Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 06, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001645569 | |
Entity File Number | 001-40794 | |
Entity Registrant Name | DICE THERAPEUTICS, INC. | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Tax Identification Number | 47-2286244 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 400 East Jamie Court | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 566-1420 | |
Entity Common Stock, Shares Outstanding | 38,229,275 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Trading Symbol | DICE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 53,668 | $ 115,826 |
Marketable securities | 249,563 | 203,495 |
Unbilled receivable | 2,000 | 2,000 |
Restricted cash, current | 150 | 150 |
Prepaid expenses and other current assets | 1,615 | 2,440 |
Total current assets | 306,996 | 323,911 |
Property and equipment, net | 3,088 | 1,645 |
Restricted cash | 198 | 198 |
Operating lease right-of-use assets | 14,327 | |
TOTAL ASSETS | 324,609 | 325,754 |
CURRENT LIABILITIES: | ||
Accounts payable | 4,753 | 1,710 |
Accrued expenses and other current liabilities | 8,154 | 8,691 |
Operating lease liabilities, current portion | 1,173 | |
Term loan, current portion | 714 | 480 |
Total current liabilities | 14,794 | 10,881 |
Operating lease liabilities, noncurrent | 12,936 | |
Other noncurrent liabilities | 8 | |
Term loan, noncurrent | 1,710 | 1,916 |
TOTAL LIABILITIES | 29,440 | 12,805 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, and no shares issued and outstanding as of March 31, 2022 and December 31, 2021 | ||
Additional paid-in capital | 418,603 | 416,710 |
Accumulated deficit | (122,298) | (103,707) |
Accumulated other comprehensive loss | (1,140) | (58) |
TOTAL STOCKHOLDERS’ EQUITY | 295,169 | 312,949 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 324,609 | 325,754 |
Common Stock Class Undefined | ||
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.0001 par value; 500,000,000 shares authorized, 38,229,275 and 38,224,299 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | $ 4 | $ 4 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock Class Undefined | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 38,229,275 | 38,224,299 |
Common stock, shares outstanding | 38,229,275 | 38,224,299 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses: | ||
Research and development | $ 13,410 | $ 6,621 |
General and administrative | 5,448 | 1,465 |
Total operating expenses | 18,858 | 8,086 |
Loss from operations | (18,858) | (8,086) |
Other income (expense): | ||
Interest and other income, net | 327 | 14 |
Interest expense | (60) | (2) |
Change in fair value of warrant liability | 8 | |
Net loss | (18,591) | (8,066) |
Other comprehensive loss: | ||
Unrealized loss on marketable securities | (1,082) | (7) |
Comprehensive loss | $ (19,673) | $ (8,073) |
Net loss per share, basic and diluted | $ (0.50) | $ (3.59) |
Weighted-average shares used in computing net loss per share, basic and diluted | 37,261,685 | 2,248,687 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Convertible Preferred Units and Stockholders' Equity/ Members' (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Convertible Preferred Units | Common Units | Common Stock | Additional paid-in capital | Accumulated deficit | Accumulated Other Comprehensive Loss |
Balance at Dec. 31, 2020 | $ (53,145) | $ 1,603 | $ (54,748) | ||||
Preferred units, Shares at Dec. 31, 2020 | 12,690,540 | ||||||
Preferred units, Value at Dec. 31, 2020 | $ 107,374 | ||||||
Balance (Shares) at Dec. 31, 2020 | 2,248,687 | ||||||
Stock-based compensation | 347 | 347 | |||||
Other comprehensive loss | (7) | $ (7) | |||||
Net loss | (8,066) | (8,066) | |||||
Balance at Mar. 31, 2021 | (60,871) | 1,950 | (62,814) | (7) | |||
Preferred units, Shares at Mar. 31, 2021 | 12,690,540 | ||||||
Preferred units, Value at Mar. 31, 2021 | $ 107,374 | ||||||
Balance (Shares) at Mar. 31, 2021 | 2,248,687 | ||||||
Balance at Dec. 31, 2021 | 312,949 | $ 4 | 416,710 | (103,707) | (58) | ||
Balance (Shares) at Dec. 31, 2021 | 38,224,299 | ||||||
Issuance of common stock upon exercise of stock options | 84 | 84 | |||||
Issuance of common stock upon exercise of stock options (Shares) | 4,976 | ||||||
Stock-based compensation | 1,809 | 1,809 | |||||
Other comprehensive loss | (1,082) | (1,082) | |||||
Net loss | (18,591) | (18,591) | |||||
Balance at Mar. 31, 2022 | $ 295,169 | $ 4 | $ 418,603 | $ (122,298) | $ (1,140) | ||
Balance (Shares) at Mar. 31, 2022 | 38,229,275 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (18,591) | $ (8,066) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 151 | 180 |
Stock-based compensation | 1,809 | 347 |
Change in fair value of warrant liability | (8) | |
Gain on asset disposal | (22) | |
Amortization of operating lease right-of-use assets | 368 | |
Net accretion and amortization in marketable securities | 351 | |
Amortization of debt issuance costs | 29 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 607 | 70 |
Accounts payable | 3,054 | (294) |
Accrued expenses and other liabilities | (1,552) | (227) |
Operating lease liabilities | (368) | |
Net cash used in operating activities | (14,164) | (7,998) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (385) | (365) |
Purchases of marketable securities | (65,506) | (24,082) |
Proceeds from maturities of marketable securities | 18,005 | |
Net cash used in investing activities | (47,886) | (24,447) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on Series C issuance costs | (192) | (2,491) |
Proceeds from stock option exercises | 84 | |
Payments on capital lease obligations | (32) | |
Net cash used in financing activities | (108) | (2,523) |
Net decrease in cash, cash equivalents and restricted cash | (62,158) | (34,968) |
Cash, cash equivalents and restricted cash at beginning of period | 116,174 | 59,836 |
Cash, cash equivalents and restricted cash at end of period | 54,016 | 24,868 |
SUPPLEMENTAL NON-CASH OPERATING INFORMATION: | ||
Right-of-use assets obtained in exchange for lease liabilities | 14,477 | |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING INFORMATION: | ||
Property and equipment additions included in accounts payable and accrued liabilities | 1,396 | |
Issuance costs for convertible preferred units included in accounts payable and accrued liabilities | 141 | |
Accrued tax distributions | 14 | 1 |
Reconciliation of cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows | ||
Cash and cash equivalents | 53,668 | 24,719 |
Restricted cash | 348 | 149 |
Total cash, cash equivalents and restricted cash | $ 54,016 | $ 24,868 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business DICE Therapeutics, Inc. (“DICE”, or the “Company”), a successor to DiCE Molecules Holdings, LLC (“DiCE LLC”), is a Delaware Corporation headquartered in South San Francisco, California. DICE is a biopharmaceutical company leveraging its proprietary technology platform to build a pipeline of novel oral therapeutic candidates to treat chronic diseases in immunology and other therapeutic areas. The Company’s platform, DELSCAPE, is designed to discover selective oral small molecules with the potential to modulate protein-protein interactions (“PPIs”) as effectively as systemic biologics. Reverse Stock Split On September 2, 2021, the DiCE LLC Board approved a reverse split of the Company’s units at a 1-for-4 ratio (the “Reverse Stock Split”). The Reverse Stock Split became effective on September 8, 2021. All issued and outstanding common units, convertible preferred units, profits interest units, common unit warrants, convertible preferred unit warrants, and per share amounts contained in the condensed consolidated financial statements have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented. Liquidity The Company has incurred significant operating losses since inception and has relied primarily on public and private equity to fund its operations. 122.3 The Company expects to continue to incur substantial losses, and its ability to achieve and sustain profitability will depend on the successful development, approval, and commercialization of product candidates and on the achievement of sufficient revenue to support its cost structure. The Company may never achieve profitability, and until then, the Company will need to continue to raise additional capital. As of March 31, 2022, the Company had 303.2 Based on the current plan, the Company believes that its cash, cash equivalents, and marketable securities as of March 31, 2022 provide sufficient capital resources to continue its operations for at least twelve months from the issuance date of these unaudited condensed consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) as defined by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements include the accounts of DICE Therapeutics, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expense during the reporting period. The Company evaluates its estimates, including those related to revenue recognition, the fair value of convertible preferred stock warrants, income taxes uncertainties, stock-based compensation, including the fair value of common stock, lease assets and liabilities, clinical trial accruals, and related assumptions on an ongoing basis using historical experience and other factors, and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. Unaudited Interim Condensed Consolidated Financial Statements The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all necessary adjustments, which include only normal recurring adjustments necessary to present fairly the Company’s financial position as of March 31, 2022, and its results of operations and comprehensive loss and changes in stockholders’ equity and members’ deficit for the three months ended March 31, 2022 and 2021 and its cash flows for the three months ended March 31, 2022 and 2021. The financial data and the other financial information contained in these notes to the condensed consolidated financial statements related to the three month period are also unaudited. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other future annual or interim period. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021, as filed on March 28, 2022. The Company’s significant accounting policies are detailed in its Annual Report on Form 10-K for the year ended December 31, 2021. Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive to in exchange for those goods or services. To determine revenue recognition for customer contracts, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods and services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of ASC Topic 606, Revenue from Contracts with Customers, and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into collaboration agreements under which it may obtain upfront license fees, research and development funding, and development, regulatory and commercial milestone payments, and royalty payments. The Company’s performance obligations under these arrangements may include licenses of intellectual property, and research and development services. In the collaboration agreements, the Company has a performance obligation to perform research and development services to identify compounds as therapeutic candidates against identified targets. The revenue is recognized as the research and development services are being performed and the results of the research and development services are provided to the customer. The customers have options to elect commercial licenses of intellectual property. As the customer options are not considered to be a material right, customer options are accounted for as separate contracts if and when they are exercised by the customer. The Company is eligible to receive milestone payments under the collaborative arrangements. The Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. If it is probable that a significant revenue reversal would not occur, the associated milestone value would be included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. Under the collaborative arrangements, the Company may be eligible to receive sales-based royalties, including milestone payments based on the level of sales, and in which the license is deemed to be the predominant item to which the royalties relate. The Company would recognize revenue when the related sales occur to earn the royalty or sales-based milestone payments. Upfront payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. L eases The Company adopted Accounting Standards Codification (“ASC”) Topic 842, “Leases” (“ASC 842”) on January 1, 2022 using the modified retrospective method. Under this method, financial statements for periods after the adoption date are presented in accordance with ASC 842 and prior-period financial statements continue to be presented in accordance with ASC 840, the accounting standard originally in effect for such periods. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease and any amounts probable of being owed under a residual value guarantee (if applicable). ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. As the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the expected lease term. The Company excludes from its condensed consolidated balance sheet recognition of leases having a term of 12 months or less (short-term leases) and does not separate lease components and non-lease components for its real estate leases. The Company’s non-lease components are primarily related to property maintenance, which varies based on future outcomes, and is recognized in rent expense when incurred. Recently Adopted Accounting Pronouncements In 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates 2016-02, Leases (“ASU 2016-02”), with amendments issued in 2018 and 2019, which amended existing guidance to require substantially all leases to be recognized by lessees on their balance sheet as a right-of-use (“ROU”) asset and corresponding lease liability, including leases previously accounted for as operating leases. The Company adopted ASC 842 effective January 1, 2022. The Company elected the optional package of practical expedients to not reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) whether initial direct costs qualify for capitalization on any existing leases. Upon adoption of ASC 842, on January 1, 2022, the Company recorded operating lease ROU assets of $0.5 million, operating lease liabilities of $0.5 million and derecognized the deferred rent liability of $8,000 Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (“Topic 326”). This standard requires measurement and recognition of expected credit losses for financial assets. The FASB subsequently issued clarifications to this standard. This standard will become effective for the Company for fiscal years beginning after December 15, 2022. The Company does not expect the adoption of this standard to have a material impact on its condensed consolidated financial statements and related disclosures. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. Fair value is measured based on a three-level hierarchy of inputs, of which the first two are considered observable and the last unobservable. Unobservable inputs reflect the Company’s own assumptions about current market conditions. The use of observable inputs is maximized, where available, and the use of unobservable inputs is minimized when measuring fair value. The three-level hierarchy of inputs is as follows: Level 1 —Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 —Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities 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 related assets or liabilities; and Level 3 —Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amounts reflected in the condensed consolidated balance sheets for cash, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to their short-term nature. The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): March 31, 2022 Level 1 Level 2 Level 3 Total Money market funds $ 53,239 $ — $ — $ 53,239 US treasuries 67,721 — — 67,721 Government treasury and agency securities — 6,020 — 6,020 Corporate securities and commercial paper — 175,822 — 175,822 Total assets measured at fair value $ 120,960 $ 181,842 $ — $ 302,802 December 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ 115,410 $ — $ — $ 115,410 US treasuries 24,053 — — 24,053 Government treasury and agency securities — 7,600 — 7,600 Corporate securities and commercial paper — 171,842 — 171,842 Total assets measured at fair value $ 139,463 $ 179,442 $ — $ 318,905 The following table presents the changes in fair values of the Company’s convertible preferred stock warrants and common stock warrants, classified as level 3 financial liabilities (in thousands): Three Months Ended March 31, 2022 2021 Beginning balance $ — $ 314 Change in fair value — (8 ) Reclassification of fair value of warrants to equity upon the net exercise of warrants — — Ending balance $ — $ 306 Prior to settlement, the fair value of the warrant liability was estimated using a hybrid approach between a probability-weighted expected return method (PWERM) and an option pricing model (OPM), which estimated the probability weighted value across multiple liquidity scenarios, while using OPM to estimate the allocation of value within one or more of those scenarios. The Company considered various scenarios, including a scenario in which the Company completes an IPO, a scenario in which the Company stays private, and a scenario contemplating a merger or acquisition. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | 4. Investments The amortized cost, unrealized gain and loss, and fair value of the Company’s investments in marketable securities by major security type are as follows (in thousands): March 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 53,239 $ — $ — $ 53,239 US treasuries 67,934 4 (217 ) 67,721 Government treasury and agency securities 6,044 — (24 ) 6,020 Corporate securities and commercial paper 176,725 — (903 ) 175,822 Total financial assets $ 303,942 $ 4 $ (1,144 ) $ 302,802 December 31, 2021 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 115,410 $ — $ — $ 115,410 US treasuries 24,056 1 (4 ) 24,053 Government treasury and agency securities 7,606 — (6 ) 7,600 Corporate securities and commercial paper 171,891 3 (52 ) 171,842 Total financial assets $ 318,963 $ 4 $ (62 ) $ 318,905 As of March 31, 2022, the fair value of the Company’s marketable debt securities, by maturity date, were as follows (in thousands): Amount Due within one year $ 204,757 Due in one to five years 44,806 Total marketable securities $ 249,563 |
Collaboration Revenue
Collaboration Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Collaboration Revenue | 5 . Collaboration Revenue 2015 Sanofi Collaboration Agreement In December 2015, the Company entered into a license and collaboration agreement (the “Sanofi Agreement”) with Aventis, Inc. (“Sanofi”), which was amended and restated in August 2017 (as amended, the “2015 Collaboration Agreement”). Under the Sanofi Agreement, the Company agreed to provide research services on identified targets and to grant Sanofi an exclusive option to license to develop and commercialize (as applicable), certain compounds into products within the time frames specified therein. In particular, the Company agreed to identify, in two or more screening libraries, compounds that bind to seven agreed upon immuno-oncology targets and to generate collaboration compounds for use by Sanofi to develop and commercialize collaboration products. Under the terms of the Sanofi Agreement, Sanofi has the exclusive rights and is responsible for the development, commercialization and manufacture of collaboration products resulting from the collaboration. Sanofi is obligated to use commercially reasonable efforts to commercialize at least one collaboration product for each target, within certain countries, upon regulatory approval of such product. Upon signing the Sanofi Agreement in December 2015, Sanofi paid the Company an initial fee of $8.0 million for target exclusivity rights and an additional $1.0 million annual technology access and development fee. In December 2016, Sanofi paid the Company an additional $9.0 million fee for the same services. At the date of the 2017 amendment to the Sanofi Agreement, the Company had remaining unrecognized revenue of $3.0 million from the Agreement to be recognized over the remaining term (August 2017 through December 2020) when research services were being provided. For the three months ended March 31, 2022 and 2021, no revenue was recognized related to the Sanofi Agreement, as amended, since the research services were completed in December 2020. The performance obligation under the Sanofi Agreement, as amended, consisted of research services to create libraries with active compounds for assigned collaboration targets that can be developed into a drug for commercial use. In addition to the ongoing research services, the arrangement included several customer options. Under the Sanofi Agreement, the Company earned Sum of the Evidence (“SOE”) points depending on the milestone achieved and Sanofi’s elections. In connection with this right, the Company recognized $2.0 million in revenue in 2018, when SOE points were earned. The $2.0 million contract asset is recorded as an unbilled receivable in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021. The services provided by the Company under the Sanofi Agreement were completed in December 2020. There was no remaining deferred revenue as of March 31, 2022 and December 31, 2021. In March 2022, Sanofi notified the Company that it no longer intended to develop therapeutic candidates under the Sanofi Agreement and terminated the agreement effective as of July 2022, or such earlier date as agreed by the respective parties. As a result, the Company will regain worldwide rights to the previously partnered oral immuno-oncology program. 2017 Genentech Collaboration Agreement In November 2017, the Company entered into a collaboration agreement (the “Genentech Agreement”) with Genentech, Inc. (“Genentech”). Under the 2017 Collaboration Agreement, the Company was entitled to receive a one-time target access fee for each of the collaboration targets designated. The research collaboration with respect to each collaboration target has a two-year Upon execution of the Genentech Agreement, Genentech designated certain collaboration targets and paid the Company a $4.5 million target access fee. In 2018, Genentech paid the Company an additional $1.5 million in target access fees. The Company’s performance obligation under the collaboration consists of research services. The revenue related to the performance obligation is recognized when the research services are completed and delivered to Genentech. In addition, the arrangement includes several customer options which will be accounted for as separate contracts if and when elected by Genentech. The Company initiated research activities on the active collaboration targets in March 2018 and submitted five milestone packages for Genentech to review in 2019. The Company recognized collaboration revenue upon the completion of the milestone packages and research services. In June 2021, the Genentech Agreement was terminated , and the Company recognized the remaining $ 1.1 million of deferred revenue as collaboration revenue for the year ended December 31 , 2021 . No revenue was recognized for the three - month periods ended March 31, 2022 and 2021 . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | 6 . Leases In June 2021, the Company entered into a lease agreement for a new office space in South San Francisco, California. The lease has an initial term of seven years, beginning on the lease commencement date of March 25, 2022, with an option to extend the lease for an additional period of five years. Under the terms of the lease, the Company is required to maintain a letter of credit for the benefit of the landlord in the amount of $0.2 million, commencing on the effective date of the agreement until the expiration of the lease. The deposit related to the letter of credit is included within restricted cash in the condensed consolidated balance sheets. The Company leased its former headquarters with its main offices and laboratory facilities in South San Francisco under a sublease agreement that ended in April 2022. As of March 31, 2022, the Company had recorded an aggregate operating lease ROU asset of $14.3 million and an aggregate operating lease liability of $14.1 million in the accompanying unaudited condensed consolidated balance sheet. As of March 31,2022, the weighted-average remaining lease term was 7.0 years and the weighted-average incremental borrowing rate used to determine the operating lease liability was 10.0%. As of March 31, 2022, the future minimum payments under operating lease liabilities were as follows (in thousands): Amount 2022 (remaining nine months) $ 1,862 2023 2,665 2024 2,738 2025 2,814 2026 2,891 Thereafter 6,792 Total undiscounted lease payments 19,762 Less: imputed interest (5,653 ) Total lease liabilities 14,109 Less: lease liabilities – current portion 1,173 Lease liabilities – noncurrent portion $ 12,936 Operating lease cost for the three months ended March 31, 2022 was $0.4 million. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 7 . Stock-Based Compensation 2021 Equity Incentive Plan In January 2022, the common stock available for issuance under the 2021 Equity Incentive Plan automatically increased by 5% of the total number of shares of the Company’s capital stock outstanding on December 31, 2021, or 1,911,215 shares. 2021 Employee Stock Purchase Plan In January 2022, the common stock available for issuance under the 2021 Employee Stock Purchase Plan automatically increased by 1% of the total number of shares of the Company’s capital stock outstanding on December 31, 2021, or 382,243 shares. Stock-Based Compensation Expense The Company recognized stock-based compensation as follows (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 974 $ 163 General and administrative 835 184 Total stock-based compensation expense $ 1,809 $ 347 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 8 . Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, less restricted stock subject to future vesting. Diluted net loss per share is the same as basic net loss per share for each period presented, as the effects of potentially dilutive securities are antidilutive given the net loss of the Company. The following outstanding shares have been excluded from the computation of diluted net loss per share for the three months ended March 31, 2022 and 2021 because their effect would have been anti-dilutive: March 31, 2022 2021 Convertible preferred units — 12,690,540 Profit interest units — 2,818,814 Warrants to purchase common units and convertible preferred units — 64,003 Restricted stock subject to future vesting 923,116 — Options to purchase common stock 1,931,836 — Total 2,854,952 15,573,357 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) as defined by the Financial Accounting Standards Board (“FASB”). The condensed consolidated financial statements include the accounts of DICE Therapeutics, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expense during the reporting period. The Company evaluates its estimates, including those related to revenue recognition, the fair value of convertible preferred stock warrants, income taxes uncertainties, stock-based compensation, including the fair value of common stock, lease assets and liabilities, clinical trial accruals, and related assumptions on an ongoing basis using historical experience and other factors, and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates. |
Unaudited Interim Condensed Consolidated Financial Statements | Unaudited Interim Condensed Consolidated Financial Statements The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all necessary adjustments, which include only normal recurring adjustments necessary to present fairly the Company’s financial position as of March 31, 2022, and its results of operations and comprehensive loss and changes in stockholders’ equity and members’ deficit for the three months ended March 31, 2022 and 2021 and its cash flows for the three months ended March 31, 2022 and 2021. The financial data and the other financial information contained in these notes to the condensed consolidated financial statements related to the three month period are also unaudited. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other future annual or interim period. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021, as filed on March 28, 2022. The Company’s significant accounting policies are detailed in its Annual Report on Form 10-K for the year ended December 31, 2021. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive to in exchange for those goods or services. To determine revenue recognition for customer contracts, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods and services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of ASC Topic 606, Revenue from Contracts with Customers, and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into collaboration agreements under which it may obtain upfront license fees, research and development funding, and development, regulatory and commercial milestone payments, and royalty payments. The Company’s performance obligations under these arrangements may include licenses of intellectual property, and research and development services. In the collaboration agreements, the Company has a performance obligation to perform research and development services to identify compounds as therapeutic candidates against identified targets. The revenue is recognized as the research and development services are being performed and the results of the research and development services are provided to the customer. The customers have options to elect commercial licenses of intellectual property. As the customer options are not considered to be a material right, customer options are accounted for as separate contracts if and when they are exercised by the customer. The Company is eligible to receive milestone payments under the collaborative arrangements. The Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. If it is probable that a significant revenue reversal would not occur, the associated milestone value would be included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. Under the collaborative arrangements, the Company may be eligible to receive sales-based royalties, including milestone payments based on the level of sales, and in which the license is deemed to be the predominant item to which the royalties relate. The Company would recognize revenue when the related sales occur to earn the royalty or sales-based milestone payments. Upfront payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. |
Leases | L eases The Company adopted Accounting Standards Codification (“ASC”) Topic 842, “Leases” (“ASC 842”) on January 1, 2022 using the modified retrospective method. Under this method, financial statements for periods after the adoption date are presented in accordance with ASC 842 and prior-period financial statements continue to be presented in accordance with ASC 840, the accounting standard originally in effect for such periods. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease and any amounts probable of being owed under a residual value guarantee (if applicable). ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. As the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the expected lease term. The Company excludes from its condensed consolidated balance sheet recognition of leases having a term of 12 months or less (short-term leases) and does not separate lease components and non-lease components for its real estate leases. The Company’s non-lease components are primarily related to property maintenance, which varies based on future outcomes, and is recognized in rent expense when incurred. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements In 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates 2016-02, Leases (“ASU 2016-02”), with amendments issued in 2018 and 2019, which amended existing guidance to require substantially all leases to be recognized by lessees on their balance sheet as a right-of-use (“ROU”) asset and corresponding lease liability, including leases previously accounted for as operating leases. The Company adopted ASC 842 effective January 1, 2022. The Company elected the optional package of practical expedients to not reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) whether initial direct costs qualify for capitalization on any existing leases. Upon adoption of ASC 842, on January 1, 2022, the Company recorded operating lease ROU assets of $0.5 million, operating lease liabilities of $0.5 million and derecognized the deferred rent liability of $8,000 Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (“Topic 326”). This standard requires measurement and recognition of expected credit losses for financial assets. The FASB subsequently issued clarifications to this standard. This standard will become effective for the Company for fiscal years beginning after December 15, 2022. The Company does not expect the adoption of this standard to have a material impact on its condensed consolidated financial statements and related disclosures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis by Level Within Fair Value Hierarchy | The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): March 31, 2022 Level 1 Level 2 Level 3 Total Money market funds $ 53,239 $ — $ — $ 53,239 US treasuries 67,721 — — 67,721 Government treasury and agency securities — 6,020 — 6,020 Corporate securities and commercial paper — 175,822 — 175,822 Total assets measured at fair value $ 120,960 $ 181,842 $ — $ 302,802 December 31, 2021 Level 1 Level 2 Level 3 Total Money market funds $ 115,410 $ — $ — $ 115,410 US treasuries 24,053 — — 24,053 Government treasury and agency securities — 7,600 — 7,600 Corporate securities and commercial paper — 171,842 — 171,842 Total assets measured at fair value $ 139,463 $ 179,442 $ — $ 318,905 |
Changes In Fair Values of Convertible Preferred Stock Warrants and Common Stock Warrants, Classified as Level 3 Financial Liabilities | The following table presents the changes in fair values of the Company’s convertible preferred stock warrants and common stock warrants, classified as level 3 financial liabilities (in thousands): Three Months Ended March 31, 2022 2021 Beginning balance $ — $ 314 Change in fair value — (8 ) Reclassification of fair value of warrants to equity upon the net exercise of warrants — — Ending balance $ — $ 306 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Fair Value Amortized Cost and Unrealized Gain and Loss of Investments in Marketable Securities | The amortized cost, unrealized gain and loss, and fair value of the Company’s investments in marketable securities by major security type are as follows (in thousands): March 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 53,239 $ — $ — $ 53,239 US treasuries 67,934 4 (217 ) 67,721 Government treasury and agency securities 6,044 — (24 ) 6,020 Corporate securities and commercial paper 176,725 — (903 ) 175,822 Total financial assets $ 303,942 $ 4 $ (1,144 ) $ 302,802 December 31, 2021 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Money market funds $ 115,410 $ — $ — $ 115,410 US treasuries 24,056 1 (4 ) 24,053 Government treasury and agency securities 7,606 — (6 ) 7,600 Corporate securities and commercial paper 171,891 3 (52 ) 171,842 Total financial assets $ 318,963 $ 4 $ (62 ) $ 318,905 |
Fair Value of Investments in Marketable Debt Securities | As of March 31, 2022, the fair value of the Company’s marketable debt securities, by maturity date, were as follows (in thousands): Amount Due within one year $ 204,757 Due in one to five years 44,806 Total marketable securities $ 249,563 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Future Minimum Payments Under Operating Leases Liabilities | As of March 31, 2022, the future minimum payments under operating lease liabilities were as follows (in thousands): Amount 2022 (remaining nine months) $ 1,862 2023 2,665 2024 2,738 2025 2,814 2026 2,891 Thereafter 6,792 Total undiscounted lease payments 19,762 Less: imputed interest (5,653 ) Total lease liabilities 14,109 Less: lease liabilities – current portion 1,173 Lease liabilities – noncurrent portion $ 12,936 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Recognized Stock-Based Compensation | The Company recognized stock-based compensation as follows (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 974 $ 163 General and administrative 835 184 Total stock-based compensation expense $ 1,809 $ 347 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Outstanding Shares Have Been Excluded from Computation of Diluted Net Loss Per Unit Because Their Effect Would have Been Anti-Dilutive | The following outstanding shares have been excluded from the computation of diluted net loss per share for the three months ended March 31, 2022 and 2021 because their effect would have been anti-dilutive: March 31, 2022 2021 Convertible preferred units — 12,690,540 Profit interest units — 2,818,814 Warrants to purchase common units and convertible preferred units — 64,003 Restricted stock subject to future vesting 923,116 — Options to purchase common stock 1,931,836 — Total 2,854,952 15,573,357 |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Reverse stock split, description | On September 2, 2021, the DiCE LLC Board approved a reverse split of the Company’s units at a 1-for-4 ratio (the “Reverse Stock Split”). | |
Accumulated deficit | $ 122,298 | $ 103,707 |
Cash, cash equivalents and marketable securities | $ 303,200 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | Mar. 31, 2022 | Jan. 01, 2022 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease ROU assets | $ 14,327,000 | |
Operating lease liabilities | $ 14,109,000 | |
ASU 2016-02 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2022 | |
Operating lease ROU assets | $ 500,000 | |
Operating lease liabilities | 500,000 | |
Deferred rent liability derecognized | $ 8,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis by Level Within Fair Value Hierarchy (Details) - Recurring Basis - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 302,802 | $ 318,905 |
Government Treasury and Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 6,020 | 7,600 |
Corporate Securities and Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 175,822 | 171,842 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 53,239 | 115,410 |
US Treasuries | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 67,721 | 24,053 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 120,960 | 139,463 |
Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 53,239 | 115,410 |
Level 1 | US Treasuries | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 67,721 | 24,053 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 181,842 | 179,442 |
Level 2 | Government Treasury and Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 6,020 | 7,600 |
Level 2 | Corporate Securities and Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 175,822 | $ 171,842 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes In Fair Values of Convertible Preferred Stock Warrants and Common Stock Warrants, Classified as Level 3 Financial Liabilities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Fair Value Disclosures [Abstract] | |
Beginning balance | $ 314 |
Change in fair value | (8) |
Ending balance | $ 306 |
Investments - Schedule of Fair
Investments - Schedule of Fair Value Amortized Cost and Unrealized Gain and Loss of Investments in Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 303,942 | $ 318,963 |
Unrealized Gain | 4 | 4 |
Unrealized Loss | (1,144) | (62) |
Fair Value | 302,802 | 318,905 |
Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 53,239 | 115,410 |
Fair Value | 53,239 | 115,410 |
US Treasuries | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 67,934 | 24,056 |
Unrealized Gain | 4 | 1 |
Unrealized Loss | (217) | (4) |
Fair Value | 67,721 | 24,053 |
Government Treasury and Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 6,044 | 7,606 |
Unrealized Loss | (24) | (6) |
Fair Value | 6,020 | 7,600 |
Corporate Securities and Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 176,725 | 171,891 |
Unrealized Gain | 3 | |
Unrealized Loss | (903) | (52) |
Fair Value | $ 175,822 | $ 171,842 |
Investments - Schedule of Fai_2
Investments - Schedule of Fair Value of Marketable Debt Securities by Maturity Date (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Due within one year | $ 204,757 |
Due in one to five years | 44,806 |
Total marketable securities | $ 249,563 |
Collaboration Revenue - Additio
Collaboration Revenue - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Nov. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2018 | Aug. 31, 2017 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Contract asset recorded as unbilled receivable | $ 2,000 | $ 2,000 | ||||||
2015 Sanofi Collaboration Agreement | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Collaborative arrangement, rights and obligations | Sanofi has the exclusive rights and is responsible for the development, commercialization and manufacture of collaboration products resulting from the collaboration. Sanofi is obligated to use commercially reasonable efforts to commercialize at least one collaboration product for each target, within certain countries, upon regulatory approval of such product | |||||||
Collaboration arrangement, initial fee paid | $ 8,000 | |||||||
Annual technology access and development fee | $ 9,000 | $ 1,000 | ||||||
Remaining unrecognized revenue to be recognized | $ 3,000 | |||||||
Revenue, remaining performance obligation, expected timing of satisfaction, explanation | the Company had remaining unrecognized revenue of $3.0 million from the Agreement to be recognized over the remaining term (August 2017 through December 2020) | |||||||
Revenue | $ 0 | $ 0 | ||||||
Deferred revenue recognized | 0 | 0 | $ 2,000 | |||||
Contract asset recorded as unbilled receivable | 2,000 | 2,000 | ||||||
2017 Genentech Collaboration Agreement | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Revenue | $ 0 | $ 0 | $ 1,100 | |||||
Collaborative arrangement, collaboration target term | 2 years | |||||||
Collaboration target access fee | $ 4,500 | $ 1,500 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended |
Jun. 30, 2021 | Mar. 31, 2022 | |
Lessee Lease Description [Line Items] | ||
Operating lease ROU asset | $ 14,327 | |
Operating lease liability | $ 14,109 | |
Operating lease, weighted-average remaining lease term | 7 years | |
Operating lease, weighted-average incremental borrowing rate | 10.00% | |
Operating lease cost | $ 400 | |
New Office Space | ||
Lessee Lease Description [Line Items] | ||
Lessee, operating lease, option to extend | The lease has an initial term of seven years, beginning on the lease commencement date of March 25, 2022, with an option to extend the lease for an additional period of five years. | |
Lessee, operating lease, term of contract | 7 years | |
Lessee operating lease start date | Mar. 25, 2022 | |
Lessee operating lease additional number of period option to extend | 5 years | |
Lessee operating lease amount of letter of credit maintain for benefit of landlord | $ 200 | |
Offices and Laboratory Facilities | ||
Lessee Lease Description [Line Items] | ||
Lessee, operating lease term | The Company leased its former headquarters with its main offices and laboratory facilities in South San Francisco under a sublease agreement that ended in April 2022. | |
Lessee operating lease sublease agreement period end | 2022-04 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments Under Operating Lease Liabilities (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Leases [Abstract] | |
2022 (remaining nine months) | $ 1,862 |
2023 | 2,665 |
2024 | 2,738 |
2025 | 2,814 |
2026 | 2,891 |
Thereafter | 6,792 |
Total undiscounted lease payments | 19,762 |
Less: imputed interest | (5,653) |
Total lease liabilities | 14,109 |
Less: lease liabilities – current portion | 1,173 |
Lease liabilities – noncurrent portion | $ 12,936 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - shares | 1 Months Ended | |
Jan. 31, 2022 | Dec. 31, 2021 | |
2021 Stock Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Increasing percentage value equal to total number of shares of capital stock outstanding | 5.00% | |
Number of shares of capital stock outstanding | 1,911,215 | |
2021 Employee Stock Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Increasing percentage value equal to total number of shares of capital stock outstanding | 1.00% | |
Number of shares of capital stock outstanding | 382,243 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Recognized Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 1,809 | $ 347 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 974 | 163 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 835 | $ 184 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Outstanding Shares Have Been Excluded from Computation of Diluted Net Loss Per Share Because Their Effect Would have Been Anti-Dilutive (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per unit | 2,854,952 | 15,573,357 |
Convertible Preferred Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per unit | 12,690,540 | |
Profit Interest Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per unit | 2,818,814 | |
Warrants to Purchase Common Units and Convertible Preferred Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per unit | 64,003 | |
Restricted Stock Subject to Future Vesting | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per unit | 923,116 | |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per unit | 1,931,836 |