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. |