercompany balances and transactions have been eliminated in consolidation. The functional and reporting currency of the Company and its subsidiary is the U.S. dollar. |
Reverse Stock Split | Reverse stock split On February 7, 2020, the Company amended and restated its amended and restated certificate of incorporation to effect a 1-for- 4.8661 reverse stock split of the Company’s common stock and redeemable convertible preferred stock. The par value and authorized shares of the common stock and redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented. |
Use of Estimates | Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, clinical accruals, valuation of in-process research and development and developed technologies, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill and intangibles, the incremental borrowing rate for determining operating lease assets and liabilities, and stock-based compensation. The extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, financial condition and results of operations is highly uncertain and subject to change. The Company considered the potential impact of the COVID-19 pandemic on its estimates and assumptions and there was not a material impact to the Company’s consolidated financial statements as of and for the twelve months ended December 31, 2021. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods. |
Cash and Cash Equivalents | Cash and cash equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents. As of December 31, 2021 and 2020 , cash equivalents consist of amounts invested in money market funds and investments in U.S. government agency bonds, commercial paper and corporate bonds with original maturities of three months or less at the date of purchase. |
Marketable Securities | Marketable securities Investments in marketable securities primarily consist of U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds. The Company has classified its marketable securities as available-for-sale and may sell these securities prior to their stated maturities. The Company views these marketable securities as available to support current operations and classifies marketable securities with maturities beyond 12 months as current assets. The Company’s investments in marketable securities are carried at estimated fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities. Unrealized gains and losses are reported as a component of accumulated other comprehensive loss. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income on the consolidated statements of operations. Realized gains and losses are included in interest income on the consolidated statements of operations. The Company periodically evaluates its investments to assess whether those with unrealized loss positions are other than temporarily impaired. The Company considers various factors in determining whether to recognize an impairment charge. If the Company determines that the decline in an investment’s fair value is other-than-temporary, the difference is recognized as an impairment loss in the consolidated statements of operations. As of December 31, 2021 , no other-than-temporary-impairment has been recorded. |
Restricted Cash | Restricted cash As of December 31, 2021 and 2020 , the Company had $ 1.7 million and $ 1.1 million, respectively, of noncurrent restricted cash related to Company issued letters of credit in connection with leases. These amounts are held in separate bank accounts to support letter of credit agreements for the leases. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s cash is held by two financial institution in the United States, which management believes to be of high credit quality. The Company invests in money market funds, U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company is subject to credit risk as its receivable and collaboration revenue are entirely related to its collaboration agreement with Sanofi. See Note 8, “Sanofi collaboration agreement.” The Company’s clinical trial sites may be affected by the COVID-19 outbreak due to prioritization of hospital resources toward the COVID-19 outbreak, travel or quarantine restrictions imposed by governments, and the inability to access sites for initiation and patient monitoring and enrollment. As a result, patient screening, new patient enrollment, monitoring and data collection may be affected or delayed. The Company is aware that several clinical sites involved in its clinical studies temporarily stopped or delayed enrolling new patients, with exemptions if appropriate, and it is possible that these or other clinical sites may be similarly affected in the future. These developments may delay the Company’s clinical trial timelines. Some of the Company’s third-party manufacturers which it uses for the supply of materials for product candidates or other materials necessary to manufacture product to conduct preclinical tests and clinical trials and contract research organizations may be impacted by COVID-19, and should they experience disruptions, such as temporary closures or suspension of services, the Company would likely experience delays in advancing clinical trials. |
Fair Value Measurement | Fair value measurement The carrying amounts of the Company’s certain financial instruments, including cash equivalents, accounts payable and accrued expenses and other current liabilities approximate fair value due to their relatively short maturities and market interest rates, if applicable. Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Property and Equipment, Net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, which is generally three to five years . Leasehold improvements are amortized using the straight-line method over the shorter of the assets’ estimated useful lives or the remaining term of the lease. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is reflected in the consolidated statement of operations. Useful lives of property and equipment are as follows: Property and equipment Estimated useful life Laboratory equipment 4 - 5 years Leasehold improvements Lesser of estimated useful life or remaining lease term Computer equipment and software 3 years Furniture and fixtures 5 years |
Leases | Leases On January 1, 2020 , the Company adopted ASU 2016-02, Leases (Topic 842). For its operating leases with a term greater than twelve months, the Company recognizes a right-of-use asset and a lease liability on its consolidated balance sheets. The Company adopted the new standard using the modified retrospective approach, which resulted in the initial recognition of a lease liability of $ 11.5 million, and a right‑to‑use asset of $ 9.1 million, with no adjustment to the accumulated deficit balance. In connection with the lease adoption, the Company also derecognized deferred rent of $ 2.4 million. The Company determines if an arrangement is, or contains, a lease at inception and then classifies the lease as operating or financing based on the underlying terms and conditions of the contract. Leases with terms greater than one year are initially recognized on the balance sheet as right-of-use assets and lease liabilities based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the incremental borrowing rate, which is the rate incurred to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term and in a similar economic environment of the applicable country or region. Variable lease payments are excluded from the right-of-use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Leases with a term of 12 months or less are not recognized on the consolidated balance sheets. |
Impairment of Long-Lived Assets | Impairment of long-lived assets Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amounts of the asset group to the future undiscounted cash flows attributable to these assets. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets. There were no impairments of long-lived assets for any of the periods presented. |
Acquired Intangible Assets | Acquired intangible assets Indefinite-lived intangible assets represent the estimated fair value assigned to in-process research and development (IPR&D) acquired in a business combination. The Company reviews indefinite-lived intangible assets for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of the assets might not be recoverable. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, then it is written down to its adjusted fair value. As of December 31, 2021 , there have been no such impairments. For IPR&D, if a product candidate derived from the indefinite-lived intangible asset is developed and commercialized, the useful life will be determined, and the carrying value will be amortized prospectively over that estimated useful life. Alternatively, if a product candidate is abandoned, the carrying value of the intangible asset will be charged to research and development expenses in the consolidated statements of operations. Finite-lived intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date and are carried at cost less accumulated amortization and impairment. Amortization is computed using the straight-line method over the estimated useful lives of the respective finite-lived intangible assets and is included in research and development expenses in the consolidated statement of operations. Intangible assets are reviewed for impairment at least annually or more frequently if indicators of potential impairment exist. As of December 31, 2021 , no such impairment has been recorded. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired in a business combination. The Company reviews goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. Goodwill is tested for impairment at the reporting unit level by first assessing the qualitative factors to determine whether it is more likely than not that the fair value of the Company’s single reporting unit is less than its carrying amount. Qualitative indicators assessed include consideration of macroeconomic, industry and market conditions, the Company’s overall financial performance and personnel or strategy changes. Based on the qualitative assessment, if it is determined that it is more likely than not that its fair value is less than its carrying amount, the fair value of the Company’s single reporting unit is compared to its carrying value. Any excess of the goodwill carrying amount over the fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value. As of December 31, 2021 , no goodwill impairment has been identified. |
Redeemable Convertible Preferred Stock | Redeemable convertible preferred stock The Company records all shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The redeemable convertible preferred stock is recorded outside of permanent equity because while it is not mandatorily redeemable, in the event of certain events considered not solely within the Company’s control, such as a merger, acquisition or sale of all or substantially all of the Company’s assets (each, a “deemed liquidation event”), the redeemable convertible preferred stock would have become redeemable at the option of the holders of at least a majority of the then outstanding such shares. The Company did not adjust the carrying values of the redeemable convertible preferred stock to the liquidation preferences of such shares because it was uncertain whether or when a deemed liquidation event would occur that would obligate the Company to pay the liquidation preferences to holders of shares of redeemable convertible preferred stock. |
Revenue Recognition | Revenue recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into collaboration agreements under which it may obtain upfront license fees, research and development funding, and development, regulatory and commercial milestone payments and royalty payments. The Company’s performance obligations under these arrangements may include licenses of intellectual property, sales and distribution rights, research and development services, delivery of manufactured product and/or participation on joint steering committees. Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from upfront license fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring proportional performance for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of proportional performance each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Research, development and regulatory milestone payments: At the inception of each arrangement that includes research, development, or regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. The Company uses the most likely amount method for research, development and regulatory milestone payments. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Sales-based milestones and royalties: For arrangements that include sales-based milestone or royalty payments based on the level of sales, and in which the license is deemed to be the predominant item to which the sales-based milestone or royalties relate to, the Company recognizes revenue in the period in which the sales-based milestone is achieved and in the period in which the sales associated with the royalty occur. To date, the Company has not recognized any sales-based milestone or royalty revenue resulting from its collaboration arrangements. Deferred revenue represents amounts received by the Company for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount to be recognized within one year from the balance sheet date based on the estimated performance period of the underlying performance obligation. The noncurrent portion of deferred revenue represents amounts to be recognized after one year through the end of the performance period of the performance obligation. |
Research and Development Expenditures | Research and development expenditures Research and development expenses consist of costs incurred for the Company’s own and for collaborative research and development activities. Research and development costs are expensed as incurred. Research and development costs consist of salaries and benefits, including associated stock-based compensation, and laboratory supplies and facility costs, as well as fees paid to other entities that conduct certain research and development activities on the Company’s behalf. The Company estimates preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions, contract research organizations and clinical manufacturing organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf based on actual time and expenses incurred by them. Further, the Company accrues expenses related to clinical trials based on the level of patient activity according to the related agreement. The Company monitors patient enrollment levels and related activity to the extent reasonably possible and adjusts estimates accordingly. |
Stock-Based Compensation | Stock-based compensation The Company measures its stock-based awards granted to employees and directors based on the estimated fair values of the awards and recognizes the compensation on a straight-line basis over the requisite service period. The fair value of options issued under the employee stock purchase plan is calculated using the Black-Scholes option-pricing model. Restricted stock units are valued based on the closing price of the Company’s common stock on the date of grant. |
Comprehensive Loss | Comprehensive loss For the years ended December 31, 2021, 2020, and 2019 other comprehensive loss includes net unrealized gains on marketable securities. |
Income Taxes | Income taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s historical operating performance and the recorded cumulative net losses in prior fiscal periods, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of interest expense. |
Net Loss per Share Attributable to Common Stockholders | Net loss per share attributable to common stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, redeemable convertible preferred stock, stock options, common stock subject to repurchase related to unvested restricted stock awards and early exercise of stock options are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock is considered a participating security because it participates in dividends with common stock. The Company also considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of all series of redeemable convertible preferred stock and the holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods. |
Deferred Offering Costs | Deferred offering costs The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ deficit (equity) as a reduction of additional paid-in capital generated as a result of the equity financing. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations. As of December 31, 2021 and 2020 , $ 0.5 million and zero of deferred offering costs, respectively, were capitalized in other noncurrent assets on the consolidated balance sheets. |
Segment Reporting | Segment reporting The Company has one operating and reportable segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources and evaluating financial performance. All of the Company’s long-lived assets are located in the United States. |
401(k) Retirement Plans | 401(k) retirement plans The Company maintains a 401(k) retirement plan for its employees. The Company is responsible for administrative costs of the 401(k) plan. The Company may, at its discretion, make matching or profit-sharing contributions to the 401(k) plan. For the years ended December 31, 2021, 2020 and 2019 , the Company made $ 0.9 million, $ 0.2 million and $ 0.2 million matching contributions, respectively, under the plan. |
Recent Accounting Pronouncements | Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the FASB, under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently adopted 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 (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses (ASU 2018-19) which narrowed the scope and changed the effective date for non-public entities for ASU 2016-13. The FASB subsequently issued supplemental guidance within ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief (ASU 2019-05). ASU 2019-05 provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2016-13 is applicable to the Company for the fiscal year beginning after December 15, 2022. Early adoption is permitted. The Company adopted the standard for the fiscal year beginning on January 1, 2021 and concluded that adoption of the standard did no t have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use-software. This ASU is effective for the Company for the fiscal year beginning after December 15, 2020, and interim periods within fiscal years beginning after December 31, 2021. The Company adopted the standard on December 31, 2021 and concluded that adoption of the standard did not have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance. This ASU is effective for the Company for the fiscal year beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2020. The Company adopted the standard on January 1, 2021 and concluded that adoption of the standard did not have a material impact on its consolidated financial statements. Recent accounting pronouncements not yet adopted In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs (ASU 2020-08). ASU 2020-08 clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for the Company in the first quarter of 2022. Early application is not permitted. All entities should apply ASU 2020-08 on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company is currently evaluating the impact of ASU 2020-08 on its consolidated financial statements. In October 2020, FASB issued ASU 2020-10, Codification Improvements (ASU 2020-10). ASU 2020-10 updates various codification topics by clarifying or improving disclosure requirements to align with the SEC's regulations. The amendments are effective for the Company in the first quarter of 2022. Early adoption is permitted. Adoption shall be applied retrospectively. The Company is currently evaluating the impact of ASU 2020-10 on its consolidated financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Useful Lives of Property and Equipment | Useful lives of property and equipment are as follows: Property and equipment Estimated useful life Laboratory equipment 4 - 5 years Leasehold improvements Lesser of estimated useful life or remaining lease term Computer equipment and software 3 years Furniture and fixtures 5 years |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value | The following table presents information about the Company’s financial assets that are measured at fair value and indicates the fair value hierarchy of the valuation: December 31, 2021 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 57,134 $ 57,134 $ — $ — Commercial paper (1, 2) 291,369 — 291,369 — U.S. government and agency securities (1, 2) 87,745 — 87,745 — Corporate bonds (2) 141,698 — 141,698 — Total $ 577,946 $ 57,134 $ 520,812 $ — December 31, 2020 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 16,696 $ 16,696 $ — $ — Commercial paper (1, 2) 151,663 — 151,663 — U.S. government and agency securities (1, 2) 270,520 — 270,520 — Corporate bonds (1, 2) 3,200 — 3,200 — Total $ 442,079 $ 16,696 $ 425,383 $ — (1) Included in cash and cash equivalents on the consolidated balance sheets. (2) Included in marketable securities on the consolidated balance sheets. |
Available-for-sale Securities (
Available-for-sale Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Estimated Value of Available-for-sale Securities and Cash Equivalents and Gross Unrealized Gains and Losses | The following tables summarize the estimated value of the Company’s available-for-sale marketable securities and cash equivalents and the gross unrealized gains and losses: December 31, 2021 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 239,176 $ 1 $ ( 63 ) $ 239,114 U.S. government and agency securities 87,926 — ( 181 ) 87,745 Corporate bonds 141,829 — ( 131 ) 141,698 Total marketable securities 468,931 1 ( 375 ) 468,557 Cash equivalents: Money market funds 57,134 — — 57,134 Commercial paper 52,257 — ( 2 ) 52,255 U.S. government and agency securities — — — — Corporate bonds — — — — Total cash equivalents 109,391 — ( 2 ) 109,389 Total available-for-sale investments $ 578,322 $ 1 $ ( 377 ) $ 577,946 December 31, 2020 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 69,871 $ — $ ( 5 ) $ 69,866 U.S. government and agency securities 266,481 131 ( 5 ) 266,607 Total marketable securities 336,352 131 ( 10 ) 336,473 Cash equivalents: Money market funds 16,696 — — 16,696 Commercial paper 81,800 — ( 3 ) 81,797 U.S. government and agency securities 3,913 — — 3,913 Corporate bonds 3,202 — ( 2 ) 3,200 Total cash equivalents 105,611 — ( 5 ) 105,606 Total available-for-sale investments $ 441,963 $ 131 $ ( 15 ) $ 442,079 |
Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities and Cash Equivalents by Contractual Maturity | The amortized cost and estimated fair value of the Company’s available-for-sale marketable securities and cash equivalents by contractual maturity are summarized below as of December 31, 2021: December 31, 2021 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Mature in one year or less $ 533,859 $ 1 $ ( 224 ) $ 533,636 Mature after one year through two years 44,463 — ( 153 ) 44,310 Total marketable securities $ 578,322 $ 1 $ ( 377 ) $ 577,946 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following: December 31, 2021 2020 (in thousands) Laboratory equipment $ 12,727 $ 9,978 Leasehold improvements 7,245 3,387 Computer equipment and software 2,186 1,578 Furniture and fixtures 69 48 Construction in progress 129 1,981 22,356 16,972 Less: accumulated depreciation and amortization ( 10,812 ) ( 8,070 ) Property and equipment, net $ 11,544 $ 8,902 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: December 31, 2021 2020 (in thousands) Accrued compensation $ 9,852 $ 7,736 Accrued research and development 17,018 10,459 Accrued professional services 540 492 Other 311 97 Total accrued expenses and other current liabilities $ 27,721 $ 18,784 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets, Net | Intangible assets, net consist of the following as of December 31, 2021: Gross value Accumulated Net book Weighted- (in thousands) (in years) In-process research and development - RAS $ 55,800 $ — $ 55,800 n/a Developed technology – tri-complex platform 7,480 ( 3,404 ) 4,076 3.9 Total $ 63,280 $ ( 3,404 ) $ 59,876 Intangible assets, net consist of the following as of December 31, 2020: Gross value Accumulated Net book Weighted- (in thousands) (in years) In-process research and development – RAS $ 55,800 $ — $ 55,800 n/a Developed technology – tri-complex platform 7,480 ( 2,335 ) 5,145 4.8 Total $ 63,280 $ ( 2,335 ) $ 60,945 |
Schedule of Future Amortization Expense | As of December 31, 2021, future amortization expense is as follows: Amount (in thousands) 2022 $ 1,069 2023 1,069 2024 1,069 2025 869 2026 — Total $ 4,076 |
Schedule of Goodwill | Goodwill consists of the following: (in thousands) Balance at December 31, 2020 $ 14,608 Adjustment — Balance at December 31, 2021 $ 14,608 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Balance Sheet Classification of Operating Lease Liabilities | The balance sheet classification of the Company’s operating lease liabilities was as follows: December 31, 2021 (in thousands) Operating lease liabilities: Operating lease liability – current $ 6,214 Operating lease liability – noncurrent 60,419 Total operating lease liabilities 66,633 |
Schedule of Maturities of Operating Lease Liabilities | As of December 31, 2021, the maturities of the Company’s operating lease liabilities were as follows (in thousands): 2022 $ 7,614 2023 6,961 2024 7,100 2025 7,349 2026 7,606 Thereafter 60,422 Total undiscounted lease payments $ 97,052 Less: Imputed interest ( 29,191 ) Less: Tenant improvement allowance ( 1,228 ) Total operating lease liabilities $ 66,633 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders Equity Note [Abstract] | |
Schedule of Common Stock for Future Issuance | The Company has reserved shares of common stock for future issuance as follows: December 31, 2021 2020 Outstanding options to purchase common stock 6,050,938 5,118,979 Unvested restricted stock units of common stock 423,621 85,639 Available for future issuance under the 2020 Incentive Award Plan 6,403,548 4,806,916 Available for issuance under the 2020 Employee Stock Purchase Plan 1,089,728 499,722 Total 13,967,835 10,511,256 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Fair Value of Stock Option Awards Estimated at Date of Grant | The fair value of employee and director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Year Ended December 31, 2021 2020 2019 Expected term (years) 6 6 5 - 6 Expected volatility 70 - 75 % 74 - 80 % 76 - 82 % Risk-free interest rate 0.5 %- 1.3 % 0.2 %- 1.5 % 1.6 %- 2.5 % Dividend yield 0 % 0 % 0 % Consultant stock option awards were measured at fair value at each reporting period using a Black-Scholes option-pricing model with the following assumptions: Year Ended December 31, 2021 2020 2019 Expected term (years) 6 6 - 10 6 - 10 Expected volatility 70 - 75 % 74 - 80 % 79 - 83 % Risk-free interest rate 0.9 %- 1.3 % 1.2 %- 1.5 % 1.6 %- 2.6 % Dividend yield 0 % 0 % 0 % |
Summary of Total Stock-Based Compensation Expense Related to Stock Options, RSUs and Employee Stock Purchase Plan | Total stock-based compensation expense related to stock options, RSUs and the 2020 ESPP by function was as follows: Year Ended December 31, 2021 2020 2019 (in thousands) Research and development $ 11,847 $ 4,848 $ 1,789 General and administrative 8,877 4,038 1,372 Total $ 20,724 $ 8,886 $ 3,161 |
2020 Plan and 2014 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Option Activity Under the Plan | The following summarizes option activity under both the 2020 Plan and the 2014 Plan: Number of Weighted- Weighted- Aggregate (in years) (in thousands) Balance, December 31, 2020 5,118,979 $ 7.37 8.25 $ 165,088 Options granted 1,560,806 38.04 Options exercised ( 388,695 ) 4.06 Options cancelled ( 240,152 ) 22.73 Balance, December 31, 2021 6,050,938 $ 14.88 7.74 $ 83,953 Options vested and expected to vest as of December 31, 2021 6,050,938 $ 14.88 7.74 $ 83,953 Options vested and exercisable as of December 31, 2021 3,064,268 $ 7.98 7.10 $ 56,750 |
2020 Equity Incentive Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of RSUs Activity Under the Plan | Activity under the 2020 Plan with respect to the Company’s RSUs during the year ended December 31, 2021 was as follows: Number of Weighted- Weighted- Aggregate (in years) (in thousands) Balance, December 31, 2020 85,639 $ 35.13 1.73 $ 3,390 Restricted stock units granted 444,547 38.07 Restricted stock units vested ( 78,010 ) 39.56 Restricted stock units forfeited ( 28,555 ) 38.62 Balance, December 31, 2021 423,621 $ 37.16 3.16 $ 10,663 Expected to vest as of December 31, 2021 423,621 $ 37.16 3.16 $ 10,663 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Benefit from Income Taxes to Amount Computed by Applying Federal Statutory Rate to Loss Before Taxes | The benefit from income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows: Year Ended December 31, 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % State income tax rate, net of federal benefit 8.9 9.7 Research tax credits 2.2 3.3 Change in valuation allowance ( 31.4 ) ( 34.3 ) Non-deductible permanent expenses ( 0.5 ) 0.9 Other ( 0.2 ) ( 0.3 ) Benefit from income taxes 0.0 % 0.3 % |
Summary of Categories that Give Rise to Significant Components of Deferred Tax Assets | The categories that give rise to significant components of the deferred tax assets are as follows (in thousands): December 31, 2021 2020 (in thousands) Deferred tax assets: Net operating loss carryforwards $ 123,991 $ 74,137 Accruals and reserves 9,164 8,505 Research and development credits 14,449 10,346 Lease liability 19,979 9,845 Stock-based compensation 3,829 1,241 Other 33 38 Gross deferred tax assets 171,445 104,112 Less: valuation allowance ( 143,474 ) ( 84,680 ) Total deferred tax assets 27,971 19,432 Deferred tax liabilities: Fixed assets and finite-lived intangible assets ( 10,073 ) ( 10,397 ) Indefinite-lived intangible assets ( 7,444 ) ( 7,444 ) Lease asset — ( 766 ) Right-of-use asset ( 17,898 ) ( 8,269 ) Gross deferred tax liabilities ( 35,415 ) ( 26,876 ) Net deferred tax liability $ ( 7,444 ) $ ( 7,444 ) |
Reconciliation of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: December 31, 2021 2020 (in thousands) Beginning balance $ 3,593 $ 2,419 Changes related to tax positions taken in the prior year ( 21 ) ( 41 ) Changes related to tax positions taken in current year 1,571 1,215 Ending balance $ 5,143 $ 3,593 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders: Year ended December 31, 2021 2020 2019 (in thousands, except share and per share data) Numerator: Net loss $ ( 187,091 ) $ ( 108,159 ) $ ( 47,664 ) Redeemable convertible preferred stock dividends- — ( 2,219 ) ( 14,238 ) Net loss attributable to common stockholders $ ( 187,091 ) $ ( 110,378 ) $ ( 61,902 ) Denominator: Weighted-average shares outstanding 72,866,022 55,109,929 3,231,389 Less: Weighted – average unvested restricted shares and ( 59,943 ) ( 235,810 ) ( 458,800 ) Weighted-average shares used to compute net loss per share 72,806,079 54,874,119 2,772,589 Net loss per share attributable to common stockholders – basic $ ( 2.57 ) $ ( 2.01 ) $ ( 22.33 ) |
Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: Year ended December 31, 2021 2020 2019 Redeemable convertible preferred stock — — 39,600,423 Options to purchase common stock 6,050,938 5,118,979 4,918,299 Options early exercised subject to future vesting 30,378 130,793 349,501 Unvested restricted stock units of common stock 423,621 85,639 — Expected shares to be purchased under ESPP 176,131 91,210 — Total 6,681,068 5,426,621 44,868,223 |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||
Nov. 30, 2021 | Feb. 28, 2021 | Jul. 31, 2020 | Feb. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class Of Stock [Line Items] | |||||||
Accumulated deficit | $ 452,636,000 | $ 452,636,000 | $ 265,545,000 | ||||
Common stock, shares, issued | 74,142,619 | 74,142,619 | 66,599,748 | ||||
Net proceeds from issuance | $ 281,145,000 | $ 420,067,000 | |||||
Initial Public Offering | |||||||
Class Of Stock [Line Items] | |||||||
Common stock, shares, issued | 16,100,000 | ||||||
Common stock, price per share | $ 17 | ||||||
Net proceeds from issuance | $ 250,700,000 | ||||||
Underwriting discounts and commissions | 19,200,000 | ||||||
Stock issuance expenses | $ 3,800,000 | ||||||
Initial Public Offering | Common Stock | |||||||
Class Of Stock [Line Items] | |||||||
Shares issued | 16,100,000 | ||||||
Underwriter's Option to Purchase Additional Shares | |||||||
Class Of Stock [Line Items] | |||||||
Common stock, shares, issued | 869,565 | 900,000 | 2,100,000 | ||||
Underwritten Public Offering | |||||||
Class Of Stock [Line Items] | |||||||
Common stock, shares, issued | 6,666,666 | 6,900,000 | |||||
Common stock, price per share | $ 45 | $ 26 | |||||
Net proceeds from issuance | $ 281,300,000 | $ 167,800,000 | |||||
Underwriting discounts and commissions | 18,000,000 | 10,800,000 | |||||
Stock issuance expenses | $ 900,000 | $ 800,000 | |||||
ATM | Common Stock | |||||||
Class Of Stock [Line Items] | |||||||
Net proceeds from issuance | $ 10,100,000 | ||||||
Shares issued | 339,302 | ||||||
Aggregate gross proceeds through equity issuance maximum potential amount | 250,000,000 | ||||||
Commissions and expenses | $ 300,000 | ||||||
Proceeds from issuance of common stock gross | $ 10,400,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | Feb. 07, 2020 | Dec. 31, 2021USD ($)Segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2020USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||||
Reverse stock split | 0.2055 | ||||
Reverse stock split, description | 1-for-4.8661 | ||||
Other-than-temporary impairment | $ 0 | ||||
Restricted cash | 1,737,000 | $ 1,084,000 | |||
Operating lease liability | 66,633,000 | ||||
Operating lease right-of-use asset | 59,692,000 | 27,435,000 | |||
Adjustment to accumulated deficit | (452,636,000) | (265,545,000) | |||
Impairments of long-lived assets | 0 | 0 | $ 0 | ||
Impairment of intangible assets, indefinite-lived | 0 | ||||
Impairment of intangible assets, finite-lived | 0 | ||||
Goodwill impairment | 0 | ||||
Deferred offering costs | $ 500,000 | 0 | |||
Number of operating segment | Segment | 1 | ||||
Number of reportable segment | Segment | 1 | ||||
Retirement plan name description | 401(k) retirement plan | ||||
Retirement plan, matching contributions | $ 900,000 | 200,000 | $ 200,000 | ||
ASU 2016-02 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Operating lease liability | $ 11,500,000 | ||||
Operating lease right-of-use asset | 9,100,000 | ||||
Deferred rent derecognized | 2,400,000 | ||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||||
ASU 2016-13 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Change in accounting principle, accounting standards update, early adoption | true | ||||
Change in accounting principle, accounting standards update, adopted | true | ||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 | ||||
Change in accounting principle, accounting standards update, immaterial effect | true | ||||
ASU 2018-15 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Change in accounting principle, accounting standards update, adopted | true | ||||
Change in accounting principle, accounting standards update, adoption date | Dec. 31, 2021 | ||||
Change in accounting principle, accounting standards update, immaterial effect | true | ||||
ASU 2019-12 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Change in accounting principle, accounting standards update, adopted | true | ||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 | ||||
Change in accounting principle, accounting standards update, immaterial effect | true | ||||
Cumulative Effect Period of Adoption Adjustment | ASU 2016-02 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Adjustment to accumulated deficit | $ 0 | ||||
Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property and equipment, estimated useful lives | 3 years | ||||
Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property and equipment, estimated useful lives | 5 years | ||||
Letter Of Credit | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Restricted cash | $ 1,700,000 | $ 1,100,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 3 years |
Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 5 years |
Laboratory Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 4 years |
Laboratory Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 5 years |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful life, description | Lesser of estimated useful life or remaining lease term |
Computer Equipment and Software | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 3 years |
Furniture and Fixtures | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 5 years |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | $ 577,946 | $ 442,079 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 57,134 | 16,696 |
Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 291,369 | 151,663 |
U.s. Government And Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 87,745 | 270,520 |
Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 141,698 | 3,200 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 57,134 | 16,696 |
Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 57,134 | 16,696 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 520,812 | 425,383 |
Level 2 | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 291,369 | 151,663 |
Level 2 | U.s. Government And Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 87,745 | 270,520 |
Level 2 | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | $ 141,698 | $ 3,200 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Fair value, transfers between Levels 1, 2 or 3, amount | $ 0 | $ 0 |
Available-for-sale Securities -
Available-for-sale Securities - Summary of Estimated Value of Available-for-sale Securities and Cash Equivalents and Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 578,322 | $ 441,963 |
Gross Unrealized Gain | 1 | 131 |
Gross Unrealized Loss | (377) | (15) |
Estimated Fair Value | 577,946 | 442,079 |
Marketable Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 468,931 | 336,352 |
Gross Unrealized Gain | 1 | 131 |
Gross Unrealized Loss | (375) | (10) |
Estimated Fair Value | 468,557 | 336,473 |
Marketable Securities | Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 239,176 | 69,871 |
Gross Unrealized Gain | 1 | |
Gross Unrealized Loss | (63) | (5) |
Estimated Fair Value | 239,114 | 69,866 |
Marketable Securities | U.S. Government and Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 87,926 | 266,481 |
Gross Unrealized Gain | 131 | |
Gross Unrealized Loss | (181) | (5) |
Estimated Fair Value | 87,745 | 266,607 |
Marketable Securities | Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 141,829 | |
Gross Unrealized Loss | (131) | |
Estimated Fair Value | 141,698 | |
Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 109,391 | 105,611 |
Gross Unrealized Loss | (2) | (5) |
Estimated Fair Value | 109,389 | 105,606 |
Cash Equivalents | Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 57,134 | 16,696 |
Gross Unrealized Loss | 0 | |
Estimated Fair Value | 57,134 | 16,696 |
Cash Equivalents | Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 52,257 | 81,800 |
Gross Unrealized Loss | (2) | (3) |
Estimated Fair Value | $ 52,255 | 81,797 |
Cash Equivalents | U.S. Government and Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 3,913 | |
Estimated Fair Value | 3,913 | |
Cash Equivalents | Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 3,202 | |
Gross Unrealized Loss | (2) | |
Estimated Fair Value | $ 3,200 |
Available-for-sale Securities_2
Available-for-sale Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities and Cash Equivalents by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 578,322 | $ 441,963 |
Gross Unrealized Gain | 1 | 131 |
Gross Unrealized Loss | (377) | (15) |
Estimated Fair Value | 577,946 | $ 442,079 |
Mature in One Year or Less | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 533,859 | |
Gross Unrealized Gain | 1 | |
Gross Unrealized Loss | (224) | |
Estimated Fair Value | 533,636 | |
Mature after One Year through Two Years | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 44,463 | |
Gross Unrealized Loss | (153) | |
Estimated Fair Value | $ 44,310 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 22,356 | $ 16,972 |
Less: accumulated depreciation and amortization | (10,812) | (8,070) |
Property and equipment, net | 11,544 | 8,902 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 12,727 | 9,978 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 7,245 | 3,387 |
Computer Equipment and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,186 | 1,578 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 69 | 48 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 129 | $ 1,981 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Depreciation and amortization expense | $ 3.1 | $ 2.6 | $ 2.3 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Accrued compensation | $ 9,852 | $ 7,736 |
Accrued research and development | 17,018 | 10,459 |
Accrued professional services | 540 | 492 |
Other | 311 | 97 |
Total accrued expenses and other current liabilities | $ 27,721 | $ 18,784 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Schedule of Intangibles Assets, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
In-process research and development - RAS Programs | $ 55,800 | $ 55,800 |
Developed technology - tri-complex platform, Gross value | 7,480 | 7,480 |
Developed technology - tri-complex platform, Accumulated amortization | (3,404) | (2,335) |
Developed technology - tri-complex platform, Net book value | $ 4,076 | $ 5,145 |
Developed technology - tri-complex platform, Weighted-average remaining useful life | 3 years 10 months 24 days | 4 years 9 months 18 days |
Intangible assets, Gross value | $ 63,280 | $ 63,280 |
Intangible assets, Net book value | $ 59,876 | $ 60,945 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 1,069,000 | $ 1,068,000 | $ 1,069,000 |
Goodwill impairment | $ 0 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
2022 | $ 1,069 | |
2023 | 1,069 | |
2024 | 1,069 | |
2025 | 869 | |
Developed technology - tri-complex platform, Net book value | $ 4,076 | $ 5,145 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Balance at December 31, 2020 | $ 14,608 |
Adjustment | 0 |
Balance at December 31, 2021 | $ 14,608 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2021USD ($)ft² | Apr. 30, 2020USD ($)ft² | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jan. 01, 2020USD ($) | Oct. 31, 2018ft² | Jan. 31, 2015ft² | |
Lessee Lease Description [Line Items] | |||||||
Operating lease right-of-use asset | $ 59,692 | $ 27,435 | |||||
Operating lease liability | 66,633 | ||||||
Increase in operating lease liability | (1,468) | (2,565) | |||||
Operating lease cost | 3,400 | 2,700 | |||||
Sublease income | 2,100 | 1,900 | |||||
Tenant improvement allowance credits | 200 | 200 | |||||
Operating cash flows for operating leases | $ 1,500 | $ 2,600 | |||||
Operating lease, weighted average discount rate | 6.10% | ||||||
Operating lease, weighted average remaining lease term | 11 years 7 months 6 days | 9 years 1 month 6 days | |||||
ASC 842 | |||||||
Lessee Lease Description [Line Items] | |||||||
Operating lease right-of-use asset | $ 9,100 | ||||||
Operating lease liability | $ 11,500 | ||||||
Redwood City Lease | Restricted Cash | |||||||
Lessee Lease Description [Line Items] | |||||||
Letter of credit | $ 1,500 | $ 900 | |||||
Redwood City Lease | The 700 Building | |||||||
Lessee Lease Description [Line Items] | |||||||
Lessee operating lease expiration month and year | 2023-04 | ||||||
Area of space leased | ft² | 42,000 | ||||||
Tenant improvement allowance | $ 3,400 | ||||||
Redwood City Lease | The 700 Building | ASC 842 | |||||||
Lessee Lease Description [Line Items] | |||||||
Increase in operating lease right-of-use asset | $ 14,800 | ||||||
Increase in operating lease liability | $ 14,800 | ||||||
Redwood City Lease | The 300 Building | |||||||
Lessee Lease Description [Line Items] | |||||||
Lessee operating lease expiration month and year | 2030-12 | ||||||
Area of space leased | ft² | 19,000 | ||||||
Tenant improvement allowance | $ 4,600 | ||||||
Redwood City Lease | The 300 Building | ASC 842 | |||||||
Lessee Lease Description [Line Items] | |||||||
Operating lease right-of-use asset | $ 6,400 | ||||||
Operating lease liability | $ 9,000 | ||||||
Redwood City Lease | The 800 Building | |||||||
Lessee Lease Description [Line Items] | |||||||
Lessee operating lease expiration month and year | 2033-11 | ||||||
Area of space leased | ft² | 41,000 | ||||||
Lessee, operating lease, option to extend | The Company has the option to extend the lease for an additional ten years after November 30, 2033. | ||||||
Lessee, operating lease option to extend lease term | 10 years | ||||||
Redwood City Lease | The 800 Building | ASC 842 | |||||||
Lessee Lease Description [Line Items] | |||||||
Operating lease right-of-use asset | $ 26,800 | ||||||
Operating lease liability | 26,800 | ||||||
Redwood City Lease | The 700 Building and 300 Building | ASC 842 | |||||||
Lessee Lease Description [Line Items] | |||||||
Increase in operating lease right-of-use asset | 8,600 | ||||||
Increase in operating lease liability | $ 8,600 | ||||||
Cambridge, Massachusetts | |||||||
Lessee Lease Description [Line Items] | |||||||
Lessee operating lease expiration month and year | 2023-02 | ||||||
Area of space leased | ft² | 22,000 | ||||||
Lessee, operating lease, option to extend | option to extend the term through February 2028 | ||||||
Cambridge, Massachusetts | Restricted Cash | |||||||
Lessee Lease Description [Line Items] | |||||||
Letter of credit | $ 200 | $ 200 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Balance Sheet Classification of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments And Contingencies Disclosure [Abstract] | ||
Operating lease liability – current | $ 6,214 | $ 3,672 |
Operating lease liability – noncurrent | 60,419 | $ 28,992 |
Total operating lease liabilities | $ 66,633 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2022 | $ 7,614 |
2023 | 6,961 |
2024 | 7,100 |
2025 | 7,349 |
2026 | 7,606 |
Thereafter | 60,422 |
Total undiscounted lease payments | 97,052 |
Less: Imputed interest | (29,191) |
Less: Tenant improvement allowance | (1,228) |
Total operating lease liabilities | $ 66,633 |
Sanofi Collaboration Agreement
Sanofi Collaboration Agreement - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2018 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Deferred revenue, current | $ 12,358 | $ 12,111 | ||
Deferred revenue, noncurrent | 6,573 | $ 8,481 | ||
Sanofi Agreement | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Upfront cash payment received | $ 50,000 | $ 50,000 | ||
Maximum development and regulatory milestone payments to be received | 520,000 | |||
Maximum milestone payments receivable upon achievement of specified development milestones | 235,000 | |||
Maximum milestone payments receivable upon achievement of certain marketing approval milestones | $ 285,000 | |||
Percentage of reimbursement of internal and external research costs and expenses under research plan | 50.00% | 80.00% | 80.00% | |
Percentage of other internal and external costs and expenses incurred under research and development plans | 50.00% | 20.00% | 20.00% | |
Transaction price | $ 190,400 | |||
Estimated variable consideration for expense reimbursements upon research and development services | 140,400 | |||
Reduction in Collaboration Revenue | 8,500 | |||
Collaboration revenue recognized | $ 29,400 | $ 43,000 | $ 50,000 | |
Deferred revenue, current | 12,100 | |||
Deferred revenue, noncurrent | $ 8,500 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 4 Months Ended | 12 Months Ended | 30 Months Ended | ||||
Nov. 30, 2018 | Oct. 31, 2018 | Jul. 31, 2019 | Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2017 | Dec. 31, 2021 | Feb. 29, 2020 | |
Temporary Equity [Line Items] | |||||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | $ 100,028 | ||||||||
Temporary equity, shares outstanding | 0 | 0 | |||||||
Common Stock | |||||||||
Temporary Equity [Line Items] | |||||||||
Conversion of shares | 39,600,423 | ||||||||
Initial Public Offering | |||||||||
Temporary Equity [Line Items] | |||||||||
Temporary equity, shares outstanding | 39,600,423 | ||||||||
Series A Redeemable Convertible Preferred Stock | |||||||||
Temporary Equity [Line Items] | |||||||||
Redeemable convertible preferred stock, shares issued | 14,430,799 | ||||||||
Redeemable convertible preferred stock, issued price per share | $ 4.87 | ||||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | $ 70,100 | ||||||||
Series B Redeemable Convertible Preferred Stock | |||||||||
Temporary Equity [Line Items] | |||||||||
Redeemable convertible preferred stock, shares issued | 435,547 | 7,731,155 | |||||||
Redeemable convertible preferred stock, issued price per share | $ 10.03 | $ 7.30 | |||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | $ 4,300 | $ 56,200 | |||||||
Series B Redeemable Convertible Preferred Stock | Warp Drive | |||||||||
Temporary Equity [Line Items] | |||||||||
Redeemable convertible preferred stock, shares issued | 6,797,915 | ||||||||
Convertible notes payable | $ 2,000 | ||||||||
Conversion of shares | 200,493 | ||||||||
Series C Redeemable Convertible Preferred Stock | |||||||||
Temporary Equity [Line Items] | |||||||||
Redeemable convertible preferred stock, shares issued | 10,004,514 | ||||||||
Redeemable convertible preferred stock, issued price per share | $ 10.03 | ||||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | $ 100,000 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)Vote$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Stockholders Equity Note [Abstract] | ||
Common stock, shares authorized | shares | 300,000,000 | 300,000,000 |
Common stock, par or stated value per share | $ / shares | $ 0.0001 | $ 0.0001 |
Common stock, voting rights | Each share of common stock is entitled to one vote | |
Number of voting rights per common share | Vote | 1 | |
Common stock, dividends declared | $ | $ 0 |
Common Stock - Schedule of Comm
Common Stock - Schedule of Common Stock for Future Issuance (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance, Total | 13,967,835 | 10,511,256 |
Outstanding Options to Purchase Common Stock | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance, Total | 6,050,938 | 5,118,979 |
Unvested Restricted Stock Units Of Common Stock | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance, Total | 423,621 | 85,639 |
Available for Future Issuance under the 2020 Incentive Award Plan | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance, Total | 6,403,548 | 4,806,916 |
Available for issuance under the 2020 Employee Stock Purchase Plan | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance, Total | 1,089,728 | 499,722 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 29, 2020 | Dec. 31, 2014 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for future issuance, Total | 13,967,835 | 10,511,256 | |||
Shares subject to repurchase | 30,378 | 130,793 | |||
Exercise price of early exercised shares | $ 100 | $ 200 | |||
Intrinsic value of the options exercised | $ 13,100 | $ 21,700 | $ 400 | ||
Weighted-average grant-date fair value of options granted | $ 25.13 | $ 15.59 | $ 4.43 | ||
Unrecognized stock-based compensation expense related to unvested stock options | $ 41,400 | ||||
Unrecognized stock-based compensation expense, weighted-average period of recognition | 2 years 3 months 18 days | ||||
Stock-based compensation expense | $ 20,724 | $ 8,886 | $ 3,161 | ||
Consultant | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 700 | 800 | 700 | ||
Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation expense, weighted-average period of recognition | 3 years 2 months 12 days | ||||
Unrecognized compensation cost | $ 14,700 | ||||
RSU vested, fair value | $ 3,100 | $ 100 | $ 0 | ||
2020 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
Common stock reserved for future issuance, Total | 6,403,548 | ||||
2014 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
2020 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for future issuance, Total | 1,089,728 | ||||
Purchase price rate | 85.00% | ||||
Unrecognized compensation cost related to ESPP | $ 1,900 | ||||
2020 Employee Stock Purchase Plan | Common Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares purchases | 105,228 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Option Activity Under the Plan (Details) - 2020 Plan and 2014 Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares underlying options, Beginning balance | 5,118,979 | |
Number of Shares underlying options, Options granted | 1,560,806 | |
Number of Shares underlying options, Options exercised | (388,695) | |
Number of Shares underlying options, Options cancelled | (240,152) | |
Number of Shares underlying options, Ending balance | 6,050,938 | 5,118,979 |
Number of Shares underlying options, Options vested and expected to vest | 6,050,938 | |
Number of Shares underlying options, Options vested and exercisable | 3,064,268 | |
Weighted-average exercise price, Beginning balance | $ 7.37 | |
Weighted-average exercise price, Options granted | 38.04 | |
Weighted-average exercise price, Options exercised | 4.06 | |
Weighted-average exercise price, Options cancelled | 22.73 | |
Weighted-average exercise price, Ending balance | 14.88 | $ 7.37 |
Weighted-average exercise price, Options vested and expected to vest | 14.88 | |
Weighted-average exercise price, Options vested and exercisable | $ 7.98 | |
Weighted-average remaining contractual term (in years) | 7 years 8 months 26 days | 8 years 3 months |
Weighted-average remaining contractual term, Options vested and expected to vest | 7 years 8 months 26 days | |
Weighted-average remaining contractual term, Options vested and exercisable | 7 years 1 month 6 days | |
Aggregate intrinsic value | $ 83,953 | $ 165,088 |
Aggregate intrinsic value, Options vested and expected to vest | 83,953 | |
Aggregate intrinsic value, Options vested and exercisable | $ 56,750 |
Summary of Fair Value of Stock
Summary of Fair Value of Stock Option Awards Estimated at Date of Grant (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee And Director | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 years | 6 years | |
Expected volatility, minimum | 70.00% | 74.00% | 76.00% |
Expected volatility, maximum | 75.00% | 80.00% | 82.00% |
Risk-free interest rate, minimum | 0.50% | 0.20% | 1.60% |
Risk-free interest rate, maximum | 1.30% | 1.50% | 2.50% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Employee And Director | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 5 years | ||
Employee And Director | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 years | ||
Consultant | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 years | ||
Expected volatility, minimum | 70.00% | 74.00% | 79.00% |
Expected volatility, maximum | 75.00% | 80.00% | 83.00% |
Risk-free interest rate, minimum | 0.90% | 1.20% | 1.60% |
Risk-free interest rate, maximum | 1.30% | 1.50% | 2.60% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Consultant | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 years | 6 years | |
Consultant | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 10 years | 10 years |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of RSUs Activity Under the Plan (Details) - 2020 Equity Incentive Plan - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 85,639 | |
Number of Shares, Restricted stock units granted | 444,547 | |
Number of Shares, Restricted stock units vested | (78,010) | |
Number of Shares, Restricted stock units forfeited | (28,555) | |
Number of Shares, Ending balance | 423,621 | 85,639 |
Number of Shares, Expected to vest | 423,621 | |
Weighted-average grant date fair value per share, Beginning balance | $ 35.13 | |
Weighted-average grant date fair value per share, Restricted stock units granted | 38.07 | |
Weighted-average grant date fair value per share, Restricted stock units vested | 39.56 | |
Weighted-average grant date fair value per share, Restricted stock units forfeited | 38.62 | |
Weighted-average grant date fair value per share, Ending balance | 37.16 | $ 35.13 |
Weighted-average grant date fair value per share, Expected to vest | $ 37.16 | |
Weighted-average remaining contractual term (in years) | 3 years 1 month 28 days | 1 year 8 months 23 days |
Weighted-average remaining contractual term, Expected to vest | 3 years 1 month 28 days | |
Aggregate intrinsic value | $ 10,663 | $ 3,390 |
Aggregate intrinsic value, Expected to vest | $ 10,663 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense Related to Stock Options, RSUs and Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 20,724 | $ 8,886 | $ 3,161 |
Research and Development | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 11,847 | 4,848 | 1,789 |
General and Administrative | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 8,877 | $ 4,038 | $ 1,372 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Benefit from income taxes | $ 0 | $ 371,000 | $ 4,373,000 |
Increase in valuation allowance | $ 58,800,000 | 37,300,000 | |
Tax cut and jobs act net operating loss deduction limitation percentage | 80.00% | ||
Research and development credit carryforwards | $ 14,449,000 | 10,346,000 | |
Net operating losses, limitations on use | Federal, California, Massachusetts and New Jersey tax laws impose significant restrictions on the utilization of net operating loss carryforwards in the event of a change in ownership of the Company, as defined by Internal Revenue Code Section 382 (Section 382). The Company performed a study in which it determined that it had experienced changes in ownership in December 2014, June 2018, and March 2020 as defined by Section 382. No federal or state net operating losses are expected to expire unutilized as a result of the limitation, with the exception of $5.5 million in California net operating losses. In addition, in the future the Company may experience ownership changes, which may limit the utilization of net operating loss carryforwards or other tax attributes. | ||
Unrecognized tax benefits that would affect effective tax rate if recognized | $ 4,700,000 | 3,300,000 | |
Interest or penalties related to uncertain tax positions | $ 0 | $ 0 | |
Years remain open to examination | 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | ||
Massachusetts | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards subject to expire | $ 69,300,000 | ||
Net operating loss carryforwards expiration beginning year | 2035 | ||
New Jersey | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards subject to expire | $ 317,800,000 | ||
Net operating loss carryforwards expiration beginning year | 2039 | ||
Federal | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards subject to expire | $ 432,100,000 | ||
Net operating loss carryforwards expiration beginning year | 2035 | ||
Net operating loss carryforwards which can be carried forward indefinitely | $ 338,400,000 | ||
Research and development credit carryforwards | $ 13,000,000 | ||
Research and development credit carryforwards expiration starting year | 2034 | ||
California State | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards subject to expire | $ 52,400,000 | ||
Net operating loss carryforwards expiration beginning year | 2035 | ||
Research and development credit carryforwards | $ 7,900,000 | ||
Research and development credit carryforwards expiration starting year | 2031 | ||
Research and development credit carryforwards which can be carried forward indefinitely | $ 7,100,000 | ||
Net operating losses expected to expire unutilized as a result of the limitation | $ 5,500,000 |
Income Taxes - Summary of Benef
Income Taxes - Summary of Benefit from Income Taxes to Amount Computed by Applying Federal Statutory Rate to Loss Before Taxes (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | ||
Federal statutory income tax rate | 21.00% | 21.00% |
State income tax rate, net of federal benefit | 8.90% | 9.70% |
Research tax credits | 2.20% | 3.30% |
Change in valuation allowance | (31.40%) | (34.30%) |
Non-deductible permanent expenses | (0.50%) | 0.90% |
Other | (0.20%) | (0.30%) |
Benefit from income taxes | 0.00% | 0.30% |
Income Taxes - Summary of Categ
Income Taxes - Summary of Categories that Give Rise to Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 123,991 | $ 74,137 |
Accruals and reserves | 9,164 | 8,505 |
Research and development credits | 14,449 | 10,346 |
Lease liability | 19,979 | 9,845 |
Stock-based compensation | 3,829 | 1,241 |
Other | 33 | 38 |
Gross deferred tax assets | 171,445 | 104,112 |
Less: valuation allowance | (143,474) | (84,680) |
Total deferred tax assets | 27,971 | 19,432 |
Deferred tax liabilities: | ||
Fixed assets and finite-lived intangible assets | (10,073) | (10,397) |
Indefinite-lived intangible assets | (7,444) | (7,444) |
Lease asset | (766) | |
Right-of-use asset | (17,898) | (8,269) |
Gross deferred tax liabilities | (35,415) | (26,876) |
Net deferred tax liability | $ (7,444) | $ (7,444) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 3,593 | $ 2,419 |
Changes related to tax positions taken in the prior year | (21) | (41) |
Changes related to tax positions taken in current year | 1,571 | 1,215 |
Ending balance | $ 5,143 | $ 3,593 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net loss | $ (187,091) | $ (108,159) | $ (47,664) |
Redeemable convertible preferred stock dividends - undeclared and cumulative | (2,219) | (14,238) | |
Net loss attributable to common stockholders | $ (187,091) | $ (110,378) | $ (61,902) |
Denominator: | |||
Weighted-average shares outstanding | 72,866,022 | 55,109,929 | 3,231,389 |
Less: Weighted-average unvested restricted shares and shares subject to repurchase | (59,943) | (235,810) | (458,800) |
Weighted-average shares used to compute net loss per share attributable to common stockholders-basic and diluted | 72,806,079 | 54,874,119 | 2,772,589 |
Net loss per share attributable to common stockholders - basic and diluted | $ (2.57) | $ (2.01) | $ (22.33) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive shares | 6,681,068 | 5,426,621 | 44,868,223 |
Redeemable Convertible Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive shares | 39,600,423 | ||
Option to Purchase Common Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive shares | 6,050,938 | 5,118,979 | 4,918,299 |
Options Early Exercised Subject to Future Vesting | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive shares | 30,378 | 130,793 | 349,501 |
Unvested Restricted Stock Units Of Common Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive shares | 423,621 | 85,639 | |
Expected Shares To Be Purchased Under ESPP | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive shares | 176,131 | 91,210 |