Revolution Medicines (RVMD) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 04, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	Revolution Medicines, Inc.
Entity Central Index Key	0001628171
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		74,245,139
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock $0.0001 Par Value per Share
Trading Symbol	RVMD
Security Exchange Name	NASDAQ
Entity File Number	001-39219
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2029180
Entity Address, Address Line One	700 Saginaw Drive
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063
City Area Code	650
Local Phone Number	481-6801
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 97,667	$ 108,497
Marketable securities	421,087	468,557
Accounts receivable	5,383	5,929
Prepaid expenses and other current assets	10,206	6,790
Total current assets	534,343	589,773
Property and equipment, net	13,056	11,544
Operating lease right-of-use asset	58,570	59,692
Intangible assets, net	59,609	59,876
Goodwill	14,608	14,608
Restricted cash	1,737	1,737
Other noncurrent assets	851	758
Total assets	682,774	737,988
Current liabilities:
Accounts payable	14,174	14,057
Accrued expenses and other current liabilities	25,520	27,721
Operating lease liability, current	6,331	6,214
Deferred revenue, current	11,433	12,358
Total current liabilities	57,458	60,350
Deferred revenue, noncurrent	5,662	6,573
Deferred tax liability	7,444	7,444
Operating lease liability, noncurrent	59,583	60,419
Other noncurrent liabilities	1,634	634
Total liabilities	131,781	135,420
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at March 31, 2022 and December 31, 2021, respectively; zero shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized at March 31, 2022 and December 31, 2021, respectively; 74,227,672 and 74,142,619 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	8	8
Additional paid-in capital	1,062,552	1,055,572
Accumulated other comprehensive income	(1,284)	(376)
Accumulated deficit	(510,283)	(452,636)
Total stockholders' equity	550,993	602,568
Total liabilities and stockholders' equity	$ 682,774	$ 737,988

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Preferred stock, par or stated value per share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares, issued	74,227,672	74,142,619
Common stock, shares, outstanding	74,227,672	74,142,619

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Total revenue	$ 7,578	$ 10,131
Operating expenses:
Research and development	56,490	40,858
General and administrative	9,037	6,670
Total operating expenses	65,527	47,528
Loss from operations	(57,949)	(37,397)
Other income (expense), net:
Interest income	302	233
Interest expense	0	(12)
Total other income, net	302	221
Loss before income taxes	(57,647)	(37,176)
Benefit from income taxes	0	0
Net loss	$ (57,647)	$ (37,176)
Net loss per share attributable to common stockholders - basic and diluted	$ (0.78)	$ (0.53)
Weighted-average common shares used to compute net loss per share, basic and diluted	74,162,363	70,420,076
Collaboration Revenue
Revenue:
Total revenue	$ 7,578	$ 10,131

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (57,647)	$ (37,176)
Other comprehensive income/(loss)
Unrealized gain (loss) on investments, net	(908)	(53)
Total comprehensive loss	$ (58,555)	$ (37,229)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income/(Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 474,676	$ 7	$ 740,098	$ 116	$ (265,545)
Beginning balance, shares at Dec. 31, 2020		66,599,748
Issuance of common stock upon offering, net of offering costs	281,145	$ 1	281,144
Issuance of common stock upon offering, net of offering costs, shares		6,666,666
Issuance of common stock pursuant to stock option exercises	555		555
Issuance of common stock pursuant to stock option exercises, shares		166,897
Issuance of common stock related to vesting of restricted stock units, shares		1,798
Vesting of early exercised stock options	46		46
Stock-based compensation expense	3,387		3,387
Net unrealized gain (loss) on marketable securities	(53)			(53)
Net loss	(37,176)				(37,176)
Ending balance at Mar. 31, 2021	722,580	$ 8	1,025,230	63	(302,721)
Ending balance, shares at Mar. 31, 2021		73,435,109
Beginning balance at Dec. 31, 2020	474,676	$ 7	740,098	116	(265,545)
Beginning balance, shares at Dec. 31, 2020		66,599,748
Ending balance at Dec. 31, 2021	602,568	$ 8	1,055,572	(376)	(452,636)
Ending balance, shares at Dec. 31, 2021		74,142,619
Issuance of common stock pursuant to stock option exercises	$ 305		305
Issuance of common stock pursuant to stock option exercises, shares	58,122
Issuance of common stock related to vesting of restricted stock units, shares		26,931
Vesting of early exercised stock options	$ 31		31
Stock-based compensation expense	6,644		6,644
Net unrealized gain (loss) on marketable securities	(908)			(908)
Net loss	(57,647)				(57,647)
Ending balance at Mar. 31, 2022	$ 550,993	$ 8	$ 1,062,552	$ (1,284)	$ (510,283)
Ending balance, shares at Mar. 31, 2022		74,227,672

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Follow-on Offering
Stock issuance cost	$ 18,855

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (57,647)	$ (37,176)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on disposal of fixed assets	19	0
Amortization of intangible assets	267	267
Stock-based compensation expense	6,644	3,387
Depreciation and amortization	901	671
Net amortization of premium on marketable securities	648	534
Amortization of operating lease right-of-use asset	1,122	740
Changes in operating assets and liabilities:
Accounts receivable	546	(1,171)
Prepaid expenses and other current assets	(3,416)	(1,257)
Accounts payable	(492)	(2,131)
Accrued expenses and other current liabilities	(2,114)	1,200
Deferred revenue	(1,836)	(2,493)
Operating lease liability	(719)	(670)
Other noncurrent assets	(114)	0
Other noncurrent liabilities	1,031	853
Net cash used in operating activities	(55,160)	(37,246)
Cash flows from investing activities
Purchases of marketable securities	(111,818)	(114,038)
Maturities of marketable securities	157,732	119,926
Purchases of property and equipment	(1,889)	(3,579)
Net cash provided by investing activities	44,025	2,309
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	0	281,709
Proceeds from issuance of common stock under equity incentive plans	305	555
Net cash provided by financing activities	305	282,264
Net increase/(decrease) in cash, cash equivalents and restricted cash	(10,830)	247,327
Cash, cash equivalents and restricted cash - beginning of period	110,234	105,352	$ 105,352
Cash, cash equivalents and restricted cash - end of period	99,404	352,679	110,234
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Cash and cash equivalents	97,667	351,595	$ 108,497
Restricted cash	1,737	1,084
Cash, cash equivalents and restricted cash - end of period	99,404	352,679
Supplemental disclosure of non-cash investing and financing activities
Vesting of early exercised options and restricted stock	31	46
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	1,672	882
Unpaid deferred offering costs	$ 89	$ 564

Organization

Organization	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. Organization Revolution Medicines, Inc. (the Company) is a clinical-stage precision oncology company focused on developing targeted therapies to inhibit frontier targets in RAS-addicted cancers. The Company was founded in October 2014 and is headquartered in Redwood City, California. Liquidity The Company has incurred net operating losses in each year since inception. As of March 31, 2022, the Company had an accumulated deficit of $ 510.3 million . Management believes that its existing cash, cash equivalents and marketable securities will enable the Company to fund its planned operations for at least 12 months following the issuance date of these condensed consolidated financial statements. The Company has been able to fund its operations through the issuance and sale of common stock and redeemable convertible preferred stock in addition to upfront payments and research and development cost reimbursement received under the Company’s collaboration agreement with Genzyme Corporation, an affiliate of Sanofi. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development and payments the Company may receive under the Sanofi collaboration agreement or future collaboration agreements, if any. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending should additional capital not become available could have a material adverse effect on the Company’s ability to achieve its business objectives. Public offerings In February 2020, the Company closed its initial public offering (IPO), and issued 16,100,000 shares of its common stock (including the exercise in full by the underwriters of their option to purchase an additional 2,100,000 shares of common stock) at a price to the public of $ 17.00 per share for net proceeds of $ 250.7 million, after deducting underwriting discounts and commissions of $ 19.2 million and expenses of $ 3.8 million. In July 2020, the Company issued and sold 6,900,000 shares of its common stock in an underwritten public offering (including the exercise in full by the underwriters of their option to purchase an additional 900,000 shares of the Company’s common stock) at a price of $ 26.00 per share for net proceeds of $ 167.8 million, after deducting underwriting discounts and commissions of $ 10.8 million and expenses of $ 0.8 million. In February 2021, the Company issued and sold 6,666,666 shares of its common stock in an underwritten public offering (including the exercise in full by the underwriters of their option to purchase an additional 869,565 shares of the Company’s common stock) at a price of $ 45.00 per share for net proceeds of $ 281.1 million, after deducting underwriting discounts and commissions of $ 18.0 million and expenses of $ 0.9 million. In November 2021, the Company entered into a sales agreement with Cowen and Company, LLC (Cowen) to sell shares of its common stock, from time to time, with aggregate gross proceeds of up to $ 250 million, through an at-the-market equity offering program (ATM). In 2021, the Company sold an aggregate of 339,302 shares of common stock under the ATM resulting in gross proceeds of $ 10.4 million. After deducting commissions and expenses of $ 0.3 million, net proceeds to the Company were $ 10.1 million. During the three months ended March 31, 2022, the Company did no t issue shares of the Company’s common stock under the ATM.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of significant accounting policies Basis of presentation The condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (GAAP) and applicable rules of the Securities and Exchange Commission (SEC) regarding interim financial reporting and, in the opinion of management, include all normal and recurring adjustments which are necessary to state fairly the Company's financial position and results of operations for the reported periods. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The condensed consolidated financial statements for the periods ended March 31, 2022 and March 31, 2021 include the accounts of the Company and its wholly owned subsidiary, Warp Drive Bio, Inc. (Warp Drive). All intercompany balances and transactions have been eliminated in consolidation. The functional and reporting currency of the Company and its subsidiary is the U.S. dollar. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, clinical accruals, valuation of in-process research and development and developed technologies, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill and intangibles, the incremental borrowing rate for determining operating lease assets and liabilities and stock-based compensation. The extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, financial condition and results of operations is highly uncertain and subject to change. The Company considered the potential impact of the COVID-19 pandemic on its estimates and assumptions and there was not a material impact to the Company’s condensed consolidated financial statements as of and for the three months ended March 31, 2022. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods . Concentration of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s cash is held by two financial institutions in the United States, which management believes to be of high credit quality. The Company invests in money market funds, U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company is subject to credit risk as its receivable and collaboration revenue are entirely related to its collaboration agreement with Sanofi. See Note 8, “Sanofi collaboration agreement.” The Company’s clinical trial sites may be affected by the COVID-19 outbreak due to prioritization of hospital resources toward the COVID-19 outbreak, travel or quarantine restrictions imposed by governments, and the inability to access sites for initiation and patient monitoring and enrollment. As a result, patient screening, new patient enrollment, monitoring and data collection may be affected or delayed. The Company is aware that several clinical sites involved in its clinical studies temporarily stopped or delayed enrolling new patients, with exemptions if appropriate, and it is possible that these or other clinical sites may be similarly affected in the future. These developments may delay the Company’s clinical trial timelines. Some of the Company’s third-party manufacturers which it uses for the supply of materials for product candidates or other materials necessary to manufacture product to conduct preclinical tests and clinical trials and contract research organizations may be impacted by COVID-19, and should they experience disruptions, such as temporary closures or suspension of services, the Company would likely experience delays in advancing clinical trials. Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB), under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently adopted accounting pronouncements In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs (ASU 2020-08). ASU 2020-08 clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early application is not permitted. All entities should apply ASU 2020-08 on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company adopted the standard for the fiscal year beginning on January 1, 202 2 and concluded that adoption of the standard did no t have a material impact on its consolidated financial statements. In October 2020, FASB issued ASU 2020-10, Codification Improvements (ASU 2020-10). ASU 2020-10 updates various codification topics by clarifying or improving disclosure requirements to align with the SEC's regulations. The amendments are effective for the Company for fiscal years beginning after December 15, 2021, including interim period within those fiscal years. Early adoption is permitted. Adoption shall be applied retrospectively. The Company adopted the standard for the fiscal year beginning on January 1, 202 2 and concluded that adoption of the standard did no t have a material impact on its consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair value measurements The carrying amounts of the Company’s certain financial instruments, including cash equivalents, accounts payable and accrued expenses and other current liabilities approximate fair value due to their relatively short maturities and market interest rates, if applicable. Refer to Note 4 regarding the fair value of the Company’s available-for-sale securities. Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table presents information about the Company’s financial assets that are measured at fair value and indicates the fair value hierarchy of the valuation: March 31, 2022 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 17,159 $ 17,159 $ — $ — Commercial paper (1, 2) 226,974 — 226,974 — U.S. government and agency securities (1,2) 164,751 — 164,751 — Corporate bonds (2) 110,563 — 110,563 — Total $ 519,447 $ 17,159 $ 502,288 $ — December 31, 2021 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 57,134 $ 57,134 $ — $ — Commercial paper (1, 2) 291,369 — 291,369 — U.S. government and agency securities (1, 2) 87,745 — 87,745 — Corporate bonds (2) 141,698 — 141,698 — Total $ 577,946 $ 57,134 $ 520,812 $ — (1) Included in cash and cash equivalents on the consolidated balance sheets. (2) Included in marketable securities on the consolidated balance sheets. Money market funds are measured at fair value on a recurring basis using quoted prices. U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds are measured at fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities. There were no transfers between Levels 1, 2 or 3 for any of the periods presented.

Available-for-sale Securities

Available-for-sale Securities	3 Months Ended
	Mar. 31, 2022
Investments Debt And Equity Securities [Abstract]
Available-for-sale securities	4. Available-for-sale securities The following tables summarize the estimated value of the Company’s available-for-sale marketable securities and cash equivalents and the gross unrealized gains and losses: March 31, 2022 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 170,647 $ 2 $ ( 191 ) $ 170,458 U.S. government and agency securities 140,890 3 ( 827 ) 140,066 Corporate bonds 110,829 15 ( 281 ) 110,563 Total marketable securities 422,366 20 ( 1,299 ) 421,087 Cash equivalents: Money market funds 17,159 — — 17,159 Commercial paper 56,517 1 ( 3 ) 56,515 U.S. government and agency securities 24,689 — ( 3 ) 24,686 Total cash equivalents 98,365 1 ( 6 ) 98,360 Total available-for-sale investments $ 520,731 $ 21 $ ( 1,305 ) $ 519,447 December 31, 2021 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 239,176 $ 1 $ ( 63 ) $ 239,114 U.S. government and agency securities 87,926 — ( 181 ) 87,745 Corporate bonds 141,829 — ( 131 ) 141,698 Total marketable securities 468,931 1 ( 375 ) 468,557 Cash equivalents: Money market funds 57,134 — — 57,134 Commercial paper 52,257 — ( 2 ) 52,255 U.S. government and agency securities — — — — Corporate bonds — — — — Total cash equivalents 109,391 — ( 2 ) 109,389 Total available-for-sale investments $ 578,322 $ 1 $ ( 377 ) $ 577,946 The amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are summarized below as of March 31, 2022: March 31, 2022 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Mature in one year or less $ 504,958 $ 13 $ ( 1,285 ) $ 503,686 Mature after one year through two years 15,773 8 ( 20 ) 15,761 Total marketable securities $ 520,731 $ 21 $ ( 1,305 ) $ 519,447

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	5. Balance sheet components Property and equipment, net Property and equipment, net consists of the following: March 31, December 31, 2022 2021 (in thousands) Laboratory equipment $ 13,049 $ 12,727 Leasehold improvements 7,245 7,245 Computer equipment and software 2,958 2,186 Furniture and fixtures 89 69 Construction in progress 1,272 129 24,613 22,356 Less: accumulated depreciation and amortization ( 11,557 ) ( 10,812 ) Property and equipment, net $ 13,056 $ 11,544 Depreciation and amortization expense for property and equipment amounted to $ 0.9 million and $ 0.7 million for the three months ended March 31, 2022 and 2021, respectively. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: March 31, December 31, 2022 2021 (in thousands) Accrued compensation $ 4,250 $ 9,852 Accrued research and development 19,953 17,018 Accrued professional services 1,037 540 Other 280 311 Total accrued expenses and other current liabilities $ 25,520 $ 27,721

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	6. Intangible assets and goodwill Intangible assets, net Intangible assets, net consist of the following as of March 31, 2022: Gross value Accumulated Net book Weighted- (in thousands) (in years) In-process research and development — RAS $ 55,800 $ — $ 55,800 n/a Developed technology - tri-complex platform 7,480 ( 3,671 ) 3,809 3.6 Total $ 63,280 $ ( 3,671 ) $ 59,609 Amortization expense for the three months ended March 31, 2022 and 2021 was $ 0.3 million and $ 0.3 million, respectively. As of March 31, 2022, future amortization expense is as follows: Amount (in thousands) 2022 (remaining nine months) $ 802 2023 1,069 2024 1,069 2025 869 Total $ 3,809 Intangible assets, net consist of the following as of December 31, 2021: Gross value Accumulated Net book Weighted- (in thousands) (in years) In-process research and development — RAS $ 55,800 $ — $ 55,800 n/a Developed technology - tri-complex platform 7,480 ( 3,404 ) 4,076 3.9 Total $ 63,280 $ ( 3,404 ) $ 59,876 Goodwill The following summarizes the change in the carrying value of goodwill for the three months ended March 31, 2022: Amount (in thousands) Balance at December 31, 2021 $ 14,608 Adjustment — Balance at March 31, 2022 $ 14,608 No impairment has been recognized as of March 31, 2022 . Goodwill recorded is not deductible for income tax purposes.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and contingencies Leases In January 2015, as amended in September 2016, the Company entered into an operating lease for approximately 42,000 square feet of office and laboratory space located at 700 Saginaw Drive, Redwood City, California (the 700 Building), with a term through April 2023 . In April 2020, the Company amended the lease to lease an additional 19,000 square feet of office, laboratory and research and development space located at 300 Saginaw Drive, Redwood City, California (the 300 Building), and to extend the lease term through December 2030 . In November 2021, the Company amended the lease to lease an additional 41,000 square feet of office, laboratory and research and development space located at 800 Saginaw Drive, Redwood City, California (the 800 Building), and to extend the lease term through November 2033 . The Company has the option to extend the lease for an additional ten years after November 30, 2033. The Company maintains letters of credit for the benefit of the landlord which is disclosed as restricted cash in the condensed consolidated balance sheets. Restricted cash related to letters of credit due to the landlord was $ 1.5 million as of March 31, 2022 and December 31, 2021. Through March 31, 2022 , the landlord had provided the Company with $ 3.4 million in tenant improvement allowances for the 700 Building, and $ 4.6 million for the 300 Building, which were recognized as lease incentives. The lease incentives are being amortized as an offset to rent expense over the lease term in the consolidated statements of operations. Upon the execution of the lease in April 2020, which was deemed to be a lease modification, the Company re-evaluated the assumptions used during the adoption of ASC 842 for the lease. The Company determined the amendment consists of two separate contracts under ASC 842. One contract is related to a new right-of-use asset for the 300 Building, which is being accounted for as an operating lease, and the other is related to the modification of the original lease term for the 700 Building. As a result, the Company recorded a right-of-use asset of $ 6.4 million and a lease liability of $ 9.0 million for the 300 Building and an increase of $ 14.8 million to the right-of-use asset and lease liability for the 700 Building upon execution of the lease amendment. The Company is recognizing rent expense for both buildings on a straight-line basis through the remaining extended term of the lease. Upon the execution of the lease amendment in November 2021, which was deemed to be a lease modification, the Company re-evaluated the assumptions used during the lease amendment in April 2020. The Company determined the amendment consists of two separate contracts under ASC 842. One contract is related to a new right-of-use asset for the 800 Building, which is being accounted for as an operating lease, and the other is related to the modification of the lease term, as amended in April 2020, for the 700 Building and 300 Building. As a result, the Company recorded a right-of-use asset and a lease liability of $ 26.8 million for the 800 Building and an aggregate increase of $ 8.6 million to the right-of-use assets and lease liabilities for the 700 Building and 300 Building upon execution of the lease amendment. The Company is recognizing rent expense for the buildings on a straight-line basis through the remaining extended term of the lease. As part of the Warp Drive acquisition in October 2018, the Company assumed an operating lease for approximately 22,000 square feet of office and laboratory space located in Cambridge, Massachusetts (Cambridge Lease), which expires in February 2023 , with an option to extend the term through February 2028 , subject to certain conditions. In March 2019, the Company fully subleased the Cambridge Lease to Casma Therapeutics, Inc. (Casma), a related party, on financial terms substantially the same as the original lease. The sublease term with Casma is through the remainder of the Cambridge Lease term. The sublease by Casma and related sublease payments by Casma to the Company are fully guaranteed by Third Rock Ventures, LLC, a related party. In conjunction with the Cambridge Lease, the Company issued a letter of credit for $ 0.2 million, which is included in restricted cash on the consolidated balance sheets as of March 31, 2022 and December 31, 2021. The balance sheet classification of the Company’s operating lease liabilities was as follows: March 31, December 31, 2022 2021 (in thousands) Operating lease liabilities: Operating lease liability – current $ 6,331 $ 6,214 Operating lease liability – noncurrent 59,583 60,419 Total operating lease liabilities 65,914 66,633 For the three months ended March 31, 2022 and 2021 , operating lease cost was $ 1.4 million and $ 0.8 million, respectively, net of sublease income of $ 0.8 million and $ 0.6 million, respectively, and tenant improvement allowance credits of $ 0.1 million and $ 0.1 million, respectively. The operating cash flows for operating leases was $ 0.7 million for the three months ended March 31, 2022 and 2021. As of March 31, 2022, the maturities of the Company’s operating lease liabilities were as follows (in thousands): 2022 (remaining nine months) $ 5,897 2023 6,961 2024 7,100 2025 7,349 2026 7,606 Thereafter 60,422 Total undiscounted lease payments $ 95,335 Less: Imputed interest ( 28,193 ) Less: Tenant improvement allowance ( 1,228 ) Total operating lease liabilities $ 65,914 The amounts reflected in the table above include the Company’s lease payments for the Cambridge lease, but do not reflect any offset for the sublease payments the Company is entitled to receive from Casma. Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate. The weighted-average discount rate used to determine the operating lease liability was 6.1 %. As of March 31, 2022 and December 31, 2021 , the weighted-average remaining lease term was 11.4 years and 11.6 years, respectively. Legal matters From time to time, the Company may be involved in litigation related to claims that arise in the ordinary course of its business activities. The Company accrues for these matters when it is probable that losses will be incurred and these losses can be reasonably estimated. As of March 31, 2022 and December 31, 2021, respectively, the Company does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows. Indemnification The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these arrangements is not determinable. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is minimal. Other We enter into agreements in the normal course of business with contract research organizations for clinical trials, contract manufacturing organizations to provide clinical trial materials and with vendors for preclinical studies and other services and products for operating purposes which are generally cancelable at any time by us upon 30 to 90 days prior written notice.

Sanofi Collaboration Agreement

Sanofi Collaboration Agreement	3 Months Ended
	Mar. 31, 2022
Collaboration Agreement [Abstract]
Sanofi Collaboration Agreement	8. Sanofi collaboration agreement In June 2018, the Company entered into a collaborative research, development and commercialization agreement (the Sanofi Agreement) with Aventis, Inc. (an affiliate of Sanofi) to research and develop SHP2 inhibitors, including RMC-4630, for any indications. The Sanofi Agreement was assigned to Genzyme Corporation, a Sanofi affiliate, in December 2018. For the purposes of this discussion, we refer to Genzyme Corporation as Sanofi. Pursuant to the Sanofi Agreement, the Company granted Sanofi a worldwide, exclusive, sublicensable (subject to the Company’s consent in certain circumstances) license under certain of the Company’s patents and know-how to research, develop, manufacture, use, sell, offer for sale, import and otherwise commercialize SHP2 inhibitors, including RMC-4630, for any and all uses, subject to the Company’s exercise of rights and performance of obligations under the Sanofi Agreement. In October 2018, the Company acquired Warp Drive in exchange for issuance of shares of the Company’s Series B redeemable convertible preferred stock and payment of cash. Sanofi was a stockholder of Warp Drive and received the Company’s Series B redeemable convertible preferred stock during the transaction and accordingly became an investor and related party of the Company. As a result of the Company’s underwritten offering of common stock in February 2021, Sanofi’s ownership percentage in the Company decreased and Sanofi is no longer considered a related party. Under the Sanofi Agreement, the Company received a non-refundable, upfront cash payment of $ 50 million in July 2018 and could also receive up to $ 520 million in development and regulatory milestone payments, including up to $ 235 million upon the achievement of specified development milestones and up to $ 285 million upon the achievement of certain marketing approval milestones. The Company has primary responsibility for early clinical development of RMC-4630 and is responsible for the manufacture of SHP2 inhibitors for Phase 1 and non-registrational Phase 2 clinical trials pursuant to a development plan that is currently approved through 2022. In August 2021, the Company entered into a letter agreement with Sanofi (the Letter Agreement) to include an additional clinical study, RMC-4630-03, as part of the Company’s responsibilities under the development plan. Sanofi is responsible to reimburse the Company all internal and external costs and expenses to perform the Company’s activities under approved development plans, except for costs and expenses related to studies designated in the Sanofi Agreement as RevMed Studies, for which the Company will bear all costs and expenses, and for the RMC-4630-03 study, for which Sanofi will reimburse the Company for 50 % of the costs and expenses. Unreimbursed costs borne by the Company for any RevMed Studies and the Company's 50 % share of the RMC-4630-03 collaboration study are subject to future reimbursement by Sanofi through a buy-in payment pursuant to the terms of the Sanofi Agreement if Sanofi uses the data from a RevMed Study or the RMC-4630-03 study in support of a marketing approval application. There currently are no active RevMed Studies. In addition to the ongoing development plan, the Company was also primarily responsible for performing preclinical research on SHP2 inhibitors pursuant to a research plan through 2021. The parties currently do not anticipate additional collaboration preclinical research under the research plan in 2022. Sanofi was responsible to reimburse the Company for all internal and external costs and expenses incurred to perform activities under approved research plans for 2021. In the United States, the Company will share equally with Sanofi the profits and losses applicable to commercialization of SHP2 inhibitor products, pursuant to a profit/loss share agreement that the parties will negotiate based on key terms agreed in the Sanofi Agreement. On a product-by-product basis, Sanofi will also be required to pay the Company tiered royalties on annual net sales of each product outside the United States ranging from high single digit to mid-teen percentages. Unless terminated earlier, the Sanofi Agreement will continue in effect until the later of the expiration of all of Sanofi’s milestone and royalty payment obligations and the expiration of the profit/loss share agreement. Sanofi may terminate the Sanofi Agreement in its entirety or on a country-by-country or product-by-product basis for any reason or for significant safety concerns, upon prior notice to the Company. Sanofi may terminate the Sanofi Agreement in its entirety upon a change of control in the Company, with prior notice. Either party may terminate the Sanofi Agreement if an undisputed material breach by the other party is not cured within a defined period of time, or immediately upon notice for insolvency-related events of the other party. The Company may terminate the Sanofi Agreement after a certain number of years if Sanofi develops a competing program without commencing a registrational clinical trial for a SHP2 inhibitor product candidate, and subject to certain other conditions. The Company may also terminate the Sanofi Agreement at any time, if Sanofi ceases certain critical activities for SHP2 inhibitor product candidates for more than a specified period of time, provided that such cessations of critical activity were not a result of certain specified factors, and subject to certain other conditions. Upon any termination of the Sanofi Agreement with respect to any product or country, all licenses to Sanofi with respect to such product or country shall automatically terminate and all rights generally revert back to the Company. The Company identified the following promises in the agreement (1) the license related to SHP2 inhibitors, (2) the performance of research and development services for Phase 1 clinical studies and Phase 2 clinical trials that are non-registrational clinical trials and (3) the performance of manufacturing services for the non-registrational clinical trials. The Company determined that the license is not distinct from the services within the context of the agreement because the research, development and manufacturing significantly increase the utility of the intellectual property. The intellectual property (IP) related to SHP2 inhibitors, which is proprietary to the Company, is the foundation for the research and development activities. The manufacturing services are a necessary and integral part of the research and development services as they could only be conducted utilizing the outcomes of these services. Given the research and development services under the Sanofi Agreement are expected to involve significant further development of the initial IP, the Company has concluded that the research, development and manufacturing services are not distinct from the license, and thus the license, research and development services and manufacturing services are combined into a single performance obligation. For revenue recognition purposes, the Company determined that the duration of the contract begins on the effective date of the Sanofi Agreement in July 2018 and ends upon completion of the non-registrational clinical trials. The contract duration is defined as the period in which parties to the contract have present enforceable rights and obligations. The Company analyzed the impact of Sanofi terminating the agreement prior to the completion of these trials and determined that there were significant economic costs to Sanofi for doing so. The Company determined that the transaction price of the Sanofi Agreement was $ 190.8 million as of March 31, 2022 . In order to determine the transaction price, the Company evaluated all the payments to be received during the duration of the contract. The Company determined that the $ 50.0 million upfront payment and $ 140.8 million of estimated variable consideration for expense reimbursements from Sanofi for agreed upon research and development services as of March 31, 2022 constituted consideration to be included in the transaction price, which is to be allocated to the combined performance obligation. Development and regulatory milestones under the Sanofi Agreement were considered but not included in the transaction price, as it is probable that a significant revenue reversal could occur if they were included. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. The license, research, development and manufacturing services are combined as one performance obligation that will be performed over the duration of the contract, which is from the effective date of the Sanofi Agreement through to the completion of studies. The Company concluded that it would utilize a cost-based input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. In applying the cost-based input method of revenue recognition, the Company uses actual costs incurred relative to estimated costs to fulfill the combined performance obligation. These costs consist primarily of internal full-time equivalent efforts and third-party costs. As noted above, a percentage of the actual costs incurred under approved research and development plans are reimbursed by Sanofi under the collaboration agreement. The research and development plans are determined by a joint research and development committee, over which Sanofi has final decision-making subject to certain exceptions. Revenue is recognized under the collaboration agreement with Sanofi, based on actual costs incurred as a percentage of total estimated costs to be incurred over the performance obligation as the Company completes its performance obligation. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. During the three months ended March 31, 2022 and 2021 , the Company recognized $ 7.6 million and $ 10.1 million of collaboration revenue associated with this agreement, respectively. As of March 31, 2022 and December 31, 2021, $ 11.4 million and $ 12.4 million of deferred revenue is classified as current and $ 5.7 million and $ 6.6 million is classified as noncurrent, respectively.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2022
Stockholders Equity Note [Abstract]
Common Stock	9. Common stock As of March 31, 2022 and December 31, 2021 , the Company’s certificate of incorporation authorized the Company to issue 300,000,000 shares of common stock, at a par value of $ 0.0001 per share. Each share of common stock is entitled to one vote . The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors. As of March 31, 2022 , no dividends have been declared to date. The Company has reserved shares of common stock, on an as-converted basis, for future issuance as follows: March 31, December 31, 2022 2021 Outstanding options to purchase common stock 7,878,559 6,050,938 Unvested restricted stock units of common stock 1,140,200 423,621 Available for future issuance under the 2020 Incentive Award Plan 7,487,521 6,403,548 Available for issuance under the 2020 Employee Stock Purchase Plan 1,831,214 1,089,728 Total 18,337,494 13,967,835

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	10. Stock-based compensation 2020 Incentive Award Plan In February 2020, the Company adopted the 2020 Equity Incentive Plan (2020 Plan). The 2020 Plan became effective on February 11, 2020. The 2020 Plan provides for a variety of stock-based compensation awards, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance bonus awards, performance stock unit awards, dividend equivalents, or other stock or cash-based awards. Under the 2020 Plan, the Company generally grants stock-based awards with service-based vesting conditions only. Options and restricted stock unit awards granted typically vest over a four-year period, but may be granted with different vesting terms. Following the effectiveness of the 2020 Plan, the Company will not make any further grants under the 2014 Equity Incentive Plan (2014 Plan). However, the 2014 Plan will continue to govern the terms and conditions of the outstanding awards granted under it. Shares of common stock subject to awards granted under the 2014 Plan that are forfeited or lapse unexercised and which following the effective date of the 2020 Plan are not issued under the 2014 Plan will be available for issuance under the 2020 Plan. As of March 31, 2022 , there were 7,487,521 shares of common stock reserved for issuance pursuant to the 2020 Plan. 2020 Employee Stock Purchase Plan In February 2020, the Company adopted the 2020 Employee Stock Purchase Plan (2020 ESPP). Under the 2020 ESPP, employees have the ability to purchase shares of the Company’s common stock through payroll deductions at a discount during a series of offering periods of 24 months, each comprised of four six-month purchase periods. The purchase price will be the lower of 85 % of the closing trading price per share of the Company’s common stock on the first day of an offering period in which an employee is enrolled or 85% of the closing trading price per share on the purchase date, which will occur on the last trading day of each purchase period. As of March 31, 2022 , 105,228 shares have been purchased under the 2020 ESPP and a total of 1,831,214 shares of common stock were available for future issuance under the ESPP. As of March 31, 2022 , there was $ 1.6 million of unrecognized compensation cost related to the ESPP. Stock options The following summarizes option activity under both the 2020 Plan and the 2014 Plan: Number of Weighted- Weighted- Aggregate (in years) (in thousands) Balance, December 31, 2021 6,050,938 $ 14.88 7.74 $ 83,953 Options granted 1,953,390 18.97 Options exercised ( 58,122 ) 5.78 Options cancelled ( 67,647 ) 29.48 Balance, March 31, 2022 7,878,559 $ 15.84 8.09 $ 96,820 Options vested and expected to vest as of March 31, 2022 7,878,559 $ 15.84 8.09 $ 96,820 Options vested and exercisable as of March 31, 2022 3,377,922 $ 8.72 6.91 $ 62,066 As of March 31, 2022 , there was $ 58.7 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of 2.9 years. Restricted stock units Activity under the 2020 Plan with respect to the Company’s restricted stock units (RSUs) during the three months ended March 31, 2022 was as follows: Number of Weighted- Balance, December 31, 2021 423,621 $ 37.16 Restricted stock units granted 765,691 18.89 Restricted stock units vested ( 26,931 ) 40.92 Restricted stock units forfeited ( 22,181 ) 28.49 Balance, March 31, 2022 1,140,200 $ 24.97 Expected to vest as of March 31, 2022 1,140,200 $ 24.97 The number of RSUs vested includes shares of common stock that the Company withheld to satisfy the minimum statutory tax withholding requirements. As of March 31, 2022 , there was $ 26.9 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted average period of 3.6 years. Stock-based compensation expense Total stock-based compensation expense related to stock options, RSUs and the 2020 ESPP by function was as follows: Three Months Ended March 31, 2022 2021 (in thousands) Research and development $ 3,855 $ 1,877 General and administrative 2,789 1,510 Total $ 6,644 $ 3,387 Stock-based compensation related to options granted to non-employees was $ 0.1 million and $ 0.1 million for the three months ended March 31, 2022 and 2021 , respectively.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	11. Net loss per share attributable to common stockholders The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders: Three Months Ended March 31, 2022 2021 (in thousands, except share and per share data) Numerator: Net loss $ ( 57,647 ) $ ( 37,176 ) Denominator: Weighted-average shares outstanding 74,183,111 70,534,554 Less: Weighted-average unvested restricted shares and ( 20,748 ) ( 114,478 ) Weighted-average shares used to compute net loss per share 74,162,363 70,420,076 Net loss per share attributable to common stockholders-basic $ ( 0.78 ) $ ( 0.53 ) The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: As of March 31, 2022 2021 Options to purchase common stock 7,878,559 5,892,121 Options early exercised subject to future vesting 20,657 95,936 Unvested restricted stock units of common stock 1,140,200 352,332 Expected shares to be purchased under ESPP 176,131 94,043 Total 9,215,547 6,434,432

Related Party Relationships

Related Party Relationships	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Relationships	12. Related party relationships Following the Company’s acquisition of Warp Drive, in January 2019, the Company entered into a sublease agreement with Casma to sublease the Cambridge Lease. The sublease by Casma and related sublease payments by Casma to the Company are fully guaranteed by an affiliate of Third Rock Ventures.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent events None.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (GAAP) and applicable rules of the Securities and Exchange Commission (SEC) regarding interim financial reporting and, in the opinion of management, include all normal and recurring adjustments which are necessary to state fairly the Company's financial position and results of operations for the reported periods. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The condensed consolidated financial statements for the periods ended March 31, 2022 and March 31, 2021 include the accounts of the Company and its wholly owned subsidiary, Warp Drive Bio, Inc. (Warp Drive). All intercompany balances and transactions have been eliminated in consolidation. The functional and reporting currency of the Company and its subsidiary is the U.S. dollar.
Use of Estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, clinical accruals, valuation of in-process research and development and developed technologies, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill and intangibles, the incremental borrowing rate for determining operating lease assets and liabilities and stock-based compensation. The extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, financial condition and results of operations is highly uncertain and subject to change. The Company considered the potential impact of the COVID-19 pandemic on its estimates and assumptions and there was not a material impact to the Company’s condensed consolidated financial statements as of and for the three months ended March 31, 2022. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods .
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s cash is held by two financial institutions in the United States, which management believes to be of high credit quality. The Company invests in money market funds, U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company is subject to credit risk as its receivable and collaboration revenue are entirely related to its collaboration agreement with Sanofi. See Note 8, “Sanofi collaboration agreement.” The Company’s clinical trial sites may be affected by the COVID-19 outbreak due to prioritization of hospital resources toward the COVID-19 outbreak, travel or quarantine restrictions imposed by governments, and the inability to access sites for initiation and patient monitoring and enrollment. As a result, patient screening, new patient enrollment, monitoring and data collection may be affected or delayed. The Company is aware that several clinical sites involved in its clinical studies temporarily stopped or delayed enrolling new patients, with exemptions if appropriate, and it is possible that these or other clinical sites may be similarly affected in the future. These developments may delay the Company’s clinical trial timelines. Some of the Company’s third-party manufacturers which it uses for the supply of materials for product candidates or other materials necessary to manufacture product to conduct preclinical tests and clinical trials and contract research organizations may be impacted by COVID-19, and should they experience disruptions, such as temporary closures or suspension of services, the Company would likely experience delays in advancing clinical trials.
Recent Accounting Pronouncements	Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB), under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently adopted accounting pronouncements In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs (ASU 2020-08). ASU 2020-08 clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early application is not permitted. All entities should apply ASU 2020-08 on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company adopted the standard for the fiscal year beginning on January 1, 202 2 and concluded that adoption of the standard did no t have a material impact on its consolidated financial statements. In October 2020, FASB issued ASU 2020-10, Codification Improvements (ASU 2020-10). ASU 2020-10 updates various codification topics by clarifying or improving disclosure requirements to align with the SEC's regulations. The amendments are effective for the Company for fiscal years beginning after December 15, 2021, including interim period within those fiscal years. Early adoption is permitted. Adoption shall be applied retrospectively. The Company adopted the standard for the fiscal year beginning on January 1, 202 2 and concluded that adoption of the standard did no t have a material impact on its consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value	The following table presents information about the Company’s financial assets that are measured at fair value and indicates the fair value hierarchy of the valuation: March 31, 2022 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 17,159 $ 17,159 $ — $ — Commercial paper (1, 2) 226,974 — 226,974 — U.S. government and agency securities (1,2) 164,751 — 164,751 — Corporate bonds (2) 110,563 — 110,563 — Total $ 519,447 $ 17,159 $ 502,288 $ — December 31, 2021 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 57,134 $ 57,134 $ — $ — Commercial paper (1, 2) 291,369 — 291,369 — U.S. government and agency securities (1, 2) 87,745 — 87,745 — Corporate bonds (2) 141,698 — 141,698 — Total $ 577,946 $ 57,134 $ 520,812 $ — (1) Included in cash and cash equivalents on the consolidated balance sheets. (2) Included in marketable securities on the consolidated balance sheets.

Available-for-sale Securities (

Available-for-sale Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Investments Debt And Equity Securities [Abstract]
Summary of Estimated Value of Available-for-sale Securities and Cash Equivalents and Gross Unrealized Gains and Losses	The following tables summarize the estimated value of the Company’s available-for-sale marketable securities and cash equivalents and the gross unrealized gains and losses: March 31, 2022 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 170,647 $ 2 $ ( 191 ) $ 170,458 U.S. government and agency securities 140,890 3 ( 827 ) 140,066 Corporate bonds 110,829 15 ( 281 ) 110,563 Total marketable securities 422,366 20 ( 1,299 ) 421,087 Cash equivalents: Money market funds 17,159 — — 17,159 Commercial paper 56,517 1 ( 3 ) 56,515 U.S. government and agency securities 24,689 — ( 3 ) 24,686 Total cash equivalents 98,365 1 ( 6 ) 98,360 Total available-for-sale investments $ 520,731 $ 21 $ ( 1,305 ) $ 519,447 December 31, 2021 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 239,176 $ 1 $ ( 63 ) $ 239,114 U.S. government and agency securities 87,926 — ( 181 ) 87,745 Corporate bonds 141,829 — ( 131 ) 141,698 Total marketable securities 468,931 1 ( 375 ) 468,557 Cash equivalents: Money market funds 57,134 — — 57,134 Commercial paper 52,257 — ( 2 ) 52,255 U.S. government and agency securities — — — — Corporate bonds — — — — Total cash equivalents 109,391 — ( 2 ) 109,389 Total available-for-sale investments $ 578,322 $ 1 $ ( 377 ) $ 577,946
Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity	The amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are summarized below as of March 31, 2022: March 31, 2022 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Mature in one year or less $ 504,958 $ 13 $ ( 1,285 ) $ 503,686 Mature after one year through two years 15,773 8 ( 20 ) 15,761 Total marketable securities $ 520,731 $ 21 $ ( 1,305 ) $ 519,447

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consists of the following: March 31, December 31, 2022 2021 (in thousands) Laboratory equipment $ 13,049 $ 12,727 Leasehold improvements 7,245 7,245 Computer equipment and software 2,958 2,186 Furniture and fixtures 89 69 Construction in progress 1,272 129 24,613 22,356 Less: accumulated depreciation and amortization ( 11,557 ) ( 10,812 ) Property and equipment, net $ 13,056 $ 11,544
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: March 31, December 31, 2022 2021 (in thousands) Accrued compensation $ 4,250 $ 9,852 Accrued research and development 19,953 17,018 Accrued professional services 1,037 540 Other 280 311 Total accrued expenses and other current liabilities $ 25,520 $ 27,721

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible assets, net consist of the following as of March 31, 2022: Gross value Accumulated Net book Weighted- (in thousands) (in years) In-process research and development — RAS $ 55,800 $ — $ 55,800 n/a Developed technology - tri-complex platform 7,480 ( 3,671 ) 3,809 3.6 Total $ 63,280 $ ( 3,671 ) $ 59,609 Intangible assets, net consist of the following as of December 31, 2021: Gross value Accumulated Net book Weighted- (in thousands) (in years) In-process research and development — RAS $ 55,800 $ — $ 55,800 n/a Developed technology - tri-complex platform 7,480 ( 3,404 ) 4,076 3.9 Total $ 63,280 $ ( 3,404 ) $ 59,876
Schedule of Future Amortization Expense	As of March 31, 2022, future amortization expense is as follows: Amount (in thousands) 2022 (remaining nine months) $ 802 2023 1,069 2024 1,069 2025 869 Total $ 3,809
Summary of Change in Carrying Value of Goodwill	The following summarizes the change in the carrying value of goodwill for the three months ended March 31, 2022: Amount (in thousands) Balance at December 31, 2021 $ 14,608 Adjustment — Balance at March 31, 2022 $ 14,608

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Summary of Balance Sheet Classification of Operating Lease Liabilities	The balance sheet classification of the Company’s operating lease liabilities was as follows: March 31, December 31, 2022 2021 (in thousands) Operating lease liabilities: Operating lease liability – current $ 6,331 $ 6,214 Operating lease liability – noncurrent 59,583 60,419 Total operating lease liabilities 65,914 66,633
Schedule of Maturities of Operating Lease Liabilities	As of March 31, 2022, the maturities of the Company’s operating lease liabilities were as follows (in thousands): 2022 (remaining nine months) $ 5,897 2023 6,961 2024 7,100 2025 7,349 2026 7,606 Thereafter 60,422 Total undiscounted lease payments $ 95,335 Less: Imputed interest ( 28,193 ) Less: Tenant improvement allowance ( 1,228 ) Total operating lease liabilities $ 65,914

Common Stock (Tables)

Common Stock (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders Equity Note [Abstract]
Schedule of Common Stock Reserved on Converted Basis for Future Issuance	The Company has reserved shares of common stock, on an as-converted basis, for future issuance as follows: March 31, December 31, 2022 2021 Outstanding options to purchase common stock 7,878,559 6,050,938 Unvested restricted stock units of common stock 1,140,200 423,621 Available for future issuance under the 2020 Incentive Award Plan 7,487,521 6,403,548 Available for issuance under the 2020 Employee Stock Purchase Plan 1,831,214 1,089,728 Total 18,337,494 13,967,835

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Total Stock-Based Compensation Expense Related to Stock Options, RSUs and Employee Stock Purchase Plan	Total stock-based compensation expense related to stock options, RSUs and the 2020 ESPP by function was as follows: Three Months Ended March 31, 2022 2021 (in thousands) Research and development $ 3,855 $ 1,877 General and administrative 2,789 1,510 Total $ 6,644 $ 3,387
2020 Plan and 2014 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Option Activity Under the Plan	The following summarizes option activity under both the 2020 Plan and the 2014 Plan: Number of Weighted- Weighted- Aggregate (in years) (in thousands) Balance, December 31, 2021 6,050,938 $ 14.88 7.74 $ 83,953 Options granted 1,953,390 18.97 Options exercised ( 58,122 ) 5.78 Options cancelled ( 67,647 ) 29.48 Balance, March 31, 2022 7,878,559 $ 15.84 8.09 $ 96,820 Options vested and expected to vest as of March 31, 2022 7,878,559 $ 15.84 8.09 $ 96,820 Options vested and exercisable as of March 31, 2022 3,377,922 $ 8.72 6.91 $ 62,066
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of RSUs Activity Under the Plan	Activity under the 2020 Plan with respect to the Company’s restricted stock units (RSUs) during the three months ended March 31, 2022 was as follows: Number of Weighted- Balance, December 31, 2021 423,621 $ 37.16 Restricted stock units granted 765,691 18.89 Restricted stock units vested ( 26,931 ) 40.92 Restricted stock units forfeited ( 22,181 ) 28.49 Balance, March 31, 2022 1,140,200 $ 24.97 Expected to vest as of March 31, 2022 1,140,200 $ 24.97

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders	The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders: Three Months Ended March 31, 2022 2021 (in thousands, except share and per share data) Numerator: Net loss $ ( 57,647 ) $ ( 37,176 ) Denominator: Weighted-average shares outstanding 74,183,111 70,534,554 Less: Weighted-average unvested restricted shares and ( 20,748 ) ( 114,478 ) Weighted-average shares used to compute net loss per share 74,162,363 70,420,076 Net loss per share attributable to common stockholders-basic $ ( 0.78 ) $ ( 0.53 )
Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share	The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: As of March 31, 2022 2021 Options to purchase common stock 7,878,559 5,892,121 Options early exercised subject to future vesting 20,657 95,936 Unvested restricted stock units of common stock 1,140,200 352,332 Expected shares to be purchased under ESPP 176,131 94,043 Total 9,215,547 6,434,432

Organization - Additional Infor

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 29, 2020	Nov. 30, 2021	Feb. 28, 2021	Jul. 31, 2020	Feb. 29, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Class Of Stock [Line Items]
Accumulated deficit						$ 510,283		$ 452,636
Common stock, shares, issued						74,227,672		74,142,619
Net proceeds from issuance						$ 0	$ 281,709
Common Stock
Class Of Stock [Line Items]
Issuance of common stock upon offering, net of offering costs, shares							6,666,666
Initial Public Offering
Class Of Stock [Line Items]
Common stock, shares, issued	16,100,000				16,100,000
Common stock, price per share	$ 17				$ 17
Net proceeds from issuance					$ 250,700
Underwriting discounts and commissions	$ 19,200
Stock issuance expenses					$ 3,800
Underwriter's Option to Purchase Additional Shares
Class Of Stock [Line Items]
Common stock, shares, issued	2,100,000		869,565	900,000	2,100,000
Underwritten Public Offering
Class Of Stock [Line Items]
Common stock, shares, issued			6,666,666	6,900,000
Common stock, price per share			$ 45	$ 26
Net proceeds from issuance			$ 281,100	$ 167,800
Underwriting discounts and commissions			18,000	10,800
Stock issuance expenses			$ 900	$ 800
At the market equity offering program member | Common Stock
Class Of Stock [Line Items]
Net proceeds from issuance								$ 10,100
Aggregate gross proceeds through equity issuance maximum potential amount		$ 250,000
Issuance of common stock upon offering, net of offering costs, shares						0		339,302
Proceeds from issuance of common stock gross								$ 10,400
Commissions and expenses								$ 300

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	Feb. 07, 2020	Sep. 30, 2021
Summary Of Significant Accounting Policies [Line Items]
Reverse stock split	0.2055
ASU 2019-12
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, early adoption		true
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, immaterial effect		true

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 519,447	$ 577,946
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	17,159	57,134
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	226,974	291,369
U.s. Government And Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	164,751	87,745
Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	110,563	141,698
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	17,159	57,134
Level 1 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	17,159	57,134
Level 1 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value		0
Level 1 | U.s. Government And Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value		0
Level 1 | Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value		0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	502,288	520,812
Level 2 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	226,974	291,369
Level 2 | U.s. Government And Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	164,751	87,745
Level 2 | Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 110,563	$ 141,698

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value, transfers between Levels 1, 2 or 3, amount	$ 0	$ 0

Available-for-sale Securities -

Available-for-sale Securities - Summary of Estimated Value of Available-for-sale Securities and Cash Equivalents and Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 520,731	$ 578,322
Gross Unrealized Gain	21	1
Gross Unrealized Loss	(1,305)	(377)
Estimated Fair Value	519,447	577,946
Marketable Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	422,366	468,931
Gross Unrealized Gain	20	1
Gross Unrealized Loss	(1,299)	(375)
Estimated Fair Value	421,087	468,557
Marketable Securities | Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	170,647	239,176
Gross Unrealized Gain	2	1
Gross Unrealized Loss	(191)	(63)
Estimated Fair Value	170,458	239,114
Marketable Securities | U.S. Government and Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	140,890	87,926
Gross Unrealized Gain	3	0
Gross Unrealized Loss	(827)	(181)
Estimated Fair Value	140,066	87,745
Marketable Securities | Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	110,829	141,829
Gross Unrealized Gain	15	0
Gross Unrealized Loss	(281)	(131)
Estimated Fair Value	110,563	141,698
Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	98,365	109,391
Gross Unrealized Gain	1
Gross Unrealized Loss	(6)	(2)
Estimated Fair Value	98,360	109,389
Cash Equivalents | Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	17,159	57,134
Gross Unrealized Loss	0
Estimated Fair Value	17,159	57,134
Cash Equivalents | Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	56,517	52,257
Gross Unrealized Gain	1
Gross Unrealized Loss	(3)	(2)
Estimated Fair Value	56,515	52,255
Cash Equivalents | U.S. Government and Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	24,689	0
Gross Unrealized Loss	(3)
Estimated Fair Value	$ 24,686	0
Cash Equivalents | Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		0
Gross Unrealized Loss		0
Estimated Fair Value		$ 0

Available-for-sale Securities_2

Available-for-sale Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 520,731	$ 578,322
Gross Unrealized Gain	21	1
Gross Unrealized Loss	(1,305)	(377)
Estimated Fair Value	519,447	$ 577,946
Mature in One Year or Less
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	504,958
Gross Unrealized Gain	13
Gross Unrealized Loss	(1,285)
Estimated Fair Value	503,686
Mature after One Year through Two Years
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	15,773
Gross Unrealized Gain	8
Gross Unrealized Loss	(20)
Estimated Fair Value	$ 15,761

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 24,613	$ 22,356
Less: accumulated depreciation and amortization	(11,557)	(10,812)
Property and equipment, net	13,056	11,544
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	13,049	12,727
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	7,245	7,245
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,958	2,186
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	89	69
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 1,272	$ 129

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Depreciation and amortization expense	$ 0.9	$ 0.7

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued compensation	$ 4,250	$ 9,852
Accrued research and development	19,953	17,018
Accrued professional services	1,037	540
Other	280	311
Total accrued expenses and other current liabilities	$ 25,520	$ 27,721

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Schedule of Intangibles Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
In-process research and development - RAS Programs	$ 55,800	$ 55,800
Developed technology - tri-complex platform, Gross value	7,480	7,480
Developed technology - tri-complex platform, Accumulated amortization	(3,671)	(3,404)
Developed technology - tri-complex platform, Net book value	$ 3,809	$ 4,076
Developed technology - tri-complex platform, Weighted-average remaining useful life	3 years 7 months 6 days	3 years 10 months 24 days
Intangible assets, Gross value	$ 63,280	$ 63,280
Intangible assets, Net book value	$ 59,609	$ 59,876

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 267,000	$ 267,000
Goodwill impairment	$ 0

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
2022 (remaining three months)	$ 802
2023	1,069
2024	1,069
2025	869
Developed technology - tri-complex platform, Net book value	$ 3,809	$ 4,076

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Summary of Change in Carrying Value of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Balance at December 31, 2021	$ 14,608
Adjustment	0
Balance at March 31, 2022	$ 14,608

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Nov. 30, 2021USD ($)ft²	Apr. 30, 2020USD ($)ft²	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Oct. 31, 2018ft²	Jan. 31, 2015ft²
Lessee Lease Description [Line Items]
Operating lease right-of-use asset			$ 58,570		$ 59,692
Operating lease liability			65,914		$ 66,633
Operating lease cost			1,400	$ 800
Sublease income			800	600
Tenant improvement allowance credits			100	100
Operating cash flows for operating leases			$ 700	$ 700
Operating lease, weighted average discount rate			6.10%
Operating lease, weighted average remaining lease term			11 years 4 months 24 days		11 years 7 months 6 days
Redwood City Lease | Restricted Cash
Lessee Lease Description [Line Items]
Letter of credit			$ 1,500		$ 1,500
Redwood City Lease | The 700 Building and 300 Building | ASC 842
Lessee Lease Description [Line Items]
Increase in operating lease right-of-use asset	$ 8,600
Redwood City Lease | The 300 Building
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year			2030-12
Area of space leased | ft²		19,000
Tenant improvement allowance			$ 4,600
Redwood City Lease | The 300 Building | ASC 842
Lessee Lease Description [Line Items]
Operating lease right-of-use asset		$ 6,400
Operating lease liability		9,000
Redwood City Lease | The 700 Building
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year			2023-04
Area of space leased | ft²							42,000
Tenant improvement allowance			$ 3,400
Redwood City Lease | The 700 Building | ASC 842
Lessee Lease Description [Line Items]
Increase in operating lease right-of-use asset		$ 14,800
Redwood City Lease | The 800 Building
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year			2033-11
Area of space leased | ft²	41,000
Lessee, operating lease, option to extend			The Company has the option to extend the lease for an additional ten years after November 30, 2033.
Lessee, operating lease option to extend lease term	10 years
Redwood City Lease | The 800 Building | ASC 842
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	$ 26,800
Cambridge, Massachusetts
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year			2023-02
Area of space leased | ft²						22,000
Lessee, operating lease, option to extend			option to extend the term through February 2028
Cambridge, Massachusetts | Restricted Cash
Lessee Lease Description [Line Items]
Letter of credit			$ 200		$ 200

Commitment and Contingencies _2

Commitment and Contingencies - Summary of Balance Sheet Classification of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Operating lease liability – current	$ 6,331	$ 6,214
Operating lease liability – noncurrent	59,583	60,419
Total operating lease liabilities	$ 65,914	$ 66,633

Commitment and Contingencies _3

Commitment and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
2022 (remaining nine months)	$ 5,897
2023	6,961
2024	7,100
2025	7,349
2026	7,606
Thereafter	60,422
Total undiscounted lease payments	95,335
Less: Imputed interest	(28,193)
Less: Tenant improvement allowance	(1,228)
Total operating lease liabilities	$ 65,914	$ 66,633

Sanofi Collaboration Agreement

Sanofi Collaboration Agreement - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jul. 31, 2018
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue, current	$ 11,433		$ 12,358
Deferred revenue, noncurrent	5,662		6,573
Sanofi Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront cash payment received	$ 50,000			$ 50,000
Maximum development and regulatory milestone payments to be received				520,000
Maximum milestone payments receivable upon achievement of specified development milestones				235,000
Maximum milestone payments receivable upon achievement of certain marketing approval milestones				$ 285,000
Percentage of reimbursement of internal and external research costs and expenses under research plan	50.00%
Percentage of other internal and external costs and expenses incurred under research and development plans	50.00%
Transaction price	$ 190,800
Estimated variable consideration for expense reimbursements upon research and development services	140,800
Collaboration revenue recognized	7,600	$ 10,100
Deferred revenue, current	11,400		12,400
Deferred revenue, noncurrent	$ 5,700		$ 6,600

Common Stock - Additional Infor

Common Stock - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022USD ($)Vote$ / sharesshares	Dec. 31, 2021$ / sharesshares
Stockholders Equity Note [Abstract]
Common stock, shares authorized | shares	300,000,000	300,000,000
Common stock, par or stated value per share | $ / shares	$ 0.0001	$ 0.0001
Common stock, voting rights	Each share of common stock is entitled to one vote
Number of voting rights per common share | Vote	1
Common stock, dividends declared | $	$ 0

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Reserved on Converted Basis for Future Issuance (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	18,337,494	13,967,835
Outstanding Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	7,878,559	6,050,938
Unvested Restricted Stock Units Of Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	1,140,200	423,621
Available for Future Issuance under the 2020 Incentive Award Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	7,487,521	6,403,548
Available for issuance under the 2020 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	1,831,214	1,089,728

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	Feb. 29, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance, Total		18,337,494		13,967,835
Unrecognized stock-based compensation expense related to unvested stock options		$ 58,700,000
Unrecognized stock-based compensation expense, weighted-average period of recognition		2 years 10 months 24 days
Stock-based compensation expense		$ 6,644,000	$ 3,387,000
Non-Employees Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 100		$ 100,000
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense, weighted-average period of recognition		3 years 7 months 6 days
Unrecognized compensation cost		$ 26,900,000
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	4 years
Common stock reserved for future issuance, Total		7,487,521
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance, Total		1,831,214
Purchase price rate	85.00%
Shares purchased		105,228
Unrecognized compensation cost related to ESPP		$ 1,600,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Option Activity Under the Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares underlying options, Options exercised	(58,122)
2020 Plan and 2014 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares underlying options, Beginning balance	6,050,938
Number of Shares underlying options, Options granted	1,953,390
Number of Shares underlying options, Options exercised	(58,122)
Number of Shares underlying options, Options cancelled	(67,647)
Number of Shares underlying options, Ending balance	7,878,559	6,050,938
Number of Shares underlying options, Options vested and expected to vest	7,878,559
Number of Shares underlying options, Options vested and exercisable	3,377,922
Weighted-average exercise price, Beginning balance	$ 14.88
Weighted-average exercise price, Options granted	18.97
Weighted-average exercise price, Options exercised	5.78
Weighted-average exercise price, Options cancelled	29.48
Weighted-average exercise price, Ending balance	15.84	$ 14.88
Weighted-average exercise price, Options vested and expected to vest	15.84
Weighted-average exercise price, Options vested and exercisable	$ 8.72
Weighted-average remaining contractual term (in years)	8 years 1 month 2 days	7 years 8 months 26 days
Weighted-average remaining contractual term, Options vested and expected to vest	8 years 1 month 2 days
Weighted-average remaining contractual term, Options vested and exercisable	6 years 10 months 28 days
Aggregate intrinsic value	$ 96,820	$ 83,953
Aggregate intrinsic value, Options vested and expected to vest	96,820
Aggregate intrinsic value, Options vested and exercisable	$ 62,066

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSUs Activity Under the Plan (Details) - 2020 Equity Incentive Plan - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance | shares	423,621
Number of Shares, Restricted stock units granted | shares	765,691
Number of Shares, Restricted stock units vested | shares	(26,931)
Number of Shares, Restricted stock units forfeited | shares	(22,181)
Number of Shares, Ending balance | shares	1,140,200
Number of Shares, Expected to vest | shares	1,140,200
Weighted-average grant date fair value per share, Beginning balance | $ / shares	$ 37.16
Weighted-average grant date fair value per share, Restricted stock units granted | $ / shares	18.89
Weighted-average grant date fair value per share, Restricted stock units vested | $ / shares	40.92
Weighted-average grant date fair value per share, Restricted stock units forfeited | $ / shares	28.49
Weighted-average grant date fair value per share, Ending balance | $ / shares	24.97
Weighted-average grant date fair value per share, Expected to vest | $ / shares	$ 24.97

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense Related to Stock Options, RSUs and Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 6,644	$ 3,387
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	3,855	1,877
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,789	$ 1,510

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (57,647)	$ (37,176)
Denominator:
Weighted-average shares outstanding	74,183,111	70,534,554
Less: Weighted-average unvested restricted shares and shares subject to repurchase	(20,748)	(114,478)
Weighted-average shares used to compute net loss per share attributable to common stockholders-basic and diluted	74,162,363	70,420,076
Net loss per share attributable to common stockholders - basic and diluted	$ (0.78)	$ (0.53)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	9,215,547	6,434,432
Option to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	7,878,559	5,892,121
Options Early Exercised Subject to Future Vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	20,657	95,936
Unvested Restricted Stock Units Of Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	1,140,200	352,332
Expected Shares To Be Purchased Under ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	176,131	94,043

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Nov. 30, 2021ft²	Apr. 30, 2020ft²	Jan. 31, 2015ft²
Subsequent Event [Line Items]
Proceeds from issuance of common stock, net of issuance costs | $	$ 0	$ 281,709
The 800 Building | Redwood City Lease
Subsequent Event [Line Items]
Area of space leased			41,000
The 700 Building | Redwood City Lease
Subsequent Event [Line Items]
Area of space leased					42,000
The 300 Building | Redwood City Lease
Subsequent Event [Line Items]
Area of space leased				19,000