Cover Page
Cover Page - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Mar. 29, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | FY | |
Document Annual Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Registrant Name | Checkmate Pharmaceuticals, Inc. | |
Entity Central Index Key | 0001651431 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, State or Province | DE | |
Entity Address, Country | MA | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CMPI | |
Security Exchange Name | NASDAQ | |
Entity Public Float | $ 314,566,207 | |
Entity Common Stock, Shares Outstanding | 21,618,395 | |
ICFR Auditor Attestation Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 43,055 | $ 4,185 |
Restricted cash | 20 | 20 |
Short-term investments | 51,831 | |
Prepaid expenses and other current assets | 7,195 | 921 |
Total current assets | 102,101 | 5,126 |
Investments, non-current | 30,973 | |
Total assets | 133,074 | 5,126 |
Current Liabilities: | ||
Accounts payable | 2,297 | 2,234 |
Accrued expenses | 5,578 | 3,100 |
Series B preferred stock tranche right liability | 300 | |
Total current liabilities | 7,875 | 5,634 |
Total liabilities | 7,875 | 5,634 |
Commitments and Contingencies (Note 13) | ||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 96,928 | |
Stockholders' Equity (Deficit): | ||
Preferred stock, $0.0001 par value, 10,000,000 and 0 shares authorized as of December 31, 2020 and 2019, respectively; no shares outstanding as of December 31, 2020 and 2019 | 0 | 0 |
Common stock, $0.0001 par value; 300,000,000 and 76,000,000 shares authorized as of December 31, 2020 and 2019, respectively; 21,560,398 and 1,488,489 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 2 | 1 |
Additional paid-in capital | 265,342 | |
Accumulated other comprehensive gain (loss) | (74) | |
Accumulated deficit | (140,071) | (97,437) |
Total stockholders' equity (deficit) | 125,199 | (97,436) |
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | 133,074 | 5,126 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Current Liabilities: | ||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 0 | 32,482 |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Current Liabilities: | ||
Series B preferred stock tranche right liability | 300 | 700 |
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ 0 | $ 64,446 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Temporary equity number of shares issued | 51,283,386 | |
Temporary equity number of shares outstanding | 51,283,386 | |
Common stock par value per share | $ 0.0001 | $ 0.0001 |
Common stock number of shares authorised | 300,000,000 | 76,000,000 |
Common stock number of shares issued | 21,560,398 | 1,488,489 |
Common stock number of shares outstanding | 21,560,398 | 1,488,489 |
Preferred stock par value per share | $ 0.0001 | $ 0.0001 |
Preferred stock number of shares authorised | 10,000,000 | 0 |
Preferred stock number of shares outstanding | 0 | 0 |
Series A Redeemable Convertible Preferred Stock [Member] | ||
Temporary equity par value per share | $ 0.0001 | $ 0.0001 |
Temporary equity number of shares authorised | 0 | 25,000,000 |
Temporary equity number of shares issued | 0 | 25,000,000 |
Temporary equity number of shares outstanding | 0 | 25,000,000 |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Temporary equity par value per share | $ 0.0001 | $ 0.0001 |
Temporary equity number of shares authorised | 0 | 29,972,284 |
Temporary equity number of shares issued | 0 | 26,283,386 |
Temporary equity number of shares outstanding | 0 | 26,283,386 |
Consolidated Statements of Oper
Consolidated Statements of Operations And Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating expenses: | ||
Research and development | $ 26,719 | $ 24,254 |
General and administrative | 10,185 | 4,635 |
Total operating expenses | 36,904 | 28,889 |
Loss from operations | (36,904) | (28,889) |
Other income (expense): | ||
Interest income | 79 | 197 |
Change in fair value of Series B preferred stock tranche right liability | 400 | |
Change in fair value of convertible notes | (83) | |
Total other income (expense) | (4) | 597 |
Net loss | (36,908) | (28,292) |
Net loss | (36,908) | (28,292) |
Accretion of Series B preferred stock tranche right liability | (700) | |
Accretion of issuance costs on redeemable convertible preferred stock | (461) | (97) |
Accrued dividends on redeemable convertible preferred stock | (5,536) | (5,955) |
Net loss attributable to common stockholders | $ (42,905) | $ (35,044) |
Weighted-average common shares outstanding—basic and diluted | 9,559,898 | 1,450,501 |
Net loss per share attributable to common stockholders—basic and diluted | $ (4.49) | $ (24.16) |
Comprehensive loss: | ||
Net loss | $ (36,908) | $ (28,292) |
Unrealized loss on available-for-sale investments | (74) | |
Comprehensive loss | $ (36,982) | $ (28,292) |
Consolidated Statements of Rede
Consolidated Statements of Redeemable Convertible Preferred Stock And Stockholders' (Deficit) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Gain/(Loss) [Member] | Series A Redeemable Convertible Preferred Stock [Member] | Series A Redeemable Convertible Preferred Stock [Member]Preferred Stock [Member] | Series B Redeemable Convertible Preferred Stock [Member] | Series B Redeemable Convertible Preferred Stock [Member]Preferred Stock [Member] | Series C Redeemable Convertible Preferred Stock [Member]Preferred Stock [Member] |
Beginning balance at Dec. 31, 2018 | $ 30,482 | $ 41,491 | ||||||||
Beginning balance, shares at Dec. 31, 2018 | 25,000,000 | 17,522,259 | ||||||||
Beginning balance at Dec. 31, 2018 | $ (62,801) | $ 1 | $ (62,802) | |||||||
Beginning balance, shares at Dec. 31, 2018 | 1,394,961 | |||||||||
Issuance of series redeemable convertible preferred, shares | 8,761,127 | |||||||||
Issuance of series redeemable convertible preferred | $ 18,203 | |||||||||
Accretion of issuance costs related to redeemable convertible preferred stock | (97) | (97) | 97 | |||||||
Accretion of Series B preferred stock tranche right liability | (700) | (700) | $ 700 | |||||||
Exercise of stock options | 74 | $ 74 | ||||||||
Exercise of stock options, shares | 77,876 | |||||||||
Vesting of restricted stock awards | 335 | 335 | ||||||||
Vesting of restricted stock awards, shares | 15,652 | |||||||||
Accrued dividends on redeemable convertible preferred stock | (5,955) | (409) | (5,546) | $ 2,000 | 3,955 | |||||
Net loss | (28,292) | (28,292) | ||||||||
Ending balance at Dec. 31, 2019 | $ 96,928 | $ 32,482 | $ 32,482 | $ 64,446 | $ 64,446 | |||||
Ending balance, shares at Dec. 31, 2019 | 51,283,386 | 25,000,000 | 25,000,000 | 26,283,386 | 26,283,386 | |||||
Ending balance at Dec. 31, 2019 | $ (97,436) | $ 1 | (97,437) | |||||||
Ending balance, shares at Dec. 31, 2019 | 1,488,489 | |||||||||
Issuance of series redeemable convertible preferred, shares | 3,688,898 | 46,828,167 | ||||||||
Issuance of series redeemable convertible preferred | $ 7,973 | $ 74,566 | ||||||||
Conversion of convertible loan notes into redeemable preferred stock | $ 10,083 | |||||||||
Conversion of convertible loan notes into redeemable preferred stock, shares | 6,295,756 | |||||||||
Accretion of issuance costs related to redeemable convertible preferred stock | (461) | (461) | $ 27 | $ 434 | ||||||
Conversion of redeemable convertible preferred stock to common stock,shares | 14,948,241 | (25,000,000) | (29,972,284) | (53,123,923) | ||||||
Conversion of redeemable convertible preferred stock to common stock,value | 195,847 | $ 1 | 195,846 | $ (33,704) | $ (75,898) | $ (86,245) | ||||
Exercise of stock options | $ 20 | 20 | ||||||||
Exercise of stock options, shares | 13,807 | 13,807 | ||||||||
Exercise of series B preferred stock tranche right | $ 300 | 300 | ||||||||
Stock-based compensation expense | 2,035 | 2,035 | ||||||||
Accrued dividends on redeemable convertible preferred stock | (5,536) | (271) | (5,265) | 1,222 | 3,152 | 1,162 | ||||
Issuance of common shares upon initial public offering net of issuance cost,shares | 5,109,861 | |||||||||
Issuance of common shares upon initial public offering net of issuance cost,value | 67,712 | 67,712 | ||||||||
Unrealized loss on available-for-sale investments | (74) | $ (74) | ||||||||
Net loss | (36,908) | (36,908) | ||||||||
Ending balance at Dec. 31, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Ending balance, shares at Dec. 31, 2020 | 0 | 0 | 0 | 0 | 0 | |||||
Ending balance at Dec. 31, 2020 | $ 125,199 | $ 2 | $ 265,342 | $ (140,071) | $ (74) | |||||
Ending balance, shares at Dec. 31, 2020 | 21,560,398 |
Consolidated Statements of Re_2
Consolidated Statements of Redeemable Convertible Preferred Stock And Stockholders' (Deficit) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
IPO [Member] | ||
Cash paid for redeemable convertible preferred stock issuance | $ 3,571 | |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Shares Issued, Price Per Share | $ 2.1687 | $ 2.1687 |
Cash paid for redeemable convertible preferred stock issuance | $ 27 | $ 97 |
Series C Redeemable Convertible Preferred Stock [Member] | ||
Shares Issued, Price Per Share | $ 1.6016 | |
Cash paid for redeemable convertible preferred stock issuance | $ 435 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (36,908) | $ (28,292) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock based compensation | 2,035 | 335 |
Amortization/accretion of investments | 188 | |
Change in fair value of Series B preferred stock tranche right liability | (400) | |
Change in fair value of convertible notes | 83 | |
Change in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (6,049) | (506) |
Accounts payable | 63 | 606 |
Accrued expenses | 2,477 | 1,406 |
Net cash used in operating activities | (38,111) | (26,851) |
Cash flows from investing activities | ||
Purchases of investments | (83,290) | |
Net cash used in investing activities | (83,290) | |
Cash flows from financing activities | ||
Proceeds from stock option exercises | 20 | 74 |
Proceeds from issuance of convertible preferred stock, net | 82,539 | 18,903 |
Proceeds from initial public offering of common stock, net | 67,712 | |
Proceeds from issuance of convertible notes | 10,000 | |
Net cash provided by financing activities | 160,271 | 18,977 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 38,870 | (7,874) |
Cash, cash equivalents and restricted cash at beginning of period | 4,205 | 12,079 |
Cash, cash equivalents and restricted cash at end of period | 43,075 | 4,205 |
Supplemental disclosure of non-cash financing activities: | ||
Accretion of issuance costs related to redeemable convertible preferred stock | 461 | 97 |
Accretion of Series B preferred stock tranche right liability | 700 | |
Exercise of Series B preferred stock tranche right | 300 | |
Accrued dividends on redeemable convertible preferred stock | 5,536 | $ 5,955 |
Conversion of redeemable convertible preferred stock into common stock | 195,847 | |
Series C Redeemable Convertible Preferred Stock [Member] | ||
Supplemental disclosure of non-cash financing activities: | ||
Conversion of convertible notes into series C preferred stock | $ 10,083 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | 1 – N ATURE OF USINESS Nature of Business Checkmate Pharmaceuticals, Inc. (“Checkmate” or the “Company”), headquartered in Cambridge, Massachusetts, is a clinical stage biotechnology company incorporated under the laws of the State of Delaware in July 2015 that is focused on developing and commercializing its proprietary technology to harness the power of the immune system to combat cancer. Since its inception, the Company has devoted substantially all of its efforts to the research and development activities, including recruiting management and technical staff, raising capital, producing materials for non-clinical Initial Public Offering On August 11, 2020, the Company completed an initial public offering of its common stock, at which time the Company issued and sold 5,000,000 shares of its common stock, at a price to the public of $15.00 per share. On September 3, 2020, the underwriters of the initial public offering exercised a portion of their overallotment option by purchasing an additional 109,861 shares from the Company at the initial public offering price. The Company received approximately $67.7 million in net proceeds, inclusive of the over-allotment exercise and after deducting underwriting discounts and commissions and other offering expenses payable by the Company. In connection with the closing of the initial public offering, all outstanding shares of the Company’s redeemable convertible preferred stock were converted into 14,948,241 shares of the Company’s common stock. On July 31, 2020, the Company effected a one-for-7.4771 Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, the outcome of clinical trials, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, ability to secure additional capital to fund operations, and risks associated with the COVID-19 The Company may seek additional funding through private or public equity financings, debt financings, collaborations, strategic alliances and marketing, distribution or licensing agreements. If the Company is unable to obtain additional funding, the Company may be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. The Company expects its cash, cash equivalents and investments of $125.9 million as of December 31, 2020 will be sufficient to fund its operating expenses and capital requirements for at least 12 months beyond the date of issuance of these consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2 – S UMMARY OF IGNIFICANT CCOUNTING OLICIES Basis of Presentation and Principles of Consolidation The accompanying financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its wholly owned subsidiary Checkmate Pharmaceuticals Security Corporation. Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases estimates and assumptions on historical experience when available and on various factors that management believes to be reasonable under the circumstances. Significant estimates relied upon in preparing the accompanying financial statements include, but are not limited to the fair value of common stock used in the determination of stock-based compensation expense before the Company’s initial public offering of common stock, the valuation of derivative liabilities, the fair value of convertible notes and the accrual of research and development expenses. The Company assesses these estimates on an ongoing basis; however, actual results could differ materially from those estimates. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. The impact of changes in estimates are recorded in the period in which they become known. Segment Information The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. As of December 31, 2020 and 2019, all of the Company’s long-lived assets were domiciled in the United States. Cash Equivalents The Company considers all highly liquid investments purchased with remaining maturities of three months or less on the purchase date to be cash equivalents. The Company’s cash equivalents at December 31, 2020 and 2019 were $8.8 million and $4.0 million, respectively comprised primarily of money market funds. Restricted Cash As of December 31, 2020 and 2019, the Company maintained a restricted cash balance of $20,000 relating to a corporate credit card account in a money market account. Investments The Company invests excess cash balances in commercial paper and corporate debt securities. The Company considers investments in commercial paper and corporate debt securities with an original maturity when purchased of greater than three months as available-for-sale. available-for-sale The Company classifies available-for-sale non-current non-current non-current Redeemable Convertible Preferred Stock The Company issued Series A redeemable convertible preferred stock (“Series A”), Series B redeemable convertible preferred stock (“Series B”) and Series C redeemable convertible preferred stock (“Series C”) under their respective stock purchase agreements. Series A, Series B and Series C are hereinafter individually and collectively referred to as “preferred stock”. Series A, Series B and Series C preferred stock were classified as temporary equity and were initially recorded at their original issuance price, net of issuance costs, initial tranche right liability and the intrinsic value of beneficial conversion feature, if any. The Company recognized changes in the redemption value of preferred stock as they occurred and accreted the carrying amount of preferred stock to its redemption value at the end of each reporting period. These increases were recorded as charges against retained earnings, if any, and then to additional paid-in paid-in A beneficial conversion feature arises when the fair value of the Company’s common stock on the commitment date is greater than the effective preferred stock conversion price. A beneficial conversion feature is recorded at its intrinsic value as a component of additional paid-in Preferred Stock Tranche Right Liability The Company classifies preferred stock tranche rights as a liability on its balance sheet as each preferred stock tranche right is a freestanding financial instrument that may require the Company to transfer assets upon the achievement of specified milestone events. The Company records a preferred stock tranche right liability initially at fair value upon the date of issuance of a preferred stock tranche right and subsequently remeasures to fair value at each reporting date. Changes in the fair value of a preferred stock tranche right liability were recognized as a component of other income (expense) in the consolidated statements of operations and comprehensive loss. Changes in the fair value of a preferred stock tranche right liability were recognized until the respective preferred stock tranche right was settled upon achievement of the specified milestone event on January 14, 2020. Fair Value Measurements Certain assets and liabilities of the Company are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) 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. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s Series B preferred stock tranche right liability was carried at fair value, determined according to Level 3 inputs in the fair value hierarchy described above. Cash, cash equivalents, restricted cash and investments are reported at fair value based on Level 1 and Level 2 inputs (Note 3). Other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. There were no transfers among the fair value hierarchy during the years ended December 31, 2020 and 2019. Fair Value Option As permitted under ASC 825, Financial Instruments (“ASC 825”), the Company elected the fair value option to account for its convertible notes. In accordance with ASC 825, the Company recorded these convertible notes at fair value with changes in fair value recorded as a component of other income (expense) in the consolidated statements of operations and comprehensive loss. As a result of applying the fair value option, direct costs and fees related to the convertible notes were expensed as incurred and were not deferred. The Company concluded that it was appropriate to apply the fair value option to the convertible notes because there were no non-contingent beneficial Foreign Currency Transaction Gains or Losses Transactions denominated in foreign currencies, which are primarily contract manufacturing services, are recorded in U.S. dollars on the date of those transactions. Adjustments arising from foreign currency transactions between the purchase and the settlement dates are reflected in the consolidated statements of operations and comprehensive loss as a component of operating expenses. The Company realized net foreign currency transaction gains of $0.1 million in each of the years ended December 31, 2019 and 2020. Concentrations of Credit Risk and of Significant Suppliers The Company has no significant off-balance The Company is dependent on third-party manufacturers to supply the drug substance and drug product for its research and development activities. These activities could be adversely affected by a significant interruption in the supply of such drug substance and drug product. Net Loss per Share Attributable to Common Stockholders The Company follows the two-class two-class Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period without consideration for potentially dilutive securities. Net loss attributable to common stockholders is allocated to each share on an as-converted The Company computes diluted net loss per common share after giving consideration to all potentially dilutive common equivalents, including preferred stock, common stock options, and unvested restricted stock awards outstanding during the period except where the effect of such non-participating Research and Development Research and development costs are expensed in the period incurred. Research and development costs include payroll and personnel expense; consulting costs; external contract research and development costs; raw materials; drug product manufacturing costs; and allocated overhead such as depreciation and amortization, rent and utilities. Advance payments for goods and services to be used in future research and development activities are recorded as prepaid expenses and are expensed over the service period as the services are provided or when the goods are consumed. Clinical trial costs are a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third parties based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activation, and other information provided to the Company by its vendors. Patent Costs Costs to secure and maintain patents covering the Company’s technology and drug candidates are expensed as incurred and are classified as general and administrative expenses in the Company’s consolidated statements of operations. Stock-Based Compensation The Company issues stock-based awards to employees and non-employees, Compensation—Stock Compensation non-employees Income Taxes The Company accounts for income taxes using the asset and liability approach. Deferred tax assets and liabilities represent future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities and for loss carryforwards using enacted tax rates expected to be in effect in the years in which the differences reverse. A valuation allowance is established to reduce deferred tax assets to the amounts expected to be realized. The Company also recognizes a tax benefit from uncertain tax positions only if it is “more likely than not” that the position is sustainable based on its technical merits. The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for income taxes. To date, the Company has not incurred interest and penalties related to uncertain tax positions. Should such costs be incurred, they would be classified as a component of provision for income taxes. Emerging Growth Company Status The Company is an “emerging growth company,” (“EGC”) as defined in the Jumpstart Our Business Startups Act, (“JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, the Company’s financial statements may not be comparable to companies that comply with public company FASB standards’ effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of an offering or such earlier time that it is no longer an EGC. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12”). 2019-12 2019-12 In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 (“ASU 2018-18”). This ASU 2018-18 effective In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU No. 2018-13 ASU No. 2018-13 In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) I. Accounting for Certain Financial Instruments with Down Round Features II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception (“ASU 2017-11”) . ASU 2017-11 2017-11 Recently issued accounting pronouncements In June 2016, the FASB issued ASU 2016-13, 2016-13 No. 2019-05, No. 2019-11 No. 2016-13, |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 3 – F AIR ALUE EASUREMENT The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy that are measured at fair value on a recurring basis: December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money markets funds (included in cash equivalents) $ 7,839 $ — $ — $ 7,839 Commercial paper — 42,701 — 42,701 Corporate debt securities — 41,103 — 41,103 Total assets $ 7,839 $ 83,804 $ — $ 91,643 December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money markets funds (included in cash equivalents) $ 4,003 $ — $ — $ 4,003 Total assets $ 4,003 $ — $ — $ 4,003 Liabilities: Series B preferred stock tranche right liability $ — $ — $ 300 $ 300 Total liabilities $ — $ — $ 300 $ 300 Marketable securities classified as Level 2 within the valuation hierarchy consist of commercial paper and corporate debt securities. The Company estimates the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. |
Valuation Of Series B Preferred
Valuation Of Series B Preferred Stock Tranche Right Liability | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Valuation Of Series B Preferred Stock Tranche Right Liability | 4 – V ALUATION OF ERIES REFERRED TOCK RANCHE IGHT IABILITY The Series B preferred stock tranche right liability in the table above is composed of the fair value of rights to purchase Series B. The fair value of the Series B preferred stock tranche right liability was determined based on significant inputs not observable in the market, which represent a Level 3 measurement within the fair value hierarchy. The fair value of the preferred stock tranche right liability was determined using a binomial model, which considered as inputs the value of the Series B preferred stock, the expected return of the underlying Series B preferred stock during the period between the valuation date and the expected event date, the probability and timing of achieving the specified milestones as of each valuation date and a discount rate. The most significant assumption in the binomial model impacting the fair value of the Series B preferred stock tranche right liability is the fair value of the Company’s Series B preferred stock as of each measurement date. The Company determines the fair value per share of the underlying Series B preferred stock by taking into consideration the most recent sales of its Series B preferred stock, results obtained from third-party valuations and additional factors the Company deems relevant. As of December 31, 2019, the fair value of each share of Series B preferred stock was $2.20 per share. The Series B preferred stock tranche right was exercised on January 14, 2020. The change in fair value of the Series B preferred stock tranche right liability from December 31, 2019 to January 14, 2020 was not material. The following table provides a roll-forward of the aggregate fair value of the Company’s Series B preferred stock tranche right liability, for which fair value is determined using Level 3 inputs: Series B Preferred (in thousands) Balance as of December 31, 2018 $ — Initial fair value of Series B preferred stock tranche right liability 700 Change in fair value of Series B preferred stock tranche right liability (400 ) Balance as of December 31, 2019 300 Exercise of Series B preferred stock tranche right (300 ) Balance as of December 31, 2020 $ — VALUATION OF CONVERTIBLE NOTES The Company elected the fair value option to account for its convertible notes issued during April 2020 and converted in June 2020. The fair value of the convertible notes was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the initial closing of the Company’s convertible notes in April 2020 was determined to be equal to the proceeds of $10.0 million on issuance. The fair value of the convertible notes at the time of conversion into the Series C preferred stock in June 2020 was determined to be equal to $1.6016 per share, the value of the Company’s Series C preferred stock into which the convertible notes were converted. The change in fair value of the convertible notes prior to close of the Series C preferred stock financing of $0.1 million primarily related to the accrued interest earned on the convertible notes prior to such financing. The following table presents a roll-forward of the aggregate fair values of the Company’s convertible notes (Note 7) for which fair value is determined by Level 3 inputs: Convertible (in thousands) Balance as of December 31, 2019 Initial fair value $ 10,000 Change in fair value plus accrued interest 83 Settlement of convertible notes (10,083 ) Balance as of December 31, 2020 $ — |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
Investments | 5 – I NVESTMENTS The following table summarizes the amortized cost and estimated fair value of the Company’s investments, which are considered to be available-for-sale Amortized Cost Unrealized Gains Unrealized Losses Fair Short-term Investments, non-current (in thousands) Commercial Paper $ 42,709 $ 8 $ (16 ) $ 42,701 $ 42,701 $ — Corporate debt securities 41,169 — (66 ) 41,103 10,130 30,973 Total $ 83,878 $ 8 $ (82 ) $ 83,804 $ 52,831 $ 30,973 The amortized cost and estimated fair value of investments by contractual maturity at December 31, 2020 are as follows: Amortized Estimated (in thousands) Due in one year or less $ 52,854 $ 52,831 Due after one year through two years 31,024 30,973 $ 83,878 $ 83,804 At December 31, 2020, there were no available-for-sale available-for-sale |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 6 – A CCRUED XPENSES Accrued expenses consist of the following: December 31, 2020 2019 (in thousands) Payroll and employee related expenses $ 1,555 $ 1,051 External research and development 3,633 1,969 Other accrued expenses 390 80 Total accrued expenses $ 5,578 $ 3,100 |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Convertible Notes | 7 – C ONVERTIBLE OTES On April 21, 2020, the Company entered into a note purchase agreement (the “note purchase agreement”), pursuant to which the Company issued unsecured convertible notes to investors for a total of $10.0 million in principle. The Company would pay simple interest on the outstanding principal amount to the extent not converted at the rate of 8% per annum. No repayment of principal or interest was due until maturity, which occurs 12 months after issuance of the convertible notes. Under the note purchase agreement, the convertible notes outstanding principal and unpaid accrued interest automatically converted upon a “Qualified Financing” (as defined in the note purchase agreement). If the Qualified Financing was consummated within (i) three months after the date of the agreement, the conversion price shall be equal to 90% of the per share price paid by the investors; (ii) if consummated more than three months after the date of the note purchase agreement, but within six months, the conversion price shall be equal to 80% of the per share price paid by the investors; and (iii) is consummated more than six months after the date of the note purchase agreement, the conversion price shall be equal to 70% of the price per share paid by the investors. On June 2, 2020, upon the Series C preferred stock financing (Note 8), the outstanding principal and unpaid accrued interest of the convertible notes of $10.1 million converted into 6,295,756 shares of Series C preferred stock. Upon execution of the Series C preferred stock, the noteholder investors waived their right to the 90% conversion price and converted the notes at 100% of the per share price paid by the investors in the Qualified Financing. The Company elected the fair value option to account for the convertible notes. The Company recorded the convertible notes at fair value and subsequently remeasured them to fair value upon settlement of the convertible notes. Changes in fair value were recognized as a component of other income (expense), net in the consolidated statements of operations. The Company recognized a loss in the consolidated statements of operations of $0.1 million as change in fair value of the convertible notes during the year ended December 31, 2020. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | 8 – R EDEEMABLE ONVERTIBLE REFERRED TOCK On August 11, 2020, in connection with the closing of the Company’s initial public offering of its common stock, all outstanding shares of the Company’s preferred stock were converted into 14,948,241 shares of common stock. As a result of the conversion, the Company reclassified the carrying value of its preferred stock, which included all cumulative but unpaid dividends, to common stock and additional paid-in-capital As of December 31, 2019, the preferred stock consisted of the following: Issued and Carrying Liquidation Common (dollars in thousands) Series A preferred stock 25,000,000 $ 32,482 $ 32,482 3,343,542 Series B preferred stock 26,283,386 64,446 64,446 3,946,001 51,283,386 $ 96,928 $ 96,928 7,289,543 The Series A and Series B preferred stock were classified outside of stockholders’ deficit because the shares contain redemption features that were not solely within the control of the Company. Series B Preferred Stock Financing In June 2017, the Company entered into a Series B stock purchase agreement which provided for the issuance and sale of 12,450,027 Series B preferred stock at a price of $2.16867 per share. In November 2018, Series B preferred stock purchase agreement was amended (“Series B First Amendment”) and the Company issued an additional 5,072,232 shares of Series B preferred stock at $2.16867 per share with a potential further issuance of 5,072,232 shares upon the achievement of specified milestone events or the waiver there of by the purchaser. The specified milestone event was met and an additional 5,072,232 shares were issued in March 2019 at $2.16867 per share. In August of 2019, Series B preferred stock purchase agreement was further amended (“Series B Second Amendment”) and the Company issued 3,688,895 Series B shares at $2.16867 with another 3,688,898 available for issuance after December 2, 2019 if approved by the Company’s Board of Directors. The Series B Second Amendment provided investors the right, or obligated investors, to participate in subsequent offerings of Series B preferred stock after December 2, 2019, if approved by the Company’s Board of Directors. The Company concluded that the rights or obligations of investors to participate in the future issuance of Series B preferred stock met the definition of a freestanding financial instrument that was required to be recorded as a liability at fair value as (i) the instruments were legally detachable and separately exercisable from the Series B preferred stock and (ii) the rights required the Company to transfer assets upon future closings of the Series B preferred stock. Upon the closings of Series B preferred shares in August 2019, the Company recorded a preferred share tranche right liability of $0.7 million and a corresponding reduction to the carrying value of the Series B preferred stock. In addition, the conversion features were out of the money as of the commitment date as the effective conversion price of preferred shares was greater than the fair value of the underlying common share into which the preferred shares are convertible. As a result, no beneficial conversion feature was recorded. In January 2020, the Company issued 3,688,898 of Series B preferred stock at a price of $2.16867 per share, resulting in net proceeds received of $8.0 million. The rights and preferences of the Series B preferred stock issued in January 2020 are identical to Series B preferred stock issued in prior periods. As a result of the issuance, the fair value of the associated outstanding Series B tranche right liability of $0.3 million was reclassified to Series B preferred stock. In connection with the Series C preferred stock financing, the conversion price of the Series B preferred stock was decreased from $16.21536 to $14.4451 such that the rate at which shares of Series B preferred stock may be converted into shares of common stock was adjusted from 1:1 to 0.15013:1. Series C Preferred Stock Financing In June 2020, the Company entered into the Series C preferred stock purchase agreement, pursuant to which the Company was authorized to issue 62,489,557 shares of Series C preferred stock, at a price of $1.6016 per share. As part of the closing, the Company issued 46,828,167 shares of Series C preferred stock at $1.6016 per share resulting in net proceeds received $74.6 million and an additional 6,295,756 shares of Series C preferred stock in satisfaction of the conversion of $10.0 million convertible notes and $0.1 million of accrued interest. The aggregate purchase price of the Series C preferred stock was $85.1 million, and the Company incurred issuance costs of $0.4 million, which was recorded as a reduction to the Series C preferred stock carrying value. The Company’s Series A, Series B and Series C preferred stock had the following rights and preferences: Voting Unless otherwise specified in the certificate of incorporation, preferred stockholders and common stockholders voted as a single class on an as-converted Optional Conversion Each share of preferred stock was convertible into the number of common stock shares at the preferred stockholders’ option at any time, to be determined by dividing the issuance price of $1.00 per share for Series A, $2.16867 per share for Series B and $1.6016 per share for Series C by the conversion price in effect at the time of conversion. Mandatory Conversion Shares of preferred stock were automatically converted into shares of common stock upon the earlier of (i) a qualified IPO, as defined in the Series B preferred stock purchase agreement, or (ii) a vote to convert by a simple majority of Series A stockholders voting as a single class and at least 2/3 of Series B preferred stockholders voting as a single class. Dividends Preferred stock accrued dividends on a cumulative basis at $0.08 per share per annum for the Series A preferred stock, $0.17349 per share per annum for Series B preferred stock and $0.128128 per share per annum for Series C preferred stock, calculated daily and payable when and if declared by the Company’s board of directors. No dividends may be paid to common stockholders until all dividends to preferred stockholders are paid in full, except stock dividends paid to common stockholders. On August 10, 2020, immediately before the closing of the Company’s initial public offering of its common stock, cumulative dividends for Series A preferred stock, Series B preferred stock and Series C preferred stock were $8.7 million, $10.6 million and $1.2 million, respectively. Liquidation Preference Upon any voluntary or involuntary liquidation, dissolution or winding up of business, or a deemed liquidation event, preferred stockholders have liquidation preferences in priority to common stockholders at the preferred stock original issuance price per share plus any accrued but unpaid dividends, and any declared but unpaid dividends. If assets available for distribution are insufficient to satisfy the liquidation preference payable to preferred stockholders, assets available for distribution will be allocated among preferred stockholders ratably based on their shareholding. When preferred stockholders are satisfied in full, any remaining assets available for distribution will be allocated ratably among all outstanding capital stock based on the number of common stock held by each holder on an as-converted Redemption Shares of preferred stock were redeemable at the option of the preferred stockholders at any time, on or after August 10, 2023, upon a majority vote of Series A stockholders voting as a single class and at least 2/3 vote of Series B stockholders voting as a single class. The redemption amounts were payable in three annual installments at a price per share equal to the preferred stock original issue price, plus any accrued but unpaid dividends and any declared but unpaid dividends. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Common Stock | 9 – C OMMON TOCK The voting, dividend and liquidation rights of the common stockholders are subject to and qualified by the rights, powers, and preferences of the preferred stock. The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders. Common stockholders are entitled to receive dividends declared out of funds legally available, subject to the payment in full of all preferential dividends to which the holders of preferred stock are entitled. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, after the payment or provision for payment of all debts and liabilities of the Company and all preferential amounts to which the holders of preferred stock are entitled, if any, the common stockholders, and preferred stockholders (on an as-converted |
Stock based compensation
Stock based compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock based compensation | 10 – S TOCK ASED OMPENSATION Stock Options In August 2015, the Company’s board of directors approved the Checkmate Pharmaceuticals, Inc. 2015 Stock Option and Grant Plan (the “2015 Plan”), to encourage and enable the officers, employees, directors, consultants and other key persons to acquire a proprietary interest in the Company. The 2015 Plan provided for the granting of incentive stock options, non-statutory In August 2020, the Company’s board of directors and stockholders adopted and approved the Checkmate Pharmaceuticals, Inc. 2020 Stock Option and Incentive Plan (the “2020 Plan”). The 2020 Plan allows for the issuance of stock awards in the form of options, stock appreciation rights, restricted stock awards, restricted stock units, unrestricted stock awards and cash-based awards to its officers, employees, non-employee The Company estimates the fair value of stock option awards on the grant date using the Black-Scholes option valuation model with the following weighted-average assumptions: Year ended December 31, 2020 2019 Risk-free interest rate 0.31 % 1.47 % Expected term (in years) 5.92 5.75 Expected volatility 78.84 % 61.49 % Dividend yield — — The per share weighted average grant date fair value of stock options granted during the years ended December 31, 2020 and 2019 was $14.50 and $0.26, respectively. As of December 31, 2020, total unrecognized compensation expense related to stock options totaled $13.6 million, which is expected to be recognized over a weighted average period of 3.32 years. The following table summarizes the activity under the Company’s stock option plan during the year ended December 31, 2020: Number of Weighted- Weighted- Aggregate Outstanding at December 31, 2019 1,073,044 $ 2.45 8.7 $ 902 Granted 1,522,248 $ 14.50 Forfeited (43,816 ) $ 6.87 Exercised (13,807 ) $ 1.43 Outstanding at December 31, 2020 2,537,669 $ 9.61 8.2 $ 13,177 Vested and expected to vest at December 31, 2020 2,537,669 $ 9.61 8.2 $ 13,177 Exercisable at December 31, 2020 604,386 $ 2.66 6.6 $ 7,216 The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock. The intrinsic value of options exercised during the year ended December 31, 2020 was $0.2 million. Restricted Stock The Company did not grant restricted stock during the year ended December 31, 2020. All previously granted restricted stock was fully vested as of December 31, 2019. Stock-based Compensation Expense Total stock-based compensation expense was classified in the accompanying consolidated statements of operations as follows: Year ended December 31, 2020 2019 (in thousands) Research and development $ 942 $ 116 General and administrative 1,093 219 Total stock-based compensation expense $ 2,035 $ 335 Employee Stock Purchase Plan In July 2020, the Company’s board of directors and stockholders adopted and approved the Checkmate Pharmaceuticals, Inc. 2020 Employee Stock Purchase Plan (the “2020 ESPP”) which became effective immediately before the closing of the Company’s initial public offering of its common stock. The 2020 ESPP was created to provide eligible employees of the Company and other qualified participants to purchase the Company’s common stock at 85% of the fair market value of the common stock on the offering date or the exercise date, whichever is lower, for up to 15% of such employee’s compensation for each pay period. The Company reserved 267,119 shares of common stock for the 2020 ESPP. The 2020 ESPP provides for an annual increase in the number of shares of common stock to be reserved for future issuance under the 2020 ESPP. Each January 1, beginning on January 1, 2022, the number of shares of stock reserved and available for issuance under the 2020 ESPP shall be cumulatively increased by the lesser of (i) 267,119 shares of common stock, (ii) 1% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or (iii) such lesser number of shares of common stock as determined by the 2020 ESPP administrator. No shares of the Company’s common stock were purchased under the ESPP for the year ended December 31, 2020. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 11 – I NCOME AXES For the year ended December 31, 2020 and 2019, the Company did not record a current or deferred income tax expense or benefit. The following table reconciles the federal statutory income rate to the Company’s effective income tax rate: Year Ended December 31, 2020 2019 Tax at U.S. statutory rate 21.00 % 21.00 % Changes from statutory rate: State taxes, net of federal benefit 4.61 % 7.51 % Non-deductible 0.00 % (0.28 )% Tax credits 1.97 % 6.74 % Stock-based compensation (1.11 )% 0.0 % Changes in enacted rates 0.00 % (0.01 )% Change in valuation allowance (26.47 )% (34.96 )% Effective income tax rate 0.00 % 0.00 % The components of the Company’s deferred tax assets are as follows: Year Ended December 31, 2020 2019 (in thousands) Net operating loss carryforwards $ 30,120 $ 21,180 Tax credits 4,891 4,355 Stock-based compensation expenses 108 170 Accrued expenses and other 612 243 Gross deferred tax assets 35,731 25,948 Valuation allowance (35,731 ) (25,948 ) Deferred tax assets, net $ — $ — The Company has weighed the positive and negative evidence to assess the recoverability of its deferred tax assets. Realization of future tax benefits is dependent on many factors, including the Company’s ability to generate taxable income. After this assessment, the Company determined it was more likely than not that the Company will not realize the benefit of its deferred tax assets. As a result, the Company has provided a full valuation allowance against its net deferred tax assets. The valuation allowance for deferred tax assets as of December 31, 2020 and 2019 was $35.7 million and $25.9 million, respectively. For the years ended December 31, 2020 and December 31, 2019, the Company recorded a net valuation increase of $9.8 million and $9.9 million, respectively, primarily related to net operating losses and tax credits. As of December 31, 2020, the Company had gross U.S. federal net operating loss carryforwards of $114.2 million including $81.6 million that had an indefinite carryforward period with utilization limited to 80% and $32.6 million that were subject to expiration at various dates through 2038. The Company had state net operating loss carryforwards of $94.6 million which will expire in the years 2037 through 2040. As of December 31, 2020, the Company had U.S. and state research and development tax credit carryforwards of $6.5 million will begin to expire in 2031. The net operating loss and research and development tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and research and development tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has not conducted a study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception due to the significant complexity and cost associated with such a study. The Company files income tax returns in the United States and various states. As of December 31, 2020, there are currently no income tax audits in progress. All years prior to calendar 2017 are closed with the Internal Revenue Service and all years prior to 2016 are closed with various states. The Company accounts for uncertainty in income taxes under the provisions of AC740 which defines the thresholds for recognizing the benefits of tax return positions in the financial statements as “more likely than not” to be sustained by the taxing authority. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon the ultimate settlement. As of December 31, 2020 and 2019, the Company has recorded $1.3 million and $0, respectively in unrecognized tax benefits. Any future interest and penalties related to income tax matters would be recognized in the provision for income tax. As of December 31, 2020 and 2019, no liability was recorded on the consolidated balance sheets for uncertain tax positions since the balance is fully offset by deferred tax assets, and the Company did not have a balance of accrued interest and penalties related to uncertain tax positions. The following is reconciliation of the total amounts of unrecognized benefits: December 31, 2020 2019 (in thousands) Unrecognized benefits at the beginning of the year $ — $ — Additions for the tax positions related to the current year 1,307 — Unrecognized benefits at the end of the year $ 1,307 $ — |
Net Loss Per Share Attributable
Net Loss Per Share Attributable To Common Stockholders | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable To Common Stockholders | 12 – N ET OSS ER HARE TTRIBUTABLE O OMMON TOCKHOLDERS Because the Company reports a net loss attributable to common stockholders, basic and diluted net loss per share attributable to common stockholders are the same for both years presented. All preferred stock and stock options have been excluded from the computation of diluted weighted-average shares outstanding because such securities would have an antidilutive impact. The following common stock equivalents outstanding at December 31, 2020 and 2019 have been excluded from the calculation of diluted net loss per share because their inclusion would have been antidilutive: December 31, 2020 2019 Options to purchase common stock 2,537,669 8,023,378 Redeemable convertible preferred stock — 51,283,386 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 13 – C OMMITMENTS AND ONTINGENCIES Facility Lease The Company has a month-to-month Clinical Trial Collaboration Agreements On August 22, 2018, the Company entered into the Clinical Trial Collaboration and Supply Agreement (“CTCSA”) with an affiliate of Merck KgaA (“Merck”) and Pfizer Inc. (“Pfizer”) (Merck and Pfizer together are referred to herein as the “Alliance”). Pursuant to the CTCSA, the Company, and the Alliance will each provide compound drug product that will be dosed concurrently or in combination in a clinical trial sponsored by Pfizer. This agreement was amended on March 4, 2019. In addition to providing a compound drug product to be used in the clinical trial, the Company will reimburse Pfizer for each patient dosed in the study using the Company’s compound at a specified rate outlined in the CTCSA. In no event will the amount of costs due by the Company to Pfizer exceed $4.0 million over the term of the CTCSA. The costs of services performed, and material used in connection with the research and development activities of the CTCSA, including reimbursements due to Pfizer, are included in research and development costs and expensed as incurred. The Company incurred $1.0 million and $0.5 million of expense during the years ended December 31, 2020 and 2019, respectively. On December 7, 2020, the Company entered into the Master Clinical Trial Collaboration Agreement (“MCTCA”) with Bristol-Myers Squibb Company (“BMS”). The MCTCA dictates the general terms that govern specific collaborative studies between the companies, including the Company’s Phase 2 refractory melanoma study and Phase 2 front-line melanoma study (collectively, the “collaborative studies”). Pursuant to the MCTCA, BMS agreed to provide nivolumab, a drug to be used in combination with CMP-001 non-exclusive License Agreement In June 2015, the Company entered into an exclusive license agreement with Cytos Biotechnology LTD (now Kuros Biosciences AG or Kuros) as amended in August 2017 and as further amended in January 2018 (the “Kuros License Agreement”). Pursuant to the Kuros License Agreement, in return for payments made, the Company was granted an exclusive, royalty-bearing, sublicensable, worldwide license, under all of Kuro’s intellectual property rights, including any intellectual property rights arising during the term of the agreement, to commercially develop, manufacture, use, distribute, and sell certain therapeutic products, including CMP-001, CMP-001 CMP-001, licensed know-how. The the last-to-expire royalty Other Contingencies During the ordinary course of its operations, the Company may become a party to contractual disputes, litigation, and potential claims. The Company does not believe that the resolution of any of these matters, if any, will have a material adverse effect on its financial position or results of operations. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Defined Contribution Plan | 14 – D EFINED ONTRIBUTION LAN The Company maintains a defined contribution plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pretax basis. The 401(k) Plan provides for matching contributions on a portion of participant contributions pursuant to the 401(k) Plan’s matching formula. The Company contributed $0.1 million to the 401(k) Plan for each of the years ended December 31, 2020 and 2019. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15 – S UBSEQUENT VENT In March 2021, the Company initiated patient dosing in the Phase 2 first-line melanoma trial for CMP-001, t to Kuros. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its wholly owned subsidiary Checkmate Pharmaceuticals Security Corporation. Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases estimates and assumptions on historical experience when available and on various factors that management believes to be reasonable under the circumstances. Significant estimates relied upon in preparing the accompanying financial statements include, but are not limited to the fair value of common stock used in the determination of stock-based compensation expense before the Company’s initial public offering of common stock, the valuation of derivative liabilities, the fair value of convertible notes and the accrual of research and development expenses. The Company assesses these estimates on an ongoing basis; however, actual results could differ materially from those estimates. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. The impact of changes in estimates are recorded in the period in which they become known. |
Segment Information | Segment Information The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. As of December 31, 2020 and 2019, all of the Company’s long-lived assets were domiciled in the United States. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments purchased with remaining maturities of three months or less on the purchase date to be cash equivalents. The Company’s cash equivalents at December 31, 2020 and 2019 were $8.8 million and $4.0 million, respectively comprised primarily of money market funds. |
Restricted Cash | Restricted Cash As of December 31, 2020 and 2019, the Company maintained a restricted cash balance of $20,000 relating to a corporate credit card account in a money market account. |
Investments | Investments The Company invests excess cash balances in commercial paper and corporate debt securities. The Company considers investments in commercial paper and corporate debt securities with an original maturity when purchased of greater than three months as available-for-sale. available-for-sale The Company classifies available-for-sale non-current non-current non-current |
Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred Stock The Company issued Series A redeemable convertible preferred stock (“Series A”), Series B redeemable convertible preferred stock (“Series B”) and Series C redeemable convertible preferred stock (“Series C”) under their respective stock purchase agreements. Series A, Series B and Series C are hereinafter individually and collectively referred to as “preferred stock”. Series A, Series B and Series C preferred stock were classified as temporary equity and were initially recorded at their original issuance price, net of issuance costs, initial tranche right liability and the intrinsic value of beneficial conversion feature, if any. The Company recognized changes in the redemption value of preferred stock as they occurred and accreted the carrying amount of preferred stock to its redemption value at the end of each reporting period. These increases were recorded as charges against retained earnings, if any, and then to additional paid-in paid-in A beneficial conversion feature arises when the fair value of the Company’s common stock on the commitment date is greater than the effective preferred stock conversion price. A beneficial conversion feature is recorded at its intrinsic value as a component of additional paid-in |
Preferred Stock Tranche Right Liability | Preferred Stock Tranche Right Liability The Company classifies preferred stock tranche rights as a liability on its balance sheet as each preferred stock tranche right is a freestanding financial instrument that may require the Company to transfer assets upon the achievement of specified milestone events. The Company records a preferred stock tranche right liability initially at fair value upon the date of issuance of a preferred stock tranche right and subsequently remeasures to fair value at each reporting date. Changes in the fair value of a preferred stock tranche right liability were recognized as a component of other income (expense) in the consolidated statements of operations and comprehensive loss. Changes in the fair value of a preferred stock tranche right liability were recognized until the respective preferred stock tranche right was settled upon achievement of the specified milestone event on January 14, 2020. |
Fair Value Measurements | Fair Value Measurements Certain assets and liabilities of the Company are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) 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. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s Series B preferred stock tranche right liability was carried at fair value, determined according to Level 3 inputs in the fair value hierarchy described above. Cash, cash equivalents, restricted cash and investments are reported at fair value based on Level 1 and Level 2 inputs (Note 3). Other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. There were no transfers among the fair value hierarchy during the years ended December 31, 2020 and 2019. |
Fair Value Option | Fair Value Option As permitted under ASC 825, Financial Instruments (“ASC 825”), the Company elected the fair value option to account for its convertible notes. In accordance with ASC 825, the Company recorded these convertible notes at fair value with changes in fair value recorded as a component of other income (expense) in the consolidated statements of operations and comprehensive loss. As a result of applying the fair value option, direct costs and fees related to the convertible notes were expensed as incurred and were not deferred. The Company concluded that it was appropriate to apply the fair value option to the convertible notes because there were no non-contingent beneficial |
Foreign Currency Transaction Gains or Losses | Foreign Currency Transaction Gains or Losses Transactions denominated in foreign currencies, which are primarily contract manufacturing services, are recorded in U.S. dollars on the date of those transactions. Adjustments arising from foreign currency transactions between the purchase and the settlement dates are reflected in the consolidated statements of operations and comprehensive loss as a component of operating expenses. The Company realized net foreign currency transaction gains of $0.1 million in each of the years ended December 31, 2019 and 2020. |
Concentrations of Credit Risk and of Significant Suppliers | Concentrations of Credit Risk and of Significant Suppliers The Company has no significant off-balance The Company is dependent on third-party manufacturers to supply the drug substance and drug product for its research and development activities. These activities could be adversely affected by a significant interruption in the supply of such drug substance and drug product. |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders The Company follows the two-class two-class Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period without consideration for potentially dilutive securities. Net loss attributable to common stockholders is allocated to each share on an as-converted non-participating |
Research and Development | Research and Development Research and development costs are expensed in the period incurred. Research and development costs include payroll and personnel expense; consulting costs; external contract research and development costs; raw materials; drug product manufacturing costs; and allocated overhead such as depreciation and amortization, rent and utilities. Advance payments for goods and services to be used in future research and development activities are recorded as prepaid expenses and are expensed over the service period as the services are provided or when the goods are consumed. Clinical trial costs are a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third parties based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activation, and other information provided to the Company by its vendors. |
Patent Costs | Patent Costs Costs to secure and maintain patents covering the Company’s technology and drug candidates are expensed as incurred and are classified as general and administrative expenses in the Company’s consolidated statements of operations. |
Stock-Based Compensation | Stock-Based Compensation The Company issues stock-based awards to employees and non-employees, Compensation—Stock Compensation non-employees |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability approach. Deferred tax assets and liabilities represent future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities and for loss carryforwards using enacted tax rates expected to be in effect in the years in which the differences reverse. A valuation allowance is established to reduce deferred tax assets to the amounts expected to be realized. The Company also recognizes a tax benefit from uncertain tax positions only if it is “more likely than not” that the position is sustainable based on its technical merits. The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for income taxes. To date, the Company has not incurred interest and penalties related to uncertain tax positions. Should such costs be incurred, they would be classified as a component of provision for income taxes. |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an “emerging growth company,” (“EGC”) as defined in the Jumpstart Our Business Startups Act, (“JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, the Company’s financial statements may not be comparable to companies that comply with public company FASB standards’ effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of an offering or such earlier time that it is no longer an EGC. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12”). 2019-12 2019-12 In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 (“ASU 2018-18”). This ASU 2018-18 effective In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU No. 2018-13 ASU No. 2018-13 In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) I. Accounting for Certain Financial Instruments with Down Round Features II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception (“ASU 2017-11”) . ASU 2017-11 2017-11 |
Recently issued accounting pronouncements | Recently issued accounting pronouncements In June 2016, the FASB issued ASU 2016-13, 2016-13 No. 2019-05, No. 2019-11 No. 2016-13, |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets And Liabilities Measured On Recurring Basis | December 31, 2020 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money markets funds (included in cash equivalents) $ 7,839 $ — $ — $ 7,839 Commercial paper — 42,701 — 42,701 Corporate debt securities — 41,103 — 41,103 Total assets $ 7,839 $ 83,804 $ — $ 91,643 December 31, 2019 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money markets funds (included in cash equivalents) $ 4,003 $ — $ — $ 4,003 Total assets $ 4,003 $ — $ — $ 4,003 Liabilities: Series B preferred stock tranche right liability $ — $ — $ 300 $ 300 Total liabilities $ — $ — $ 300 $ 300 |
Valuation Of Series B Preferr_2
Valuation Of Series B Preferred Stock Tranche Right Liability (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Aggregate Fair Value of The Company's Series B Preferred Stock Tranche Right Liability | The following table provides a roll-forward of the aggregate fair value of the Company’s Series B preferred stock tranche right liability, for which fair value is determined using Level 3 inputs: Series B Preferred (in thousands) Balance as of December 31, 2018 $ — Initial fair value of Series B preferred stock tranche right liability 700 Change in fair value of Series B preferred stock tranche right liability (400 ) Balance as of December 31, 2019 300 Exercise of Series B preferred stock tranche right (300 ) Balance as of December 31, 2020 $ — |
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents a roll-forward of the aggregate fair values of the Company’s convertible notes (Note 7) for which fair value is determined by Level 3 inputs: Convertible (in thousands) Balance as of December 31, 2019 Initial fair value $ 10,000 Change in fair value plus accrued interest 83 Settlement of convertible notes (10,083 ) Balance as of December 31, 2020 $ — |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value Company's Available For Sale Investments | The following table summarizes the amortized cost and estimated fair value of the Company’s investments, which are considered to be available-for-sale Amortized Cost Unrealized Gains Unrealized Losses Fair Short-term Investments, non-current (in thousands) Commercial Paper $ 42,709 $ 8 $ (16 ) $ 42,701 $ 42,701 $ — Corporate debt securities 41,169 — (66 ) 41,103 10,130 30,973 Total $ 83,878 $ 8 $ (82 ) $ 83,804 $ 52,831 $ 30,973 |
Summary of Estimated Amortized Costs and Fair Value of the Debt Securities Available For Sale and Held to Maturity | The amortized cost and estimated fair value of investments by contractual maturity at December 31, 2020 are as follows: Amortized Estimated (in thousands) Due in one year or less $ 52,854 $ 52,831 Due after one year through two years 31,024 30,973 $ 83,878 $ 83,804 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consist of the following: December 31, 2020 2019 (in thousands) Payroll and employee related expenses $ 1,555 $ 1,051 External research and development 3,633 1,969 Other accrued expenses 390 80 Total accrued expenses $ 5,578 $ 3,100 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Redeemable Convertible Preferred Stock | As of December 31, 2019, the preferred stock consisted of the following: Issued and Carrying Liquidation Common (dollars in thousands) Series A preferred stock 25,000,000 $ 32,482 $ 32,482 3,343,542 Series B preferred stock 26,283,386 64,446 64,446 3,946,001 51,283,386 $ 96,928 $ 96,928 7,289,543 |
Stock based compensation - (Ta
Stock based compensation - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of fair value of stock option awards on the grant date using the black-scholes option valuation model | The Company estimates the fair value of stock option awards on the grant date using the Black-Scholes option valuation model with the following weighted-average assumptions: Year ended December 31, 2020 2019 Risk-free interest rate 0.31 % 1.47 % Expected term (in years) 5.92 5.75 Expected volatility 78.84 % 61.49 % Dividend yield — — |
Summary of activity under the company's stock option plan | The following table summarizes the activity under the Company’s stock option plan during the year ended December 31, 2020: Number of Weighted- Weighted- Aggregate Outstanding at December 31, 2019 1,073,044 $ 2.45 8.7 $ 902 Granted 1,522,248 $ 14.50 Forfeited (43,816 ) $ 6.87 Exercised (13,807 ) $ 1.43 Outstanding at December 31, 2020 2,537,669 $ 9.61 8.2 $ 13,177 Vested and expected to vest at December 31, 2020 2,537,669 $ 9.61 8.2 $ 13,177 Exercisable at December 31, 2020 604,386 $ 2.66 6.6 $ 7,216 |
Summary of total stock-based compensation expense | Total stock-based compensation expense was classified in the accompanying consolidated statements of operations as follows: Year ended December 31, 2020 2019 (in thousands) Research and development $ 942 $ 116 General and administrative 1,093 219 Total stock-based compensation expense $ 2,035 $ 335 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate and Effective Income Tax Rate | The following table reconciles the federal statutory income rate to the Company’s effective income tax rate: Year Ended December 31, 2020 2019 Tax at U.S. statutory rate 21.00 % 21.00 % Changes from statutory rate: State taxes, net of federal benefit 4.61 % 7.51 % Non-deductible 0.00 % (0.28 )% Tax credits 1.97 % 6.74 % Stock-based compensation (1.11 )% 0.0 % Changes in enacted rates 0.00 % (0.01 )% Change in valuation allowance (26.47 )% (34.96 )% Effective income tax rate 0.00 % 0.00 % |
Schedule of Components of Company Deferred Tax Assets | The components of the Company’s deferred tax assets are as follows: Year Ended December 31, 2020 2019 (in thousands) Net operating loss carryforwards $ 30,120 $ 21,180 Tax credits 4,891 4,355 Stock-based compensation expenses 108 170 Accrued expenses and other 612 243 Gross deferred tax assets 35,731 25,948 Valuation allowance (35,731 ) (25,948 ) Deferred tax assets, net $ — $ — |
Summary of Unrecognized Benefits | The following is reconciliation of the total amounts of unrecognized benefits: December 31, 2020 2019 (in thousands) Unrecognized benefits at the beginning of the year $ — $ — Additions for the tax positions related to the current year 1,307 — Unrecognized benefits at the end of the year $ 1,307 $ — |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable To Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Potentially Dilutive Shares Excluded From The Calculation of Diluted Net Loss | The following common stock equivalents outstanding at December 31, 2020 and 2019 have been excluded from the calculation of diluted net loss per share because their inclusion would have been antidilutive: December 31, 2020 2019 Options to purchase common stock 2,537,669 8,023,378 Redeemable convertible preferred stock — 51,283,386 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) $ / shares in Units, $ in Thousands | Sep. 03, 2020shares | Aug. 11, 2020USD ($)$ / sharesshares | Jul. 31, 2020 | Dec. 31, 2020USD ($)shares |
Subsidiary, Sale of Stock [Line Items] | ||||
Proceeds from initial public offering of common stock, net of underwriting discounts, commissions and issuance costs | $ | $ 67,700 | $ 67,712 | ||
Cash and cash equivalrents and short term investments | $ | $ 125,900 | |||
Common Stock [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares Issued During Period | 5,109,861 | |||
Reverse stock split, conversion ratio | 7.4771 | |||
Description of the reverse stock split arrangement | On July 31, 2020, the Company effected a one-for-7.4771 reverse stock split of its common stock. All shares, stock options, warrants, redeemable convertible preferred stock conversion prices, ratios and per share information presented in the consolidated financial statements have been adjusted to reflect the reverse stock split on a retroactive basis for all periods presented. The par value per share and the authorized number of shares of common stock were not adjusted as a result of the reverse stock split. | |||
Convertible Preferred Stock, Shares Issued upon Conversion | 14,948,241 | |||
IPO [Member] | Common Stock [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares Issued During Period | 5,000,000 | |||
Shares Issued, Price Per Share | $ / shares | $ 15 | |||
Over-Allotment Option [Member] | Common Stock [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Shares Issued During Period | 109,861 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies -Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Equivalents | $ 8,800,000 | $ 4,000,000 |
Restricted cash | 20,000 | 20,000 |
Unrealized gains (losses) on available-for-sale securities, net of tax | 0 | |
Foreign currency transaction gains | $ 100,000 | $ 100,000 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value Assets And Liabilities Measured On Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Assets, Fair Value Disclosure | $ 91,643 | $ 4,003 |
Liabilities: | ||
Financial Liabilities Fair Value Disclosure | 300 | |
Money Markets Funds [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 7,839 | 4,003 |
Series B Preferred Stock Tranche Right Liability [Member] | ||
Liabilities: | ||
Financial Liabilities Fair Value Disclosure | 300 | |
Commercial Paper [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 42,701 | |
Corporate Debt Securities [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 41,103 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 7,839 | 4,003 |
Fair Value, Inputs, Level 1 [Member] | Money Markets Funds [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 7,839 | 4,003 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 83,804 | |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 42,701 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | $ 41,103 | |
Fair Value, Inputs, Level 3 [Member] | ||
Liabilities: | ||
Financial Liabilities Fair Value Disclosure | 300 | |
Fair Value, Inputs, Level 3 [Member] | Series B Preferred Stock Tranche Right Liability [Member] | ||
Liabilities: | ||
Financial Liabilities Fair Value Disclosure | $ 300 |
Valuation Of Series B Preferr_3
Valuation Of Series B Preferred Stock Tranche Right Liability - Schedule of Aggregate Fair Value of The Company's Series B Preferred Stock Tranche Right Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Aggregate fair value of the Companys series B preferred stock tranche right liability [Line Items] | ||
Beginning Balance | $ 300 | |
Change in fair value of Series B preferred stock tranche right liability | $ (400) | |
Exercise of series B preferred stock tranche right | 300 | |
Ending balance | 300 | |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Schedule Of Aggregate fair value of the Companys series B preferred stock tranche right liability [Line Items] | ||
Beginning Balance | 700 | |
Ending balance | 300 | 700 |
Series B Redeemable Convertible Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Schedule Of Aggregate fair value of the Companys series B preferred stock tranche right liability [Line Items] | ||
Beginning Balance | 300 | 0 |
Initial fair value of Series B preferred stock tranche right liability | 700 | |
Change in fair value of Series B preferred stock tranche right liability | (400) | |
Exercise of series B preferred stock tranche right | (300) | |
Ending balance | $ 0 | $ 300 |
Valuation Of Series B Preferr_4
Valuation Of Series B Preferred Stock Tranche Right Liability - Schedule of Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Initial fair value | $ 10,000 |
Convertible Notes Payable [Member] | Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Initial fair value | 10,000 |
Change in fair value plus accrued interest | 83 |
Settlement of convertible loan notes | (10,083) |
Ending balance | $ 0 |
Valuation Of Series B Preferr_5
Valuation Of Series B Preferred Stock Tranche Right Liability - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2019 | Apr. 30, 2020 | Dec. 31, 2020 | Apr. 01, 2020 |
Fair Value Disclosures [Line Items] | ||||
Proceeds from convertible loan notes | $ 10,000 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value Disclosures [Line Items] | ||||
Proceeds from convertible loan notes | $ 10,000 | |||
Series B Redeemable Convertible Preferred Stock [Member] | ||||
Fair Value Disclosures [Line Items] | ||||
Fair value per share | $ 2.20 | |||
Exercise date of preferred stock tranche right | Jan. 14, 2020 | |||
Series C Redeemable Convertible Preferred Stock [Member] | ||||
Fair Value Disclosures [Line Items] | ||||
Debt instrument conversion price | $ 1.6016 | |||
Series C Redeemable Convertible Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value Disclosures [Line Items] | ||||
Change in fair value of convertible notes | $ 100 |
Investments - Summary of Amorti
Investments - Summary of Amortized Cost and Estimated Fair Value Company's Available For Sale Investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 83,878 | |
Debt Securities, Available-for-sale, Unrealized Gain | 8 | |
Debt Securities, Available-for-sale, Unrealized Loss | (82) | |
Debt Securities, Available-for-sale, Fair Value | 83,804 | $ 0 |
Debt Securities, Available-for-sale, Short-term Investments | 51,831 | |
Debt Securities, Available-for-sale, Investments, non-current | 30,973 | |
Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 42,709 | |
Debt Securities, Available-for-sale, Unrealized Gain | 8 | |
Debt Securities, Available-for-sale, Unrealized Loss | (16) | |
Debt Securities, Available-for-sale, Fair Value | 42,701 | |
Debt Securities, Available-for-sale, Short-term Investments | 42,701 | |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 41,169 | |
Debt Securities, Available-for-sale, Unrealized Loss | (66) | |
Debt Securities, Available-for-sale, Fair Value | 41,103 | |
Debt Securities, Available-for-sale, Short-term Investments | 10,130 | |
Debt Securities, Available-for-sale, Investments, non-current | $ 30,973 |
Investments - Summary of Estima
Investments - Summary of Estimated Amortized Costs and Fair Value of the Debt Securities Available For Sale and Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 83,878 | |
Debt Securities, Available-for-sale, Estimated Fair value | 83,804 | $ 0 |
Financing Receivables Due Within One Year [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 52,854 | |
Debt Securities, Available-for-sale, Estimated Fair value | 52,831 | |
Financing Receivables Due After One Year Through Two Years [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 31,024 | |
Debt Securities, Available-for-sale, Estimated Fair value | $ 30,973 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, All Other Investments [Abstract] | ||
Avialable for sale investments | $ 83,804 | $ 0 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Payroll and employee related expenses | $ 1,555 | $ 1,051 |
External research and development | 3,633 | 1,969 |
Other accrued expenses | 390 | 80 |
Total accrued expenses | $ 5,578 | $ 3,100 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) - USD ($) $ in Millions | Jun. 02, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Apr. 30, 2020 | Apr. 21, 2020 |
Convertible Notes Payable [Member] | |||||
Disclosure of Convertible Loan Notes [Line Items] | |||||
Debt Face Amount | $ 10 | ||||
Debt Instrument Interest Rate | 8.00% | ||||
Convertible Notes Payable [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Disclosure of Convertible Loan Notes [Line Items] | |||||
Gain loss on change in fair value of convertible notes | $ 0.1 | ||||
Convertible Notes Payable [Member] | Debt Instrument Conversion Price Percentage One [Member] | |||||
Disclosure of Convertible Loan Notes [Line Items] | |||||
Debt instrument conversion price as a percentage of share price | 90.00% | ||||
Convertible Notes Payable [Member] | Debt Instrument Conversion Price Percentage One [Member] | Qualified Financing Period One [Member] | Maximum [Member] | |||||
Disclosure of Convertible Loan Notes [Line Items] | |||||
Term of qualified financing from the date of agreement for conversion price eligibility | 3 months | ||||
Convertible Notes Payable [Member] | Debt Instrument Conversion Price Percentage Two [Member] | |||||
Disclosure of Convertible Loan Notes [Line Items] | |||||
Debt instrument conversion price as a percentage of share price | 80.00% | ||||
Convertible Notes Payable [Member] | Debt Instrument Conversion Price Percentage Two [Member] | Qualified Financing Period Two [Member] | Maximum [Member] | |||||
Disclosure of Convertible Loan Notes [Line Items] | |||||
Term of qualified financing from the date of agreement for conversion price eligibility | 6 months | ||||
Convertible Notes Payable [Member] | Debt Instrument Conversion Price Percentage Two [Member] | Qualified Financing Period Two [Member] | Minimum [Member] | |||||
Disclosure of Convertible Loan Notes [Line Items] | |||||
Term of qualified financing from the date of agreement for conversion price eligibility | 3 months | ||||
Convertible Notes Payable [Member] | Debt Instrument Conversion Price Percentage Three [Member] | |||||
Disclosure of Convertible Loan Notes [Line Items] | |||||
Debt instrument conversion price as a percentage of share price | 70.00% | ||||
Convertible Notes Payable [Member] | Debt Instrument Conversion Price Percentage Three [Member] | Qualified Financing Period Three [Member] | |||||
Disclosure of Convertible Loan Notes [Line Items] | |||||
Term of qualified financing from the date of agreement for conversion price eligibility | 6 months | ||||
Series C Redeemable Convertible Preferred Stock [Member] | |||||
Disclosure of Convertible Loan Notes [Line Items] | |||||
Debt conversion, shares issued | 6,295,756 | ||||
Series C Redeemable Convertible Preferred Stock [Member] | Convertible Notes Payable [Member] | |||||
Disclosure of Convertible Loan Notes [Line Items] | |||||
Debt Instrument benenficial conversion feature | $ 10.1 | ||||
Conversion price as a percentage of share price waived | 90.00% | ||||
Conversion price as a percentage of share price into which the debt instrument is converted | 100.00% |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Aug. 11, 2020 | Dec. 31, 2019 |
Temporary Equity [Line Items] | |||
Temporary equity number of shares issued | 51,283,386 | ||
Temporary equity number of shares outstanding | 0 | 51,283,386 | |
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ 96,928 | ||
Temporary equity liquidation preference | $ 96,928 | ||
Common stock issuable upon conversion | 7,289,543 | ||
Series A Preferred Stock [Member] | |||
Temporary Equity [Line Items] | |||
Temporary equity number of shares issued | 0 | 25,000,000 | |
Temporary equity number of shares outstanding | 0 | 25,000,000 | |
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ 0 | $ 32,482 | |
Temporary equity liquidation preference | $ 32,482 | ||
Common stock issuable upon conversion | 3,343,542 | ||
Series B Preferred Stock [Member] | |||
Temporary Equity [Line Items] | |||
Temporary equity number of shares issued | 0 | 26,283,386 | |
Temporary equity number of shares outstanding | 0 | 26,283,386 | |
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ 0 | $ 64,446 | |
Temporary equity liquidation preference | $ 64,446 | ||
Common stock issuable upon conversion | 3,946,001 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands | Aug. 11, 2020USD ($)shares | Aug. 10, 2020USD ($) | Jul. 31, 2020 | Jun. 30, 2020USD ($)$ / sharesshares | Jan. 31, 2020$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Aug. 31, 2019$ / sharesshares | Mar. 31, 2019$ / sharesshares | Nov. 30, 2018$ / sharesshares | Jun. 30, 2017$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares |
Temporary Equity [Line Items] | ||||||||||||
Preferred stock tranche right liability current | $ 300 | $ 300 | ||||||||||
Temporary equity, shares outstanding | shares | 0 | 51,283,386 | 51,283,386 | |||||||||
Accrued dividends on redeemable convertible preferred stock | $ 5,536 | $ 5,955 | ||||||||||
Description of conversion policy | (i) a qualified IPO, as defined in the Series B preferred stock purchase agreement, or (ii) a vote to convert by a simple majority of Series A stockholders voting as a single class and at least 2/3 of Series B preferred stockholders voting as a single class. | |||||||||||
Description of redemption policy | Shares of preferred stock were redeemable at the option of the preferred stockholders at any time, on or after August 10, 2023, upon a majority vote of Series A stockholders voting as a single class and at least 2/3 vote of Series B stockholders voting as a single class. | |||||||||||
Common Stock [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 14,948,241 | |||||||||||
Accrued dividends on redeemable convertible preferred stock | $ 1,000 | |||||||||||
Conversion ratio | 7.4771 | |||||||||||
Additional Paid-in Capital [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Accrued dividends on redeemable convertible preferred stock | $ 195,800 | $ 271 | $ 409 | |||||||||
Series A Redeemable Convertible Preferred Stock [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Preferred stock per share amount of cumulative dividend | $ / shares | $ 0.08 | |||||||||||
Temporary equity shares authorised | shares | 25,000,000 | 0 | 25,000,000 | |||||||||
Temporary equity, shares outstanding | shares | 25,000,000 | 0 | 25,000,000 | |||||||||
Preferred stock amount of cumulative dividend | $ 8,700 | |||||||||||
Conversion ratio | 1 | |||||||||||
Series B Redeemable Convertible Preferred Stock [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Temporary equity issue price per share | $ / shares | $ 2.16867 | $ 2.16867 | ||||||||||
Net proceeds from temporary equity | $ 8,000 | |||||||||||
Preferred stock per share amount of cumulative dividend | $ / shares | $ 0.17349 | |||||||||||
Preferred stock tranche right liability current | $ 700 | $ 300 | $ 700 | |||||||||
Temporary equity shares authorised | shares | 29,972,284 | 0 | 29,972,284 | |||||||||
Temporary equity, shares outstanding | shares | 26,283,386 | 0 | 26,283,386 | |||||||||
Temporary equity shares issued during the period | shares | 3,688,898 | 12,450,027 | ||||||||||
Preferred stock amount of cumulative dividend | 10,600 | |||||||||||
Conversion ratio | 2.16867 | |||||||||||
Series B Redeemable Convertible Preferred Stock [Member] | Series B First Amendment [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Temporary equity issue price per share | $ / shares | $ 2.16867 | $ 2.16867 | ||||||||||
Temporary equity shares issued during the period | shares | 5,072,232 | 5,072,232 | ||||||||||
Series B Redeemable Convertible Preferred Stock [Member] | Series B Second Amendment [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Temporary equity issue price per share | $ / shares | $ 2.16867 | $ 2.16867 | $ 2.16867 | |||||||||
Temporary equity shares issued during the period | shares | 3,688,898 | 3,688,895 | ||||||||||
Series B Redeemable Convertible Preferred Stock [Member] | Conversion Ratio One [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Conversion ratio of redeemable covertible preferred stock into common stock | 1 | |||||||||||
Series B Redeemable Convertible Preferred Stock [Member] | Conversion Ratio Two [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Conversion ratio of redeemable covertible preferred stock into common stock | 0.15013 | |||||||||||
Series B Redeemable Convertible Preferred Stock [Member] | Conversion Price One [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Redeemable convertible preferred stock conversion price | $ / shares | $ 16.21536 | |||||||||||
Series B Redeemable Convertible Preferred Stock [Member] | Conversion Price Two [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Redeemable convertible preferred stock conversion price | $ / shares | 14.4451 | |||||||||||
Series C Redeemable Convertible Preferred Stock [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Temporary equity issue price per share | $ / shares | $ 1.6016 | |||||||||||
Preferred stock per share amount of cumulative dividend | $ / shares | $ 0.128128 | |||||||||||
Preferred stock amount of cumulative dividend | $ 1,200 | |||||||||||
Conversion ratio | 1.6016 | |||||||||||
Series C Redeemable Convertible Preferred Stock [Member] | Series C Preferred Stock Purchase Agreement [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Temporary equity issue price per share | $ / shares | $ 1.6016 | |||||||||||
Gross Proceeds from temporary equity | $ 74,600 | |||||||||||
Temporary equity shares authorised | shares | 62,489,557 | |||||||||||
Temporary equity shares issued during the period | shares | 46,828,167 | |||||||||||
Temporary equity unamortised stock issuance costs | $ 400 | |||||||||||
Series C Redeemable Convertible Preferred Stock [Member] | Series C Preferred Stock Purchase Agreement [Member] | Convertible Notes Payable [Member] | Unsecured Debt [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Temporary equity shares issued during the period | shares | 6,295,756 | |||||||||||
Debt instrument converted value In excess of principal | $ 100 | |||||||||||
Debt conversion original debt amount | 10,000 | |||||||||||
Temporary equity shares issued during the period | $ 85,100 | |||||||||||
Undesignated Preferred Stock [Member] | ||||||||||||
Temporary Equity [Line Items] | ||||||||||||
Temporary equity shares authorised | shares | 10,000,000 |
Stock based compensation - Sche
Stock based compensation - Schedule of fair value of stock option awards on the grant date using the Black-Scholes option valuation model (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Risk-free interest rate | 0.31% | 1.47% |
Expected term (in years) | 5 years 11 months 1 day | 5 years 9 months |
Expected volatility | 78.84% | 61.49% |
Dividend yield | 0.00% | 0.00% |
Stock based compensation - Summ
Stock based compensation - Summary the activity under the Company's stock option plan (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Outstanding Number, Beginning balance | 1,073,044 | |
Outstanding Number, Granted | 1,522,248 | |
Outstanding Number, Forfeited | (43,816) | |
Outstanding Number ,Exercised | (13,807) | |
Outstanding Number , Ending balance | 2,537,669 | 1,073,044 |
Outstanding Number, Vested and expected to vest | 2,537,669 | |
Outstanding Number, Exercisable | 604,386 | |
Weighted Average Exercise price, Beginning balance | $ 2.45 | |
Weighted Average Exercise price, Granted | 14.50 | |
Weighted Average Exercise price, Forfeited | 6.87 | |
Weighted Average Exercise price, Exercised | 1.43 | |
Weighted Average Exercise price, Ending balance | 9.61 | $ 2.45 |
Weighted Average Exercise price, Vested and expected to vest | 9.61 | |
Weighted Average Exercise price, Exercisable | $ 2.66 | |
Weighted-Average Remaining Contractual Term | 8 years 2 months 12 days | 8 years 8 months 12 days |
Weighted-Average Remaining Contractual Term, Vested and expected to vest | 8 years 2 months 12 days | |
Weighted-Average Remaining Contractual Term, Exercisable | 6 years 7 months 6 days | |
Aggregate Intrinsic Value | $ 13,177 | $ 902 |
Aggregate Intrinsic Value, Vested and expected to vest | 13,177 | $ 902 |
Aggregate Intrinsic Value, Exercisable | $ 7,216 |
Stock based compensation - Su_2
Stock based compensation - Summary of total stock-based compensation expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 2,035 | $ 335 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 942 | 116 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 1,093 | $ 219 |
Stock based compensation - Addi
Stock based compensation - Additional information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 01, 2021 | Jul. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares of common stock reserved for issuance under 2015 plan | 7,289,543 | ||||
Options exercised | 13,807 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSU's granted | 0 | ||||
RSU's vested | 0 | ||||
2020 Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares of common stock reserved for issuance under 2015 plan | 267,119 | ||||
Share-based Payment Award, Percentage of Outstanding Stock Maximum | 1.00% | ||||
Number of stock awards issued | 0 | ||||
2015 Stock Option and Grant Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Award, Number of Shares Available for Issuance | 729,575 | ||||
Unrecognized compensation expense related to stock option | $ 13.6 | ||||
Unrecognized compensation expense expected to be recognized, Weighted average period | 3 years 3 months 25 days | ||||
Options exercised | 200,000 | ||||
Weighted average grant date fair value of stock options granted, fair value | $ 14.50 | $ 0.26 | |||
2020 Stock Option and Grant Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Award, Number of Shares Available for Issuance | 2,470,380 | 3,205,430 | |||
Discount on purchase | 85.00% | ||||
Shares of common stock reserved for issuance under 2015 plan | 267,119 | ||||
Maximum [Member] | 2020 Stock Option and Grant Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Discount on purchase | 15.00% | ||||
Share-based Payment Award, Number of Shares Authorized for Issuance | 3,935,005 | ||||
Subsequent Event [Member] | 2020 Stock Option and Grant Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Award, Percentage of Outstanding Stock Maximum | 4.00% |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
Tax at U.S. statutory rate | 21.00% | 21.00% |
Changes from statutory rate: | ||
State taxes, net of federal benefit | 4.61% | 7.51% |
Non-deductible permanent items | 0.00% | (0.28%) |
Tax credits | 1.97% | 6.74% |
Stock-based compensation | (1.11%) | 0.00% |
Changes in enacted rates | 0.00% | (0.01%) |
Change in valuation allowance | (26.47%) | (34.96%) |
Effective income tax rate | 0.00% | 0.00% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Company Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Net operating loss carryforwards | $ 30,120 | $ 21,180 |
Tax credits | 4,891 | 4,355 |
Stock-based compensation expenses | 108 | 170 |
Accrued expenses and other | 612 | 243 |
Gross deferred tax assets | 35,731 | 25,948 |
Valuation allowance | (35,731) | (25,948) |
Deferred tax assets, net | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | |||
Valuation allowance | $ 35,731,000 | $ 25,948,000 | |
Increase in valuation allowance | 9,800,000 | 9,900,000 | |
Research and development tax credit carryforward, amount | $ 6,500,000 | ||
Operating loss carry forward limitation description | Net operating loss and research and development tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. | ||
Unrecognized tax benefits | $ 1,307,000 | 0 | $ 0 |
Uncetain tax positions related to accrued interest and penalities | 0 | $ 0 | |
Domestic Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 114,200,000 | ||
Operating loss carryforwards indefinite carryforward period | 81,600,000 | ||
Operating loss carryforwards subject to expiration | $ 32,600,000 | ||
Operating loss carryforwards expiration year | 2038 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | $ 94,600,000 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards expiration year | 2040 | ||
State and Local Jurisdiction [Member] | Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards expiration year | 2037 |
Income Taxes - Summary of Unrec
Income Taxes - Summary of Unrecognized Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Uncertainties [Abstract] | ||
Unrecognized benefits at the beginning of the year | $ 0 | $ 0 |
Additions for the tax positions related to the current year | 1,307 | 0 |
Unrecognized benefits at the end of the year | $ 1,307 | $ 0 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable To Common Stockholders - Summary of Potentially Dilutive Shares Excluded From The Calculation of Diluted Net Loss (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Options to purchase common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,537,669 | 8,023,378 |
Redeemable convertible preferred stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 51,283,386 |
Commitments And Contingencies -
Commitments And Contingencies - Additional information (Detail) - USD ($) $ in Millions | Mar. 04, 2019 | Jun. 30, 2015 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term Purchase Commitment [Line Items] | |||||
Operating lease rental expenses | $ 0.5 | $ 0.4 | |||
No of days that agreement to be terminated by both parties | 60 days | ||||
No of days that agreement to be Voluntary terminated by company | 90 days | ||||
CTSA Agreement [Member] | Research and Development Arrangement [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Long-term Agreement commitment amount | $ 4 | ||||
Research and development costs and expenses Incurred | $ 1 | $ 0.5 | |||
Kuros License Agreement [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Long-term Agreement commitment amount | $ 56 | $ 55 | |||
Percentage of royalities on licensed knowhow | 50.00% | ||||
Kuros License Agreement [Member] | Phase one Trail [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Long-term Agreement commitment amount | 2 | ||||
Milestone Payments Paid | $ 1 | ||||
Kuros License Agreement [Member] | Phase Two Trial [member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Long-term Agreement commitment amount | $ 4 | ||||
Master Clinical Trial Collaboration Agreement [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Long-term Agreement commitment amount | $ 0 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.1 | $ 0.1 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions | Mar. 01, 2021USD ($) |
Subsequent Event [Member] | Master Clinical Trial Collaboration Agreement [Member] | Phase Two Trial [member] | |
Milestone Payment Payable to Kuros | $ 2 |