Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 24, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-39321 | |
Entity Registrant Name | Avidity Biosciences, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-1336960 | |
Entity Address, Address Line One | 10578 Science Center Drive | |
Entity Address, Address Line Two | Suite 125 | |
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 | 401-7900 | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Trading Symbol | RNA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 70,819,170 | |
Entity Central Index Key | 0001599901 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 118,710 | $ 340,396 |
Marketable securities | 467,590 | 270,331 |
Prepaid and other assets | 10,847 | 12,215 |
Total current assets | 597,147 | 622,942 |
Property and equipment, net | 7,845 | 6,254 |
Restricted cash | 251 | 251 |
Right-of-use assets | 8,259 | 8,755 |
Other assets | 474 | 598 |
Total assets | 613,976 | 638,800 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 33,890 | 32,572 |
Accrued compensation | 6,009 | 11,190 |
Lease liabilities, current portion | 3,129 | 3,105 |
Deferred revenue, current portion | 5,057 | 5,041 |
Total current liabilities | 48,085 | 51,908 |
Lease liabilities, net of current portion | 6,976 | 7,582 |
Deferred revenue, net of current portion | 0 | 1,235 |
Total liabilities | 55,061 | 60,725 |
Contingencies (Note 7) | ||
Stockholders’ equity: | ||
Common stock, $0.0001 par value; authorized shares – 400,000; issued and outstanding shares – 70,813 and 69,768 at March 31, 2023 and December 31, 2022, respectively | 7 | 7 |
Additional paid-in capital | 971,375 | 939,310 |
Accumulated other comprehensive loss | (1,529) | (2,698) |
Accumulated deficit | (410,938) | (358,544) |
Total stockholders’ equity | 558,915 | 578,075 |
Total liabilities and stockholders’ equity | $ 613,976 | $ 638,800 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 70,813,000 | 69,768,000 |
Common stock, shares outstanding (in shares) | 70,813,000 | 69,768,000 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Collaboration revenue | $ 2,233 | $ 1,795 |
Operating expenses: | ||
Research and development | 47,765 | 27,688 |
General and administrative | 12,064 | 8,567 |
Total operating expenses | 59,829 | 36,255 |
Loss from operations | (57,596) | (34,460) |
Other income (expense): | ||
Interest income | 5,516 | 250 |
Other expense | (314) | (25) |
Total other income | 5,202 | 225 |
Net loss | (52,394) | (34,235) |
Other comprehensive loss: | ||
Net unrealized (losses) gains on marketable securities | 1,169 | (1,839) |
Comprehensive loss | $ (51,225) | $ (36,074) |
Net loss per share, basic (in dollars per share) | $ (0.74) | $ (0.71) |
Net loss per share, diluted (in dollars per share) | $ (0.74) | $ (0.71) |
Weighted-average shares outstanding, basic (in shares) | 70,433 | 48,246 |
Weighted-average shares outstanding, diluted (in shares) | 70,433 | 48,246 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2021 | 47,754,000 | ||||
Beginning balance at Dec. 31, 2021 | $ 381,430 | $ 5 | $ 566,161 | $ (187) | $ (184,549) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 7,000 | ||||
Issuance of common stock upon exercise of stock options | 10 | 10 | |||
Vesting of early exercise options | 1 | 1 | |||
Issuance of common stock in public offerings, net of issuance costs (in shares) | 1,520,000 | ||||
Issuance of common stock in public offerings, net of issuance costs | 24,103 | 24,103 | |||
Stock-based compensation | 6,238 | 6,238 | |||
Net loss | (34,235) | (34,235) | |||
Other comprehensive income (loss) | (1,839) | (1,839) | |||
Ending balance (in shares) at Mar. 31, 2022 | 49,281,000 | ||||
Ending balance at Mar. 31, 2022 | $ 375,708 | $ 5 | 596,513 | (2,026) | (218,784) |
Beginning balance (in shares) at Dec. 31, 2022 | 69,768,000 | 69,768,000 | |||
Beginning balance at Dec. 31, 2022 | $ 578,075 | $ 7 | 939,310 | (2,698) | (358,544) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 102,000 | 102,000 | |||
Issuance of common stock upon exercise of stock options | $ 520 | 520 | |||
Issuance of common stock in public offerings, net of issuance costs (in shares) | 943,000 | ||||
Issuance of common stock in public offerings, net of issuance costs | 22,441 | 22,441 | |||
Stock-based compensation | 9,104 | 9,104 | |||
Net loss | (52,394) | (52,394) | |||
Other comprehensive income (loss) | $ 1,169 | 1,169 | |||
Ending balance (in shares) at Mar. 31, 2023 | 70,813,000 | 70,813,000 | |||
Ending balance at Mar. 31, 2023 | $ 558,915 | $ 7 | $ 971,375 | $ (1,529) | $ (410,938) |
Condensed Statements of Stock_2
Condensed Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Public offering issuance costs | $ 408 | $ 745 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (52,394) | $ (34,235) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 391 | 314 |
Stock-based compensation expense | 9,104 | 6,238 |
Amortization of premiums and discounts on marketable securities, net | (2,231) | 164 |
Non-cash operating lease costs | 688 | 689 |
Changes in operating assets and liabilities: | ||
Prepaid and other assets | 1,491 | (2,080) |
Accounts payable and accrued liabilities | 1,158 | 4,957 |
Accrued compensation | (5,181) | (4,699) |
Operating lease liabilities | (774) | 0 |
Deferred revenue | (1,219) | (922) |
Net cash used in operating activities | (48,967) | (29,574) |
Cash flows from investing activities | ||
Maturities of marketable securities | 57,490 | 0 |
Purchases of marketable securities | (251,350) | (174,717) |
Purchases of property and equipment | (1,820) | (758) |
Net cash used in investing activities | (195,680) | (175,475) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock in public offerings, net of issuance costs | 22,441 | 24,103 |
Proceeds from issuance of common stock under employee incentive equity plans | 520 | 10 |
Net cash provided by financing activities | 22,961 | 24,113 |
Net decrease in cash, cash equivalents and restricted cash | (221,686) | (180,936) |
Cash, cash equivalents and restricted cash at beginning of period | 340,647 | 320,699 |
Cash, cash equivalents and restricted cash at end of period | 118,961 | 139,763 |
Supplemental schedule of noncash investing and financing activities: | ||
Costs incurred, but not paid, in connection with purchases of property and equipment included in accounts payable and accrued liabilities | $ 162 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business Avidity Biosciences, Inc. (the Company or Avidity) is a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs). The Company’s proprietary AOC platform is designed to combine the specificity of monoclonal antibodies with the precision of RNA therapeutics to target the root cause of diseases previously untreatable with such therapeutics. Liquidity On June 16, 2020, the Company completed its initial public offering (IPO), and it has since raised additional capital in the public markets as described further in Note 8 (Stockholders’ Equity). To date, the Company has devoted substantially all of its resources to organizing and staffing the Company, business planning, raising capital, developing its proprietary AOC platform, identifying potential product candidates, establishing its intellectual property portfolio, conducting research, preclinical and clinical studies, and providing other general and administrative support for these operations. In addition, the Company has a limited operating history, has incurred operating losses since inception and expects that it will continue to incur net losses into the foreseeable future as it continues the development of its product candidates and development programs. As of March 31, 2023, the Company had an accumulated deficit of $410.9 million and cash, cash equivalents and marketable securities of $586.3 million. The Company believes that existing cash, cash equivalents and marketable securities will be sufficient to fund the Company’s operations for at least 12 months from the date of the filing of this Form 10-Q. The Company plans to finance its future cash needs through equity offerings, debt financings or other capital sources, including potential collaborations, licenses and other similar arrangements. If the Company is not able to secure adequate additional funding, it may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, and/or delay or reduce the scope of its planned development programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) related to a quarterly report on Form 10-Q. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The unaudited interim condensed financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results for the periods presented. All such adjustments are of a normal and recurring nature. The operating results presented in these unaudited interim condensed financial statements are not necessarily indicative of the results that may be expected for any future periods. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2022 included in the Company’s annual report on Form 10-K filed with the SEC on February 28, 2023. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The Company’s condensed financial statements are prepared in accordance with GAAP, which requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the condensed financial statements and accompanying notes. The most significant estimates in the Company’s condensed financial statements relate to revenue recognition, stock-based compensation, and accrued research and development costs. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in “Note 2 – Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on February 28, 2023. There have been no significant changes to these policies during the three months ended March 31, 2023. Marketable Securities The Company’s marketable securities primarily consist of U.S. Government and corporate debt securities. The Company classifies its marketable securities as available-for-sale and records such assets at estimated fair value in the condensed balance sheets, with unrealized gains and losses, if any, reported as a component of other comprehensive income (loss) within the condensed statements of operations and comprehensive loss and as a separate component of stockholders’ equity. The Company classifies marketable securities with remaining maturities greater than one year as current assets because such marketable securities are available to fund the Company’s current operations. Realized gains and losses are calculated on the specific identification method and recorded as interest income. There were no realized gains and losses during the periods presented. At each balance sheet date, the Company assesses available-for-sale debt securities in an unrealized loss position to determine whether the unrealized loss or any potential credit losses should be recognized in net income (loss). For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through net income (loss). For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded as an allowance in interest income. There have been no impairment or credit losses recognized during the periods presented. The Company excludes the applicable accrued interest from both the fair value and amortized costs basis of the Company’s available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid and other assets on the balance sheets. The Company made an accounting policy election to (1) not measure an allowance for credit loss for accrued interest receivable, and (2) to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which the Company considers to be in the period in which it determines the accrued interest will not be collected. See Note 4 (Marketable Securities) for further information. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has established guidelines regarding approved investments, credit quality, diversification, liquidity and maturities of investments, which are designed to maintain safety and liquidity. The Company has not experienced any losses in its accounts and believes it is not exposed to significant risk on its cash balances due to the financial position of the depository institutions in which those deposits are held. Accounts Payable and Accrued Liabilities (in thousands) March 31, December 31, Accounts payable $ 3,908 $ 4,637 Accrued non-clinical liabilities 26,325 22,535 Accrued clinical liabilities 3,657 5,400 Total accounts payable and accrued liabilities $ 33,890 $ 32,572 Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, adjusted for the weighted-average number of common shares outstanding that are subject to repurchase or forfeiture. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the common stock equivalent securities would be anti-dilutive. Common stock equivalent securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares; in thousands): March 31, 2023 2022 Common stock options 10,973 8,284 Restricted stock units 607 — ESPP shares pending issuance 44 23 Total 11,624 8,307 Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (ASU 2016-13), Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires that an entity measure and recognize expected credit losses for financial assets held at amortized cost and replaces the incurred loss impairment methodology, and establishes additional disclosures related to credit risks. ASU 2016-13 also eliminates the concept of “other-than-temporary” impairment when evaluating available-for-sale debt securities and instead focuses on determining whether any impairment is a result of a credit loss or other factors. An entity will recognize an allowance for credit losses on available-for-sale debt securities rather than an other-than-temporary impairment that reduces the cost basis of the investment. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of the new standard did not have a material impact on the Company’s condensed financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company determines the fair value of its marketable securities based on one or more valuations from its investment and reporting service provider. The investment service provider values the securities using a hierarchical security pricing model that relies primarily on valuations provided by an industry-recognized valuation service. Such valuations may be based on trade prices in active markets for identical assets (Level 1 inputs) or valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets, yield curves, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, and broker and dealer quotes, as well as other relevant economic measures. The following tables summarize the Company’s cash equivalents and marketable securities measured at fair value (in thousands): Fair Value Measurements Using As of March 31, 2023 Total Quoted Prices in Significant Significant Marketable securities: U.S. Treasury securities $ 439,128 $ 439,128 $ — $ — U.S. Government agency securities 7,478 — 7,478 — Negotiable certificates of deposit 6,795 — 6,795 — Corporate debt securities 14,189 — 14,189 — Total $ 467,590 $ 439,128 $ 28,462 $ — Fair Value Measurements Using As of December 31, 2022 Total Quoted Prices in Significant Significant Cash equivalents: U.S. Treasury securities $ 2,498 $ 2,498 $ — $ — Marketable securities: U.S. Treasury securities 244,945 244,945 — — U.S. Government agency securities 4,966 — 4,966 — Negotiable certificates of deposit 4,346 — 4,346 — Corporate debt securities 16,074 — 16,074 — Total $ 272,829 $ 247,443 $ 25,386 $ — |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities The Company’s marketable securities, which consist of highly liquid marketable debt securities, are classified as available-for-sale and are stated at fair value. The following tables summarize the Company’s marketable securities (in thousands): As of March 31, 2023 Maturity Amortized Unrealized Unrealized Estimated U.S. Treasury securities 1 or less $ 302,993 $ 31 $ (1,396) $ 301,628 U.S. Government agency securities 1 or less 7,500 — (22) 7,478 Negotiable certificates of deposit 1 or less 4,401 — (45) 4,356 Corporate debt securities 1 or less 14,309 — (120) 14,189 U.S. Treasury securities 1 - 2 137,466 79 (45) 137,500 Negotiable certificates of deposit 1 - 2 2,450 — (11) 2,439 Total $ 469,119 $ 110 $ (1,639) $ 467,590 As of December 31, 2022 Maturity Amortized Unrealized Unrealized Estimated U.S. Treasury securities 1 or less $ 230,349 $ 1 $ (2,283) $ 228,067 U.S. Government agency securities 1 or less 5,000 — (34) 4,966 Negotiable certificates of deposit 1 or less 3,911 1 (57) 3,855 Corporate debt securities 1 or less 16,360 — (286) 16,074 U.S. Treasury securities 1 - 2 16,919 — (41) 16,878 Negotiable certificates of deposit 1 - 2 490 1 — 491 Total $ 273,029 $ 3 $ (2,701) $ 270,331 The unrealized losses on the Company’s marketable securities of $1.6 million as of March 31, 2023, $0.9 million of which were in a continuous unrealized loss position of greater than 12 months, were caused by interest rate increases which resulted in the decrease in market value of these securities. Because the decline in fair value is attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, there were no allowances for credit losses at March 31, 2023 and December 31, 2022. Accrued interest receivable on available-for-sale securities was $1.6 million and $1.3 million at March 31, 2023 and December 31, 2022, respectively. We have not written off any accrued interest receivable for the three months ended March 31, 2023 and 2022. |
Collaboration, License and Rese
Collaboration, License and Research Agreements | 3 Months Ended |
Mar. 31, 2023 | |
Collaboration License And Research Agreements [Abstract] | |
Collaboration, License and Research Agreements | Collaboration, License and Research Agreements Research Collaboration and License Agreement with Eli Lilly and Company In April 2019, the Company entered into a Research Collaboration and License Agreement (the Lilly Agreement) with Eli Lilly and Company (Lilly) for the discovery, development and commercialization of AOC products directed against certain targets in immunology and other select indications on a worldwide basis. In connection with the Lilly Agreement, the Company recognized revenue of $2.2 million and $1.7 million for the three months ended March 31, 2023 and 2022, respectively. Collaboration receivables related to the Lilly Agreement were $1.0 million and $2.1 million as of March 31, 2023 and December 31, 2022, respectively, which are included in prepaid and other assets on the condensed balance sheets. Research Agreement with MyoKardia, Inc. In December 2020, the Company entered into a research collaboration (the MyoKardia Agreement) with MyoKardia, Inc. (MyoKardia), a wholly-owned subsidiary of Bristol Myers Squibb, to demonstrate the potential utility of AOCs in cardiac tissue by leveraging MyoKardia’s genetic cardiomyopathy platform including, among other aspects, its novel target discovery engine and proprietary cardiac disease models. In connection with the MyoKardia Agreement, the Company recognized an immaterial amount of revenue in each of the periods presented. Through March 31, 2023, the aggregate funding received from collaboration and research service agreements was $40.2 million. A reconciliation of the closing balance of deferred revenue is as follows (in thousands): Balance at December 31, 2022 $ 6,276 Revenue recognized that was included in the balance at the beginning of the period (1,219) Balance at March 31, 2023 $ 5,057 |
Property and Equipment, net
Property and Equipment, net | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment consist of the following (in thousands): March 31, December 31, Laboratory equipment $ 9,405 $ 7,217 Computers and software 127 116 Office furniture and equipment 1,575 1,792 Leasehold improvements 249 249 Property and equipment, gross 11,356 9,374 Less accumulated depreciation (3,511) (3,120) Total property and equipment, net $ 7,845 $ 6,254 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Litigation Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are no claims or actions pending or threatened against the Company that, if adversely determined, would in the management’s judgment have a material adverse effect on the Company. Contractual Obligations The Company enters into contracts in the normal course of business for contract research services, contract manufacturing services, professional services, and other services and products for operating purposes. These contracts may include certain provisions that could require payments for early termination. The amount of any such termination payments will vary depending on the timing of the termination and the specific terms of the contract. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Amended and Restated Certificate of Incorporation On June 16, 2020, the Company’s certificate of incorporation was amended and restated to authorize 400,000,000 shares of common stock and 40,000,000 shares of undesignated preferred stock, each with a par value of $0.0001 per share. There was no preferred stock outstanding during the periods presented in the condensed financial statements. Common Stock On July 2, 2021, the Company entered into a sales agreement (the 2021 Sales Agreement) with Cowen and Company, LLC (the Sales Agent), under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $150.0 million through the Sales Agent. Sales of the Company’s common stock made pursuant to the 2021 Sales Agreement are made under the Company’s shelf registration statement on Form S-3, which became automatically effective upon filing on July 2, 2021 (the Shelf Registration Statement). During the three months ended March 31, 2022, the Company sold 1,519,941 shares of its common stock pursuant to the 2021 Sales Agreement and received net proceeds of $24.1 million, after deducting offering-related transaction costs and commissions. On November 8, 2022, the Company entered into a sales agreement (the 2022 Sales Agreement) with the Sales Agent, with substantially similar terms as the 2021 Sales Agreement. Under the 2022 Sales Agreement, the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $200.0 million through the Sales Agent. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Sales Agent. The Company is not obligated to sell, and the Sales Agent is not obligated to buy or sell, any shares of common stock under the 2022 Sales Agreement. Upon entry into the 2022 Sales Agreement, the 2021 Sales Agreement was terminated. During the three months ended March 31, 2023, the Company sold 943,461 shares of its common stock pursuant to the 2022 Sales Agreement and received net proceeds of $22.4 million, after deducting offering-related transaction costs and commissions. On December 15, 2022, the Company completed a public offering of 13,800,000 shares of its common stock at a public offering price of $17.25 per share. The net proceeds from the offering were $223.8 million, after deducting underwriting discounts, commissions and offering costs of $14.3 million. The shares sold in the offering were registered pursuant to the Company’s Shelf Registration Statement. Stock Options Stock option activity in the first quarter of 2023 for employee and non-employee awards and related information is as follows (in thousands, except per share data): Number of Weighted- Outstanding at December 31, 2022 9,352 $ 15.28 Granted 1,759 22.40 Exercised (102) 5.08 Forfeited/expired (36) 20.73 Outstanding at March 31, 2023 10,973 $ 16.50 Restricted Stock Unit Awards During the three months ended March 31, 2023, under the 2020 Incentive Award Plan and the 2022 Employment Inducement Incentive Award Plan, the Company granted restricted stock units ("RSUs") to employees of the Company. RSUs are valued at the market price of a share of the Company’s stock on the date of grant. RSUs vest ratably on an annual basis over a four-year service period and are payable in shares of common stock on the vesting date. Compensation expense for RSUs is recognized on a straight-line basis over the four-year service period. Forfeitures are recorded in the period in which they occur. The following table summarizes the RSU activity for the three months ended March 31, 2023 (in thousands, except per share data): Number of Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2022 — $ — Granted 610 22.40 Vested — — Forfeited (3) 22.47 Unvested at March 31, 2023 607 $ 22.40 Employee Stock Purchase Plan The Company did not issue any shares of common stock under the ESPP during the three months ended March 31, 2023 and 2022, respectively. The Company had an outstanding liability of $0.6 million at March 31, 2023, which is included in accounts payable and accrued liabilities on the condensed balance sheet, for employee contributions to the ESPP for shares pending issuance at the end of the current offering period. As of March 31, 2023, 548,028 shares of common stock were available for issuance under the ESPP. Stock-Based Compensation Expense The assumptions used in the Black-Scholes model to determine the fair value of stock option grants were as follows: Options Three Months Ended March 31, 2023 2022 Risk-free interest rate 3.5% - 4.0% 1.5% - 1.9% Expected volatility 81% - 82% 85% Expected term (in years) 6.0 - 6.1 6.0 - 6.1 Expected dividend yield —% —% Risk-Free Interest Rate. The Company bases the risk-free interest rate assumption for equity awards on the rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. Expected Volatility. The expected volatility of stock options is estimated based on the average historical volatilities of common stock of comparable publicly traded companies and Company's own volatility. The comparable companies are chosen based on their size and stage in the life cycle. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Prior to 2023, the Company exclusively used peer group companies to determine expected volatility. Expected Term. The Company's limited option exercise history does not provide a reasonable basis for estimating expected term, therefore the Company has estimated the expected life of its stock options using the simplified method, whereby the expected life equals the average of the vesting term and the original contractual term of the option. The expected life assumption for employee stock purchases under the ESPP is six months to conform with the six-month ESPP offering period. Expected Dividend Yield. The Company’s expected dividend yield assumption is zero as it has never paid dividends and has no present intention to do so in the future. The allocation of stock-based compensation expense for stock option and RSU awards and shares purchasable under the ESPP was as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development expense $ 5,272 $ 3,266 General and administrative expense 3,832 2,972 Total stock-based compensation expense $ 9,104 $ 6,238 As of March 31, 2023, the unrecognized compensation cost related to outstanding time-based options and restricted stock units was $84.6 million and $13.0 million, respectively, which is expected to be recognized over a weighted-average period of 2.8 years and 3.8 years, respectively. As of March 31, 2023, the unrecognized compensation cost related to stock purchase rights under the ESPP was $0.2 million, which is expected to be recognized over a weighted-average period of 0.2 years. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) related to a quarterly report on Form 10-Q. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The unaudited interim condensed financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results for the periods presented. All such adjustments are of a normal and recurring nature. The operating results presented in these unaudited interim condensed financial statements are not necessarily indicative of the results that may be expected for any future periods. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2022 included in the Company’s annual report on Form 10-K filed with the SEC on February 28, 2023. |
Use of Estimates | Use of Estimates The Company’s condensed financial statements are prepared in accordance with GAAP, which requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the condensed financial statements and accompanying notes. The most significant estimates in the Company’s condensed financial statements relate to revenue recognition, stock-based compensation, and accrued research and development costs. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. |
Marketable Securities | Marketable Securities The Company’s marketable securities primarily consist of U.S. Government and corporate debt securities. The Company classifies its marketable securities as available-for-sale and records such assets at estimated fair value in the condensed balance sheets, with unrealized gains and losses, if any, reported as a component of other comprehensive income (loss) within the condensed statements of operations and comprehensive loss and as a separate component of stockholders’ equity. The Company classifies marketable securities with remaining maturities greater than one year as current assets because such marketable securities are available to fund the Company’s current operations. Realized gains and losses are calculated on the specific identification method and recorded as interest income. There were no realized gains and losses during the periods presented. At each balance sheet date, the Company assesses available-for-sale debt securities in an unrealized loss position to determine whether the unrealized loss or any potential credit losses should be recognized in net income (loss). For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through net income (loss). For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded as an allowance in interest income. There have been no impairment or credit losses recognized during the periods presented. The Company excludes the applicable accrued interest from both the fair value and amortized costs basis of the Company’s available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid and other assets on the balance sheets. The Company made an accounting policy election to (1) not measure an allowance for credit loss for accrued interest receivable, and (2) to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which the Company considers to be in the period in which it determines the accrued interest will not be collected. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has established guidelines regarding approved investments, credit quality, diversification, liquidity and maturities of investments, which are designed to maintain safety and liquidity. The Company has not experienced any losses in its accounts and |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, adjusted for the weighted-average number of common shares outstanding that are subject to repurchase or forfeiture. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the common stock equivalent securities would be anti-dilutive. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (ASU 2016-13), Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires that an entity measure and recognize expected credit losses for financial assets held at amortized cost and replaces the incurred loss impairment methodology, and establishes additional disclosures related to credit risks. ASU 2016-13 also eliminates the concept of “other-than-temporary” impairment when evaluating available-for-sale debt securities and instead focuses on determining whether any impairment is a result of a credit loss or other factors. An entity will recognize an allowance for credit losses on available-for-sale debt securities rather than an other-than-temporary impairment that reduces the cost basis of the investment. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of the new standard did not have a material impact on the Company’s condensed financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities (in thousands) March 31, December 31, Accounts payable $ 3,908 $ 4,637 Accrued non-clinical liabilities 26,325 22,535 Accrued clinical liabilities 3,657 5,400 Total accounts payable and accrued liabilities $ 33,890 $ 32,572 |
Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share | Common stock equivalent securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares; in thousands): March 31, 2023 2022 Common stock options 10,973 8,284 Restricted stock units 607 — ESPP shares pending issuance 44 23 Total 11,624 8,307 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Cash Equivalents and Marketable Securities Measured at Fair Value | The following tables summarize the Company’s cash equivalents and marketable securities measured at fair value (in thousands): Fair Value Measurements Using As of March 31, 2023 Total Quoted Prices in Significant Significant Marketable securities: U.S. Treasury securities $ 439,128 $ 439,128 $ — $ — U.S. Government agency securities 7,478 — 7,478 — Negotiable certificates of deposit 6,795 — 6,795 — Corporate debt securities 14,189 — 14,189 — Total $ 467,590 $ 439,128 $ 28,462 $ — Fair Value Measurements Using As of December 31, 2022 Total Quoted Prices in Significant Significant Cash equivalents: U.S. Treasury securities $ 2,498 $ 2,498 $ — $ — Marketable securities: U.S. Treasury securities 244,945 244,945 — — U.S. Government agency securities 4,966 — 4,966 — Negotiable certificates of deposit 4,346 — 4,346 — Corporate debt securities 16,074 — 16,074 — Total $ 272,829 $ 247,443 $ 25,386 $ — |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Marketable Securities | The Company’s marketable securities, which consist of highly liquid marketable debt securities, are classified as available-for-sale and are stated at fair value. The following tables summarize the Company’s marketable securities (in thousands): As of March 31, 2023 Maturity Amortized Unrealized Unrealized Estimated U.S. Treasury securities 1 or less $ 302,993 $ 31 $ (1,396) $ 301,628 U.S. Government agency securities 1 or less 7,500 — (22) 7,478 Negotiable certificates of deposit 1 or less 4,401 — (45) 4,356 Corporate debt securities 1 or less 14,309 — (120) 14,189 U.S. Treasury securities 1 - 2 137,466 79 (45) 137,500 Negotiable certificates of deposit 1 - 2 2,450 — (11) 2,439 Total $ 469,119 $ 110 $ (1,639) $ 467,590 As of December 31, 2022 Maturity Amortized Unrealized Unrealized Estimated U.S. Treasury securities 1 or less $ 230,349 $ 1 $ (2,283) $ 228,067 U.S. Government agency securities 1 or less 5,000 — (34) 4,966 Negotiable certificates of deposit 1 or less 3,911 1 (57) 3,855 Corporate debt securities 1 or less 16,360 — (286) 16,074 U.S. Treasury securities 1 - 2 16,919 — (41) 16,878 Negotiable certificates of deposit 1 - 2 490 1 — 491 Total $ 273,029 $ 3 $ (2,701) $ 270,331 |
Collaboration, License and Re_2
Collaboration, License and Research Agreements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Collaboration License And Research Agreements [Abstract] | |
Summary of Reconciliation of Deferred | A reconciliation of the closing balance of deferred revenue is as follows (in thousands): Balance at December 31, 2022 $ 6,276 Revenue recognized that was included in the balance at the beginning of the period (1,219) Balance at March 31, 2023 $ 5,057 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following (in thousands): March 31, December 31, Laboratory equipment $ 9,405 $ 7,217 Computers and software 127 116 Office furniture and equipment 1,575 1,792 Leasehold improvements 249 249 Property and equipment, gross 11,356 9,374 Less accumulated depreciation (3,511) (3,120) Total property and equipment, net $ 7,845 $ 6,254 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Summary of Stock Option Activity | Stock option activity in the first quarter of 2023 for employee and non-employee awards and related information is as follows (in thousands, except per share data): Number of Weighted- Outstanding at December 31, 2022 9,352 $ 15.28 Granted 1,759 22.40 Exercised (102) 5.08 Forfeited/expired (36) 20.73 Outstanding at March 31, 2023 10,973 $ 16.50 |
Schedule of Unvested Restricted Stock Units Roll Forward | The following table summarizes the RSU activity for the three months ended March 31, 2023 (in thousands, except per share data): Number of Shares Weighted-Average Grant Date Fair Value Unvested at December 31, 2022 — $ — Granted 610 22.40 Vested — — Forfeited (3) 22.47 Unvested at March 31, 2023 607 $ 22.40 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The assumptions used in the Black-Scholes model to determine the fair value of stock option grants were as follows: Options Three Months Ended March 31, 2023 2022 Risk-free interest rate 3.5% - 4.0% 1.5% - 1.9% Expected volatility 81% - 82% 85% Expected term (in years) 6.0 - 6.1 6.0 - 6.1 Expected dividend yield —% —% |
Schedule of Allocated Stock-based Compensation Expense | The allocation of stock-based compensation expense for stock option and RSU awards and shares purchasable under the ESPP was as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development expense $ 5,272 $ 3,266 General and administrative expense 3,832 2,972 Total stock-based compensation expense $ 9,104 $ 6,238 |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Accumulated deficit | $ (410,938) | $ (358,544) |
Cash, cash equivalents and marketable securities | $ 586,300 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounting Policies [Abstract] | ||
Realized gains and losses on marketable securities | $ 0 | $ 0 |
Other-than-temporary impairments on marketable securities | 0 | 0 |
Credit loss expense | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Accounts payable | $ 3,908 | $ 4,637 |
Accrued non-clinical liabilities | 26,325 | 22,535 |
Accrued clinical liabilities | 3,657 | 5,400 |
Total accounts payable and accrued liabilities | $ 33,890 | $ 32,572 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 11,624 | 8,307 |
Common stock options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 10,973 | 8,284 |
Restricted stock units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 607 | 0 |
ESPP shares pending issuance | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total | 44 | 23 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | $ 467,590 | $ 270,331 |
Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 467,590 | 272,829 |
Recurring | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 2,498 | |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 439,128 | 247,443 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 2,498 | |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 28,462 | 25,386 |
Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | |
Recurring | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 439,128 | 244,945 |
Recurring | U.S. Treasury securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 439,128 | 244,945 |
Recurring | U.S. Treasury securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | U.S. Treasury securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | U.S. Government agency securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 7,478 | 4,966 |
Recurring | U.S. Government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | U.S. Government agency securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 7,478 | 4,966 |
Recurring | U.S. Government agency securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Negotiable certificates of deposit | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 6,795 | 4,346 |
Recurring | Negotiable certificates of deposit | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Negotiable certificates of deposit | Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 6,795 | 4,346 |
Recurring | Negotiable certificates of deposit | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 14,189 | 16,074 |
Recurring | Corporate debt securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 0 | 0 |
Recurring | Corporate debt securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | 14,189 | 16,074 |
Recurring | Corporate debt securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable securities: | $ 0 | $ 0 |
Marketable Securities - Summary
Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 469,119 | $ 273,029 |
Unrealized Gains | 110 | 3 |
Unrealized Losses | (1,639) | (2,701) |
Estimated Fair Value, current | 467,590 | 270,331 |
Estimated Fair Value | 467,590 | 270,331 |
U.S. Treasury securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost, current | 302,993 | 230,349 |
Amortized Cost, noncurrent | 137,466 | 16,919 |
Estimated Fair Value, current | 301,628 | 228,067 |
Estimated Fair Value, noncurrent | 137,500 | 16,878 |
U.S. Treasury securities | 1 or less | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized Gains | 31 | 1 |
Unrealized Losses | (1,396) | (2,283) |
U.S. Treasury securities | 1 - 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized Gains | 79 | 0 |
Unrealized Losses | (45) | (41) |
U.S. Government agency securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost, current | 7,500 | 5,000 |
Estimated Fair Value, current | 7,478 | 4,966 |
U.S. Government agency securities | 1 or less | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized Gains | 0 | 0 |
Unrealized Losses | (22) | (34) |
Negotiable certificates of deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost, current | 4,401 | 3,911 |
Amortized Cost, noncurrent | 2,450 | 490 |
Estimated Fair Value, current | 4,356 | 3,855 |
Estimated Fair Value, noncurrent | 2,439 | 491 |
Negotiable certificates of deposit | 1 or less | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized Gains | 0 | 1 |
Unrealized Losses | (45) | (57) |
Negotiable certificates of deposit | 1 - 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized Gains | 0 | 1 |
Unrealized Losses | (11) | 0 |
Corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost, current | 14,309 | 16,360 |
Estimated Fair Value, current | 14,189 | 16,074 |
Corporate debt securities | 1 or less | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized Gains | 0 | 0 |
Unrealized Losses | $ (120) | $ (286) |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |||
Debt Securities, available-for-sale, unrealized loss | $ (1,600,000) | ||
Unrealized losses position for 12 month or greater | 900,000 | ||
Allowance for credit loss | 0 | $ 0 | |
Accrued interest receivable on available-for-sale securities | 1,600,000 | $ 1,300,000 | |
Debt securities, available-for-sale, accrued interest writeoff | $ 0 | $ 0 |
Collaboration, License and Re_3
Collaboration, License and Research Agreements - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 27 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Revenue recognized | $ 2,233 | $ 1,795 | ||
Research Collaboration and License Agreement with Eli Lilly | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Revenue recognized | 2,200 | $ 1,700 | ||
Collaboration receivables | $ 1,000 | $ 1,000 | $ 2,100 | |
Research Collaboration with MyoKardia, Inc. | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Aggregate funding received from collaboration and research service agreements | $ 40,200 |
Collaboration, License and Re_4
Collaboration, License and Research Agreements - Reconciliation of Deferred Revenue (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Contract With Customer, Liability [Roll Forward] | |
Balance | $ 6,276 |
Revenue recognized | (1,219) |
Balance | $ 5,057 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 11,356 | $ 9,374 |
Less accumulated depreciation | (3,511) | (3,120) |
Total property and equipment, net | 7,845 | 6,254 |
Laboratory equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 9,405 | 7,217 |
Computers and software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 127 | 116 |
Office furniture and equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,575 | 1,792 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 249 | $ 249 |
Property and Equipment, net - A
Property and Equipment, net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expenses related to property and equipment | $ 391 | $ 314 |
Contingencies (Details)
Contingencies (Details) | Mar. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Loss contingencies accrued | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||
Dec. 15, 2022 | Nov. 08, 2022 | Jul. 02, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Jun. 16, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 | 400,000,000 | ||||
Preferred stock, shares authorized (in shares) | 40,000,000 | ||||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Preferred stock, par value (in dollars per share) | $ 0.0001 | ||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | |||||
Proceeds from issuance of common stock in public offerings, net of issuance costs | $ 22,441 | $ 24,103 | |||||
Public offering issuance costs | $ 408 | $ 745 | |||||
Expected dividend yield | 0% | ||||||
Unrecognized compensation cost, options | $ 84,600 | ||||||
Restricted Stock Units (RSUs) | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Award vesting period | 4 years | ||||||
Compensation cost, period for recognition | 4 years | ||||||
Unrecognized compensation cost, excluding options | $ 13,000 | ||||||
Restricted Stock Units (RSUs) | Weighted Average | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Compensation cost, period for recognition | 3 years 9 months 18 days | ||||||
Employee Stock | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Compensation cost, period for recognition | 2 months 12 days | ||||||
Shares issued under ESPP (in shares) | 0 | 0 | |||||
Outstanding liability | $ 600 | ||||||
Shares reserved for future issuance (in shares) | 548,028 | ||||||
Expected term (in years) | 6 months | ||||||
Award offering period | 6 months | ||||||
Unrecognized compensation cost, excluding options | $ 200 | ||||||
Stock Options | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Compensation cost, period for recognition | 2 years 9 months 18 days | ||||||
Expected dividend yield | 0% | 0% | |||||
Private Placement, 2021 Sales Agreement | Cowen And Company, LLC | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Sale of common stock maximum aggregate offering price | $ 150,000 | ||||||
Sale of stock number of shares issued in transaction (in shares) | 1,519,941 | ||||||
Proceeds from issuance of common stock in public offerings, net of issuance costs | $ 24,100 | ||||||
Private Placement, 2022 Sales Agreement | Cowen And Company, LLC | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Sale of common stock maximum aggregate offering price | $ 200,000 | ||||||
Sale of stock number of shares issued in transaction (in shares) | 943,461 | ||||||
Proceeds from issuance of common stock in public offerings, net of issuance costs | $ 22,400 | ||||||
Follow-on Public Offering | Common Stock | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Sale of stock number of shares issued in transaction (in shares) | 13,800,000 | ||||||
Sale of stock, price per share (in dollars per share) | $ 17.25 | ||||||
Proceeds from the follow-on public offering, net of underwriting discounts, commissions and offering costs | $ 223,800 | ||||||
Public offering issuance costs | $ 14,300 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Option Activity (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Number of Options | ||
Beginning balance (in shares) | 9,352 | |
Granted (in shares) | 1,759 | |
Exercised (in shares) | (102) | |
Forfeited/expired (in shares) | (36) | |
Ending balance (in shares) | 10,973 | |
Weighted- Average Exercise Price Per Share | ||
Outstanding (in dollars per share) | $ 16.50 | $ 15.28 |
Granted (in dollars per share) | 22.40 | |
Exercised (in dollars per share) | 5.08 | |
Forfeited/expired (in dollars per share) | $ 20.73 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Unvested Restricted Stock Units Roll Forward (Details) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Number of Shares | |
Beginning balance (in shares) | shares | 0 |
Granted (in shares) | shares | 610,000 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | (3,000) |
Ending balance (in shares) | shares | 607,000 |
Weighted-Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 22.40 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 22.47 |
Ending balance (in dollars per share) | $ / shares | $ 22.40 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Assumptions to Determine Fair Value (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected dividend yield | 0% | |
Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate, Minimum | 3.50% | 1.50% |
Risk-free interest rate, Maximum | 4% | 1.90% |
Expected volatility, Minimum | 81% | |
Expected volatility, Maximum | 82% | |
Expected volatility | 85% | |
Expected dividend yield | 0% | 0% |
Minimum | Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years | 6 years |
Maximum | Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Allocated Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 9,104 | $ 6,238 |
Research and development expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 5,272 | 3,266 |
General and administrative expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 3,832 | $ 2,972 |