Codiak BioSciences (CDAKQ) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 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
Entity Registrant Name	CODIAK BIOSCIENCES, INC.
Entity Central Index Key	0001659352
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		22,493,867
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	CDAK
Security Exchange Name	NASDAQ
Entity File Number	001-39615
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4926530
Entity Address, Address Line One	35 CambridgePark Drive
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02140
City Area Code	617
Local Phone Number	949-4100
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 56,494	$ 76,938
Prepaid manufacturing services	7,308	7,315
Prepaid expenses and other current assets	6,111	5,918
Total current assets	69,913	90,171
Property and equipment, net of accumulated depreciation of $12,887 and $11,809	22,456	23,479
Restricted cash	4,170	4,170
Operating right-of-use assets	21,638	21,957
Prepaid manufacturing services, net of current portion	31,893	31,893
Total assets	150,070	171,670
Current liabilities:
Accounts payable	1,516	1,838
Accrued expenses	6,808	9,703
Deferred revenue	442	12,963
Operating lease liabilities	2,775	2,661
Total current liabilities	11,541	27,165
Long-term liabilities:
Deferred revenue, net of current portion	30,503	30,686
Note payable, net of discount	25,514	25,430
Operating lease liabilities, net of current portion	34,133	34,884
Total liabilities	101,691	118,165
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.0001 par value; 150,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 22,493,867 and 22,383,830 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	2	2
Additional paid-in capital	381,652	378,750
Accumulated deficit	(333,275)	(325,247)
Total stockholders' equity	48,379	53,505
Total liabilities and stockholders' equity	$ 150,070	$ 171,670

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 12,887	$ 11,809
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	22,493,867	22,383,830
Common stock, shares outstanding	22,493,867	22,383,830

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Collaboration revenue	$ 12,704	$ 13,191
Total revenue	12,704	13,191
Operating expenses:
Research and development	14,248	16,550
General and administrative	6,707	6,588
Total operating expenses	20,955	23,138
Loss from operations	(8,251)	(9,947)
Other income (expense):
Other income	819	332
Interest income	4	5
Interest expense	(600)	(698)
Total other income (expense), net	223	(361)
Net loss	$ (8,028)	$ (10,308)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.36)	$ (0.51)
Weighted average common shares outstanding, basic and diluted	22,436,938	20,333,398

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	At-The-Market Offering	Public Offering	Common Stock	Common StockAt-The-Market Offering	Common StockPublic Offering	Additional Paid-in Capital	Additional Paid-in CapitalAt-The-Market Offering	Additional Paid-in CapitalPublic Offering	Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 14,567			$ 2			$ 302,655			$ (288,090)
Beginning balance, shares at Dec. 31, 2020				18,787,579
Exercise of options to purchase common stock	316						316
Exercise of options to purchase common stock, shares				46,807
Stock-based compensation	2,273						2,273
Net loss	(10,308)									(10,308)
Issuance of common stock upon offering, net of issuance costs			$ 61,868						$ 61,868
Issuance of common stock upon offering, net of issuance costs, shares						3,162,500
Ending balance at Mar. 31, 2021	68,716			$ 2			367,112			(298,398)
Ending balance, shares at Mar. 31, 2021				21,996,886
Beginning balance at Dec. 31, 2021	53,505			$ 2			378,750			(325,247)
Beginning balance, shares at Dec. 31, 2021				22,383,830
Stock-based compensation	2,349						2,349
Net loss	(8,028)									(8,028)
Issuance of common stock upon offering, net of issuance costs		$ 553						$ 553
Issuance of common stock upon offering, net of issuance costs, shares		110,037			110,037
Ending balance at Mar. 31, 2022	$ 48,379			$ 2			$ 381,652			$ (333,275)
Ending balance, shares at Mar. 31, 2022				22,493,867

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
At-The-Market Offering
Issuance of common stock upon offering, net of issuance costs	$ 17
Public Offering
Issuance of common stock upon offering, net of issuance costs		$ 560

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (8,028)	$ (10,308)
Adjustments to reconcile net loss to net cash from operating activities:
Stock-based compensation expense	2,349	2,273
Non-cash interest expense	84	135
Depreciation and amortization expense	1,078	1,386
Prepaid expenses and other current assets	(193)	273
Prepaid manufacturing services	7
Operating right-of-use assets	319	236
Accounts payable	(265)	270
Accrued expenses	(2,860)	(1,696)
Deferred revenue	(12,704)	(12,345)
Operating lease liabilities	(638)	139
Net cash used in operating activities	(20,851)	(19,637)
Cash flows from investing activities:
Purchases of property and equipment	(182)	(1,526)
Net cash used in investing activities	(182)	(1,526)
Cash flows from financing activities:
Proceeds from exercise of common stock options		316
Proceeds from issuance of common stock upon at-the-market offering, net of fees	589	62,204
Net cash provided by financing activities	589	62,520
Net (decrease) increase in cash, cash equivalents and restricted cash	(20,444)	41,357
Cash, cash equivalents and restricted cash, beginning of period	81,108	93,085
Cash, cash equivalents and restricted cash, end of period	60,664	134,442
Supplemental disclosures:
Cash paid for interest	516	563
Non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses	24	457
Deferred offering costs included in accrued expenses	67	336
Reconciliation to amounts within the consolidated balance sheets
Cash and cash equivalents	56,494	130,272
Restricted cash	4,170	4,170
Cash, cash equivalents and restricted cash at end of period	$ 60,664	$ 134,442

Nature of the Business

Nature of the Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	1. Nature of the Business Codiak BioSciences, Inc. (collectively, with its consolidated subsidiaries, any of "Codiak", "we", "us", or the "Company") was incorporated in Delaware on June 12, 2015 and is headquartered in Cambridge, Massachusetts. Codiak is a clinical-stage biopharmaceutical company focused on pioneering the development of exosome-based therapeutics, a new class of medicines with the potential to transform the treatment of a wide spectrum of diseases with high unmet medical need. Exosomes have evolved as intercellular transfer mechanisms for complex, biologically active macromolecules and have emerged in recent years as a compelling potential drug delivery vehicle. By leveraging its deep understanding of exosome biology, the Company has developed its engineering and manufacturing platform (the "engEx Platform"), to expand upon the innate properties of exosomes to design, engineer and manufacture novel exosome therapeutics. Codiak has utilized its engEx Platform to generate a deep pipeline of engineered exosomes ("engEx exosomes") aimed at treating a broad range of diseases, including oncology and infectious disease and rare disease. In September 2020, Codiak initiated clinical trials for its two lead product candidates, exoSTING and exoIL-12, which are being developed to address solid tumors. In November 2021, Codiak announced that the U.S. Food and Drug Administration ("FDA"), cleared its Investigational New Drug Application ("IND") for exoASO-STAT6. This will be Codiak’s first systemically delivered exosome therapeutic candidate. To its knowledge, exoSTING, exoIL-12 and exoASO-STAT6 are the first engineered exosomes to enter clinical development. Since its inception, the Company has devoted substantially all of its resources to its research and development efforts, including activities to develop its engEx Platform, advance engEx product candidates into clinical trials, to perform preclinical research to identify potential engEx product candidates, to perform process development to refine Codiak’s exosome engineering and manufacturing processes, and to provide general and administrative support for these operations. The Company has primarily funded its operations with proceeds from the sales of common stock, redeemable convertible preferred stock, collaborative and research arrangements with Jazz and Sarepta and its Loan and Security agreement with Hercules Capital, Inc. ("Hercules"). As of March 31, 2022, the Company has raised an aggregate of $ 168.2 million through the issuance of its redeemable convertible preferred stock and convertible debt, net of issuance costs, $ 24.6 million from its term loan facility with Hercules, net of issuance costs, and received $ 66.0 million in payments from its collaborations with Jazz and Sarepta. On October 16, 2020, the Company completed its initial public offering ("IPO"), pursuant to which it issued and sold 5,500,000 shares of its common stock at a public offering price of $ 15.00 per share, resulting in net proceeds of $ 74.4 million, after deducting underwriting discounts and commissions and other offering expenses. On February 17, 2021, the Company completed a follow-on public offering, pursuant to which it issued and sold 3,162,500 shares of its common stock (inclusive of the exercise of the underwriter’s option to purchase 412,500 additional shares of common stock) at a public offering price of $ 21.00 per share, resulting in aggregate net proceeds of $ 61.7 million, after deducting underwriting discounts and commissions and other offering expenses. During the three-month period ended March 31, 2022, the Company raised $ 0.6 million, utilizing an “at-the-market” offering facility, pursuant to which it sold 110,037 shares of its common stock. The Company has incurred significant operating losses and negative cash flows from operations since inception and expects to continue to incur operating losses for the foreseeable future. In addition, the Company anticipates that its expenses will increase significantly in connection with ongoing activities to support its engEx Platform development, drug discovery and preclinical and clinical development, in addition to creating a portfolio of intellectual property and providing administrative support. The Company does not expect to generate significant revenue from sales of its engEx product candidates unless and until clinical development has been successfully completed and regulatory approval is obtained. If the Company obtains regulatory approval for any of its investigational products, it expects to incur significant commercialization expenses. The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The Company expects that its cash and cash equivalents of $ 56.5 million as of March 31, 2022 will be insufficient to allow the Company to fund its current operating plan through at least the next 12 months from the issuance of these financial statements. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the date these financial statements are issued. Accordingly, the Company will be required to raise additional funds through a public equity financing, establish collaborations with, or license its technology to other companies, seek alternative means of financial support or both, in order to continue to fund its operations in the future. There can be no assurance, however, that additional fund raising will be successful and available on terms acceptable to the Company, or at all. If the Company is unable to raise capital when needed or on attractive terms, it may be forced to delay, reduce or eliminate certain costs related to its operations and research and development programs. The Company is subject to those risks associated with any biopharmaceutical company that has substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants. If the Company fails to become profitable or is unable to sustain profitability on a continuing basis, then it may be unable to continue its operations at planned levels and be forced to reduce its operations.

Summary of Basis of Presentatio

Summary of Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Basis of Presentation and Significant Accounting Policies	2. Summary of Basis of Presentation and Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates We have made estimates and judgments affecting the amounts reported in our consolidated financial statements and the accompanying notes. On an ongoing basis, we evaluate our estimates, including critical accounting policies or estimates related to revenue recognition, stock-based compensation, accrued expenses, leases, gain upon derecognition, contingent consideration, prepaid manufacturing assets and impairment assessments. We base our estimates on historical experience and various relevant assumptions that we believe 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. The actual results that we experience may differ materially from our estimates. Recently Adopted Accounting Pronouncements The accounting policies the Company follows are set forth in its audited financial statements for fiscal year 2021. There have been no material changes to these accounting policies except as noted below for new accounting pronouncements adopted at the beginning of fiscal year 2022. From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes (ASU 2019-12), as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12, also clarifies and simplifies other aspects of the accounting for income taxes. The Company adopted this standard on January 1, 2022 . The adoption of this standard did not have a material impact on the Company's financial position or results of operations.

Derecognition of Business

Derecognition of Business	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Derecognition of Business	3. Derecognition of Business Arrangement Summary On November 1, 2021, the Company entered into an Asset Purchase Agreement ("APA") with Lonza Rockland, Inc. ("Lonza"). Under the terms of the APA, Lonza acquired all of the assets, properties and rights related to the Company’s business of manufacturing exosomes for use in clinical and non-clinical studies and the associated laboratory facility, with the exception of any activities associated with exosome modification and formulation. The closing of the transactions contemplated by the APA (the "Lonza Closing") occurred on November 15, 2021. At the Lonza Closing, certain specialized manufacturing and quality personnel of the Company became employees of Lonza (the "Transferred Employees"). In connection with the Lonza Closing, the Company entered into a Manufacturing Services Agreement ("MSA") with Lonza which became effective on November 15, 2021. Pursuant to the terms of the MSA, Lonza became the exclusive manufacturing partner for the production of the Company’s exosome products, subject to limited exceptions. As consideration for the transactions contemplated by the APA and the associated ancillary agreements, the Company is entitled to approximately $ 65.0 million worth of exosome manufacturing services for its clinical programs during the next four years . To the extent the Company elects to use any free and/or discounted manufacturing services available under the MSA, it would be responsible for bearing any accompanying materials costs, external costs and a handling fee. Lonza is permitted to terminate the MSA with 12 months advance notice provided at any time after November 15, 2023. Accordingly, the Company’s ability to utilize the free and discounted manufacturing services available under the MSA in periods beyond November 15, 2024 is subject to Lonza’s right to terminate. The MSA may also be terminated upon the occurrence of certain other events, including customary termination provisions. Concurrently with the Lonza Closing, the Company and Lonza executed a License and Collaboration Agreement (the "License Agreement") on November 15, 2021. Pursuant to the terms of the License Agreement, the Company granted to Lonza an exclusive, worldwide, perpetual and sublicensable license to its high-throughput exosome manufacturing intellectual property in the contract development and manufacturing field. The Company is eligible to receive from Lonza a double-digit percentage of future sublicensing revenues per the terms of the License Agreement. No sublicensing revenue had been received by the Company or earned by Lonza through March 31, 2022. Also contemporaneous with the Lonza Closing, the Company and Lonza entered into a Sublease Agreement (the "Sublease Agreement"), pursuant to which Lonza subleased the premises at which the Company’s exosome manufacturing operations were located. The initial lease term commenced on November 15, 2021 and continues through November 30, 2024 . Under the terms of the Sublease Agreement, Lonza is obligated to pay the Company approximately $ 1.0 million of fixed rent charges per year, subject to a 2.8 % annual increase, plus certain operating expenses and other costs. The Company retained the primary obligation under the original lease upon execution of the Sublease Agreement. Upon termination of the MSA on or prior to December 31, 2025, some aspects of the transactions contemplated by the APA and related ancillary agreements are required to be reverted, including with respect to certain assets, properties and rights that were transferred to Lonza. Upon termination or expiration of the Sublease Agreement at any time after December 31, 2025, some aspects of the transactions contemplated by the APA and related ancillary agreements are subject to potential reversion at Lonza’s option, including with respect to certain assets, properties and rights that were transferred to Lonza. Accounting Analysis The APA and pertinent elements of the MSA, the License Agreement and the Sublease Agreement comprise a single transaction because they were entered into in contemplation of one another and designed to achieve an overall commercial effect. Together, the related transactions consummated amongst the multiple contracts culminate in the transfer of the Company’s exosome manufacturing operations to Lonza (the "Lonza Transfer Transaction"). The Lonza Transfer Transaction represents the disposition of a business. Accordingly, the Company applied the derecognition guidance in ASC 810 in accounting for the transaction since Lonza is not a customer for any aspect of the arrangement. The Company’s control over the exosome manufacturing business transferred to Lonza was lost upon the closing of the APA and related ancillary agreements on November 15, 2021. Therefore, the Company recognized a gain upon derecognition on November 15, 2021. The gain was calculated as the difference between: (i) the fair value of the non-cash consideration and (ii) the carrying amount of the underlying group of assets. Because Lonza is entitled to terminate the MSA for any or no reason with 12 months ’ notice after November 15, 2023, the Company determined that any non-cash consideration scheduled beyond November 15, 2024 is contingent consideration since its ability to utilize the associated free and discounted manufacturing services is subject to Lonza’s right to terminate. The Company also treated the sublicensing revenue that may become payable under the License Agreement as contingent consideration as the receipt of any such amounts is dependent on Lonza engaging in sublicensing transactions, which is not expected to be material. Neither of the elements of contingent consideration is required to be accounted for as a derivative instrument because either the payments do not meet the definition of a derivative or qualify for a scope exception from derivative accounting. Consequently, the consideration attributable to the Lonza Transfer Transaction is limited to the non-cash consideration due to the Company under the MSA and the sublicensing fees to which the Company is entitled under the License Agreement. The Company recorded the aggregate consideration, including the contingent consideration, at its fair value as of November 15, 2021. The aggregate fair value of the non-cash consideration represents the total discounted cash flows associated with the manufacturing expenditures expected to be avoided over the period the free and discounted services are available. The value of the costs that would otherwise be incurred was determined in reference to comparable costs charged by unrelated third-parties. The Company also incorporated a breakage factor in deriving the estimated fair value of the non-cash consideration to reflect expectations around utilization by the Company and termination by Lonza. The Company classified the MSA as a Level 3 fair value measurement for the periods presented. The discounted cash flow approach relies primarily on Level 3 unobservable inputs, whereby expected future cash flows are discounted using a rate that includes assumptions regarding an entity’s average cost of debt and equity, incorporates expected future cash flows based on internal business plans, and applies certain assumptions about risk and uncertainties. As of November 15, 2021, the Company estimated the aggregate fair value of such non-cash consideration, including the associated contingent consideration, to be approximately $ 39.2 million. The Company does not expect to earn any significant sublicensing fees or other consideration from the transaction. Amounts payable under the Sublease Agreement based on the contractually stated rates approximate the fair value of the associated rights conveyed as of November 15, 2021. Therefore, the Company has accounted for the Sublease Agreement separately from the disposition of the business. No amount has been allocated from the other consideration in the arrangement to this element. The Company has recorded the aggregate fair value of the non-cash consideration as a prepaid manufacturing services asset as of November 15, 2021. The Company will amortize the prepaid manufacturing services asset as requested services are rendered by Lonza under the MSA, subject to impairment assessments. Such amount is classified as current or noncurrent based on the timing of when the associated services are expected to be utilized by the Company. Amounts expected to be consumed within the 12 months following March 31, 2022 are classified within current assets as prepaid manufacturing services as of March 31, 2022, while the remainder is classified as a noncurrent asset as of March 31, 2022. The Company has not utilized any of the prepaid manufacturing services as of March 31, 2022.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following tables present information about the Company’s assets measured at fair value on a recurring basis, and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): MARCH 31, 2022 TOTAL LEVEL 1 LEVEL 2 LEVEL 3 NOT Assets: Cash equivalents: Money market funds $ 1 $ — $ — $ — $ 1 $ 1 $ — $ — $ — $ 1 DECEMBER 31, 2021 TOTAL LEVEL 1 LEVEL 2 LEVEL 3 NOT Assets: Cash equivalents: Money market funds $ 67,603 $ — $ — $ — $ 67,603 $ 67,603 $ — $ — $ — $ 67,603 (1) Certain cash equivalents that are valued using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. As of March 31, 2022 and December 31, 2021 , the Company’s cash equivalents consisted of money market funds invested in US Treasury securities with original maturities of less than 90 days from the date of purchase.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consist of the following (in thousands): MARCH 31, DECEMBER 31, Accrued employee compensation $ 3,470 $ 5,142 Accrued external research and development costs 1,852 2,420 Accrued professional services and consulting 988 1,523 Accrued facilities costs 90 190 Other expenditures 408 428 $ 6,808 $ 9,703

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	6. Leases The Company has several long-term non-cancelable lease arrangements for its facilities, expiring at various times through 2029 . Certain arrangements have free rent periods or escalating rent payment provisions; costs under such arrangements are recognized on a straight-line basis over the life of the leases. The Company has two locations in Massachusetts, its office and laboratory, located in Cambridge and manufacturing space, located in Lexington, which is currently being leased and operated by Lo nza (Note 3). Operating Leases 4 Hartwell Place On March 5, 2019, the Company entered into a lease for manufacturing space at 4 Hartwell Place, in Lexington, Massachusetts. Under the terms of the lease, the Company leases 18,707 square feet for $ 0.9 million per year in base rent, which is subject to a 2.6 % annual rent increase during the initial lease term, plus certain operating expenses and taxes. The lease term commenced in July 2019 and will end in December 2029 . The Company has the option to extend the lease twice, each for a five-year period, on the same terms and conditions as the current lease, subject to a change in base rent based on market rates. The Company had fully occupied the space as of December 31, 2020. Upon execution of the lease agreement, the Company provided a security deposit of $ 0.4 million which is held in the form of a letter of credit and was classified as non-current restricted cash as of March 31, 2022 and December 31, 2021. The lease provided the Company with a tenant improvement allowance of $ 1.3 million, which is being amortized as a reduction to rent expense over the remaining lease term. As of March 31, 2021, the Company had received all $ 1.3 million of the tenant improvement allowance. Costs incurred related to the allowance are capitalized as leasehold improvements. 0.1 million per year. There were no initial direct costs incurred, incremental incentives received or any other payments made to or by the Company with respect to the Master Lease Amendment. The Company accounted for the changes made to the lease agreement as a lease modification. The Company determined that the associated lease should continue to be accounted for as an operating lease with a lease term commensurate with the initial lease term which ends in December 2029. The Company remeasured the lease liability as of November 15, 2021 based on the then-current applicable incremental borrowing rate resulting in an increase of $ 1.0 million which was offset by an equal adjustment made to the corresponding right-of-use asset. 35 CambridgePark Drive On March 22, 2019, the Company entered into a non-cancelable property lease for its corporate headquarters, which included office and laboratory space at 35 CambridgePark Drive, in Cambridge, Massachusetts. Under the terms of the lease, the Company leases 68,258 square feet for $ 4.9 million per year in base rent, which is subject to a 3.0 % annual rent increase during the initial lease term, plus certain operating expenses and taxes. The Company accounts for this lease as an operating lease. The lease term commenced on March 26, 2019 and is expected to end in November 2029 . The Company has the option to extend the lease for a 10-year period on the same terms and conditions as the current lease, subject to a change in base rent based on market rates . The Company occupied the space in February 2020 as its new corporate headquarters. Upon execution of the lease agreement, the Company provided a security deposit of $ 3.7 million which is held in the form of a letter of credit and is classified as non-current restricted cash as of March 31, 2022 and December 31, 2021. The lease provides the Company with a tenant improvement allowance of $ 12.3 million, subject to reduction for a 2 % construction oversight fee due to the landlord, which is being amortized as a reduction to rent expense over the remaining lease term. The Company has received all $ 12.3 million of the tenant improvement allowance. Costs incurred related to the allowance are capitalized as leasehold improvements. Subleases 4 Hartwell Place 1.0 million per year, subject to a 2.8 % annual increase, plus certain operating expenses and other costs. The initial lease term commenced on November 15, 2021 and continues through November 30, 2024 . Lonza has the option to extend the sublease term for five 12-month periods on the same terms and conditions as the current sublease, subject to an increase of 2.8 % in the annual fixed rent charges . Additionally, Lonza has the right to have the associated master lease assigned to it beginning on January 1, 2026, subject to the landlord’s consent. As of March 31, 2022, the Company has not been legally released from its primary obligations under the original lease. Therefore, the Company continues to account for the original lease as it did before commencement of the sublease, inclusive of the effects of the Master Lease Amendment. The Company determined that the sublease term is commensurate with the initial sublease term because it is not reasonably certain that any of the extension options will be exercised. 35 CambridgePark Drive On April 27, 2020, the Company entered into a sublease for 23,280 square feet of its leased space at 35 CambridgePark Drive. Under the terms of the sublease, the sublessee was to pay the Company $ 1.3 million per year, which was subject to a 3.0 % annual rent increase, plus certain operating expenses. The lease term commenced on May 18, 2020 and was expected to end in May 2022 . Effective July 1, 2021, the sublessee exercised its option to extend the sublease for a one-year period through May 2023 , on the same terms and conditions as the current sublease, subject to a change in base rent based on the greater of (i) an increase of 3 % of the annual rent owed by the sublessee in year two, and (ii) market rent for the subleased premises . Upon execution of the sublease agreement, the sublessee provided the Company a security deposit of $ 0.3 million which is held in the form of a letter of credit. During the three months ended March 31, 2022 and 2021, the Company recognized sublease income of $ 0.8 million and $ 0.4 million, respectively, which is presented in other income. The components of operating lease costs were as follows (in thousands): FOR THE THREE MONTHS ENDED MARCH 31, 2022 2021 Operating lease costs $ 1,240 $ 1,209 Short-term lease costs 4 6 Variable lease costs 642 669 Sublease income ( 822 ) ( 357 ) $ 1,064 $ 1,527 Variable lease costs were primarily related to operating expenses, taxes and utilities associated with the operating leases, which were assessed based on the Company’s proportionate share of such costs for the leased premises. Additional lease information is summarized in the following table (in thousands, except lease term and discount rate): FOR THE THREE MONTHS ENDED MARCH 31, 2022 2021 Cash paid for amounts included in the measurement of operating $ 1,558 $ 1,483 Weighted-average remaining lease term - operating leases (years) 7.7 8.7 Weighted-average discount rate - operating leases 10.1 % 10.0 % Undiscounted cash flows used in calculating the Company’s operating lease liabilities and amounts to be received under the sublease at 35 CambridgePark Drive and 4 Hartwell Place as of March 31, 2022 are as follows (in thousands): Fiscal Year OPERATING SUBLEASE NET 2022 (remainder of the year) $ 4,694 $ 2,281 $ 2,413 2023 6,436 1,965 4,471 2024 6,625 965 5,660 2025 6,820 6,820 2026 7,020 7,020 Thereafter 21,779 21,779 Total undiscounted cash flows $ 53,374 $ 5,211 $ 48,163 Less: Amounts representing interest ( 16,466 ) Present value of lease liabilities $ 36,908

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and contingencies Manufacturing Services Agreement The Company and Lonza entered into a Manufacturing Services Agreement ("MSA") which became effective on November 15, 2021. The MSA outlines the terms and conditions under which Lonza will develop, manufacture and supply exosome products for development and clinical purposes. The parties will negotiate and execute an amendment to the MSA to address the commercial manufacture of the Company’s exosome products. Each individual project to be completed under the MSA is governed by an associated statement of work which sets forth the activities to be performed, timeline, charges and payment schedule applicable to such project. Pricing is established on a project-by-project basis. Statements of work are executed between the parties on an as-requested basis. No activities had commenced with respect to outstanding statements of work through March 31, 2022. The Company is subject to certain cancellation fees and/or other charges upon its termination of statements of work and in the event of a suspension or delay in the conduct of statements of work, including with respect to the reimbursement of non-cancelable costs incurred by Lonza. Through March 31, 2022, the Company has no t incurred any cance llation fees or other charges relating to a termination, suspension or delay of outstanding statements of work. Under the terms of the MSA, the Company is obligated to purchase the entirety of its aggregate production needs from Lonza, subject to limited exceptions. Starting on July 1, 2022, the Company will provide to Lonza rolling forecasts of its anticipated manufacturing time requirements for the next 24 months from the date of the forecast which will be updated no less frequently than quarterly. The first 12 months of each forecast will be a binding commitment, while the remaining 12 months will be non-binding. Commencing on January 1, 2026, the Company is bound by a commitment to purchase from Lonza a minimum of a specified number of weeks of manufacturing time each year at a predetermined price throughout the term of the arrangement. The Company’s minimum purchase commitments under the MSA may be relieved at its option upon the occurrence and during the pendency of certain liquidation events or clinical discontinuations. As of March 31, 2022, the Company did no t have any minimum non-cancelable purchase obligations under the MSA. Pursuant to the terms of the MSA, the Company is entitled to a specified number of weeks of manufacturing time and a defined number of technology transfers from Lonza at no cost, with the exception of any accompanying materials costs, external costs and a handling fee. Additionally, the terms of the MSA provide the Company with a specified number of weeks of manufacturing time from Lonza at a discounted rate, subject to annual adjustment. The Company bears the expense associated with any materials costs, external costs and a handling fee related to the discounted manufacturing time. Manufacturing services in excess of the free and discounted time are priced at a fixed weekly rate, plus materials costs, external costs and a handling fee. The Company’s consumption of the free and discounted manufacturing time, including the associated technology transfer services, is subject to a contractually-specified apportionment by year, which commenced in 2022 and continues through 2025. The Company’s failure to use the free and discounted manufacturing time within the assigned period results in its forfeiture unless such inability is not due to the Company or Lonza permits carryover to a subsequent period. The Company did not utilize any of the manufacturing services as of March 31, 2022. Unless earlier terminated or extended by the parties, the MSA remains in effect until the earlier of the: (i) fifth anniversary of the first approval of a biologics license application by the FDA for any of the Company’s exosome products or (ii) tenth anniversary of Lonza’s completion of the services associated with the free manufacturing time. The MSA is subject to customary termination provisions. Additionally, Lonza may terminate the MSA with 12 months advance notice for any or no reason at any time after November 15, 2023. To the extent the MSA is terminated on or prior to December 31, 2025, certain aspects of the transactions consummated in connection with the Lonza Transfer Transaction will be reverted, including with respect to assets, properties and rights that transferred to Lonza effective on November 15, 2021. Lonza has the right to cease manufacturing under the MSA upon either: (i) the Company unreasonably withholding, conditioning or delaying its approval of certain price changes or (ii) the Company enduring certain liquidation events or clinical discontinuations. Any termination of the MSA for any reason will be without prejudice to any rights that will have accrued to the benefit of a party prior to such termination. Purchase orders The Company has agreements with third parties for various services, including services related to clinical and preclinical operations and support, for which the Company is not contractually able to terminate for convenience to avoid future obligations to the vendors. Certain agreements provide for termination rights subject to termination fees or wind down costs. Under such agreements, the Company is contractually obligated to make certain payments to vendors, primarily to reimburse them for their unrecoverable outlays incurred prior to cancelation. The actual amounts the Company could pay in the future to the vendors under such agreements may differ from the purchase order amounts due to cancellation provisions. Indemnification agreements The Company enters into standard indemnification agreements and/or indemnification sections in other agreements in the ordinary course of business. Pursuant to the agreements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners. The term of these indemnification agreements is generally perpetual any time after execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. The Company does not believe that the outcome of any existing claims under indemnification arrangements will have a material impact on its financial statements, and it had not accrued any liabilities related to such obligations as of March 31, 2022 or December 31, 2021. Legal proceedings The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of FASB ASC Topic 450, Contingencies . The Company expenses costs related to its legal proceedings as incurred.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Indebtedness	8. Indebtedness On September 30, 2019 (the "Hercules Closing Date"), the Company entered into a Loan and Security Agreement (the "Loan Agreement") with Hercules pursuant to which a term loan in an aggregate principal amount of up to $ 75.0 million (the "Term Loan Facility") was available to the Company in four tranches, subject to certain terms and conditions. On the Hercules Closing Date, $ 10.0 million of the first tranche was advanced to the Company and an additional $ 15.0 million under the first tranche was drawn down on July 24, 2020. Under the Loan Agreement, there were three additional tranches available to the Company of $ 10.0 million ("tranche two"), $ 10.0 million ("tranche three"), and $ 30.0 million ("tranche four"). As of March 31, 2022, tranches two, three and four had expired. Upon issuance, the initial advance under the first tranche was recorded as a liability with an initial carrying value of $ 9.5 million, net of debt issuance costs. The July 24, 2020, advance under the first tranche was recorded as a liability with an initial carrying value of $ 15.0 million. The initial carrying value of all outstanding advances is accreted to the repayment amount, which includes the outstanding principal plus the end of term charge, through interest expense using the effective interest rate method over the term of the loan. Effective September 17, 2021 (the "Amended Closing Date"), the Company amended the Loan Agreement with Hercules (the "Amended Loan Agreement"), increasing aggregate principal amount available from $ 75.0 million under the Term Loan Facility to $ 85.0 million (the "Amended Term Loan Facility"). Under the Amended Term Loan Facility, a new tranche three of $ 10.0 million was established and was available through December 15, 2021. Tranche four was amended such that $ 30.0 million is now available through the interest only period, subject to future lender investment committee approval. Tranche five of up to $ 20.0 million was established under the Amended Loan Agreement and is available through September 30, 2023, upon satisfaction of certain clinical milestones. Tranche five is only available in minimum draws of $ 5.0 million. Advances under the Amended Term Loan Facility bear interest at a rate equal to the greater of (i) 8.25 % plus the Prime Rate (as reported in The Wall Street Journal) less 3.25 %, and (ii) 8.25 %. The interest only period under the Term Loan Facility was extended from November 1, 2022 to October 1, 2023 under the Amended Term Loan Facility and is further extendable to October 1, 2024 upon the achievement of certain clinical milestones. Under the Amended Term Loan Facility, following the interest only period, the Company will repay the principal balance and interest on the advances in equal monthly installments through October 1, 2025 , compared to October 1, 2024 under the Term Loan Facility. Prepayments on Amended Loan Agreement, in whole or in part, at any time are subject to a prepayment charge (Prepayment Premium) equal to: (i) 2.0 % of amounts so prepaid, if such prepayment occurs during the first year following the Amended Closing Date, (ii) 1.5 % of the amount so prepaid, if such prepayment occurs during the second year following the Amended Closing Date, or (iii) 1.0 % of the amount so prepaid, if such prepayment occurs after the second year following the Amended Closing Date. Additionally, upon prepayment or repayment of all or any of the term loans under the Amended Term Loan Facility, the Company will pay an end of term charge of 5.5 % of the aggregate funded amount under the Term Loan Facility. The end of term charge of $ 1.4 million, or 5.5 % of the $ 25.0 million of principal advanced under the Term Loan Facility, remains payable at the maturity date under the original term Loan Facility of October 1, 2024 . The terms under the Amended Loan Agreement were not substantially different from those under the original Loan Agreement and the Amended Loan Agreement will be accounted for prospectively. The Amended Term Loan Facility remains secured by a lien on substantially all of the Company’s assets, other than the Company’s intellectual property. The Company has agreed not to pledge or grant a security interest on the Company’s intellectual property to any third party. The Amended Term Loan Facility also contains customary covenants and representations, including a liquidity covenant, whereby the Company is obligated to maintain, in an account covered by Hercules’ account control agreement, an amount equal to the lesser of: (i) 110 % of the amount of the Company’s obligations under the Amended Term Loan Facility, or (ii) the Company’s then-existing cash and cash equivalents, financial reporting covenant and limitations on dividends, indebtedness, collateral, investments, distributions, transfers, mergers or acquisitions, taxes, corporate changes, deposit accounts, and subsidiaries. The events of default under the Amended Loan Agreement include, without limitation, and subject to customary grace periods, the following: (i) any failure by the Company to make any payments of principal or interest under the Amended Loan Agreement, (ii) any breach or default in the performance of any covenant under the Amended Loan Agreement, (iii) the occurrence of a material adverse effect, (iv) any making of false or misleading representations or warranties in any material respect, (v) the Company’s insolvency or bankruptcy, (vi) certain attachments or judgments on the assets of the Company, or (vii) the occurrence of any material default under certain agreements or obligations of the Company’s involving indebtedness. If an event of default occurs, Hercules is entitled to take enforcement action, including acceleration of amounts due under the Amended Loan Agreement. As of March 31, 2022 and December 31, 2021, the carrying value of the Term Loan Facility was $ 25.5 million and $ 25.4 million, respectively, which is classified as a long-term liability. The fair value of debt is classified as Level 2 for the periods presented and approximates its carrying value due to the variable interest rate. The future principal payments under the Amended Loan Agreement are as follows as of March 31, 2022 (in thousands): Fiscal Year PRINCIPAL 2022 $ - 2023 2,773 2024 11,680 2025 10,547 $ 25,000 During the three months ended March 31, 2022 and 2021, the Company recognized $ 0.6 million and $ 0.7 million of interest expense related to the Amended Loan Agreement, respectively.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Stock-Based Compensation	9. Stock-Based Compensation Stock plans As of March 31, 2022 , the Company has granted service-based awards, which vest over a defined period of service. Most service-based awards vest over a four-year period, with the first 25 % vesting following 12 months of continued employment or service, and the remainder vesting in 12 quarterly installments over the following three years . The Company has also granted service-based awards, which vest over a two-year period, with the first 50 % vesting following 12 months of continued employment or service, and the remainder vesting in four quarterly installments over the following year. 2020 Stock Option and Incentive Plan The 2020 Stock Option and Incentive Plan (the "2020 Plan"), was adopted by the Company’s board of directors in October 2020, approved by the Company’s stockholders in October 2020 and became effective as of October 12, 2020. The 2020 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The number of shares of the Company’s common stock initially reserved for issuance under the 2020 Plan was 1,043,402 shares. The number of shares reserved shall be annually increased on the first day of each calendar year beginning on January 1, 2021 and ending on and including January 1, 2030, equal to the lesser of 5 % of the number of shares of common stock outstanding on the final day of the immediately preceding calendar year or such lesser number of shares determined by the compensation committee. As of January 1, 2022, 1,119,192 additional shares of common stock were reserved for issuance under the 2020 Plan. The shares of the Company’s common stock subject to outstanding awards under the 2015 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right will be added back to the shares of common stock available for issuance under the 2020 Plan. As of March 31, 2022 , there were 1,199,352 shares available for future issuance under the 2020 Plan. The Company’s stock options expire after approximately ten years from the date of grant. As of March 31, 2022 , the Company does no t hold any treasury shares. Upon stock option exercise, the Company issues new shares and delivers them to the participant. 2020 Employee Stock Purchase Plan The Company’s 2020 Employee Stock Purchase Plan, (the "ESPP") was adopted by our board of directors, approved by the Company’s stockholders and became effective in October 2020. The ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 208,680 shares of the Company’s common stock. The number of shares of common stock reserved for issuance under the ESPP may be increased on the first day of each calendar year, beginning on January 1, 2021 and ending on January 1, 2030, by the lesser of (i) 834,720 shares of common stock, (ii) 0.5 % of the outstanding shares of common stock on the immediately preceding December 31st or (iii) such lesser number of shares as determined by the administrator of the ESPP. There had been no increase in the number of shares of common stock reserved for issuance under the ESPP as of March 31, 2022. Stock Options The following table summarizes the Company’s option activity during the three months ended March 31, 2022: NUMBER WEIGHTED WEIGHTED AGGREGATE (In years) (In thousands) Outstanding as of December 31, 2021 4,763,489 $ 12.56 6.44 $ 10,370 Granted 872,175 6.86 Exercised — — Forfeited/Cancelled ( 227,641 ) 13.90 Outstanding as of March 31, 2022 5,408,023 $ 11.59 6.85 $ 3,358 Exercisable as of March 31, 2022 2,903,814 $ 9.14 5.46 $ 3,018 Vested and expected to vest as of March 31, 2022 5,408,023 $ 11.59 6.85 $ 3,358 (1) Aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock as of March 31, 2022 and December 31, 2021 . The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2022 and 2021 was $ 0.0 million and $ 1.0 million, respectively. Restricted Stock Units The following table summarizes the Company’s restricted stock activity during the three months ended March 31, 2022 NUMBER WEIGHTED WEIGHTED (In years) Outstanding as of December 31, 2021 — $ — — Granted 866,183 5.73 Vested — Forfeited/Cancelled ( 17,525 ) 6.07 Outstanding as of March 31, 2022 848,658 $ 5.73 1.30 Vested and expected to vest as of March 31, 2022 848,658 $ 5.73 1.30 Stock-Based Compensation Expense The following table presents the components and classification of stock-based compensation expense (in thousands): THREE MONTHS ENDED 2022 2021 Research and development $ 1,322 $ 1,058 General and administrative 1,027 1,215 $ 2,349 $ 2,273 Employee $ 1,975 $ 2,239 Non-employee 374 34 $ 2,349 $ 2,273 The Company did no t recognize any stock-based compensation expense during the three months ended March 31, 2022 related to performance-based awards and recognized less than $ 0.1 million during the three months ended March 31, 2021 related to performance-based awards that vested upon achievement of their underlying performance condition. As of March 31, 2022, the total unrecognized compensation expense related to the Company’s stock compensation awards was $ 23.4 million, which the Company expects to recognize over a weighted-average period of approximately 2.8 years.

Collaborative Arrangements

Collaborative Arrangements	3 Months Ended
	Mar. 31, 2022
Collaboration Agreements [Abstract]
Collaborative Arrangements	10. Collaboration agreements Detailed description of contractual terms and the Company’s accounting for agreements described below were included in the Company’s audited financial statements and notes in the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2022. The following table summarizes our total consolidated revenue from our current and former strategic collaborators for the periods presented (in thousands): THREE MONTHS ENDED Collaboration Revenue by Strategic Collaborator: 2022 2021 Jazz $ 12,704 $ 11,618 Sarepta - 1,573 Total collaboration revenue $ 12,704 $ 13,191 The following tables present changes in the Company’s contract assets and liabilities for the three months ended March 31, 2022 (in thousands): THREE MONTHS ENDED MARCH 31, 2022 BALANCE ADDITIONS DEDUCTIONS BALANCE Contract assets: Account receivable (1) $ 628 $ — $ — $ 628 Contract liabilities: Deferred revenue $ 43,649 $ — $ ( 12,704 ) $ 30,945 (1) Included in prepaid expenses and other current assets as shown within the condensed consolidated balance sheets. During the three months ended March 31, 2022 and 2021, the Company recognized the following revenue (in thousands): THREE MONTHS ENDED 2022 2021 Revenue recognized in the period from: Amounts included in deferred revenue at the beginning of the period $ 12,704 $ 12,344 Jazz collaboration and license agreement During the three months ended March 31, 2022, the Company continued to perform under its Collaboration and License Agreement (the "Jazz Collaboration Agreement"), pursuant to which the Company recognizes revenues utilizing the cost-based input method. As a result, the Company recognizes over time as revenue the transaction price allocated to each performance obligation as research and development services are performed. The following table summarizes research and development costs incurred and revenue recognized in connection with Company's performance under the Jazz Collaboration Agreement (in thousands): THREE MONTHS ENDED 2022 2021 Revenue recognized $ 12,704 $ 11,618 Costs incurred $ 559 $ 664 Four of the targets were identified at the inception of the collaboration (the "Initial Collaboration Targets"). In April 2021, the Company and Jazz mutually agreed to discontinue their work on exoASO™-STAT3 ("STAT3"), one of the five oncogene targets subject to the Jazz Collaboration Agreement. The Company recognized the remaining $ 10.9 million in deferred revenue allocated to this target during the three months ended March 31, 2021. On June 30, 2021, Jazz formally nominated the fifth collaboration target. The Company will recognize the $ 2.8 million of revenue allocated to this performance obligation consistent with all active Jazz targets, recording revenue based on actual costs incurred relative to the budgeted costs to complete each of the respective programs. In January 2022, the Company and Jazz mutually agreed to discontinue their work on the NRAS target. The Company recognized the remaining $ 12.6 million in deferred revenue allocated to this target during the three months ended March 31, 2022. As of March 31, 2022, except for NRAS, there were no significant changes in the Company's assumptions or estimates related to the costs to complete. Jazz also has the option to nominate an additional target (a "Replacement Target") if two of the Initial Collaboration Targets fail prior to acceptance of an Investigational New Drug application ("IND"). As of March 31, 2022, there are three remaining material rights outstanding under the Jazz Collaboration Agreement. Codiak and Jazz continue to jointly advance their research and development efforts on other exosome-based therapeutic programs to treat cancer pursuant to the Jazz Collaboration Agreement. Jazz has the contractual right to revive terminated targets as active targets in the future. There have been no changes to the Company’s estimate of variable consideration on active performance obligations since inception of the arrangement through March 31, 2022. As of March 31, 2022, the Company has not achieved any preclinical development, IND acceptance, clinical, regulatory or sales milestones or earned any royalties or profit share under the Jazz Collaboration Agreement. As of March 31, 2022 and December 31, 2021, the Company had $ 30.9 million and $ 43.6 million, respectively, of deferred revenue related to the Company’s collaboration with Jazz which is classified as current or long-term in the accompanying consolidated balance sheet based on the expected timing of recognizing such amounts as revenue. Sarepta license and option agreement On October 1, 2021, Sarepta notified the Company that it was terminating the Research License and Option Agreement (the "Sarepta Research Agreement") early. The termination was effective as of December 3, 2021 . As a result of the termination, each of the license and options granted to Sarepta were terminated in their entirety, and the Company regained all rights previously granted to Sarepta. During the three months ended March 31, 2022, the Company was no longer obligated to perform under its Sarepta Research Agreement, pursuant to which the Company recognized revenue utilizing the cost-based input method. The Company recognized contract to date revenue of $ 13.9 million as research and development services that were performed through December 3, 2021. The following table summarizes research and development costs incurred and revenue recognized in connection with Company's performance under the Sarepta Research Agreement (in thousands): THREE MONTHS ENDED 2022 2021 Revenue recognized $ - $ 1,573 Costs incurred $ - $ 1,573

Other Significant Agreements

Other Significant Agreements	3 Months Ended
	Mar. 31, 2022
Significant Agreements [Abstract]
Other Significant Agreements	11. Other significant agreements MDACC in-license agreement In November 2015, the Company entered into a Patent and Technology License Agreement with MDACC, as amended in April 2018 (the "MDACC License Agreement"). Pursuant to the MDACC License Agreement, the Company holds exclusive worldwide license rights to certain intellectual property relating to the use of exosomes for diagnostic and therapeutic applications and a non-exclusive worldwide license under certain related technologies, with the right to grant sublicenses. The Company also obtained the exclusive right of first negotiation, for a specified time period, for a license to certain of MDACC’s rights in future exosome technology. Under the terms of the MDACC License Agreement, the Company is responsible for all patent costs incurred by MDACC for the underlying licensed technology in excess of $ 1.5 million from the effective date of the agreement through February 1, 2021, and for all patent costs incurred or invoiced after this date. As of March 31, 2022 , there was no remaining funding provided by MDACC for patent-related costs under the MDACC License Agreement. Pursuant to the MDACC License Agreement, the Company is also required to make future payments to MDACC upon the occurrence of events related to the development of products and upon the achievement of certain development and regulatory approval milestones up to an aggregate of $ 11.9 million, comprising up to $ 2.4 million for diagnostic products and up to $ 9.5 million for therapeutic products. The Company may at its discretion pay up to $ 4.4 million in such contingent payments in cash or through the issuance of equity in the form of redeemable convertible preferred stock or common stock, as applicable. Such payments will be expensed or capitalized based on the nature of the associated asset at the date the related contingency is resolved. In addition, the Company is obligated to pay certain payments upon the execution of sublicenses for qualifying products, as well as single digit percentage royalty payments on net sales from a licensed product. The MDACC License Agreement will continue until the last to occur of: (i) the expiration of all patents issued underlying the licenses conveyed, (ii) the cancellation, withdrawal or express abandonment of all patent rights underlying the licenses conveyed or (iii) the fifteenth anniversary of the effective date of the agreement. Upon expiration of the MDACC License Agreement, the licenses granted will automatically convert to a fully-paid irrevocable and perpetual license. The Company may terminate the license for convenience upon 180 days prior written notice to MDACC. The license automatically terminates upon the Company’s bankruptcy, if the Company challenges the validity or enforceability of any of the licensed patent rights, or if the Company fails to make a number of payments in a timely manner over a specified period of time. Additionally, MDACC may terminate the license for the Company’s breach subject to certain specified cure periods. As of March 31, 2022 , no milestones had been achieved, nor had any royalties, sublicensing fees or other contingent payments been incurred under the MDACC License Agreement. The Company did no t make any payments to MDACC for the three months ended March 31, 2022 and 2021 with respect to the MDACC License Agreement. Kayla Therapeutics S.A.S license agreement On November 6, 2018, the Company entered into a License Agreement with Kayla, pursuant to which it obtained a co-exclusive worldwide, sublicensable license under certain patent rights and to related know-how and methods to research, develop, manufacture and commercialize compounds and products covered by such patent rights in all diagnostic, prophylactic and therapeutic uses (the "Kayla License Agreement"). The foregoing license is co-exclusive with Kayla, but Kayla’s retained rights are subject to certain restrictions. During the first six years following the effective date of the Kayla License Agreement, Kayla and its affiliates may not research, develop, manufacture or commercialize anywhere in the world any product containing a small molecule STING agonist and an exosome. In addition, during the term of the Kayla License Agreement, Kayla and its affiliates may not grant a license to any third party under the licensed patent rights to, develop, manufacture or commercialize anywhere in the world a product containing certain STING compounds for therapeutic or veterinary purpose. The Kayla License Agreement also restricts the Company from developing any competing product containing a small molecule STING agonist and an exosome until the expiration of a non-compete period determined by the achievement of clinical milestones. The Company has certain diligence obligations under the Kayla License Agreement, which include using commercially reasonable efforts to develop, commercialize and market the products developed under the licensed patent rights, including using commercially reasonable efforts to initiate a cohort extension of a Phase 1/2 trial after obtaining IND approval. The Company is also obligated to pay up to $ 100.0 million in cash payments and up to $ 13.0 million payable in shares of the Company’s common stock upon the achievement of specified clinical and regulatory milestones, including approvals in the US, the EU and Japan. Such payments will be expensed or capitalized based on the nature of the associated asset at the date the related contingency is resolved. Additionally, the Company is obligated to pay to Kayla a percentage of the payments that the Company receives from sublicensees of the rights licensed to it by Kayla, excluding any royalties. This percentage varies from single digits to low double digits. The first milestone was achieved upon the dosing of the first subject in the Company’s exoSTING Phase 1/2 clinical trial in September 2020. Upon achievement of the milestone, the Company was obligated to make a nonrefundable payment of $ 15.0 million in cash and issue 177,318 shares of common stock to Kayla. The common stock was issued as of the date of dosing, and the cash payment of $ 15.0 million was paid as of December 31, 2020. As of March 31, 2022 , no other milestones had been achieved. The Company is obligated to pay to Kayla tiered royalties ranging from low single-digits to mid-single-digits based on annual net sales by the Company, its affiliates and its sublicensees of licensed products. The royalty term is determined on a product-by-product and country-by-country basis and continues until the later of (i) the expiration of the last valid claim of the licensed patent rights that covers such product in such country, (ii) the loss or expiration of any period of marketing exclusivity for such product in such country, or (iii) ten years after the first commercial sale of such product in such country; provided that if the royalty is payable when no valid claim covers a given product in a given country, the royalty rate for sales of such product in such country is decreased. The Company may terminate the Kayla License Agreement on a licensed compound-by-licensed compound basis and on a region-by region basis for any reason upon 30 days prior written notice to Kayla. The Company or Kayla may terminate the Kayla License Agreement for the other’s material breach that remains uncured for 60 days after receiving notice thereof. As of March 31, 2022 , no royalties, or other contingent payments had been incurred under the Kayla License Agreement.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	12. Net loss per share Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data): THREE MONTHS ENDED 2022 2021 Numerator: Net loss $ ( 8,028 ) $ ( 10,308 ) Net loss attributable to common stockholders $ ( 8,028 ) $ ( 10,308 ) Denominator: Weighted average common shares outstanding, basic 22,436,938 20,333,398 Net loss per share attributable to common stockholders, $ ( 0.36 ) $ ( 0.51 ) The following common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have been anti-dilutive: THREE MONTHS ENDED 2022 2021 Restricted stock units 848,658 — Outstanding stock options 5,408,023 5,147,946 Outstanding awards 6,256,681 5,147,946

Summary of Basis of Presentat_2

Summary of Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates We have made estimates and judgments affecting the amounts reported in our consolidated financial statements and the accompanying notes. On an ongoing basis, we evaluate our estimates, including critical accounting policies or estimates related to revenue recognition, stock-based compensation, accrued expenses, leases, gain upon derecognition, contingent consideration, prepaid manufacturing assets and impairment assessments. We base our estimates on historical experience and various relevant assumptions that we believe 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. The actual results that we experience may differ materially from our estimates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements The accounting policies the Company follows are set forth in its audited financial statements for fiscal year 2021. There have been no material changes to these accounting policies except as noted below for new accounting pronouncements adopted at the beginning of fiscal year 2022. From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes (ASU 2019-12), as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12, also clarifies and simplifies other aspects of the accounting for income taxes. The Company adopted this standard on January 1, 2022 . The adoption of this standard did not have a material impact on the Company's financial position or results of operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on a Recurring Basis	The following tables present information about the Company’s assets measured at fair value on a recurring basis, and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): MARCH 31, 2022 TOTAL LEVEL 1 LEVEL 2 LEVEL 3 NOT Assets: Cash equivalents: Money market funds $ 1 $ — $ — $ — $ 1 $ 1 $ — $ — $ — $ 1 DECEMBER 31, 2021 TOTAL LEVEL 1 LEVEL 2 LEVEL 3 NOT Assets: Cash equivalents: Money market funds $ 67,603 $ — $ — $ — $ 67,603 $ 67,603 $ — $ — $ — $ 67,603 (1) Certain cash equivalents that are valued using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following (in thousands): MARCH 31, DECEMBER 31, Accrued employee compensation $ 3,470 $ 5,142 Accrued external research and development costs 1,852 2,420 Accrued professional services and consulting 988 1,523 Accrued facilities costs 90 190 Other expenditures 408 428 $ 6,808 $ 9,703

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Components of Operating Lease Costs	The components of operating lease costs were as follows (in thousands): FOR THE THREE MONTHS ENDED MARCH 31, 2022 2021 Operating lease costs $ 1,240 $ 1,209 Short-term lease costs 4 6 Variable lease costs 642 669 Sublease income ( 822 ) ( 357 ) $ 1,064 $ 1,527
Summary of Additional Lease Information	Additional lease information is summarized in the following table (in thousands, except lease term and discount rate): FOR THE THREE MONTHS ENDED MARCH 31, 2022 2021 Cash paid for amounts included in the measurement of operating $ 1,558 $ 1,483 Weighted-average remaining lease term - operating leases (years) 7.7 8.7 Weighted-average discount rate - operating leases 10.1 % 10.0 %
Schedule of Undiscounted Cash Flows Used in Calculating the Operating Lease Liabilities and Amounts to be Received under the Sublease	Undiscounted cash flows used in calculating the Company’s operating lease liabilities and amounts to be received under the sublease at 35 CambridgePark Drive and 4 Hartwell Place as of March 31, 2022 are as follows (in thousands): Fiscal Year OPERATING SUBLEASE NET 2022 (remainder of the year) $ 4,694 $ 2,281 $ 2,413 2023 6,436 1,965 4,471 2024 6,625 965 5,660 2025 6,820 6,820 2026 7,020 7,020 Thereafter 21,779 21,779 Total undiscounted cash flows $ 53,374 $ 5,211 $ 48,163 Less: Amounts representing interest ( 16,466 ) Present value of lease liabilities $ 36,908

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Future Principal Payments	The future principal payments under the Amended Loan Agreement are as follows as of March 31, 2022 (in thousands): Fiscal Year PRINCIPAL 2022 $ - 2023 2,773 2024 11,680 2025 10,547 $ 25,000

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Summary of Option Activity	The following table summarizes the Company’s option activity during the three months ended March 31, 2022: NUMBER WEIGHTED WEIGHTED AGGREGATE (In years) (In thousands) Outstanding as of December 31, 2021 4,763,489 $ 12.56 6.44 $ 10,370 Granted 872,175 6.86 Exercised — — Forfeited/Cancelled ( 227,641 ) 13.90 Outstanding as of March 31, 2022 5,408,023 $ 11.59 6.85 $ 3,358 Exercisable as of March 31, 2022 2,903,814 $ 9.14 5.46 $ 3,018 Vested and expected to vest as of March 31, 2022 5,408,023 $ 11.59 6.85 $ 3,358 (1) Aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock as of March 31, 2022 and December 31, 2021 .
Summary of Restricted Stock Activity	The following table summarizes the Company’s restricted stock activity during the three months ended March 31, 2022 NUMBER WEIGHTED WEIGHTED (In years) Outstanding as of December 31, 2021 — $ — — Granted 866,183 5.73 Vested — Forfeited/Cancelled ( 17,525 ) 6.07 Outstanding as of March 31, 2022 848,658 $ 5.73 1.30 Vested and expected to vest as of March 31, 2022 848,658 $ 5.73 1.30
Schedule of Components and Classification of Stock-Based Compensation Expense	The following table presents the components and classification of stock-based compensation expense (in thousands): THREE MONTHS ENDED 2022 2021 Research and development $ 1,322 $ 1,058 General and administrative 1,027 1,215 $ 2,349 $ 2,273 Employee $ 1,975 $ 2,239 Non-employee 374 34 $ 2,349 $ 2,273

Collaborative Arrangements (Tab

Collaborative Arrangements (Tables)	3 Months Ended
	Mar. 31, 2022
Summary of Total Consolidated Revenue from Strategic Collaborators	The following table summarizes our total consolidated revenue from our current and former strategic collaborators for the periods presented (in thousands): THREE MONTHS ENDED Collaboration Revenue by Strategic Collaborator: 2022 2021 Jazz $ 12,704 $ 11,618 Sarepta - 1,573 Total collaboration revenue $ 12,704 $ 13,191
Schedule of Changes in Contract Assets and Liabilities	The following tables present changes in the Company’s contract assets and liabilities for the three months ended March 31, 2022 (in thousands): THREE MONTHS ENDED MARCH 31, 2022 BALANCE ADDITIONS DEDUCTIONS BALANCE Contract assets: Account receivable (1) $ 628 $ — $ — $ 628 Contract liabilities: Deferred revenue $ 43,649 $ — $ ( 12,704 ) $ 30,945 (1) Included in prepaid expenses and other current assets as shown within the condensed consolidated balance sheets.
Schedule of Revenue Recognized	During the three months ended March 31, 2022 and 2021, the Company recognized the following revenue (in thousands): THREE MONTHS ENDED 2022 2021 Revenue recognized in the period from: Amounts included in deferred revenue at the beginning of the period $ 12,704 $ 12,344
Jazz Pharmaceuticals Ireland Limited
Schedule of Research and Development Costs Incurred and Revenue Recognized	The following table summarizes research and development costs incurred and revenue recognized in connection with Company's performance under the Jazz Collaboration Agreement (in thousands): THREE MONTHS ENDED 2022 2021 Revenue recognized $ 12,704 $ 11,618 Costs incurred $ 559 $ 664
Sarepta Therapeutics
Schedule of Research and Development Costs Incurred and Revenue Recognized	The following table summarizes research and development costs incurred and revenue recognized in connection with Company's performance under the Sarepta Research Agreement (in thousands): THREE MONTHS ENDED 2022 2021 Revenue recognized $ - $ 1,573 Costs incurred $ - $ 1,573

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Basic and Diluted Net Loss Per Share Attributable to Common Stockholders	Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data): THREE MONTHS ENDED 2022 2021 Numerator: Net loss $ ( 8,028 ) $ ( 10,308 ) Net loss attributable to common stockholders $ ( 8,028 ) $ ( 10,308 ) Denominator: Weighted average common shares outstanding, basic 22,436,938 20,333,398 Net loss per share attributable to common stockholders, $ ( 0.36 ) $ ( 0.51 )
Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share Attributable to Common Stockholders	The following common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have been anti-dilutive: THREE MONTHS ENDED 2022 2021 Restricted stock units 848,658 — Outstanding stock options 5,408,023 5,147,946 Outstanding awards 6,256,681 5,147,946

Nature of the Business - Additi

Nature of the Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 17, 2021	Oct. 16, 2020	Mar. 31, 2022	Mar. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Entity date of incorporation			Jun. 12, 2015
Common stock, shares issued and sold	3,162,500	5,500,000
Common stock, offering price	$ 21	$ 15
Net proceeds from issuance of common stock	$ 61,700	$ 74,400	$ 589	$ 62,204
Additional Common stock, shares issued	412,500
Issuance of redeemable convertible preferred stock			168,200
Net of issuance costs			24,600
Payments from its collaborations			66,000
Cash and cash equivalents			$ 56,500
Substantial Doubt about Going Concern, within One Year [true false]			true
Substantial doubt about going concern, description			The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that the consolidated financial statements are issued.
At-The-Market Offering
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued and sold			110,037
Net proceeds from issuance of common stock			$ 600

Summary of Basis of Presentat_3

Summary of Basis of Presentation and Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 1, 2022
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate201912Member

Derecognition of Business - Add

Derecognition of Business - Additional Information (Details) - Lonza - USD ($)	Nov. 15, 2021	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate fair value of non-cash consideration	$ 39,200,000
Asset Purchase Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transactions	$ 65,000,000
Manufacturing Services Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Clinical program period	4 years
Agreement termination advance notice period	12 months
License and Collaboration Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sublicense revenue		$ 0
Sublease Agreement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Lease commencement date	Nov. 15, 2021
Lease expiration date	Nov. 30, 2024
Annual fixed rent charges	$ 1,000,000
Percentage of annual increase in fixed rent charges	2.80%

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Assets:
Assets		$ 1	$ 67,603
Money Market Funds
Assets:
Cash equivalents		1	67,603
Not Subject to Netting
Assets:
Assets	[1]	1	67,603
Not Subject to Netting | Money Market Funds
Assets:
Cash equivalents	[1]	$ 1	$ 67,603
[1]	Certain cash equivalents that are valued using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Less: Accumulated depreciation and amortization	$ (12,887)	$ (11,809)

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 1,078	$ 1,386

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued employee compensation	$ 3,470	$ 5,142
Accrued external research and development costs	1,852	2,420
Accrued professional services and consulting	988	1,523
Accrued facilities costs	90	190
Other expenditures	408	428
Accrued expenses	$ 6,808	$ 9,703

Leases - Additional Information

Leases - Additional Information (Details)	Nov. 15, 2021USD ($)Renewal	Jul. 01, 2021	Apr. 27, 2020USD ($)ft²	Mar. 22, 2019USD ($)ft²	Mar. 05, 2019USD ($)ft²	Mar. 31, 2022USD ($)Office	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Lessee Lease Description [Line Items]
Lease expiration year						2029
Number of location | Office						2
Sublease income						$ 822,000	$ 357,000
4 Hartwell Place
Lessee Lease Description [Line Items]
Area of lease | ft²					18,707
Lease, base rent per year					$ 900,000
Increase in annual rent percentage					2.60%
Lease expiration month and year					2029-12
Lease commencement month and year					2019-07
Lessee, operating lease, existence of option to extend [true false]					true
Lessee, operating lease, option to extend						The Company has the option to extend the lease twice, each for a five-year period, on the same terms and conditions as the current lease, subject to a change in base rent based on market rates.
Lessee, operating lease, option to extend term					5 years
Tenant improvement allowance					$ 1,300,000
Tenant improvement allowance, received							$ 1,300,000
Increase in base rent	$ 100,000
Initial direct cost	0
Operating right-of-use assets obtained in exchange for operating lease liabilities	1,000,000
Sublease payments to be received annually	$ 1,000,000
Sublease income, increase in annual percentage	2.80%
Sublease commencement date	Nov. 15, 2021
Sublease income expiration date	Nov. 30, 2024
Lessee, operating sublease, existence of option to extend	true
Lessee, operating sublease, option to extend						Lonza has the option to extend the sublease term for five 12-month periods on the same terms and conditions as the current sublease, subject to an increase of 2.8% in the annual fixed rent charges
Number of operating sublease renewal term | Renewal	5
Lessee, operating sublease, option to extend term	12 months
Percentage of annual increase in fixed rent charges	2.80%
4 Hartwell Place | Letter of Credit
Lessee Lease Description [Line Items]
Security deposit						$ 400,000		$ 400,000
35 Cambridge Park Drive
Lessee Lease Description [Line Items]
Area of lease | ft²				68,258
Lease, base rent per year				$ 4,900,000
Increase in annual rent percentage				3.00%
Lease commencement date				Mar. 26, 2019
Lease expiration month and year				2029-11
Lessee, operating lease, existence of option to extend [true false]				true
Lessee, operating lease, option to extend						The Company has the option to extend the lease for a 10-year period on the same terms and conditions as the current lease, subject to a change in base rent based on market rates
Lessee, operating lease, option to extend term				10 years
Tenant improvement allowance				$ 12,300,000
Tenant improvement allowance, received						$ 12,300,000
Construction oversight fee				2.00%
Area of space for sublease | ft²			23,280
Sublease payments to be received annually			$ 1,300,000
Sublease income, increase in annual percentage		3.00%	3.00%
Sublease commencement date			May 18, 2020
Sublease expiration month and year		2023-05	2022-05
Lessee, operating sublease, existence of option to extend		true
Lessee, operating sublease, option to extend						Effective July 1, 2021, the sublessee exercised its option to extend the sublease for a one-year period through May 2023, on the same terms and conditions as the current sublease, subject to a change in base rent based on the greater of (i) an increase of 3% of the annual rent owed by the sublessee in year two, and (ii) market rent for the subleased premises
Lessee, operating sublease, option to extend term		1 year
35 Cambridge Park Drive | Letter of Credit
Lessee Lease Description [Line Items]
Security deposit						$ 3,700,000		$ 3,700,000
Security deposit in connection with sublease			$ 300,000

Leases - Components of Operatin

Leases - Components of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease, Cost [Abstract]
Operating lease costs	$ 1,240	$ 1,209
Short-term lease costs	4	6
Variable lease costs	642	669
Sublease income	(822)	(357)
Lease, cost	$ 1,064	$ 1,527

Leases - Summary of Additional

Leases - Summary of Additional Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,558	$ 1,483
Weighted-average remaining lease term - operating leases (years)	7 years 8 months 12 days	8 years 8 months 12 days
Weighted-average discount rate - operating leases	10.10%	10.00%

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Cash Flows Used in Calculating the Operating Lease Liabilities and Amounts to be Received under the Sublease (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
Operating Lease Payments, 2022 (remainder of the year)	$ 4,694
Operating Lease Payments, 2023	6,436
Operating Lease Payments, 2024	6,625
Operating Lease Payments, 2025	6,820
Operating Lease Payments, 2026	7,020
Operating Lease Payments, Thereafter	21,779
Operating Lease Payments, Total undiscounted cash flows	53,374
Operating Lease Payments, Less: Amounts representing interest	(16,466)
Operating Lease Payments, Present value of lease liabilities	36,908
Sublease Receipts, 2022 (remainder of the year)	2,281
Sublease Receipts, 2023	1,965
Sublease Receipts, 2024	965
Sublease Receipts, Total undiscounted cash flows	5,211
Net Operating Lease Payments, 2022 (remainder of the year)	2,413
Net Operating Lease Payments, 2023	4,471
Net Operating Lease Payments, 2024	5,660
Net Operating Lease Payments, 2025	6,820
Net Operating Lease Payments, 2026	7,020
Net Operating Lease Payments, Thereafter	21,779
Net Operating Lease Payments, Total undiscounted cash flows	$ 48,163

Commitments and contingencies -

Commitments and contingencies - Additional Information (Details) - Lonza - Manufacturing Services Agreement - USD ($)	Nov. 15, 2021	Mar. 31, 2022
Commitments And Contingencies [Line Items]
Cancellation fees and other charges		$ 0
MinimumNonCancelablePurchaseObligation		$ 0
Agreement termination advance notice period	12 months

Indebtedness - Additional Infor

Indebtedness - Additional Information (Details)	Sep. 17, 2021USD ($)	Jul. 24, 2020USD ($)	Sep. 30, 2019USD ($)Tranche	Mar. 31, 2022USD ($)	Sep. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Sep. 16, 2021USD ($)
Debt Instrument [Line Items]
Interest expense				$ 600,000		$ 698,000
Loan Agreement | Term Loan | Hercules
Debt Instrument [Line Items]
Aggregate principal amount								$ 75,000,000
Number of tranches | Tranche			4
Advanced amount under term loan			$ 25,000,000
Debt instrument, interest only payment end date			Nov. 1, 2022
Debt instrument repayment end date			Oct. 1, 2024
Debt instrument, end of term payment charge on funded amount percentage			5.50%
Loan carrying value		$ 15,000,000	$ 9,500,000	$ 25,500,000			$ 25,400,000
Loan Agreement | Term Loan | Hercules | Maximum
Debt Instrument [Line Items]
Aggregate principal amount			75,000,000
Loan Agreement | Term Loan | Hercules | Second Tranche
Debt Instrument [Line Items]
Aggregate principal amount			10,000,000
Loan Agreement | Term Loan | Hercules | First Tranche
Debt Instrument [Line Items]
Advanced amount under term loan		$ 15,000,000	10,000,000
Amount payable upon any prepayment or repayment			1,400,000
Loan Agreement | Term Loan | Hercules | Third Tranche
Debt Instrument [Line Items]
Aggregate principal amount			10,000,000
Loan Agreement | Term Loan | Hercules | Fourth Tranche
Debt Instrument [Line Items]
Aggregate principal amount			$ 30,000,000
Amended Loan Agreement | Term Loan | Hercules
Debt Instrument [Line Items]
Debt instrument, covenants, obligated to maintain account cover amount percentage			110.00%
Interest expense					$ 600,000	$ 700,000
Amended Loan Agreement | Term Loan | Hercules | Second Tranche
Debt Instrument [Line Items]
Interest rate			1.50%
Amended Loan Agreement | Term Loan | Hercules | First Tranche
Debt Instrument [Line Items]
Interest rate			2.00%
Amended Loan Agreement | Term Loan | Hercules | Third Tranche
Debt Instrument [Line Items]
Interest rate			1.00%
Amended Loan Agreement | Amended Term Loan | Hercules
Debt Instrument [Line Items]
Aggregate principal amount	$ 85,000,000
Debt instrument, interest rate terms				Advances under the Amended Term Loan Facility bear interest at a rate equal to the greater of (i) 8.25% plus the Prime Rate (as reported in The Wall Street Journal) less 3.25%, and (ii) 8.25%.
Interest rate	8.25%
Debt instrument, interest only payment end date	Oct. 1, 2023
Debt instrument, interest only payment extendable end date	Oct. 1, 2024
Debt instrument repayment end date	Oct. 1, 2025
Debt instrument, end of term payment charge on funded amount percentage	5.50%
Amended Loan Agreement | Amended Term Loan | Hercules | Prime Rate
Debt Instrument [Line Items]
Variable interest rate	8.25%
Reduced from variable interest rate	3.25%
Amended Loan Agreement | Amended Term Loan | Hercules | Third Tranche
Debt Instrument [Line Items]
Aggregate principal amount	$ 10,000,000
Amended Loan Agreement | Amended Term Loan | Hercules | Fourth Tranche
Debt Instrument [Line Items]
Aggregate principal amount	30,000,000
Amended Loan Agreement | Amended Term Loan | Hercules | Fifth Tranche
Debt Instrument [Line Items]
Debt instrument, available in minimum draws	5,000,000
Amended Loan Agreement | Amended Term Loan | Hercules | Fifth Tranche | Maximum
Debt Instrument [Line Items]
Aggregate principal amount	$ 20,000,000

Indebtedness - Schedule of Futu

Indebtedness - Schedule of Future Principal Payments (Details) - Amended Loan Agreement $ in Thousands	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
2023	$ 2,773
2024	11,680
2025	10,547
Long-term debt	$ 25,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jan. 01, 2022	Oct. 31, 2020	Oct. 12, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based awards, vesting conditions	As of March 31, 2022, the Company has granted service-based awards, which vest over a defined period of service. Most service-based awards vest over a four-year period, with the first 25% vesting following 12 months of continued employment or service, and the remainder vesting in 12 quarterly installments over the following three years. The Company has also granted service-based awards, which vest over a two-year period, with the first 50% vesting following 12 months of continued employment or service, and the remainder vesting in four quarterly installments over the following year.
Share-based awards, vesting period	4 years
Shares of common stock reserved for future issuance				834,720
Annual increased percentage on outstanding common stock reserved				0.50%
Number of shares available for future issuance				208,680
Stock option, expiration period	10 years
Treasury stock, shares	0
Aggregate intrinsic value of stock options exercised	$ 0	$ 1,000,000
Stock-based compensation expense	2,349,000	2,273,000
Total unrecognized compensation expense related to stock compensation awards	$ 23,400,000
Weighted-average period of unrecognized compensation expense related to stock compensation awards	2 years 9 months 18 days
Performance-Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 0
Maximum | Performance-Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 100,000
2020 Stock Option and Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance					1,043,402
Additional shares of common stock reserved for future issuance			1,119,192
Number of shares available for future issuance	1,199,352
2020 Stock Option and Incentive Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annual increased percentage on outstanding common stock reserved					5.00%
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance	0
Tranche 1
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based awards, vesting period	12 months
Share-based awards, vesting percentage	25.00%
Tranche 2
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based awards, vesting period	3 years
Share-based awards, vesting description	12 quarterly installments
Tranche 3
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based awards, vesting period	2 years
Tranche 4
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based awards, vesting period	12 months
Share-based awards, vesting percentage	50.00%
Tranche 5
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based awards, vesting description	four quarterly installments

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2022	Dec. 31, 2021
Number of Shares
Outstanding		4,763,489
Granted		872,175
Forfeited/Cancelled		(227,641)
Outstanding		5,408,023	4,763,489
Exercisable		2,903,814
Vested and expected to vest		5,408,023
Weighted Average Exercise Price Per Share
Outstanding		$ 12.56
Granted		6.86
Forfeited/Cancelled		13.90
Outstanding		11.59	$ 12.56
Exercisable		9.14
Vested and expected to vest		$ 11.59
Weighted Average Remaining Contractual Term
Outstanding		6 years 10 months 6 days	6 years 5 months 8 days
Exercisable		5 years 5 months 15 days
Vested and expected to vest		6 years 10 months 6 days
Outstanding	[1]	$ 3,358	$ 10,370
Exercisable	[1]	3,018
Vested and expected to vest	[1]	$ 3,358
[1]	Aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock as of March 31, 2022 and December 31, 2021 .

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted | shares	866,183
Forfeited/Cancelled | shares	(17,525)
Outstanding as of March 31, 2022 | shares	848,658
Vested and expected to vest as of March 31, 2022 | shares	848,658
Weighted Average Grant Date Fair Value
Granted | $ / shares	$ 5.73
Forfeited/Cancelled | $ / shares	6.07
Outstanding as of March 31, 2022 | $ / shares	5.73
Vested and expected to vest as of March 31, 2022 | $ / shares	$ 5.73
Weighted Average Remaining Contractual Term
Outstanding as of March 31, 2022	1 year 3 months 18 days
Vested and expected to vest as of March 31, 2022	1 year 3 months 18 days

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Components and Classification of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,349	$ 2,273
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	1,322	1,058
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	1,027	1,215
Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	1,975	2,239
Non-employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 374	$ 34

Collaboration Agreements - Summ

Collaboration Agreements - Summary of Total Consolidated Revenue from Strategic Collaborators (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Collaboration Agreements [Line Items]
Total collaboration revenue	$ 12,704	$ 13,191
Jazz
Collaboration Agreements [Line Items]
Total collaboration revenue	$ 12,704	11,618
Sarepta
Collaboration Agreements [Line Items]
Total collaboration revenue		$ 1,573

Collaboration Agreements - Sche

Collaboration Agreements - Schedule of Changes in Contract Assets and Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Contract assets:
Accounts receivable, BALANCE BEGINNING OF PERIOD	$ 628	[1]
Accounts receivable, BALANCE END OF PERIOD	628	[1]
Contract liabilities:
Deferred revenue, BALANCE BEGINNING OF PERIOD	43,649
Deferred revenue, DEDUCTIONS	(12,704)
Deferred revenue, BALANCE END OF PERIOD	$ 30,945
[1]	Included in prepaid expenses and other current assets as shown within the condensed consolidated balance sheets.

Collaboration Agreements - Sc_2

Collaboration Agreements - Schedule of Revenue Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Collaboration Agreements [Abstract]
Amounts included in deferred revenue at the beginning of the period	$ 12,704	$ 12,344

Collaboration Agreements - Su_2

Collaboration Agreements - Summary of Research and Development Costs Incurred and Revenue Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Collaboration Agreements [Line Items]
Revenue recognized	$ 12,704	$ 12,344
Sarepta Research Agreement
Collaboration Agreements [Line Items]
Revenue recognized		1,573
Costs incurred		1,573
Collaboration and License Agreement | Jazz Pharmaceuticals Ireland Limited
Collaboration Agreements [Line Items]
Revenue recognized	12,704	11,618
Costs incurred	$ 559	$ 664

Collaboration Agreements - Addi

Collaboration Agreements - Additional Information (Details)	Dec. 03, 2021USD ($)	Oct. 01, 2021	Jun. 30, 2021USD ($)	Jan. 02, 2019Target	Apr. 30, 2021Target	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Collaboration Agreements [Line Items]
Total collaboration revenue						$ 12,704,000	$ 13,191,000
Deferred revenue						442,000		$ 12,963,000
Deferred revenue						30,945,000
Collaboration and License Agreement | Jazz Pharmaceuticals Ireland Limited
Collaboration Agreements [Line Items]
Number of targets | Target				4
Number of oncogene targets discontinue work | Target					1
Number of oncogene targets | Target				5
Remaining deferred revenue recognized							10,900,000
Total collaboration revenue			$ 2,800,000
Cost associated with obligations under arrangement						559,000	$ 664,000
Deferred revenue						12,600,000
Changes in estimate of variable consideration						0
Deferred revenue						$ 30,900,000		$ 43,600,000
Sarepta Research Agreement
Collaboration Agreements [Line Items]
Total collaboration revenue	$ 13,900,000
Effective contract termination date		Dec. 3, 2021

Other Significant Agreements -

Other Significant Agreements - Additional Information (Details)	Nov. 06, 2018USD ($)shares	Mar. 31, 2022USD ($)Milestone	Dec. 31, 2020USD ($)	Feb. 01, 2021USD ($)	Mar. 31, 2021USD ($)	Nov. 30, 2015USD ($)
MD Anderson Cancer Center | Patent and Technology License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Remaining funding amount for patent-related costs under license agreement		$ 0
Number of days of prior written notice to terminate agreement		180 days
Number of milestones achieved | Milestone		0
Payments with respect to license agreement		$ 0			$ 0
MD Anderson Cancer Center | Patent and Technology License Agreement | Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Patent costs				$ 1,500,000
MD Anderson Cancer Center | Patent and Technology License Agreement | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent future payments upon achievement of certain development and regulatory approval milestones						$ 11,900,000
Contingent payments in cash or through issuance of equity						4,400,000
MD Anderson Cancer Center | Patent and Technology License Agreement | Maximum | Diagnostic Products
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent future payments upon achievement of certain development and regulatory approval milestones						2,400,000
MD Anderson Cancer Center | Patent and Technology License Agreement | Maximum | Therapeutic Products
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent future payments upon achievement of certain development and regulatory approval milestones						$ 9,500,000
Kayla Therapeutics S.A.S | Kayla License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of days of prior written notice to terminate agreement		30 days
Payments with respect to license agreement		$ 0
Royalty term determination period after first commercial sale of such product in such country		10 years
Number of days of notice to terminate agreement upon material breach		60 days
Kayla Therapeutics S.A.S | Kayla License Agreement | Phase 1/2 Clinical Trial
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of milestones achieved | Milestone		0
Non-refundable milestone payment in cash	$ 15,000,000
Non-refundable milestone payment in common stock | shares	177,318
Milestone payment			$ 15,000,000
Kayla Therapeutics S.A.S | Kayla License Agreement | Maximum | Phase 1/2 Clinical Trial
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Obligated to make cash payments upon achievement of clinical and regulatory milestones	$ 100,000,000
Value of common stock shares payable upon achievement of clinical and regulatory milestones	$ 13,000,000

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (8,028)	$ (10,308)
Net loss attributable to common stockholders	$ (8,028)	$ (10,308)
Denominator:
Weighted average common shares outstanding, basic and diluted	22,436,938	20,333,398
Net loss per share attributable to common stockholders, basic and diluted	$ (0.36)	$ (0.51)

Net Loss Per Share - Anti-dilut

Net Loss Per Share - Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding awards	6,256,681	5,147,946
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding awards	848,658
Outstanding Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding awards	5,408,023	5,147,946