Turning Point Therapeutics (TPTX) 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. 01, 2022
Cover [Abstract]
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	TPTX
Entity Registrant Name	Turning Point Therapeutics, Inc.
Entity Central Index Key	0001595893
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		50,074,277
Entity File Number	001-38871
Entity Tax Identification Number	46-3826166
Entity Address, Address Line One	10628 Science Center Drive
Entity Address, Address Line Two	Ste. 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	926-5251
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 290,147	$ 427,879
Marketable securities	528,139	553,703
Prepaid and other current assets	13,381	10,880
Total current assets	831,667	992,462
Property and equipment, net	5,046	3,822
Right-of-use lease assets	4,583	5,158
Other assets	2,039	2,021
Total assets	843,335	1,003,463
Current liabilities:
Accounts payable	7,934	5,656
Accrued expenses and other current liabilities	25,568	25,300
Accrued compensation	11,874	12,503
Current portion of operating lease liabilities	4,047	3,630
Total current liabilities	49,423	47,089
Operating lease liabilities, long-term	890	1,949
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at June 30, 2022 and December 31, 2021, zero shares outstanding at June 30, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; 200,000,000 shares authorized at June 30, 2022 and December 31, 2021; 49,885,036 and 49,582,638 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	5	5
Additional paid-in capital	1,514,191	1,472,421
Accumulated other comprehensive (loss)/income	(6,914)	(1,274)
Accumulated deficit	(714,260)	(516,727)
Total stockholders' equity	793,022	954,425
Total liabilities and stockholders’ equity	$ 843,335	$ 1,003,463

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	49,885,036	49,582,638
Common stock, shares outstanding	49,885,036	49,582,638

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive 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]
Revenue	$ 119	$ 5,164	$ 548	$ 30,369
Operating expenses:
Research and development	86,788	44,650	141,838	85,913
General and administrative	37,695	17,171	58,009	37,162
Total operating expenses	124,483	61,821	199,847	123,075
Loss from operations	(124,364)	(56,657)	(199,299)	(92,706)
Other income, net	1,276	384	1,766	929
Net loss	(123,088)	(56,273)	(197,533)	(91,777)
Unrealized (loss)/gain on marketable securities, net of tax	(1,522)	(22)	(5,640)	(208)
Comprehensive loss	$ (124,610)	$ (56,295)	$ (203,173)	$ (91,985)
Net loss per share, basic	$ (2.48)	$ (1.14)	$ (3.98)	$ (1.87)
Net loss per share, diluted	$ (2.48)	$ (1.14)	$ (3.98)	$ (1.87)
Weighted-average common shares outstanding, basic	49,702,860	49,204,425	49,657,426	49,063,298
Weighted-average common shares outstanding, diluted	49,702,860	49,204,425	49,657,426	49,063,298

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at Dec. 31, 2020	$ 1,109,898	$ 5	$ 1,389,860	$ 209	$ (280,176)
Balance, Shares at Dec. 31, 2020		48,678,540
Issuance of common stock under equity incentive plans	9,679		9,679
Issuance of common stock under equity incentive plans, Shares		438,500
Stock-based compensation expense	17,278		17,278
Net loss	(35,504)				(35,504)
Other comprehensive loss	(186)			(186)
Balance at Mar. 31, 2021	1,101,165	$ 5	1,416,817	23	(315,680)
Balance, Shares at Mar. 31, 2021		49,117,040
Balance at Dec. 31, 2020	1,109,898	$ 5	1,389,860	209	(280,176)
Balance, Shares at Dec. 31, 2020		48,678,540
Net loss	(91,777)
Balance at Jun. 30, 2021	1,067,507	$ 5	1,439,453	2	(371,953)
Balance, Shares at Jun. 30, 2021		49,391,738
Balance at Mar. 31, 2021	1,101,165	$ 5	1,416,817	23	(315,680)
Balance, Shares at Mar. 31, 2021		49,117,040
Issuance of common stock under equity incentive plans	8,398		8,398
Issuance of common stock under equity incentive plans, Shares		253,037
Shares issued under employee stock purchase plan, Shares		21,661
Shares issued under employee stock purchase plan	943		943
Stock-based compensation expense	13,295		13,295
Net loss	(56,273)				(56,273)
Other comprehensive loss	(21)			(21)
Balance at Jun. 30, 2021	1,067,507	$ 5	1,439,453	2	(371,953)
Balance, Shares at Jun. 30, 2021		49,391,738
Balance at Dec. 31, 2021	$ 954,425	$ 5	1,472,421	(1,274)	(516,727)
Balance, Shares at Dec. 31, 2021	49,582,638	49,582,638
Issuance of common stock under equity incentive plans	$ 396		396
Issuance of common stock under equity incentive plans, Shares		81,835
Stock-based compensation expense	15,089		15,089
Net loss	(74,445)				(74,445)
Other comprehensive loss	(4,118)			(4,118)
Balance at Mar. 31, 2022	891,347	$ 5	1,487,906	(5,392)	(591,172)
Balance, Shares at Mar. 31, 2022		49,664,473
Balance at Dec. 31, 2021	$ 954,425	$ 5	1,472,421	(1,274)	(516,727)
Balance, Shares at Dec. 31, 2021	49,582,638	49,582,638
Net loss	$ (197,533)
Balance at Jun. 30, 2022	$ 793,022	$ 5	1,514,191	(6,914)	(714,260)
Balance, Shares at Jun. 30, 2022	49,885,036	49,885,036
Balance at Mar. 31, 2022	$ 891,347	$ 5	1,487,906	(5,392)	(591,172)
Balance, Shares at Mar. 31, 2022		49,664,473
Issuance of common stock under equity incentive plans	7,863		7,863
Issuance of common stock under equity incentive plans, Shares		187,644
Shares issued under employee stock purchase plan, Shares		32,919
Shares issued under employee stock purchase plan	1,111		1,111
Stock-based compensation expense	17,311		17,311
Net loss	(123,088)				(123,088)
Other comprehensive loss	(1,522)			(1,522)
Balance at Jun. 30, 2022	$ 793,022	$ 5	$ 1,514,191	$ (6,914)	$ (714,260)
Balance, Shares at Jun. 30, 2022	49,885,036	49,885,036

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities
Net loss	$ (197,533)	$ (91,777)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	32,400	30,573
Depreciation	803	518
Accretion of discount on marketable securities	1,423	2,771
Amortization of right-of-use operating lease asset	1,767	965
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,501)	(5,589)
Other assets	(18)	0
Accounts payable	2,225	1,612
Accrued expenses and other liabilities	(1,566)	5,719
Accrued compensation	(629)	(2,861)
Net cash used in operating activities	(163,629)	(58,069)
Investing activities
Purchases of marketable securities	(164,537)	(255,763)
Sales and maturities of marketable securities	183,038	169,434
Purchases of property and equipment	(1,974)	(874)
Net cash provided by (used in) investing activities	16,527	(87,203)
Financing activities
Proceeds from issuance of common stock under equity incentive plans	9,370	19,020
Net cash provided by financing activities	9,370	19,020
Net decrease in cash, cash equivalents and restricted cash	(137,732)	(126,252)
Cash, cash equivalents and restricted cash at the beginning of period	429,755	554,174
Cash, cash equivalents and restricted cash at the end of period	292,023	427,922
Supplemental disclosure of cash flow information:
Cash paid for income taxes	0	1
Supplemental disclosure of non-cash investing and financing information:
Purchases of property and equipment in accounts payable	53	250
Operating lease liabilities arising from obtaining right-of-use assets	$ 1,192	$ 3,544

Organization

Organization	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Description of Business Turning Point Therapeutics, Inc. (the Company) was organized in October 2013 and commenced operations in 2014. The Company is a clinical-stage precision oncology company designing and developing novel targeted therapies for cancer treatment. The Company’s principal operations are in the United States and the Company operates in one segment with its headquarters in San Diego, California. The Company’s primary activities since inception have been to build infrastructure, conduct research and development, including clinical trials, perform business and financial planning, and raise capital. Pending Acquisition by Bristol-Myers Squibb On June 2, 2022, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with Bristol-Myers Squibb Company, a Delaware corporation (Bristol-Myers Squibb), and Rhumba Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of Bristol-Myers Squibb (Purchaser). Under the terms of the Merger Agreement, and upon the terms and subject to the conditions thereof, on June 17, 2022, Purchaser commenced a cash tender offer (the Offer) to purchase all of the outstanding shares of the Company’s common stock for $ 76.00 per share, in cash, without interest and subject to applicable withholding of taxes. Following the completion of the Offer, Purchaser will merge with and into the Company (the Merger), with the Company continuing as the surviving corporation and as a wholly owned subsidiary of Bristol-Myers Squibb. The Merger is anticipated to close in the third quarter of 2022. For each of the three and six months ended June 30, 2022, the Company recorded transaction costs of approximately $ 17.7 million in general and administrative expenses in the accompanying unaudited condensed statements of operations and comprehensive loss, primarily for outside legal and external financial advisory fees associated with the pending acquisition by Bristol-Myers Squibb. Liquidity The Company’s activities are subject to significant risks and uncertainties, including concentration on the Company’s lead development program, which has significant competition from cancer therapies in development by other companies or already approved for sale by the U.S. Food and Drug Administration. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Drug candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The COVID-19 pandemic and ongoing geopolitical events continue to evolve and have already resulted in a significant disruption of global financial markets. The Company’s ability to raise additional capital may be adversely impacted by potential worsening global economic conditions and further disruptions to, and volatility in, the credit and financial markets in the United States and worldwide resulting from the pandemic or geopolitical actions. If such further disruption occurs, the Company could experience an inability to access additional capital. The Company determined that there are no conditions or events that raise substantial doubt about its ability to continue as a going concern for a period of at least twelve months from the date of issuance of these financial statements.

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 accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, since they are interim statements, the accompanying condensed financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed financial statements should be read in conjunction with the audited 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. In the opinion of management, the unaudited condensed financial statements and notes thereto include all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. The operating results presented in these unaudited condensed financial statements are not necessarily indicative of the results that may be expected for any future periods. Use of Estimates The preparation of the Company’ s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to determining the standalone selling prices of performance obligations associated with license and collaboration arrangements, accrued research and development expenses and stock-based compensation expenses. The Company bases these estimates on historical experience, knowledge of current events and actions it may undertake in the future, and on various other assumptions that are believed to be reasonable. Actual results may differ materially from these estimates and assumptions. Although the impact of the COVID-19 pandemic to the Company’s business and operating results presents additional uncertainty, the Company continues to use the best information available to update its critical accounting estimates. Cash, Cash Equivalents and Restricted Cash The following table presents a reconciliation of cash, cash equivalents and restricted cash to the amounts shown in the unaudited condensed statements of cash flows (in thousands): June 30, 2022 June 30, 2021 Cash and cash equivalents $ 290,147 $ 426,047 Restricted cash included in other assets 1,876 1,875 Total cash, cash equivalents and restricted cash $ 292,023 $ 427,922 Concentration of Credit Risk Substantially all of the Company’s cash, cash equivalent and marketable securities are held at two financial institutions. Due to the financial strength of the depository institutions, the Company believes these financial institutions represent minimal credit risk. Cash amounts held at financial institutions are insured by the Federal Deposit Insurance Corporation (FDIC) up to $ 250,000 . At June 30, 2022 , cash, cash equivalents and marketable securities totaling $ 818.0 million are either not subject to FDIC insurance, or exceed the FDIC insured limit. The Company’s cash, cash equivalents and marketable securities are invested in short term, high credit quality securities, and as a result, the Company believes represent a minimal credit risk. Net Loss Per Share Basic net loss per share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share assumes the conversion, exercise or issuance of all potential common stock equivalents, unless the effect of inclusion would be anti-dilutive. For purposes of this calculation, common stock equivalents include the Company’s stock options, restricted stock units (RSUs) and performance stock units (PSUs). The Company excluded stock options to purchase common stock, RSUs and PSUs from the number of shares used to calculate diluted shares outstanding because the inclusion of these potentially dilutive securities would have been antidilutive. Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following: Six Months Ended June 30, 2022 2021 Common stock options 6,266,363 5,406,931 RSUs 893,536 192,281 PSUs 234,284 188,518 Total 7,394,183 5,787,730

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	3. Marketable Securities The Company invests its excess cash in marketable securities, including debt instruments of financial institutions, corporations with investment grade credit ratings, commercial paper and government agencies. At June 30, 2022 , marketable securities consisted of the following (in thousands): Maturity Amortized Unrealized in Years Cost Gains Losses Fair Value U.S. Treasuries 2 years or less $ 348,544 $ — $ ( 5,372 ) $ 343,172 U.S. Government agency securities 2 years or less 87,115 — ( 839 ) 86,276 Non-U.S. Government agency securities 2 years or less 13,643 — ( 184 ) 13,459 Corporate debt securities 2 years or less 51,944 — ( 461 ) 51,483 Commercial paper Less than 1 33,749 — — 33,749 Total marketable securities $ 534,995 $ — $ ( 6,856 ) $ 528,139 At December 31, 2021, marketable securities consisted of the following (in thousands): Maturity Amortized Unrealized in Years Cost Gains Losses Fair Value U.S. Treasuries 2 years or less $ 305,763 $ 1 $ ( 1,006 ) $ 304,758 U.S. Government agency securities 2 years or less 151,047 — ( 180 ) 150,867 Non-U.S. Government agency securities 2 years or less 23,787 — ( 49 ) 23,738 Corporate debt securities 2 years or less 74,391 5 ( 56 ) 74,340 Total marketable securities $ 554,988 $ 6 $ ( 1,291 ) $ 553,703 The Company segments its portfolio based on the underlying risk profiles of their current securities being held. The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, current and expected future economic conditions. As of June 30, 2022 and December 31, 2021, the Company did not record an allowance for credit loss related to its investment portfolio.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. The Company determines the fair value of financial assets and liabilities using three levels of inputs as follows: Level 1 — Observable inputs such as quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 — Inputs (other than quoted market prices included in Level 1) that are either directly or indirectly observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the instrument’s anticipated life; and Level 3 — Unobservable inputs for assets or liabilities and include little or no market activity. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company measures fair value based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to the short-term nature of these items. The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): Fair Value Measurements at June 30, 2022 Using: Level 1 Level 2 Level 3 Total Money market funds $ 139,838 $ — $ — $ 139,838 U.S. Treasuries 343,172 — — 343,172 U.S. Government agency securities — 86,276 — 86,276 Non-U.S. Government securities — 13,459 — 13,459 Corporate debt securities — 51,483 — 51,483 Commercial paper — 183,272 — 183,272 Total cash equivalents and marketable securities $ 483,010 $ 334,490 $ — $ 817,500 Fair Value Measurements at December 31, 2021 Using: Level 1 Level 2 Level 3 Total Money market funds $ 232,813 $ — $ — $ 232,813 U.S. Treasuries 304,758 — — 304,758 U.S. Government agency securities — 150,867 — 150,867 Non-U.S. Government securities — 23,738 — 23,738 Corporate debt securities — 77,400 — 77,400 Commercial paper — 191,130 — 191,130 Total cash equivalents and marketable securities $ 537,571 $ 443,135 $ — $ 980,706

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	5. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2022 2021 Laboratory equipment $ 4,932 $ 3,368 Computer equipment and software 1,536 1,283 Tenant improvements 1,557 1,468 Furniture and fixtures 473 358 Property and equipment 8,498 6,477 Less: accumulated depreciation ( 3,452 ) ( 2,655 ) Property and equipment, net $ 5,046 $ 3,822 Depreciation expense for the three months ended June 30, 2022 and 2021 was $ 0.4 million and $ 0.3 million, respectively. Depreciation expense for the six months ended June 30, 2022 and 2021 was $ 0.8 million and $ 0.5 million, respectively.

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	6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, 2022 2021 Accrued research and development expenses $ 21,760 $ 23,497 Accrued general and administrative expenses 3,475 1,655 Other current liabilities 333 148 Total $ 25,568 $ 25,300

License and Collaboration Agree

License and Collaboration Agreements	6 Months Ended
	Jun. 30, 2022
Research and Development [Abstract]
License and Collaboration Agreements	7. License and Collaboration Agreements Zai Repotrectinib Agreement In July 2020, the Company entered into a license agreement (the Zai Repotrectinib Agreement) with Zai Lab (Shanghai) Co., Ltd. (Zai), pursuant to which the Company granted Zai exclusive rights to develop and commercialize products containing the Company’s drug candidate, repotrectinib (the Repotrectinib Products), in Mainland China, Hong Kong, Macau and Taiwan (collectively, the Zai Territory or Greater China). The Company retains exclusive rights to, among other things, develop, manufacture and commercialize the Repotrectinib Products outside the Zai Territory. The Company will supply or have supplied to Zai the Repotrectinib Products for use in the Zai Territory pursuant to a supply agreement for agreed upon consideration, except that Zai has the right, at its election, to package and label the Repotrectinib Products in or outside the Zai Territory for use in the Zai Territory. Pursuant to the terms of the Zai Repotrectinib Agreement, the Company received an upfront cash payment of $ 25.0 million in 2020 and is eligible to receive up to $ 151.0 million in development and sales milestone payments, consisting of up to $ 46.0 million of development milestones and up to $ 105.0 million of sales milestones. In addition, during the term of the Zai Repotrectinib Agreement, Zai is obligated to pay the Company tiered percentage royalties ranging from mid-to-high teens on annual net sales of the Repotrectinib Products in the Zai Territory, subject to adjustments in specified circumstances. Zai is responsible for conducting the development and commercialization activities in the Zai Territory related to the Repotrectinib Products at Zai’s own expense, subject to limited exceptions pursuant to which the Company may be responsible for the cost. The Company is responsible for global clinical studies of the Repotrectinib Products, including the portions that may be conducted in the Zai Territory, at the Company’s expense, except that Zai will participate in global clinical studies of the Repotrectinib Products through clinical trial sites in the Zai Territory as agreed as of the effective date of the Zai Repotrectinib Agreement and may, at Zai’s election, participate in future global clinical studies of the Repotrectinib Products through clinical trial sites in the Zai Territory, in each case at Zai’s expense. The Zai Repotrectinib Agreement will continue in effect until expiration of the last royalty term for a Repotrectinib Product in any region in the Zai Territory, where the royalty term for a Repotrectinib Product in a region continues until the later of (i) the date of the last-to-expire valid claim within Company’s patent rights that covers the Repotrectinib Product in such region in the Zai Territory; (ii) the expiry of the regulatory exclusivity for such Repotrectinib Product in such region; or (iii) the close of business of the day that is exactly 10 years after the date of the first commercial sale of such Repotrectinib Product in such region. Subject to the terms of the Zai Repotrectinib Agreement, Zai may terminate the Zai Repotrectinib Agreement for convenience by providing written notice to the Company, which termination will be effective following a prescribed notice period. In addition, the Company may terminate the Zai Repotrectinib Agreement under specified circumstances if Zai or certain other parties challenge the Company’s patent rights. Either party may terminate the Zai Repotrectinib Agreement for the other party’s uncured material breach of the Zai Repotrectinib Agreement, with a customary notice and cure period, for the other party’s insolvency or if the other party acquires a third party and the acquired party is engaged in activities with a competing product that is not divested or discontinued within a specified period. After termination (but not natural expiration), other than certain terminations by Zai for cause, the Company is entitled to retain a worldwide and perpetual license from Zai to exploit the Repotrectinib Products. Revenue Recognition The Company determined that two performance obligations existed: (1) the exclusive license, bundled with the associated know-how and (2) the Company’s initial obligation to supply repotrectinib for clinical development in the Zai Territory. The total transaction price of $ 25.7 million was allocated to the performance obligations on the basis of the relative stand-alone selling price estimated for each performance obligation. In estimating the stand-alone selling price for each performance obligation, the Company developed assumptions that require judgment and included forecasted revenues, expected development timelines, discount rates, probabilities of technical and regulatory success and costs for manufacturing clinical supplies. The Company delivered the license and technical know-how to Zai in the third quarter of 2020 to satisfy this performance obligation, and accordingly the Company recognized license revenue of $ 25.0 million in the third quarter of 2020. The $ 0.7 million in consideration allocable to the clinical supply performance obligation was recognized when clinical trial material was shipped by the Company and Zai obtained control of the goods upon delivery, over the period of the obligation. In the second quarter of 2021, the Company recognized $ 5.0 million of revenue upon the achievement of certain development milestones. The upfront payment received in 2020 and the development milestone payments received in 2021 were subject to foreign tax withholdings, which was recorded as general and administrative expense. For the three months ended June 30, 2022, the Company did no t recognize any revenue associated with the clinical supply performance obligation. For the three months ended June 30, 2021, the Company recognized $ 0.2 million of revenue associated with the clinical supply performance obligation. For each of the six months ended June 30, 2022 and 2021, the Company recognized $ 0.4 million of revenue associated with the clinical supply performance obligation. The Company assessed and determined that there is no significant financing component associated with the Zai Repotrectinib Agreement. Zai Elzovantinib Agreement On January 10, 2021, the Company entered into a license agreement with Zai, which was amended on March 31, 2021 (the Zai Elzovantinib Agreement), pursuant to which the Company granted Zai exclusive rights to develop and commercialize products containing the Company’s drug candidate, Elzovantinib (the Elzovantinib Products), in the Zai Territory. The Company retains exclusive rights to, among other things, develop, manufacture and commercialize the Elzovantinib Products outside the Zai Territory. Pursuant to the terms of the Zai Elzovantinib Agreement, the Company received an upfront cash payment of $ 25.0 million in the first quarter of 2021 and is eligible to receive up to $ 336.0 million in development and sales milestone payments, consisting of up to $ 121.0 million of development milestones and up to $ 215.0 million of sales milestones. In addition, during the term of the Zai Elzovantinib Agreement, Zai is obligated to pay the Company tiered percentage royalties ranging from mid-teens to low twenties on annual net sales of the Elzovantinib Products in the Zai Territory, subject to adjustments in specified circumstances. Zai is responsible for conducting the development and commercialization activities in the Zai Territory related to the Elzovantinib Products at Zai’s own expense, subject to limited exceptions pursuant to which the Company may be responsible for the cost. The Company is responsible for global clinical studies of the Elzovantinib Products, including the portions that may be conducted in the Zai Territory, at the Company’s expense, except that Zai will participate in global clinical studies of the Elzovantinib Products through clinical trial sites in the Zai Territory as agreed as of the effective date of the Zai Elzovantinib Agreement and may, at Zai’s election subject to specified exceptions, participate in future global clinical studies of the Elzovantinib Products through clinical trial sites in the Zai Territory, in each case at Zai’s expense. The Zai Elzovantinib Agreement will continue in effect until expiration of the last royalty term for a Elzovantinib Product in any region in the Zai Territory, where the royalty term for a Elzovantinib Product in a region continues until the later of (i) the expiry of the last-to-expire valid claim within Company’s patent rights that covers the Elzovantinib Product in such region in the Zai Territory; (ii) the expiry of the regulatory exclusivity for such Elzovantinib Product in such region; or (iii) the close of business of the day that is exactly 10 years after the date of the first commercial sale of such Elzovantinib Product in such region. Subject to the terms of the Zai Elzovantinib Agreement, Zai may terminate the Zai Elzovantinib Agreement for convenience by providing written notice to the Company, which termination will be effective following a prescribed notice period. In addition, the Company may terminate the Zai Elzovantinib Agreement under specified circumstances if Zai or certain other parties challenge the Company’s patent rights. Either party may terminate the Zai Elzovantinib Agreement for the other party’s uncured material breach of the Zai Elzovantinib Agreement, with a customary notice and cure period, for the other party’s insolvency or if the other party acquires a third party and the acquired party is engaged in activities with a competing product that is not divested or discontinued within a specified period. After termination (but not natural expiration), other than certain terminations by Zai for cause, the Company is entitled to retain a worldwide and perpetual license from Zai to exploit the Elzovantinib Products. Revenue Recognition The Company determined that two performance obligations existed: (1) the exclusive license, bundled with the associated know-how and (2) the Company’s initial obligation to supply elzovantinib for clinical development in the Zai Territory. The total transaction price of $ 25.9 million was allocated to the performance obligations on the basis of the relative stand-alone selling price estimated for each performance obligation. In estimating the stand-alone selling price for each performance obligation, the Company developed assumptions that require judgment and included forecasted revenues, expected development timelines, discount rates, probabilities of technical and regulatory success and costs for manufacturing clinical supplies. The Company delivered the license and technical know-how to Zai in the first quarter of 2021 to satisfy this performance obligation, and accordingly the Company recognized license revenue of $ 25.0 million in the first quarter of 2021. The upfront payment received was subject to foreign tax withholdings, which was recorded as general and administrative expense. The $ 0.9 million in consideration allocable to the clinical supply performance obligation is recognized when clinical trial material has been shipped by the Company and Zai obtains control of the goods upon delivery, over the period of the obligation. For the three and six months ended June 30, 2022, the Company recognized $ 0.1 million associated with the clinical supply performance obligation under the Zai Elzovantinib Agreement. The Company did no t recognize any revenue associated with the clinical supply performance obligation for the three and six months ended June 30, 2021. The Company assessed and determined that there is no significant financing component associated with the Zai Elzovantinib Agreement. LaNova License Agreement On May 4, 2022, the Company entered into a license agreement (the LaNova License Agreement) with LaNova Medicines Limited (LaNova) for an exclusive, royalty-bearing license to intellectual property related to LM-302, a clinical stage anti-Claudin18.2 antibody drug conjugate (the LaNova Product), on a worldwide basis excluding Greater China and South Korea (the Company Territory). Under the LaNova License Agreement, the Company has the exclusive right to research, develop, use, register, offer for sale, import and otherwise commercialize the LaNova Product in the Company Territory and non-exclusive rights to manufacture the LaNova Product worldwide in support of activities in the Company Territory. Pursuant to the LaNova License Agreement, the Company paid LaNova an upfront cash payment of $ 25.0 million in June 2022, which was recorded as research and development expense in the second quarter of 2022 because the technology has not yet achieved regulatory approval. The Company may be obligated to pay milestone payments, which include up to $ 195.0 million in development and regulatory milestones and up to $ 880.0 million in sales milestones, and tiered royalty payments based on percentages (ranging from the mid-single digits to the mid-teens) of net sales (subject to customary deductions). MD Anderson Collaboration Agreement On June 23, 2022, the Company entered into a five-year strategic collaboration agreement (the MD Anderson Collaboration Agreement) with The University of Texas M.D. Anderson Cancer Center (MD Anderson). Under the terms of the MD Anderson Collaboration Agreement, the Company will provide funding and support for preclinical and clinical studies to be conducted by MD Anderson in several solid tumors, including non-small cell lung cancers, gastrointestinal malignancies and endocrine cancers (the Studies). Pursuant to the MD Anderson Collaboration Agreement, the Company will provide total funding in an amount of $ 10.0 million for the performance of the Studies, such funding to be provided in increments of $ 1.0 million on a twice-yearly basis. The Studies will be overseen by a joint steering committee, which will provide technical, scientific, clinical and regulatory guidance, discuss and approve study budgets, and monitor the progress of the Studies. As of June 30, 2022, the Company has no t made any funding to MD Anderson.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Operating Leases The Company leases office and laboratory space under lease agreements with remaining lease terms ranging from 14 months to 21 months. One of the leases contains an option to extend the lease for five years , which was not included in the determination of the lease term as it was not reasonably certain that the Company would exercise this option. As of June 30, 2022, the Company recorded $ 4.6 million as right-of-use (ROU) assets, $ 4.0 million as current operating lease liabilities and $ 0.9 million as non-current operating lease liabilities on its balance sheet. As of December 31, 2021, the Company recorded $ 5.2 million as ROU assets, $ 3.6 million as current operating lease liabilities and $ 2.0 million as non-current operating lease liabilities on its balance sheet. Operating lease costs were $ 1.0 million and $ 0.6 million for the three months ended June 30, 2022 and 2021, respectively, and $ 2.0 million and $ 1.0 million for the six months ended June 30, 2022 and 2021, respectively. Variable lease costs representing the Company’s share of the operating expenses and utility costs of the leased properties were $ 0.4 million and $ 0.3 million for the three months ended June 30, 2022 and 2021, respectively, and $ 0.8 million and $ 0.6 million for the six months ended June 30, 2022 and 2021, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $ 1.0 million and $ 0.6 million for the three months ended June 30, 2022 and 2021, respectively, and $ 2.0 million and $ 1.0 million for the six months ended June 30, 2022 and 2021, respectively. The Company’s operating leases had a weighted-average remaining lease term of 15 months and 18 months as of June 30, 2022 and December 31, 2021, respectively, and a weighted-average discount rate of 5.5 % and 7.0 % as of June 30, 2022 and December 31, 2021, respectively. Maturities of operating lease liabilities as of June 30, 2022 were as follows (in thousands): 2022 (remaining) $ 2,100 2023 2,940 2024 54 Total future minimum lease payments 5,094 Less: amounts representing interest ( 157 ) Total lease liability $ 4,937 In May 2021, the Company entered into a lease agreement with HCP Callan Road, LLC for office and laboratory space for the Company’s future corporate headquarters, delivered in two phases. The term of the lease is approximately 11 years and nine months with an option by the Company to extend for an additional five years , and is currently expected to commence in May 2023 . The lease term has an initial abatement period with respect to each phase and the initial base rent payable upon the Company's occupancy of both phases will be approximately $ 1.0 million per month following the end of the abatement period for each phase, which amount will increase by 3 % per year over the lease term. The Company is also responsible for the payment of its share of the operating expenses for the building. Pursuant to the terms of the lease agreement, the landlord will provide the Company with a tenant improvement allowance of up to $ 220 per square foot. As of June 30, 2022, total aggregate future lease commitments under the lease were approximate ly $ 165.9 milli on. As of June 30, 2022, the Company had not taken control of the space. Accordingly, no ROU asset or lease liability related to the lease has been recorded. In connection with the lease, the Company is required to maintain a letter of credit for the benefit of the landlord in the amount of $ 1.8 million, which was delivered in May 2021 and is included in other assets in the Company ’s condensed balance sheets. Legal Proceedings Between June 24, 2022 and June 29, 2022, four complaints were filed in federal court by purported stockholders of the Company regarding the Merger. The first complaint was filed on June 24, 2022 in the United States District Court for the Southern District of New York and is captioned O’Dell v. Turning Point Therapeutics, Inc., et al. , Case No. 1:22-cv-05352. The second and third complaints were filed on June 27, 2022 in the United States District Court for the Southern District of New York and are captioned Hopkins v. Turning Point Therapeutics, Inc., et al. , Case No. 1:22-cv-05433 and Whitfield v. Turning Point Therapeutics, Inc., et al. , Case No. 1:22-cv-05439. The fourth complaint was filed on June 29, 2022 in the United States District Court for the District of Delaware and is captioned Kent v. Turning Point Therapeutics, Inc. et al. , Case No. 1:22-cv-00879. The aforementioned four complaints are collectively referred to as the “Complaints.” The Complaints name as defendants the Company and each member of the Company’s Board of Directors (the Board) (collectively, the Turning Point Defendants). The Complaints allege violations of Section 14(d) and Section 14(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act), as well as Rule 14a-9 and Rule 14d-9 promulgated thereunder, against all Turning Point Defendants and assert violations of Section 20(a) of the Exchange Act against the members of the Board. The Complaints collectively seek, among other relief, (i) injunctive relief preventing the consummation of the transactions contemplated by the Merger Agreement; (ii) rescission and/or rescissory damages in the event the transactions contemplated by the Merger Agreement are consummated, (iii) an award of plaintiffs’ expenses and attorneys’ fees; and (iv) disclosure of certain information requested by the plaintiffs. Each of the Turning Point Defendants intend to vigorously defend these actions. The Company believes that the Complaints are without merit and has not recorded an expense related to the outcome of these litigations because it is not yet possible to determine if a potential loss is probable nor reasonably estimable. Between June 28, 2022 and July 11, 2022, the Company had also received four stockholder demand letters and one draft complaint, which generally seek that certain allegedly omitted information in the Schedule 14D-9 be disclosed. On July 8, 2022, the Company also received a letter from a purported stockholder seeking to inspect certain books and records of the Company pursuant to Section 220 of the Delaware General Corporation Law.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity	9. Stockholders’ Equity At the Market Offering In August 2020, the Company entered into an Open Market Sale Agreement SM with Jefferies LLC (ATM facility), under which the Company may offer and sell, from time to time, at its sole discretion, up to $ 250.0 million shares of the Company’s common stock. As of June 30, 2022, the Company had not yet sold any shares of common stock under the ATM facility. 2019 Equity Incentive Plan T he Company’s 2019 Equity Incentive Plan (the Plan) provides for the grant of stock options, restricted stock and other equity awards of the Company’s common stock to employees, officers, consultants and directors. In addition, the number of shares of common stock available for issuance under the Plan will be automatically increased on the first day of each calendar year through January 1, 2029 , by an amount equal to 4 % of the outstanding number of shares of the Company’s common stock on December 31 of the preceding calendar year or such lesser amount as determined by the Board. On January 1, 2022, the Company added 1,983,306 shares to the Plan. At June 30, 2022, the Plan had 3,516,795 tot al shares available for issuance . Stock Options Stock options expire within a period of not more than ten years from the date of grant. Initial option grants to employees typically vest 25 % on the first anniversary of the original vesting date and monthly thereafter over a three-year period and expire three months after employee termination . Subsequent option grants to employees and grants to non-employees typically vest monthly over a four-year period. The following table summarizes stock option activity under the Plan for the periods presented: Outstanding Weighted Weighted Aggregate Balance as of December 31, 2021 5,418,467 $ 47.17 7.5 $ 91,794 Options granted 1,854,914 $ 35.24 Options exercised ( 230,813 ) $ 35.78 Options forfeited or cancelled ( 776,205 ) $ 61.52 Balance as of June 30, 2022 6,266,363 $ 42.28 7.6 $ 235,281 Options vested and exercisable as of June 30, 2022 3,183,310 $ 32.24 6.2 $ 147,763 The weighted-average grant-date fair value of options granted to employees was $ 20.85 and $ 48.45 for the three months ended June 30, 2022 and 2021, respectively, and $ 23.73 and $ 77.86 for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, total unrecognized compensation expense related to unvested options was $ 106.3 million, which is expected to be recognized over a weighted-average term of 2.8 years. The total intrinsic value of stock options exercised was $ 5.0 million and $ 10.4 million during the three months ended June 30, 2022 and 2021, respectively, and $ 6.2 million and $ 54.7 million during the six months ended June 30, 2022 and 2021, respectively. The fair value of the stock options granted during the three and six months ended June 30, 2022 and 2021 was estimated at the date of grant using the Black-Scholes option-pricing model using the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Risk-free interest rate 2.83 % 1.05 % 2.17 % 0.80 % Volatility 76.8 % 79.9 % 76.1 % 80.4 % Expected term (in years) 6.08 5.98 6.08 6.04 Dividend yield — — — — Restricted Stock Units The following table summarizes restricted stock unit activity under the Plan for the periods presented: Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Aggregate Intrinsic Value (in thousands) Balance as of December 31, 2021 358,760 $ 89.09 $ 17,113 Granted 712,582 $ 34.87 Vested ( 38,666 ) $ 120.98 Forfeited ( 139,140 ) $ 62.12 Outstanding as of June 30, 2022 893,536 $ 48.67 $ 67,239 As of June 30, 2022, total unrecognized compensation related to RSUs granted was $ 38.4 million, which is expected to be recognized over a weighted-average period of approximately 3.2 years. The total fair value of RSUs vested during the three and six months ended June 30, 2022 was $ 0.3 million and $ 1.4 million, respectively. There were no RSUs vested during the three and six months ended June 30, 2021. Performance Stock Units The Company grants PSUs that vest based on the achievement of certain predefined Company-specific performance criteria. The fair value of PSUs is estimated based on the closing price of the Company’s common stock on the date of grant. The Company recognizes expense in proportion to the number of PSUs that are deemed probable of vesting, based on the Company’s evaluation of the respective performance-based criteria, at each reporting date. The following table summarizes performance stock unit activity under the Plan for the periods presented: Performance Stock Units Outstanding Weighted Average Grant Date Fair Value Aggregate Intrinsic Value (in thousands) Balance as of December 31, 2021 204,759 $ 120.34 $ 9,767 Granted 107,747 $ 37.74 Vested — $ — Forfeited ( 78,222 ) $ 99.45 Outstanding as of June 30, 2022 234,284 $ 89.33 $ 17,630 As of June 30, 2022 , the Company does not estimate that the achievement of any performance-based criteria is probable. To date, there have been no PSUs that have vested and the Company has no t recognized any stock-based compensation expense related to the PSUs. 2019 Employee Stock Purchase Plan The Company adopted an employee stock purchase plan in 2019 (the ESPP). The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15 % of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. Under the ESPP, eligible employees may purchase shares of the Company ’ s common stock at 85 % of the lower of the fair market value of the common stock at the commencement date of each offering period or the date of purchase. Each offering period is 24 months, with new offering periods commencing every six months on the dates of June 11 and December 11 of each year. Each offering period consists of four six-month purchase periods (each a Purchase Period) during which payroll deductions of the participants are accumulated under the ESPP. The last business day of each Purchase Period is referred to as the “Purchase Date.” Purchase Dates are every six months on the dates of June 10 and December 10 of each year. As of June 30, 2022, a total of 169,127 sh ares of common stock were available for purchase under the ESPP. Pursuant to the terms of the Merger Agreement, except for the offering period in existence under the ESPP on the date of the Merger Agreement, no new ESPP offering was authorized or commenced, including the offering period scheduled to commence on June 11, 2022. As a result, the Company recognized $ 2.7 million of stock-based compensation expense in June 2022 representing the total remaining unrecognized compensation under the ESPP, consisting of $ 2.0 million in research and development expenses and $ 0.7 million in general and administrative expenses. Modifications to Outstanding Equity Awards On March 30, 2021, Sheila Gujrathi, M.D. and Jacob M. Chacko, M.D. resigned from the Board, effective immediately, to focus on other endeavors. Dr. Gujrathi also resigned from her position as Chair of the Board and Dr. Chacko resigned from each committee of the Board for which he was a member. In connection with the foregoing, the Board approved an amendment to the option awards held by Drs. Gujrathi and Chacko to provide that (i) all shares subject to such option awards are fully vested and exercisable as of the resignation date and (ii) the post-resignation exercise period shall be extended to September 30, 2022 . The Company determined that the modification to extend the term of vested stock options was a Type I modification pursuant to ASC 718, Compensation – Stock Compensation (ASC 718). The acceleration of the vesting of the unvested stock options was deemed a Type III modification pursuant to ASC 718, because without Board approval, these stock options would have been forfeited on the date of resignation. As a result of these modifications the Company recognized $ 5.6 million of stock-based compensation expense in the first quarter of 2021 in general and administrative expenses in the condensed statements of operations and comprehensive loss. Stock-Based Compensation Expense Stock-based compensation expense recognized is presented in the condensed statements of operations and comprehensive loss as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 9,728 $ 6,980 $ 16,975 $ 12,982 General and administrative 7,583 6,315 15,425 17,591 Total stock-based compensation expense $ 17,311 $ 13,295 $ 32,400 $ 30,573 Common Stock Reserved for Future Issuance Common stock reserved for future issuance consisted of the following: June 30, 2022 Options to purchase common stock 6,266,363 PSUs outstanding 234,284 RSUs outstanding 893,536 Shares available for issuance under the Plan 3,516,795 Shares available for purchase under ESPP 169,127 Total 11,080,105

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 accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, since they are interim statements, the accompanying condensed financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed financial statements should be read in conjunction with the audited 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. In the opinion of management, the unaudited condensed financial statements and notes thereto include all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. The operating results presented in these unaudited condensed financial statements are not necessarily indicative of the results that may be expected for any future periods.
Use of Estimates	Use of Estimates The preparation of the Company’ s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to determining the standalone selling prices of performance obligations associated with license and collaboration arrangements, accrued research and development expenses and stock-based compensation expenses. The Company bases these estimates on historical experience, knowledge of current events and actions it may undertake in the future, and on various other assumptions that are believed to be reasonable. Actual results may differ materially from these estimates and assumptions. Although the impact of the COVID-19 pandemic to the Company’s business and operating results presents additional uncertainty, the Company continues to use the best information available to update its critical accounting estimates.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The following table presents a reconciliation of cash, cash equivalents and restricted cash to the amounts shown in the unaudited condensed statements of cash flows (in thousands): June 30, 2022 June 30, 2021 Cash and cash equivalents $ 290,147 $ 426,047 Restricted cash included in other assets 1,876 1,875 Total cash, cash equivalents and restricted cash $ 292,023 $ 427,922
Concentration of Credit Risk	Concentration of Credit Risk Substantially all of the Company’s cash, cash equivalent and marketable securities are held at two financial institutions. Due to the financial strength of the depository institutions, the Company believes these financial institutions represent minimal credit risk. Cash amounts held at financial institutions are insured by the Federal Deposit Insurance Corporation (FDIC) up to $ 250,000 . At June 30, 2022 , cash, cash equivalents and marketable securities totaling $ 818.0 million are either not subject to FDIC insurance, or exceed the FDIC insured limit. The Company’s cash, cash equivalents and marketable securities are invested in short term, high credit quality securities, and as a result, the Company believes represent a minimal credit risk.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share assumes the conversion, exercise or issuance of all potential common stock equivalents, unless the effect of inclusion would be anti-dilutive. For purposes of this calculation, common stock equivalents include the Company’s stock options, restricted stock units (RSUs) and performance stock units (PSUs). The Company excluded stock options to purchase common stock, RSUs and PSUs from the number of shares used to calculate diluted shares outstanding because the inclusion of these potentially dilutive securities would have been antidilutive. Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following: Six Months Ended June 30, 2022 2021 Common stock options 6,266,363 5,406,931 RSUs 893,536 192,281 PSUs 234,284 188,518 Total 7,394,183 5,787,730

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash to Amounts	The following table presents a reconciliation of cash, cash equivalents and restricted cash to the amounts shown in the unaudited condensed statements of cash flows (in thousands): June 30, 2022 June 30, 2021 Cash and cash equivalents $ 290,147 $ 426,047 Restricted cash included in other assets 1,876 1,875 Total cash, cash equivalents and restricted cash $ 292,023 $ 427,922
Schedule of Outstanding Anti-Dilutive Securities not Included in Diluted Net Loss Per Share Calculation	Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following: Six Months Ended June 30, 2022 2021 Common stock options 6,266,363 5,406,931 RSUs 893,536 192,281 PSUs 234,284 188,518 Total 7,394,183 5,787,730

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of Marketable Securities	At June 30, 2022 , marketable securities consisted of the following (in thousands): Maturity Amortized Unrealized in Years Cost Gains Losses Fair Value U.S. Treasuries 2 years or less $ 348,544 $ — $ ( 5,372 ) $ 343,172 U.S. Government agency securities 2 years or less 87,115 — ( 839 ) 86,276 Non-U.S. Government agency securities 2 years or less 13,643 — ( 184 ) 13,459 Corporate debt securities 2 years or less 51,944 — ( 461 ) 51,483 Commercial paper Less than 1 33,749 — — 33,749 Total marketable securities $ 534,995 $ — $ ( 6,856 ) $ 528,139 At December 31, 2021, marketable securities consisted of the following (in thousands): Maturity Amortized Unrealized in Years Cost Gains Losses Fair Value U.S. Treasuries 2 years or less $ 305,763 $ 1 $ ( 1,006 ) $ 304,758 U.S. Government agency securities 2 years or less 151,047 — ( 180 ) 150,867 Non-U.S. Government agency securities 2 years or less 23,787 — ( 49 ) 23,738 Corporate debt securities 2 years or less 74,391 5 ( 56 ) 74,340 Total marketable securities $ 554,988 $ 6 $ ( 1,291 ) $ 553,703

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Subject to Fair Value Measurements on a Recurring Basis and the Level of Inputs	The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): Fair Value Measurements at June 30, 2022 Using: Level 1 Level 2 Level 3 Total Money market funds $ 139,838 $ — $ — $ 139,838 U.S. Treasuries 343,172 — — 343,172 U.S. Government agency securities — 86,276 — 86,276 Non-U.S. Government securities — 13,459 — 13,459 Corporate debt securities — 51,483 — 51,483 Commercial paper — 183,272 — 183,272 Total cash equivalents and marketable securities $ 483,010 $ 334,490 $ — $ 817,500 Fair Value Measurements at December 31, 2021 Using: Level 1 Level 2 Level 3 Total Money market funds $ 232,813 $ — $ — $ 232,813 U.S. Treasuries 304,758 — — 304,758 U.S. Government agency securities — 150,867 — 150,867 Non-U.S. Government securities — 23,738 — 23,738 Corporate debt securities — 77,400 — 77,400 Commercial paper — 191,130 — 191,130 Total cash equivalents and marketable securities $ 537,571 $ 443,135 $ — $ 980,706

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2022 2021 Laboratory equipment $ 4,932 $ 3,368 Computer equipment and software 1,536 1,283 Tenant improvements 1,557 1,468 Furniture and fixtures 473 358 Property and equipment 8,498 6,477 Less: accumulated depreciation ( 3,452 ) ( 2,655 ) Property and equipment, net $ 5,046 $ 3,822

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, 2022 2021 Accrued research and development expenses $ 21,760 $ 23,497 Accrued general and administrative expenses 3,475 1,655 Other current liabilities 333 148 Total $ 25,568 $ 25,300

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of Operating Leases Future Minimum Payments	Maturities of operating lease liabilities as of June 30, 2022 were as follows (in thousands): 2022 (remaining) $ 2,100 2023 2,940 2024 54 Total future minimum lease payments 5,094 Less: amounts representing interest ( 157 ) Total lease liability $ 4,937

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Stock Option Activity	The following table summarizes stock option activity under the Plan for the periods presented: Outstanding Weighted Weighted Aggregate Balance as of December 31, 2021 5,418,467 $ 47.17 7.5 $ 91,794 Options granted 1,854,914 $ 35.24 Options exercised ( 230,813 ) $ 35.78 Options forfeited or cancelled ( 776,205 ) $ 61.52 Balance as of June 30, 2022 6,266,363 $ 42.28 7.6 $ 235,281 Options vested and exercisable as of June 30, 2022 3,183,310 $ 32.24 6.2 $ 147,763
Schedule of Fair Values of Employee Stock Options Granted	The fair value of the stock options granted during the three and six months ended June 30, 2022 and 2021 was estimated at the date of grant using the Black-Scholes option-pricing model using the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Risk-free interest rate 2.83 % 1.05 % 2.17 % 0.80 % Volatility 76.8 % 79.9 % 76.1 % 80.4 % Expected term (in years) 6.08 5.98 6.08 6.04 Dividend yield — — — —
Summary of Restricted Stock Unit Activity	The following table summarizes restricted stock unit activity under the Plan for the periods presented: Restricted Stock Units Outstanding Weighted Average Grant Date Fair Value Aggregate Intrinsic Value (in thousands) Balance as of December 31, 2021 358,760 $ 89.09 $ 17,113 Granted 712,582 $ 34.87 Vested ( 38,666 ) $ 120.98 Forfeited ( 139,140 ) $ 62.12 Outstanding as of June 30, 2022 893,536 $ 48.67 $ 67,239
Summary of Performance Stock Unit Activity	The following table summarizes performance stock unit activity under the Plan for the periods presented: Performance Stock Units Outstanding Weighted Average Grant Date Fair Value Aggregate Intrinsic Value (in thousands) Balance as of December 31, 2021 204,759 $ 120.34 $ 9,767 Granted 107,747 $ 37.74 Vested — $ — Forfeited ( 78,222 ) $ 99.45 Outstanding as of June 30, 2022 234,284 $ 89.33 $ 17,630
Schedule of Stock Based Compensation Expense	Stock-based compensation expense recognized is presented in the condensed statements of operations and comprehensive loss as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 9,728 $ 6,980 $ 16,975 $ 12,982 General and administrative 7,583 6,315 15,425 17,591 Total stock-based compensation expense $ 17,311 $ 13,295 $ 32,400 $ 30,573
Schedule of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance consisted of the following: June 30, 2022 Options to purchase common stock 6,266,363 PSUs outstanding 234,284 RSUs outstanding 893,536 Shares available for issuance under the Plan 3,516,795 Shares available for purchase under ESPP 169,127 Total 11,080,105

Organization - Additional Infor

Organization - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Segment	Jun. 30, 2021 USD ($)	Jun. 02, 2022 $ / shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of operating segments | Segment			1
General and administrative	$ 37,695	$ 17,171	$ 58,009	$ 37,162
Bristol-Myers Squibb member
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business Acquisition, Share Price | $ / shares					$ 76
General and administrative			$ 17,700

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash to Amounts (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 290,147	$ 427,879	$ 426,047
Restricted Cash, as part of other assets	1,876		1,875
Total cash, cash equivalents and restricted cash	$ 292,023	$ 429,755	$ 427,922	$ 554,174

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Significant Accounting Policies [Line Items]
Exceed of federal deposits insurance limit	$ 818,000,000
Maximum [Member]
Significant Accounting Policies [Line Items]
Cash FDIC insured amount	$ 250,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Outstanding Anti-Dilutive Securities not Included in Diluted Net Loss Per Share Calculation (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities not included in the diluted net loss per share	7,394,183	5,787,730
Common Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities not included in the diluted net loss per share	6,266,363	5,406,931
RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities not included in the diluted net loss per share	893,536	192,281
Performance Shares [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities not included in the diluted net loss per share	234,284	188,518

Marketable Securities - Summary

Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Amortized Cost	$ 534,995	$ 554,988
Unrealized Gains		6
Unrealized Losses	(6,856)	(1,291)
Fair Value	$ 528,139	$ 553,703
U.S. Treasuries
Marketable Securities [Line Items]
Maturity in Years	2 years or less	2 years or less
Amortized Cost	$ 348,544	$ 305,763
Unrealized Gains		1
Unrealized Losses	(5,372)	(1,006)
Fair Value	$ 343,172	$ 304,758
U.S. Government Agency Securities
Marketable Securities [Line Items]
Maturity in Years	2 years or less	2 years or less
Amortized Cost	$ 87,115	$ 151,047
Unrealized Losses	(839)	(180)
Fair Value	$ 86,276	$ 150,867
Non-U.S. Government Agency Securities
Marketable Securities [Line Items]
Maturity in Years	2 years or less	2 years or less
Amortized Cost	$ 13,643	$ 23,787
Unrealized Losses	(184)	(49)
Fair Value	$ 13,459	$ 23,738
Corporate Debt Securities
Marketable Securities [Line Items]
Maturity in Years	2 years or less	2 years or less
Amortized Cost	$ 51,944	$ 74,391
Unrealized Gains		5
Unrealized Losses	(461)	(56)
Fair Value	$ 51,483	$ 74,340
Commercial Paper
Marketable Securities [Line Items]
Maturity in Years	Less than 1
Amortized Cost	$ 33,749
Fair Value	$ 33,749

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets Subject to Fair Value Measurements on a Recurring Basis and the Level of Inputs (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	$ 817,500	$ 980,706
Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	139,838	232,813
U.S. Treasuries
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	343,172	304,758
U.S Government Agency Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	86,276	150,867
Non U S Government Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	13,459	23,738
Corporate Debt Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	51,483	77,400
Commercial Paper
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	183,272	191,130
Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	483,010	537,571
Level 1 | Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	139,838	232,813
Level 1 | U.S. Treasuries
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	343,172	304,758
Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	334,490	443,135
Level 2 | U.S Government Agency Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	86,276	150,867
Level 2 | Non U S Government Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	13,459	23,738
Level 2 | Corporate Debt Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	51,483	77,400
Level 2 | Commercial Paper
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents and market securities	$ 183,272	$ 191,130

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 8,498	$ 6,477
Less: accumulated depreciation	(3,452)	(2,655)
Property and equipment, net	5,046	3,822
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	4,932	3,368
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,536	1,283
Tenant Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,557	1,468
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 473	$ 358

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 400	$ 300	$ 803	$ 518

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 21,760	$ 23,497
Accrued general and administrative expenses	3,475	1,655
Other current liabilities	333	148
Total	$ 25,568	$ 25,300

License and Collaboration Agr_2

License and Collaboration Agreements - Additional Information (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 23, 2022	May 04, 2022	Mar. 31, 2022	Jan. 10, 2021	Jul. 31, 2020
License
Research And Development Arrangement Contract To Perform For Others [Line Items]
Revenue recognized				$ 25,000,000
Zai Repotrectinib Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront cash payment received											$ 25,000,000
Total transaction price allocated to performance obligation	$ 25,700,000				$ 25,700,000
Zai Repotrectinib Agreement | Clinical Supply
Research And Development Arrangement Contract To Perform For Others [Line Items]
Total transaction price allocated to performance obligation	700,000				700,000
Revenue recognized	0	$ 200,000			400,000	$ 400,000
Zai Repotrectinib Agreement | Maximum [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone payments eligible to receive											151,000,000
Zai Repotrectinib Agreement | Development Milestones [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Revenue recognized		5,000,000
Zai Repotrectinib Agreement | Development Milestones [Member] | Maximum [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone payments eligible to receive											46,000,000
Zai Repotrectinib Agreement | Sales Milestones | Maximum [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone payments eligible to receive											$ 105,000,000
Zai Elzovantinib Agreement [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront cash payment received			$ 25,000,000
Total transaction price allocated to performance obligation									$ 25,900,000
Zai Elzovantinib Agreement [Member] | License
Research And Development Arrangement Contract To Perform For Others [Line Items]
Revenue recognized			$ 25,000,000
Zai Elzovantinib Agreement [Member] | Clinical Supply
Research And Development Arrangement Contract To Perform For Others [Line Items]
Total transaction price allocated to performance obligation									$ 900,000
Revenue recognized	100,000	$ 0			100,000	$ 0
Zai Elzovantinib Agreement [Member] | Maximum [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone payments eligible to receive										$ 336,000,000
Zai Elzovantinib Agreement [Member] | Development Milestones [Member] | Maximum [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone payments eligible to receive										121,000,000
Zai Elzovantinib Agreement [Member] | Sales Milestones | Maximum [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone payments eligible to receive										$ 215,000,000
LaNova License Agreement [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Upfront cash payment received	25,000,000				25,000,000
LaNova License Agreement [Member] | Development Milestones [Member] | Maximum [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone payments eligible to receive								$ 195,000,000
LaNova License Agreement [Member] | Sales Milestones | Maximum [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Milestone payments eligible to receive								$ 880,000,000
MD Anderson Collaboration Agreement [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Collaboration agreement total fund provided	$ 0				$ 0		$ 10,000,000
Collaboration Agreement Periodic Payment							$ 1,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Commitment And Contingencies [Line Items]
Right-of-use lease assets		$ 4,583		$ 4,583		$ 5,158
Operating Lease, Liability, Current		4,047		4,047		3,630
Non-current operating lease liabilities		900		900		$ 2,000
Operating Lease, Cost		1,000	$ 600	2,000	$ 1,000
Variable Lease, Cost		$ 400	300	$ 800	600
Operating Lease, Weighted Average Discount Rate, Percent		5.50%		5.50%		7%
Total future minimum lease payments		$ 5,094		$ 5,094
Operating lease right-to-use liability		4,937		$ 4,937
Lessee, Operating Lease, Existence of Option to Extend [true false]				true
Lessee operating lease option to extend lease term				5 years
Operating lease, cash payments		$ 1,000	$ 600	$ 2,000	$ 1,000
Operating lease, remaining lease term		15 months		15 months		18 months
Maximum [Member]
Commitment And Contingencies [Line Items]
Lessee, Operating Lease, Remaining Lease Term		21 months		21 months
Minimum [Member]
Commitment And Contingencies [Line Items]
Lessee, Operating Lease, Remaining Lease Term		14 months		14 months
HCP Callan Road, LLC
Commitment And Contingencies [Line Items]
Base Rent Amount Increase Percentage Per Year Over Lease Term	3%
Total future minimum lease payments		$ 165,900		$ 165,900
Operating lease commencement date	May 31, 2023
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Operating lease, lease term	11 years 9 months
Lessee operating lease option to extend lease term	5 years
Base rent	$ 1,000
Tenant improvement allowance per square foot	220
Other Assets | HCP Callan Road, LLC
Commitment And Contingencies [Line Items]
Letter of credit, secured deposit	$ 1,800

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Operating Leases Future Minimum Payments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022 (remaining)	$ 2,100
2023	2,940
2024	54
Total future minimum lease payments	5,094
Less: amounts representing interest	(157)
Total lease liability	$ 4,937

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Jan. 01, 2022	Aug. 01, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for issuance			3,516,795		3,516,795
Weighted-average grant-date fair value of options granted to employees			$ 20.85	$ 48.45	$ 23.73	$ 77.86
Unrecognized compensation expense related to unvested options			$ 106,300		$ 106,300
Unrecognized compensation expense, weighted-average period for recognition					2 years 9 months 18 days
Number of awards vested					38,666
Common stock available for purchase							11,080,105
Stock-based compensation expense			17,311	$ 13,295	$ 32,400	$ 30,573
Total intrinsic value of stock options exercised			5,000	10,400	6,200	54,700
Stock-based compensation expense					32,400	30,573
Research and Development Expense			86,788	44,650	141,838	85,913
General and Administrative Expense			37,695	17,171	$ 58,009	37,162
Resignation of Board of Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options exercise period extended date					Sep. 30, 2022
General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			7,583	$ 6,315	$ 15,425	$ 17,591
General and Administrative Expenses | Resignation of Board of Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense					$ 5,600
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense, weighted-average period for recognition					3 years 2 months 12 days
Number of awards vested				0		0
Unrecognized compensation expense related to unvested awards			38,400		$ 38,400
Total fair value of restricted stock units vested			$ 300		$ 1,400
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of awards vested					0
Stock-based compensation expense					$ 0
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based award, description					The Company’s 2019 Equity Incentive Plan (the Plan) provides for the grant of stock options, restricted stock and other equity awards of the Company’s common stock to employees, officers, consultants and directors. In addition, the number of shares of common stock available for issuance under the Plan will be automatically increased on the first day of each calendar year through January 1, 2029, by an amount equal to 4% of the outstanding number of shares of the Company’s common stock on December 31 of the preceding calendar year or such lesser amount as determined by the Board. On January 1, 2022, the Company added 1,983,306 shares to the Plan. At June 30, 2022, the Plan had 3,516,795 total shares available for issuance
Plan expiration date					Jan. 01, 2029
Percentage of outstanding common stock added to plan each year					4%
Number of shares added to plan	1,983,306
Number of shares available for issuance			3,516,795		3,516,795
2019 Equity Incentive Plan | After 2nd year
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options expiration period					3 months
2019 Equity Incentive Plan | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options expiration period					10 years
2019 Equity Incentive Plan | Employees | After one year
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights					Initial option grants to employees typically vest 25% on the first anniversary of the original vesting date and monthly thereafter over a three-year period and expire three months after employee termination
Exercise price of options as percentage					25%
2019 Equity Incentive Plan | Employees | After 2nd year
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options vesting period					3 years
2019 Equity Incentive Plan | Employees and non - employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights					Subsequent option grants to employees and grants to non-employees typically vest monthly over a four-year period.
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of eligible earnings withholding			15%		15%
Percentage of price of common stock purchased under ESPP					85%
Common stock available for purchase			169,127		169,127
Stock-based compensation expense					$ 2,700
Research and Development Expense					2,000
General and Administrative Expense					$ 700
ATM Facility
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock authorized for issuance yet to issue		$ 250,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Outstanding Options
Balance as of December 31, 2021	5,418,467
Options granted	1,854,914
Options exercised	(230,813)
Options forfeited or cancelled	(776,205)
Balance as of March 31, 2022	6,266,363	5,418,467
Options vested and exercisable as of March 31, 2022	3,183,310
Weighted Average Exercise Price Per Share
Balance as of December 31, 2021	$ 47.17
Options granted	35.24
Options exercised	35.78
Options forfeited or cancelled	61.52
Balance as of March 31, 2022	42.28	$ 47.17
Options vested and exercisable as of March 31, 2022	$ 32.24
Weighted average remaining contractual term
Weighted average remaining contractual term	7 years 7 months 6 days	7 years 6 months
Options vested and exercisable as of March 31, 2022	6 days 4 hours
Aggregate Intrinsic Value
Balance	$ 235,281	$ 91,794
Options vested and exercisable as of March 31, 2022	$ 147,763

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Fair Values of Employee Stock Options Granted (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	2.83%	1.05%	2.17%	0.80%
Volatility	76.80%	79.90%	76.10%	80.40%
Expected term (in years)	6 years 29 days	5 years 11 months 23 days	6 years 29 days	6 years 14 days

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Stock Units Outstanding
Granted		712,582
Vested		(38,666)
Forfeited		(139,140)
Outstanding as of March 31, 2022		893,536
Weighted Average Grant Date Fair Value
Balance as of December 31, 2021		$ 89.09
Granted		34.87
Vested		120.98
Forfeited		62.12
Outstanding as of March 31, 2022		$ 48.67
RSUs
Stock Units Outstanding
Balance as of December 31, 2021		358,760
Vested	0		0
Outstanding as of March 31, 2022		893,536
Aggregate Intrinsic Value
Outstanding		$ 67,239		$ 17,113

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Performance Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Stock Units Outstanding
Granted	712,582
Vested	38,666
Forfeited	(139,140)
Outstanding as of March 31, 2022	893,536
Weighted Average Grant Date Fair Value
Balance as of December 31, 2021	$ 89.09
Granted	34.87
Vested	120.98
Forfeited	62.12
Outstanding as of March 31, 2022	$ 48.67
Performance Stock Unit
Stock Units Outstanding
Balance as of December 31, 2021	204,759
Granted	107,747
Vested	0
Forfeited	(78,222)
Outstanding as of March 31, 2022	234,284
Weighted Average Grant Date Fair Value
Balance as of December 31, 2021	$ 120.34
Granted	37.74
Forfeited	99.45
Outstanding as of March 31, 2022	$ 89.33
Aggregate Intrinsic Value
Outstanding	$ 17,630	$ 9,767

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of 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
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 17,311	$ 13,295	$ 32,400	$ 30,573
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	9,728	6,980	16,975	12,982
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 7,583	$ 6,315	$ 15,425	$ 17,591

Stockholders' Equity - Schedu_4

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options to purchase common stock	6,266,363		5,418,467
Awards outstanding	893,536
Options to purchase common stock available for issuance under the Plan	3,516,795
Shares available for purchase under ESPP	169,127
Total		11,080,105
Performance Stock Unit
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards outstanding	234,284	234,284	204,759
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards outstanding	893,536		358,760