Atea Pharmaceuticals (AVIR) 10-Q 8 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	AVIR
Entity Registrant Name	ATEA PHARMACEUTICALS, INC.
Entity Central Index Key	0001593899
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		83,258,603
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-39661
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0574869
Entity Address, Address Line One	225 Franklin Street
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	857
Local Phone Number	284-8891
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 684,480	$ 764,375
Prepaid expenses and other current assets	4,971	8,028
Total current assets	689,451	772,403
Property and equipment, net	1,896	23
Restricted cash	305	305
Operating lease right-of-use assets, net	2,686	161
Total assets	694,338	772,892
Current liabilities
Accounts payable	13,885	4,534
Accrued expenses and other current liabilities	10,492	52,152
Current portion of operating lease liabilities	730	197
Total current liabilities	25,107	56,883
Operating lease liabilities	2,766
Income taxes payable	6,008	5,932
Total liabilities	33,881	62,815
Commitments and contingencies (see Note 11)
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2022, and December 31, 2021
Common stock, $0.001 par value; 300,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 83,257,591 and 83,102,730 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	83	83
Additional paid-in capital	677,756	653,964
Retained earnings (accumulated deficit)	(17,382)	56,030
Total stockholders’ equity	660,457	710,077
Total liabilities and stockholders’ equity	$ 694,338	$ 772,892

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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	300,000,000	300,000,000
Common stock, shares issued	83,257,591	83,102,730
Common stock, shares outstanding	83,257,591	83,102,730

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Collaboration revenue		$ 60,391		$ 126,376
Operating expenses
Research and development	$ 19,858	39,803	$ 49,491	66,375
General and administrative	12,437	11,901	24,979	20,658
Total operating expenses	32,295	51,704	74,470	87,033
Income (loss) from operations	(32,295)	8,687	(74,470)	39,343
Interest income and other, net	1,080	52	1,178	109
Income (loss) before income taxes	(31,215)	8,739	(73,292)	39,452
Income tax expense	(120)	(7,200)	(120)	(7,200)
Net income (loss) and comprehensive income (loss)	$ (31,335)	$ 1,539	$ (73,412)	$ 32,252
Net income (loss) per share attributable to common stockholders
Basic	$ (0.38)	$ 0.02	$ (0.88)	$ 0.39
Diluted	$ (0.38)	$ 0.02	$ (0.88)	$ 0.36
Weighted-average common shares outstanding
Basic	83,257,591	82,743,530	83,217,223	82,662,019
Diluted	83,257,591	88,091,384	83,217,223	88,683,767

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earning/ (Accumulated Deficit)
Balance at Dec. 31, 2020	$ 547,801	$ 82	$ 612,879	$ (65,160)
Balance, shares at Dec. 31, 2020		82,436,937
Issuance of common stock upon exercise of stock options	471	$ 1	470
Issuance of common stock upon exercise of stock options, shares		300,000
Stock-based compensation expense	7,273		7,273
Net income (loss)	30,713			30,713
Balance at Mar. 31, 2021	586,258	$ 83	620,622	(34,447)
Balance, shares at Mar. 31, 2021		82,736,937
Balance at Dec. 31, 2020	547,801	$ 82	612,879	(65,160)
Balance, shares at Dec. 31, 2020		82,436,937
Net income (loss)	32,252
Balance at Jun. 30, 2021	597,861	$ 83	630,686	(32,908)
Balance, shares at Jun. 30, 2021		82,776,937
Balance at Mar. 31, 2021	586,258	$ 83	620,622	(34,447)
Balance, shares at Mar. 31, 2021		82,736,937
Issuance of common stock upon exercise of stock options	57		57
Issuance of common stock upon exercise of stock options, shares		40,000
Stock-based compensation expense	10,007		10,007
Net income (loss)	1,539			1,539
Balance at Jun. 30, 2021	597,861	$ 83	630,686	(32,908)
Balance, shares at Jun. 30, 2021		82,776,937
Balance at Dec. 31, 2021	710,077	$ 83	653,964	56,030
Balance, shares at Dec. 31, 2021		83,102,730
Issuance of common stock upon exercise of stock options	223		223
Issuance of common stock upon exercise of stock options, shares		154,861
Stock-based compensation expense	11,661		11,661
Net income (loss)	(42,077)			(42,077)
Balance at Mar. 31, 2022	679,884	$ 83	665,848	13,953
Balance, shares at Mar. 31, 2022		83,257,591
Balance at Dec. 31, 2021	710,077	$ 83	653,964	56,030
Balance, shares at Dec. 31, 2021		83,102,730
Net income (loss)	(73,412)
Balance at Jun. 30, 2022	660,457	$ 83	677,756	(17,382)
Balance, shares at Jun. 30, 2022		83,257,591
Balance at Mar. 31, 2022	679,884	$ 83	665,848	13,953
Balance, shares at Mar. 31, 2022		83,257,591
Stock-based compensation expense	11,908		11,908
Net income (loss)	(31,335)			(31,335)
Balance at Jun. 30, 2022	$ 660,457	$ 83	$ 677,756	$ (17,382)
Balance, shares at Jun. 30, 2022		83,257,591

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income (loss)	$ (73,412)	$ 32,252
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation expense	23,569	17,280
Depreciation and amortization expense	50	15
Changes in operating assets and liabilities:
Accounts receivable		(50,000)
Prepaid expenses and other current assets	2,991	2,895
Other assets		(293)
Accounts payable	9,351	16,456
Accrued expenses and other liabilities	(41,584)	23,586
Deferred revenue		(76,376)
Operating lease liabilities	840
Net cash used in operating activities	(78,195)	(34,185)
Cash flows from investing activities
Additions to property and equipment	(1,923)
Net cash used in investing activities	(1,923)
Cash flows from financing activities
Proceeds from issuance of common stock for exercise of stock options	223	528
Net cash provided by financing activities	223	528
Net decrease in cash, cash equivalents and restricted cash	(79,895)	(33,657)
Cash, cash equivalents and restricted cash at the beginning of period	764,680	850,224
Cash, cash equivalents and restricted cash at the end of period	684,785	816,567
Cash, cash equivalents and restricted cash at the end of period:
Cash and cash equivalents	684,480	816,460
Restricted cash	305	107
Cash, cash equivalents and restricted cash at the end of period	684,785	$ 816,567
Supplemental disclosure of noncash financing activities
Right of use assets obtained in exchange for operating lease liabilities	$ 2,938

Nature of Business

Nature of Business	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. Nature of Business Background Atea Pharmaceuticals, Inc., together with its subsidiary, Atea Pharmaceuticals Securities Corporation, is referred to on a consolidated basis as “the Company”. The Company is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing antiviral therapeutics to improve the lives of patients suffering from severe viral infections. Risks and Uncertainties The Company is subject to risks and uncertainties common to clinical-stage biopharmaceutical companies. These risks include, but are not limited to, potential failure of preclinical and clinical studies, uncertainties associated with research and development activities generally, competition from technical innovations of others, dependence upon key personnel, compliance with governmental regulations, the need to obtain marketing approval for any product candidate that the Company may discover and develop, the need to gain broad acceptance among patients, payers and health care providers to successfully commercialize any product for which marketing approval is obtained and the need to secure and maintain adequate intellectual property protection for the Company’s proprietary technology and products. Further, the Company is currently dependent on third-party service providers for much of its preclinical research, clinical development and manufacturing activities. Product candidates currently under development will require significant amounts of additional capital, additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. Even if the Company is able to generate revenues from the sale of its product candidates, if approved, it may not become profitable or be able to sustain profitability. If the Company fails to become profitable or is unable to sustain profitability on a continuing basis, then it may be unable to continue its operations at planned levels and be forced to reduce its operations. The Company is also subject to risks associated with the COVID-19 global pandemic, including actual and potential delays associated with certain of its ongoing and anticipated trials, and potential negative impacts on the Company’s business operations and its ability to raise additional capital to finance its operations. The Company may seek additional capital through one or more of a combination of financing through the sale of additional equity securities, debt financing, or funding in connection with any new collaborative relationships it may enter into or other arrangements. There can be no assurance that the Company will be able to obtain such additional funding, on terms acceptable to the Company, on a timely basis or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s existing stockholders. The Company believes that its cash and cash equivalents of $ 684,480 as of June 30, 2022 will be sufficient to fund its operations as currently planned through at least twelve months from the issuance of this Quarterly Report on Form 10-Q. In November 2021, the Company entered into an open market sales agreement (the “Sales Agreement”) with Jeffries LLC (“Jeffries”), under which the Company may from time to time offer and sell shares of its common stock for an aggregate offering price of up to $ 200.0 million, through or to Jeffries, acting as sales agent or principal. The shares will be offered and sold under the Company’s shelf registration statement on Form S-3 and a related prospectus filed with the Securities and Exchange Commission (the “SEC”) on November 24, 2021, as amended. The Company has agreed to pay Jeffries a commission of up to 3.0 % of the aggregate gross proceeds from each sale of shares, reimburse legal fees and disbursements and provide Jeffries with customary indemnification and contribution rights. As of June 30, 2022, no shares have been issued under the Sales Agreement. The COVID-19 pandemic, including the evolution of new and existing variants of COVID-19, and geopolitical events, including civil or political unrest (such as the ongoing war between Ukraine and Russia), have resulted in a significant disruption of global financial markets. In addition, market volatility, inflation and interest rate fluctuations may increase our cost of financing or restrict our access to potential sources of future liquidity.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) as found in the Accounting Standards Codification (“ASC”), Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such SEC rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2022. Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2022, the results of its operations for the three and six months ended June 30, 2022 and 2021 and its cash flows for the six months ended June 30, 2022 and 2021. The results for the six months ended June 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, or any other interim period. Use of Estimates The preparation of unaudited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in these accompanying notes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors and assumptions that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, which include but are not limited to estimates of accrued research and development expenses, valuation of stock-based awards, valuation of operating lease right-of-use assets and lease liabilities and income taxes. Changes in estimates are recorded in the period in which they become known. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Atea Pharmaceuticals, Inc. and its wholly owned subsidiary, Atea Pharmaceuticals Securities Corporation. All intercompany amounts have been eliminated in consolidation. Significant Accounting Policies There were no changes in the Company’s significant accounting policies as described in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022. Reclassification Certain items in the prior year’s condensed consolidated financial statements have been reclassified to conform to the current presentation. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standard Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards have or may have a material impact on its consolidated financial statements and disclosures.

Collaboration Revenue

Collaboration Revenue	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Collaboration Revenue	3. Collaboration Revenue Background In October 2020, the Company entered into a License Agreement (the “Roche License Agreement”) with F. Hoffmann-LaRoche Ltd. and Genentech, Inc. (together, “Roche”) under which the Company granted an exclusive license for certain development and commercialization rights related to bemnifosbuvir outside of the United States (other than for certain HCV uses) to Roche. On November 12, 2021, Roche provided the Company with a notice of termination of the Roche License Agreement. Under the terms of the Roche License Agreement, the termination was effective in February 2022. Upon termination, the rights and licenses granted by the Company to Roche under the Roche License Agreement were returned to the Company, resulting in the Company having all rights to continue the clinical development and future commercialization of bemnifosbuvir worldwide. Global development plan activities and related cost sharing between the parties continued through the effective date of the termination. The Company concluded that the notice of termination represented a contract modification for accounting purposes. The Company further concluded that upon receipt of the notice of termination, all of the Company's performance obligations had been completely satisfied. As a result, the Company recognized all remaining deferred revenue as collaboration revenue within the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2021. Prior to receipt of the termination notice, the Company classified all revenues recognized under the Roche License Agreement as collaboration revenue within the accompanying consolidated statements of operations and comprehensive income (loss). For the three and six months ended June 30, 2021, the Company recognized collaboration revenue of $ 60,391 and $ 126,376 , respectively, related to the Roche License Agreement. The activities to complete the global development plan were accounted for under ASC 808. Expenses incurred and reimbursements made or received from Roche were accounted for pursuant to ASC 730, Research and Development . As such, the Company was expensing costs as incurred, including any reimbursements made to Roche, and recognizing reimbursement received from Roche as a reduction of research and development expense through the effective date of the termination. For the three and six months ended June 30, 2022, costs reimbursable by Roche, which are reflected as a reduction to operating expenses were $ 0 and $ 845 , respectively. For the three and six months ended June 30, 2021, costs reimbursable by Roche, which are reflected as a reduction to operating expenses, were $ 2,478 and $ 5,897 , respectively. The Company recorded research and development expense of $ 0 and $ 9,578 during the three and six months ended June 30, 2022, respectively, related to its share of costs incurred by Roche. The Company recorded research and development expense of $ 23,212 and $ 37,729 during the three and six months ended June 30, 2021, respectively, related to its share of costs incurred by Roche. As of June 30, 2022 the Company recorded accounts payable of $ 8,733 and as of December 31, 2021 the Company recorded accrued expenses of $ 10,417 , related to amounts payable to Roche pursuant to the cost share agreement.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 657,921 $ — $ — $ 657,921 Total cash equivalents $ 657,921 $ — $ — $ 657,921 Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 731,767 $ — $ — $ 731,767 Total cash equivalents $ 731,767 $ — $ — $ 731,767 The Company’s assets with fair value categorized as Level 1 within the fair value hierarchy include money market funds. Money market funds are publicly traded mutual funds and are presented as cash equivalents on the unaudited condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. There were no transfers among Level 1, Level 2 or Level 3 categories in the three and six months ended June 30, 2022 and 2021.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: June 30, December 31, Research and development, including manufacturing and clinical expenditures $ 5,735 $ 18,080 License fee — 25,000 Income taxes 15 2,572 Payroll and payroll related 3,216 4,209 Professional fees and other 1,526 2,291 Total accrued expenses and other current liabilities $ 10,492 $ 52,152

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Common Stock	6. Common Stock At June 30, 2022, the authorized capital of the Company included 300,000,000 shares of common stock, of which 83,257,591 shares of common stock were issued and outstanding. On all matters to be voted upon by the holders of common stock, holders of common stock are entitled to one vote per share. The holders of common stock have no preemptive, redemption or conversion rights.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	7. Stock-based Compensation In October 2020, the Company’s stockholders approved the Company’s 2020 Incentive Award Plan (the “2020 Plan”). The 2020 Plan provided for the initial issuance of up to 7,924,000 shares of common stock and for grant of incentive stock options or other incentive awards to employees, officers, directors and consultants of the Company. The number of shares of common stock that may be issued under the 2020 Plan is also subject to increase on the first day of each calendar year equal to the lesser of i) 5 % of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year or ii) such smaller number of shares of common stock as is determined by the board of directors. In January 2022 and 2021, the shares of common stock available for issuance under the 2020 Plan were increased by 4,155,136 and 4,130,847 shares, respectively. The 2020 Plan replaced and is the successor of the 2013 Equity Incentive Plan, as amended (the “2013 Plan”). Any cancellation of outstanding option awards to purchase up to 5,982,266 shares of common stock under the 2013 Plan will be made available for grant under 2020 Plan. As of June 30, 2022 , there were 8,333,341 shares of common stock remaining available for future issuance under the 2020 Plan. Stock Options During the three and six months ended June 30, 2022, the Company granted 481,584 and 3,382,417 options, respectively, to employees with an aggregate grant date fair market value of $ 2,218 and $ 17,029 , respectively. During the three and six months ended June 30, 2021, the Company granted 1,022,045 and 3,234,295 options, respectively, to employees with an aggregate grant date fair market value of $ 19,812 and $ 132,283 , respectively. Restricted Stock Units During the three and six months ended June 30, 2022, the Company granted 0 and 182,350 restricted stock units, respectively, to employees with an aggregate grant date fair market value of $ 0 and $ 1,302 , respectively. The restricted stock unit awards vest in three annual installments, the first of which will occur on January 31, 2023. No restricted stock units were granted during the three and six months ended June 30, 2021. During the three and six months ended June 30, 2022, 20,000 and 20,000 restricted stock units, respectively, were cancelled due to terminations. Performance-based Restricted Stock Units During the three and six months ended June 30, 2022, the Company granted 0 and 742,070 performance-based restricted stock units, respectively, to employees with an aggregate grant date fair market value of $ 0 and $ 5,298 , respectively. No performance-based restricted stock units were granted during the three and six months ended June 30, 2021. The performance stock unit awards provide for a performance period from February 1, 2022 through January 31, 2025 to complete up to six defined performance metrics. The percentage of awards eligible to vest will be determined based on the number of metrics achieved during the performance period and may range from 0 % to 200 %. The Company has not recognized any compensation expense through June 30, 2022, as the minimum performance criteria had not been achieved. The vesting of any eligible awards will occur in equal installments on January 31, 2025 and January 31, 2026. During the three and six months ended June 30, 2022, 17,000 and 17,000 restricted stock units, respectively, were cancelled due to terminations. Employee Stock Purchase Plan In October 2020, the Company’s shareholders approved the 2020 Employee Stock Purchase Plan (the "ESPP"), which became effective upon the closing of the Company’s initial public offering in November 2020. The Company initially reserved a total of 1,187,000 shares of common stock for issuance under the ESPP. The ESPP provides that the number of shares reserved and available for issuance under the ESPP will be increased on January 1 of each calendar year by 1 % of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or such lesser amount as specified by the compensation committee of the board of directors. To date, there has been no increase in the number of shares reserved for issuance under the ESPP. In April 2022, the Company initiated its first offering period under the ESPP. Each offering period is six months in duration with the purchase date being the last day of the offering period. Stock-based Compensation Expense Stock-based compensation expense by award type included within the unaudited condensed consolidated statements of operations and comprehensive income (loss) was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Stock options $ 11,774 $ 10,007 $ 23,365 $ 17,280 Restricted stock units 89 — 159 — Performance-based stock units — — — — Employee stock purchase plan 45 — 45 — Total stock-based compensation expense $ 11,908 $ 10,007 $ 23,569 $ 17,280 Stock-based compensation expense is classified as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Research and development expense $ 5,591 $ 4,573 $ 11,020 $ 7,771 General and administrative 6,317 5,434 12,549 9,509 Total stock-based compensation expense $ 11,908 $ 10,007 $ 23,569 $ 17,280

Net Income (Loss) Per Share Att

Net Income (Loss) Per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Per Share Attributable to Common Stockholders	8. Net Income (Loss) Per Share Attributable to Common Stockholders Basic and diluted earnings per share are calculated as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Net income (loss) $ ( 31,335 ) $ 1,539 $ ( 73,412 ) $ 32,252 Weighted average common shares outstanding, basic 83,257,591 82,743,530 83,217,223 82,662,019 Dilutive effect of outstanding stock options — 5,347,854 — 6,021,748 Weighted average common shares outstanding, diluted 83,257,591 88,091,384 83,217,223 88,683,767 Net income (loss) per share, basic $ ( 0.38 ) $ 0.02 $ ( 0.88 ) $ 0.39 Net income (loss) per share, diluted $ ( 0.38 ) $ 0.02 $ ( 0.88 ) $ 0.36 Stock options for the purchase of 13,260,415 shares, restricted stock awards of 162,350 and performance-based awards of 724,970 were excluded from the computation of the net loss per share attributable to common stockholders for the three and six months ended June 30, 2022, respectively, due to net loss during the periods. Stock options for the purchase of 3,548,713 and 2,308,070 weighted average shares were excluded from the computation of diluted net income per share attributable to common stockholders for the three and six months ended June 30, 2021, respectively, because those options had an anti-dilutive impact due to the assumed proceeds per share using the treasury stock method being greater than the average fair value of the Company’s common shares for the period.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	9. Leases The Company’s building leases are comprised of office space under non-cancelable operating leases. In July 2021, the Company entered into a lease agreement pursuant to which the Company leased office space in Boston, Massachusetts at 225 Franklin Street (the "225 Lease"). The 225 Lease commencement date was January 1, 2022 and the 225 Lease runs through December 31, 2026 . The lease does no t contain any options for renewal or extension. The Company began to occupy the space during the three months ended June 30, 2022. Previously, the Company’s principal office was located at 125 Summer Street in Boston, Massachusetts pursuant to a lease that expired in July 2022 . In connection with the 225 Lease commencement, the Company recorded a right-of-use asset and operating lease liability of $ 2,938 and $ 2,873 as of January 1, 2022. Future minimum payments under the Company’s operating leases as of June 30, 2022 were as follows: As of June 30, 2022 2022 $ 423 2023 805 2024 821 2025 838 2026 855 Total lease payments 3,742 Less amount representing implied interest ( 246 ) Total lease liability $ 3,496 Current portion of operating lease liabilities 730 Noncurrent portion of operating lease liabilities $ 2,766 For the three and six months ended June 30, 2022, the Company recorded operating lease costs of $ 232 and $ 464 , respectively relating to its operating lease agreements. For the three and six months ended June 30, 2021, the Company recorded operating lease costs of $ 71 and $ 141 , respectively relating to its operating lease agreements. The 225 Lease includes a leasehold improvement allowance of $ 877 . As of June 30, 2022, all amounts related to the improvement allowance have been received.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The Company recorded a provision of $ 120 for federal or state income taxes for the three and six months ended June 30, 2022. The Company maintained a full valuation allowance as of June 30, 2022 due to uncertainty regarding ability to utilize deferred tax assets. The Company recorded a provision for income taxes of $ 7,200 for the three and six months ended June 30, 2021. The tax expense recorded in the three months ended June 30, 2021 was due to the application of a year-to-date effective tax rate rather than an annual effective rate estimated for the entire year as the Company determined that using a year-to-date approach resulted in a better estimate of its income tax expense/benefit. The Company used a year-to-date effective tax rate during the quarter ended June 30, 2021 due to a change in forecast resulting in the Company anticipating a federal and state taxable income for the year, while maintaining a full valuation allowance on its net deferred tax assets. For the three and six months ended June 30, 2021, the Company utilized deferred tax assets, consisting of net operating loss carryforwards and research and development credits, in the amount of $ 17,100 to offset taxable income.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies The Company has an agreement with a consultant that requires payment of a success fee calculated as a percentage of certain product sales, subject to a cumulative maximum payout of $ 5.0 million. This success payment is contingent upon the occurrence of future events and the timing and likelihood of such payment is neither probable nor estimable. Indemnification The Company enters into certain types of contracts that contingently require the Company to indemnify various parties against claims from third parties. These contracts primarily relate to (i) the Company’s bylaws, under which the Company must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship, (ii) contracts under which the Company must indemnify directors and certain officers and consultants for liabilities arising out of their relationship, and (iii) procurement, service or license agreements under which the Company may be required to indemnify vendors, service providers or licensees for certain claims, including claims that may be brought against them arising from the Company’s acts or omissions with respect to the Company’s products, technology, intellectual property or services. From time to time, the Company may receive indemnification claims under these contracts in the normal course of business. In the event that one or more of these matters were to result in a claim against the Company, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on the Company’s future business, operating results or financial condition. It is not possible to determine the maximum potential amount potentially payable under these contracts since the Company has no history of prior indemnification claims and the unique facts and circumstances involved in each particular claim will be determinative.

Benefit Plan

Benefit Plan	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Benefit Plan	12. Benefit Plan During the year ended December 31, 2021, the Company implemented a defined contribution plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers substantially all employees who meet minimum age and service requirements. Under the terms of the 401(k) Plan, the Company records matching contributions up to 4 % of each participant’s eligible compensation. During the three and six months ended June 30, 2022, the Company recognized expense of $ 126 and $ 366 relating to matching contributions under the 401(k) Plan. During the three and six months ended June 30, 2021 the Company recognized expense of $ 76 relating to matching contributions to the 401(k) Plan.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	13. Related Party Transactions During the year ended December 31, 2021, the Company entered into a consulting agreement with an entity controlled by one of its directors. The agreement provides for an annual retainer of $ 110 ; the Company recognized expense in connection with the consulting agreement in the amount of $ 27 and $ 54 , respectively, for the three and six months ended June 30, 2022. The Company recognized expense in connection with the consulting agreement in the amount of $ 14 and $ 14 , respectively, for the three and six months ended June 30, 2021. During the three months ended June 30, 2022, the Company entered into a consulting agreement with one of its directors. The Company recognized expense of $ 1 in connection with this consulting agreement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) as found in the Accounting Standards Codification (“ASC”), Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such SEC rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2022.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2022, the results of its operations for the three and six months ended June 30, 2022 and 2021 and its cash flows for the six months ended June 30, 2022 and 2021. The results for the six months ended June 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, or any other interim period.
Use of Estimates	Use of Estimates The preparation of unaudited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in these accompanying notes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors and assumptions that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, which include but are not limited to estimates of accrued research and development expenses, valuation of stock-based awards, valuation of operating lease right-of-use assets and lease liabilities and income taxes. Changes in estimates are recorded in the period in which they become known.
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Atea Pharmaceuticals, Inc. and its wholly owned subsidiary, Atea Pharmaceuticals Securities Corporation. All intercompany amounts have been eliminated in consolidation.
Significant Accounting Policies	Significant Accounting Policies There were no changes in the Company’s significant accounting policies as described in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022.
Reclassification	Reclassification Certain items in the prior year’s condensed consolidated financial statements have been reclassified to conform to the current presentation.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standard Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards have or may have a material impact on its consolidated financial statements and disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on Recurring Basis	The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 657,921 $ — $ — $ 657,921 Total cash equivalents $ 657,921 $ — $ — $ 657,921 Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 731,767 $ — $ — $ 731,767 Total cash equivalents $ 731,767 $ — $ — $ 731,767

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: June 30, December 31, Research and development, including manufacturing and clinical expenditures $ 5,735 $ 18,080 License fee — 25,000 Income taxes 15 2,572 Payroll and payroll related 3,216 4,209 Professional fees and other 1,526 2,291 Total accrued expenses and other current liabilities $ 10,492 $ 52,152

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock-based Compensation Expense by Award Type	Stock-based compensation expense by award type included within the unaudited condensed consolidated statements of operations and comprehensive income (loss) was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Stock options $ 11,774 $ 10,007 $ 23,365 $ 17,280 Restricted stock units 89 — 159 — Performance-based stock units — — — — Employee stock purchase plan 45 — 45 — Total stock-based compensation expense $ 11,908 $ 10,007 $ 23,569 $ 17,280
Schedule of Stock-based Compensation Expense	Stock-based compensation expense is classified as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Research and development expense $ 5,591 $ 4,573 $ 11,020 $ 7,771 General and administrative 6,317 5,434 12,549 9,509 Total stock-based compensation expense $ 11,908 $ 10,007 $ 23,569 $ 17,280

Net Income (Loss) Per Share A_2

Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Summary of Basic and Diluted Earnings Per Share	Basic and diluted earnings per share are calculated as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Net income (loss) $ ( 31,335 ) $ 1,539 $ ( 73,412 ) $ 32,252 Weighted average common shares outstanding, basic 83,257,591 82,743,530 83,217,223 82,662,019 Dilutive effect of outstanding stock options — 5,347,854 — 6,021,748 Weighted average common shares outstanding, diluted 83,257,591 88,091,384 83,217,223 88,683,767 Net income (loss) per share, basic $ ( 0.38 ) $ 0.02 $ ( 0.88 ) $ 0.39 Net income (loss) per share, diluted $ ( 0.38 ) $ 0.02 $ ( 0.88 ) $ 0.36

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Summary of Future Minimum Payments under Operating Leases	Future minimum payments under the Company’s operating leases as of June 30, 2022 were as follows: As of June 30, 2022 2022 $ 423 2023 805 2024 821 2025 838 2026 855 Total lease payments 3,742 Less amount representing implied interest ( 246 ) Total lease liability $ 3,496 Current portion of operating lease liabilities 730 Noncurrent portion of operating lease liabilities $ 2,766

Nature of Business - Additional

Nature of Business - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Nov. 30, 2021	Jun. 30, 2021
Nature of Business [Line Items]
Cash and cash equivalents	$ 684,480	$ 764,375		$ 816,460
Number of shares issued	83,257,591	83,102,730
Sales Agreement | Jeffries
Nature of Business [Line Items]
Number of shares issued	0
Sales Agreement | Jeffries | Maximum
Nature of Business [Line Items]
Aggregate offering price			$ 200,000
Commission percentage of aggregate gross proceeds from each sale of shares	3%

Collaboration Revenue - Additio

Collaboration Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Collaboration revenue		$ 60,391		$ 126,376
Research and development	$ 19,858	39,803	$ 49,491	66,375
Accrued expenses and other current liabilities	10,492		10,492		$ 52,152
Accounts payable	13,885		13,885		4,534
Roche License Agreement
Disaggregation Of Revenue [Line Items]
Collaboration revenue		60,391		126,376
Costs reimbursed amount	0	2,478	845	5,897
Research and development	0	$ 23,212	9,578	$ 37,729
Accrued expenses and other current liabilities					$ 10,417
Accounts payable	$ 8,733		$ 8,733

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Cash equivalents
Total cash equivalents	$ 657,921	$ 731,767
Level 1
Cash equivalents
Total cash equivalents	657,921	731,767
Money Market Funds
Cash equivalents
Total cash equivalents	657,921	731,767
Money Market Funds | Level 1
Cash equivalents
Total cash equivalents	$ 657,921	$ 731,767

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, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Research and development, including manufacturing and clinical expenditures	$ 5,735	$ 18,080
License fee	0	25,000
Income taxes	15	2,572
Payroll and payroll related	3,216	4,209
Professional fees and other	1,526	2,291
Total accrued expenses and other current liabilities	$ 10,492	$ 52,152

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - shares	6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized	300,000,000		300,000,000
Common stock, shares issued	83,257,591		83,102,730
Common stock, shares outstanding	83,257,591	83,257,591	83,102,730
Common stock voting rights per share	On all matters to be voted upon by the holders of common stock, holders of common stock are entitled to one vote per share.

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Jan. 31, 2022 shares	Jan. 31, 2021 shares	Oct. 31, 2020 shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($) shares	Jun. 30, 2022 USD ($) Installment shares	Jun. 30, 2021 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted				481,584	1,022,045	3,382,417	3,234,295
Aggregate grant date fair market value | $				$ 2,218	$ 19,812	$ 17,029	$ 132,283
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted				0	0	182,350	0
Number of units cancelled due to terminations				20,000		20,000
Aggregate grant date fair market value of restricted stock units granted | $				$ 0		$ 1,302
Number of installments | Installment						3
Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units granted				0	0	742,070	0
Number of units cancelled due to terminations				17,000		17,000
Aggregate grant date fair market value of restricted stock units granted | $				$ 0		$ 5,298
Performance based restricted stock units terms of award						The performance stock unit awards provide for a performance period from February 1, 2022 through January 31, 2025 to complete up to six defined performance metrics. The percentage of awards eligible to vest will be determined based on the number of metrics achieved during the performance period and may range from 0% to 200%. The Company has not recognized any compensation expense through June 30, 2022, as the minimum performance criteria had not been achieved. The vesting of any eligible awards will occur in equal installments on January 31, 2025 and January 31, 2026.
2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of additional shares authorized	4,155,136	4,130,847
Percentage of annual increase in shares that may be issued			5%
Number of shares available for future issuance				8,333,341		8,333,341
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of annual increase in shares that may be issued			1%
Common stock, capital shares reserved for future issuance			1,187,000
Minimum | Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage						0%
Maximum | Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage						200%
Maximum | 2020 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized			7,924,000
Maximum | 2020 Incentive Award Plan | From 2013 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized			5,982,266

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 11,908	$ 10,007	$ 23,569	$ 17,280
Stock Options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	11,774	$ 10,007	23,365	$ 17,280
Restricted Stock Units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	89		159
Employee Stock Purchase Plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 45		$ 45

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 11,908	$ 10,007	$ 23,569	$ 17,280
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	5,591	4,573	11,020	7,771
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 6,317	$ 5,434	$ 12,549	$ 9,509

Net Income (Loss) Per Share A_3

Net Income (Loss) Per Share Attributable to Common Stockholders - Summary of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ (31,335)	$ (42,077)	$ 1,539	$ 30,713	$ (73,412)	$ 32,252
Weighted average common shares outstanding, basic	83,257,591		82,743,530		83,217,223	82,662,019
Dilutive effect of outstanding stock options			5,347,854			6,021,748
Weighted average common shares outstanding, diluted	83,257,591		88,091,384		83,217,223	88,683,767
Net income (loss) per share, basic	$ (0.38)		$ 0.02		$ (0.88)	$ 0.39
Net income (loss) per share, diluted	$ (0.38)		$ 0.02		$ (0.88)	$ 0.36

Net Income (Loss) Per Share A_4

Net Income (Loss) Per Share Attributable to Common Stockholders - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from computation of diluted net income per share	13,260,415	3,548,713	13,260,415	2,308,070
Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from computation of diluted net income per share	162,350		162,350
Performance-Based Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from computation of diluted net income per share	724,970		724,970

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jan. 01, 2022	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Right-of-use asset		$ 2,686		$ 2,686			$ 161
Operating lease liability		3,496		3,496
Operating lease costs		$ 232	$ 71	$ 464	$ 141
Office Space
Lessor, Lease, Description [Line Items]
Location of office space				Boston, Massachusetts at 225 Franklin Street
Lease commencement date	Jan. 01, 2022
Lease expiration date	Dec. 31, 2026
Lessor, Operating Lease, Existence of Option to Extend [true false]	false			false
Right-of-use asset						$ 2,938
Operating lease liability						$ 2,873
Leasehold improvement allowance	$ 877
Prior Office Space
Lessor, Lease, Description [Line Items]
Location of office space				Boston, Massachusetts
Lease expiration month and year				2022-07

Leases - Future Minimum Payment

Leases - Future Minimum Payments under Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
2022	$ 423
2023	805
2024	821
2025	838
2026	855
Total lease payments	3,742
Less amount representing implied interest	(246)
Total lease liability	3,496
Current portion of operating lease liabilities	730	$ 197
Noncurrent portion of operating lease liabilities	$ 2,766

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 120	$ 7,200	$ 120	$ 7,200
Deferred tax assets to offset taxable income		$ 17,100		$ 17,100

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Business Development Consulting Agreements | Maximum
Loss Contingencies [Line Items]
Success fee	$ 5,000,000

Benefit Plan - Additional Infor

Benefit Plan - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan recognized expense related to matching contributions	$ 126	$ 76	$ 366	$ 76
Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percentage			4%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - Consulting Agreement - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Director
Related Party Transaction [Line Items]
Related party transaction expense	$ 1
Entity Controlled by Director
Related Party Transaction [Line Items]
Annual retainer					$ 110
Related party transaction expense	$ 27	$ 14	$ 54	$ 14