Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Cyteir Therapeutics, Inc. | |
Entity Central Index Key | 0001662244 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,369,726 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Security12b Title | Common Stock, par value $0.001 per share | |
Trading Symbol | CYT | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-40499 | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 45-5429901 | |
Entity Address Address Line One | 128 Spring St, Building A | |
Entity Address, Address Line Two | Suite 510 | |
Entity Address City Or Town | Lexington | |
Entity Address State Or Province | MA | |
Entity Address Postal Zip Code | 02421 | |
City Area Code | 857 | |
Local Phone Number | 285-4140 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 198,637 | $ 10,938 |
Prepaid expenses and other current assets | 1,668 | 1,193 |
Total current assets | 200,305 | 12,131 |
Property and equipment, net | 1,492 | 1,287 |
Other assets | 256 | 317 |
Total assets | 202,053 | 13,735 |
Current liabilities: | ||
Accounts payable | 3,512 | 1,689 |
Accrued expenses and other current liabilities | 3,932 | 1,448 |
Total current liabilities | 7,444 | 3,137 |
Deferred rent, net of current portion | 334 | 452 |
Other long term liabilities | 420 | 766 |
Total liabilities | 8,198 | 4,355 |
Commitments and Contingencies (Note 11) | ||
Stockholders' equity (deficit): | ||
Preferred stock, $0.001 par value: 40,000,000 and 77,017,995 shares authorized as of June 30, 2021 and December 31, 2020, respectively; no shares issued and outstanding as of June 30, 2021 and December 31, 2020 | ||
Common stock, $0.001 par value: 114,000,000 and 100,000,000 shares authorized as of June 30, 2021 and December 31, 2020, respectively; 34,474,323 and 2,719,721 shares issued as of June 30, 2021 and December 31, 2020, respectively; 34,104,882 and 2,044,284 shares outstanding as of June 30, 2021 and December 31, 2020, respectively | 34 | 2 |
Additional paid-in capital | 262,355 | 1,894 |
Accumulated deficit | (68,534) | (49,927) |
Total stockholders' equity (deficit) | 193,855 | (48,031) |
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | 202,053 | 13,735 |
Series A Redeemable Convertible Preferred Stock | ||
Current liabilities: | ||
Redeemable convertible preferred stock | 5,696 | |
Series B Redeemable Convertible Preferred Stock | ||
Current liabilities: | ||
Redeemable convertible preferred stock | 51,715 | |
Series C Redeemable Convertible Preferred Stock | ||
Current liabilities: | ||
Redeemable convertible preferred stock |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 40,000,000 | 77,017,995 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 320,000,000 | 100,000,000 |
Common stock, shares issued | 34,474,323 | 2,719,721 |
Common stock, shares outstanding | 34,104,882 | 2,044,284 |
Series A Redeemable Convertible Preferred Stock | ||
Convertible preferred stock, shares authorized | 0 | 5,817,996 |
Convertible preferred stock, shares issued | 0 | 5,817,996 |
Convertible preferred stock, shares outstanding | 0 | 5,817,996 |
Series B Redeemable Convertible Preferred Stock | ||
Convertible preferred stock, shares authorized | 0 | 71,199,999 |
Convertible preferred stock, shares issued | 0 | 55,200,000 |
Convertible preferred stock, shares outstanding | 0 | 55,200,000 |
Series C Redeemable Convertible Preferred Stock | ||
Convertible preferred stock, shares authorized | 0 | 0 |
Convertible preferred stock, shares issued | 0 | 0 |
Convertible preferred stock, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses: | ||||
Research and development | $ 8,886 | $ 3,633 | $ 14,499 | $ 8,634 |
General and administrative | 2,422 | 875 | 4,146 | 1,884 |
Total operating expenses | 11,308 | 4,508 | 18,645 | 10,518 |
Loss from operations | (11,308) | (4,508) | (18,645) | (10,518) |
Other income (expense): | ||||
Other income (expense) | 13 | 10 | 38 | 91 |
Total other income (expense) | 13 | 10 | 38 | 91 |
Net loss | $ (11,295) | $ (4,498) | $ (18,607) | $ (10,427) |
Net loss per share-basic and diluted | $ (4.83) | $ (3.18) | $ (8.29) | $ (7.38) |
Weighted-average common stock outstanding-basic and diluted | 2,337,947 | 1,414,009 | 2,245,243 | 1,413,554 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Series A Redeemable Convertible Preferred Stock | Series B Redeemable Convertible Preferred Stock | Series C Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Dec. 31, 2019 | $ (28,336) | $ 1 | $ 767 | $ (29,104) | |||
Redeemable convertible preferred stock, Shares at Dec. 31, 2019 | 5,817,996 | 55,200,000 | |||||
Redeemable convertible preferred stock at Dec. 31, 2019 | $ 5,696 | $ 51,715 | |||||
Balance, Shares at Dec. 31, 2019 | 1,412,954 | ||||||
Exercise of common stock options, Shares | 488 | ||||||
Stock-based compensation expense | 89 | 89 | |||||
Net loss | (5,929) | (5,929) | |||||
Balance at Mar. 31, 2020 | (34,176) | $ 1 | 856 | (35,033) | |||
Redeemable convertible preferred stock, Shares at Mar. 31, 2020 | 5,817,996 | 55,200,000 | |||||
Redeemable convertible preferred stock at Mar. 31, 2020 | $ 5,696 | $ 51,715 | |||||
Balance, Shares at Mar. 31, 2020 | 1,413,442 | ||||||
Balance at Dec. 31, 2019 | (28,336) | $ 1 | 767 | (29,104) | |||
Redeemable convertible preferred stock, Shares at Dec. 31, 2019 | 5,817,996 | 55,200,000 | |||||
Redeemable convertible preferred stock at Dec. 31, 2019 | $ 5,696 | $ 51,715 | |||||
Balance, Shares at Dec. 31, 2019 | 1,412,954 | ||||||
Net loss | (10,427) | ||||||
Balance at Jun. 30, 2020 | (38,566) | $ 1 | 964 | (39,531) | |||
Redeemable convertible preferred stock, Shares at Jun. 30, 2020 | 5,817,996 | 55,200,000 | |||||
Redeemable convertible preferred stock at Jun. 30, 2020 | $ 5,696 | $ 51,715 | |||||
Balance, Shares at Jun. 30, 2020 | 1,414,037 | ||||||
Balance at Mar. 31, 2020 | (34,176) | $ 1 | 856 | (35,033) | |||
Redeemable convertible preferred stock, Shares at Mar. 31, 2020 | 5,817,996 | 55,200,000 | |||||
Redeemable convertible preferred stock at Mar. 31, 2020 | $ 5,696 | $ 51,715 | |||||
Balance, Shares at Mar. 31, 2020 | 1,413,442 | ||||||
Exercise of common stock options | 1 | 1 | |||||
Exercise of common stock options, Shares | 595 | ||||||
Stock-based compensation expense | 107 | 107 | |||||
Net loss | (4,498) | (4,498) | |||||
Balance at Jun. 30, 2020 | (38,566) | $ 1 | 964 | (39,531) | |||
Redeemable convertible preferred stock, Shares at Jun. 30, 2020 | 5,817,996 | 55,200,000 | |||||
Redeemable convertible preferred stock at Jun. 30, 2020 | $ 5,696 | $ 51,715 | |||||
Balance, Shares at Jun. 30, 2020 | 1,414,037 | ||||||
Balance at Dec. 31, 2020 | (48,031) | $ 2 | 1,894 | (49,927) | |||
Redeemable convertible preferred stock, Shares at Dec. 31, 2020 | 5,817,996 | 55,200,000 | 0 | ||||
Redeemable convertible preferred stock at Dec. 31, 2020 | $ 5,696 | $ 51,715 | |||||
Balance, Shares at Dec. 31, 2020 | 2,044,284 | ||||||
Exercise of common stock options | 154 | 154 | |||||
Exercise of common stock options, Shares | 49,235 | ||||||
Issuance of Series C redeemable convertible preferred stock, net of issuance costs of $345 | $ 79,655 | ||||||
Issuance of Series C redeemable convertible preferred stock, net of issuance costs of $345, Shares | 21,784,885 | ||||||
Vesting of early exercised options | 196 | 196 | |||||
Vesting of early exercised options, Shares | 172,640 | ||||||
Stock-based compensation expense | 488 | 488 | |||||
Net loss | (7,312) | (7,312) | |||||
Balance at Mar. 31, 2021 | (54,505) | $ 2 | 2,732 | (57,239) | |||
Redeemable convertible preferred stock, Shares at Mar. 31, 2021 | 5,817,996 | 55,200,000 | 21,784,885 | ||||
Redeemable convertible preferred stock at Mar. 31, 2021 | $ 5,696 | $ 51,715 | $ 79,655 | ||||
Balance, Shares at Mar. 31, 2021 | 2,266,159 | ||||||
Balance at Dec. 31, 2020 | $ (48,031) | $ 2 | 1,894 | (49,927) | |||
Redeemable convertible preferred stock, Shares at Dec. 31, 2020 | 5,817,996 | 55,200,000 | 0 | ||||
Redeemable convertible preferred stock at Dec. 31, 2020 | $ 5,696 | $ 51,715 | |||||
Balance, Shares at Dec. 31, 2020 | 2,044,284 | ||||||
Exercise of common stock options, Shares | 65,228 | ||||||
Net loss | $ (18,607) | ||||||
Balance at Jun. 30, 2021 | 193,855 | $ 34 | 262,355 | (68,534) | |||
Redeemable convertible preferred stock, Shares at Jun. 30, 2021 | 0 | 0 | 0 | ||||
Redeemable convertible preferred stock at Jun. 30, 2021 | |||||||
Balance, Shares at Jun. 30, 2021 | 34,104,882 | ||||||
Balance at Mar. 31, 2021 | (54,505) | $ 2 | 2,732 | (57,239) | |||
Redeemable convertible preferred stock, Shares at Mar. 31, 2021 | 5,817,996 | 55,200,000 | 21,784,885 | ||||
Redeemable convertible preferred stock at Mar. 31, 2021 | $ 5,696 | $ 51,715 | $ 79,655 | ||||
Balance, Shares at Mar. 31, 2021 | 2,266,159 | ||||||
Exercise of common stock options | 40 | 40 | |||||
Exercise of common stock options, Shares | 15,987 | ||||||
Vesting of early exercised options | 150 | 150 | |||||
Vesting of early exercised options, Shares | 131,861 | ||||||
Initial public offering, net of underwriting discounts, commissions and offering costs | 121,627 | $ 7 | 121,620 | ||||
Initial public offering, net of underwriting discounts, commissions and offering costs, Shares | 7,400,000 | ||||||
Conversion of convertible preferred stock into common stock upon initial public offering | 137,066 | $ 25 | 137,041 | ||||
Redeemable convertible preferred stock, Conversion of convertible preferred stock into common stock upon initial public offering, Shares | (5,817,996) | (55,200,000) | (21,784,885) | ||||
Redeemable convertible preferred stock, Conversion of convertible preferred stock into common stock upon initial public offering | $ (5,696) | $ (51,715) | $ (79,655) | ||||
Conversion of convertible preferred stock into common stock upon initial public offering, Shares | 24,290,875 | ||||||
Stock-based compensation expense | 772 | 772 | |||||
Net loss | (11,295) | (11,295) | |||||
Balance at Jun. 30, 2021 | $ 193,855 | $ 34 | $ 262,355 | $ (68,534) | |||
Redeemable convertible preferred stock, Shares at Jun. 30, 2021 | 0 | 0 | 0 | ||||
Redeemable convertible preferred stock at Jun. 30, 2021 | |||||||
Balance, Shares at Jun. 30, 2021 | 34,104,882 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Series C Redeemable Convertible Preferred Stock | |
Stock issuance costs | $ 345 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||||
Net loss | $ (18,607) | $ (10,427) | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||||
Depreciation and amortization expense | $ 100 | $ 100 | 214 | 149 |
Stock-based compensation | 772 | 107 | 1,260 | 196 |
Changes in operating assets and liabilities | ||||
Prepaid expenses and other current assets | (475) | 144 | ||
Other assets | 61 | |||
Accounts payable | 1,696 | 367 | ||
Accrued expenses and other current liabilities | 2,484 | 537 | ||
Deferred rent | (118) | 241 | ||
Net cash used in operating activities | (13,485) | (8,793) | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | (292) | (554) | ||
Net cash used in investing activities | (292) | (554) | ||
Cash flows from financing activities: | ||||
Proceeds from issuance of preferred stock, net of issuance costs | 79,655 | |||
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts, commissions and offering costs of $10,398 | 121,627 | |||
Proceeds from exercise of stock options | 194 | 1 | ||
Net cash provided by financing activities | 201,476 | 1 | ||
Net (decrease) increase in cash, cash equivalents, and restricted cash | 187,699 | (9,346) | ||
Cash, cash equivalents and restricted cash at beginning of period | 11,194 | 29,156 | ||
Cash, cash equivalents and restricted cash at end of period | 198,893 | 19,810 | 198,893 | 19,810 |
Supplemental disclosure of cash flows | ||||
Property and equipment purchases in accounts payable | 127 | 14 | ||
Supplemental disclosure of noncash financing activities | ||||
Vesting of early exercised options | 346 | |||
Initial public offering costs included in accounts payable and accrued expenses | 1,175 | |||
Conversion of preferred stock to common stock upon initial public offering | 137,066 | |||
Reconciliation of cash, cash equivalents and restricted cash | ||||
Cash and cash equivalents | 198,637 | 19,554 | 198,637 | 19,554 |
Restricted cash (included in other assets) | $ 256 | $ 256 | $ 256 | $ 256 |
Restricted Cash and Cash Equivalents, Noncurrent, Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent | Other Assets, Noncurrent | Other Assets, Noncurrent |
Total cash, cash equivalents, and restricted cash | $ 198,893 | $ 19,810 | $ 198,893 | $ 19,810 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Statement Of Cash Flows [Abstract] | |
Underwriting discounts, commissions and offering costs | $ 10,398 |
Nature Of the Business
Nature Of the Business | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature Of the Business | 1. Nature of the business Cyteir Therapeutics, Inc., (the “Company”) is a clinical-stage biotechnology company focused on developing and commercializing the next generation of precision oncology medicines that inhibit DNA damage repair and cause cancer cell death through a therapeutic strategy known as synthetic lethality. The Company’s lead program, CYT-0851, as well as its next generation drug candidate, CYT-1853, exploit a novel gain-of-function synthetically lethal relationship between overexpression of a family of DNA damaging genes called cytidine deaminases, and functional inhibition of homologous recombination, a DNA repair pathway critical for the survival of some cancers. The Company is using its expertise in DNA Damage Response biology and a disciplined approach to select targets for other novel, differentiated programs with the aim of building a patient-centric portfolio of effective cancer therapies. The Company was formed as a Delaware corporation on June 4, 2012, pursuant to the General Corporation Law of the State of Delaware. The Company has a principal office in Lexington, Massachusetts. Initial Public Offering On June 22, 2021, the Company completed an initial public offering ("IPO") in which the Company issued and sold 7,400,000 of its common stock, at a public offering price of $ 18.00 per share, resulting in gross proceeds of $ 133.2 million. The Company received $ 121.6 million in net proceeds after deducting underwriting discounts, commissions and offering costs. Upon closing of the IPO, all of the then-outstanding shares of convertible preferred stock automatically converted into 24,290,875 shares of common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding. Reverse Stock Split On June 11, 2021, the Company effected a 1-for- 3.4088 reverse stock split of the Company’s common stock and adjusted the ratio at which the Company’s preferred stock is convertible into common stock, as well as the number of shares under the 2012 Stock Incentive Plan and the Company’s Amended and Restated Certificate of Incorporation, as well as the share amounts of restricted stock grants under the plan and the number of options and exercise prices of options under the plan as a result of the 1-for-3.4088 reverse stock split. All common shares, stock options, and per share information presented in the accompanying consolidated financial statements and notes thereto have been adjusted, where applicable, to reflect the reverse stock split on a retroactive basis for all periods presented. The per share par value and authorized number of shares of the Company’s common stock were not adjusted as a result of the split. Liquidity The Company has incurred net operating losses since inception and has funded its operations primarily with proceeds from the sale of redeemable convertible preferred stock and from United States government grants. As of June 30, 2021 , the Company had cash and cash equivalents of $ 198.6 million and an accumulated deficit of $ 68.5 million. The Company expects its operating losses and negative operating cash flows to continue into the foreseeable future as it continues to expand its research and development efforts. The Company expects that its cash and cash equivalents as of June 30, 2021 will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the date these condensed consolidated financial statements are available to be issued. The Company will need additional funding to support its planned operating activities. There can be no assurances, however, that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all. If the Company is unable to obtain sufficient funding, it could be required to delay its development efforts, limit activities and reduce research and development costs, which could adversely affect its business prospects. COVID-19 considerations The development of the Company’s product candidates could be disrupted and materially adversely affected by a pandemic, epidemic or outbreak of an infectious disease, such as the ongoing COVID-19 pandemic. The ongoing COVID-19 pandemic and the measures taken by the governments of countries affected by it could disrupt the supply chain and the manufacture or shipment of both drug substance and finished drug product for the Company’s product candidates for preclinical testing or clinical trials, cause diversion of healthcare resources away from the conduct of preclinical and clinical trial matters to focus on pandemic concerns, limit travel in a manner that interrupts key trial activities, such as trial site initiations and monitoring, delay regulatory filings with regulatory agencies in affected areas or adversely affect the Company’s ability to obtain regulatory approvals. These disruptions could also affect other facets of the Company’s business, including, but not limited to, the Company’s ability to recruit employees from outside of the United States, the ability of the Company’s CROs to conduct clinical trials and preclinical studies in countries outside of the United States, the Company’s ability to import materials from outside of the United States, including raw materials required to manufacture its drug candidates, the Company’s ability to export materials to its CROs and other third-parties located outside of the United States, the Company’s ability to identify suitable clinical sites or open those sites for enrollment due to competing business needs, the Company’s ability to enroll patients due to their fear of coming into medical facilities and their perceived risk of becoming infected at such facilities, and the Company’s ability to monitor the clinical data generated at its clinical sites, required for completion of clinical trials. The COVID-19 pandemic and mitigation measures also may have an adverse impact on global economic conditions, which could adversely impact the Company’s business, financial condition or results of operations. Additionally, the COVID-19 pandemic has resulted in significant financial market volatility and uncertainty. A continuation or worsening of the levels of market disruption and volatility as a result of the COVID-19 pandemic could have an adverse effect on the Company’s ability to access capital and on the market price of its common stock. The Company cannot presently predict the scope and severity of any potential business shutdowns or disruptions, but if the Company or any of the third parties on whom it relies or with whom it conducts business, were to experience shutdowns or other business disruptions, the Company’s ability to conduct business in the manner and on the timelines presently planned could be materially and adversely impacted. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of significant accounting policies Basis of Presentation and Consolidation The Company's significant accounting policies are disclosed in the audited consolidated financial statements for the years ended December 31, 2020 and 2019 ("audited financial statements"), included in the Company's final prospectus that forms part of the Company's Registration Statement on Form S-1, dated June 14, 2021 and filed with the SEC pursuant to Rule 424(b)(4) on June 21, 2021 (the "Final Prospectus") except as noted below. Interim Financial Information The accompanying condensed consolidated balance sheet at June 30, 2021, and the condensed consolidated statements of operations, statements of redeemable convertible preferred stock and changes in stockholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020 and statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The condensed consolidated interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position at June 30, 2021 and the results of its operations for the three and six months ended June 30, 2021and 2020 and its cash flows for the six months ended June 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2021 and 2020 are also unaudited. The results for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the full year or for any other subsequent interim period. Deferred Financing Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred financing costs until such financings are consummated. After consummation of the equity financing, these costs are presented in the consolidated balance sheets as a direct reduction from the carrying amount of the respective equity instrument issued. Should an in-process equity financing be abandoned, the deferred financing costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations. Upon closing the IPO in June 2021, deferred financing costs were derecognized and recorded against the IPO proceeds as a debit to additional paid-in capital. No amounts were recorded as of June 30, 2021. As of December 31, 2020, the Company recorded deferred financing costs of $ 0.1 million, presented within other assets on the consolidated balance sheets. Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13 , Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement , which modifies certain disclosure requirements on fair value measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. ASU 2018-13 is effective for fiscal years beginning after December 15, 2020 for nonpublic entities. The Company adopted this ASU on January 1, 2021 and the impact was no t material to its disclosures. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 3. Fair value measurement The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, 2021 Description Total Quoted prices in Significant Significant Assets: Cash equivalents $ 198,637 $ 198,637 $ — $ — Total assets $ 198,637 $ 198,637 $ $ December 31, 2020 Description Total Quoted prices in Significant Significant Assets: Cash equivalents $ 10,938 $ 10,938 $ — $ — Total assets $ 10,938 $ 10,938 $ — $ — During the six months ended June 30, 2021 and the year ended December 31, 2020 , there were no transfers between levels. The fair values of the Company’s cash equivalents, consisting of its standard checking accounts and money market funds, are based on quoted market prices in active markets without any valuation adjustment. The Company uses the carrying amounts of its restricted cash, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities to approximate their fair value due to the short-term nature of these amounts. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid expenses and other current assets | 4. Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, Prepaid research and development expenses $ 1,345 $ 871 Prepaid other 323 322 Total $ 1,668 $ 1,193 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 5. Property and equipment, net Property and equipment, net consisted of the following (in thousands): June 30, December 31, Laboratory and computer equipment $ 1,115 $ 694 Leasehold improvements 1,266 1,268 Total property and equipment 2,381 1,962 Less: accumulated depreciation and amortization ( 889 ) ( 675 ) Property and equipment, net $ 1,492 $ 1,287 For both the three months ended June 30, 2021 and 2020 , depreciation and amortization expense related to property and equipment was $ 0.1 million. For the six months ended June 30, 2021 and 2020 , depreciation and amortization expense related to property and equipment was $ 0.2 and $ 0.1 million, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 6. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, Accrued research and development expenses $ 2,364 $ 193 Accrued bonuses 760 854 Accrued other 808 401 Total accrued expenses and other current liabilities $ 3,932 $ 1,448 |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | 7. Redeemable convertible preferred stock Cyteir issued Series A redeemable convertible preferred stock (“Series A Preferred Stock”), Series B redeemable convertible preferred stock ("Series B Preferred Stock), and Series C redeemable preferred stock ("Series C Preferred Stock). Upon issuance of each class of convertible preferred stock, the Company assessed the embedded conversion and liquidation features of the shares and determined that such features did not require the Company to separately account for these features. The Company also concluded that no beneficial conversion feature existed on the issuance date of each class of convertible preferred stock. On June 22, 2021, upon closing of the Company's IPO, all of the then-outstanding shares of preferred stock automatically converted into 24,290,875 shares of common stock. There were no outstanding shares of preferred stock at June 30, 2021. At December 31, 2020, preferred stock consisted of the following (in thousands, except share amounts): Preferred Preferred stock Carrying Liquidation Common stock Series A Preferred Stock 5,817,996 5,817,996 $ 5,696 $ 5,696 1,706,998 Series B Preferred Stock 71,199,999 55,200,000 51,715 51,715 16,195,656 Total 77,017,995 61,017,996 $ 57,411 $ 57,411 17,902,654 Significant terms of the Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock (collectively, “Preferred Stock”) are as follows: Voting The holder of each share of Preferred Stock was entitled to one vote for each share of common stock into which it would convert and to vote with the common stock on all matters. As long as a minimum number of shares of Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock were outstanding, the holders of the Preferred Stock were entitled to elect four directors and the approval of certain actions requires a majority of the Preferred Stockholders. Conversion As of December 31, 2020, the shares of Preferred Stock were convertible into shares of common stock, at the conversion price in effect at the time of such conversion, which was initially one -for-one subject to adjustment for certain potential non-dilutive transactions. The conversion could be initiated by the holder at any time or was mandatory (a) at any time upon the written consent of the holders of a majority of the outstanding shares of the Preferred Stock or (b) immediately upon the closing of a qualified public offering of gross proceeds to the Company of at least $ 50,000,000 . In the event that any holder of shares of Series B Preferred Stock did not purchase the full amount of such holder’s preferred stock tranche obligation, then each share of Series B Preferred Stock held by such holder automatically converted into shares of common stock at a ratio of 1 /10th of the applicable conversion ratio. As all tranche obligations were completed as of July 2019, this conversion feature expired unexercised. Dividends The holders of the Preferred Stock were entitled to receive dividends at the rate of 8 % of the applicable original issue price per annum, as potentially adjusted for certain non-dilutive transactions. Dividends shall accrue whether or not declared, shall not be cumulative or compounded and shall be payable only when, as and if declared by the Board of Directors (the “Board”) and in preference and in priority to any dividends on common stock. There have been no dividends declared by the Board as of June 30, 2021. Liquidation preference In the event of any liquidation, dissolution, or winding up of the Company (“Liquidation Event”), the holders of Preferred Stock were entitled to receive prior and in preference to the holders of common stock, an amount equal to an amount per share equal to the greater of the original issue price, as potentially adjusted for certain non-dilutive transactions, plus all declared and unpaid dividends on the Preferred Stock or the price per share that would be received if the Preferred Stock were converted to common stock. If the assets and funds available to be distributed to all holders of Preferred Stock were insufficient to permit the payment, in full, of any of the liquidation preferences, then the entire assets and funds legally available for distribution to holders of the Preferred Stock would be distributed ratably among the holders of Preferred Stock, acting as a single class, at the time outstanding, ratably in proportion to the full amounts to which they would otherwise be respectively entitled. After the payment of the full liquidation preference of the Preferred Stock as set forth above, the remaining assets of the Company legally available for distribution in such Liquidation event shall be distributed ratably to the holders of shares of common stock. Redemption The Company has determined that all series of preferred stock are redeemable, based on the Certificate of Incorporation that states upon the occurrence of a deemed liquidation event, the holders of preferred stock are entitled to receive cash or other assets. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Common Stock | 8. Common stock The voting, dividend and liquidation rights of the holders of the Company’s common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock as set forth above. The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders (and written actions in lieu of meetings), and there are not any cumulative voting rights. The number of authorized shares of common stock may be increased or decreased by the affirmative vote of the holders of shares of capital stock of the Company; however, the issuance of common stock may be subject to the vote of the holders of one or more series of preferred stock that may be required by terms of the Certificate of Incorporation. As of June 30, 2021 and December 31, 2020, the Company has reserved the following shares of common stock for the potential conversion of outstanding preferred stock and exercise of stock options: June 30, December 31, Preferred Stock - 17,902,654 Options to purchase common stock 2,619,744 1,293,212 Remaining shares reserved for future issuance 5,859,231 148,035 Total 8,478,975 19,343,901 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | 9. Stock-based compensation 2012 Stock Incentive Plan The Company adopted the 2012 Stock Incentive Plan (the “2012 Plan”) in February 2016 pursuant to which the Company can issue incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards and other stock awards. Recipients of stock options or stock appreciate rights shall be eligible to purchase shares of the Company’s common stock at an exercise price equal to the estimated fair market value of such stock on the date of grant. The exercise price may be less than fair market value if the stock award is granted pursuant to an assumption or substitution for another stock award in the event of a merger or sale of the Company. The maximum term of options granted under the 2012 Plan is ten years , and stock options typically vest over a four-year period. The Board may assign vesting terms to the stock option grants as deemed appropriate. The Company also has the right of refusal to purchase any proposed disposition of shares issued under the 2012 Plan. The 2012 Plan allows for early exercise of all stock option grants if authorized by the Board at the time of grant. The shares of common stock issued from the early exercise of stock options are restricted and vest over time. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. At the discretion of the Board, unvested shares held by employees may accelerate vesting in the event of a change of control of the Company unless assumed or substituted by the acquirer or surviving entity. The 2012 Plan has been subsequently amended and provides for the issuance of up to 6,941,421 shares of common stock as of June 30, 2021 , of which 2,732,632 shares of common stock remain available for future grant under the 2012 Plan as of June 11, 2021. On June 11, 2021, the Company’s board of directors adopted, and in June 2021 the Company’s stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective immediately prior to the effectiveness of the registration statement for the initial public offering. The 2,732,632 shares of common stock available for future issuance under the 2012 Plan were made available for future issuance under the 2021 Plan upon the effectiveness of the 2021 Plan. 2021 Equity Incentive Plan In June 2021 the Company’s board of directors adopted, and in June 2021 the Company’s stockholders approved, the 2021 Plan, which became effective immediately prior to the effectiveness of the registration statement for the initial public offering. The 2021 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. Upon effectiveness of the 2021 Plan, the number of shares of common stock reserved for issuance under the 2021 Plan was 5,932,632 , which represents 3,200,000 shares along with 2,732,632 shares of common stock reserved for issuance under the 2012 Plan that remained available for grant under the 2012 Plan immediately prior to the effectiveness of the 2021 Plan. Shares of our common stock subject to outstanding awards granted under the 2012 Plan that expire unexercised or are terminated, surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right will become available for issuance under the 2021 Plan. The 2021 Plan includes an "evergreen" provision, which provides for an annual increase to be added on January 1st of each year beginning in 2022 and continuing through and including 2031 by the lesser of (i) 5 % of the number of shares of Stock outstanding as of such date and (ii) an amount determined by the board of directors. Upon adoption of the 2021 Plan, the Company ceased the grant of additional awards under the 2012 Plan. At June 30, 2021 , there were 5,932,632 shares of common stock issuable upon the exercise of outstanding options of which 5,859,231 shares of common stock remain available for future grant under the 2021 Plan. 2021 Employee Stock Purchase Plan In June 2021, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective immediately prior to the effectiveness of the registration statement for the initial public offering. The ESPP is administered by the Company’s board of directors or by a committee appointed by the board of directors. The ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 300,000 shares of common stock. The number of shares of common stock reserved for issuance under the ESPP will automatically increase on January 1st of each year beginning in 2022 and continuing through and including 2031 by the least of (i) 1 % of the number of shares of Stock outstanding as of such date, (ii) 600,000 shares of Stock and (iii) the number of shares of Stock determined by the Board on or prior to such date for such year, up to a maximum of 6,300,000 shares in the aggregate. Early exercise of unvested stock options Shares purchased by employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding shares until those shares vest according to their respective vesting schedules. Cash received from employee exercises of unvested options is included in long-term liabilities on the condensed consolidated balance sheets. Amounts recorded are reclassified to common stock and additional paid-in capital as the shares vest. As of June 30, 2021 and December 31, 2020 , there were 369,411 and 675,070 unvested shares related to early exercises of stock options, respectively. Stock option valuation The assumptions that the Company used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted were as follows: June 30, December 31, Risk-free interest rate range 0.75 %- 1.09 % 0.4 %- 1.2 % Dividend yield 0.0 % 0.0 % Expected life of options (years) 5.5 - 6.1 5.5 - 6.5 Volatility rate range 95.6 %- 97.2 % 88.8 %- 94.6 % The following table summarizes the Company’s stock option activity during the six months ended June 30, 2021: Number of Weighted average Weighted average Aggregate intrinsic Outstanding as of December 31, 2020 1,293,021 $ 1.23 9.03 $ 567 Granted 1,447,699 $ 7.93 9.65 14,580 Exercised ( 65,228 ) $ 2.97 4.68 980 Forfeited or cancelled ( 55,748 ) $ 1.79 — 906 Outstanding as of June 30, 2021 2,619,744 $ 4.88 9.14 $ 34,373 Options vested and exercisable as of June 30, 2021 279,614 $ 2.87 7.94 $ 4,230 As of June 30, 2021 , there was $ 8.9 million of unrecognized stock-based compensation expense related to the share-based compensation arrangements under the 2012 Plan. The Company expects to recognize this amount over a weighted-average period of 1.4 years. The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the common stock as of the end of the reporting period. The weighted-average grant date fair value of the Company’s stock options granted during the three months ended June 30, 2021 and 2020 was $ 9.36 and $ 0.87 , respectively. The total fair value of options vested during the three months ended June 30, 2021 and 2020 was $ 0.7 million and $ 0.1 million, respectively. Stock-based compensation expense Stock-based compensation expense included in the Company’s condensed consolidated statements of operations is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 256 $ 31 $ 426 $ 64 General and administrative 516 76 834 132 Total stock-based compensation expense $ 772 $ 107 $ 1,260 $ 196 |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 10. Net loss per share The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following shares from the computation of diluted net loss per share attributable to common stockholders as of June 30, 2021 and June 30, 2020 because including them would have had an anti-dilutive effect: Six Months Ended June 30, 2021 2020 Series A Preferred Stock - 1,706,998 Series B Preferred Stock - 16,195,656 Series C Preferred Stock - - Options to purchase common stock 2,619,744 2,011,720 Unvested shares from early exercises 369,441 - |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and contingencies Lease commitments On November 1, 2018, the Company entered into a lease agreement (the “Lease”) for office space for a term of 5 years and the Company has the option to extend the term for one additional 3-year period. The Company received a tenant improvement allowance of $ 70 per square foot, which is being amortized as a reduction in rent expense over the lease term. The Company was also required to provide an initial security deposit in the form of a letter of credit, which is secured by cash on deposit of $ 0.1 million, which is recorded as restricted cash on the condensed consolidated balance sheets. Rent expense, recognized on a straight-line basis over the term of the lease, for both the three months ended June 30, 2021 and June 30, 2020 was $ 0.2 million. On October 15, 2019, the Company entered into the First Amendment to the Lease (the “1st Amendment”) for additional office space at 128 Spring Street in Lexington, Massachusetts. The term of the 1st Amendment began on February 16, 2020 and runs co-terminus with the existing lease through October 31, 2023 . The Company also has the same option to extend the term of the 1st Amendment for one additional 3-year period. The Company received a tenant improvement allowance of $ 60 per square foot. which is being amortized as a reduction in rent expense over the lease term. The Company was required to increase its total security deposit to $ 0.3 million as of the commencement date of the 1st Amendment. The future minimum payments required under the lease as of June 30, 2021 are as follows (in thousands): Year Ending June 30, 2021 (6 months) $ 359 2022 735 2023 627 $ 1,721 Legal proceedings From time to time, in the ordinary course of business, the Company is subject to litigation and regulatory examinations as well as information gathering requests, inquiries and investigations. As of June 30, 2021 , there were no matters which would have a material impact on the Company’s financial results. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent events Lease Amendment On July 1, 2021, the Company entered into a Second Amendment (the “2nd Amendment”) to the Lease with 99 Hayden LLC, successor-in-interest to 128 Spring Street Lexington, which covers certain laboratory and office space at Ledgemont Technology Center at 99 Hayden Avenue, Lexington, Massachusetts (the “Premises”). The 2nd Amendment expands the space leased by the Company at the Premises by approximately 5,531 square feet to a total of 20,167 rentable square feet for an additional two years and two months, commencing on October 31, 2023 and expiring on December 31, 2025. Underwriters' Option On July 1, 2021, the underwriters of our IPO partially exercised their over-allotment option by purchasing an additional 885,644 shares of our common stock at a public offering price of $ 18.00 per share for gross proceeds of $ 15.9 million prior to deducting underwriting discounts, commissions, and other offering expenses, from the partial exercise of the over-allotment of the IPO by the underwriters. The remainder of the underwriters' over-allotment option expired unexercised. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The Company's significant accounting policies are disclosed in the audited consolidated financial statements for the years ended December 31, 2020 and 2019 ("audited financial statements"), included in the Company's final prospectus that forms part of the Company's Registration Statement on Form S-1, dated June 14, 2021 and filed with the SEC pursuant to Rule 424(b)(4) on June 21, 2021 (the "Final Prospectus") except as noted below. |
Interim Financial Information | Interim Financial Information The accompanying condensed consolidated balance sheet at June 30, 2021, and the condensed consolidated statements of operations, statements of redeemable convertible preferred stock and changes in stockholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020 and statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The condensed consolidated interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position at June 30, 2021 and the results of its operations for the three and six months ended June 30, 2021and 2020 and its cash flows for the six months ended June 30, 2021 and 2020. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2021 and 2020 are also unaudited. The results for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the full year or for any other subsequent interim period. |
Deferred Financing Costs | Deferred Financing Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred financing costs until such financings are consummated. After consummation of the equity financing, these costs are presented in the consolidated balance sheets as a direct reduction from the carrying amount of the respective equity instrument issued. Should an in-process equity financing be abandoned, the deferred financing costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations. Upon closing the IPO in June 2021, deferred financing costs were derecognized and recorded against the IPO proceeds as a debit to additional paid-in capital. No amounts were recorded as of June 30, 2021. As of December 31, 2020, the Company recorded deferred financing costs of $ 0.1 million, presented within other assets on the consolidated balance sheets. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13 , Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement , which modifies certain disclosure requirements on fair value measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. ASU 2018-13 is effective for fiscal years beginning after December 15, 2020 for nonpublic entities. The Company adopted this ASU on January 1, 2021 and the impact was no t material to its disclosures. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value On Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, 2021 Description Total Quoted prices in Significant Significant Assets: Cash equivalents $ 198,637 $ 198,637 $ — $ — Total assets $ 198,637 $ 198,637 $ $ December 31, 2020 Description Total Quoted prices in Significant Significant Assets: Cash equivalents $ 10,938 $ 10,938 $ — $ — Total assets $ 10,938 $ 10,938 $ — $ — |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, Prepaid research and development expenses $ 1,345 $ 871 Prepaid other 323 322 Total $ 1,668 $ 1,193 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): June 30, December 31, Laboratory and computer equipment $ 1,115 $ 694 Leasehold improvements 1,266 1,268 Total property and equipment 2,381 1,962 Less: accumulated depreciation and amortization ( 889 ) ( 675 ) Property and equipment, net $ 1,492 $ 1,287 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, Accrued research and development expenses $ 2,364 $ 193 Accrued bonuses 760 854 Accrued other 808 401 Total accrued expenses and other current liabilities $ 3,932 $ 1,448 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Redeemable Convertible Preferred Stock | At December 31, 2020, preferred stock consisted of the following (in thousands, except share amounts): Preferred Preferred stock Carrying Liquidation Common stock Series A Preferred Stock 5,817,996 5,817,996 $ 5,696 $ 5,696 1,706,998 Series B Preferred Stock 71,199,999 55,200,000 51,715 51,715 16,195,656 Total 77,017,995 61,017,996 $ 57,411 $ 57,411 17,902,654 |
Common Stock (Tables)
Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Common Stock for Potential Conversion of Outstanding Preferred Stock and Exercise of Stock Options | As of June 30, 2021 and December 31, 2020, the Company has reserved the following shares of common stock for the potential conversion of outstanding preferred stock and exercise of stock options: June 30, December 31, Preferred Stock - 17,902,654 Options to purchase common stock 2,619,744 1,293,212 Remaining shares reserved for future issuance 5,859,231 148,035 Total 8,478,975 19,343,901 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Assumptions Used in Black Scholes Option-Pricing Model to Determine Grant Fair Value of Stock Option | The assumptions that the Company used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted were as follows: June 30, December 31, Risk-free interest rate range 0.75 %- 1.09 % 0.4 %- 1.2 % Dividend yield 0.0 % 0.0 % Expected life of options (years) 5.5 - 6.1 5.5 - 6.5 Volatility rate range 95.6 %- 97.2 % 88.8 %- 94.6 % |
Schedule of Stock Option Activity | The following table summarizes the Company’s stock option activity during the six months ended June 30, 2021: Number of Weighted average Weighted average Aggregate intrinsic Outstanding as of December 31, 2020 1,293,021 $ 1.23 9.03 $ 567 Granted 1,447,699 $ 7.93 9.65 14,580 Exercised ( 65,228 ) $ 2.97 4.68 980 Forfeited or cancelled ( 55,748 ) $ 1.79 — 906 Outstanding as of June 30, 2021 2,619,744 $ 4.88 9.14 $ 34,373 Options vested and exercisable as of June 30, 2021 279,614 $ 2.87 7.94 $ 4,230 |
Schedule of Stock Based Compensation Expense | Stock-based compensation expense included in the Company’s condensed consolidated statements of operations is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 256 $ 31 $ 426 $ 64 General and administrative 516 76 834 132 Total stock-based compensation expense $ 772 $ 107 $ 1,260 $ 196 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Diluted Net Loss per Share Attributable to Common Stockholders | The Company excluded the following shares from the computation of diluted net loss per share attributable to common stockholders as of June 30, 2021 and June 30, 2020 because including them would have had an anti-dilutive effect: Six Months Ended June 30, 2021 2020 Series A Preferred Stock - 1,706,998 Series B Preferred Stock - 16,195,656 Series C Preferred Stock - - Options to purchase common stock 2,619,744 2,011,720 Unvested shares from early exercises 369,441 - |
Commitments and contingencies (
Commitments and contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments Required Under Lease | The future minimum payments required under the lease as of June 30, 2021 are as follows (in thousands): Year Ending June 30, 2021 (6 months) $ 359 2022 735 2023 627 $ 1,721 |
Nature Of the Business - Additi
Nature Of the Business - Additional Information (Details) $ / shares in Units, $ in Thousands | Jun. 22, 2021USD ($)$ / sharesshares | Jun. 11, 2021 | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) |
Subsidiary Or Equity Method Investee [Line Items] | |||||
Stockholders' equity, reverse stock split | 1-for-3.4088 | ||||
Stockholders' equity note, stock split, conversion ratio | 0.2934 | ||||
Accumulated deficit | $ (68,534) | $ (49,927) | |||
Cash and cash equivalents | $ 198,637 | $ 10,938 | $ 19,554 | ||
IPO [Member] | |||||
Subsidiary Or Equity Method Investee [Line Items] | |||||
Shares issued in IPO | shares | 7,400,000 | ||||
Public offering price | $ / shares | $ 18 | ||||
Gross proceeds from issuance of common stock | $ 133,200 | ||||
Net proceeds from issuance of common stock after deducting underwriting discounts, commissions and offering costs | $ 121,600 | ||||
Convertible preferred stock converted to common stock | shares | 24,290,875 | ||||
Convertible preferred stock, shares outstanding | shares | 0 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Deferred financing costs | $ 0 | $ 100,000 |
Change in accounting principle, accounting standards update, adopted [true false] | true | |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 | |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true | |
Accounting standards update [extensible list] | us-gaap:AccountingStandardsUpdate201813Member |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Financial Assets and Liabilities Measured at Fair Value On Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash equivalents | $ 198,637 | $ 10,938 |
Total assets | 198,637 | 10,938 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash equivalents | 198,637 | 10,938 |
Total assets | $ 198,637 | $ 10,938 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Fair value of assets, Level 1 to Level 2 transfers, amount | $ 0 | $ 0 |
Fair value of assets, Level 2 to Level 1 transfers, amount | $ 0 | $ 0 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid research and development expenses | $ 1,345 | $ 871 |
Prepaid other | 323 | 322 |
Prepaid expenses and other current assets | $ 1,668 | $ 1,193 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 2,381 | $ 1,962 |
Less: accumulated depreciation and amortization | (889) | (675) |
Property and equipment, net | 1,492 | 1,287 |
Laboratory and Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 1,115 | 694 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 1,266 | $ 1,268 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 100 | $ 100 | $ 214 | $ 149 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued research and development expenses | $ 2,364 | $ 193 |
Accrued bonuses | 760 | 854 |
Accrued other | 808 | 401 |
Total accrued expenses and other current liabilities | $ 3,932 | $ 1,448 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) | Jun. 22, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Series B Preferred Stock | |||||||
Temporary Equity [Line Items] | |||||||
Convertible preferred stock conversion ratio | 0.10% | ||||||
Preferred stock outstanding | 0 | 55,200,000 | 55,200,000 | 55,200,000 | 55,200,000 | 55,200,000 | |
Redeemable Convertible Preferred Stock | |||||||
Temporary Equity [Line Items] | |||||||
Convertible preferred stock converted into shares of common stock | 24,290,875 | ||||||
Convertible preferred stock converted to common stock | 1 | ||||||
Preferred stock outstanding | 0 | 61,017,996 | |||||
Preferred stock, voting rights | The holder of each share of Preferred Stock was entitled to one vote for each share of common stock into which it would convert and to vote with the common stock on all matters. | ||||||
Preferred stock, conversion terms | As of December 31, 2020, the shares of Preferred Stock were convertible into shares of common stock, at the conversion price in effect at the time of such conversion, which was initially one-for-one subject to adjustment for certain potential non-dilutive transactions. The conversion could be initiated by the holder at any time or was mandatory (a) at any time upon the written consent of the holders of a majority of the outstanding shares of the Preferred Stock or (b) immediately upon the closing of a qualified public offering of gross proceeds to the Company of at least $50,000,000. In the event that any holder of shares of Series B Preferred Stock did not purchase the full amount of such holder’s preferred stock tranche obligation, then each share of Series B Preferred Stock held by such holder automatically converted into shares of common stock at a ratio of 1/10th of the applicable conversion ratio. | ||||||
Threshold gross proceeds from qualified public offering | $ 50,000,000 | ||||||
Percentage of dividends for preferred stock holders | 8.00% | ||||||
Dividends declared | $ 0 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Series A Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Preferred stock authorized | 0 | 5,817,996 | ||||
Preferred stock issued | 0 | 5,817,996 | ||||
Preferred stock outstanding | 0 | 5,817,996 | 5,817,996 | 5,817,996 | 5,817,996 | 5,817,996 |
Carrying value | $ 5,696 | $ 5,696 | $ 5,696 | $ 5,696 | $ 5,696 | |
Liquidation value | $ 5,696 | |||||
Common stock issuable upon conversion | 1,706,998 | |||||
Series B Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Preferred stock authorized | 0 | 71,199,999 | ||||
Preferred stock issued | 0 | 55,200,000 | ||||
Preferred stock outstanding | 0 | 55,200,000 | 55,200,000 | 55,200,000 | 55,200,000 | 55,200,000 |
Carrying value | $ 51,715 | $ 51,715 | $ 51,715 | $ 51,715 | $ 51,715 | |
Liquidation value | $ 51,715 | |||||
Common stock issuable upon conversion | 16,195,656 | |||||
Redeemable Convertible Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Preferred stock authorized | 77,017,995 | |||||
Preferred stock issued | 61,017,996 | |||||
Preferred stock outstanding | 0 | 61,017,996 | ||||
Carrying value | $ 57,411 | |||||
Liquidation value | $ 57,411 | |||||
Common stock issuable upon conversion | 17,902,654 |
Common stock - Additional Infor
Common stock - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Common stock, voting rights | The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders (and written actions in lieu of meetings), and there are not any cumulative voting rights. |
Common stock - Schedule of Comm
Common stock - Schedule of Common Stock for Potential Conversion of Outstanding Preferred Stock and Exercise of Stock Options (Details) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
Class Of Stock [Line Items] | ||
Common stock issuable upon conversion | 8,478,975 | 19,343,901 |
Preferred Stock | ||
Class Of Stock [Line Items] | ||
Common stock issuable upon conversion | 17,902,654 | |
Options to Purchase Common Stock | ||
Class Of Stock [Line Items] | ||
Common stock issuable upon conversion | 2,619,744 | 1,293,212 |
Remaining Shares Reserved for Future Issuance | ||
Class Of Stock [Line Items] | ||
Common stock issuable upon conversion | 5,859,231 | 148,035 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 21, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of shares of common stock | 8,478,975 | 8,478,975 | 19,343,901 | ||
Weighted-average grant date fair value of stock options granted | $ 9.36 | $ 0.87 | |||
Weighted-average period | 1 year 4 months 24 days | ||||
Total fair value of options vested | $ 0.7 | $ 0.1 | |||
Unvested Stock Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unvested shares related to early exercises of stock options | 369,411 | 369,411 | 675,070 | ||
2012 Stock Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Maximum term of options granted | 10 years | ||||
Common stock available for future grant | 2,732,632 | 2,732,632 | |||
Vesting period | 4 years | ||||
Unrecognized stock based compensation expense | $ 8.9 | $ 8.9 | |||
2012 Stock Incentive Plan | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of shares of common stock | 6,941,421 | 6,941,421 | |||
2021 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of shares of common stock | 5,932,632 | 5,932,632 | |||
Common stock available for future grant | 5,859,231 | 5,859,231 | |||
Percentage of number of shares of stock outstanding | 5.00% | ||||
2021 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of number of shares of stock outstanding | 1.00% | ||||
Number of share increase | 600,000 | ||||
2021 Employee Stock Purchase Plan | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of shares of common stock | 300,000 | ||||
Number of shares of stock authorized | 6,300,000 | 6,300,000 | |||
Current Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of shares of common stock | 3,200,000 | 3,200,000 | |||
2012 Plan Shares Made Available Under 2021 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of shares of common stock | 2,732,632 | 2,732,632 | |||
Common stock available for future grant | 2,732,632 | 2,732,632 |
Stock-based Compensation - Assu
Stock-based Compensation - Assumptions Used in Black Scholes Option-Pricing Model to Determine Grant Fair Value of Stock Option (Details) - Stock Option | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate range, minimum | 0.75% | 0.40% |
Risk-free interest rate range, maximum | 1.09% | 1.20% |
Dividend yield | 0.00% | 0.00% |
Volatility rate range, minimum | 95.60% | 88.80% |
Volatility rate range, maximum | 97.20% | 94.60% |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life of options (years) | 6 years 1 month 6 days | 6 years 6 months |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life of options (years) | 5 years 6 months | 5 years 6 months |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares, beginning balance | 1,293,021 | |
Number of shares, Granted | 1,447,699 | |
Number of shares, Exercised | (65,228) | |
Number of shares, Forfeited or cancelled | (55,748) | |
Number of shares, ending balance | 2,619,744 | 1,293,021 |
Number of shares, Options vested and exercisable | 279,614 | |
Weighted average exercise price, beginning balance | $ 1.23 | |
Weighted average exercise price, Granted | 7.93 | |
Weighted average exercise price, Exercised | 2.97 | |
Weighted average exercise price, Forfeited or cancelled | 1.79 | |
Weighted average exercise price, ending balance | 4.88 | $ 1.23 |
Weighted average exercise price, Options vested and exercisable | $ 2.87 | |
Weighted average remaining contractual term (in years), balance | 9 years 1 month 20 days | 9 years 10 days |
Weighted average remaining contractual term (in years), Granted | 9 years 7 months 24 days | |
Weighted average remaining contractual term (in years), Exercised | 4 years 8 months 4 days | |
Weighted average remaining contractual term (in years), Options vested and exercisable | 7 years 11 months 8 days | |
Aggregate intrinsic value, beginning balance | $ 567 | |
Aggregate intrinsic value, Granted | 14,580 | |
Aggregate intrinsic value, Exercised | 980 | |
Aggregate intrinsic value, Forfeited or cancelled | 906 | |
Aggregate intrinsic value, ending balance | 34,373 | $ 567 |
Aggregate intrinsic value, Options vested and exercisable | $ 4,230 |
Stock-based Compensation - Sc_2
Stock-based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 772 | $ 107 | $ 1,260 | $ 196 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 256 | 31 | 426 | 64 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 516 | $ 76 | $ 834 | $ 132 |
Net Loss per Share - Computatio
Net Loss per Share - Computation of Diluted Net Loss per Share Attributable to Common Stockholders (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Series A Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of EPS | 1,706,998 | |
Series B Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of EPS | 16,195,656 | |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of EPS | 2,619,744 | 2,011,720 |
Unvested Shares from Early Exercises | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of EPS | 369,441 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - Office Space $ in Millions | Feb. 16, 2020USD ($)Option$ / ft² | Nov. 01, 2018USD ($)Option$ / ft² | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021 |
Lessee, Lease, Description [Line Items] | |||||
Lease agreement term | 5 years | ||||
Existence option to extend operating lease | true | ||||
Description of option to extend operating lease | On November 1, 2018, the Company entered into a lease agreement (the “Lease”) for office space for a term of 5 years and the Company has the option to extend the term for one additional 3-year period. | ||||
Term of option to extend operating lease | 3 years | ||||
Number of option to extend lease term | Option | 1 | ||||
Tenant improvement allowance per square foot | $ / ft² | 70 | ||||
Rent expense | $ 0.2 | $ 0.2 | |||
Massachusetts | |||||
Lessee, Lease, Description [Line Items] | |||||
Existence option to extend operating lease | true | ||||
Description of option to extend operating lease | The Company also has the same option to extend the term of the 1st Amendment for one additional 3-year period. | ||||
Term of option to extend operating lease | 3 years | ||||
Number of option to extend lease term | Option | 1 | ||||
Tenant improvement allowance per square foot | $ / ft² | 60 | ||||
Security deposit | $ 0.3 | ||||
Lease expiration date | Oct. 31, 2023 | ||||
Restricted Cash | |||||
Lessee, Lease, Description [Line Items] | |||||
Security deposit | $ 0.1 |
Commitments and contingencies_2
Commitments and contingencies - Schedule of Future Minimum Payments Required Under Lease (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 (6 months) | $ 359 |
2022 | 735 |
2023 | 627 |
Future minimum payments | $ 1,721 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event [Member] $ / shares in Units, $ in Millions | Jul. 01, 2021USD ($)$ / sharesshares |
Subsequent Event [Line Items] | |
Over-allotment option by purchasing an additional shares of common stock | shares | 885,644 |
Offering price per share | $ / shares | $ 18 |
Gross proceeds from issuance of common stock | $ | $ 15.9 |