Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | ||
Mar. 31, 2022 | May 11, 2022 | May 06, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | Q1 | ||
Trading Symbol | TCRX | ||
Entity Registrant Name | TSCAN THERAPEUTICS, INC. | ||
Entity Central Index Key | 0001783328 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Document Quarterly Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-40603 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 82-5282075 | ||
Entity Address, Address Line One | 830 Winter Street | ||
Entity Address, State or Province | MA | ||
Entity Address, City or Town | Waltham | ||
Entity Address, Postal Zip Code | 02451 | ||
City Area Code | 857 | ||
Local Phone Number | 399-9500 | ||
Title of 12(b) Security | Voting Common Stock, $0.0001 par value per share | ||
Security Exchange Name | NASDAQ | ||
Voting Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 18,888,085 | ||
Non-voting Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 5,143,134 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 140,838 | $ 161,405 |
Prepaid expenses and other current assets | 4,911 | 4,249 |
Total current assets | 145,749 | 165,654 |
Property and equipment, net | 10,689 | 11,765 |
Right-of-use assets | 5,125 | 5,491 |
Prepaid rent | 1,444 | |
Restricted cash | 5,031 | 5,031 |
Long-term deposit | 166 | 166 |
Total assets | 168,204 | 188,107 |
Current liabilities: | ||
Accounts payable | 2,886 | 1,765 |
Accrued expenses and other current liabilities | 3,012 | 6,517 |
Operating lease liability, current portion | 1,698 | 1,651 |
Deferred revenue, current portion | 10,869 | 11,410 |
Total current liabilities | 18,465 | 21,343 |
Deferred revenue, net of current portion | 0 | 1,497 |
Operating lease liability, net of current portion | 3,948 | 4,392 |
Other long term liabilities | 97 | 97 |
Total liabilities | 22,510 | 27,329 |
Commitments and contingencies (Note 5) | ||
Stockholders' equity (deficit): | ||
Additional paid-in capital | 254,005 | 252,933 |
Accumulated deficit | (108,314) | (92,158) |
Total stockholders' deficit | 145,694 | 160,778 |
Total liabilities and stockholders' equity | 168,204 | 188,107 |
Voting Common Stock | ||
Stockholders' equity (deficit): | ||
Common stock | 2 | 2 |
Non-voting Common Stock | ||
Stockholders' equity (deficit): | ||
Common stock | $ 1 | $ 1 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value | $ 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 |
Voting Common Stock | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 18,917,304 | 18,881,333 |
Common stock, shares outstanding | 18,888,085 | 18,764,463 |
Non-voting Common Stock | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 5,143,134 | 5,143,134 |
Common stock, shares outstanding | 5,143,134 | 5,143,134 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | ||
Collaboration and license revenue | $ 3,021 | $ 2,027 |
Revenue from Contract with Customer, Products and Services [Extensible List] | http://www.tscan.com/#CollaborationAndLicenseRevenueMember | http://www.tscan.com/#CollaborationAndLicenseRevenueMember |
Operating expenses: | ||
Research and development | $ 14,690 | $ 7,339 |
General and administrative | 4,494 | 2,606 |
Total operating expenses | 19,184 | 9,945 |
Loss from operations | (16,163) | (7,918) |
Other income: | ||
Interest and other income (loss), net | 7 | 6 |
Net loss | $ (16,156) | $ (7,912) |
Net loss per share, basic and diluted | $ (0.67) | $ (6.49) |
Weighted average common shares outstanding—basic and diluted | 23,974,642 | 1,218,909 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Non-voting Common Stock | Common Stock | Common StockNon-voting Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balances at Dec. 31, 2020 | $ (42,462) | $ 1 | $ 1,070 | $ (43,533) | |||
Balances, shares at Dec. 31, 2020 | 7,063,104 | ||||||
Balances at Dec. 31, 2020 | $ 59,681 | ||||||
Balances, shares at Dec. 31, 2020 | 1,135,858 | ||||||
Issuance of Series C convertible preferred stock (net of issuance costs of $270) | $ 99,730 | ||||||
Issuance of Series C convertible preferred stock (net of issuance costs of $270), shares | 8,553,168 | ||||||
Exercise of stock options | 108 | 108 | |||||
Exercise of stock options, shares | 81,289 | ||||||
Vesting of restricted common stock, shares | 87,642 | ||||||
Stock-based compensation expense | 344 | 344 | |||||
Net loss | (7,912) | (7,912) | |||||
Balances at Mar. 31, 2021 | (49,922) | $ 1 | 1,522 | (51,445) | |||
Balances, shares at Mar. 31, 2021 | 15,616,272 | ||||||
Balances at Mar. 31, 2021 | $ 159,411 | ||||||
Balances, shares at Mar. 31, 2021 | 1,304,789 | ||||||
Balances at Dec. 31, 2021 | 160,778 | $ 2 | $ 1 | 252,933 | (92,158) | ||
Balances, shares at Dec. 31, 2021 | 5,143,134 | 18,764,463 | 5,143,134 | ||||
Exercise of stock options | 88 | 88 | |||||
Exercise of stock options, shares | 35,971 | ||||||
Vesting of restricted common stock, shares | 87,651 | ||||||
Stock-based compensation expense | 984 | 984 | |||||
Net loss | (16,156) | (16,156) | |||||
Balances at Mar. 31, 2022 | $ 145,694 | $ 2 | $ 1 | $ 254,005 | $ (108,314) | ||
Balances, shares at Mar. 31, 2022 | 5,143,134 | 18,888,085 | 5,143,134 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Convertible Preferred Stock | |
Net issuance costs | $ 270 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (16,156) | $ (7,912) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 1,195 | 469 |
Stock-based compensation | 984 | 344 |
Changes in current assets and liabilities: | ||
Prepaid expenses and other assets | (662) | (718) |
Prepaid rent | (1,444) | 0 |
Right-of-use assets and lease liabilities, net | (31) | 56 |
Accounts payable | 824 | 162 |
Accrued expense and other liabilities | (2,796) | (1,053) |
Deferred revenue | (2,038) | (1,305) |
Net cash used in operating activities | (20,124) | (9,957) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (531) | (2,959) |
Net cash used in investing activities | (531) | (2,959) |
Cash flows from financing activities: | ||
Proceeds from issuance of convertible preferred stock, net of issuance costs | 0 | 99,730 |
Proceeds from exercise of stock options | 88 | 108 |
Payment of deferred offering costs | 0 | (212) |
Net cash provided by financing activities | 88 | 99,626 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (20,567) | 86,710 |
Cash, cash equivalents, and restricted cash - beginning of period | 166,436 | 35,386 |
Cash, cash equivalents, and restricted cash - end of period | 145,869 | 122,096 |
Summary of cash, cash equivalents and restricted cash reported within the consolidated balance sheets: | ||
Cash and cash equivalents | 140,838 | 121,501 |
Restricted cash | 5,031 | 595 |
Total cash, cash equivalents, and restricted cash | 145,869 | 122,096 |
Supplemental cash flow information: | ||
Purchase of property and equipment in accounts payable and accrued liabilities | 416 | 1,837 |
Deferred offering costs included in accrued expenses | $ 0 | $ 911 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Basis of Presentation | 1. Nature of Business and Basis of Presentation Nature of Business TScan Therapeutics, Inc. and its wholly-owned subsidiary, TScan Securities Corporation (the Company), is a biotechnology company that was incorporated in Delaware on April 17, 2018 and has a principal place of business in Waltham, Massachusetts. The Company is a biopharmaceutical company focused on developing a pipeline of T cell receptor-engineered T cell (TCR-T) therapies for the treatment of patients with cancer. Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (US GAAP) and applicable rules and regulations of the Securities and Exchange Commission (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 US GAAP for complete financial statements. Management believes that the interim financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position, results of its operations and cash flows. The condensed consolidated financial statements include the accounts of TScan Therapeutics, Inc. and its subsidiary, TScan Securities Corporation. All intercompany balances and transactions have been eliminated in consolidation. The results for the three months ended March 31, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on March 9, 2022. In the opinion of the Company’s management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included. Risks, Uncertainties and Going Concern The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, successful development of technology, obtaining additional funding, protection of proprietary technology, compliance with government regulations, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for its product candidates and the ability to successfully market any products that receive approval, fluctuations in operating results, economic pressure impacting therapeutic pricing, dependence on key personnel, risks associated with changes in technologies, development by competitors of technological innovations and the ability to scale manufacturing to large scale production. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance capabilities. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from sales. The accompanying unaudited condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has primarily funded its operations with proceeds from sales of capital stock and with payments received under its license and collaboration agreements. Since its inception, the Company has incurred recurring losses, including net losses of $ 16.2 million and $ 7.9 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the Company had an accumulated deficit of $ 108.3 million. The Company expects to continue to generate operating losses in the foreseeable future. The Company expects that its cash and cash equivalents as of March 31, 2022 will be sufficient to fund the Company’s operations for at least the next twelve months from the date of the issuance of the financial statements. Impact of COVID-19 In response to public health directives and orders and to help minimize the risk of the virus to employees, the Company has taken a series of actions aimed at safeguarding the Company’s employees and business associates, including implementing a flexible work-at-home policy. To date, the Company has not experienced material business disruptions, including with vendors, as a result of the COVID-19 pandemic. However, disruptions and supply chain constraints arising from COVID-19 could result in increased costs of execution of development plans or may negatively impact the quality, quantity, timing and regulatory usability of data that the Company would otherwise be able to collect. There continues to be uncertainty around the duration and impacts of these potential disruptions. Emerging Growth Company Status The Company qualifies as “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected to “opt in” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | . Fair Value Measurements The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value (in thousands): Fair value measurements at March 31, 2022 using: Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market funds $ 139,559 $ - $ - $ 139,559 Total financial assets $ 139,559 $ - $ - $ 139,559 Fair value measurements at December 31, 2021 using: Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market funds $ 159,668 $ - $ - $ 159,668 Total financial assets $ 159,668 $ - $ - $ 159,668 The cash equivalents are comprised of funds held in an exchange traded money market fund and the fair value of the cash equivalents is determined based upon quoted market price for that fund. There were no transfers among Level 1, Level 2, or Level 3 categories in the periods presented. The carrying value of accounts payable and accrued expenses that are reported on the condensed consolidated balance sheets approximate their fair value due to the short-term nature of these assets and liabilities. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | . Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, 2022 2021 Accrued employee compensation and benefits $ 1,001 $ 2,600 Accrued research and development 1,519 1,902 Accrued consulting and professional services 228 949 Accrued legal services and license fee 106 54 Other 158 1,012 Total accrued expenses and other current liabilities $ 3,012 $ 6,517 |
Collaboration and License Agree
Collaboration and License Agreements | 3 Months Ended |
Mar. 31, 2022 | |
Collaboration And License Agreements [Abstract] | |
Collaboration and License Agreements | . Collaboration and License Agreements Novartis In March 2020 , the Company entered into a Collaboration and License Agreement (the Novartis Agreement) with Novartis Institutes For Biomedical Research, Inc. (Novartis) to collaborate on their research efforts to discover and develop novel TCR-T therapies. At the inception date of the Novartis Agreement, Novartis or its affiliates held an ownership interest of more than 10 % in the Company, and at March 31, 2022, Novartis held less than 10 % of the common shares outstanding. Under the Novartis Agreement, the Company will identify and characterize TCRs in accordance with a research plan and transfer data arising from the research plan. Novartis will have the option to license and develop TCRs for up to three novel targets identified in performance of the collaboration during the collaboration period of the Novartis Agreement. Novartis will also have rights of first negotiation for certain additional targets and TCRs identified in performance of the collaboration during a defined collaboration period of the Novartis Agreement and for 180 days after such collaboration period ends (which collaboration period will end no later than March 2023). If during such 180-day right of first negotiation period, the Company notifies Novartis of the Company’s intent to grant a third party a license to a target or TCR identified in the collaboration, then Novartis may obtain the exclusive right to negotiate a license to such target or TCR for an additional 270 days by providing the Company with a term sheet to license such target or TCR within 90 days of the Company’s notice of such intent. The Novartis Agreement provides that the Company will pay an upfront fee of $ 20.0 million, research funding totaling $ 10.0 million and potential milestone payments contingent on clinical, regulatory and sales success. In addition to payments upon achievement of certain clinical and regulatory milestones, Novartis will pay the Company mid-single to low double-digit royalties on net sales for each product directed to a target licensed by Novartis. After the end of the collaboration period and the expiration of Novartis’ first right of negotiation, the Company is free to develop TCRs against targets not licensed by Novartis . The Company concluded that Novartis meets the definition of a customer, as the Company is delivering research and development activities and know-how rights. The Company identified performance obligations for research and development activities, data reporting and participation in joint steering and research committees. The Company determined there is a single performance obligation due to the services being highly interrelated and are therefore not distinct in the context of the contract. The Company combined the pre-option research services and data reporting into a single performance obligation. Novartis has an exclusive option to obtain a commercial license for up to three Targets (as defined in the Novartis Agreement) to pursue further development and commercialization of the respective Target. Pursuant to the Novartis Agreement, the option for Novartis to license, develop, and commercialize Targets is not a performance obligation at the outset of the Novartis Agreement as it is a customer option that does not represent a material right. The Company looked to the promises in the arrangement to determine the method of recognition that best coincides with the pattern of delivery. The Company concluded that the performance of the research services over the expected research term was the predominant promise within the performance obligation. The Company is recognizing the revenue associated with the performance obligation using the input method, according to the actual costs incurred as a percentage of total expected costs to complete the research services. As costs are incurred, the Company will recognize revenue over time. Any change in the estimated percentage complete due to a revised cost forecast will be adjusted in the period in which the change in estimate occurs and the revenue recognition will be updated accordingly. The Company expects the research term to last approximately three years , which is inclusive of the option to extend the arrangement. The Company determined that the $ 20.0 million upfront payment, together with the $ 10.0 million of estimated research costs to be reimbursed by Novartis, to be the entirety of the consideration to be included in the transaction price as of the outset of the arrangement. The potential milestone payments that the Company is eligible to receive were excluded from the transaction price, as all milestone amounts were fully constrained based on the assessed probability of achievement. The Company will re-evaluate the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and, if necessary, adjust the estimate of the transaction price. During the three months ended March 31, 2022, the Company recognized $ 3.0 million of revenue associated with the Novartis Agreement based on performance completed during that period. Additionally, during the three months ended March 31, 2022, the Company incurred $ 1.0 million of costs associated with the Novartis Agreement that were recorded within research and development expenses in the statements of operations. Additionally, as of March 31, 2022, the Company had current deferred revenue of $ 10.9 million and no long-term deferred revenue due to the Novartis Agreement. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | . Commitments and Contingencies Brigham and Women’s License Agreement The Company obtained the worldwide exclusive license to its foundational technology from The Brigham and Women’s Hospital, Inc. (or BWH). The license, as amended, grants worldwide exclusive use to the patent underlying the TargetScan technology in exchange for fees including development milestones and various royalties on product sales should they occur in the future. Royalty Agreement In June 2018, the Company amended and restated an existing royalty agreement with one of its founders. Under the amended and restated royalty agreement, the Company agreed to pay the founder an aggregate royalty of 1 % of net sales of any product sold by the Company or by any of its direct or indirect licensees for use in the treatment of any disease or disorder covered by a pending patent application or issued patent held or controlled by the Company as of the last date that the founder was providing services to the Company as a director or consultant under a written agreement in perpetuity. Royalties are payable with respect to each applicable product for a defined period of time set forth in the royalty agreement. The founder assigned his rights and obligations under the royalty agreement to one of his affiliated entities in January 2021. Lease On November 1, 2021, the Company entered a new lease for laboratory and office space. This lease will commence when the Company obtains possession of the underlying asset, which is expected to occur in the fourth quarter of 2022. The Company provided a letter of credit in the amount of $ 4.4 million as a security for the lease, which expires on November 30, 2022 , at which point the letter will automatically renew each calendar year up to but not beyond April 1, 2033. The cash securing the letter of credit is classified as restricted cash on the consolidated balance sheet. Annual fixed rent will start at $ 7.6 million increasing 3 % annually to $ 9.9 million through the original term of the lease, which is ten years and two months following the lease commencement date. As of March 31, 2022, $ 1.4 million in payments relating to landlord-owned leasehold improvements was recorded to prepaid rent as a component of other non-current assets. On the lease commencement date, the Company will reclassify the prepayment to the right-of-use asset, thereby increasing its initial value, but it will not be included in the measurement of the lease liability. The lease was not recorded on the condensed consolidated balance sheet as a component of the Company’s right-of-use asset and operating lease liabilities as the facility is under construction at the date of the issuance of these financial statements. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | . Net Loss Per Share Net Loss Per Share Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share data): Three Months Ended March 31, 2022 2021 Numerator: Net loss $ ( 16,156 ) $ ( 7,912 ) Denominator: Weighted-average common shares outstanding, basic and diluted 23,974,642 1,218,909 Net loss per share, basic and diluted $ ( 0.67 ) $ ( 6.49 ) The Company has two classes of common stock, each with identical participation rights to earnings and liquidation preferences, and therefore the calculation of net loss per share as described above is identical to the calculation under the two-class method. The Company excluded the following potential common shares from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: March 31, 2022 2021 Series A Preferred Stock (as converted to common stock) - 3,209,243 Series B Preferred Stock (as converted to common stock) - 3,853,870 Series C Preferred Stock (as converted to common stock) - 8,553,168 Unvested restricted common stock 29,219 350,638 Options to purchase common stock 4,085,851 2,525,506 Total 4,115,070 18,492,424 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Carried at Fair Value on a Heirarchy Basis | The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value (in thousands): Fair value measurements at March 31, 2022 using: Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market funds $ 139,559 $ - $ - $ 139,559 Total financial assets $ 139,559 $ - $ - $ 139,559 Fair value measurements at December 31, 2021 using: Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market funds $ 159,668 $ - $ - $ 159,668 Total financial assets $ 159,668 $ - $ - $ 159,668 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, 2022 2021 Accrued employee compensation and benefits $ 1,001 $ 2,600 Accrued research and development 1,519 1,902 Accrued consulting and professional services 228 949 Accrued legal services and license fee 106 54 Other 158 1,012 Total accrued expenses and other current liabilities $ 3,012 $ 6,517 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Loss Per Share | Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share data): Three Months Ended March 31, 2022 2021 Numerator: Net loss $ ( 16,156 ) $ ( 7,912 ) Denominator: Weighted-average common shares outstanding, basic and diluted 23,974,642 1,218,909 Net loss per share, basic and diluted $ ( 0.67 ) $ ( 6.49 ) |
Summary of Potential Common Shares Excluded from Computation of Diluted Net Loss per Share | The Company excluded the following potential common shares from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: March 31, 2022 2021 Series A Preferred Stock (as converted to common stock) - 3,209,243 Series B Preferred Stock (as converted to common stock) - 3,853,870 Series C Preferred Stock (as converted to common stock) - 8,553,168 Unvested restricted common stock 29,219 350,638 Options to purchase common stock 4,085,851 2,525,506 Total 4,115,070 18,492,424 |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Date of incorporation | Apr. 17, 2018 | ||
Net losses | $ 16,156 | $ 7,912 | |
Accumulated deficit | $ 108,314 | $ 92,158 | |
Voting Common Stock | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Common stock, shares authorized | 300,000,000 | 300,000,000 | |
Non-voting Common Stock | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Carried at Fair Value on a Hierarchy Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets, Fair Value Disclosure [Abstract] | ||
Total financial assets | $ 139,559 | $ 159,668 |
Cash Equivalents - Money Market Funds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents fair value disclosure | 139,559 | 159,668 |
Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total financial assets | 139,559 | 159,668 |
Level 1 | Cash Equivalents - Money Market Funds | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents fair value disclosure | $ 139,559 | $ 159,668 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair value, assets, level 1 to level 2 transfers | $ 0 |
Fair value, assets, level 2 to level 1 transfers | 0 |
Fair value, assets, transfers into level 3 | 0 |
Fair value, assets, transfers out of level 3 | $ 0 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued employee compensation and benefits | $ 1,001 | $ 2,600 |
Accrued research and development | 1,519 | 1,902 |
Accrued consulting and professional services | 228 | 949 |
Accrued legal services and license fee | 106 | 54 |
Other | 158 | 1,012 |
Total accrued expenses and other current liabilities | $ 3,012 | $ 6,517 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Details) - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Temporary Equity [Line Items] | ||
Preferred stock, Shares outstanding | 0 | 0 |
Collaboration and License Agr_2
Collaboration and License Agreements - Additional Information (Details) | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2020USD ($)Target | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Collaboration And License Agreements [Line Items] | ||||
Collaboration and license revenue | $ 3,021,000 | $ 2,027,000 | ||
Incurred costs | 19,184,000 | $ 9,945,000 | ||
Deferred revenue, current portion | $ 10,869,000 | $ 11,410,000 | ||
Maximum | Novartis Agreement | ||||
Collaboration And License Agreements [Line Items] | ||||
Ownership Interest | 10.00% | |||
Minimum | Novartis Agreement | ||||
Collaboration And License Agreements [Line Items] | ||||
Ownership Interest | 10.00% | |||
Novartis | ||||
Collaboration And License Agreements [Line Items] | ||||
License agreement date | Mar. 31, 2020 | |||
Upfront payment received | $ 20,000,000 | |||
Upfront payment receivable | $ 20,000,000 | |||
Negotiation period | 180 days | |||
Expects research term | 3 years | |||
Collaboration and license revenue | $ 3,000,000 | |||
Incurred costs | 1,000,000 | |||
Deferred revenue, current portion | 10,900,000 | |||
Long-term deferred revenue | $ 0 | |||
Novartis | Maximum | ||||
Collaboration And License Agreements [Line Items] | ||||
Number of targets identified | Target | 3 | |||
Novartis | Research Funding | ||||
Collaboration And License Agreements [Line Items] | ||||
Upfront payment received | $ 10,000,000 | |||
Upfront payment receivable | $ 10,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Nov. 01, 2021 | Jun. 30, 2018 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Commitments And Contingencies Disclosure [Line Items] | |||||
Lease security amount | $ 5,031 | $ 5,031 | $ 595 | ||
Annual fixed rent | $ 7,600 | ||||
Percentage of increase in annual fixed rent | 3.00% | ||||
Increase in annual fixed rent through original term of lease | $ 9,900 | ||||
Original lease term | 10 years 2 months | ||||
Payments to landlord-owned leasehold improvements that recorded to prepaid rent | $ 1,400 | ||||
Letter of Credit | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Lease security amount | $ 4,400 | ||||
Lease expiration date | Nov. 30, 2022 | ||||
Royalty Agreement | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Percentage of aggregate royalty of net sales of any product sold | 1.00% |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (16,156) | $ (7,912) |
Weighted-average common shares outstanding, basic and diluted | 23,974,642 | 1,218,909 |
Net loss per share, basic and diluted | $ (0.67) | $ (6.49) |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Potential Common Shares Excluded from Computation of Diluted Net Loss per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 4,115,070 | 18,492,424 |
Series A Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 3,209,243 | |
Series B Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 3,853,870 | |
Series C Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 8,553,168 | |
Unvested Restricted Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 29,219 | 350,638 |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 4,085,851 | 2,525,506 |