Forma Therapeutics (FMTX) 10-K 30 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Mar. 25, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Registrant Name	Forma Therapeutics Holdings, Inc.
Document Type	10-K
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		47,365,886
Amendment Flag	false
Entity Central Index Key	0001538927
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Current Reporting Status	Yes
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 Annual Report	true
Document Transition Report	false
Security12b Title	Common stock, par value $0.001 per share
Trading Symbol	FMTX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Public Float			$ 1,361,909,162
ICFR Auditor Attestation Flag	false
Documents Incorporated by Reference	The registrant intends to file a definitive proxy statement pursuant to Regulation 14A relating to the 2021 Annual Meeting of Stockholders within 120 days of the end of the registrant’s fiscal year ended December 31, 2020. Portions of such definitive proxy statement are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein.

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 282,689	$ 173,180
Short-term marketable securities	350,365
Accounts receivable	0	227
Income tax receivable	15,273	592
Prepaid expenses and other current assets	6,120	3,314
Total current assets	654,447	177,313
Property and equipment, net	1,520	5,102
Long-term marketable securities	12,534
Other assets	12,470	620
Total assets	680,971	183,035
Current liabilities:
Accounts payable	4,295	3,521
Accrued expenses and other current liabilities	27,104	20,108
Income taxes payable	301
Deferred revenue		1,239
Total current liabilities	31,700	24,868
Warrant liability		364
Deferred rent, noncurrent	1,027	1,426
Total liabilities	32,727	26,658
Commitments and contingencies (Note 8)
Total redeemable convertible preferred stock		138,516
Stockholders’ equity:
Preferred stock
Additional paid-in capital	705,607	1,116
(Accumulated deficit) retained earnings	(57,410)	16,740
Total stockholders’ equity	648,244	18,246
Total liabilities, redeemable convertible and convertible preferred stock and stockholders’ equity	680,971	183,035
Series A Convertible Preferred Stock
Current liabilities:
Total redeemable convertible preferred stock		4,656
Series B-1 Convertible Preferred Stock
Current liabilities:
Total redeemable convertible preferred stock		20,907
Series B-2 Convertible Preferred Stock
Current liabilities:
Total redeemable convertible preferred stock		12,272
Series D Redeemable Convertible Preferred Stock
Current liabilities:
Total redeemable convertible preferred stock		100,296
Series C Convertible Preferred Stock
Current liabilities:
Total redeemable convertible preferred stock		385
Stockholders’ equity:
Preferred stock		385
Common 1 Stock
Stockholders’ equity:
Common stock	$ 47	2
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 (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Temporary equity shares authorized		86,362,798
Temporary equity liquidation preference		$ 134,665,000
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
Series A Convertible Preferred Stock
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		$ 4,801,000
Series B-1 Convertible Preferred Stock
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		$ 18,942,000
Series B-2 Convertible Preferred Stock
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		$ 10,626,000
Series D Redeemable Convertible Preferred Stock
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
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
Common 1 Stock
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	150,000,000	138,000,000
Common stock shares issued	47,300,231	2,250,696
Common stock shares outstanding	47,248,685	2,250,696
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

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Collaboration revenue		$ 100,557
Operating expenses:
Research and development	$ 93,367	111,315
General and administrative	30,782	24,402
Restructuring charges	63	5,290
Total operating expenses	124,212	141,007
Loss from operations	(124,212)	(40,450)
Other income:
Gain on Hit Discovery divestiture	23,312
Interest income	3,428	2,850
Other (expense) income, net	(2,661)	959
Total other income, net	24,079	3,809
Loss before taxes	(100,133)	(36,641)
Income tax benefit	(29,719)	(1,848)
Net loss and comprehensive loss	(70,414)	(34,793)
Tax distribution to holders of Enterprise.1 Incentive Shares		(60)
Loss on extinguishment of Series A, Series B-1 and Series B-2 convertible preferred stock		(3,584)
Net loss allocable to shares of common stock, basic	(74,150)	(52,747)
Change in fair value attributable to warrants to purchase Series B-3 convertible preferred stock	2,597	(962)
Net loss allocable to shares of common stock, diluted	$ (74,150)	$ (53,709)
Net loss per share of common stock:
Basic	$ (3.22)	$ (20.70)
Diluted	$ (3.22)	$ (21.08)
Weighted-average shares of common stock outstanding, basic and diluted	23,056,975	2,547,927
Series A Preferred Stock
Other income:
Preferred return on Series A convertible preferred shares		$ (228)
Loss on extinguishment of Series A, Series B-1 and Series B-2 convertible preferred stock		100
Series B Preferred Stock
Other income:
Accretion of preferred return on Series B redeemable convertible preferred shares		(2,180)
Series D Preferred Stock
Other income:
Accretion of cumulative dividends and issuance costs on Series D redeemable convertible preferred stock	$ (3,736)	(555)
Redeemable Convertible Preferred Stock
Other income:
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)
Series B3 Preferred Stock
Other income:
Change in fair value attributable to warrants to purchase Series B-3 convertible preferred stock		$ (962)

Consolidated Statements of Rede

Consolidated Statements of Redeemable Convertible and Convertible Preferred Stock and Stockholders' (Deficit) Equity - 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	Series B-1 Convertible Preferred Stock [Member]	Series B-2 Convertible Preferred Stock	Series D Redeemable Convertible Preferred Stock	Series C Convertible Preferred Stock	Common 1 Stock	Common Stock [Member]	Enterprise Junior Stock [Member]	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)									$ 229				$ (54,648)
Temporary equity balance, Shares at Dec. 31, 2018			23,711,925	6,357,260	2,304,815
Temporary equity balance, Value at Dec. 31, 2018			$ 56,453	$ 10,000	$ 5,550
Cumulative effect adjustment for adoption of Topic 606 at Dec. 31, 2018		$ 116,157													$ 116,157
Distribution to holders of redeemable convertible and convertible preferred shares, Common 1shares and Enterprise. 1 Incentive Shares	(6,142)		(29,065)	(10,150)	(867)									(5,275)
Accretion of preferred return on Series B redeemable convertible preferred shares	(2,180)		2,180											(2,180)
Equity-based compensation prior to Reorganization	1,629													1,629
Effect of Reorganization and reclassification of Series C1 redeemable convertible preferred shares	385		$ (29,568)	$ (385)	$ 4,683	$ 18,942	$ 10,626		$ 385	$ (229)	$ 2	$ 3	$ 235	(11)
Effect of Reorganization and reclassification of Series C1 redeemable convertible preferred shares, Shares			23,711,925	6,452,619	2,304,815	14,921,676	8,790,249		6,452,619	1,953,442	1,953,455	2,510,249
Loss on extinguishment of Series A, Series B-1 and Series B-2 convertible preferred stock	(3,611)				$ (27)	$ 1,965	$ 1,646							(3,584)
Issuance of redeemable convertible preferred stock, net of issuance costs								$ 99,741
Reclassification of Series A convertible preferred stock to temporary equity	(4,656)				$ 4,656
Reclassification of Series A convertible preferred stock to temporary equity, shares					2,304,815
Exercise of warrant to purchase common stock	12												12
Exercise of warrant to purchase common stock, Shares											297,241
Accretion of cumulative dividends and issuance costs on Series D redeemable convertible preferred stock	(555)							$ 555						(555)
Equity-based compensation	869												869
Equity-based compensation, Shares												86,842
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
Net loss and comprehensive loss	(34,793)													(34,793)
Balance at Dec. 31, 2019	18,246										$ 2		1,116	16,740
Temporary equity balance, Shares at Dec. 31, 2019					2,304,815	14,921,676	8,790,249	53,593,440	6,452,619			2,597,091
Temporary equity balance, Value at Dec. 31, 2019	138,516				$ 4,656	$ 20,907	$ 12,272	$ 100,296	$ 385			$ 3
Balance, Shares at Dec. 31, 2018										1,953,442
Balance, Shares at Dec. 31, 2019											2,250,696
Issuance of redeemable convertible preferred stock, net of issuance costs, shares								53,593,440
Accretion of cumulative dividends on Series D redeemable convertible preferred stock	(3,736)							$ 3,736						(3,736)
Exercise of warrant to purchase common stock	12												12
Exercise of warrant to purchase common stock, Shares											297,241
Exercise of options to purchase common stock	$ 378												378
Exercise of options to purchase common stock, Shares	71,386										71,386
Equity-based compensation	$ 6,959												6,959
Equity-based compensation, Shares												63,779
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											$ 2	$ (3)	1
Conversion of enterprise junior stock into common stock, Shares											2,124,845	2,660,870
Issuance of common stock from initial public offering, net of issuance costs	293,338										$ 16		293,322
Issuance of common stock from initial public offering, net of issuance costs, Shares											15,964,704
Vesting of restricted common stock, Shares											33,397
Net exercise of warrants to purchase common stock	2,961												2,961
Net exercise of warrants to purchase common stock, Shares											62,193
Issuance of common stock from follow-on public offering, net of issuance costs	258,633										$ 6		258,627
Issuance of common stock from follow-on public offering, net of costs, Shares											6,095,000
Net loss and comprehensive loss	(70,414)													(70,414)
Balance at Dec. 31, 2020	$ 648,244										$ 47		$ 705,607	$ (57,410)
Temporary equity balance, Shares at Dec. 31, 2020					0		0	0
Balance, Shares at Dec. 31, 2020											47,248,685

Consolidated Statements of Re_2

Consolidated Statements of Redeemable Convertible and Convertible Preferred Stock and Stockholders' (Deficit) Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Initial Public Offering [Member]
Net of Issuance Costs	$ 25,956
Follow On Public Offering [Member]
Net of Issuance Costs	17,166
Series D Redeemable Convertible Preferred Stock
Net of Issuance Costs	$ 259

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (70,414)	$ (34,793)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,276	2,668
Equity-based compensation	6,959	2,498
Change in fair value of warrant liability	2,597	(962)
Amortization and accretion of marketable securities	559	(1,095)
Gain on Hit Discovery divestiture	(23,312)
Loss on sale of property and equipment	59
Changes in operating assets and liabilities:
Decrease in accounts receivable	227	82,356
Decrease (increase) in income taxes receivable	(14,681)	14,464
Decrease (increase) in prepaid expenses and other current assets	(3,872)	2,127
Decrease in other assets		1
Increase (decrease) in accounts payable	933	(2,778)
Increase (decrease) in accrued expenses and other current liabilities	6,755	(865)
Increase (decrease) in income taxes payable	301	(3,722)
(Decrease) in deferred rent, noncurrent	(399)	(331)
(Decrease) in deferred revenue, current and noncurrent		(94,058)
Net cash used in operating activities	(95,418)	(34,490)
Cash flows from investing activities
Purchases of held-to-maturity marketable securities	(479,633)	(106,583)
Proceeds from maturity of marketable securities	116,175	176,529
Proceeds from sale of property and equipment	46
Purchases of property and equipment	(249)	(529)
Net proceeds from Hit Discovery divestiture	17,500
Net cash (used in) provided by investing activities	(345,821)	69,417
Cash flows from financing activities
Distribution to holders of redeemable convertible and convertible preferred shares, Common 1 shares and Enterprise.1 Incentive Shares		(45,357)
Proceeds from initial public offering of common stock, net of issuance costs	293,338
Proceeds from follow-on public offering of common stock, net of issuance costs	259,133
Proceeds from exercise of warrants to purchase common stock	12	12
Proceeds from exercise of options to purchase common stock	378
Net cash provided by financing activities	552,602	54,805
Net increase in cash, cash equivalents and restricted cash	111,363	89,732
Cash, cash equivalents and restricted cash, beginning of the year	173,796	84,064
Cash, cash equivalents and restricted cash, end of the year	285,159	173,796
Supplemental cash flow information:
Cash paid for income taxes	187	3,788
Supplemental disclosure of non-cash activities:
Accretion of preferred return, cumulative dividends and issuance costs on preferred securities	3,736	2,735
Follow-on public offering costs included in accrued expenses	500
Net exercise of warrants to purchase common stock	2,961
Equity Consideration received in the Hit Discovery divestiture (Note 19)	10,000
Conversion of enterprise junior stock into common stock	3
Conversion of redeemable convertible and convertible preferred stock into common stock	142,252
Deferred issuance costs on Series D redeemable convertible preferred stock in accounts payable and accruals		259
Loss on extinguishment of Series A, Series B-1 and Series B-2 convertible preferred stock		(3,584)
Issuance of enterprise junior stock in connection with Reorganization		(3)
Hit Discovery Divestiture [Member]
Cash flows from investing activities
Net proceeds from Hit Discovery divestiture	17,840
Supplemental disclosure of non-cash activities:
Equity Consideration received in the Hit Discovery divestiture (Note 19)	10,000
Valo Health [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Interest income on cash payments from Valo Health	(2,406)
Series D Redeemable Convertible Preferred Stock
Cash flows from financing activities
Proceeds from issuance of Series D redeemable convertible preferred stock		100,000
Payment of issuance costs on Series D redeemable convertible preferred stock	$ (259)	(259)
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

Organization and Nature of Busi

Organization and Nature of Business	12 Months Ended
	Dec. 31, 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 issued and outstanding redeemable convertible and convertible preferred and Common 1 shares of Forma Therapeutics Holdings, LLC outstanding immediately prior to the Reorganization was exchanged for shares of capital stock of the same class and/or series 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 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 were exchanged on a one-for-one basis with the same exercise price and substantially the same terms of the outstanding warrants held immediately before the Reorganization. Refer to Note 11 for further details regarding 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., the entity whose shares are being offered in this offering. For purposes of these 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 $293.3 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 convertible preferred stock (“Series A Preferred Stock”), Series B-1 convertible preferred stock (“Series B-1 Preferred Stock”), Series B-2 convertible preferred stock (“Series B-2 Preferred Stock”), Series C convertible 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 convertible preferred stock (“Series B-3 Preferred Stock”, collectively with the Series A, Series B-1, Series B-2, Series C, and Series D Preferred Stock, “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. On December 15, 2020, the Company completed a follow-on public offering in which the Company issued and sold 6,095,000 shares of its common stock at a public offering price of $45.25 per share, including 795,000 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 $275.8 million. The Company raised approximately $258.6 million in net proceeds after deducting underwriting discounts and commissions and offering expenses payable by the Company. Liquidity and Going Concern 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. As of December 31, 2020, the Company had $645.6 million of cash, cash equivalents and marketable securities. The Company has determined this will be sufficient to fund its operations for at least one year from the date of these 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 the completion of the IPO and follow-on public offering. The Company has experienced significant negative cash flows from operations during fiscal 2020 and 2019. The Company does not expect to experience any significant cash flows from its existing license and 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	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies Basis of Presentation and Consolidation The consolidated financial statements prior to the Reorganization include the accounts of Forma Therapeutics Holdings, LLC and its wholly owned subsidiaries. The 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 consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standard Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the valuation of Common 1 shares, common stock, enterprise incentive shares, enterprise junior stock, warrant liability, accrued expenses, income taxes, standalone selling price, estimated variable consideration and proportional performance in calculating revenue recognition. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess performance. The Company and the Company’s chief operating decision-maker, the Company’s chief executive officer, view the Company’s operations and manages its business as a single operating segment. 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 letters of credit to secure the Company’s office spaces. Pursuant to the Hit Discovery divestiture in March 2020, and the assignment and assumption of the Company’s Branford, CT lease to Valo Health, the security deposit restricted as of December 31, 2019 was transferred to Valo Health (see Note 19). In connection with the Company entering into a new lease in September 2020, the Company delivered a letter of credit equal to six months of the initial base rent which was included in restricted cash as of December 31, 2020. Restricted cash is included in other assets on the consolidated balance sheets. The following table reconciles cash, cash equivalents and restricted cash per the consolidated balance sheets to the consolidated statements of cash flows (in thousands): DECEMBER 31, 2020 2019 Cash and cash equivalents $ 282,689 $ 173,180 Restricted cash 2,470 616 Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows $ 285,159 $ 173,796 As of December 31, 2020, cash equivalents included $22.5 million of investments in commercial paper with an original term of less than 90 days stated at amortized cost. Marketable Securities Marketable securities generally consist of U.S. Treasury securities, debt securities of U.S. Government agencies and corporate entities and commercial paper. The objectives for holding investments are to invest the Company’s excess cash resources in investment vehicles that provide a better rate of return compared to an interest-bearing bank account with limited risk to the principal invested. Marketable securities with original maturities of greater than 90 days and remaining maturities of less than one year from the balance sheet date are classified as short-term marketable securities. Marketable securities with remaining maturities of greater than one year from the balance sheet date are classified as long-term marketable securities. All investments are classified as held-to-maturity marketable securities as the Company does not have intent to sell these securities and it is more likely than not the Company will not be required to sell such investments before recovery of their amortized cost basis. Held-to-maturity securities are stated at their amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income in the consolidated statements of operations and comprehensive loss. Concentration of Credit Risk Financial instruments which potentially expose the Company to concentrations of credit risk include cash equivalents, marketable securities and accounts receivable. Substantially all of the Company’s cash deposits are maintained at large, creditworthy financial institutions. Concentration of credit risk with respect to receivables is limited to certain customers to which the Company makes substantial sales. Customers are granted credit on an unsecured basis. To mitigate risk, the Company routinely assesses the financial strength of its customers which are primarily large pharmaceutical companies. The Company’s policy is to maintain allowances for estimated losses associated with the inability of its customers to make required payments. The Company provides an allowance for doubtful accounts based on known accounts receivable balances that are determined to be uncollectible, historical experience and other currently available evidence. The Company’s senior management reviews accounts receivables on a periodic basis to determine if any receivables may be potentially uncollectable. An amount is written off against the allowance after all attempts have failed to collect the receivable. Based on management’s review, no allowances for doubtful accounts were recorded for the year ended December 31, 2019. For the year ended December 31, 2020, the Company did not have any outstanding accounts receivables. For the year ended December 31, 2019, one customer accounted for 96% of total revenue. As of December 31, 2019, the same customer represented 100% of the accounts receivable balance. Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and amortization. Repairs and maintenance costs are expensed as incurred. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are eliminated from the consolidated balance sheets and any related gain or loss is reflected in the consolidated statements of operations and comprehensive loss. Depreciation is computed using the straight-line method over the following useful lives: ESTIMATED USEFUL LIFE Computer and office equipment 3 years Software 3-5 years Lab equipment 3-5 years Furniture and fixtures 3 years Leasehold improvements Shorter of estimated useful life or lease term Assets Held-for-Sale The Company classifies assets as held-for-sale when all of the following are met: (i) management has committed to a plan to sell the assets; (ii) the assets are available for immediate sale in their present condition; (iii) an active program to locate a buyer has been initiated; (iv) it is probable that a sale will occur within one year; (v) the assets are being actively marketed for sale at a price that is reasonable in relation to their current fair value; and (vi) it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. If all held-for-sale criteria are met, the assets are reclassified and presented separately in the consolidated balance sheets as assets held-for-sale at the lower of the carrying value or the fair value, less cost to sell, and no longer depreciated or amortized. Classification of Preferred Shares and Preferred Stock The Company records all preferred shares and preferred stock upon issuance at its respective fair value or original issuance price less direct and incremental issuance costs, as stipulated by its terms. The Company classifies its preferred shares and preferred stock outside of stockholders’ equity, if the redemption of such shares is at the option of the holder or any deemed redemption event is outside the Company’s control. The Company adjusts the carrying values of its preferred shares and preferred stock to its redemption value when the redemption value exceeds the carrying value and when the preferred shares and preferred stock are currently redeemable or probable of becoming redeemable. Upon the closing of the IPO, all of the outstanding shares of preferred stock were automatically converted into 20,349,223 shares of common stock. No shares of preferred stock were issued or outstanding as of December 31, 2020. Impairment of Long-Lived Assets Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based on discounted cash flows. To date, the Company has not recorded any impairment losses on long-lived assets. Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principle or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, the first two are considered observable and the last is considered unobservable: ∎ Level 1: Quoted prices in active markets for identical assets or liabilities. ∎ Level 2: Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. ∎ Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s warrants to purchase shares of redeemable convertible, convertible preferred securities and common shares, money market funds, and repurchase agreements are carried at fair value, determined according to the fair value hierarchy described above. The Company has no other financial assets or liabilities that are measured at fair value on a recurring basis. Research and Development Research and development costs are charged to operations in the period incurred and include: ∎ compensation, benefits, including equity-based compensation, and other employee related expenses; ∎ research and development related facility and depreciation costs; ∎ supplies to support the Company’s internal research and development efforts; and ∎ third-party contract costs relating to research, process and formulation development, preclinical and clinical studies, and regulatory operations. Costs for certain development activities, such as clinical trials and manufacturing development activities, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, and information provided to the Company by its vendors on their actual costs incurred or level of effort expended. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are recorded as prepaid or accrued research and development expenses. Patent Costs Costs to secure, defend and maintain patents are expensed as incurred, and are classified as general and administrative expenses due to the uncertainty of future benefits. Comprehensive Loss Comprehensive loss includes net 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 loss and comprehensive loss presented in the accompanying consolidated financial statements for the years ended December 31, 2020 and 2019. Income Taxes Prior to the Reorganization, Forma Therapeutics Holdings, LLC, a limited liability company, was treated as a “pass-through” entity for federal income tax purposes. As such, it did not pay federal income taxes. Rather, the income, gains and losses were allocated to the holders of the Company’s redeemable convertible and convertible preferred shares and Common 1 shares. Its subsidiaries were corporations for income tax purposes and recorded income taxes using the asset and liability method. Subsequent to the Reorganization, Forma Therapeutics Holdings, Inc. and the Company’s subsidiaries are corporations for income tax purposes and record income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company’s financial statements contain certain deferred tax assets, which have arisen primarily as a result of operating losses, as well as other temporary differences between financial and tax accounting. Accounting guidance requires the Company to establish a valuation allowance if the likelihood of realization of the deferred tax assets is reduced based on an evaluation of objective verifiable evidence. Significant management judgment is required in determining the Company’s provision for income taxes, the Company’s deferred tax assets and liabilities and any valuation allowance recorded against those net deferred tax assets. The Company evaluates the weight of all available evidence to determine whether it is more likely than not that some portion of all of the net deferred income tax assets will not be realized. The guidance on accounting for and disclosure of uncertainty in tax positions requires the Company to determine whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals of litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the consolidated financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon the ultimate settlement with the relevant taxing authority. The Company has elected to include interest on income tax deficiencies and tax penalties in the income tax provision. Warrant Liability The Company accounts for its warrants as either equity or liabilities based on the characteristics and provisions of each instrument. When the warrant agreement includes terms and provisions in which an event could occur that requires the Company to transfer cash or other assets to the warrant holder in exchange for either (i) the outstanding warrant or (ii) the underlying share issuable upon exercise of the warrant and that event is outside of the Company’s control, the warrant is accounted for as a liability. Warrants classified as liabilities are recorded at fair value on the date of grant and are subsequently remeasured to fair value at each balance sheet date. Changes in the fair value of the warrant are recognized as a component of other income in the consolidated statements of operations and comprehensive loss. The Company estimates the fair value of these liabilities using Black-Scholes option-pricing models and assumptions that are based on the individual characteristics of the warrants on the valuation date, as well as assumptions including the fair value per share of the underlying security, the remaining contractual term of the warrant, risk-free interest rate, expected dividend yield and expected volatility of the price of the underlying security. Revenue Recognition The Company enters into collaboration agreements within the scope of ASC 606, Revenue from Contracts with Customers Topic 606 requires entities to recognize revenue when (or as) control of the promised goods or services transfer to the customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those promised goods or services. In order to meet this objective, the Company applies the five-step model prescribed by Topic 606 as follows: (i) identify the contract with the customer; (ii) identify the performance obligation(s); (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s); and (v) recognize revenue when (or as) the performance obligation(s) is satisfied. The Company applies the five-step model to contracts with customers when it is deemed probable that the consideration to which it will be entitled in exchange for the goods or services transferred will be collected. When optional goods or services are offered, the Company assesses the options to determine whether the options grant the customer a material right. This determination includes whether the option is priced at an amount that the customer would not have received without entering into the contract with the Company. If the Company concludes the option conveys a material right, it is accounted for as a separate performance obligation. In identifying performance obligations in a contract, the Company identifies those promises that are distinct. Promised goods or services are considered distinct when the customer can benefit from the goods or services on their own, or together with readily available resources, and the goods or services are separately identifiable from other promises in the contract. If a promise is not distinct, it is combined with other promises in the contract until the combined group of promises is capable of being distinct. At contract inception, the Company determines transaction price based on the amount of consideration the Company expects to receive in exchange for the promised goods and services transferred. Consideration may be fixed or variable, or both. When a contract includes variable consideration, the Company applies either the expected amount method or the most likely amount method to estimate the consideration to be received. The Company then assesses whether it is probable that a significant reversal of revenue will not occur if the variable consideration is included in the measure of transaction price. If the probability threshold is not met, the Company constrains the variable consideration to the extent it is not probable that a significant reversal of revenue will not occur. For contracts that include sales-based royalties for licensed compounds, the Company recognizes revenue at the date when the related sales occur. Finally, the Company determines whether the contract contains a significant financing component by analyzing the promised consideration relative to the standalone selling price of the promised goods and services and the timing of payment relative to the transfer of the promised goods and services. At each reporting date, the Company reassesses the transaction price and probability of achievement of the performance obligations and the associated constraints on transaction price. If necessary, the Company adjusts its transaction price, recording a cumulative catch-up adjustment based on progress for the amount that was previously constrained. Transaction price is allocated based on relative standalone selling price of the performance obligations in the contract. When variable consideration relates to one or more, but not all, performance obligations in the contract, and allocating the variable consideration to the related performance obligations results in an amount the Company would expect to receive for those performance obligations, the variable consideration is allocated to those performance obligations to which it relates. Determining the standalone selling price of the performance obligations requires management judgment as the performance obligations may not be sold on a standalone basis. To estimate standalone selling price, the Company considers comparable transactions, both internal and in the marketplace, elements of the negotiations of the contract, estimated costs to complete the respective performance obligations and reasonable profit margins the Company and others in the marketplace would expect to receive for the various elements of the contract. Revenue is recognized when (or as) control of a performance obligation is transferred to the customer. When combined performance obligations contain a promised license and related services or other promises, management judgment is required to determine the appropriate timing of revenue recognition. In doing so, the Company must identify the predominant promise or promises in the contract to determine whether revenue is recognized at a point in time or over time. If over time, the Company must determine the appropriate measure of progress. If a license is deemed to be the predominant promise in a performance obligation, the Company must determine the nature of the license, whether functional or symbolic intellectual property, to conclude whether point-in-time or over-time revenue recognition is most appropriate. The determination of functional or symbolic intellectual property requires an assessment of whether the customer is able to exploit and benefit from the license in its current condition or if the utility of the license is dependent on or influenced by the ongoing activities of or being associated with the Company. At each reporting date, the Company calculates the measure of progress for the performance obligations transferred over time. The calculation generally uses an input measure based on costs incurred to-date relative to estimated total costs to complete the transfer of the performance obligation. The measurement of progress is then used to calculate the total revenue earned, including any cumulative catch-up adjustment. Payments in the Company’s contracts are generally based on stated billing intervals in the contracts. Payments are generally due within Net Loss per Share The Company follows the two-class method when computing net loss allocable to common securities per share as the Company has issued shares that meet the definition of participating securities, which include: (i) Series A convertible preferred shares; (ii) Series B and Series C1 redeemable convertible preferred shares; (iii) enterprise incentive shares; (iv) Series A, Series B-1 and Series B-2 convertible preferred stock prior to the issuance of the Series D redeemable convertible preferred stock (see Note 12); (v) Series C convertible preferred stock; (vi) enterprise junior stock; and (vii) restricted common stock. The two-class method requires a portion of net loss to be allocated to the participating securities to determine net loss allocable to the common securities. During periods of loss, there is no allocation required under the two-class method since the participating securities do not have a contractual obligation to fund the losses of the Company. Net loss allocable to common securities stock is equal to the net loss less: (i) cumulative dividends and preferred returns on preferred securities accrued during the period, whether or not declared; (ii) noncumulative dividends declared on classes of securities other than common securities, whether or not paid; (iii) increases or decreases in carrying value of preferred securities, including accretion on preferred securities to its redemption value, gains or losses resulting from extinguishments on preferred securities and distributions on preferred securities in excess of accrued cumulative dividends or preferred returns; and (iv) participation rights in undistributed earnings. Basic net loss per share is calculated by dividing net loss allocable to common securities by the weighted-average number of shares of common securities outstanding for the period, which includes the warrants to purchase common securities at $0.04 per share to the extent they are outstanding. Diluted net loss per share is calculated by dividing the diluted net loss allocable to common securities by the weighted-average number of common securities outstanding used to calculate basic net loss per share, plus the effect of potential common securities to the extent they are dilutive. Equity-Based Compensation The Company accounts for equity awards, including grants of enterprise incentive shares, enterprise junior stock, stock options, restricted stock units 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 consolidated statements of operations and comprehensive 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. Subsequent to the IPO, the fair value of the Company’s common stock underlying its equity awards is based on the quoted market price of the Company’s 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 fair value of the Company’s common stock, 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. The fair value of restricted stock units is based on the fair value of the Company’s common stock on the grant date. Prior to the IPO, the estimated fair value of the Company’s common securities underlying its equity awards had been determined by the board of directors as of the date of each award grant, with input from management, considering the Company’s most recently available third-party valuations of common securities. Such valuations included a number of judgements and assumptions which significantly affected the outcome of the estimated fair value of the common securities, including a discount for lack of an active public market, results of operations, financial position and status of the Company’s research and development efforts, material business risks and strategies, likelihood of a liquidity event such as an IPO or sale of the company, and current conditions in the public markets, among others. The Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation 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 consolidated statements of operations and comprehensive loss consistent with the classification of the award recipient’s compensation expense. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820)—Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosure requirements on fair value measurements with respect to Level 3 rollforwards, timing of liquidation of investments in certain entities that calculate net asset value, and measurement uncertainty. The Company adopted ASU 2018-13 as of January 1, 2020. The implementation of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments, In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842)

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	12 Months Ended
	Dec. 31, 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 or disclosed 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 DECEMBER 31, 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 agreement $ 12,000 $ — $ 12,000 $ — Commercial paper 22,493 — 22,493 — Money market funds 227,987 227,987 — — Assets—Short-term marketable securities U.S. Government agency securities 55,469 — 55,469 — U.S. Treasury securities 38,294 38,294 — — Commercial paper 237,735 — 237,735 — Corporate debt securities 18,873 — 18,873 — Assets—Long-term marketable securities U.S. Government agency securities 7,049 — 7,049 — Corporate debt securities 5,492 — 5,492 — Total $ 625,392 $ 266,281 $ 359,111 $ — 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 years ended December 31, 2020 and 2019 there were no transfers between Level 1, Level 2 and Level 3. The warrant liability balance is comprised of warrants to purchase: (i) Series B and Series C1 redeemable convertible preferred shares; and (ii) Series B-3 Preferred Stock as of December 31, 2018 and 2019, respectively. Upon the closing of the IPO, the warrants to purchase Series B-3 Preferred Stock were automatically converted into warrants to purchase shares of common stock. No warrants were outstanding as of December 31, 2020. The value for the warrant liability balance is based on significant inputs not observable in the market which represents a Level 3 measurement within the fair value hierarchy. 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 redeemable convertible shares (385 ) Change in fair value (962 ) Balance at December 31, 2019 $ 364 Change in fair value 2,597 Net exercise of warrants to purchase common stock (2,961 ) Balance at December 31, 2020 $ —

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 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 consolidated balance sheets as they are considered held-to-maturity securities. The Company’s investments by type consisted of the following (in thousands): DECEMBER 31, 2020 AMORTIZED COST GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES ESTIMATED FAIR VALUE Assets U.S. Government agency securities $ 62,508 $ 10 $ — $ 62,518 U.S. Treasury securities 38,287 7 — 38,294 Commercial paper 237,733 18 (16 ) 237,735 Corporate debt securities 24,371 3 (9 ) 24,365 Total $ 362,899 $ 38 $ (25 ) $ 362,912 As marketable securities are considered held-to-maturity, the unrealized gains and losses are not recorded within the consolidated financial statements. As of December 31, 2020, the Company held 16 investments in an unrealized loss position with an aggregate fair value of $93.7 million. These investments were in a loss position for less than 12 months and the Company considered the loss to be temporary in nature. The aggregate of individual unrealized losses as of December 31, 2020 was not significant. During the year ended December 31, 2019, all of the Company’s outstanding marketable securities matured and as such, the marketable securities balance as of December 31, 2019 was zero.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 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): DECEMBER 31, 2020 2019 Prepaid expenses $ 4,793 $ 3,258 Other current assets 1,327 56 $ 6,120 $ 3,314

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 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): DECEMBER 31, 2020 2019 Computer and office equipment $ 2,253 $ 2,386 Software 2,473 2,583 Lab equipment 4,560 16,377 Furniture and fixtures 377 470 Leasehold improvements 3,402 3,391 13,065 25,207 Less: Accumulated depreciation (11,545 ) (20,105 ) $ 1,520 $ 5,102 Pursuant to the Hit Discovery divestiture, the Company sold equipment with a net carrying value of $2.4 million to Valo Health during the year ended December 31, 2020 (see Note 19). Depreciation and amortization expense related to property and equipment for the years ended December 31, 2020 and 2019 totaled $1.3 million and $2.7 million, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 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): DECEMBER 31, 2020 2019 Employee compensation $ 6,834 $ 6,681 Professional and consulting services 1,008 1,540 Research and development related accruals 18,290 11,005 Other current liabilities 972 882 $ 27,104 $ 20,108

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 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. In September 2020, the Company entered into a new lease for office and laboratory space with the landlord of the Company’s existing lease in Watertown, MA. The new lease for office and laboratory space, also located in Watertown, MA, is subject to base rent of $0.3 million per month, plus its ratable share of taxes, maintenance and other operating expenses. Base rent is subject to a 3.0% annual increase over the 10-year lease term. In addition, the new lease provides an extension option for one additional five-year term at then-market rates and includes a tenant improvement allowance of $10.0 million. The Company paid first month’s rent upon execution of the new lease agreement of $0.3 million and delivered a letter of credit of $2.0 million, which are classified in prepaid expenses and other current assets and other assets on the consolidated balance sheet, respectively. Such amounts are refundable if the landlord does not deliver the premises under the new lease within a certain period of time. No further consideration, rent or expenses are owed until the Company takes occupancy at the commencement date, which is currently anticipated to be in August 2021. Concurrent with the execution of the new lease, the existing lease was amended to expire 30 days following the commencement date of the new lease. Upon the commencement of the new lease, the Company will no longer be obligated to make future rent payments under the existing lease. If the new lease does not commence, the Company remains obligated to the existing lease. As amended on January 1, 2018, the Company’s Branford, CT lease is subject to annual increases to base rent over a term expiring in December 2023. The lease included a tenant improvement allowance of $1.0 million, of which $0.1 million remains unused. In addition to base rent, monthly rental payments include the Company’s proportionate share of operating expenses. The lease terms provide for one five-year extension term with base rent calculated on a discounted then-market rate. The lease is secured by a security deposit held by the landlord of $0.1 million that is classified in other assets on the consolidated balance sheet as of December 31, 2019. No security deposit related to the Branford, CT lease is included in other assets on the consolidated balance sheet as of December 31, 2020 as the security deposit was transferred to Valo Health in connection with the Hit Discovery divestiture (see Note 19). The Company records rent expense for the Branford, CT 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 Valo Health. Valo Health will pay the landlord rental amounts due under the lease including minimum lease payments of $0.8 million, $0.8 million and $0.8 million for the years 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 Valo 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 19). Rent expense for the years ended December 31, 2020 and 2019 was approximately $2.3 million and $2.9 million, respectively. Future minimum lease payments under operating leases, including Branford, CT lease for which the Company remains jointly and severally liable, as of December 31, 2020 was as follows (in thousands): MINIMUM LEASE PAYMENTS 2021 $ 3,045 2022 3,113 2023 3,182 2024 197 2025 — $ 9,537 The deferred rent liability recorded on the Company’s consolidated balance sheets as of December 31, 2020 and 2019 included the cumulative difference between actual facility lease payments and lease expense recognized ratably over the operating lease period. Deferred rent was $1.4 million and $1.8 million as of December 31, 2020 and 2019, respectively. Guarantees and Indemnification Obligations

Restructuring Charges

Restructuring Charges	12 Months Ended
	Dec. 31, 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%. Accordingly, the Company recorded a restructuring charge of $0.1 million and $5.3 million for the years ended December 31, 2020 and 2019, respectively, which was comprised of termination benefits including expenses for severance, health benefits and outplacement services. As of December 31, 2020, the full amount of the restructuring charge has been paid and no further restructuring accrual remains on the consolidated balance sheet. The following table summarizes the restructuring activity during the years (in thousands): ACCRUED RESTRUCTURING COSTS Balance at December 31, 2018 $ — Restructuring costs incurred 5,290 Termination benefits paid (4,965 ) Balance at December 31, 2019 $ 325 Restructuring costs incurred 63 Termination benefits paid (388 ) Balance at December 31, 2020 $ —

Redeemable Convertible and Conv

Redeemable Convertible and Convertible Preferred Shares and Stockholders' Equity prior to Reorganization	12 Months Ended
	Dec. 31, 2020
Text Block [Abstract]
Redeemable Convertible and Convertible Preferred Shares and Stockholders' Equity prior to Reorganization	Note 10—Redeemable Convertible and Convertible Preferred Shares and Stockholders’ Equity prior to Reorganization Redeemable Convertible and Convertible Preferred Shares Prior to January 1, 2019, the Company issued 2,304,815 of Series A convertible preferred shares (the “Series A Preferred Shares”), 23,711,925 Series B redeemable convertible preferred shares (the “Series B Preferred Shares”) and 6,357,260 Series C1 redeemable convertible preferred shares (the “Series C1 Preferred Shares”) (collectively, the “Preferred Shares”) for gross proceeds of $5.5 million, $28.5 million and $10.0 million, respectively. Prior to the Reorganization during the year ended December 31, 2019, the Company’s Series A Preferred Shares were classified in stockholders’ equity as the shares did not have redemption features that were not solely within control of the Company. The Series A Preferred Shares were recorded at their initial fair value, equal to the original issuance price, less issuance costs, and were not subsequently remeasured. The Company’s Series B and Series C1 Preferred Shares were classified outside of stockholders’ equity because the shares contained redemption features that were at the option of the holder. Accordingly, the Company recorded the Series B and Series C1 Preferred Shares upon issuance at their respective fair value, less issuance costs, and any changes in redemption value were recognized immediately as they occurred through adjustments to the carrying amounts of the instruments at the end of each reporting period. The Company accreted the Series B and Series C1 Preferred Shares to their redemption value at the end of each reporting period. In March 2019, the Company issued 95,359 Series C1 Preferred Shares in connection with the exercise of a Series C1 preferred warrant by one of its investors. The warrant was exercised at a price per share of $1.573 for proceeds of $0.2 million. In March 2019, the Company approved a one-time cash distribution in the amount of $44.0 million to the shareholders of the Company. The first $10.2 million was distributed to the holders of the Series C1 Preferred Shares while the remaining funds were distributed to the holders of the Series A and Series B Preferred Shares, pro rata, with amounts first applied to the unpaid preferred returns and then to the contribution account balances. In addition, as a result of the $44.0 million distribution, the Company was obligated to pay a one-time tax distribution of $1.3 million and $0.1 million to certain holders of Common 1 and vested Enterprise.1 Incentive Shares, respectively as required by the terms of the Fifth Amended and Restated Limited Liability Company Agreement, as amended (the “LLC Agreement”). The Company paid the tax distribution to the respective holders in September 2019. As a result of the payment of the full liquidation preference in conjunction with the March 2019 distribution, the outstanding Series C1 Preferred Shares were reclassified from temporary equity to stockholders’ equity because these shares had no liquidation preference. This reclassification is presented in the consolidated statements of redeemable convertible and convertible preferred stock and stockholders’ (deficit) equity with the effect of the Reorganization (see Note 11). Equity-Classified Warrants In April 2013, the Company issued to the holders of the Series C1 Preferred Shares warrants exercisable for 594,482 Common 1 shares at an exercise price of $0.04 per share (the “Common 1 Warrants”). The warrants were exercisable at any time and expire in August 2020. The fair value of the Common 1 Warrants was estimated to be $1.6 million on the issuance date and represented a preferred share discount. None of the Common 1 Warrants were exercised prior to the Reorganization during the year ended December 31, 2019.

Reorganization

Reorganization	12 Months Ended
	Dec. 31, 2020
Text Block [Abstract]
Reorganization	Note 11—Reorganization In connection with the Reorganization: (1) Holders of Series A Preferred Shares of Forma Therapeutics Holdings, LLC received one share of Series A Preferred Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., for each outstanding Series A Preferred Share held immediately prior to the Reorganization, with an aggregate of 2,304,815 shares of Series A Preferred Stock issued in the Reorganization; (2) Holders of Series B Preferred Shares of Forma Therapeutics Holdings, LLC received either one share of Series B-1 Preferred Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., or one share of Series B-2 Preferred Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., for each outstanding Series B Preferred Share held immediately prior to the Reorganization. The Series B-1 Preferred Stock and Series B-2 Preferred Stock were designated as two separate series of preferred stock upon Reorganization to reflect the different liquidation preferences accrued at the Reorganization date. The differences in liquidation preference were the result of differences in accrued preferred return based on different issuance dates and the distributions paid in March 2019 prior to Reorganization (see Note 10). An aggregate of 14,921,676 and 8,790,249 shares of Series B-1 Preferred Stock and B-2 Preferred Stock, respectively, were issued in the Reorganization; (3) Holders of Series C1 Preferred Shares of Forma Therapeutics Holdings, LLC received one share of Series C Preferred Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., for each outstanding Series C1 Preferred Share held immediately prior to the Reorganization, with an aggregate of 6,452,619 shares of Series C Preferred Stock issued in the Reorganization; (4) Holders of Common 1 shares of Forma Therapeutics Holdings, LLC received one share of common stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., for each outstanding Common 1 share held immediately prior to the Reorganization, with an aggregate of 1,953,455 shares of common stock issued in the Reorganization; (5) Holders of vested Enterprise.1 Incentive Shares of Forma Therapeutics Holdings, LLC received one share of vested Enterprise 1 Junior Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., (the “Enterprise 1 Junior Stock”). An aggregate of 564,055 shares of vested Enterprise 1 Junior Stock were issued in the Reorganization; (6) Holders of vested Enterprise.2 Incentive Shares of Forma Therapeutics Holdings, LLC received one share of vested Enterprise 2 Junior Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., (the “Enterprise 2 Junior Stock”). An aggregate of 1,003,919 shares of vested Enterprise 2 Junior Stock were issued in the Reorganization; (7) Holders of vested and unvested Enterprise.3 Incentive Shares of Forma Therapeutics Holdings, LLC received one share of vested and unvested Enterprise 3 Junior Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., respectively (the “Enterprise 3 Junior Stock”). The unvested Enterprise 3 Junior Stock was issued with the same vesting terms as the unvested Enterprise.3 Incentive Shares held immediately prior to the Reorganization. An aggregate of 373,465 shares of unvested and vested Enterprise 3 Junior Stock were issued in the Reorganization; (8) Holders of vested and unvested Enterprise.4 Incentive Shares of Forma Therapeutics Holdings, LLC received one share of vested and unvested Enterprise 4 Junior Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., respectively (the “Enterprise 4 Junior Stock”). The unvested Enterprise 4 Junior Stock was issued with the same vesting terms as the unvested Enterprise.4 Incentive Shares held immediately prior to the Reorganization. An aggregate of 337,243 shares of unvested and vested Enterprise 4 Junior Stock were issued in the Reorganization; (9) Holders of vested and unvested Enterprise.5 Incentive Shares of Forma Therapeutics Holdings, LLC received one share of vested and unvested Enterprise 5 Junior Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., respectively (the “Enterprise 5 Junior Stock”). The unvested Enterprise 5 Junior Stock was issued with the same vesting terms as the unvested Enterprise.5 Incentive Shares held immediately prior to the Reorganization. An aggregate of 434,023 shares of unvested and vested Enterprise 5 Junior Stock were issued in the Reorganization; (10) Holders of vested and unvested Enterprise.6 Incentive Shares of Forma Therapeutics Holdings, LLC received one share of vested and unvested Enterprise 6 Junior Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., respectively (the “Enterprise 6 Junior Stock”). The unvested Enterprise 6 Junior Stock was issued with the same vesting terms as the unvested Enterprise.6 Incentive Shares held immediately prior to the Reorganization. An aggregate of 253,851 shares of unvested and vested Enterprise 6 Junior Stock were issued in the Reorganization; (11) Holder of warrants exercisable to purchase Series B Preferred Shares of Forma Therapeutics Holdings, LLC received one warrant exercisable to purchase Series B-3 Preferred Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., for each outstanding warrant exercisable to purchase Series B Preferred Shares held immediately prior to the Reorganization, at the same exercise price immediately prior to the Reorganization, with an aggregate of warrants exercisable to purchase 299,999 Series B-3 Preferred Stock issued in the Reorganization; and (12) Holders of warrants exercisable to purchase Common 1 shares of Forma Therapeutics Holdings, LLC received one warrant exercisable to purchase common stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc. for each outstanding warrant exercisable to purchase Common 1 shares held immediately prior to the Reorganization, at the same exercise price immediately prior to the Reorganization, with an aggregate of warrants exercisable to purchase 594,482 shares of common stock issued in the Reorganization. In connection with the Reorganization and the exchange of outstanding Series A, Series B and Series C1 Preferred Shares for Series A, Series B-1, Series B-2 and Series C Preferred Stock, respectively, the holders of Series A, Series B-1 and Series B-2 Preferred Stock were no longer entitled to an additional preferred return subsequent to the date of the Reorganization. The holders of Series A, Series B-1 and Series B-2 Preferred Stock retained the right to receive preferred returns in respect of dividends accrued on such shares prior to the Reorganization. Further, the holders of Series B-1, Series B-2 and Series C Preferred Stock were no longer entitled to an optional redemption right. As a result of the payment of the full liquidation preference in conjunction with the March 2019 distribution, the Series C1 Preferred Shares, and the Series C Preferred Stock issued in exchange for the Series C1 Preferred Shares, had no remaining liquidation preference and thereafter, participated in any future distribution on a pro rata basis with the holders of Common 1 and common stock, respectively. In evaluating the Reorganization, the Company considered that there were no changes to the ownership interest held by each holder as a result of the Reorganization, there was no consideration exchanged to effect the Reorganization, and the significant terms of the Preferred Shares, Common 1 shares, enterprise incentive shares, warrants to purchase Series B Preferred Shares and warrants to purchase Common 1 shares were substantially the same before and after the Reorganization. Based on these considerations, the Company determined that the ownership interests prior and subsequent to the Reorganization were sufficiently similar and should be accounted for as an exchange of equity interests and recorded at the historical carrying value. Additionally, while the Reorganization modified certain terms to remove (i) the preferred return for Series A and Series B Preferred Shares and (ii) the optional redemption rights for Series B and Series C1 Preferred Shares, due to the low likelihood of the preferred return being paid or an optional redemption occurring these modifications were not considered qualitatively substantive. Therefore, the Company determined that the Reorganization resulted in a modification to the Series A, Series B and Series C1 Preferred Shares that was not significant. As a result, the Company did not recognize any change to the carrying value of the Preferred Shares. Accordingly, the Company determined that the modification of the underlying instruments exchanged in the Reorganization did not result in an extinguishment of Preferred Shares, nor did it result in the recognition of incremental compensation expense as it relates to the enterprise incentive shares that were exchanged for enterprise junior stock.

Redeemable Convertible and Co_2

Redeemable Convertible and Convertible Preferred Stock and Stockholders’ Equity after Reorganization	12 Months Ended
	Dec. 31, 2020
Temporary Equity [Abstract]
Redeemable Convertible and Convertible Preferred Stock and Stockholders’ Equity after Reorganization	Note 12—Redeemable Convertible and Convertible Preferred Stock and Stockholders’ Equity after Reorganization Redeemable Convertible and Convertible Preferred Stock In December 2019, the Company issued 53,593,440 shares of $0.001 par value Series D Preferred Stock for net proceeds of $99.7 million. The Company assessed the qualitative characteristics of the amended rights, preferences and privileges of Series A, Series B-1, Series B-2 and Series C Preferred Stock resulting from the issuance of the Series D Preferred Stock, in particular the removal of the prior ability to receive both (i) the liquidation preference and (ii) the right to participate with the holders of common stock for the remaining assets, on an as converted basis. Upon issuance of the Series D Preferred Stock, Series A, Series B-1 and Series B-2 had the right to obtain the greater of (i) the liquidation preference or (ii) the amount that would be payable had the holders of each respective class of securities participated with common stock for the remaining assists, on an as converted basis. The Company concluded the amended right amounted to an extinguishment of the existing Series A, Series B-1, and Series B-2 Preferred Stock and issuance of new Series A, Series B-1, and Series B-2 Preferred Stock effective December 2019. There were no modifications made to the Series C Preferred Stock. As a result, the Company recorded a net loss on extinguishment of the outstanding Series A, Series B-1 and Series B-2 Preferred Stock of $3.6 million comprised of a gain on Series A Preferred Stock of $0.1 million, loss on Series B-1 Preferred Stock of $2.0 million and loss on Series B-2 Preferred Stock of $1.7 million. The net loss on extinguishment was recorded to (accumulated deficit) retained earnings and is reflected as an increase in net loss allocable to common stock used in the calculation of net loss per share for the year ended December 31, 2019. The net loss on extinguishment was equal to the difference between the carrying value immediately preceding and fair value immediately following the issuance of Series D Preferred Stock for the respective classes of Preferred Stock. The Company assessed the classification of its outstanding Preferred Stock subsequent to the modification of the terms of certain classes of Preferred Stock and the issuance of Series D Preferred Stock and determined that the Series A, Series B-1, Series B-2 and Series D Preferred Stock were classified outside of stockholders’ equity as redemption was not solely within control of the Company. Any changes in the redemption value were recognized immediately as they occurred through adjustments to the carrying amounts of the instruments at the end of each reporting period. The Series C Preferred Stock remained classified within stockholders’ equity as the holders did not have any redemption rights as they had no liquidation preference. As of December 31, 2019, the Preferred Stock consisted of the following (in thousands, except share data): 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 Upon the closing of the IPO, all of the outstanding shares of Preferred Stock were automatically converted into 20,349,223 shares of common stock. As of December 31, 2020, no shares of Preferred Stock were issued or outstanding. Prior to the closing of the IPO, pursuant to the amended and restated certificate of incorporation (“Amended Certificate of Incorporation”), the rights, preferences and privileges of the holders of the Preferred Stock at December 31, 2019 were as follows: Voting The holders of the Preferred Stock were entitled to vote on all matters submitted for a vote and had the right to vote the number of shares equal to the number of shares of common stock into which such Preferred Stock converted on the record date for determination of holders entitled to vote. Approval of 59% of the Series D Preferred Stock outstanding was required to: (i) liquidate, dissolve, or wind-up the business and affairs of the Company, effect a merger or consolidation or any other deemed liquidation event; (ii) amend, alter or repeal any portion of the Company’s organizational documents; (iii) amend, alter, change or waive any of the rights, preferences and privileges of the Series D Preferred Stock; (iv) create, or authorize the creation of any shares senior to or at parity with the Series D Preferred Stock or increase the authorized number of shares of Series D Preferred Stock or any additional class of shares unless the shares rank junior to the Series D Preferred Stock; (v) reclassify, alter, or amend any existing share if such amendment would render such other share senior to or on a parity with Series D Preferred Stock; (vi) purchase or redeem or pay or declare any dividend or make any distribution on any shares other than the redemption of or dividend or distribution on the Series D Preferred Shares, dividends or other distributions on common stock in the form of additional shares and repurchase of common stock in connection with the registration or termination of any employee or consultant; (vii) incur any indebtedness other than equipment leases, bank lines of credit or trade payable incurred in ordinary course of business; (viii) invest in a non-wholly owned subsidiary or divest at least a majority position in a subsidiary or permit the transfer of rights to at least a majority of assets of such subsidiary; or (ix) increase or decrease the authorized number of directors constituting the board of directors. Dividends The holders of the Series D Preferred Stock were entitled to receive a dividend in preference to any return on common stock at the rate of 8% per share, per annum compounded annually. The dividend was payable only (i) when, as, and if declared by the board of directors, (ii) upon redemption of Series D Preferred Stock or (iii) upon a deemed liquidation event. No dividend had been declared on the Series D Preferred Stock through December 31, 2019. No other holder of Preferred Stock was entitled to receive a dividend. The total cumulative dividends in arrears for the holders Series D Preferred Stock as of December 31, 2019 was $0.3 million. Conversion Each share of Series A, Series B-1, Series B-2, Series B-3, Series C and Series D Preferred Stock was convertible into common stock at the option of the holder any time after the date of issuance. In addition, the Preferred Stock would automatically be converted into common stock, at the applicable conversion ratio of each series then in effect, upon either the approval of 59% of the holders of the Series D Preferred Stock, or upon a qualified public offering, defined as a firm commitment underwritten public offering at a pre-offering valuation of the Company representing a per share price for a share of common stock that was greater than the original issuance price of the Series D Preferred Stock, as adjusted for the reverse stock split ($7.9814), with gross offering proceeds of $75.0 million or more (“Qualified Public Offering”). The conversion ratio for each series of Preferred Stock was determined by dividing the original issuance price by the conversion price, each subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization and other adjustments as set forth in the Company’s Amended Certificate of Incorporation. The original issuance price and conversion price for each class of Preferred Stock was as follows: ORIGINAL ISSUANCE PRICE CONVERSION PRICE Series A $ 2.408 $ 7.2247 Series B-1 $ 1.200 $ 5.1330 Series B-2 $ 1.200 $ 5.1330 Series B-3 $ 1.200 $ 5.1330 Series C $ 1.573 $ 6.7285 Series D $ 1.8659 $ 7.9814 Any adjustment to the conversion price of the Series A, Series B-1, Series B-2, Series B-3, Series C and Series D Preferred Stock made as the result of the issuance or deemed issuance of additional common stock may have been blocked by the holders of at least 59% of the outstanding Series D Preferred Stock. Redemption The holders of at least 59% of the then outstanding Series D Preferred Stock voting together may have, by written request delivered anytime on or after December 18, 2024, required the Company to redeem the Series D Preferred Stock by paying in cash a sum equal to the original Series D Preferred Stock issuance price plus any accrued but unpaid dividends. If the Company did not have sufficient funds legally available to redeem all Series D Preferred Stock to be redeemed at a redemption date, then the Company would have redeemed such shares ratably to the extent possible and would have redeemed the remaining shares as soon as sufficient funds were legally available. No other class of Preferred Stock were redeemable at the option of the holder. Distribution and Liquidation Rights Holders of Preferred Stock were entitled to receive distributions or dividends if, when, and as declared by the board of directors, or in the event of a liquidation, dissolution or winding up of the Company, including a deemed liquidation. A deemed liquidation event was defined as a merger of the Company or the sale, lease, transfer, or other disposition of substantially all the assets of the Company in which the Company was party to such transaction. Such distributions would have been payable in the following order: (1) first, to the holders of Series D Preferred Stock, an amount equal to the greater of (i) an amount per share of $1.8659 plus, in the case of a deemed liquidation event, any accrued but unpaid dividends or (ii) such amount per share as would have been payable as if each share of Series D Preferred Stock had been converted to common stock immediately prior to such distribution, liquidation, dissolution, winding up, or a deemed liquidation event; (2) next, to the holders of Series A, Series B-1, Series B-2 and Series B-3 Preferred Stock, an amount equal to the greater of (i) an amount per share of $2.083, $1.2694, $1.2088 and $1.20, respectively, or (ii) such amount per share as would have been payable as if each share of Series A, Series B-1, Series B-2 and Series B-3 Preferred Stock had been converted to common stock immediately prior to such distribution, liquidation, dissolution, winding up, or a deemed liquidation event; and (3) finally, to the holders of (i) Preferred Stock, (ii) common stock and (iii) enterprise junior stock, pro rata, according to the aggregated number of shares held, treating all Preferred Stock as if they had been converted to common stock immediately prior to the such distribution, liquidation, dissolution, winding up, or a deemed liquidation event only if such series of Series A, Series B-1, Series B-2, Series B-3 and Series D Preferred Stock was deemed to convert pursuant to Section 2(ii) above and subject to the enterprise junior stock thresholds, as applicable (see Note 13). Preferred Stock Upon the closing of the IPO, the Company filed the Second Amended Certificate of Incorporation to authorize 10,000,000 shares of preferred stock which were designated as undesignated preferred stock. As of December 31, 2020, no shares of preferred stock were issued or outstanding. Common Stock As of December 31, 2019, the Company’s Amended Certificate of Incorporation authorized the Company to issue 138,000,000 shares of $0.001 par value common stock. In December 2019 and March 2020, the Company issued 297,241 shares of common stock, respectively, in connection with the exercise of the common stock warrants by its investors for an aggregate of 594,482 shares of common stock issued. The warrants were exercised at a price per share of $0.04. As of December 31, 2020, the Company’s Second Amended Certificate of Incorporation authorized the Company to issue 150,000,000 shares of $0.001 par value common stock of which, 147,494,175 are designated as voting common stock and 2,505,825 are designated as non-voting common stock. Prior to the closing of the IPO, pursuant to the Amended Certificate of Incorporation, the voting, dividend and liquidation rights of the holders of common stock were subject to and qualified by the rights, powers and preferences of the holders of Preferred Stock. The common stock had the following characteristics: Voting Holders of common stock were entitled to one vote per share held on all matters except in cases where a majority of Preferred Stock was required. Dividends The holders of common stock were entitled to receive dividends whenever funds were legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding. Distribution and Liquidation After preference payments had been made to Series A, Series B-1, Series B-2, Series B-3 and Series D Preferred Stock, the remaining available assets were to be distributed to common stock, Series C Preferred Stock, on an as-converted basis, Series A, Series B-1, Series B-2, Series B-3 and Series D Preferred Stock on an as-converted basis only if the shares were converted pursuant to their liquidation preferences and enterprise junior stock subject to the enterprise junior stock thresholds (see Note 13). As of December 31, 2020, pursuant to the Second Amended Certificate of Incorporation, the holders of common stock are entitled to one vote per share. Holders of common stock are entitled to receive dividends, if and when declared by the Company’s board of directors, and to share ratably in the Company’s assets legally available for distribution to the Company’s shareholders in the event of liquidation. Common Stock Reserved for Future Issuances The Company has reserved for future issuance the following number of shares of common stock: DECEMBER 31, 2020 2019 For exercise of stock options under the 2019 Stock Incentive Plan 4,035,285 5,427,377 For exercise of stock options under the 2020 Stock Option and Incentive Plan 906,252 — For restricted stock units granted under the 2020 Stock Option and Incentive Plan 42,100 — For future issuance under the 2020 Stock Option and Incentive Plan 2,569,317 — For future issuance under the 2020 Employee Stock Purchase Plan 367,545 — For Series A Preferred Stock outstanding — 768,195 For Series B-1 Preferred Stock outstanding — 3,488,407 For Series B-2 Preferred Stock outstanding — 2,054,993 For future issuances of Series B-3 Preferred Stock pursuant to warrants to purchase Series B-3 Preferred Stock — 70,133 For Series C Preferred Stock outstanding — 1,508,503 For Series D Preferred Stock outstanding — 12,529,125 For future issuances of common stock pursuant to warrant to purchase common stock — 297,241 For conversion of vested and unvested enterprise junior stock (1) — 676,795 7,920,499 26,820,769 (1) For purposes of determining the conversion ratio for the enterprise junior stock, the Company utilized the fair value per share of common stock of $5.43, which was based on a valuation performed as of December 18, 2019. Equity-Classified Warrants Subsequent to the Reorganization, there were two outstanding warrants to purchase, in total, 594,482 shares of common stock at an exercise price of $0.04 per share (the “Common Stock Warrants”). In December 2019, one of the Common Stock Warrants was exercised by an investor for the purchase of 297,241 shares of common stock at a price of $0.04 per share. As of December 31, 2019, there was one outstanding Common Stock Warrant to purchase 297,241 shares of common stock at an exercise price of $0.04 per share. In March 2020, the remaining Common Stock Warrant was exercised by an investor for the purchase of 297,241 shares of common stock at a price of $0.04 per share.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	Note 13—Equity-Based Compensation 2012 Equity Incentive Plan Prior to the Reorganization, the Company adopted the 2012 Equity Incentive Plan, as Amended and Restated, in August 2012 (the “2012 Plan”). The 2012 Plan provided for the granting of equity awards, including enterprise incentive shares and Common 1 shares to the Company’s employees, executives, directors and consultants. The 2012 Plan is administered by the board of directors, who has the power and authority to determine the terms of the awards. Pursuant to the Reorganization, all vested and unvested enterprise incentive shares were exchanged on a one-for-one basis for shares of vested and unvested enterprise junior stock, respectively. The shares of unvested enterprise junior stock were issued with the same vesting terms as the unvested enterprise incentive shares held immediately prior to the Reorganization. The rights and privileges of the enterprise junior stock were substantially the same as those of the enterprise incentive shares that were outstanding prior to the Reorganization. Additionally, the enterprise junior stock was subject to the same terms of the 2012 Plan under which the enterprise incentive shares were issued. In connection with the Reorganization, the Company retired all authorized but unissued shares reserved for future issuance of enterprise junior stock and common stock awards under the 2012 Plan. Following the Reorganization, no additional awards will be granted under the 2012 Plan. In connection with the closing of the IPO, all vested and unvested shares of enterprise junior stock were automatically converted at the applicable conversion ratio into shares of common stock and restricted common stock, respectively. The restricted common stock will continue to be governed by the terms of the 2012 Plan. To the extent any unvested shares are forfeited, cancelled or are otherwise terminated by the Company related to any outstanding grants, the related shares that are reserved under the 2012 Plan are automatically retired. 2019 Stock Incentive Plan Subsequent to the Reorganization, the Company adopted the 2019 Stock Incentive Plan in November 2019, as amended in December 2019 (the “2019 Plan”). The 2019 Plan provided for the granting of incentive stock options, non-qualified stock options, restricted stock, restricted stock units and other equity-based interests to the Company’s employees, officers, executives, and consultants. The 2019 Plan is administered by the board of directors, who has the power and authority to determine the terms of the awards. Additionally, the board of directors has the power to designate certain responsibilities to committees or officers at its discretion. 2020 Stock Option and Incentive Plan 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 Plan. The 2020 Plan provides for the granting 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 that remained 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 December 31, 2020, there were 2,569,317 shares available for future issuance under the 2020 Plan, which includes 81,037 shares related to unexercised stock options that were forfeited under the 2019 Plan. 2020 Employee Stock Purchase 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 December 31, 2020, no shares have been issued under the ESPP and as such, 367,545 shares remained available for issuance. Enterprise Incentive Shares During the year ended December 31, 2019, no awards of enterprise incentive shares were granted by the Company under the 2012 Plan. The aggregate fair value of enterprise incentive shares that vested during the year ended December 31, 2019 through the date of Reorganization was $2.3 million. Enterprise Junior Stock As of December 31, 2019, the thresholds over which each class of holders of enterprise junior stock would have participated after distributions had been made to the holders of Preferred Stock and common stock, in accordance with their liquidation and distribution preferences, was as follows (in thousands, except share data): THRESHOLD ENTERPRISE JUNIOR STOCK OUTSTANDING Enterprise 1 Junior Stock $ 54,000 564,055 Enterprise 2 Junior Stock $ 99,843 1,003,919 Enterprise 3 Junior Stock $ 120,341 371,441 Enterprise 4 Junior Stock $ 134,121 321,699 Enterprise 5 Junior Stock $ 184,593 423,429 Enterprise 6 Junior Stock $ 224,025 242,308 2,926,851 Each outstanding share of vested and unvested enterprise junior stock would have automatically converted into shares of common stock and restricted common stock, respectively, at the applicable conversion ratio upon (i) the automatic conversion of Preferred Stock into common stock, which would have occurred upon approval of 59% of the holders of the Series D Preferred Stock, or upon a Qualified Public Offering; or (ii) approval of all members of the board of directors and the 59% of the holders of the Series D Preferred Stock. The applicable conversion ratio for the enterprise junior stock was determined by dividing the difference between the fair market value of common stock and the applicable enterprise junior stock threshold by the fair market value of common stock, each subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization and other adjustments as set forth in the Company’s Amended Certificate of Incorporation. Following the Reorganization, no awards of enterprise junior stock were granted by the Company. The following table summarizes the Company’s enterprise junior stock activity under the 2012 Plan: NUMBER OF ENTERPRISE JUNIOR STOCK WEIGHTED AVERAGE GRANT DATE FAIR VALUE WEIGHTED- AVERAGE CONVERSION RATIO Outstanding as of December 31, 2019 2,926,851 $ 7.62 0.23 Granted — Forfeited (104,870 ) 7.43 0.64 Conversion of enterprise junior stock into common stock and restricted common stock pursuant to the closing of the IPO (2,821,981 ) 7.62 0.79 Outstanding as of December 31, 2020 — A summary of the vested enterprise junior stock is as follows: NUMBER OF ENTERPRISE JUNIOR STOCK Vested as of December 31, 2019 2,597,091 Vested through the closing of the IPO 63,779 Vested as of the closing of the IPO 2,660,870 The aggregate fair value of enterprise junior stock that vested during the years ended December 31, 2020 and 2019 was $0.4 million each. 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 an aggregate of 2,124,845 and 103,007 shares of common stock and restricted common stock, respectively. The restricted common stock were 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 December 31, 2020. Stock Options Stock options granted by the Company under the 2019 and 2020 Plans typically vest over a four-year period, contingent upon continued service with the Company and have a ten-year contractual term. Upon stock option exercise, the Company issues new shares and delivers them to the participant. The following table summarizes the Company’s stock option activity under the 2019 and 2020 Plans: 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 3,226,353 $ 10.60 Exercised (71,386 ) $ 5.05 Forfeited (304,796 ) $ 6.00 Outstanding as of December 31, 2020 4,941,537 $ 8.62 9.1 $ 130,802 Exercisable as of December 31, 2020 668,054 $ 5.05 8.7 $ 19,942 Vested and expected to vest as of December 31, 2020 4,941,537 $ 8.62 9.1 $ 130,802 The weighted-average grant-date fair value of stock options granted during the years ended December 31, 2020 and 2019 was $6.93 and $3.25, respectively. The aggregate intrinsic value of stock options exercised during the year ended December 31, 2020 was $1.6 million. No stock options were exercised during the year ended December 31, 2019. As of December 31, 2020, there was approximately $21.3 million of unrecognized equity-based compensation expense related to the stock options that is expected to be recognized over a weighted-average period of approximately 2.9 years. Stock Options Valuation The following assumptions were used in determining the fair value of stock options granted, presented on a weighted average basis: YEAR ENDED DECEMBER 31, 2020 YEAR ENDED DECEMBER 31, 2019 Risk-free interest rate 1.09 % 1.66 % Expected term (in years) 6.0 6.0 Expected volatility 74.8 % 72.9 % Expected dividend yield 0.0 % 0.0 % Fair value per share of common stock $ 10.60 $ 5.05 Restricted Stock Units Restricted stock units granted under the 2020 Plan typically vest over a four-year period, contingent upon continued service with the Company. The following table summarizes the Company’s restricted stock unit activity under the 2020 Plan: NUMBER OF SHARES WEIGHTED AVERAGE GRANT DATE FAIR VALUE Unvested as of December 31, 2019 — $ — Granted 42,100 $ 42.26 Vested — $ — Forfeited — $ — Unvested as of December 31, 2020 42,100 $ 42.26 As of December 31, 2020, there was approximately $1.6 million of unrecognized equity-based compensation expense related to the restricted common units that is expected to be recognized over a weighted-average period of approximately 3.4 years. 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. The following table summarizes the Company’s restricted common stock activity under the 2012 Plan: NUMBER OF SHARES WEIGHTED AVERAGE GRANT DATE FAIR VALUE Issued and unvested as of December 31, 2019 — $ — Conversion of enterprise junior stock into restricted common stock pursuant to the closing of the IPO 103,007 $ 7.69 Issued — $ — Vested (33,397 ) $ 8.69 Forfeited (18,064 ) $ 3.88 Issued and unvested as of December 31, 2020 51,546 $ 7.44 The aggregate fair value of the restricted common stock that vested during the year ended December 31, 2020 was $0.3 million. As of December 31, 2020, there was approximately $0.3 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 1.4 years. Equity-Based Compensation Expense Equity-based compensation expense was as follows (in thousands): YEAR ENDED DECEMBER 31, 2020 2019 Research and development $ 2,247 $ 996 General and administrative 4,712 1,502 $ 6,959 $ 2,498 Enterprise incentive shares $ — $ 1,629 Enterprise junior stock 365 277 Restricted stock units 147 — Restricted common stock 373 — Stock options 6,074 592 $ 6,959 $ 2,498 In November 2019, the Company modified the vesting terms of the enterprise junior stock performance-based awards, which were not probable of occurring as of the date of the modification, to service-based awards which vest over a four-year period. No other terms of the awards changed. The modification, which affected 13 employees, resulted in incremental equity-based compensation expense of $0.2 million which will be recognized over the remaining vesting period outlined within each award, to the extent such employees continue to provide service over the remaining vesting period.

Warrant Liability

Warrant Liability	12 Months Ended
	Dec. 31, 2020
Guarantees And Product Warranties [Abstract]
Warrant Liability	Note 14—Warrant Liability 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 was obligated to 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 embodied an obligation to repurchase the Company’s shares in exchange for specified assets that was not within the Company’s control, the Company classified the common stock warrants as a liability upon the conversion of the warrants. In July 2020, the common stock warrants were exercised under cashless (net) exercise provisions resulting in the issuance of 62,193 shares of common stock. Upon exercise of the warrants, the Company remeasured the warrant liability to its fair market value and reclassified the total carrying value of the warrant liability into additional paid-in capital. As of December 31, 2020, no common stock warrants were outstanding. 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 the exercise date of the warrants and December 31, 2019, respectively: JULY 1, 2020 YEAR ENDED DECEMBER 31, 2019 Risk-free interest rate 0.31 % 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 $ 46.37 $ — Fair value per share of underlying Series B-3 Preferred Stock $ — $ 1.40

Net Loss per Share

Net Loss per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Net Loss per Share	Note 15—Net Loss per Share Following the Reorganization, the Company calculates net loss per share based on its outstanding shares of common stock. For the year ended December 31, 2019, the weighted-average shares of common stock outstanding includes the weighted-average number of Common 1 shares outstanding prior to the Reorganization. The following table sets forth the outstanding shares of common stock equivalents, presented based on amounts outstanding as of December 31, 2020 and 2019, respectively, that have been excluded from the calculation of diluted net loss per share because their inclusion would have been anti-dilutive, including the Preferred Stock outstanding as of December 31, 2019 that would have been issued under the if-converted method (in shares of common stock equivalents): YEAR ENDED DECEMBER 31, 2020 2019 Series A Preferred Stock — 768,195 Series B-1 Preferred Stock — 3,488,407 Series B-2 Preferred Stock — 2,054,993 Series C Preferred Stock — 1,508,503 Series D Preferred Stock — 12,529,125 Enterprise junior stock (1) — 676,795 Stock options 4,941,537 2,091,366 Restricted common stock 51,546 — Restricted common units 42,100 — (1) For purposes of determining the conversion ratio for the enterprise junior stock, the Company utilized the fair value per share of common stock of $5.43, which was based on a valuation performed as of December 18, 2019.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 16—Income Taxes For the year ended December 31, 2020 the Company recorded an $29.7 million tax benefit primarily associated with US federal income tax refunds from the carryback of the taxable losses reported in the current and prior years as a result of the March 27, 2020 enactment of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). For the year ended December 31, 2019, the Company recorded a $1.8 million income tax benefit primarily associated with the reduction of its uncertain tax positions. A summary of the income tax expense (benefit) is as follows (in thousands): DECEMBER 31, 2020 2019 Current: Federal $ (29,748 ) $ (1,116 ) State 29 (732 ) Deferred: Federal — — State — — Total tax benefit $ (29,719 ) $ (1,848 ) 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 resulted in the generation of refunds of previously paid income taxes for which some refunds have been and some refunds are expected to be received over the next twelve months. The Company has filed refund claims related to its 2018 and 2019 tax years and anticipates filing a refund claim related to its 2020 tax year to carryback NOLs to its 2015, 2016, 2017 and 2018 tax years for federal tax purposes which will result in total expected refunds of $29.7 million. A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in the consolidated statements of operations and comprehensive loss is as follows: DECEMBER 31, 2020 2019 Income tax computed at federal statutory tax rate (21.0 )% (21.0 )% State taxes, net of federal benefit (4.9 )% (12.7 )% Federal research credits (3.4 )% (20.3 )% State research credits (0.8 )% (3.7 )% State credit expiration 0.0 % 3.1 % Equity compensation 1.0 % 1.2 % Partnership expenses 0.0 % 0.9 % Permanent differences 0.5 % 0.0 % Audit settlement 0.0 % (3.7 )% CARES Act tax rate differential (14.4 )% 0.0 % Valuation allowance 13.3 % 51.2 % Effective tax rate (29.7 )% (5.0 )% Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred tax assets are as follows (in thousands): DECEMBER 31, 2020 2019 Net operating loss carryforwards $ 11,036 $ 15,103 Research and development credits 37,107 20,114 Capitalized expenses 3,202 3,280 Accrued expenses and other 2,138 1,771 Deferred revenue — 339 Depreciation 41 — Deferred tax asset subtotal 53,524 40,607 Less: Valuation allowance (53,524 ) (40,211 ) Deferred tax assets after valuation allowance — 396 Depreciation — (396 ) Net deferred tax assets $ — $ — As of December 31, 2020, the Company had State NOL carryforwards of approximately $169.3 million. As of December 31, 2019, the Company had Federal and State NOL carryforwards of approximately $45.3 million and $82.9 million, respectively. The State NOL carryforwards expire at various dates through 2039. As of December 31, 2020, the Company had Federal and State research and development tax credit carryforwards of approximately $33.4 million and $4.7 million, respectively, which expire at various dates through 2038. As of December 31, 2019, the Company had Federal and State research and development tax credit carryforwards of approximately $16.5 million and $4.6 million, respectively, which expire at various dates through 2039. As required by ASC 740, management of the Company has evaluated the evidence bearing upon the realizability of its deferred tax assets. Based on the weight of available evidence, both positive and negative, management has determined that it is more likely than not that the Company will not realize the benefits of these assets. Accordingly, the Company recorded a valuation allowance of $53.5 million and $40.2 million at December 31, 2020 and December 31, 2019, respectively. The valuation allowance increased by $13.3 million during the year ended December 31, 2020, primarily as a result of the increase in Federal tax credits primarily due to tax credit utilization limitation under the CARES Act refund claims. Utilization of the U.S. federal and state net operating loss and research and development credit carryforwards may be subject to a substantial annual limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of net operating loss and research and development credit carryforwards that can be utilized annually to offset future taxable income and tax liabilities, respectively. The Company has not completed a study to assess whether a change of ownership has occurred, or whether there have been multiple ownership changes since its formation, due to the significant cost and complexity associated with such a study. Any limitation may result in expiration of a portion of the net operating loss carryforwards or research and development credit carryforwards before utilization. Further, until a study is completed by the Company and any limitation is known, no amounts are being presented as an uncertain tax position. The Company applies the accounting guidance in ASC 740 related to accounting for uncertainty in income taxes. The Company’s reserves related to taxes are based on a determination of whether, and how much of, a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. The following is a roll forward of the Company’s unrecognized tax benefits (in thousands): DECEMBER 31, 2020 2019 Balance at beginning of year $ — $ 3,165 Gross increases—tax positions of prior years — 296 Gross increases—current period tax positions — — Gross decreases—tax positions of prior years — (863 ) Gross decreases—lapses of statute of limitations — (246 ) Gross decreases—settlements — (2,352 ) Balance at end of year $ — $ — As of December 31, 2020 and 2019, the Company had zero unrecognized tax benefits. The Company did not record any interest and penalties for the unrecognized tax benefits for the years ended December 31, 2020 and 2019. During 2019, the Company concluded the examination of its 2015 and 2016 U.S. federal income tax returns and released $3.2 million of unrecognized tax benefits of which $0.9 million was recognized in the consolidated statements of operations and comprehensive loss. The Company files income tax returns in the United States federal tax jurisdiction and one state jurisdiction. The Company did not have any foreign operations during the years ended December 31, 2020 and 2019. The statute of limitations for assessment by the Internal Revenue Service and state tax authorities is closed for tax years prior to 2017 although carryforward attributes generated in years prior may still be adjusted upon examination to the extent utilized in a future period. The IRS has notified the Company of an examination of the 2019 CARES Act carryback claim of $14.9 million in accordance with the IRS statute regarding refund claims in excess of $5.0 million. The Company does not anticipate any adjustment to the refund claim.

Collaboration Agreements

Collaboration Agreements	12 Months Ended
	Dec. 31, 2020
Collaboration And License Agreements Disclosure [Abstract]
Collaboration Agreements	Note 17—Collaboration Agreements Celgene License Agreement Prior to January 1, 2019, the Company entered into various collaboration agreements with Celgene Corporation (“Celgene”) to engage in the performance of research and development activities with respect to discovering, developing, and commercializing drug candidates for potential treatment of human diseases and conditions. 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 Topic 606. The Modified Arrangement was comprised of multiple contracts including termination letters for the existing agreements and License Agreements. The Company concluded the multiple contracts under the Modified Arrangement should be combined for accounting purposes as they were executed at the same time and negotiated with a single commercial objective. Accordingly, the Company applied the modification guidance under Topic 606 determining that certain promised goods and services under the Modified Arrangement were distinct from those already provided while others were not distinct. Therefore, the Company updated the transaction price of the Modified Arrangement to include the deferred revenue related to the unsatisfied performance obligations prior to the termination date plus the incremental consideration received under the License Agreements. The promises under the Modified Arrangement included worldwide development and commercialization licenses to FT-1101 and USP30 along with related technology transfer activities for each compound. The technology transfer activities included the completion of a Phase I study for FT-1101, and the transfer of clinical data and regulatory material, manufacturing know-how and data necessary for Celgene to continue the development of both FT-1101 and USP30. Without the technology transfer activities, Celgene would have been unable to fully exploit the licensed compounds and therefore each license was not distinct from its respective technology transfer activities. However, once the transfer activities were completed, Celgene was able to exploit each license independent of the other. Therefore, the technology transfer activities were combined with the associated license for two separate performance obligations (hereafter, referred to as the “FT-1101 Combined PO” and “USP30 Combined PO”). The transaction price of the combined contract was $232.9 million, inclusive of $147.8 million related to deferred revenue of the partially satisfied obligations prior to the Termination along with $77.5 million of additional license fees, and $7.6 million of reimbursement of certain costs, including costs incurred in performing technology transfer activities. The Company concluded the consideration related to the development, regulatory and commercial milestone payments is fully constrained as the achievement of such milestones is outside of the Company’s control and it is probable that a significant reversal of revenue could occur. Further, the Company accounts for the sales-based royalties consistent with the sales- and usage-based royalty guidance when (or as) such amounts are earned. Using various measures, including projected cash flows and data from comparable market transactions, the Company determined the estimated standalone selling prices and allocated the transaction price to the FT-1101 Combined PO and USP30 Combined PO based on their relative standalone selling prices. The allocated transaction price of the FT-1101 Combined PO and USP30 Combined PO was $157.8 million and $75.1 million, respectively. The Company recognized revenue over time for each of these performance obligations using an input method based on a measure of cost incurred relative to total estimated cost for the technology transfer activities. This measurement approach represented the most faithful depiction of progress under the contract as the costs incurred were indicative of progress achieved. The technology transfer activities were completed, and the license rights were fully transferred to Celgene in May 2019 for the USP30 Combined PO and December 2019 for the FT-1101 Combined PO. For the year ended December 31, 2019, the Company recognized $96.5 million of revenue related to the Modified Arrangement. Other Collaboration Agreements The Company has a license agreement with Boehringer Ingelheim (“BI”) for which it is eligible to receive certain development and commercialization milestone payments based on progress achieved by BI for 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. The Company concluded the contract term was ten years at which point, the options expire. The Company completed the service obligations in January 2012 and, as of December 31, 2019, no options have been exercised. 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 Valo Health and therefore the Company’s obligation relative to the options were released and assumed by Valo Health (see Note 19). 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 Year Ended December 31, 2020 Deferred revenue $ 1,239 $ — $ 1,239 $ — Deferred revenue, noncurrent $ — $ — $ — $ — Year Ended December 31, 2019 Deferred revenue $ 94,031 $ 3,765 $ 96,557 $ 1,239 Deferred revenue, noncurrent $ 1,266 $ — $ 1,266 $ — For the year ended December 31, 2019, $94.1 million of collaboration revenue recognized was included in deferred revenue at the beginning of the period. The Company had no contract asset balances as of and for the years ended December 31, 2020 and 2019.

401(k) Savings Plan

401(k) Savings Plan	12 Months Ended
	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
401(k) Savings Plan	Note 18—401(k) Savings Plan The Company maintains a defined contribution savings plan covering all eligible U.S. employees under Section 401(k) of the Internal Revenue Code. As of April 2012, by approval of the Company’s board of directors, the Company contributes to the plan in an amount equal to 100% of employee contributions up to a maximum of 6% of the employee’s base salary. The Company’s contributions to the plan for the years ending December 31, 2020 and 2019 were $1.1 million and $1.3 million, respectively.

Hit Discovery Divestiture

Hit Discovery Divestiture	12 Months Ended
	Dec. 31, 2020
Discontinued Operations And Disposal Groups [Abstract]
Hit Discovery Divestiture	Note 19—Hit Discovery Divestiture On March 16, 2020, the Company and Valo Health, Inc. (“Valo Health”, previously disclosed as “Integral Health, Inc.” and “NewCo”) executed an Agreement to divest select hit discovery capabilities (“Hit Discovery”, previously disclosed as “Early Discovery”). Valo 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 Valo Health. In exchange, the Company was entitled to receive: $17.5 million in cash, of which $2.5 million was paid at closing, and $15.0 million was 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 Valo Health; and equity consideration equal to $10.0 million of equity in Valo Health’s next financing round or, if Valo Health’s next equity financing did not occur prior to the one-year anniversary of the closing of the Agreement, a number of shares of preferred stock issued in Valo 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 Valo Health closed a financing that met certain minimum thresholds prior to June 1, 2021, Valo Health would 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 that bind to a target in certain identified target classes, on a product-by-product and country-by-country basis during the periods of time commencing at the time of the first commercial sale of such product in such country, until the later of (i) the expiration of certain related patents and (ii) ten years after such first commercial sale (“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 Valo 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 was not a derivative instrument pursuant to ASC 815, Derivatives and Hedging Equity Securities The fair value of the Installment Receivable was initially calculated as the present value of the then future cash payments to be received from Valo Health using a discount rate of 19.0% which factored in the risks associated with an early-stage development company. The Company used the effective interest rate to accrete the present value of the then future payments to the total amount of payments that were received from Valo Health. 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 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 Valo Health were 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 on the Company’s consolidated statement of operations and comprehensive loss for the year ended December 31, 2020. 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 consolidated statement of operations and comprehensive loss for the year ended December 31, 2020 related to a cash bonus payable as a result of the transaction. During the fourth quarter of 2020, Valo Health closed on their next equity financing round. In connection with the closing, the Company received preferred shares in Valo Health in an amount equal to $10.0 million and the remaining balance of the Installment Receivable. Further, the Company fully accreted the Installment Receivable which resulted in $2.4 million of interest income recorded during the year ended December 31, 2020. The Company concluded the fair value of the equity interest received in Valo Health was equal to $10.0 million and was recorded in other assets on the Company’s consolidated balance sheet. No gain or loss was recorded by the Company in connection with the closing of Valo Health’s next equity financing round as the carrying value of the Equity Consideration immediately prior to the closing was equal to the fair value of the equity interest that was received in Valo Health as part of the equity financing. As the Company does not have a significant influence on the operating and financial policies of Valo Health, the Company accounted for the equity interest received in Valo Health by applying the measurement alternative under ASC 321. As of December 31, 2020, there had been no impairments to the equity interest in Valo Health.

Selected Quarterly Data (Unaudi

Selected Quarterly Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Data (Unaudited)	Note 20—Selected Quarterly Data (Unaudited) The following tables contain quarterly financial information for the years ended December 31, 2020 and 2019. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period (in thousands, except share and per share data): 2020 Quarter Ended March 31 June 30 September 30 December 31 Collaboration revenue $ — $ — $ — $ — Operating expenses: Research and development 23,210 20,511 24,780 24,866 General and administrative 8,933 6,448 7,460 7,941 Restructuring charges 83 (20 ) — — Total operating expenses 32,226 26,939 32,240 32,807 Loss from operations (32,226 ) (26,939 ) (32,240 ) (32,807 ) Other income (expense): Gain on Hit Discovery divestiture 23,312 — — — Interest income 641 895 870 1,022 Other income (expense), net 18 (2,634 ) (52 ) 7 Total other income (expense), net 23,971 (1,739 ) 818 1,029 Loss before taxes (8,255 ) (28,678 ) (31,422 ) (31,778 ) Income tax benefit (19,485 ) (3,238 ) (3,806 ) (3,190 ) Net income (loss) and comprehensive income (loss) $ 11,230 $ (25,440 ) $ (27,616 ) $ (28,588 ) Net income (loss) allocable to shares of common stock, basic $ 5,838 $ (27,240 ) $ (27,616 ) $ (28,588 ) Net income (loss) allocable to shares of common stock, diluted $ 7,754 $ (27,240 ) $ (27,624 ) $ (28,588 ) Net income (loss) per share of common stock, basic $ 2.29 $ (4.58 ) $ (0.67 ) $ (0.68 ) Net income (loss) per share of common stock, diluted $ 0.36 $ (4.58 ) $ (0.67 ) $ (0.68 ) 2019 Quarter Ended March 31 June 30 September 30 December 31 Collaboration revenue $ 72,009 $ 17,727 $ 3,377 $ 7,444 Operating expenses: Research and development 28,650 28,065 27,558 27,042 General and administrative 4,918 5,688 7,025 6,771 Restructuring charges 4,226 849 545 (330 ) Total operating expenses 37,794 34,602 35,128 33,483 Loss from operations 34,215 (16,875 ) (31,751 ) (26,039 ) Other income: Gain on Hit Discovery divestiture — — — — Interest income 1,197 782 565 306 Other income, net 301 11 201 446 Total other income, net 1,498 793 766 752 Income (loss) before taxes 35,713 (16,082 ) (30,985 ) (25,287 ) Income tax expense (benefit) 108 (1,325 ) — (631 ) Net income (loss) and comprehensive income (loss) $ 35,605 $ (14,757 ) $ (30,985 ) $ (24,656 ) Net income (loss) allocable to shares of Common 1, basic $ 5,681 $ (15,357 ) $ (31,652 ) Net income (loss) allocable to shares of Common 1, diluted $ 5,371 $ (15,364 ) $ (31,850 ) Net loss allocable to shares of common stock, basic $ (28,808 ) Net loss allocable to shares of common stock, diluted $ (29,255 ) Net income (loss) per share of Common 1, basic $ 2.23 $ (6.03 ) $ (12.42 ) Net income (loss) per share of Common 1, diluted $ 2.08 $ (6.03 ) $ (12.50 ) Net loss per share of common stock, basic $ (11.31 ) Net loss per share of common stock, diluted $ (11.48 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 21—Subsequent Events The Company has evaluated subsequent events through the date the consolidated financial statements were issued and determined that there are no material events that warrant disclosure or recognition in the consolidated financial statements. .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The consolidated financial statements prior to the Reorganization include the accounts of Forma Therapeutics Holdings, LLC and its wholly owned subsidiaries. The 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 consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standard Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the valuation of Common 1 shares, common stock, enterprise incentive shares, enterprise junior stock, warrant liability, accrued expenses, income taxes, standalone selling price, estimated variable consideration and proportional performance in calculating revenue recognition. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates.
Segment Information	Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess performance. The Company and the Company’s chief operating decision-maker, the Company’s chief executive officer, view the Company’s operations and manages its business as a single operating segment.
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 letters of credit to secure the Company’s office spaces. Pursuant to the Hit Discovery divestiture in March 2020, and the assignment and assumption of the Company’s Branford, CT lease to Valo Health, the security deposit restricted as of December 31, 2019 was transferred to Valo Health (see Note 19). In connection with the Company entering into a new lease in September 2020, the Company delivered a letter of credit equal to six months of the initial base rent which was included in restricted cash as of December 31, 2020. Restricted cash is included in other assets on the consolidated balance sheets. The following table reconciles cash, cash equivalents and restricted cash per the consolidated balance sheets to the consolidated statements of cash flows (in thousands): DECEMBER 31, 2020 2019 Cash and cash equivalents $ 282,689 $ 173,180 Restricted cash 2,470 616 Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows $ 285,159 $ 173,796 As of December 31, 2020, cash equivalents included $22.5 million of investments in commercial paper with an original term of less than 90 days stated at amortized cost.
Marketable Securities	Marketable Securities Marketable securities generally consist of U.S. Treasury securities, debt securities of U.S. Government agencies and corporate entities and commercial paper. The objectives for holding investments are to invest the Company’s excess cash resources in investment vehicles that provide a better rate of return compared to an interest-bearing bank account with limited risk to the principal invested. Marketable securities with original maturities of greater than 90 days and remaining maturities of less than one year from the balance sheet date are classified as short-term marketable securities. Marketable securities with remaining maturities of greater than one year from the balance sheet date are classified as long-term marketable securities. All investments are classified as held-to-maturity marketable securities as the Company does not have intent to sell these securities and it is more likely than not the Company will not be required to sell such investments before recovery of their amortized cost basis. Held-to-maturity securities are stated at their amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income in the consolidated statements of operations and comprehensive loss.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments which potentially expose the Company to concentrations of credit risk include cash equivalents, marketable securities and accounts receivable. Substantially all of the Company’s cash deposits are maintained at large, creditworthy financial institutions. Concentration of credit risk with respect to receivables is limited to certain customers to which the Company makes substantial sales. Customers are granted credit on an unsecured basis. To mitigate risk, the Company routinely assesses the financial strength of its customers which are primarily large pharmaceutical companies. The Company’s policy is to maintain allowances for estimated losses associated with the inability of its customers to make required payments. The Company provides an allowance for doubtful accounts based on known accounts receivable balances that are determined to be uncollectible, historical experience and other currently available evidence. The Company’s senior management reviews accounts receivables on a periodic basis to determine if any receivables may be potentially uncollectable. An amount is written off against the allowance after all attempts have failed to collect the receivable. Based on management’s review, no allowances for doubtful accounts were recorded for the year ended December 31, 2019. For the year ended December 31, 2020, the Company did not have any outstanding accounts receivables. For the year ended December 31, 2019, one customer accounted for 96% of total revenue. As of December 31, 2019, the same customer represented 100% of the accounts receivable balance.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and amortization. Repairs and maintenance costs are expensed as incurred. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are eliminated from the consolidated balance sheets and any related gain or loss is reflected in the consolidated statements of operations and comprehensive loss. Depreciation is computed using the straight-line method over the following useful lives: ESTIMATED USEFUL LIFE Computer and office equipment 3 years Software 3-5 years Lab equipment 3-5 years Furniture and fixtures 3 years Leasehold improvements Shorter of estimated useful life or lease term
Assets Held For Sale	Assets Held-for-Sale The Company classifies assets as held-for-sale when all of the following are met: (i) management has committed to a plan to sell the assets; (ii) the assets are available for immediate sale in their present condition; (iii) an active program to locate a buyer has been initiated; (iv) it is probable that a sale will occur within one year; (v) the assets are being actively marketed for sale at a price that is reasonable in relation to their current fair value; and (vi) it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. If all held-for-sale criteria are met, the assets are reclassified and presented separately in the consolidated balance sheets as assets held-for-sale at the lower of the carrying value or the fair value, less cost to sell, and no longer depreciated or amortized.
Classification of Preferred Shares and Preferred Stock	Classification of Preferred Shares and Preferred Stock The Company records all preferred shares and preferred stock upon issuance at its respective fair value or original issuance price less direct and incremental issuance costs, as stipulated by its terms. The Company classifies its preferred shares and preferred stock outside of stockholders’ equity, if the redemption of such shares is at the option of the holder or any deemed redemption event is outside the Company’s control. The Company adjusts the carrying values of its preferred shares and preferred stock to its redemption value when the redemption value exceeds the carrying value and when the preferred shares and preferred stock are currently redeemable or probable of becoming redeemable. Upon the closing of the IPO, all of the outstanding shares of preferred stock were automatically converted into 20,349,223 shares of common stock. No shares of preferred stock were issued or outstanding as of December 31, 2020.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based on discounted cash flows. To date, the Company has not recorded any impairment losses on long-lived assets.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principle or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, the first two are considered observable and the last is considered unobservable: ∎ Level 1: Quoted prices in active markets for identical assets or liabilities. ∎ Level 2: Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. ∎ Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s warrants to purchase shares of redeemable convertible, convertible preferred securities and common shares, money market funds, and repurchase agreements are carried at fair value, determined according to the fair value hierarchy described above. The Company has no other financial assets or liabilities that are measured at fair value on a recurring basis.
Research and Development	Research and Development Research and development costs are charged to operations in the period incurred and include: ∎ compensation, benefits, including equity-based compensation, and other employee related expenses; ∎ research and development related facility and depreciation costs; ∎ supplies to support the Company’s internal research and development efforts; and ∎ third-party contract costs relating to research, process and formulation development, preclinical and clinical studies, and regulatory operations. Costs for certain development activities, such as clinical trials and manufacturing development activities, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, and information provided to the Company by its vendors on their actual costs incurred or level of effort expended. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are recorded as prepaid or accrued research and development expenses.
Patents Costs	Patent Costs Costs to secure, defend and maintain patents are expensed as incurred, and are classified as general and administrative expenses due to the uncertainty of future benefits.
Comprehensive Income (Loss)	Comprehensive Loss Comprehensive loss includes net 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 loss and comprehensive loss presented in the accompanying consolidated financial statements for the years ended December 31, 2020 and 2019.
Income Taxes	Income Taxes Prior to the Reorganization, Forma Therapeutics Holdings, LLC, a limited liability company, was treated as a “pass-through” entity for federal income tax purposes. As such, it did not pay federal income taxes. Rather, the income, gains and losses were allocated to the holders of the Company’s redeemable convertible and convertible preferred shares and Common 1 shares. Its subsidiaries were corporations for income tax purposes and recorded income taxes using the asset and liability method. Subsequent to the Reorganization, Forma Therapeutics Holdings, Inc. and the Company’s subsidiaries are corporations for income tax purposes and record income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company’s financial statements contain certain deferred tax assets, which have arisen primarily as a result of operating losses, as well as other temporary differences between financial and tax accounting. Accounting guidance requires the Company to establish a valuation allowance if the likelihood of realization of the deferred tax assets is reduced based on an evaluation of objective verifiable evidence. Significant management judgment is required in determining the Company’s provision for income taxes, the Company’s deferred tax assets and liabilities and any valuation allowance recorded against those net deferred tax assets. The Company evaluates the weight of all available evidence to determine whether it is more likely than not that some portion of all of the net deferred income tax assets will not be realized. The guidance on accounting for and disclosure of uncertainty in tax positions requires the Company to determine whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals of litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the consolidated financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon the ultimate settlement with the relevant taxing authority. The Company has elected to include interest on income tax deficiencies and tax penalties in the income tax provision.
Warrant Liability	Warrant Liability The Company accounts for its warrants as either equity or liabilities based on the characteristics and provisions of each instrument. When the warrant agreement includes terms and provisions in which an event could occur that requires the Company to transfer cash or other assets to the warrant holder in exchange for either (i) the outstanding warrant or (ii) the underlying share issuable upon exercise of the warrant and that event is outside of the Company’s control, the warrant is accounted for as a liability. Warrants classified as liabilities are recorded at fair value on the date of grant and are subsequently remeasured to fair value at each balance sheet date. Changes in the fair value of the warrant are recognized as a component of other income in the consolidated statements of operations and comprehensive loss. The Company estimates the fair value of these liabilities using Black-Scholes option-pricing models and assumptions that are based on the individual characteristics of the warrants on the valuation date, as well as assumptions including the fair value per share of the underlying security, the remaining contractual term of the warrant, risk-free interest rate, expected dividend yield and expected volatility of the price of the underlying security.
Revenue Recognition	Revenue Recognition The Company enters into collaboration agreements within the scope of ASC 606, Revenue from Contracts with Customers Topic 606 requires entities to recognize revenue when (or as) control of the promised goods or services transfer to the customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those promised goods or services. In order to meet this objective, the Company applies the five-step model prescribed by Topic 606 as follows: (i) identify the contract with the customer; (ii) identify the performance obligation(s); (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s); and (v) recognize revenue when (or as) the performance obligation(s) is satisfied. The Company applies the five-step model to contracts with customers when it is deemed probable that the consideration to which it will be entitled in exchange for the goods or services transferred will be collected. When optional goods or services are offered, the Company assesses the options to determine whether the options grant the customer a material right. This determination includes whether the option is priced at an amount that the customer would not have received without entering into the contract with the Company. If the Company concludes the option conveys a material right, it is accounted for as a separate performance obligation. In identifying performance obligations in a contract, the Company identifies those promises that are distinct. Promised goods or services are considered distinct when the customer can benefit from the goods or services on their own, or together with readily available resources, and the goods or services are separately identifiable from other promises in the contract. If a promise is not distinct, it is combined with other promises in the contract until the combined group of promises is capable of being distinct. At contract inception, the Company determines transaction price based on the amount of consideration the Company expects to receive in exchange for the promised goods and services transferred. Consideration may be fixed or variable, or both. When a contract includes variable consideration, the Company applies either the expected amount method or the most likely amount method to estimate the consideration to be received. The Company then assesses whether it is probable that a significant reversal of revenue will not occur if the variable consideration is included in the measure of transaction price. If the probability threshold is not met, the Company constrains the variable consideration to the extent it is not probable that a significant reversal of revenue will not occur. For contracts that include sales-based royalties for licensed compounds, the Company recognizes revenue at the date when the related sales occur. Finally, the Company determines whether the contract contains a significant financing component by analyzing the promised consideration relative to the standalone selling price of the promised goods and services and the timing of payment relative to the transfer of the promised goods and services. At each reporting date, the Company reassesses the transaction price and probability of achievement of the performance obligations and the associated constraints on transaction price. If necessary, the Company adjusts its transaction price, recording a cumulative catch-up adjustment based on progress for the amount that was previously constrained. Transaction price is allocated based on relative standalone selling price of the performance obligations in the contract. When variable consideration relates to one or more, but not all, performance obligations in the contract, and allocating the variable consideration to the related performance obligations results in an amount the Company would expect to receive for those performance obligations, the variable consideration is allocated to those performance obligations to which it relates. Determining the standalone selling price of the performance obligations requires management judgment as the performance obligations may not be sold on a standalone basis. To estimate standalone selling price, the Company considers comparable transactions, both internal and in the marketplace, elements of the negotiations of the contract, estimated costs to complete the respective performance obligations and reasonable profit margins the Company and others in the marketplace would expect to receive for the various elements of the contract. Revenue is recognized when (or as) control of a performance obligation is transferred to the customer. When combined performance obligations contain a promised license and related services or other promises, management judgment is required to determine the appropriate timing of revenue recognition. In doing so, the Company must identify the predominant promise or promises in the contract to determine whether revenue is recognized at a point in time or over time. If over time, the Company must determine the appropriate measure of progress. If a license is deemed to be the predominant promise in a performance obligation, the Company must determine the nature of the license, whether functional or symbolic intellectual property, to conclude whether point-in-time or over-time revenue recognition is most appropriate. The determination of functional or symbolic intellectual property requires an assessment of whether the customer is able to exploit and benefit from the license in its current condition or if the utility of the license is dependent on or influenced by the ongoing activities of or being associated with the Company. At each reporting date, the Company calculates the measure of progress for the performance obligations transferred over time. The calculation generally uses an input measure based on costs incurred to-date relative to estimated total costs to complete the transfer of the performance obligation. The measurement of progress is then used to calculate the total revenue earned, including any cumulative catch-up adjustment. Payments in the Company’s contracts are generally based on stated billing intervals in the contracts. Payments are generally due within
Net Loss per Share	Net Loss per Share The Company follows the two-class method when computing net loss allocable to common securities per share as the Company has issued shares that meet the definition of participating securities, which include: (i) Series A convertible preferred shares; (ii) Series B and Series C1 redeemable convertible preferred shares; (iii) enterprise incentive shares; (iv) Series A, Series B-1 and Series B-2 convertible preferred stock prior to the issuance of the Series D redeemable convertible preferred stock (see Note 12); (v) Series C convertible preferred stock; (vi) enterprise junior stock; and (vii) restricted common stock. The two-class method requires a portion of net loss to be allocated to the participating securities to determine net loss allocable to the common securities. During periods of loss, there is no allocation required under the two-class method since the participating securities do not have a contractual obligation to fund the losses of the Company. Net loss allocable to common securities stock is equal to the net loss less: (i) cumulative dividends and preferred returns on preferred securities accrued during the period, whether or not declared; (ii) noncumulative dividends declared on classes of securities other than common securities, whether or not paid; (iii) increases or decreases in carrying value of preferred securities, including accretion on preferred securities to its redemption value, gains or losses resulting from extinguishments on preferred securities and distributions on preferred securities in excess of accrued cumulative dividends or preferred returns; and (iv) participation rights in undistributed earnings. Basic net loss per share is calculated by dividing net loss allocable to common securities by the weighted-average number of shares of common securities outstanding for the period, which includes the warrants to purchase common securities at $0.04 per share to the extent they are outstanding. Diluted net loss per share is calculated by dividing the diluted net loss allocable to common securities by the weighted-average number of common securities outstanding used to calculate basic net loss per share, plus the effect of potential common securities to the extent they are dilutive.
Equity-Based Compensation	Equity-Based Compensation The Company accounts for equity awards, including grants of enterprise incentive shares, enterprise junior stock, stock options, restricted stock units 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 consolidated statements of operations and comprehensive 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. Subsequent to the IPO, the fair value of the Company’s common stock underlying its equity awards is based on the quoted market price of the Company’s 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 fair value of the Company’s common stock, 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. The fair value of restricted stock units is based on the fair value of the Company’s common stock on the grant date. Prior to the IPO, the estimated fair value of the Company’s common securities underlying its equity awards had been determined by the board of directors as of the date of each award grant, with input from management, considering the Company’s most recently available third-party valuations of common securities. Such valuations included a number of judgements and assumptions which significantly affected the outcome of the estimated fair value of the common securities, including a discount for lack of an active public market, results of operations, financial position and status of the Company’s research and development efforts, material business risks and strategies, likelihood of a liquidity event such as an IPO or sale of the company, and current conditions in the public markets, among others. The Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation 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 consolidated statements of operations and comprehensive loss consistent with the classification of the award recipient’s compensation expense.
Recently Issued Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820)—Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which modifies the disclosure requirements on fair value measurements with respect to Level 3 rollforwards, timing of liquidation of investments in certain entities that calculate net asset value, and measurement uncertainty. The Company adopted ASU 2018-13 as of January 1, 2020. The implementation of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses on Financial Instruments, Leases (Topic 842)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Reconciles Cash, Cash equivalents and Restricted Cash	The following table reconciles cash, cash equivalents and restricted cash per the consolidated balance sheets to the consolidated statements of cash flows (in thousands): DECEMBER 31, 2020 2019 Cash and cash equivalents $ 282,689 $ 173,180 Restricted cash 2,470 616 Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows $ 285,159 $ 173,796
Schedule of Estimated Useful Lives of Property Plant and Equipment	Depreciation is computed using the straight-line method over the following useful lives: ESTIMATED USEFUL LIFE Computer and office equipment 3 years Software 3-5 years Lab equipment 3-5 years Furniture and fixtures 3 years Leasehold improvements Shorter of estimated useful life or lease term

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 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 or disclosed 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 DECEMBER 31, 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 agreement $ 12,000 $ — $ 12,000 $ — Commercial paper 22,493 — 22,493 — Money market funds 227,987 227,987 — — Assets—Short-term marketable securities U.S. Government agency securities 55,469 — 55,469 — U.S. Treasury securities 38,294 38,294 — — Commercial paper 237,735 — 237,735 — Corporate debt securities 18,873 — 18,873 — Assets—Long-term marketable securities U.S. Government agency securities 7,049 — 7,049 — Corporate debt securities 5,492 — 5,492 — Total $ 625,392 $ 266,281 $ 359,111 $ — 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 redeemable convertible shares (385 ) Change in fair value (962 ) Balance at December 31, 2019 $ 364 Change in fair value 2,597 Net exercise of warrants to purchase common stock (2,961 ) Balance at December 31, 2020 $ —

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Held-to-maturity Securities	The Company’s investments by type consisted of the following (in thousands): DECEMBER 31, 2020 AMORTIZED COST GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES ESTIMATED FAIR VALUE Assets U.S. Government agency securities $ 62,508 $ 10 $ — $ 62,518 U.S. Treasury securities 38,287 7 — 38,294 Commercial paper 237,733 18 (16 ) 237,735 Corporate debt securities 24,371 3 (9 ) 24,365 Total $ 362,899 $ 38 $ (25 ) $ 362,912

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 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): DECEMBER 31, 2020 2019 Prepaid expenses $ 4,793 $ 3,258 Other current assets 1,327 56 $ 6,120 $ 3,314

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): DECEMBER 31, 2020 2019 Computer and office equipment $ 2,253 $ 2,386 Software 2,473 2,583 Lab equipment 4,560 16,377 Furniture and fixtures 377 470 Leasehold improvements 3,402 3,391 13,065 25,207 Less: Accumulated depreciation (11,545 ) (20,105 ) $ 1,520 $ 5,102

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 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): DECEMBER 31, 2020 2019 Employee compensation $ 6,834 $ 6,681 Professional and consulting services 1,008 1,540 Research and development related accruals 18,290 11,005 Other current liabilities 972 882 $ 27,104 $ 20,108

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments Under Non-cancelable Operating Leases	Future minimum lease payments under operating leases, including Branford, CT lease for which the Company remains jointly and severally liable, as of December 31, 2020 was as follows (in thousands): MINIMUM LEASE PAYMENTS 2021 $ 3,045 2022 3,113 2023 3,182 2024 197 2025 — $ 9,537

Restructuring Charges (Tables)

Restructuring Charges (Tables)	12 Months Ended
	Dec. 31, 2020
Restructuring And Related Activities [Abstract]
Restructuring and Related Costs	The following table summarizes the restructuring activity during the years (in thousands): ACCRUED RESTRUCTURING COSTS Balance at December 31, 2018 $ — Restructuring costs incurred 5,290 Termination benefits paid (4,965 ) Balance at December 31, 2019 $ 325 Restructuring costs incurred 63 Termination benefits paid (388 ) Balance at December 31, 2020 $ —

Redeemable Convertible and Co_3

Redeemable Convertible and Convertible Preferred Stock and Stockholders’ Equity after Reorganization (Tables)	12 Months Ended
	Dec. 31, 2020
Temporary Equity [Abstract]
Schedule of Convertible Preferred Stock	As of December 31, 2019, the Preferred Stock consisted of the following (in thousands, except share data): 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
Schedule of Temporary Equity Issuance Price and Conversion Price	The original issuance price and conversion price for each class of Preferred Stock was as follows: ORIGINAL ISSUANCE PRICE CONVERSION PRICE Series A $ 2.408 $ 7.2247 Series B-1 $ 1.200 $ 5.1330 Series B-2 $ 1.200 $ 5.1330 Series B-3 $ 1.200 $ 5.1330 Series C $ 1.573 $ 6.7285 Series D $ 1.8659 $ 7.9814
Schedule of Reserved Common Stock for Warrants to Purchase Common Stock and Future Issuance	The Company has reserved for future issuance the following number of shares of common stock: DECEMBER 31, 2020 2019 For exercise of stock options under the 2019 Stock Incentive Plan 4,035,285 5,427,377 For exercise of stock options under the 2020 Stock Option and Incentive Plan 906,252 — For restricted stock units granted under the 2020 Stock Option and Incentive Plan 42,100 — For future issuance under the 2020 Stock Option and Incentive Plan 2,569,317 — For future issuance under the 2020 Employee Stock Purchase Plan 367,545 — For Series A Preferred Stock outstanding — 768,195 For Series B-1 Preferred Stock outstanding — 3,488,407 For Series B-2 Preferred Stock outstanding — 2,054,993 For future issuances of Series B-3 Preferred Stock pursuant to warrants to purchase Series B-3 Preferred Stock — 70,133 For Series C Preferred Stock outstanding — 1,508,503 For Series D Preferred Stock outstanding — 12,529,125 For future issuances of common stock pursuant to warrant to purchase common stock — 297,241 For conversion of vested and unvested enterprise junior stock (1) — 676,795 7,920,499 26,820,769 (1) For purposes of determining the conversion ratio for the enterprise junior stock, the Company utilized the fair value per share of common stock of $5.43, which was based on a valuation performed as of December 18, 2019.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred Shares and Common Shares, in Accordance with their Liquation and Distribution Preferences	Enterprise Junior Stock As of December 31, 2019, the thresholds over which each class of holders of enterprise junior stock would have participated after distributions had been made to the holders of Preferred Stock and common stock, in accordance with their liquidation and distribution preferences, was as follows (in thousands, except share data): THRESHOLD ENTERPRISE JUNIOR STOCK OUTSTANDING Enterprise 1 Junior Stock $ 54,000 564,055 Enterprise 2 Junior Stock $ 99,843 1,003,919 Enterprise 3 Junior Stock $ 120,341 371,441 Enterprise 4 Junior Stock $ 134,121 321,699 Enterprise 5 Junior Stock $ 184,593 423,429 Enterprise 6 Junior Stock $ 224,025 242,308 2,926,851
Summary of Company's Enterprise Incentive Share Activity	The following table summarizes the Company’s enterprise junior stock activity under the 2012 Plan: NUMBER OF ENTERPRISE JUNIOR STOCK WEIGHTED AVERAGE GRANT DATE FAIR VALUE WEIGHTED- AVERAGE CONVERSION RATIO Outstanding as of December 31, 2019 2,926,851 $ 7.62 0.23 Granted — Forfeited (104,870 ) 7.43 0.64 Conversion of enterprise junior stock into common stock and restricted common stock pursuant to the closing of the IPO (2,821,981 ) 7.62 0.79 Outstanding as of December 31, 2020 —
Summary of Vested Enterprise Junior Stock	A summary of the vested enterprise junior stock is as follows: NUMBER OF ENTERPRISE JUNIOR STOCK Vested as of December 31, 2019 2,597,091 Vested through the closing of the IPO 63,779 Vested as of the closing of the IPO 2,660,870
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity under the 2019 and 2020 Plans: 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 3,226,353 $ 10.60 Exercised (71,386 ) $ 5.05 Forfeited (304,796 ) $ 6.00 Outstanding as of December 31, 2020 4,941,537 $ 8.62 9.1 $ 130,802 Exercisable as of December 31, 2020 668,054 $ 5.05 8.7 $ 19,942 Vested and expected to vest as of December 31, 2020 4,941,537 $ 8.62 9.1 $ 130,802
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 granted, presented on a weighted average basis: YEAR ENDED DECEMBER 31, 2020 YEAR ENDED DECEMBER 31, 2019 Risk-free interest rate 1.09 % 1.66 % Expected term (in years) 6.0 6.0 Expected volatility 74.8 % 72.9 % Expected dividend yield 0.0 % 0.0 % Fair value per share of common stock $ 10.60 $ 5.05
Summary of Stock-Based Compensation Expense	Equity-based compensation expense was as follows (in thousands): YEAR ENDED DECEMBER 31, 2020 2019 Research and development $ 2,247 $ 996 General and administrative 4,712 1,502 $ 6,959 $ 2,498 Enterprise incentive shares $ — $ 1,629 Enterprise junior stock 365 277 Restricted stock units 147 — Restricted common stock 373 — Stock options 6,074 592 $ 6,959 $ 2,498
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Stock Option Activity	The following table summarizes the Company’s restricted stock unit activity under the 2020 Plan: NUMBER OF SHARES WEIGHTED AVERAGE GRANT DATE FAIR VALUE Unvested as of December 31, 2019 — $ — Granted 42,100 $ 42.26 Vested — $ — Forfeited — $ — Unvested as of December 31, 2020 42,100 $ 42.26
Restricted Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Stock Option Activity	The following table summarizes the Company’s restricted common stock activity under the 2012 Plan: NUMBER OF SHARES WEIGHTED AVERAGE GRANT DATE FAIR VALUE Issued and unvested as of December 31, 2019 — $ — Conversion of enterprise junior stock into restricted common stock pursuant to the closing of the IPO 103,007 $ 7.69 Issued — $ — Vested (33,397 ) $ 8.69 Forfeited (18,064 ) $ 3.88 Issued and unvested as of December 31, 2020 51,546 $ 7.44

Warrant Liability (Tables)

Warrant Liability (Tables)	12 Months Ended
	Dec. 31, 2020
Guarantees And Product Warranties [Abstract]
Schedule of Assumptions Used to Determine Fair Value of Warrants	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 the exercise date of the warrants and December 31, 2019, respectively: JULY 1, 2020 YEAR ENDED DECEMBER 31, 2019 Risk-free interest rate 0.31 % 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 $ 46.37 $ — Fair value per share of underlying Series B-3 Preferred Stock $ — $ 1.40

Net Loss per Share (Tables)

Net Loss per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share	The following table sets forth the outstanding shares of common stock equivalents, presented based on amounts outstanding as of December 31, 2020 and 2019, respectively, that have been excluded from the calculation of diluted net loss per share because their inclusion would have been anti-dilutive, including the Preferred Stock outstanding as of December 31, 2019 that would have been issued under the if-converted method (in shares of common stock equivalents): YEAR ENDED DECEMBER 31, 2020 2019 Series A Preferred Stock — 768,195 Series B-1 Preferred Stock — 3,488,407 Series B-2 Preferred Stock — 2,054,993 Series C Preferred Stock — 1,508,503 Series D Preferred Stock — 12,529,125 Enterprise junior stock (1) — 676,795 Stock options 4,941,537 2,091,366 Restricted common stock 51,546 — Restricted common units 42,100 — (1) For purposes of determining the conversion ratio for the enterprise junior stock, the Company utilized the fair value per share of common stock of $5.43, which was based on a valuation performed as of December 18, 2019.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit)	A summary of the income tax expense (benefit) is as follows (in thousands): DECEMBER 31, 2020 2019 Current: Federal $ (29,748 ) $ (1,116 ) State 29 (732 ) Deferred: Federal — — State — — Total tax benefit $ (29,719 ) $ (1,848 )
Reconciliation of Statutory Tax Rates and Effective Tax Rates	A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in the consolidated statements of operations and comprehensive loss is as follows: DECEMBER 31, 2020 2019 Income tax computed at federal statutory tax rate (21.0 )% (21.0 )% State taxes, net of federal benefit (4.9 )% (12.7 )% Federal research credits (3.4 )% (20.3 )% State research credits (0.8 )% (3.7 )% State credit expiration 0.0 % 3.1 % Equity compensation 1.0 % 1.2 % Partnership expenses 0.0 % 0.9 % Permanent differences 0.5 % 0.0 % Audit settlement 0.0 % (3.7 )% CARES Act tax rate differential (14.4 )% 0.0 % Valuation allowance 13.3 % 51.2 % Effective tax rate (29.7 )% (5.0 )%
Components of Company's Deferred Tax Assets	Significant components of the Company’s net deferred tax assets are as follows (in thousands) DECEMBER 31, 2020 2019 Net operating loss carryforwards $ 11,036 $ 15,103 Research and development credits 37,107 20,114 Capitalized expenses 3,202 3,280 Accrued expenses and other 2,138 1,771 Deferred revenue — 339 Depreciation 41 — Deferred tax asset subtotal 53,524 40,607 Less: Valuation allowance (53,524 ) (40,211 ) Deferred tax assets after valuation allowance — 396 Depreciation — (396 ) Net deferred tax assets $ — $ —
Schedule of Unrecognized Tax Benefits	The following is a roll forward of the Company’s unrecognized tax benefits (in thousands) DECEMBER 31, 2020 2019 Balance at beginning of year $ — $ 3,165 Gross increases—tax positions of prior years — 296 Gross increases—current period tax positions — — Gross decreases—tax positions of prior years — (863 ) Gross decreases—lapses of statute of limitations — (246 ) Gross decreases—settlements — (2,352 ) Balance at end of year $ — $ —

Collaboration Agreements (Table

Collaboration Agreements (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, 2020 Deferred revenue $ 1,239 $ — $ 1,239 $ — Deferred revenue, noncurrent $ — $ — $ — $ — Year Ended December 31, 2019 Deferred revenue $ 94,031 $ 3,765 $ 96,557 $ 1,239 Deferred revenue, noncurrent $ 1,266 $ — $ 1,266 $ —

Hit Discovery Divestiture (Tabl

Hit Discovery Divestiture (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations And Disposal Groups [Abstract]
Schedule Of Fair Value Of The Consideration To Be Received Used In Calculating The Gain On Divestiture	The fair value of the total consideration 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 Valo Health were 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

Selected Quarterly Data (Unau_2

Selected Quarterly Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results of Operations	The operating results for any quarter are not necessarily indicative of results for any future period (in thousands, except share and per share data): 2020 Quarter Ended March 31 June 30 September 30 December 31 Collaboration revenue $ — $ — $ — $ — Operating expenses: Research and development 23,210 20,511 24,780 24,866 General and administrative 8,933 6,448 7,460 7,941 Restructuring charges 83 (20 ) — — Total operating expenses 32,226 26,939 32,240 32,807 Loss from operations (32,226 ) (26,939 ) (32,240 ) (32,807 ) Other income (expense): Gain on Hit Discovery divestiture 23,312 — — — Interest income 641 895 870 1,022 Other income (expense), net 18 (2,634 ) (52 ) 7 Total other income (expense), net 23,971 (1,739 ) 818 1,029 Loss before taxes (8,255 ) (28,678 ) (31,422 ) (31,778 ) Income tax benefit (19,485 ) (3,238 ) (3,806 ) (3,190 ) Net income (loss) and comprehensive income (loss) $ 11,230 $ (25,440 ) $ (27,616 ) $ (28,588 ) Net income (loss) allocable to shares of common stock, basic $ 5,838 $ (27,240 ) $ (27,616 ) $ (28,588 ) Net income (loss) allocable to shares of common stock, diluted $ 7,754 $ (27,240 ) $ (27,624 ) $ (28,588 ) Net income (loss) per share of common stock, basic $ 2.29 $ (4.58 ) $ (0.67 ) $ (0.68 ) Net income (loss) per share of common stock, diluted $ 0.36 $ (4.58 ) $ (0.67 ) $ (0.68 ) 2019 Quarter Ended March 31 June 30 September 30 December 31 Collaboration revenue $ 72,009 $ 17,727 $ 3,377 $ 7,444 Operating expenses: Research and development 28,650 28,065 27,558 27,042 General and administrative 4,918 5,688 7,025 6,771 Restructuring charges 4,226 849 545 (330 ) Total operating expenses 37,794 34,602 35,128 33,483 Loss from operations 34,215 (16,875 ) (31,751 ) (26,039 ) Other income: Gain on Hit Discovery divestiture — — — — Interest income 1,197 782 565 306 Other income, net 301 11 201 446 Total other income, net 1,498 793 766 752 Income (loss) before taxes 35,713 (16,082 ) (30,985 ) (25,287 ) Income tax expense (benefit) 108 (1,325 ) — (631 ) Net income (loss) and comprehensive income (loss) $ 35,605 $ (14,757 ) $ (30,985 ) $ (24,656 ) Net income (loss) allocable to shares of Common 1, basic $ 5,681 $ (15,357 ) $ (31,652 ) Net income (loss) allocable to shares of Common 1, diluted $ 5,371 $ (15,364 ) $ (31,850 ) Net loss allocable to shares of common stock, basic $ (28,808 ) Net loss allocable to shares of common stock, diluted $ (29,255 ) Net income (loss) per share of Common 1, basic $ 2.23 $ (6.03 ) $ (12.42 ) Net income (loss) per share of Common 1, diluted $ 2.08 $ (6.03 ) $ (12.50 ) Net loss per share of common stock, basic $ (11.31 ) Net loss per share of common stock, diluted $ (11.48 )

Organization and Nature of Bu_2

Organization and Nature of Business - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Dec. 15, 2020	Jun. 23, 2020	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Entity incorporation, date of incorporation			Dec. 31, 2011
Issuance of common stock from initial public offering, net of issuance costs, Shares	795,000
Shares issued and sold, public offering price | $ / shares	$ 45.25
Net proceeds from initial public offering	$ 258,600		$ 293,338
Number of warrants issued to purchase common stock | shares				297,241	297,241
Warrants exercise price, per share			$ 0.04	$ 0.04	$ 0.04
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
Gross proceeds from follow on public offering	$ 275,800
Cash, cash equivalents and marketable securities			$ 645,600
Enterprise Junior Stock [Member]
Class Of Stock [Line Items]
Temporary equity shares outstanding					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 [Member]
Class Of Stock [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares	6,095,000	2,082,352
Gross proceeds from initial public offering		$ 319,300
Net proceeds from initial public offering		$ 293,300
Temporary equity shares outstanding		20,349,223
Common Stock [Member] | Enterprise Junior Stock [Member]
Class Of Stock [Line Items]
Temporary equity shares issued		2,124,845
Common Stock [Member] | Voting Common Stock [Member]
Class Of Stock [Line Items]
Common stock shares authorized		147,494,175
Common Stock [Member] | Non Voting Common Stock [Member]
Class Of Stock [Line Items]
Common stock shares authorized		2,505,825
Warrant
Class Of Stock [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares			62,193
Number of warrants issued to purchase common stock | shares		70,133
Warrants exercise price, per share		$ 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		$ 1.20
IPO [Member] | Common Stock [Member]
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) $ / shares in Units, $ in Thousands	Dec. 15, 2020shares	Jun. 23, 2020$ / sharesshares	Dec. 31, 2020USD ($)sharesCustomer$ / shares	Dec. 31, 2019USD ($)Customer$ / sharesshares	Mar. 31, 2020$ / shares
Summary Of Significant Accounting Policies [Line Items]
Short-term, highly liquid investments with original maturities			90 days or less
Allowances for doubtful accounts | $				$ 0
Accounts receivable | $			$ 0	$ 227
Asset held for sale duration			one year
Preferred stock shares issued			0	0
Preferred stock shares outstanding		0	0	0
Issuance of common stock from initial public offering, net of issuance costs, Shares	795,000
Warrants outstanding			0	297,241
Payment due period within invoicing			30 days
Warrants exercise price, per share | $ / shares			$ 0.04	$ 0.04	$ 0.04
Expected dividend yield			0
Common Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Conversion of stock, shares converted			20,349,223
Issuance of common stock from initial public offering, net of issuance costs, Shares	6,095,000	2,082,352
Warrant
Summary Of Significant Accounting Policies [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares			62,193
Warrants exercise price, per share | $ / shares		$ 5.13
Revenue Benchmark | Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Number of customer | Customer				1
Percentage of accounts receivable balance				96.00%
Accounts Receivable | Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Number of customer | Customer			1
Percentage of accounts receivable balance			100.00%
Commercial Paper
Summary Of Significant Accounting Policies [Line Items]
Short term investment | $			$ 22,500

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Reconciles Cash, Cash equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 282,689	$ 173,180
Restricted cash	2,470	616
Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows	$ 285,159	$ 173,796	$ 84,064

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Estimated Useful Life (Details)	12 Months Ended
	Dec. 31, 2020
Computer and office equipment
Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Furniture and fixtures
Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Leasehold improvements
Property Plant And Equipment [Line Items]
Estimated useful life	Shorter of estimated useful life or lease term
Minimum | Software
Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Minimum | Lab equipment
Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Maximum | Software
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Maximum | Lab equipment
Property Plant And Equipment [Line Items]
Estimated useful life	5 years

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	Dec. 31, 2020	Dec. 31, 2019
Assets, Fair Value Disclosure
Assets	$ 625,392	$ 56,930
Liabilities
Liabilities		364
Repurchase agreements
Assets, Fair Value Disclosure
Assets	12,000
Commercial Paper
Assets, Fair Value Disclosure
Assets	22,493
Commercial Paper | Short-Term Marketable Securities
Assets, Fair Value Disclosure
Assets	237,735
Money market funds
Assets, Fair Value Disclosure
Assets	227,987	56,930
US Government Corporations and Agencies Securities | Short-Term Marketable Securities
Assets, Fair Value Disclosure
Assets	55,469
US Government Corporations and Agencies Securities | Long-Term Marketable Securities
Assets, Fair Value Disclosure
Assets	7,049
US Treasury Securities | Short-Term Marketable Securities
Assets, Fair Value Disclosure
Assets	38,294
Corporate Debt Securities | Short-Term Marketable Securities
Assets, Fair Value Disclosure
Assets	18,873
Corporate Debt Securities | Long-Term Marketable Securities
Assets, Fair Value Disclosure
Assets	5,492
Warrant
Liabilities
Liabilities		364
Quoted Prices in Active Markets Using Identical Assets (Level 1)
Assets, Fair Value Disclosure
Assets	266,281	56,930
Quoted Prices in Active Markets Using Identical Assets (Level 1) | Money market funds
Assets, Fair Value Disclosure
Assets	227,987	56,930
Quoted Prices in Active Markets Using Identical Assets (Level 1) | US Treasury Securities | Short-Term Marketable Securities
Assets, Fair Value Disclosure
Assets	38,294
Significant Other Observable Inputs (Level 2)
Assets, Fair Value Disclosure
Assets	359,111
Significant Other Observable Inputs (Level 2) | Repurchase agreements
Assets, Fair Value Disclosure
Assets	12,000
Significant Other Observable Inputs (Level 2) | Commercial Paper
Assets, Fair Value Disclosure
Assets	22,493
Significant Other Observable Inputs (Level 2) | Commercial Paper | Short-Term Marketable Securities
Assets, Fair Value Disclosure
Assets	237,735
Significant Other Observable Inputs (Level 2) | US Government Corporations and Agencies Securities | Short-Term Marketable Securities
Assets, Fair Value Disclosure
Assets	55,469
Significant Other Observable Inputs (Level 2) | US Government Corporations and Agencies Securities | Long-Term Marketable Securities
Assets, Fair Value Disclosure
Assets	7,049
Significant Other Observable Inputs (Level 2) | Corporate Debt Securities | Short-Term Marketable Securities
Assets, Fair Value Disclosure
Assets	18,873
Significant Other Observable Inputs (Level 2) | Corporate Debt Securities | Long-Term Marketable Securities
Assets, Fair Value Disclosure
Assets	$ 5,492
Fair Value Level 3
Liabilities
Liabilities		364
Fair Value Level 3 | Warrant
Liabilities
Liabilities		$ 364

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Transfers between Level 1, Level 2 and Level 3	$ 0	$ 0

Fair Value of Financial Asset_5

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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginining Balance	$ 364	$ 1,711
Change in fair value	2,597	(962)
Ending Balance		364
Series C1 Redeemable Convertible Shares
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Net exercise of warrant to purchase shares		$ (385)
Common Stock [Member]
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Net exercise of warrant to purchase shares	$ (2,961)

Marketable Securities - Held-to

Marketable Securities - Held-to-maturity Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	$ 362,899
Gross Unrealized Gains	38
Gross Unrealized Losses	(25)
Estimated Fair Value	362,912	$ 0
US Treasury Securities
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	38,287
Gross Unrealized Gains	7
Estimated Fair Value	38,294
Commercial Paper
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	237,733
Gross Unrealized Gains	18
Gross Unrealized Losses	(16)
Estimated Fair Value	237,735
US Government Debt Securities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	62,508
Gross Unrealized Gains	10
Estimated Fair Value	62,518
Corporate Debt Securities
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	24,371
Gross Unrealized Gains	3
Gross Unrealized Losses	(9)
Estimated Fair Value	$ 24,365

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
Unrealized loss position with an aggregate fair value	$ 93,700
Marketable securities	$ 362,912	$ 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	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Prepaid expenses	$ 4,793	$ 3,258
Other current assets	1,327	56
Prepaid and other current assets	$ 6,120	$ 3,314

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 13,065	$ 25,207
Less: Accumulated depreciation	(11,545)	(20,105)
Property and equipment, net	1,520	5,102
Computer and office equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,253	2,386
Software [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,473	2,583
Lab equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	4,560	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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Net proceeds from Hit Discovery divestiture	$ 2,400
Depreciation and amortization	$ 1,276	$ 2,668

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Employee compensation	$ 6,834	$ 6,681
Professional and consulting services	1,008	1,540
Research and development related accruals	18,290	11,005
Other current liabilities	972	882
Accrued Expenses And Other Liabilities Current Net	$ 27,104	$ 20,108

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Lease term expiration	2023-12		2024-01
Aggregate tenant improvements of the premises	$ 1,000		$ 500
Option to extend lease term	The lease terms provide for one five-year extension term with base rent calculated on a discounted then-market rate		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
Aggregate tenant improvements of the premises, unused	$ 100
Amount of security deposit	$ 100
Future minimum rental payments due			9,537
Operating Leases, Rent Expense			2,300	$ 2,900
Deferred rent expense			1,400	1,800
Cost for guarantees and indemnities			$ 0	$ 0
Forecast [Member]
Loss Contingencies [Line Items]
Future minimum rental payments due					$ 800	$ 800	$ 800
Lease Agreements [Member]
Loss Contingencies [Line Items]
Lease term expiration		2021-08
Aggregate tenant improvements of the premises		$ 10,000
Option to extend lease term		MA, is subject to base rent of $0.3 million per month, plus its ratable share of taxes, maintenance and other operating expenses. Base rent is subject to a 3.0% annual increase over the 10-year lease term. In addition, the new lease provides an extension option for one additional five-year term at then-market rates and includes a tenant improvement allowance of $10.0 million
Letters of credit outstanding amount		$ 2,000
Lease agreement date		2020-09
Lessee operating lease description		No further consideration, rent or expenses are owed until the Company takes occupancy at the commencement date, which is currently anticipated to be in August 2021. Concurrent with the execution of the new lease, the existing lease was amended to expire 30 days following the commencement date of the new lease. Upon the commencement of the new lease, the Company will no longer be obligated to make future rent payments under the existing lease. If the new lease does not commence, the Company remains obligated to the existing lease
Lessee operating lease discount rate		3.00%
Operating lease liability		$ 300

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-cancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021	$ 3,045
2022	3,113
2023	3,182
2024	197
Lessee, Operating Lease, Liability, Due	$ 9,537

Restructuring Charges - Additio

Restructuring Charges - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended						12 Months Ended
	Jan. 31, 2019	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Restructuring And Related Activities [Abstract]
Percentage of reduction in head count for cost reduction	40.00%
Restructuring charges		$ (20)	$ 83	$ (330)	$ 545	$ 849	$ 4,226	$ 63	$ 5,290
Restructuring Charges, Description								As of December 31, 2020, the full amount of the restructuring charge has been paid and no further restructuring accrual remains on the consolidated balance sheet.

Restructuring Charges - Summary

Restructuring Charges - Summary of the Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended						12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Restructuring And Related Activities [Abstract]
Beginning Balance		$ 325					$ 325
Restructuring costs incurred	$ (20)	$ 83	$ (330)	$ 545	$ 849	$ 4,226	63	$ 5,290
Termination benefits paid							$ (388)	(4,965)
Ending Balance			$ 325					$ 325

Redeemable Convertible and Co_4

Redeemable Convertible and Convertible Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2019	Apr. 30, 2013	Dec. 31, 2019	Dec. 31, 2020	Mar. 31, 2020
Warrants exercise price, per share			$ 0.04	$ 0.04	$ 0.04
One-time cash distribution amount	$ 44
Warrants outstanding			297,241	0
Vested Enterprise.1 Incentive Shares
One-time tax distribution amount	0.1
Common Stock [Member]
One-time tax distribution amount	$ 1.3
Series A Preferred Stock
Temporary equity shares issued			2,304,815
Gross proceeds			$ 5.5
Series B Preferred Stock
Temporary equity shares issued			23,711,925
Gross proceeds			$ 28.5
Series C1 Preferred Shares
Temporary equity shares issued	95,359		6,357,260
Gross proceeds	$ 0.2		$ 10
Warrants exercise price, per share	$ 1.573
One-time cash distribution amount	$ 10.2
Series C1 Preferred Shares | Common 1 Warrants
Warrants exercise price, per share		$ 0.04
Warrants outstanding		594,482	0
Fair value		$ 1.6

Reorganization - Additional Inf

Reorganization - Additional Information (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2020	Jun. 23, 2020	Dec. 31, 2019
Preferred stock par value	$ 0.001	$ 0.001	$ 0.001
Common stock par value	$ 0.001		0.001
Series A Preferred Stock
Preferred stock shares, conversion	Holders of Series A Preferred Shares of Forma Therapeutics Holdings, LLC received one share of Series A Preferred Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., for each outstanding Series A Preferred Share held immediately prior to the Reorganization
Temporary equity par value	$ 0.001
Common stock shares issued upon conversion	2,304,815
Series B Preferred Stock
Preferred stock shares, conversion	Holders of Series B Preferred Shares of Forma Therapeutics Holdings, LLC received either one share of Series B-1 Preferred Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., or one share of Series B-2 Preferred Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., for each outstanding Series B Preferred Share held immediately prior to the Reorganization.
Series B-1 Convertible Preferred Stock
Temporary equity par value	$ 0.001		0.001
Common stock shares issued upon conversion	14,921,676
Series B-2 Convertible Preferred Stock
Temporary equity par value	$ 0.001		0.001
Common stock shares issued upon conversion	8,790,249
Series C1 Redeemable Convertible Shares
Common stock shares issued upon conversion	6,452,619
Preferred stock shares, conversion	Holders of Series C1 Preferred Shares of Forma Therapeutics Holdings, LLC received one share of Series C Preferred Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., for each outstanding Series C1 Preferred Share held immediately prior to the Reorganization
Preferred stock par value	$ 0.001
Common Stock Class One
Preferred stock shares, conversion	Holders of Common 1 shares of Forma Therapeutics Holdings, LLC received one share of common stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., for each outstanding Common 1 share held immediately prior to the Reorganization
Common stock par value	$ 0.001
Enterprise Junior Stock [Member]
Common stock par value	$ 0.001		$ 0.001
Enterprise.1 [Member] | Enterprise Incentive Shares | Vested
Preferred stock shares, conversion	Holders of vested Enterprise.1 Incentive Shares of Forma Therapeutics Holdings, LLC received one share of vested Enterprise 1 Junior Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., (the “Enterprise 1 Junior Stock”)
Enterprise.1 [Member] | Enterprise Junior Stock [Member] | Vested
Common stock shares issued upon conversion	564,055
Common stock par value	$ 0.001
Enterprise.2 [Member] | Enterprise Incentive Shares | Vested
Preferred stock shares, conversion	Holders of vested Enterprise.2 Incentive Shares of Forma Therapeutics Holdings, LLC received one share of vested Enterprise 2 Junior Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., (the “Enterprise 2 Junior Stock”)
Enterprise.2 [Member] | Enterprise Junior Stock [Member] | Vested
Common stock shares issued upon conversion	1,003,919
Common stock par value	$ 0.001
Enterprise.3 [Member] | Enterprise Incentive Shares
Preferred stock shares, conversion	Holders of vested and unvested Enterprise.3 Incentive Shares of Forma Therapeutics Holdings, LLC received one share of vested and unvested Enterprise 3 Junior Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., respectively (the “Enterprise 3 Junior Stock”)
Enterprise.3 [Member] | Enterprise Junior Stock [Member]
Common stock shares issued upon conversion	373,465
Common stock par value	$ 0.001
Enterprise.4 [Member] | Enterprise Incentive Shares
Preferred stock shares, conversion	Holders of vested and unvested Enterprise.4 Incentive Shares of Forma Therapeutics Holdings, LLC received one share of vested and unvested Enterprise 4 Junior Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., respectively (the “Enterprise 4 Junior Stock”)
Enterprise.4 [Member] | Enterprise Junior Stock [Member]
Common stock shares issued upon conversion	337,243
Common stock par value	$ 0.001
Enterprise.5 [Member] | Enterprise Incentive Shares
Preferred stock shares, conversion	Holders of vested and unvested Enterprise.5 Incentive Shares of Forma Therapeutics Holdings, LLC received one share of vested and unvested Enterprise 5 Junior Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., respectively (the “Enterprise 5 Junior Stock”)
Enterprise.5 [Member] | Enterprise Junior Stock [Member]
Common stock shares issued upon conversion	434,023
Common stock par value	$ 0.001
Enterprise.6 [Member] | Enterprise Incentive Shares
Preferred stock shares, conversion	Holders of vested and unvested Enterprise.6 Incentive Shares of Forma Therapeutics Holdings, LLC received one share of vested and unvested Enterprise 6 Junior Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., respectively (the “Enterprise 6 Junior Stock”)
Enterprise.6 [Member] | Enterprise Junior Stock [Member]
Common stock shares issued upon conversion	253,851
Common stock par value	$ 0.001
Common Stock [Member] | Common Stock Class One
Common stock shares issued upon conversion	1,953,455
Warrant
Temporary equity par value	$ 0.001
Common stock shares issued upon conversion	299,999
Warrant | Series B Preferred Stock
Preferred stock shares, conversion	Holder of warrants exercisable to purchase Series B Preferred Shares of Forma Therapeutics Holdings, LLC received one warrant exercisable to purchase Series B-3 Preferred Stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc., for each outstanding warrant exercisable to purchase Series B Preferred Shares held immediately prior to the Reorganization, at the same exercise price immediately prior to the Reorganization
Warrant | Common Stock Class One
Common stock shares issued upon conversion	594,482
Preferred stock shares, conversion	Holders of warrants exercisable to purchase Common 1 shares of Forma Therapeutics Holdings, LLC received one warrant exercisable to purchase common stock, $0.001 par value per share, of Forma Therapeutics Holdings, Inc. for each outstanding warrant exercisable to purchase Common 1 shares held immediately prior to the Reorganization
Common stock par value	$ 0.001

Redeemable Convertible and Co_5

Redeemable Convertible and Convertible Preferred Stock After Reorganization - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jun. 23, 2020	Mar. 31, 2020
Temporary Equity [Line Items]
Gain (loss) on extinguishment of convertible preferred stock		$ (3,584)
Issuance of redeemable convertible preferred stock, net of issuance costs, shares			20,349,223
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0	0
Percentage of Outstanding Preferred Shareholders Vote Required for Redemption		59.00%
Share price including adjustments for reverse split		$ 7.9814
Gross offering proceeds		$ 75,000
Preferred stock shares authorized	10,000,000	0	10,000,000
Common stock shares authorized	150,000,000	138,000,000
Common stock par value	$ 0.001	$ 0.001
Number of warrants issued to purchase common stock | shares		297,241		297,241
Aggregate common stock issued in connection with exercise of common stock warrant		594,482
Warrants exercise price, per share	$ 0.04	$ 0.04		$ 0.04
Warrants outstanding	0	297,241
Common Stock Warrant
Temporary Equity [Line Items]
Warrants exercise price, per share	$ 0.04
Warrants outstanding	594,482
Series D Preferred Stock
Temporary Equity [Line Items]
Temporary equity shares issued		53,593,440
Temporary equity par value		$ 0.001
Proceeds from issuance of Series D redeemable convertible preferred stock		$ 99,700
Preferred Stock, Dividend Rate, Percentage	8.00%
Cumulative dividends		$ 300
ORIGINAL ISSUANCE PRICE		$ 1.8659
Series D Preferred Stock | Minimum
Temporary Equity [Line Items]
Percentage of Outstanding Preferred Shareholders Vote Required for Redemption		59.00%
Series A Preferred Stock
Temporary Equity [Line Items]
Temporary equity shares issued		2,304,815
Temporary equity par value	$ 0.001
Gain (loss) on extinguishment of convertible preferred stock		$ 100
ORIGINAL ISSUANCE PRICE		$ 2.083
Series B-1 Preferred Stock
Temporary Equity [Line Items]
Gain (loss) on extinguishment of convertible preferred stock		$ (2,000)
ORIGINAL ISSUANCE PRICE		$ 1.2694
Series B-2 Preferred Stock
Temporary Equity [Line Items]
Gain (loss) on extinguishment of convertible preferred stock		$ (1,700)
ORIGINAL ISSUANCE PRICE		$ 1.2088
Series B3 Preferred Stock
Temporary Equity [Line Items]
ORIGINAL ISSUANCE PRICE		$ 1.20
Voting Common Stock [Member]
Temporary Equity [Line Items]
Common stock shares authorized	147,494,175
Non Voting Common Stock [Member]
Temporary Equity [Line Items]
Common stock shares authorized	2,505,825

Redeemable Convertible and Co_6

Redeemable Convertible and Convertible Preferred Stock After Reorganization - Schedule of Convertible Preferred Stock After Reorganization (Detail) $ in Thousands	Dec. 31, 2019USD ($)shares
Temporary Equity [Line Items]
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 [Line Items]
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 B-1 Preferred Stock
Temporary Equity [Line Items]
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 B-2 Preferred Stock
Temporary Equity [Line Items]
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
Temporary Equity [Line Items]
Temporary equity shares authorized | shares	299,999
Series C1 Preferred Shares
Temporary Equity [Line Items]
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 [Line Items]
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

Redeemable Convertible and Co_7

Redeemable Convertible and Convertible Preferred Stock After Reorganization - Schedule of convertible preferred stock prior to conversion in to common stock - After Reorganization (Detail)	12 Months Ended
	Dec. 31, 2019$ / shares
Series A Preferred Stock
Temporary Equity [Line Items]
ORIGINAL ISSUANCE PRICE	$ 2.408
CONVERSION PRICE	7.2247
Series B-1 Preferred Stock
Temporary Equity [Line Items]
ORIGINAL ISSUANCE PRICE	1.200
CONVERSION PRICE	5.1330
Series B-2 Preferred Stock
Temporary Equity [Line Items]
ORIGINAL ISSUANCE PRICE	1.200
CONVERSION PRICE	5.1330
Series B-3 Preferred Stock
Temporary Equity [Line Items]
ORIGINAL ISSUANCE PRICE	1.200
CONVERSION PRICE	5.1330
Series C1 Preferred Shares
Temporary Equity [Line Items]
ORIGINAL ISSUANCE PRICE	1.573
CONVERSION PRICE	6.7285
Series D Preferred Stock
Temporary Equity [Line Items]
ORIGINAL ISSUANCE PRICE	1.8659
CONVERSION PRICE	$ 7.9814

Redeemable Convertible and Co_8

Redeemable Convertible and Convertible Preferred Stock After Reorganization - Schedule of preferred shares and warrants for future issuance under equity incentive plan (Detail) - shares	Dec. 31, 2020	Dec. 31, 2019
Temporary Equity [Line Items]
Common Stock Reserved for Future Issuances	7,920,499	26,820,769
For exercise of stock options under the 2019 Stock Incentive Plan
Temporary Equity [Line Items]
Common Stock Reserved for Future Issuances	4,035,285	5,427,377
For Exercise of Stock Options Under the Two Thousand and Twenty Stock Option and Incentive Plan
Temporary Equity [Line Items]
Common Stock Reserved for Future Issuances	906,252
For restricted stock units granted under the 2020 Stock Option and Incentive Plan
Temporary Equity [Line Items]
Common Stock Reserved for Future Issuances	42,100
For future issuance under the 2020 Stock Option and Incentive Plan
Temporary Equity [Line Items]
Common Stock Reserved for Future Issuances	2,569,317
For future issuance under the 2020 Employee Stock Purchase Plan
Temporary Equity [Line Items]
Common Stock Reserved for Future Issuances	367,545
For Series A Preferred Stock outstanding
Temporary Equity [Line Items]
Common Stock Reserved for Future Issuances		768,195
Series B-1 Preferred Stock
Temporary Equity [Line Items]
Common Stock Reserved for Future Issuances		3,488,407
Series B-2 Preferred Stock
Temporary Equity [Line Items]
Common Stock Reserved for Future Issuances		2,054,993
Series B-3 Preferred Stock
Temporary Equity [Line Items]
Common Stock Reserved for Future Issuances		70,133
Series C1 Preferred Shares
Temporary Equity [Line Items]
Common Stock Reserved for Future Issuances		1,508,503
Series D Preferred Stock
Temporary Equity [Line Items]
Common Stock Reserved for Future Issuances		12,529,125
For future issuances of common stock pursuant to warrant to purchase
Temporary Equity [Line Items]
Common Stock Reserved for Future Issuances		297,241
For conversion of vested and unvested enterprise junior stock
Temporary Equity [Line Items]
Common Stock Reserved for Future Issuances		676,795

Redeemable Convertible and Co_9

Redeemable Convertible and Convertible Preferred Stock After Reorganization - Schedule of preferred shares and warrants for future issuance under equity incentive plan (Parenthetical) (Detail)	Dec. 18, 2019$ / shares
Enterprise Junior Stock [Member]
Temporary Equity [Line Items]
Fair value per share of common stock	$ 5.43

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($)	1 Months Ended		12 Months Ended
	Jul. 31, 2020	Nov. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 17, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares authorized			150,000,000	138,000,000
Share-based compensation award			3,226,353
Aggregate Intrinsic Value, Exercisable			$ 19,942,000
Exercise of options to purchase common stock, Shares	62,193		71,386
Unrecognized equity based compensation expense		$ 200,000	$ 6,959,000	$ 2,498,000
Weighted Average Remaining Contractual Term, Outstanding			9 years 1 month 6 days	9 years 10 months 24 days
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average fair value of options granted (in dollars per share)			$ 6.93	$ 3.25
Aggregate Intrinsic Value, Exercisable			$ 1,600,000
Exercise of options to purchase common stock, Shares				0
Unrecognized equity based compensation expense			$ 21,300
Weighted Average Remaining Contractual Term, Outstanding			2 years 10 months 24 days
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation award			42,100
Weighted average fair value of options granted (in dollars per share)			$ 42.26
Unrecognized equity based compensation expense			$ 1,600,000
Weighted Average Remaining Contractual Term, Outstanding			3 years 4 months 24 days
Restricted Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued during period, shares, conversion of convertible securities			103,007
Unrecognized equity based compensation expense			$ 300,000
Weighted Average Remaining Contractual Term, Outstanding			1 year 4 months 24 days
Aggregate fair value of restricted common stock vested			$ 300,000
Service Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock optionunits, vesting Period		4 years
Enterprise Junior Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares authorized			0
Common stock shares outstanding			0
Share-based compensation award			0
Stock issued during period, shares, conversion of convertible securities			2,124,845
Common stock shares issued			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] | Nonvested
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion of stock, shares converted			161,111
2019 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares authorized				5,427,377
2019 Plan [Member] | Enterprise Junior Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock vested at an aggregate fair value			$ 400,000	$ 400,000
2020 Stock Option And Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares outstanding			2,569,317		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 Stock Option And Incentive Plan [Member] | Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock optionunits, vesting Period			4 years
Share based compensation, expiration period			10 years
2019 Stock Option And Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, forfeited			81,037
2019 Stock Option And Incentive Plan [Member] | Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock optionunits, vesting Period			4 years
Share based compensation, expiration period			10 years
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
Enterprise Incentive Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation award			0
Common stock vested at an aggregate fair value			$ 2,300,000

Equity-Based Compensation - Pre

Equity-Based Compensation - Preferred Shares and Common Shares, in Accordance with their Liquation and Distribution Preferences (Detail) - Enterprise Junior Stock [Member] $ in Thousands	Dec. 31, 2019USD ($)shares
Shares outstanding	2,926,851
Enterprise.1 [Member]
Threshold Amount | $	$ 54,000
Shares outstanding	564,055
Enterprise.2 [Member]
Threshold Amount | $	$ 99,843
Shares outstanding	1,003,919
Enterprise.3 [Member]
Threshold Amount | $	$ 120,341
Shares outstanding	371,441
Enterprise.4 [Member]
Threshold Amount | $	$ 134,121
Shares outstanding	321,699
Enterprise.5 [Member]
Threshold Amount | $	$ 184,593
Shares outstanding	423,429
Enterprise.6 [Member]
Threshold Amount | $	$ 224,025
Shares outstanding	242,308

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Enterprise Incentive and Junior Share Activity (Detail) - Enterprise Junior Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Outstanding shares, beginning balance	2,926,851
Outstanding shares, Forfeited	(104,870)
Conversion of enterprise junior stock into common stock and restricted common stock pursuant to the closing of the IPO	(2,821,981)
Outstanding shares, ending balance		2,926,851
Weighted Grant Date, Fair value beginning balance		$ 7.62
Weighted Average Exercise Price Per share, Forfeited	$ 7.43
Conversion of enterprise junior stock into common stock and restricted common stock pursuant to the closing of the IPO	7.62
Weighted average conversion ratio, Outstanding beginning balance	0.79	$ 0.23
Weighted average conversion ratio, Forfeited	$ 0.64

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of the Vested Enterprise Junior Stock (Detail)	12 Months Ended
	Dec. 31, 2020shares
Vested shares,ending balance	4,941,537
Enterprise Junior Stock [Member] | Initial Public Offering [Member]
Vested shares, beginning balance	2,597,091
Vested shares	63,779
Vested shares,ending balance	2,660,870

Equity-Based Compensation - S_3

Equity-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Outstanding beginning balance		2,091,366
Number of Shares, Granted		3,226,353
Number of Shares, Exercised	(62,193)	(71,386)
Number of Shares, Forfeited		(304,796)
Number of Shares, Outstanding ending balance		4,941,537	2,091,366
Number of Shares, Exercisable		668,054
Vested shares,ending balance		4,941,537
Weighted Average Exercise Price Per share, Outstanding beginning balance		$ 8.62	$ 5.05
Weighted Average Exercise Price Per share, Granted		10.60
Weighted Average Exercise Price Per share, Exercised		5.05
Weighted Average Exercise Price Per share, Forfeited		6
Weighted Average Exercise Price Per share, Exercisable		5.05
Weighted Average Exercise Price Per share, Vested and expected to vest		$ 8.62
Weighted Average Remaining Contractual Term, Outstanding		9 years 1 month 6 days	9 years 10 months 24 days
Weighted Average Remaining Contractual Term, Exercisable		8 years 8 months 12 days
Weighted Average Remaining Contractual Term, Vested and expected to vest		9 years 1 month 6 days
Aggregate Intrinsic Value, Outstanding		$ 130,802	$ 805
Aggregate Intrinsic Value, Exercisable		19,942
Aggregate Intrinsic Value, Vested and expected to vest		$ 130,802

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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	1.09%	1.66%
Expected term (in years)	6 years	6 years
Expected volatility	74.80%	72.90%
Expected dividend yield	0.00%	0.00%
Fair value per share of common stock	$ 10.60	$ 5.05

Equity-Based Compensation - S_4

Equity-Based Compensation - Summary of Restricted Stock Unit Activity (Details)	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted	3,226,353
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted	42,100
Number of Shares, Ending balance	42,100
Weighted average fair value of options granted (in dollars per share) | $ / shares	$ 42.26
Weighted Average Grant Date Fair Value, Ending period | $ / shares	$ 42.26

Equity-Based Compensation - S_5

Equity-Based Compensation - Summary of Restricted Common Stock Activity (Details) - Restricted Common Stock [Member]	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued during period, shares, conversion of convertible securities | shares	103,007
Number of shares, Vested | shares	(33,397)
Number of Shares, Forfeited | shares	(18,064)
Number of shares, Ending balance | shares	51,546
Conversion of enterprise junior stock into restricted common stock pursuant to the closing of the IPO | $ / shares	$ 7.69
Weighted Average Grant Date Fair Value, Vested | $ / shares	8.69
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	3.88
Weighted Average Grant Date Fair Value, Beginning period | $ / shares	$ 7.44

Equity-Based Compensation - S_6

Equity-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized equity based compensation expense	$ 200	$ 6,959	$ 2,498
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized equity based compensation expense		2,247	996
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized equity based compensation expense		4,712	1,502
Enterprise Incentive Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized equity based compensation expense			1,629
Enterprise Junior Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized equity based compensation expense		365	277
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized equity based compensation expense		147
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized equity based compensation expense		373
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized equity based compensation expense		$ 6,074	$ 592

Warrant Liability - Additional

Warrant Liability - Additional Information (Detail) - $ / shares	1 Months Ended	12 Months Ended
	Jul. 31, 2020	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Warrants outstanding		0		297,241
Warrants exercise price, per share		$ 0.04	$ 0.04	$ 0.04
Number of warrants issued to purchase common stock | shares			297,241	297,241
Exercise of options to purchase common stock, Shares	62,193	71,386
Warrants To Purchase Series B3 Preferred Shares
Warrants exercise price, per share				$ 5.13
Number of warrants issued to purchase common stock | shares				70,133
Initial Public Offering [Member] | Warrants On Series B-3 Preferred Stock
Warrants outstanding				299,999
Warrants exercise price, per share				$ 1.20

Warrant Liability - Schedule of

Warrant Liability - Schedule of Assumptions Used (Details) - $ / shares	Jul. 01, 2020	Dec. 31, 2020	Dec. 31, 2019
Risk-free interest rate		1.09%	1.66%
Expected term (in years)		6 years	6 years
Expected volatility		74.80%	72.90%
Expected dividend yield		0.00%	0.00%
Fair value per share of common stock		$ 10.60	$ 5.05
Common Stock Warrant
Risk-free interest rate	0.31%
Expected term (in years)	5 years
Expected volatility	75.80%
Expected dividend yield	0.00%
Fair value per share of common stock	$ 46.37
Warrants On Series B-3 Preferred Stock
Risk-free interest rate			1.73%
Expected term (in years)			5 years 6 months
Expected volatility			71.10%
Expected dividend yield			0.00%
Fair value per share of common stock			$ 1.40

Net Loss per Share - Summary of

Net Loss per Share - Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Series A Preferred Stock [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
Series B-1 Preferred Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share		3,488,407
Series B-2 Preferred Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share		2,054,993
Series C Preferred Stock [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
Series D Preferred Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share		12,529,125
Enterprise Junior Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share		676,795
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	4,941,537	2,091,366
Restricted Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	51,546
Restricted Common Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	42,100

Net Loss per Share - Summary _2

Net Loss per Share - Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 18, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock par value	$ 0.001	$ 0.001
Enterprise Junior Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock par value			$ 5.43

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended							12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Line Items]
Income tax benefit	$ (3,190)	$ (3,806)	$ (3,238)	$ (19,485)	$ (631)	$ (1,325)	$ 108	$ (29,719)	$ (1,848)
Research and development credits	37,107				20,114			37,107	20,114
Valuation allowance	53,524				40,211			53,524	40,211
Valuation allowance, deferred tax asset, decrease amount								13,300
Unrecognized tax Benefits	0				0			0	0	$ 3,165
Total interest and penalties for the unrecognized tax benefits								0	0
Unrecognized tax benefits, released									863
Federal
Income Tax Disclosure [Line Items]
Income tax benefit								(900)
Unrecognized tax benefits, released								3,200
Federal
Income Tax Disclosure [Line Items]
Net operating loss carryforwards					45,300				45,300
Research and development credits	33,400				16,500			33,400	16,500
State
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	169,300				82,900			169,300	82,900
Research and development credits	4,700				$ 4,600			$ 4,700	$ 4,600
Maximum | Federal
Income Tax Disclosure [Line Items]
Research and development tax credit, expiration								2038	2039
Maximum | State
Income Tax Disclosure [Line Items]
Net operating loss carryforwards, expiration								2039
Research and development tax credit, expiration								2038	2039
Cares Act
Income Tax Disclosure [Line Items]
Percentage of removal on taxable income on non operating losses								80.00%
Federal								$ 29,700
Federal tax carryback refund claim								14,900
Refund claims	$ 5,000							$ 5,000

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended							12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal								$ (29,748)	$ (1,116)
State								29	(732)
Deferred:
Income tax benefit	$ (3,190)	$ (3,806)	$ (3,238)	$ (19,485)	$ (631)	$ (1,325)	$ 108	$ (29,719)	$ (1,848)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Tax Rates and Effective Tax Rates (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Line Items]
Income tax computed at federal statutory tax rate	(21.00%)	(21.00%)
State taxes, net of federal benefit	(4.90%)	(12.70%)
State credit expiration	0.00%	3.10%
Equity compensation	1.00%	1.20%
Partnership expenses	0.00%	0.90%
Permanent differences	0.50%	0.00%
Audit settlement	0.00%	(3.70%)
CARES Act tax rate differential	(14.40%)	0.00%
Valuation allowance	13.30%	51.20%
Effective tax rate	(29.70%)	(5.00%)
Federal
Income Tax Disclosure [Line Items]
Research credits	(3.40%)	(20.30%)
State
Income Tax Disclosure [Line Items]
Research credits	(0.80%)	(3.70%)

Income Taxes - Components of Co

Income Taxes - Components of Company's Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 11,036	$ 15,103
Research and development credits	37,107	20,114
Capitalized expenses	3,202	3,280
Accrued expenses and other	2,138	1,771
Deferred revenue		339
Depreciation	41
Deferred tax asset subtotal	53,524	40,607
Less: Valuation allowance	(53,524)	(40,211)
Deferred tax assets after valuation allowance		396
Depreciation		(396)
Net deferred tax assets

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 0	$ 3,165
Gross increases—tax positions of prior years		296
Gross decreases—tax positions of prior years		(863)
Gross decreases—lapses of statute of limitations		(246)
Gross decreases—settlements		(2,352)
Balance at end of year	$ 0	$ 0

Collaboration Agreements - Addi

Collaboration Agreements - Additional Information (Detail) - USD ($) $ in Millions	Dec. 28, 2018	Nov. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price			$ 232.9
Deferred revenue			147.8
Additional license fees			77.5
Reimbursement costs, including costs incurred performing technology transfer activities			7.6
Contract asset balances			0	$ 0
Celgene License Agreements
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment of license fees	$ 77.5
Payment for transition and transfer	7.1
Celgene License Agreements | Development Milestones | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received from milestones	30
Celgene License Agreements | Regulatory Milestones
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received from milestones	150
Celgene License Agreements | Commercial Milestones
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received from milestones	75
Modified Arrangement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment for transition and transfer	$ 7.6
Revenue				96.5
Modified Arrangement | FT-1101 Combined PO
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price			157.8
Modified Arrangement | USP30 Combined PO
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price			75.1
Other Collaboration Agreements
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received from milestones				4
Deferred revenue				94.1
Revenue			$ 0
Other Collaboration Agreements | Stock Options
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue				$ 1.2
Contract term		10 years

Collaboration Agreements - Summ

Collaboration Agreements - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Collaboration And License Agreements Disclosure [Abstract]
Deferred revenue, Beginning of Period	$ 1,239	$ 94,031
Deferred revenue, Additions		3,765
Deferred revenue, Deductions	$ 1,239	96,557
Deferred revenue, End of Period		1,239
Deferred revenue, noncurrent, Beginning of Period		1,266
Deferred revenue, noncurrent, Deductions		$ 1,266

401(k) Savings Plan - Additiona

401(k) Savings Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]
Percentage of employer matching contribution	100.00%
Maximum annual contributions percentage per employee	6.00%
Employee benefit plan, contributions by employer	$ 1.1	$ 1.3

Hit Discovery Divestiture - Add

Hit Discovery Divestiture - Additional Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 01, 2021
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Research and development	$ 24,866,000	$ 24,780,000	$ 20,511,000	$ 23,210,000	$ 27,042,000	$ 27,558,000	$ 28,065,000	$ 28,650,000	$ 93,367,000	$ 111,315,000
Net proceeds from Hit Discovery divestiture									17,500,000
Net proceeds from Hit Discovery divestiture									2,400,000
Instalment receivable	12,593,000								12,593,000
Prepaid of reimbursement expense	500,000								500,000
Equity Consideration received in the Hit Discovery divestiture (Note 19)	10,000,000								10,000,000
Impairment to equity consideration									$ 0
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%
Valo 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
Valo Health [Member] | Forecast [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Instalment receivable											$ 15,000,000
Hit Discovery Divestiture [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Vested 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									$ 500,000
Fair value of equity consideration	10,000								10,000
Gain on hit discovery divestiture									23,300,000
Interest income									2,400,000
Hit Discovery Divestiture [Member] | Valo Health [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain on hit discovery divestiture									0
Preferred shares in Valo Health	$ 10,000,000								10,000,000
Fair value of the equity interest received									$ 10,000,000

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 (Detail) $ in Thousands	Dec. 31, 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 Valo Health (Detail) $ in Thousands	Dec. 31, 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

Selected Quarterly Data (Unau_3

Selected Quarterly Data (Unaudited) - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Collaboration revenue					$ 7,444	$ 3,377	$ 17,727	$ 72,009		$ 100,557
Operating expenses:
Research and development	$ 24,866	$ 24,780	$ 20,511	$ 23,210	27,042	27,558	28,065	28,650	$ 93,367	111,315
General and administrative	7,941	7,460	6,448	8,933	6,771	7,025	5,688	4,918	30,782	24,402
Restructuring costs incurred			(20)	83	(330)	545	849	4,226	63	5,290
Total operating expenses	32,807	32,240	26,939	32,226	33,483	35,128	34,602	37,794	124,212	141,007
Loss from operations	(32,807)	(32,240)	(26,939)	(32,226)	(26,039)	(31,751)	(16,875)	34,215	(124,212)	(40,450)
Other income (expense):
Gain on Hit Discovery divestiture				23,312					23,312
Interest income	1,022	870	895	641	306	565	782	1,197	3,428	2,850
Other income (expense), net	7	(52)	(2,634)	18	446	201	11	301	(2,661)	959
Total other income, net	1,029	818	(1,739)	23,971	752	766	793	1,498	24,079	3,809
Loss before taxes	(31,778)	(31,422)	(28,678)	(8,255)	(25,287)	(30,985)	(16,082)	35,713	(100,133)	(36,641)
Income tax benefit	(3,190)	(3,806)	(3,238)	(19,485)	(631)		(1,325)	108	(29,719)	(1,848)
Net loss and comprehensive loss	(28,588)	(27,616)	(25,440)	11,230	(24,656)	(30,985)	(14,757)	35,605	(70,414)	(34,793)
Net income (loss) allocable to shares of common stock, basic	(28,588)	(27,616)	(27,240)	5,838	(28,808)				(74,150)	(52,747)
Net income (loss) allocable to shares of common stock, diluted	$ (28,588)	$ (27,624)	$ (27,240)	$ 7,754	$ (29,255)				$ (74,150)	$ (53,709)
Basic	$ (0.68)	$ (0.67)	$ (4.58)	$ 2.29	$ (11.31)				$ (3.22)	$ (20.70)
Diluted	$ (0.68)	$ (0.67)	$ (4.58)	$ 0.36	$ (11.48)				$ (3.22)	$ (21.08)
Common 1 Stock
Other income (expense):
Net income (loss) allocable to shares of common stock, basic						(31,652)	(15,357)	5,681
Net income (loss) allocable to shares of common stock, diluted						$ (31,850)	$ (15,364)	$ 5,371
Basic						$ (12.42)	$ (6.03)	$ 2.23
Diluted						$ (12.50)	$ (6.03)	$ 2.08