Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 06, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Bolt Biotherapeutics, Inc. | |
Entity Central Index Key | 0001641281 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 37,201,444 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Title of 12(b) Security | Common Stock, $0.00001 par value | |
Trading Symbol | BOLT | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-39988 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-2804636 | |
Entity Address, Address Line One | 900 Chesapeake | |
Entity Address, Address Line Two | Drive | |
Entity Address, City or Town | Redwood City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94063 | |
City Area Code | 650 | |
Local Phone Number | 665-9295 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 58,302 | $ 5,542 |
Short-term investments | 186,686 | 17,296 |
Prepaid expenses and other current assets | 3,163 | 2,523 |
Total current assets | 248,151 | 25,361 |
Property and equipment, net | 4,551 | 4,083 |
Operating lease right-of-use assets | 25,977 | 12,267 |
Finance lease right-of-use assets | 25 | 34 |
Restricted cash | 1,565 | 1,565 |
Deferred offering costs | 2,357 | |
Long-term investments | 65,938 | |
Other assets | 867 | 875 |
Total assets | 347,074 | 46,542 |
Current liabilities: | ||
Accounts payable | 1,614 | 1,598 |
Accrued expenses and other current liabilities | 10,983 | 6,663 |
Deferred revenue | 4,330 | 1,502 |
Operating lease liabilities | 2,323 | 1,501 |
Total current liabilities | 19,250 | 11,264 |
Operating lease liabilities, net of current portion | 23,160 | 9,376 |
Deferred revenue, non-current | 8,535 | |
Convertible preferred stock purchase right liability, non-current | 25,224 | |
Other long-term liabilities | 233 | 329 |
Total liabilities | 51,178 | 46,193 |
Commitments and contingencies (Note 7) | ||
Convertible preferred stock, $0.00001 par value; 10,000,000 shares and 20,843,367 shares authorized at June 30, 2021 and December 31, 2020, respectively; zero and 15,232,275 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively. | 105,296 | |
Stockholders' equity (deficit): | ||
Additional paid-in capital | 452,357 | 3,452 |
Accumulated other comprehensive loss | (23) | |
Accumulated deficit | (156,438) | (108,399) |
Total stockholders' equity (deficit): | 295,896 | (104,947) |
Total liabilities, convertible preferred stock, and stockholders' equity (deficit) | $ 347,074 | $ 46,542 |
CONDENSED BALANCE SHEETS (Una_2
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Convertible preferred stock, par value per share | $ 0.00001 | $ 0.00001 |
Convertible preferred stock, shares authorized | 10,000,000 | 20,843,367 |
Convertible preferred stock, shares issued | 0 | 15,232,275 |
Convertible preferred stock, shares outstanding | 0 | 15,232,275 |
Common stock, par value per share | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 200,000,000 | 198,000,000 |
Common stock, shares, issued | 37,191,005 | 2,130,139 |
Common stock, shares, outstanding | 37,191,005 | 2,130,139 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Collaboration revenue | $ 0 | $ 67 | $ 0 | $ 231 |
Operating expenses: | ||||
Research and development | 19,707 | 9,166 | 33,834 | 15,953 |
General and administrative | 4,054 | 2,011 | 8,353 | 4,133 |
Total operating expense | 23,761 | 11,177 | 42,187 | 20,086 |
Loss from operations | (23,761) | (11,110) | (42,187) | (19,855) |
Other income (expense), net | ||||
Interest income, net | 176 | 51 | 232 | 163 |
Change in fair value of preferred stock right liability | (6,084) | |||
Total other income (expense), net | 176 | 51 | (5,852) | 163 |
Net loss | (23,585) | (11,059) | (48,039) | (19,692) |
Net unrealized gain (loss) on marketable securities | 41 | 11 | (23) | 1 |
Comprehensive loss | $ (23,544) | $ (11,048) | $ (48,062) | $ (19,691) |
Net loss per share, basic and diluted | $ (0.64) | $ (5.29) | $ (1.65) | $ (9.45) |
Weighted-average shares outstanding, basic and diluted | 36,595,112 | 2,089,320 | 29,088,267 | 2,083,197 |
CONDENSED STATEMENTS OF CONVERT
CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning Balance at Dec. 31, 2019 | $ (45,846) | $ 1,825 | $ (47,671) | |||
Beginning Balance, Shares at Dec. 31, 2019 | 1,921,642 | |||||
Beginning Balance at Dec. 31, 2019 | $ 77,505 | |||||
Beginning Balance, Shares at Dec. 31, 2019 | 10,070,102 | |||||
Issuance of Series C-1 convertible preferred stock, net of issuance costs of $225 and convertible preferred stock purchase right liability of $13,479 | $ 27,851 | |||||
Issuance of Series C-1 convertible preferred stock, net of issuance costs of $225 and convertible preferred stock purchase right liability of $13,479, Shares | 5,162,173 | |||||
Issuance of common stock upon exercise of stock options | 39 | 39 | ||||
Issuance of common stock upon exercise of stock options, Shares | 17,701 | |||||
Vesting of early exercised options and restricted stock awards | 9 | 9 | ||||
Stock-based compensation | 448 | 448 | ||||
Unrealized gain (loss) on available-for-sale investments | 1 | $ 1 | ||||
Net loss | (19,692) | (19,692) | ||||
Ending Balance at Jun. 30, 2020 | (65,041) | 2,321 | 1 | (67,363) | ||
Ending Balance, Shares at Jun. 30, 2020 | 15,232,275 | |||||
Ending Balance at Jun. 30, 2020 | $ 105,356 | |||||
Ending Balance, Shares at Jun. 30, 2020 | 1,939,343 | |||||
Beginning Balance at Mar. 31, 2020 | (54,225) | 2,089 | (10) | (56,304) | ||
Beginning Balance, Shares at Mar. 31, 2020 | 1,937,803 | |||||
Beginning Balance at Mar. 31, 2020 | $ 77,505 | |||||
Beginning Balance, Shares at Mar. 31, 2020 | 10,070,102 | |||||
Issuance of Series C-1 convertible preferred stock, net of issuance costs of $225 and convertible preferred stock purchase right liability of $13,479 | $ 27,851 | |||||
Issuance of Series C-1 convertible preferred stock, net of issuance costs of $225 and convertible preferred stock purchase right liability of $13,479, Shares | 5,162,173 | |||||
Issuance of common stock upon exercise of stock options | 5 | 5 | ||||
Issuance of common stock upon exercise of stock options, Shares | 1,540 | |||||
Vesting of early exercised options and restricted stock awards | 4 | 4 | ||||
Stock-based compensation | 223 | 223 | ||||
Unrealized gain (loss) on available-for-sale investments | 11 | 11 | ||||
Net loss | (11,059) | (11,059) | ||||
Ending Balance at Jun. 30, 2020 | (65,041) | 2,321 | 1 | (67,363) | ||
Ending Balance, Shares at Jun. 30, 2020 | 15,232,275 | |||||
Ending Balance at Jun. 30, 2020 | $ 105,356 | |||||
Ending Balance, Shares at Jun. 30, 2020 | 1,939,343 | |||||
Beginning Balance at Dec. 31, 2020 | (104,947) | 3,452 | (108,399) | |||
Beginning Balance, Shares at Dec. 31, 2020 | 2,130,139 | |||||
Beginning Balance at Dec. 31, 2020 | $ 105,296 | $ 105,296 | ||||
Beginning Balance, Shares at Dec. 31, 2020 | 15,232,275 | 15,232,275 | ||||
Issuance of Series C-2 convertible preferred stock, net of issuance cost of $42 | $ 51,902 | |||||
Issuance of Series C-2 convertible preferred stock, net of issuance cost of $42, Shares | 5,611,059 | |||||
Reclassification of convertible preferred stock purchase right liability to equity upon issuance of convertible C-2 preferred stock | $ 31,308 | |||||
Conversion of convertible preferred stock to common stock | $ 188,506 | 188,506 | ||||
Conversion of convertible preferred stock to common stock, Shares | 20,843,334 | |||||
Temporary equity, Conversion of convertible preferred stock to common stock, Shares | (20,843,334) | |||||
Temporary equity, Conversion of convertible preferred stock to common stock | $ (188,506) | |||||
Issuance of common stock upon initial public offering, net of issuance costs of $22,541 | 241,959 | 241,959 | ||||
Issuance of common stock upon initial public offering, net of issuance costs of $22,541, Shares | 13,225,000 | |||||
Issuance of common stock upon exercise of common stock warrants, Shares | 82,603 | |||||
Issuance of common stock related to stock purchase agreement | 13,638 | 13,638 | ||||
Issuance of common stock related to stock purchase agreement, Shares | 821,045 | |||||
Issuance of common stock under employee stock purchase plan | 420 | 420 | ||||
Issuance of common stock under employee stock purchase plan, Shares | 29,685 | |||||
Issuance of common stock upon exercise of stock options | 152 | 152 | ||||
Issuance of common stock upon exercise of stock options, Shares | 59,199 | |||||
Vesting of early exercised options and restricted stock awards | 98 | 98 | ||||
Stock-based compensation | 4,132 | 4,132 | ||||
Unrealized gain (loss) on available-for-sale investments | (23) | (23) | ||||
Net loss | (48,039) | (48,039) | ||||
Ending Balance at Jun. 30, 2021 | $ 295,896 | 452,357 | (23) | (156,438) | ||
Ending Balance, Shares at Jun. 30, 2021 | 0 | |||||
Ending Balance, Shares at Jun. 30, 2021 | 37,191,005 | |||||
Beginning Balance at Mar. 31, 2021 | $ 303,248 | 436,165 | (64) | (132,853) | ||
Beginning Balance, Shares at Mar. 31, 2021 | 36,331,846 | |||||
Issuance of common stock related to stock purchase agreement | 13,638 | 13,638 | ||||
Issuance of common stock related to stock purchase agreement, Shares | 821,045 | |||||
Issuance of common stock under employee stock purchase plan | 420 | 420 | ||||
Issuance of common stock under employee stock purchase plan, Shares | 29,685 | |||||
Issuance of common stock upon exercise of stock options | 23 | 23 | ||||
Issuance of common stock upon exercise of stock options, Shares | 8,429 | |||||
Vesting of early exercised options and restricted stock awards | 88 | 88 | ||||
Stock-based compensation | 2,023 | 2,023 | ||||
Unrealized gain (loss) on available-for-sale investments | 41 | 41 | ||||
Net loss | (23,585) | (23,585) | ||||
Ending Balance at Jun. 30, 2021 | $ 295,896 | $ 452,357 | $ (23) | $ (156,438) | ||
Ending Balance, Shares at Jun. 30, 2021 | 0 | |||||
Ending Balance, Shares at Jun. 30, 2021 | 37,191,005 |
CONDENSED STATEMENTS OF CONVE_2
CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Common Stock | |||
Stock issuance cost | $ 22,541 | ||
Convertible Preferred Stock | |||
Stock issuance cost | $ 42 | ||
Purchase right liability | $ 13,479 | $ 13,479 | |
Series C-1 Convertible Preferred Stock | |||
Stock issuance cost | $ 225 | $ 225 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (48,039) | $ (19,692) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 528 | 211 |
Stock-based compensation expense | 4,132 | 448 |
Accretion of premium/discount on marketable securities | 1,034 | (53) |
Unrealized gain (loss) on marketable securities, net | (23) | 1 |
Change in fair value of convertible preferred stock purchase rights liabilities | 6,084 | |
Non-cash lease expense | 1,174 | 885 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (632) | (382) |
Accounts payable and accrued expenses | 4,110 | (438) |
Operating lease liabilities | (278) | (2,821) |
Deferred revenue | 11,363 | (69) |
Other long-term liabilities | 2 | 7 |
Net cash used in operating activities | (20,545) | (21,903) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (761) | (1,213) |
Purchases of marketable securities | (247,768) | (13,235) |
Maturities of marketable securities | 11,406 | 5,247 |
Net cash used in investing activities | (237,123) | (9,201) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of preferred stock, net of issuance cost | 51,902 | 41,546 |
Proceeds from initial public offering, net of issuance cost | 244,316 | |
Proceeds from issuance of common stock related to stock purchase agreement | 13,638 | |
Proceeds from issuance of common stock | 572 | 39 |
Net cash provided by financing activities | 310,428 | 41,585 |
Net increase in cash | 52,760 | 10,481 |
Cash, cash equivalents and restricted cash at beginning of year | 7,107 | 35,410 |
Cash, cash equivalents and restricted cash at end of period | 59,867 | 45,891 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 58,302 | 45,307 |
Restricted cash | 1,565 | 584 |
Total cash, cash equivalents and restricted cash | 59,867 | 45,891 |
Supplemental schedule of non-cash investing and financing activities: | ||
Vesting of early exercised options | 98 | 9 |
Purchases of property and equipment included in accounts payable and accrued liabilities | 226 | 280 |
Deferred offering costs in accounts payable and accrued liabilities | 216 | |
Right of use assets obtained in exchange for operating lease obligations | $ 14,884 | $ 324 |
Description of the Business
Description of the Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of the Business | 1. Description of the Business Bolt Biotherapeutics, Inc. (the “Company”) is a clinical-stage biotechnology company pioneering a new class of immuno-oncology agents that combine the targeting precision of antibodies with the power of both the innate and adaptive immune systems. Initial Public Offering and Related Transactions On February 9, 2021, the Company completed its initial public offering (“IPO”) pursuant to a registration statement on Form S-1 (File No. 333-252136) that was declared effective by the Securities and Exchange Commission (the “SEC”) on February 4, 2021, and sold an aggregate of 13,225,000 shares of its common stock, including the full exercise of the underwriters’ option to purchase 1,725,000 shares, at a price per share of $20.00. Proceeds from the IPO, net of underwriting discounts, commissions and offering costs, were approximately $242.0 million. In addition, each of the following occurred on February 4, 2021, in connection with the completion of the Company’s IPO: • the conversion of all outstanding shares of convertible preferred stock into 20,843,334 shares of the Company’s common stock; and • the amendment and restatement of the Company’s certificate of incorporation, authorizing 200,000,000 shares of common stock and 10,000,000 shares of undesignated preferred stock. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) Reverse Stock Split On January 26, 2021, the Company amended and restated its amended and restated certificate of incorporation to effect a 1-for-7 reverse stock split of the Company’s outstanding common stock and convertible preferred stock. The par value and authorized shares of the common stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, options to purchase common stock, early exercised options 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. Other Risks and Uncertainties The Company is subject to a number of risks similar to other early-stage biopharmaceutical companies, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on its future financial position or results of operations: risks related to the successful discovery and development of its product candidates, ability to raise additional capital, development of new technological innovations by its competitors and delay or inability to obtain chemical or biological intermediates from such suppliers required for the synthesis of the Company’s product candidates, including due to the impact of the current COVID-19 pandemic, protection of intellectual property rights, litigation or claims against the Company based on intellectual property rights, regulatory clearance and market acceptance of the Company’s products. The current COVID-19 pandemic, which is impacting worldwide economic activity, poses the risk that the Company or its employees, contractors, suppliers and other partners may be prevented from conducting business activities for an indefinite period of time, including due to shutdowns that may be requested or mandated by governmental authorities. The extent to which the COVID-19 pandemic will impact the Company’s business will depend on future developments that are highly uncertain and cannot be predicted at this time. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s financial statements is highly uncertain and subject to change. Management 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 con densed financial statements as of and for the three and six months ended June 30 , 2021; however, actual results could differ from those estimates and there may be changes to management’s estimates in future periods. The Company relies on single source manufacturers and suppliers for the supply of its product candidates. Disruption from these manufacturers or suppliers would have a negative impact on the Company’s business, financial position and results of operations. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, the valuation of common stock, stock-based compensation, convertible preferred stock purchase right liabilities and accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates. Deferred Offering Costs The Company capitalized certain legal, accounting and other third-party fees that were directly related to the Company’s IPO. After the completion of the IPO in February 2021, the total deferred offering costs of $4.0 million were offset against the proceeds from the IPO and reclassified to additional paid-in capital in the accompanying the balance sheets. At December 31, 2020, deferred offering costs totaling $2.4 million were included as non-current assets in the accompanying balance sheet. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. At June 30, 2021 and December 31, 2020, most of the Company’s funds are invested with a registered investment manager and custodied at one financial institution, with working capital kept at a separate financial institution, and account balances may at times exceed federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institutions where the funds are held. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of June 30, 2021 and December 31, 2020, cash and cash equivalents consisted primarily of bank deposits and money market funds, which were unrestricted as to withdrawal or use. Marketable Securities The Company classifies its marketable securities as available-for-sale and records such assets at estimated fair value in the balance sheets, with unrealized gains and losses that are determined to be temporary, if any, excess cash balances primarily in corporate debt securities with strong credit ratings. Realized gains and losses are calculated on the specific identification method and recorded as interest income and were immaterial for all periods presented. Restricted Cash As of June 30, 2021 and December 31, 2020, the Company had $1.6 million of long-term restricted cash deposited with a financial institution. The restricted cash is held in separate bank accounts to support letter of credit agreements related to the Company’s facility leases that expire in 2025 and 2031 (see Note 7). Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Cash and cash equivalents, restricted cash, marketable debt securities, accounts payable, accrued expenses and other current liabilities are reported at their respective fair values in our condensed balance sheets. The carrying amount of the remaining financial instruments approximate fair value due to their short-term nature. Refer to Note 3 for the methodologies and assumptions used in valuing financial instruments. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss 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 is computed by dividing the net loss 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, 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 per share is presented in conformity with the two-class method required for participating securities as the 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 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 all periods presented as potentially dilutive securities were anti-dilutive. Recent Accounting Standards From time to time, new accounting standards are issued by the Financial Accounting Standards Board (the “FASB”), or other standard setting bodies and adopted by the Company as of the specified effective date. There have been no new accounting pronouncements issued nor adopted during the three and six months ended June 30, 2021 that are of significance to the Company’s financial position or results of operations. |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | 3. Fair Value Measurements and Fair Value of Financial Instruments The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1 —Quoted prices in active markets for identical assets or liabilities. Level 2 —Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 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. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. During the three and six months ended June 30, 2021 , financial assets measured on a recurring basis consist of cash invested in money market accounts , short-term investments , and long-term investments . The fair value of short-term and long-term investments is based upon market prices quoted on the last day of the fiscal period or other observable market inputs. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, bids and/or offers. Financial liabilities measured at fair value on a recurring basis include the convertible preferred stock purchase rights liabilities described below. There were no transfers within the hierarchy during the three and six months ended June 30, 2021 and 2020. Marketable securities, all of which are classified as available-for-sale securities, consisted of the following at June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Asset-backed securities $ 38,644 $ 3 $ (6 ) $ 38,641 U.S. treasury securities 29,993 — (12 ) 29,981 Other government agency securities 5,098 — (5 ) 5,093 Commercial paper 90,819 — — 90,819 Corporate debt securities 88,092 16 (18 ) 88,090 Total $ 252,646 $ 19 $ (41 ) $ 252,624 December 31, 2020 Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Asset-backed securities $ 2,639 $ — $ — $ 2,639 U.S. treasury securities 1,300 — — 1,300 Commercial paper 6,795 — — 6,795 Corporate debt securities 6,562 1 (1 ) 6,562 Total $ 17,296 $ 1 $ (1 ) $ 17,296 At June 30, 2021 and December 31, 2020, the fair values of the Company’s assets and liabilities, which are measured at fair value on a recurring basis, were determined using the following inputs (in thousands): June 30, 2021 Total (Level 1) (Level 2) (Level 3) Money market funds $ 54,700 $ 54,700 $ — $ — Asset-backed securities 38,641 — 38,641 — U.S. treasury securities 29,981 — 29,981 — Other government agency securities 5,093 — 5,093 — Commercial paper 90,819 — 90,819 — Corporate debt securities 88,090 — 88,090 — Total $ 307,324 $ 54,700 $ 252,624 $ — December 31, 2020 Total (Level 1) (Level 2) (Level 3) Money market funds $ 3,921 $ 3,921 $ — $ — Asset-backed securities 2,640 — 2,640 — U.S. treasury securities 1,300 1,300 — — Commercial paper 6,795 — 6,795 — Corporate debt securities 6,561 — 6,561 — Total $ 21,217 $ 5,221 $ 15,996 $ — Liabilities: Preferred stock purchase rights liability $ 25,224 $ — $ — $ 25,224 Level 3 liabilities that are measured at fair value on a recurring basis consist of the convertible preferred stock purchase right liabilities. The following table provides a summary of changes in the estimated fair value of the financial instruments using significant Level 3 inputs (in thousands): Series C Convertible Preferred Stock Purchase Right Liability Balance at December 31, 2020 $ 25,224 Change in fair value 6,084 Reclassification to equity (31,308 ) Balance at June 30, 2021 $ — The fair value of the convertible preferred stock purchase right liabilities is estimated using an income-based approach incorporating probability considerations for different scenarios. The main assumptions include the probability and timing of the tranche closing, and the estimated value of the Company’s equity at that time. In January 2021, the Company issued the additional shares of Series C-2 convertible preferred stock and accordingly, this contractual obligation was settled, and the preferred stock purchase right liability was remeasured to its fair value and reclassified to permanent equity. The fair value of the convertible preferred stock purchase right liability immediately prior to settlement was increased to $31.3 million as a result of the estimated probability of the occurrence of the second closing of Series C convertible preferred stock increasing to 80%, timing related to the occurrence of the second closing decreasing to 0.06 years and the increase in the future expected value of the Series C preferred shares to $16.25 per share. |
License and Equity Agreement
License and Equity Agreement | 6 Months Ended |
Jun. 30, 2021 | |
License And Equity Agreement [Abstract] | |
License and Equity Agreement | 4. License and Equity Agreement License and Equity Agreement with Related Party In May 2015 and June 2018, the Company entered into license agreements (the “Stanford Agreement”), as amended, with The Board of Trustees of the Leland Stanford Junior University (“Stanford”). The Stanford Agreement provides the Company exclusive licenses to certain inventions. As consideration, the Company issued Stanford shares of its common stock and a limited right to purchase equity in future financing. Dr. Edgar G. Engleman, a founder and member of the board of directors of the Company, who is a professor at Stanford, was issued shares of common stock as part of the Company’s Series A financing in September 2016. Additionally, the Company is required by the Stanford Agreement to make milestone payments up to an aggregate of $0.4 million for the first licensed product that meets certain patent issuance, clinical and regulatory milestones, and an additional milestone payment of $0.2 million for each additional regulatory approval. The Company also agreed in the Stanford Agreement to pay Stanford tiered royalties on the Company’s and its sublicensees’ net sales of licensed products, if any, at low single-digit percentage rates, subject to certain reductions. Dr. Engleman is entitled to receive a share of any royalties that the Company pays to Stanford under the Stanford Agreement with respect to the covered intellectual property. No royalty payments have been made to date. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Property and Equipment, net Property and equipment, net, consist of the following (in thousands): June 30, 2021 December 31, 2020 Laboratory equipment $ 6,028 $ 5,253 Leasehold Improvements 67 — Office equipment 214 69 Total property and equipment 6,309 5,322 Less accumulated depreciation and amortization (1,758 ) (1,239 ) Total $ 4,551 $ 4,083 Depreciation expense related to property and equipment was $0.2 million and $0.5 million for the three and six months ended June 30, 2021, respectively, and $0.1 million and $0.2 million for the same periods in 2020, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): June 30, 2021 December 31, 2020 Accrued research and development $ 7,054 $ 3,199 Accrued compensation 2,414 2,885 Accrued other 1,515 579 Total $ 10,983 $ 6,663 |
Collaborations
Collaborations | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaborations | 6. Collaborations Joint Development and License Agreement with Toray Industries, Inc. In March 2019, the Company entered into a Joint Development and License Agreement (the “Toray Development Agreement”) with Toray Industries, Inc. (“Toray”) to jointly develop and commercialize a Boltbody immune-stimulating antibody conjugate (“ISAC”) containing Toray’s proprietary antibody to treat cancer. The Company determined that the Toray Development Agreement is a contract with a customer and should be accounted for under ASC 606. In conjunction with the Toray Development Agreement, the Company entered into a Series T Convertible Preferred Stock Purchase Agreement (the “Series T Agreement”) for the issuance of 717,514 shares of Series T convertible preferred stock to Toray. These contracts have been evaluated together and the consideration in excess of the fair value of the Series T convertible preferred stock of $1.5 million has been allocated to the Toray Development agreement and included in the total consideration for collaboration revenue. In February 2021, in connection with the Company’s IPO, all outstanding shares of Series T convertible preferred stock were converted into shares of the Company’s common stock. In the Toray Development Agreement, the Company has identified one bundled performance obligation which includes the license rights, research and development services and services associated with participation on a joint steering committee. Collaboration revenue is recognized over time proportionate to the costs that the Company has incurred to perform the services using an input method as a measure of progress towards satisfying the performance obligation, which is based on project hours. Amounts are billed based on estimated variable consideration in the quarter ahead of performance and are trued up on the subsequent quarter’s invoice following the work performed. The cumulative effect of revisions to estimated hours to complete the Company’s performance obligation will be recorded in the period in which changes are identified and amounts can be reasonably estimated. Deferred revenue allocated to the unsatisfied performance obligation is recorded as a contract liability on the balance sheet and will be recognized over time as the services are performed, which is expected to take place through the first half of 2022. As of June 30, 2021 and December 31, 2020, contract liabilities totaling $1.5 million at each period-end were recorded in deferred revenue in current liabilities on the balance sheet. The Toray Development Agreement includes optional additional items which will be accounted for as contract modifications when development advances past certain milestones and the parties both exercise their opt-in rights. Oncology Research and Development Collaboration with Genmab A/S In May 2021, the Company entered into a License and Collaboration Agreement (the “Genmab Agreement”) with Genmab A/S (“Genmab”). Together, the companies will evaluate Genmab antibodies and bispecific antibody engineering technologies in combination with Bolt’s ISAC technology platform, with the goal of discovering and developing next-generation bispecific ISACs for the treatment of cancer. Under t his research collaboration , the companies will evaluate multiple bispecific ISAC concepts to identify up to three clinical candidates for development. Genmab will fund the research, along with the preclinical and clinical development of these candidates through initial clinical proof of concept . Under the Genmab Agreement, Bolt received an upfront payment of $ 10.0 million and is eligible to receive total potential milestone payments of up to $ 285.0 million per therapeutic candidate exclusively developed and commercialized by Genmab, along with tiered royalties at rates from a mid-single digit to mid-teens percentage, subject to certain customary reductions. The Company determined that the Genmab Agreement is a contract with a customer and should be accounted for under ASC 606. In conjunction with the Genmab Agreement, the Company entered into a Stock Purchase Agreement (the “SPA”) for the issuance of 821,045 shares of the Company’s common stock to Genmab for a total purchase price of $ 15.0 million . These contracts have been evaluated together and the consideration in excess of the fair value of the common stock of $ million has been allocated to the Genmab A greement and included in the total consideration for collaboration revenue. In the Genmab Agreement, the Company has identified one bundled performance obligation that includes the license rights, research and development services and services associated with participation on a joint research committee. The transaction price includes the $10.0 million upfront payment, the $1.4 million allocated from the Genmab SPA, and $6.1 million of estimated variable consideration related to reimbursements for research and development services at the agreed upon full-time employee rate and third-party costs. Collaboration revenue is recognized over time proportionate to the costs that the Company has incurred to perform the services using an input method as a measure of progress towards satisfying the performance obligation, which is based on project hours. Amounts are billed based on estimated variable consideration in the quarter ahead of performance and are trued up on the subsequent quarter’s invoice following the work performed. The cumulative effect of revisions to estimated hours to complete the Company’s performance obligation will be recorded in the period in which changes are identified and amounts can be reasonably estimated. Deferred revenue allocated to the unsatisfied performance obligation is recorded as a contract liability on the balance sheet and will be recognized over time as the services are performed. As of June 30, 2021, contract liabilities totaling $11.4 million was recorded in deferred revenue in current and non-current liabilities on the balance sheet. There was no revenue earned during the three and six months ended June 30, 2021, |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Leases The Company has operating leases for its corporate office, laboratory and vivarium space in Redwood City, California. eight-year In connection with the execution of the Chesapeake Master Lease, the Company entered into two operating lease agreements to sublease portions of the premises to two unrelated third parties. The first sublease agreement, to sublease 10,000 square feet, commenced in August 2020 and will expire on July 31, 2022. The second sublease agreement, to sublease 10,500 square feet, commenced in June 2021 and will expire on July 31, 2023. Rent for both subleases are subject to scheduled annual increases and the subtenants are responsible for certain operating expenses and taxes throughout the term under the sublease agreements. The subtenants have no option to extend the sublease term. Sublease income under the two sublease agreements for the three and six months ended June 30, 2021, was approximately $0.2 million and $0.3 million, respectively. At June 30, 2021 and December 31, 2020, finance right-of-use leases are used to finance capital equipment such as printers or ozone generators and it is immaterial. The weighted-average remaining lease term and discount rate related to the Company’s lease liabilities as of June 30, 2021 were 8.4 years and 10.8%, respectively, for the operating leases. The weighted-average remaining lease term and discount rate related to the Company’s lease liabilities as of December 31, 2020 were 6.3 years and 9.5%, respectively, for the operating leases. The Company lease discount rates are based on estimates of its incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined. As the Company does not have any outstanding debt, the Company estimates the incremental borrowing rate based on its estimated credit rating and available market information. The components of lease expense were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Total operating lease cost $ 902 $ 603 $ 1,669 $ 1,196 Supplemental cash flow information related to leases was as follows (in thousands): Six Months Ended June 30, 2021 2020 Operating cash flows from operating leases $ 666 $ 3,133 The following is a schedule by year for future maturities of the Company’s operating lease liabilities and sublease income to be received as of June 30, 2021 (in thousands): Operating Leases Sublease Income 2021 $ 2,446 $ 646 2022 4,994 1,048 2023 4,612 403 2024 4,772 — 2025 4,227 — Thereafter 19,709 — Total minimum lease payments/sublease income 40,760 2,097 Less imputed interest (15,277 ) — Total $ 25,483 $ 2,097 Supply Agreement The Company has entered into a supply agreement with a contract manufacturer pursuant to which the Company may be required to pay milestone payments upon the achievement of specified regulatory milestones. The agreement is cancelable by the Company upon delivering the appropriate prior written notice. At June 30, 2021, potential future milestone payments under this agreement were up to $2.0 million. Guarantees and Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of June 30, 2021, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently had not recorded related liabilities. Legal Proceedings The Company is subject to claims and assessments from time to time in the ordinary course of business but is not aware of any such matters, individually or in the aggregate, that will have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Convertible Preferred Stock
Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Convertible Preferred Stock | 8. Convertible Preferred Stock Issuance of Series C-1 and Series C-2 Convertible Preferred Stock In June 2020, the Company entered into a preferred stock purchase agreement (the “Series C Agreement”) with existing and new investors to raise up to $93.5 million in two separate tranches. The first tranche closed in June 2020 and the Company raised $41.3 million, net of issuance costs of $0.2 million, and issued 5,162,173 shares of Series C-1 convertible preferred stock at $8.05 per share. In addition, the investors agreed to buy and the Company agreed to sell up to 5,611,065 shares of Series C-2 convertible preferred stock at a price per share of $ 9.2575 , for potential additional gross proceeds of $ 51.9 million, upon the achievement of certain milestones as defined in the agreement. The commitment made by the investors to invest in the second tranche of the Series C Agreement was considered a separate freestanding financial instrument and was recorded as a Convertible Preferred Stock Purchase Right Liability in the amount of $13.5 million upon the issuance of the first tranche of the Series C-1 convertible preferred stock in June 2020. The commitment was accounted for at fair value during the period it was outstanding with changes in fair value recorded as other income (expense) in the statement of operations and comprehensive loss. During the three months ended March 31, 2021, changes in fair value of this liability totaling $6.1 million have been recorded in other income (expense) in the statement of operations and comprehensive loss. In January 2021, the Company issued the additional 5,611,059 shares of Series C-2 convertible preferred stock for net proceeds of $51.9 million and accordingly, this contractual obligation was settled and the preferred stock purchase right liability was remeasured to its fair value and reclassified to permanent equity. In February 2021, all outstanding shares of convertible preferred stock were converted into the Company’s common stock in connection with the IPO. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Common Stock | 9. COMMON STOCK Common Stock Warrants In July 2018, the Company issued 249,218 warrants to purchase common stock to the Series B investors in the first tranche. The warrants were deemed to be freestanding instruments indexed to the Company’s common stock and met the requirements for equity classification. The warrants had an expiration date of July 26, 2028 and were exercisable at the option of the warrant holder for $0.07 per share. In February 2021, all outstanding warrants were exercised to purchase 82,603 shares of the Company’s common stock in connection with the IPO. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 10. STOCK-BASED COMPENSATION Approval of 2021 Equity Incentive Plan and 2021 Employee Stock Purchase Plan In January 2021, the Company’s board of directors adopted the 2021 Equity Incentive Plan (the “2021 Plan”) and the Company’s stockholders approved the 2021 Plan. The 2021 Plan authorized issuance of up to 8,075,000 shares of common stock and it became effective upon the execution of the underwriting agreement for the Company’s IPO. In addition, in January 2021, the Company’s board of directors and stockholders adopted the 2021 Employee Stock Purchase Plan (the “ESPP”). The ESPP authorized issuance of up to 840,000 shares of common stock and it became effective upon the execution of the underwriting agreement for the Company’s IPO. The 2021 ESPP permits participants to purchase common stock through payroll deductions of up to 15% of their eligible compensation. Employees purchase shares of common stock at a price per share equal to 85% of the lower of the fair market value at the start or end of the six-month purchase periods within the two-year Performance and Service Based Stock Options In September 2020, the compensation committee of the Company’s board of directors granted 526,018 options to employees that would commence vesting upon the closing of the Series C-2 financing and generally vest monthly over 48 months (the “Performance Awards”). The Company recognizes expense based on the fair value of the Performance Awards over the estimated service period (under the graded vesting method) to the extent the achievement of the related performance criteria is estimated to be probable. The Company determined that the financing milestone was achieved during January 2021. Accordingly, the Company recognized stock-based compensation expense related to the Performance Awards of approximately $0.1 million and $0.6 million for the three and six months ended June 30, 2021, respectively. The weighted-average grant date fair value of the Performance Awards was $3.24 per share. Stock-Based Compensation Expense The following table summarizes the components of stock-based compensation expense recognized in the Company’s statement of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 1,077 $ 98 $ 2,097 $ 198 General and administrative 946 125 2,035 250 Total $ 2,023 $ 223 $ 4,132 $ 448 Early Exercise Liability Some of the options granted under the 2015 Plan may be exercised prior to the time that the options have vested, provided that such shares remain subject to repurchase until such time as they have vested. The right to repurchase these shares lapses over the vesting periods, which are generally four years. As of June 30, 2021 and December 31, 2020, there were 10,904 and 47,180, respectively, unvested shares representing an early exercise liability of approximately $28,000 and $0.1 million, respectively. The unvested shares purchased by the employees are not deemed, for accounting purposes, to be outstanding. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. Net Loss Per Share The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders, which excludes shares which are legally outstanding, but subject to repurchase by the Company (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (23,585 ) $ (11,059 ) $ (48,039 ) $ (19,692 ) Denominator: Weighted average common shares outstanding 36,617,390 1,937,510 29,104,021 1,935,575 Weighted average common stock outstanding subject to repurchase related to unvested early exercised stock options and restricted stock awards (22,279 ) (20,213 ) (33,553 ) (24,401 ) Weighted average warrants to purchase common stock — 172,023 17,798 172,023 Weighted average common shares outstanding - basic and diluted 36,595,112 2,089,320 29,088,267 2,083,197 Net loss per share attributable to common stockholders, basic and diluted $ (0.64 ) $ (5.29 ) $ (1.65 ) $ (9.45 ) Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common stock equivalent shares): Three and Six Months Ended 2021 2020 Convertible preferred stock — 15,232,275 Common stock options issued and outstanding 5,091,714 1,992,801 Common stock outstanding subject to repurchase related to unvested early exercised stock options and restricted stock awards 10,904 16,132 Total 5,102,618 17,241,208 The ESPP did not exist in 2020, and the potentially dilutive shares to be issued under the ESPP as of June 30, 2021 were not included in the calculation of dilutive net loss per share because they would be anti-dilutive and were immaterial. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) |
Reverse Stock Split | Reverse Stock Split On January 26, 2021, the Company amended and restated its amended and restated certificate of incorporation to effect a 1-for-7 reverse stock split of the Company’s outstanding common stock and convertible preferred stock. The par value and authorized shares of the common stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, options to purchase common stock, early exercised options 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. |
Other Risks and Uncertainties | Other Risks and Uncertainties The Company is subject to a number of risks similar to other early-stage biopharmaceutical companies, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on its future financial position or results of operations: risks related to the successful discovery and development of its product candidates, ability to raise additional capital, development of new technological innovations by its competitors and delay or inability to obtain chemical or biological intermediates from such suppliers required for the synthesis of the Company’s product candidates, including due to the impact of the current COVID-19 pandemic, protection of intellectual property rights, litigation or claims against the Company based on intellectual property rights, regulatory clearance and market acceptance of the Company’s products. The current COVID-19 pandemic, which is impacting worldwide economic activity, poses the risk that the Company or its employees, contractors, suppliers and other partners may be prevented from conducting business activities for an indefinite period of time, including due to shutdowns that may be requested or mandated by governmental authorities. The extent to which the COVID-19 pandemic will impact the Company’s business will depend on future developments that are highly uncertain and cannot be predicted at this time. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s financial statements is highly uncertain and subject to change. Management 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 con densed financial statements as of and for the three and six months ended June 30 , 2021; however, actual results could differ from those estimates and there may be changes to management’s estimates in future periods. The Company relies on single source manufacturers and suppliers for the supply of its product candidates. Disruption from these manufacturers or suppliers would have a negative impact on the Company’s business, financial position and results of operations. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, the valuation of common stock, stock-based compensation, convertible preferred stock purchase right liabilities and accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates. |
Deferred Offering Costs | Deferred Offering Costs The Company capitalized certain legal, accounting and other third-party fees that were directly related to the Company’s IPO. After the completion of the IPO in February 2021, the total deferred offering costs of $4.0 million were offset against the proceeds from the IPO and reclassified to additional paid-in capital in the accompanying the balance sheets. At December 31, 2020, deferred offering costs totaling $2.4 million were included as non-current assets in the accompanying balance sheet. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. At June 30, 2021 and December 31, 2020, most of the Company’s funds are invested with a registered investment manager and custodied at one financial institution, with working capital kept at a separate financial institution, and account balances may at times exceed federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institutions where the funds are held. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of June 30, 2021 and December 31, 2020, cash and cash equivalents consisted primarily of bank deposits and money market funds, which were unrestricted as to withdrawal or use. |
Marketable Securities | Marketable Securities The Company classifies its marketable securities as available-for-sale and records such assets at estimated fair value in the balance sheets, with unrealized gains and losses that are determined to be temporary, if any, excess cash balances primarily in corporate debt securities with strong credit ratings. Realized gains and losses are calculated on the specific identification method and recorded as interest income and were immaterial for all periods presented. |
Restricted Cash | Restricted Cash As of June 30, 2021 and December 31, 2020, the Company had $1.6 million of long-term restricted cash deposited with a financial institution. The restricted cash is held in separate bank accounts to support letter of credit agreements related to the Company’s facility leases that expire in 2025 and 2031 (see Note 7). |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Cash and cash equivalents, restricted cash, marketable debt securities, accounts payable, accrued expenses and other current liabilities are reported at their respective fair values in our condensed balance sheets. The carrying amount of the remaining financial instruments approximate fair value due to their short-term nature. Refer to Note 3 for the methodologies and assumptions used in valuing financial instruments. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss 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 is computed by dividing the net loss 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, 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 per share is presented in conformity with the two-class method required for participating securities as the 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 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 all periods presented as potentially dilutive securities were anti-dilutive. |
Recent Accounting Standards | Recent Accounting Standards From time to time, new accounting standards are issued by the Financial Accounting Standards Board (the “FASB”), or other standard setting bodies and adopted by the Company as of the specified effective date. There have been no new accounting pronouncements issued nor adopted during the three and six months ended June 30, 2021 that are of significance to the Company’s financial position or results of operations. |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Marketable Securities Classified as Available-for-sale Securities | Marketable securities, all of which are classified as available-for-sale securities, consisted of the following at June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Asset-backed securities $ 38,644 $ 3 $ (6 ) $ 38,641 U.S. treasury securities 29,993 — (12 ) 29,981 Other government agency securities 5,098 — (5 ) 5,093 Commercial paper 90,819 — — 90,819 Corporate debt securities 88,092 16 (18 ) 88,090 Total $ 252,646 $ 19 $ (41 ) $ 252,624 December 31, 2020 Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Asset-backed securities $ 2,639 $ — $ — $ 2,639 U.S. treasury securities 1,300 — — 1,300 Commercial paper 6,795 — — 6,795 Corporate debt securities 6,562 1 (1 ) 6,562 Total $ 17,296 $ 1 $ (1 ) $ 17,296 |
Schedule of Fair Values of Assets and Liabilities Measured at Fair Value on Recurring Basis | At June 30, 2021 and December 31, 2020, the fair values of the Company’s assets and liabilities, which are measured at fair value on a recurring basis, were determined using the following inputs (in thousands): June 30, 2021 Total (Level 1) (Level 2) (Level 3) Money market funds $ 54,700 $ 54,700 $ — $ — Asset-backed securities 38,641 — 38,641 — U.S. treasury securities 29,981 — 29,981 — Other government agency securities 5,093 — 5,093 — Commercial paper 90,819 — 90,819 — Corporate debt securities 88,090 — 88,090 — Total $ 307,324 $ 54,700 $ 252,624 $ — December 31, 2020 Total (Level 1) (Level 2) (Level 3) Money market funds $ 3,921 $ 3,921 $ — $ — Asset-backed securities 2,640 — 2,640 — U.S. treasury securities 1,300 1,300 — — Commercial paper 6,795 — 6,795 — Corporate debt securities 6,561 — 6,561 — Total $ 21,217 $ 5,221 $ 15,996 $ — Liabilities: Preferred stock purchase rights liability $ 25,224 $ — $ — $ 25,224 |
Schedule of Changes in Estimated Fair Value of Financial Instruments | The following table provides a summary of changes in the estimated fair value of the financial instruments using significant Level 3 inputs (in thousands): Series C Convertible Preferred Stock Purchase Right Liability Balance at December 31, 2020 $ 25,224 Change in fair value 6,084 Reclassification to equity (31,308 ) Balance at June 30, 2021 $ — |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Property and Equipment, Net | Property and equipment, net, consist of the following (in thousands): June 30, 2021 December 31, 2020 Laboratory equipment $ 6,028 $ 5,253 Leasehold Improvements 67 — Office equipment 214 69 Total property and equipment 6,309 5,322 Less accumulated depreciation and amortization (1,758 ) (1,239 ) Total $ 4,551 $ 4,083 |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): June 30, 2021 December 31, 2020 Accrued research and development $ 7,054 $ 3,199 Accrued compensation 2,414 2,885 Accrued other 1,515 579 Total $ 10,983 $ 6,663 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Total operating lease cost $ 902 $ 603 $ 1,669 $ 1,196 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows (in thousands): Six Months Ended June 30, 2021 2020 Operating cash flows from operating leases $ 666 $ 3,133 |
Schedule by Year for Future Maturities of Operating Lease Liabilities and Sublease Income to be Received | The following is a schedule by year for future maturities of the Company’s operating lease liabilities and sublease income to be received as of June 30, 2021 (in thousands): Operating Leases Sublease Income 2021 $ 2,446 $ 646 2022 4,994 1,048 2023 4,612 403 2024 4,772 — 2025 4,227 — Thereafter 19,709 — Total minimum lease payments/sublease income 40,760 2,097 Less imputed interest (15,277 ) — Total $ 25,483 $ 2,097 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Components of Stock-Based Compensation Expense Recognized | The following table summarizes the components of stock-based compensation expense recognized in the Company’s statement of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 1,077 $ 98 $ 2,097 $ 198 General and administrative 946 125 2,035 250 Total $ 2,023 $ 223 $ 4,132 $ 448 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders, which excludes Shares Legally Outstanding | The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders, which excludes shares which are legally outstanding, but subject to repurchase by the Company (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (23,585 ) $ (11,059 ) $ (48,039 ) $ (19,692 ) Denominator: Weighted average common shares outstanding 36,617,390 1,937,510 29,104,021 1,935,575 Weighted average common stock outstanding subject to repurchase related to unvested early exercised stock options and restricted stock awards (22,279 ) (20,213 ) (33,553 ) (24,401 ) Weighted average warrants to purchase common stock — 172,023 17,798 172,023 Weighted average common shares outstanding - basic and diluted 36,595,112 2,089,320 29,088,267 2,083,197 Net loss per share attributable to common stockholders, basic and diluted $ (0.64 ) $ (5.29 ) $ (1.65 ) $ (9.45 ) |
Potentially Dilutive Securities not Included in the Calculation of Diluted Net Loss per Share | Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common stock equivalent shares): Three and Six Months Ended 2021 2020 Convertible preferred stock — 15,232,275 Common stock options issued and outstanding 5,091,714 1,992,801 Common stock outstanding subject to repurchase related to unvested early exercised stock options and restricted stock awards 10,904 16,132 Total 5,102,618 17,241,208 |
Description of the Business - A
Description of the Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 09, 2021 | Feb. 04, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Subsidiary Sale Of Stock [Line Items] | ||||
Proceeds from stock sold, net of underwriting discounts, commissions and offering costs | $ 244,316 | |||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 198,000,000 | |
Preferred stock, shares authorized | 10,000,000 | |||
Common Stock | ||||
Subsidiary Sale Of Stock [Line Items] | ||||
Aggregate stock sold | 13,225,000 | |||
Outstanding shares of convertible preferred stock converted into common stock | 20,843,334 | 20,843,334 | ||
IPO | Common Stock | ||||
Subsidiary Sale Of Stock [Line Items] | ||||
Aggregate stock sold | 13,225,000 | |||
Sale of stock, price per share | $ 20 | |||
Proceeds from stock sold, net of underwriting discounts, commissions and offering costs | $ 242,000 | |||
Underwriters’ Option | Common Stock | ||||
Subsidiary Sale Of Stock [Line Items] | ||||
Aggregate stock sold | 1,725,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | Jan. 26, 2021 | Jun. 30, 2021USD ($) | Feb. 28, 2021USD ($) | Dec. 31, 2020USD ($) |
Summary Of Significant Accounting Policies [Line Items] | ||||
Deferred offering costs noncurrent | $ 2,400 | |||
Deferred offering costs to offset against proceeds from IPO | $ 4,000 | |||
Restricted cash | $ 1,565 | $ 1,565 | ||
Common Stock and Convertible Preferred Stock | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Reverse stock split | 1-for-7 | |||
Reverse stock split ratio | 0.142857 |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Value of Financial Instruments - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value, assets, level 1 to level 2 transfers | $ 0 | $ 0 | $ 0 | $ 0 | |
Fair value, assets, level 2 to level 1 transfers | 0 | 0 | 0 | 0 | |
Fair value, liabilities, level 1 to level 2 transfers | 0 | 0 | 0 | 0 | |
Fair value, liabilities, level 2 to level 1 transfers | 0 | 0 | 0 | 0 | |
Fair value, asset, transfers into level 3 | 0 | 0 | 0 | 0 | |
Fair value, asset, transfers out of level 3 | 0 | 0 | 0 | 0 | |
Fair value, liability, transfers into level 3 | 0 | 0 | 0 | 0 | |
Fair value, liability, transfers out of level 3 | $ 0 | $ 0 | $ 0 | $ 0 | |
Series C-2 Convertible Preferred Stock | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value of convertible preferred stock purchase right liability | $ 31,300,000 | ||||
Percentage of increase in convertible preferred stock | 80.00% | ||||
Period of timing related to occurrence | 21 days | ||||
Increase in future expected value of share | $ 16.25 |
Fair Value Measurements and F_4
Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Marketable Securities Classified as Available-for-sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 252,646 | $ 17,296 |
Unrealized Gains | 19 | 1 |
Unrealized Losses | (41) | (1) |
Estimated Fair Value | 252,624 | 17,296 |
Asset Backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 38,644 | 2,639 |
Unrealized Gains | 3 | |
Unrealized Losses | (6) | |
Estimated Fair Value | 38,641 | 2,639 |
U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 29,993 | 1,300 |
Unrealized Losses | (12) | |
Estimated Fair Value | 29,981 | 1,300 |
Other Government Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 5,098 | |
Unrealized Losses | (5) | |
Estimated Fair Value | 5,093 | |
Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 90,819 | 6,795 |
Estimated Fair Value | 90,819 | 6,795 |
Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 88,092 | 6,562 |
Unrealized Gains | 16 | 1 |
Unrealized Losses | (18) | (1) |
Estimated Fair Value | $ 88,090 | $ 6,562 |
Fair Value Measurements and F_5
Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Fair Values of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | $ 307,324 | $ 21,217 |
Liabilities: | ||
Preferred stock purchase rights liability | 25,224 | |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | 54,700 | 3,921 |
Asset Backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | 38,641 | 2,640 |
U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | 29,981 | 1,300 |
Other Government Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | 5,093 | |
Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | 90,819 | 6,795 |
Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | 88,090 | 6,561 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | 54,700 | 5,221 |
Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | 54,700 | 3,921 |
Level 1 | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | 1,300 | |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | 252,624 | 15,996 |
Level 2 | Asset Backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | 38,641 | 2,640 |
Level 2 | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | 29,981 | |
Level 2 | Other Government Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | 5,093 | |
Level 2 | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | 90,819 | 6,795 |
Level 2 | Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total asset | $ 88,090 | 6,561 |
Level 3 | ||
Liabilities: | ||
Preferred stock purchase rights liability | $ 25,224 |
Fair Value Measurements and F_6
Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Changes in Estimated Fair Value of Financial Instruments (Details) - Recurring Basis $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Balance at December 31, 2020 | $ 25,224 |
Change in fair value | 6,084 |
Reclassification to equity | $ (31,308) |
License and Equity Agreement -
License and Equity Agreement - Additional Information (Details) - Stanford Agreement | 74 Months Ended |
Jun. 30, 2021USD ($) | |
License And Equity Agreement [Line Items] | |
Additional milestone payment | $ 200,000 |
Royalty payments | 0 |
Maximum | |
License And Equity Agreement [Line Items] | |
Aggregate millstone payments | $ 400,000 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 6,309 | $ 5,322 |
Less accumulated depreciation and amortization | (1,758) | (1,239) |
Total | 4,551 | 4,083 |
Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 6,028 | 5,253 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 67 | |
Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 214 | $ 69 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | ||||
Depreciation expense | $ 0.2 | $ 0.1 | $ 0.5 | $ 0.2 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued research and development | $ 7,054 | $ 3,199 |
Accrued compensation | 2,414 | 2,885 |
Accrued other | 1,515 | 579 |
Total | $ 10,983 | $ 6,663 |
Collaborations - Additional Inf
Collaborations - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
May 31, 2021 | Mar. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Consideration in excess of fair value | $ 241,959,000 | ||||||
Collaboration revenue | $ 0 | $ 67,000 | $ 0 | $ 231,000 | |||
Common Stock | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Issuance of shares | 13,225,000 | ||||||
Maximum | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Potential future milestone payments | $ 2,000,000 | ||||||
Toray Development Agreement | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Contract liability | 1,500,000 | 1,500,000 | $ 1,500,000 | ||||
Genmab Agreement | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Contract liability | $ 11,400,000 | $ 11,400,000 | |||||
Upfront payment received | $ 10,000,000 | ||||||
Allocated from Genmab SPA | 1,400,000 | ||||||
Variable consideration related to reimbursements for research and development services | $ 6,100,000 | ||||||
Genmab Agreement | Common Stock | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Issuance of shares | 821,045 | ||||||
Consideration in excess of fair value | $ 1,400,000 | ||||||
Purchase price under Stock Purchase Agreement | 15,000,000 | ||||||
Genmab Agreement | Maximum | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Potential future milestone payments | $ 285,000,000 | ||||||
Series T Convertible Preferred Stock | Toray Development Agreement | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Issuance of shares | 717,514 | ||||||
Consideration in excess of fair value | $ 1,500,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Aug. 07, 2020USD ($)ft² | Jun. 30, 2021USD ($)ft² | Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($)ft² | Dec. 31, 2020USD ($) |
Commitments And Contingencies [Line Items] | |||||
Operating lease right-of-use assets | $ 25,977,000 | $ 25,977,000 | $ 25,977,000 | $ 12,267,000 | |
Operating lease liabilities | $ 25,483,000 | $ 25,483,000 | 25,483,000 | ||
Sublease income | $ 2,097,000 | ||||
Weighted-average remaining lease term | 8 years 4 months 24 days | 8 years 4 months 24 days | 8 years 4 months 24 days | 6 years 3 months 18 days | |
Weighted-average discount rate | 10.80% | 10.80% | 10.80% | 9.50% | |
Maximum | |||||
Commitments And Contingencies [Line Items] | |||||
Potential future milestone payments | $ 2,000,000 | ||||
Chesapeake Master Lease | |||||
Commitments And Contingencies [Line Items] | |||||
Operating lease, area of property available | ft² | 71,646 | ||||
Operating lease, area of property, additional space available | ft² | 45,690 | 45,690 | |||
Operating lease, area of property, extension space available | ft² | 25,956 | 25,956 | |||
Operating lease, initial term of contract | 10 years | ||||
Operating lease, option to extend | true | ||||
Operating lease, extended additional term | 8 years | ||||
Tenant improvement allowance | $ 4,800,000 | ||||
Operating lease, area of property subleased | ft² | 10,000 | ||||
Operating lease, area of property, additional space remaining | ft² | 35,690 | ||||
Operating lease right-of-use assets | $ 18,500,000 | $ 18,500,000 | $ 18,500,000 | ||
Operating lease liabilities | $ 19,200,000 | 19,200,000 | $ 19,200,000 | ||
Sublease, area of property leased | ft² | 10,000 | ||||
Sublease expiration date | Jul. 31, 2022 | Jul. 31, 2023 | |||
Sublease, area of property expected to be leased | ft² | 10,500 | ||||
Operating sublease, option to extend, description | The subtenants have no option to extend the sublease term. | ||||
Operating sublease, option to extend | false | ||||
Sublease income | $ 200,000 | $ 300,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | ||||
Total operating lease cost | $ 902 | $ 603 | $ 1,669 | $ 1,196 |
Commitments and Contingencies_3
Commitments and Contingencies - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Operating cash flows from operating leases | $ 666 | $ 3,133 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule by Year for Future Maturities of Operating Lease Liabilities and Sublease Income to be Received (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Operating Leases | |
Operating Leases, 2021 | $ 2,446 |
Operating Leases, 2022 | 4,994 |
Operating Leases, 2023 | 4,612 |
Operating Leases, 2024 | 4,772 |
Operating Leases, 2025 | 4,227 |
Operating Leases, Thereafter | 19,709 |
Operating Leases, Total minimum lease payments | 40,760 |
Less imputed interest | (15,277) |
Operating lease liabilities | 25,483 |
Sublease Income | |
Sublease Income, 2021 | 646 |
Sublease Income, 2022 | 1,048 |
Sublease Income, 2023 | 403 |
Total Sublease Income | 2,097 |
Sublease Income, Total | $ 2,097 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2021USD ($)shares | Jun. 30, 2020USD ($)Tranche$ / sharesshares | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | |
Class Of Stock [Line Items] | ||||||
Convertible preferred stock value | $ 105,296,000 | |||||
Convertible preferred stock, shares issued | shares | 0 | 15,232,275 | ||||
Proceeds from issuance of preferred stock, net of issuance cost | $ 51,902,000 | $ 41,546,000 | ||||
Series C-2 Convertible Preferred Stock | ||||||
Class Of Stock [Line Items] | ||||||
Fair value of convertible preferred stock purchase right liability | $ 31,300,000 | |||||
Series C Agreement | ||||||
Class Of Stock [Line Items] | ||||||
Convertible preferred stock, authorized amount | $ 93,500,000 | 93,500,000 | ||||
Number of tranches | Tranche | 2 | |||||
First Tranche Series C Agreement | ||||||
Class Of Stock [Line Items] | ||||||
Convertible preferred stock value | $ 41,300,000 | $ 41,300,000 | ||||
Net of issuance costs | $ 200,000 | |||||
First Tranche Series C Agreement | Series C-1 Convertible Preferred Stock | ||||||
Class Of Stock [Line Items] | ||||||
Convertible preferred stock, shares issued | shares | 5,162,173 | 5,162,173 | ||||
Stock issued, price per share | $ / shares | $ 8.05 | $ 8.05 | ||||
First Tranche Series C Agreement | Series C-2 Convertible Preferred Stock | ||||||
Class Of Stock [Line Items] | ||||||
Convertible preferred stock, shares issuable | shares | 5,611,065 | 5,611,065 | ||||
Stock price per share | $ / shares | $ 9.2575 | $ 9.2575 | ||||
Potential gross proceeds from issuance | $ 51,900,000 | |||||
Second Tranche Series C Agreement | ||||||
Class Of Stock [Line Items] | ||||||
Changes in fair value of this liability | $ 6,100,000 | |||||
Second Tranche Series C Agreement | Series C-1 Convertible Preferred Stock | ||||||
Class Of Stock [Line Items] | ||||||
Fair value of convertible preferred stock purchase right liability | $ 13,500,000 | $ 13,500,000 | ||||
Second Tranche Series C Agreement | Series C-2 Convertible Preferred Stock | ||||||
Class Of Stock [Line Items] | ||||||
Convertible preferred stock, shares issued | shares | 5,611,059 | |||||
Proceeds from issuance of preferred stock, net of issuance cost | $ 51,900,000 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - USD ($) | 1 Months Ended | |
Jul. 31, 2018 | Feb. 28, 2021 | |
Class Of Warrant Or Right [Line Items] | ||
Warrants issued to purchase common stock | $ 249,218 | |
Warrants expiration date | Jul. 26, 2028 | |
Warrant exercise price | $ 0.07 | |
Common Stock | ||
Class Of Warrant Or Right [Line Items] | ||
Number of common stock purchased upon exercise of warrants | 82,603 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 4,132,000 | $ 448,000 | ||||
Performance and Service Based Stock Options | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares granted | 526,018 | |||||
Vesting period | 48 months | |||||
Stock-based compensation expense | $ 100,000 | $ 600,000 | ||||
Weighted-average grant date fair value of awards | $ 3.24 | |||||
Common Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of common stock under employee stock purchase plan, Shares | 29,685 | 29,685 | ||||
2021 Plan | Common Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares authorized for issuance | 8,075,000 | |||||
2021 Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Purchase price of stock as percentage of fair market value | 85.00% | |||||
2021 Employee Stock Purchase Plan | Common Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares authorized for issuance | 840,000 | |||||
Plan offering period | 2 years | |||||
Issuance of common stock under employee stock purchase plan, Shares | 29,685 | 29,685 | ||||
2021 Employee Stock Purchase Plan | Common Stock | Maximum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of eligible compensation for payroll deductions to purchase stock | 15.00% | |||||
2015 Plan | Employee Stock Option | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unvested shares | 10,904 | 10,904 | 47,180 | |||
Repurchase right vesting period | 4 years | |||||
Early exercise liability | $ 28,000 | $ 28,000 | $ 100,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Components of Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 2,023 | $ 223 | $ 4,132 | $ 448 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 1,077 | 98 | 2,097 | 198 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 946 | $ 125 | $ 2,035 | $ 250 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders, which excludes Shares Legally Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net loss | $ (23,585) | $ (11,059) | $ (48,039) | $ (19,692) |
Denominator: | ||||
Weighted average common shares outstanding | 36,617,390 | 1,937,510 | 29,104,021 | 1,935,575 |
Weighted average common stock outstanding subject to repurchase related to unvested early exercised stock options and restricted stock awards | (22,279) | (20,213) | (33,553) | (24,401) |
Weighted average warrants to purchase common stock | 172,023 | 17,798 | 172,023 | |
Weighted average common shares outstanding - basic and diluted | 36,595,112 | 2,089,320 | 29,088,267 | 2,083,197 |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.64) | $ (5.29) | $ (1.65) | $ (9.45) |
Net Loss Per Share - Potentiall
Net Loss Per Share - Potentially Dilutive Securities not Included in the Calculation of Diluted Net Loss per Share (Details) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included in the calculation of diluted net loss per share | 5,102,618 | 17,241,208 |
Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included in the calculation of diluted net loss per share | 15,232,275 | |
Common Stock Options Issued and Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included in the calculation of diluted net loss per share | 5,091,714 | 1,992,801 |
Common Stock Outstanding Subject to Repurchase Related to Unvested Early Exercised Stock Options and Restricted Stock Awards | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included in the calculation of diluted net loss per share | 10,904 | 16,132 |