Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Revolution Medicines, Inc. | ||
Entity Central Index Key | 0001628171 | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | true | ||
Entity Common Stock, Shares Outstanding | 73,383,206 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Public Float | $ 1,106,856,260 | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive Proxy Statement relating to the registrant’s 2021 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. The proxy statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended December 31, 2020. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 104,268 | $ 16,659 |
Marketable securities | 336,473 | 106,099 |
Receivable from related party | 6,393 | 8,737 |
Prepaid expenses and other current assets | 6,988 | 2,486 |
Total current assets | 454,122 | 133,981 |
Property and equipment, net | 8,902 | 7,147 |
Operating lease right-of-use asset | 27,435 | |
Intangible assets, net | 60,945 | 62,013 |
Goodwill | 14,608 | 14,608 |
Restricted cash | 1,084 | 214 |
Other noncurrent assets | 305 | 2,566 |
Total assets | 567,401 | 220,529 |
Current liabilities: | ||
Accounts payable | 12,609 | 11,400 |
Accrued expenses and other current liabilities | 18,784 | 14,528 |
Operating lease liability | 3,672 | |
Deferred revenue, related party, current | 12,111 | 17,124 |
Total current liabilities | 47,176 | 43,052 |
Deferred rent, noncurrent | 1,741 | |
Deferred revenue, related party, noncurrent | 8,481 | 14,727 |
Deferred tax liability | 7,444 | 7,819 |
Operating lease liability | 28,992 | |
Other noncurrent liabilities | 632 | 655 |
Total liabilities | 92,725 | 67,994 |
Commitments and contingencies (Note 8) | ||
Redeemable convertible preferred stock, $0.0001 par value; zero and 192,904,770 shares authorized at December 31, 2020 and 2019, respectively; zero and 39,600,423 shares issued and outstanding at December 31, 2020 and 2019, respectively; aggregate liquidation preference of zero and $308,688 at December 31, 2020 and 2019, respectively | 305,109 | |
Stockholders' equity (deficit): | ||
Preferred stock, $0.0001 par value; 10,000,000 and zero shares authorized at December 31, 2020 and 2019, respectively; zero shares issued and outstanding at December 31, 2020 and 2019, respectively | ||
Common stock, $0.0001 par value; 300,000,000 and 249,000,000 shares authorized at December 31, 2020 and 2019, respectively; 66,599,748 and 3,292,124 shares issued and outstanding at December 31, 2020 and 2019, respectively | 7 | |
Additional paid-in capital | 740,098 | 4,738 |
Accumulated other comprehensive income | 116 | 74 |
Accumulated deficit | (265,545) | (157,386) |
Total stockholders' equity (deficit) | 474,676 | (152,574) |
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $ 567,401 | $ 220,529 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 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 | 66,599,748 | 3,292,124 |
Common stock, shares, outstanding | 66,599,748 | 3,292,124 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | |||
Total revenue | $ 42,983 | $ 50,041 | $ 20,165 |
Operating expenses: | |||
Research and development | 132,252 | 91,755 | 51,084 |
General and administrative | 21,428 | 12,406 | 9,410 |
Total operating expenses | 153,680 | 104,161 | 60,494 |
Loss from operations | (110,697) | (54,120) | (40,329) |
Other income (expense), net: | |||
Interest income | 2,238 | 2,189 | 777 |
Interest expense | (71) | (106) | (116) |
Change in fair value of redeemable convertible preferred stock liability | (2,121) | ||
Total other income (expense), net | 2,167 | 2,083 | (1,460) |
Loss before income taxes | (108,530) | (52,037) | (41,789) |
Benefit from income taxes | 371 | 4,373 | |
Net loss | (108,159) | (47,664) | (41,789) |
Redeemable convertible preferred stock dividends - undeclared and cumulative | (2,219) | (14,238) | (7,031) |
Net loss attributable to common stockholders | $ (110,378) | $ (61,902) | $ (48,820) |
Net loss per share attributable to common stockholders - basic and diluted | $ (2.01) | $ (22.33) | $ (21.24) |
Weighted-average common shares used to compute net loss per share, basic and diluted | 54,874,119 | 2,772,589 | 2,298,820 |
Collaboration Revenue, Related Party | |||
Revenue: | |||
Total revenue | $ 42,983 | $ 50,041 | $ 19,420 |
Collaboration Revenue, Other | |||
Revenue: | |||
Total revenue | $ 745 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss | $ (108,159) | $ (47,664) | $ (41,789) |
Other comprehensive income/(loss): | |||
Unrealized gain (loss) on investments, net | 42 | 74 | |
Total comprehensive loss | $ (108,117) | $ (47,590) | $ (41,789) |
CONSOLIDATED STATEMENTS OF REDE
CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Initial Public Offering | Follow-on Offering | Common Stock | Common StockInitial Public Offering | Common StockFollow-on Offering | Additional Paid-In Capital | Additional Paid-In CapitalInitial Public Offering | Additional Paid-In CapitalFollow-on Offering | Accumulated Other Comprehensive Income | Accumulated Deficit | Redeemable Convertible Preferred Stock | Series B Preferred Stock at $7.30 per Share | Series B Preferred Stock | Series B Preferred StockWarp Drive | Series B Preferred Stock at $10.03 per Share | Series C Preferred Stock |
Beginning balance at Dec. 31, 2017 | $ (67,717) | $ 216 | $ (67,933) | ||||||||||||||
Redeemable convertible preferred stock, beginning balance, shares at Dec. 31, 2017 | 14,430,799 | ||||||||||||||||
Redeemable convertible preferred stock, beginning balance at Dec. 31, 2017 | $ 72,248 | ||||||||||||||||
Beginning balance, shares at Dec. 31, 2017 | 2,673,828 | ||||||||||||||||
Issuance of redeemable convertible preferred stock, net of issuance costs, value | $ 58,347 | $ 68,144 | $ 4,332 | ||||||||||||||
Issuance of redeemable convertible preferred stock, net of issuance costs, shares | 7,731,155 | 6,797,915 | 435,547 | ||||||||||||||
Convertible note payable converted into Series B redeemable convertible preferred stock | $ 2,010 | ||||||||||||||||
Convertible note payable converted into Series B redeemable convertible preferred stock, shares | 200,493 | ||||||||||||||||
Issuance of common stock pursuant to stock option exercises | 47 | 47 | |||||||||||||||
Issuance of common stock pursuant to stock option exercises, shares | 107,194 | ||||||||||||||||
Issuance of common stock pursuant to early exercised stock options, shares | 546,602 | ||||||||||||||||
Vesting of early exercised stock options and restricted stock | 182 | 182 | |||||||||||||||
Repurchases of early exercised stock, shares | (118,700) | ||||||||||||||||
Stock-based compensation expense | 855 | 855 | |||||||||||||||
Net loss | (41,789) | (41,789) | |||||||||||||||
Ending balance at Dec. 31, 2018 | (108,422) | 1,300 | (109,722) | ||||||||||||||
Redeemable convertible preferred stock, ending balance, shares at Dec. 31, 2018 | 29,595,909 | ||||||||||||||||
Redeemable convertible preferred stock, ending balance at Dec. 31, 2018 | $ 205,081 | ||||||||||||||||
Ending balance, shares at Dec. 31, 2018 | 3,208,924 | ||||||||||||||||
Issuance of redeemable convertible preferred stock, net of issuance costs, value | $ 100,028 | ||||||||||||||||
Issuance of redeemable convertible preferred stock, net of issuance costs, shares | 10,004,514 | ||||||||||||||||
Issuance of common stock pursuant to stock option exercises | 114 | 114 | |||||||||||||||
Issuance of common stock pursuant to stock option exercises, shares | 70,250 | ||||||||||||||||
Issuance of common stock pursuant to early exercised stock options, shares | 100,860 | ||||||||||||||||
Vesting of early exercised stock options | 163 | 163 | |||||||||||||||
Repurchases of early exercised stock, shares | (87,910) | ||||||||||||||||
Stock-based compensation expense | 3,161 | 3,161 | |||||||||||||||
Unrealized gain (loss) on investments, net | 74 | $ 74 | |||||||||||||||
Net loss | (47,664) | (47,664) | |||||||||||||||
Ending balance at Dec. 31, 2019 | $ (152,574) | 4,738 | 74 | (157,386) | |||||||||||||
Redeemable convertible preferred stock, ending balance, shares at Dec. 31, 2019 | 39,600,423 | 39,600,423 | |||||||||||||||
Redeemable convertible preferred stock, ending balance at Dec. 31, 2019 | $ 305,109 | $ 305,109 | |||||||||||||||
Ending 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 offering, net of offering costs | $ 250,697 | $ 167,767 | $ 2 | $ 1 | $ 250,695 | $ 167,766 | |||||||||||
Issuance of common stock upon offering, net of offering costs, shares | 16,100,000 | 6,900,000 | |||||||||||||||
Issuance of common stock pursuant to stock option exercises | 1,877 | 1,877 | |||||||||||||||
Issuance of common stock pursuant to stock option exercises, shares | 694,441 | ||||||||||||||||
Issuance of common stock related to employee stock purchase plan | 832 | 832 | |||||||||||||||
Issuance of common stock related to employee stock purchase plan, shares | 29,237 | ||||||||||||||||
Issuance of common stock related to vesting of restricted stock units, shares | 1,681 | ||||||||||||||||
Vesting of early exercised stock options | 199 | 199 | |||||||||||||||
Repurchases of early exercised stock, shares | (18,158) | ||||||||||||||||
Stock-based compensation expense | 8,886 | 8,886 | |||||||||||||||
Unrealized gain (loss) on investments, net | 42 | 42 | |||||||||||||||
Net loss | (108,159) | (108,159) | |||||||||||||||
Ending balance at Dec. 31, 2020 | $ 474,676 | $ 7 | $ 740,098 | $ 116 | $ (265,545) | ||||||||||||
Redeemable convertible preferred stock, ending balance, shares at Dec. 31, 2020 | 0 | ||||||||||||||||
Ending balance, shares at Dec. 31, 2020 | 66,599,748 |
CONSOLIDATED STATEMENTS OF RE_2
CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Initial Public Offering | |||
Stock issuance cost | $ 23,003 | ||
Follow-on Offering | |||
Stock issuance cost | $ 11,633 | ||
Series B Preferred Stock at $7.30 per Share | |||
Shares issued price per share | $ 7.30 | ||
Stock issuance cost | $ 204 | ||
Adjusted redeemable convertible preferred stock liability | $ 2,121 | ||
Series B Preferred Stock at $10.03 per Share | |||
Shares issued price per share | $ 10.03 | ||
Stock issuance cost | $ 34 | ||
Series C Preferred Stock | |||
Shares issued price per share | $ 10.03 | ||
Stock issuance cost | $ 254 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net loss | $ (108,159) | $ (47,664) | $ (41,789) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
Amortization of intangible assets | 1,068 | 1,069 | 198 |
Stock-based compensation expense | 8,886 | 3,161 | 855 |
Depreciation and amortization | 2,611 | 2,273 | 1,566 |
Loss on disposal of property and equipment | 226 | 201 | |
Loss on disposal of held for sale assets | 597 | ||
Net amortization (accretion) of premium (discount) on marketable securities | 968 | (450) | |
Amortization of operating lease right-of-use asset | 2,866 | ||
Change in fair value of redeemable convertible preferred stock liability | 2,121 | ||
Changes in operating assets and liabilities: | |||
Receivable from related party | 2,344 | (1,434) | (7,303) |
Prepaid expenses and other current assets | (1,924) | (541) | (909) |
Accounts payable | 305 | 5,264 | 109 |
Accrued expenses and other current liabilities | 4,855 | 6,042 | 1,906 |
Deferred revenue, related party | (11,259) | (13,392) | 44,499 |
Deferred rent | (513) | (552) | |
Operating lease liability | (2,565) | ||
Deferred tax liability | (375) | (4,373) | |
Other noncurrent assets | 139 | (65) | |
Other noncurrent liabilities | 176 | 184 | 311 |
Net cash provided by (used in) operating activities | (100,064) | (49,616) | 1,213 |
Cash flows from investing activities | |||
Purchases of marketable securities | (544,133) | (172,266) | |
Sales of marketable securities | 3,005 | 11,200 | |
Maturities of marketable securities | 309,828 | 55,490 | |
Purchases of property and equipment | (2,933) | (2,589) | (1,499) |
Proceeds from sales of property and equipment | 196 | ||
Proceeds from sale of held for sale assets | 6,000 | ||
Cash acquired in Warp Drive acquisition, net | 160 | ||
Net cash used in investing activities | (234,233) | (101,969) | (1,339) |
Cash flows from financing activities | |||
Proceeds from issuance of common stock, net of issuance costs | 420,067 | ||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 100,028 | 60,558 | |
Proceeds from issuance of common stock under equity incentive plans | 1,877 | 277 | 420 |
Proceeds from issuance of common stock under employee stock purchase plan | 832 | ||
Repurchases of early exercised stock options | (45) | (131) | |
Payments of deferred offering costs | (1,602) | ||
Net cash provided by financing activities | 422,776 | 98,658 | 60,847 |
Net (decrease) increase in cash, cash equivalents and restricted cash | 88,479 | (52,927) | 60,721 |
Cash, cash equivalents and restricted cash - beginning of year | 16,873 | 69,800 | 9,079 |
Cash, cash equivalents and restricted cash - end of year | 105,352 | 16,873 | 69,800 |
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets | |||
Cash and cash equivalents | 104,268 | 16,659 | 69,586 |
Restricted cash | 1,084 | 214 | 214 |
Cash, cash equivalents and restricted cash - end of year | 105,352 | 16,873 | 69,800 |
Supplemental disclosure of non-cash investing and financing activities | |||
Vesting of early exercised options and restricted stock | 199 | 163 | 182 |
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities | 1,813 | 380 | 233 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 21,188 | ||
Extinguishment of redeemable convertible preferred stock liability | 2,314 | ||
Unpaid deferred offering costs | $ 519 | ||
Warp Drive | |||
Supplemental disclosure of non-cash investing and financing activities | |||
Redeemable convertible preferred stock issued in Warp Drive acquisition | 68,144 | ||
Unpaid consideration for Warp Drive acquisition included within accrued expenses and other current liabilities | 102 | ||
Series B Redeemable Convertible Preferred Stock | |||
Supplemental disclosure of non-cash investing and financing activities | |||
Conversion of convertible note payable into Series B redeemable convertible preferred stock | $ 2,010 |
Organization
Organization | 12 Months Ended |
Dec. 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 targeted therapies to inhibit frontier targets in RAS-addicted cancers. The Company was founded in October 2014 and is headquartered in Redwood City, California. Liquidity The Company has incurred net operating losses in each year since inception. As of December 31, 2020, the Company had an accumulated deficit of $265.5 million. Management believes that its existing cash, cash equivalents and marketable securities will enable the Company to fund its planned operations for at least 12 months following the issuance date of these consolidated financial statements. The Company has been able to fund its operations through the issuance and sale of common stock and redeemable convertible preferred stock in addition to upfront payments and research and development cost reimbursement received under the Company’s collaboration agreement with Genzyme Corporation, an affiliate of Sanofi. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development and payments the Company may receive under the Sanofi collaboration agreement or future collaboration agreements, if any. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending should additional capital not become available could have a material adverse effect on the Company’s ability to achieve its business objectives. Public offerings On February 2020, the Company closed its initial public offering (IPO), and issued 16,100,000 shares of its common stock (including the exercise in full by the underwriters of their option to purchase an additional 2,100,000 shares of common stock) at a price to the public of $17.00 per share for net proceeds of $250.7 million, after deducting underwriting discounts and commissions of $19.2 million and expenses of $3.8 million. In July 2020, the Company issued and sold 6,900,000 shares of its common stock in an underwritten public offering (including the exercise in full by the underwriters of their option to purchase an additional 900,000 shares of the Company’s common stock) at a price of $26.00 per share for net proceeds of $167.8 million, after deducting underwriting discounts and commissions of $10.8 million and expenses of $0.8 million. In February 2021, the Company issued and sold 6,666,666 shares of its common stock in an underwritten public offering at a price of $45.00 per share (including the exercise in full by the underwriters of their option to purchase an additional 869,565 shares of its common stock) for net proceeds of approximately $281.3 million, after deducting underwriting discounts and commissions. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of significant accounting policies Basis of presentation The 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 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, 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 its estimates and assumptions and there was not a material impact to the Company’s consolidated financial statements as of and for the twelve months ended December 31, 2020. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods. Cash and cash equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents. As of December 31, 2020 and 2019, cash equivalents consist of amounts invested in money market funds and investments in U.S. government agency bonds, commercial paper and corporate bonds with original maturities of three months or less at the date of purchase. Marketable securities Investments in marketable securities primarily consist of U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds. The Company has classified its marketable securities as available-for-sale and may sell these securities prior to their stated maturities. The Company views these marketable securities as available to support current operations and classifies marketable securities with maturities beyond 12 months as current assets. The Company’s investments in marketable securities are carried at estimated fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities. Unrealized gains and losses are reported as a component of accumulated other comprehensive loss. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income on the consolidated statements of operations. Realized gains and losses are included in interest income on the consolidated statements of operations. The Company periodically evaluates its investments to assess whether those with unrealized loss positions are other than temporarily impaired. The Company considers various factors in determining whether to recognize an impairment charge. If the Company determines that the decline in an investment’s fair value is other-than-temporary, the difference is recognized as an impairment loss in the consolidated statements of operations. As of December 31, 2020, no other-than-temporary-impairment has been recorded. Restricted cash As of December 31, 2020 and 2019, the Company had $1.1 million and $0.2 million, respectively, of noncurrent restricted cash related to Company issued letters of credit in connection with leases. These amounts are held in separate bank accounts to support letter of credit agreements for the leases. Concentration of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s cash is held by two financial 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 9, “Sanofi collaboration agreement.” The Company’s clinical trial sites for its RMC-4630 clinical studies may be affected by the COVID-19 outbreak due to prioritization of hospital resources toward the COVID-19 outbreak, travel or quarantine restrictions imposed by governments, and the inability to access sites for initiation and patient monitoring and enrollment. As a result, patient screening, new patient enrollment, monitoring and data collection may be affected or delayed. The Company is aware that several clinical sites involved in its RMC-4630 clinical studies temporarily stopped or delayed enrolling new patients, with exemptions if appropriate, and it is possible that these or other clinical sites may be similarly affected in the future. These developments may delay the Company’s clinical trial timelines. Some of the Company’s third-party manufacturers which it uses for the supply of materials for product candidates or other materials necessary to manufacture product to conduct preclinical tests and clinical trials and contract research organizations may be impacted by COVID-19, and should they experience disruptions, such as temporary closures or suspension of services, the Company would likely experience delays in advancing clinical trials. Fair value measurement The carrying amounts of the Company’s certain financial instruments, including cash equivalents, accounts payable and accrued expenses and other current liabilities approximate fair value due to their relatively short maturities and market interest rates, if applicable. Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, which is generally three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the assets’ estimated useful lives or the remaining term of the lease. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is reflected in the consolidated statement of operations. Useful lives of property and equipment are as follows: Property and equipment Estimated useful life Laboratory equipment 4-5 years Leasehold improvements Lesser of estimated useful life or remaining lease term Computer equipment and software 3 years Furniture and fixtures 5 years 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. Impairment of long-lived assets Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amounts of the asset group to the future undiscounted cash flows attributable to these assets. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets. There were no impairments of long-lived assets for any of the periods presented. Acquired intangible assets Indefinite-lived intangible assets represent the estimated fair value assigned to in-process research and development (IPR&D) acquired in a business combination. The Company reviews indefinite-lived intangible assets for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of the assets might not be recoverable. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, then it is written down to its adjusted fair value. As of December 31, 2020, there have been no such impairments. For IPR&D, if a product candidate derived from the indefinite-lived intangible asset is developed and commercialized, the useful life will be determined, and the carrying value will be amortized prospectively over that estimated useful life. Alternatively, if a product candidate is abandoned, the carrying value of the intangible asset will be charged to research and development expenses in the consolidated statements of operations. Finite-lived intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date and are carried at cost less accumulated amortization and impairment. Amortization is computed using the straight-line method over the estimated useful lives of the respective finite-lived intangible assets. Intangible assets are reviewed for impairment at least annually or more frequently if indicators of potential impairment exist. As of December 31, 2020, no such impairment has been recorded. Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired in a business combination. The Company reviews goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. Goodwill is tested for impairment at the reporting unit level by first assessing the qualitative factors to determine whether it is more likely than not that the fair value of the Company’s single reporting unit is less than its carrying amount. Qualitative indicators assessed include consideration of macroeconomic, industry and market conditions, the Company’s overall financial performance and personnel or strategy changes. Based on the qualitative assessment, if it is determined that it is more likely than not that its fair value is less than its carrying amount, the fair value of the Company’s single reporting unit is compared to its carrying value. Any excess of the goodwill carrying amount over the fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value. As of December 31, 2020, no goodwill impairment has been identified. Redeemable convertible preferred stock The Company records all shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The redeemable convertible preferred stock is recorded outside of permanent equity because while it is not mandatorily redeemable, in the event of certain events considered not solely within the Company’s control, such as a merger, acquisition or sale of all or substantially all of the Company’s assets (each, a “deemed liquidation event”), the redeemable convertible preferred stock will become redeemable at the option of the holders of at least a majority of the then outstanding such shares. The Company has not adjusted the carrying values of the redeemable convertible preferred stock to the liquidation preferences of such shares because it is uncertain whether or when a deemed liquidation event would occur that would obligate the Company to pay the liquidation preferences to holders of shares of redeemable convertible preferred stock. Subsequent adjustments to the carrying values to the liquidation preferences will be made only when it becomes probable that such a deemed liquidation event will occur. Redeemable convertible preferred stock liability The Company’s March 2018 issuance and sale of Series B redeemable convertible preferred stock was tranched into two funding dates, a first closing in March 2018, and a second closing to purchase additional shares in June 2018. The Company classified the obligation for the future purchase of additional shares under the second closing as a liability on the Company’s consolidated balance sheets as the obligation met the definition of a freestanding financial instrument. This redeemable convertible preferred stock tranche liability was initially recorded at a fair value of $0.2 million upon the date of issuance and was subsequently remeasured to fair value at each reporting date using Level 3 fair value inputs. Changes in the fair value of the redeemable convertible preferred stock tranche obligation of $2.1 million were recognized as a component of other income (expense), net in the consolidated statements of operations and until the tranche obligation was fulfilled and extinguished upon the second closing in June 2018. Revenue recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into collaboration agreements under which it may obtain upfront license fees, research and development funding, and development, regulatory and commercial milestone payments and royalty payments. The Company’s performance obligations under these arrangements may include licenses of intellectual property, sales and distribution rights, research and development services, delivery of manufactured product and/or participation on joint steering committees. Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from upfront license fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring proportional performance for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of proportional performance each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Research, development and regulatory milestone payments: At the inception of each arrangement that includes research, development, or regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. The Company uses the most likely amount method for research, development and regulatory milestone payments. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Sales-based milestones and royalties: For arrangements that include sales-based milestone or royalty payments based on the level of sales, and in which the license is deemed to be the predominant item to which the sales-based milestone or royalties relate to, the Company recognizes revenue in the period in which the sales-based milestone is achieved and in the period in which the sales associated with the royalty occur. To date, the Company has not recognized any or sales-based milestone or royalty revenue resulting from its collaboration arrangements. Deferred revenue represents amounts received by the Company for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount to be recognized within one year from the balance sheet date based on the estimated performance period of the underlying performance obligation. The noncurrent portion of deferred revenue represents amounts to be recognized after one year through the end of the performance period of the performance obligation. Research and development expenditures Research and development expenses consist of costs incurred for the Company’s own and for collaborative research and development activities. Research and development costs are expensed as incurred. Research and development costs consist of salaries and benefits, including associated stock-based compensation, and laboratory supplies and facility costs, as well as fees paid to other entities that conduct certain research and development activities on the Company’s behalf. The Company estimates preclinical study and clinical trial expenses based on the services performed pursuant to contracts with research institutions and contract research organizations and clinical manufacturing organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf based on actual time and expenses incurred by them. Further, the Company accrues expenses related to clinical trials based on the level of patient activity according to the related agreement. The Company monitors patient enrollment levels and related activity to the extent reasonably possible and adjusts estimates accordingly. Stock-based compensation The Company measures its stock-based awards granted to employees and directors based on the estimated fair values of the awards and recognizes the compensation on a straight-line basis over the requisite service period. The fair value of options issued under the employee stock purchase plan is calculated using the Black-Scholes option-pricing model. Restricted stock units are valued based on the closing price of the Company’s common stock on the date of grant. Comprehensive loss For the years ended December 31, 2020 and 2019, other comprehensive loss includes net unrealized gains on marketable securities. For the year ended December 30, 2018, there were no components of other comprehensive loss for the Company, and comprehensive loss is the same as the net loss. Income taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s historical operating performance and the recorded cumulative net losses in prior fiscal periods, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of interest expense. Net loss per share attributable to common stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, redeemable convertible preferred stock, stock options, common stock subject to repurchase related to unvested restricted stock awards and early exercise of stock options are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock is considered a participating security because it participates in dividends with common stock. The Company also considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of all series of redeemable convertible preferred stock and the holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods. Deferred offering costs The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ deficit (equity) as a reduction of additional paid-in capital generated as a result of the equity financing. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations. As of December 31, 2020 and 2019, zero and $2.1 million of deferred offering costs, respectively, were capitalized in other noncurrent assets on the consolidated balance sheets. Segment reporting The Company has one operating and reportable segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources and evaluating financial performance. All of the Company’s long-lived assets are located in the United States. Retirement plans The Company maintains a 401(k) retirement plan for its employees. The Company is responsible for administrative costs of the 401(k) plan. The Company may, at its discretion, make matching or profit-sharing contributions to the 401(k) plan. For the years ended December 31, 2020, 2019 and 2018, the Company made $0.2 million, $0.2 million and zero matching contributions, respectively, under the plan. Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the FASB, under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently adopted accounting pronouncements In 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 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 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 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 In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 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 Codification Improvements to Topic 326, Financial Instruments—Credit Losses Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief 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 In December 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs In October 2020, FASB issued ASU2020-10, Codification Improvements |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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: December 31, 2020 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 16,696 $ 16,696 $ — $ — Commercial paper (1, 2) 151,663 — 151,663 — U.S. government and agency securities (1, 2) 270,520 — 270,520 — Corporate bonds (1, 2) 3,200 — 3,200 — Total $ 442,079 $ 16,696 $ 425,383 $ — December 31, 2019 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 9,369 $ 9,369 $ — $ — Commercial paper (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 | 12 Months Ended |
Dec. 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: December 31, 2020 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 69,871 $ — $ (5 ) $ 69,866 U.S. government and agency securities 266,481 131 (5 ) 266,607 Total marketable securities 336,352 131 (10 ) 336,473 Cash equivalents: Money market funds 16,696 — — 16,696 Commercial paper 81,800 — (3 ) 81,797 U.S. government and agency securities 3,913 — — 3,913 Corporate bonds 3,202 — (2 ) 3,200 Total cash equivalents 105,611 — (5 ) 105,606 Total available-for-sale investments $ 441,963 $ 131 $ (15 ) $ 442,079 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 and cash equivalents by contractual maturity are summarized below as of December 31, 2020: December 31, 2020 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Mature in one year or less $ 409,968 $ 127 $ (15 ) $ 410,080 Mature after one year through two years 31,995 4 — 31,999 Total marketable securities $ 441,963 $ 131 $ (15 ) $ 442,079 |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 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: December 31, 2020 2019 (in thousands) Laboratory equipment $ 9,978 $ 8,032 Leasehold improvements 3,387 3,342 Computer equipment and software 1,578 1,284 Furniture and fixtures 48 48 Construction in progress 1,981 — 16,972 12,706 Less: accumulated depreciation and amortization (8,070 ) (5,559 ) Property and equipment, net $ 8,902 $ 7,147 Depreciation and amortization expense for property and equipment amounted to $2.6 million, $2.3 million and $1.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: December 31, 2020 2019 (in thousands) Accrued compensation $ 7,736 $ 4,069 Accrued research and development 10,459 7,195 Deferred rent, current — 609 Accrued professional services 492 1,607 Other 97 1,048 Total accrued expenses and other current liabilities $ 18,784 $ 14,528 |
Acquisition of Warp Drive
Acquisition of Warp Drive | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisition of Warp Drive | 6. Acquisition of Warp Drive In October 2018, the Company acquired all outstanding shares of Warp Drive in exchange for issuing 6,797,915 shares of the Company’s Series B redeemable convertible preferred stock and $0.9 million in other consideration, for total consideration of $69.0 million. Warp Drive was a privately held biotechnology company based in Cambridge, Massachusetts. Warp Drive’s RAS programs include compounds targeting various cancer indications, while its tri-complex platform is targeted at identifying presenter proteins for binding with small molecules and a target. Additionally, Warp Drive had a genome mining platform that is subject to a collaboration agreement with Hoffman-La Roche Ltd. (Roche) involving research in the area of neomorph antibiotics. Pursuant to ASC Topic 805, Business Combinations, the transaction was determined to be a business combination and was accounted for using the acquisition method of accounting. The following table presents a summary of the purchase price consideration for the acquisition: (in thousands) Series B redeemable convertible preferred stock $ 68,144 Cash 1,172 Contingently returnable consideration asset (310 ) Total consideration $ 69,006 The fair value of $10.03 per share of Series B redeemable convertible preferred stock was determined using a discounted cash flow model to estimate the value of the Company’s equity, and subsequently allocated to the Series B redeemable convertible preferred stock using an option pricing method. The shares and cash issued as part of the transaction include 494,771 shares and less than $0.1 million of cash subject to a holdback based on certain events associated with Warp Drive’s agreement with Roche. The shares and cash subject to the holdback were issued on closing of the acquisition, but would be required to be returned to the Company if the holdback events did not occur. On the acquisition date, the Company determined the fair value of the holdback provision was $0.3 million and recorded it as a contingently returnable consideration asset on its consolidated balance sheet. The shares subject to the holdback retained their voting rights. In March 2019, the events subject to the holdback occurred and the issued shares and cash were no longer subject to the holdback provision. See Note 3, “Fair value measurements,” for a description of the determination of the fair value of the contingently returnable consideration asset. During the year ended December 31, 2018, the Company incurred $0.4 million of acquisition-related costs as a result of the Warp Drive acquisition, which were recorded as general and administrative expenses in the consolidated statements of operations. The Company also paid $0.6 million in transaction costs incurred by Warp Drive related to Warp Drive’s advisors, which was included as part of the purchase price consideration. The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date: (in thousands) Assets acquired: Cash and other current assets $ 1,594 Property and equipment 2,151 In-process research and development - RAS programs 55,800 Developed technology - tri-complex platform 7,480 Developed technology - genome mining platform 6,100 Total assets acquired 73,125 Liabilities assumed: Accounts payable and other accrued liabilities 3,790 Convertible note payable, related party 2,000 Deferred revenue 745 Deferred tax liability 12,192 Total liabilities assumed 18,727 Goodwill 14,608 Total $ 69,006 The valuations of the IPR&D—RAS programs and developed technology—genome mining platform were determined using the income approach, which discounts expected future cash flows to present value. The discount rates used were between 13% and 14%. The projected cash flows were based on key assumptions such as: estimates of revenues and operating profits related to each program or platform considering its stage of development on the acquisition date; the time and resources needed to complete the development and approval of product candidates; the life of the potential commercialized products and associated risks, including the inherent difficulties and uncertainties in developing a product candidate such as obtaining marketing approval from the FDA and other regulatory agencies; and risks related to the viability of and potential alternative treatments in any future target markets. Intangible assets associated with acquired IPR&D relate to the RAS programs. Management determined that the estimated acquisition-date fair value of the intangible asset related to IPR&D was $55.8 million, which was comprised of $44.1 million related to the KRAS G12C G12D G12C G12D The valuation of the developed technology—tri-complex platform was based on a replacement cost approach as the Company’s management intends to leverage the platform internally, but does not have the ability to assign a specific income stream to the asset. The tri-complex platform was accounted for as developed technology and is being amortized over 7 years. Amortization expense for the years ended December 31, 2020, 2019 and 2018 was $1.1 million, $1.1 million and $0.2 million, respectively. The genome mining platform, including the associated Roche collaboration agreement, was accounted for as held for sale developed technology and was divested in January 2019 to Gingko Bioworks (Gingko). The Company received $6.0 million in cash consideration from Gingko and Roche as part of the transaction, and is entitled to receive up to 25% of future milestones earned by Gingko under the collaboration agreement with Roche included as part of this sale. The Company recognized a loss on disposal of $0.6 million during the year ended December 31, 2019, which was recorded in research and development expenses in the consolidated statements of operations. The Company assumed a convertible promissory note (the Convertible Note), as part of the Company’s acquisition of Warp Drive. See Note 15, “Related party relationships.” Deferred revenue consists of the remaining estimated cost obligations, including mark-up, associated with the collaboration with Roche. The entire amount was recognized as revenue during the year ended December 31, 2018 and included under collaboration revenue, other in the consolidated statements of operations. The Company recorded $14.6 million in goodwill associated with this acquisition, which relates to the establishment of a deferred tax liability for the non-deductible in-process research and development intangible assets acquired and synergies resulting from the acquisition. Goodwill will not be amortized but will be tested at least annually for impairment. Subsequent to the acquisition, the Company recorded $1.4 million of severance costs during the year ended December 31, 2018 in the consolidated statement of operations. The acquisition is considered a material business combination and accordingly unaudited pro forma information presented below for the year ended December 31, 2018, includes the effects of pro forma adjustments as if the acquisition of Warp Drive occurred on January 1, 2017, the beginning of the comparable prior annual reporting period. The unaudited pro forma results include adjustments related to the following: (i) amortization expense related to the fair value of identifiable intangible assets acquired, (ii) impact of the genome mining deposition, (iii) alignment of Warp Drive’s revenue recognition policy to the Company’s adoption method and adoption date of ASC 606, (iv) inclusion of incurred acquisition-related and severance costs as of the earliest period presented, (v) elimination of interest expense and gain related to Warp Drive’s convertible note payable, which was converted into Warp Drive common stock immediately prior to the acquisition and subsequently converted into the Company’s Series B redeemable convertible preferred stock in connection with the acquisition, and (vi) adjustment of depreciation expense related to the estimated useful lives of property and equipment acquired. The pro forma financial information presented below is not necessarily indicative of the results of operations that would have been achieved if the acquisition occurred at the beginning of the earliest period presented, nor is it intended to be a projection of future results. Year Ended December 31, 2018 (unaudited, in thousands) Revenue $ 20,302 Net loss (57,151 ) Revenues associated with Warp Drive included in the Company’s consolidated statement of operations were $0.7 million for the period from acquisition date to December 31, 2018. Net loss associated with Warp Drive included in the Company’s consolidated statement of operations was $4.2 million for the period from the acquisition date to December 31, 2018. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | 7. Intangible assets and goodwill Intangible assets, net Intangible assets, net consist of the following as of December 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 (2,335 ) 5,145 4.8 Total $ 63,280 $ (2,335 ) $ 60,945 Amortization expense for the years ended December 31, 2020, 2019 and 2018 were $1.1 million, $1.1 million and $0.2 million, respectively. See Note 6, “Acquisition of Warp Drive”, for a description of the assets acquired as part of the Warp Drive acquisition. As of December 31, 2020, future amortization expense is as follows: Amount (in thousands) 2021 1,069 2022 1,069 2023 1,069 2024 1,069 2025 869 Total $ 5,145 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: (in thousands) Balance at December 31, 2019 $ 14,608 Adjustment — Balance at December 31, 2020 $ 14,608 No impairment has been recognized as of December 31, 2020. Goodwill recorded is not deductible for income tax purposes. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and contingencies Leases In January 2015, as amended in September 2016, the Company entered into an operating lease for approximately 42,000 square feet of office and laboratory space located at 700 Saginaw Drive, Redwood City, California (the 700 Building), with a term through April 2023. In April 2020, the Company amended the lease to lease an additional 19,000 square feet of office, laboratory and research and development space located at 300 Saginaw Drive, Redwood City, California (the 300 Building), beginning on December 15, 2020 and ending December 31, 2030, and to extend the Company’s existing lease term for the 700 Building until December 31, 2030. The Company has the option to extend the lease term for the 700 Building and the 300 Building together for an additional ten years after 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 increases to $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. In conjunction with the lease agreement, the Company paid a security deposit of $0.3 million which is included in other noncurrent assets on the consolidated balance sheets as of December 31, 2019 and 2018, respectively. In connection with the lease amendment the Company issued a letter of credit for $0.9 million, Through December 31, 2020, the landlord has provided the Company with $3.4 million in tenant improvement allowances for the 700 Building, which were recognized as a lease incentive. The lease amendment provides the Company with an additional tenant improvement allowance for a total of $3.2 million to complete the renovation to the 300 building, which the Company has determined to be lessee owned. Upon the execution of the amendment, which was deemed to be a lease modification, the Company re-evaluated the assumptions used during the adoption of ASC 842 for the lease. The Company determined the amendment consists of two separate contracts under ASC 842. One contract is related to a new right-of-use asset for the 300 Building, which is being accounted for as a new operating lease, and the other is related to the modification of the original lease term for the original 700 Building. As a result, the Company recorded a right-of-use asset of $6.4 million and a lease liability of $9.0 million for the 300 Building and an increase of $14.8 million to the right-of-use asset and lease liability for the 700 Building upon the lease amendment. The Company is recognizing rent expense on a straight-line basis through the remaining extended term of the respective leases. In July 2015, as amended in March 2016 and September 2016, the Company subleased a portion of the Redwood City Lease to Pliant Therapeutics, Inc., a related party, which expired in June 2018. Sublease income of zero, zero and $0.9 million for the years ended December 31, 2020, 2019 and 2018, respectively, was recorded as an offset to rent expense in the consolidated statements of operations. As part of the Warp Drive acquisition in October 2018, the Company assumed an operating lease for approximately 22,000 square feet of office and laboratory space located in Cambridge, Massachusetts (Cambridge Lease), which expires in February 2023, with an option to extend the term through February 2028, subject to certain conditions. In March 2019, the Company fully subleased the Cambridge Lease to Casma Therapeutics, Inc. (Casma), a related party, on financial terms substantially the same as the original lease. The sublease term with Casma is through the remainder of the Cambridge Lease term. The sublease by Casma and related sublease payments by Casma to the Company are fully guaranteed by Third Rock Ventures, LLC, a related party. In conjunction with the Cambridge Lease, the Company issued a letter of credit for $0.2 million, which is included in restricted cash on the consolidated balance sheets as of December 31, 2020 and 2019. The balance sheet classification of the Company’s lease liabilities was as follows: December 31, 2020 (in thousands) Operating lease liabilities: Operating lease liability – current $ 3,672 Operating lease liability – noncurrent 28,992 Total operating lease liabilities 32,664 Financing lease liabilities: Accrued expenses and other current liabilities 19 Total financing lease liabilities 19 Total lease liabilities $ 32,683 For the year ended December 31, 2020, operating lease cost was $2.7 million, net of sublease income of $1.9 million and tenant improvement allowance credits of $0.2 million. The operating cash flows for operating leases were $2.6 million year ended December 31, 2020. Short-term lease costs were immaterial for the year ended December 31, 2020. As of December 31, 2020, the maturities of the Company’s operating lease liabilities were as follows (in thousands): 2021 $ 4,381 2022 5,144 2023 4,173 2024 4,215 2025 4,363 Thereafter 24,213 Total undiscounted lease payments $ 46,489 Less: Imputed interest (10,669 ) Less: Tenant improvement allowance (3,156 ) Total operating lease liabilities $ 32,664 The amounts reflected in the table above include the Company’s lease payments for the Cambridge lease, but do not reflect any offset for the sublease payments the Company is entitled to receive from Casma. The amounts representing the tenant improvement allowance, which are recorded in prepaid expenses and other current assets, are expected to be fully received by the Company by the end of the first quarter of 2021. 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 7.1%. As of December 31, 2020, the weighted-average remaining lease term is 9.1 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 under ASC840 for the years ended December 31, 2019 and 2018 was $2.0 million and $1.5 million, respectively, net of sublease income and tenant improvement allowance credits. The terms of the facility leases provide for rental payments on a graduated scale; however, rent expense was recognized on a straight-line basis over the lease term. As of December 31, 2019, $2.4 million was included as deferred rent, which includes the deferred tenant improvement allowance and straight-line rent. The current portion of deferred rent is included in accrued expenses and other current liabilities and the noncurrent portion of deferred rent is included in deferred rent, noncurrent on the consolidated balance sheets. 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 December 31, 2020 and 2019, 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 | 12 Months Ended |
Dec. 31, 2020 | |
Collaboration Agreement [Abstract] | |
Sanofi Collaboration Agreement | 9. Sanofi collaboration agreement In June 2018, the Company entered into a collaborative research, development and commercialization agreement (the Sanofi Agreement) with Aventis, Inc. (an affiliate of Sanofi) to research and develop SHP2 inhibitors, including RMC-4630, for any indications. The Sanofi Agreement was assigned to Genzyme Corporation, a Sanofi affiliate, in December 2018. 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 issuance of shares of the Company’s Series B redeemable convertible preferred stock and payment of cash. Sanofi was a stockholder of Warp Drive and received the Company’s Series B redeemable convertible preferred stock during the transaction and accordingly became an investor and related party of the Company. Under the Sanofi Agreement, the Company received a non-refundable, upfront cash payment of $50 million in July 2018 and could also receive up to $520 million in development and regulatory milestone payments, including up to $235 million upon the achievement of specified development milestones and up to $285 million upon the achievement of certain marketing approval milestones. The Company has primary responsibility for early clinical development and for the manufacture of SHP2 inhibitors for Phase 1 and non-registrational Phase 2 clinical trials of RMC-4630 pursuant to an initial development plan. A joint research and development committee is responsible for preparing development plans for other SHP2 inhibitors approved by this committee for development, if any. Sanofi is responsible to reimburse the Company all internal and external costs and expenses to perform the Company’s activities under the development plans. The Company is also primarily responsible for performing preclinical research on SHP2 inhibitors, pursuant to a research plan that is currently approved through 2021. The research plan and budget beyond 2021 will be determined by a joint research and development committee, over which Sanofi has final decision-making power subject to certain exceptions. Sanofi is responsible to reimburse the Company for all internal and external costs and expenses incurred to perform activities under the approved research plans, with the exception of internal and external research costs and expenses under the approved research plans for 2019 and 2020, for which Sanofi is obligated to reimburse the Company for 80% of such costs. The Company is responsible for 20% of all internal and external research costs incurred under the research plans for 2019 and 2020. Sanofi is responsible to reimburse the Company for all internal and external costs and expenses incurred under the research plan for 2021. In the United States, the Company will share equally with Sanofi the profits and losses applicable to commercialization of SHP2 inhibitor products, pursuant to a profit/loss share agreement that the parties will negotiate based on key terms agreed in the Sanofi Agreement. On a product-by-product basis, Sanofi will also be required to pay the Company tiered royalties on annual net sales of each product outside the United States ranging from high single digit to mid-teen percentages. Unless terminated earlier, the Sanofi Agreement will continue in effect until the later of the expiration of all of Sanofi’s milestone and royalty payment obligations and the expiration of the profit/loss share agreement. Sanofi may terminate the Sanofi Agreement in its entirety or on a country-by-country or product-by-product basis for any reason or for significant safety concerns, upon prior notice to the Company. Sanofi may terminate the Sanofi Agreement in its entirety upon a change of control in the Company, with prior notice. Either party may terminate the Sanofi Agreement if an undisputed material breach by the other party is not cured within a defined period of time, or immediately upon notice for insolvency-related events of the other party. The Company may terminate the Sanofi Agreement after a certain number of years if Sanofi develops a competing program without commencing a registrational clinical trial for a SHP2 inhibitor product candidate, and subject to certain other conditions. The Company may also terminate the Sanofi Agreement at any time, if Sanofi ceases certain critical activities for SHP2 inhibitor product candidates for more than a specified period of time, provided that such cessations of critical activity were not a result of certain specified factors, and subject to certain other conditions. Upon any termination of the Sanofi Agreement with respect to any product or country, all licenses to Sanofi with respect to such product or country shall automatically terminate and all rights generally revert back to the Company. The Company identified the following promises in the agreement (1) the license related to SHP2 inhibitors, (2) the performance of research and development services for Phase 1 clinical studies and Phase 2 clinical trials that are non-registrational clinical trials and (3) the performance of manufacturing services for the non-registrational clinical trials. The Company determined that the license is not distinct from the services within the context of the agreement because the research, development and manufacturing significantly increase the utility of the intellectual property. The intellectual property (IP) related to SHP2 inhibitors, which is proprietary to the Company, is the foundation for the research and development activities. The manufacturing services are a necessary and integral part of the research and development services as they could only be conducted utilizing the outcomes of these services. Given the research and development services under the Sanofi Agreement are expected to involve significant further development of the initial IP, the Company has concluded that the research, development and manufacturing services are not distinct from the license, and thus the license, research and development services and manufacturing services are combined into a single performance obligation. For revenue recognition purposes, the Company determined that the duration of the contract begins on the effective date of the Sanofi Agreement in July 2018 and ends upon completion of the non-registrational clinical trials. The contract duration is defined as the period in which parties to the contract have present enforceable rights and obligations. The Company analyzed the impact of Sanofi terminating the agreement prior to the completion of these trials and determined that there were significant economic costs to Sanofi for doing so. The Company determined that the transaction price of the Sanofi Agreement was $196.1 million as of December 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 December 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 years ended December 31, 2020, 2019 and 2018, the Company recognized $43.0 million, $50.0 million and $19.4 million of collaboration revenue associated with this agreement, respectively. As of December 31, 2020 and 2019, $12.1 million and $17.1 million of deferred revenue, related party is classified as current and $8.5 million and $14.7 million is classified as noncurrent. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | 10. 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 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 December 31, 2020. The redeemable convertible preferred stock was recorded outside of permanent equity because while it was not mandatorily redeemable, it would have 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. The holders of the Company’s redeemable convertible preferred stock had various rights, preferences, and privileges as follows: Conversion rights Each share of redeemable convertible preferred stock were convertible, at the option of the holder, into such number of fully paid shares of common stock as were determined by dividing the original issue price by the conversion price in effect at the time of conversion. As of December 31, 2019, the initial conversion price per share of redeemable convertible preferred stock were equivalent to the original issue price. The original issuance price was $4.87 per share for the Series A redeemable convertible preferred stock, $7.30 per share for the Series B redeemable convertible preferred stock and $10.03 for the Series C redeemable convertible preferred stock. The respective applicable conversion price were subject to adjustment upon any future stock splits or stock combinations, reclassifications or exchanges of similar stock, upon a reorganization, recapitalization, merger or consolidation of the Company, or upon the issuance or sale by the Company of common stock for consideration less than the applicable conversion price. Each share of Series A, B and C redeemable convertible preferred stock automatically converted into the number of shares of common stock determined in accordance with the conversion rate upon the earlier of (a) written consent of a majority of the then outstanding shares of Series A, B and C redeemable convertible preferred stock, voting together as a single class, or (b) the closing of a public offering in which the gross cash proceeds were at least $50.0 million and the minimum IPO price was $10.03 per share of common stock, subject to adjustment for stock dividends, stock splits, combinations or other similar recapitalizations. Dividends The holders of the outstanding shares of each series of redeemable convertible preferred stock were entitled to receive, when and if declared by the Board of Directors, a cumulative cash dividend at the rate of 6% of the applicable original issue price per annum on each outstanding share of redeemable convertible preferred stock. Such dividends were payable in preference to any dividends for common stock declared by the Board of Directors. In the case of a dividend on common stock, the dividend per share of redeemable convertible preferred stock would also include the dividend payable on each share determined, if applicable, as if all redeemable convertible preferred stock had been converted to common stock. No dividends had been declared or paid to holders of redeemable convertible preferred stock as of December 31, 2020. Liquidation In the event of any liquidation, dissolution, winding up, or deemed liquidation event of the Company, either voluntary or involuntary, the holders of redeemable convertible preferred stock were be entitled to receive pro rata, prior and in preference to any distribution to the holders of the common stock, an amount equal to the original issuance prices of each series (in each case, as adjusted for stock splits, stock dividends or distributions, recapitalizations, and similar events) and all declared but unpaid dividends, if any. If the assets and funds to be distributed among the holders of redeemable convertible preferred stock were insufficient to permit the payment to such holders, then the entire assets and funds of the Company legally available for distribution would be distributed ratably among the holders of redeemable convertible preferred stock in proportion to the preferential amount each such holder were otherwise entitled to receive. Upon the payment of the full liquidation preference of redeemable convertible preferred stock, the remaining assets of the Company, if any, would be distributed ratably to the holders of common stock. Voting rights Each share of redeemable convertible preferred stock had a number of votes equal to the number of shares of common stock into which it was convertible. The holders of Series A redeemable convertible preferred stock had the right to elect two members of the Company’s Board of Directors. The holders of Series B redeemable convertible preferred stock had the right to elect one member of the Company’s Board of Directors. The holders of common stock had the right to elect one member of the Company’s Board of Directors. The holders of common stock and redeemable convertible preferred stock, voting together as a single class on an as-converted basis, were entitled to elect one member of the Board of Directors. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Common Stock | 11. Common stock As of December 31, 2020 and 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 December 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: December 31, 2020 2019 Redeemable convertible preferred stock — 39,600,423 Outstanding options to purchase common stock 5,118,979 4,918,299 Unvested restricted stock units of common stock 85,639 — Available for future issuance under the 2020 Incentive Award Plan 4,806,916 — Available for issuance under the 2020 Employee Stock Purchase Plan 499,722 — Available for future issuance under the 2014 Equity Incentive Plan — 803,652 Total 10,511,256 45,322,374 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 12. Stock-based compensation 2020 Incentive Award Plan In February 2020, the Company adopted the 2020 Equity Incentive Plan (2020 Plan). The 2020 Plan became effective on February 11, 2020. The 2020 Plan provides for a variety of stock-based compensation awards, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance bonus awards, performance stock unit awards, dividend equivalents, or other stock or cash based awards. Under the 2020 Plan, the Company generally grants stock-based awards with service-based vesting conditions only. Options and restricted stock unit awards granted typically vest over a four-year period, but may be granted with different vesting terms. Following the effectiveness of the 2020 Plan, the Company will not make any further grants under the 2014 Equity Incentive Plan (2014 Plan). However, the 2014 Plan will continue to govern the terms and conditions of the outstanding awards granted under it. Shares of common stock subject to awards granted under the 2014 Plan that are forfeited or lapse unexercised and which following the effective date of the 2020 Plan are not issued under the 2014 Plan will be available for issuance under the 2020 Plan. As of December 31, 2020, there were 4,806,916 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 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 December 31, 2020 and 2019, there were 130,793 and 349,501 shares, respectively, and $0.2 million and $0.3 million, respectively, recorded in other noncurrent liabilities, related to early exercised shares that were subject to repurchase. 2020 Employee Stock Purchase Plan In February 2020, the Company adopted the 2020 Employee Stock Purchase Plan (2020 ESPP). Under the 2020 ESPP, employees have the ability to purchase shares of the Company’s common stock through payroll deductions at a discount during a series of offering periods of 24 months, each comprised of four six-month purchase periods. The purchase price will be the lower of 85% of the closing trading price per share of the Company’s common stock on the first day of an offering period in which an employee is enrolled or 85% of the closing trading price per share on the purchase date, which will occur on the last trading day of each purchase period. The Company has reserved for issuance 528,959 shares of common stock pursuant to the 2020 ESPP. As of December 31, 2020, there have been 29,237 purchases under the 2020 ESPP. As of December 31, 2020, a total of 499,722 shares of common stock were available for future issuance under the ESPP. As of December 31, 2020, there was $1.5 million of unrecognized compensation cost related to the ESPP. Stock options T he following summarizes option activity under both the 2020 Plan and the 2014 Plan: Number of Options Weighted- average exercise price Weighted- average remaining contractual term Aggregate intrinsic value (in years) (in thousands) Balance, January 1, 2019 1,632,797 $ 0.98 8.76 $ 5,085 Options granted 3,516,276 4.73 Options exercised (171,110 ) 2.01 Options cancelled (59,664 ) 3.73 Balance, December 31, 2019 4,918,299 $ 3.59 8.96 $ 51,276 Options granted 967,874 23.33 Options exercised (694,441 ) 2.77 Options cancelled (72,753 ) 8.16 Balance, December 31, 2020 5,118,979 $ 7.37 8.25 $ 165,088 Options vested and expected to vest as of December 31, 2020 5,118,979 $ 7.37 8.25 $ 165,088 Options vested and exercisable as of December 31, 2020 1,966,195 $ 4.08 7.75 $ 69,825 The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest were calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock by the Board of Directors. The intrinsic value of the options exercised for the years December 31, 2020, 2019 and 2018 was $21.7 million, $0.4 million and $0.4 million, respectively. During the years ended December 31, 2020, 2019 and 2018, the weighted-average grant-date fair value of options granted was $15.59, $4.43 and $1.90 per share, respectively. As of December 31, 2020, there was $22.1 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of 2.5 years. The fair value of employee and director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Year Ended December 31, 2020 2019 2018 Expected term (years) 6 5-6 5-6 Expected volatility 74-80% 76-82% 79-81% Risk-free interest rate 0.2%-1.5% 1.6%-2.5% 2.5%-3.0% Dividend yield 0% 0% 0% Non-employee stock option awards were measured at fair value at each reporting period using a Black-Scholes option-pricing model with the following assumptions: Year Ended December 31, 2020 2019 2018 Expected term (years) 6-10 6-10 7-10 Expected volatility 74-80% 79-83% 80% Risk-free interest rate 1.2%-1.5% 1.6%-2.6% 2.9%-3.0% Dividend yield 0% 0% 0% The Black-Scholes model assumptions that determine the fair value of stock-based awards include: Expected term —The expected term is calculated using the simplified method, which is available where there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting-tranche for awards with graded vesting. The mid-point between the vesting date and the maximum contractual expiration date is used as the expected term under this method. Expected volatility —Given the Company does not have sufficient trading history for its common stock, the expected volatility was estimated based on the average volatility for comparable publicly traded biotechnology companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on their similar size, stage in the life cycle or area of specialty. Risk-free interest rate —The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of option. Expected dividend —The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero. Restricted stock units Restricted stock units (RSUs) have been granted to employees and directors. The value of an RSU award is based on the Company’s stock price on the date of grant. The shares underlying the RSU awards are not issued until the RSUs vest. Upon vesting, each RSU converts into one share of the Company’s common stock. The Company has granted RSUs pursuant to the 2020 plan. Activity under the 2020 Plan with respect to the Company’s RSUs during the year ended December 31, 2020 was as follows: Number of Shares Weighted- average grant date fair value per share Weighted- average remaining contractual term Aggregate intrinsic value (in years) (in thousands) Balance, December 31, 2019 — $ — — $ — Restricted stock units granted 87,520 35.12 Restricted stock units vested (1,681 ) 34.98 Restricted stock units forfeited (200 ) 30.96 Balance, December 31, 2020 85,639 $ 35.13 1.73 $ 3,390 Expected to vest as of December 31, 2020 85,639 $ 35.13 1.73 $ 3,390 The number of RSUs vested includes shares of common stock that the Company withheld to satisfy the minimum statutory tax withholding requirements. As of December 31, 2020, there was $2.7 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted average period of 3.3 years. The total fair value of RSUs vested for the years ended December 31, 2020, 2019 and 2018 was $0.1 million, zero and zero, respectively. Stock-based compensation expense Total stock-based compensation expense related to stock options, RSUs and the 2020 ESPP Year Ended December 31, 2020 2019 2018 (in thousands) Research and development $ 4,848 $ 1,789 $ 563 General and Administrative 4,038 1,372 292 Total $ 8,886 $ 3,161 $ 855 Stock-based compensation related to options granted to non-employees was $0.8 million, $0.7 million and $0.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. Restricted stock In 2014, the Company issued restricted stock awards to employees and directors under the 2014 Plan at a purchase price of $0.0001 per share. The shares related to restricted stock awards vest over a four-year period and are subject to a lapsing repurchase right upon termination of employment at the original purchase price. Recipients of restricted stock awards have voting and dividend rights with respect to such shares upon grant without regard to vesting. All restricted stock awards were vested as of December 31, 2020 and 2019, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income taxes The Company recorded an income tax benefit of $0.4 million and $4.4 million for the years ended December 31, 2020 and 2019, respectively, which reflects a change in the valuation allowance relating to the acquisition of Warp Drive Bio in 2018. The Company has incurred net pre-tax losses in the United States only for all periods presented. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the carrying amounts of existing assets and liabilities in the financial statements and their respective tax bases using tax rates expected to be in effect during the years in which the basis differences reverse. The benefit from income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows: Year Ended December 31, 2020 2019 Federal statutory income tax rate 21.0 % 21.0 % State income tax rate, net of federal benefit 9.7 10.7 Research tax credits 3.3 1.0 Change in valuation allowance (34.3 ) (24.2 ) Non-deductible permanent expenses 0.9 (0.5 ) Other (0.3 ) 0.4 Benefit from income taxes 0.3 % 8.4 % Deferred income tax reflects the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The categories that give rise to significant components of the deferred tax assets are as follows (in thousands): December 31, 2020 2019 (in thousands) Deferred tax assets: Net operating loss carryforwards $ 74,137 $ 38,511 Accruals and reserves 8,505 11,927 Research and development credits 10,346 6,764 Lease liability 9,845 — Stock-based compensation 1,241 1,021 Other 38 38 Gross deferred tax assets 104,112 58,261 Less: valuation allowance (84,680 ) (47,426 ) Total deferred tax assets 19,432 10,835 Deferred tax liabilities: Fixed assets and finite-lived intangible assets (10,397 ) (10,836 ) Indefinite-lived intangible assets (7,444 ) (7,818 ) Lease asset (766 ) — Right-of-use asset (8,269 ) — Gross deferred tax liabilities (26,876 ) (18,654 ) Net deferred tax liability $ (7,444 ) $ (7,819 ) The realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Due to the lack of earnings history, the net deferred tax assets have been offset by a valuation allowance. The valuation allowance increased by $37.3 million and $12.6 million during the years ended December 31, 2020 and 2019, respectively. The Company had net operating loss carryforwards for federal, California, Massachusetts, and New Jersey income tax purposes of $265.8 million, $52.7 million, $55.0 million and $163.4 million, respectively, as of December 31, 2020. The federal, California and Massachusetts net operating loss carryforwards, if not utilized, will expire beginning in 2035, with the exception of $172.1 million in federal net operating loss carryforwards, which can be carried forward indefinitely. New Jersey net operating loss carryforwards, if not utilized, will expire beginning in 2039. Under the Tax Act, federal net operating losses arising after December 31, 2017 do not expire and cannot be carried back. However, the TJCA limits the amount of federal net operating losses that can be used annually to 80% of taxable income for periods beginning after December 31, 2017. Existing federal net operating losses arising in years ending on or before December 31, 2017 are not affected by these provisions. The Company also had federal and state research and development credit carryforwards of $9.0 million and $5.8 million, respectively, as of December 31, 2020. The federal credits will expire starting in 2034 if not utilized and the state research credits will expire beginning in 2031, with the exception of $5.0 million in California research credits, which can be carried forward indefinitely. Federal, California, Massachusetts and New Jersey tax laws impose significant restrictions on the utilization of net operating loss carryforwards in the event of a change in ownership of the Company, as defined by Internal Revenue Code Section 382 (Section 382). The Company performed a study in which it determined that it had experienced changes in ownership in December 2014, June 2018, and March 2020 as defined by Section 382. No federal or state net operating losses are expected to expire unutilized as a result of the limitation, with the exception of $5.5 million in California net operating losses. In addition, in the future the Company may experience ownership changes, which may limit the utilization of net operating loss carryforwards or other tax attributes. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: December 31, 2020 2019 (in thousands) Beginning balance $ 2,419 $ 2,441 Changes related to tax positions taken in the prior year (41 ) (567 ) Changes related to tax positions taken in current year 1,215 545 Ending balance $ 3,593 $ 2,419 The Company has unrecognized tax benefits of $2.2 million and $3.3 million as of December 31, 2019 and 2020, which would affect the effective tax rate if recognized; however, recognition would be in the form of a deferred tax attribute which would likely be offset by a valuation allowance. The Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. The Company has recognized no interest or penalties related to uncertain tax positions for the periods presented. Income tax returns are filed in the United States, California, Massachusetts and New Jersey. The years 2010 through 2020 remain open to examination by the domestic taxing jurisdictions to which the Company is subject. Net operating losses generated on a tax return basis by the Company for 2010 through 2020 remain open to examination by the domestic taxing jurisdictions. On March 27, 2020 and December 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Consolidated Appropriation Act (CAA), respectively, as a result of the Coronavirus pandemic, which contain among other things, numerous income tax provisions. Some of these tax provisions are expected to be effective retroactively for years ending before the date of enactment. The Company has evaluated the current legislation and at this time, does not anticipate the CARES Act or the CCA to have a material impact on its financial statements. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | 14. 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: Year ended December 31, 2020 2019 2018 (in thousands, except share and per share data) Numerator: Net loss $ (108,159 ) $ (47,664 ) $ (41,789 ) Redeemable convertible preferred stock dividends- undeclared and cumulative (2,219 ) (14,238 ) (7,031 ) Net loss attributable to common stockholders $ (110,378 ) $ (61,902 ) $ (48,820 ) Denominator: Weighted-average shares outstanding 55,109,929 3,231,389 3,140,848 Less: Weighted-average unvested restricted shares and shares subject to repurchase (235,810 ) (458,800 ) (842,028 ) Weighted-average shares used to compute net loss per share attributable to common stockholders-basic and diluted 54,874,119 2,772,589 2,298,820 Net loss per share attributable to common stockholders-basic and diluted $ (2.01 ) $ (22.33 ) $ (21.24 ) 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: Year ended December 31, 2020 2019 2018 Redeemable convertible preferred stock — 39,600,423 29,595,909 Options to purchase common stock 5,118,979 4,918,299 1,632,797 Options early exercised subject to future vesting 130,793 349,501 615,742 Unvested restricted stock units of common stock 85,639 — — Expected shares to be purchased under ESPP 91,210 — — Total 5,426,621 44,868,223 31,844,448 |
Related Party Relationships
Related Party Relationships | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Relationships | 15. Related party relationships In October 2018, the Company acquired all outstanding shares of Warp Drive Bio, Inc. (Warp Drive). In connection with the acquisition, the Company issued 6,797,915 shares of Series B redeemable convertible preferred stock (the Acquisition Shares). Of the Acquisition Shares, 1,708,824 shares of Series B redeemable convertible preferred stock were issued to entities affiliated with Third Rock Ventures, a related party. In addition, Alexis Borisy, who is currently a member of the Company’s board of directors and was a member of the Company’s board of directors at the time of the acquisition of Warp Drive, was then an affiliate of Third Rock Ventures. Of the Acquisition Shares, 3,363,050 shares of Series B redeemable convertible preferred stock were issued to Sanofi, which became a related party following the acquisition. See Note 9, “Sanofi collaboration agreement,” for a discussion of the Sanofi collaboration agreement. In connection with the Company’s acquisition of Warp Drive, the Company assumed a Convertible Note issued by Warp Drive to an entity affiliated with Third Rock Ventures, dated October 8, 2018. The Convertible Note was issued in a principal amount of $2.0 million, with interest at an annual rate of 8% computed on the basis of a 360-day year. On October 30, 2018, at the Company’s election, the Company converted the Convertible Note into 200,493 shares of Series B redeemable convertible preferred stock which were issued to an entity affiliated with Third Rock Ventures pursuant to the terms of the Convertible Note. 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. From July 2015 to June 2018, the Company subleased a portion of its Redwood City Lease to Pliant Therapeutics, Inc., an entity affiliated with 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 (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 | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent events In February 2021, the Company issued and sold 6,666,666 shares of its common stock in an underwritten public offering at a price of $45.00 per share (including the exercise in full by the underwriters of their option to purchase an additional 869,565 shares of its common stock) for net proceeds of approximately $281.3 million, after deducting underwriting discounts and commissions. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | 17. Selected quarterly financial data (unaudited) Quarter Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 (unaudited, in thousands, except per share data) Revenue $ 11,546 $ 10,025 $ 12,661 $ 8,751 Net loss $ (19,519 ) $ (27,215 ) $ (27,221 ) $ (34,204 ) Net loss per share attributable to common stockholders - basic and diluted $ (0.74 ) $ (0.46 ) $ (0.42 ) $ (0.52 ) Quarter Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 (unaudited, in thousands, except per share data) Revenue $ 13,166 $ 12,281 $ 12,506 $ 12,088 Net loss $ (10,131 ) $ (10,119 ) $ (12,818 ) $ (14,596 ) Net loss per share attributable to common stockholders - basic and diluted $ (4.84 ) $ (4.85 ) $ (6.08 ) $ (6.48 ) Net loss per common share attributable to common stockholders, basic and diluted, for the four quarters of each fiscal year may not sum to the total for the fiscal year because of the different number of shares outstanding during each period |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The 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 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, 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 its estimates and assumptions and there was not a material impact to the Company’s consolidated financial statements as of and for the twelve months ended December 31, 2020. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods. |
Cash and Cash Equivalents | Cash and cash equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents. As of December 31, 2020 and 2019, cash equivalents consist of amounts invested in money market funds and investments in U.S. government agency bonds, commercial paper and corporate bonds with original maturities of three months or less at the date of purchase. |
Marketable Securities | Marketable securities Investments in marketable securities primarily consist of U.S. government debt securities, U.S. government agency bonds, commercial paper and corporate bonds. The Company has classified its marketable securities as available-for-sale and may sell these securities prior to their stated maturities. The Company views these marketable securities as available to support current operations and classifies marketable securities with maturities beyond 12 months as current assets. The Company’s investments in marketable securities are carried at estimated fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities. Unrealized gains and losses are reported as a component of accumulated other comprehensive loss. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income on the consolidated statements of operations. Realized gains and losses are included in interest income on the consolidated statements of operations. The Company periodically evaluates its investments to assess whether those with unrealized loss positions are other than temporarily impaired. The Company considers various factors in determining whether to recognize an impairment charge. If the Company determines that the decline in an investment’s fair value is other-than-temporary, the difference is recognized as an impairment loss in the consolidated statements of operations. As of December 31, 2020, no other-than-temporary-impairment has been recorded. |
Restricted Cash | Restricted cash As of December 31, 2020 and 2019, the Company had $1.1 million and $0.2 million, respectively, of noncurrent restricted cash related to Company issued letters of credit in connection with leases. These amounts are held in separate bank accounts to support letter of credit agreements for the leases. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. The Company’s cash is held by two financial 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 9, “Sanofi collaboration agreement.” The Company’s clinical trial sites for its RMC-4630 clinical studies may be affected by the COVID-19 outbreak due to prioritization of hospital resources toward the COVID-19 outbreak, travel or quarantine restrictions imposed by governments, and the inability to access sites for initiation and patient monitoring and enrollment. As a result, patient screening, new patient enrollment, monitoring and data collection may be affected or delayed. The Company is aware that several clinical sites involved in its RMC-4630 clinical studies temporarily stopped or delayed enrolling new patients, with exemptions if appropriate, and it is possible that these or other clinical sites may be similarly affected in the future. These developments may delay the Company’s clinical trial timelines. Some of the Company’s third-party manufacturers which it uses for the supply of materials for product candidates or other materials necessary to manufacture product to conduct preclinical tests and clinical trials and contract research organizations may be impacted by COVID-19, and should they experience disruptions, such as temporary closures or suspension of services, the Company would likely experience delays in advancing clinical trials. |
Fair Value Measurement | Fair value measurement The carrying amounts of the Company’s certain financial instruments, including cash equivalents, accounts payable and accrued expenses and other current liabilities approximate fair value due to their relatively short maturities and market interest rates, if applicable. Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Property and Equipment, Net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, which is generally three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the assets’ estimated useful lives or the remaining term of the lease. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is reflected in the consolidated statement of operations. Useful lives of property and equipment are as follows: Property and equipment Estimated useful life Laboratory equipment 4-5 years Leasehold improvements Lesser of estimated useful life or remaining lease term Computer equipment and software 3 years Furniture and fixtures 5 years |
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. |
Impairment of Long-Lived Assets | Impairment of long-lived assets Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amounts of the asset group to the future undiscounted cash flows attributable to these assets. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets. There were no impairments of long-lived assets for any of the periods presented. |
Acquired Intangible Assets | Acquired intangible assets Indefinite-lived intangible assets represent the estimated fair value assigned to in-process research and development (IPR&D) acquired in a business combination. The Company reviews indefinite-lived intangible assets for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of the assets might not be recoverable. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, then it is written down to its adjusted fair value. As of December 31, 2020, there have been no such impairments. For IPR&D, if a product candidate derived from the indefinite-lived intangible asset is developed and commercialized, the useful life will be determined, and the carrying value will be amortized prospectively over that estimated useful life. Alternatively, if a product candidate is abandoned, the carrying value of the intangible asset will be charged to research and development expenses in the consolidated statements of operations. Finite-lived intangible assets acquired in a business combination are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date and are carried at cost less accumulated amortization and impairment. Amortization is computed using the straight-line method over the estimated useful lives of the respective finite-lived intangible assets. Intangible assets are reviewed for impairment at least annually or more frequently if indicators of potential impairment exist. As of December 31, 2020, no such impairment has been recorded. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the net tangible and intangible assets acquired in a business combination. The Company reviews goodwill for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. Goodwill is tested for impairment at the reporting unit level by first assessing the qualitative factors to determine whether it is more likely than not that the fair value of the Company’s single reporting unit is less than its carrying amount. Qualitative indicators assessed include consideration of macroeconomic, industry and market conditions, the Company’s overall financial performance and personnel or strategy changes. Based on the qualitative assessment, if it is determined that it is more likely than not that its fair value is less than its carrying amount, the fair value of the Company’s single reporting unit is compared to its carrying value. Any excess of the goodwill carrying amount over the fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value. As of December 31, 2020, no goodwill impairment has been identified. |
Redeemable Convertible Preferred Stock | Redeemable convertible preferred stock The Company records all shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The redeemable convertible preferred stock is recorded outside of permanent equity because while it is not mandatorily redeemable, in the event of certain events considered not solely within the Company’s control, such as a merger, acquisition or sale of all or substantially all of the Company’s assets (each, a “deemed liquidation event”), the redeemable convertible preferred stock will become redeemable at the option of the holders of at least a majority of the then outstanding such shares. The Company has not adjusted the carrying values of the redeemable convertible preferred stock to the liquidation preferences of such shares because it is uncertain whether or when a deemed liquidation event would occur that would obligate the Company to pay the liquidation preferences to holders of shares of redeemable convertible preferred stock. Subsequent adjustments to the carrying values to the liquidation preferences will be made only when it becomes probable that such a deemed liquidation event will occur. |
Redeemable Convertible Preferred Stock Liability | Redeemable convertible preferred stock liability The Company’s March 2018 issuance and sale of Series B redeemable convertible preferred stock was tranched into two funding dates, a first closing in March 2018, and a second closing to purchase additional shares in June 2018. The Company classified the obligation for the future purchase of additional shares under the second closing as a liability on the Company’s consolidated balance sheets as the obligation met the definition of a freestanding financial instrument. This redeemable convertible preferred stock tranche liability was initially recorded at a fair value of $0.2 million upon the date of issuance and was subsequently remeasured to fair value at each reporting date using Level 3 fair value inputs. Changes in the fair value of the redeemable convertible preferred stock tranche obligation of $2.1 million were recognized as a component of other income (expense), net in the consolidated statements of operations and until the tranche obligation was fulfilled and extinguished upon the second closing in June 2018. |
Revenue Recognition | Revenue recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into collaboration agreements under which it may obtain upfront license fees, research and development funding, and development, regulatory and commercial milestone payments and royalty payments. The Company’s performance obligations under these arrangements may include licenses of intellectual property, sales and distribution rights, research and development services, delivery of manufactured product and/or participation on joint steering committees. Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from upfront license fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring proportional performance for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of proportional performance each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Research, development and regulatory milestone payments: At the inception of each arrangement that includes research, development, or regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. The Company uses the most likely amount method for research, development and regulatory milestone payments. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Sales-based milestones and royalties: For arrangements that include sales-based milestone or royalty payments based on the level of sales, and in which the license is deemed to be the predominant item to which the sales-based milestone or royalties relate to, the Company recognizes revenue in the period in which the sales-based milestone is achieved and in the period in which the sales associated with the royalty occur. To date, the Company has not recognized any or sales-based milestone or royalty revenue resulting from its collaboration arrangements. Deferred revenue represents amounts received by the Company for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount to be recognized within one year from the balance sheet date based on the estimated performance period of the underlying performance obligation. The noncurrent portion of deferred revenue represents amounts to be recognized after one year through the end of the performance period of the performance obligation. |
Research and Development Expenditures | Research and development expenditures Research and development expenses consist of costs incurred for the Company’s own and for collaborative research and development activities. Research and development costs are expensed as incurred. Research and development costs consist of salaries and benefits, including associated stock-based compensation, and laboratory supplies and facility costs, as well as fees paid to other entities that conduct certain research and development activities on the Company’s behalf. The Company estimates preclinical study and clinical trial expenses based on the services performed pursuant to contracts with research institutions and contract research organizations and clinical manufacturing organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf based on actual time and expenses incurred by them. Further, the Company accrues expenses related to clinical trials based on the level of patient activity according to the related agreement. The Company monitors patient enrollment levels and related activity to the extent reasonably possible and adjusts estimates accordingly. |
Stock-Based Compensation | Stock-based compensation The Company measures its stock-based awards granted to employees and directors based on the estimated fair values of the awards and recognizes the compensation on a straight-line basis over the requisite service period. The fair value of options issued under the employee stock purchase plan is calculated using the Black-Scholes option-pricing model. Restricted stock units are valued based on the closing price of the Company’s common stock on the date of grant. |
Comprehensive Loss | Comprehensive loss For the years ended December 31, 2020 and 2019, other comprehensive loss includes net unrealized gains on marketable securities. For the year ended December 30, 2018, there were no components of other comprehensive loss for the Company, and comprehensive loss is the same as the net loss. |
Income Taxes | Income taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s historical operating performance and the recorded cumulative net losses in prior fiscal periods, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of interest expense. |
Net Loss per Share Attributable to Common Stockholders | Net loss per share attributable to common stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, redeemable convertible preferred stock, stock options, common stock subject to repurchase related to unvested restricted stock awards and early exercise of stock options are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock is considered a participating security because it participates in dividends with common stock. The Company also considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of all series of redeemable convertible preferred stock and the holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods. |
Deferred Offering Costs | Deferred offering costs The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ deficit (equity) as a reduction of additional paid-in capital generated as a result of the equity financing. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations. As of December 31, 2020 and 2019, zero and $2.1 million of deferred offering costs, respectively, were capitalized in other noncurrent assets on the consolidated balance sheets. |
Segment Reporting | Segment reporting The Company has one operating and reportable segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources and evaluating financial performance. All of the Company’s long-lived assets are located in the United States. |
Retirement Plans | Retirement plans The Company maintains a 401(k) retirement plan for its employees. The Company is responsible for administrative costs of the 401(k) plan. The Company may, at its discretion, make matching or profit-sharing contributions to the 401(k) plan. For the years ended December 31, 2020, 2019 and 2018, the Company made $0.2 million, $0.2 million and zero matching contributions, respectively, under the plan. |
Recently Adopted Accounting Pronouncements | Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the FASB, under its ASC or other standard setting bodies, and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently adopted accounting pronouncements In 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 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 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 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 In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 |
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 Codification Improvements to Topic 326, Financial Instruments—Credit Losses Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief 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 In December 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs In October 2020, FASB issued ASU2020-10, Codification Improvements |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Useful Lives of Property and Equipment | Useful lives of property and equipment are as follows: Property and equipment Estimated useful life Laboratory equipment 4-5 years Leasehold improvements Lesser of estimated useful life or remaining lease term Computer equipment and software 3 years Furniture and fixtures 5 years |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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: December 31, 2020 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 16,696 $ 16,696 $ — $ — Commercial paper (1, 2) 151,663 — 151,663 — U.S. government and agency securities (1, 2) 270,520 — 270,520 — Corporate bonds (1, 2) 3,200 — 3,200 — Total $ 442,079 $ 16,696 $ 425,383 $ — December 31, 2019 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds (1) $ 9,369 $ 9,369 $ — $ — Commercial paper (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) | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Estimated Value of Available-for-sale Securities and Cash Equivalents and Gross Unrealized Gains and Losses | The following tables summarize the estimated value of the Company’s available-for-sale marketable securities and cash equivalents and the gross unrealized gains and losses: December 31, 2020 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Marketable securities: Commercial paper $ 69,871 $ — $ (5 ) $ 69,866 U.S. government and agency securities 266,481 131 (5 ) 266,607 Total marketable securities 336,352 131 (10 ) 336,473 Cash equivalents: Money market funds 16,696 — — 16,696 Commercial paper 81,800 — (3 ) 81,797 U.S. government and agency securities 3,913 — — 3,913 Corporate bonds 3,202 — (2 ) 3,200 Total cash equivalents 105,611 — (5 ) 105,606 Total available-for-sale investments $ 441,963 $ 131 $ (15 ) $ 442,079 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 Securities and Cash Equivalents by Contractual Maturity | The amortized cost and estimated fair value of the Company’s available-for-sale marketable securities and cash equivalents by contractual maturity are summarized below as of December 31, 2020: December 31, 2020 Gross Gross Amortized unrealized unrealized Estimated cost gain loss fair value (in thousands) Mature in one year or less $ 409,968 $ 127 $ (15 ) $ 410,080 Mature after one year through two years 31,995 4 — 31,999 Total marketable securities $ 441,963 $ 131 $ (15 ) $ 442,079 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following: December 31, 2020 2019 (in thousands) Laboratory equipment $ 9,978 $ 8,032 Leasehold improvements 3,387 3,342 Computer equipment and software 1,578 1,284 Furniture and fixtures 48 48 Construction in progress 1,981 — 16,972 12,706 Less: accumulated depreciation and amortization (8,070 ) (5,559 ) Property and equipment, net $ 8,902 $ 7,147 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: December 31, 2020 2019 (in thousands) Accrued compensation $ 7,736 $ 4,069 Accrued research and development 10,459 7,195 Deferred rent, current — 609 Accrued professional services 492 1,607 Other 97 1,048 Total accrued expenses and other current liabilities $ 18,784 $ 14,528 |
Acquisition of Warp Drive (Tabl
Acquisition of Warp Drive (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Consideration For Acquisition | The following table presents a summary of the purchase price consideration for the acquisition: (in thousands) Series B redeemable convertible preferred stock $ 68,144 Cash 1,172 Contingently returnable consideration asset (310 ) Total consideration $ 69,006 |
Summary of Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date | The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date: (in thousands) Assets acquired: Cash and other current assets $ 1,594 Property and equipment 2,151 In-process research and development - RAS programs 55,800 Developed technology - tri-complex platform 7,480 Developed technology - genome mining platform 6,100 Total assets acquired 73,125 Liabilities assumed: Accounts payable and other accrued liabilities 3,790 Convertible note payable, related party 2,000 Deferred revenue 745 Deferred tax liability 12,192 Total liabilities assumed 18,727 Goodwill 14,608 Total $ 69,006 |
Summary of Proforma Financial Information of Acquisition | The pro forma financial information presented below is not necessarily indicative of the results of operations that would have been achieved if the acquisition occurred at the beginning of the earliest period presented, nor is it intended to be a projection of future results. Year Ended December 31, 2018 (unaudited, in thousands) Revenue $ 20,302 Net loss (57,151 ) |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets, Net | Intangible assets, net consist of the following as of December 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 (2,335 ) 5,145 4.8 Total $ 63,280 $ (2,335 ) $ 60,945 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 December 31, 2020, future amortization expense is as follows: Amount (in thousands) 2021 1,069 2022 1,069 2023 1,069 2024 1,069 2025 869 Total $ 5,145 |
Schedule of Goodwill | Goodwill consists of the following: (in thousands) Balance at December 31, 2019 $ 14,608 Adjustment — Balance at December 31, 2020 $ 14,608 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 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 was as follows: December 31, 2020 (in thousands) Operating lease liabilities: Operating lease liability – current $ 3,672 Operating lease liability – noncurrent 28,992 Total operating lease liabilities 32,664 Financing lease liabilities: Accrued expenses and other current liabilities 19 Total financing lease liabilities 19 Total lease liabilities $ 32,683 |
Schedule of Maturities of Operating Lease Liabilities | As of December 31, 2020, the maturities of the Company’s operating lease liabilities were as follows (in thousands): 2021 $ 4,381 2022 5,144 2023 4,173 2024 4,215 2025 4,363 Thereafter 24,213 Total undiscounted lease payments $ 46,489 Less: Imputed interest (10,669 ) Less: Tenant improvement allowance (3,156 ) Total operating lease liabilities $ 32,664 |
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) | 12 Months Ended |
Dec. 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) | 12 Months Ended |
Dec. 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: December 31, 2020 2019 Redeemable convertible preferred stock — 39,600,423 Outstanding options to purchase common stock 5,118,979 4,918,299 Unvested restricted stock units of common stock 85,639 — Available for future issuance under the 2020 Incentive Award Plan 4,806,916 — Available for issuance under the 2020 Employee Stock Purchase Plan 499,722 — Available for future issuance under the 2014 Equity Incentive Plan — 803,652 Total 10,511,256 45,322,374 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Fair Value of Stock Option Awards Estimated at Date of Grant | The fair value of employee and director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Year Ended December 31, 2020 2019 2018 Expected term (years) 6 5-6 5-6 Expected volatility 74-80% 76-82% 79-81% Risk-free interest rate 0.2%-1.5% 1.6%-2.5% 2.5%-3.0% Dividend yield 0% 0% 0% Non-employee stock option awards were measured at fair value at each reporting period using a Black-Scholes option-pricing model with the following assumptions: Year Ended December 31, 2020 2019 2018 Expected term (years) 6-10 6-10 7-10 Expected volatility 74-80% 79-83% 80% Risk-free interest rate 1.2%-1.5% 1.6%-2.6% 2.9%-3.0% Dividend yield 0% 0% 0% |
Summary of Total Stock-Based Compensation Expense Related to Stock Options, RSUs and Employee Stock Purchase Plan | Total stock-based compensation expense related to stock options, RSUs and the 2020 ESPP Year Ended December 31, 2020 2019 2018 (in thousands) Research and development $ 4,848 $ 1,789 $ 563 General and Administrative 4,038 1,372 292 Total $ 8,886 $ 3,161 $ 855 |
2020 Plan and 2014 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Option Activity Under the Plan | T he following summarizes option activity under both the 2020 Plan and the 2014 Plan: Number of Options Weighted- average exercise price Weighted- average remaining contractual term Aggregate intrinsic value (in years) (in thousands) Balance, January 1, 2019 1,632,797 $ 0.98 8.76 $ 5,085 Options granted 3,516,276 4.73 Options exercised (171,110 ) 2.01 Options cancelled (59,664 ) 3.73 Balance, December 31, 2019 4,918,299 $ 3.59 8.96 $ 51,276 Options granted 967,874 23.33 Options exercised (694,441 ) 2.77 Options cancelled (72,753 ) 8.16 Balance, December 31, 2020 5,118,979 $ 7.37 8.25 $ 165,088 Options vested and expected to vest as of December 31, 2020 5,118,979 $ 7.37 8.25 $ 165,088 Options vested and exercisable as of December 31, 2020 1,966,195 $ 4.08 7.75 $ 69,825 |
2020 Equity Incentive Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of RSUs Activity Under the Plan | Activity under the 2020 Plan with respect to the Company’s RSUs during the year ended December 31, 2020 was as follows: Number of Shares Weighted- average grant date fair value per share Weighted- average remaining contractual term Aggregate intrinsic value (in years) (in thousands) Balance, December 31, 2019 — $ — — $ — Restricted stock units granted 87,520 35.12 Restricted stock units vested (1,681 ) 34.98 Restricted stock units forfeited (200 ) 30.96 Balance, December 31, 2020 85,639 $ 35.13 1.73 $ 3,390 Expected to vest as of December 31, 2020 85,639 $ 35.13 1.73 $ 3,390 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Benefit from Income Taxes to Amount Computed by Applying Federal Statutory Rate to Loss Before Taxes | The benefit from income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows: Year Ended December 31, 2020 2019 Federal statutory income tax rate 21.0 % 21.0 % State income tax rate, net of federal benefit 9.7 10.7 Research tax credits 3.3 1.0 Change in valuation allowance (34.3 ) (24.2 ) Non-deductible permanent expenses 0.9 (0.5 ) Other (0.3 ) 0.4 Benefit from income taxes 0.3 % 8.4 % |
Summary of Categories that Give Rise to Significant Components of Deferred Tax Assets | The categories that give rise to significant components of the deferred tax assets are as follows (in thousands): December 31, 2020 2019 (in thousands) Deferred tax assets: Net operating loss carryforwards $ 74,137 $ 38,511 Accruals and reserves 8,505 11,927 Research and development credits 10,346 6,764 Lease liability 9,845 — Stock-based compensation 1,241 1,021 Other 38 38 Gross deferred tax assets 104,112 58,261 Less: valuation allowance (84,680 ) (47,426 ) Total deferred tax assets 19,432 10,835 Deferred tax liabilities: Fixed assets and finite-lived intangible assets (10,397 ) (10,836 ) Indefinite-lived intangible assets (7,444 ) (7,818 ) Lease asset (766 ) — Right-of-use asset (8,269 ) — Gross deferred tax liabilities (26,876 ) (18,654 ) Net deferred tax liability $ (7,444 ) $ (7,819 ) |
Reconciliation of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: December 31, 2020 2019 (in thousands) Beginning balance $ 2,419 $ 2,441 Changes related to tax positions taken in the prior year (41 ) (567 ) Changes related to tax positions taken in current year 1,215 545 Ending balance $ 3,593 $ 2,419 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 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: Year ended December 31, 2020 2019 2018 (in thousands, except share and per share data) Numerator: Net loss $ (108,159 ) $ (47,664 ) $ (41,789 ) Redeemable convertible preferred stock dividends- undeclared and cumulative (2,219 ) (14,238 ) (7,031 ) Net loss attributable to common stockholders $ (110,378 ) $ (61,902 ) $ (48,820 ) Denominator: Weighted-average shares outstanding 55,109,929 3,231,389 3,140,848 Less: Weighted-average unvested restricted shares and shares subject to repurchase (235,810 ) (458,800 ) (842,028 ) Weighted-average shares used to compute net loss per share attributable to common stockholders-basic and diluted 54,874,119 2,772,589 2,298,820 Net loss per share attributable to common stockholders-basic and diluted $ (2.01 ) $ (22.33 ) $ (21.24 ) |
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: Year ended December 31, 2020 2019 2018 Redeemable convertible preferred stock — 39,600,423 29,595,909 Options to purchase common stock 5,118,979 4,918,299 1,632,797 Options early exercised subject to future vesting 130,793 349,501 615,742 Unvested restricted stock units of common stock 85,639 — — Expected shares to be purchased under ESPP 91,210 — — Total 5,426,621 44,868,223 31,844,448 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Financial Information [Abstract] | |
Summary of Quarterly Financial Data (Unaudited) | Quarter Ended March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 (unaudited, in thousands, except per share data) Revenue $ 11,546 $ 10,025 $ 12,661 $ 8,751 Net loss $ (19,519 ) $ (27,215 ) $ (27,221 ) $ (34,204 ) Net loss per share attributable to common stockholders - basic and diluted $ (0.74 ) $ (0.46 ) $ (0.42 ) $ (0.52 ) Quarter Ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 (unaudited, in thousands, except per share data) Revenue $ 13,166 $ 12,281 $ 12,506 $ 12,088 Net loss $ (10,131 ) $ (10,119 ) $ (12,818 ) $ (14,596 ) Net loss per share attributable to common stockholders - basic and diluted $ (4.84 ) $ (4.85 ) $ (6.08 ) $ (6.48 ) |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 18, 2020 | Feb. 28, 2021 | Jul. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Class Of Stock [Line Items] | |||||
Accumulated deficit | $ 265,545 | $ 157,386 | |||
Common stock, shares, issued | 66,599,748 | 3,292,124 | |||
Net proceeds from issuance | $ 420,067 | ||||
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 | ||||
Underwriting discounts and commissions | 19,200 | ||||
Stock issuance expenses | $ 3,800 | ||||
Underwriter's Option to Purchase Additional Shares | |||||
Class Of Stock [Line Items] | |||||
Common stock, shares, issued | 2,100,000 | 900,000 | |||
Underwriter's Option to Purchase Additional Shares | Subsequent Event | |||||
Class Of Stock [Line Items] | |||||
Common stock, shares, issued | 869,565 | ||||
Underwritten Public Offering | |||||
Class Of Stock [Line Items] | |||||
Common stock, shares, issued | 6,900,000 | ||||
Common stock, price per share | $ 26 | ||||
Net proceeds from issuance | $ 167,800 | ||||
Underwriting discounts and commissions | 10,800 | ||||
Stock issuance expenses | $ 800 | ||||
Underwritten Public Offering | Subsequent Event | |||||
Class Of Stock [Line Items] | |||||
Common stock, shares, issued | 6,666,666 | ||||
Common stock, price per share | $ 45 | ||||
Net proceeds from issuance | $ 281,300 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | Feb. 07, 2020 | Jan. 01, 2020USD ($) | Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Reverse stock split | 0.2055 | ||||||
Reverse stock split, description | 1-for-4.8661 | ||||||
Other-than-temporary impairment | $ 0 | ||||||
Restricted cash | 1,084,000 | $ 214,000 | |||||
Impairments of long-lived assets | 0 | 0 | $ 0 | ||||
Impairment of intangible assets, indefinite-lived | 0 | ||||||
Impairment of intangible assets, finite-lived | 0 | ||||||
Goodwill impairment | 0 | ||||||
Redeemable convertible preferred stock tranche liability | $ 200,000 | ||||||
Redeemable convertible preferred stock tranche obligation | $ 2,100,000 | ||||||
Deferred offering costs | $ 0 | 2,100,000 | |||||
Number of operating segment | Segment | 1 | ||||||
Number of reportable segment | Segment | 1 | ||||||
Retirement plan name description | 401(k) retirement plan | ||||||
Retirement plan, matching contributions | $ 200,000 | 200,000 | $ 0 | ||||
Operating lease liability | 32,664,000 | ||||||
Operating lease right-of-use asset | 27,435,000 | ||||||
Accumulated deficit | $ (265,545,000) | (157,386,000) | |||||
ASU 2016-02 | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||||||
Change in accounting principle, accounting standards update, early adoption | false | ||||||
Change in accounting principle, accounting standards update, adopted | true | ||||||
Change in accounting principle, accounting standards update, immaterial effect | true | ||||||
Operating lease liability | $ 11,500,000 | ||||||
Operating lease right-of-use asset | 9,100,000 | ||||||
Deferred rent derecognized | $ 2,400,000 | ||||||
Estimated incremental borrowing rate of funds | 5.00% | ||||||
ASU 2016-02 | Cumulative Effect Period of Adoption Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Accumulated deficit | $ 0 | ||||||
ASU 2018-11 | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||||||
Change in accounting principle, accounting standards update, early adoption | false | ||||||
Change in accounting principle, accounting standards update, adopted | true | ||||||
Change in accounting principle, accounting standards update, immaterial effect | true | ||||||
ASU 2019-01 | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||||||
Change in accounting principle, accounting standards update, early adoption | false | ||||||
Change in accounting principle, accounting standards update, adopted | true | ||||||
Change in accounting principle, accounting standards update, immaterial effect | true | ||||||
ASU 2018-07 | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||||||
Change in accounting principle, accounting standards update, early adoption | false | ||||||
Change in accounting principle, accounting standards update, adopted | true | ||||||
Change in accounting principle, accounting standards update, immaterial effect | true | ||||||
ASU 2018-13 | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||||||
Change in accounting principle, accounting standards update, early adoption | false | ||||||
Change in accounting principle, accounting standards update, adopted | true | ||||||
Change in accounting principle, accounting standards update, immaterial effect | true | ||||||
ASU 2018-18 | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||||||
Change in accounting principle, accounting standards update, early adoption | false | ||||||
Change in accounting principle, accounting standards update, adopted | true | ||||||
Change in accounting principle, accounting standards update, immaterial effect | true | ||||||
Minimum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful lives | 3 years | ||||||
Maximum | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful lives | 5 years | ||||||
Letter Of Credit | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Restricted cash | $ 1,100,000 | $ 200,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 3 years |
Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 5 years |
Laboratory Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 4 years |
Laboratory Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 5 years |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful life, description | Lesser of estimated useful life or remaining lease term |
Computer Equipment and Software | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 3 years |
Furniture and Fixtures | |
Property Plant And Equipment [Line Items] | |
Estimated useful life | 5 years |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | $ 442,079 | $ 123,617 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 16,696 | 9,369 |
Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 151,663 | 32,597 |
U.s. Government And Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 270,520 | 42,814 |
Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 3,200 | 38,837 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 16,696 | 9,369 |
Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 16,696 | 9,369 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 425,383 | 114,248 |
Level 2 | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 151,663 | 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 | 270,520 | 42,814 |
Level 2 | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | $ 3,200 | $ 38,837 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Dec. 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 Securities and Cash Equivalents and Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 441,963 | $ 123,543 |
Gross Unrealized Gain | 131 | 79 |
Gross Unrealized Loss | (15) | (5) |
Estimated Fair Value | 442,079 | 123,617 |
Marketable Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 336,352 | 106,025 |
Gross Unrealized Gain | 131 | 79 |
Gross Unrealized Loss | (10) | (5) |
Estimated Fair Value | 336,473 | 106,099 |
Marketable Securities | Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 38,802 | |
Gross Unrealized Gain | 37 | |
Gross Unrealized Loss | (2) | |
Estimated Fair Value | 38,837 | |
Marketable Securities | Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 69,871 | 24,446 |
Gross Unrealized Gain | 3 | |
Gross Unrealized Loss | (5) | (1) |
Estimated Fair Value | 69,866 | 24,448 |
Marketable Securities | U.S. Government and Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 266,481 | 42,777 |
Gross Unrealized Gain | 131 | 39 |
Gross Unrealized Loss | (5) | (2) |
Estimated Fair Value | 266,607 | 42,814 |
Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 105,611 | 17,518 |
Gross Unrealized Loss | (5) | |
Estimated Fair Value | 105,606 | 17,518 |
Cash Equivalents | Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 3,202 | |
Gross Unrealized Loss | (2) | |
Estimated Fair Value | 3,200 | |
Cash Equivalents | Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 81,800 | 8,149 |
Gross Unrealized Loss | (3) | |
Estimated Fair Value | 81,797 | 8,149 |
Cash Equivalents | U.S. Government and Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 3,913 | |
Estimated Fair Value | 3,913 | |
Cash Equivalents | Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 16,696 | 9,369 |
Estimated Fair Value | $ 16,696 | $ 9,369 |
Available-for-sale Securities_2
Available-for-sale Securities - Summary of Amortized Cost and Estimated Fair Value of Available-for-sale Securities and Cash Equivalents by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 441,963 | $ 123,543 |
Gross Unrealized Gain | 131 | 79 |
Gross Unrealized Loss | (15) | (5) |
Estimated Fair Value | 442,079 | $ 123,617 |
Mature in One Year or Less | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 409,968 | |
Gross Unrealized Gain | 127 | |
Gross Unrealized Loss | (15) | |
Estimated Fair Value | 410,080 | |
Mature after One Year through Two Years | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 31,995 | |
Gross Unrealized Gain | 4 | |
Estimated Fair Value | $ 31,999 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 16,972 | $ 12,706 |
Less: accumulated depreciation and amortization | (8,070) | (5,559) |
Property and equipment, net | 8,902 | 7,147 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 9,978 | 8,032 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,387 | 3,342 |
Computer Equipment and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,578 | 1,284 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 48 | $ 48 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,981 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Depreciation and amortization expense | $ 2.6 | $ 2.3 | $ 1.6 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Expenses And Other Current Liabilities [Abstract] | ||
Accrued compensation | $ 7,736 | $ 4,069 |
Accrued research and development | 10,459 | 7,195 |
Deferred rent, current | 609 | |
Accrued professional services | 492 | 1,607 |
Other | 97 | 1,048 |
Total accrued expenses and other current liabilities | $ 18,784 | $ 14,528 |
Acquisition of Warp Drive - Add
Acquisition of Warp Drive - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||
Oct. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($) | Nov. 30, 2018$ / shares | Jun. 30, 2018$ / shares | |
Business Acquisition [Line Items] | |||||||
Useful life of intangible assets | 4 years 9 months 18 days | 5 years 9 months 18 days | |||||
Amortization expenses | $ 1,068 | $ 1,069 | $ 198 | ||||
Cash consideration | 6,000 | ||||||
Loss on disposal of held-for-sale assets | (597) | ||||||
Goodwill | $ 14,608 | 14,608 | |||||
Severance costs | 1,400 | ||||||
Gingko Bioworks | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration | $ 6,000 | ||||||
Percentage of future milestones payments receivable | 25.00% | ||||||
General and Administrative Expenses | Gingko Bioworks | |||||||
Business Acquisition [Line Items] | |||||||
Loss on disposal of held-for-sale assets | $ 600 | ||||||
Series B Redeemable Convertible Preferred Stock | |||||||
Business Acquisition [Line Items] | |||||||
Redeemable convertible preferred stock, issued price per share | $ / shares | $ 7.30 | $ 10.03 | $ 7.30 | ||||
Warp Drive | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, other consideration | $ 900 | ||||||
Business acquisition, total consideration | 69,006 | ||||||
Cash consideration | 1,172 | ||||||
Contingently returnable consideration asset | 310 | ||||||
Transaction costs | 600 | ||||||
Goodwill | 14,608 | ||||||
Revenue of acquiree since acquisition date | $ 700 | ||||||
Net loss of acquiree since acquisition date | $ 4,200 | ||||||
Warp Drive | Developed Technology - Tri-complex Platform | |||||||
Business Acquisition [Line Items] | |||||||
Useful life of intangible assets | 7 years | ||||||
Amortization expenses | $ 1,100 | $ 1,100 | 200 | ||||
Warp Drive | In-process Research and Development - RAS Programs | |||||||
Business Acquisition [Line Items] | |||||||
In-process research and development - RAS programs | 55,800 | ||||||
Warp Drive | In-process Research and Development - KRASG12C Program | |||||||
Business Acquisition [Line Items] | |||||||
In-process research and development - RAS programs | 44,100 | ||||||
Warp Drive | In-process Research and Development - KRASG12D Program | |||||||
Business Acquisition [Line Items] | |||||||
In-process research and development - RAS programs | $ 11,700 | ||||||
Warp Drive | Income Approach | Discount Rates | Developed Technology - Genome Mining Platform | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets, measurement input | 0.14 | ||||||
Warp Drive | Income Approach | Discount Rates | In-process Research and Development - RAS Programs | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets, measurement input | 0.13 | ||||||
Warp Drive | General and Administrative Expenses | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition-related costs | $ 400 | ||||||
Warp Drive | Series B Redeemable Convertible Preferred Stock | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, shares issued | shares | 6,797,915 | ||||||
Redeemable convertible preferred stock, issued price per share | $ / shares | $ 10.03 | ||||||
Holdback Provision Associated with Warp Drive’s Agreement with Roche | |||||||
Business Acquisition [Line Items] | |||||||
Contingently returnable consideration asset | $ 300 | ||||||
Holdback Provision Associated with Warp Drive’s Agreement with Roche | Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration | $ 100 | ||||||
Holdback Provision Associated with Warp Drive’s Agreement with Roche | Series B Redeemable Convertible Preferred Stock | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, shares issued | shares | 494,771 |
Acquisition of Warp Drive - Sum
Acquisition of Warp Drive - Summary of Purchase Price Consideration For Acquisition (Details) - Warp Drive $ in Thousands | 1 Months Ended |
Oct. 31, 2018USD ($) | |
Business Acquisition [Line Items] | |
Cash | $ 1,172 |
Contingently returnable consideration asset | (310) |
Total consideration | 69,006 |
Series B Redeemable Convertible Preferred Stock | |
Business Acquisition [Line Items] | |
Series B redeemable convertible preferred stock | $ 68,144 |
Acquisition of Warp Drive - S_2
Acquisition of Warp Drive - Summary of Fair Values of Assets Acquired and Liabilities Assumed at Acquisition Date (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2018 |
Liabilities assumed: | |||
Goodwill | $ 14,608 | $ 14,608 | |
Warp Drive | |||
Assets acquired: | |||
Cash and other current assets | $ 1,594 | ||
Property and equipment | 2,151 | ||
Total assets acquired | 73,125 | ||
Liabilities assumed: | |||
Accounts payable and other accrued liabilities | 3,790 | ||
Convertible note payable, related party | 2,000 | ||
Deferred revenue | 745 | ||
Deferred tax liability | 12,192 | ||
Total liabilities assumed | 18,727 | ||
Goodwill | 14,608 | ||
Total | 69,006 | ||
Warp Drive | In-process Research and Development - RAS Programs | |||
Assets acquired: | |||
In-process research and development - RAS programs | 55,800 | ||
Warp Drive | Developed Technology - Tri-complex Platform | |||
Assets acquired: | |||
Developed technology | 7,480 | ||
Warp Drive | Developed Technology - Genome Mining Platform | |||
Assets acquired: | |||
Developed technology | $ 6,100 |
Acquisition of Warp Drive - S_3
Acquisition of Warp Drive - Summary of Proforma Financial Information of Acquisition (Details) - Warp Drive $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Business Acquisition [Line Items] | |
Revenue | $ 20,302 |
Net loss | $ (57,151) |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Schedule of Intangibles Assets, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 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 | (2,335) | (1,267) |
Developed technology - tri-complex platform, Net book value | $ 5,145 | $ 6,213 |
Developed technology - tri-complex platform, Weighted-average remaining useful life | 4 years 9 months 18 days | 5 years 9 months 18 days |
Intangible assets, Gross value | $ 63,280 | $ 63,280 |
Intangible assets, Net book value | $ 60,945 | $ 62,013 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization of intangible assets | $ 1,068,000 | $ 1,069,000 | $ 198,000 |
Goodwill impairment | $ 0 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
2021 | $ 1,069 | |
2022 | 1,069 | |
2023 | 1,069 | |
2024 | 1,069 | |
2025 | 869 | |
Developed technology - tri-complex platform, Net book value | $ 5,145 | $ 6,213 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Schedule of Goodwill (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Balance at December 31, 2019 | $ 14,608 |
Balance at December 31, 2020 | $ 14,608 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2020USD ($)ft² | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2020USD ($) | Oct. 31, 2018ft² | Jan. 31, 2015ft² | |
Lessee Lease Description [Line Items] | |||||||
Operating lease right-of-use asset | $ 27,435,000 | ||||||
Operating lease liability | 32,664,000 | ||||||
Increase in operating lease liability | (2,565,000) | ||||||
Sublease income | 1,900,000 | ||||||
Operating lease cost | 2,700,000 | ||||||
Tenant improvement allowance credits | 200,000 | ||||||
Operating cash flows for operating leases | $ 2,600,000 | ||||||
Operating lease, weighted average discount rate | 7.10% | ||||||
Operating lease, weighted average remaining lease term | 9 years 1 month 6 days | ||||||
Capital lease obligations | $ 200,000 | ||||||
Rent expense | $ 2,000,000 | $ 1,500,000 | |||||
Deferred rent | 2,400,000 | ||||||
ASC 842 | |||||||
Lessee Lease Description [Line Items] | |||||||
Operating lease right-of-use asset | $ 9,100,000 | ||||||
Operating lease liability | $ 11,500,000 | ||||||
Redwood City Lease | |||||||
Lessee Lease Description [Line Items] | |||||||
Sublease income | 0 | 0 | 900,000 | ||||
Redwood City Lease | Other Noncurrent Assets | |||||||
Lessee Lease Description [Line Items] | |||||||
Security deposit | 300,000 | $ 300,000 | |||||
Redwood City Lease | Restricted Cash | |||||||
Lessee Lease Description [Line Items] | |||||||
Letter of credit | $ 900,000 | ||||||
Redwood City Lease | The 700 Building | |||||||
Lessee Lease Description [Line Items] | |||||||
Lessee operating lease expiration month and year | 2023-04 | ||||||
Area of space leased | ft² | 42,000 | ||||||
Lease expiration date | Dec. 31, 2030 | ||||||
Lessee, operating lease, option to extend | Option to extend the lease term for the 700 Building and the 300 Building together for an additional ten years after December 31, 2030 | ||||||
Lessee, operating lease option to extend lease term | 10 years | ||||||
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 increases to $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. | ||||||
Tenant improvement allowance | $ 3,400,000 | ||||||
Redwood City Lease | The 700 Building | ASC 842 | |||||||
Lessee Lease Description [Line Items] | |||||||
Operating lease right-of-use asset | 6,400,000 | ||||||
Operating lease liability | $ 9,000,000 | ||||||
Redwood City Lease | The 700 Building | Lease Term Until April 30, 2023 | |||||||
Lessee Lease Description [Line Items] | |||||||
Annual base rent for lease | $ 2,800,000 | ||||||
Redwood City Lease | Three Hundred Saginaw Drive Redwood City California | |||||||
Lessee Lease Description [Line Items] | |||||||
Area of space leased | ft² | 19,000 | ||||||
Lease beginning date | Dec. 15, 2020 | ||||||
Lease expiration date | Dec. 31, 2030 | ||||||
Lessee, operating lease, option to extend | Option to extend the lease term for the 700 Building and the 300 Building together for an additional ten years after December 31, 2030 | ||||||
Lessee, operating lease option to extend lease term | 10 years | ||||||
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. | ||||||
Tenant improvement allowance | $ 3,200,000 | ||||||
Redwood City Lease | Three Hundred Saginaw Drive Redwood City California | ASC 842 | |||||||
Lessee Lease Description [Line Items] | |||||||
Increase in operating lease right-of-use asset | 14,800,000 | ||||||
Increase in operating lease liability | $ 14,800,000 | ||||||
Redwood City Lease | Three Hundred Saginaw Drive Redwood City California | Lease Term Expiring Until December 31, 2021 | |||||||
Lessee Lease Description [Line Items] | |||||||
Annual base rent for lease | $ 1,200,000 | ||||||
Cambridge, Massachusetts | |||||||
Lessee Lease Description [Line Items] | |||||||
Lessee operating lease expiration month and year | 2023-02 | ||||||
Area of space leased | ft² | 22,000 | ||||||
Lessee, operating lease, option to extend | Option to extend the term through February 2028 | ||||||
Cambridge, Massachusetts | Restricted Cash | |||||||
Lessee Lease Description [Line Items] | |||||||
Letter of credit | $ 200,000 | $ 200,000 |
Commitment and Contingencies _2
Commitment and Contingencies - Summary of Balance Sheet Classification of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Operating lease liability – current | $ 3,672 |
Operating lease liability – noncurrent | 28,992 |
Total operating lease liabilities | 32,664 |
Accrued expenses and other current liabilities | $ 19 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | rvmd:AccruedResearchAndDevelopmentExpensesCurrent |
Total financing lease liabilities | $ 19 |
Total lease liabilities | $ 32,683 |
Commitment and Contingencies _3
Commitment and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2021 | $ 4,381 |
2022 | 5,144 |
2023 | 4,173 |
2024 | 4,215 |
2025 | 4,363 |
Thereafter | 24,213 |
Total undiscounted lease payments | 46,489 |
Less: Imputed interest | (10,669) |
Less: Tenant improvement allowance | (3,156) |
Total operating lease liabilities | $ 32,664 |
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, 2020USD ($) |
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) |
2020 | 2,184 |
2021 | 2,034 |
2022 | 2,082 |
2023 | 701 |
Total future minimum lease payments | $ 7,001 |
Sanofi Collaboration Agreement
Sanofi Collaboration Agreement - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 31, 2018 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Deferred revenue, related party, current | $ 12,111,000 | $ 17,124,000 | ||
Deferred revenue, related party, noncurrent | 8,481,000 | $ 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 | 43,000,000 | $ 50,000,000 | $ 19,400,000 | |
Deferred revenue, related party, current | 12,100,000 | 17,100,000 | ||
Deferred revenue, related party, noncurrent | $ 8,500,000 | $ 14,700,000 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) | Feb. 18, 2020 | Oct. 30, 2018 | Nov. 30, 2018 | Oct. 31, 2018 | Jul. 31, 2019 | Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 31, 2017 | Feb. 29, 2020 |
Temporary Equity [Line Items] | |||||||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | $ 100,028,000 | $ 60,558,000 | |||||||||
Temporary equity, shares outstanding | 0 | 39,600,423 | |||||||||
Gross cash proceeds from issuance of common stock | $ 420,067,000 | ||||||||||
Dividends declared | 0 | ||||||||||
Dividends paid | $ 0 | ||||||||||
Stock voting rights description | Each share of redeemable convertible preferred stock had a number of votes equal to the number of shares of common stock into which it was convertible. The holders of Series A redeemable convertible preferred stock had the right to elect two members of the Company’s Board of Directors. The holders of Series B redeemable convertible preferred stock had the right to elect one member of the Company’s Board of Directors. The holders of common stock had the right to elect one member of the Company’s Board of Directors. The holders of common stock and redeemable convertible preferred stock, voting together as a single class on an as-converted basis, were entitled to elect one member of the Board of Directors. | ||||||||||
Common Stock | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Conversion of shares | 39,600,423 | ||||||||||
Initial Public Offering | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Temporary equity, shares outstanding | 39,600,423 | ||||||||||
Gross cash proceeds from issuance of common stock | $ 250,700,000 | ||||||||||
Stock issued, price per share | $ 17 | ||||||||||
Initial Public Offering | Common Stock | Minimum | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Gross cash proceeds from issuance of common stock | $ 50,000,000 | ||||||||||
Stock issued, price per share | $ 10.03 | ||||||||||
Warp Drive | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Convertible notes payable | $ 2,000,000 | ||||||||||
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 | $ 4.87 | |||||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | $ 70,100,000 | ||||||||||
Temporary equity, shares outstanding | 14,430,799 | ||||||||||
Cumulative cash dividend rate | 6.00% | ||||||||||
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 | $ 7.30 | ||||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | $ 4,300,000 | $ 56,200,000 | |||||||||
Temporary equity, shares outstanding | 15,165,110 | ||||||||||
Cumulative cash dividend rate | 6.00% | ||||||||||
Series B Redeemable Convertible Preferred Stock | Warp Drive | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Redeemable convertible preferred stock, shares issued | 6,797,915 | ||||||||||
Redeemable convertible preferred stock, issued price per share | $ 10.03 | ||||||||||
Convertible notes payable | $ 2,000,000 | ||||||||||
Conversion of shares | 200,493 | 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 | $ 10.03 | |||||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | $ 100,000,000 | ||||||||||
Temporary equity, shares outstanding | 10,004,514 | ||||||||||
Cumulative cash dividend rate | 6.00% |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands | Dec. 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) | 12 Months Ended | |
Dec. 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 | Dec. 31, 2020 | Dec. 31, 2019 |
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance, Total | 10,511,256 | 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 | 5,118,979 | 4,918,299 |
Unvested Restricted Stock Units Of Common Stock | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance, Total | 85,639 | |
Available for Future Issuance under the 2020 Incentive Award Plan | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance, Total | 4,806,916 | |
Available for issuance under the 2020 Employee Stock Purchase Plan | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance, Total | 499,722 | |
Available for future issuance under the 2014 Equity Incentive Plan | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance, Total | 803,652 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 29, 2020 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock reserved for future issuance, Total | 10,511,256 | 45,322,374 | ||||
Shares subject to repurchase | 130,793 | 349,501 | ||||
Exercise price of early exercised shares | $ 200 | $ 300 | ||||
Intrinsic value of the options exercised | $ 21,700 | $ 400 | $ 400 | |||
Weighted-average grant-date fair value of options granted | $ 15.59 | $ 4.43 | $ 1.90 | |||
Unrecognized stock-based compensation expense related to unvested stock options | $ 22,100 | |||||
Unrecognized stock-based compensation expense, weighted-average period of recognition | 2 years 6 months | |||||
Stock-based compensation expense | $ 8,886 | $ 3,161 | $ 855 | |||
Non-employees | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 800 | 700 | 300 | |||
Restricted Stock Units (RSUs) | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized stock-based compensation expense, weighted-average period of recognition | 3 years 3 months 18 days | |||||
Unrecognized compensation cost | $ 2,700 | |||||
RSU vested, fair value | $ 100 | $ 0 | $ 0 | |||
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 | 4,806,916 | |||||
2014 Equity Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Award vesting period | 4 years | |||||
2014 Equity Incentive Plan | Restricted Stock Awards | Employee And Director | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Award vesting period | 4 years | |||||
Share Price | $ 0.0001 | |||||
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 | 499,722 | ||||
Purchase price rate | 85.00% | |||||
Shares purchases | 29,237 | |||||
Unrecognized compensation cost related to ESPP | $ 1,500 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Option Activity Under the Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options exercised | $ (21,700) | $ (400) | $ (400) |
2020 Plan and 2014 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares underlying options, Beginning balance | 4,918,299 | 1,632,797 | |
Number of Shares underlying options, Options granted | 967,874 | 3,516,276 | |
Number of Shares underlying options, Options exercised | (694,441) | (171,110) | |
Number of Shares underlying options, Options cancelled | (72,753) | (59,664) | |
Number of Shares underlying options, Ending balance | 5,118,979 | 4,918,299 | 1,632,797 |
Number of Shares underlying options, Options vested and expected to vest | 5,118,979 | ||
Number of Shares underlying options, Options vested and exercisable | 1,966,195 | ||
Weighted-average exercise price, Beginning balance | $ 3.59 | $ 0.98 | |
Weighted-average exercise price, Options granted | 23.33 | 4.73 | |
Weighted-average exercise price, Options exercised | 2.77 | 2.01 | |
Weighted-average exercise price, Options cancelled | 8.16 | 3.73 | |
Weighted-average exercise price, Ending balance | 7.37 | $ 3.59 | $ 0.98 |
Weighted-average exercise price, Options vested and expected to vest | 7.37 | ||
Weighted-average exercise price, Options vested and exercisable | $ 4.08 | ||
Weighted-average remaining contractual term (in years) | 8 years 3 months | 8 years 11 months 15 days | 8 years 9 months 3 days |
Weighted-average exercise price, Options vested and expected to vest | 8 years 3 months | ||
Weighted-average exercise price, Options vested and exercisable | 7 years 9 months | ||
Aggregate intrinsic value | $ 165,088 | $ 51,276 | $ 5,085 |
Aggregate intrinsic value, Options vested and expected to vest | 165,088 | ||
Aggregate intrinsic value, Options vested and exercisable | $ 69,825 |
Summary of Fair Value of Stock
Summary of Fair Value of Stock Option Awards Estimated at Date of Grant (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee And Director | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 years | ||
Expected volatility, minimum | 74.00% | 76.00% | 79.00% |
Expected volatility, maximum | 80.00% | 82.00% | 81.00% |
Risk-free interest rate, minimum | 0.20% | 1.60% | 2.50% |
Risk-free interest rate, maximum | 1.50% | 2.50% | 3.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Employee And Director | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 5 years | 5 years | |
Employee And Director | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 years | 6 years | |
Non-employee | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, minimum | 74.00% | 79.00% | |
Expected volatility, maximum | 80.00% | 83.00% | |
Risk-free interest rate, minimum | 1.20% | 1.60% | 2.90% |
Risk-free interest rate, maximum | 1.50% | 2.60% | 3.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 80.00% | ||
Non-employee | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 years | 6 years | 7 years |
Non-employee | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 10 years | 10 years | 10 years |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of RSUs Activity Under the Plan (Details) - 2020 Equity Incentive Plan - Restricted Stock Units (RSUs) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Restricted stock units granted | shares | 87,520 |
Number of Shares, Restricted stock units vested | shares | (1,681) |
Number of Shares, Restricted stock units forfeited | shares | (200) |
Number of Shares, Ending balance | shares | 85,639 |
Number of Shares, Expected to vest | shares | 85,639 |
Weighted-average grant date fair value per share, Restricted stock units granted | $ / shares | $ 35.12 |
Weighted-average grant date fair value per share, Restricted stock units vested | $ / shares | 34.98 |
Weighted-average grant date fair value per share, Restricted stock units forfeited | $ / shares | 30.96 |
Weighted-average grant date fair value per share, Ending balance | $ / shares | 35.13 |
Weighted-average grant date fair value per share, Expected to vest | $ / shares | $ 35.13 |
Weighted-average remaining contractual term (in years) | 1 year 8 months 23 days |
Weighted-average remaining contractual term, Expected to vest | 1 year 8 months 23 days |
Aggregate intrinsic value | $ | $ 3,390 |
Aggregate intrinsic value, Expected to vest | $ | $ 3,390 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense Related to Stock Options, RSUs and Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 8,886 | $ 3,161 | $ 855 |
Research and Development | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 4,848 | 1,789 | 563 |
General and Administrative Expenses | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 4,038 | $ 1,372 | $ 292 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | ||
Benefit from income taxes | $ 371,000 | $ 4,373,000 |
Increase in valuation allowance | $ 37,300,000 | 12,600,000 |
Tax cut and jobs act net operating loss deduction limitation percentage | 80.00% | |
Research and development credit carryforwards | $ 10,346,000 | 6,764,000 |
Net operating losses, limitations on use | Federal, California, Massachusetts and New Jersey tax laws impose significant restrictions on the utilization of net operating loss carryforwards in the event of a change in ownership of the Company, as defined by Internal Revenue Code Section 382 (Section 382). The Company performed a study in which it determined that it had experienced changes in ownership in December 2014, June 2018, and March 2020 as defined by Section 382. No federal or state net operating losses are expected to expire unutilized as a result of the limitation, with the exception of $5.5 million in California net operating losses. In addition, in the future the Company may experience ownership changes, which may limit the utilization of net operating loss carryforwards or other tax attributes. | |
Unrecognized tax benefits that would affect effective tax rate if recognized | $ 3,300,000 | 2,200,000 |
Interest or penalties related to uncertain tax positions | $ 0 | $ 0 |
Years remain open to examination | 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 | |
Massachusetts | ||
Income Taxes [Line Items] | ||
Net operating loss carryforwards subject to expire | $ 55,000,000 | |
Net operating loss carryforwards expiration beginning year | 2035 | |
New Jersey | ||
Income Taxes [Line Items] | ||
Net operating loss carryforwards subject to expire | $ 163,400,000 | |
Net operating loss carryforwards expiration beginning year | 2039 | |
Federal | ||
Income Taxes [Line Items] | ||
Net operating loss carryforwards subject to expire | $ 265,800,000 | |
Net operating loss carryforwards expiration beginning year | 2035 | |
Net operating loss carryforwards which can be carried forward indefinitely | $ 172,100,000 | |
Research and development credit carryforwards | $ 9,000,000 | |
Research and development credit carryforwards expiration starting year | 2034 | |
California State | ||
Income Taxes [Line Items] | ||
Net operating loss carryforwards subject to expire | $ 52,700,000 | |
Net operating loss carryforwards expiration beginning year | 2035 | |
Research and development credit carryforwards | $ 5,800,000 | |
Research and development credit carryforwards expiration starting year | 2031 | |
Research and development credit carryforwards which can be carried forward indefinitely | $ 5,000,000 | |
Net operating losses expected to expire unutilized as a result of the limitation | $ 5,500,000 |
Income Taxes - Summary of Benef
Income Taxes - Summary of Benefit from Income Taxes to Amount Computed by Applying Federal Statutory Rate to Loss Before Taxes (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | ||
Federal statutory income tax rate | 21.00% | 21.00% |
State income tax rate, net of federal benefit | 9.70% | 10.70% |
Research tax credits | 3.30% | 1.00% |
Change in valuation allowance | (34.30%) | (24.20%) |
Non-deductible permanent expenses | 0.90% | (0.50%) |
Other | (0.30%) | 0.40% |
Benefit from income taxes | 0.30% | 8.40% |
Income Taxes - Summary of Categ
Income Taxes - Summary of Categories that Give Rise to Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 74,137 | $ 38,511 |
Accruals and reserves | 8,505 | 11,927 |
Research and development credits | 10,346 | 6,764 |
Lease liability | 9,845 | |
Stock-based compensation | 1,241 | 1,021 |
Other | 38 | 38 |
Gross deferred tax assets | 104,112 | 58,261 |
Less: valuation allowance | (84,680) | (47,426) |
Total deferred tax assets | 19,432 | 10,835 |
Deferred tax liabilities: | ||
Fixed assets and finite-lived intangible assets | (10,397) | (10,836) |
Indefinite-lived intangible assets | (7,444) | (7,818) |
Lease asset | (766) | |
Right-of-use asset | (8,269) | |
Gross deferred tax liabilities | (26,876) | (18,654) |
Net deferred tax liability | $ (7,444) | $ (7,819) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 2,419 | $ 2,441 |
Changes related to tax positions taken in the prior year | (41) | (567) |
Changes related to tax positions taken in current year | 1,215 | 545 |
Ending balance | $ 3,593 | $ 2,419 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||
Net loss | $ (34,204) | $ (27,221) | $ (27,215) | $ (19,519) | $ (14,596) | $ (12,818) | $ (10,119) | $ (10,131) | $ (108,159) | $ (47,664) | $ (41,789) |
Redeemable convertible preferred stock dividends - undeclared and cumulative | (2,219) | (14,238) | (7,031) | ||||||||
Net loss attributable to common stockholders | $ (110,378) | $ (61,902) | $ (48,820) | ||||||||
Denominator: | |||||||||||
Weighted-average shares outstanding | 55,109,929 | 3,231,389 | 3,140,848 | ||||||||
Less: Weighted-average unvested restricted shares and shares subject to repurchase | (235,810) | (458,800) | (842,028) | ||||||||
Weighted-average shares used to compute net loss per share attributable to common stockholders-basic and diluted | 54,874,119 | 2,772,589 | 2,298,820 | ||||||||
Net loss per share attributable to common stockholders - basic and diluted | $ (0.52) | $ (0.42) | $ (0.46) | $ (0.74) | $ (6.48) | $ (6.08) | $ (4.85) | $ (4.84) | $ (2.01) | $ (22.33) | $ (21.24) |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive shares | 5,426,621 | 44,868,223 | 31,844,448 |
Redeemable Convertible Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive shares | 39,600,423 | 29,595,909 | |
Option to Purchase Common Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive shares | 5,118,979 | 4,918,299 | 1,632,797 |
Options Early Exercised Subject to Future Vesting | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive shares | 130,793 | 349,501 | 615,742 |
Unvested Restricted Stock Units Of Common Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive shares | 85,639 | ||
Expected Shares To Be Purchased Under ESPP | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potentially dilutive shares | 91,210 |
Related Party Relationships - A
Related Party Relationships - Additional Information (Details) - USD ($) $ in Millions | Oct. 30, 2018 | Nov. 30, 2018 | Oct. 31, 2018 | Jun. 30, 2018 |
Warp Drive | ||||
Related Party Transaction [Line Items] | ||||
Convertible notes payable | $ 2 | |||
Convertible note annual interest rate computed on basis of a 360-day year | 8.00% | |||
Series B Redeemable Convertible Preferred Stock | ||||
Related Party Transaction [Line Items] | ||||
Issuance of redeemable convertible preferred stock, net of issuance costs, shares | 435,547 | 7,731,155 | ||
Series B Redeemable Convertible Preferred Stock | Warp Drive | ||||
Related Party Transaction [Line Items] | ||||
Issuance of redeemable convertible preferred stock, net of issuance costs, shares | 6,797,915 | |||
Convertible notes payable | $ 2 | |||
Conversion of redeemable convertible preferred stock into common stock, shares | 200,493 | 200,493 | ||
Series B Redeemable Convertible Preferred Stock | Third Rock Ventures | ||||
Related Party Transaction [Line Items] | ||||
Issuance of redeemable convertible preferred stock, net of issuance costs, shares | 1,708,824 | |||
Sanofi Agreement | Series B Redeemable Convertible Preferred Stock | ||||
Related Party Transaction [Line Items] | ||||
Issuance of redeemable convertible preferred stock, net of issuance costs, shares | 3,363,050 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2021 | Jul. 31, 2020 | Dec. 31, 2020 | Feb. 18, 2020 | Dec. 31, 2019 | |
Class Of Stock [Line Items] | |||||
Common stock, shares, issued | 66,599,748 | 3,292,124 | |||
Net proceeds from issuance | $ 420,067 | ||||
Underwritten Public Offering | |||||
Class Of Stock [Line Items] | |||||
Common stock, shares, issued | 6,900,000 | ||||
Common stock, price per share | $ 26 | ||||
Net proceeds from issuance | $ 167,800 | ||||
Underwritten Public Offering | Subsequent Event | |||||
Class Of Stock [Line Items] | |||||
Common stock, shares, issued | 6,666,666 | ||||
Common stock, price per share | $ 45 | ||||
Net proceeds from issuance | $ 281,300 | ||||
Underwriter's Option to Purchase Additional Shares | |||||
Class Of Stock [Line Items] | |||||
Common stock, shares, issued | 900,000 | 2,100,000 | |||
Underwriter's Option to Purchase Additional Shares | Subsequent Event | |||||
Class Of Stock [Line Items] | |||||
Common stock, shares, issued | 869,565 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Summary of Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenue | $ 8,751 | $ 12,661 | $ 10,025 | $ 11,546 | $ 12,088 | $ 12,506 | $ 12,281 | $ 13,166 | $ 42,983 | $ 50,041 | $ 20,165 |
Net loss | $ (34,204) | $ (27,221) | $ (27,215) | $ (19,519) | $ (14,596) | $ (12,818) | $ (10,119) | $ (10,131) | $ (108,159) | $ (47,664) | $ (41,789) |
Net loss per share attributable to common stockholders - basic and diluted | $ (0.52) | $ (0.42) | $ (0.46) | $ (0.74) | $ (6.48) | $ (6.08) | $ (4.85) | $ (4.84) | $ (2.01) | $ (22.33) | $ (21.24) |