Forma Therapeutics (FMTX) 10-Q 13 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Entity Registrant Name	Forma Therapeutics Holdings, Inc.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		41,118,263
Amendment Flag	false
Entity Central Index Key	0001538927
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-39333
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	37-1657129
Entity Address Address Line1	500 Arsenal Street
Entity Address, Address Line Two	Suite 100
Entity Address City Or Town	Watertown
Entity Address State Or Province	MA
Entity Address Postal Zip Code	02472
City Area Code	617
Local Phone Number	679-1970
Document Quarterly Report	true
Document Transition Report	false
Security12b Title	Common stock, par value $0.001 per share
Trading Symbol	FMTX
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 374,947	$ 173,180
Marketable securities	39,354
Accounts receivable		227
Income tax receivable	23,394	592
Prepaid expenses and other current assets	17,421	3,314
Total current assets	455,116	177,313
Property and equipment, net	1,901	5,102
Other assets	10,495	620
Total assets	467,512	183,035
Current liabilities:
Accounts payable	3,753	3,521
Accrued expenses and other current liabilities	21,065	20,108
Deferred revenue		1,239
Total current liabilities	24,818	24,868
Warrant liability	2,969	364
Deferred rent, noncurrent	1,228	1,426
Total liabilities	29,015	26,658
Commitments and contingencies (Note 8)
Total redeemable convertible preferred stock		138,516
Stockholders’ equity:
Preferred stock
Common stock	41	2
Additional paid-in capital	439,662	1,116
(Accumulated deficit) retained earnings	(1,206)	16,740
Total stockholders’ equity	438,497	18,246
Total liabilities, redeemable convertible and convertible preferred stock and stockholders’ equity	$ 467,512	183,035
Series A Convertible Preferred Stock [Member]
Current liabilities:
Total redeemable convertible preferred stock		4,656
Series B-1 Convertible Preferred Stock [Member]
Current liabilities:
Total redeemable convertible preferred stock		20,907
Series B-2 Convertible Preferred Stock [Member]
Current liabilities:
Total redeemable convertible preferred stock		12,272
Series D Redeemable Convertible Preferred Stock [Member]
Current liabilities:
Total redeemable convertible preferred stock		100,296
Series C Convertible Preferred Stock [Member]
Current liabilities:
Total redeemable convertible preferred stock		385
Stockholders’ equity:
Preferred stock		385
Enterprise Junior Stock [Member]
Current liabilities:
Total redeemable convertible preferred stock		3
Stockholders’ equity:
Common stock		$ 3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Temporary equity shares authorized		86,362,798
Temporary equity liquidation preference		$ 134,665
Preferred stock par value	$ 0.001	$ 0.001
Preferred stock shares authorized	10,000,000	0
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	150,000,000	138,000,000
Common stock shares issued	41,118,263	2,250,696
Common stock shares outstanding	41,016,181	2,250,696
Series A Convertible Preferred Stock [Member]
Temporary equity par value	$ 0.001	$ 0.001
Temporary equity shares authorized	0	2,304,815
Temporary equity shares issued	0	2,304,815
Temporary equity shares outstanding	0	2,304,815
Temporary equity liquidation preference		$ 4,801
Series B-1 Convertible Preferred Stock [Member]
Temporary equity par value	$ 0.001	$ 0.001
Temporary equity shares authorized	0	14,921,676
Temporary equity shares issued	0	14,921,676
Temporary equity shares outstanding	0	14,921,676
Temporary equity liquidation preference		$ 18,942
Series B-2 Convertible Preferred Stock [Member]
Temporary equity par value	$ 0.001	$ 0.001
Temporary equity shares authorized	0	8,790,249
Temporary equity shares issued	0	8,790,249
Temporary equity shares outstanding	0	8,790,249
Temporary equity liquidation preference		$ 10,626
Series D Redeemable Convertible Preferred Stock [Member]
Temporary equity par value	$ 0.001	$ 0.001
Temporary equity shares authorized	0	53,593,440
Temporary equity shares issued	0	53,593,440
Temporary equity shares outstanding	0	53,593,440
Temporary equity liquidation preference		$ 100,296
Series C Convertible Preferred Stock [Member]
Temporary equity shares outstanding		6,452,619
Preferred stock par value	$ 0.001	$ 0.001
Preferred stock shares authorized	0	6,452,619
Preferred stock shares issued	0	6,452,619
Preferred stock shares outstanding	0	6,452,619
Enterprise Junior Stock [Member]
Temporary equity shares outstanding		2,597,091
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	0	12,520,978
Common stock shares issued	0	2,926,851
Common stock shares outstanding	0	2,597,091

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Collaboration revenue		$ 17,727		$ 89,736
Operating expenses:
Research and development	$ 20,511	28,065	$ 43,721	56,715
General and administrative	6,448	5,688	15,381	10,606
Restructuring charges	(20)	849	63	5,075
Total operating expenses	26,939	34,602	59,165	72,396
Income (loss) from operations	(26,939)	(16,875)	(59,165)	17,340
Other income (loss):
Gain on Hit Discovery divestiture			23,312
Interest income	895	782	1,536	1,979
Other income (loss), net	(2,634)	11	(2,616)	312
Total other income (loss), net	(1,739)	793	22,232	2,291
Income (loss) before taxes	(28,678)	(16,082)	(36,933)	19,631
Income tax benefit	(3,238)	(1,325)	(22,723)	(1,217)
Net income (loss) and comprehensive income (loss)	(25,440)	$ (14,757)	(14,210)	20,848
Undistributed earnings allocable to participating securities				(5,815)
Net loss allocable to shares of common stock, basic and diluted	$ (27,240)		(17,946)
Change in fair value attributable to warrants to purchase Series B redeemable convertible preferred shares			$ 2,605	$ (317)
Net loss per share of common stock, basic and diluted	$ (4.58)		$ (4.23)
Net income (loss) per share of Common 1:
Basic		$ (6.03)		$ 0.74
Diluted		$ (6.03)		$ 0.61
Weighted-average shares of common stock outstanding, basic and diluted	5,943,165		4,245,622
Weighted-average shares of Common 1 outstanding:
Basic		2,547,924		2,547,924
Diluted		2,547,924		2,581,952
Series A Preferred Stock
Other income (loss):
Preferred return on Series A convertible preferred shares		$ (57)		$ (170)
Series B Preferred Stock
Other income (loss):
Accretion of preferred return on redeemable convertible preferred shares		(543)		(1,618)
Change in fair value attributable to warrants to purchase Series B redeemable convertible preferred shares		(7)		(317)
Series D Preferred Stock
Other income (loss):
Accretion of preferred return on redeemable convertible preferred shares	$ (1,800)		$ (3,736)
Redeemable Convertible Preferred Stock
Other income (loss):
Distribution to holders of Series A convertible preferred shares, Series B and Series C1 redeemable convertible preferred shares in excess of accrued preferred return				(11,347)
Common Stock
Other income (loss):
Net income (loss) allocable to shares of Common 1, basic		(15,357)		1,898
Net income (loss) allocable to shares of Common 1, diluted		$ (15,364)		$ 1,581

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Redeemable Convertible and Convertible Preferred Stock and Stockholders' Equity (Deficit) (unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Series B Redeemable Convertible Preferred Shares [Member]	Series C1 Redeemable Convertible Preferred Shares [Member]	Series A Convertible Preferred Stock [Member]	Series B-1 Convertible Preferred Stock [Member]	Series B-2 Convertible Preferred Stock [Member]	Enterprise Junior Stock [Member]	Series D Redeemable Convertible Preferred Stock [Member]	Series C Convertible Preferred Stock [Member]	Common 1 Stock [Member]	Common Stock	Additional Paid-In Capital [Member]	(Accumulated Deficit) Retained Earnings [Member]	(Accumulated Deficit) Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance at Dec. 31, 2018	$ (48,869)													$ (54,648)
Temporary equity balance, Shares at Dec. 31, 2018			23,711,925	6,357,260	2,304,815						1,953,442
Temporary equity balance, Value at Dec. 31, 2018			$ 56,453	$ 10,000	$ 5,550						$ 229
Cumulative effect adjustment for adoption of Topic 606 at Dec. 31, 2018		$ 116,157													$ 116,157
Exercise of warrant to purchase Series C1 redeemable convertible preferred shares				$ 535
Exercise of warrant to purchase Series C1 redeemable convertible preferred shares, Shares				95,359
Distribution to holders of redeemable convertible and convertible preferred shares	(4,785)		(29,065)	$ (10,150)	$ (867)									(3,918)
Reclassification of Series C1 redeemable convertible preferred shares to permanent equity	(385)			$ 385
Reclassification of Series C1 redeemable convertible preferred shares to permanent equity, Shares				6,452,619
Accretion of preferred return on Series B redeemable convertible preferred shares	(1,075)		$ 1,075											(1,075)
Equity-based compensation	764													764
Net income and comprehensive income	35,605													35,605
Balance at Mar. 31, 2019	98,182													92,885
Temporary equity balance, Shares at Mar. 31, 2019			23,711,925	6,452,619	2,304,815						1,953,442
Temporary equity balance, Value at Mar. 31, 2019			$ 28,463	$ 385	$ 4,683						$ 229
Balance at Dec. 31, 2018	(48,869)													(54,648)
Temporary equity balance, Shares at Dec. 31, 2018			23,711,925	6,357,260	2,304,815						1,953,442
Temporary equity balance, Value at Dec. 31, 2018			$ 56,453	$ 10,000	$ 5,550						$ 229
Cumulative effect adjustment for adoption of Topic 606 at Dec. 31, 2018		$ 116,157													$ 116,157
Net income and comprehensive income	20,848
Balance at Jun. 30, 2019	83,379													78,082
Temporary equity balance, Shares at Jun. 30, 2019			23,711,925	6,452,619	2,304,815						1,953,442
Temporary equity balance, Value at Jun. 30, 2019			$ 29,006	$ 385	$ 4,683						$ 229
Balance at Mar. 31, 2019	98,182													92,885
Temporary equity balance, Shares at Mar. 31, 2019			23,711,925	6,452,619	2,304,815						1,953,442
Temporary equity balance, Value at Mar. 31, 2019			$ 28,463	$ 385	$ 4,683						$ 229
Accretion of preferred return on Series B redeemable convertible preferred shares	(543)		$ 543											(543)
Equity-based compensation	497													497
Net income and comprehensive income	(14,757)													(14,757)
Balance at Jun. 30, 2019	83,379													78,082
Temporary equity balance, Shares at Jun. 30, 2019			23,711,925	6,452,619	2,304,815						1,953,442
Temporary equity balance, Value at Jun. 30, 2019			$ 29,006	$ 385	$ 4,683						$ 229
Balance at Dec. 31, 2019	18,246												$ 1,116	16,740
Temporary equity balance, Shares at Dec. 31, 2019					2,304,815	14,921,676	8,790,249	2,597,091	53,593,440	6,452,619		2,250,696
Temporary equity balance, Value at Dec. 31, 2019	138,516				$ 4,656	$ 20,907	$ 12,272	$ 3	$ 100,296	$ 385		$ 2
Accretion of cumulative dividends on Series D redeemable convertible preferred stock	(1,936)								$ 1,936					(1,936)
Equity-based compensation	1,210												1,210
Equity-based compensation, Shares								38,339
Exercise of options to purchase common stock	3												3
Exercise of options to purchase common stock, Shares												496
Exercise of warrant to purchase common stock	12												12
Exercise of warrant to purchase common stock, Shares												297,241
Net income and comprehensive income	11,230													11,230
Balance at Mar. 31, 2020	28,765												2,341	26,034
Temporary equity balance, Shares at Mar. 31, 2020					2,304,815	14,921,676	8,790,249	2,635,430	53,593,440	6,452,619		2,548,433
Temporary equity balance, Value at Mar. 31, 2020					$ 4,656	$ 20,907	$ 12,272	$ 3	$ 102,232	$ 385		$ 2
Balance at Dec. 31, 2019	18,246												1,116	16,740
Temporary equity balance, Shares at Dec. 31, 2019					2,304,815	14,921,676	8,790,249	2,597,091	53,593,440	6,452,619		2,250,696
Temporary equity balance, Value at Dec. 31, 2019	$ 138,516				$ 4,656	$ 20,907	$ 12,272	$ 3	$ 100,296	$ 385		$ 2
Exercise of options to purchase common stock, Shares	28,547
Net income and comprehensive income	$ (14,210)
Balance at Jun. 30, 2020	438,497												439,662	(1,206)
Temporary equity balance, Shares at Jun. 30, 2020					0		0		0			41,016,181
Temporary equity balance, Value at Jun. 30, 2020												$ 41
Balance at Mar. 31, 2020	28,765												2,341	26,034
Temporary equity balance, Shares at Mar. 31, 2020					2,304,815	14,921,676	8,790,249	2,635,430	53,593,440	6,452,619		2,548,433
Temporary equity balance, Value at Mar. 31, 2020					$ 4,656	$ 20,907	$ 12,272	$ 3	$ 102,232	$ 385		$ 2
Accretion of cumulative dividends on Series D redeemable convertible preferred stock	(1,800)								1,800					(1,800)
Equity-based compensation	1,256												1,256
Equity-based compensation, Shares								25,440
Conversion of redeemable convertible and convertible preferred stock into common stock	141,867				$ (4,656)	$ (20,907)	$ (12,272)		$ (104,032)	$ (385)		$ 21	142,231
Conversion of redeemable convertible and convertible preferred stock into common stock, Shares					(2,304,815)	(14,921,676)	(8,790,249)		(53,593,440)	(6,452,619)		20,349,223
Conversion of enterprise junior stock into common stock								$ (3)				$ 2	1
Conversion of enterprise junior stock into common stock, Shares								(2,660,870)				2,124,845
Issuance of common stock from initial public offering, net of issuance costs	293,707											$ 16	293,691
Issuance of common stock from initial public offering, net of issuance costs, Shares												15,964,704
Vesting of restricted common stock, Shares												925
Exercise of options to purchase common stock	142												142
Exercise of options to purchase common stock, Shares												28,051
Net income and comprehensive income	(25,440)													(25,440)
Balance at Jun. 30, 2020	$ 438,497												$ 439,662	$ (1,206)
Temporary equity balance, Shares at Jun. 30, 2020					0		0		0			41,016,181
Temporary equity balance, Value at Jun. 30, 2020												$ 41

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Redeemable Convertible and Convertible Preferred Stock and Stockholders' Equity (Deficit) (unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)
Statement Of Stockholders Equity [Abstract]
Net of Issuance Costs	$ 25,587

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net income (loss)	$ (14,210)	$ 20,848
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	827	1,537
Equity-based compensation	2,466	1,261
Change in fair value attributable to warrants to purchase Series B redeemable convertible preferred shares	2,605	(317)
Accretion of marketable securities	(65)	(858)
Gain on Hit Discovery divestiture	(23,312)
Loss on sale of property and equipment	10
Changes in operating assets and liabilities:
Decrease in accounts receivable	227	81,276
(Increase) in income taxes receivable	(22,802)	(1,280)
Decrease (increase) in prepaid expenses and other current assets	(1,727)	683
Increase (decrease) in accounts payable	328	(3,258)
(Decrease) in accrued expenses and other current liabilities	(150)	(5,422)
(Decrease) in income taxes payable		(3,258)
(Decrease) in deferred rent, noncurrent	(198)	(164)
(Decrease) in deferred revenue, current and noncurrent		(87,626)
Net cash provided by (used in) operating activities	(56,825)	3,422
Cash flows from investing activities
Purchases of held-to-maturity marketable securities	(50,139)	(106,583)
Proceeds from maturity of marketable securities	10,850	87,497
Purchases of property and equipment	(103)	(320)
Net proceeds from Hit Discovery divestiture	17,500
Net cash (used in) investing activities	(36,552)	(19,406)
Cash flows from financing activities
Distribution to holders of redeemable convertible and convertible preferred shares		(44,000)
Proceeds from initial public offering of common stock, net of issuance costs	295,125
Proceeds from exercise of warrant to purchase common stock	12
Proceeds from exercise of options to purchase common stock	145
Net cash provided by (used in) financing activities	295,023	(43,850)
Net increase (decrease) in cash, cash equivalents and restricted cash	201,646	(59,834)
Cash, cash equivalents and restricted cash, beginning of the period	173,796	84,064
Cash, cash equivalents and restricted cash, end of the period	375,442	24,230
Supplemental disclosure of non-cash activities:
Accretion of preferred return and cumulative dividends on preferred securities	3,736	1,618
Public offering costs included in accounts payable and accrued expenses	1,418
Purchases of property and equipment included in accounts payable	11
Installment Receivable in prepaid expenses and other current assets (Note 16)	13,416
Equity Consideration in other assets (Note 16)	10,000
Conversion of enterprise junior stock into common stock	3
Conversion of redeemable convertible and convertible preferred stock into common stock	142,252
Series C1 Redeemable Convertible Preferred Shares [Member]
Cash flows from financing activities
Proceeds from exercise of warrant to purchase Series C1 redeemable convertible preferred shares		$ 150
Series D Redeemable Convertible Preferred Stock [Member]
Cash flows from financing activities
Payment of issuance costs on Series D redeemable convertible preferred stock	(259)
Integral Health [Member]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest income on future cash payments from Integral Health	(824)
Hit Discovery Divestiture [Member]
Cash flows from investing activities
Net proceeds from Hit Discovery divestiture	$ 2,840

Organization and Nature of Busi

Organization and Nature of Business	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Nature of Business	Note 1—Organization and Nature of Business On October 2, 2019, Forma Therapeutics Holdings, LLC, a Delaware limited liability company formed in December 2011, was reorganized into Forma Therapeutics Holdings, Inc. (the “Reorganization”). As part of the Reorganization, each share of Series A convertible preferred shares (“Series A Preferred Shares”), Series B redeemable convertible preferred shares (“Series B Preferred Shares”), Series C1 redeemable convertible preferred shares (“Series C1 Preferred Shares”) and Common 1 shares of Forma Therapeutics Holdings, LLC issued and outstanding immediately prior to the Reorganization was exchanged for shares of Series A convertible preferred stock (“Series A Preferred Stock”), Series B-1 convertible preferred stock (“Series B-1 Preferred Stock”) or Series B-2 convertible preferred stock (“Series B-2 Preferred Stock”), Series C convertible preferred stock (“Series C Preferred Stock”) and common stock, respectively, of Forma Therapeutics Holdings, Inc. on a one-for-one basis, with the significant rights and preferences of the securities held before and after the Reorganization being substantially the same. Previously outstanding vested and unvested enterprise incentive shares of Forma Therapeutics Holdings, LLC were exchanged for an equal number of vested and unvested shares of enterprise junior stock, respectively. The unvested enterprise junior stock was issued with the same vesting terms as the unvested enterprise incentive shares held immediately prior to the Reorganization. Outstanding warrants to purchase shares of Series B Preferred Shares and Common 1 shares of Forma Therapeutics Holdings, LLC were exchanged on a one-for-one basis for warrants to purchase Series B-3 convertible preferred stock (“Series B-3 Preferred Stock”) and common stock, respectively, with the same exercise price and substantially the same terms of the outstanding warrants held immediately before the Reorganization. Upon consummation of the Reorganization, the historical consolidated financial statements of Forma Therapeutics Holdings, LLC became the historical consolidated financial statements of Forma Therapeutics Holdings, Inc. For purposes of these condensed consolidated financial statements, “the Company” refers to Forma Therapeutics Holdings, LLC prior to the Reorganization and Forma Therapeutics Holdings, Inc. after the Reorganization. On June 23, 2020, the Company completed an initial public offering (“IPO”), in which the Company issued and sold 15,964,704 shares of its common stock at a public offering price of $20.00 per share, including 2,082,352 shares of common stock sold pursuant to the underwriters’ exercise of their option to purchase additional shares of common stock, for aggregate gross proceeds of $319.3 million. The Company raised approximately $293.7 million in net proceeds after deducting underwriting discounts and commissions and offering expenses payable by the Company. Upon the closing of the IPO, all of the outstanding shares of Series A Preferred Stock, Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series C Preferred Stock, and Series D redeemable convertible preferred stock (“Series D Preferred Stock”) automatically converted into 20,349,223 shares of common stock; all issued shares of enterprise junior stock automatically converted into 2,124,845 and 103,007 shares of common stock and restricted common stock, respectively; and warrants to purchase an aggregate of 299,999 shares of Series B-3 Preferred Stock with an exercise price of $1.20 per share automatically converted into warrants to purchase an aggregate of 70,133 shares of common stock with an exercise price of $5.13 per share. Subsequent to the closing of the IPO, there were no shares of preferred stock or enterprise junior stock outstanding. In connection with the closing of the IPO, the Company filed a second amended and restated certificate of incorporation (“Second Amended Certificate of Incorporation”) to change the authorized capital stock to 160,000,000 shares of which 147,494,175 are designated as voting common stock, 2,505,825 are designated as non-voting common stock and 10,000,000 are designated as undesignated preferred stock, all with a par value of $0.001 per share. Liquidity The Company is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers. The Company is building a pipeline of therapeutics with a focus on these areas and has devoted substantially all of its resources to the research and development of its drug development efforts, comprised of research and development, manufacturing, conducting clinical trials, protecting its intellectual property and general and administrative functions relating to these operations. The future success of the Company is dependent on its ability to develop its product candidates and ultimately upon its ability to attain sustained profitable operations through commercialization of products. The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, the need for additional capital, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval and reimbursement for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development of technological innovations by competitors, reliance on third-party manufacturers and the ability to transition from pilot-scale production to large-scale manufacturing of products. The Company has determined that its cash, cash equivalents and marketable securities of $414.3 million as of June 30, 2020 will be sufficient to funds its operations for at least one year from the date these condensed consolidated financial statements are issued. To date, the Company has primarily financed its operations through license and collaboration agreements, the sale of preferred shares and preferred stock to outside investors and completion of the IPO. The Company has experienced significant negative cash flows from operations during the six months ended June 30, 2020. The Company does not expect to experience any significant positive cash flows from its existing collaboration agreements and does not expect to have any product revenue in the near term. The Company expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future as it continues to invest significantly in research and development of its programs. Management’s belief with respect to its ability to fund operations is based on estimates that are subject to risks and uncertainties. If actual results are different from management’s estimates, the Company may need to seek additional funding sooner than would otherwise be expected. There can be no assurance that the Company will be able to obtain additional funding on acceptable terms, if at all.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies Basis of Presentation and Consolidation The condensed consolidated financial statements prior to the Reorganization include the accounts of Forma Therapeutics Holdings, LLC and its wholly owned subsidiaries. The condensed consolidated financial statements subsequent to the Reorganization include the accounts of Forma Therapeutics Holdings, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company has prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures generally included in financial statements in conformity with GAAP have been condensed or omitted in accordance with such rules and regulations. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standard Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The Company’s significant accounting policies are disclosed in the audited consolidated financial statements included in the Company’s final prospectus filed with the SEC pursuant to the Rule 424(b)(4) on June 22, 2020 (“Prospectus”). Since the date of such audited consolidated financial statements, there have been no changes to the Company’s significant accounting policies except as noted below. Unaudited Interim Condensed Consolidated Financial Statements The accompanying condensed consolidated balance sheet as of June 30, 2020, the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019, the condensed consolidated statements of redeemable convertible and convertible preferred stock and stockholders’ equity (deficit) for the six months ended June 30, 2020 and 2019 and the condensed consolidated statements of cash flows for the six months ended June 30, 2020 and 2019 are unaudited. The financial data and other information contained in the notes thereto as of June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 are also unaudited. The condensed consolidated balance sheet data as of December 31, 2019 was derived from the Company’s audited consolidated financial statements included in the Prospectus. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2019, and in the opinion of the Company’s management, reflect all adjustments which are necessary to present fairly the Company’s financial position as of June 30, 2020, the results of its operations for the three and six months ended June 30, 2020 and 2019 and cash flows for the six months ended June 30, 2020 and 2019. Such adjustments are of a normal and recurring nature. These unaudited condensed consolidated financial statements should be Cash, Cash Equivalents and Restricted Cash The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. Amounts in restricted cash consist of a security deposit and a letter of credit, both of which secure the Company’s respective office spaces. Pursuant to the Hit Discovery divestiture in March 2020, and the assignment and assumption of the Company’s Branford, CT lease to Integral Health, the security deposit restricted as of December 31, 2019 was transferred to Integral Health (see Note 16). Restricted cash is included in other assets on the condensed consolidated balance sheets. The following table reconciles cash, cash equivalents and restricted cash as of June 30, 2020 and 2019 to the condensed consolidated statements of cash flows (in thousands): June 30, 2020 2019 Cash and cash equivalents $ 374,947 $ 23,614 Restricted cash 495 616 Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statements of cash flows $ 375,442 $ 24,230 As of June 30, 2020, cash equivalents included $10.0 million of U.S. Government securities with an original term of less than 90 days stated at amortized cost. The Company did not hold any such securities as of December 31, 2019. Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) as well as other changes in stockholders’ equity that result from transactions and economic events other than those with the equity holders. There was no difference between net income (loss) and comprehensive income (loss) presented in the accompanying condensed consolidated financial statements for the three and six months ended June 30, 2020 and 2019. Deferred Offering Costs The Company capitalizes certain legal, professional accounting, and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction to additional paid-in capital generated as a result of the offering. On June 23, 2020, the Company completed the IPO. Accordingly, the Company recognized the deferred offering costs of approximately $3.2 million as a reduction from the gross proceeds associated with the closing of the IPO through additional paid-in capital in the accompanying condensed consolidated balance sheet. As such, there were no deferred offering costs in the accompanying condensed consolidated balance sheet as of June 30, 2020. The Company incurred no deferred offering costs as of December 31, 2019. Equity-Based Compensation The Company accounts for equity awards, including grants of enterprise incentive shares, enterprise junior stock, stock options and restricted common stock, in accordance with ASC 718, Compensation – Stock Compensation (“Topic 718”). Topic 718 requires all equity-based payments to employees, which includes grants of employee equity awards, to be recognized in the condensed consolidated statements of operations and comprehensive income (loss) based on their grant date fair values. The Company recognizes equity-based compensation expense for any non-employee awards consistent with equity awards issued to employees. As it relates to both employee and non-employee equity awards, the Company has elected to account for forfeitures as they occur. For awards granted prior to the IPO, for the three months ended June 30, 2020, the Company used a probability-weighted expected returns method (“PWERM”) with four scenarios to value the common securities underlying the awards: an IPO, a delayed IPO, a sale of the Company and a remain private scenario. In the IPO and sale scenarios, the Company estimated an equity value based on the guideline public company method under a market approach. The guideline public companies consist of biopharmaceutical companies with recently completed initial public offerings. For the remain private scenario, the Company back-solved to the price of a recently issued preferred security. The Company converted its estimated future value in each scenario to present value using a risk-adjusted discount rate. The relative probability of each scenario was determined based on an assessment of then-current market conditions. Where appropriate, the Company applied a discount for lack of marketability to the value indicated for the common securities. There are significant judgments and estimates inherent in the determination of the fair value of the common securities. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred securities, the superior rights and preferences of securities senior to the common securities at the time of, and the likelihood of, achieving a liquidity event, such as an IPO or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common securities at each valuation date. For awards granted on or subsequent to the IPO, for the three months ended June 30, 2020, the fair value the common stock underlying the awards is estimated based on the fair value of the Company common stock on the grant date. The Company estimates the fair value of stock options using the Black-Scholes option pricing model, which uses as inputs the estimated fair value of common securities, and certain management estimates, including the expected stock price volatility, the expected term of the award, the risk-free rate, and expected dividends. Expected volatility is calculated based on reported volatility data for a representative group of publicly traded companies for which historical information is available. The Company selects companies with comparable characteristics with historical share price information that approximates the expected term of the equity-based awards. The Company computes the historical volatility data using the daily closing prices for the selected companies’ shares during the equivalent period that approximates the calculated expected term of the stock options. The Company will continue to apply this method until a sufficient amount of historical information regarding the volatility of its stock price becomes available. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant commensurate with the expected term assumption. The Company uses the simplified method, under which the expected term is presumed to be the midpoint between the vesting date and the end of the contractual term. The Company utilizes this method due to lack of historical exercise data. The expected dividend yield is assumed to be zero as the Company has no current plans to pay any dividends on common stock. For awards with service-based vesting conditions, the Company recognizes equity-based compensation expense on a straight-line basis over the vesting period. For awards subject to performance conditions, the Company recognizes equity-based compensation expense using an accelerated recognition method over the remaining service period when the Company determines the achievement of the performance condition is probable. The Company classifies equity-based compensation expense in its condensed consolidated statements of operations and comprehensive income (loss) consistent with the classification of the award recipient’s compensation expense. Recently Issued Accounting Pronouncements In June 2020, the FASB issued ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) – Effective Dates for Certain Entities Leases Revenue from Contracts with Customers (Topic 606)

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	Note 3—Fair Value of Financial Assets and Liabilities The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Fair Value Measurements at the Reporting Date Using June 30, 2020 Quoted Prices In Active Markets Using Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets—Cash equivalents Repurchase agreements $ 25,000 $ — $ 25,000 $ — Money market funds 334,974 334,974 — — Total $ 359,974 $ 334,974 $ 25,000 $ — Liabilities Warrant liability $ 2,969 $ — $ — $ 2,969 Total $ 2,969 $ — $ — $ 2,969 Fair Value Measurements at the Reporting Date Using December 31, 2019 Quoted Prices In Active Markets Using Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets—Cash equivalents Money market funds $ 56,930 $ 56,930 $ — $ — Total $ 56,930 $ 56,930 $ — $ — Liabilities Warrant liability $ 364 $ — $ — $ 364 Total $ 364 $ — $ — $ 364 During the six months ended June 30, 2020 and twelve months ended December 31, 2019 there were no transfers into or out of Level 3. As of December 31, 2019, the warrant liability balance was comprised of three warrants to purchase an aggregate of 299,999 shares of Series B-3 Preferred Stock with an exercise price of $1.20 per share. Upon the closing of the IPO, the warrants to purchase the Series B-3 Preferred Stock were automatically converted into three warrants to purchase an aggregate of 70,133 shares of common stock with an exercise price of $5.13 per share. The remaining terms and provisions of the warrants held immediately prior and subsequent to the conversion were substantially the same, including the provision under which the Company is obligated in pay the holders the greater of (i) five times the exercise price, less the exercise price, or (ii) the excess of the fair market value of a warrant share over the exercise price, in the event of a change in control in which the acquirer did not assume the warrants. As the common stock warrants embody an obligation to repurchase the Company’s shares in exchange for specified assets that is not within the Company’s control, the Company classified the common stock warrants as a liability on the condensed consolidated balance sheet as of June 30, 2020. The value for the warrant liability balance is based on a Black-Scholes option pricing model using significant inputs not observable in the market which represents a Level 3 measurement within the fair value hierarchy. Gains and losses on remeasurement of Level 3 securities are included in other income (loss), net on the condensed consolidated statements of operations and comprehensive income (loss). The following assumptions were used to determine the fair value of the warrants to purchase common stock and Series B-3 Preferred Stock as of June 30, 2020 and December 31, 2019, respectively: June 30, 2020 December 31, 2019 Risk-free interest rate 0.29 % 1.73 % Expected term (in years) 5.0 5.5 Expected volatility 75.8 % 71.1 % Expected dividend yield 0.0 % 0.0 % Fair value per share of underlying common stock $ 46.49 $ — Fair value per share of underlying Series B-3 Preferred Stock $ — $ 1.40 The following table provides a summary of changes in fair value of the Level 3 warrant liability (in thousands): Warrant Liability Balance at December 31, 2018 $ 1,711 Exercise of warrant to purchase Series C1 Preferred Shares (385 ) Change in fair value (317 ) Balance at June 30, 2019 $ 1,009 Balance at December 31, 2019 $ 364 Change in fair value 2,605 Balance at June 30, 2020 $ 2,969

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2020
Investments Debt And Equity Securities [Abstract]
Marketable Securities	Note 4—Marketable Securities The following table presents the carrying amounts and estimated fair values of financial instruments not measured at fair value in the condensed consolidated balance sheets as they are considered held-to-maturity securities. The fair value of marketable securities is determined using observable inputs, such as quoted prices in active markets for similar assets or quoted prices in markets that are not active for identical or similar assets and would be classified as Level 2. The Company’s investments by type consisted of the following (in thousands): June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Assets U.S. Government securities $ 39,354 $ 29 $ — $ 39,383 Total $ 39,354 $ 29 $ — $ 39,383 As marketable securities are considered held-to-maturity, the unrealized gains are not recorded within the condensed consolidated financial statements. The Company had no marketable securities as of December 31, 2019.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Note 5—Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, 2020 2019 Prepaid expenses $ 3,215 $ 3,258 Other non-trade receivables 790 56 Installment Receivable (Note 16) 13,416 — $ 17,421 $ 3,314

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Property and Equipment, Net	Note 6—Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2020 2019 Computer and office equipment $ 2,166 $ 2,386 Software 2,451 2,583 Lab equipment 5,009 16,377 Furniture and fixtures 377 470 Leasehold improvements 3,402 3,391 13,405 25,207 Less: Accumulated depreciation (11,504 ) (20,105 ) $ 1,901 $ 5,102 Pursuant to the Hit Discovery divestiture, the Company sold equipment with a net carrying value of $2.4 million to Integral Health (see Note 16). Depreciation and amortization expense related to property and equipment for the three months ended June 30, 2020 and 2019 totaled $0.3 million and $0.6 million, respectively, and for the six months ended June 30, 2020 and 2019 totaled $0.8 million and $1.5 million, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2020
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Note 7—Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, 2020 2019 Employee compensation $ 4,669 $ 6,681 Professional and consulting services 2,256 1,540 Research and development related accruals 12,968 11,005 Other current liabilities 1,172 882 $ 21,065 $ 20,108

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8—Commitments and Contingencies Operating Lease Commitments The Company’s operating lease activity is primarily comprised of noncancelable facilities leases for office and laboratory space in Watertown, MA and Branford, CT. The Company’s Watertown, MA lease is with a landlord who is an investor and related party of the Company. As amended on September 30, 2017, the lease is subject to annual increases to base rent over a term expiring in January 2024. The lease included a tenant improvement allowance of $0.5 million, of which the Company has used the entire allowance. The lease terms provide for one five-year extension term with base rent calculated on the then-market rate. The lease is secured by a letter of credit of $0.5 million that is classified in other assets on the condensed consolidated balance sheets. The Company records rent expense for the Watertown, MA lease on a straight-line basis accounting for the amortization of the tenant improvement allowance and the deferred rent credit as of the amendment date as reductions to rent expense. Pursuant to the Hit Discovery divestiture, the Company’s Branford, CT lease was assigned to and assumed by Integral Health. Integral Health will pay the landlord rental amounts due under the lease including minimum lease payments of $0.4 million, $0.8 million, $0.8 million and $0.8 million for the six months ended December 31, 2020 and the twelve months ended December 31, 2021, 2022 and 2023, respectively. The Company remains jointly and severally liable for the remaining lease payments under the lease. In the event Integral Health does not make payments under the lease, the Company would be expected to pursue available remedies under the Asset Purchase Agreement (the “Agreement”) executed pursuant to the sale (see Note 16). Rent expense for the three months ended June 30, 2020 and 2019 was approximately $0.5 million and $0.8 million, respectively, and for the six months ended June 30, 2020 and 2019 was approximately $1.2 million and $1.5 million, respectively. Future minimum lease payments under the operating leases, including the Branford, CT lease for which the Company remains jointly and severally liable, as of June 30, 2020 were as follows (in thousands): Minimum Lease Payments 2020 (excluding the six months ended June 30, 2020) $ 1,490 2021 3,045 2022 3,113 2023 3,182 2024 197 $ 11,027 Guarantees and Indemnification Obligations The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies and agrees to reimburse the indemnified party for losses and costs incurred by the indemnified party, generally the Company’s customers, in connection with any patent, copyright, trade secret or other intellectual property or personal right infringement claim by any third party with respect to the Company’s technology. The term of these indemnification agreements is generally perpetual after execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. Based on historical experience and information known as of June 30, 2020 and December 31, 2019, the Company had not incurred any costs for the above guarantees and indemnities.

Restructuring Charges

Restructuring Charges	6 Months Ended
	Jun. 30, 2020
Restructuring And Related Activities [Abstract]
Restructuring Charges	Note 9—Restructuring Charges In January 2019, the Company undertook an organization realignment to reduce the Company’s cost base and simplify its business goals to focus on a wholly owned pipeline. To achieve this cost reduction, the Company reduced its headcount by approximately 40%. Restructuring charges incurred were comprised of termination benefits including expenses for severance, health benefits and outplacement services. The Company paid the balance of its remaining restructuring accrual in June 2020. The following table summarizes the restructuring activity during the year (in thousands): Accrued Restructuring Costs Balance at December 31, 2018 $ — Restructuring costs incurred 5,075 Termination benefits paid (4,557 ) Balance at June 30, 2019 $ 518 Balance at December 31, 2019 $ 325 Restructuring costs incurred 63 Termination benefits paid (388 ) Balance at June 30, 2020 $ —

Redeemable Convertible and Conv

Redeemable Convertible and Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2020
Temporary Equity [Abstract]
Redeemable Convertible and Convertible Preferred Stock	Note 10—Redeemable Convertible and Convertible Preferred Stock Immediately prior to the closing of the IPO, the Company had an aggregate of 86,062,799 shares of redeemable convertible and convertible preferred stock issued and outstanding which automatically converted into 20,349,223 shares of common stock. Subsequent to the closing of the IPO, no shares of preferred stock were issued or outstanding. As of December 31, 2019, the Company’s preferred stock consisted of the following (in thousands, except share data): December 31, 2019 Preferred Stock Authorized Preferred Stock Issued And Outstanding Carrying Value Liquidation Preference Common Stock Issuable Upon Conversion Series A 2,304,815 2,304,815 $ 4,656 $ 4,801 768,195 Series B-1 14,921,676 14,921,676 20,907 18,942 3,488,407 Series B-2 8,790,249 8,790,249 12,272 10,626 2,054,993 Series B-3 299,999 — — — — Series C 6,452,619 6,452,619 385 — 1,508,503 Series D 53,593,440 53,593,440 100,296 100,296 12,529,125 86,362,798 86,062,799 $ 138,516 $ 134,665 20,349,223

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
	Jun. 30, 2020
Stockholders Equity Note [Abstract]
Stockholders' Equity	Note 11—Stockholders’ Equity Immediately prior to the closing of the IPO, the Company had 2,576,484 shares of common stock issued and outstanding. As of June 30, 2020, the Company had 150,000,000 shares of common stock authorized, of which 147,494,175 and 2,505,825 are designated as voting and non-voting common stock, respectively, 41,118,263 shares of common stock issued, and 41,016,181 shares of common stock outstanding. Additionally, the Company had 10,000,000 shares of undesignated preferred stock Common Stock Reserved for Future Issuances As of June 30, 2020, the Company had reserved common stock for warrants to purchase common stock and future issuance under the 2019 Stock Incentive Plan, 2020 Stock Option and Incentive Plan, and 2020 Employee Stock Purchase Plan as follows: Stock Reserved For exercise of stock options under the 2019 Stock Incentive Plan 4,158,892 For exercise of stock options under the 2020 Stock Option and Incentive Plan 770,060 For future issuance under the 2020 Stock Option and Incentive Plan 2,666,841 For future issuance under the 2020 Employee Stock Purchase Plan 367,545 For future issuances of common stock pursuant to warrants to purchase common stock 70,133 8,033,471

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	Note 12—Equity-Based Compensation Enterprise Junior Stock During the six months ended June 30, 2020, no awards of enterprise junior stock were granted by the Company; 63,779 shares of enterprise junior stock vested at an aggregate fair value of $0.4 million; and 104,870 shares of enterprise junior stock were forfeited. Upon the closing of the IPO, 2,660,870 and 161,111 shares of vested and unvested enterprise junior stock, respectively, were automatically converted into aggregate of 2,124,845 and 103,007 shares of common stock and restricted common stock, respectively. The restricted common stock was issued with the same vesting terms as the unvested enterprise junior stock held immediately prior to the IPO. No shares of enterprise junior stock were authorized, issued or outstanding as of June 30, 2020. Stock Options The 2020 Stock Option and Incentive Plan (“2020 Plan”) was adopted by the Company’s board of directors on May 14, 2020 and by the Company’s stockholders on June 12, 2020, which became effective on June 17, 2020. The 2020 Plan replaced the Company’s 2019 Stock Incentive Plan (“2019 Plan”). The 2019 Plan will continue to govern outstanding equity awards granted thereunder. No awards were granted under the 2019 Plan subsequent to the date the 2020 Plan was effective. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, restricted and unrestricted stock awards and other equity-based awards. The number of shares initially reserved under the 2020 Plan was 3,436,632 shares of the Company’s common stock (“Initial Limit”), which included 1,231,361 shares of common stock remaining available for issuance under the 2019 Plan as of June 17, 2020. The 2020 Plan provides that the number of shares reserved and available for issuance under the 2020 Plan will automatically increase each January 1, beginning on January 1, 2021, by 4% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s compensation committee (“Annual Increase”). The shares of common stock underlying any awards that are forfeited, cancelled, expired, repurchased, or otherwise terminated under the 2020 Plan and the 2019 Plan will be added back to the shares of common stock available for issuance under the 2020 Plan. The maximum number of shares of common stock that may be issued as incentive stock options in any one calendar year period may not exceed the Initial Limit cumulatively increased on January 1, 2021 and on each January 1 thereafter by the lesser of the Annual Increase for such year or 3,436,632 shares of common stock. As of June 30, 2020, there were 2,666,841 shares available for future issuance under the 2020 Plan, which includes 269 shares related to unexercised stock options that were forfeited under the 2019 Plan. The 2020 Employee Stock Purchase Plan (“ESPP”) was adopted by the Company’s board of directors on May 14, 2020 and by the Company’s stockholders on June 12, 2020, which became effective on June 17, 2020. The ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 367,545 shares of the Company’s common stock. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2021 and ending on January 1, 2030, by the lesser of 735,090 shares of common stock, 1% of the outstanding number of shares of common stock on the immediately preceding December 31, or such lesser number of shares as determined by the Company’s compensation committee. As of June 30, 2020, no shares have been issued under the ESPP and as such, 367,545 shares remained available for issuance. The following table summarizes the Company’s stock option activity during the six months ended June 30, 2020: Number of Shares Weighted Average Exercise Price Per share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding as of December 31, 2019 2,091,366 $ 5.05 9.9 $ 805 Granted 3,072,628 9.09 — — Exercised (28,547 ) 5.05 — — Forfeited (206,495 ) 5.08 — — Outstanding as of June 30, 2020 4,928,952 $ 7.57 9.6 $ 191,859 Exercisable as of June 30, 2020 316,474 $ 5.05 8.8 $ 13,115 Vested and expected to vest as of June 30, 2020 4,928,952 $ 7.57 9.6 $ 191,859 The weighted-average grant-date fair value of stock options granted during the six months ended June 30, 2020 was $5.94. As of June 30, 2020, there was approximately $21.7 million of unrecognized equity-based compensation expense related to stock options that is expected to be recognized over a weighted-average period of approximately 3.4 years. Stock Options Valuation The following assumptions were used in determining the fair value of stock options, presented on a weighted average basis: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Risk-free interest rate 0.44 % 1.12 % Expected term (in years) 6.0 6.0 Expected volatility 76.2 % 74.7 % Expected dividend yield 0.0 % 0.0 % Fair value per share of common stock $ 15.67 $ 9.09 Restricted Common Stock In connection with the closing of the IPO, 103,007 shares of restricted common stock were issued as a result of the conversion of the unvested enterprise junior stock outstanding immediately prior to the IPO. Subsequent to the IPO, during the six months ended June 30, 2020, 925 shares of restricted common stock vested at an aggregate fair value of $0.1 million. No shares of restricted common stock were granted or forfeited during the period. As of June 30, 2020, there was approximately $0.8 million of unrecognized equity-based compensation expense related to the restricted common stock that is expected to be recognized over a weighted-average period of approximately 1.8 years. Equity-Based Compensation Expense Equity-based compensation expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development $ 404 $ 212 $ 773 $ 514 General and administrative 852 285 1,693 747 $ 1,256 $ 497 $ 2,466 $ 1,261 Enterprise incentive shares $ — $ 497 $ — $ 1,261 Enterprise junior stock 134 — 365 — Restricted common stock 36 — 36 — Stock options 1,086 — 2,065 — $ 1,256 $ 497 $ 2,466 $ 1,261

Net Income (Loss) per Share

Net Income (Loss) per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Income (Loss) per Share	Note 13—Net Income (Loss) per Share The following is a reconciliation of weighted-average Common 1 shares outstanding used in calculating basic net income per share, which includes the outstanding warrants to purchase Common 1 shares, to weighted-average Common 1 shares outstanding used in calculating diluted net income per share: Six Months Ended June 30, 2019 Weighted-average Common 1 shares outstanding, basic 2,547,924 Add: Effect of dilutive securities Warrants to purchase Series B Preferred Shares 31,168 Warrant to purchase Series C1 Preferred Shares 2,860 Weighted-average Common 1 shares outstanding, diluted 2,581,952 The weighted-average Common 1 shares outstanding, basic and diluted, which includes the outstanding warrants to purchase Common 1 shares, was the same for the three months ended June 30, 2019. Following the Reorganization, the Company calculates net loss per share based on its outstanding shares of common stock. The weighted-average common stock outstanding, basic and diluted, which includes the outstanding warrant to purchase shares of common stock that was subsequently exercised in March 2020, was the same for the three and six months ended June 30, 2020. The following table sets forth the outstanding shares of Common 1 or common stock equivalents, presented based on amounts outstanding as of June 30, 2020 and 2019, respectively, that have been excluded from the calculation of diluted net income (loss) per share because their inclusion would have been anti-dilutive, including the preferred shares that were outstanding as of June 30, 2019 that would have been issued under the if-converted method (in shares of Common 1 or common stock equivalent shares, as applicable): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Series A Preferred Shares — 768,195 — 768,195 Series B Preferred Shares — 5,543,400 — 5,543,400 Series C1 Preferred Shares — 1,508,503 — 1,508,503 Common stock warrants 70,133 — 70,133 — Stock options 4,928,952 — 4,928,952 — Restricted common stock 102,082 — 102,082 — All redeemable convertible and convertible preferred stock, enterprise junior stock and warrants to purchase Series B-3 Preferred Stock that were outstanding during the three and six months ended June 30, 2020 were excluded from the calculation of diluted net loss per share for the three and six months ended June 30, 2020 because their inclusion would have been anti-dilutive, including the preferred stock that would have been issued under the if-converted method.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 14—Income Taxes Income taxes for the three months ended June 30, 2020 and 2019 have been calculated based on an estimated annual effective tax rate and certain discrete items. For the six months ended June 30, 2020 and 2019, the Company recorded an income tax benefit of $22.7 million and $1.2 million, respectively. The Company’s income tax benefit for the six months ended June 30, 2020 was related to refunds arising from the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) and the income tax benefit for the six months ended June 30, 2019 was attributable to the settlement of an IRS audit causing the release of its uncertain tax positions. On March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic. Among other things, the CARES Act permits corporate taxpayers to carryback net operating losses (“NOLs”) originating in 2018 through 2020 to each of the five preceding tax years. Further, the CARES Act removed the 80% taxable income limitation on utilization of those NOLs allowing corporate taxpayers to fully utilize NOL carryforwards to offset taxable income in 2018, 2019 or 2020. Such changes may result in the generation of refunds of previously paid income taxes which are expected to be received over the next eighteen months. The Company anticipates filing a refund claim to carryback NOLs related to its 2018, 2019 and 2020 tax years to its 2015, 2016, 2017 and 2018 tax years for federal tax purposes which will result in an anticipated refund of $30.3 million.

Collaboration Agreements

Collaboration Agreements	6 Months Ended
	Jun. 30, 2020
Collaboration And License Agreements Disclosure [Abstract]
Collaboration Agreements	Note 15—Collaboration Agreements Celgene License Agreements On December 28, 2018, the Company and Celgene mutually agreed to terminate all of their existing contracts, including all partially satisfied and unsatisfied obligations under such agreements (the “Termination”). Concurrently, the Company and Celgene entered into a (i) worldwide license agreement for FT-1101 for which Celgene had a license under one of its agreements prior to the Termination, and (ii) a worldwide license for USP30 being developed under the same terminated agreement which was not previously licensed prior to the Termination (the “License Agreements”). Under the License Agreements, Celgene paid the Company $77.5 million in license fees and an estimated $7.1 million in transition and transfer activities, for which Celgene ultimately paid $7.6 million (collectively, the Termination and License Agreements are referred to as the “Modified Arrangement”). The Company is eligible to receive payments of up to $30.0 million in development milestones, $150.0 million in regulatory milestones and $75.0 million in commercial milestones if such milestones are achieved by Celgene. The first eligible milestone for FT-1101 is payable upon the first patient dosed with the first licensed product comprising FT-1101 in a Phase III clinical trial. The first eligible milestone for USP30 is payable upon achievement of regulatory approval for the first licensed product comprising USP30 for first indication. Additionally, the Company will receive single-digit sales-based royalties on net sales of licensed products by Celgene. Accounting Analysis The Company accounted for the Modified Arrangement in accordance with ASC 606, Revenue from contracts with customers During three months ended June 30, 2019 and the six months ended June 30, 2019, the Company recognized $17.7 million and $89.7 million, respectively, of revenue related to the Modified Arrangement. The Company recognized no revenue related to the Modified Arrangement during the six months ended June 30, 2020 as it had satisfied all of its performance obligations under the Modified Arrangement during the year ended December 31, 2019. Other Collaboration Agreements In November 2010, the Company entered into an arrangement with a partner to deliver a compound library. Included in the arrangement were certain options to exclusive licenses for a defined number of library compounds. The Company determined the options represented material rights as they were exercisable for no additional consideration over the ten-year contract term. As of December 31, 2019, the Company had $1.2 million of deferred revenue related to the options. Pursuant to the Hit Discovery divestiture, the contract was assigned to and assumed by Integral Health and therefore the Company’s obligation relative to the options were released and assumed by Integral Health (see Note 16). Summary of Contract Assets and Liabilities The following table presents changes in the Company’s balances of contract liabilities (in thousands): Beginning of Period Additions Deductions End of Period Six months ended June 30, 2020 Deferred revenue $ 1,239 $ — $ 1,239 $ — Deferred revenue, noncurrent $ — $ — $ — $ — Beginning of Period Additions Deductions End of Period Six months ended June 30, 2019 Deferred revenue $ 94,031 $ 2,137 $ 89,736 $ 6,432 Deferred revenue, noncurrent $ 1,266 $ — $ 27 $ 1,239 During the six months ended June 30, 2019, the Company recognized total revenues of $89.7 million, of which $88.7 million was included in deferred revenue at the beginning of the period. During the six months ended June 30, 2020, the Company recognized no revenue. The Company had no contract asset balances as of June 30, 2020 and 2019.

Hit Discovery Divestiture

Hit Discovery Divestiture	6 Months Ended
	Jun. 30, 2020
Discontinued Operations And Disposal Groups [Abstract]
Hit Discovery Divestiture	Note 16—Hit Discovery Divestiture On March 16, 2020, the Company and Integral Health Inc. (“Integral Health”, previously disclosed as “NewCo”) executed an Agreement to divest select hit discovery capabilities (“Hit Discovery”, previously disclosed as “Early Discovery”). Integral Health purchased certain assets, including specified intellectual property, contracts and equipment used to conduct early stage hit identification and hit to lead discovery activities related to the identification, screening, and validation of compounds in early stage drug discovery from the Company. Additionally, certain of the Company’s employees terminated their employment with the Company and became employees of Integral Health. In exchange, the Company is entitled to receive: $17.5 million in cash, of which $2.5 million was paid at closing, and $15.0 million is payable in installments through June 1, 2021 (the “Installment Receivable”); $0.5 million of reimbursements for expenses prepaid by the Company, the benefit of which was transferred to Integral Health; and equity consideration equal to $10.0 million of equity in Integral Health’s next financing round or, if Integral Health’s next equity financing does not occur prior to the one-year anniversary of the closing of the Agreement, a number of shares of preferred stock issued in Integral Health’s previous round of equity financing prior to this Agreement equal to $10.0 million divided by the price per share paid by investors in that previous equity financing (the “Equity Consideration”). Further, if Integral Health closes a financing that meets certain minimum thresholds prior to June 1, 2021, Integral Health will pay the Company the balance of the unpaid Installment Receivable. The Company is also eligible to receive low single digit future royalties on the aggregate net sales of any products which include certain of the intellectual property sold in the transaction (“Contingent Royalty Income”). The Company concluded that substantially all of the fair value of the gross assets sold was not concentrated in a single identifiable asset or group of similar identifiable assets based on the value of the identifiable tangible and intangible assets sold and the employees transferred as part of the transaction. The Company concluded that the asset group transferred to Integral Health constituted a business as the Company transferred inputs and processes that are capable of producing outputs. Further, the Company concluded it no longer had a controlling interest in the divested business subsequent to the transaction. The Company recognized a gain representing the difference between the fair value of the consideration received and the carrying amount of the net assets sold. The Company concluded the Equity Consideration is not a derivative instrument pursuant to ASC 815, Derivatives and Hedging Equity Securities The fair value of the Installment Receivable was calculated as the present value of future cash payments to be received from Integral Health using a discount rate of 19.0% which factors in the risks associated with an early-stage development company. The Company will use the effective interest rate to accrete the present value of the future payments to the total amount of payments to be received from Integral Health. The Company recorded the Installment Receivable in prepaid expenses and other current assets on the Company’s condensed consolidated balance sheet as of June 30, 2020. The fair value of the Equity Consideration is included in other assets on the Company’s condensed consolidated balance sheet. The fair value of the Contingent Royalty Income was determined to be de minimis given the remote likelihood the Company will receive any significant future payments. The fair value of the total consideration to be received used in calculating the gain on Hit Discovery divestiture is summarized as follows (in thousands): Fair Value Cash consideration: Cash due at closing $ 2,961 Installment Receivable 12,593 Non-cash consideration: Equity Consideration $ 10,000 Total fair value of consideration $ 25,554 The carrying value of the assets and liabilities included in the sale to Integral Health are as follows (in thousands): Carrying Amount Assets: Prepaid expenses and other current assets $ 1,117 Property and equipment, net 2,398 Other assets 125 $ 3,640 Liabilities: Accounts payable $ 159 Deferred revenue 1,239 $ 1,398 Net assets sold $ 2,242 The Company recognized a gain on Hit Discovery divestiture of $23.3 million which is presented as a separate component of other income (loss) on the Company’s condensed consolidated statement of operations and comprehensive income (loss) for the six months ended June 30, 2020. For the three and six months ended June 30, 2020, the Company recorded interest income of approximately $0.7 million and $0.8 million, respectively, related to the accretion of the Installment Receivable. As of June 30, 2020, the carrying value of the Installment Receivable was $13.4 million. Upon the execution of the Agreement, the Company accelerated the vesting of 23,317 stock options, 18,818 of which were held by employees who terminated employment with the Company as part of the transaction, in accordance with the respective award agreements. In addition, the Company modified 19,981 stock options to increase the exercise period from 90 days to one year from the date of termination for certain employees terminated in relation to the transaction. The incremental compensation expense associated with the modification was deemed immaterial. Separately, the Company recognized $0.5 million of research and development expense in the condensed consolidated statement of operations and comprehensive income (loss) for the six months ended June 30, 2020 related to a cash bonus payable as a result of the transaction. No corresponding research and development expense was recognized in the condensed consolidated statement of operations and comprehensive income (loss) for the three months ended June 30, 2020.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 17—Subsequent Events The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued and determined that there are no material events that warrant disclosure or recognition in the condensed consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Liquidity	Liquidity The Company is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers. The Company is building a pipeline of therapeutics with a focus on these areas and has devoted substantially all of its resources to the research and development of its drug development efforts, comprised of research and development, manufacturing, conducting clinical trials, protecting its intellectual property and general and administrative functions relating to these operations. The future success of the Company is dependent on its ability to develop its product candidates and ultimately upon its ability to attain sustained profitable operations through commercialization of products. The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, the need for additional capital, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval and reimbursement for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development of technological innovations by competitors, reliance on third-party manufacturers and the ability to transition from pilot-scale production to large-scale manufacturing of products. The Company has determined that its cash, cash equivalents and marketable securities of $414.3 million as of June 30, 2020 will be sufficient to funds its operations for at least one year from the date these condensed consolidated financial statements are issued. To date, the Company has primarily financed its operations through license and collaboration agreements, the sale of preferred shares and preferred stock to outside investors and completion of the IPO. The Company has experienced significant negative cash flows from operations during the six months ended June 30, 2020. The Company does not expect to experience any significant positive cash flows from its existing collaboration agreements and does not expect to have any product revenue in the near term. The Company expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future as it continues to invest significantly in research and development of its programs. Management’s belief with respect to its ability to fund operations is based on estimates that are subject to risks and uncertainties. If actual results are different from management’s estimates, the Company may need to seek additional funding sooner than would otherwise be expected. There can be no assurance that the Company will be able to obtain additional funding on acceptable terms, if at all.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The condensed consolidated financial statements prior to the Reorganization include the accounts of Forma Therapeutics Holdings, LLC and its wholly owned subsidiaries. The condensed consolidated financial statements subsequent to the Reorganization include the accounts of Forma Therapeutics Holdings, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company has prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures generally included in financial statements in conformity with GAAP have been condensed or omitted in accordance with such rules and regulations. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standard Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The Company’s significant accounting policies are disclosed in the audited consolidated financial statements included in the Company’s final prospectus filed with the SEC pursuant to the Rule 424(b)(4) on June 22, 2020 (“Prospectus”). Since the date of such audited consolidated financial statements, there have been no changes to the Company’s significant accounting policies except as noted below.
Unaudited Interim Condensed Consolidated Financial Statements	Unaudited Interim Condensed Consolidated Financial Statements The accompanying condensed consolidated balance sheet as of June 30, 2020, the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019, the condensed consolidated statements of redeemable convertible and convertible preferred stock and stockholders’ equity (deficit) for the six months ended June 30, 2020 and 2019 and the condensed consolidated statements of cash flows for the six months ended June 30, 2020 and 2019 are unaudited. The financial data and other information contained in the notes thereto as of June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 are also unaudited. The condensed consolidated balance sheet data as of December 31, 2019 was derived from the Company’s audited consolidated financial statements included in the Prospectus. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2019, and in the opinion of the Company’s management, reflect all adjustments which are necessary to present fairly the Company’s financial position as of June 30, 2020, the results of its operations for the three and six months ended June 30, 2020 and 2019 and cash flows for the six months ended June 30, 2020 and 2019. Such adjustments are of a normal and recurring nature. These unaudited condensed consolidated financial statements should be
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all short-term, highly liquid investments with original maturities of 90 days or less at acquisition date to be cash equivalents. Amounts in restricted cash consist of a security deposit and a letter of credit, both of which secure the Company’s respective office spaces. Pursuant to the Hit Discovery divestiture in March 2020, and the assignment and assumption of the Company’s Branford, CT lease to Integral Health, the security deposit restricted as of December 31, 2019 was transferred to Integral Health (see Note 16). Restricted cash is included in other assets on the condensed consolidated balance sheets. The following table reconciles cash, cash equivalents and restricted cash as of June 30, 2020 and 2019 to the condensed consolidated statements of cash flows (in thousands): June 30, 2020 2019 Cash and cash equivalents $ 374,947 $ 23,614 Restricted cash 495 616 Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statements of cash flows $ 375,442 $ 24,230 As of June 30, 2020, cash equivalents included $10.0 million of U.S. Government securities with an original term of less than 90 days stated at amortized cost. The Company did not hold any such securities as of December 31, 2019.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) as well as other changes in stockholders’ equity that result from transactions and economic events other than those with the equity holders. There was no difference between net income (loss) and comprehensive income (loss) presented in the accompanying condensed consolidated financial statements for the three and six months ended June 30, 2020 and 2019.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes certain legal, professional accounting, and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction to additional paid-in capital generated as a result of the offering. On June 23, 2020, the Company completed the IPO. Accordingly, the Company recognized the deferred offering costs of approximately $3.2 million as a reduction from the gross proceeds associated with the closing of the IPO through additional paid-in capital in the accompanying condensed consolidated balance sheet. As such, there were no deferred offering costs in the accompanying condensed consolidated balance sheet as of June 30, 2020. The Company incurred no deferred offering costs as of December 31, 2019.
Equity-Based Compensation	Equity-Based Compensation The Company accounts for equity awards, including grants of enterprise incentive shares, enterprise junior stock, stock options and restricted common stock, in accordance with ASC 718, Compensation – Stock Compensation (“Topic 718”). Topic 718 requires all equity-based payments to employees, which includes grants of employee equity awards, to be recognized in the condensed consolidated statements of operations and comprehensive income (loss) based on their grant date fair values. The Company recognizes equity-based compensation expense for any non-employee awards consistent with equity awards issued to employees. As it relates to both employee and non-employee equity awards, the Company has elected to account for forfeitures as they occur. For awards granted prior to the IPO, for the three months ended June 30, 2020, the Company used a probability-weighted expected returns method (“PWERM”) with four scenarios to value the common securities underlying the awards: an IPO, a delayed IPO, a sale of the Company and a remain private scenario. In the IPO and sale scenarios, the Company estimated an equity value based on the guideline public company method under a market approach. The guideline public companies consist of biopharmaceutical companies with recently completed initial public offerings. For the remain private scenario, the Company back-solved to the price of a recently issued preferred security. The Company converted its estimated future value in each scenario to present value using a risk-adjusted discount rate. The relative probability of each scenario was determined based on an assessment of then-current market conditions. Where appropriate, the Company applied a discount for lack of marketability to the value indicated for the common securities. There are significant judgments and estimates inherent in the determination of the fair value of the common securities. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred securities, the superior rights and preferences of securities senior to the common securities at the time of, and the likelihood of, achieving a liquidity event, such as an IPO or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common securities at each valuation date. For awards granted on or subsequent to the IPO, for the three months ended June 30, 2020, the fair value the common stock underlying the awards is estimated based on the fair value of the Company common stock on the grant date. The Company estimates the fair value of stock options using the Black-Scholes option pricing model, which uses as inputs the estimated fair value of common securities, and certain management estimates, including the expected stock price volatility, the expected term of the award, the risk-free rate, and expected dividends. Expected volatility is calculated based on reported volatility data for a representative group of publicly traded companies for which historical information is available. The Company selects companies with comparable characteristics with historical share price information that approximates the expected term of the equity-based awards. The Company computes the historical volatility data using the daily closing prices for the selected companies’ shares during the equivalent period that approximates the calculated expected term of the stock options. The Company will continue to apply this method until a sufficient amount of historical information regarding the volatility of its stock price becomes available. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant commensurate with the expected term assumption. The Company uses the simplified method, under which the expected term is presumed to be the midpoint between the vesting date and the end of the contractual term. The Company utilizes this method due to lack of historical exercise data. The expected dividend yield is assumed to be zero as the Company has no current plans to pay any dividends on common stock. For awards with service-based vesting conditions, the Company recognizes equity-based compensation expense on a straight-line basis over the vesting period. For awards subject to performance conditions, the Company recognizes equity-based compensation expense using an accelerated recognition method over the remaining service period when the Company determines the achievement of the performance condition is probable. The Company classifies equity-based compensation expense in its condensed consolidated statements of operations and comprehensive income (loss) consistent with the classification of the award recipient’s compensation expense.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2020, the FASB issued ASU No. 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) – Effective Dates for Certain Entities Leases Revenue from Contracts with Customers (Topic 606)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Reconciles Cash, Cash equivalents and Restricted Cash	The following table reconciles cash, cash equivalents and restricted cash as of June 30, 2020 and 2019 to the condensed consolidated statements of cash flows (in thousands): June 30, 2020 2019 Cash and cash equivalents $ 374,947 $ 23,614 Restricted cash 495 616 Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statements of cash flows $ 375,442 $ 24,230

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Fair Value Measurements at the Reporting Date Using June 30, 2020 Quoted Prices In Active Markets Using Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets—Cash equivalents Repurchase agreements $ 25,000 $ — $ 25,000 $ — Money market funds 334,974 334,974 — — Total $ 359,974 $ 334,974 $ 25,000 $ — Liabilities Warrant liability $ 2,969 $ — $ — $ 2,969 Total $ 2,969 $ — $ — $ 2,969 Fair Value Measurements at the Reporting Date Using December 31, 2019 Quoted Prices In Active Markets Using Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets—Cash equivalents Money market funds $ 56,930 $ 56,930 $ — $ — Total $ 56,930 $ 56,930 $ — $ — Liabilities Warrant liability $ 364 $ — $ — $ 364 Total $ 364 $ — $ — $ 364
Fair Value Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Summary of Changes in Fair Value of the Level 3 Warrant Liability	The following table provides a summary of changes in fair value of the Level 3 warrant liability (in thousands): Warrant Liability Balance at December 31, 2018 $ 1,711 Exercise of warrant to purchase Series C1 Preferred Shares (385 ) Change in fair value (317 ) Balance at June 30, 2019 $ 1,009 Balance at December 31, 2019 $ 364 Change in fair value 2,605 Balance at June 30, 2020 $ 2,969
Series B-3 Convertible Preferred Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Schedule of Assumptions Used to Determine the Fair Value of Warrants to Purchase Series B-3 Convertible Preferred Stock	The following assumptions were used to determine the fair value of the warrants to purchase common stock and Series B-3 Preferred Stock as of June 30, 2020 and December 31, 2019, respectively: June 30, 2020 December 31, 2019 Risk-free interest rate 0.29 % 1.73 % Expected term (in years) 5.0 5.5 Expected volatility 75.8 % 71.1 % Expected dividend yield 0.0 % 0.0 % Fair value per share of underlying common stock $ 46.49 $ — Fair value per share of underlying Series B-3 Preferred Stock $ — $ 1.40

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2020
Investments Debt And Equity Securities [Abstract]
Held-to-maturity Securities	The Company’s investments by type consisted of the following (in thousands): June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Assets U.S. Government securities $ 39,354 $ 29 $ — $ 39,383 Total $ 39,354 $ 29 $ — $ 39,383

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, 2020 2019 Prepaid expenses $ 3,215 $ 3,258 Other non-trade receivables 790 56 Installment Receivable (Note 16) 13,416 — $ 17,421 $ 3,314

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2020 2019 Computer and office equipment $ 2,166 $ 2,386 Software 2,451 2,583 Lab equipment 5,009 16,377 Furniture and fixtures 377 470 Leasehold improvements 3,402 3,391 13,405 25,207 Less: Accumulated depreciation (11,504 ) (20,105 ) $ 1,901 $ 5,102

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Payables And Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, 2020 2019 Employee compensation $ 4,669 $ 6,681 Professional and consulting services 2,256 1,540 Research and development related accruals 12,968 11,005 Other current liabilities 1,172 882 $ 21,065 $ 20,108

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments Under Non-cancelable Operating Leases	Future minimum lease payments under the operating leases, including the Branford, CT lease for which the Company remains jointly and severally liable, as of June 30, 2020 were as follows (in thousands): Minimum Lease Payments 2020 (excluding the six months ended June 30, 2020) $ 1,490 2021 3,045 2022 3,113 2023 3,182 2024 197 $ 11,027

Restructuring Charges (Tables)

Restructuring Charges (Tables)	6 Months Ended
	Jun. 30, 2020
Restructuring And Related Activities [Abstract]
Restructuring and Related Costs	The following table summarizes the restructuring activity during the year (in thousands): Accrued Restructuring Costs Balance at December 31, 2018 $ — Restructuring costs incurred 5,075 Termination benefits paid (4,557 ) Balance at June 30, 2019 $ 518 Balance at December 31, 2019 $ 325 Restructuring costs incurred 63 Termination benefits paid (388 ) Balance at June 30, 2020 $ —

Redeemable Convertible and Co_2

Redeemable Convertible and Convertible Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2020
Temporary Equity [Abstract]
Schedule of Convertible Preferred Stock	As of December 31, 2019, the Company’s preferred stock consisted of the following (in thousands, except share data): December 31, 2019 Preferred Stock Authorized Preferred Stock Issued And Outstanding Carrying Value Liquidation Preference Common Stock Issuable Upon Conversion Series A 2,304,815 2,304,815 $ 4,656 $ 4,801 768,195 Series B-1 14,921,676 14,921,676 20,907 18,942 3,488,407 Series B-2 8,790,249 8,790,249 12,272 10,626 2,054,993 Series B-3 299,999 — — — — Series C 6,452,619 6,452,619 385 — 1,508,503 Series D 53,593,440 53,593,440 100,296 100,296 12,529,125 86,362,798 86,062,799 $ 138,516 $ 134,665 20,349,223

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Stockholders Equity Note [Abstract]
Schedule of Reserved Common Stock for Warrants to Purchase Common Stock and Future Issuance	As of June 30, 2020, the Company had reserved common stock for warrants to purchase common stock and future issuance under the 2019 Stock Incentive Plan, 2020 Stock Option and Incentive Plan, and 2020 Employee Stock Purchase Plan as follows: Stock Reserved For exercise of stock options under the 2019 Stock Incentive Plan 4,158,892 For exercise of stock options under the 2020 Stock Option and Incentive Plan 770,060 For future issuance under the 2020 Stock Option and Incentive Plan 2,666,841 For future issuance under the 2020 Employee Stock Purchase Plan 367,545 For future issuances of common stock pursuant to warrants to purchase common stock 70,133 8,033,471

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity during the six months ended June 30, 2020: Number of Shares Weighted Average Exercise Price Per share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding as of December 31, 2019 2,091,366 $ 5.05 9.9 $ 805 Granted 3,072,628 9.09 — — Exercised (28,547 ) 5.05 — — Forfeited (206,495 ) 5.08 — — Outstanding as of June 30, 2020 4,928,952 $ 7.57 9.6 $ 191,859 Exercisable as of June 30, 2020 316,474 $ 5.05 8.8 $ 13,115 Vested and expected to vest as of June 30, 2020 4,928,952 $ 7.57 9.6 $ 191,859
Schedule of Assumptions to Estimate Fair Value of Stock Options, Presented on a Weighted Average Basis	The following assumptions were used in determining the fair value of stock options, presented on a weighted average basis: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Risk-free interest rate 0.44 % 1.12 % Expected term (in years) 6.0 6.0 Expected volatility 76.2 % 74.7 % Expected dividend yield 0.0 % 0.0 % Fair value per share of common stock $ 15.67 $ 9.09
Summary of Stock-Based Compensation Expense	Equity-based compensation expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development $ 404 $ 212 $ 773 $ 514 General and administrative 852 285 1,693 747 $ 1,256 $ 497 $ 2,466 $ 1,261 Enterprise incentive shares $ — $ 497 $ — $ 1,261 Enterprise junior stock 134 — 365 — Restricted common stock 36 — 36 — Stock options 1,086 — 2,065 — $ 1,256 $ 497 $ 2,466 $ 1,261

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Income (Loss) per Share	The following table sets forth the outstanding shares of Common 1 or common stock equivalents, presented based on amounts outstanding as of June 30, 2020 and 2019, respectively, that have been excluded from the calculation of diluted net income (loss) per share because their inclusion would have been anti-dilutive, including the preferred shares that were outstanding as of June 30, 2019 that would have been issued under the if-converted method (in shares of Common 1 or common stock equivalent shares, as applicable): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Series A Preferred Shares — 768,195 — 768,195 Series B Preferred Shares — 5,543,400 — 5,543,400 Series C1 Preferred Shares — 1,508,503 — 1,508,503 Common stock warrants 70,133 — 70,133 — Stock options 4,928,952 — 4,928,952 — Restricted common stock 102,082 — 102,082 —
Common Class 1 [Member]
Schedule of Weighted-Average Common Shares Outstanding used in Calculating Basic and Diluted Net Income per Share	The following is a reconciliation of weighted-average Common 1 shares outstanding used in calculating basic net income per share, which includes the outstanding warrants to purchase Common 1 shares, to weighted-average Common 1 shares outstanding used in calculating diluted net income per share: Six Months Ended June 30, 2019 Weighted-average Common 1 shares outstanding, basic 2,547,924 Add: Effect of dilutive securities Warrants to purchase Series B Preferred Shares 31,168 Warrant to purchase Series C1 Preferred Shares 2,860 Weighted-average Common 1 shares outstanding, diluted 2,581,952

Collaboration Agreements (Table

Collaboration Agreements (Tables)	6 Months Ended
	Jun. 30, 2020
Collaboration And License Agreements Disclosure [Abstract]
Summary of Contract Assets and Liabilities	The following table presents changes in the Company’s balances of contract liabilities (in thousands): Beginning of Period Additions Deductions End of Period Six months ended June 30, 2020 Deferred revenue $ 1,239 $ — $ 1,239 $ — Deferred revenue, noncurrent $ — $ — $ — $ — Beginning of Period Additions Deductions End of Period Six months ended June 30, 2019 Deferred revenue $ 94,031 $ 2,137 $ 89,736 $ 6,432 Deferred revenue, noncurrent $ 1,266 $ — $ 27 $ 1,239

Hit Discovery Divestiture (Tabl

Hit Discovery Divestiture (Tables)	6 Months Ended
	Jun. 30, 2020
Discontinued Operations And Disposal Groups [Abstract]
Schedule of Fair Value of Total Consideration to Be Received Used in Calculating Gain on Hit Discovery Divestiture	The fair value of the total consideration to be received used in calculating the gain on Hit Discovery divestiture is summarized as follows (in thousands): Fair Value Cash consideration: Cash due at closing $ 2,961 Installment Receivable 12,593 Non-cash consideration: Equity Consideration $ 10,000 Total fair value of consideration $ 25,554
Carrying Value of Assets and Liabilities included in Sale to Integral Health	The carrying value of the assets and liabilities included in the sale to Integral Health are as follows (in thousands): Carrying Amount Assets: Prepaid expenses and other current assets $ 1,117 Property and equipment, net 2,398 Other assets 125 $ 3,640 Liabilities: Accounts payable $ 159 Deferred revenue 1,239 $ 1,398 Net assets sold $ 2,242

Organization and Nature of Bu_2

Organization and Nature of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 23, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Entity incorporation, date of incorporation		Dec. 31, 2011
Preferred stock shares outstanding	0	0		0
Authorized capital stock	160,000,000
Common stock shares authorized		150,000,000		138,000,000
Preferred stock shares authorized	10,000,000	10,000,000		0
Preferred stock par value	$ 0.001	$ 0.001		$ 0.001
Cash, cash equivalents and marketable securities		$ 414.3
Enterprise Junior Stock [Member]
Class Of Stock [Line Items]
Temporary equity shares outstanding			2,635,430	2,597,091
Temporary equity shares issued	103,007
Common stock shares authorized		0		12,520,978
Voting Common Stock [Member]
Class Of Stock [Line Items]
Common stock shares authorized		147,494,175
Non Voting Common Stock [Member]
Class Of Stock [Line Items]
Common stock shares authorized		2,505,825
Common Stock
Class Of Stock [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares	2,082,352
Gross proceeds from initial public offering	$ 319.3
Net proceeds from initial public offering	$ 293.7
Temporary equity shares outstanding	20,349,223
Common Stock | Enterprise Junior Stock [Member]
Class Of Stock [Line Items]
Temporary equity shares issued	2,124,845
Common Stock | Voting Common Stock [Member]
Class Of Stock [Line Items]
Common stock shares authorized	147,494,175
Common Stock | Non Voting Common Stock [Member]
Class Of Stock [Line Items]
Common stock shares authorized	2,505,825
Warrant
Class Of Stock [Line Items]
Number of warrants issued to purchase common stock | shares	70,133
Warrants exercise price, per share | $ / shares	$ 5.13
Warrant | Series B3 Preferred Stock [Member]
Class Of Stock [Line Items]
Number of warrants issued to purchase common stock | shares	299,999
Warrants exercise price, per share | $ / shares	$ 1.20
IPO [Member] | Common Stock
Class Of Stock [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares	15,964,704
Shares issued and sold, public offering price | $ / shares	$ 20

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)shares	Jun. 23, 2020USD ($)	Dec. 31, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Short-term, highly liquid investments with original maturities	90 days or less
Deferred offering costs			$ 0
Measurement Input, Expected Dividend Rate [Member]
Summary Of Significant Accounting Policies [Line Items]
Expected dividend yield | shares	0
IPO [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred offering costs		$ 3,200
US Government Debt Securities [Member]
Summary Of Significant Accounting Policies [Line Items]
Available for sale securities amortized cost	$ 10,000		$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Reconciles Cash, Cash equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 374,947	$ 173,180	$ 23,614
Restricted cash	495		616
Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statements of cash flows	$ 375,442	$ 173,796	$ 24,230	$ 84,064

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets—Cash equivalents
Assets	$ 359,974	$ 56,930
Liabilities
Liabilities	2,969	364
Repurchase agreements
Assets—Cash equivalents
Assets	25,000
Money market funds
Assets—Cash equivalents
Assets	334,974	56,930
Warrant
Liabilities
Liabilities	2,969	364
Quoted Prices in Active Markets Using Identical Assets (Level 1)
Assets—Cash equivalents
Assets	334,974	56,930
Quoted Prices in Active Markets Using Identical Assets (Level 1) | Money market funds
Assets—Cash equivalents
Assets	334,974	56,930
Significant Other Observable Inputs (Level 2)
Assets—Cash equivalents
Assets	25,000
Significant Other Observable Inputs (Level 2) | Repurchase agreements
Assets—Cash equivalents
Assets	25,000
Significant Unobservable Inputs (Level 3)
Liabilities
Liabilities	2,969	364
Significant Unobservable Inputs (Level 3) | Warrant
Liabilities
Liabilities	$ 2,969	$ 364

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Additional Information (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)Warrant$ / sharesshares
Series B-3 Convertible Preferred Stock | Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of warrants to purchase | Warrant		3
Convertible preferred stock warrant purchased | shares		70,133
Exercise price per share | $ / shares		$ 5.13
IPO [Member] | Series B-3 Convertible Preferred Stock | Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of warrants to purchase | Warrant		3
Convertible preferred stock warrant purchased | shares		299,999
Exercise price per share | $ / shares		$ 1.20
Fair Value Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Transfers into out of Level 3 | $	$ 0	$ 0

Fair Value of Financial Asset_5

Fair Value of Financial Assets and Liabilities - Schedule of Assumptions Used to Determine the Fair Value of Warrants to Purchase Series B-3 Convertible Preferred Stock (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2020$ / shares	Dec. 31, 2019shares
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value per share of underlying common stock | $ / shares	$ 46.49
Fair value per share of underlying Series B-3 Preferred Stock | shares		1.40
Series B-3 Convertible Preferred Stock | Risk-free interest rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Derivative liability, measurement input	0.29	1.73
Series B-3 Convertible Preferred Stock | Expected term (in years)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected term (in years)	5 years	5 years 6 months
Series B-3 Convertible Preferred Stock | Expected volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Derivative liability, measurement input	75.8	71.1
Series B-3 Convertible Preferred Stock | Measurement Input, Expected Dividend Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Derivative liability, measurement input	0	0

Fair Value of Financial Asset_6

Fair Value of Financial Assets and Liabilities - Summary of Changes in Fair Value of the Level 3 Warrant Liability (Details) - Fair Value Level 3 - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginining Balance	$ 364	$ 1,711
Exercise of warrant to purchase Series C1 Preferred Shares		(385)
Change in fair value	2,605	(317)
Ending Balance	$ 2,969	$ 1,009

Marketable Securities - Held-to

Marketable Securities - Held-to-maturity Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	$ 39,354
Gross Unrealized Gains	29
Estimated Fair Value	39,383	$ 0
US Government Debt Securities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	39,354
Gross Unrealized Gains	29
Estimated Fair Value	$ 39,383

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
Marketable securities	$ 39,383	$ 0

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Prepaid expenses	$ 3,215	$ 3,258
Other non-trade receivables	790	56
Installment Receivable (Note 16)	13,416
Prepaid and other current assets	$ 17,421	$ 3,314

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 13,405	$ 25,207
Less: Accumulated depreciation	(11,504)	(20,105)
Property and equipment, net	1,901	5,102
Computer and office equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,166	2,386
Software [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,451	2,583
Lab equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	5,009	16,377
Furniture and fixtures [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	377	470
Leasehold improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 3,402	$ 3,391

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Net proceeds from Hit Discovery divestiture			$ 2,400
Depreciation and amortization	$ 300	$ 600	$ 827	$ 1,537

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Employee compensation	$ 4,669	$ 6,681
Professional and consulting services	2,256	1,540
Research and development related accruals	12,968	11,005
Other current liabilities	1,172	882
Accrued Expenses And Other Liabilities Current Net	$ 21,065	$ 20,108

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Lease term expiration			2024-01
Aggregate tenant improvements of the premises			$ 500
Option to extend lease term			The lease terms provide for one five-year extension term with base rent calculated on the then-market rate.
Letters of credit outstanding amount	$ 500		$ 500
Future minimum rental payments due	11,027		11,027
Operating Leases, Rent Expense	500	$ 800	1,200	$ 1,500
Cost for guarantees and indemnities	$ 0		$ 0						$ 0
Forecast [Member]
Loss Contingencies [Line Items]
Future minimum rental payments due					$ 800	$ 800	$ 800	$ 400

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-cancelable Operating Leases (Details) $ in Thousands	Jun. 30, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
2020 (excluding the six months ended June 30, 2020)	$ 1,490
2021	3,045
2022	3,113
2023	3,182
2024	197
Lessee, Operating Lease, Liability, Due	$ 11,027

Restructuring Charges - Additio

Restructuring Charges - Additional Information (Details)	1 Months Ended	6 Months Ended
	Jan. 31, 2019	Jun. 30, 2020
Restructuring And Related Activities [Abstract]
Percentage of reduction in head count for cost reduction	40.00%
Restructuring Charges, Description		The Company paid the balance of its remaining restructuring accrual in June 2020.

Restructuring Charges - Summary

Restructuring Charges - Summary of the Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring And Related Activities [Abstract]
Beginning Balance			$ 325
Restructuring costs incurred	$ (20)	$ 849	63	$ 5,075
Termination benefits paid			$ (388)	(4,557)
Ending Balance		$ 518		$ 518

Redeemable Convertible and Co_3

Redeemable Convertible and Convertible Preferred Stock - Additional Information (Details) - shares	Jun. 30, 2020	Jun. 23, 2020	Dec. 31, 2019
Preferred stock shares issued	0		0
Preferred stock shares outstanding	0	0	0
Conversion of redeemable convertible and convertible preferred stock into common stock		20,349,223
Series B-3 Convertible Preferred Stock
Preferred stock shares issued		86,062,799
Preferred stock shares outstanding		86,062,799
Redeemable Convertible Preferred Stock
Preferred stock shares issued		86,062,799
Preferred stock shares outstanding		86,062,799

Redeemable Convertible and Co_4

Redeemable Convertible and Convertible Preferred Stock - Schedule of Convertible Preferred Stock (Details) $ in Thousands	Dec. 31, 2019USD ($)shares
Temporary equity shares authorized | shares	86,362,798
Preferred Stock Issued And Outstanding | shares	86,062,799
Total redeemable convertible preferred stock	$ 138,516
Temporary equity liquidation preference	134,665
Common Stock Issuable Upon Conversion	$ 20,349,223
Series A Preferred Stock
Temporary equity shares authorized | shares	2,304,815
Preferred Stock Issued And Outstanding | shares	2,304,815
Total redeemable convertible preferred stock	$ 4,656
Temporary equity liquidation preference	4,801
Common Stock Issuable Upon Conversion	$ 768,195
Series B1 Preferred Stock [Member]
Temporary equity shares authorized | shares	14,921,676
Preferred Stock Issued And Outstanding | shares	14,921,676
Total redeemable convertible preferred stock	$ 20,907
Temporary equity liquidation preference	18,942
Common Stock Issuable Upon Conversion	$ 3,488,407
Series B2 Preferred Stock [Member]
Temporary equity shares authorized | shares	8,790,249
Preferred Stock Issued And Outstanding | shares	8,790,249
Total redeemable convertible preferred stock	$ 12,272
Temporary equity liquidation preference	10,626
Common Stock Issuable Upon Conversion	$ 2,054,993
Series B3 Preferred Stock [Member]
Temporary equity shares authorized | shares	299,999
Series C Preferred Stock [Member]
Temporary equity shares authorized | shares	6,452,619
Preferred Stock Issued And Outstanding | shares	6,452,619
Total redeemable convertible preferred stock	$ 385
Common Stock Issuable Upon Conversion	$ 1,508,503
Series D Preferred Stock
Temporary equity shares authorized | shares	53,593,440
Preferred Stock Issued And Outstanding | shares	53,593,440
Total redeemable convertible preferred stock	$ 100,296
Temporary equity liquidation preference	100,296
Common Stock Issuable Upon Conversion	$ 12,529,125

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Details) - $ / shares	Jun. 30, 2020	Jun. 23, 2020	Dec. 31, 2019
Common stock shares issued	41,118,263	2,576,484	2,250,696
Common stock shares outstanding	41,016,181	2,576,484	2,250,696
Common stock shares authorized	150,000,000		138,000,000
Preferred stock shares authorized	10,000,000	10,000,000	0
Preferred stock par value	$ 0.001	$ 0.001	$ 0.001
Preferred stock shares outstanding	0	0	0
Voting Common Stock [Member]
Common stock shares authorized	147,494,175
Non Voting Common Stock [Member]
Common stock shares authorized	2,505,825

Stockholder's Equity - Schedule

Stockholder's Equity - Schedule of Reserved Common Stock for Warrants to Purchase Common Stock and Future Issuance (Details)	Jun. 30, 2020shares
Schedule Of Capitalization [Line Items]
Common Stock, Capital Stock Reserved for Future Issuance	8,033,471
2019 Stock Incentive Plan Exercised [Member]
Schedule Of Capitalization [Line Items]
Common Stock, Capital Stock Reserved for Future Issuance	4,158,892
2020 Stock Option and Incentive Plan Exercised [Member]
Schedule Of Capitalization [Line Items]
Common Stock, Capital Stock Reserved for Future Issuance	770,060
2020 Stock Option and Incentive Plan Future Issuance [Member]
Schedule Of Capitalization [Line Items]
Common Stock, Capital Stock Reserved for Future Issuance	2,666,841
2020 Employee Stock Option Purchase Plan Future Issuance [Member]
Schedule Of Capitalization [Line Items]
Common Stock, Capital Stock Reserved for Future Issuance	367,545
Warrants to Purchase Common Stock [Member]
Schedule Of Capitalization [Line Items]
Common Stock, Capital Stock Reserved for Future Issuance	70,133

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 23, 2020	Jun. 17, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	3,072,628
Common stock shares authorized	150,000,000			138,000,000
Common stock shares issued	41,118,263	2,576,484		2,250,696
Common stock shares outstanding	41,016,181	2,576,484		2,250,696
Common Stock, Capital Stock Reserved for Future Issuance	8,033,471
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average fair value of options granted (in dollars per share)	$ 5.94
Total compensation cost related to stock options not yet recognized	$ 21.7
Weighted-average period of stock options for unrecognized compensation cost to recognize	3 years 4 months 24 days
2019 Stock Option And Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares authorized	0
Stock options, forfeited	269
2020 Stock Option And Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares outstanding	2,666,841		1,231,361
Common Stock, Capital Stock Reserved for Future Issuance			3,436,632
Percentage of proceeding common stock shares outstanding	4.00%
Annual increase common stock issuance	3,436,632
2020 Employee stock purchase plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares authorized	367,545
Common stock shares outstanding	367,545
Percentage of proceeding common stock shares outstanding	1.00%
Annual increase common stock issuance	735,090
Shares issued under ESPP	0
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares authorized	0
Weighted average fair value of options granted (in dollars per share)	$ 0.1
Total compensation cost related to stock options not yet recognized	$ 0.8
Weighted-average period of stock options for unrecognized compensation cost to recognize	1 year 9 months 18 days
Common stock vested number of shares	925
Restricted stock award, forfeitures, dividends	0
Enterprise Junior Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	0
Vested, Shares (in shares)	63,779
Fair value of share options vested	$ 0.4
Number of shares forfeited (in shares)	104,870
Stock issued during period, shares, conversion of convertible securities	2,124,845
Common stock shares authorized	0
Common stock shares issued	0
Common stock shares outstanding	0
Enterprise Junior Stock [Member] | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued during period, shares, conversion of convertible securities	103,007
Enterprise Junior Stock [Member] | Vested
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion of stock, shares converted	2,660,870
Enterprise Junior Stock [Member] | Non Vested
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion of stock, shares converted	161,111

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Outstanding as of December 31, 2019	4,928,952	2,091,366
Number of shares granted	3,072,628
Number of Shares, Exercised	(28,547)
Number of Shares, Forfeited	(206,495)
Number of Shares, Exercisable as of June 30, 2020	316,474
Number of Shares, Vested and expected to vest as of June 30, 2020	4,928,952
Weighted Average Exercise Price Per share, Outstanding as of December 31, 2019	$ 7.57	$ 5.05
Weighted Average Exercise Price Per share, Granted	9.09
Weighted Average Exercise Price Per share, Exercised	5.05
Weighted Average Exercise Price Per share, Forfeited	5.08
Weighted Average Exercise Price Per share, Exercisable as of June 30, 2020	5.05
Weighted Average Exercise Price Per share, Vested and expected to vest as of June 30, 2020	$ 7.57
Weighted Average Remaining Contractual Term, Outstanding as of December 31, 2019	9 years 7 months 6 days	9 years 10 months 24 days
Weighted Average Remaining Contractual Term, Exercisable as of June 30, 2020	8 years 9 months 18 days
Weighted Average Remaining Contractual Term, Vested and expected to vest as of June 30, 2020	9 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding as of December 31, 2019	$ 191,859	$ 805
Aggregate Intrinsic Value, Exercisable as of June 30, 2020	13,115
Aggregate Intrinsic Value, Vested and expected to vest as of June 30, 2020	$ 191,859

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Assumptions to Estimate Fair Value of Stock Options, Presented on a Weighted Average Basis (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	0.44%	1.12%
Expected term (in years)	6 years	6 years
Expected volatility	76.20%	74.70%
Expected dividend yield	0.00%	0.00%
Fair value per share of common stock	$ 15.67	$ 9.09

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation expense	$ 1,256	$ 497	$ 2,466	$ 1,261
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation expense	404	212	773	514
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation expense	852	285	1,693	747
Enterprise Incentive Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation expense		$ 497		$ 1,261
Enterprise Junior Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation expense	134		365
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation expense	1,086		2,065
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation expense	$ 36		$ 36

Net Income (Loss) per Share - S

Net Income (Loss) per Share - Schedule of Weighted-Average Common Shares Outstanding used in Calculating Basic and Diluted Net Income per Share (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Basic	2,547,924	2,547,924
Add: Effect of dilutive securities
Diluted	2,547,924	2,581,952
Common Class 1 [Member]
Basic		2,547,924
Add: Effect of dilutive securities
Diluted		2,581,952
Warrants to Purchase Series B Preferred Shares [Member]
Add: Effect of dilutive securities
Weighted-average common stock outstanding		31,168
Warrants to Purchase Series C1 Preferred Shares [Member]
Add: Effect of dilutive securities
Weighted-average common stock outstanding		2,860

Net Income (Loss) per Share -_2

Net Income (Loss) per Share - Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Income (Loss) per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Series A Preferred Shares [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share		768,195		768,195
Series B Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share		5,543,400		5,543,400
Series C1 Preferred Shares [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share		1,508,503		1,508,503
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	4,928,952		4,928,952
Common Stock Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	70,133		70,133
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	102,082		102,082

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	Mar. 27, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Line Items]
Income tax benefit		$ (3,238)	$ (1,325)	$ (22,723)	$ (1,217)
Federal tax anticipated refund				$ 30,300
Cares Act [Member]
Income Tax Disclosure [Line Items]
Percentage of removal on taxable income On non operating losses	80.00%

Collaboration Agreements - Addi

Collaboration Agreements - Additional Information (Details) - USD ($) $ in Thousands	Dec. 28, 2018	Nov. 30, 2010	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jan. 01, 2019
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contract asset balances			$ 0	$ 0	$ 0
Celgene License Agreements
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment of license fees	$ 77,500
Payment for transition and transfer	7,100
Celgene License Agreements | Development Milestones | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received from milestones	30,000
Celgene License Agreements | Regulatory Milestones
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received from milestones	150,000
Celgene License Agreements | Commercial Milestones
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received from milestones	75,000
Modified Arrangement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment for transition and transfer	$ 7,600
Transaction price							$ 232,900
Revenue			$ 17,700	$ 0	89,700
Modified Arrangement | Development Milestones
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue							94,000
Modified Arrangement | FT-1101 Combined PO
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price							157,800
Modified Arrangement | USP30 Combined PO
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price							75,100
Other Collaboration Agreements
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue							$ 88,700
Revenue					$ 89,700
Other Collaboration Agreements | Stock Options
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue						$ 1,200
Contract term		10 years

Collaboration Agreements - Summ

Collaboration Agreements - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Collaboration And License Agreements Disclosure [Abstract]
Deferred revenue, Beginning of Period	$ 1,239	$ 94,031
Deferred revenue, Additions		2,137
Deferred revenue, Deductions	$ 1,239	89,736
Deferred revenue, End of Period		6,432
Deferred revenue, noncurrent, Beginning of Period		1,266
Deferred revenue, noncurrent, Deductions		27
Deferred revenue, noncurrent, End of Period		$ 1,239

Hit Discovery Divestiture - Add

Hit Discovery Divestiture - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 01, 2021
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net proceeds from Hit Discovery divestiture			$ 17,500,000
Net proceeds from Hit Discovery divestiture			2,400,000
Installment receivable	$ 12,593,000		12,593,000
Prepaid of reimbursement expense	500,000		500,000
Equity consideration	10,000,000		10,000,000
Impairment to equity consideration			0
Research and development	20,511,000	$ 28,065,000	$ 43,721,000	$ 56,715,000
Fair Value Discount Rate
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Fair value discount rate			19.00%
Hit Discovery Divestiture [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Fair value of equity consideration	10,000,000		$ 10,000,000
Gain on hit discovery divestiture			$ 23,300,000
Common stock vested number of shares			23,317
Number of stock options vested, held by terminated employees			18,818
Number of stock options, modified			19,981
Stock options, modification terms			the Company modified 19,981 stock options to increase the exercise period from 90 days to one year from the date of termination for certain employees terminated in relation to the transaction.
Research and development	0		$ 500,000
Integral Health [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net proceeds from Hit Discovery divestiture			2,500,000
Installment receivable	13,400,000		13,400,000
Interest income	$ 700,000		$ 800,000
Integral Health [Member] | Subsquent Event
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Installment receivable					$ 15,000,000

Hit Discovery Divestiture - Sch

Hit Discovery Divestiture - Schedule of Fair Value of Total Consideration to Be Received Used in Calculating Gain on Hit Discovery Divestiture (Details) $ in Thousands	Jun. 30, 2020USD ($)
Fair Value Cash consideration:
Fair Value Cash due at closing	$ 2,961
Fair Value Installment Receivable	12,593
Fair Value Non-cash consideration:
Fair Value Equity Consideration	10,000
Total fair value of consideration	$ 25,554

Hit Discovery Divestiture - Car

Hit Discovery Divestiture - Carrying Value of Assets and Liabilities included in Sale to Integral Health (Details) $ in Thousands	Jun. 30, 2020USD ($)
Assets:
Prepaid expenses and other current assets	$ 1,117
Property and equipment, net	2,398
Other assets	125
Disposal Group, Including Discontinued Operation, Assets	3,640
Liabilities:
Accounts payable	159
Deferred revenue	1,239
Disposal Group, Including Discontinued Operation, Liabilities	1,398
Net assets sold	$ 2,242