Atea Pharmaceuticals (AVIR) 10-Q 7 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		83,287,639
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	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 176,410	$ 764,375
Marketable securities	488,565
Accounts receivable	4,514
Prepaid expenses and other current assets	12,446	8,028
Total current assets	681,935	772,403
Property and equipment, net	1,810	23
Restricted cash	305	305
Operating lease right-of-use assets, net	2,526	161
Total assets	686,576	772,892
Current liabilities
Accounts payable	1,118	4,534
Accrued expenses and other current liabilities	13,805	52,152
Current portion of operating lease liabilities	711	197
Total current liabilities	15,634	56,883
Operating lease liabilities	2,585
Income taxes payable	5,170	5,932
Total liabilities	23,389	62,815
Commitments and contingencies (see Note 12)
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized; no shares issued and outstanding as of September 30, 2022, and December 31, 2021
Common stock, $0.001 par value; 300,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 83,287,639 and 83,102,730 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	83	83
Additional paid-in capital	689,407	653,964
Accumulated other comprehensive loss	(855)
Retained earnings (accumulated deficit)	(25,448)	56,030
Total stockholders’ equity	663,187	710,077
Total liabilities and stockholders’ equity	$ 686,576	$ 772,892

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 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	83,287,639	83,102,730
Common stock, shares outstanding	83,287,639	83,102,730

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Collaboration revenue		$ 32,811		$ 159,187
Operating expenses
Research and development	$ 4,905	43,019	$ 54,396	109,394
General and administrative	11,376	11,939	36,355	32,597
Total operating expenses	16,281	54,958	90,751	141,991
Income (loss) from operations	(16,281)	(22,147)	(90,751)	17,196
Interest income and other, net	4,382	53	5,560	162
Income (loss) before income taxes	(11,899)	(22,094)	(85,191)	17,358
Income tax benefit (expense)	3,833	(6,100)	3,713	(13,300)
Net income (loss)	(8,066)	(28,194)	(81,478)	4,058
Other comprehensive income (loss)
Unrealized gains (losses) on available-for-sale investments	(855)		(855)
Comprehensive income (loss)	$ (8,921)	$ (28,194)	$ (82,333)	$ 4,058
Net income (loss) per share attributable to common stockholders
Basic	$ (0.10)	$ (0.34)	$ (0.98)	$ 0.05
Diluted	$ (0.10)	$ (0.34)	$ (0.98)	$ 0.05
Weighted-average common shares outstanding
Basic	83,258,537	82,815,636	83,231,146	82,727,268
Diluted	83,258,537	82,815,636	83,231,146	88,462,074

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Other Comprehensive Loss	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)	4,058
Balance at Sep. 30, 2021	581,452	$ 83	642,471		(61,102)
Balance, shares at Sep. 30, 2021		83,047,079
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
Issuance of common stock upon exercise of stock options	795		795
Issuance of common stock upon exercise of stock options, shares		270,142
Stock-based compensation expense	10,990		10,990
Net income (loss)	(28,194)				(28,194)
Balance at Sep. 30, 2021	581,452	$ 83	642,471		(61,102)
Balance, shares at Sep. 30, 2021		83,047,079
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)	(81,478)
Balance at Sep. 30, 2022	663,187	$ 83	689,407	$ (855)	(25,448)
Balance, shares at Sep. 30, 2022		83,287,639
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
Issuance of common stock upon exercise of stock options	7		7
Issuance of common stock upon exercise of stock options, shares		1,012
Issuance of common stock under ESPP	140		140
Issuance of common stock under ESPP, shares		29,036
Stock-based compensation expense	11,504		11,504
Other comprehensive loss	(855)			(855)
Net income (loss)	(8,066)				(8,066)
Balance at Sep. 30, 2022	$ 663,187	$ 83	$ 689,407	$ (855)	$ (25,448)
Balance, shares at Sep. 30, 2022		83,287,639

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income (loss)	$ (81,478)	$ 4,058
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation expense	35,073	28,270
Depreciation and amortization expense	156	22
Accretion of premium and discounts on marketable securities	(2,465)
Changes in operating assets and liabilities:
Accounts receivable	(4,514)
Prepaid expenses and other current assets	(4,484)	4,259
Other assets		(227)
Accounts payable	(3,416)	27,945
Accrued expenses and other liabilities	(39,109)	33,278
Deferred revenue		(109,187)
Operating lease liabilities	800
Net cash used in operating activities	(99,437)	(11,582)
Cash flows from investing activities
Additions to property and equipment	(1,943)
Purchases of marketable securities	(486,955)
Net cash used in investing activities	(488,898)
Cash flows from financing activities
Proceeds from issuance of common stock for exercise of stock options	230	1,323
Proceeds from issuance of common stock under ESPP	140
Net cash provided by financing activities	370	1,323
Net decrease in cash, cash equivalents and restricted cash	(587,965)	(10,259)
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	176,715	839,965
Cash, cash equivalents and restricted cash at the end of period:
Cash and cash equivalents	176,410	839,660
Restricted cash	305	305
Cash, cash equivalents and restricted cash at the end of period	176,715	$ 839,965
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	9 Months Ended
	Sep. 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 and marketable securities of $ 664,975 as of September 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 September 30, 2022, no shares have been issued under the Sales Agreement. The COVID-19 pandemic, including the rapid emergence of new 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 business and financial markets. In addition, recent or future market volatility, increased inflation and higher interest rates, if sustained, may increase our cost of financing and may restrict our access to potential sources of future liquidity.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 September 30, 2022, the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the nine months ended September 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 September 30, 2022, the results of its operations for the three and nine months ended September 30, 2022 and 2021 and its cash flows for the nine months ended September 30, 2022 and 2021. The results for the nine months ended September 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 marketable securities, 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, except for as noted below. Cash and Cash Equivalents The Company considers all highly-liquid investments with an original maturity, or a remaining maturity at the time of purchase, of three months or less to be cash equivalents. The Company’s cash equivalents include money market funds and commercial paper, which are highly liquid and have strong credit ratings. These investments are subject to minimal credit and market risks. Cash and cash equivalents are stated at cost, which approximates market value. Marketable Securities The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the credit quality standards outlined in the Company’s investment policy. Marketable securities consist of investments with maturities greater than three months. Marketable securities include U.S. treasury obligations, U.S. agency obligations, corporate debt, commercial paper and asset-backed securities. The Company classifies all of its marketable securities as available-for-sale. Accordingly, these investments are recorded at fair value. Unrealized gains and losses are recorded as a component of other comprehensive income within stockholders’ equity. Amortization and accretion of discounts and premiums are recorded as interest income. Fair Value Measurements Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability between market participants at measurement dates. ASC 820, Fair Value Measurement, establishes a three-level valuation hierarchy for instruments measured at fair value. The hierarchy is based on the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Concentration of Credit Risk and Off-balance Sheet Risk Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash equivalents and marketable securities. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. The Company does not believe that it is subject to any significant concentrations of credit risk from these financial instruments. The Company has no financial instruments with off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. R eclassification 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	9 Months Ended
	Sep. 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 which became 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 nine months ended September 30, 2021, the Company recognized collaboration revenue of $ 32,811 and $ 159,187 , 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 nine months ended September 30, 2022, costs reimbursable by Roche, which are reflected as a reduction to research and development expenses were $ 0 and $ 845 , respectively. For the three and nine months ended September 30, 2021, costs reimbursable by Roche, which are reflected as a reduction to operating expenses, were $ 1,726 and $ 7,623 respectively. The Company recorded a credit to research and development expense of $ 14,572 and $ 4,994 during the three and nine months ended September 30, 2022, respectively, related to its share of costs incurred by Roche. The credit recorded during the three months ended September 30, 2022 represents a change in estimate as a result of close out activities and related reporting of amounts incurred by Roche associated with the global development plan. The Company recorded research and development expense of $ 25,257 and $ 62,986 during the three and nine months ended September 30, 2021, respectively, related to its share of costs incurred by Roche. Arising as a result of the credit recorded for the cost share agreement, a s of September 30, 2022 the Company recorded accounts receivable of $ 4,514 related to a net refund due from Roche. 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.

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 30, 2022
Debt Securities, Available-for-Sale [Abstract]
Marketable Securities	4. Marketable Securities As of Amortized Cost Unrealized Gain Unrealized Losses Fair Value Marketable Securities U.S. Treasury obligations $ 69,035 $ — $ ( 301 ) $ 68,734 U.S. Government agency securities 15,000 — ( 119 ) 14,881 Commercial paper 331,064 — — 331,064 Corporate bonds 51,838 — ( 347 ) 51,491 Asset-backed securities 22,483 — ( 88 ) 22,395 Total $ 489,420 $ — $ ( 855 ) $ 488,565 As of September 30, 2022, the Company held securities that were in an unrealized loss position of $ 855 with an aggregate fair value of $ 157,501 . The Company has the intent and ability to hold such securities until recovery. As a result, the Company did no t record any charges for credit-related impairments for its marketable debt securities for the three months ended September 30, 2022. The Company had no marketable securities prior to July 2022. As of September 30, 2022, none of the securities had remaining maturities longer than one year. The Company did no t hold any marketable securities as of December 31, 2021. The Company did no t receive any proceeds from sales or maturities of marketable securities during the three months ended September 30, 2022.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. 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 $ 141,480 $ — $ — $ 141,480 Commercial paper — 30,766 — 30,766 Marketable Securities U.S. Treasury obligations — 68,734 — 68,734 U.S. Government agency securities — 14,881 — 14,881 Commercial paper — 331,064 — 331,064 Corporate bonds — 51,491 — 51,491 Asset-backed securities — 22,395 — 22,395 Total $ 141,480 $ 519,331 $ — $ 660,811 Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 731,767 $ — $ — $ 731,767 Total $ 731,767 $ — $ — $ 731,767 T he 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 September 30, 2022 and December 31, 2021. The Company's assets with fair value categorized as Level 2 within the fair value hierarchy include commercial paper, governmental and corporate bonds and asset-backed securities with fair values determined by utilizing information from third party pricing sources for identical or similar assets and liabilities in active market. There were no transfers among Level 1, Level 2 or Level 3 categories in the three months ended September 30, 2022.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: September 30, December 31, Research and development, including manufacturing and clinical expenditures $ 7,669 $ 18,080 License fee — 25,000 Income taxes 708 2,572 Payroll and payroll related 4,395 4,209 Professional fees and other 1,033 2,291 Total accrued expenses and other current liabilities $ 13,805 $ 52,152

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Common Stock	. Common Stock At September 30, 2022, the authorized capital of the Company included 300,000,000 shares of common stock, of which 83,287,639 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	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	8. 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 September 30, 2022 , there were 8,102,653 shares of common stock remaining available for future issuance under the 2020 Plan. Stock Options During the three and nine months ended September 30, 2022, the Company granted 358,500 and 3,740,917 options, respectively, to employees with an aggregate grant date fair market value of $ 2,188 and $ 19,217 , respectively. During the three and nine months ended September 30, 2022, 127,212 and 611,325 options were cancelled due to terminations. During the three and nine months ended September 30, 2021, the Company granted 206,000 and 3,440,295 options, respectively, to employees with an aggregate grant date fair market value of $ 3,933 and $ 136,216 , respectively. During the three and nine months ended September 30, 2021, 159,183 and 292,517 options were cancelled due to terminations. Restricted Stock Units During the three and nine months ended September 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 nine months ended September 30, 2021. During the three and nine months ended September 30, 2022, 600 and 20,600 restricted stock units, respectively, were cancelled due to terminations. Performance-based Restricted Stock Units During the three and nine months ended September 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 nine months ended September 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 September 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 nine months ended September 30, 2022, 0 and 17,100 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. On September 30, 2022, the first offering period concluded and the Company issued 29,036 shares of its common stock for proceeds of $ 140 . 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 Nine Months Ended 2022 2021 2022 2021 Stock options $ 11,362 $ 10,990 $ 34,727 $ 28,270 Restricted stock units 97 — 256 — Performance-based stock units — — — — Employee stock purchase plan 45 — 90 — Total stock-based compensation expense $ 11,504 $ 10,990 $ 35,073 $ 28,270 Stock-based compensation expense is classified as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development expense $ 5,370 $ 5,022 $ 16,390 $ 12,793 General and administrative 6,134 5,968 18,683 15,477 Total stock-based compensation expense $ 11,504 $ 10,990 $ 35,073 $ 28,270

Net Income (Loss) Per Share Att

Net Income (Loss) Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Per Share Attributable to Common Stockholders	. Net Income (Loss) Per Share Attributable to Common Stockholders Basic and diluted earnings per share are calculated as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net income (loss) $ ( 8,066 ) $ ( 28,194 ) $ ( 81,478 ) $ 4,058 Weighted average common shares outstanding, basic 83,258,537 82,815,636 83,231,146 82,727,268 Dilutive effect of outstanding stock options — — — 5,734,806 Weighted average common shares outstanding, diluted 83,258,537 82,815,636 83,231,146 88,462,074 Net income (loss) per share, basic $ ( 0.10 ) $ ( 0.34 ) $ ( 0.98 ) $ 0.05 Net income (loss) per share, diluted $ ( 0.10 ) $ ( 0.34 ) $ ( 0.98 ) $ 0.05 Stock options for the purchase of 13,490,691 shares, restricted stock units of 161,750 and performance-based restricted stock units of 724,970 were excluded from the computation of the net loss per share attributable to common stockholders for both the three and nine months ended September 30, 2022, due to net loss during the periods. Stock options for the purchase of 5,119,092 weighted average shares were excluded from the computation of the net loss per share attributable to common stockholders for the three months ended September 30, 2021 due to net loss during the period as their effect is anti-dilutive. Stock options for the purchase of 2,466,086 weighted average shares were excluded from the computation of diluted net income per share attributable to common stockholders for the nine months ended September 30, 2021 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	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	. Leases In July 2021, the Company entered into a non-cancelable operating 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 225 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 225 Lease, currently the Company’s only operating lease as of September 30, 2022 were as follows: As of September 30, 2022 2022 $ 198 2023 805 2024 821 2025 838 2026 855 Total lease payments 3,517 Less amount representing implied interest ( 221 ) Total lease liability $ 3,296 Current portion of operating lease liabilities 711 Noncurrent portion of operating lease liabilities $ 2,585 For the three and nine months ended September 30, 2022, the Company recorded operating lease costs of $ 185 and $ 649 , respectively relating to its operating lease agreements. For the three and nine months ended September 30, 2021, the Company recorded operating lease costs of $ 71 and $ 211 , respectively relating to its operating lease agreements. The 225 Lease includes a leasehold improvement allowance of $ 877 . As of September 30, 2022, all amounts related to the improvement allowance have been received.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The Company recorded a net benefit for income taxes of $ 3,833 and $ 3,713 for the three and nine months ended September 30, 2022. The benefit for income taxes was primarily the result of changes in estimates between the Company's initial provision for 2021 income taxes and the actual amounts reflected in income tax returns as filed. The Company recorded a provision for income taxes of $ 6,100 and $ 13,300 for the three and nine months ended September 30, 2021. The tax expense recorded in the three and nine months ended September 30, 2021 is 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 three and nine months ended September 30, 2021 due to a change in forecast resulting in the Company anticipating federal and state taxable income for the year, while maintaining a full valuation allowance on its net deferred tax assets, as it is more likely than not that any future benefit beyond 2021 will not be realized.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. 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	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
Benefit Plan	13. 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 nine months ended September 30, 2022, the Company recognized expense of $ 97 and $ 463 relating to matching contributions under the 401(k) Plan. During the three and nine months ended September 30, 2021 the Company recognized expense of $ 102 and $ 178 , respectively, relating to matching contributions to the 401(k) Plan.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	14. Related Party Transactions The Company is a party to a consulting agreement with an entity controlled by one of its directors. This agreement, which was entered into in May 2021, provides for an annual retainer of $ 110 . The Company recognized expense in connection with this consulting agreement in the amount of $ 27 and $ 81 , respectively, for the three and nine months ended September 30, 2022. The Company recognized expense in connection with this consulting agreement in the amount of $ 27 and $ 41 , respectively, for the three and nine months ended September 30, 2021. In May 2022, the Company entered into a consulting agreement with one of its directors. The Company recognized expense of zero and $ 1 in connection with this consulting agreement for the three and nine months ended September 30, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 September 30, 2022, the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the nine months ended September 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 September 30, 2022, the results of its operations for the three and nine months ended September 30, 2022 and 2021 and its cash flows for the nine months ended September 30, 2022 and 2021. The results for the nine months ended September 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 marketable securities, 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, except for as noted below.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly-liquid investments with an original maturity, or a remaining maturity at the time of purchase, of three months or less to be cash equivalents. The Company’s cash equivalents include money market funds and commercial paper, which are highly liquid and have strong credit ratings. These investments are subject to minimal credit and market risks. Cash and cash equivalents are stated at cost, which approximates market value.
Marketable Securities	Marketable Securities The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the credit quality standards outlined in the Company’s investment policy. Marketable securities consist of investments with maturities greater than three months. Marketable securities include U.S. treasury obligations, U.S. agency obligations, corporate debt, commercial paper and asset-backed securities. The Company classifies all of its marketable securities as available-for-sale. Accordingly, these investments are recorded at fair value. Unrealized gains and losses are recorded as a component of other comprehensive income within stockholders’ equity. Amortization and accretion of discounts and premiums are recorded as interest income.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability between market participants at measurement dates. ASC 820, Fair Value Measurement, establishes a three-level valuation hierarchy for instruments measured at fair value. The hierarchy is based on the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
Concentration of Credit Risk and Off-balance Sheet Risk	Concentration of Credit Risk and Off-balance Sheet Risk Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash equivalents and marketable securities. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. The Company does not believe that it is subject to any significant concentrations of credit risk from these financial instruments. The Company has no financial instruments with off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements.
Reclassification	eclassification 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.

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Securities, Available-for-Sale [Abstract]
Schedule of Marketable Securities	As of Amortized Cost Unrealized Gain Unrealized Losses Fair Value Marketable Securities U.S. Treasury obligations $ 69,035 $ — $ ( 301 ) $ 68,734 U.S. Government agency securities 15,000 — ( 119 ) 14,881 Commercial paper 331,064 — — 331,064 Corporate bonds 51,838 — ( 347 ) 51,491 Asset-backed securities 22,483 — ( 88 ) 22,395 Total $ 489,420 $ — $ ( 855 ) $ 488,565

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 $ 141,480 $ — $ — $ 141,480 Commercial paper — 30,766 — 30,766 Marketable Securities U.S. Treasury obligations — 68,734 — 68,734 U.S. Government agency securities — 14,881 — 14,881 Commercial paper — 331,064 — 331,064 Corporate bonds — 51,491 — 51,491 Asset-backed securities — 22,395 — 22,395 Total $ 141,480 $ 519,331 $ — $ 660,811 Fair Value Measurements as of Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 731,767 $ — $ — $ 731,767 Total $ 731,767 $ — $ — $ 731,767 T

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: September 30, December 31, Research and development, including manufacturing and clinical expenditures $ 7,669 $ 18,080 License fee — 25,000 Income taxes 708 2,572 Payroll and payroll related 4,395 4,209 Professional fees and other 1,033 2,291 Total accrued expenses and other current liabilities $ 13,805 $ 52,152

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2022 2021 2022 2021 Stock options $ 11,362 $ 10,990 $ 34,727 $ 28,270 Restricted stock units 97 — 256 — Performance-based stock units — — — — Employee stock purchase plan 45 — 90 — Total stock-based compensation expense $ 11,504 $ 10,990 $ 35,073 $ 28,270
Schedule of Stock-based Compensation Expense	Stock-based compensation expense is classified as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development expense $ 5,370 $ 5,022 $ 16,390 $ 12,793 General and administrative 6,134 5,968 18,683 15,477 Total stock-based compensation expense $ 11,504 $ 10,990 $ 35,073 $ 28,270

Net Income (Loss) Per Share A_2

Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2022 2021 2022 2021 Net income (loss) $ ( 8,066 ) $ ( 28,194 ) $ ( 81,478 ) $ 4,058 Weighted average common shares outstanding, basic 83,258,537 82,815,636 83,231,146 82,727,268 Dilutive effect of outstanding stock options — — — 5,734,806 Weighted average common shares outstanding, diluted 83,258,537 82,815,636 83,231,146 88,462,074 Net income (loss) per share, basic $ ( 0.10 ) $ ( 0.34 ) $ ( 0.98 ) $ 0.05 Net income (loss) per share, diluted $ ( 0.10 ) $ ( 0.34 ) $ ( 0.98 ) $ 0.05

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Summary of Future Minimum Payments under Operating Leases	Future minimum payments under the 225 Lease, currently the Company’s only operating lease as of September 30, 2022 were as follows: As of September 30, 2022 2022 $ 198 2023 805 2024 821 2025 838 2026 855 Total lease payments 3,517 Less amount representing implied interest ( 221 ) Total lease liability $ 3,296 Current portion of operating lease liabilities 711 Noncurrent portion of operating lease liabilities $ 2,585

Nature of Business - Additional

Nature of Business - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Nov. 30, 2021	Sep. 30, 2021
Nature of Business [Line Items]
Cash and cash equivalents	$ 176,410	$ 764,375		$ 839,660
Cash and cash equivalents and marketable securities	$ 664,975
Number of shares issued	83,287,639	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disaggregation Of Revenue [Line Items]
Collaboration revenue		$ 32,811		$ 159,187
Research and development expense	$ 4,905	43,019	$ 54,396	109,394
Accounts receivable	4,514		4,514
Accrued expenses and other current liabilities	13,805		13,805		$ 52,152
Roche License Agreement
Disaggregation Of Revenue [Line Items]
Collaboration revenue		32,811		159,187
Costs reimbursed amount	0	1,726	845	7,623
Research and development credit adjustment	14,572		4,994
Research and development expense		$ 25,257		$ 62,986
Accounts receivable	$ 4,514		$ 4,514
Accrued expenses and other current liabilities					$ 10,417

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($)	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Abstract]
Debt securities in unrealized loss position	$ 855,000
Aggregate fair value	157,501,000
Marketable securities	488,565,000	$ 0	$ 0
Marketable debt securities, charges for credit-related impairments	0
Securities maturing longer than one year	0
Proceeds from maturities of debt securities	$ 0

Marketable Securities - Schedul

Marketable Securities - Schedule of Marketable Securities (Details) - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 489,420,000
Unrealized Losses	(855,000)
Fair Value	488,565,000	$ 0	$ 0
U.S. Treasury obligations
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	69,035,000
Unrealized Losses	(301,000)
Fair Value	68,734,000
U.S. Government agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	15,000,000
Unrealized Losses	(119,000)
Fair Value	14,881,000
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	331,064,000
Fair Value	331,064,000
Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	51,838,000
Unrealized Losses	(347,000)
Fair Value	51,491,000
Asset-backed securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	22,483,000
Unrealized Losses	(88,000)
Fair Value	$ 22,395,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets Measured On Recurring Basis [Line Items]
Marketable securities	$ 488,565,000	$ 0	$ 0
Assets measured at fair value	660,811,000		731,767,000
Level 1
Fair Value Assets Measured On Recurring Basis [Line Items]
Assets measured at fair value	141,480,000		731,767,000
Level 2
Fair Value Assets Measured On Recurring Basis [Line Items]
Assets measured at fair value	519,331,000
U.S. Treasury obligations
Fair Value Assets Measured On Recurring Basis [Line Items]
Marketable securities	68,734,000
U.S. Treasury obligations | Level 2
Fair Value Assets Measured On Recurring Basis [Line Items]
Marketable securities	68,734,000
U.S. Government agency securities
Fair Value Assets Measured On Recurring Basis [Line Items]
Marketable securities	14,881,000
U.S. Government agency securities | Level 2
Fair Value Assets Measured On Recurring Basis [Line Items]
Marketable securities	14,881,000
Commercial paper
Fair Value Assets Measured On Recurring Basis [Line Items]
Cash equivalents	30,766,000
Marketable securities	331,064,000
Commercial paper | Level 2
Fair Value Assets Measured On Recurring Basis [Line Items]
Cash equivalents	30,766,000
Marketable securities	331,064,000
Corporate bonds
Fair Value Assets Measured On Recurring Basis [Line Items]
Marketable securities	51,491,000
Corporate bonds | Level 2
Fair Value Assets Measured On Recurring Basis [Line Items]
Marketable securities	51,491,000
Asset-backed securities
Fair Value Assets Measured On Recurring Basis [Line Items]
Marketable securities	22,395,000
Asset-backed securities | Level 2
Fair Value Assets Measured On Recurring Basis [Line Items]
Marketable securities	22,395,000
Money Market Funds
Fair Value Assets Measured On Recurring Basis [Line Items]
Cash equivalents	141,480,000		731,767,000
Money Market Funds | Level 1
Fair Value Assets Measured On Recurring Basis [Line Items]
Cash equivalents	$ 141,480,000		$ 731,767,000

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Research and development, including manufacturing and clinical expenditures	$ 7,669	$ 18,080
License fee	0	25,000
Income taxes	708	2,572
Payroll and payroll related	4,395	4,209
Professional fees and other	1,033	2,291
Total accrued expenses and other current liabilities	$ 13,805	$ 52,152

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - shares	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	83,287,639	83,102,730
Common stock, shares outstanding	83,287,639	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		9 Months Ended
	Jan. 31, 2022 shares	Jan. 31, 2021 shares	Oct. 31, 2020 shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2022 USD ($) Installment shares	Sep. 30, 2021 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted				358,500	206,000	3,740,917	3,440,295
Options cancelled				127,212	159,183	611,325	292,517
Aggregate grant date fair market value | $				$ 2,188	$ 3,933	$ 19,217	$ 136,216
Gross proceeds from issuance of common stock | $						$ 140
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				600		20,600
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				0		17,100
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 September 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				8,102,653		8,102,653
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
Issuance of common stock						29,036
Gross proceeds from issuance of common stock | $						$ 140
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 11,504	$ 10,990	$ 35,073	$ 28,270
Stock Options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	11,362	$ 10,990	34,727	$ 28,270
Restricted Stock Units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	97		256
Employee Stock Purchase Plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 45		$ 90

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 11,504	$ 10,990	$ 35,073	$ 28,270
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	5,370	5,022	16,390	12,793
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 6,134	$ 5,968	$ 18,683	$ 15,477

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						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ (8,066)	$ (31,335)	$ (42,077)	$ (28,194)	$ 1,539	$ 30,713	$ (81,478)	$ 4,058
Weighted average common shares outstanding, basic	83,258,537			82,815,636			83,231,146	82,727,268
Dilutive effect of outstanding stock options								5,734,806
Weighted average common shares outstanding, diluted	83,258,537			82,815,636			83,231,146	88,462,074
Net income (loss) per share, basic	$ (0.10)			$ (0.34)			$ (0.98)	$ 0.05
Net income (loss) per share, diluted	$ (0.10)			$ (0.34)			$ (0.98)	$ 0.05

Net Income (Loss) Per Share A_4

Net Income (Loss) Per Share Attributable to Common Stockholders - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 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	13,490,691	5,119,092	13,490,691	2,466,086
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from computation of diluted net income per share	161,750		161,750
Performance-based Restricted Stock Units
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		9 Months Ended
	Jul. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 01, 2022	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Right-of-use asset		$ 2,526		$ 2,526			$ 161
Operating lease liability		3,296		3,296
Operating lease costs		$ 185	$ 71	$ 649	$ 211
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	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
2022	$ 198
2023	805
2024	821
2025	838
2026	855
Total lease payments	3,517
Less amount representing implied interest	(221)
Total lease liability	3,296
Current portion of operating lease liabilities	711	$ 197
Noncurrent portion of operating lease liabilities	$ 2,585

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ (3,833)	$ 6,100	$ (3,713)	$ 13,300

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan recognized expense related to matching contributions	$ 97	$ 102	$ 463	$ 178
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	May 31, 2021
Director
Related Party Transaction [Line Items]
Related party transaction expense	$ 0		$ 1
Entity Controlled by Director
Related Party Transaction [Line Items]
Annual retainer					$ 110
Related party transaction expense	$ 27	$ 27	$ 81	$ 41