Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 10, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ANNX | |
Entity Registrant Name | ANNEXON, INC. | |
Entity Central Index Key | 0001528115 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-39402 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-5414423 | |
Entity Address, Address Line One | 180 Kimball Way | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 822-5500 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,332,276 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 99,588 | $ 268,565 |
Short-term investments | 202,798 | 82,641 |
Prepaid expenses and other current assets | 2,007 | 2,805 |
Total current assets | 304,393 | 354,011 |
Restricted cash | 1,166 | |
Property and equipment, less accumulated depreciation of $3,047 and $1,971 as of June 30, 2021 and December 31, 2020, respectively | 5,129 | 1,935 |
Operating lease right-of-use assets | 21,096 | |
Total assets | 331,784 | 355,946 |
Current liabilities: | ||
Accounts payable | 4,184 | 3,734 |
Accrued liabilities | 5,850 | 6,497 |
Deferred rent, current | 391 | |
Operating lease liabilities, current | 250 | |
Total current liabilities | 10,284 | 10,622 |
Deferred rent | 1,046 | |
Operating lease liabilities, non-current | 26,165 | |
Total liabilities | 36,449 | 11,668 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity: | ||
Common stock | 38 | 38 |
Additional paid-in capital | 518,708 | 510,309 |
Accumulated other comprehensive loss | (65) | (77) |
Accumulated deficit | (223,346) | (165,992) |
Total stockholders’ equity | 295,335 | 344,278 |
Total liabilities and stockholders’ equity | $ 331,784 | $ 355,946 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Accumulated depreciation on property plant and equipment | $ 3,047 | $ 1,971 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses: | ||||
Research and development | $ 24,572 | $ 9,287 | $ 45,268 | $ 19,504 |
General and administrative | 6,801 | 2,950 | 12,307 | 5,189 |
Total operating expenses | 31,373 | 12,237 | 57,575 | 24,693 |
Loss from operations | (31,373) | (12,237) | (57,575) | (24,693) |
Other income, net | 79 | 1 | 221 | 116 |
Net loss before taxes | (31,294) | (12,236) | (57,354) | (24,577) |
Provision for income taxes | 4 | 4 | ||
Net loss | (31,294) | (12,240) | (57,354) | (24,581) |
Accretion on redeemable convertible preferred stock | 281 | 560 | ||
Net loss attributable to common stockholders | $ (31,294) | $ (12,521) | $ (57,354) | $ (25,141) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.82) | $ (28.87) | $ (1.50) | $ (57.96) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 38,277,950 | 433,749 | 38,219,143 | 433,749 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (31,294,000) | $ (12,240,000) | $ (57,354,000) | $ (24,581,000) |
Other comprehensive gain (loss): | ||||
Foreign currency translation adjustment | (20,000) | 9,000 | (2,000) | (2,000) |
Unrealized gain on available for sale securities | 38,000 | 14,000 | ||
Comprehensive loss | $ (31,276,000) | $ (12,231,000) | $ (57,342,000) | $ (24,583,000) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) | Total | Redeemable Convertible Preferred Stock [Member] | Series D Redeemable Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning Balance, Values at Dec. 31, 2019 | $ 143,984,000 | ||||||
Beginning Balance, Shares at Dec. 31, 2019 | 111,748,065 | ||||||
Beginning Balance, Shares at Dec. 31, 2019 | 433,749 | ||||||
Beginning Balance, Values at Dec. 31, 2019 | $ (100,454,000) | $ 4,000 | $ 2,202,000 | $ (80,000) | $ (102,580,000) | ||
Accretion on redeemable convertible preferred stock | 279,000 | ||||||
Accretion on redeemable convertible preferred stock | (279,000) | (279,000) | |||||
Stock-based compensation | 663,000 | 663,000 | |||||
Foreign currency translation adjustment | (11,000) | (11,000) | |||||
Net loss | (12,341,000) | (12,341,000) | |||||
Ending Balance, Values at Mar. 31, 2020 | $ 144,263,000 | ||||||
Ending Balance, Shares at Mar. 31, 2020 | 111,748,065 | ||||||
Ending Balance, Values at Mar. 31, 2020 | (112,422,000) | $ 4,000 | 2,586,000 | (91,000) | (114,921,000) | ||
Ending Balance, Shares at Mar. 31, 2020 | 433,749 | ||||||
Beginning Balance, Values at Dec. 31, 2019 | $ 143,984,000 | ||||||
Beginning Balance, Shares at Dec. 31, 2019 | 111,748,065 | ||||||
Beginning Balance, Shares at Dec. 31, 2019 | 433,749 | ||||||
Beginning Balance, Values at Dec. 31, 2019 | $ (100,454,000) | $ 4,000 | 2,202,000 | (80,000) | (102,580,000) | ||
Stock option exercises, Shares | 0 | ||||||
Foreign currency translation adjustment | $ (2,000) | ||||||
Net loss | (24,581,000) | ||||||
Ending Balance, Values at Jun. 30, 2020 | $ 235,054,000 | ||||||
Ending Balance, Shares at Jun. 30, 2020 | 183,467,924 | ||||||
Ending Balance, Values at Jun. 30, 2020 | (117,874,000) | $ 4,000 | 9,365,000 | (82,000) | (127,161,000) | ||
Ending Balance, Shares at Jun. 30, 2020 | 433,749 | ||||||
Beginning Balance, Values at Mar. 31, 2020 | $ 144,263,000 | ||||||
Beginning Balance, Shares at Mar. 31, 2020 | 111,748,065 | ||||||
Beginning Balance, Shares at Mar. 31, 2020 | 433,749 | ||||||
Beginning Balance, Values at Mar. 31, 2020 | (112,422,000) | $ 4,000 | 2,586,000 | (91,000) | (114,921,000) | ||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 96,807,000 | ||||||
Issuance of redeemable convertible preferred stock, net of issuance costs and value of redeemable convertible preferred stock liability, Shares | 71,719,859 | ||||||
Beneficial conversion feature on Series D redeemable convertible preferred stock | $ (6,297,000) | ||||||
Beneficial conversion feature on Series D redeemable convertible preferred stock | 6,297,000 | 6,297,000 | |||||
Accretion on redeemable convertible preferred stock | $ 281,000 | ||||||
Accretion on redeemable convertible preferred stock | (281,000) | (281,000) | |||||
Stock-based compensation | $ 763,000 | 763,000 | |||||
Stock option exercises, Shares | 0 | ||||||
Foreign currency translation adjustment | $ 9,000 | 9,000 | |||||
Net loss | (12,240,000) | (12,240,000) | |||||
Ending Balance, Values at Jun. 30, 2020 | $ 235,054,000 | ||||||
Ending Balance, Shares at Jun. 30, 2020 | 183,467,924 | ||||||
Ending Balance, Values at Jun. 30, 2020 | (117,874,000) | $ 4,000 | 9,365,000 | (82,000) | (127,161,000) | ||
Ending Balance, Shares at Jun. 30, 2020 | 433,749 | ||||||
Beginning Balance, Shares at Dec. 31, 2020 | 38,157,618 | ||||||
Beginning Balance, Values at Dec. 31, 2020 | 344,278,000 | $ 38,000 | 510,309,000 | (77,000) | (165,992,000) | ||
Stock-based compensation | 2,962,000 | 2,962,000 | |||||
Stock option exercises | 268,000 | 268,000 | |||||
Stock option exercises, Shares | 74,930 | ||||||
Foreign currency translation adjustment | 18,000 | 18,000 | |||||
Unrealized gain on available for sale securities | (24,000) | (24,000) | |||||
Net loss | (26,060,000) | (26,060,000) | |||||
Ending Balance, Values at Mar. 31, 2021 | 321,442,000 | $ 38,000 | 513,539,000 | (83,000) | (192,052,000) | ||
Ending Balance, Shares at Mar. 31, 2021 | 38,232,548 | ||||||
Beginning Balance, Shares at Dec. 31, 2020 | 38,157,618 | ||||||
Beginning Balance, Values at Dec. 31, 2020 | $ 344,278,000 | $ 38,000 | 510,309,000 | (77,000) | (165,992,000) | ||
Stock option exercises, Shares | 157,735 | ||||||
Foreign currency translation adjustment | $ (2,000) | ||||||
Unrealized gain on available for sale securities | 14,000 | ||||||
Net loss | (57,354,000) | ||||||
Ending Balance, Values at Jun. 30, 2021 | 295,335,000 | $ 38,000 | 518,708,000 | (65,000) | (223,346,000) | ||
Ending Balance, Shares at Jun. 30, 2021 | 38,322,112 | ||||||
Beginning Balance, Shares at Mar. 31, 2021 | 38,232,548 | ||||||
Beginning Balance, Values at Mar. 31, 2021 | 321,442,000 | $ 38,000 | 513,539,000 | (83,000) | (192,052,000) | ||
Stock-based compensation | 4,517,000 | 4,517,000 | |||||
Stock option exercises | 534,000 | 534,000 | |||||
Stock option exercises, Shares | 82,805 | ||||||
Issuance of common stock per ESPP purchase | 118,000 | 118,000 | |||||
Issuance of common stock per ESPP purchase, Shares | 6,759 | ||||||
Foreign currency translation adjustment | (20,000) | (20,000) | |||||
Unrealized gain on available for sale securities | 38,000 | 38,000 | |||||
Net loss | (31,294,000) | (31,294,000) | |||||
Ending Balance, Values at Jun. 30, 2021 | $ 295,335,000 | $ 38,000 | $ 518,708,000 | $ (65,000) | $ (223,346,000) | ||
Ending Balance, Shares at Jun. 30, 2021 | 38,322,112 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Series D Redeemable Convertible Preferred Stock [Member] | |
Stock issuance costs | $ 5,193 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net loss | $ (57,354) | $ (24,581) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,076 | 262 |
Accretion of discount on available-for-sale securities | 480 | |
Stock-based compensation | 7,479 | 1,426 |
Reduction in the carrying amount of right-of-use assets | 510 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 359 | 568 |
Other long-term assets | 44 | |
Accounts payable | 42 | 787 |
Accrued liabilities | (647) | 1,425 |
Deferred rent | (178) | |
Operating lease liabilities | (19) | |
Net cash used in operating activities | (48,074) | (20,247) |
Investing activities: | ||
Purchases of property and equipment | (32) | (16) |
Purchases of available-for-sale securities | (159,616) | |
Proceeds from sale of available-for-sale securities | 5,993 | |
Proceeds from maturities of available-for-sale securities | 33,000 | |
Net cash used in investing activities | (120,655) | (16) |
Financing activities: | ||
Deferred offering cost payments | (890) | |
Proceeds from the exercise common stock options | 802 | |
Proceeds from employee stock plan purchases | 118 | |
Proceeds from Paycheck Protection Program loan | 500 | |
Repayments of Paycheck Protection Program loan | (500) | |
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 101,985 | |
Net cash provided by financing activities | 920 | 101,095 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (167,809) | 80,832 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2) | (2) |
Cash, cash equivalents and restricted cash | ||
Beginning of period | 268,565 | 43,931 |
End of period | 100,754 | 124,761 |
Supplemental disclosure of cash flow information: | ||
Cash paid for amounts included in the measurement of lease liability | 744 | |
Non-cash investing and financing activities: | ||
Accretion on redeemable convertible preferred stock | 560 | |
Purchase of property and equipment included in accounts payable | 408 | 156 |
Right-of-use assets obtained in exchange for lease liability | 21,084 | |
Construction-in-progress obtained in exchange for tenant improvement allowance from lessors | $ 3,830 | |
Beneficial conversion feature recognized upon issuance of redeemable convertible preferred stock | 6,297 | |
Deferred offering costs included in accounts payable and accrued liabilities | 171 | |
Issuance costs of redeemable convertible preferred stock included in accounts payable and accrued liability | $ 5,178 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization | 1. Organization Annexon, Inc., or the Company, is a clinical-stage biopharmaceutical company developing a class of new complement medicines for patients with classical complement-mediated disorders of the body, brain, and eye. The Company is located in South San Francisco, California and was incorporated in Delaware in March 2011. The Company’s wholly-owned subsidiary, Annexon Biosciences Australia Pty Ltd, or the Subsidiary, is a proprietary limited company incorporated in 2016 and domiciled in Australia. The Subsidiary is also engaged in research and development activities in support of its parent company. Initial Public Offering On July 23 14,750,000 2,139,403 262.4 Reverse Stock Split On July 17, 2020, the Company’s board of directors approved an amendment to the Company’s certificate of incorporation to effect a reverse split of shares of the Company’s common stock on a one-for- 8.81 Liquidity Since inception, the Company has been involved primarily in performing research and development activities, conducting clinical trials, hiring personnel, and raising capital to support and expand these activities. The Company has experienced losses and negative cash flows from operations since its inception and, as of June 30, 2021, had an accumulated deficit of $223.3 million The Company has historically funded its operations through the issuance of shares of its redeemable convertible preferred stock and common stock. Based on projected activities, management projects that cash on hand is sufficient to support operations for at least the next 12 months following issuance of these condensed consolidated financial statements. Management expects to continue to incur losses and negative cash flows from operations for at least the next several years. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and applicable rules and regulations of the SEC regarding interim financial reporting. The condensed consolidated balance sheet as of June 30 , 2021 , and the condensed consolidated statements of operations, comprehensive loss, changes in redeemable convertible preferred stock and stockholders’ equity ( deficit ) and cash flows for the three and six months ended June 30 , 2021 and 20 20 are unaudited. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position as of June 30 , 2021 and its results of operations and cash flows for the three and six months ended June 30 , 2021 and 2020 . The financial data and the other financial information contained in these notes to the condensed consolidated financial statements related to the three and six month periods are also unaudited. The results of operations for the three and six months ended June 30 , 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 202 1 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 20 20 included herein was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 25, 2021. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including but not limited to stock options, Principles of Consolidation The consolidated financial statements include the operations of Annexon, Inc. and its wholly-owned subsidiary and include the results of operations and cash flows of these entities. All intercompany balances and transactions have been eliminated in consolidation. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid instruments with an original maturity of three months or less at time of purchase to be cash equivalents. Cash equivalents, which includes amounts invested in money market funds, are stated at fair value. Restricted cash as of June 30, 2021 relates to the letters of credit established for the Company’s office leases. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: June 30, 2021 December 31, 2020 Cash $ 587 $ 597 Cash equivalents 99,001 267,968 Cash and cash equivalents 99,588 268,565 Restricted cash 1,166 — Cash, cash equivalents and restricted cash $ 100,754 $ 268,565 Short-Term Investments Short-term investments have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. The Company determines the appropriate classification of its investments in debt securities at the time of purchase. Available-for-sale securities with original maturities beyond three months at the date of purchase are classified as current based on their availability for use in current operations. Unrealized gains and losses are excluded from earnings and are reported as a component of other comprehensive loss. The Company periodically evaluates whether declines in fair values of its marketable securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any marketable securities before recovery of its amortized cost basis. Impairment assessments are made at the individual security level each reporting period. When the fair value of an available-for- sale security is less than its cost at the balance sheet date, a determination is made as to whether the impairment is other-than-temporary and, if it is other-than-temporary, an impairment loss is recognized in other income, net, equal to the difference between the investment’s amortized cost and fair value at such date. The cost of investments sold is based on the specific-identification method. Interest on marketable securities is included in other income, net. Leases The Company determines if an arrangement is a lease at inception. Upon adoption of Accounting Standards Codification 842, Leases As a practical expedient, the Company elected, for all facility leases, not to separate non-lease components from lease components and instead to account for each separate lease component and its associated non-lease components as a single lease component. The Company elected to exclude from its balance sheets recognition of leases having a term of 12 months or less (short-term leases). Foreign Currencies The Company’s reporting currency is the U.S. dollar. The functional currency of the Company’s subsidiary located in Australia is the Australian Dollar. Balance sheets prepared in the functional currencies are translated to the reporting currency at exchange rates in effect at the end of the accounting period, except for stockholders’ equity accounts, which are translated at rates in effect when these balances were originally recorded. Revenue and expense accounts are translated using a weighted-average rate during the year. The resulting foreign currency translation adjustments are recorded as a separate component of accumulated other comprehensive loss in the accompanying condensed consolidated balance sheets. Foreign currency translation adjustments for the three months ended June 30, 2021 and 2020 Gains and losses resulting from exchange rate changes on transactions denominated in a currency other than the local currency are included in earnings as incurred. Research and Development Expense Research and development expenses consist primarily of direct and indirect costs incurred for the development of the Company’s product candidates. Direct expenses include (i) preclinical and clinical outside service costs associated with discovery, preclinical and clinical testing of the Company’s product candidates; (ii) professional services agreements with third-party contract organizations, investigative clinical trial sites and consultants that conduct research and development activities on the Company’s behalf; (iii) contract manufacturing costs to produce clinical trial materials; and (iv) laboratory supplies and materials. Indirect expenses include (A) compensation and personnel- related expenses (including stock-based compensation) ; (B) allocated expenses for facilities and depreciation; and (C) other indirect costs. Research and development costs are expensed as incurred. Payments made to third parties are under agreements that are generally cancelable by the Company. Advance payments for research and development activities are deferred as prepaid expenses. The prepaid amounts are expensed as the related services are performed. The Company estimates preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf. In accruing service fees, the Company estimates the period over which services will be performed and the level of effort to be expended in each period. These estimates are based on the Company’s communications with the third-party service providers and on information available at each balance sheet date. If the actual timing of the performance of services or the level of effort varies significantly from the estimate, the Company will adjust the accrual accordingly to reflect the best information available at the time of the financial statement issuance. The Company has not experienced any material differences between accrued costs and actual costs incurred since its inception. Stock-Based Compensation The Company accounts for stock-based compensation arrangements using a fair value method which requires the recognition of compensation expense for costs related to all stock-based payments, including stock options. The fair value method requires the Company to estimate the fair value of stock-based payment awards to employees on the date of grant using the Black-Scholes option pricing model. The Company grants certain employees performance-based stock options. For awards that include performance conditions, no compensation cost is recognized until the performance goals are probable of being met, at which time the cumulative compensation expense from the service inception date would be recognized. Stock-based compensation costs are based on the fair value of the underlying option calculated using the Black-Scholes option pricing model and recognized as expense on a straight-line basis (for all but performance based awards for which the accelerated method is used) over the requisite service period, which is the vesting period. Determining the appropriate fair value model and related assumptions requires judgment, including estimating the fair value of the underlying common stock, expected term, expected stock price volatility, risk-free interest rate and dividend yield. The Company accounts for forfeitures as they occur. Net Loss Per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive shares of common stock. As the Company was in a loss position for all periods presented, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders because the effects of potentially dilutive securities are antidilutive. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and short-term investments. The Company’s cash and Management Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (Topic 350) . The standard requires implementation costs incurred by customers in cloud computing arrangements to be deferred over the noncancelable term of the cloud computing arrangements plus any optional renewal periods (1) that are reasonably certain to be exercised by the customer or (2) for which exercise of the renewal option is controlled by the cloud service provider. The effective date of this pronouncement is for fiscal years beginning after December 15, 2020 and early adoption is permitted. The standard can be adopted either using the prospective or retrospective transition approach. The Company adopted ASU No. 2018-15 on January 1, 2021 and the adoption did not have a material impact on its condensed consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), , Leases There are also a number of optional practical expedients that entities may elect to apply. In the second quarter of 2021, the Company adopted ASU No. 2016-02 The adoption of Topic 842 as of January 1, 2021 resulted in the recognition of ROU assets of $461,000, corresponding lease liabilities of $605,000, the derecognition of Commitments and Contingencies T As part of the Topic 842 adoption, the Company elected certain practical expedients outlined in the guidance. The Company has chosen to apply the package of practical expedients for existing leases, which provides relief from reassessing: (i) whether a contract is or contains a lease, (ii) lease classification, and (iii) whether initial direct costs can be capitalized. The Company did not elect the hindsight practical expedient to reassess the lease term for existing leases. The Company elected the short-term lease exemption, under which any lease less than 12 months is excluded from recognition on the balance sheet. Additionally, the Company elected the non-separation of lease and non-lease components. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instrument —Credit Losses Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Derivatives and Hedging (Topic 815), and Financial Instruments (Topic 825), Codification Improvements to Financial Instruments is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019 for public business entities, excluding smaller reporting companies. The ASU 2016-13 will be effective for the Company for the year ending December 31, 2021 upon the Company no longer qualifying as an emerging growth or smaller reporting company. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. On a recurring basis, the Company measures certain financial assets and liabilities at fair value. The following tables summarize the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2021 Valuation Hierarchy Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Assets: Cash equivalents: Money market funds Level 1 $ 99,001 $ — $ — $ 99,001 Short-term investments: Commercial paper Level 2 114,838 — — 114,838 Corporate debt Level 2 62,515 14 (9 ) 62,520 Government bonds Level 2 25,437 3 — 25,440 Total assets $ 301,791 $ 17 $ (9 ) $ 301,799 December 31, 2020 Valuation Hierarchy Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Assets: Cash equivalents: Money market funds Level 1 $ 267,968 $ — $ — $ 267,968 Short-term investments: Commercial paper Level 2 59,930 — — 59,930 Corporate bonds Level 2 22,717 1 (7 ) 22,711 Total assets $ 350,615 $ 1 $ (7 ) $ 350,609 For the three and six months ended June 30, 2021 and 2020 |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Balance Sheet Components [Abstract] | |
Balance Sheet Components | 4. Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2021 December 31, 2020 Prepaid research and development costs $ 1,507 $ 1,039 Prepaid insurance 265 1,236 Other prepaid expenses 235 527 Other receivables — 3 Total prepaid expenses and other current assets $ 2,007 $ 2,805 Accrued Liabilities Accrued liabilities consisted of the following (in thousands): June 30, 2021 December 31, 2020 Accrued research and development expenses $ 3,382 $ 3,260 Accrued compensation 1,826 2,543 Accrued professional services 344 524 Other accrued expenses 298 170 Total accrued liabilities $ 5,850 $ 6,497 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Leases The Company leases its offices and laboratory in South San Francisco, California, or the South San Francisco Lease, under a seven-year five-year ten-year In connection The weighted average incremental borrowing rate used to measure the operating lease liability is 8.4%. Operating lease cost for the three and six months ended June 30, 2021 was $716,000 and $858,000, respectively. Variable lease payments for the three and six months ended June 30, 2021 were $36,000 and $70,000, respectively. Rent expense for the three and six months ended June 30, 2020 was $88,000 and $176,000, respectively. Future minimum lease payments and related lease liabilities as of June 30, 2021, were as follows: As of June 30, 2021: (in thousands) 2021 (remaining six months) $ 252 2022 4,203 2023 4,742 2024 4,906 2025 5,079 Thereafter 32,833 Total undiscounted lease payments 52,015 Less: Imputed interest (18,570 ) Less: Tenant improvement allowance (7,030 ) Total $ 26,415 The Company’s future undiscounted lease payments under non-cancellable operating leases (as defined by prior guidance) as of December 31, 2020 were as follows: As of December 31, 2020: (in thousands) 2021 $ 618 2022 4,189 2023 4,756 2024 5,035 2025 and thereafter 38,332 Total $ 52,930 License and Other Agreements In November 2011, the Company entered into an exclusive licensing agreement, or the Stanford Agreement, with The Board of Trustees of the Leland Stanford Junior University, or Stanford, whereby the Company was granted an exclusive, worldwide, royalty-bearing, sublicensable license, under certain patent rights, or the Licensed Patents, to make, use, offer for sale, sell, import and otherwise commercialize products covered by the Licensed Patents for human or animal diseases, disorders or conditions. Under the Stanford Agreement, the Company made an upfront payment and is obligated to pay Stanford annual license maintenance fees, potential future milestone payments totaling up to $500,000, and royalty payments at a rate equal to a low single-digit percentage of worldwide net sales of licensed products. The Company did not achieve any milestones or make any milestone payments for the three and six months ended June 30, 2021 and 2020. In December 2016, the Company entered into a Sponsored Research Agreement with a not-for-profit entity to perform research on multiple sclerosis. The Sponsored Research Agreement was amended in March 2019. Under the terms of the Sponsored Research Agreement, as amended, the Company may receive up to $651,000 in funding. If within 15 years of the end of the Sponsored Research Agreement, the Company files a marketing authorization application for a product treating multiple sclerosis, the Company will be obligated to pay milestone payments up to four times the amounts received under the Sponsored Research Agreement. The Company has received $590,000 in funding to date, including $135,000 received during the six months ended June 30, 2021, which was recorded as other income. No income was recognized for the three months ended June 30, 2021 and the three and six months ended June 30, 2020. Guarantees and Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of June 30, 2021, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. |
Stockholder's Equity
Stockholder's Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | 6. Stockholders’ Equity Common Stock The Company has reserved the following shares of common stock for issuance as follows: June 30, 2021 December 31, 2020 Options issued and outstanding 5,673,023 3,909,873 Options available for future grant 2,313,366 2,707,947 Reserved for employee stock purchase plan 734,903 360,086 Total common stock reserved 8,721,292 6,977,906 |
Equity Incentive Plan
Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plan | 7. Equity Incentive Plan In July 2020, the Company’s board of directors and stockholders adopted and approved the 2020 Incentive Award Plan, or the 2020 Plan, and the Employee Stock Purchase Plan, or the ESPP, which became effective in connection with the IPO. The Company may not grant any additional awards under the 2011 Equity Incentive Plan, or the 2011 Plan. The 2011 Plan will continue to govern outstanding equity awards . 2020 Equity Incentive Plan The number of shares of common stock reserved for issuance under the 2020 Plan automatically increases on the first day of January, commencing on January 1, 2021 and ending in 2030, in an amount equal to 4% of the total number of shares of the Company’s capital stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Company’s board of directors. Awards granted under the 2020 Plan expire no later than ten years from the date of grant. For the Incentive Stock Options, or ISOs, and Nonstatutory Stock Options, or NSOs, the option price shall not be less than 100% of the estimated fair value on the date of grant. Options granted typically vest over a four-year Stock option activity under the 2011 Plan and the 2020 Plan was as follows: Shares Available for Grant Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Balances as of December 31, 2020 2,707,947 3,909,873 $ 10.78 8.40 $ 56,128 Additional shares authorized 1,526,304 — Stock options granted (2,122,600 ) 2,122,600 28.09 Stock options exercised — (157,735 ) 5.08 Stock options forfeited 201,715 (201,715 ) 22.69 Balances as of June 30, 2021 2,313,366 5,673,023 $ 16.99 8.56 $ 43,667 Exercisable as of June 30, 2021 1,676,944 $ 7.89 7.02 $ 25,467 The total intrinsic value of options exercised during the three and six months ended June 30, 2021 were $2.2 million and $3.3 million, respectively. There were no options exercised during the three and six months ended June 30, 2020. The intrinsic value is the difference between the fair value of the Company’s common stock at the time of exercise and the exercise price of the stock option. Employee Stock Purchase Plan The ESPP enables eligible employees to purchase shares of the Company's common stock at the end of each offering period at a price equal to 85% of the fair market value of the shares on the first business day or the last business day of the offering period, whichever is lower. Eligible employees generally include all employees. Share purchases are funded through payroll deductions of at least 1%, and up to 15% of an employee’s eligible compensation for each payroll period. The number of shares reserved for issuance under the ESPP increase automatically on the first day of each fiscal year, beginning on January 1, 2021, by a number equal to the least of 360,086 shares, 1% of the shares of common stock outstanding on the last day of the immediately preceding fiscal year, or such number of shares determined by the Company’s board of directors. As of June 30, 2021, 734,903 Stock-Based Compensation Expense The total stock-based compensation expense recognized related to the Company’s equity incentive plans Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 2,402 $ 335 $ 3,948 $ 660 General and administrative 2,115 428 3,531 766 Total stock-based compensation expense $ 4,517 $ 763 $ 7,479 $ 1,426 The stock-based compensation expense related to the ESPP for the three and six months ended June 30, 2021 was $34,000 and $65,000, respectively. As of June 30, 2021, the total unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest was $59.2 million, which the Company expects to recognize over an estimated weighted-average period of 3.36 years. To determine the value of stock option awards for stock-based compensation purposes, the Company uses the Black-Scholes option pricing model and the assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment. Fair Value of Common Stock— Historically, for all periods prior to the IPO in July 2020, fair values of the shares of common stock underlying the Company’s share-based awards were estimated on each grant date by the Company’s board of directors. The board of directors considered, among other things, valuations of the Company’s common stock which were prepared by an independent third- party valuation firm in accordance with the guidance provided by the American Institute of Certified Public Accountants 2013 Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation . After the completion of the IPO in July 2020, the fair value of each share of underlying common stock is based on the closing price of the Company’s common stock as reported on the date of grant on the Nasdaq Global Select Market. Expected Term —The Company’s expected term represents the period that the Company’s stock-based awards are expected to be outstanding. The Company’s historical share option exercise information is limited due to a lack of sufficient data points and did not provide a reasonable basis upon which to estimate an expected term. The expected term for option grants is therefore determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term). Expected Volatility —Because the Company does not have sufficient trading history for its common stock, the expected volatility was estimated based on the average volatility for comparable publicly traded life science companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on the similar size, stage in the life cycle, or area of specialty. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available and to align with the Company’s expected term. Risk-Free Interest Rate —The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the option. Dividend Yield —The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero. The fair value of each award issued was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Expected term (in years) 5.50 - 6.08 5.00 - 6.08 4.33 - 6.08 5.00 - 6.08 Expected volatility 89.50% - 90.70% 85% 89.50% - 90.70% 85% Risk-free interest rate 0.88% - 1.01% 0.33% - 0.45% 0.35% - 1.02% 0.33% - 1.45% Dividend yield — — — — |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes For the three and six months ended June 30, 2021 and 2020, the Company incurred insignificant amounts for an income tax provision. The U.S. federal and California deferred tax assets generated from the Company’s net operating losses have been fully reserved, as the Company believes it is not more likely than not that the benefit will be realized. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | 9. Net Loss Per Share Attributable to Common Stockholders The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options to purchase common stock 5,673,023 3,026,480 5,673,023 3,026,480 Shares subject to employee stock purchase plan 3,030 — 3,030 — Redeemable convertible preferred stock on an as-converted basis — 20,824,938 — 20,824,938 Total 5,676,053 23,851,418 5,676,053 23,851,418 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and applicable rules and regulations of the SEC regarding interim financial reporting. The condensed consolidated balance sheet as of June 30 , 2021 , and the condensed consolidated statements of operations, comprehensive loss, changes in redeemable convertible preferred stock and stockholders’ equity ( deficit ) and cash flows for the three and six months ended June 30 , 2021 and 20 20 are unaudited. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position as of June 30 , 2021 and its results of operations and cash flows for the three and six months ended June 30 , 2021 and 2020 . The financial data and the other financial information contained in these notes to the condensed consolidated financial statements related to the three and six month periods are also unaudited. The results of operations for the three and six months ended June 30 , 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 202 1 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 20 20 included herein was derived from the audited financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 25, 2021. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including but not limited to stock options, |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the operations of Annexon, Inc. and its wholly-owned subsidiary and include the results of operations and cash flows of these entities. All intercompany balances and transactions have been eliminated in consolidation. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid instruments with an original maturity of three months or less at time of purchase to be cash equivalents. Cash equivalents, which includes amounts invested in money market funds, are stated at fair value. Restricted cash as of June 30, 2021 relates to the letters of credit established for the Company’s office leases. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: June 30, 2021 December 31, 2020 Cash $ 587 $ 597 Cash equivalents 99,001 267,968 Cash and cash equivalents 99,588 268,565 Restricted cash 1,166 — Cash, cash equivalents and restricted cash $ 100,754 $ 268,565 |
Short-Term Investments | Short-Term Investments Short-term investments have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. The Company determines the appropriate classification of its investments in debt securities at the time of purchase. Available-for-sale securities with original maturities beyond three months at the date of purchase are classified as current based on their availability for use in current operations. Unrealized gains and losses are excluded from earnings and are reported as a component of other comprehensive loss. The Company periodically evaluates whether declines in fair values of its marketable securities below their book value are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the security or it is more likely than not it will be required to sell any marketable securities before recovery of its amortized cost basis. Impairment assessments are made at the individual security level each reporting period. When the fair value of an available-for- sale security is less than its cost at the balance sheet date, a determination is made as to whether the impairment is other-than-temporary and, if it is other-than-temporary, an impairment loss is recognized in other income, net, equal to the difference between the investment’s amortized cost and fair value at such date. The cost of investments sold is based on the specific-identification method. Interest on marketable securities is included in other income, net. |
Leases | Leases The Company determines if an arrangement is a lease at inception. Upon adoption of Accounting Standards Codification 842, Leases As a practical expedient, the Company elected, for all facility leases, not to separate non-lease components from lease components and instead to account for each separate lease component and its associated non-lease components as a single lease component. The Company elected to exclude from its balance sheets recognition of leases having a term of 12 months or less (short-term leases). |
Foreign Currencies | Foreign Currencies The Company’s reporting currency is the U.S. dollar. The functional currency of the Company’s subsidiary located in Australia is the Australian Dollar. Balance sheets prepared in the functional currencies are translated to the reporting currency at exchange rates in effect at the end of the accounting period, except for stockholders’ equity accounts, which are translated at rates in effect when these balances were originally recorded. Revenue and expense accounts are translated using a weighted-average rate during the year. The resulting foreign currency translation adjustments are recorded as a separate component of accumulated other comprehensive loss in the accompanying condensed consolidated balance sheets. Foreign currency translation adjustments for the three months ended June 30, 2021 and 2020 Gains and losses resulting from exchange rate changes on transactions denominated in a currency other than the local currency are included in earnings as incurred. |
Research and Development Expense | Research and Development Expense Research and development expenses consist primarily of direct and indirect costs incurred for the development of the Company’s product candidates. Direct expenses include (i) preclinical and clinical outside service costs associated with discovery, preclinical and clinical testing of the Company’s product candidates; (ii) professional services agreements with third-party contract organizations, investigative clinical trial sites and consultants that conduct research and development activities on the Company’s behalf; (iii) contract manufacturing costs to produce clinical trial materials; and (iv) laboratory supplies and materials. Indirect expenses include (A) compensation and personnel- related expenses (including stock-based compensation) ; (B) allocated expenses for facilities and depreciation; and (C) other indirect costs. Research and development costs are expensed as incurred. Payments made to third parties are under agreements that are generally cancelable by the Company. Advance payments for research and development activities are deferred as prepaid expenses. The prepaid amounts are expensed as the related services are performed. The Company estimates preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf. In accruing service fees, the Company estimates the period over which services will be performed and the level of effort to be expended in each period. These estimates are based on the Company’s communications with the third-party service providers and on information available at each balance sheet date. If the actual timing of the performance of services or the level of effort varies significantly from the estimate, the Company will adjust the accrual accordingly to reflect the best information available at the time of the financial statement issuance. The Company has not experienced any material differences between accrued costs and actual costs incurred since its inception. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation arrangements using a fair value method which requires the recognition of compensation expense for costs related to all stock-based payments, including stock options. The fair value method requires the Company to estimate the fair value of stock-based payment awards to employees on the date of grant using the Black-Scholes option pricing model. The Company grants certain employees performance-based stock options. For awards that include performance conditions, no compensation cost is recognized until the performance goals are probable of being met, at which time the cumulative compensation expense from the service inception date would be recognized. Stock-based compensation costs are based on the fair value of the underlying option calculated using the Black-Scholes option pricing model and recognized as expense on a straight-line basis (for all but performance based awards for which the accelerated method is used) over the requisite service period, which is the vesting period. Determining the appropriate fair value model and related assumptions requires judgment, including estimating the fair value of the underlying common stock, expected term, expected stock price volatility, risk-free interest rate and dividend yield. The Company accounts for forfeitures as they occur. |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive shares of common stock. As the Company was in a loss position for all periods presented, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders because the effects of potentially dilutive securities are antidilutive. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and short-term investments. The Company’s cash and Management |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (Topic 350) . The standard requires implementation costs incurred by customers in cloud computing arrangements to be deferred over the noncancelable term of the cloud computing arrangements plus any optional renewal periods (1) that are reasonably certain to be exercised by the customer or (2) for which exercise of the renewal option is controlled by the cloud service provider. The effective date of this pronouncement is for fiscal years beginning after December 15, 2020 and early adoption is permitted. The standard can be adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), , Leases There are also a number of optional practical expedients that entities may elect to apply. In the second quarter of 2021, the Company adopted ASU No. 2016-02 The adoption of Topic 842 as of January 1, 2021 resulted in the recognition of ROU assets of $461,000, corresponding lease liabilities of $605,000, the derecognition of Commitments and Contingencies T As part of the Topic 842 adoption, the Company elected certain practical expedients outlined in the guidance. The Company has chosen to apply the package of practical expedients for existing leases, which provides relief from reassessing: (i) whether a contract is or contains a lease, (ii) lease classification, and (iii) whether initial direct costs can be capitalized. The Company did not elect the hindsight practical expedient to reassess the lease term for existing leases. The Company elected the short-term lease exemption, under which any lease less than 12 months is excluded from recognition on the balance sheet. Additionally, the Company elected the non-separation of lease and non-lease components. either using the prospective or retrospective transition approach. The Company adopted ASU No. 2018-15 on January 1, 2021 and the adoption did not have a material impact on its condensed consolidated financial statements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instrument —Credit Losses Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Derivatives and Hedging (Topic 815), and Financial Instruments (Topic 825), Codification Improvements to Financial Instruments is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019 for public business entities, excluding smaller reporting companies. The ASU 2016-13 will be effective for the Company for the year ending December 31, 2021 upon the Company no longer qualifying as an emerging growth or smaller reporting company. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: June 30, 2021 December 31, 2020 Cash $ 587 $ 597 Cash equivalents 99,001 267,968 Cash and cash equivalents 99,588 268,565 Restricted cash 1,166 — Cash, cash equivalents and restricted cash $ 100,754 $ 268,565 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables summarize the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2021 Valuation Hierarchy Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Assets: Cash equivalents: Money market funds Level 1 $ 99,001 $ — $ — $ 99,001 Short-term investments: Commercial paper Level 2 114,838 — — 114,838 Corporate debt Level 2 62,515 14 (9 ) 62,520 Government bonds Level 2 25,437 3 — 25,440 Total assets $ 301,791 $ 17 $ (9 ) $ 301,799 December 31, 2020 Valuation Hierarchy Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Assets: Cash equivalents: Money market funds Level 1 $ 267,968 $ — $ — $ 267,968 Short-term investments: Commercial paper Level 2 59,930 — — 59,930 Corporate bonds Level 2 22,717 1 (7 ) 22,711 Total assets $ 350,615 $ 1 $ (7 ) $ 350,609 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Balance Sheet Components [Abstract] | |
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2021 December 31, 2020 Prepaid research and development costs $ 1,507 $ 1,039 Prepaid insurance 265 1,236 Other prepaid expenses 235 527 Other receivables — 3 Total prepaid expenses and other current assets $ 2,007 $ 2,805 |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): June 30, 2021 December 31, 2020 Accrued research and development expenses $ 3,382 $ 3,260 Accrued compensation 1,826 2,543 Accrued professional services 344 524 Other accrued expenses 298 170 Total accrued liabilities $ 5,850 $ 6,497 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments and Related Lease Liabilities | Future minimum lease payments and related lease liabilities as of June 30, 2021, were as follows: As of June 30, 2021: (in thousands) 2021 (remaining six months) $ 252 2022 4,203 2023 4,742 2024 4,906 2025 5,079 Thereafter 32,833 Total undiscounted lease payments 52,015 Less: Imputed interest (18,570 ) Less: Tenant improvement allowance (7,030 ) Total $ 26,415 |
Future Undiscounted Lease Payments Under Non-cancellable Operating Leases | The Company’s future undiscounted lease payments under non-cancellable operating leases (as defined by prior guidance) as of December 31, 2020 were as follows: As of December 31, 2020: (in thousands) 2021 $ 618 2022 4,189 2023 4,756 2024 5,035 2025 and thereafter 38,332 Total $ 52,930 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Schedule of Common Stock Reserved for Future Issuance | The Company has reserved the following shares of common stock for issuance as follows: June 30, 2021 December 31, 2020 Options issued and outstanding 5,673,023 3,909,873 Options available for future grant 2,313,366 2,707,947 Reserved for employee stock purchase plan 734,903 360,086 Total common stock reserved 8,721,292 6,977,906 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | Stock option activity under the 2011 Plan and the 2020 Plan was as follows: Shares Available for Grant Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Balances as of December 31, 2020 2,707,947 3,909,873 $ 10.78 8.40 $ 56,128 Additional shares authorized 1,526,304 — Stock options granted (2,122,600 ) 2,122,600 28.09 Stock options exercised — (157,735 ) 5.08 Stock options forfeited 201,715 (201,715 ) 22.69 Balances as of June 30, 2021 2,313,366 5,673,023 $ 16.99 8.56 $ 43,667 Exercisable as of June 30, 2021 1,676,944 $ 7.89 7.02 $ 25,467 |
Summary of Stock-Based Compensation Expense | The total stock-based compensation expense recognized related to the Company’s equity incentive plans Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 2,402 $ 335 $ 3,948 $ 660 General and administrative 2,115 428 3,531 766 Total stock-based compensation expense $ 4,517 $ 763 $ 7,479 $ 1,426 |
Summary of Fair Value of Each Award Issued Estimated on the Date of Grant Using the Black-Scholes Option Pricing Model | The fair value of each award issued was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Expected term (in years) 5.50 - 6.08 5.00 - 6.08 4.33 - 6.08 5.00 - 6.08 Expected volatility 89.50% - 90.70% 85% 89.50% - 90.70% 85% Risk-free interest rate 0.88% - 1.01% 0.33% - 0.45% 0.35% - 1.02% 0.33% - 1.45% Dividend yield — — — — |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Outstanding Potentially Dilutive Shares Excluded From Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options to purchase common stock 5,673,023 3,026,480 5,673,023 3,026,480 Shares subject to employee stock purchase plan 3,030 — 3,030 — Redeemable convertible preferred stock on an as-converted basis — 20,824,938 — 20,824,938 Total 5,676,053 23,851,418 5,676,053 23,851,418 |
Organization - Additional Infor
Organization - Additional Information (Detail) $ / shares in Units, $ in Thousands | Aug. 04, 2020shares | Jul. 24, 2020USD ($)$ / sharesshares | Jul. 17, 2020 | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions | $ 262,400 | |||||
Payment of deferred offering costs | $ 890 | |||||
Redeemable convertible preferred stock, shares issued upon conversion | shares | 20,824,938 | |||||
Accumulated deficit | $ (223,346) | $ (165,992) | ||||
Cash and cash equivalents and short-term investments | $ 302,400 | |||||
Common Stock [Member] | ||||||
Description of reverse stock split | one-for-8.81 basis | |||||
Reverse stock split, conversion ratio | 0.113507378 | |||||
IPO [Member] | ||||||
Shares issued during the period | shares | 14,750,000 | |||||
Shares issued price per share | $ / shares | $ 17 | |||||
Payments for underwriting expense | $ 20,100 | |||||
Payment of deferred offering costs | $ 4,600 | |||||
Over-Allotment Option [Member] | ||||||
Shares issued during the period | shares | 2,139,403 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | ||
Cash | $ 587 | $ 597 |
Cash equivalents | 99,001 | 267,968 |
Cash and cash equivalents | 99,588 | 268,565 |
Restricted cash | 1,166 | |
Cash, cash equivalents and restricted cash | $ 100,754 | $ 268,565 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jan. 01, 2021 | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||
Foreign currency translation adjustment | $ (20,000) | $ 18,000 | $ 9,000 | $ (11,000) | $ (2,000) | $ (2,000) | |
Operating lease right-of-use assets | 21,096,000 | 21,096,000 | |||||
Lease liabilities | $ 26,415,000 | $ 26,415,000 | |||||
ASU 2018-15 [Member] | |||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||
Change in accounting principle, ASU adopted | true | true | |||||
Change in accounting principle, ASU, adoption date | Jan. 1, 2021 | Jan. 1, 2021 | |||||
Change in accounting principle, ASU, Immaterial effect | true | true | |||||
ASU 2016-02 [Member] | |||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||||
Change in accounting principle, ASU adopted | true | true | |||||
Change in accounting principle, ASU, adoption date | Jan. 1, 2021 | Jan. 1, 2021 | |||||
Operating lease right-of-use assets | $ 461,000 | ||||||
Lease liabilities | 605,000 | ||||||
Derecognition of deferred rent liability | 1,400,000 | ||||||
Recognition of liability related to reallocation of consideration of lease pending commencement of second lease component | $ 1,300,000 | ||||||
Operating lease additional rent expense | $ 54,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 301,791 | $ 350,615 |
Gross Unrealized Holding Gains | 17 | 1 |
Gross Unrealized Holding Losses | (9) | (7) |
Aggregate Fair Value | 301,799 | 350,609 |
Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 99,001 | 267,968 |
Aggregate Fair Value | 99,001 | 267,968 |
Level 2 [Member] | Commercial Paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 114,838 | 59,930 |
Aggregate Fair Value | 114,838 | 59,930 |
Level 2 [Member] | Corporate Debt [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 62,515 | |
Gross Unrealized Holding Gains | 14 | |
Gross Unrealized Holding Losses | (9) | |
Aggregate Fair Value | 62,520 | |
Level 2 [Member] | Government Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 25,437 | |
Gross Unrealized Holding Gains | 3 | |
Aggregate Fair Value | $ 25,440 | |
Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 22,717 | |
Gross Unrealized Holding Gains | 1 | |
Gross Unrealized Holding Losses | (7) | |
Aggregate Fair Value | $ 22,711 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid research and development costs | $ 1,507 | $ 1,039 |
Prepaid insurance | 265 | 1,236 |
Other prepaid expenses | 235 | 527 |
Other receivables | 3 | |
Total prepaid expenses and other current assets | $ 2,007 | $ 2,805 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities Current [Abstract] | ||
Accrued research and development expenses | $ 3,382 | $ 3,260 |
Accrued compensation | 1,826 | 2,543 |
Accrued professional services | 344 | 524 |
Other accrued expenses | 298 | 170 |
Total accrued liabilities | $ 5,850 | $ 6,497 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Dec. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Nov. 30, 2011USD ($) | Jun. 30, 2021USD ($)Claim | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($)Claim | Jun. 30, 2020USD ($) | Jan. 01, 2021USD ($) | |
Gain Contingencies [Line Items] | ||||||||||
Operating lease right-of-use assets | $ 21,096,000 | $ 21,096,000 | ||||||||
Lease liabilities | $ 26,415,000 | $ 26,415,000 | ||||||||
Weighted average incremental borrowing rate | 8.40% | 8.40% | ||||||||
Operating lease cost | $ 716,000 | $ 858,000 | ||||||||
Variable lease payments | 36,000 | 70,000 | ||||||||
Rent expense | $ 88,000 | $ 176,000 | ||||||||
Income (loss) | (31,294,000) | $ (26,060,000) | (12,240,000) | $ (12,341,000) | (57,354,000) | (24,581,000) | ||||
Loss contingency accrual | $ 0 | $ 0 | ||||||||
Indemnification Agreement [Member] | ||||||||||
Gain Contingencies [Line Items] | ||||||||||
Loss contingency pending claims | Claim | 0 | 0 | ||||||||
Stanford Agreement [Member] | Research and Development Arrangement [Member] | ||||||||||
Gain Contingencies [Line Items] | ||||||||||
Sponsor research agreements, commitment amount | $ 500,000 | |||||||||
Sponsored Research Agreement [Member] | ||||||||||
Gain Contingencies [Line Items] | ||||||||||
Maximum threshold period allowed for filing market authorization | 15 years | |||||||||
Proceeds from funding | $ 135,000 | |||||||||
Income (loss) | $ 0 | $ 0 | $ 0 | |||||||
Sponsored Research Agreement [Member] | Other Income [Member] | ||||||||||
Gain Contingencies [Line Items] | ||||||||||
Proceeds from funding | $ 590,000 | |||||||||
Sponsored Research Agreement [Member] | Research and Development Arrangement [Member] | ||||||||||
Gain Contingencies [Line Items] | ||||||||||
Maximum expected research funding | $ 651,000 | |||||||||
South San Francisco, California [Member] | ||||||||||
Gain Contingencies [Line Items] | ||||||||||
Operating lease, term of contract | 7 years | 7 years | ||||||||
Operating lease, expiration month and year | 2024-06 | |||||||||
Operating lease, renewal term | 5 years | 5 years | ||||||||
Brisbane, California [Member] | ||||||||||
Gain Contingencies [Line Items] | ||||||||||
Operating lease, term of contract | 10 years | |||||||||
Operating lease, expiration month and year | 2021-10 | |||||||||
Operating lease, renewal term | 10 years | |||||||||
Operating lease, commenced month and year | 2021-05 | |||||||||
Operating lease, expected to begin month and year | 2021-11 | |||||||||
Operating lease, option to extend [true false] | true | |||||||||
Operating lease, base rent abatement period | 3 months | |||||||||
Letter of credit | $ 1,000,000 | |||||||||
Operating lease consideration allocated recorded as liability | $ 1,300,000 | |||||||||
Operating lease right-of-use assets | $ 21,100,000 | $ 21,100,000 | ||||||||
Lease liabilities | $ 26,400,000 | $ 26,400,000 | ||||||||
Weighted average remaining lease term | 10 years 2 months 12 days | 10 years 2 months 12 days | ||||||||
Brisbane, California [Member] | Maximum [Member] | ||||||||||
Gain Contingencies [Line Items] | ||||||||||
Tenant improvement allowance receivable | $ 10,800,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments and Related Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2021 (remaining six months) | $ 252 |
2022 | 4,203 |
2023 | 4,742 |
2024 | 4,906 |
2025 | 5,079 |
Thereafter | 32,833 |
Total undiscounted lease payments | 52,015 |
Less: Imputed interest | (18,570) |
Less: Tenant improvement allowance | (7,030) |
Lease liabilities | $ 26,415 |
Commitments and Contingencies_3
Commitments and Contingencies - Future Undiscounted Lease Payments Under Non-cancellable Operating Leases (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2021 | $ 618 |
2022 | 4,189 |
2023 | 4,756 |
2024 | 5,035 |
2025 and thereafter | 38,332 |
Total | $ 52,930 |
Stockholder's Equity - Schedule
Stockholder's Equity - Schedule of Common Stock Reserved for Future Issuance (Detail) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Options issued and outstanding | 5,673,023 | 3,909,873 |
Options available for future grant | 2,313,366 | 2,707,947 |
Common stock reserved | 8,721,292 | 6,977,906 |
Reserved for Employee Stock Purchase Plan [Member] | ||
Class of Stock [Line Items] | ||
Common stock reserved | 734,903 | 360,086 |
Options Issued and Outstanding [Member] | ||
Class of Stock [Line Items] | ||
Options issued and outstanding | 5,673,023 | 3,909,873 |
Options Available for Future Grant [Member] | ||
Class of Stock [Line Items] | ||
Options available for future grant | 2,313,366 | 2,707,947 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of number of shares of capital stock outstanding on last day of preceding year | 4.00% | ||||
Stock option grants description | Awards granted under the 2020 Plan expire no later than ten years from the date of grant. For the Incentive Stock Options, or ISOs, and Nonstatutory Stock Options, or NSOs, the option price shall not be less than 100% of the estimated fair value on the date of grant. Options granted typically vest over a four-year period but may be granted with different vesting terms. | ||||
Option expiry period | 10 years | ||||
Vesting Period | 4 years | ||||
Options available for future grant | 2,313,366 | 2,313,366 | 2,707,947 | ||
Intrinsic value of options exercised | $ 2,200,000 | $ 3,300,000 | |||
Stock option exercises, Shares | 0 | 157,735 | 0 | ||
Common stock for future issuance | 8,721,292 | 8,721,292 | 6,977,906 | ||
Unrecognized stock-based compensation cost | $ 59,200,000 | $ 59,200,000 | |||
Unrecognized stock-based compensation cost expected period for recognition | 3 years 4 months 9 days | ||||
Total stock-based compensation expense | $ 4,517,000 | $ 763,000 | $ 7,479,000 | $ 1,426,000 | |
Incentive Stock Options, or ISOs, and Nonstatutory Stock Options, or NSOs [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Purchase of Common stock at end of each offering period at price equal to percentage of fair market value of shares | 100.00% | ||||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Purchase of Common stock at end of each offering period at price equal to percentage of fair market value of shares | 85.00% | ||||
Share purchases funded through payroll deductions minimum percentage of employee's eligible compensation | 1.00% | 1.00% | |||
Share purchases funded through payroll deductions maximum percentage of employee's eligible compensation | 15.00% | 15.00% | |||
Common stock for future issuance | 734,903 | 734,903 | 360,086 | ||
Percentage of shares of common stock outstanding on last day of immediately preceding fiscal year | 1.00% | ||||
Total stock-based compensation expense | $ 34,000 | $ 65,000 | |||
Employee Stock Purchase Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock for future issuance | 360,086 | 360,086 |
Equity Incentive Plan - Summary
Equity Incentive Plan - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Shares available for grant, Beginning balance | 2,707,947 | |||
Shares available for grant, Additional shares authorized | 1,526,304 | |||
Shares available for grant, Stock options granted | (2,122,600) | |||
Shares available for grant, Stock options exercised | 0 | (157,735) | 0 | |
Shares available for grant, Stock options forfeited | 201,715 | |||
Shares available for grant, Ending balance | 2,313,366 | 2,707,947 | ||
Shares available for grant, Exercisable | 1,676,944 | |||
Number of shares, Beginning balance | 3,909,873 | |||
Number of shares, Stock options granted | 2,122,600 | |||
Number of shares, Stock options forfeited | (201,715) | |||
Number of shares, Ending balance | 5,673,023 | 3,909,873 | ||
Weighted- average exercise price per share, Beginning balance | $ 10.78 | |||
Weighted- average exercise price per share, Stock options granted | 28.09 | |||
Weighted- average exercise price per share, Stock options exercised | 5.08 | |||
Weighted average exercise price per share, Stock options forfeited | 22.69 | |||
Weighted- average exercise price per share, Ending balance | 16.99 | $ 10.78 | ||
Weighted- average exercise price per share, Exercisable | $ 7.89 | |||
Weighted- average remaining contractual term | 8 years 6 months 21 days | 8 years 4 months 24 days | ||
Weighted- average remaining contractual term, Exercisable | 7 years 7 days | |||
Aggregate intrinsic value | $ 43,667 | $ 56,128 | ||
Aggregate intrinsic value, Exercisable | $ 25,467 |
Equity Incentive Plan - Summa_2
Equity Incentive Plan - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 4,517 | $ 763 | $ 7,479 | $ 1,426 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 2,402 | 335 | 3,948 | 660 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 2,115 | $ 428 | $ 3,531 | $ 766 |
Equity Incentive Plan - Summa_3
Equity Incentive Plan - Summary of Fair Value of Each Award Issued Estimated on the Date of Grant Using the Black-Scholes Option Pricing Model (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 85.00% | 85.00% | ||
Expected volatility, Minimum | 89.50% | 89.50% | ||
Expected volatility, Maximum | 90.70% | 90.70% | ||
Risk-free interest rate, Minimum | 0.88% | 0.33% | 0.35% | 0.33% |
Risk-free interest rate, Maximum | 1.01% | 0.45% | 1.02% | 1.45% |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 6 months | 5 years | 4 years 3 months 29 days | 5 years |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 29 days | 6 years 29 days | 6 years 29 days | 6 years 29 days |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Summary of Outstanding Potentially Dilutive Shares Excluded From Calculation of Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of diluted net loss per share | 5,676,053 | 23,851,418 | 5,676,053 | 23,851,418 |
Shares Subject to Employee Stock Purchase Plan [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of diluted net loss per share | 3,030 | 3,030 | ||
Redeemable Convertible Preferred Stock on an as-converted Basis [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of diluted net loss per share | 20,824,938 | 20,824,938 | ||
Stock Options to Purchase Common Stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of diluted net loss per share | 5,673,023 | 3,026,480 | 5,673,023 | 3,026,480 |