Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CCCC | |
Entity Registrant Name | C4 Therapeutics, Inc. | |
Entity Central Index Key | 0001662579 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 43,195,352 | |
Entity File Number | 001-39567 | |
Entity Tax Identification Number | 47-5617627 | |
Entity Address, Address Line One | 490 Arsenal Way | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Watertown | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02472 | |
City Area Code | 617 | |
Local Phone Number | 231-0700 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 94,912 | $ 181,727 |
Marketable securities, current | 218,567 | 189,962 |
Accounts receivable | 3,656 | 4,484 |
Prepaid expenses and other current assets | 4,876 | 4,836 |
Total current assets | 322,011 | 381,009 |
Marketable securities, non-current | 32,495 | |
Property and equipment, net | 4,015 | 3,323 |
Right-of-use asset | 12,909 | 13,229 |
Restricted cash | 2,577 | 2,577 |
Total assets | 374,007 | 400,138 |
Current liabilities: | ||
Accounts payable | 3,742 | 5,683 |
Accrued expenses and other current liabilities | 6,260 | 9,524 |
Deferred revenue, current | 26,565 | 27,603 |
Operating lease liability, current | 1,086 | 1,042 |
Total current liabilities | 37,653 | 43,852 |
Deferred revenue, net of current | 50,886 | 53,617 |
Operating lease liability, net of current | 11,532 | 11,826 |
Long-term debt − related party | 10,231 | 10,052 |
Total liabilities | 110,302 | 119,347 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, par value of $0.0001 per share; 10,000,000 shares authorized, and no shares issued or outstanding as of March 31, 2021 and December 31, 2020, respectively | ||
Common stock, par value of $0.0001 per share; 150,000,000 shares authorized, and 43,108,960 and 43,059,632 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 4 | 4 |
Additional paid-in capital | 468,589 | 464,597 |
Accumulated other comprehensive (loss) income | (94) | 13 |
Accumulated deficit | (204,794) | (183,823) |
Total stockholders’ equity | 263,705 | 280,791 |
Total liabilities and stockholders’ equity | $ 374,007 | $ 400,138 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 43,108,960 | 43,059,632 |
Common stock, shares outstanding | 43,108,960 | 43,059,632 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue from collaboration agreements | $ 7,426 | $ 6,816 |
Operating expenses: | ||
Research and development | 20,526 | 16,312 |
General and administrative | 7,409 | 2,842 |
Total operating expenses | 27,935 | 19,154 |
Loss from operations | (20,509) | (12,338) |
Other (expense) income, net: | ||
Interest expense and amortization of long-term debt − related party | (534) | |
Interest and other income, net | 72 | 259 |
Total other (expense) income, net | (462) | 259 |
Loss before income taxes | (20,971) | (12,079) |
Income tax benefit | 167 | |
Net loss | (20,971) | (11,912) |
Unrealized loss on marketable securities | (107) | |
Comprehensive loss | (21,078) | (11,912) |
Reconciliation of net loss to net loss attributable to common stockholders: | ||
Net loss | (20,971) | (11,912) |
Accrual of preferred stock dividends | (2,111) | |
Net loss attributable to common stockholders | $ (20,971) | $ (14,023) |
Net loss per share attributable to common stockholders − basic and diluted | $ (0.49) | $ (9.59) |
Weighted-average number of shares used in computed net loss per share − basic and diluted | 43,084,978 | 1,462,759 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholder's Equity (Deficit) - USD ($) $ in Thousands | Total | Redeemable Convertible Preferred Stock | Accumulated Other Comprehensive Income (Loss) | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning balance at Dec. 31, 2019 | $ (111,963) | $ 5,525 | $ (117,488) | |||
Beginning balance, Shares at Dec. 31, 2019 | 1,426,641 | |||||
Redeemable convertible preferred stock, Beginning balance, Shares at Dec. 31, 2019 | 113,145,900 | |||||
Redeemable convertible preferred stock, Beginning balance at Dec. 31, 2019 | $ 110,995 | |||||
Exercise of stock options | 156 | 156 | ||||
Exercise of stock options, Shares | 49,031 | |||||
Stock-based compensation | 116 | 116 | ||||
Repurchase of common stock | (202) | (202) | ||||
Vested stock option settlement | (728) | (728) | ||||
Net loss | (11,912) | (11,912) | ||||
Ending balance at Mar. 31, 2020 | (124,533) | 4,867 | (129,400) | |||
Ending balance, Shares at Mar. 31, 2020 | 1,475,672 | |||||
Redeemable convertible preferred stock, Beginning balance, Shares at Mar. 31, 2020 | 113,145,900 | |||||
Redeemable convertible preferred stock, Beginning balance at Mar. 31, 2020 | $ 110,995 | |||||
Beginning balance at Dec. 31, 2020 | 280,791 | $ 13 | $ 4 | 464,597 | (183,823) | |
Beginning balance, Shares at Dec. 31, 2020 | 43,059,632 | |||||
Exercise of stock options | $ 166 | 166 | ||||
Exercise of stock options, Shares | 49,328 | 49,328 | ||||
Stock-based compensation | $ 3,845 | 3,845 | ||||
Unrealized loss on marketable securities | (107) | (107) | ||||
Net loss | (20,971) | (20,971) | ||||
Other | (19) | (19) | ||||
Ending balance at Mar. 31, 2021 | $ 263,705 | $ (94) | $ 4 | $ 468,589 | $ (204,794) | |
Ending balance, Shares at Mar. 31, 2021 | 43,108,960 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows used in operating activities: | ||
Net loss | $ (20,971) | $ (11,912) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||
Depreciation expense | 451 | 416 |
Stock-based compensation expense | 3,845 | 116 |
Accretion of discount on marketable securities | 102 | |
Reduction in carrying amount of right-of-use assets | 320 | 298 |
Amortization of debt discount | 182 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 828 | 1,303 |
Prepaid expenses and other current assets | (40) | (281) |
Accounts payable | (1,965) | (2,100) |
Accrued expenses and other current liabilities | (3,666) | (1,298) |
Operating lease liability | (251) | (212) |
Deferred revenue | (3,769) | (2,996) |
Net cash used in operating activities | (24,934) | (16,666) |
Cash flows used in investing activities: | ||
Sales and maturities of marketable securities | 114,994 | |
Purchases of marketable securities | (176,303) | |
Purchases of property and equipment | (421) | (184) |
Net cash used in investing activities | (61,730) | (184) |
Cash flows (used in) provided by financing activities: | ||
Proceeds from exercises of stock options | 166 | 156 |
Payment of initial public offering costs | (314) | |
Other | (3) | |
Net cash (used in) provided by financing activities | (151) | 156 |
Net change in cash, cash equivalents and restricted cash | (86,815) | (16,694) |
Cash, cash equivalents and restricted cash at beginning of period | 184,304 | 93,126 |
Cash, cash equivalents and restricted cash at end of period | 97,489 | 76,432 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash, cash equivalents and restricted cash at end of period | 97,489 | 76,432 |
Less: restricted cash | (2,577) | (2,577) |
Cash and cash equivalents at end of the period | 94,912 | 73,855 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 358 | |
Supplemental disclosures of non-cash investing and financing activities: | ||
Capital expenditures in accounts payable and accrued expenses | $ 722 | 12 |
Stock option repurchases included in accrued expenses | 202 | |
Vested stock option liability included in accrued expenses | $ 728 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of the Business and Basis of Presentation | Note 1. Nature of the business and basis of presentation C4 Therapeutics, Inc., or, together with its subsidiary, the Company, is a biopharmaceutical company focused on harnessing the body’s natural regulation of protein levels to develop novel therapeutic candidates to target and eliminate disease-causing proteins for the treatment of cancer and other diseases. The Company was incorporated in Delaware on October 7, 2015 and has its principal office in Watertown, Massachusetts. Liquidity and capital resources Since its inception, the Company’s primary activities have been focused on research and development activities, building the Company’s intellectual property, recruiting personnel and raising capital to support these activities. To date, the Company has funded its operations primarily with proceeds received from the sales of redeemable convertible preferred stock, sales of common stock through an initial public offering, through its collaboration agreements, and debt financing. The Company has incurred recurring losses since its inception, including net losses of $21.0 million and $11.9 million for the three months ended March 31, 2021 and 2020, respectively. In addition, as of March 31, 2021, the Company had an accumulated deficit of $204.8 million. To date, the Company has not generated any revenue from product sales as none of its product candidates has been approved for commercialization. The Company expects to continue to generate operating losses for the foreseeable future. On October 6, 2020, the Company completed its initial public offering, or the IPO, at which time the Company issued 11,040,000 shares of its common stock at a price to the public of $19.00 per share, resulting in net proceeds of $191.2 million, after deducting underwriting discounts and commissions and expenses. Upon the closing of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into 30,355,379 shares of common stock. The Company expects that its cash, cash equivalents and marketable securities of $346.0 million as of March 31, 2021 will be sufficient to fund its operations for at least the next twelve months from the date of issuance of these condensed consolidated financial statements. condensed Reverse stock split On September 25, 2020, the Company effected a one-for-8.4335 reverse stock split of its issued and then outstanding common stock and stock options, and a proportional adjustment to the existing conversion ratios for the Company’s convertible preferred stock. Accordingly, all issued and then outstanding common stock, options to purchase common stock and per share amounts contained in the condensed consolidated financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented. Risks and uncertainties The Company is subject to risks common to other life science companies in the early development stage including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, development by its competitors of new technological innovations, dependence on key personnel, market acceptance of products, product liability, protection of proprietary technology, ability to raise additional financing and compliance with the Food and Drug Administration, and other government regulations. If the Company does not successfully advance its programs into and through human clinical trials and commercialize any of its product candidates, the Company may be unable to produce product revenue or achieve profitability. Additionally, if the Company elects to enter into collaborations for its programs, the success of those collaborations may significantly impact its revenue and profitability. There can be no assurance that the Company’s research and development efforts will be successful, adequate protection for the Company’s intellectual property will be obtained, any products developed will obtain or maintain necessary government regulatory approval, or any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in science and technology and substantial competition from pharmaceutical and biotechnology companies. COVID-19 pandemic The impact of the coronavirus, or COVID-19, pandemic on the Company’s business, results of operations and financial condition is uncertain and will depend on future developments, including the duration and spread of the outbreak, the impact of vaccines and new strains of COVID-19, and any governmental advisories and restrictions. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of significant accounting policies Basis of presentation and consolidation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC, regarding interim financial reporting, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements include the accounts of C4 Therapeutics, Inc. and its subsidiary C4T Securities Corporation. All intercompany balances and transactions have been eliminated in consolidation. Marketable securities The Company classifies marketable securities with a remaining maturity when purchased of greater than three months as available-for-sale. Marketable securities with a remaining maturity date greater than one year are classified as non-current assets. Available-for-sale securities are carried at fair value with the unrealized gains and losses included in accumulated other comprehensive income as a component of stockholders’ equity (deficit) until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expense over the life of the instrument. Realized gains and losses are determined using the specific identification method and are included in other income (expense). Unaudited interim financial information The accompanying condensed consolidated balance sheet as of March 31, 2021, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2021 and 2020, the condensed consolidated statements of stockholders’ equity (deficit) for the three months ended March 31, 2021 and 2020, the condensed consolidated statements of cash flows for the three months ended March 31, 2021 and 2020, and the related interim disclosures are unaudited. These unaudited condensed consolidated financial statements include all adjustments necessary, consisting of only normal recurring adjustments, to fairly state the financial position and the results of the Company’s operations and cash flows for interim periods in accordance with U.S. GAAP. Interim period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for year ended December 31, 2020, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 11, 2021. Significant accounting policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2020, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 11, 2021. Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. This process may result in actual results differing materially from those estimated amounts used in the preparation of the condensed consolidated financial statements if these results differ from historical experience or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, amounts and timing of revenues recognized under the Company’s research and development collaboration arrangements and accrued research and development expense. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates. Recently issued accounting standards In December 2019, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2019-12, Income Taxes Simplifying the Accounting for Income Taxes, or In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3. Fair value measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of March 31, 2021 (in thousands): Fair Value Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 81,474 $ 81,474 $ — $ — Corporate debt securities 13,115 — 13,115 — Marketable securities: Corporate debt securities 161,007 — 161,007 — U.S. Treasury securities 84,996 — 84,996 — U.S. government debt securities 5,059 — 5,059 — Total cash equivalents and marketable securities $ 345,651 $ 81,474 $ 264,177 $ — The Company classifies its money market funds, which are valued based on quoted market prices in active markets, with no valuation adjustment, as Level 1 assets within the fair value hierarchy. Marketable securities consist of U.S. Treasury securities, U.S. government debt securities, and corporate debt securities, all of which are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities There have been no transfers between fair value levels during the three months ended March 31, 2021. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2021 | |
Marketable Securities [Abstract] | |
Marketable Securities | Note 4. Marketable securities Marketable securities as of March 31, 2021 consisted of the following: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable securities: Corporate debt securities $ 161,109 $ 1 $ (103 ) $ 161,007 U.S. Treasury securities 84,988 8 — 84,996 U.S. government debt securities 5,059 — — 5,059 Total marketable securities, current and non-current $ 251,156 $ 9 $ (103 ) $ 251,062 Marketable securities as of December 31, 2020 consisted of the following: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable securities: U.S. Treasury securities $ 189,949 $ 13 $ — $ 189,962 Total marketable securities, current $ 189,949 $ 13 $ — $ 189,962 As of March 31, 2021, the Company held 52 marketable securities, with an aggregate fair value of $135.4 million, in an unrealized loss position. There were no individual securities that were in a significant unrealized loss position as of March 31, 2021 and the Company did not record an allowance for credit losses as of March 31, 2021 related to these securities. Further, given the short-term duration and the lack of significant change in the credit risk of these investments, the Company did not recognize any other-than-temporary impairment losses. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 5. Property and equipment Property and equipment consisted of the following (in thousands): March 31, 2021 December 31, 2020 Property and equipment: Laboratory equipment $ 8,350 $ 7,207 Furniture and fixtures 805 805 Leasehold improvements 541 541 Computer equipment 223 223 Office equipment 179 179 Total property and equipment 10,098 8,955 Less: accumulated depreciation (6,083 ) (5,632 ) Total property and equipment, net $ 4,015 $ 3,323 Depreciation expense related to property and equipment is as follows (in thousands): Three Months Ended March 31, 2021 2020 Depreciation expense $ 451 $ 416 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 6. Leases In July 2017, the Company entered into a lease of office and laboratory space for its headquarters at 490 Arsenal Way, Suite 200 in Watertown, Massachusetts (the “Watertown Lease”). The Watertown Lease commenced in April 2018 with rent commencing in May 2018. The lease has a non-cancelable term of ten years with an option to extend for one additional five-year period and is subject to rent escalation throughout the term and requires the Company to provide collateral in the amount of $2.6 million, which is recorded as restricted cash on the accompanying condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020. The elements of lease costs were as follows (in thousands): Three Months Ended March 31, 2021 2020 Lease cost: Operating lease cost $ 637 $ 637 Variable lease cost 241 266 Total lease cost 878 903 The following table summarizes the lease term and discount rate applied in arriving at the lease liability: March 31, 2021 December 31, 2020 Remaining lease term 7.0 years 7.3 years Discount rate 10 % 10 % Future lease payments under non-cancelable leases as of March 31, 2021 for each of the years ending December 31 are as follows (in thousands): Undiscounted lease payments: Remaining 2021 $ 1,704 2022 2,340 2023 2,410 2024 2,483 2025 2,557 Thereafter 6,277 Total undiscounted lease payments 17,771 Less: imputed interest (5,153 ) Total operating lease liability $ 12,618 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Note 7. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accrued expenses and other current liabilities: Accrued research and development $ 3,166 $ 3,799 Accrued compensation and benefits 1,376 3,724 Accrued professional fees 831 1,532 Other 887 469 Total accrued expenses and other current liabilities $ 6,260 $ 9,524 |
Collaboration and License Agree
Collaboration and License Agreements | 3 Months Ended |
Mar. 31, 2021 | |
Collaboration And License Agreements [Abstract] | |
Collaboration and License Agreements | Note 8. Collaboration and license agreements Roche Collaboration and License Agreement In March 2016, the Company entered into a license agreement, or the Original Roche Agreement, with Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc., or Roche. Pursuant to the terms of the Original Roche Agreement, the Company and Roche agreed to collaborate on research activities to develop novel treatments in the field of targeted protein degradation using the Company’s degrader technology. On December 22, 2018, the Company and Roche executed the Amended and Restated Roche License Agreement, or the Roche Agreement, which was further amended in November 2020. Under the Roche Agreement, if the Company opts into certain co-development rights, the parties will share future development costs and the Company will receive an increased royalty rate on product sales from commercialization of the target. If the Company opts into certain co-detailing rights, the Company is entitled to reimbursement of certain commercialization costs. The target structure contains six potential targets. Roche maintained its option rights to license and commercialize these six targets. Upon signing the Roche Agreement, the Company received upfront consideration of $40.0 million from Roche. In addition, Roche will make annual research plan payments of $1.0 million for up to three years for each active research plan. For certain targets, Roche is required to pay the Company fees of $2.0 million and $3.0 million upon the progression of targets to the lead series identification achievement and good laboratory practice toxicology study phase, respectively. Option exercise fees ranges from $7.0 million to $20.0 million depending on the target. For each target option exercised by Roche, the Company is eligible to receive up to $275.0 million in research and development milestones per target and commercial milestone payments, with the commercial milestones being dependent on underlying net sales. Roche is also required to pay the Company up to $150.0 million per target in one-time sales-based payments if the target achieves certain levels of net sales. In addition, Roche is required to pay the Company royalties, at percentages from the mid-single digits to the low double-digits, on a licensed product-by licensed product basis, on worldwide net product sales. The collaboration is managed by a joint research committee. The Company has control over the committee and may terminate the Roche Agreement on a target-by-target or product-by-product basis under several scenarios, upon at least 90 days’ prior written notice. Roche Agreement accounting The Company identified twelve performance obligations within the Roche Agreement, represented by the six potential research and development targets and the option rights held by Roche for each of the six targets. The transaction price is allocated to the performance obligations based on their relative standalone selling price. The allocated transaction price is recognized as revenue in one of two ways: • Research and development targets: The Company recognizes the portion of the transaction price allocated to each of the research and development performance obligations as the research and development services are provided, using an input method, in proportion to costs incurred to date for each research development target as compared to total costs incurred and expected to be incurred in the future to satisfy the underlying obligation related to said research and development target. The transfer of control occurs over this period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation. • Option rights: The transaction price allocated to the options rights, which are considered material rights, is recognized in the period that Roche elects to exercise or elects to not exercise its option right to license and commercialize the underlying research and development target. Amounts due to the Company that have not yet been received are recorded as accounts receivable and amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s condensed consolidated balance sheet. Biogen Collaboration Research and License Agreement In December 2018, the Company entered into a collaboration research and license agreement, or the Biogen Agreement, with Biogen MA, Inc., or Biogen, which was amended in February 2020. Pursuant to the terms of the Biogen Agreement, the Company and Biogen agreed to collaborate on research activities to develop novel treatments in the field of target protein degradation, or TPD, using the Company’s degrader technology. Under the terms of the Biogen Agreement, the Company will initially develop TPD therapeutics that utilize degrader technology for up to five target proteins over a period of 54 months, ending in June 2023. On a target-by-target basis, after successful completion of a defined target evaluation period, Biogen assumes full rights and responsibility to each degrader to meet certain criteria against a target. Biogen also has the option to pay an additional $62.5 million to extend the contract for four additional years and select up to five additional targets for development. In exchange for the non-exclusive research license from Biogen, as well as a $45.0 million nonrefundable upfront payment, the Company has granted a license to develop, commercialize and manufacture products related to each of the targets (which is contingent on not cancelling the contract), performs initial research services for drug discovery, has provided a non-exclusive research and commercial license to its intellectual property and participates on the joint steering committee, or the Biogen JSC. The Company is also obligated to participate in early research activities for other potential targets or sandbox activities, at Biogen’s election up to a maximum amount; any work performed for these services is reimbursed by Biogen, and Biogen reimburses the Company for certain full-time equivalent, or FTE, costs. Biogen is also required to pay the Company up to $35.0 million per target in development milestones and $26.0 million per target in one-time sales-based payments for the first product to achieve certain levels of net sales. In addition, Biogen is required to pay the Company royalties on a licensed product-by-licensed product basis, on worldwide net product sales. The collaboration is managed by the Biogen JSC, which Biogen has control over, and Biogen may terminate the Biogen Agreement on a target-by-target or product-by-product basis under several scenarios, upon at least 90 days’ prior written notice. Biogen Agreement accounting The Company recognizes revenue under the Biogen Agreement from two types of services: 1) research and development services, and 2) sandbox activities, which are discovery-type research services. • Research and development services: The Company identified one performance obligation at the outset of the Biogen Agreement, representing a combined performance obligation consisting of (1) the licenses, (2) the research activities for the target evaluation phase for all five targets and (3) the joint research plan phase for each target. The Company recognizes the transaction price allocated to this performance obligation as the research and development services are provided, using an input method, in proportion to costs incurred to date for each research development target as compared to total costs incurred and expected to be incurred in the future to satisfy the underlying obligation related to said research and development target. The transfer of control occurs over this period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation. • Sandbox activities: Biogen has the option to fund sandbox activities in exchange for consideration at market rates, whereby the Company will perform discovery-type research at Biogen’s election to develop other potential targets that may be used as replacement targets for the initially nominated targets or two additional targets under the Biogen Agreement. Revenues earned under this option are recognized as services are performed and are not included in the transaction price allocated to the performance obligation described above. The Company recognizes FTE reimbursement received for sandbox activities as revenue as the hours are incurred each quarter. Amounts due to the Company that have not yet been received are recorded as accounts receivable and amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s condensed consolidated balance sheet. In May 2021, the Company achieved a $3.0 million lead initiation fee under the Biogen Agreement. This amount will be recorded as previously described during the three-month period ending on June 30, 2021. Calico Collaboration and License Agreement In March 2017, the Company entered into a collaboration and license agreement, or the Calico Agreement, with Calico Life Sciences LLC, or Calico, whereby the Company and Calico agreed to collaborate to develop and commercialize small molecule protein degraders for diseases of aging, including cancer, for a five-year period ending in March 2022. Under the terms of the Calico Agreement, the Company will initially develop and commercialize small molecule protein degraders for up to five target proteins over the research term. On a target-by-target basis, after successful completion of a defined target evaluation period, Calico has an exclusive option to pursue further pre-clinical development and commercialization via a joint research plan for each target. Under the Calico Agreement, Calico paid an upfront amount of $5.0 million and certain annual payments totaling $5.0 million through June 30, 2020 and pays target initiation fees and reimburses the Company for a number of FTEs, depending on the stage of the research, at specified market rates. Upon completion of the required discovery research and development services on any target, Calico is entitled to pursue commercial development of that target. The Company will perform initial research services for drug discovery and preclinical development, provide a non-exclusive research and commercial license to its IP and will participate on the Calico joint research committee, or the Calico JRC. For each target, the Company is eligible to receive up to $132.0 million in potential research, development and commercial milestone payments, on sales of all products resulting from the collaboration efforts. Calico is also required to pay the Company up to $65.0 million in one-time sales-based payments for the first product to achieve certain levels of net sales. In addition, Calico is required to pay the Company royalties, at percentages in the mid-single digits, on a licensed product-by-licensed product basis, on worldwide net product sales. The Calico Agreement is managed by the Calico JRC. Calico has control over the Calico JRC and may terminate the Calico Agreement on a target-by-target or product-by-product basis under several scenarios, upon prior written notice. Calico Agreement accounting The Company identified one performance obligation at the outset of the Calico Agreement, which consists of: (1) the non-exclusive license and (2) the research activities for the target evaluation phase for all five targets and the joint research plan phase for targets 1 and 2. The transaction price consists of the upfront amount, the committed anniversary payments, and the target initiation fees related to the targets nominated at the execution of the Calico Agreement. The Company amortizes the transaction price on a straight-line basis over the five-year term of the Calico Agreement. Straight-line amortization of the upfront payment was considered the best measure of progress because the customer has access to research and development services throughout the period. Incremental fees for research and development services are paid at agreed upon FTE rates and recognized in the period incurred. Amounts due to the Company that have not yet been received are recorded as accounts receivable and amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s condensed consolidated balance sheet. Summary of revenue recognized from collaboration agreements Revenue from collaboration agreements for the three months ended March 31, 2021 and 2020 in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands): Three Months Ended March 31, 2021 2020 Revenue from collaboration agreements: Roche Agreement $ 2,193 $ 2,269 Biogen Agreement 1,880 996 Calico Agreement 3,353 3,551 Total revenue from collaboration agreements $ 7,426 $ 6,816 Financial information related to the collaboration and license agreements consisted of the following in the Company’s condensed consolidated balance sheet as of March 31, 2021 (in thousands): Accounts Receivable Deferred Revenue, Current Deferred Revenue, Net of Current Deferred Revenue, Total Supplemental information: Roche Agreement $ 750 $ 9,390 $ 27,396 $ 36,786 Biogen Agreement 155 14,775 23,490 38,265 Calico Agreement 2,751 2,400 — 2,400 Total $ 3,656 $ 26,565 $ 50,886 $ 77,451 Financial information related to the collaboration and license agreements consisted of the following in the Company’s condensed consolidated balance sheet as of December 31, 2020 (in thousands): Accounts Receivable Deferred Revenue, Current Deferred Revenue, Net of Current Deferred Revenue, Total Supplemental information: Roche Agreement $ 750 $ 11,238 $ 26,991 $ 38,229 Biogen Agreement 776 13,965 26,026 39,991 Calico Agreement 2,958 2,400 600 3,000 Total $ 4,484 $ 27,603 $ 53,617 $ 81,220 Supplemental financial information related to the collaboration and license agreements for the three months ended March 31, 2021 and 2020 are (in thousands): Three Months Ended March 31, 2021 2020 Revenue recognized that was included in the contract liability at the beginning of the period $ 4,519 $ 3,496 Revenue recognized from performance obligations fully or partially satisfied in previous periods — — Aggregate amount of the transaction price allocated to the performance obligations that are partially or fully unsatisfied as of the end of the reporting period 86,618 100,427 |
Long-term Debt and Warrant - Re
Long-term Debt and Warrant - Related Party | 3 Months Ended |
Mar. 31, 2021 | |
Long Term Debt And Warrant Related Party [Abstract] | |
Long Term Debt and Warrant - Related Party | Note 9. Long-term debt and warrant – related party On June 5, 2020, contemporaneously with the completion of its Series B Financing, the Company entered into a Credit Agreement, or the Credit Agreement, with Perceptive Credit Holdings III, LP, an affiliate of Perceptive Advisors LLC, or Perceptive. Perceptive is a considered a related party to the Company based on its ownership of the Company’s common stock. In June 2020, the Company drew down on the first tranche of $12.5 million, which is outstanding as of March 31, 2021. As of March 31, 2021, the Company had met the criteria to draw down on the second tranche of $7.5 million. The Company has the ability, but not the obligation, to draw down the second tranche until June 30, 2021. The borrowing bears interest at a variable rate using the greater of LIBOR or 1.75%, plus 9.50%. The Credit Agreement is secured by a lien on substantially all of the Company’s assets. The Credit Agreement requires the Company to maintain a minimum aggregate cash balance of $3.0 million in one or more controlled accounts and contains various affirmative and negative covenants that limit its ability to engage in specified types of transactions. The Company is required to make interest-only payments until December 5, 2022, after which point the Company will be required to make payments of principal equal to 2% of the Term Loan until maturity on June 5, 2024, or the Maturity Date. If the Company pays off the Term Loan prior to the Maturity Date, it will be required to pay a prepayment fee of $3.8 million as of March 31, 2021. Under the terms of the Credit Agreement, Perceptive holds a warrant to purchase up to 338,784 shares of the Company’s common stock at an exercise price of $8.86 per share. The warrant is exercisable at any time prior to the ten-year anniversary of the closing date of the Credit Agreement. The following table contains the anticipated future minimum payments on long-term debt as of March 31, 2021 for each of the years ending December 31 and a reconciliation to the carrying value of long-term debt on the Company’s condensed consolidated balance sheets (in thousands): Undiscounted, minimum long-term debt payments: Remaining 2021 $ — 2022 — 2023 3,000 2024 9,500 Total undiscounted, minimum long-term debt payments 12,500 Less: Unamortized debt issuance costs, and debt discount related to warrant (2,269 ) Total long-term debt—related party $ 10,231 |
Stockholder's Equity
Stockholder's Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholder's Equity | Note 10. Stockholders’ equity In October 2020, the Company authorized preferred stock issuable of 10,000,000 shares and increased its authorized common stock issuable to 150,000,000 shares, both with a $0.0001 par value per share. Reverse stock split As described in Note 1, Nature of the business and basis of presentation Initial public offering Also as described in Note 1, Nature of the business and basis of presentation Perceptive warrant As described in Note 9, Long-term debt and warrant – related party |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | Note 11. Stock-based compensation The C4 Therapeutics, Inc. 2015 Incentive Stock Option and Grant Plan, or the 2015 Plan, adopted by the Company’s board of directors in December 2015 provides for the grant of grant incentive stock options, nonqualified stock options and restricted stock awards to eligible employees, outside directors and consultants of the Company. In September 2020, the Company’s board of directors adopted the C4 Therapeutics, Inc. 2020 Stock Option and Incentive Plan, or the 2020 Plan. Following the effectiveness of the 2020 Plan, the Company ceased making grants under the 2015 Plan. However, the 2015 Plan continues to govern the terms and conditions of the outstanding awards granted under it. Shares of common stock subject to awards granted under the 2015 Plan that cease to be subject to such awards by forfeiture or otherwise after the termination of the 2015 Plan will be available for issuance under the 2020 Plan. On March 3, 2020, the Company’s former president and chief executive officer, or the CEO, terminated employment with the Company. The Company repurchased all of the CEO’s exercised shares for total consideration of $0.1 million. The CEO also relinquished his right to purchase common shares through the exercise of vested options, for total consideration paid by the Company of $0.7 million. The Company recorded the repurchase liability once the termination was deemed probable during the three months ended March 31, 2020. The Company recognized the repurchase price of the common shares and the relinquishment of the vested options in additional-paid-in-capital on the condensed consolidated balance sheet as of March 31, 2020. Stock-based compensation expense for the three months ended March 31, 2021 and 2020 was classified in the Company’s condensed consolidated statement of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2021 2020 Stock-based compensation expense: Research and development $ 1,171 $ 116 General and administrative 2,674 — Total stock-based compensation expense $ 3,845 $ 116 The following table summarizes the stock option activity under the Company’s equity awards plans for the three months ended March 31, 2021 : Number of Stock Options Weighted-Average Exercise Price Outstanding as of December 31, 2020 5,029,364 $ 12.72 Granted 1,001,054 44.48 Exercised (49,328 ) 3.36 Cancelled or forfeited (28,176 ) 21.23 Outstanding as of March 31, 2021 5,952,914 $ 18.10 Options exercisable as of March 31, 2021 531,248 $ 4.47 Vested and expected to vest as of March 31, 2021 5,952,914 $ 18.10 As of March 31, 2021, the unrecognized compensation cost related to outstanding options was $68.4 million, which is expected to be recognized over a weighted-average period of 3.6 years. |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Note 12. Loss per share For periods in which the Company reports a net loss attributable to common stockholders, potentially dilutive securities have been excluded from the computation of diluted net loss per share as their effects would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2021 2020 Anti-dilutive common stock equivalents: Series Seed Preferred Stock — 474,298 Series A Preferred Stock — 12,941,857 Options to purchase common stock 5,952,914 1,584,212 Warrant to purchase common stock 338,784 — Total anti-dilutive common stock equivalents 6,291,698 15,000,367 All redeemable, convertible preferred stock, including those that were outstanding as of December 31, 2019, as shown above, were converted to shares of the Company’s common and effected for a one-for-8.4335 reverse stock split. Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding for the three months ended March 31, 2021 and 2020 (in thousands, except share and per share data): Three Months Ended March 31, 2021 2020 Numerator: Net loss $ (20,971 ) $ (11,912 ) Accrual of preferred stock dividends — (2,111 ) Net loss attributable to common stockholders $ (20,971 ) $ (14,023 ) Denominator: Weighted-average number of shares used in computed net loss per share − basic and diluted 43,084,978 1,462,759 Net loss per share attributable to common stockholders − basic and diluted $ (0.49 ) $ (9.59 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of presentation and consolidation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC, regarding interim financial reporting, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements include the accounts of C4 Therapeutics, Inc. and its subsidiary C4T Securities Corporation. All intercompany balances and transactions have been eliminated in consolidation. |
Marketable Securities | Marketable securities The Company classifies marketable securities with a remaining maturity when purchased of greater than three months as available-for-sale. Marketable securities with a remaining maturity date greater than one year are classified as non-current assets. Available-for-sale securities are carried at fair value with the unrealized gains and losses included in accumulated other comprehensive income as a component of stockholders’ equity (deficit) until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expense over the life of the instrument. Realized gains and losses are determined using the specific identification method and are included in other income (expense). |
Unaudited Interim Financial Information | Unaudited interim financial information The accompanying condensed consolidated balance sheet as of March 31, 2021, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2021 and 2020, the condensed consolidated statements of stockholders’ equity (deficit) for the three months ended March 31, 2021 and 2020, the condensed consolidated statements of cash flows for the three months ended March 31, 2021 and 2020, and the related interim disclosures are unaudited. These unaudited condensed consolidated financial statements include all adjustments necessary, consisting of only normal recurring adjustments, to fairly state the financial position and the results of the Company’s operations and cash flows for interim periods in accordance with U.S. GAAP. Interim period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for year ended December 31, 2020, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 11, 2021. |
Significant Accounting Policies | Significant accounting policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2020, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 11, 2021. |
Use of Estimates | Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. This process may result in actual results differing materially from those estimated amounts used in the preparation of the condensed consolidated financial statements if these results differ from historical experience or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, amounts and timing of revenues recognized under the Company’s research and development collaboration arrangements and accrued research and development expense. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates. |
Recently Issued Accounting Standards | Recently issued accounting standards In December 2019, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2019-12, Income Taxes Simplifying the Accounting for Income Taxes, or In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of March 31, 2021 (in thousands): Fair Value Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 81,474 $ 81,474 $ — $ — Corporate debt securities 13,115 — 13,115 — Marketable securities: Corporate debt securities 161,007 — 161,007 — U.S. Treasury securities 84,996 — 84,996 — U.S. government debt securities 5,059 — 5,059 — Total cash equivalents and marketable securities $ 345,651 $ 81,474 $ 264,177 $ — |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Marketable Securities [Abstract] | |
Summary of Marketable Securities | Marketable securities as of March 31, 2021 consisted of the following: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable securities: Corporate debt securities $ 161,109 $ 1 $ (103 ) $ 161,007 U.S. Treasury securities 84,988 8 — 84,996 U.S. government debt securities 5,059 — — 5,059 Total marketable securities, current and non-current $ 251,156 $ 9 $ (103 ) $ 251,062 Marketable securities as of December 31, 2020 consisted of the following: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable securities: U.S. Treasury securities $ 189,949 $ 13 $ — $ 189,962 Total marketable securities, current $ 189,949 $ 13 $ — $ 189,962 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment consisted of the following (in thousands): March 31, 2021 December 31, 2020 Property and equipment: Laboratory equipment $ 8,350 $ 7,207 Furniture and fixtures 805 805 Leasehold improvements 541 541 Computer equipment 223 223 Office equipment 179 179 Total property and equipment 10,098 8,955 Less: accumulated depreciation (6,083 ) (5,632 ) Total property and equipment, net $ 4,015 $ 3,323 |
Summary of Depreciation Expense Related to Property and Equipment | Depreciation expense related to property and equipment is as follows (in thousands): Three Months Ended March 31, 2021 2020 Depreciation expense $ 451 $ 416 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Lessee Lease Description [Line Items] | |
Summary of Lease Term and Discount Rate Applied in Arriving at Lease Liability | The following table summarizes the lease term and discount rate applied in arriving at the lease liability: March 31, 2021 December 31, 2020 Remaining lease term 7.0 years 7.3 years Discount rate 10 % 10 % |
Undiscounted Minimum Future Lease Payments Under Non-cancelable Leases | Future lease payments under non-cancelable leases as of March 31, 2021 for each of the years ending December 31 are as follows (in thousands): Undiscounted lease payments: Remaining 2021 $ 1,704 2022 2,340 2023 2,410 2024 2,483 2025 2,557 Thereafter 6,277 Total undiscounted lease payments 17,771 Less: imputed interest (5,153 ) Total operating lease liability $ 12,618 |
Watertown Lease | |
Lessee Lease Description [Line Items] | |
Summary of Lease Costs | The elements of lease costs were as follows (in thousands): Three Months Ended March 31, 2021 2020 Lease cost: Operating lease cost $ 637 $ 637 Variable lease cost 241 266 Total lease cost 878 903 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accrued expenses and other current liabilities: Accrued research and development $ 3,166 $ 3,799 Accrued compensation and benefits 1,376 3,724 Accrued professional fees 831 1,532 Other 887 469 Total accrued expenses and other current liabilities $ 6,260 $ 9,524 |
Collaboration and License Agr_2
Collaboration and License Agreements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Collaboration And License Agreements [Abstract] | |
Schedule of Revenue from Collaboration Agreements | Revenue from collaboration agreements for the three months ended March 31, 2021 and 2020 in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands): Three Months Ended March 31, 2021 2020 Revenue from collaboration agreements: Roche Agreement $ 2,193 $ 2,269 Biogen Agreement 1,880 996 Calico Agreement 3,353 3,551 Total revenue from collaboration agreements $ 7,426 $ 6,816 |
Schedule of Financial Information Related to Collaboration and License Agreements | Financial information related to the collaboration and license agreements consisted of the following in the Company’s condensed consolidated balance sheet as of March 31, 2021 (in thousands): Accounts Receivable Deferred Revenue, Current Deferred Revenue, Net of Current Deferred Revenue, Total Supplemental information: Roche Agreement $ 750 $ 9,390 $ 27,396 $ 36,786 Biogen Agreement 155 14,775 23,490 38,265 Calico Agreement 2,751 2,400 — 2,400 Total $ 3,656 $ 26,565 $ 50,886 $ 77,451 Financial information related to the collaboration and license agreements consisted of the following in the Company’s condensed consolidated balance sheet as of December 31, 2020 (in thousands): Accounts Receivable Deferred Revenue, Current Deferred Revenue, Net of Current Deferred Revenue, Total Supplemental information: Roche Agreement $ 750 $ 11,238 $ 26,991 $ 38,229 Biogen Agreement 776 13,965 26,026 39,991 Calico Agreement 2,958 2,400 600 3,000 Total $ 4,484 $ 27,603 $ 53,617 $ 81,220 |
Schedule of Supplemental Financial Information Related to Collaboration and License Agreements | Supplemental financial information related to the collaboration and license agreements for the three months ended March 31, 2021 and 2020 are (in thousands): Three Months Ended March 31, 2021 2020 Revenue recognized that was included in the contract liability at the beginning of the period $ 4,519 $ 3,496 Revenue recognized from performance obligations fully or partially satisfied in previous periods — — Aggregate amount of the transaction price allocated to the performance obligations that are partially or fully unsatisfied as of the end of the reporting period 86,618 100,427 |
Long Term Debt and Warrant - Re
Long Term Debt and Warrant - Related Party (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Long Term Debt And Warrant Related Party [Abstract] | |
Summary of Anticipated Future Minimum Payments of Long-term Debt | The following table contains the anticipated future minimum payments on long-term debt as of March 31, 2021 for each of the years ending December 31 and a reconciliation to the carrying value of long-term debt on the Company’s condensed consolidated balance sheets (in thousands): Undiscounted, minimum long-term debt payments: Remaining 2021 $ — 2022 — 2023 3,000 2024 9,500 Total undiscounted, minimum long-term debt payments 12,500 Less: Unamortized debt issuance costs, and debt discount related to warrant (2,269 ) Total long-term debt—related party $ 10,231 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense for the three months ended March 31, 2021 and 2020 was classified in the Company’s condensed consolidated statement of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2021 2020 Stock-based compensation expense: Research and development $ 1,171 $ 116 General and administrative 2,674 — Total stock-based compensation expense $ 3,845 $ 116 |
Summary of Stock Option Activity | The following table summarizes the stock option activity under the Company’s equity awards plans for the three months ended March 31, 2021 : Number of Stock Options Weighted-Average Exercise Price Outstanding as of December 31, 2020 5,029,364 $ 12.72 Granted 1,001,054 44.48 Exercised (49,328 ) 3.36 Cancelled or forfeited (28,176 ) 21.23 Outstanding as of March 31, 2021 5,952,914 $ 18.10 Options exercisable as of March 31, 2021 531,248 $ 4.47 Vested and expected to vest as of March 31, 2021 5,952,914 $ 18.10 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Diluted Net Loss Per Share Attributable to Common Stockholders | Three Months Ended March 31, 2021 2020 Anti-dilutive common stock equivalents: Series Seed Preferred Stock — 474,298 Series A Preferred Stock — 12,941,857 Options to purchase common stock 5,952,914 1,584,212 Warrant to purchase common stock 338,784 — Total anti-dilutive common stock equivalents 6,291,698 15,000,367 |
Schedule of Basic and Diluted Loss Per Share | Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding for the three months ended March 31, 2021 and 2020 (in thousands, except share and per share data): Three Months Ended March 31, 2021 2020 Numerator: Net loss $ (20,971 ) $ (11,912 ) Accrual of preferred stock dividends — (2,111 ) Net loss attributable to common stockholders $ (20,971 ) $ (14,023 ) Denominator: Weighted-average number of shares used in computed net loss per share − basic and diluted 43,084,978 1,462,759 Net loss per share attributable to common stockholders − basic and diluted $ (0.49 ) $ (9.59 ) |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands | Oct. 06, 2020USD ($)$ / sharesshares | Sep. 25, 2020 | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) |
Class Of Stock [Line Items] | |||||
Net loss | $ 20,971 | $ 11,912 | |||
Accumulated deficit | 204,794 | $ 183,823 | |||
Cash, cash equivalents and marketable securities | $ 346,000 | ||||
Reverse stock split | one-for-8.4335 | one-for-8.4335 | |||
Stock split conversion ratio | 0.118574732 | 0.118574732 | |||
Common Stock | IPO | |||||
Class Of Stock [Line Items] | |||||
Initial public offering closing date | Oct. 6, 2020 | ||||
Issued shares of common stock | shares | 11,040,000 | ||||
Shares issued price per share | $ / shares | $ 19 | ||||
Net proceeds after deducting underwriting discounts, commissions and expenses | $ 191,200 | ||||
Outstanding shares of preferred stock automatically converted | shares | 30,355,379 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Marketable securities: | |
Total cash equivalents and marketable securities | $ 345,651 |
Level 1 | |
Marketable securities: | |
Total cash equivalents and marketable securities | 81,474 |
Level 2 | |
Marketable securities: | |
Total cash equivalents and marketable securities | 264,177 |
Money Market Funds | |
Cash equivalents: | |
Money market funds | 81,474 |
Money Market Funds | Level 1 | |
Cash equivalents: | |
Money market funds | 81,474 |
Corporate Debt Securities | |
Cash equivalents: | |
Money market funds | 13,115 |
Marketable securities: | |
Corporate debt securities | 161,007 |
Corporate Debt Securities | Level 2 | |
Cash equivalents: | |
Money market funds | 13,115 |
Marketable securities: | |
Corporate debt securities | 161,007 |
US Treasury Securities | |
Marketable securities: | |
Corporate debt securities | 84,996 |
US Treasury Securities | Level 2 | |
Marketable securities: | |
Corporate debt securities | 84,996 |
U.S. Government Debt Securities | |
Marketable securities: | |
Corporate debt securities | 5,059 |
U.S. Government Debt Securities | Level 2 | |
Marketable securities: | |
Corporate debt securities | $ 5,059 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | Mar. 31, 2021USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value, assets, level 1 to level 2 transfers, amount | $ 0 |
Fair value, assets, level 2 to level 1 transfers, amount | 0 |
Fair value, liabilities, level 1 to level 2 transfers, amount | 0 |
Fair value, liabilities, level 2 to level 1 transfers, amount | 0 |
Fair value, assets, level 1 to level 3 transfers, amount | 0 |
Fair value, assets, level 3 to level 1 transfers, amount | 0 |
Fair value, liabilities, level 1 to level 3 transfers, amount | 0 |
Fair value, liabilities, level 3 to level 1 transfers, amount | 0 |
Fair value, assets, level 2 to level 3 transfers, amount | 0 |
Fair value, assets, level 3 to level 2 transfers, amount | 0 |
Fair value, liabilities, level 2 to level 3 transfers, amount | 0 |
Fair value, liabilities, level 3 to level 2 transfers, amount | $ 0 |
Marketable Securities - Summary
Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 251,156 | $ 189,949 |
Gross Unrealized Gains | 9 | 13 |
Gross Unrealized Losses | (103) | |
Fair Value | 251,062 | 189,962 |
Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 161,109 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (103) | |
Fair Value | 161,007 | |
US Treasury Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 84,988 | 189,949 |
Gross Unrealized Gains | 8 | 13 |
Fair Value | 84,996 | $ 189,962 |
U.S. Government Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 5,059 | |
Fair Value | $ 5,059 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021USD ($)MarketableSecurity | |
Marketable Securities [Abstract] | |
Number of marketable securities | MarketableSecurity | 52 |
Marketable securities | $ 135,400 |
Individual securities | 0 |
Other-than-temporary impairment losses | $ 0 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 10,098 | $ 8,955 |
Less: accumulated depreciation | (6,083) | (5,632) |
Total property and equipment, net | 4,015 | 3,323 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 8,350 | 7,207 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 805 | 805 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 541 | 541 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 223 | 223 |
Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 179 | $ 179 |
Property and Equipment - Summ_2
Property and Equipment - Summary of Depreciation Expense Related to Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 451 | $ 416 |
Leases - Additional Information
Leases - Additional Information (Details) - Watertown Lease - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Lessee Lease Description [Line Items] | ||
Lessee operating lease, description | In July 2017, the Company entered into a lease of office and laboratory space for its headquarters at 490 Arsenal Way, Suite 200 in Watertown, Massachusetts (the “Watertown Lease”). The Watertown Lease commenced in April 2018 with rent commencing in May 2018. | |
Lease commencement date | 2018-04 | |
Rent commencing date | 2018-05 | |
Lease non-cancelable term | 10 years | |
Restricted Cash | ||
Lessee Lease Description [Line Items] | ||
Lease collateral amount | $ 2.6 | $ 2.6 |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Details) - Watertown Lease - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lease cost: | ||
Operating lease cost | $ 637 | $ 637 |
Variable lease cost | 241 | 266 |
Total lease cost | $ 878 | $ 903 |
Leases - Summary of Lease Term
Leases - Summary of Lease Term and Discount Rate Applied In Arriving at Lease Liability (Details) | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Remaining lease term | 7 years | 7 years 3 months 18 days |
Discount rate | 10.00% | 10.00% |
Leases - Undiscounted Minimum F
Leases - Undiscounted Minimum Future Lease Payments Under Non-cancelable Leases (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
Remaining 2021 | $ 1,704 |
2022 | 2,340 |
2023 | 2,410 |
2024 | 2,483 |
2025 | 2,557 |
Thereafter | 6,277 |
Total undiscounted lease payments | 17,771 |
Less: imputed interest | (5,153) |
Total operating lease liability | $ 12,618 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued expenses and other current liabilities: | ||
Accrued research and development | $ 3,166 | $ 3,799 |
Accrued compensation and benefits | 1,376 | 3,724 |
Accrued professional fees | 831 | 1,532 |
Other | 887 | 469 |
Total accrued expenses and other current liabilities | $ 6,260 | $ 9,524 |
Collaboration and License Agr_3
Collaboration and License Agreements - Additional Information (Details) | Dec. 22, 2018USD ($)Target | May 31, 2021USD ($) | Dec. 31, 2018USD ($)TargetProtein | Mar. 31, 2021USD ($)TargetPerformanceobligationTargetProtein |
Restated Roche Agreement | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Number of potential targets | Target | 6 | |||
Additional upfront consideration received | $ 40,000,000 | |||
Annual research plan payments receivables | $ 1,000,000 | |||
Annual research plan payments periods | 3 years | |||
Collaboration description | The Company has control over the committee and may terminate the Roche Agreement on a target-by-target or product-by-product basis under several scenarios, upon at least 90 days’ prior written notice. | |||
Restated Roche Agreement | Lead Series Identification Achievement | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Upfront fees | $ 2,000,000 | |||
Restated Roche Agreement | Good Laboratory Practice (“GLP”) Toxicology (“Tox”) Study Phase | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Upfront fees | 3,000,000 | |||
Restated Roche Agreement | Maximum | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Option exercise fees | 20,000,000 | |||
Restated Roche Agreement | Maximum | Research, Development and Commercial Milestone Payments | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Amount eligible to receive | 275,000,000 | |||
Restated Roche Agreement | Maximum | One-Time Sales-Based Payments | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Amount eligible to receive | 150,000,000 | |||
Restated Roche Agreement | Minimum | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Option exercise fees | $ 7,000,000 | |||
Biogen License Agreement | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Agreement date | 2018-12 | |||
Research agreement, period | 54 months | |||
Additional payment on extension of contract | $ 62,500,000 | |||
Nonrefundable upfront payment | $ 45,000,000 | |||
Number of performance obligation | Performanceobligation | 1 | |||
Number of targets | Target | 5 | |||
Number of additional targets | Target | 2 | |||
Biogen License Agreement | Scenario Forecast | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Lead initiation fee achieved | $ 3,000,000 | |||
Biogen License Agreement | Maximum | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Number of targeted protein degradation | Protein | 5 | |||
Additional targets for development | Target | 5 | |||
Biogen License Agreement | Maximum | One-Time Sales-Based Payments | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Payment received | $ 26,000,000 | |||
Biogen License Agreement | Maximum | Research And Development Milestones | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Payment received | $ 35,000,000 | |||
Biogen License Agreement | Minimum | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Written notice period for termination of agreement | 90 days | |||
Calico License Agreement | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Number of performance obligation | Performanceobligation | 1 | |||
Number of targets | Target | 5 | |||
Research term | 5 years | |||
Upfront payment | $ 5,000,000 | |||
Annual Payments | $ 5,000,000 | |||
Contractual term | 5 years | |||
Calico License Agreement | Maximum | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Number of target proteins | TargetProtein | 5 | |||
Calico License Agreement | Maximum | One-Time Sales-Based Payments | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Payment received | $ 65,000,000 | |||
Calico License Agreement | Maximum | Potential Research, Development and Commercial Milestone Payments | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Payment received | $ 132,000,000 |
Collaboration and License Agr_4
Collaboration and License Agreements - Schedule of Revenue from Collaboration Agreements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Revenue from collaboration agreements | $ 7,426 | $ 6,816 |
Roche Agreement | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Revenue from collaboration agreements | 2,193 | 2,269 |
Biogen Agreement | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Revenue from collaboration agreements | 1,880 | 996 |
Calico Agreement | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Revenue from collaboration agreements | $ 3,353 | $ 3,551 |
Collaboration and License Agr_5
Collaboration and License Agreements - Schedule of Financial Information Related to Collaboration and License Agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Accounts Receivable | $ 3,656 | $ 4,484 |
Deferred Revenue, Current | 26,565 | 27,603 |
Deferred Revenue, Net of Current | 50,886 | 53,617 |
Deferred Revenue, Total | 77,451 | 81,220 |
Roche Agreement | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Accounts Receivable | 750 | 750 |
Deferred Revenue, Current | 9,390 | 11,238 |
Deferred Revenue, Net of Current | 27,396 | 26,991 |
Deferred Revenue, Total | 36,786 | 38,229 |
Biogen Agreement | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Accounts Receivable | 155 | 776 |
Deferred Revenue, Current | 14,775 | 13,965 |
Deferred Revenue, Net of Current | 23,490 | 26,026 |
Deferred Revenue, Total | 38,265 | 39,991 |
Calico Agreement | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Accounts Receivable | 2,751 | 2,958 |
Deferred Revenue, Current | 2,400 | 2,400 |
Deferred Revenue, Net of Current | 600 | |
Deferred Revenue, Total | $ 2,400 | $ 3,000 |
Collaboration and License Agr_6
Collaboration and License Agreements - Schedule of Supplemental Financial Information Related to Collaboration and License Agreements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Revenue recognized that was included in the contract liability at the beginning of the period | $ 4,519 | $ 3,496 |
Aggregate amount of the transaction price allocated to the performance obligations that are partially or fully unsatisfied as of the end of the reporting period | $ 86,618 | $ 100,427 |
Long Term Debt and Warrant - _2
Long Term Debt and Warrant - Related Party - Additional Information (Details) - USD ($) | Jun. 05, 2020 | Mar. 31, 2021 | Jun. 30, 2020 |
Common Stock | |||
Long Term Debt And Warrant Liability Related Party [Line Items] | |||
Exercise price per share | $ 8.86 | ||
Maximum | Common Stock | |||
Long Term Debt And Warrant Liability Related Party [Line Items] | |||
Warrant issued to purchase shares | 338,784 | ||
Term Loan | Common Stock | |||
Long Term Debt And Warrant Liability Related Party [Line Items] | |||
Exercise price per share | $ 8.86 | ||
Term Loan | Maximum | Common Stock | |||
Long Term Debt And Warrant Liability Related Party [Line Items] | |||
Warrant issued to purchase shares | 338,784 | ||
Credit Agreement with Perceptive Life Sciences Master Fund LTD | Term Loan | |||
Long Term Debt And Warrant Liability Related Party [Line Items] | |||
Description of Variable Rate Basis | greater of LIBOR or 1.75%, plus 9.50% | ||
Applicable margin rate | 9.50% | ||
Date until which interest only payments are made | Dec. 5, 2022 | ||
Maturity date | Jun. 5, 2024 | ||
Percentage of principal payments until maturity | 2.00% | ||
Prepayment fee | $ 3,800,000 | ||
Credit Agreement with Perceptive Life Sciences Master Fund LTD | Term Loan | Minimum | |||
Long Term Debt And Warrant Liability Related Party [Line Items] | |||
Balance to be maintained in bank account while debt is outstanding | $ 3,000,000 | ||
Credit Agreement with Perceptive Life Sciences Master Fund LTD | Term Loan | Tranche One | |||
Long Term Debt And Warrant Liability Related Party [Line Items] | |||
Amount withdrawn | $ 12,500,000 | ||
Credit Agreement with Perceptive Life Sciences Master Fund LTD | Term Loan | Tranche Two | |||
Long Term Debt And Warrant Liability Related Party [Line Items] | |||
Amount withdrawn | $ 7,500,000 |
Long Term Debt and Warrant - _3
Long Term Debt and Warrant - Related Party - Summary of Anticipated Future Minimum Payments of Long-term Debt (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Long Term Debt By Maturity [Abstract] | |
2023 | $ 3,000 |
2024 | 9,500 |
Total undiscounted, minimum long-term debt payments | 12,500 |
Less: Unamortized debt issuance costs, and debt discount related to warrant | (2,269) |
Total long-term debt—related party | $ 10,231 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Details) | Oct. 06, 2020$ / sharesshares | Sep. 25, 2020 | Mar. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Oct. 31, 2020$ / sharesshares |
Stockholders Equity [Line Items] | |||||
Common stock, par value per share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||
Common stock, shares authorized | 150,000,000 | 150,000,000 | 150,000,000 | ||
Reverse stock split | one-for-8.4335 | one-for-8.4335 | |||
Stock split conversion ratio | 0.118574732 | 0.118574732 | |||
Common Stock | |||||
Stockholders Equity [Line Items] | |||||
Exercise price per share | $ / shares | $ 8.86 | ||||
Common Stock | Maximum | |||||
Stockholders Equity [Line Items] | |||||
Warrant issued to purchase shares | 338,784 | ||||
Common Stock | IPO | |||||
Stockholders Equity [Line Items] | |||||
Initial public offering closing date | Oct. 6, 2020 | ||||
Issued shares of common stock | 11,040,000 | ||||
Shares issued price per share | $ / shares | $ 19 | ||||
Outstanding shares of preferred stock automatically converted | 30,355,379 | ||||
Underwriters for IPO Exercised in full Overallotment Option | Common Stock | IPO | |||||
Stockholders Equity [Line Items] | |||||
Issued shares of common stock | 1,440,000 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) $ in Millions | Mar. 03, 2020 | Mar. 31, 2021 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Payments for repurchase of common stock | $ 0.1 | |
Payments for relinquishment of right to purchase common stock upon exercise of stock options | $ 0.7 | |
Unrecognized compensation costs | $ 68.4 | |
Expected to be recognized over a weighted average period | 3 years 7 months 6 days | |
2015 Incentive Stock Option and Grant Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation, common stock shares reserved for issuance | 10,555,307 | |
2020 Stock Option and Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation, common stock shares reserved for issuance | 10,555,307 | |
Stock-based compensation, common stock shares available for issuance | 4,602,393 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 3,845 | $ 116 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 1,171 | $ 116 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 2,674 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Compensation Related Costs [Abstract] | |
Number of stock options, Outstanding as of December 31, 2020 | shares | 5,029,364 |
Number of stock options, Granted | shares | 1,001,054 |
Number of stock options, Exercised | shares | (49,328) |
Number of stock options, Cancelled or forfeited | shares | (28,176) |
Number of stock options, Outstanding as of March 31, 2021 | shares | 5,952,914 |
Number of stock options, Options exercisable as of March 31,2021 | shares | 531,248 |
Number of stock options, Vested and expected to vest as of March 31, 2021 | shares | 5,952,914 |
Weighted-average exercise price, Outstanding as of December 31, 2020 | $ / shares | $ 12.72 |
Weighted-average exercise price, Granted | $ / shares | 44.48 |
Weighted-average exercise price, Exercised | $ / shares | 3.36 |
Weighted-average exercise price, Cancelled or forfeited | $ / shares | 21.23 |
Weighted-average exercise price, Outstanding as of March 31, 2021 | $ / shares | 18.10 |
Weighted-average exercise price, Options exercisable as of March 31, 2021 | $ / shares | 4.47 |
Weighted-average exercise price, Vested and expected to vest as of March 31, 2021 | $ / shares | $ 18.10 |
Loss Per Share - Schedule of Co
Loss Per Share - Schedule of Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total anti-dilutive common stock equivalents | 6,291,698 | 15,000,367 |
Series Seed Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total anti-dilutive common stock equivalents | 474,298 | |
Series A Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total anti-dilutive common stock equivalents | 12,941,857 | |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total anti-dilutive common stock equivalents | 5,952,914 | 1,584,212 |
Warrant to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total anti-dilutive common stock equivalents | 338,784 |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Details) | Sep. 25, 2020 | Mar. 31, 2021 |
Earnings Per Share [Abstract] | ||
Reverse stock split | one-for-8.4335 | one-for-8.4335 |
Stock split conversion ratio | 0.118574732 | 0.118574732 |
Loss Per Share - Schedule of Ba
Loss Per Share - Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net loss | $ (20,971) | $ (11,912) |
Accrual of preferred stock dividends | (2,111) | |
Net loss attributable to common stockholders | $ (20,971) | $ (14,023) |
Denominator: | ||
Weighted-average number of shares used in computed net loss per share − basic and diluted | 43,084,978 | 1,462,759 |
Net loss per share attributable to common stockholders − basic and diluted | $ (0.49) | $ (9.59) |