Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 09, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity File Number | 001-39743 | |
Entity Registrant Name | KINNATE BIOPHARMA INC. | |
Entity Central Index Key | 0001797768 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-4566526 | |
Entity Address, Address Line One | 103 Montgomery Street, Suite 150 | |
Entity Address, Address Line Two | The Presidio of San Francisco | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94129 | |
City Area Code | 858 | |
Local Phone Number | 299-4699 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | KNTE | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 43,977,623 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 33,099 | $ 116,096 |
Cash at consolidated joint venture | 30,998 | 33,593 |
Short-term investments | 206,164 | 103,362 |
Prepaid expenses and other current assets | 4,935 | 5,639 |
Total current assets | 275,196 | 258,690 |
Property and equipment, net | 3,213 | 956 |
Right-of-use lease assets | 3,979 | 0 |
Long-term investments | 63,131 | 105,449 |
Restricted cash | 371 | 371 |
Deferred offering costs | 641 | 641 |
Other non-current assets | 2,089 | 757 |
Total assets | 348,620 | 366,864 |
Current liabilities: | ||
Accounts payable | 4,419 | 3,148 |
Accrued expenses | 8,783 | 9,239 |
Current portion of operating lease liabilities | 454 | 0 |
Total current liabilities | 13,656 | 12,387 |
Operating lease liabilities, long-term | 4,143 | 0 |
Total liabilities | 17,799 | 12,387 |
Commitments and contingencies (See Note 13) | ||
Redeemable convertible noncontrolling interests | 35,000 | 35,000 |
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 200,000,000 shares authorized at March 31, 2022 and December 31, 2021; 0 shares outstanding at March 31, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2022 and December 31, 2021; 43,956,049 and 43,855,944 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 4 | 4 |
Additional paid-in capital | 467,991 | 463,089 |
Accumulated other comprehensive loss | (2,180) | (524) |
Accumulated deficit | (169,994) | (143,092) |
Total stockholders' equity | 295,821 | 319,477 |
Total liabilities, redeemable convertible noncontrolling interests and stockholders' equity | $ 348,620 | $ 366,864 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Stockholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 43,956,049 | 43,855,944 |
Common stock, shares outstanding (in shares) | 43,956,049 | 43,855,944 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses: | ||
Research and development | $ 19,647 | $ 12,666 |
General and administrative | 7,412 | 4,815 |
Total operating expenses | 27,059 | 17,481 |
Loss from operations | (27,059) | (17,481) |
Other income, net | 157 | 24 |
Net loss | (26,902) | (17,457) |
Net loss attributable to redeemable convertible noncontrolling interests | 0 | 0 |
Net loss attributable to Kinnate | $ (26,902) | $ (17,457) |
Weighted-average shares outstanding, basic (in shares) | 43,882,920 | 43,477,439 |
Weighted-average shares outstanding, diluted (in shares) | 43,882,920 | 43,477,439 |
Net loss per share, basic (in dollars per share) | $ (0.61) | $ (0.40) |
Net loss per share, diluted (in dollars per share) | $ (0.61) | $ (0.40) |
Comprehensive loss: | ||
Net loss | $ (26,902) | $ (17,457) |
Other comprehensive loss: | ||
Unrealized loss on investments | (1,656) | (31) |
Total comprehensive loss | (28,558) | (17,488) |
Comprehensive loss attributable to redeemable convertible noncontrolling interests | 0 | 0 |
Comprehensive loss attributable to Kinnate | $ (28,558) | $ (17,488) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Redeemable Convertible Noncontrolling Interests [Member] | Total |
Balance at Dec. 31, 2020 | $ 4 | $ 446,601 | $ (9) | $ (53,329) | $ 0 | $ 393,267 |
Balance (in shares) at Dec. 31, 2020 | 43,477,439 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | $ 0 | 2,793 | 0 | 0 | 0 | 2,793 |
Net loss | 0 | 0 | 0 | (17,457) | 0 | (17,457) |
Other comprehensive loss | 0 | 0 | (31) | 0 | 0 | (31) |
Balance at Mar. 31, 2021 | $ 4 | 449,394 | (40) | (70,786) | 0 | 378,572 |
Balance (in shares) at Mar. 31, 2021 | 43,477,439 | |||||
Balance at Dec. 31, 2021 | $ 4 | 463,089 | (524) | (143,092) | 35,000 | 319,477 |
Balance (in shares) at Dec. 31, 2021 | 43,855,944 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock-based compensation expense | $ 0 | 4,777 | 0 | 0 | 0 | 4,777 |
Exercise of stock options | $ 0 | 125 | 0 | 0 | 0 | 125 |
Exercise of stock options (in shares) | 100,105 | |||||
Net loss | $ 0 | 0 | 0 | (26,902) | 0 | (26,902) |
Other comprehensive loss | 0 | 0 | (1,656) | 0 | 0 | (1,656) |
Balance at Mar. 31, 2022 | $ 4 | $ 467,991 | $ (2,180) | $ (169,994) | $ 35,000 | $ 295,821 |
Balance (in shares) at Mar. 31, 2022 | 43,956,049 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (26,902) | $ (17,457) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 4,777 | 2,793 |
Depreciation | 58 | 31 |
Amortization/accretion of investments | 474 | 276 |
Loss on disposal of property and equipment | 0 | 58 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (628) | 368 |
Operating lease right-of-use assets and liabilities, net | 618 | 0 |
Accounts payable and accrued expenses | 516 | 489 |
Net cash used in operating activities | (21,087) | (13,442) |
Cash flows from investing activities: | ||
Purchases of short-term and long-term investments | (73,577) | (169,627) |
Sales and maturities of short-term and long-term investments | 10,963 | 0 |
Purchases of property and equipment | (2,016) | (4) |
Net cash used in investing activities | (64,630) | (169,631) |
Cash flows from financing activities: | ||
Proceeds from stock option exercises | 125 | 0 |
Net cash provided by financing activities | 125 | 0 |
Net decrease in cash, cash equivalents and restricted cash | (85,592) | (183,073) |
Cash, cash equivalents and restricted cash at the beginning of the period | 150,060 | 365,462 |
Cash, cash equivalents and restricted cash at the end of the period | 64,468 | 182,389 |
Supplemental non-cash investing and financing activity: | ||
Purchases of property and equipment in accounts payable and accrued expenses | 299 | 0 |
Capitalized value of tenant improvement allowance | 606 | 0 |
Operating lease liabilities arising from obtaining right-of-use assets | $ 4,569 | $ 0 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization and Basis of Presentation [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation Organization and Nature of Operations Kinnate Biopharma Inc. (Kinnate or the Company) was incorporated in the State of Delaware in January 2018 and is headquartered in San Francisco, California. The Company is a biopharmaceutical company focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers. Since its inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. It has incurred losses and negative cash flows from operations since commencement of its operations. The Company had an accumulated deficit of $170.0 million and had cash and cash equivalents and short-term and long-term investments totaling $302.4 million as of March 31, 2022, exclusive of $31.0 million at its consolidated joint venture discussed in the paragraph below. From its inception through March 31, 2022, the Company has financed its operations primarily through issuances of common stock, including in the Company’s initial public offering (IPO), and private placements of convertible preferred stock. In May 2021, the Company announced the closing of a Series A preferred stock financing of a China joint venture, Kinnjiu Biopharma Inc. (Kinnjiu), to enable the potential development and commercialization of certain targeted oncology product candidates across Greater China (PRC, Hong Kong, Taiwan, and Macau). Contributions from noncontrolling interest members totaled $35.0 million before issuance costs of $0.2 million. As of March 31, 2022, the Company held a 54.9% equity interest in Kinnjiu. As the Company continues to pursue its business plan, it expects to finance its operations through the sale of equity, debt financings or other capital resources, which could include income from collaborations, strategic partnerships or marketing, distribution, licensing or other strategic arrangements with third parties, or from grants. However, there can be no assurance that any additional financing or strategic transactions will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it may need to delay, reduce or eliminate its product development or future commercialization efforts, which could have a material adverse effect on the Company’s business, results of operations or financial condition. The accompanying financial statements do not include any adjustments that might be necessary if the Company were unable to continue as a going concern. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date this Quarterly Report on Form 10-Q is filed with the U.S. Securities and Exchange Commission (SEC). Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, since they are interim statements, the accompanying condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying unaudited interim consolidated financial statements include all known adjustments which, in the opinion of management, are necessary for a fair presentation of the results as required by GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. The Condensed Consolidated Balance Sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2022. The condensed consolidated financial statements include the accounts of the Company’s variable interest entity (VIE), Kinnjiu, for which the Company is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. The Company evaluates its ownership, contractual and other interests in entities that are not wholly-owned to determine if these entities are VIEs, and, if so, whether the Company is the primary beneficiary of the VIE. In determining whether the Company is the primary beneficiary of a VIE and therefore required to consolidate the VIE, the Company applies a qualitative approach that determines whether the Company has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses of, or the rights to receive benefits from, the VIE that could potentially be significant to that VIE. As of March 31, 2022, the Company held a 54.9% equity interest in Kinnjiu. Based on the Company’s assessment, the Company concluded that Kinnjiu is a VIE and the Company is the primary beneficiary. The Company will continuously assess whether it is the primary beneficiary of a VIE, as changes to existing relationships or future transactions may result in the consolidation or deconsolidation of such VIE. During the periods presented, the Company has not provided any other financial or other support to the Company’s VIE that it was not contractually required to provide. Operating results presented in these unaudited condensed consolidated financial statements are not necessarily indicative of future results, particularly in light of the COVID-19 pandemic and its impact on domestic and global economies. To limit the spread of the novel coronavirus that causes COVID-19, governments have taken various actions including the issuance of stay-at-home orders and physical distancing guidelines. Accordingly, businesses have adjusted, reduced or suspended operating activities. Between March 2020 and June 2021, the Company’s employees worked almost exclusively from home. Since June 2021, the Company’s employees have been working in a hybrid model both in the Company’s offices and also from home. Although some of the governmental orders and guidelines have terminated or are now less restrictive than when originally implemented, the Company continues to monitor and assess the spread of COVID-19 and may need to further adjust its working model from time to time. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change, based, in part, on the length and severity of any additional restrictions and other limitations that may be imposed on the Company’s business. As a result, research and development expenses and general and administrative expenses may vary significantly if there is an increased impact from the COVID-19 pandemic on the costs and timing associated with the conduct of the clinical activities and other related business activities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The preparation of 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 at the date of the financial statements and the reported amounts of expenses during the reporting period. Accounting estimates and management judgments reflected in the financial statements include: normal recurring accruals, including the accrual of research and development expenses; valuation of deferred tax assets; and stock-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions. Although the impact of the COVID-19 pandemic to the Company’s business and operating results presents additional uncertainty, the Company continues to use the best information available to update its critical accounting estimates. Leases The Company determines if an arrangement is or contains a lease at inception. For leases with a term greater than one year, right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses its incremental borrowing rate which represents an estimated rate of interest that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the Condensed Consolidated Statement of Operations and Comprehensive Loss. The Company’s leases often include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise that option. As of March 31, 2022, it is not reasonably certain that these options will be exercised and they are not included within the lease term. Redeemable Convertible Noncontrolling Interests The shares third parties own in Kinnjiu represent an interest in the equity the Company does not control. The redeemable convertible noncontrolling interests attributable to other owners has been classified in temporary equity on the Condensed Consolidated Balance Sheets as the preferred stock is redeemable by the noncontrolling interests. Since the preferred stock held at Kinnjiu does not represent a residual equity interest, net losses of Kinnjiu are not allocated to the preferred shares. As a result, the balance of the preferred stock classified as a redeemable convertible noncontrolling interest equals its carrying value. Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the Company’s common stock options are considered to be potentially dilutive securities. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2022 2021 Numerator Net loss attributable to Kinnate $ (26,902 ) $ (17,457 ) Denominator Weighted-average shares outstanding used in computing net loss per share, basic and diluted 43,882,920 43,477,439 Net loss per share, basic and diluted $ (0.61 ) $ (0.40 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive: Three Months Ended March 31, 2022 2021 Options to purchase common stock 9,235,652 7,261,364 Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) under its accounting standard codifications (ASC) or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. In February 2016, the FASB issued Accounting Standard Update (ASU) No. 2016-02, Leases (Topic 842) (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. ASC 842 provides a lessee with an option to not account for leases with a term of 12 month or less as leases in the scope of the new standard. ASC 842 supersedes the previous leases standard, ASC 840 Leases. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. As amended by ASU No. 2020-05, for all other entities, this ASU is effective for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. As a result of the Company having elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act, ASU No. 2016-02 is effective for the Company for the year ended December 31, 2022, and all interim periods within. In July 2018, the FASB issued supplemental adoption guidance and clarification to ASC 842 within ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements. ASU No. 2018-11 provides another transition method in addition to the existing modified retrospective transition method by allowing entities to initially apply the new leasing standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of accumulated deficit in the period of adoption. On January 1, 2022, the Company adopted ASC 842 using the modified retrospective approach. Accordingly, prior period financial information and disclosures have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under the previous lease standard. In addition, the Company elected the package of practical expedients available for existing contracts, which allowed it to carry forward historical assessments of lease identification, lease classification, and initial direct costs. As a result of adopting ASC 842, the Company recognized right-of-use assets and lease liabilities of $3.7 million and $4.2 million, respectively, on January 1, 2021, which are related to the Company’s facility operating leases. The difference between the right-of-use assets and lease liabilities is primarily attributed to unamortized lease incentives. There was no adjustment to the opening balance of accumulated deficit as a result of the adoption of ASC 842. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) (ASC 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in ASU No. 2016-13 added Topic 326, Financial Instruments—Credit Losses, made several consequential amendments to the Codification. ASU No. 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The guidance is effective for public business entities for annual periods beginning after December 15, 2019, including interim periods within those years. For all other entities, the standard is effective for annual periods beginning after December 15, 2022 and interim periods, therein. Early adoption is permitted. Since the Company has elected to use the extended transition period under the JOBS Act available to EGCs, the ASU is effective for the Company for fiscal years beginning after December 15, 2022. The Company does not expect the adoption to have a material impact on its financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes—Simplifying the Accounting for Income Taxes (ASU No. 2019-12). Among other items, the amendments in ASU No. 2019-12 simplify the accounting treatment of tax law changes and year-to-date losses in interim periods. An entity generally recognizes the effects of a change in tax law in the period of enactment; however, there is an exception for tax laws with delayed effective dates. Under current guidance, an entity may not adjust its annual effective tax rate for a tax law change until the period in which the law is effective. This exception was removed under ASU No. 2019-12, thereby providing that all effects of a tax law change are recognized in the period of enactment, including adjustment of the estimated annual effective tax rate. Regarding year-to-date losses in interim periods, an entity is required to estimate its annual effective tax rate for the full fiscal year at the end of each interim period and use that rate to calculate its income taxes on a year-to-date basis. However, current guidance provides an exception that when a loss in an interim period exceeds the anticipated loss for the year, the income tax benefit is limited to the amount that would be recognized if the year-to-date loss were the anticipated loss for the full year. ASU No. 2019-12 removes this exception and provides that, in this situation, an entity would compute its income tax benefit at each interim period based on its estimated annual effective tax rate. ASU No. 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those annual periods. Early adoption is permitted. For EGCs, the standard is effective for fiscal years beginning after December 15, 2021, and for interim periods beginning after December 15, 2022. The Company does not expect the ASU to have a material impact on its financial statements and related disclosures. |
Cash, cash equivalents and rest
Cash, cash equivalents and restricted cash | 3 Months Ended |
Mar. 31, 2022 | |
Cash, cash equivalents and restricted cash [Abstract] | |
Cash, cash equivalents and restricted cash | 3. Cash, cash equivalents and restricted cash The following table provides a reconciliation of the components of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents $ 33,099 $ 116,096 Cash at consolidated joint venture 30,998 33,593 Restricted cash, non-current 371 371 Total cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows $ 64,468 $ 150,060 The cash at the consolidated joint venture represents cash held at Kinnjiu and the use of such cash is limited to the operations of Kinnjiu (see Note 11). The restricted cash balance relates to the Company’s office lease in San Diego, California (see Note 12). |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Property and Equipment, Net [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): March 31, 2022 December 31, 2021 Furniture and fixtures $ 606 $ 5 Computers and equipment 432 381 Computer software 69 69 Leasehold improvements 2,301 638 Property and equipment 3,408 1,093 Less accumulated depreciation (195 ) (137 ) Property and equipment, net $ 3,213 $ 956 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Accrued Expenses [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued research and development $ 6,237 $ 4,842 Accrued compensation 1,403 3,344 Accrued legal fees 478 425 Other accruals 665 628 Total $ 8,783 $ 9,239 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments [Abstract] | |
Investments | 6. Investments The Company has invested its excess cash in marketable securities as of March 31, 2022 and December 31, 2021. The following is a summary by significant investment category (in thousands): March 31, 2022 Maturity in Years Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Corporate debt securities less than 1 $ 26,148 $ 1 $ (89 ) $ 26,060 Commercial paper less than 1 3,462 - - 3,462 U.S. Treasury securities less than 1 170,602 3 (1,061 ) 169,544 Asset-backed securities less than 1 7,127 - (29 ) 7,098 Short-term investments $ 207,339 $ 4 $ (1,179 ) $ 206,164 Corporate debt securities 1 - 2 $ 14,275 $ - $ (94 ) $ 14,181 U.S. Treasury securities 1 - 2 45,200 - (891 ) 44,309 Asset-backed securities 1 - 2 4,661 - (20 ) 4,641 Long-term investments $ 64,136 $ - $ (1,005 ) $ 63,131 December 31, 2021 Maturity in Years Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Corporate debt securities less than 1 $ 27,450 $ - $ (25 ) $ 27,425 U.S. Treasury securities less than 1 60,226 - (67 ) 60,159 Asset-backed securities less than 1 15,798 - (20 ) 15,778 Short-term investments $ 103,474 $ - $ (112 ) $ 103,362 U.S. Treasury securities 1 - 2 $ 105,861 $ - $ (412 ) $ 105,449 Long-term investments $ 105,861 $ - $ (412 ) $ 105,449 At March 31, 2022 and December 31, 2021, the Company held securities in a total unrealized loss position of $2.2 million and $0.5 million, respectively. The Company generally does not intend to sell any investments prior to recovery of their amortized cost basis for any investment in an unrealized loss position. Further, such investments are invested in high grade securities. As such, the Company has classified these losses as temporary in nature. The Company has determined that there were no material declines in fair value of its investments due to credit-related factors as of March 31, 2022 and December 31, 2021. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 7. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s prepaid expenses and other current assets, accounts payable and accrued expenses are generally considered to be representative of their fair value because of the short-term nature of these instruments. The Company’s investments, which may include money market funds and available-for-sale investment securities consisting of high-quality, marketable debt instruments of corporations and the U.S. government are measured at fair value in accordance with the fair value hierarchy. The following tables present the hierarchy for assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements at March 31, 2022 Level 1 Level 2 Level 3 Total Money market funds $ 32,094 $ - $ - $ 32,094 Corporate debt securities - 40,241 - 40,241 Commercial paper - 3,462 - 3,462 U.S. Treasury securities - 213,853 - 213,853 Asset-backed securities - 11,739 - 11,739 Total cash equivalents and investments $ 32,094 $ 269,295 $ - $ 301,389 Fair Value Measurements at December 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ 115,049 $ - $ - $ 115,049 Corporate debt securities - 27,425 - 27,425 U.S. Treasury securities - 165,608 - 165,608 Asset-backed securities - 15,778 - 15,778 Total cash equivalents and investments $ 115,049 $ 208,811 $ - $ 323,860 Money market funds are classified as cash and cash equivalents in the Company’s balance sheets at March 31, 2022 and December 31, 2021. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity Under its Amended and Restated Articles of Incorporation dated December 7, 2020, the Company had a total of 1,200,000,000 shares of capital stock authorized for issuance, consisting of 1,000,000,000 shares of common stock, par value of $0.0001 per share, and 200,000,000 shares of preferred stock, par value of $0.0001 per share. |
Equity Incentive Plans and Stoc
Equity Incentive Plans and Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Equity Incentive Plans and Stock-Based Compensation [Abstract] | |
Equity Incentive Plans and Stock-Based Compensation | 9. Equity Incentive Plans and Stock-Based Compensation 2020 Equity Incentive Plan In December 2020, the Company adopted the 2020 Equity Incentive Plan (2020 Plan), which replaced the 2018 Equity Incentive Plan (2018 Plan). The 2020 Plan allows the Company to issue options for shares of its common stock, among other award types, up to a total of 5,218,000 shares (Option Pool), subject to appropriate adjustments for stock splits, combinations and other similar events for issuance pursuant to awards made under the 2020 Plan. As of March 31, 2022, 2,221,150 shares of common stock remained available for future grants under the 2020 Plan. The options that are granted under the 2020 and 2018 Plans are exercisable at various dates as determined upon grant and terminate within 10 years of the date of grant, unless the optionee owns 10% or more of the common shares at which point the expiration period is 5 years, or upon the employee’s termination (whereupon the terminated employee has thirty days after termination to exercise vested options from the date of termination). The vesting period generally occurs over two Stock option activity, is as follows: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2022 7,477,568 $ 11.11 8.3 $ 74,268 Granted 1,908,514 10.18 Exercised (100,105 ) 1.25 Forfeited (50,325 ) 15.67 Outstanding at March 31, 2022 9,235,652 $ 11.00 8.4 $ 41,419 Exercisable at March 31, 2022 2,982,163 $ 7.16 7.5 $ 19,929 All exercisable options are vested and all outstanding options are vested or expected to vest. Total intrinsic value of options exercised during the three months ended March 31, 2022 was $0.8 million. No options were exercised during the three months ended March 31, 2021. 2020 Employee Stock Purchase Plan The 2020 Employee Stock Purchase Plan (ESPP) permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85% of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is six months, with new offering periods commencing every six months on or about the dates of May 15 and November 15 of each year. A total of 435,000 shares of common stock were initially reserved for issuance under the ESPP. Kinnjiu Equity Incentive Plan In May 2021, Kinnjiu adopted the 2021 Equity Incentive Plan (2021 Plan), which allows for the issuance of options for shares of common stock and share appreciation rights, among other award types, up to a total of 9,000,000 shares subject to appropriate adjustments for stock splits, combinations and other similar events for issuance pursuant to awards made under the 2021 Plan. As of March 31, 2022, 2,882,500 shares of common stock remained available for future grants under the 2021 Plan. Stock-Based Compensation Expense The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for any forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following assumptions: Three Months Ended March 31, 2022 2021 Expected term (in years) 6 6 Expected volatility 84% - 85% 87% - 89% Risk-free interest rate 1.62% - 1.88% 0.68% - 1.01% Expected dividend 0% 0% The weighted-average grant-date fair value of options granted was $7.32 and $25.80 for the three months ended March 31, 2022 and 2021, respectively. The assumptions used for the three months ended March 31, 2022 and 2021 under the ESPP were as follows: Three Months Ended March 31, 2022 2021 Expected term (in years) 0.50 0.41 Expected volatility 50% 51% Risk-free interest rate 0.07% 0.09% Expected dividend 0% 0% Stock-based compensation expense related to the Company’s stock options and ESPP totaled the following (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 2,063 $ 1,276 General and administrative 2,714 1,517 Total stock-based compensation $ 4,777 $ 2,793 As of March 31, 2022, there was approximately $53.8 million of total unrecognized stock-based compensation expense related to nonvested stock-based compensation arrangements, which is expected to be recognized over a weighted-average period of approximately 2.76 years. As of March 31, 2022, there was approximately $0.1 million of total unrecognized stock-based compensation expense related to the ESPP. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions Series A Preferred Stock Financing of Kinnjiu In connection with the Series A preferred stock financing of Kinnjiu, contributions from noncontrolling interest members totaled $35.0 million. Such noncontrolling interest members are also investors or affiliates of investors in the Company and have representatives that serve on both the Company’s board of directors and the board of directors of Kinnjiu. |
Variable Interest Entity
Variable Interest Entity | 3 Months Ended |
Mar. 31, 2022 | |
Variable Interest Entity [Abstract] | |
Variable Interest Entity | 11. Variable Interest Entity As disclosed above, in May 2021, the Company announced the closing of a Series A preferred stock financing of Kinnjiu to enable the potential development and commercialization of certain targeted oncology product candidates across Greater China. Contributions from noncontrolling interest members totaled $35.0 million before issuance costs of $0.2 million. As of March 31, 2022, the Company held a 54.9% equity interest in Kinnjiu. As the Company determined it was the primary beneficiary of this VIE, the VIE has been consolidated in the Company’s condensed consolidated financial statements. The Company provides certain general and administrative and research and development services to Kinnjiu pursuant to intercompany agreements; however, the Company does not provide any financial support and has no obligation to fund operations of Kinnjiu. The following table summarizes the fair value of Kinnjiu as of May 13, 2021 recorded upon initial consolidation in the Company’s Condensed Consolidated Balance Sheets and the carrying amount of such assets and liabilities as of March 31, 2022, excluding intercompany balances (in thousands): March 31, 2022 May 13, 2021 Cash at consolidated joint venture $ 30,998 $ 35,011 Prepaid expenses and other current assets 395 - Right-of-use lease assets 356 - Other non-current assets 106 - Accounts payable and accrued expenses 319 - Operating lease liabilities 356 - |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Litigation The Company, from time to time, is involved in legal proceedings, regulatory actions, claims and litigation arising in the ordinary course of business. The Company was not a defendant in any lawsuit for the three months ended March 31, 2022 and 2021 that, in the opinion of Company’s management, is likely to have a material adverse effect on the Company’s business. Operating Leases In June 2021, the Company entered into an agreement to lease 8,088 rentable square feet of office space (SD Permanent Space) located in San Diego, California (SD Lease) for a period of five years and four months expiring on July 31, 2027. Additionally, the Company has an option to extend the SD Lease for an additional five years at the end of the initial term. The SD Lease commenced in March 2022. In connection with the execution of the SD Lease, the Company provided a standby letter of credit for $0.4 million in lieu of a security deposit, which is classified as restricted cash on the Condensed Consolidated Balance Sheets. So long as the Company is not in default under the SD Lease, this amount will decrease after each of years three and four of the SD Lease term to $0.3 million. In August 2021, the Company entered into an agreement to lease 5,698 rentable square feet of office space located in San Francisco, California (SF Lease). The SF Lease commenced in January 2022 and expires on June 30, 2026. The Company has an option to extend the SF Lease for an additional three years at the end of the initial term. The operating lease right-of-use assets and liabilities on the Company’s Condensed Consolidated Balance Sheet related to these facility leases. The right-of-use lease assets were $4.0 million as of March 31, 2022. Operating lease liabilities were $4.6 million as of March 31, 2022, including $0.5 million classified as a current liability. Our facility leases require us to pay property taxes, insurance and common area maintenance. While these payments are not included as part of our lease liabilities, they are recognized as variable lease cost in the period they are incurred. Operating lease costs under operating leases for the three months ended March 31, 2022 was approximately $0.1 million. The weighted-average discount rate used was 7.0%. The weighted-average remaining lease term for operating leases was 4.8 years. Future lease payments of operating lease liabilities as of March 31, 2022 were as follows (in thousands): Operating Leases 2022 remaining 9 months $ 630 2023 1,247 2024 1,113 2025 1,112 2026 927 Thereafter 428 Total minimum lease payments 5,457 Less: imputed interest (860 ) Total operating lease liabilities 4,597 Less: current portion (454 ) Lease liability, net of current portion $ 4,143 Under ASC 840, Future minimum lease payments under non-cancelable operating leases as of December 31, 2021 were as follows (in thousands): Year Ending December 31, Operating Leases 2022 $ 638 2023 1,045 2024 1,076 2025 1,108 2026 924 Thereafter 365 Total mimium lease payments $ 5,156 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization and Basis of Presentation [Abstract] | |
Organization and Nature of Operations | Organization and Nature of Operations Kinnate Biopharma Inc. (Kinnate or the Company) was incorporated in the State of Delaware in January 2018 and is headquartered in San Francisco, California. The Company is a biopharmaceutical company focused on the discovery and development of small molecule kinase inhibitors for difficult-to-treat, genomically defined cancers. Since its inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. It has incurred losses and negative cash flows from operations since commencement of its operations. The Company had an accumulated deficit of $170.0 million and had cash and cash equivalents and short-term and long-term investments totaling $302.4 million as of March 31, 2022, exclusive of $31.0 million at its consolidated joint venture discussed in the paragraph below. From its inception through March 31, 2022, the Company has financed its operations primarily through issuances of common stock, including in the Company’s initial public offering (IPO), and private placements of convertible preferred stock. In May 2021, the Company announced the closing of a Series A preferred stock financing of a China joint venture, Kinnjiu Biopharma Inc. (Kinnjiu), to enable the potential development and commercialization of certain targeted oncology product candidates across Greater China (PRC, Hong Kong, Taiwan, and Macau). Contributions from noncontrolling interest members totaled $35.0 million before issuance costs of $0.2 million. As of March 31, 2022, the Company held a 54.9% equity interest in Kinnjiu. As the Company continues to pursue its business plan, it expects to finance its operations through the sale of equity, debt financings or other capital resources, which could include income from collaborations, strategic partnerships or marketing, distribution, licensing or other strategic arrangements with third parties, or from grants. However, there can be no assurance that any additional financing or strategic transactions will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it may need to delay, reduce or eliminate its product development or future commercialization efforts, which could have a material adverse effect on the Company’s business, results of operations or financial condition. The accompanying financial statements do not include any adjustments that might be necessary if the Company were unable to continue as a going concern. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date this Quarterly Report on Form 10-Q is filed with the U.S. Securities and Exchange Commission (SEC). |
Basis of Presentation | Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, since they are interim statements, the accompanying condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying unaudited interim consolidated financial statements include all known adjustments which, in the opinion of management, are necessary for a fair presentation of the results as required by GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. The Condensed Consolidated Balance Sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2022. The condensed consolidated financial statements include the accounts of the Company’s variable interest entity (VIE), Kinnjiu, for which the Company is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. The Company evaluates its ownership, contractual and other interests in entities that are not wholly-owned to determine if these entities are VIEs, and, if so, whether the Company is the primary beneficiary of the VIE. In determining whether the Company is the primary beneficiary of a VIE and therefore required to consolidate the VIE, the Company applies a qualitative approach that determines whether the Company has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses of, or the rights to receive benefits from, the VIE that could potentially be significant to that VIE. As of March 31, 2022, the Company held a 54.9% equity interest in Kinnjiu. Based on the Company’s assessment, the Company concluded that Kinnjiu is a VIE and the Company is the primary beneficiary. The Company will continuously assess whether it is the primary beneficiary of a VIE, as changes to existing relationships or future transactions may result in the consolidation or deconsolidation of such VIE. During the periods presented, the Company has not provided any other financial or other support to the Company’s VIE that it was not contractually required to provide. Operating results presented in these unaudited condensed consolidated financial statements are not necessarily indicative of future results, particularly in light of the COVID-19 pandemic and its impact on domestic and global economies. To limit the spread of the novel coronavirus that causes COVID-19, governments have taken various actions including the issuance of stay-at-home orders and physical distancing guidelines. Accordingly, businesses have adjusted, reduced or suspended operating activities. Between March 2020 and June 2021, the Company’s employees worked almost exclusively from home. Since June 2021, the Company’s employees have been working in a hybrid model both in the Company’s offices and also from home. Although some of the governmental orders and guidelines have terminated or are now less restrictive than when originally implemented, the Company continues to monitor and assess the spread of COVID-19 and may need to further adjust its working model from time to time. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change, based, in part, on the length and severity of any additional restrictions and other limitations that may be imposed on the Company’s business. As a result, research and development expenses and general and administrative expenses may vary significantly if there is an increased impact from the COVID-19 pandemic on the costs and timing associated with the conduct of the clinical activities and other related business activities. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of 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 at the date of the financial statements and the reported amounts of expenses during the reporting period. Accounting estimates and management judgments reflected in the financial statements include: normal recurring accruals, including the accrual of research and development expenses; valuation of deferred tax assets; and stock-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions. Although the impact of the COVID-19 pandemic to the Company’s business and operating results presents additional uncertainty, the Company continues to use the best information available to update its critical accounting estimates. |
Leases | Leases The Company determines if an arrangement is or contains a lease at inception. For leases with a term greater than one year, right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses its incremental borrowing rate which represents an estimated rate of interest that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the Condensed Consolidated Statement of Operations and Comprehensive Loss. The Company’s leases often include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise that option. As of March 31, 2022, it is not reasonably certain that these options will be exercised and they are not included within the lease term. |
Redeemable Convertible Noncontrolling Interests | Redeemable Convertible Noncontrolling Interests The shares third parties own in Kinnjiu represent an interest in the equity the Company does not control. The redeemable convertible noncontrolling interests attributable to other owners has been classified in temporary equity on the Condensed Consolidated Balance Sheets as the preferred stock is redeemable by the noncontrolling interests. Since the preferred stock held at Kinnjiu does not represent a residual equity interest, net losses of Kinnjiu are not allocated to the preferred shares. As a result, the balance of the preferred stock classified as a redeemable convertible noncontrolling interest equals its carrying value. |
Net Loss Per Share | Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the Company’s common stock options are considered to be potentially dilutive securities. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2022 2021 Numerator Net loss attributable to Kinnate $ (26,902 ) $ (17,457 ) Denominator Weighted-average shares outstanding used in computing net loss per share, basic and diluted 43,882,920 43,477,439 Net loss per share, basic and diluted $ (0.61 ) $ (0.40 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive: Three Months Ended March 31, 2022 2021 Options to purchase common stock 9,235,652 7,261,364 |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) under its accounting standard codifications (ASC) or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. In February 2016, the FASB issued Accounting Standard Update (ASU) No. 2016-02, Leases (Topic 842) (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. ASC 842 provides a lessee with an option to not account for leases with a term of 12 month or less as leases in the scope of the new standard. ASC 842 supersedes the previous leases standard, ASC 840 Leases. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. As amended by ASU No. 2020-05, for all other entities, this ASU is effective for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. As a result of the Company having elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act, ASU No. 2016-02 is effective for the Company for the year ended December 31, 2022, and all interim periods within. In July 2018, the FASB issued supplemental adoption guidance and clarification to ASC 842 within ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements. ASU No. 2018-11 provides another transition method in addition to the existing modified retrospective transition method by allowing entities to initially apply the new leasing standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of accumulated deficit in the period of adoption. On January 1, 2022, the Company adopted ASC 842 using the modified retrospective approach. Accordingly, prior period financial information and disclosures have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under the previous lease standard. In addition, the Company elected the package of practical expedients available for existing contracts, which allowed it to carry forward historical assessments of lease identification, lease classification, and initial direct costs. As a result of adopting ASC 842, the Company recognized right-of-use assets and lease liabilities of $3.7 million and $4.2 million, respectively, on January 1, 2021, which are related to the Company’s facility operating leases. The difference between the right-of-use assets and lease liabilities is primarily attributed to unamortized lease incentives. There was no adjustment to the opening balance of accumulated deficit as a result of the adoption of ASC 842. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) (ASC 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in ASU No. 2016-13 added Topic 326, Financial Instruments—Credit Losses, made several consequential amendments to the Codification. ASU No. 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The guidance is effective for public business entities for annual periods beginning after December 15, 2019, including interim periods within those years. For all other entities, the standard is effective for annual periods beginning after December 15, 2022 and interim periods, therein. Early adoption is permitted. Since the Company has elected to use the extended transition period under the JOBS Act available to EGCs, the ASU is effective for the Company for fiscal years beginning after December 15, 2022. The Company does not expect the adoption to have a material impact on its financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes—Simplifying the Accounting for Income Taxes (ASU No. 2019-12). Among other items, the amendments in ASU No. 2019-12 simplify the accounting treatment of tax law changes and year-to-date losses in interim periods. An entity generally recognizes the effects of a change in tax law in the period of enactment; however, there is an exception for tax laws with delayed effective dates. Under current guidance, an entity may not adjust its annual effective tax rate for a tax law change until the period in which the law is effective. This exception was removed under ASU No. 2019-12, thereby providing that all effects of a tax law change are recognized in the period of enactment, including adjustment of the estimated annual effective tax rate. Regarding year-to-date losses in interim periods, an entity is required to estimate its annual effective tax rate for the full fiscal year at the end of each interim period and use that rate to calculate its income taxes on a year-to-date basis. However, current guidance provides an exception that when a loss in an interim period exceeds the anticipated loss for the year, the income tax benefit is limited to the amount that would be recognized if the year-to-date loss were the anticipated loss for the full year. ASU No. 2019-12 removes this exception and provides that, in this situation, an entity would compute its income tax benefit at each interim period based on its estimated annual effective tax rate. ASU No. 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those annual periods. Early adoption is permitted. For EGCs, the standard is effective for fiscal years beginning after December 15, 2021, and for interim periods beginning after December 15, 2022. The Company does not expect the ASU to have a material impact on its financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Basic and Diluted Net Loss Per Share | The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2022 2021 Numerator Net loss attributable to Kinnate $ (26,902 ) $ (17,457 ) Denominator Weighted-average shares outstanding used in computing net loss per share, basic and diluted 43,882,920 43,477,439 Net loss per share, basic and diluted $ (0.61 ) $ (0.40 ) |
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been anti-dilutive: Three Months Ended March 31, 2022 2021 Options to purchase common stock 9,235,652 7,261,364 |
Cash, cash equivalents and re_2
Cash, cash equivalents and restricted cash (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Cash, cash equivalents and restricted cash [Abstract] | |
Components of cash, cash equivalents and restricted cash | The following table provides a reconciliation of the components of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents $ 33,099 $ 116,096 Cash at consolidated joint venture 30,998 33,593 Restricted cash, non-current 371 371 Total cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows $ 64,468 $ 150,060 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property and Equipment, Net [Abstract] | |
Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): March 31, 2022 December 31, 2021 Furniture and fixtures $ 606 $ 5 Computers and equipment 432 381 Computer software 69 69 Leasehold improvements 2,301 638 Property and equipment 3,408 1,093 Less accumulated depreciation (195 ) (137 ) Property and equipment, net $ 3,213 $ 956 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accrued Expenses [Abstract] | |
Accrued Expenses | Accrued expenses consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued research and development $ 6,237 $ 4,842 Accrued compensation 1,403 3,344 Accrued legal fees 478 425 Other accruals 665 628 Total $ 8,783 $ 9,239 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments [Abstract] | |
Investments by Type and Classes of Security | The Company has invested its excess cash in marketable securities as of March 31, 2022 and December 31, 2021. The following is a summary by significant investment category (in thousands): March 31, 2022 Maturity in Years Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Corporate debt securities less than 1 $ 26,148 $ 1 $ (89 ) $ 26,060 Commercial paper less than 1 3,462 - - 3,462 U.S. Treasury securities less than 1 170,602 3 (1,061 ) 169,544 Asset-backed securities less than 1 7,127 - (29 ) 7,098 Short-term investments $ 207,339 $ 4 $ (1,179 ) $ 206,164 Corporate debt securities 1 - 2 $ 14,275 $ - $ (94 ) $ 14,181 U.S. Treasury securities 1 - 2 45,200 - (891 ) 44,309 Asset-backed securities 1 - 2 4,661 - (20 ) 4,641 Long-term investments $ 64,136 $ - $ (1,005 ) $ 63,131 December 31, 2021 Maturity in Years Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Corporate debt securities less than 1 $ 27,450 $ - $ (25 ) $ 27,425 U.S. Treasury securities less than 1 60,226 - (67 ) 60,159 Asset-backed securities less than 1 15,798 - (20 ) 15,778 Short-term investments $ 103,474 $ - $ (112 ) $ 103,362 U.S. Treasury securities 1 - 2 $ 105,861 $ - $ (412 ) $ 105,449 Long-term investments $ 105,861 $ - $ (412 ) $ 105,449 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Measurements [Abstract] | |
Major Categories of Assets Measured at Fair Value on a Recurring Basis | The following tables present the hierarchy for assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements at March 31, 2022 Level 1 Level 2 Level 3 Total Money market funds $ 32,094 $ - $ - $ 32,094 Corporate debt securities - 40,241 - 40,241 Commercial paper - 3,462 - 3,462 U.S. Treasury securities - 213,853 - 213,853 Asset-backed securities - 11,739 - 11,739 Total cash equivalents and investments $ 32,094 $ 269,295 $ - $ 301,389 Fair Value Measurements at December 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ 115,049 $ - $ - $ 115,049 Corporate debt securities - 27,425 - 27,425 U.S. Treasury securities - 165,608 - 165,608 Asset-backed securities - 15,778 - 15,778 Total cash equivalents and investments $ 115,049 $ 208,811 $ - $ 323,860 |
Equity Incentive Plans and St_2
Equity Incentive Plans and Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Option Activity | Stock option activity, is as follows: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2022 7,477,568 $ 11.11 8.3 $ 74,268 Granted 1,908,514 10.18 Exercised (100,105 ) 1.25 Forfeited (50,325 ) 15.67 Outstanding at March 31, 2022 9,235,652 $ 11.00 8.4 $ 41,419 Exercisable at March 31, 2022 2,982,163 $ 7.16 7.5 $ 19,929 |
Stock-Based Compensation Expense | Stock-based compensation expense related to the Company’s stock options and ESPP totaled the following (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 2,063 $ 1,276 General and administrative 2,714 1,517 Total stock-based compensation $ 4,777 $ 2,793 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair Value of Stock Assumptions | The fair value of stock options was estimated using the following assumptions: Three Months Ended March 31, 2022 2021 Expected term (in years) 6 6 Expected volatility 84% - 85% 87% - 89% Risk-free interest rate 1.62% - 1.88% 0.68% - 1.01% Expected dividend 0% 0% |
Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair Value of Stock Assumptions | The assumptions used for the three months ended March 31, 2022 and 2021 under the ESPP were as follows: Three Months Ended March 31, 2022 2021 Expected term (in years) 0.50 0.41 Expected volatility 50% 51% Risk-free interest rate 0.07% 0.09% Expected dividend 0% 0% |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Variable Interest Entity [Abstract] | |
Carrying Amount of Assets and Liabilities | The following table summarizes the fair value of Kinnjiu as of May 13, 2021 recorded upon initial consolidation in the Company’s Condensed Consolidated Balance Sheets and the carrying amount of such assets and liabilities as of March 31, 2022, excluding intercompany balances (in thousands): March 31, 2022 May 13, 2021 Cash at consolidated joint venture $ 30,998 $ 35,011 Prepaid expenses and other current assets 395 - Right-of-use lease assets 356 - Other non-current assets 106 - Accounts payable and accrued expenses 319 - Operating lease liabilities 356 - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies [Abstract] | |
Future Lease Payments of Operating Lease Liabilities | Future lease payments of operating lease liabilities as of March 31, 2022 were as follows (in thousands): Operating Leases 2022 remaining 9 months $ 630 2023 1,247 2024 1,113 2025 1,112 2026 927 Thereafter 428 Total minimum lease payments 5,457 Less: imputed interest (860 ) Total operating lease liabilities 4,597 Less: current portion (454 ) Lease liability, net of current portion $ 4,143 |
Future Minimum Lease Payments Under Non-Cancelable Operating Leases | Under ASC 840, Future minimum lease payments under non-cancelable operating leases as of December 31, 2021 were as follows (in thousands): Year Ending December 31, Operating Leases 2022 $ 638 2023 1,045 2024 1,076 2025 1,108 2026 924 Thereafter 365 Total mimium lease payments $ 5,156 |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
May 31, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Organization and Nature of Operations [Abstract] | |||
Accumulated deficit | $ (169,994) | $ (143,092) | |
Cash and cash equivalents and short-term and long-term investments | 302,400 | ||
Contributions from redeemable convertible noncontrolling interest owners, net | $ 35,000 | 35,000 | |
Contributions from noncontrolling interest owners, issuance cost | $ 200 | 200 | |
China Joint Venture [Member] | |||
Organization and Nature of Operations [Abstract] | |||
Cash and cash equivalents and short-term and long-term investments | $ 31,000 | ||
Equity interest held in joint venture | 54.90% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies, Leases (Details) | Mar. 31, 2022 |
Leases [Abstract] | |
Lease term | 1 year |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies, Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator [Abstract] | ||
Net loss attributable to Kinnate | $ (26,902) | $ (17,457) |
Denominator [Abstract] | ||
Weighted-average shares outstanding used in computing net loss per share, basic (in shares) | 43,882,920 | 43,477,439 |
Weighted-average shares outstanding used in computing net loss per share, diluted (in shares) | 43,882,920 | 43,477,439 |
Net loss per share, basic (in dollars per share) | $ (0.61) | $ (0.40) |
Net loss per share, diluted (in dollars per share) | $ (0.61) | $ (0.40) |
Options to Purchase Common Stock [Member] | ||
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share [Abstract] | ||
Dilutive securities excluded from computation of diluted net loss per share (in shares) | 9,235,652 | 7,261,364 |
Cash, cash equivalents and re_3
Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Cash, cash equivalents and restricted cash [Abstract] | ||||
Cash and cash equivalents | $ 33,099 | $ 116,096 | ||
Cash at consolidated joint venture | 30,998 | 33,593 | ||
Restricted cash, non-current | 371 | 371 | ||
Total cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows | $ 64,468 | $ 150,060 | $ 182,389 | $ 365,462 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property and Equipment [Abstract] | ||
Property and equipment | $ 3,408 | $ 1,093 |
Less accumulated depreciation | (195) | (137) |
Property and equipment, net | 3,213 | 956 |
Furniture and Fixtures [Member] | ||
Property and Equipment [Abstract] | ||
Property and equipment | 606 | 5 |
Computers and Equipment [Member] | ||
Property and Equipment [Abstract] | ||
Property and equipment | 432 | 381 |
Computer Software [Member] | ||
Property and Equipment [Abstract] | ||
Property and equipment | 69 | 69 |
Leasehold Improvements [Member] | ||
Property and Equipment [Abstract] | ||
Property and equipment | $ 2,301 | $ 638 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accrued Expenses [Abstract] | ||
Accrued research and development | $ 6,237 | $ 4,842 |
Accrued compensation | 1,403 | 3,344 |
Accrued legal fees | 478 | 425 |
Other accruals | 665 | 628 |
Total | $ 8,783 | $ 9,239 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Securities in material unrealized loss positions | $ 2,200 | $ 500 |
Fair value of investments due to credit-related factors | 0 | 0 |
Short-term Investments [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Amortized Cost | 207,339 | 103,474 |
Unrealized Gains | 4 | 0 |
Unrealized Losses | (1,179) | (112) |
Estimated Fair Value | 206,164 | 103,362 |
Short-term Investments [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Amortized Cost | 26,148 | 27,450 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | (89) | (25) |
Estimated Fair Value | $ 26,060 | $ 27,425 |
Short-term Investments [Member] | Corporate Debt Securities [Member] | Maximum [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Maturity in Years | 1 year | 1 year |
Short-term Investments [Member] | Commercial Paper [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Amortized Cost | $ 3,462 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Estimated Fair Value | $ 3,462 | |
Short-term Investments [Member] | Commercial Paper [Member] | Maximum [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Maturity in Years | 1 year | |
Short-term Investments [Member] | US Treasury Securities [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Amortized Cost | $ 170,602 | $ 60,226 |
Unrealized Gains | 3 | 0 |
Unrealized Losses | (1,061) | (67) |
Estimated Fair Value | $ 169,544 | $ 60,159 |
Short-term Investments [Member] | US Treasury Securities [Member] | Maximum [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Maturity in Years | 1 year | 1 year |
Short-term Investments [Member] | Asset-backed Securities [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Amortized Cost | $ 7,127 | $ 15,798 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (29) | (20) |
Estimated Fair Value | $ 7,098 | $ 15,778 |
Short-term Investments [Member] | Asset-backed Securities [Member] | Maximum [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Maturity in Years | 1 year | 1 year |
Long-term Investments [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Amortized Cost | $ 64,136 | $ 105,861 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (1,005) | (412) |
Estimated Fair Value | 63,131 | 105,449 |
Long-term Investments [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Amortized Cost | 14,275 | |
Unrealized Gains | 0 | |
Unrealized Losses | (94) | |
Estimated Fair Value | $ 14,181 | |
Long-term Investments [Member] | Corporate Debt Securities [Member] | Minimum [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Maturity in Years | 1 year | |
Long-term Investments [Member] | Corporate Debt Securities [Member] | Maximum [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Maturity in Years | 2 years | |
Long-term Investments [Member] | US Treasury Securities [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Amortized Cost | $ 45,200 | 105,861 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (891) | (412) |
Estimated Fair Value | $ 44,309 | $ 105,449 |
Long-term Investments [Member] | US Treasury Securities [Member] | Minimum [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Maturity in Years | 1 year | 1 year |
Long-term Investments [Member] | US Treasury Securities [Member] | Maximum [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Maturity in Years | 2 years | 2 years |
Long-term Investments [Member] | Asset-backed Securities [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Amortized Cost | $ 4,661 | |
Unrealized Gains | 0 | |
Unrealized Losses | (20) | |
Estimated Fair Value | $ 4,641 | |
Long-term Investments [Member] | Asset-backed Securities [Member] | Minimum [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Maturity in Years | 1 year | |
Long-term Investments [Member] | Asset-backed Securities [Member] | Maximum [Member] | ||
Available-for-sale Investments by Types and Classes of Security [Abstract] | ||
Maturity in Years | 2 years |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | $ 301,389 | $ 323,860 |
Money Market Funds [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 32,094 | 115,049 |
Corporate Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 40,241 | 27,425 |
Commercial Paper [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 3,462 | |
U.S. Treasury Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 213,853 | 165,608 |
Asset-backed Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 11,739 | 15,778 |
Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 32,094 | 115,049 |
Level 1 [Member] | Money Market Funds [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 32,094 | 115,049 |
Level 1 [Member] | Corporate Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 0 | 0 |
Level 1 [Member] | Commercial Paper [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 0 | |
Level 1 [Member] | U.S. Treasury Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 0 | 0 |
Level 1 [Member] | Asset-backed Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 0 | 0 |
Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 269,295 | 208,811 |
Level 2 [Member] | Money Market Funds [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 0 | 0 |
Level 2 [Member] | Corporate Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 40,241 | 27,425 |
Level 2 [Member] | Commercial Paper [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 3,462 | |
Level 2 [Member] | U.S. Treasury Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 213,853 | 165,608 |
Level 2 [Member] | Asset-backed Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 11,739 | 15,778 |
Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 0 | 0 |
Level 3 [Member] | Money Market Funds [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 0 | 0 |
Level 3 [Member] | Corporate Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 0 | 0 |
Level 3 [Member] | Commercial Paper [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 0 | |
Level 3 [Member] | U.S. Treasury Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | 0 | 0 |
Level 3 [Member] | Asset-backed Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total cash equivalents and investments | $ 0 | $ 0 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 07, 2020 |
Stockholders' Equity [Abstract] | |||
Capital shares authorized (in shares) | 1,200,000,000 | ||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Equity Incentive Plans and St_3
Equity Incentive Plans and Stock-Based Compensation, Equity Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
2020 Equity Incentive Plan [Member] | |||
Share-based Payment Arrangement, Disclosure [Abstract] | |||
Common stock remained available for issuance of shares (in shares) | 2,221,150 | ||
2020 Equity Incentive Plan [Member] | Minimum [Member] | |||
Share-based Payment Arrangement, Disclosure [Abstract] | |||
Percentage of combined voting power held by optionee | 10.00% | ||
Grant expiration period | 5 years | ||
Vesting period | 2 years | ||
2020 Equity Incentive Plan [Member] | Maximum [Member] | |||
Share-based Payment Arrangement, Disclosure [Abstract] | |||
Number of shares of common stock options authorized to issue (in shares) | 5,218,000 | ||
Grant expiration period | 10 years | ||
Employee's exercise period for vesting shares after termination | 30 days | ||
Vesting period | 4 years | ||
2018 Equity Incentive Plan [Member] | Minimum [Member] | |||
Share-based Payment Arrangement, Disclosure [Abstract] | |||
Grant expiration period | 5 years | ||
Vesting period | 2 years | ||
2018 Equity Incentive Plan [Member] | Maximum [Member] | |||
Share-based Payment Arrangement, Disclosure [Abstract] | |||
Grant expiration period | 10 years | ||
Employee's exercise period for vesting shares after termination | 30 days | ||
Vesting period | 4 years | ||
Stock Options [Member] | 2020 Equity Incentive Plan [Member] | |||
Options [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 7,477,568 | ||
Granted (in shares) | 1,908,514 | ||
Exercised (in shares) | (100,105) | ||
Forfeited (in shares) | (50,325) | ||
Outstanding at end of period (in shares) | 9,235,652 | 7,477,568 | |
Exercisable at end of period (in shares) | 2,982,163 | ||
Weighted-Average Exercise Price [Abstract] | |||
Outstanding at beginning of period (in dollars per share) | $ 11.11 | ||
Granted (in dollars per share) | 10.18 | ||
Exercised (in dollars per share) | 1.25 | ||
Forfeited (in dollars per share) | 15.67 | ||
Outstanding at end of period (in dollars per share) | 11 | $ 11.11 | |
Exercisable at end of period (in dollars per share) | $ 7.16 | ||
Weighted-Average Remaining Contractual Term [Abstract] | |||
Outstanding (in years) | 8 years 4 months 24 days | 8 years 3 months 18 days | |
Exercisable (in years) | 7 years 6 months | ||
Aggregate Intrinsic Value [Abstract] | |||
Outstanding amount | $ 41,419 | $ 74,268 | |
Exercisable amount | 19,929 | ||
Total intrinsic value of options exercised | $ 800 | $ 0 |
Equity Incentive Plans and St_4
Equity Incentive Plans and Stock-Based Compensation, Employee Stock Purchase Plan (Details) - 2020 Employee Stock Purchase Plan [Member] | 3 Months Ended |
Mar. 31, 2022shares | |
Employee Stock Purchase Plan [Abstract] | |
Percentage of purchase date | 85.00% |
Offering period | 6 months |
New offering period | 6 months |
Common stock reserved for future issuance (in shares) | 435,000 |
Maximum [Member] | |
Employee Stock Purchase Plan [Abstract] | |
Percentage of offering date | 15.00% |
Equity Incentive Plans and St_5
Equity Incentive Plans and Stock-Based Compensation, Kinnjiu Equity Incentive Plan (Details) - 2021 Equity Incentive Plan [Member] - Maximum [Member] | Mar. 31, 2022shares |
Kinnjiu Equity Incentive Plan [Abstract] | |
Number of shares of common stock options authorized to issue (in shares) | 9,000,000 |
Common stock remained available for issuance of shares (in shares) | 2,882,500 |
Equity Incentive Plans and St_6
Equity Incentive Plans and Stock-Based Compensation, Stock-Based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Expense [Abstract] | ||
Stock-based compensation expense | $ 4,777 | $ 2,793 |
Employee Stock Purchase Plan [Member] | ||
Fair Value of Stock Assumptions [Abstract] | ||
Expected term (in years) | 6 months | 4 months 28 days |
Expected volatility | 50.00% | 51.00% |
Risk-free interest rate | 0.07% | 0.09% |
Expected dividend | 0.00% | 0.00% |
Unrecognized stock-based compensation expense | $ 100 | |
Research and Development [Member] | ||
Share-based Compensation Expense [Abstract] | ||
Stock-based compensation expense | 2,063 | $ 1,276 |
General and Administrative [Member] | ||
Share-based Compensation Expense [Abstract] | ||
Stock-based compensation expense | $ 2,714 | $ 1,517 |
Stock Options [Member] | ||
Fair Value of Stock Assumptions [Abstract] | ||
Expected term (in years) | 6 years | 6 years |
Expected dividend | 0.00% | 0.00% |
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 7.32 | $ 25.80 |
Unrecognized stock-based compensation expense | $ 53,800 | |
Weighted-average period of nonvested stock-based compensation | 2 years 9 months 3 days | |
Stock Options [Member] | Minimum [Member] | ||
Fair Value of Stock Assumptions [Abstract] | ||
Expected volatility | 84.00% | 87.00% |
Risk-free interest rate | 1.62% | 0.68% |
Stock Options [Member] | Maximum [Member] | ||
Fair Value of Stock Assumptions [Abstract] | ||
Expected volatility | 85.00% | 89.00% |
Risk-free interest rate | 1.88% | 1.01% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
May 31, 2021 | Mar. 31, 2022 | |
Related Party Transactions [Abstract] | ||
Contributions from redeemable convertible noncontrolling interest owners, net | $ 35 | $ 35 |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
May 31, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | May 13, 2021 | |
Information of Variable Interest Entity [Abstract] | ||||
Contributions from redeemable convertible noncontrolling interest owners, net | $ 35,000 | $ 35,000 | ||
Contributions from noncontrolling interest owners, issuance cost | $ 200 | 200 | ||
Assets and Liabilities [Abstract] | ||||
Cash at consolidated joint venture | 30,998 | $ 33,593 | ||
Prepaid expenses and other current assets | 4,935 | 5,639 | ||
Right-of-use lease assets | 3,979 | 0 | ||
Other non-current assets | 2,089 | $ 757 | ||
Operating lease liabilities | $ 4,597 | |||
Kinnjiu [Member] | ||||
Information of Variable Interest Entity [Abstract] | ||||
Equity interest held in joint venture | 54.90% | |||
Assets and Liabilities [Abstract] | ||||
Cash at consolidated joint venture | $ 30,998 | $ 35,011 | ||
Prepaid expenses and other current assets | 395 | 0 | ||
Right-of-use lease assets | 356 | 0 | ||
Other non-current assets | 106 | 0 | ||
Accounts payable and accrued expenses | 319 | 0 | ||
Operating lease liabilities | $ 356 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Aug. 31, 2021ft² | Jun. 30, 2021ft² | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Commitments and Contingencies [Abstract] | ||||
Area of office space under lease agreement | ft² | 5,698 | 8,088 | ||
Period of lease agreement | 5 years 4 months | |||
Option to extend lease agreement | 3 years | 5 years | ||
Standby letter of credit as security deposit | $ 400 | |||
Standby letter of credit, decrease in amount after each three and four year of lease term if no default | 300 | |||
Right-of-use assets | 3,979 | $ 0 | ||
Operating lease costs | $ 100 | |||
Weighted-average discount rate | 7.00% | |||
Weighted-average remaining lease term (in years) | 4 years 9 months 18 days | |||
Future Lease Payments of Operating Lease Liabilities [Abstract] | ||||
2022 remaining 9 months | $ 630 | |||
2023 | 1,247 | |||
2024 | 1,113 | |||
2025 | 1,112 | |||
2026 | 927 | |||
Thereafter | 428 | |||
Total minimum lease payments | 5,457 | |||
Less: imputed interest | (860) | |||
Total operating lease liabilities | 4,597 | |||
Less: current portion | (454) | 0 | ||
Lease liability, net of current portion | $ 4,143 | 0 | ||
Future Minimum Lease Payments Under Non-Cancelable Operating Leases [Abstract] | ||||
2022 | 638 | |||
2023 | 1,045 | |||
2024 | 1,076 | |||
2025 | 1,108 | |||
2026 | 924 | |||
Thereafter | 365 | |||
Total minimum lease payments | $ 5,156 |