Revolution Medicines (RVMD) 10-Q 14 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 08, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
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	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		59,013,920
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock $0.0001 Par Value per Share
Trading Symbol	RVMD
Security Exchange Name	NASDAQ
Entity File Number	001-39219
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2029180
Entity Address, Address Line One	700 Saginaw Drive
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063
City Area Code	650
Local Phone Number	481-6801
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 182,669	$ 16,659
Marketable securities	165,279	106,099
Receivable from related party	8,450	8,737
Prepaid expenses and other current assets	5,688	2,486
Total current assets	362,086	133,981
Property and equipment, net	6,775	7,147
Operating lease right-of-use asset	8,468
Intangible assets, net	61,746	62,013
Goodwill	14,608	14,608
Restricted cash	214	214
Other noncurrent assets	444	2,566
Total assets	454,341	220,529
Current liabilities:
Accounts payable	7,877	11,400
Accrued expenses and other current liabilities	13,950	14,528
Operating lease liability, current	3,285
Deferred revenue, related party, current	16,402	17,124
Total current liabilities	41,514	43,052
Deferred rent, noncurrent		1,741
Deferred revenue, related party, noncurrent	12,416	14,727
Deferred tax liability	7,103	7,819
Operating lease liability, noncurrent	7,403
Other noncurrent liabilities	589	655
Total liabilities	69,025	67,994
Commitments and contingencies (Note 7)
Redeemable convertible preferred stock, $0.0001 par value; zero and 192,904,770 shares authorized at March 31, 2020 and December 31, 2019, respectively; zero and 39,600,423 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively; aggregate liquidation preference of zero and $308,688 and at March 31, 2020 and December 31, 2019, respectively		305,109
Stockholders' equity (deficit):
Preferred stock, $0.0001 par value; 10,000,000 and zero shares authorized at March 31, 2020 and December 31, 2019, respectively; zero shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively
Common stock, $0.0001 par value; 300,000,000 and 249,000,000 shares authorized at March 31, 2020 and December 31, 2019, respectively; 59,003,644 and 3,292,124 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	6
Additional paid-in capital	562,179	4,738
Accumulated other comprehensive income	36	74
Accumulated (deficit)	(176,905)	(157,386)
Total stockholders' equity (deficit)	385,316	(152,574)
Total liabilities, redeemable convertible preferred stock and stockholders' equity	$ 454,341	$ 220,529

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Temporary equity, par or stated value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	0	192,904,770
Temporary equity, shares issued	0	39,600,423
Temporary equity, shares outstanding	0	39,600,423
Temporary equity, liquidation preference	$ 0	$ 308,688
Preferred stock, par or stated value per share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	0
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	249,000,000
Common stock, shares, issued	59,003,644	3,292,124
Common stock, shares, outstanding	59,003,644	3,292,124

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue:
Total revenue	$ 11,546	$ 13,166
Operating expenses:
Research and development	27,457	21,186
General and administrative	5,171	2,416
Total operating expenses	32,628	23,602
Loss from operations	(21,082)	(10,436)
Other income, net:
Interest income	909	335
Interest and other expense	(21)	(30)
Total other income, net	888	305
Loss before income taxes	(20,194)	(10,131)
Benefit from income taxes	675
Net loss	(19,519)	(10,131)
Redeemable convertible preferred stock dividends - undeclared and cumulative	(2,219)	(2,676)
Net loss attributable to common stockholders	$ (21,738)	$ (12,807)
Net loss per share attributable to common stockholders - basic and diluted	$ (0.74)	$ (4.84)
Weighted-average common shares used to compute net loss per share, basic and diluted	29,297,698	2,643,649
Collaboration Revenue, Related Party
Revenue:
Total revenue	$ 11,546	$ 13,166

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (19,519)	$ (10,131)
Other comprehensive income (loss):
Unrealized loss on investments, net	(38)
Total comprehensive loss	$ (19,557)	$ (10,131)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Redeemable Convertible Preferred Stock
Beginning balance at Dec. 31, 2018	$ (108,422)		$ 1,300		$ (109,722)
Redeemable convertible preferred stock, beginning balance, shares at Dec. 31, 2018						29,595,909
Redeemable convertible preferred stock, beginning balance at Dec. 31, 2018						$ 205,081
Beginning balance, shares at Dec. 31, 2018		3,208,924
Issuance of common stock pursuant to stock option exercises	14		14
Issuance of common stock pursuant to stock option exercises, shares		3,766
Issuance of common stock pursuant to early exercised stock options, shares		13,640
Vesting of early exercised stock options	27		27
Repurchases of early exercised stock, shares		(1,948)
Stock-based compensation expense	403		403
Net loss	(10,131)				(10,131)
Ending balance at Mar. 31, 2019	(118,109)		1,744		(119,853)
Redeemable convertible preferred stock, ending balance, shares at Mar. 31, 2019						29,595,909
Redeemable convertible preferred stock, ending balance at Mar. 31, 2019						$ 205,081
Ending balance, shares at Mar. 31, 2019		3,224,382
Beginning balance at Dec. 31, 2019	$ (152,574)		4,738	$ 74	(157,386)
Redeemable convertible preferred stock, beginning balance, shares at Dec. 31, 2019	39,600,423					39,600,423
Redeemable convertible preferred stock, beginning balance at Dec. 31, 2019	$ 305,109					$ 305,109
Beginning balance, shares at Dec. 31, 2019		3,292,124
Conversion of redeemable convertible preferred stock into common stock	305,109	$ 4	305,105			$ (305,109)
Conversion of redeemable convertible preferred stock into common stock, shares		39,600,423				(39,600,423)
Issuance of common stock upon initial public offering, net of offering cost of $23,003	250,697	$ 2	250,695
Issuance of common stock upon initial public offering, net of offering cost of $23,044, shares		16,100,000
Issuance of common stock pursuant to stock option exercises	$ 27		27
Issuance of common stock pursuant to stock option exercises, shares	11,097	11,097
Vesting of early exercised stock options	$ 47		47
Stock-based compensation expense	1,567		1,567
Net unrealized loss on marketable securities	(38)			(38)
Net loss	(19,519)				(19,519)
Ending balance at Mar. 31, 2020	$ 385,316	$ 6	$ 562,179	$ 36	$ (176,905)
Redeemable convertible preferred stock, ending balance, shares at Mar. 31, 2020	0
Ending balance, shares at Mar. 31, 2020		59,003,644

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Feb. 18, 2020	Mar. 31, 2020
Initial Public Offering
Stock issuance cost	$ 3,800	$ 23,003

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net loss	$ (19,519)	$ (10,131)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of intangible assets	267	267
Stock-based compensation expense	1,567	403
Depreciation and amortization	632	526
Gain on disposal of property and equipment		(4)
Loss on disposal of held-for-sale assets		597
Net amortization (accretion) of premium (discount) on marketable securities	(105)
Amortization of operating lease right-of-use asset	645
Changes in operating assets and liabilities:
Receivable from related party	287	(629)
Prepaid expenses and other current assets	(3,202)	(29)
Accounts payable	(3,084)	197
Accrued expenses and other current liabilities	(963)	(391)
Deferred revenue, related party	(3,033)	(3,510)
Deferred tax liability	(716)
Deferred rent		(96)
Operating lease liability	(775)
Other noncurrent assets		(65)
Other noncurrent liabilities	(19)	260
Net cash used in operating activities	(28,018)	(12,605)
Cash flows from investing activities
Purchases of marketable securities	(100,038)
Maturities of marketable securities	40,925
Purchases of property and equipment	(603)	(341)
Proceeds from sale of property and equipment		102
Proceeds from sale of held-for-sale assets		6,000
Net cash provided by (used in) investing activities	(59,716)	5,761
Cash flows from financing activities
Proceeds from issuance of common stock in initial public offering, net of issuance costs / under equity incentive plans	27	14
Net cash provided by financing activities	253,744	14
Net increase (decrease) in cash, cash equivalents and restricted cash	166,010	(6,830)
Cash, cash equivalents and restricted cash - beginning of year	16,873	69,800
Cash, cash equivalents and restricted cash - end of year	182,883	62,970
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Cash and cash equivalents	182,669	62,756
Restricted cash	214	214
Cash, cash equivalents and restricted cash - end of year	182,883	62,970
Supplemental disclosure of non-cash investing and financing activities
Vesting of early exercised options and restricted stock	47	27
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	37	$ 238
Unpaid offering costs	1,417
Initial Public Offering
Cash flows from financing activities
Proceeds from issuance of common stock in initial public offering, net of issuance costs / under equity incentive plans	$ 253,717

Organization

Organization	3 Months Ended
	Mar. 31, 2020
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 novel targeted therapies to inhibit targets primarily within the RAS and mTOR signaling pathways. The Company was founded in October 2014 and is headquartered in Redwood City, California. Liquidity The Company has incurred net operating losses in each year since inception. As of March 31, 2020, the Company had an accumulated deficit of $176.9 million. Management believes that its existing cash, cash equivalents and marketable securities enable the Company to fund planned operations for at least 12 months following the issuance date of these condensed consolidated financial statements. The Company has been able to fund its operations through the issuance and sale of common stock and redeemable convertible preferred stock in addition to upfront payments and research and development cost reimbursement received under the Company’s collaboration agreement with Genzyme Corporation, an affiliate of Sanofi. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development and payments the Company may receive under the Sanofi collaboration agreement or future collaboration agreements, if any. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending should additional capital not become available could have a material adverse effect on the Company’s ability to achieve its intended business objectives. Initial Public Offering On February 18, 2020, the Company closed its initial public offering, (IPO), and issued 16,100,000 shares of its common stock (including the exercise in full by the underwriters of their option to purchase an additional 2,100,000 shares of common stock) at a price to the public of $17.00 per share for net proceeds of $250.7 million, after deducting underwriting discounts and commissions of $19.2 million and expenses of $3.8 million.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (GAAP) and applicable rules of the Securities and Exchange Commission (SEC) regarding interim financial reporting Reverse Stock Split On February 7, 2020, the Company amended and restated its amended and restated certificate of incorporation to effect a 1-for-4.8661 reverse stock split of the Company’s common stock and redeemable convertible preferred stock. The par value and authorized shares of the common stock and redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented. 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, valuation of the redeemable convertible preferred stock liability, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill, 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 the its estimates and assumptions and there was not a material impact to the Company’s condensed consolidated financial statements as of and for the three months ended March 31, 2020. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods . Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s cash is held by one financial institution in the United States, which management believes to be of high credit quality. The Company invests in money market funds, U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company is subject to credit risk as its receivable and collaboration revenue, related party are entirely related to its collaboration agreement with Sanofi. See Note 8, “Sanofi collaboration agreement.” All of the Company’s clinical trial sites for its RMC-4630 clinical studies are currently located in the U.S. and may be affected by the COVID-19 outbreak due to prioritization of hospital resources toward the COVID-19 outbreak, travel or quarantine restrictions imposed by federal, state or local governments, and the inability to access sites for initiation and patient monitoring and enrollment. As a result, patient screening, new patient enrollment, monitoring and data collection may be affected or delayed. The Company is aware of several clinical sites involved in our RMC-4630 clinical studies that have temporarily stopped or delayed enrolling new patients, with exemptions if appropriate. These developments may delay the Company’s clinical trial timelines. Some of the Company’s third-party manufacturers which it uses for the supply of materials for product candidates or other materials necessary to manufacture product to conduct preclinical tests and clinical trials are located in countries affected by COVID-19, and should they experience disruptions, such as temporary closures or suspension of services, the Company would likely experience delays in advancing clinical trials. Leases The Company determines if an arrangement is, or contains, a lease at inception and then classifies the lease as operating or financing based on the underlying terms and conditions of the contract. Leases with terms greater than one year are initially recognized on the balance sheet as right-of-use assets and lease liabilities based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the incremental borrowing rate, which is the rate incurred to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term and in a similar economic environment of the applicable country or region. Variable lease payments are excluded from the right-of-use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases Codification Improvements to Topic 842, Leases Leases (Topic 842): Targeted Improvements Leases (Topic 842): Codification Improvements. The Company adopted these ASUs on January 1, 2020. For its operating leases with a term greater than twelve months, the Company recognizes a right-of-use asset and a lease liability on its condensed consolidated balance sheets. The Company adopted the new standard using the modified retrospective approach, which resulted in the initial recognition of a lease liability of $11.5 million, and a right‑to‑use asset of $9.1 million, with no adjustment to the accumulated deficit balance. In connection with the lease adoption, the Company also derecognized deferred rent of $2.4 million. The adoption of the new standard did not have an impact on the condensed consolidated statements of operations. The lease liability is determined as the present value of future lease payments using an estimated rate of interest that the Company would pay to borrow equivalent funds on a collateralized basis at the lease commencement date. In order to estimate the incremental borrowing rate, management estimated its credit rating, adjusted the credit rating for the nature of the collateral, and benchmarked the borrowing rate against observable yields on comparable securities with a similar term. As of the adoption date, the Company estimated the incremental borrowing rate to be approximately 5%. The Company determined the lease term at the commencement date by considering whether renewal options and termination options are reasonably assured of exercise. The Company elected the practical expedients permitted under ASU 2018-11, which among other things, allowed the Company to carry forward the historical lease classification of those leases in place as of January 1, 2020. The Company elected to exclude from its condensed consolidated balance sheets recognition of leases having a term of 12 months or less (short-term leases). The Company elected to apply the practical expedient and accounted for each lease component and related non-lease component as one single component. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement Disclosure Framework The Company adopted the standard on January 1, 2020 and concluded that adoption of the standard did not have a material impact on its condensed consolidated financial statements. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 The Company adopted the standard on January 1, 2020 and concluded that adoption of the standard did not have a material impact on its condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses (ASU 2018-19) which narrowed the scope and changed the effective date for non-public entities for ASU 2016-13. The FASB subsequently issued supplemental guidance within ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief (ASU 2019-05). ASU 2019-05 provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2016-13 is applicable to the Company for the fiscal year beginning after December 15, 2021. Early adoption is permitted. The Company is currently evaluating the impact the adoption of these ASUs will have on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use-software. This ASU is effective for the Company for the fiscal year beginning after December 31, 2020, and interim periods within fiscal years beginning after December 31, 2021. The Company is currently evaluating the impact of this ASU on the Company’s consolidated financial statements. In December 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance. ASU 2019-12 will be effective for the Company in the first quarter of 2021 with early adoption permitted. The Company is currently assessing the impact of ASU 2019-12 on its consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The following table presents information about the Company’s financial assets that are measured at fair value and indicates the fair value hierarchy of the valuation: March 31, 2020 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 27,747 $ 27,747 $ — $ — Commercial paper (1, 2) 184,422 — 184,422 — U.S. government and agency securities (1, 2) 100,927 — 100,927 — Corporate bonds (1, 2) 36,145 — 36,145 — Total $ 349,241 $ 27,747 $ 321,494 $ — December 31, 2019 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 9,369 $ 9,369 $ — $ — Commercial paper (1, 2) 32,597 — 32,597 — U.S. government and agency securities (2) 42,814 — 42,814 — Corporate bonds (2) 38,837 — 38,837 — Total $ 123,617 $ 9,369 $ 114,248 $ — (1) Included in cash and cash equivalents on the consolidated balance sheets. (2) Included in marketable securities on the consolidated balance sheets. Money market funds are measured at fair value on a recurring basis using quoted prices. U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds are measured at fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities. There were no transfers between Levels 1, 2 or 3 for any of the periods presented.

Available-for-sale Securities

Available-for-sale Securities	3 Months Ended
	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Available-for-sale securities	4. Available-For-Sale Securities The following tables summarize the estimated value of the Company’s available-for-sale marketable securities and cash equivalents and the gross unrealized gains and losses: March 31, 2020 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 48,337 $ 1 $ (118 ) $ 48,220 U.S. government and agency securities 81,653 193 (2 ) 81,844 Corporate bonds 35,229 22 (37 ) 35,214 Total marketable securities 165,219 216 (157 ) 165,278 Cash equivalents: Money market funds 27,747 — — 27,747 Commercial paper 136,236 5 (39 ) 136,202 U.S. government and agency securities 19,068 15 — 19,083 Corporate bonds 935 — (4 ) 931 Total cash equivalents 183,986 20 (43 ) 183,963 Total available-for-sale investments $ 349,205 $ 236 $ (200 ) $ 349,241 December 31, 2019 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 24,446 $ 3 $ (1 ) $ 24,448 U.S. government and agency securities 42,777 39 (2 ) 42,814 Corporate bonds 38,802 37 (2 ) 38,837 Total marketable securities 106,025 79 (5 ) 106,099 Cash equivalents: Money market funds 9,369 — — 9,369 Commercial paper 8,149 — — 8,149 Total cash equivalents 17,518 — — 17,518 Total available-for-sale investments $ 123,543 $ 79 $ (5 ) $ 123,617 The amortized cost and estimated fair value of the Company’s available-for-sale marketable securities by contractual maturity are summarized below as of March 31, 2020: March 31, 2020 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Mature in one year or less $ 307,723 $ 169 $ (200 ) $ 307,692 Mature after one year through two years 41,482 67 — 41,549 Total marketable securities $ 349,205 $ 236 $ (200 ) $ 349,241

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	5. Balance Sheet Components Property and Equipment, Net Property and equipment, net consists of the following: March 31, December 31, 2020 2019 (in thousands) Laboratory equipment $ 8,243 $ 8,032 Leasehold improvements 3,361 3,342 Computer equipment and software 1,313 1,284 Furniture and fixtures 48 48 12,965 12,706 Less: accumulated depreciation and amortization (6,190 ) (5,559 ) Property and equipment, net $ 6,775 $ 7,147 Depreciation and amortization expense for property and equipment amounted to $0.6 million and $0.5 million for the three months ended March 31, 2020 and 2019, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: March 31, December 31, 2020 2019 (in thousands) Accrued compensation $ 2,096 $ 4,069 Accrued research and development 9,364 7,195 Deferred rent, current — 609 Accrued professional services 1,616 1,607 Finance lease, current 150 172 Other 724 876 Total accrued expenses and other current liabilities $ 13,950 $ 14,528

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	6 . Intangible Assets and Goodwill Intangible Assets, Net Intangible assets, net consist of the following as of March 31, 2020: Gross value Accumulated amortization Net book value Weighted- average remaining useful life (in thousands) (in years) In-process research and development - RAS Programs $ 55,800 $ — $ 55,800 n/a Developed technology - tri-complex platform 7,480 (1,534 ) 5,946 5.6 Total $ 63,280 $ (1,534 ) $ 61,746 Amortization expense for the three months ended March 31, 2020 and 2019 was $0.3 million and $0.3 million, respectively. As of March 31, 2020, future amortization expense is as follows: Amount (in thousands) 2020 (remaining nine months) $ 800 2021 1,069 2022 1,069 2023 1,069 2024 1,069 2025 870 Total $ 5,946 Intangible assets, net consist of the following as of December 31, 2019: Gross value Accumulated amortization Net book Value Weighted- average remaining useful life (in thousands) (in years) In-process research and development - RAS Programs $ 55,800 $ — $ 55,800 n/a Developed technology - tri-complex platform 7,480 (1,267 ) 6,213 5.8 Total $ 63,280 $ (1,267 ) $ 62,013 Goodwill Goodwill consists of the following: Balance at December 31, 2019 $ 14,608 Adjustment — Balance at March 31, 2020 $ 14,608 No impairment has been recognized as of March 31, 2020. Goodwill recorded is not deductible for income tax purposes.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
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 office and laboratory space located in Redwood City, California (Redwood City Lease). As of March 31, 2020 the Redwood City lease had a term through April 2023, with an option to extend the term through January 2028. The landlord provided the Company with a tenant improvements allowance for the space leased for which the Company received $3.4 million, which was recognized as a lease incentive. As part of the Warp Drive acquisition in October 2018, the Company assumed an operating lease for office and laboratory space located in Cambridge, Massachusetts (Cambridge Lease), which expires in February 2023, with an option to extend the term through February 2028, subject to certain conditions. In March 2019, the Company fully subleased the Cambridge Lease to Casma Therapeutics, Inc. (Casma), a related party, on financial terms substantially the same as the original lease. The sublease term with Casma is through the remainder of the Cambridge Lease term. The sublease by Casma and related sublease payments by Casma to the Company are fully guaranteed by Third Rock Ventures, LLC, a related party. In conjunction with the Cambridge Lease, the Company issued a letter of credit for $0.2 million, which is included in restricted cash on the condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019. The balance sheet classification of the Company’s lease liabilities were as follows: March 31, 2020 (in thousands) Operating lease liabilities: Operating lease liability – current $ 3,285 Operating lease liability – noncurrent 7,403 Total operating lease liabilities 10,688 Financing lease liabilities: Accrued expenses and other current liabilities 150 Total financing lease liabilities 150 Total lease liabilities $ 10,838 For the three months ended March 31, 2020, operating lease cost was $0.4 million, net of sublease income of $0.4 million and tenant improvement allowance credits of $0.1 million. The operating cash flows used for operating leases was $0.8 million for the three months ended March 31, 2020. The short-term lease costs were immaterial for the three months ended March 31, 2020. As of March 31, 2020, the maturities of the Company’s operating lease liabilities were as follows (in thousands): 2020 (remaining nine months) $ 2,763 2021 3,773 2022 3,886 2023 1,003 Total undiscounted lease payments $ 11,425 Less: Imputed Interest (737 ) Total operating lease liabilities $ 10,688 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 5%. As of March 31, 2020, the weighted-average remaining lease term is 3.0 years. As of December 31, 2019, future minimum payments and receipts under the Company’s operating and capital leases and sublease, under the prior lease standard, ASC 840, Gross lease commitments Sublease income Net lease commitments (in thousands) 2020 $ 3,885 $ (1,701 ) $ 2,184 2021 3,786 (1,752 ) 2,034 2022 3,886 (1,804 ) 2,082 2023 1,003 (302 ) 701 Total future minimum lease payments $ 12,560 $ (5,559 ) $ 7,001 Included in the amounts above are $0.2 million of capital lease obligations. Rent expense was $2.0 million for the year ended December 31, 2019, net of sublease income and tenant improvement allowance credits. Legal Matters From time to time, the Company may be involved in litigation related to claims that arise in the ordinary course of its business activities. The Company accrues for these matters when it is probable that losses will be incurred and these losses can be reasonably estimated. As of March 31, 2020, the Company does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows. Indemnification The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these arrangements is not determinable. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is minimal.

Sanofi Collaboration Agreement

Sanofi Collaboration Agreement	3 Months Ended
	Mar. 31, 2020
Collaboration Agreement [Abstract]
Sanofi Collaboration Agreement	8. Sanofi Collaboration Agreement In June 2018, the Company entered into a collaborative research, development and commercialization agreement with Aventis, Inc. (an affiliate of Sanofi), or the Sanofi Agreement, 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. 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 obligations under the Sanofi Agreement. In October 2018, the Company acquired Warp Drive in exchange for the Company’s Series B redeemable convertible preferred stock and cash. Sanofi was a stockholder of Warp Drive and received the Company’s Series B redeemable convertible preferred stock during the transaction and accordingly became an investor and related party of the Company. Under the Sanofi Agreement, the Company received a non-refundable, upfront cash payment of $50 million in July 2018 and could also receive up to $520 million in development and regulatory milestone payments, including up to $235 million upon the achievement of specified development milestones and up to $285 million upon the achievement of certain marketing approval milestones. Sanofi also agreed to reimburse the Company for 80% of all internal and external research costs and expenses incurred under the research plan for 2019 and 2020, and for all other internal and external costs and expenses incurred to perform activities under the research and development plans for the SHP2 program. The Company is responsible for 20% of all internal and external research costs incurred under the research plan for 2019 and 2020. In the United States, the Company will share equally with Sanofi the profits and losses applicable to commercialization of SHP2 inhibitor products, pursuant to a profit/loss share agreement that the parties will negotiate based on key terms agreed in the Sanofi Agreement. On a product-by-product basis, Sanofi will also be required to pay the Company tiered royalties on annual net sales of each product outside the United States ranging from high single digit to mid-teen percentages. The Company has primary responsibility for early clinical development of RMC-4630 pursuant to an initial development plan and also has primary responsibility for the manufacture of SHP2 inhibitors for Phase 1 and Phase 2 non-registrational clinical trials, while Sanofi is responsible for manufacturing SHP2 inhibitors for all other clinical trials and commercial supply. Unless terminated earlier, the Sanofi Agreement will continue in effect until the later of the expiration of all of Sanofi’s milestone and royalty payment obligations and the expiration of the profit/loss share agreement. Sanofi may terminate the Sanofi Agreement in its entirety or on a country-by-country or product-by-product basis for any reason or for significant safety concerns, upon prior notice to the Company. Sanofi may terminate the Sanofi Agreement in its entirety upon a change of control in the Company, with prior notice. Either party may terminate the Sanofi Agreement if an undisputed material breach by the other party is not cured within a defined period of time, or immediately upon notice for insolvency-related events of the other party. The Company may terminate the Sanofi Agreement after a certain number of years if Sanofi develops a competing program without commencing a registrational clinical trial for a SHP2 inhibitor product candidate, and subject to certain other conditions. The Company may also terminate the Sanofi Agreement at any time, if Sanofi ceases certain critical activities for SHP2 inhibitor product candidates for more than a specified period of time, provided that such cessations of critical activity were not a result of certain specified factors, and subject to certain other conditions. Upon any termination of the Sanofi Agreement with respect to any product or country, all licenses to Sanofi with respect to such product or country shall automatically terminate and all rights generally revert back to the Company. The Company identified the following promises in the agreement (1) the license related to SHP2 inhibitors, (2) the performance of research and development services for Phase 1 clinical studies and Phase 2 clinical trials that are non-registrational clinical trials and (3) the performance of manufacturing services for the non-registrational clinical trials. The Company determined that the license is not distinct from the services within the context of the agreement because the research, development and manufacturing significantly increase the utility of the intellectual property. The intellectual property (IP) related to SHP2 inhibitors, which is proprietary to the Company, is the foundation for the research and development activities. The manufacturing services are a necessary and integral part of the research and development services as they could only be conducted utilizing the outcomes of these services. Given the research and development services under the Sanofi Agreement are expected to involve significant further development of the initial IP, the Company has concluded that the research, development and manufacturing services are not distinct from the license, and thus the license, research and development services and manufacturing services are combined into a single performance obligation. For revenue recognition purposes, the Company determined that the duration of the contract begins on the effective date of the Sanofi Agreement in July 2018 and ends upon completion of the non-registrational clinical trials. The contract duration is defined as the period in which parties to the contract have present enforceable rights and obligations. The Company analyzed the impact of Sanofi terminating the agreement prior to the completion of these trials and determined that there were significant economic costs to Sanofi for doing so. The Company determined that the transaction price of the Sanofi Agreement was $196.1 million as of March 31, 2020. In order to determine the transaction price, the Company evaluated all the payments to be received during the duration of the contract. The Company determined that the $50.0 million upfront payment and $146.1 million of estimated variable consideration for expense reimbursements from Sanofi for agreed upon research and development services as of March 31, 2020 constituted consideration to be included in the transaction price, which is to be allocated to the combined performance obligation. Development and regulatory milestones under the Sanofi Agreement were considered but not included in the transaction price, as it is probable that a significant revenue reversal could occur if they were included. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. The license, research, development and manufacturing services are combined as one performance obligation that will be performed over the duration of the contract, which is from the effective date of the Sanofi Agreement through to the completion of studies. The Company concluded that it would utilize a cost-based input method to measure proportional performance and to calculate the corresponding amount of revenue to recognize. In applying the cost-based input method of revenue recognition, the Company uses actual costs incurred relative to estimated costs to fulfill the combined performance obligation. These costs consist primarily of internal full-time equivalent efforts and third-party costs. Revenue is recognized based on actual costs incurred as a percentage of total estimated costs as the Company completes its performance obligations. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligations will be recorded in the period in which changes are identified and amounts can be reasonably estimated. During the three months ended March 31, 2020 and 2019, the Company recognized $11.5 million and $13.2 million of collaboration revenue associated with this agreement, respectively. As of March 31, 2020 and December 31, 2019, $16.4 million and $17.1 million of deferred revenue, related party is classified as current and $12.4 million and $14.7 million is classified as noncurrent.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2020
Temporary Equity Disclosure [Abstract]
Redeemable Convertible Preferred Stock	9 . Redeemable Convertible Preferred Stock From December 2014 to May 2017, the Company issued a total of 14,430,799 shares of Series A redeemable convertible preferred stock at a price per share of $4.87, for aggregate proceeds of $70.1 million, net of issuance costs. In March and June 2018, the Company issued a total of 7,731,155 shares of Series B redeemable convertible preferred stock at a price per share of $7.30 for proceeds of $56.2 million, net of issuance costs. In October 2018, the Company issued 6,797,915 shares of Series B redeemable convertible preferred stock in conjunction with acquiring Warp Drive. As part of the Warp Drive acquisition, the Company assumed $2.0 million in convertible notes payable, which was fully converted into 200,493 shares of Series B redeemable convertible preferred stock in October 2018. In November 2018, the Company issued 435,547 shares of Series B redeemable convertible preferred stock at a price per share of $10.03, for proceeds of $4.3 million, net of issuance costs. In June and July 2019, the Company issued a total 10,004,514 shares of Series C redeemable convertible preferred stock at a price per share of $10.03 for proceeds of $100.0 million, net of issuance costs. Redeemable convertible preferred stock consists of the following as of December 31, 2019: As of December 31, 2019 Shares authorized Shares issued and outstanding Net carrying value Aggregate liquidation preference (in thousands, except share data) Series A 70,221,732 14,430,799 $ 72,248 $ 84,865 Series B 74,000,000 15,165,110 132,833 120,152 Series C 48,683,038 10,004,514 100,028 103,671 Total 192,904,770 39,600,423 $ 305,109 $ 308,688 Upon the closing of the IPO in February 2020, all shares of redeemable convertible preferred stock then outstanding converted into 39,600,423 shares of common stock. There were no shares of redeemable convertible preferred stock outstanding as of March 31, 2020. The redeemable convertible preferred stock is recorded outside of permanent equity because while it is not mandatorily redeemable, it will become redeemable upon the occurrence of certain liquidation events that are considered not solely within the Company’s control. Accordingly, the redeemable convertible preferred stock has been presented in the mezzanine section on the consolidated balance sheets.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2020
Stockholders Equity Note [Abstract]
Common Stock	1 0 . Common Stock As of March 31, 2020 and December 31, 2019, the Company’s certificate of incorporation authorized the Company to issue 300,000,000 shares and 249,000,000 shares of common stock, respectively, 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 March 31, 2020, no dividends have been declared to date. The Company has reserved shares of common stock, on an as-converted basis, for future issuance as follows: March 31, December 31, 2020 2019 Redeemable convertible preferred stock — 39,600,423 Outstanding options to purchase common stock 5,568,324 4,918,299 Available for future issuance under the 2020 Incentive Award Plan 5,110,075 803,652 Available for issuance under the 2020 Employee Stock Purchase Plan 528,959 — Total 11,207,358 45,322,374

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	11. Stock-Based Compensation 2020 Incentive Award Plan In February 2020, the Company adopted the 2020 Equity Incentive Plan, or 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, or SARs, 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 granted typically vest over a four-year period, but may be granted with different vesting terms. Following the effectiveness of the 2020 Plan, the Company will not make any further grants under the 2014 Equity Incentive Plan, or the 2014 Plan. However, the 2014 Plan will continue to govern the terms and conditions of the outstanding awards granted under it. Shares of common stock subject to awards granted under the 2014 Plan that are forfeited or lapse unexercised and which following the effective date of the 2020 Plan are not issued under the 2014 Plan will be available for issuance under the 2020 Plan. As of March 31, 2020, there were 5,110,075 shares of common stock reserved for issuance pursuant to the 2020 Plan. 2014 Equity Incentive Plan In December 2014, the Company adopted the 2014 Plan which provided for the Company to issue restricted common stock, or to grant incentive stock options or nonqualified stock options for the purchase of common stock, to employees, members of the Board of Directors and consultants of the Company under terms and provisions established by the Board of Directors. The Company generally granted stock-based awards with service-based vesting conditions only. Options granted typically vest over a four-year period but may be granted with different vesting terms. The following summarizes option activity under both the 2020 Plan and the 2014 Plan: Number of Shares underlying options Weighted- average exercise price Weighted- average remaining contractual term Aggregate intrinsic value (in years) (in thousands) Balance, December 31, 2019 4,918,299 $ 3.59 8.96 $ 51,276 Options granted 661,122 17.86 Options exercised (11,097 ) 2.48 Options cancelled — — Balance, March 31, 2020 5,568,324 $ 5.29 8.85 $ 92,572 Options vested and expected to vest as of March 31, 2020 5,568,324 $ 5.29 8.85 $ 92,572 Options vested and exercisable as of March 31, 2020 1,582,478 $ 2.33 7.98 $ 30,990 As of March 31, 2020, there was $22.2 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of 3.0 years. Employee Stock Purchase Plan In February 2020, the Company adopted the 2020 Employee Stock Purchase Plan, or the 2020 ESPP. Under the 2020 ESPP, employees have the ability to purchase shares of our 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. The Company has reserved for issuance 528,959 shares of common stock pursuant to the 2020 ESPP. As of March 31, 2020, no offering periods have commenced under the 2020 ESPP. Total stock-based compensation expense by function was as follows: Three Months Ended March 31, 2020 2019 (in thousands) Research and development $ 893 $ 208 General and administrative 674 195 Total $ 1,567 $ 403 Stock-based compensation related to options granted to non-employees was $0.2 million and $0.1 million for the three months ended March 31, 2020 and 2019, respectively. The Company allows its employees, non-employees and directors to exercise options granted under the 2014 Plan prior to vesting. The shares related to early exercised stock options are subject to the Company’s lapsing repurchase right upon termination of employment at the original purchase price. In order to vest, the holders are required to provide continued service to the Company. The proceeds are initially recorded in other noncurrent liabilities and are reclassified to common stock and additional paid-in capital as the repurchase right lapses. As of March 31, 2020 and December 31, 2019, there were 292,380 and 349,501 shares, respectively, and $0.3 million and $0.3 million, respectively, recorded in other noncurrent liabilities, related to early exercised shares that were subject to repurchase.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	1 2 . Net Loss Per Share Attributable to Common Stockholders The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders: Three Months Ended March 31, 2020 2019 (in thousands, except share and per share data) Numerator: Net loss $ (19,519 ) $ (10,131 ) Redeemable convertible preferred stock dividends- undeclared and cumulative (2,219 ) (2,676 ) Net loss attributable to common stockholders $ (21,738 ) $ (12,807 ) Denominator: Weighted-average shares outstanding 32,227,701 3,212,427 Less: Weighted-average unvested restricted shares and shares subject to repurchase (318,986 ) (568,778 ) Weighted-average shares used to compute net loss per share attributable to common stockholders-basic and diluted 29,297,698 2,643,649 Net loss per share attributable to common stockholders-basic and diluted $ (0.74 ) $ (4.84 ) 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: Three Months Ended March 31, 2020 2019 Redeemable convertible preferred stock — 25,595,909 Options to purchase common stock 5,568,324 2,825,454 Options early exercised subject to future vesting 292,380 540,755 Total 5,860,704 28,962,118

Related Party Relationships

Related Party Relationships	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Relationships	1 3 . Related Party Relationships Following the Company’s acquisition of Warp Drive, in January 2019, the Company entered into a sublease agreement with Casma to sublease the Cambridge Lease. The sublease by Casma and related sublease payments by Casma to the Company are fully guaranteed by an affiliate of Third Rock Ventures. In connection with the Company’s obligations and responsibilities under the Sanofi Agreement, in April 2019, the Company entered into a Clinical Supply Agreement with Genzyme Corporation, or Genzyme, an affiliate of Sanofi, and a Quality Agreement with Sanofi-Aventis Recherche & Developpement, an affiliate of Sanofi. The Quality Agreement was amended in December 2019. Sanofi was a related party at the time both agreements were entered into. The Clinical Supply Agreement governs how the Company will oversee the manufacture and supply of any SHP2 inhibitors requested by Genzyme for use in its clinical development activities under the Sanofi Agreement and provides that Genzyme will compensate the Company for the costs to manufacture any such product plus a 10% fee. The Quality Agreement requires that the production of RMC-4630 meets certain quality standards and puts certain conditions on the Company’s arrangements with subcontractors. The Quality Agreement does not contemplate that any consideration be paid separate from the Sanofi Agreement.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	1 4 . Subsequent Events In April 2020, the Company amended its Redwood City Lease to lease an additional 19,483 square feet of office, laboratory and research and development space located at 300 Saginaw Drive, Redwood City, California (the 300 Building) beginning on December 15, 2020 and ending December 31, 2030. Under the amendment, the Company’s existing lease term for 700 Saginaw Drive, Redwood City, California (the 700 Building) was extended until December 31, 2030. The annual base rent for the lease of the 300 Building is $1.2 million until December 31, 2021, after which the annual base rent will increase by approximately 3.5% in each subsequent year of the lease term. The annual base rent for the lease of the 700 Building remains unchanged through April 30, 2023, and the annual base rent for the lease of the 700 Building is $2.8 million for the 12 month period ending April 30, 2024, after which the annual base rent increases by approximately 3.5% in each subsequent year of the lease term.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (GAAP) and applicable rules of the Securities and Exchange Commission (SEC) regarding interim financial reporting
Reverse Stock Split	Reverse Stock Split On February 7, 2020, the Company amended and restated its amended and restated certificate of incorporation to effect a 1-for-4.8661 reverse stock split of the Company’s common stock and redeemable convertible preferred stock. The par value and authorized shares of the common stock and redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented.
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, valuation of the redeemable convertible preferred stock liability, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill, 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 the its estimates and assumptions and there was not a material impact to the Company’s condensed consolidated financial statements as of and for the three months ended March 31, 2020. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods .
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s cash is held by one financial institution in the United States, which management believes to be of high credit quality. The Company invests in money market funds, U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company is subject to credit risk as its receivable and collaboration revenue, related party are entirely related to its collaboration agreement with Sanofi. See Note 8, “Sanofi collaboration agreement.” All of the Company’s clinical trial sites for its RMC-4630 clinical studies are currently located in the U.S. and may be affected by the COVID-19 outbreak due to prioritization of hospital resources toward the COVID-19 outbreak, travel or quarantine restrictions imposed by federal, state or local governments, and the inability to access sites for initiation and patient monitoring and enrollment. As a result, patient screening, new patient enrollment, monitoring and data collection may be affected or delayed. The Company is aware of several clinical sites involved in our RMC-4630 clinical studies that have temporarily stopped or delayed enrolling new patients, with exemptions if appropriate. These developments may delay the Company’s clinical trial timelines. Some of the Company’s third-party manufacturers which it uses for the supply of materials for product candidates or other materials necessary to manufacture product to conduct preclinical tests and clinical trials are located in countries affected by COVID-19, and should they experience disruptions, such as temporary closures or suspension of services, the Company would likely experience delays in advancing clinical trials.
Leases	Leases The Company determines if an arrangement is, or contains, a lease at inception and then classifies the lease as operating or financing based on the underlying terms and conditions of the contract. Leases with terms greater than one year are initially recognized on the balance sheet as right-of-use assets and lease liabilities based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the incremental borrowing rate, which is the rate incurred to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term and in a similar economic environment of the applicable country or region. Variable lease payments are excluded from the right-of-use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases Codification Improvements to Topic 842, Leases Leases (Topic 842): Targeted Improvements Leases (Topic 842): Codification Improvements. The Company adopted these ASUs on January 1, 2020. For its operating leases with a term greater than twelve months, the Company recognizes a right-of-use asset and a lease liability on its condensed consolidated balance sheets. The Company adopted the new standard using the modified retrospective approach, which resulted in the initial recognition of a lease liability of $11.5 million, and a right‑to‑use asset of $9.1 million, with no adjustment to the accumulated deficit balance. In connection with the lease adoption, the Company also derecognized deferred rent of $2.4 million. The adoption of the new standard did not have an impact on the condensed consolidated statements of operations. The lease liability is determined as the present value of future lease payments using an estimated rate of interest that the Company would pay to borrow equivalent funds on a collateralized basis at the lease commencement date. In order to estimate the incremental borrowing rate, management estimated its credit rating, adjusted the credit rating for the nature of the collateral, and benchmarked the borrowing rate against observable yields on comparable securities with a similar term. As of the adoption date, the Company estimated the incremental borrowing rate to be approximately 5%. The Company determined the lease term at the commencement date by considering whether renewal options and termination options are reasonably assured of exercise. The Company elected the practical expedients permitted under ASU 2018-11, which among other things, allowed the Company to carry forward the historical lease classification of those leases in place as of January 1, 2020. The Company elected to exclude from its condensed consolidated balance sheets recognition of leases having a term of 12 months or less (short-term leases). The Company elected to apply the practical expedient and accounted for each lease component and related non-lease component as one single component. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement Disclosure Framework The Company adopted the standard on January 1, 2020 and concluded that adoption of the standard did not have a material impact on its condensed consolidated financial statements. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 The Company adopted the standard on January 1, 2020 and concluded that adoption of the standard did not have a material impact on its condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses (ASU 2018-19) which narrowed the scope and changed the effective date for non-public entities for ASU 2016-13. The FASB subsequently issued supplemental guidance within ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief (ASU 2019-05). ASU 2019-05 provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2016-13 is applicable to the Company for the fiscal year beginning after December 15, 2021. Early adoption is permitted. The Company is currently evaluating the impact the adoption of these ASUs will have on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use-software. This ASU is effective for the Company for the fiscal year beginning after December 31, 2020, and interim periods within fiscal years beginning after December 31, 2021. The Company is currently evaluating the impact of this ASU on the Company’s consolidated financial statements. In December 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance. ASU 2019-12 will be effective for the Company in the first quarter of 2021 with early adoption permitted. The Company is currently assessing the impact of ASU 2019-12 on its consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value	The following table presents information about the Company’s financial assets that are measured at fair value and indicates the fair value hierarchy of the valuation: March 31, 2020 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 27,747 $ 27,747 $ — $ — Commercial paper (1, 2) 184,422 — 184,422 — U.S. government and agency securities (1, 2) 100,927 — 100,927 — Corporate bonds (1, 2) 36,145 — 36,145 — Total $ 349,241 $ 27,747 $ 321,494 $ — December 31, 2019 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 9,369 $ 9,369 $ — $ — Commercial paper (1, 2) 32,597 — 32,597 — U.S. government and agency securities (2) 42,814 — 42,814 — Corporate bonds (2) 38,837 — 38,837 — Total $ 123,617 $ 9,369 $ 114,248 $ — (1) Included in cash and cash equivalents on the consolidated balance sheets. (2) Included in marketable securities on the consolidated balance sheets.

Available-for-sale Securities (

Available-for-sale Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Summary of Estimated Value of Available-for-sale Marketable Securities and Cash Equivalents and Gross Unrealized Gains and Losses	The following tables summarize the estimated value of the Company’s available-for-sale marketable securities and cash equivalents and the gross unrealized gains and losses: March 31, 2020 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 48,337 $ 1 $ (118 ) $ 48,220 U.S. government and agency securities 81,653 193 (2 ) 81,844 Corporate bonds 35,229 22 (37 ) 35,214 Total marketable securities 165,219 216 (157 ) 165,278 Cash equivalents: Money market funds 27,747 — — 27,747 Commercial paper 136,236 5 (39 ) 136,202 U.S. government and agency securities 19,068 15 — 19,083 Corporate bonds 935 — (4 ) 931 Total cash equivalents 183,986 20 (43 ) 183,963 Total available-for-sale investments $ 349,205 $ 236 $ (200 ) $ 349,241 December 31, 2019 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 24,446 $ 3 $ (1 ) $ 24,448 U.S. government and agency securities 42,777 39 (2 ) 42,814 Corporate bonds 38,802 37 (2 ) 38,837 Total marketable securities 106,025 79 (5 ) 106,099 Cash equivalents: Money market funds 9,369 — — 9,369 Commercial paper 8,149 — — 8,149 Total cash equivalents 17,518 — — 17,518 Total available-for-sale investments $ 123,543 $ 79 $ (5 ) $ 123,617
Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Marketable Securities by Contractual Maturity	The amortized cost and estimated fair value of the Company’s available-for-sale marketable securities by contractual maturity are summarized below as of March 31, 2020: March 31, 2020 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Mature in one year or less $ 307,723 $ 169 $ (200 ) $ 307,692 Mature after one year through two years 41,482 67 — 41,549 Total marketable securities $ 349,205 $ 236 $ (200 ) $ 349,241

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consists of the following: March 31, December 31, 2020 2019 (in thousands) Laboratory equipment $ 8,243 $ 8,032 Leasehold improvements 3,361 3,342 Computer equipment and software 1,313 1,284 Furniture and fixtures 48 48 12,965 12,706 Less: accumulated depreciation and amortization (6,190 ) (5,559 ) Property and equipment, net $ 6,775 $ 7,147
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: March 31, December 31, 2020 2019 (in thousands) Accrued compensation $ 2,096 $ 4,069 Accrued research and development 9,364 7,195 Deferred rent, current — 609 Accrued professional services 1,616 1,607 Finance lease, current 150 172 Other 724 876 Total accrued expenses and other current liabilities $ 13,950 $ 14,528

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible assets, net consist of the following as of March 31, 2020: Gross value Accumulated amortization Net book value Weighted- average remaining useful life (in thousands) (in years) In-process research and development - RAS Programs $ 55,800 $ — $ 55,800 n/a Developed technology - tri-complex platform 7,480 (1,534 ) 5,946 5.6 Total $ 63,280 $ (1,534 ) $ 61,746 Intangible assets, net consist of the following as of December 31, 2019: Gross value Accumulated amortization Net book Value Weighted- average remaining useful life (in thousands) (in years) In-process research and development - RAS Programs $ 55,800 $ — $ 55,800 n/a Developed technology - tri-complex platform 7,480 (1,267 ) 6,213 5.8 Total $ 63,280 $ (1,267 ) $ 62,013
Schedule of Future Amortization Expense	As of March 31, 2020, future amortization expense is as follows: Amount (in thousands) 2020 (remaining nine months) $ 800 2021 1,069 2022 1,069 2023 1,069 2024 1,069 2025 870 Total $ 5,946
Schedule of Goodwill	Goodwill consists of the following: Balance at December 31, 2019 $ 14,608 Adjustment — Balance at March 31, 2020 $ 14,608

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Summary of Balance Sheet Classification of Lease Liabilities	The balance sheet classification of the Company’s lease liabilities were as follows: March 31, 2020 (in thousands) Operating lease liabilities: Operating lease liability – current $ 3,285 Operating lease liability – noncurrent 7,403 Total operating lease liabilities 10,688 Financing lease liabilities: Accrued expenses and other current liabilities 150 Total financing lease liabilities 150 Total lease liabilities $ 10,838
Schedule of Maturities of Operating Lease Liabilities	As of March 31, 2020, the maturities of the Company’s operating lease liabilities were as follows (in thousands): 2020 (remaining nine months) $ 2,763 2021 3,773 2022 3,886 2023 1,003 Total undiscounted lease payments $ 11,425 Less: Imputed Interest (737 ) Total operating lease liabilities $ 10,688
Schedule of Future Minimum Payment and Receipts Under Operating and Capital Lease and Sublease	As of December 31, 2019, future minimum payments and receipts under the Company’s operating and capital leases and sublease, under the prior lease standard, ASC 840, Gross lease commitments Sublease income Net lease commitments (in thousands) 2020 $ 3,885 $ (1,701 ) $ 2,184 2021 3,786 (1,752 ) 2,034 2022 3,886 (1,804 ) 2,082 2023 1,003 (302 ) 701 Total future minimum lease payments $ 12,560 $ (5,559 ) $ 7,001

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock (Tables)	3 Months Ended
	Mar. 31, 2020
Temporary Equity Disclosure [Abstract]
Schedule of Redeemable Convertible Preferred Stock	Redeemable convertible preferred stock consists of the following as of December 31, 2019: As of December 31, 2019 Shares authorized Shares issued and outstanding Net carrying value Aggregate liquidation preference (in thousands, except share data) Series A 70,221,732 14,430,799 $ 72,248 $ 84,865 Series B 74,000,000 15,165,110 132,833 120,152 Series C 48,683,038 10,004,514 100,028 103,671 Total 192,904,770 39,600,423 $ 305,109 $ 308,688

Common Stock (Tables)

Common Stock (Tables)	3 Months Ended
	Mar. 31, 2020
Stockholders Equity Note [Abstract]
Schedule of Common Stock Reserved on Converted Basis for Future Issuance	The Company has reserved shares of common stock, on an as-converted basis, for future issuance as follows: March 31, December 31, 2020 2019 Redeemable convertible preferred stock — 39,600,423 Outstanding options to purchase common stock 5,568,324 4,918,299 Available for future issuance under the 2020 Incentive Award Plan 5,110,075 803,652 Available for issuance under the 2020 Employee Stock Purchase Plan 528,959 — Total 11,207,358 45,322,374

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Total Stock-Based Compensation Expense	Total stock-based compensation expense by function was as follows: Three Months Ended March 31, 2020 2019 (in thousands) Research and development $ 893 $ 208 General and administrative 674 195 Total $ 1,567 $ 403
2020 Plan and 2014 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Option Activity Under the Plan	The following summarizes option activity under both the 2020 Plan and the 2014 Plan: Number of Shares underlying options Weighted- average exercise price Weighted- average remaining contractual term Aggregate intrinsic value (in years) (in thousands) Balance, December 31, 2019 4,918,299 $ 3.59 8.96 $ 51,276 Options granted 661,122 17.86 Options exercised (11,097 ) 2.48 Options cancelled — — Balance, March 31, 2020 5,568,324 $ 5.29 8.85 $ 92,572 Options vested and expected to vest as of March 31, 2020 5,568,324 $ 5.29 8.85 $ 92,572 Options vested and exercisable as of March 31, 2020 1,582,478 $ 2.33 7.98 $ 30,990

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders	The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders: Three Months Ended March 31, 2020 2019 (in thousands, except share and per share data) Numerator: Net loss $ (19,519 ) $ (10,131 ) Redeemable convertible preferred stock dividends- undeclared and cumulative (2,219 ) (2,676 ) Net loss attributable to common stockholders $ (21,738 ) $ (12,807 ) Denominator: Weighted-average shares outstanding 32,227,701 3,212,427 Less: Weighted-average unvested restricted shares and shares subject to repurchase (318,986 ) (568,778 ) Weighted-average shares used to compute net loss per share attributable to common stockholders-basic and diluted 29,297,698 2,643,649 Net loss per share attributable to common stockholders-basic and diluted $ (0.74 ) $ (4.84 )
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: Three Months Ended March 31, 2020 2019 Redeemable convertible preferred stock — 25,595,909 Options to purchase common stock 5,568,324 2,825,454 Options early exercised subject to future vesting 292,380 540,755 Total 5,860,704 28,962,118

Organization - Additional Infor

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 18, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Class Of Stock [Line Items]
Accumulated deficit		$ 176,905		$ 157,386
Common stock, shares, issued		59,003,644		3,292,124
Net proceeds from issuance		$ 27	$ 14
Initial Public Offering
Class Of Stock [Line Items]
Common stock, shares, issued	16,100,000
Common stock, price per share	$ 17
Net proceeds from issuance	$ 250,700	253,717
Underwriting discounts and commissions	19,200
Stock issuance cost	$ 3,800	$ 23,003
Underwriter's Option to Purchase Additional Shares
Class Of Stock [Line Items]
Common stock, shares, issued	2,100,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	Feb. 07, 2020	Jan. 01, 2020USD ($)	Mar. 31, 2020USD ($)
Summary Of Significant Accounting Policies [Line Items]
Reverse stock split	0.2055
Reverse stock split, description			1-for-4.8661
Operating lease liability			$ 10,688,000
Operating right-to-use asset			$ 8,468,000
ASU 2016-02
Summary Of Significant Accounting Policies [Line Items]
Operating lease liability		$ 11,500,000
Operating right-to-use asset		9,100,000
Adjustment to accumulated deficit		0
Deferred rent derecognized		$ 2,400,000
Estimated incremental borrowing rate of funds		5.00%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 349,241	$ 123,617
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	27,747	9,369
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	184,422	32,597
U.s. Government And Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	100,927	42,814
Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	36,145	38,837
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	27,747	9,369
Level 1 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	27,747	9,369
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	321,494	114,248
Level 2 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	184,422	32,597
Level 2 | U.s. Government And Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	100,927	42,814
Level 2 | Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value	$ 36,145	$ 38,837

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
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 Marketable Securities and Cash Equivalents and Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 349,205	$ 123,543
Gross Unrealized Gain	236	79
Gross Unrealized Loss	(200)	(5)
Estimated Fair Value	349,241	123,617
Marketable Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	165,219	106,025
Gross Unrealized Gain	216	79
Gross Unrealized Loss	(157)	(5)
Estimated Fair Value	165,278	106,099
Marketable Securities | Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	35,229	38,802
Gross Unrealized Gain	22	37
Gross Unrealized Loss	(37)	(2)
Estimated Fair Value	35,214	38,837
Marketable Securities | Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	48,337	24,446
Gross Unrealized Gain	1	3
Gross Unrealized Loss	(118)	(1)
Estimated Fair Value	48,220	24,448
Marketable Securities | U.S. Government and Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	81,653	42,777
Gross Unrealized Gain	193	39
Gross Unrealized Loss	(2)	(2)
Estimated Fair Value	81,844	42,814
Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	183,986	17,518
Gross Unrealized Gain	20
Gross Unrealized Loss	(43)
Estimated Fair Value	183,963	17,518
Cash Equivalents | Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	935
Gross Unrealized Loss	(4)
Estimated Fair Value	931
Cash Equivalents | Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	136,236	8,149
Gross Unrealized Gain	5
Gross Unrealized Loss	(39)
Estimated Fair Value	136,202	8,149
Cash Equivalents | U.S. Government and Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	19,068
Gross Unrealized Gain	15
Estimated Fair Value	19,083
Cash Equivalents | Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	27,747	9,369
Estimated Fair Value	$ 27,747	$ 9,369

Available-for-sale Securities_2

Available-for-sale Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 349,205	$ 123,543
Gross Unrealized Gain	236	79
Gross Unrealized Loss	(200)	(5)
Estimated Fair Value	349,241	$ 123,617
Mature in One Year or Less
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	307,723
Gross Unrealized Gain	169
Gross Unrealized Loss	(200)
Estimated Fair Value	307,692
Mature after One Year through Two Years
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	41,482
Gross Unrealized Gain	67
Estimated Fair Value	$ 41,549

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 12,965	$ 12,706
Less: accumulated depreciation and amortization	(6,190)	(5,559)
Property and equipment, net	6,775	7,147
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	8,243	8,032
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	3,361	3,342
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,313	1,284
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 48	$ 48

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Depreciation and amortization expense	$ 0.6	$ 0.5

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accrued Expenses And Other Current Liabilities [Abstract]
Accrued compensation	$ 2,096	$ 4,069
Accrued research and development	9,364	7,195
Deferred rent, current		609
Accrued professional services	1,616	1,607
Finance lease, current	150	172
Other	724	876
Total accrued expenses and other current liabilities	$ 13,950	$ 14,528

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Schedule of Intangibles Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
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	(1,534)	(1,267)
Developed technology - tri-complex platform, Net book value	$ 5,946	$ 6,213
Developed technology - tri-complex platform, Weighted-average remaining useful life	5 years 7 months 6 days	5 years 9 months 18 days
Intangible assets, Gross value	$ 63,280	$ 63,280
Intangible assets, Net book value	$ 61,746	$ 62,013

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 267,000	$ 267,000
Goodwill impairment	$ 0

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net, Future Amortization Expense, [Abstract]
2020 (remaining nine months)	$ 800
2021	1,069
2022	1,069
2023	1,069
2024	1,069
2025	870
Developed technology - tri-complex platform, Net book value	$ 5,946	$ 6,213

Intangible Assets and Goodwil_5

Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Balance at December 31, 2019	$ 14,608
Adjustment	0
Balance at March 31, 2020	$ 14,608

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Lessee Lease Description [Line Items]
Operating lease cost	$ 0.4
Sublease income	0.4
Tenant improvement allowance credits	0.1
Operating cash flows used for operating leases	$ 0.8
Operating lease, weighted average discount rate	5.00%
Operating lease, weighted average remaining lease term	3 years
Capital lease obligations		$ 0.2
Rent expense		2
Redwood City Lease
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year	2023-04
Lessee, operating lease, option to extend	Option to extend the term through January 2028
Tenant improvements, recognized as lease incentive	$ 3.4
Redwood City Lease | Other Noncurrent Assets
Lessee Lease Description [Line Items]
Security deposit	$ 0.3	0.3
Cambridge, Massachusetts
Lessee Lease Description [Line Items]
Lessee operating lease expiration month and year	2023-02
Lessee, operating lease, option to extend	Option to extend the term through February 2028
Cambridge, Massachusetts | Restricted Cash
Lessee Lease Description [Line Items]
Letter of credit	$ 0.2	$ 0.2

Commitment and Contingencies _2

Commitment and Contingencies - Summary of Balance Sheet Classification of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Operating lease liability – current	$ 3,285
Operating lease liability – noncurrent	7,403
Total operating lease liabilities	10,688
Accrued expenses and other current liabilities	$ 150	$ 172
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	rvmd:AccruedResearchAndDevelopmentExpenseCurrent
Total financing lease liabilities	$ 150
Total lease liabilities	$ 10,838

Commitment and Contingencies _3

Commitment and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
2020 (remaining nine months)	$ 2,763
2021	3,773
2022	3,886
2023	1,003
Total undiscounted lease payments	11,425
Less: Imputed Interest	(737)
Total operating lease liabilities	$ 10,688

Commitment and Contingencies _4

Commitment and Contingencies - Schedule of Future Minimum Payment and Receipts Under Operating and Capital Lease and Sublease (Details) $ in Thousands	Dec. 31, 2019USD ($)
Commitments And Contingencies Disclosure [Abstract]
Gross lease commitments 2020	$ 3,885
Gross lease commitments 2021	3,786
Gross lease commitments 2022	3,886
Gross lease commitments 2023	1,003
Total Gross lease commitments	12,560
Sublease income 2020	(1,701)
Sublease income 2021	(1,752)
Sublease income 2022	(1,804)
Sublease income 2023	(302)
Total Sublease income	(5,559)
Net lease commitments 2020	2,184
Net lease commitments 2021	2,034
Net lease commitments 2022	2,082
Net lease commitments 2023	701
Total Net lease commitments	$ 7,001

Sanofi Collaboration Agreement

Sanofi Collaboration Agreement - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jul. 31, 2019
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue, related party, current	$ 16,402,000		$ 17,124,000
Deferred revenue, related party, noncurrent	12,416,000		$ 14,727,000
Sanofi Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront cash payment received	$ 50,000,000			$ 50,000,000
Maximum development and regulatory milestone payments to be received				520,000,000
Maximum milestone payments receivable upon achievement of specified development milestones				235,000,000
Maximum milestone payments receivable upon achievement of certain marketing approval milestones				$ 285,000,000
Percentage of reimbursement of internal and external research costs and expenses under research plan	80.00%		80.00%
Percentage of other internal and external costs and expenses incurred under research and development plans	20.00%		20.00%
Transaction price	$ 196,100,000
Estimated variable consideration for expense reimbursements upon research and development services	146,100,000
Collaboration revenue recognized	11,500,000	$ 13,200,000
Deferred revenue, related party, current	16,400,000		$ 17,100,000
Deferred revenue, related party, noncurrent	$ 12,400,000		$ 14,700,000

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		2 Months Ended	4 Months Ended	30 Months Ended
	Nov. 30, 2018	Oct. 31, 2018	Jul. 31, 2019	Jun. 30, 2018	May 31, 2017	Mar. 31, 2020	Feb. 29, 2020	Dec. 31, 2019
Temporary Equity [Line Items]
Temporary equity, shares outstanding						0		39,600,423
Initial Public Offering
Temporary Equity [Line Items]
Temporary equity, shares outstanding							39,600,423
Series A Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares issued					14,430,799
Redeemable convertible preferred stock, issued price per share					$ 4.87
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs					$ 70.1
Temporary equity, shares outstanding								14,430,799
Series B Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares issued	435,547			7,731,155
Redeemable convertible preferred stock, issued price per share	$ 10.03			$ 7.30
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	$ 4.3			$ 56.2
Temporary equity, shares outstanding								15,165,110
Series B Redeemable Convertible Preferred Stock | Warp Drive Bio, Inc
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares issued		6,797,915
Convertible notes payable		$ 2
Conversion of shares		200,493
Series C Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares issued			10,004,514
Redeemable convertible preferred stock, issued price per share			$ 10.03
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs			$ 100
Temporary equity, shares outstanding								10,004,514

Redeemable Convertible Prefer_4

Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Temporary Equity [Line Items]
Shares authorized	0	192,904,770
Shares issued	0	39,600,423
Shares outstanding	0	39,600,423
Net carrying value		$ 305,109
Aggregate liquidation preference	$ 0	$ 308,688
Series A
Temporary Equity [Line Items]
Shares authorized		70,221,732
Shares issued		14,430,799
Shares outstanding		14,430,799
Net carrying value		$ 72,248
Aggregate liquidation preference		$ 84,865
Series B
Temporary Equity [Line Items]
Shares authorized		74,000,000
Shares issued		15,165,110
Shares outstanding		15,165,110
Net carrying value		$ 132,833
Aggregate liquidation preference		$ 120,152
Series C
Temporary Equity [Line Items]
Shares authorized		48,683,038
Shares issued		10,004,514
Shares outstanding		10,004,514
Net carrying value		$ 100,028
Aggregate liquidation preference		$ 103,671

Common Stock - Additional Infor

Common Stock - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)Vote$ / sharesshares	Dec. 31, 2019$ / sharesshares
Stockholders Equity Note [Abstract]
Common stock, shares authorized | shares	300,000,000	249,000,000
Common stock, par or stated value per share | $ / shares	$ 0.0001	$ 0.0001
Common stock, voting rights	Each share of common stock is entitled to one vote
Number of voting rights per common share | Vote	1
Common stock, dividends declared | $	$ 0

Common Stock - Schedule of Comm

Common Stock - Schedule of Common Stock Reserved on Converted Basis for Future Issuance (Details) - shares	Mar. 31, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	11,207,358	45,322,374
Redeemable Convertible Preferred Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total		39,600,423
Outstanding Options to Purchase Common Stock
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	5,568,324	4,918,299
Available for Future Issuance under the 2020 Incentive Award Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	5,110,075	803,652
Available for issuance under the 2020 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock reserved for future issuance, Total	528,959

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	Feb. 29, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance, Total		11,207,358		45,322,374
Unrecognized stock-based compensation expense related to unvested stock options		$ 22,200
Unrecognized stock-based compensation expense, weighted-average period of recognition		3 years
Share-based compensation related to options granted		$ 1,567	$ 403
Shares subject to repurchase		292,380		349,501
Exercise price of early exercised shares		$ 300		$ 300
Non-employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation related to options granted		$ 200	$ 100
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	4 years
Common stock reserved for future issuance, Total		5,110,075
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance, Total	528,959
Purchase price rate	85.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Option Activity Under the Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares underlying options, Beginning balance	4,918,299
Number of Shares underlying options, Options granted	661,122
Number of Shares underlying options, Options exercised	(11,097)
Number of Shares underlying options, Ending balance	5,568,324	4,918,299
Number of Shares underlying options, Options vested and expected to vest	5,568,324
Number of Shares underlying options, Options vested and exercisable	1,582,478
2020 Plan and 2014 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average exercise price, Beginning balance	$ 3.59
Weighted-average exercise price, Options granted	17.86
Weighted-average exercise price, Options exercised	2.48
Weighted-average exercise price, Ending balance	5.29	$ 3.59
Weighted-average exercise price, Options vested and expected to vest	5.29
Weighted-average exercise price, Options vested and exercisable	$ 2.33
Weighted-average remaining contractual term (in years)	8 years 10 months 6 days	8 years 11 months 15 days
Weighted-average remaining contractual term, Options vested and expected to vest	8 years 10 months 6 days
Weighted-average remaining contractual term, Options vested and exercisable	7 years 11 months 23 days
Aggregate intrinsic value	$ 92,572	$ 51,276
Aggregate intrinsic value, Options vested and expected to vest	92,572
Aggregate intrinsic value, Options vested and exercisable	$ 30,990

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,567	$ 403
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	893	208
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 674	$ 195

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net loss	$ (19,519)	$ (10,131)
Redeemable convertible preferred stock dividends - undeclared and cumulative	(2,219)	(2,676)
Net loss attributable to common stockholders	$ (21,738)	$ (12,807)
Denominator:
Weighted-average shares outstanding	32,227,701	3,212,427
Less: Weighted-average unvested restricted shares and shares subject to repurchase	(318,986)	(568,778)
Weighted-average shares used to compute net loss per share attributable to common stockholders-basic and diluted	29,297,698	2,643,649
Net loss per share attributable to common stockholders - basic and diluted	$ (0.74)	$ (4.84)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	5,860,704	28,962,118
Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares		25,595,909
Option to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	5,568,324	2,825,454
Options Early Exercised Subject to Future Vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive shares	292,380	540,755

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Events - Redwood City Lease $ in Millions	1 Months Ended
	Apr. 30, 2020USD ($)ft²
The 300 Building
Subsequent Event [Line Items]
Additional area of space leased | ft²	19,483
Lease beginning date	Dec. 15, 2020
Lease expiration date	Dec. 31, 2030
Annual base rent for lease	$ 1.2
Percentage of increase in annual base rent	3.50%
Operating lease, rent description	The annual base rent for the lease of the 300 Building is $1.2 million until December 31, 2021, after which the annual base rent will increase by approximately 3.5% in each subsequent year of the lease term.
The 700 Building
Subsequent Event [Line Items]
Lease expiration date	Dec. 31, 2030
Annual base rent for lease	$ 2.8
Percentage of increase in annual base rent	3.50%
Operating lease, rent description	The annual base rent for the lease of the 700 Building remains unchanged through April 30, 2023, and the annual base rent for the lease of the 700 Building is $2.8 million for the 12 month period ending April 30, 2024, after which the annual base rent increases by approximately 3.5% in each subsequent year of the lease term.