Forma Therapeutics (FMTX) 10-Q 13 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 10, 2021
Cover [Abstract]
Entity Registrant Name	Forma Therapeutics Holdings, Inc.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		47,389,053
Amendment Flag	false
Entity Central Index Key	0001538927
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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 Quarterly Report	true
Document Transition Report	false
Security12b Title	Common stock, par value $0.001 per share
Trading Symbol	FMTX
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 50,873	$ 282,689
Short-term marketable securities	484,685	350,365
Income tax receivable	14,066	15,273
Prepaid expenses and other current assets	8,300	6,120
Total current assets	557,924	654,447
Property and equipment, net	1,326	1,520
Long-term marketable securities	35,235	12,534
Operating lease right-of-use asset	3,859
Other assets	15,025	12,470
Total assets	613,369	680,971
Current liabilities:
Accounts payable	5,016	4,295
Accrued expenses and other current liabilities	24,088	27,104
Operating lease liability	1,884
Income tax payable	112	301
Total current liabilities	31,100	31,700
Operating lease liability, noncurrent	2,874
Deferred rent, noncurrent		1,027
Total liabilities	33,974	32,727
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.001 par value; 150,000,000 shares authorized at June 30, 2021 and December 31, 2020; 47,384,193 and 47,300,231 shares issued at June 30, 2021 and December 31, 2020, respectively; 47,354,879 and 47,248,685 shares outstanding at June 30, 2021 and December 31, 2020, respectively	47	47
Preferred stock, $0.001 par value; 10,000,000 shares authorized and no issued or outstanding at June 30, 2021 and December 31, 2020
Additional paid-in capital	716,303	705,607
Accumulated deficit	(136,955)	(57,410)
Total stockholders’ equity	579,395	648,244
Total liabilities and stockholders’ equity	$ 613,369	$ 680,971

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock par value	$ 0.001	$ 0.001
Preferred stock shares authorized	10,000,000	10,000,000
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	150,000,000
Common stock shares issued	47,384,193	47,300,231
Common stock shares outstanding	47,354,879	47,248,685

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses:
Research and development	$ 31,587	$ 20,511	$ 57,930	$ 43,721
General and administrative	12,471	6,448	22,338	15,381
Restructuring charges		(20)		63
Total operating expenses	44,058	26,939	80,268	59,165
Loss from operations	(44,058)	(26,939)	(80,268)	(59,165)
Other income (expense):
Gain on Hit Discovery divestiture				23,312
Interest income	309	895	571	1,536
Other income (expense), net	272	(2,634)	268	(2,616)
Total other income (expense), net	581	(1,739)	839	22,232
Loss before taxes	(43,477)	(28,678)	(79,429)	(36,933)
Income tax expense (benefit)	108	(3,238)	116	(22,723)
Net loss and comprehensive loss	(43,585)	(25,440)	(79,545)	(14,210)
Net loss allocable to shares of common stock, basic and diluted	$ (43,585)	$ (27,240)	$ (79,545)	$ (17,946)
Net loss per share of common stock, basic and diluted	$ (0.92)	$ (4.58)	$ (1.68)	$ (4.23)
Weighted-average shares of common stock outstanding, basic and diluted	47,339,464	5,943,165	47,317,361	4,245,622
Series D Preferred Stock
Other income (expense):
Accretion of cumulative dividends on Series D redeemable convertible preferred stock		$ (1,800)		$ (3,736)

Consolidated Statements of Rede

Consolidated Statements of Redeemable Convertible and Convertible Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock [Member]	Series B-1 Convertible Preferred Stock [Member]	Series B-2 Convertible Preferred Stock [Member]	Series D Redeemable Convertible Preferred Stock [Member]	Enterprise Junior Stock [Member]	Series C Convertible Preferred Stock [Member]	Common Stock	Additional Paid-In Capital [Member]	(Accumulated Deficit) Retained Earnings [Member]
Balance at Dec. 31, 2019	$ 18,246					$ 3		$ 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
Temporary equity balance, Value at Dec. 31, 2019		$ 4,656	$ 20,907	$ 12,272	$ 100,296		$ 385
Balance, Shares at Dec. 31, 2019						2,597,091		2,250,696
Accretion of cumulative dividends on Series D redeemable convertible preferred stock	(1,936)				$ 1,936					(1,936)
Exercise of options to purchase common stock	3								3
Exercise of options to purchase common stock, Shares								496
Exercise of warrant to purchase common stock	12								12
Exercise of warrant to purchase common stock, Shares								297,241
Equity-based compensation	1,210								1,210
Equity-based compensation, Shares						38,339
Net income (loss) and comprehensive income (loss)	11,230									11,230
Balance at Mar. 31, 2020	28,765					$ 3		$ 2	2,341	26,034
Temporary equity balance, Shares at Mar. 31, 2020		2,304,815	14,921,676	8,790,249	53,593,440		6,452,619
Temporary equity balance, Value at Mar. 31, 2020		$ 4,656	$ 20,907	$ 12,272	$ 102,232		$ 385
Balance, Shares at Mar. 31, 2020						2,635,430		2,548,433
Balance at Dec. 31, 2019	18,246					$ 3		$ 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
Temporary equity balance, Value at Dec. 31, 2019		$ 4,656	$ 20,907	$ 12,272	$ 100,296		$ 385
Balance, Shares at Dec. 31, 2019						2,597,091		2,250,696
Net income (loss) and comprehensive income (loss)	(14,210)
Balance at Jun. 30, 2020	438,497							$ 41	439,662	(1,206)
Balance, Shares at Jun. 30, 2020								41,016,181
Balance at Mar. 31, 2020	28,765					$ 3		$ 2	2,341	26,034
Temporary equity balance, Shares at Mar. 31, 2020		2,304,815	14,921,676	8,790,249	53,593,440		6,452,619
Temporary equity balance, Value at Mar. 31, 2020		$ 4,656	$ 20,907	$ 12,272	$ 102,232		$ 385
Balance, Shares at Mar. 31, 2020						2,635,430		2,548,433
Accretion of cumulative dividends on Series D redeemable convertible preferred stock	(1,800)				1,800					(1,800)
Exercise of options to purchase common stock	142								142
Exercise of options to purchase common stock, Shares								28,051
Equity-based compensation	1,256								1,256
Equity-based compensation, Shares						25,440
Conversion of redeemable convertible and convertible preferred stock into common stock	141,867	$ (4,656)	$ (20,907)	$ (12,272)	$ (104,032)		$ (385)	$ 21	142,231
Conversion of redeemable convertible and convertible preferred stock into common stock, Shares		(2,304,815)	(14,921,676)	(8,790,249)	(53,593,440)		(6,452,619)	20,349,223
Conversion of enterprise junior stock into common stock						$ (3)		$ 2	1
Conversion of enterprise junior stock into common stock, Shares						(2,660,870)		2,124,845
Issuance of common stock from initial public offering, net of issuance costs	293,707							$ 16	293,691
Issuance of common stock from initial public offering, net of issuance costs, Shares								15,964,704
Vesting of restricted common stock, Shares								925
Net income (loss) and comprehensive income (loss)	(25,440)									(25,440)
Balance at Jun. 30, 2020	438,497							$ 41	439,662	(1,206)
Balance, Shares at Jun. 30, 2020								41,016,181
Balance at Dec. 31, 2020	648,244							$ 47	705,607	(57,410)
Balance, Shares at Dec. 31, 2020								47,248,685
Exercise of options to purchase common stock	333								333
Exercise of options to purchase common stock, Shares								68,389
Equity-based compensation	3,848								3,848
Vesting of restricted common stock, Shares								11,501
Net income (loss) and comprehensive income (loss)	(35,960)									(35,960)
Balance at Mar. 31, 2021	616,465							$ 47	709,788	(93,370)
Balance, Shares at Mar. 31, 2021								47,328,575
Balance at Dec. 31, 2020	$ 648,244							$ 47	705,607	(57,410)
Balance, Shares at Dec. 31, 2020								47,248,685
Exercise of options to purchase common stock, Shares	86,041
Net income (loss) and comprehensive income (loss)	$ (79,545)
Balance at Jun. 30, 2021	579,395							$ 47	716,303	(136,955)
Balance, Shares at Jun. 30, 2021								47,354,879
Balance at Mar. 31, 2021	616,465							$ 47	709,788	(93,370)
Balance, Shares at Mar. 31, 2021								47,328,575
Exercise of options to purchase common stock	92								92
Exercise of options to purchase common stock, Shares								17,652
Equity-based compensation	6,423								6,423
Vesting of restricted common stock, Shares								8,652
Net income (loss) and comprehensive income (loss)	(43,585)									(43,585)
Balance at Jun. 30, 2021	$ 579,395							$ 47	$ 716,303	$ (136,955)
Balance, Shares at Jun. 30, 2021								47,354,879

Consolidated Statements of Re_2

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

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net loss	$ (79,545,000)	$ (14,210,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	360,000	827,000
Non-cash operating lease expense	642,000
Gain on lease modification	(287,000)
Equity-based compensation	10,271,000	2,466,000
Change in fair value of warrant liability		2,605,000
Amortization (accretion) of marketable securities	761,000	(65,000)
Gain on Hit Discovery divestiture		(23,312,000)
Loss on sale of property and equipment	17,000	10,000
Changes in operating assets and liabilities:
Decrease in accounts receivable		227,000
Decrease (increase) in income taxes receivable	1,207,000	(22,802,000)
(Increase) in prepaid expenses and other current assets	(2,180,000)	(1,727,000)
(Increase) in other assets	(2,555,000)
Increase in accounts payable	721,000	328,000
(Decrease) in accrued expenses and other current liabilities	(2,117,000)	(150,000)
(Decrease) in income taxes payable	(189,000)
(Decrease) in operating lease liability	(882,000)	(198,000)
Net cash used in operating activities	(73,776,000)	(56,825,000)
Cash flows from investing activities
Purchases of held-to-maturity marketable securities	(397,222,000)	(50,139,000)
Proceeds from maturity of marketable securities	239,440,000	10,850,000
Purchases of property and equipment	(183,000)	(103,000)
Net proceeds from Hit Discovery divestiture	17,500,000
Net cash used in investing activities	(157,965,000)	(36,552,000)
Cash flows from financing activities
Proceeds from initial public offering of common stock, net of issuance costs		295,125,000
Proceeds from exercise of warrant to purchase common stock		12,000
Proceeds from exercise of options to purchase common stock	425,000	145,000
Payment of public offering costs	(500,000)
Net cash (used in) provided by financing activities	(75,000)	295,023,000
Net (decrease) increase in cash, cash equivalents and restricted cash	(231,816,000)	201,646,000
Cash, cash equivalents and restricted cash, beginning of the period	285,159,000	173,796,000
Cash, cash equivalents and restricted cash, end of the period	53,343,000	375,442,000
Supplemental disclosure of non-cash activities:
Operating lease right-of-use asset recognized upon adoption of Topic 842	$ 7,478,000
Accretion of preferred return and cumulative dividends on preferred securities		3,736,000
Public offering costs included in accounts payable and accrued expenses		1,418,000
Purchases of property and equipment included in accounts payable		11,000
Installment Receivable, in prepaid expenses and other current assets (Note 17)		13,416,000
Equity Consideration in other assets (Note 17)		10,000,000
Conversion of enterprise junior stock into common stock		3,000
Conversion of redeemable convertible and convertible preferred stock into common stock		142,252,000
Series D Redeemable Convertible Preferred Stock [Member]
Cash flows from financing activities
Payment of issuance costs on Series D redeemable convertible preferred stock		(259,000)
Valo Health [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Interest income on future cash payments from Valo Health		(824,000)
Hit Discovery Divestiture [Member]
Cash flows from investing activities
Net proceeds from Hit Discovery divestiture		$ 2,840,000

Organization and Nature of Busi

Organization and Nature of Business	6 Months Ended
	Jun. 30, 2021
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 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 The Company is focused on the development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers. The Company is building a pipeline of therapeutics with a focus on these areas and has devoted substantially all of its resources to the research and development of its drug development efforts, comprised of research and development, manufacturing, conducting clinical trials, protecting its intellectual property and general and administrative functions relating to these operations. The future success of the Company is dependent on its ability to develop its product candidates and ultimately upon its ability to attain sustained profitable operations through commercialization of products. The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, the need for additional capital, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval and reimbursement for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development of technological innovations by competitors, reliance on third-party manufacturers and the ability to transition from pilot-scale production to large-scale manufacturing of products. The Company has determined that its cash, cash equivalents and marketable securities of $570.8 million as of June 30, 2021 will be sufficient to fund its operations for at least one year from the date these condensed consolidated financial statements are issued. To date, the Company has primarily financed its operations through license and collaboration agreements, the sale of preferred shares and preferred stock to outside investors and the completion of the IPO and follow-on public offering. The Company has experienced significant negative cash flows from operations during the six months ended June 30, 2021. The Company does not expect to experience any significant positive cash flows from its existing collaboration agreements and does not expect to have any product revenue in the near term. The Company expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future as it continues to invest significantly in research and development of its programs. Management’s belief with respect to its ability to fund operations is based on estimates that are subject to risks and uncertainties. If actual results are different from management’s estimates, the Company may need to seek additional funding sooner than would otherwise be expected. There can be no assurance that the Company will be able to obtain additional funding on acceptable terms, if at all.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies Basis of Presentation and Consolidation The condensed consolidated financial statements include the accounts of Forma Therapeutics Holdings, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company has prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures generally included in financial statements in conformity with GAAP have been condensed or omitted in accordance with such rules and regulations. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standard Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Significant Accounting Policies These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Unaudited Interim Condensed Consolidated Financial Statements The accompanying condensed consolidated balance sheet as of June 30, 2021, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020, the condensed consolidated statements of redeemable convertible and convertible preferred stock and stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and the condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The financial data and other information contained in the notes thereto as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 are also unaudited. The condensed consolidated balance sheet data as of December 31, 2020 was derived from the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2020. With the exception of the adoption of ASU No. 2016-02, Leases (Topic 842) 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. The carrying amounts of the Company’s cash equivalents approximate their fair value due to their short-term nature. Amounts in restricted cash consist of letters of credit to secure the Company’s facilities, including its new lease for office and laboratory space entered into in September 2020 (see Note 7). Restricted cash is included in other assets on the condensed consolidated balance sheets. The following table reconciles cash, cash equivalents and restricted cash as of June 30, 2021 and 2020 to the condensed consolidated statements of cash flows (in thousands): June 30, 2021 2020 Cash and cash equivalents $ 50,873 $ 374,947 Restricted cash 2,470 495 Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statements of cash flows $ 53,343 $ 375,442 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 condensed consolidated statements of operations and comprehensive 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 condensed consolidated financial statements for the three and six months ended June 30, 2021 and 2020. 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 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. For awards granted in 2020 prior to the Company’s IPO, the Company used a probability-weighted expected returns method (“PWERM”) with four scenarios to value the common stock underlying the awards: an IPO, a delayed IPO, a sale of the Company and a remain private scenario. In the IPO and sale scenarios, the Company estimated an equity value based on the guideline public company method under a market approach. The guideline public companies consisted of biopharmaceutical companies with recently completed initial public offerings. For the remain private scenario, the Company back-solved to the price of a recently issued preferred security. The Company converted its estimated future value in each scenario to present value using a risk-adjusted discount rate. The relative probability of each scenario was determined based on an assessment of then-current market conditions. Where appropriate, the Company applied a discount for lack of marketability to the value indicated for the common stock. The valuation methodology used to value the common stock prior to the IPO included estimates and assumptions that required the Company’s judgment. Significant changes to the key assumptions used in the valuations could have resulted in different fair values of the Company’s common stock at each valuation date. For awards with service-based vesting conditions, the Company recognizes equity-based compensation expense on a straight-line basis over the vesting period. For awards subject to performance conditions, the Company recognizes equity-based compensation expense using an accelerated recognition method over the remaining service period when the Company determines the achievement of the performance condition is probable. The Company classifies equity-based compensation expense in its condensed consolidated statements of operations and comprehensive loss consistent with the classification of the award recipient’s compensation expense. Leases Effective January 1, 2021, the Company adopted Topic 842 using the required modified retrospective approach and utilizing the effective date as its date of initial application. As a result, prior periods are presented in accordance with the previous guidance in ASC 840, Leases The Company evaluates whether an arrangement is or contains a lease at the inception date. If determined to be or contain a lease, the Company determines the classification of the lease at the commencement date, which represents the date at which the lessor makes the underlying asset available for use by the Company. When determining the expected accounting lease term, the Company includes the noncancellable lease term, together with periods covered by ( i ) an option to extend the lease if the Company is reasonably certain to exercise such option, (ii) an option to terminate the lease if the Company is reasonably certain not to exercise such option and (iii) an option to extend or not terminate the lease where the exercise of such option is controlled by the lessor. The Company has elected the short-term lease exemption, which allows the Company to not recognize lease liabilities and right-of-use assets arising from lease arrangements with original lease terms of twelve months or less. The Company elected the practical expedient to not separate lease and non-lease components for its real estate leases. Right-of-use assets represent the Company’s right to use an underlying asset over the lease term and lease liabilities represent the Company’s obligation to make lease payments under the arrangement. The Company measures its lease liabilities as the present value of the lease payments, discounted using an incremental borrowing rate, as interest rates implicit in lease arrangements are generally not readily determinable. The Company measures its right-of-use assets as the present value of its lease payments at the commencement date, adjusted for prepaid rent payments and tenant incentives. The incremental borrowing rate represents the interest rate at which the Company could borrow an amount equal to the lease payments on a fully collateralized basis, over a similar term, in a similar economic environment. The Company recognizes rent expense for operating leases on a straight-line basis. The Company recognizes variable lease expenses as incurred. The Company remeasures right-of-use assets and lease liabilities when a lease is modified, and the modification is not accounted for as a separate contract. A modification is accounted for as a separate contract if the modification grants the Company an additional right of use not included in the original lease arrangement and the increase in lease payments is commensurate with the additional right of use. The Company assesses its right-of-use assets for impairment in a manner consistent with its assessment for long-lived assets held and used in operations. Recently Adopted Accounting Pronouncements In February 2016, the FASB Topic 842 was issued, which supersedes the existing guidance for lease accounting. The FASB has issued several updates to the standard which: (i) clarify how to apply certain aspects of the new standard; (ii) provide an additional transition method for adoption of the new standard; (iii) provide a practical expedient for certain lessor accounting; and (iv) amend certain narrow aspects of the guidance. Topic 842 requires the identification and classification of arrangements that are or contain a lease. In general, for lease arrangements exceeding a twelve-month term, these arrangements must be recognized as assets and liabilities on the balance sheet of the lessee. Under Topic 842, a right-of-use asset and lease obligation will be recorded for all leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The balance sheet amount recorded for existing leases at the date of adoption of Topic 842 is calculated using the applicable incremental borrowing rate at the date of adoption. Topic 842 is effective for the Company on January 1, 2022, with early adoption permitted. The Company elected to early adopt the new standard and used the modified retrospective approach effective January 1, 2021 as the initial date of application. The Company elected the available package of practical expedients which allowed the Company to not reassess previous accounting conclusions around whether arrangements are or contain leases, the classification of leases, and the treatment of initial direct costs. As a result of the adoption of Topic 842, the Company recorded (i) an operating lease liability of $8.9 million and (ii) an operating lease right-of-use asset of $7.5 million, net of the unamortized balance of deferred rent liability and tenant improvement allowances as of the transition date. There was no impact to the Company’s results of operations and cash flows from operations. A summary of the impact of the adoption is as follows (in thousands): December 31, 2020 Impact of Adoption January 1, 2021 Operating lease right-of-use asset $ — $ 7,478 $ 7,478 Accrued expenses and other current liabilities 27,104 (399 ) 26,705 Operating lease liability, current — 3,025 3,025 Deferred rent, noncurrent 1,027 (1,027 ) — Operating lease liability, noncurrent — 5,879 5,879

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	6 Months Ended
	Jun. 30, 2021
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 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 June 30, 2021 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 $ — Money market funds 35,313 35,313 — — Assets—Short-term marketable securities U.S. Government agency securities 71,530 — 71,530 — U.S. Treasury securities 27,124 — 27,124 — Commercial paper 348,102 — 348,102 — Corporate debt securities 38,005 — 38,005 — Assets—Long-term marketable securities U.S. Government agency securities 1,997 — 1,997 — U.S. Treasury securities 27,090 — 27,090 — Corporate debt securities 6,124 — 6,124 — Total $ 567,285 $ 35,313 $ 531,972 $ — 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 $ — During the six months ended June 30, 2021 and twelve months ended December 31, 2020 there were no transfers into or out of Level 3. The Company’s Level 2 investments classified as cash equivalents and marketable securities are valued using third-party pricing sources. During the six months ended June 30, 2020, the Company recognized a loss on the remeasurement of the warrant liability. Prior to the IPO, 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 (“Series B-3 Preferred Warrants”). Upon the closing of the IPO, the Series B-3 Preferred Warrants were automatically converted into warrants to purchase an aggregate of 70,133 shares of common stock with an exercise price of $5.13 per share. 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. The value for the warrant liability balance was based on a Black-Scholes option pricing model using significant inputs not observable in the market representing a Level 3 measurement within the fair value hierarchy. Gains and losses on remeasurement of Level 3 securities are included in other income (expense), net on the condensed consolidated statements of operations and comprehensive loss. The warrants were exercised in July 2020 and as of June 30, 2021, the Company had no outstanding warrants. The following assumptions were used to determine the fair value of the warrants to purchase common stock: June 30, 2020 Risk-free interest rate 0.29 % Expected term (in years) 5.0 Expected volatility 75.8 % Expected dividend yield 0.0 % Fair value per share of underlying common stock $ 46.49 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, 2019 $ 364 Change in fair value 2,605 Balance at June 30, 2020 $ 2,969

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2021
Investments Debt And Equity Securities [Abstract]
Marketable Securities	Note 4—Marketable Securities The following table presents the carrying amounts and estimated fair values of financial instruments not measured at fair value in the condensed consolidated balance sheets as they are considered held-to-maturity securities. The Company’s investments by type consisted of the following (in thousands): June 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Assets U.S. Government agency securities $ 73,522 $ 9 $ (4 ) $ 73,527 U.S. Treasury securities 54,221 7 (14 ) 54,214 Commercial paper 348,042 64 (4 ) 348,102 Corporate debt securities 44,135 4 (10 ) 44,129 Total $ 519,920 $ 84 $ (32 ) $ 519,972 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 condensed consolidated financial statements. As of June 30, 2021 and December 31, 2020, the Company held 14 and 16 investments, respectively, in an unrealized loss position with an aggregate fair value of $ 83.9 million and $ 93.7 million, respectively. 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 June 30, 2021 and December 31, 2020 was not significant.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Note 5—Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, 2021 2020 Prepaid expenses $ 7,130 $ 4,793 Other non-trade receivables 1,170 1,327 $ 8,300 $ 6,120

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Property and Equipment, Net	Note 6—Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2021 2020 Computer and office equipment $ 2,394 $ 2,253 Software 2,473 2,473 Lab equipment 4,602 4,560 Furniture and fixtures 300 377 Leasehold improvements 3,363 3,402 13,132 13,065 Less: Accumulated depreciation (11,806 ) (11,545 ) $ 1,326 $ 1,520 Depreciation and amortization expense related to property and equipment for the three months ended June 30, 2021 and 2020 totaled $0.2 million and $0.3 million, respectively. For the six months ended June 30, 2021 and 2020, depreciation and amortization expense related to property and equipment totaled $0.4 million and $0.8 million, respectively.

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Note 7—Leases 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 (the “Arsenal Street Lease”) is with a landlord who is an investor and related party of the Company. As amended on September 30, 2017, the Arsenal Street Lease is subject to annual increases to base rent over a term expiring in January 2024 In May 2021, the Company amended the Arsenal Street Lease to reduce the rentable square feet by approximately 50%. Pursuant to the amendment, annual base rent and the Company’s share of operating expenses were reduced in proportion to the reduction in rentable square feet. There was no change to the lease term for the remaining space. The Company determined that the amendment did not grant an additional right-of-use asset and as such was accounted for as a modification to the existing Arsenal Street Lease. The operating lease right-of-use asset and operating lease liability were remeasured at the date of modification which resulted in a reduction of the operating lease right-of-use asset of $2.6 million and a reduction in the operating lease liability of $2.9 million. The Company recorded the resulting gain on the modification of $0.3 million in other income (expense), net on the condensed consolidated statements of operations and comprehensive loss. 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. 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 $0.4 million, $0.8 million and $0.8 million for the six months ended December 31, 2021, and years ended December 31, 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 17). During the three and six months ended June 30, 2021 , the Company recorded rent expense under the head lease of $ 0.2 million and $ 0.4 million, respectively, offset by sublease income of $ 0.2 million and $ 0.4 million, respectively , both of which are included as components of operating lease cost in the table below. The components of operating lease expense were as follows (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Operating lease cost $ 332 $ 800 Variable lease cost 257 483 $ 589 $ 1,283 Supplemental cash flow information related to operating leases was as follows (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows related to operating leases $ 474 $ 1,038 Future minimum lease payments under noncancellable leases as of June 30, 2021 were as follows (in thousands): Operating Leases 2021 (excluding the six months ended June 30, 2021) $ 926 2022 2,027 2023 2,074 2024 99 2025 — Total lease payments 5,126 Present value adjustment (368 ) Present value of operating lease liabilities $ 4,758 As of June 30, 2021, the Company’s operating leases were measured using a weighted-average incremental borrowing rate of 6.0% over a weighted-average remaining lease term of 2.6 years. In September 2020, the Company entered into a new lease for office and laboratory space with the landlord of the Company’s Arsenal Street Lease in Watertown, MA (the “Beacon Street Lease”). The Beacon Street Lease, which includes office and laboratory space, is subject to base rent of $0.3 million per month, plus the Company's 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 Beacon Street 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 of $0.3 million upon execution of the Beacon Street Lease agreement 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 condensed consolidated balance sheet, respectively. Such amounts are refundable if the landlord does not deliver the premises under the Beacon Street Lease within a certain period of time. No further rent or operating expenses are owed until the Company takes occupancy at the contractual commencement date, which is currently anticipated to be in late August 2021. Concurrent with the execution of the Beacon Street Lease, the Arsenal Street Lease was amended to expire 30 days following the lease commencement date of the Beacon Street Lease. Upon the lease commencement of the Beacon Street Lease, the Company will no longer be obligated to make future rent payments under the Arsenal Street Lease. If the Beacon Street Lease does not commence, the Company remains obligated to the Arsenal Street Lease. The Beacon Street Lease requires the landlord to perform a scope of work to build-out the base building prior to the construction of the Company’s premises. The Company concluded the accounting commencement date will occur when the landlord completes the build-out of the base building and control passes to the Company, which the Company currently anticipates occurring in late August 2021. The Company will assess the classification of the Beacon Street Lease at the accounting commencement date, measure the right-of-use asset and lease liability and begin recording leasehold improvements. The Company will concurrently assess the impact this has on the Arsenal Street right-of-use asset and lease liability. At the accounting commencement date, the prepaid rent will be reclassified as an increase in the right-of-use asset which will be reduced by the tenant improvement allowance. During the six months ended June 30, 2021, the Company paid a deposit of $2.6 million which represents the estimated cost of leasehold improvements in excess of the tenant improvement allowance that will be contributed towards leasehold improvements that will be constructed by the landlord on the Company’s behalf. The deposit is classified in other assets on the condensed consolidated balance sheet.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2021
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Note 8—Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, 2021 2020 Employee compensation $ 5,074 $ 6,834 Professional and consulting services 556 1,008 Research and development related accruals 16,853 18,290 Other current liabilities 1,605 972 $ 24,088 $ 27,104

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9—Commitments and Contingencies Guarantees and Indemnification Obligations The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies and agrees to reimburse the indemnified party for losses and costs incurred by the indemnified party, generally the Company’s customers, in connection with any patent, copyright, trade secret or other intellectual property or personal right infringement claim by any third party with respect to the Company’s technology. The term of these indemnification agreements is generally perpetual after execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. Based on historical experience and information known as of June 30, 2021 and December 31, 2020, the Company had not incurred any costs for the above guarantees and indemnities.

Restructuring Charges

Restructuring Charges	6 Months Ended
	Jun. 30, 2021
Restructuring And Related Activities [Abstract]
Restructuring Charges	Note 10—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%. The total restructuring charges incurred of $5.4 million were comprised of termination benefits including expenses for severance, health benefits and outplacement services. There were no restructuring activities The following table summarizes the restructuring activity incurred during the six months ended June 30, 2020 (in thousands): Accrued Restructuring Costs Balance at December 31, 2019 $ 325 Restructuring costs incurred 63 Termination benefits paid (388 ) Balance at June 30, 2020 $ —

Redeemable Convertible and Conv

Redeemable Convertible and Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2021
Temporary Equity [Abstract]
Redeemable Convertible and Convertible Preferred Stock	Note 11—Redeemable Convertible and Convertible Preferred Stock Immediately prior to the closing of the IPO, the Company had an aggregate of 86,062,799 shares of redeemable convertible and convertible preferred stock issued and outstanding which automatically converted into 20,349,223 shares of common stock. Subsequent to the closing of the IPO, no shares of preferred stock were issued or outstanding. 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 June 30, 2021, no shares of preferred stock were issued or outstanding.

Stockholder's Equity

Stockholder's Equity	6 Months Ended
	Jun. 30, 2021
Stockholders Equity Note [Abstract]
Stockholders' Equity	Note 12—Stockholders’ Equity Common Stock Reserved for Future Issuances As of June 30, 2021, the Company had reserved for future issuance the following number of shares of common stock: Stock Reserved For exercise of stock options under the 2019 Stock Incentive Plan 3,906,690 For exercise of stock options under the 2020 Stock Option and Incentive Plan 2,179,302 For restricted stock units granted under the 2020 Stock Option and Incentive Plan 755,220 For future issuance under the 2020 Stock Option and Incentive Plan 2,517,710 For future issuance under the 2020 Employee Stock Purchase Plan 840,032 10,198,954

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	Note 13—Equity-Based Compensation 2020 Stock Option and Incentive Plan The Company grants stock-based awards under the 2020 Stock Option and Incentive Plan (“2020 Plan”). All shares of common stock underlying any awards that are forfeited, cancelled, expired, repurchased, or otherwise terminated under the 2020 and 2019 Plans are added back to the shares of common stock available for issuance under the 2020 Plan, while all unvested shares under the 2012 Plan that are forfeited, cancelled or are otherwise terminated that are reserved under the 2012 Plan are automatically retired. The Company also has stock options and restricted common stock outstanding under the 2019 Stock Incentive Plan (“2019 Plan”) and 2012 Equity Incentive Plan, as Amended and Restated, (“2012 Plan”) respectively, but is no longer granting awards under such plans. On January 1, 2021, the number of shares of common stock available for issuance under the 2020 Plan increased by 1,892,009 shares as a result of the automatic increase provision of the 2020 Plan. As of June 30, 2021, there were 2,517,710 shares available for future issuance under the 2020 Plan. Equity-Based Compensation Expense Equity-based compensation expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 2,554 $ 404 $ 4,009 $ 773 General and administrative 3,869 852 6,262 1,693 $ 6,423 $ 1,256 $ 10,271 $ 2,466 Enterprise junior stock — 134 — 365 Restricted common stock 76 36 176 36 Restricted stock units 2,598 — 3,648 — Stock options 3,749 1,086 6,447 2,065 $ 6,423 $ 1,256 $ 10,271 $ 2,466 Stock Options 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, 2020 4,941,537 $ 8.62 9.1 $ 130,802 Granted 1,274,920 35.72 Exercised (86,041 ) 5.14 Forfeited (44,424 ) 6.62 Outstanding as of June 30, 2021 6,085,992 $ 14.36 8.8 $ 80,382 Exercisable as of June 30, 2021 1,849,813 $ 7.29 8.3 $ 32,563 Vested and expected to vest as of June 30, 2021 6,085,992 $ 14.36 8.8 $ 80,382 The weighted-average grant-date fair value per share of stock options granted during the six months ended June 30, 2021 and 2020 was $23.99 and $5.94, respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2021 was $2.7 million. As of June 30, 2021, there was approximately $45.2 million of unrecognized equity-based compensation expense related to stock options that is expected to be recognized over a weighted-average period of approximately 2.8 years. Stock Options Valuation The following assumptions were used in determining the fair value of stock options, presented on a weighted average basis: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Risk-free interest rate 1.03 % 0.44 % 0.96 % 1.12 % Expected term (in years) 5.9 6.0 6.0 6.0 Expected volatility 77.4 % 76.2 % 77.9 % 74.7 % Expected dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Fair value per share of common stock $ 25.86 $ 15.67 $ 35.72 $ 9.09 Restricted Stock Units 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, 2020 42,100 $ 42.26 Granted 714,360 $ 36.11 Vested — $ — Forfeited (1,240 ) $ 38.61 Unvested as of June 30, 2021 755,220 $ 36.45 No restricted stock units were granted during the six months ended June 30, 2020. Restricted Common Stock 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, 2020 51,546 $ 7.44 Vested (20,153 ) $ 9.79 Forfeited (2,079 ) $ 14.88 Issued and unvested as of June 30, 2021 29,314 $ 5.25 The aggregate fair value of restricted common stock that vested during the six months ended June 30, 2021 was $0.2 million. As of June 30, 2021, there was approximately $0.1 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 1.2 years. 2020 Employee Stock Purchase Plan The 2020 Employee Stock Purchase Plan (“ESPP”) became effective June 2020. As of June 30, 2021, no shares have been issued under the ESPP and 840,032 shares remain available for issuance.

Net Loss per Share

Net Loss per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Loss per Share	Note 14—Net Loss per Share The following table sets forth the outstanding shares of common stock equivalents, presented based on amounts outstanding at each period end, which were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options 6,085,992 4,928,952 6,085,992 4,928,952 Common stock warrants - 70,133 — 70,133 Restricted common stock 29,314 102,082 29,314 102,082 Restricted stock units 755,220 — 755,220 —

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 15—Income Taxes Income taxes for the three months ended June 30, 2021 and 2020 have been calculated based on an estimated annual effective tax rate and certain discrete items. For the six months ended June 30, 2021 and 2020, the Company recorded an income tax expense of $0.1 million and an income tax benefit of $22.7 million, respectively. The Company’s income tax expense for the six months ended June 30, 2021 was related to the provision to return adjustment and a reduction to the income tax refund arising from the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The income tax benefit for the six months ended June 30, 2020 was related to refunds arising from the CARES Act. On March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic. Among other things, the CARES Act permits corporate taxpayers to carryback net operating losses (“NOLs”) originating in 2018 through 2020 to each of the five preceding tax years. Further, the CARES Act removed the 80% taxable income limitation on utilization of those NOLs allowing corporate taxpayers to fully utilize NOL carryforwards to offset taxable income in 2018, 2019 or 2020. Such changes resulted in the generation of refunds of previously paid income taxes for which some refunds have been received in 2020 through June 30, 2021 and some refunds are expected to be received over the next twelve months. The Company has filed refund claims related to its 2018, 2019 and 2020 tax years to carryback NOLs to its 2015, 2016, 2017 and 2018 tax years for federal tax purposes which will result in anticipated refunds of $29.6 million, of which $16.6 million has been received through June 30, 2021.

Collaboration Agreements

Collaboration Agreements	6 Months Ended
	Jun. 30, 2021
Collaboration And License Agreements Disclosure [Abstract]
Collaboration Agreements	Note 16—Collaboration Agreements In November 2010, the Company entered into an arrangement with a partner to deliver a compound library. Included in the arrangement were certain options to exclusive licenses for a defined number of library compounds. The Company determined the options represented material rights as they were exercisable for no additional consideration over the ten-year Summary of Contract Assets and Liabilities The following table presents changes in the Company’s balances of contract liabilities (in thousands): Beginning of Period Additions Deductions End of Period Six months ended June 30, 2020 Deferred revenue $ 1,239 $ — $ 1,239 $ — Deferred revenue, noncurrent $ — $ — $ — $ — During the six months ended June 30, 2021 and 2020, the Company recognized no revenue. The Company had no contract asset balances as of June 30, 2021 and 2020.

Hit Discovery Divestiture

Hit Discovery Divestiture	6 Months Ended
	Jun. 30, 2021
Discontinued Operations And Disposal Groups [Abstract]
Hit Discovery Divestiture	Note 17—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 The fair value of the total consideration received, as of the transaction date, 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 (expense), net on the Company’s condensed consolidated statement of operations and comprehensive loss for the six months ended June 30, 2020. For the three and six months ended June 30, 2020, the Company recorded interest income of approximately $0.7 million and $0.8 million, respectively, related to the accretion of the Installment Receivable. Upon the execution of the Agreement, the Company accelerated the vesting of 23,317 stock options, 18,818 of which were held by employees who terminated employment with the Company as part of the transaction, in accordance with the respective award agreements. In addition, the Company modified 19,981 stock options to increase the exercise period from 90 days to one year from the date of termination for certain employees terminated in relation to the transaction. The incremental compensation expense associated with the modification was deemed immaterial. Separately, the Company recognized $0.5 million of research and development expense in the condensed consolidated statement of operations and comprehensive loss for the six months ended June 30, 2020 related to a cash bonus payable as a result of the transaction. During the fourth quarter of 2020, Valo Health closed on their 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. The Company concluded the fair value of the equity interest received in Valo Health was equal to $10.0 million and continues to record the equity interest in other assets on the Company’s consolidated balance sheet as of June 30, 2021. No gain or loss was recorded by the Company in connection with the closing of Valo Health’s 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 June 30, 2021 and December 31, 2020, no impairments, nor any upward or downward adjustments have been recognized on the equity interest in Valo Health as a result of the application of the measurement alternative.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 18—Subsequent Events On July 26, 2021, the Company filed a Registration Statement on Form S-3ASR, or the 2021 Shelf, with the SEC, which was automatically declared effective on July 26, 2021 (File No. 333-258174) in relation to the registration of common stock, preferred stock, debt securities, warrants and units or any combination thereof. The Company also simultaneously entered into a Sales Agreement, or the Sales Agreement, with SVB Leerink LLC to provide for the offering, issuance and sale of up to an aggregate amount of $200.0 million of common stock from time to time in “at-the-market” offerings under the 2021 Shelf and subject to the limitations thereof. As of the date of this Quarterly Report on Form 10-Q, the Company has not made any sales of its common stock under the Sales Agreement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Liquidity	Liquidity The Company is focused on the development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers. The Company is building a pipeline of therapeutics with a focus on these areas and has devoted substantially all of its resources to the research and development of its drug development efforts, comprised of research and development, manufacturing, conducting clinical trials, protecting its intellectual property and general and administrative functions relating to these operations. The future success of the Company is dependent on its ability to develop its product candidates and ultimately upon its ability to attain sustained profitable operations through commercialization of products. The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, the need for additional capital, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval and reimbursement for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development of technological innovations by competitors, reliance on third-party manufacturers and the ability to transition from pilot-scale production to large-scale manufacturing of products. The Company has determined that its cash, cash equivalents and marketable securities of $570.8 million as of June 30, 2021 will be sufficient to fund its operations for at least one year from the date these condensed consolidated financial statements are issued. To date, the Company has primarily financed its operations through license and collaboration agreements, the sale of preferred shares and preferred stock to outside investors and the completion of the IPO and follow-on public offering. The Company has experienced significant negative cash flows from operations during the six months ended June 30, 2021. The Company does not expect to experience any significant positive cash flows from its existing collaboration agreements and does not expect to have any product revenue in the near term. The Company expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future as it continues to invest significantly in research and development of its programs. Management’s belief with respect to its ability to fund operations is based on estimates that are subject to risks and uncertainties. If actual results are different from management’s estimates, the Company may need to seek additional funding sooner than would otherwise be expected. There can be no assurance that the Company will be able to obtain additional funding on acceptable terms, if at all.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The condensed consolidated financial statements include the accounts of Forma Therapeutics Holdings, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company has prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures generally included in financial statements in conformity with GAAP have been condensed or omitted in accordance with such rules and regulations. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standard Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Unaudited Interim Condensed Consolidated Financial Statements	Unaudited Interim Condensed Consolidated Financial Statements The accompanying condensed consolidated balance sheet as of June 30, 2021, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020, the condensed consolidated statements of redeemable convertible and convertible preferred stock and stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and the condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The financial data and other information contained in the notes thereto as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 are also unaudited. The condensed consolidated balance sheet data as of December 31, 2020 was derived from the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2020. With the exception of the adoption of ASU No. 2016-02, Leases (Topic 842)
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. The carrying amounts of the Company’s cash equivalents approximate their fair value due to their short-term nature. Amounts in restricted cash consist of letters of credit to secure the Company’s facilities, including its new lease for office and laboratory space entered into in September 2020 (see Note 7). Restricted cash is included in other assets on the condensed consolidated balance sheets. The following table reconciles cash, cash equivalents and restricted cash as of June 30, 2021 and 2020 to the condensed consolidated statements of cash flows (in thousands): June 30, 2021 2020 Cash and cash equivalents $ 50,873 $ 374,947 Restricted cash 2,470 495 Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statements of cash flows $ 53,343 $ 375,442
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 condensed consolidated statements of operations and comprehensive loss.
Comprehensive 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 condensed consolidated financial statements for the three and six months ended June 30, 2021 and 2020.
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 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. For awards granted in 2020 prior to the Company’s IPO, the Company used a probability-weighted expected returns method (“PWERM”) with four scenarios to value the common stock underlying the awards: an IPO, a delayed IPO, a sale of the Company and a remain private scenario. In the IPO and sale scenarios, the Company estimated an equity value based on the guideline public company method under a market approach. The guideline public companies consisted of biopharmaceutical companies with recently completed initial public offerings. For the remain private scenario, the Company back-solved to the price of a recently issued preferred security. The Company converted its estimated future value in each scenario to present value using a risk-adjusted discount rate. The relative probability of each scenario was determined based on an assessment of then-current market conditions. Where appropriate, the Company applied a discount for lack of marketability to the value indicated for the common stock. The valuation methodology used to value the common stock prior to the IPO included estimates and assumptions that required the Company’s judgment. Significant changes to the key assumptions used in the valuations could have resulted in different fair values of the Company’s common stock at each valuation date. For awards with service-based vesting conditions, the Company recognizes equity-based compensation expense on a straight-line basis over the vesting period. For awards subject to performance conditions, the Company recognizes equity-based compensation expense using an accelerated recognition method over the remaining service period when the Company determines the achievement of the performance condition is probable. The Company classifies equity-based compensation expense in its condensed consolidated statements of operations and comprehensive loss consistent with the classification of the award recipient’s compensation expense.
Leases	Leases Effective January 1, 2021, the Company adopted Topic 842 using the required modified retrospective approach and utilizing the effective date as its date of initial application. As a result, prior periods are presented in accordance with the previous guidance in ASC 840, Leases The Company evaluates whether an arrangement is or contains a lease at the inception date. If determined to be or contain a lease, the Company determines the classification of the lease at the commencement date, which represents the date at which the lessor makes the underlying asset available for use by the Company. When determining the expected accounting lease term, the Company includes the noncancellable lease term, together with periods covered by ( i ) an option to extend the lease if the Company is reasonably certain to exercise such option, (ii) an option to terminate the lease if the Company is reasonably certain not to exercise such option and (iii) an option to extend or not terminate the lease where the exercise of such option is controlled by the lessor. The Company has elected the short-term lease exemption, which allows the Company to not recognize lease liabilities and right-of-use assets arising from lease arrangements with original lease terms of twelve months or less. The Company elected the practical expedient to not separate lease and non-lease components for its real estate leases. Right-of-use assets represent the Company’s right to use an underlying asset over the lease term and lease liabilities represent the Company’s obligation to make lease payments under the arrangement. The Company measures its lease liabilities as the present value of the lease payments, discounted using an incremental borrowing rate, as interest rates implicit in lease arrangements are generally not readily determinable. The Company measures its right-of-use assets as the present value of its lease payments at the commencement date, adjusted for prepaid rent payments and tenant incentives. The incremental borrowing rate represents the interest rate at which the Company could borrow an amount equal to the lease payments on a fully collateralized basis, over a similar term, in a similar economic environment. The Company recognizes rent expense for operating leases on a straight-line basis. The Company recognizes variable lease expenses as incurred. The Company remeasures right-of-use assets and lease liabilities when a lease is modified, and the modification is not accounted for as a separate contract. A modification is accounted for as a separate contract if the modification grants the Company an additional right of use not included in the original lease arrangement and the increase in lease payments is commensurate with the additional right of use. The Company assesses its right-of-use assets for impairment in a manner consistent with its assessment for long-lived assets held and used in operations.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the FASB Topic 842 was issued, which supersedes the existing guidance for lease accounting. The FASB has issued several updates to the standard which: (i) clarify how to apply certain aspects of the new standard; (ii) provide an additional transition method for adoption of the new standard; (iii) provide a practical expedient for certain lessor accounting; and (iv) amend certain narrow aspects of the guidance. Topic 842 requires the identification and classification of arrangements that are or contain a lease. In general, for lease arrangements exceeding a twelve-month term, these arrangements must be recognized as assets and liabilities on the balance sheet of the lessee. Under Topic 842, a right-of-use asset and lease obligation will be recorded for all leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The balance sheet amount recorded for existing leases at the date of adoption of Topic 842 is calculated using the applicable incremental borrowing rate at the date of adoption. Topic 842 is effective for the Company on January 1, 2022, with early adoption permitted. The Company elected to early adopt the new standard and used the modified retrospective approach effective January 1, 2021 as the initial date of application. The Company elected the available package of practical expedients which allowed the Company to not reassess previous accounting conclusions around whether arrangements are or contain leases, the classification of leases, and the treatment of initial direct costs. As a result of the adoption of Topic 842, the Company recorded (i) an operating lease liability of $8.9 million and (ii) an operating lease right-of-use asset of $7.5 million, net of the unamortized balance of deferred rent liability and tenant improvement allowances as of the transition date. There was no impact to the Company’s results of operations and cash flows from operations. A summary of the impact of the adoption is as follows (in thousands): December 31, 2020 Impact of Adoption January 1, 2021 Operating lease right-of-use asset $ — $ 7,478 $ 7,478 Accrued expenses and other current liabilities 27,104 (399 ) 26,705 Operating lease liability, current — 3,025 3,025 Deferred rent, noncurrent 1,027 (1,027 ) — Operating lease liability, noncurrent — 5,879 5,879

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Reconciles Cash, Cash equivalents and Restricted Cash	The following table reconciles cash, cash equivalents and restricted cash as of June 30, 2021 and 2020 to the condensed consolidated statements of cash flows (in thousands): June 30, 2021 2020 Cash and cash equivalents $ 50,873 $ 374,947 Restricted cash 2,470 495 Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statements of cash flows $ 53,343 $ 375,442
Summary of the impact of the adoption	A summary of the impact of the adoption is as follows (in thousands): December 31, 2020 Impact of Adoption January 1, 2021 Operating lease right-of-use asset $ — $ 7,478 $ 7,478 Accrued expenses and other current liabilities 27,104 (399 ) 26,705 Operating lease liability, current — 3,025 3,025 Deferred rent, noncurrent 1,027 (1,027 ) — Operating lease liability, noncurrent — 5,879 5,879

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on a Recurring Basis	The following tables present information about the Company’s assets 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 June 30, 2021 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 $ — Money market funds 35,313 35,313 — — Assets—Short-term marketable securities U.S. Government agency securities 71,530 — 71,530 — U.S. Treasury securities 27,124 — 27,124 — Commercial paper 348,102 — 348,102 — Corporate debt securities 38,005 — 38,005 — Assets—Long-term marketable securities U.S. Government agency securities 1,997 — 1,997 — U.S. Treasury securities 27,090 — 27,090 — Corporate debt securities 6,124 — 6,124 — Total $ 567,285 $ 35,313 $ 531,972 $ — 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 $ —
Schedule of Assumptions Used to Determine the Fair Value of Warrants to Purchase Common Stock	The following assumptions were used to determine the fair value of the warrants to purchase common stock: June 30, 2020 Risk-free interest rate 0.29 % Expected term (in years) 5.0 Expected volatility 75.8 % Expected dividend yield 0.0 % Fair value per share of underlying common stock $ 46.49
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, 2019 $ 364 Change in fair value 2,605 Balance at June 30, 2020 $ 2,969

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2021
Investments Debt And Equity Securities [Abstract]
Held-to-maturity Securities	The Company’s investments by type consisted of the following (in thousands): June 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Assets U.S. Government agency securities $ 73,522 $ 9 $ (4 ) $ 73,527 U.S. Treasury securities 54,221 7 (14 ) 54,214 Commercial paper 348,042 64 (4 ) 348,102 Corporate debt securities 44,135 4 (10 ) 44,129 Total $ 519,920 $ 84 $ (32 ) $ 519,972 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)	6 Months Ended
	Jun. 30, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, 2021 2020 Prepaid expenses $ 7,130 $ 4,793 Other non-trade receivables 1,170 1,327 $ 8,300 $ 6,120

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2021 2020 Computer and office equipment $ 2,394 $ 2,253 Software 2,473 2,473 Lab equipment 4,602 4,560 Furniture and fixtures 300 377 Leasehold improvements 3,363 3,402 13,132 13,065 Less: Accumulated depreciation (11,806 ) (11,545 ) $ 1,326 $ 1,520

Leases (Table)

Leases (Table)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Component of Operating Lease Expenses	The components of operating lease expense were as follows (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Operating lease cost $ 332 $ 800 Variable lease cost 257 483 $ 589 $ 1,283
Summary of Supplemental Cash Flow Information Related to Operating Lease	Supplemental cash flow information related to operating leases was as follows (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows related to operating leases $ 474 $ 1,038
Schedule of Future Minimum Payments Under Noncancelable Operating Leases	Future minimum lease payments under noncancellable leases as of June 30, 2021 were as follows (in thousands): Operating Leases 2021 (excluding the six months ended June 30, 2021) $ 926 2022 2,027 2023 2,074 2024 99 2025 — Total lease payments 5,126 Present value adjustment (368 ) Present value of operating lease liabilities $ 4,758

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Payables And Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, 2021 2020 Employee compensation $ 5,074 $ 6,834 Professional and consulting services 556 1,008 Research and development related accruals 16,853 18,290 Other current liabilities 1,605 972 $ 24,088 $ 27,104

Restructuring Charges (Tables)

Restructuring Charges (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring And Related Activities [Abstract]
Restructuring and Related Costs	The following table summarizes the restructuring activity incurred during the six months ended June 30, 2020 (in thousands): Accrued Restructuring Costs Balance at December 31, 2019 $ 325 Restructuring costs incurred 63 Termination benefits paid (388 ) Balance at June 30, 2020 $ —

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Stockholders Equity Note [Abstract]
Schedule of Reserved Common Stock for Warrants to Purchase Common Stock and Future Issuance	As of June 30, 2021, the Company had reserved for future issuance the following number of shares of common stock: Stock Reserved For exercise of stock options under the 2019 Stock Incentive Plan 3,906,690 For exercise of stock options under the 2020 Stock Option and Incentive Plan 2,179,302 For restricted stock units granted under the 2020 Stock Option and Incentive Plan 755,220 For future issuance under the 2020 Stock Option and Incentive Plan 2,517,710 For future issuance under the 2020 Employee Stock Purchase Plan 840,032 10,198,954

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock-Based Compensation Expense	Equity-based compensation expense was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 2,554 $ 404 $ 4,009 $ 773 General and administrative 3,869 852 6,262 1,693 $ 6,423 $ 1,256 $ 10,271 $ 2,466 Enterprise junior stock — 134 — 365 Restricted common stock 76 36 176 36 Restricted stock units 2,598 — 3,648 — Stock options 3,749 1,086 6,447 2,065 $ 6,423 $ 1,256 $ 10,271 $ 2,466
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, 2020 4,941,537 $ 8.62 9.1 $ 130,802 Granted 1,274,920 35.72 Exercised (86,041 ) 5.14 Forfeited (44,424 ) 6.62 Outstanding as of June 30, 2021 6,085,992 $ 14.36 8.8 $ 80,382 Exercisable as of June 30, 2021 1,849,813 $ 7.29 8.3 $ 32,563 Vested and expected to vest as of June 30, 2021 6,085,992 $ 14.36 8.8 $ 80,382 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, 2020 42,100 $ 42.26 Granted 714,360 $ 36.11 Vested — $ — Forfeited (1,240 ) $ 38.61 Unvested as of June 30, 2021 755,220 $ 36.45 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, 2020 51,546 $ 7.44 Vested (20,153 ) $ 9.79 Forfeited (2,079 ) $ 14.88 Issued and unvested as of June 30, 2021 29,314 $ 5.25
Schedule of Assumptions to Estimate Fair Value of Stock Options, Presented on a Weighted Average Basis	The following assumptions were used in determining the fair value of stock options, presented on a weighted average basis: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Risk-free interest rate 1.03 % 0.44 % 0.96 % 1.12 % Expected term (in years) 5.9 6.0 6.0 6.0 Expected volatility 77.4 % 76.2 % 77.9 % 74.7 % Expected dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Fair value per share of common stock $ 25.86 $ 15.67 $ 35.72 $ 9.09

Net Loss per Share (Tables)

Net Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Income (Loss) per Share	The following table sets forth the outstanding shares of common stock equivalents, presented based on amounts outstanding at each period end, which were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options 6,085,992 4,928,952 6,085,992 4,928,952 Common stock warrants - 70,133 — 70,133 Restricted common stock 29,314 102,082 29,314 102,082 Restricted stock units 755,220 — 755,220 —

Collaboration Agreements (Table

Collaboration Agreements (Tables)	6 Months Ended
	Jun. 30, 2021
Collaboration And License Agreements Disclosure [Abstract]
Summary of Contract Assets and Liabilities	The following table presents changes in the Company’s balances of contract liabilities (in thousands): Beginning of Period Additions Deductions End of Period Six months ended June 30, 2020 Deferred revenue $ 1,239 $ — $ 1,239 $ — Deferred revenue, noncurrent $ — $ — $ — $ —

Hit Discovery Divestiture (Tabl

Hit Discovery Divestiture (Tables)	6 Months Ended
	Jun. 30, 2021
Discontinued Operations And Disposal Groups [Abstract]
Schedule Of Fair Value Of The Consideration To Be Received Used In Calculating The Gain On Divestiture Table [Text Block]	The fair value of the total consideration received, as of the transaction date, 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 Valo 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

Organization and Nature of Bu_2

Organization and Nature of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 15, 2020	Jun. 23, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
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
Proceeds from initial public offering of common stock, net of issuance costs	$ 258,600			$ 295,125
Preferred stock shares outstanding		0	0		0
Authorized capital stock		160,000,000
Common stock shares authorized			150,000,000		150,000,000
Preferred stock shares authorized		10,000,000	10,000,000		10,000,000
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			$ 570,800
Enterprise Junior Stock [Member]
Class Of Stock [Line Items]
Temporary equity shares issued		103,007
Common Stock
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
Proceeds from initial public offering of common stock, net of issuance costs		$ 293,300
Temporary equity shares outstanding		20,349,223
Common Stock | Enterprise Junior Stock [Member]
Class Of Stock [Line Items]
Temporary equity shares issued		2,124,845
Common Stock | Voting Common Stock [Member]
Class Of Stock [Line Items]
Common stock shares authorized		147,494,175
Common Stock | Non Voting Common Stock [Member]
Class Of Stock [Line Items]
Common stock shares authorized		2,505,825
Warrant
Class Of Stock [Line Items]
Number of warrants issued to purchase common stock | shares		70,133
Warrants exercise price, per share | $ / shares		$ 5.13
Warrant | Series B3 Preferred Stock [Member]
Class Of Stock [Line Items]
Number of warrants issued to purchase common stock | shares		299,999
Warrants exercise price, per share | $ / shares		$ 1.20
IPO [Member] | Common Stock
Class Of Stock [Line Items]
Issuance of common stock from initial public offering, net of issuance costs, Shares		15,964,704
Shares issued and sold, public offering price | $ / shares		$ 20

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)shares	Jan. 01, 2021USD ($)
Summary Of Significant Accounting Policies [Line Items]
Short-term, highly liquid investments with original maturities	90 days or less
Operating Lease, Liability	$ 4,758	$ 8,900
Operating lease right-of-use asset	$ 3,859	$ 7,478
Measurement Input, Expected Dividend Rate [Member]
Summary Of Significant Accounting Policies [Line Items]
Expected dividend yield | shares	0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Reconciles Cash, Cash equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 50,873	$ 282,689	$ 374,947
Restricted cash	2,470		495
Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statements of cash flows	$ 53,343	$ 285,159	$ 375,442	$ 173,796

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of the impact of the adoption (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jan. 01, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Operating lease right-of-use asset	$ 3,859	$ 7,478
Accrued expenses and other current liabilities	24,088	26,705	$ 27,104
Operating lease liability	1,884	3,025
Deferred rent, noncurrent			$ 1,027
Operating lease liability, noncurrent	2,874	$ 5,879
Impact of Adoption [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating lease right-of-use asset	7,478
Accrued expenses and other current liabilities	(399)
Operating lease liability	3,025
Deferred rent, noncurrent	(1,027)
Operating lease liability, noncurrent	$ 5,879

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets, Fair Value Disclosure
Assets	$ 567,285	$ 625,392
Quoted Prices in Active Markets Using Identical Assets (Level 1)
Assets, Fair Value Disclosure
Assets	35,313	266,281
Significant Other Observable Inputs (Level 2)
Assets, Fair Value Disclosure
Assets	531,972	359,111
Repurchase agreements
Assets, Fair Value Disclosure
Assets	12,000	12,000
Repurchase agreements | Significant Other Observable Inputs (Level 2)
Assets, Fair Value Disclosure
Assets	12,000	12,000
Money market funds
Assets, Fair Value Disclosure
Assets	35,313	227,987
Money market funds | Quoted Prices in Active Markets Using Identical Assets (Level 1)
Assets, Fair Value Disclosure
Assets	35,313	227,987
US Government Corporations and Agencies Securities | Short Term Marketable Securities
Assets, Fair Value Disclosure
Assets	71,530	55,469
US Government Corporations and Agencies Securities | Long Term Marketable Securities
Assets, Fair Value Disclosure
Assets	1,997	7,049
US Government Corporations and Agencies Securities | Significant Other Observable Inputs (Level 2) | Short Term Marketable Securities
Assets, Fair Value Disclosure
Assets	71,530	55,469
US Government Corporations and Agencies Securities | Significant Other Observable Inputs (Level 2) | Long Term Marketable Securities
Assets, Fair Value Disclosure
Assets	1,997	7,049
US Treasury Securities | Short Term Marketable Securities
Assets, Fair Value Disclosure
Assets	27,124	38,294
US Treasury Securities | Long Term Marketable Securities
Assets, Fair Value Disclosure
Assets	27,090
US Treasury Securities | Quoted Prices in Active Markets Using Identical Assets (Level 1) | Short Term Marketable Securities
Assets, Fair Value Disclosure
Assets		38,294
US Treasury Securities | Significant Other Observable Inputs (Level 2) | Short Term Marketable Securities
Assets, Fair Value Disclosure
Assets	27,124
US Treasury Securities | Significant Other Observable Inputs (Level 2) | Long Term Marketable Securities
Assets, Fair Value Disclosure
Assets	27,090
Commercial Paper
Assets, Fair Value Disclosure
Assets		22,493
Commercial Paper | Short Term Marketable Securities
Assets, Fair Value Disclosure
Assets	348,102	237,735
Commercial Paper | Significant Other Observable Inputs (Level 2)
Assets, Fair Value Disclosure
Assets		22,493
Commercial Paper | Significant Other Observable Inputs (Level 2) | Short Term Marketable Securities
Assets, Fair Value Disclosure
Assets	348,102	237,735
Corporate Debt Securities | Short Term Marketable Securities
Assets, Fair Value Disclosure
Assets	38,005	18,873
Corporate Debt Securities | Long Term Marketable Securities
Assets, Fair Value Disclosure
Assets	6,124	5,492
Corporate Debt Securities | Significant Other Observable Inputs (Level 2) | Short Term Marketable Securities
Assets, Fair Value Disclosure
Assets	38,005	18,873
Corporate Debt Securities | Significant Other Observable Inputs (Level 2) | Long Term Marketable Securities
Assets, Fair Value Disclosure
Assets	$ 6,124	$ 5,492

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Additional Information (Details) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)shares	Jun. 30, 2020Warrant$ / sharesshares	Dec. 31, 2020USD ($)	Jun. 23, 2020$ / sharesshares
Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant outstanding	0
Number of warrants issued to purchase common stock | shares				70,133
Warrants exercise price, per share | $ / shares | $ / shares				$ 5.13
Series B-3 Convertible Preferred Stock | Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of warrants issued to purchase common stock | shares		70,133
Warrants exercise price, per share | $ / shares | $ / shares		$ 5.13
IPO [Member] | Series B-3 Convertible Preferred Stock | Warrant
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of warrants to purchase | Warrant		3
Convertible preferred stock warrant purchased		299,999
Exercise price per share | $ / shares		$ 1.20
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Transfers into out of Level 3 | $	$ 0		$ 0

Fair Value of Financial Asset_5

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

Fair Value of Financial Asset_6

Fair Value of Financial Assets and Liabilities - Summary of Changes in Fair Value of the Level 3 Warrant Liability (Details) - Significant Unobservable Inputs (Level 3) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 364
Change in fair value	2,605
Ending Balance	$ 2,969

Marketable Securities - Held-to

Marketable Securities - Held-to-maturity Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	$ 519,920	$ 362,899
Gross Unrealized Gains	84	38
Gross Unrealized Losses	(32)	(25)
Estimated Fair Value	519,972	362,912
US Treasury Securities
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	54,221	38,287
Gross Unrealized Gains	7	7
Gross Unrealized Losses	(14)
Estimated Fair Value	54,214	38,294
Commercial Paper
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	348,042	237,733
Gross Unrealized Gains	64	18
Gross Unrealized Losses	(4)	(16)
Estimated Fair Value	348,102	237,735
US Government Debt Securities
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	73,522	62,508
Gross Unrealized Gains	9	10
Gross Unrealized Losses	(4)
Estimated Fair Value	73,527	62,518
Corporate Debt Securities
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	44,135	24,371
Gross Unrealized Gains	4	3
Gross Unrealized Losses	(10)	(9)
Estimated Fair Value	$ 44,129	$ 24,365

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Unrealized loss position with an aggregate fair value	$ 83.9	$ 93.7

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Prepaid expenses	$ 7,130	$ 4,793
Other non-trade receivables	1,170	1,327
Prepaid and other current assets	$ 8,300	$ 6,120

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 13,132	$ 13,065
Less: Accumulated depreciation	(11,806)	(11,545)
Property and equipment, net	1,326	1,520
Computer and office equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,394	2,253
Software [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,473	2,473
Lab equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	4,602	4,560
Furniture and fixtures [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	300	377
Leasehold improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 3,363	$ 3,402

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation and amortization	$ 200	$ 300	$ 360	$ 827

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	Jan. 01, 2018	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
Lessee Lease Description [Line Items]
Tenant Improvement Allowance					$ 500
Other Assets			$ 500		$ 500
Lease Expiration Date					Jan. 31, 2024
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 Arsenal Street Lease terms provide for one five-year extension term with base rent calculated on the then-market rate.
Percentage of reduction in leased area		50.00%
Operating lease right-of-use asset , reduction		$ 2,600
Operating lease liability , reduction		2,900
Other income (expense), gain on modification		$ 300	272	$ (2,634)	$ 268	$ (2,616)
Aggregate tenant improvements of the premises	$ 1,000				2,600
Lease term expiration	2023-12
Aggregate tenant improvements of the premises, unused	$ 100
Future minimum rental payments due			5,126		5,126
Operating Leases, Rent Expense			200		400
Sublease Income			$ 200		$ 400
Weighted average remaining lease term			2 years 7 months 6 days		2 years 7 months 6 days
Weighted average incremental borrowing rate percent					6.00%
Operating Lease, Liability			$ 4,758		$ 4,758						$ 8,900
Lease Agreements
Lessee Lease Description [Line Items]
Option to extend lease term							MA (the “Beacon Street Lease”). The Beacon Street Lease, which includes office and laboratory space, is subject to base rent of $0.3 million per month, plus the Company's 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 Beacon Street 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.
Aggregate tenant improvements of the premises							$ 10,000
Lease term expiration							2021-08
Lease agreement date							2020-09
Lessee operating lease description							No further rent or operating expenses are owed until the Company takes occupancy at the contractual commencement date, which is currently anticipated to be in late August 2021.
Lessee operating lease discount rate							3.00%
Operating Lease, Liability							$ 300
Letters of credit outstanding amount							$ 2,000
Forecast
Lessee Lease Description [Line Items]
Future minimum rental payments due								$ 800	$ 800	$ 400

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 332	$ 800
Variable lease cost	257	483
Lease cost	$ 589	$ 1,283

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information Related to Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows related to operating leases	$ 474	$ 1,038

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Payments Under Noncancelable Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jan. 01, 2021
Leases [Abstract]
2021 (excluding the six months ended June 30, 2021)	$ 926
2022	2,027
2023	2,074
2024	99
Total lease payments	5,126
Present value adjustment	(368)
Present value of operating lease liabilities	$ 4,758	$ 8,900

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Employee compensation	$ 5,074	$ 6,834
Professional and consulting services	556	1,008
Research and development related accruals	16,853	18,290
Other current liabilities	1,605	972
Accrued Expenses And Other Liabilities Current Net	$ 24,088	$ 27,104

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Cost for guarantees and indemnities	$ 0	$ 0

Restructuring Charges - Additio

Restructuring Charges - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2019	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring And Related Activities [Abstract]
Percentage of reduction in head count for cost reduction	40.00%
Restructuring charges	$ 5,400	$ (20)		$ 63
Restructuring Charges, Description			There were no restructuring activities during the six months ended June 30, 2021

Restructuring Charges - Summary

Restructuring Charges - Summary of the Restructuring Activity (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2019	Jun. 30, 2020	Jun. 30, 2020
Restructuring And Related Activities [Abstract]
Balance at December 31, 2019			$ 325
Restructuring costs incurred	$ 5,400	$ (20)	63
Termination benefits paid			$ 388

Redeemable Convertible and Co_2

Redeemable Convertible and Convertible Preferred Stock - Additional Information (Details) - shares	Jun. 30, 2021	Dec. 31, 2020	Jun. 23, 2020
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0	0
Conversion of redeemable convertible and convertible preferred stock into common stock			20,349,223
Preferred stock shares authorized	10,000,000	10,000,000	10,000,000
Series B-3 Convertible Preferred Stock
Preferred stock shares issued			86,062,799
Preferred stock shares outstanding			86,062,799
Redeemable Convertible Preferred Stock
Preferred stock shares issued			86,062,799
Preferred stock shares outstanding			86,062,799

Stockholder's Equity - Schedule

Stockholder's Equity - Schedule of Reserved Common Stock for Warrants to Purchase Common Stock and Future Issuance (Details)	Jun. 30, 2021shares
Schedule Of Capitalization [Line Items]
Common Stock, Capital Stock Reserved for Future Issuance	10,198,954
2019 Stock Incentive Plan Exercised [Member]
Schedule Of Capitalization [Line Items]
Common Stock, Capital Stock Reserved for Future Issuance	3,906,690
2020 Stock Option and Incentive Plan Exercised [Member]
Schedule Of Capitalization [Line Items]
Common Stock, Capital Stock Reserved for Future Issuance	2,179,302
2020 Stock Option and Incentive Plan Restricted [Member]
Schedule Of Capitalization [Line Items]
Common Stock, Capital Stock Reserved for Future Issuance	755,220
2020 Stock Option and Incentive Plan Future Issuance [Member]
Schedule Of Capitalization [Line Items]
Common Stock, Capital Stock Reserved for Future Issuance	2,517,710
2020 Employee Stock Option Purchase Plan Future Issuance [Member]
Schedule Of Capitalization [Line Items]
Common Stock, Capital Stock Reserved for Future Issuance	840,032

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares outstanding	47,354,879		47,354,879		47,248,685
Aggregate Intrinsic Value, Exercisable	$ 32,563		$ 32,563
Equity based compensation expense	6,423	$ 1,256	$ 10,271	$ 2,466
Weighted Average Remaining Contractual Term, Outstanding			8 years 9 months 18 days		9 years 1 month 6 days
Number of Shares, Granted			1,274,920
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average fair value of options granted (in dollars per share)			$ 36.11
Equity based compensation expense			$ 23,700
Weighted Average Remaining Contractual Term, Outstanding			3 years 1 month 6 days
Number of Shares, Granted			714,360	0
Restricted Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation expense			$ 100
Weighted Average Remaining Contractual Term, Outstanding			1 year 2 months 12 days
Aggregate fair value of restricted common stock vested			$ 200
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average fair value of options granted (in dollars per share)			$ 23.99	$ 5.94
Aggregate Intrinsic Value, Exercisable	$ 2,700		$ 2,700
Equity based compensation expense			$ 45,200
Weighted Average Remaining Contractual Term, Outstanding			2 years 9 months 18 days
2020 Stock Option And Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares outstanding	1,892,009		1,892,009
Annual increase common stock issuance			2,517,710
2020 Employee stock purchase plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares outstanding	840,032		840,032
Annual increase common stock issuance			472,487
Shares issued under ESPP			0

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation expense	$ 6,423	$ 1,256	$ 10,271	$ 2,466
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation expense	2,554	404	4,009	773
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation expense	3,869	852	6,262	1,693
Enterprise Junior Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation expense		134		365
Restricted Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation expense	76	36	176	36
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation expense	2,598		3,648
Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity based compensation expense	$ 3,749	$ 1,086	$ 6,447	$ 2,065

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Outstanding beginning balance | shares	4,941,537
Number of Shares, Granted | shares	1,274,920
Number of Shares, Exercised | shares	(86,041)
Number of Shares, Forfeited | shares	(44,424)
Number of Shares, Outstanding ending balance | shares	6,085,992	4,941,537
Number of Shares, Exercisable | shares	1,849,813
Number of Shares, Vested and expected to vest | shares	6,085,992
Weighted Average Exercise Price Per share, Outstanding beginning balance | $ / shares	$ 8.62
Weighted Average Exercise Price Per share, Granted | $ / shares	35.72
Weighted Average Exercise Price Per share, Exercised | $ / shares	5.14
Weighted Average Exercise Price Per share, Forfeited | $ / shares	6.62
Weighted Average Exercise Price Per share, Outstanding ending balance | $ / shares	14.36	$ 8.62
Weighted Average Exercise Price Per share, Exercisable | $ / shares	7.29
Weighted Average Exercise Price Per share, Vested and expected to vest | $ / shares	$ 14.36
Weighted Average Remaining Contractual Term, Outstanding	8 years 9 months 18 days	9 years 1 month 6 days
Weighted Average Remaining Contractual Term, Outstanding	8 years 9 months 18 days
Weighted Average Remaining Contractual Term, Exercisable	8 years 3 months 18 days
Aggregate Intrinsic Value, Outstanding | $	$ 80,382	$ 130,802
Aggregate Intrinsic Value, Exercisable | $	32,563
Aggregate Intrinsic Value, Vested and expected to vest | $	$ 80,382

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Assumptions to Estimate Fair Value of Stock Options, Presented on a Weighted Average Basis (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	1.03%	0.44%	0.96%	1.12%
Expected term (in years)	5 years 10 months 24 days	6 years	6 years	6 years
Expected volatility	77.40%	76.20%	77.90%	74.70%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Fair value per share of common stock	$ 25.86	$ 15.67	$ 35.72	$ 9.09

Equity-Based Compensation - S_3

Equity-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted	1,274,920
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance	42,100
Number of Shares, Granted	714,360	0
Number of Shares, Forfeited	(1,240)
Number of Shares, Ending balance	755,220
Weighted Average Grant Date Fair Value, Beginning period	$ 42.26
Weighted average fair value of options granted (in dollars per share)	36.11
Weighted average fair value of options forfeited (in dollars per share)	38.61
Weighted Average Grant Date Fair Value, Ending period	$ 36.45

Equity-Based Compensation - S_4

Equity-Based Compensation - Summary of Restricted Common Stock Activity (Details) - Restricted Common Stock [Member]	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance | shares	51,546
Number of Shares, Vested | shares	(20,153)
Number of Shares, Forfeited | shares	(2,079)
Number of Shares, Ending balance | shares	29,314
Weighted Average Grant Date Fair Value, Beginning period | $ / shares	$ 7.44
Weighted Average Grant Date Fair Value, Vested | $ / shares	9.79
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	14.88
Weighted Average Grant Date Fair Value, Ending period | $ / shares	$ 5.25

Net Loss per Share - Summary of

Net Loss per Share - Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Income (Loss) per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock Option [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock options	6,085,992	4,928,952	6,085,992	4,928,952
Common Stock Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock options		70,133		70,133
Restricted Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock options	29,314	102,082	29,314	102,082
Restricted Stock Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stock options	755,220		755,220

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	Mar. 27, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Line Items]
Income tax expense (benefit)		$ 108	$ (3,238)	$ 116	$ (22,723)
Federal tax anticipated refund				$ 29,600	$ 16,600
Cares Act [Member]
Income Tax Disclosure [Line Items]
Percentage of removal on taxable income On non operating losses	80.00%

Collaboration Agreements - Addi

Collaboration Agreements - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Nov. 30, 2010	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue		$ 0	$ 0
Contract asset balances		$ 0	$ 0
Other Collaboration Agreements | Stock Option [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contract term	10 years
Deferred revenue				$ 1,200

Collaboration Agreements - Summ

Collaboration Agreements - Summary of Contract Assets and Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Collaboration And License Agreements Disclosure [Abstract]
Deferred revenue, Beginning of Period	$ 1,239
Deferred revenue, Deductions	$ 1,239

Hit Discovery Divestiture - Add

Hit Discovery Divestiture - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net proceeds from Hit Discovery divestiture			$ 17,500,000
Installment receivable	$ 12,593,000		12,593,000
Prepaid of reimbursement expense	500,000		500,000
Equity consideration	10,000,000		10,000,000
Research and development	31,587,000	$ 20,511,000	57,930,000	$ 43,721,000
Impairment to equity consideration			$ 0		$ 0
Fair Value Discount Rate
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Discount Rate Percent			19.00%
Hit Discovery Divestiture [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Fair value of equity consideration	10,000,000		$ 10,000,000
Gain on hit discovery divestiture				23,300
Interest income		$ 700,000		$ 800,000
Number of Shares, Vested				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
Valo Health [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Cash received			2,500,000
Installment receivable	15,000,000		15,000,000
Valo Health [Member] | Hit Discovery Divestiture [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 the Gain on Hit Discovery Divestiture (Details) $ in Thousands	Jun. 30, 2021USD ($)
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 Value Health (Details) $ in Thousands	Jun. 30, 2021USD ($)
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

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 26, 2021	Jun. 30, 2020
Subsequent Event [Line Items]
Aggregate amount of offering, issuance and sale of common stock		$ 293,707
Subsequent Event | SVB Leerink LLC | Common Stock | At-the-Market Offering
Subsequent Event [Line Items]
Aggregate amount of offering, issuance and sale of common stock	$ 200,000