Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
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 | 109,169,897 | |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 380,330 | $ 161,412 |
Marketable securities | 529,159 | 483,531 |
Accounts receivable | 2,510 | 4,673 |
Prepaid expenses and other current assets | 10,093 | 10,569 |
Total current assets | 922,092 | 660,185 |
Property and equipment, net | 19,718 | 18,659 |
Operating lease right-of-use asset | 53,733 | 55,077 |
Intangible assets, net | 58,273 | 58,807 |
Goodwill | 14,608 | 14,608 |
Restricted cash | 2,594 | 1,737 |
Other noncurrent assets | 2,691 | 2,857 |
Total assets | 1,073,709 | 811,930 |
Current liabilities: | ||
Accounts payable | 29,784 | 21,306 |
Accrued expenses and other current liabilities | 42,557 | 29,446 |
Operating lease liability, current | 5,718 | 6,773 |
Deferred revenue, current | 0 | 4,459 |
Total current liabilities | 78,059 | 61,984 |
Deferred tax liability | 7,025 | 7,025 |
Operating lease liability, noncurrent | 57,538 | 57,432 |
Other noncurrent liabilities | 252 | 301 |
Total liabilities | 142,874 | 126,742 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at June 30, 2023 and December 31, 2022, respectively; zero shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 0 | 0 |
Common stock, $0.0001 par value; 300,000,000 shares authorized at June 30, 2023 and December 31, 2022, respectively; 109,141,094 and 90,411,912 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 11 | 9 |
Additional paid-in capital | 1,799,812 | 1,388,300 |
Accumulated other comprehensive loss | (1,251) | (1,780) |
Accumulated deficit | (867,737) | (701,341) |
Total stockholders' equity | 930,835 | 685,188 |
Total liabilities and stockholders' equity | $ 1,073,709 | $ 811,930 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
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 | 109,141,094 | 90,411,912 |
Common stock, shares, outstanding | 109,141,094 | 90,411,912 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue: | ||||
Total revenue | $ 3,824 | $ 9,116 | $ 10,838 | $ 16,694 |
Revenue, Product and Service [Extensible Enumeration] | Collaboration Revenue Member | Collaboration Revenue Member | Collaboration Revenue Member | Collaboration Revenue Member |
Operating expenses: | ||||
Research and development | $ 97,981 | $ 61,001 | $ 166,928 | $ 117,491 |
General and administrative | 14,640 | 10,204 | 27,864 | 19,242 |
Total operating expenses | 112,621 | 71,205 | 194,792 | 136,733 |
Loss from operations | (108,797) | (62,089) | (183,954) | (120,039) |
Other income (expense), net: | ||||
Interest income | 10,499 | 867 | 17,558 | 1,170 |
Total other income, net | 10,499 | 867 | 17,558 | 1,170 |
Loss before income taxes | (98,298) | (61,222) | (166,396) | (118,869) |
Benefit from income taxes | 0 | 0 | 0 | 0 |
Net loss | $ (98,298) | $ (61,222) | $ (166,396) | $ (118,869) |
Net loss per share attributable to common stockholders, basic | $ (0.92) | $ (0.82) | $ (1.65) | $ (1.6) |
Net loss per share attributable to common stockholders, diluted | $ (0.92) | $ (0.82) | $ (1.65) | $ (1.6) |
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic | 106,884,185 | 74,280,590 | 100,891,375 | 74,221,803 |
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted | 106,884,185 | 74,280,590 | 100,891,375 | 74,221,803 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ (98,298) | $ (61,222) | $ (166,396) | $ (118,869) |
Other comprehensive loss: | ||||
Unrealized gain (loss) on investments, net | (695) | (481) | 529 | (1,389) |
Comprehensive loss | $ (98,993) | $ (61,703) | $ (165,867) | $ (120,258) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Follow-on Offering | Market offering | Common Stock | Common Stock Follow-on Offering | Common Stock Market offering | Additional Paid-In Capital | Additional Paid-In Capital Follow-on Offering | Additional Paid-In Capital Market offering | Accumulated Other Comprehensive Income/(Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2021 | $ 602,568 | $ 8 | $ 1,055,572 | $ (376) | $ (452,636) | ||||||
Beginning 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 Income (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 | ||||||||||
Beginning balance at Dec. 31, 2021 | 602,568 | $ 8 | 1,055,572 | (376) | (452,636) | ||||||
Beginning balance, shares at Dec. 31, 2021 | 74,142,619 | ||||||||||
Net unrealized gain (loss) on marketable securities | (1,389) | ||||||||||
Net Income (Loss) | (118,869) | ||||||||||
Ending balance at Jun. 30, 2022 | 498,841 | $ 8 | 1,072,103 | (1,765) | (571,505) | ||||||
Ending balance, shares at Jun. 30, 2022 | 74,462,077 | ||||||||||
Beginning balance at Mar. 31, 2022 | 550,993 | $ 8 | 1,062,552 | (1,284) | (510,283) | ||||||
Beginning balance, shares at Mar. 31, 2022 | 74,227,672 | ||||||||||
Issuance of common stock pursuant to stock option exercises | 190 | 190 | |||||||||
Issuance of common stock pursuant to stock option exercises, shares | 54,215 | ||||||||||
Issuance of common stock related to employee stock purchase plan | 1,239 | 1,239 | |||||||||
Issuance of common stock related to employee stock purchase plan, shares | 85,802 | ||||||||||
Issuance of common stock related to vesting of restricted stock units, shares | 94,388 | ||||||||||
Vesting of early exercised stock options | 24 | 24 | |||||||||
Stock-based compensation expense | 8,098 | 8,098 | |||||||||
Net unrealized gain (loss) on marketable securities | (481) | (481) | |||||||||
Net Income (Loss) | (61,222) | (61,222) | |||||||||
Ending balance at Jun. 30, 2022 | 498,841 | $ 8 | 1,072,103 | (1,765) | (571,505) | ||||||
Ending balance, shares at Jun. 30, 2022 | 74,462,077 | ||||||||||
Beginning balance at Dec. 31, 2022 | 685,188 | $ 9 | 1,388,300 | (1,780) | (701,341) | ||||||
Beginning balance, shares at Dec. 31, 2022 | 90,411,912 | ||||||||||
Issuance of common stock pursuant to stock option exercises | 499 | 499 | |||||||||
Issuance of common stock pursuant to stock option exercises, shares | 118,747 | ||||||||||
Issuance of common stock related to vesting of restricted stock units, shares | 85,891 | ||||||||||
Issuance of common stock upon offering, net of issuance cost | $ 323,706 | $ 2 | $ 323,704 | ||||||||
Issuance of common stock upon offering, net of issuance cost, shares | 15,681,818 | ||||||||||
Repurchases of early exercised stock, shares | (291) | ||||||||||
Stock-based compensation expense | 9,699 | 9,699 | |||||||||
Net unrealized gain (loss) on marketable securities | 1,224 | 1,224 | |||||||||
Net Income (Loss) | (68,098) | (68,098) | |||||||||
Ending balance at Mar. 31, 2023 | 952,218 | $ 11 | 1,722,202 | (556) | (769,439) | ||||||
Ending balance, shares at Mar. 31, 2023 | 106,298,077 | ||||||||||
Beginning balance at Dec. 31, 2022 | 685,188 | $ 9 | 1,388,300 | (1,780) | (701,341) | ||||||
Beginning balance, shares at Dec. 31, 2022 | 90,411,912 | ||||||||||
Net unrealized gain (loss) on marketable securities | 529 | ||||||||||
Net Income (Loss) | (166,396) | ||||||||||
Ending balance at Jun. 30, 2023 | 930,835 | $ 11 | 1,799,812 | (1,251) | (867,737) | ||||||
Ending balance, shares at Jun. 30, 2023 | 109,141,094 | ||||||||||
Beginning balance at Mar. 31, 2023 | 952,218 | $ 11 | 1,722,202 | (556) | (769,439) | ||||||
Beginning balance, shares at Mar. 31, 2023 | 106,298,077 | ||||||||||
Issuance of common stock pursuant to stock option exercises | 468 | 468 | |||||||||
Issuance of common stock pursuant to stock option exercises, shares | 45,918 | ||||||||||
Issuance of common stock related to employee stock purchase plan | 2,109 | 2,109 | |||||||||
Issuance of common stock related to employee stock purchase plan, shares | 139,967 | ||||||||||
Issuance of common stock related to vesting of restricted stock units, shares | 174,252 | ||||||||||
Issuance of common stock upon offering, net of issuance cost | $ 62,053 | $ 62,053 | |||||||||
Issuance of common stock upon offering, net of issuance cost, shares | 2,482,880 | ||||||||||
Stock-based compensation expense | 12,980 | 12,980 | |||||||||
Net unrealized gain (loss) on marketable securities | (695) | (695) | |||||||||
Net Income (Loss) | (98,298) | (98,298) | |||||||||
Ending balance at Jun. 30, 2023 | $ 930,835 | $ 11 | $ 1,799,812 | $ (1,251) | $ (867,737) | ||||||
Ending balance, shares at Jun. 30, 2023 | 109,141,094 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | |
Follow-on Offering | ||
Stock issuance cost | $ 21,294 | |
Market offering | ||
Stock issuance cost | $ 1,426 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (166,396) | $ (118,869) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss on disposal of fixed assets | 1 | 19 |
Amortization of intangible assets | 534 | 534 |
Stock-based compensation expense | 22,679 | 14,742 |
Depreciation and amortization | 2,428 | 1,832 |
Net amortization of premium or discount on marketable securities | (8,428) | 675 |
Amortization of operating lease right-of-use asset | 1,344 | 2,258 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,163 | 305 |
Prepaid expenses and other current assets | 476 | (9,199) |
Accounts payable | 7,584 | (1,444) |
Accrued expenses and other current liabilities | 13,382 | 5,763 |
Deferred revenue | (4,459) | (5,408) |
Operating lease liability | (949) | (1,681) |
Other noncurrent assets | 178 | (43) |
Other noncurrent liabilities | (49) | (360) |
Net cash used in operating activities | (129,512) | (110,876) |
Cash flows from investing activities | ||
Purchases of marketable securities | (369,272) | (239,470) |
Maturities of marketable securities | 332,601 | 350,311 |
Purchases of property and equipment | (2,877) | (4,415) |
Net cash provided by (used in) investing activities | (39,548) | 106,426 |
Cash flows from financing activities | ||
Proceeds from issuance of common stock upon follow-on offering, net of issuance costs | 323,706 | 0 |
Proceeds from issuance of common stock upon at-the-market offering, net of issuance costs | 62,053 | 0 |
Proceeds from issuance of common stock under equity incentive plans | 967 | 495 |
Proceeds from issuance of common stock related to employee stock purchase plan | 2,109 | 1,239 |
Net cash provided by financing activities | 388,835 | 1,734 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 219,775 | (2,716) |
Cash, cash equivalents and restricted cash - beginning of period | 163,149 | 110,234 |
Cash, cash equivalents and restricted cash - end of period | 382,924 | 107,518 |
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets | ||
Cash and cash equivalents | 380,330 | 105,781 |
Restricted cash | 2,594 | 1,737 |
Cash, cash equivalents and restricted cash - end of period | 382,924 | 107,518 |
Supplemental disclosure of non-cash investing and financing activities | ||
Vesting of early exercised options and restricted stock | 0 | 55 |
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities | 2,030 | 2,930 |
Unpaid/deferred offering costs | $ 14 | $ 17 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ (98,298) | $ (68,098) | $ (61,222) | $ (57,647) | $ (166,396) | $ (118,869) |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the quarterly period ended June 30, 2023, the following director and officers of the Company adopted Rule 10b5-1 trading arrangements that are each intended to satisfy the affirmative defense of Rule 10b5-1(c) promulgated under the Exchange Act. The details of these arrangements are as follows: • Mark A. Goldsmith , M.D., Ph.D., Chair of the Board, Chief Executive Officer and President , adopted a Rule 10b5-1 trading arrangement on May 31, 2023 . Dr. Goldsmith’s trading arrangement covers the sale of the number of shares of the Company’s common stock required to be sold to cover tax withholding obligations for restricted stock unit awards that vest after June 15, 2023. • Jack Anders , Chief Financial Officer , adopted a Rule 10b5-1 trading arrangement on May 31, 2023 , that will terminate following execution of all trades in the trading arrangement. Mr. Anders’s trading arrangement covers the sale of the number of shares of the Company’s common stock required to be sold to cover tax withholding obligations for restricted stock unit awards that vest after June 15, 2023. • Steve Kelsey , M.D., FRCP, FRCPath, President, Research and Development , adopted a Rule 10b5-1 trading arrangement on May 31, 2023 . Dr. Kelsey’s trading arrangement covers the sale of the number of shares of the Company’s common stock required to be sold to cover tax withholding obligations for restricted stock unit awards that vest after June 15, 2023. • Margaret Horn , J.D., Chief Operating Officer , adopted a Rule 10b5-1 trading arrangement on May 31, 2023 . Ms. Horn’s trading arrangement covers the sale of the number of shares of the Company’s common stock required to be sold to cover tax withholding obligations for restricted stock unit awards that vest after June 15, 2023. • Jeff Cislini , Senior Vice President, General Counsel and Secretary , adopted a Rule 10b5-1 trading arrangement on May 31, 2023 . Mr. Cislini’s trading arrangement covers the sale of the number of shares of the Company’s common stock required to be sold to cover tax withholding obligations for restricted stock unit awards that vest after June 15, 2023. The aggregate number of shares to be sold pursuant to each trading arrangement described above is dependent on the number of restricted stock units awards that may be granted to the above individuals from time to time and the taxes on these restricted stock unit awards, and, therefore, is indeterminable at this time. |
Mark A. Goldsmith [Member] | |
Trading Arrangements, by Individual | |
Name | Mark A. Goldsmith |
Title | M.D., Ph.D., Chair of the Board, Chief Executive Officer and President |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | May 31, 2023 |
Jack Anders [Member] | |
Trading Arrangements, by Individual | |
Name | Jack Anders |
Title | Chief Financial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | May 31, 2023 |
Steve Kelsey [Member] | |
Trading Arrangements, by Individual | |
Name | Steve Kelsey |
Title | M.D., FRCP, FRCPath, President, Research and Development |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | May 31, 2023 |
Margaret Horn [Member] | |
Trading Arrangements, by Individual | |
Name | Margaret Horn |
Title | J.D., Chief Operating Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | May 31, 2023 |
Jeff Cislini [Member] | |
Trading Arrangements, by Individual | |
Name | Jeff Cislini |
Title | Senior Vice President, General Counsel and Secretary |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | May 31, 2023 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023, the Company had an accumulated deficit of $ 867.7 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 unaudited 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. 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. As discussed in Note 12, “Subsequent Events.” the Company intends to effect an all-stock transaction to acquire EQRx, Inc. (which is subject to customary closing conditions beyond the parties’ control). Although there is no assurance that the EQRx Acquisition will be successfully completed, the Company believes it can successfully complete the acquisition, further enabling it to continue as a going concern. Public offerings 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 $ 250.0 million, through an at-the-market equity offering program (ATM). During the three and six months ended June 30, 2023 , the Company sold an aggregate of 2,482,880 shares of common stock under the ATM, resulting in gross proceeds of $ 63.5 million. After deducting commissions and expenses of $ 1.4 million, net proceeds to the Company were $ 62.1 million during the three and six months ended June 30, 2023. In March 2023, the Company issued and sold 15,681,818 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 2,045,454 shares of the Company’s common stock) at a price to the public of $ 22.00 per share, for net proceeds of $ 323.7 million, after deducting underwriting discounts and commissions of $ 20.7 million and expenses of $ 0.6 million. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of significant accounting policies Basis of presentation The unaudited 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 unaudited 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, 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 27, 2023. 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 unaudited condensed consolidated financial statements for the periods ended June 30, 2023 and June 30, 2022 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, impairment of in-process research and development and developed technologies, 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 unaudited condensed consolidated financial statements as of and for the three and six months ended June 30, 2023. 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 at a limited number of financial institutions in the United States, which management believes to be of high credit quality. Such deposits may, at times, exceed federally insured limits. 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. For more information, see Note 8, “Sanofi collaboration agreement.” 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. No new pronouncements have been adopted by the Company for the three and six months ended June 30, 2023 . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
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. For more information, 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: June 30, 2023 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds $ 265,660 $ 265,660 $ — $ — Commercial paper 221,656 — 221,656 — U.S. and Canadian government and agency securities 413,689 — 413,689 — Corporate bonds 10,568 — 10,568 — Total $ 911,573 $ 265,660 $ 645,913 $ — December 31, 2022 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds $ 48,522 $ 48,522 $ — $ — Commercial paper 313,928 — 313,928 — U.S. and Canadian government and agency securities 251,830 — 251,830 — Corporate bonds 31,405 — 31,405 — Total $ 645,685 $ 48,522 $ 597,163 $ — Money market funds include funds held in sweep accounts and are measured at fair value on a recurring basis using quoted prices. U.S. and Canadian government debt securities, 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 | 6 Months Ended |
Jun. 30, 2023 | |
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: June 30, 2023 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 140,177 $ — $ ( 80 ) $ 140,097 U.S. and Canadian government and agency securities 379,639 31 ( 1,176 ) 378,494 Corporate bonds 10,581 — ( 13 ) 10,568 Total marketable securities 530,397 31 ( 1,269 ) 529,159 Cash equivalents: Money market funds 265,660 — — 265,660 Commercial paper 81,583 — ( 24 ) 81,559 U.S. and Canadian government and agency securities 35,184 11 — 35,195 Corporate bonds — — — — Total cash equivalents 382,427 11 ( 24 ) 382,414 Total available-for-sale investments $ 912,824 $ 42 $ ( 1,293 ) $ 911,573 December 31, 2022 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 216,765 $ — $ ( 328 ) $ 216,437 U.S. and Canadian government and agency securities 236,916 43 ( 1,270 ) 235,689 Corporate bonds 31,599 — ( 194 ) 31,405 Total marketable securities 485,280 43 ( 1,792 ) 483,531 Cash equivalents: Money market funds 48,522 — — 48,522 Commercial paper 97,526 — ( 35 ) 97,491 Corporate bonds 16,137 4 — 16,141 Total cash equivalents 162,185 4 ( 35 ) 162,154 Total available-for-sale investments $ 647,465 $ 47 $ ( 1,827 ) $ 645,685 The amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are summarized below as of June 30, 2023: June 30, 2023 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Mature in one year or less $ 835,518 $ 41 $ ( 930 ) $ 834,629 Mature after one year through two years 77,306 1 ( 363 ) 76,944 Total marketable securities $ 912,824 $ 42 $ ( 1,293 ) $ 911,573 |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 5. Balance sheet components Property and equipment, net Property and equipment, net consists of the following: June 30, December 31, 2023 2022 (in thousands) Laboratory equipment $ 19,594 $ 17,163 Leasehold improvements 11,468 11,404 Computer equipment and software 4,631 3,965 Furniture and fixtures 688 616 Construction in progress 166 — 36,547 33,148 Less: accumulated depreciation and amortization ( 16,829 ) ( 14,489 ) Property and equipment, net $ 19,718 $ 18,659 Depreciation expense for property and equipment amounted to $ 1.2 million and $ 0.9 million for the three months ended June 30, 2023 and 2022, respectively, and $ 2.4 million and $ 1.8 million for the six months ended June 30, 2023 and 2022, respectively. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: June 30, December 31, 2023 2022 (in thousands) Accrued compensation $ 9,164 $ 13,281 Accrued research and development 32,125 15,161 Accrued professional services 918 499 Other 350 505 Total accrued expenses and other current liabilities $ 42,557 $ 29,446 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023: 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 ( 5,007 ) 2,473 2.4 Total $ 63,280 $ ( 5,007 ) $ 58,273 Amortization expense for the three months ended June 30, 2023 and 2022 was $ 0.3 million and for the six months ended June 30, 2023 and 2022 was $ 0.5 million . As of June 30, 2023, future amortization expense is as follows: Amount (in thousands) 2023 (remaining six months) $ 535 2024 1,069 2025 869 Total $ 2,473 Intangible assets, net consist of the following as of December 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 ( 4,473 ) 3,007 2.9 Total $ 63,280 $ ( 4,473 ) $ 58,807 Goodwill The following summarizes the change in the carrying value of goodwill for the three and six months ended June 30, 2023: Amount (in thousands) Balance at December 31, 2022 $ 14,608 Adjustment — Balance at June 30, 2023 $ 14,608 No impairment has been recognized as of June 30, 2023 . Goodwill recorded is not deductible for income tax purposes. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
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 . In March 2023, the Company amended the lease to lease an additional approximately 40,000 square feet of office, laboratory and research and development space located at 900 Saginaw Drive, Redwood City, California (the 900 Building), and to extend the lease term through December 31, 2035. The Company has the option to extend the lease for an additional ten years after December 31, 2035. The Company expects to take possession of the 900 Building in the fourth quarter of 2023. The Company maintains letters of credit for the benefit of the landlord which is disclosed as restricted cash in the unaudited condensed consolidated balance sheets. Restricted cash related to letters of credit due to the landlord was $ 2.6 million and $ 1.5 million as of June 30, 2023 and December 31, 2022, respectively. Through June 30, 2023, the landlord had provided the Company with $ 4.4 million in tenant improvement allowances for the 700 Building, $ 4.6 million for the 300 Building and $ 0.6 million for the 900 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 unaudited condensed consolidated statements of operations and comprehensive loss. 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. Upon the execution of the lease amendment in March 2023, which was deemed to be a lease modification, the Company re-evaluated the assumptions used during the lease amendment in November 2021. 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 900 Building, which will be accounted for as an operating lease upon commencement, and the other is related to the modification of the lease term, as amended in November 2021, for the 700 Building, 300 Building and 800 Building. The lease of the 900 Building had not commenced as of March 31, 2023. Per the lease amendment, the lease commencement is the later of (i) January 1, 2024 or (ii) the date the Company takes possession of the premises. As a result, the Company recorded an aggregate increase of $ 0.3 million to the right-of-use assets and lease liabilities for the 700 Building, 300 Building and 800 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 expired in February 2023 . In March 2019, the Company fully subleased the Cambridge Lease to Casma Therapeutics, Inc. (Casma), on financial terms substantially the same as the original lease. The sublease term with Casma was through the expiration of the Cambridge Lease term in February 2023. The balance sheet classification of the Company’s operating lease liabilities was as follows: June 30, December 31, 2023 2022 (in thousands) Operating lease liabilities: Operating lease liability – current $ 5,718 $ 6,773 Operating lease liability – noncurrent 57,538 57,432 Total operating lease liabilities $ 63,256 $ 64,205 For the three months ended June 30, 2023 and 2022, operating lease cost was $ 1.9 million and $ 1.4 million, respectively, net of sublease income of zero and $ 0.8 million, respectively. For the six months ended June 30, 2023 and 2022, operating lease cost was $ 3.7 million and $ 2.8 million, respectively, net of sublease income of $ 0.3 million and $ 1.6 million, respectively. The operating cash flows used in operating leases were $ 0.3 million and $ 1.0 million for the three months ended June 30, 2023 and 2022, respectively. The operating cash flows used in operating leases were $ 0.9 million and $ 1.7 million for the six months ended June 30, 2023 and 2022, respectively. Short-term lease costs were immaterial for the three and six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, the maturities of the Company’s operating lease liabilities were as follows (in thousands): 2023 (remaining six months) $ 3,450 2024 7,100 2025 7,349 2026 7,606 2027 7,872 Thereafter 73,717 Total undiscounted lease payments $ 107,094 Less: Imputed interest ( 42,838 ) Less: Tenant improvement allowance ( 1,000 ) Total operating lease liabilities $ 63,256 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 8.4 %. As of June 30, 2023 and December 31, 2022, the weighted-average remaining lease term was 12.5 years and 10.9 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. The Company believes that as of June 30, 2023 and December 31, 2022 no such matters, individually or in the aggregate, would 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 The Company enters into agreements in the ordinary 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 | 6 Months Ended |
Jun. 30, 2023 | |
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, the Company refers to Genzyme Corporation as Sanofi. The Sanofi Agreement was terminated in June 2023. 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. Under the Sanofi Agreement, the Company had primary responsibility for early clinical development of RMC-4630 pursuant to an approved development plan. Sanofi was responsible for reimbursing the Company for all internal and external costs and expenses to perform its activities under approved development plans, except for costs and expenses related to the RMC-4630-03 study, for which Sanofi reimbursed the Company 50 % of the costs and expenses. Pursuant to the Sanofi Agreement, the Company received an upfront payment of $ 50 million from Sanofi in July 2018. The Sanofi Agreement included obligations for Sanofi to make certain milestone payments and royalty payments, all of which expired on termination of the Sanofi Agreement. Upon termination of the Sanofi Agreement, the licenses granted to Sanofi thereunder became fully paid-up, royalty-free, perpetual and irrevocable and all rights and obligations of Sanofi under the Sanofi Agreement reverted to us. During the three months ended June 30, 2023 and 2022, the Company recognized $ 3.8 million and $ 9.1 million of collaboration revenue associated with this agreement, respectively, and $ 10.8 million and $ 16.7 million for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and December 31, 2022 , zero and $ 4.5 million of deferred revenue was classified as current, respectively. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | 9. Common stock As of June 30, 2023 and December 31, 2022 , 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, subject to prior rights of the redeemable convertible preferred stockholders. As of June 30, 2023 , no dividends had been declared. The Company has reserved shares of common stock for future issuance as follows: June 30, December 31, 2023 2022 Outstanding options to purchase common stock 10,789,298 8,164,375 Unvested restricted stock units of common stock 2,055,963 1,175,032 Available for future issuance under the 2020 Incentive Award Plan 7,316,803 6,726,307 Available for issuance under the 2020 Employee Stock Purchase Plan 2,465,119 1,700,887 Total 22,627,183 17,766,601 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 10. Stock-based compensation 2020 Incentive Award Plan In February 2020, the Company adopted the 2020 Equity Incentive Plan (the 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 ceased making grants under the 2014 Equity Incentive Plan (the 2014 Plan). However, the 2014 Plan continues 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 were not issued under the 2014 Plan are available for issuance under the 2020 Plan. 2020 Employee Stock Purchase Plan In February 2020, the Company adopted the 2020 Employee Stock Purchase Plan (the ESPP). Under the 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. For the three and six months ended June 30, 2023, there were 139,967 shares of common stock purchased under the ESPP. As of June 30, 2023, a total of 2,465,119 shares of common stock were available for future issuance under the ESPP. As of June 30, 2023, there was $ 2.1 million of unrecognized compensation cost related to the ESPP. Stock options Activity under the 2020 Plan and 2014 Plan with respect to the Company’s options during the six months ended June 30, 2023 was as follows : Number of Weighted- Weighted- Aggregate (in years) (in thousands) Balance, December 31, 2022 8,164,375 $ 16.09 7.53 $ 85,181 Options granted 2,897,970 25.87 Options exercised ( 164,665 ) 5.88 Options cancelled ( 108,382 ) 27.66 Balance, June 30, 2023 10,789,298 $ 18.76 7.79 $ 103,139 Options vested and expected to vest as of June 30, 2023 10,789,298 $ 18.76 7.79 $ 103,139 Options vested and exercisable as of June 30, 2023 5,456,406 $ 13.03 6.53 $ 84,866 As of June 30, 2023, there was $ 83.5 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of 2.98 years. Restricted stock units Activity under the 2020 Plan with respect to the Company’s restricted stock units (RSUs) during the six months ended June 30, 2023 was as follows: Number of Weighted- Weighted- Aggregate intrinsic value (in years) (in thousands) Balance, December 31, 2022 1,175,032 $ 23.25 1.62 $ 27,989 Restricted stock units granted 1,190,127 Restricted stock units vested ( 260,143 ) Restricted stock units forfeited ( 49,053 ) Balance, June 30, 2023 2,055,963 $ 24.59 1.70 54,997 Expected to vest as of June 30, 2023 2,055,963 $ 24.59 1.70 54,997 The number of RSUs vested includes shares of common stock that the Company withheld to satisfy the minimum statutory tax withholding requirements. As of June 30, 2023, there was $ 48.6 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted average period of 3.20 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Research and development $ 7,642 $ 4,543 $ 13,342 $ 8,398 General and administrative 5,338 3,555 9,337 6,344 Total $ 12,980 $ 8,098 $ 22,679 $ 14,742 Stock-based compensation related to options and RSUs granted to non-employees was zero and $ 0.1 million for the three months ended June 30, 2023 and 2022 , respectively, and zero and $ 0.3 million for the six months ended June 30, 2023 and 2022 , respectively. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands, except share and per share data) (in thousands, except share and per share data) Numerator: Net loss $ ( 98,298 ) $ ( 61,222 ) $ ( 166,396 ) $ ( 118,869 ) Denominator: Weighted-average shares outstanding 106,885,561 74,298,307 100,894,443 74,237,943 Less: Weighted-average unvested restricted shares and ( 1,376 ) ( 17,717 ) ( 3,068 ) ( 16,140 ) Weighted-average shares used to compute net loss per share 106,884,185 74,280,590 100,891,375 74,221,803 Net loss per share attributable to common stockholders, basic $ ( 0.92 ) $ ( 0.82 ) $ ( 1.65 ) $ ( 1.60 ) 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 June 30, 2023 2022 Options to purchase common stock 10,789,298 8,030,257 Options early exercised subject to future vesting 872 17,796 Unvested restricted stock units of common stock 2,055,963 1,145,919 Expected shares to be purchased under ESPP 199,866 335,228 Total 13,045,999 9,529,200 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent events Merger Agreement On July 31, 2023, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with EQRx, Inc., a Delaware corporation (EQRx), Equinox Merger Sub I, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company (Merger Sub I), and Equinox Merger Sub II LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of the Company (Merger Sub II). Pursuant to the terms of the Merger Agreement, the Company will acquire EQRx in an all-stock transaction (the EQRx Acquisition), subject to satisfaction of customary closing conditions and approval by the Company’s and EQRx’s stockholders. At closing, EQRx stockholders will receive the number of shares of the Company’s common stock equal to the sum of 7,692,308 shares (determined as $ 200.0 million divided by $ 26.00 per share) plus a number of shares equal to $ 870.0 million divided by a price that is a 6 % discount to the 5-day volume-weighted average share price of the Company’s common stock measured in close proximity to the stockholder vote. The Merger Agreement provides for Merger Sub I to be merged with and into EQRx (the First Merger), with EQRx surviving the First Merger as a direct, wholly owned subsidiary of the Company (the Surviving Corporation), and as soon as practicable following the First Merger, the Surviving Corporation will be merged with and into Merger Sub II, with Merger Sub II surviving as a direct, wholly owned subsidiary of the Company. The transaction is anticipated to close in November 2023 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The unaudited 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 unaudited 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, 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 27, 2023. 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 unaudited condensed consolidated financial statements for the periods ended June 30, 2023 and June 30, 2022 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, impairment of in-process research and development and developed technologies, 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 unaudited condensed consolidated financial statements as of and for the three and six months ended June 30, 2023. 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 at a limited number of financial institutions in the United States, which management believes to be of high credit quality. Such deposits may, at times, exceed federally insured limits. 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. For more information, see Note 8, “Sanofi collaboration agreement.” |
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. No new pronouncements have been adopted by the Company for the three and six months ended June 30, 2023 . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: June 30, 2023 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds $ 265,660 $ 265,660 $ — $ — Commercial paper 221,656 — 221,656 — U.S. and Canadian government and agency securities 413,689 — 413,689 — Corporate bonds 10,568 — 10,568 — Total $ 911,573 $ 265,660 $ 645,913 $ — December 31, 2022 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds $ 48,522 $ 48,522 $ — $ — Commercial paper 313,928 — 313,928 — U.S. and Canadian government and agency securities 251,830 — 251,830 — Corporate bonds 31,405 — 31,405 — Total $ 645,685 $ 48,522 $ 597,163 $ — |
Available-for-sale Securities (
Available-for-sale Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: June 30, 2023 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 140,177 $ — $ ( 80 ) $ 140,097 U.S. and Canadian government and agency securities 379,639 31 ( 1,176 ) 378,494 Corporate bonds 10,581 — ( 13 ) 10,568 Total marketable securities 530,397 31 ( 1,269 ) 529,159 Cash equivalents: Money market funds 265,660 — — 265,660 Commercial paper 81,583 — ( 24 ) 81,559 U.S. and Canadian government and agency securities 35,184 11 — 35,195 Corporate bonds — — — — Total cash equivalents 382,427 11 ( 24 ) 382,414 Total available-for-sale investments $ 912,824 $ 42 $ ( 1,293 ) $ 911,573 December 31, 2022 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 216,765 $ — $ ( 328 ) $ 216,437 U.S. and Canadian government and agency securities 236,916 43 ( 1,270 ) 235,689 Corporate bonds 31,599 — ( 194 ) 31,405 Total marketable securities 485,280 43 ( 1,792 ) 483,531 Cash equivalents: Money market funds 48,522 — — 48,522 Commercial paper 97,526 — ( 35 ) 97,491 Corporate bonds 16,137 4 — 16,141 Total cash equivalents 162,185 4 ( 35 ) 162,154 Total available-for-sale investments $ 647,465 $ 47 $ ( 1,827 ) $ 645,685 |
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 June 30, 2023: June 30, 2023 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Mature in one year or less $ 835,518 $ 41 $ ( 930 ) $ 834,629 Mature after one year through two years 77,306 1 ( 363 ) 76,944 Total marketable securities $ 912,824 $ 42 $ ( 1,293 ) $ 911,573 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following: June 30, December 31, 2023 2022 (in thousands) Laboratory equipment $ 19,594 $ 17,163 Leasehold improvements 11,468 11,404 Computer equipment and software 4,631 3,965 Furniture and fixtures 688 616 Construction in progress 166 — 36,547 33,148 Less: accumulated depreciation and amortization ( 16,829 ) ( 14,489 ) Property and equipment, net $ 19,718 $ 18,659 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: June 30, December 31, 2023 2022 (in thousands) Accrued compensation $ 9,164 $ 13,281 Accrued research and development 32,125 15,161 Accrued professional services 918 499 Other 350 505 Total accrued expenses and other current liabilities $ 42,557 $ 29,446 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets, Net | Intangible assets, net consist of the following as of June 30, 2023: 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 ( 5,007 ) 2,473 2.4 Total $ 63,280 $ ( 5,007 ) $ 58,273 Intangible assets, net consist of the following as of December 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 ( 4,473 ) 3,007 2.9 Total $ 63,280 $ ( 4,473 ) $ 58,807 |
Schedule of Future Amortization Expense | As of June 30, 2023, future amortization expense is as follows: Amount (in thousands) 2023 (remaining six months) $ 535 2024 1,069 2025 869 Total $ 2,473 |
Summary of Change in Carrying Value of Goodwill | The following summarizes the change in the carrying value of goodwill for the three and six months ended June 30, 2023: Amount (in thousands) Balance at December 31, 2022 $ 14,608 Adjustment — Balance at June 30, 2023 $ 14,608 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: June 30, December 31, 2023 2022 (in thousands) Operating lease liabilities: Operating lease liability – current $ 5,718 $ 6,773 Operating lease liability – noncurrent 57,538 57,432 Total operating lease liabilities $ 63,256 $ 64,205 |
Schedule of Maturities of Operating Lease Liabilities | As of June 30, 2023, the maturities of the Company’s operating lease liabilities were as follows (in thousands): 2023 (remaining six months) $ 3,450 2024 7,100 2025 7,349 2026 7,606 2027 7,872 Thereafter 73,717 Total undiscounted lease payments $ 107,094 Less: Imputed interest ( 42,838 ) Less: Tenant improvement allowance ( 1,000 ) Total operating lease liabilities $ 63,256 |
Common Stock (Tables)
Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock for Future Issuance | The Company has reserved shares of common stock for future issuance as follows: June 30, December 31, 2023 2022 Outstanding options to purchase common stock 10,789,298 8,164,375 Unvested restricted stock units of common stock 2,055,963 1,175,032 Available for future issuance under the 2020 Incentive Award Plan 7,316,803 6,726,307 Available for issuance under the 2020 Employee Stock Purchase Plan 2,465,119 1,700,887 Total 22,627,183 17,766,601 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of RSUs Activity Under the Plan | Total stock-based compensation expense related to stock options, RSUs and the 2020 ESPP by function was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Research and development $ 7,642 $ 4,543 $ 13,342 $ 8,398 General and administrative 5,338 3,555 9,337 6,344 Total $ 12,980 $ 8,098 $ 22,679 $ 14,742 |
2020 Plan and 2014 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Option Activity Under the Plan | : Number of Weighted- Weighted- Aggregate (in years) (in thousands) Balance, December 31, 2022 8,164,375 $ 16.09 7.53 $ 85,181 Options granted 2,897,970 25.87 Options exercised ( 164,665 ) 5.88 Options cancelled ( 108,382 ) 27.66 Balance, June 30, 2023 10,789,298 $ 18.76 7.79 $ 103,139 Options vested and expected to vest as of June 30, 2023 10,789,298 $ 18.76 7.79 $ 103,139 Options vested and exercisable as of June 30, 2023 5,456,406 $ 13.03 6.53 $ 84,866 |
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 six months ended June 30, 2023 was as follows: Number of Weighted- Weighted- Aggregate intrinsic value (in years) (in thousands) Balance, December 31, 2022 1,175,032 $ 23.25 1.62 $ 27,989 Restricted stock units granted 1,190,127 Restricted stock units vested ( 260,143 ) Restricted stock units forfeited ( 49,053 ) Balance, June 30, 2023 2,055,963 $ 24.59 1.70 54,997 Expected to vest as of June 30, 2023 2,055,963 $ 24.59 1.70 54,997 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands, except share and per share data) (in thousands, except share and per share data) Numerator: Net loss $ ( 98,298 ) $ ( 61,222 ) $ ( 166,396 ) $ ( 118,869 ) Denominator: Weighted-average shares outstanding 106,885,561 74,298,307 100,894,443 74,237,943 Less: Weighted-average unvested restricted shares and ( 1,376 ) ( 17,717 ) ( 3,068 ) ( 16,140 ) Weighted-average shares used to compute net loss per share 106,884,185 74,280,590 100,891,375 74,221,803 Net loss per share attributable to common stockholders, basic $ ( 0.92 ) $ ( 0.82 ) $ ( 1.65 ) $ ( 1.60 ) |
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 June 30, 2023 2022 Options to purchase common stock 10,789,298 8,030,257 Options early exercised subject to future vesting 872 17,796 Unvested restricted stock units of common stock 2,055,963 1,145,919 Expected shares to be purchased under ESPP 199,866 335,228 Total 13,045,999 9,529,200 |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2023 | Nov. 30, 2021 | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Class Of Stock [Line Items] | ||||||
Accumulated deficit | $ 867,737 | $ 867,737 | $ 701,341 | |||
Common stock, shares, issued | 109,141,094 | 109,141,094 | 90,411,912 | |||
Net proceeds from issuance | $ 323,706 | $ 0 | ||||
Underwriter's Option to Purchase Additional Shares | ||||||
Class Of Stock [Line Items] | ||||||
Common stock, shares, issued | 2,045,454 | |||||
Underwritten Public Offering | ||||||
Class Of Stock [Line Items] | ||||||
Common stock, shares, issued | 15,681,818 | |||||
Common stock, price per share | $ 22 | |||||
Net proceeds from issuance | $ 323,700 | |||||
Underwriting discounts and commissions | 20,700 | |||||
Stock issuance expenses | $ 600 | |||||
ATM | Common Stock | ||||||
Class Of Stock [Line Items] | ||||||
Net proceeds from issuance | $ 62,100 | $ 62,100 | ||||
Aggregate gross proceeds through equity issuance maximum potential amount | $ 250,000 | |||||
Issuance of common stock upon offering, net of offering costs, shares | 2,482,880 | 2,482,880 | ||||
Proceeds from issuance of common stock gross | $ 63,500 | $ 63,500 | ||||
Commissions and expenses | $ 1,400 | $ 1,400 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | $ 911,573 | $ 645,685 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 265,660 | 48,522 |
Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 221,656 | 313,928 |
US and Canadian Government Agencies Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 413,689 | 251,830 |
Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 10,568 | 31,405 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 265,660 | 48,522 |
Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 265,660 | 48,522 |
Level 1 | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 0 | 0 |
Level 1 | US and Canadian Government Agencies Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 0 | 0 |
Level 1 | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 0 | 0 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 645,913 | 597,163 |
Level 2 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 0 | 0 |
Level 2 | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 221,656 | 313,928 |
Level 2 | US and Canadian Government Agencies Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 413,689 | 251,830 |
Level 2 | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 10,568 | 31,405 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 0 | 0 |
Level 3 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 0 | 0 |
Level 3 | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 0 | 0 |
Level 3 | US and Canadian Government Agencies Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 0 | 0 |
Level 3 | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 912,824 | $ 647,465 |
Gross Unrealized Gain | 42 | 47 |
Gross Unrealized Loss | (1,293) | (1,827) |
Estimated Fair Value | 911,573 | 645,685 |
Marketable Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 530,397 | 485,280 |
Gross Unrealized Gain | 31 | 43 |
Gross Unrealized Loss | (1,269) | (1,792) |
Estimated Fair Value | 529,159 | 483,531 |
Marketable Securities | Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 140,177 | 216,765 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | (80) | (328) |
Estimated Fair Value | 140,097 | 216,437 |
Marketable Securities | Us and Canadian Government Agencies Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 379,639 | 236,916 |
Gross Unrealized Gain | 31 | 43 |
Gross Unrealized Loss | (1,176) | (1,270) |
Estimated Fair Value | 378,494 | 235,689 |
Marketable Securities | Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 10,581 | 31,599 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | (13) | (194) |
Estimated Fair Value | 10,568 | 31,405 |
Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 382,427 | 162,185 |
Gross Unrealized Gain | 11 | 4 |
Gross Unrealized Loss | (24) | (35) |
Estimated Fair Value | 382,414 | 162,154 |
Cash Equivalents | Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 265,660 | 48,522 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | 0 | 0 |
Estimated Fair Value | 265,660 | 48,522 |
Cash Equivalents | Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 81,583 | 97,526 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | (24) | (35) |
Estimated Fair Value | 81,559 | 97,491 |
Cash Equivalents | Us and Canadian Government Agencies Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 35,184 | |
Gross Unrealized Gain | 11 | |
Gross Unrealized Loss | 0 | |
Estimated Fair Value | 35,195 | |
Cash Equivalents | Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 0 | 16,137 |
Gross Unrealized Gain | 0 | 4 |
Gross Unrealized Loss | 0 | 0 |
Estimated Fair Value | $ 0 | $ 16,141 |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 912,824 | $ 647,465 |
Gross Unrealized Gain | 42 | 47 |
Gross Unrealized Loss | (1,293) | (1,827) |
Estimated Fair Value | 911,573 | $ 645,685 |
Mature in One Year or Less | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 835,518 | |
Gross Unrealized Gain | 41 | |
Gross Unrealized Loss | (930) | |
Estimated Fair Value | 834,629 | |
Mature after One Year through Two Years | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 77,306 | |
Gross Unrealized Gain | 1 | |
Gross Unrealized Loss | (363) | |
Estimated Fair Value | $ 76,944 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 36,547 | $ 33,148 |
Less: accumulated depreciation and amortization | (16,829) | (14,489) |
Property and equipment, net | 19,718 | 18,659 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 19,594 | 17,163 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 11,468 | 11,404 |
Computer Equipment and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 4,631 | 3,965 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 688 | 616 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 166 | $ 0 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Depreciation | $ 1.2 | $ 0.9 | $ 2.4 | $ 1.8 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Accrued compensation | $ 9,164 | $ 13,281 |
Accrued research and development | 32,125 | 15,161 |
Accrued professional services | 918 | 499 |
Other | 350 | 505 |
Total accrued expenses and other current liabilities | $ 42,557 | $ 29,446 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Schedule of Intangibles Assets, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
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 | (5,007) | (4,473) |
Developed technology - tri-complex platform, Net book value | $ 2,473 | $ 3,007 |
Developed technology - tri-complex platform, Weighted-average remaining useful life | 2 years 4 months 24 days | 2 years 10 months 24 days |
Intangible assets, Gross value | $ 63,280 | $ 63,280 |
Intangible assets, Net book value | $ 58,273 | $ 58,807 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 300,000 | $ 300,000 | $ 534,000 | $ 534,000 |
Goodwill impairment | $ 0 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
2023 (remaining six months) | $ 535 | |
2024 | 1,069 | |
2025 | 869 | |
Developed technology - tri-complex platform, Net book value | $ 2,473 | $ 3,007 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Summary of Change in Carrying Value of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Balance at December 31, 2022 | $ 14,608 |
Adjustment | 0 |
Balance at June 30, 2023 | $ 14,608 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Nov. 30, 2021 USD ($) ft² | Apr. 30, 2020 USD ($) ft² | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) ft² | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Oct. 31, 2018 ft² | Jan. 31, 2015 ft² | |
Lessee Lease Description [Line Items] | ||||||||||
Operating lease right-of-use asset | $ 53,733,000 | $ 53,733,000 | $ 55,077,000 | |||||||
Operating lease liability | 63,256,000 | 63,256,000 | $ 64,205,000 | |||||||
Operating lease cost | 1,900,000 | $ 1,400,000 | 3,700,000 | $ 2,800,000 | ||||||
Sublease income | 800,000 | 300,000 | 1,600,000 | |||||||
Operating cash flows for operating leases | $ 900,000 | |||||||||
Operating cash flows for operating leases | $ 300,000 | $ 1,000,000 | $ 1,700 | |||||||
Operating lease, weighted average discount rate | 8.40% | 8.40% | ||||||||
Operating lease, weighted average remaining lease term | 12 years 6 months | 12 years 6 months | 10 years 10 months 24 days | |||||||
The 700 Building, 300 Building and 800 Building | ASC 842 | ||||||||||
Lessee Lease Description [Line Items] | ||||||||||
Increase in operating lease right-of-use asset | $ 300,000 | |||||||||
Redwood City Lease | ||||||||||
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 lease term | 10 years | |||||||||
Redwood City Lease | ASC 842 | ||||||||||
Lessee Lease Description [Line Items] | ||||||||||
Operating lease right-of-use asset | $ 26,800,000 | |||||||||
Redwood City Lease | Restricted Cash | ||||||||||
Lessee Lease Description [Line Items] | ||||||||||
Letter of credit | $ 2,600,000 | $ 2,600,000 | $ 1,500,000 | |||||||
Redwood City Lease | The 700 Building and 300 Building | ASC 842 | ||||||||||
Lessee Lease Description [Line Items] | ||||||||||
Increase in operating lease right-of-use asset | $ 8,600,000 | |||||||||
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 | $ 4,600,000 | |||||||||
Redwood City Lease | The 300 Building | ASC 842 | ||||||||||
Lessee Lease Description [Line Items] | ||||||||||
Operating lease right-of-use asset | $ 6,400,000 | |||||||||
Operating lease liability | 9,000,000 | |||||||||
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 | $ 4,400,000 | |||||||||
Redwood City Lease | The 700 Building | ASC 842 | ||||||||||
Lessee Lease Description [Line Items] | ||||||||||
Increase in operating lease right-of-use asset | $ 14,800,000 | |||||||||
Redwood City Lease | The 800 Building | ||||||||||
Lessee Lease Description [Line Items] | ||||||||||
Lessee, operating lease, option to extend | The Company has the option to extend the lease for an additional ten years after December 31, 2035. The Company expects to take possession of the 900 Building in the fourth quarter of 2023. | |||||||||
Redwood City Lease | The 900 Building | ||||||||||
Lessee Lease Description [Line Items] | ||||||||||
Area of space leased | ft² | 40,000 | |||||||||
Tenant improvement allowance | $ 600,000 | |||||||||
Cambridge, Massachusetts | ||||||||||
Lessee Lease Description [Line Items] | ||||||||||
Lessee operating lease expiration month and year | 2023-02 | |||||||||
Area of space leased | ft² | 22,000 |
Commitment and Contingencies _2
Commitment and Contingencies - Summary of Balance Sheet Classification of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease liability – current | $ 5,718 | $ 6,773 |
Operating lease liability – noncurrent | 57,538 | 57,432 |
Total operating lease liabilities | $ 63,256 | $ 64,205 |
Commitment and Contingencies _3
Commitment and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
2023 (remaining six months) | $ 3,450 | |
2024 | 7,100 | |
2025 | 7,349 | |
2026 | 7,606 | |
2027 | 7,872 | |
Thereafter | 73,717 | |
Total undiscounted lease payments | 107,094 | |
Less: Imputed interest | (42,838) | |
Less: Tenant improvement allowance | (1,000) | |
Total operating lease liabilities | $ 63,256 | $ 64,205 |
Sanofi Collaboration Agreement
Sanofi Collaboration Agreement - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jul. 31, 2018 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Deferred revenue, current | $ 0 | $ 0 | $ 4,459 | |||
Sanofi Agreement | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Upfront cash payment received | $ 50,000 | |||||
Percentage of reimbursement of internal and external research costs and expenses under research plan | 50% | |||||
Collaboration revenue recognized | 3,800 | $ 9,100 | $ 10,800 | $ 16,700 | ||
Deferred revenue, current | $ 0 | $ 0 | $ 4,500 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) | 6 Months Ended | |
Jun. 30, 2023 USD ($) Vote $ / shares shares | Dec. 31, 2022 $ / shares shares | |
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 for Future Issuance (Details) - shares | Jun. 30, 2023 | Dec. 31, 2022 |
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance, Total | 22,627,183 | 17,766,601 |
Outstanding Options to Purchase Common Stock | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance, Total | 10,789,298 | 8,164,375 |
Unvested Restricted Stock Units Of Common Stock | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance, Total | 2,055,963 | 1,175,032 |
Available for Future Issuance under the 2020 Incentive Award Plan | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance, Total | 7,316,803 | 6,726,307 |
Available for issuance under the 2020 Employee Stock Purchase Plan | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance, Total | 2,465,119 | 1,700,887 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Feb. 29, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock reserved for future issuance | 22,627,183 | 22,627,183 | 17,766,601 | |||
Unrecognized stock-based compensation expense related to unvested stock options | $ 83,500 | $ 83,500 | ||||
Unrecognized stock-based compensation expense, weighted-average period of recognition | 2 years 11 months 23 days | |||||
Stock-based compensation expense | 12,980 | $ 8,098 | $ 22,679 | $ 14,742 | ||
Consultant | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation expense | 0 | $ 100 | 0 | $ 300 | ||
Restricted Stock Units (RSUs) | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized stock-based compensation expense related to unvested stock options | $ 48,600 | $ 48,600 | ||||
Unrecognized stock-based compensation expense, weighted-average period of recognition | 3 years 2 months 12 days | |||||
2020 Equity Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Award vesting period | 4 years | |||||
2020 Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock reserved for future issuance | 2,465,119 | 2,465,119 | ||||
Purchase price rate | 85% | |||||
Shares purchased | 139,967 | 139,967 | ||||
Unrecognized compensation cost related to ESPP | $ 2,100 | $ 2,100 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Option Activity Under the Plan (Details) - 2020 Plan and 2014 Plan $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares underlying options, Beginning balance | shares | 8,164,375 | |
Number of Shares underlying options, Options granted | shares | 2,897,970 | |
Number of Shares underlying options, Options exercised | shares | (164,665) | |
Number of Shares underlying options, Options cancelled | shares | (108,382) | |
Number of Shares underlying options, Ending balance | shares | 10,789,298 | 8,164,375 |
Number of Shares underlying options, Options vested and expected to vest | shares | 10,789,298 | |
Number of Shares underlying options, Options vested and exercisable | shares | 5,456,406 | |
Weighted-average exercise price, Beginning balance | $ / shares | $ 16.09 | |
Weighted-average exercise price, Options granted | $ / shares | 25.87 | |
Weighted-average exercise price, Options exercised | $ / shares | 5.88 | |
Weighted-average exercise price, Options cancelled | $ / shares | 27.66 | |
Weighted-average exercise price, Ending balance | $ / shares | 18.76 | $ 16.09 |
Weighted-average exercise price, Options vested and expected to vest | $ / shares | 18.76 | |
Weighted-average exercise price, Options vested and exercisable | $ / shares | $ 13.03 | |
Weighted-average remaining contractual term (in years) | 7 years 9 months 14 days | 7 years 6 months 10 days |
Weighted-average remaining contractual term, Options vested and expected to vest | 7 years 9 months 14 days | |
Weighted-average remaining contractual term, Options vested and exercisable | 6 years 6 months 10 days | |
Aggregate intrinsic value | $ | $ 103,139 | $ 85,181 |
Aggregate intrinsic value, Options vested and expected to vest | $ | 103,139 | |
Aggregate intrinsic value, Options vested and exercisable | $ | $ 84,866 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of RSUs Activity Under the Plan (Details) - 2020 Equity Incentive Plan - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 1,175,032 | |
Number of Shares, Restricted stock units granted | 1,190,127 | |
Number of Shares, Restricted stock units vested | (260,143) | |
Number of Shares, Restricted stock units forfeited | (49,053) | |
Number of Shares, Ending balance | 2,055,963 | 1,175,032 |
Number of Shares, Expected to vest | 2,055,963 | |
Weighted-average grant date fair value per share, Beginning balance | $ 23.25 | |
Weighted-average grant date fair value per share, Ending balance | 24.59 | $ 23.25 |
Weighted-average grant date fair value per share, Expected to vest | $ 24.59 | |
Weighted-average remaining contractual term (in years) | 1 year 8 months 12 days | 1 year 7 months 13 days |
Weighted-average remaining contractual term, Expected to vest | 1 year 8 months 12 days | |
Aggregate intrinsic value | $ 54,997 | $ 27,989 |
Aggregate intrinsic value, Expected to vest | $ 54,997 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 12,980 | $ 8,098 | $ 22,679 | $ 14,742 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 7,642 | 4,543 | 13,342 | 8,398 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 5,338 | $ 3,555 | $ 9,337 | $ 6,344 |
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 | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||||
Net Income (Loss) | $ (98,298) | $ (68,098) | $ (61,222) | $ (57,647) | $ (166,396) | $ (118,869) |
Denominator: | ||||||
Weighted-average shares outstanding | 106,885,561 | 74,298,307 | 100,894,443 | 74,237,943 | ||
Less: Weighted-average unvested restricted shares and shares subject to repurchase | (1,376) | (17,717) | (3,068) | (16,140) | ||
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic | 106,884,185 | 74,280,590 | 100,891,375 | 74,221,803 | ||
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted | 106,884,185 | 74,280,590 | 100,891,375 | 74,221,803 | ||
Net loss per share attributable to common stockholders, basic | $ (0.92) | $ (0.82) | $ (1.65) | $ (1.6) | ||
Net loss per share attributable to common stockholders, diluted | $ (0.92) | $ (0.82) | $ (1.65) | $ (1.6) |
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 | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive shares | 13,045,999 | 9,529,200 |
Option to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive shares | 10,789,298 | 8,030,257 |
Options Early Exercised Subject to Future Vesting | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive shares | 872 | 17,796 |
Unvested Restricted Stock Units Of Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive shares | 2,055,963 | 1,145,919 |
Expected Shares To Be Purchased Under ESPP | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive shares | 199,866 | 335,228 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event - Eqrx Acquisition $ / shares in Units, $ in Millions | Jul. 31, 2023 USD ($) $ / shares shares |
Subsequent Event [Line Items] | |
Stock issued to EQRx stockholders | shares | 7,692,308 |
Shares issued, value | $ 200 |
Share value at discount | $ 870 |
Share price | $ / shares | $ 26 |
Share price discount rate | 6% |
Transaction closing date | 2023-11 |