C4 Therapeutics (CCCC) 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. 25, 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
Trading Symbol	CCCC
Entity Registrant Name	C4 Therapeutics, Inc.
Entity Central Index Key	0001662579
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,797,226
Entity File Number	001-39567
Entity Tax Identification Number	47-5617627
Entity Address, Address Line One	490 Arsenal Way
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	617
Local Phone Number	231-0700
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 46,004	$ 76,124
Marketable securities, current	245,170	233,155
Accounts receivable	1,773	5,716
Prepaid expenses and other current assets	9,999	10,694
Total current assets	302,946	325,689
Marketable securities, non-current	130,478	142,200
Property and equipment, net	3,026	3,108
Right-of-use asset	74,828	31,945
Restricted cash	3,279	3,279
Other assets	928	544
Total assets	515,485	506,765
Current liabilities:
Accounts payable	3,405	4,506
Accrued expenses and other current liabilities	9,840	13,606
Deferred revenue, current	31,266	31,800
Operating lease liability, current	1,727	1,334
Long-term debt − related party, current	750
Total current liabilities	46,988	51,246
Deferred revenue, net of current	19,020	24,368
Operating lease liability, net of current	74,754	30,777
Long-term debt − related party, net of current	10,194	10,768
Total liabilities	150,956	117,159
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value of $0.0001 per share; 10,000,000 shares authorized, and no shares issued or outstanding as of March 31, 2022 and December 31, 2021, respectively
Common stock, par value of $0.0001 per share; 150,000,000 shares authorized, and 48,751,490 and 48,688,875 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	5	5
Additional paid-in capital	667,509	658,091
Accumulated other comprehensive (loss) income	(3,650)	(775)
Accumulated deficit	(299,335)	(267,715)
Total stockholders’ equity	364,529	389,606
Total liabilities and stockholders’ equity	$ 515,485	$ 506,765

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Preferred stock, par value per share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	48,751,490	48,688,875
Common stock, shares outstanding	48,751,490	48,688,875

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue from collaboration agreements	$ 7,654,000	$ 7,426,000
Operating expenses:
Research and development	26,203,000	20,526,000
General and administrative	12,820,000	7,409,000
Total operating expenses	39,023,000	27,935,000
Loss from operations	(31,369,000)	(20,509,000)
Other (expense) income, net:
Interest expense and amortization of long-term debt − related party	(527,000)	(534,000)
Interest and other income, net	276,000	72,000
Total other (expense) income, net	(251,000)	(462,000)
Loss before income taxes	(31,620,000)	(20,971,000)
Income tax benefit	0	0
Net loss	$ (31,620,000)	$ (20,971,000)
Net loss per share attributable to common stockholders − basic and diluted	$ (0.65)	$ (0.49)
Weighted-average number of shares used in computed net loss per share − basic and diluted	48,734,827	43,084,978
Other comprehensive income (loss)
Unrealized gain (loss) on marketable securities	$ (2,875,000)	$ (107,000)
Comprehensive loss	$ (34,495,000)	$ (21,078,000)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholder's Equity (Deficit) - USD ($) $ in Thousands	Total	Accumulated Other Comprehensive Income (Loss)	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 280,791	$ 13	$ 4	$ 464,597	$ (183,823)
Beginning balance, Shares at Dec. 31, 2020			43,059,632
Exercise of stock options	166			166
Exercise of stock options, Shares			49,328
Stock-based compensation	3,845			3,845
Unrealized loss on marketable securities	(107)	(107)
Net loss	(20,971)				(20,971)
Other	(19)			(19)
Ending balance at Mar. 31, 2021	263,705	(94)	$ 4	468,589	(204,794)
Ending balance, Shares at Mar. 31, 2021			43,108,960
Beginning balance at Dec. 31, 2021	389,606	(775)	$ 5	658,091	(267,715)
Beginning balance, Shares at Dec. 31, 2021			48,688,875
Exercise of stock options	260			260
Exercise of stock options, Shares			52,707
Issuances of common stock under 2020 ESPP	220			220
Issuance of common stock under 2020 ESPP, Shares			8,028
Stock-based compensation	8,879			8,879
Unrealized loss on marketable securities	(2,875)	(2,875)
Net loss	(31,620)				(31,620)
Other	59			59
Other, Shares			1,880
Ending balance at Mar. 31, 2022	$ 364,529	$ (3,650)	$ 5	$ 667,509	$ (299,335)
Ending balance, Shares at Mar. 31, 2022			48,751,490

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows used in operating activities:
Net loss	$ (31,620)	$ (20,971)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation expense	8,938	3,845
Depreciation expense	305	451
Reduction in carrying amount of right-of-use asset	1,184	320
Accretion of discount on marketable securities	664	102
Amortization of debt discount − related party	176	182
Changes in operating assets and liabilities:
Accounts receivable	3,944	828
Prepaid expenses and other current and long-term assets	309	(40)
Accounts payable	(1,152)	(1,965)
Accrued expenses and other current liabilities	(3,766)	(3,666)
Operating lease liability	304	(251)
Deferred revenue	(5,882)	(3,769)
Net cash used in operating activities	(26,596)	(24,934)
Cash flows used in investing activities:
Proceeds from maturities of marketable securities	72,387	114,994
Purchases of marketable securities	(76,219)	(176,303)
Purchases of property and equipment	(172)	(421)
Net cash used in investing activities	(4,004)	(61,730)
Cash flows provided by (used in) financing activities:
Proceeds from exercises of stock options	260	166
Payment of initial public offering costs		(314)
Other	220	(3)
Net cash provided by (used in) financing activities	480	(151)
Net change in cash, cash equivalents and restricted cash	(30,120)	(86,815)
Cash, cash equivalents and restricted cash at beginning of period	79,403	184,304
Cash, cash equivalents and restricted cash at end of period	49,283	97,489
Reconciliation of cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash at end of period	49,283	97,489
Less: restricted cash	(3,279)	(2,577)
Cash and cash equivalents at end of the period	46,004	94,912
Supplemental disclosures of cash flow information:
Cash paid for interest − related party	473	358
Supplemental disclosures of non-cash investing and financing activities:
Operating lease liabilities arising from obtaining right-of-use assets	44,067
Capital expenditures in accounts payable and accrued expenses	$ 52	$ 722

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	Note 1. Nature of the business and basis of presentation C4 Therapeutics, Inc., or, together with its subsidiary, the Company, is a clinical-stage biopharmaceutical company dedicated to advancing targeted protein degradation science to develop a new generation of small-molecule medicines to transform how disease is treated. The Company leverages its proprietary technology platform, TORPEDO ( T arget OR iented P rot E in D egrader O ptimizer), to efficiently design and optimize small-molecule medicines that harness the body’s natural protein recycling system to rapidly degrade disease-causing proteins, offering the potential to overcome drug resistance, drug undruggable targets and improve patient outcomes. The Company is advancing multiple targeted oncology programs to the clinic and expanding its research platform to deliver the next wave of medicines for difficult-to-treat diseases. Liquidity and capital resources Since its inception, the Company’s primary activities have been focused on research and development activities, building the Company’s intellectual property, recruiting personnel and raising capital to support these activities. To date, the Company has funded its operations primarily with proceeds received from the sales of redeemable convertible preferred stock, public offerings of the Company’s common stock, through its collaboration agreements, and debt financing. The Company has incurred recurring losses since its inception, including net losses of $31.6 million and $21.0 million for the three months ended March 31, 2022 and 2021, respectively. In addition, as of March 31, 2022, the Company had an accumulated deficit of $299.3 million. To date, the Company has not generated any revenue from product sales as none of its product candidates has been approved for commercialization. The Company expects to continue to generate operating losses for the foreseeable future. The Company expects that its cash, cash equivalents and marketable securities of $421.7 million as of March 31, 2022 will be sufficient to fund its operations for at least the next twelve months from the date of issuance of these condensed consolidated financial statements. condensed Risks and uncertainties The Company is subject to risks common to other life science companies in the early development stage including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, development by its competitors of new technological innovations, dependence on key personnel, market acceptance of products, product liability, protection of proprietary technology and intellectual property, ability to raise additional financing and compliance with the Food and Drug Administration, or the FDA, and other government regulations. If the Company does not successfully advance its programs into and through human clinical trials and commercialize any of its product candidates either directly or through collaborations with other companies, the Company may be unable to produce product revenue or achieve profitability. There can be no assurance that the Company’s research and development efforts will be successful, adequate protection for the Company’s intellectual property will be obtained and maintained, any products developed will obtain necessary government regulatory approval, or any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of significant accounting policies Basis of presentation and consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC, regarding interim financial reporting, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements include the accounts of C4 Therapeutics, Inc. and its subsidiary, C4T Securities Corporation. All intercompany balances and transactions have been eliminated in consolidation. Unaudited interim financial information The accompanying condensed consolidated balance sheet as of March 31, 2022, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021, the condensed consolidated statements of stockholders’ 7 equity ( deficit ) for the three months ended March 31, 2022 and 2021 , the condensed consolidated statements of cash flows for the three months ended March 31, 2022 and 2021 , and the related interim disclosures are unaudited. These unaudited condensed consolidated financial statements include all adjustments necessary, consisting of only normal recurring adjustments, to fairly state the financial position and the results of the Company’s operations and cash flows for interim periods in accordance with U.S. GAAP. Interim period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for year ended December 31, 2021 , and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on February 24, 2022 . Reclassifications Certain amounts that were previously reported have been reclassified to conform to current year presentation. The reclassifications had no effect on the reported results of operations. Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. This process may result in actual results differing materially from those estimated amounts used in the preparation of the condensed consolidated financial statements if these results differ from historical experience or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, amounts and timing of revenues recognized under the Company’s research and development collaboration arrangements, prepaid and accrued research and development expense, incremental borrowing rate used in the measurement of lease liability, and estimated volatility used in fair valuation of stock options. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates. Significant accounting policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on February 24, 2022. Since the date of those consolidated financial statements, there have been no material changes to the Company’s significant accounting policies. Recently issued accounting standards In March 2020, the Financial Accounting Standards Board, or FASB, issued Accountings Standards Update, or ASU, 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In January 2021, the FASB also issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 3. Fair value measurements The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine these fair values as of March 31, 2022 (in thousands): Fair Value Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 40,248 $ 40,248 $ — $ — Corporate debt securities 5,501 — 5,501 — Marketable securities: Corporate debt securities 298,738 — 298,738 — U.S. government debt securities 51,058 — 51,058 — U.S. Treasury securities 25,852 — 25,852 — Total cash equivalents and marketable securities $ 421,397 $ 40,248 $ 381,149 $ — 8 There have been no transfers between fair value levels during the three months ended March 31, 2022. The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine these fair values as of December 31, 2021 (in thousands): Fair Value Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 59,162 $ 59,162 $ — $ — Corporate debt securities 11,649 — 11,649 — U.S. Treasury securities 5,000 — 5,000 — Marketable securities: Corporate debt securities 308,300 — 308,300 — U.S. government debt securities 37,883 — 37,883 — U.S. Treasury securities 29,172 — 29,172 — Total cash equivalents and marketable securities $ 451,166 $ 59,162 $ 392,004 $ — The Company classifies its money market funds, which are valued based on quoted market prices in active markets, with no valuation adjustment, as Level 1 assets within the fair value hierarchy. Marketable securities consist of U.S. Treasury securities, U.S. government debt securities, and corporate debt securities, all of which are classified as available-for-sale pursuant to Accounting Standards Codification, ASC, 320, Investments – Debt and Equity Securities

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2022
Marketable Securities [Abstract]
Marketable Securities	Note 4. Marketable securities Marketable securities as of March 31, 2022 consisted of the following (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable securities, current: Corporate debt securities $ 220,349 $ — $ (1,040 ) $ 219,309 U.S. Treasury securities 16,043 — (146 ) 15,897 U.S. government debt securities 10,000 — (36 ) 9,964 Marketable securities, non-current: Corporate debt securities 80,816 — (1,387 ) 79,429 U.S. government debt securities 41,970 — (876 ) 41,094 U.S. Treasury securities 10,120 — (165 ) 9,955 Total marketable securities, current and non-current $ 379,298 $ — $ (3,650 ) $ 375,648 Marketable securities as of December 31, 2021 consisted of the following (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable securities, current: Corporate debt securities $ 219,414 $ 1 $ (250 ) $ 219,165 U.S. government debt securities 5,006 — — 5,006 U.S. Treasury securities 8,987 — (3 ) 8,984 Marketable securities, non-current: Corporate debt securities 89,538 — (403 ) 89,135 U.S. government debt securities 32,982 — (105 ) 32,877 U.S. Treasury securities 20,203 — (15 ) 20,188 Total marketable securities, current $ 376,130 $ 1 $ (776 ) $ 375,355 Marketable securities classified as current have maturities of less than one year. Marketable securities classified as non-current are those that: (i) have a maturity of greater than one year, and (ii) we do not intend to liquidate within the next twelve months, although these funds are available for use and, therefore, are classified as available-for-sale. No or had remaining maturities greater than five years. 9 Marketable securities in unrealized loss positions as of March 31, 2022 consisted of the following (in thousands, except number of securities): Number of Securities Fair Value Gross Unrealized Losses Marketable securities in continuous unrealized loss position for less than 12 months: Corporate debt securities 99 $ 269,361 $ (2,322 ) U.S. government debt securities 11 51,058 (912 ) U.S. Treasury securities 6 25,852 (311 ) Marketable securities in continuous unrealized loss position for greater than 12 months: Corporate debt securities 15 26,881 (105 ) Total marketable securities in unrealized loss position 131 $ 373,152 $ (3,650 ) There were no individual securities that were in a significant unrealized loss position as of March 31, 2022, and, based on factors such as historical experience, market data, issuer-specific factors, and current economic conditions, the Company did not record an allowance for credit losses as of March 31, 2022 related to these securities. Further, given the lack of significant change in the credit risk, the Company does not consider these marketable securities to be impaired. As of December 31, 2021, no marketable securities were in a continuous unrealized loss position for 12 months or longer.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2022
Property Plant And Equipment [Abstract]
Property and Equipment	Note 5. Property and equipment Property and equipment consisted of the following (in thousands): March 31, 2022 December 31, 2021 Property and equipment: Laboratory equipment $ 8,249 $ 8,276 Furniture and fixtures 805 805 Leasehold improvements 548 541 Computer equipment 221 223 Office equipment 167 179 Construction in process 200 — Total property and equipment 10,190 10,024 Less: accumulated depreciation (7,164 ) (6,916 ) Total property and equipment, net $ 3,026 $ 3,108 Depreciation expense related to property and equipment is as follows (in thousands): Three Months Ended March 31, 2022 2021 Depreciation expense $ 305 $ 451

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Note 6. Leases In July 2017, the Company entered into a lease of office and laboratory space for its headquarters at 490 Arsenal Way, Suite 200 in Watertown, Massachusetts, or the Watertown Lease. In November 2021, the Company entered into an amendment to the Watertown Lease, or the Amended Lease. The Amended Lease serves to extend the lease term of the Company’s existing leased space, or the Existing Leased Space, and provides additional office and laboratory space, or the Newly Leased Space. The lease for the Newly Leased Space commenced in January 2022 and the Company’s obligation to pay rent on the Newly Leased Space commenced in March 2022, with the amount of this new rent obligation added to the Company’s continuing obligation to pay rent on the Existing Leased Space. The Amended Lease terminates in March 2032, which is 10 years from the rent commencement date for the Newly Leased Space. The Amended Lease is subject to fixed rate rent escalations, provides for up to $2.6 million in tenant improvements reimbursable to the Company, and provides an option for the Company to extend the lease term of the Amended Lease for one additional five-year 10 Accounting for the A mended Lease As the Amended Lease extends the term of the Existing Leased Space and provides access to the Newly Leased Space, in accordance with the provisions of ASC 842, the Company accounted for the Amended Lease as two separate contracts: 1) modification of the existing lease agreement to extend the lease term of the Existing Leased Space, and 2) new lease agreement for the right-of-use of the Newly Leased Space. As noted above, the lease for the Newly Leased Space commenced in January 2022. As a result, the Company recorded a right-of-use asset of $44.4 million, and a corresponding lease liability of $44.1 million for the Newly Leased Space on the accompanying condensed consolidated balance sheets. The calculation of the lease liability and the right-of-use asset of the Newly Leased Space does not include the additional five-year The elements of lease costs were as follows (in thousands): Three Months Ended March 31, 2022 2021 Lease cost: Operating lease cost $ 2,508 $ 637 Variable lease cost 348 241 Total lease cost $ 2,856 $ 878 The following table summarizes the lease term and discount rate applied in arriving at the lease liability: March 31, 2022 December 31, 2021 Remaining lease term 9.9 years 10.2 years Discount rate 5.3 % 5.2 % Future lease payments under non-cancelable leases as of March 31, 2022 for each of the years ending December 31 are as follows (in thousands): Undiscounted lease payments: Remaining 2022 $ 6,263 2023 8,571 2024 8,828 2025 9,093 2026 9,366 Thereafter 61,759 Total undiscounted lease payments 103,880 Less: imputed interest (24,757 ) Less: tenant improvement allowance (2,642 ) Total operating lease liability $ 76,481 The Company expects to receive the $2.6 million of tenant improvement allowance from the landlord in 2022.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2022
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Note 7. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued expenses and other current liabilities: Accrued research and development $ 6,698 $ 6,863 Accrued compensation and benefits 1,843 5,084 Accrued professional fees 990 1,246 Other 309 413 Total accrued expenses and other current liabilities $ 9,840 $ 13,606 11

Collaboration and License Agree

Collaboration and License Agreements	3 Months Ended
	Mar. 31, 2022
Collaboration And License Agreements [Abstract]
Collaboration and License Agreements	Note 8. Collaboration and license agreements Roche Collaboration and License Agreement In March 2016, the Company entered into a license agreement with Roche, which was amended in June 2016 and amended further in March 2017. The Company amended and restated that agreement (as so amended) in December 2018. This amended and restated agreement is referred to as the Roche Agreement. Under the Roche Agreement, the Company and Roche agreed to collaborate in the research, development, manufacture and commercialization of target-binding degrader medicines using the Company’s proprietary TORPEDO platform for the treatment of cancers and other indications. In November 2020, the Company signed a further amendment, which provided that the parties would develop up to five potential targets, with Roche maintaining its option rights to license and commercialize products directed to those targets. The November 2020 amendment also provides a mechanism through which the Company and Roche can mutually agree to terminate the Roche Agreement on a target-by-target basis by the entry into a mutual target termination agreement. Upon signing the amendment in November 2020, the Company received an additional upfront consideration of $40.0 million from Roche. In addition, the Company receives annual research plan payments of $1.0 million for up to three years for each active research plan. For certain targets, Roche is required to pay the Company fees of $2.0 million and $3.0 million upon the progression of targets to the lead series identification achievement and good laboratory practice toxicology study phase, respectively. If Roche exercises its option right for a target, Roche is obligated to pay exercise fees ranging from $7.0 million to $20.0 million depending on the target. For each target option exercised by Roche, the Company is eligible to receive milestone payments ranging from $260 million to $275.0 million upon the achievement of certain research, development and commercial milestones with respect to corresponding products, subject to certain reductions and exclusions based on intellectual property coverage. Roche is also required to pay the Company up to $150.0 million per target in one-time sales-based milestone payments upon the achievement of specified levels of net sales of a product directed to such target. Finally, Roche is required to pay the Company tiered royalties ranging from the mid-single digits to mid-teen percentages on net sales of products sold by Roche pursuant to its exercise of its option rights, subject to certain reductions. For sales of products for which the Company exercises its co-development right, the applicable royalty rates will be increased by a low-single digit percentage. The collaboration is managed by a joint research committee. The Company has control over the joint research committee prior to Roche’s exercise of its option rights as to a particular target, with Roche assuming control of the joint research committee thereafter, and may terminate the Roche Agreement on a target-by-target or product-by-product basis under several scenarios, upon at least 90 days’ prior written notice. Roche Agreement accounting At commencement, t As of March 31, 2022, the total transaction price of the Roche Agreement is allocated to the performance obligations based on their relative standalone selling price. The allocated transaction price is recognized as revenue from collaboration agreements in one of two ways: • Research and development targets: The Company recognizes the portion of the transaction price allocated to each of the research and development performance obligations as the research and development services are provided, using an input method, in proportion to costs incurred to date for each research development target as compared to total costs incurred and expected to be incurred in the future to satisfy the underlying obligation related to said research and development target. The transfer of control occurs over this period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation. • Option rights: The transaction price allocated to the options rights, which are considered material rights, is recognized in the period that Roche elects to exercise or elects to not exercise its option right to license and commercialize the underlying research and development target. The following table summarizes the allocation of the total transaction price to the identified performance obligations under the Roche Agreement, and the amount of the transaction price unsatisfied as of March 31, 2022 (in thousands): 12 Transaction Price Allocated Transaction Price Unsatisfied Performance obligations: Research and development targets $ 58,851 $ 26,109 Option rights 6,721 3,502 Total $ 65,572 $ 29,611 Amounts due to the Company that have not yet been received are recorded as accounts receivable and amounts received that have not yet been recognized as revenue from collaboration agreements are recorded in deferred revenue on the Company’s condensed consolidated balance sheet. Biogen Collaboration Research and License Agreement In December 2018, the Company entered into a collaboration research and license agreement, or the Biogen Agreement, with Biogen MA, Inc., or Biogen, which was amended in February 2020. Pursuant to the terms of the Biogen Agreement, the Company and Biogen agreed to collaborate on research activities to develop novel treatments in the field of target protein degradation, or TPD, using the Company’s degrader technology. Under the terms of the Biogen Agreement, the Company will initially develop TPD therapeutics that utilize degrader technology for up to five target proteins over a period of 54 months, ending in June 2023. On a target-by-target basis, after successful completion of a defined target evaluation period, Biogen assumes full rights and responsibility to each degrader to meet certain criteria against a target. Biogen also has the option to pay an additional $62.5 million to extend the agreement for four additional years and select up to five additional targets for development. In exchange for the non-exclusive research license from Biogen, as well as a $45.0 million nonrefundable upfront payment, the Company has granted a license to develop, commercialize and manufacture products related to each of the targets (which is contingent on not cancelling the agreement), performs initial research services for drug discovery, has provided a non-exclusive research and commercial license to its intellectual property and participates on the joint steering committee, or the Biogen JSC. The Company is also obligated to participate in early research activities for other potential targets or sandbox activities, at Biogen’s election up to a maximum amount; any work performed for these services is reimbursed by Biogen, and Biogen reimburses the Company for certain full-time equivalent, or FTE, costs. The Company’s obligations under the sandbox activities were completed as of August 31, 2021. Biogen is also required to pay the Company up to $35.0 million per target in development milestones and $26.0 million per target in one-time sales-based payments for the first product to achieve certain levels of net sales. In addition, Biogen is required to pay the Company royalties on a licensed product-by-licensed product basis, on worldwide net product sales. The collaboration is managed by the Biogen JSC, which Biogen has control over, and Biogen may terminate the Biogen Agreement on a target-by-target or product-by-product basis under several scenarios, upon at least 90 days’ prior written notice. Biogen Agreement accounting The Company recognizes revenue from collaboration agreements under the Biogen Agreement from two types of services: 1) research and development services, and 2) sandbox activities, which are discovery-type research services. • Research and development services: The Company identified one performance obligation at the outset of the Biogen Agreement, representing a combined performance obligation consisting of (1) the licenses, (2) the research activities for the target evaluation phase for all five targets and (3) the joint research plan phase for each target. The Company determined that the licenses and research activities were not distinct from one another, as the licenses have limited value without the performance of the research activities by the Company. Participation on the Biogen JSC to oversee the research activities and the technology transfer associated with the Biogen License Agreement were determined to be quantitatively and qualitatively immaterial and therefore are excluded from performance obligations. The Company recognizes the transaction price allocated to this performance obligation as the research and development services are provided, using an input method, in proportion to costs incurred to date for each research development target as compared to total costs incurred and expected to be incurred in the future to satisfy the underlying obligation related to said research and development target. The transfer of control occurs over this period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation. • Sandbox activities: Biogen had the option to fund sandbox activities in exchange for consideration at market rates, whereby the Company would perform discovery-type research at Biogen’s election to develop other potential targets that may be used as replacement targets for the initially nominated targets or two additional targets under the Biogen Agreement. Revenues earned under this option were recognized as services were performed and were not included in the transaction price allocated to the performance obligation described above. The Company recognized FTE reimbursement received for sandbox activities as revenue as incurred each quarter. As noted above, sandbox activities fully concluded on August 31, 2021. As of March 31, 2022, total transaction price of the Biogen Agreement of $55.0 million is allocated to the research and development services performance obligation and $25.9 million of the allocated transaction price remains unsatisfied. 13 Amounts due to the Company that have not yet been received are recorded as accounts receivable and amounts received that have not yet been recognized as revenue from collaboration agreements are recorded in deferred revenue on the Company’s condensed consolidated balance sheet. Calico Collaboration and License Agreement In March 2017, the Company entered into a collaboration and license agreement, or the Calico Agreement, with Calico Life Sciences LLC, or Calico, whereby the Company and Calico agreed to collaborate to develop and commercialize small molecule protein degraders for diseases of aging, including cancer, for a five-year Under the terms of the Calico Agreement, the Company will initially develop and commercialize small molecule protein degraders for up to five target proteins over the research term. On a target-by-target basis, after successful completion of a defined target evaluation period, Calico has an exclusive option to pursue further preclinical development and commercialization via a joint research plan for each target. Under the Calico Agreement, Calico paid an upfront amount of $5.0 million and certain annual payments totaling $5.0 million through June 30, 2020 and pays target initiation fees and reimburses the Company for a number of FTEs, depending on the stage of the research, at specified market rates. Upon completion of the required discovery research and development services on any target, Calico is entitled to pursue commercial development of products related to that target. The Company will perform initial research services for drug discovery and preclinical development, provide a non-exclusive research and commercial license to its IP and will participate on the Calico joint research committee, or the Calico JRC. For each target, the Company is eligible to receive up to $132.0 million in potential research, development and commercial milestone payments, on sales of all products resulting from the collaboration efforts. Calico is also required to pay the Company up to $65.0 million in one-time sales-based payments for the first product to achieve certain levels of net sales. In addition, Calico is required to pay the Company royalties, at percentages in the mid-single digits, on a licensed product-by-licensed product basis, on worldwide net product sales. The Calico Agreement is managed by the Calico JRC. Calico has control over the Calico JRC and may terminate the Calico Agreement on a target-by-target or product-by-product basis under several scenarios, upon prior written notice. In August 2021, the Company provided Calico with an option to extend the research term with respect to a certain program for up to a one-year Calico Agreement accounting The Company identified one performance obligation at the outset of the Calico Agreement, which consists of: (1) the non-exclusive license and (2) the research activities for the target evaluation phase for five targets and the joint research plan phase for two targets. The Company determined that the license and research activities were not distinct from one another, as the license has limited value without the performance of the research activities by the Company. The transaction price consists of the upfront amount, the committed anniversary payments, the target initiation fees related to the targets nominated at the execution of the Calico Agreement, and the extension payment upon exercise of the extension option discussed above. Initially, the Company amortized the transaction price on a straight-line basis over the initial five-year six-year 14 As of March 31, 2022, total transaction price of the Calico Agreement of $13.0 million is allocated to the research and development services performance obligation and $2.2 million of the allocated transaction price remains unsatisfied. Amounts due to the Company that have not yet been received are recorded as accounts receivable and amounts received that have not yet been recognized as revenue from collaboration agreements are recorded in deferred revenue on the Company’s condensed consolidated balance sheet. Summary of revenue recognized from collaboration agreements Revenue from collaboration agreements for the three months ended March 31, 2022 and 2021 in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands): Three Months Ended March 31, 2022 2021 Revenue from collaboration agreements: Roche Agreement $ 1,123 $ 2,193 Biogen Agreement 4,716 1,880 Calico Agreement 1,815 3,353 Total revenue from collaboration agreements $ 7,654 $ 7,426 Financial information related to the collaboration and license agreements consisted of the following in the Company’s condensed consolidated balance sheet as of March 31, 2022 (in thousands): Accounts Receivable Deferred Revenue, Current Deferred Revenue, Net of Current Deferred Revenue, Total Supplemental information: Roche Agreement $ 500 $ 6,021 $ 16,173 $ 22,194 Biogen Agreement — 23,078 2,847 25,925 Calico Agreement 1,273 2,167 — 2,167 Total $ 1,773 $ 31,266 $ 19,020 $ 50,286 Financial information related to the collaboration and license agreements consisted of the following in the Company’s condensed consolidated balance sheet as of December 31, 2021 (in thousands): Accounts Receivable Deferred Revenue, Current Deferred Revenue, Net of Current Deferred Revenue, Total Supplemental information: Roche Agreement $ 1,215 $ 5,601 $ 17,215 $ 22,816 Biogen Agreement 3,000 24,032 6,611 30,643 Calico Agreement 1,501 2,167 542 2,709 Total $ 5,716 $ 31,800 $ 24,368 $ 56,168 Supplemental financial information related to the collaboration and license agreements for the three months ended March 31, 2022 and 2021 are (in thousands): Three Months Ended March 31, 2022 2021 Revenue recognized that was included in the contract liability at the beginning of the period $ 6,267 $ 4,519 Revenue recognized from performance obligations fully or partially satisfied in previous periods 115 — As of March 31, 2022, the aggregate amount of the transaction price allocated to performance obligations under the Roche Agreement, the Biogen Agreement, and the Calico Agreement that are partially unsatisfied was $57.7 million.

Long-term Debt and Warrant - Re

Long-term Debt and Warrant - Related Party	3 Months Ended
	Mar. 31, 2022
Long Term Debt And Warrant Related Party [Abstract]
Long-term Debt and Warrant - Related Party	Note 9. Long-term debt and warrant – related party On June 5, 2020, contemporaneously with the completion of its Series B Financing, the Company entered into a Credit Agreement, or the Credit Agreement, with Perceptive Credit Holdings III, LP, an affiliate of Perceptive Advisors LLC, or Perceptive, 15 In June 2020, the Company drew down on the first tranche of $ 12.5 million , or the Term Loan , which is outstanding as of March 31, 2022 . The Company elected not to draw down the second tranche , which expired on June 30, 2021 . The Term Loan bears interest at a variable rate using the greater of LIBOR or 1.75%, plus 9.50 % . The interest rate was 11.25 % as of March 31, 2022 , and is secured by a lien on substantially all of the Company’s assets. When the LIBOR interest rate is discontinued in the future, it is expected that the interest rate of the Term Loan would switch to Secured Overnight Financing Rate, or SOFR. As of March 31, 2022 , the effect of switching from LIBOR to SOFR would not have been material to the Company’s condensed consolidated financial statements. The Credit Agreement requires the Company to maintain a minimum aggregate cash balance of $3.0 million in one or more controlled accounts and contains various affirmative and negative covenants that limit its ability to engage in specified types of transactions. The Company is required to make interest-only payments until December 5, 2022, after which point the Company will be required to make payments of principal equal to 2% of the Term Loan until maturity on June 5, 2024, or the Maturity Date. If the Company pays off the Term Loan prior to the Maturity Date, it will be required to pay a prepayment fee of $2.3 million as of March 31, 2022. Under the terms of the Credit Agreement, Perceptive held a warrant to purchase up to 338,784 shares of the Company’s common stock at an exercise price of $8.86 per share. As further described in Note 10, Stockholders’ equity The following table contains the a nticipated future minimum payments on long-term debt as of March 31, 2022 for each of the years ending December 31 and a reconciliation to the carrying value of long-term debt on the Company’s condensed consolidated balance sheets (in thousands): Undiscounted, minimum long-term debt payments: Remaining 2022 $ — 2023 3,000 2024 9,500 Total undiscounted, minimum long-term debt payments 12,500 Less: Unamortized debt issuance costs and debt discount (1,556 ) Total long-term debt—related party $ 10,944

Stockholder's Equity

Stockholder's Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholder's Equity	Note 10. Stockholders’ equity In October 2020, the Company authorized preferred stock issuable of 10,000,000 shares and increased its authorized common stock issuable to 150,000,000 shares, both with a $0.0001 par value per share. Public offerings of common stock In June 2021, the Company completed a follow-on offering, at which time the Company issued 4,887,500 shares of its common stock, including 637,500 shares of common stock that were issued to the underwriters when they exercised in full their overallotment option. Net proceeds from the follow-on offering, including the exercise in full of the underwriters’ option to purchase additional shares, were $169.5 million, after deducting underwriting discounts and commissions, and expenses. Perceptive warrant – related party As described in Note 9, Long-term debt and warrant – related party At-The-Market Equity Program In November 2021, the Company filed an automatically effective registration statement on Form S-3, or the Registration Statement, with the SEC that registers the offering, issuance and sale of an unspecified amount of common stock, preferred stock, debt securities, warrants and/or units of any combination thereof. Simultaneously, the Company entered into an equity distribution agreement with Cowen and Company, LLC, as sales agent, to provide for the issuance and sale by the Company of up to $200.0 million of common stock from time to time in “at-the-market” offerings under the Registration Statement and related prospectus filed with the Registration Statement, or the ATM Program. As of March 31, 2022, no sales have been made under the ATM Program.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based Compensation	Note 11. Stock-based compensation The C4 Therapeutics, Inc. 2015 Incentive Stock Option and Grant Plan, or the 2015 Plan, adopted by the Company’s board of directors in December 2015 provides for the grant of incentive stock options, nonqualified stock options and restricted stock awards to eligible employees, outside directors and consultants of the Company. 16 In September 2020, the Company’s board of directors adopted the C4 Therapeutics, Inc. 2020 Stock Option and Incentive Plan, or the 2020 Plan. Following the effectiveness of the 2020 Plan, the Company ceased making grants under the 2015 Plan. However, the 2015 Plan continues to govern the terms and conditions of the outstanding awards granted under it. Shares of common stock subject to awards granted under the 2015 Plan that cease to be subject to such awards by forfeiture or otherwise after the termination of the 2015 Plan will be available for issuance under the 2020 Plan. Stock-based compensation expense for the three months ended March 31, 2022 and 2021 was classified in the Company’s condensed consolidated statement of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2022 2021 Stock-based compensation expense: Research and development $ 3,612 $ 1,171 General and administrative 5,326 2,674 Total stock-based compensation expense $ 8,938 $ 3,845 Stock options The following table summarizes the stock option activity under the Company’s equity awards plans for the three months ended March 31, 2022 : Number of Stock Options Weighted-Average Exercise Price Outstanding as of December 31, 2021 5,983,425 $ 22.33 Granted 1,576,000 23.57 Exercised (52,707 ) 4.96 Cancelled or forfeited (185,227 ) 30.96 Outstanding as of March 31, 2022 7,321,491 $ 22.72 Options exercisable as of March 31, 2022 1,668,108 $ 18.45 Vested and expected to vest as of March 31, 2022 7,321,491 $ 22.72 As of March 31, 2022, the unrecognized compensation cost related to outstanding options was $93.0 million, which is expected to be recognized over a weighted-average period of 3.0 years. Restricted stock units During the three months ended March 31, 2022, under the 2020 Plan, the Company’s Board of Directors authorized an issuance of restricted stock units to certain employees, including members of the Company’s leadership team. Stock units will vest in tranches as certain discovery milestones, clinical milestones, or specified market conditions are met. Upon vesting, each stock unit automatically converts into one share of the Company’s common stock. The following table summarizes the restricted stock unit activity under the Company’s equity awards plans for the three months ended March 31, 2022 : Shares Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2021 — $ — Granted 563,500 25.47 Outstanding as of March 31, 2022 563,500 $ 25.47 As of March 31, 2022, the unrecognized compensation cost related to outstanding restricted stock units was $13.8 million.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 12. Income taxes During the three months ended March 31, 2022 and 2021

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Loss Per Share	Note 13. Loss per share For periods in which the Company reports a net loss attributable to common stockholders, potentially dilutive securities have been excluded from the computation of diluted net loss per share as their effects would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders 17 is the same. The Company excluded the following potential common shares presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: As of March 31, 2022 2021 Anti-dilutive common stock equivalents: Options to purchase common stock 7,321,491 5,952,914 Warrant to purchase common stock — 338,784 Total anti-dilutive common stock equivalents 7,321,491 6,291,698 Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding for the three months ended March 31, 2022 and 2021 (in thousands, except share and per share data): Three Months Ended March 31, 2022 2021 Numerator: Net loss $ (31,620 ) $ (20,971 ) Denominator: Weighted-average number of shares used in computed net loss per share − basic and diluted 48,734,827 43,084,978 Net loss per share attributable to common stockholders − basic and diluted $ (0.65 ) $ (0.49 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of presentation and consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or the SEC, regarding interim financial reporting, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements include the accounts of C4 Therapeutics, Inc. and its subsidiary, C4T Securities Corporation. All intercompany balances and transactions have been eliminated in consolidation.
Unaudited Interim Financial Information	Unaudited interim financial information The accompanying condensed consolidated balance sheet as of March 31, 2022, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021, the condensed consolidated statements of stockholders’ 7 equity ( deficit ) for the three months ended March 31, 2022 and 2021 , the condensed consolidated statements of cash flows for the three months ended March 31, 2022 and 2021 , and the related interim disclosures are unaudited. These unaudited condensed consolidated financial statements include all adjustments necessary, consisting of only normal recurring adjustments, to fairly state the financial position and the results of the Company’s operations and cash flows for interim periods in accordance with U.S. GAAP. Interim period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for year ended December 31, 2021 , and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on February 24, 2022 .
Reclassifications	Reclassifications Certain amounts that were previously reported have been reclassified to conform to current year presentation. The reclassifications had no effect on the reported results of operations.
Use of Estimates	Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. This process may result in actual results differing materially from those estimated amounts used in the preparation of the condensed consolidated financial statements if these results differ from historical experience or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, amounts and timing of revenues recognized under the Company’s research and development collaboration arrangements, prepaid and accrued research and development expense, incremental borrowing rate used in the measurement of lease liability, and estimated volatility used in fair valuation of stock options. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.
Significant Accounting Policies	Significant accounting policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on February 24, 2022. Since the date of those consolidated financial statements, there have been no material changes to the Company’s significant accounting policies.
Recently Issued Accounting Standards	Recently issued accounting standards In March 2020, the Financial Accounting Standards Board, or FASB, issued Accountings Standards Update, or ASU, 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In January 2021, the FASB also issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on Recurring Basis	The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine these fair values as of March 31, 2022 (in thousands): Fair Value Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 40,248 $ 40,248 $ — $ — Corporate debt securities 5,501 — 5,501 — Marketable securities: Corporate debt securities 298,738 — 298,738 — U.S. government debt securities 51,058 — 51,058 — U.S. Treasury securities 25,852 — 25,852 — Total cash equivalents and marketable securities $ 421,397 $ 40,248 $ 381,149 $ — The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine these fair values as of December 31, 2021 (in thousands): Fair Value Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 59,162 $ 59,162 $ — $ — Corporate debt securities 11,649 — 11,649 — U.S. Treasury securities 5,000 — 5,000 — Marketable securities: Corporate debt securities 308,300 — 308,300 — U.S. government debt securities 37,883 — 37,883 — U.S. Treasury securities 29,172 — 29,172 — Total cash equivalents and marketable securities $ 451,166 $ 59,162 $ 392,004 $ —

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Marketable Securities [Abstract]
Summary of Marketable Securities	Marketable securities as of March 31, 2022 consisted of the following (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable securities, current: Corporate debt securities $ 220,349 $ — $ (1,040 ) $ 219,309 U.S. Treasury securities 16,043 — (146 ) 15,897 U.S. government debt securities 10,000 — (36 ) 9,964 Marketable securities, non-current: Corporate debt securities 80,816 — (1,387 ) 79,429 U.S. government debt securities 41,970 — (876 ) 41,094 U.S. Treasury securities 10,120 — (165 ) 9,955 Total marketable securities, current and non-current $ 379,298 $ — $ (3,650 ) $ 375,648 Marketable securities as of December 31, 2021 consisted of the following (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable securities, current: Corporate debt securities $ 219,414 $ 1 $ (250 ) $ 219,165 U.S. government debt securities 5,006 — — 5,006 U.S. Treasury securities 8,987 — (3 ) 8,984 Marketable securities, non-current: Corporate debt securities 89,538 — (403 ) 89,135 U.S. government debt securities 32,982 — (105 ) 32,877 U.S. Treasury securities 20,203 — (15 ) 20,188 Total marketable securities, current $ 376,130 $ 1 $ (776 ) $ 375,355
Summary of Marketable Securities in Unrealized Loss Positions	Marketable securities in unrealized loss positions as of March 31, 2022 consisted of the following (in thousands, except number of securities): Number of Securities Fair Value Gross Unrealized Losses Marketable securities in continuous unrealized loss position for less than 12 months: Corporate debt securities 99 $ 269,361 $ (2,322 ) U.S. government debt securities 11 51,058 (912 ) U.S. Treasury securities 6 25,852 (311 ) Marketable securities in continuous unrealized loss position for greater than 12 months: Corporate debt securities 15 26,881 (105 ) Total marketable securities in unrealized loss position 131 $ 373,152 $ (3,650 )

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Property Plant And Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consisted of the following (in thousands): March 31, 2022 December 31, 2021 Property and equipment: Laboratory equipment $ 8,249 $ 8,276 Furniture and fixtures 805 805 Leasehold improvements 548 541 Computer equipment 221 223 Office equipment 167 179 Construction in process 200 — Total property and equipment 10,190 10,024 Less: accumulated depreciation (7,164 ) (6,916 ) Total property and equipment, net $ 3,026 $ 3,108
Summary of Depreciation Expense Related to Property and Equipment	Depreciation expense related to property and equipment is as follows (in thousands): Three Months Ended March 31, 2022 2021 Depreciation expense $ 305 $ 451

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Lessee Lease Description [Line Items]
Summary of Lease Term and Discount Rate Applied in Arriving at Lease Liability	The following table summarizes the lease term and discount rate applied in arriving at the lease liability: March 31, 2022 December 31, 2021 Remaining lease term 9.9 years 10.2 years Discount rate 5.3 % 5.2 %
Undiscounted Minimum Future Lease Payments Under Non-cancelable Leases	Future lease payments under non-cancelable leases as of March 31, 2022 for each of the years ending December 31 are as follows (in thousands): Undiscounted lease payments: Remaining 2022 $ 6,263 2023 8,571 2024 8,828 2025 9,093 2026 9,366 Thereafter 61,759 Total undiscounted lease payments 103,880 Less: imputed interest (24,757 ) Less: tenant improvement allowance (2,642 ) Total operating lease liability $ 76,481
Watertown Lease
Lessee Lease Description [Line Items]
Summary of Lease Costs	The elements of lease costs were as follows (in thousands): Three Months Ended March 31, 2022 2021 Lease cost: Operating lease cost $ 2,508 $ 637 Variable lease cost 348 241 Total lease cost $ 2,856 $ 878

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Payables And Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued expenses and other current liabilities: Accrued research and development $ 6,698 $ 6,863 Accrued compensation and benefits 1,843 5,084 Accrued professional fees 990 1,246 Other 309 413 Total accrued expenses and other current liabilities $ 9,840 $ 13,606 11

Collaboration and License Agr_2

Collaboration and License Agreements (Tables)	3 Months Ended
	Mar. 31, 2022
Collaboration And License Agreements [Abstract]
Summary of Allocation of Total Transaction Price and Unsatisfied Transaction Price	The following table summarizes the allocation of the total transaction price to the identified performance obligations under the Roche Agreement, and the amount of the transaction price unsatisfied as of March 31, 2022 (in thousands): 12 Transaction Price Allocated Transaction Price Unsatisfied Performance obligations: Research and development targets $ 58,851 $ 26,109 Option rights 6,721 3,502 Total $ 65,572 $ 29,611
Schedule of Revenue from Collaboration Agreements	Revenue from collaboration agreements for the three months ended March 31, 2022 and 2021 in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands): Three Months Ended March 31, 2022 2021 Revenue from collaboration agreements: Roche Agreement $ 1,123 $ 2,193 Biogen Agreement 4,716 1,880 Calico Agreement 1,815 3,353 Total revenue from collaboration agreements $ 7,654 $ 7,426
Schedule of Financial Information Related to Collaboration and License Agreements	Financial information related to the collaboration and license agreements consisted of the following in the Company’s condensed consolidated balance sheet as of March 31, 2022 (in thousands): Accounts Receivable Deferred Revenue, Current Deferred Revenue, Net of Current Deferred Revenue, Total Supplemental information: Roche Agreement $ 500 $ 6,021 $ 16,173 $ 22,194 Biogen Agreement — 23,078 2,847 25,925 Calico Agreement 1,273 2,167 — 2,167 Total $ 1,773 $ 31,266 $ 19,020 $ 50,286 Financial information related to the collaboration and license agreements consisted of the following in the Company’s condensed consolidated balance sheet as of December 31, 2021 (in thousands): Accounts Receivable Deferred Revenue, Current Deferred Revenue, Net of Current Deferred Revenue, Total Supplemental information: Roche Agreement $ 1,215 $ 5,601 $ 17,215 $ 22,816 Biogen Agreement 3,000 24,032 6,611 30,643 Calico Agreement 1,501 2,167 542 2,709 Total $ 5,716 $ 31,800 $ 24,368 $ 56,168
Schedule of Supplemental Financial Information Related to Collaboration and License Agreements	Supplemental financial information related to the collaboration and license agreements for the three months ended March 31, 2022 and 2021 are (in thousands): Three Months Ended March 31, 2022 2021 Revenue recognized that was included in the contract liability at the beginning of the period $ 6,267 $ 4,519 Revenue recognized from performance obligations fully or partially satisfied in previous periods 115 —

Long-term Debt and Warrant - _2

Long-term Debt and Warrant - Related Party (Tables)	3 Months Ended
	Mar. 31, 2022
Long Term Debt And Warrant Related Party [Abstract]
Summary of Anticipated Future Minimum Payments of Long-term Debt	The following table contains the a nticipated future minimum payments on long-term debt as of March 31, 2022 for each of the years ending December 31 and a reconciliation to the carrying value of long-term debt on the Company’s condensed consolidated balance sheets (in thousands): Undiscounted, minimum long-term debt payments: Remaining 2022 $ — 2023 3,000 2024 9,500 Total undiscounted, minimum long-term debt payments 12,500 Less: Unamortized debt issuance costs and debt discount (1,556 ) Total long-term debt—related party $ 10,944

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Stock-based Compensation Expense	Stock-based compensation expense for the three months ended March 31, 2022 and 2021 was classified in the Company’s condensed consolidated statement of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2022 2021 Stock-based compensation expense: Research and development $ 3,612 $ 1,171 General and administrative 5,326 2,674 Total stock-based compensation expense $ 8,938 $ 3,845
Summary of Stock Option Activity	The following table summarizes the stock option activity under the Company’s equity awards plans for the three months ended March 31, 2022 : Number of Stock Options Weighted-Average Exercise Price Outstanding as of December 31, 2021 5,983,425 $ 22.33 Granted 1,576,000 23.57 Exercised (52,707 ) 4.96 Cancelled or forfeited (185,227 ) 30.96 Outstanding as of March 31, 2022 7,321,491 $ 22.72 Options exercisable as of March 31, 2022 1,668,108 $ 18.45 Vested and expected to vest as of March 31, 2022 7,321,491 $ 22.72
Summary of Restricted Stock Unit Activity	The following table summarizes the restricted stock unit activity under the Company’s equity awards plans for the three months ended March 31, 2022 : Shares Weighted-Average Grant Date Fair Value Outstanding as of December 31, 2021 — $ — Granted 563,500 25.47 Outstanding as of March 31, 2022 563,500 $ 25.47

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Diluted Net Loss Per Share Attributable to Common Stockholders	As of March 31, 2022 2021 Anti-dilutive common stock equivalents: Options to purchase common stock 7,321,491 5,952,914 Warrant to purchase common stock — 338,784 Total anti-dilutive common stock equivalents 7,321,491 6,291,698
Schedule of Basic and Diluted Loss Per Share	Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding for the three months ended March 31, 2022 and 2021 (in thousands, except share and per share data): Three Months Ended March 31, 2022 2021 Numerator: Net loss $ (31,620 ) $ (20,971 ) Denominator: Weighted-average number of shares used in computed net loss per share − basic and diluted 48,734,827 43,084,978 Net loss per share attributable to common stockholders − basic and diluted $ (0.65 ) $ (0.49 )

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Net loss	$ 31,620	$ 20,971
Accumulated deficit	299,335		$ 267,715
Cash, cash equivalents and marketable securities	$ 421,700

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Marketable securities:
Total cash equivalents and marketable securities	$ 421,397	$ 451,166
Level 1
Marketable securities:
Total cash equivalents and marketable securities	40,248	59,162
Level 2
Marketable securities:
Total cash equivalents and marketable securities	381,149	392,004
Money Market Funds
Cash equivalents:
Cash equivalents	40,248	59,162
Money Market Funds | Level 1
Cash equivalents:
Cash equivalents	40,248	59,162
Corporate Debt Securities
Cash equivalents:
Cash equivalents	5,501	11,649
Marketable securities:
Marketable securities:	298,738	308,300
Corporate Debt Securities | Level 2
Cash equivalents:
Cash equivalents	5,501	11,649
Marketable securities:
Marketable securities:	298,738	308,300
U.S. Treasury Securities
Cash equivalents:
Cash equivalents		5,000
Marketable securities:
Marketable securities:	25,852	29,172
U.S. Treasury Securities | Level 2
Cash equivalents:
Cash equivalents		5,000
Marketable securities:
Marketable securities:	25,852	29,172
U.S. Government Debt Securities
Marketable securities:
Marketable securities:	51,058	37,883
U.S. Government Debt Securities | Level 2
Marketable securities:
Marketable securities:	$ 51,058	$ 37,883

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Mar. 31, 2022USD ($)
Fair Value Disclosures [Abstract]
Fair value, assets, level 1 to level 2 transfers, amount	$ 0
Fair value, assets, level 2 to level 1 transfers, amount	0
Fair value, liabilities, level 1 to level 2 transfers, amount	0
Fair value, liabilities, level 2 to level 1 transfers, amount	0
Fair value, assets, level 1 to level 3 transfers, amount	0
Fair value, assets, level 3 to level 1 transfers, amount	0
Fair value, liabilities, level 1 to level 3 transfers, amount	0
Fair value, liabilities, level 3 to level 1 transfers, amount	0
Fair value, assets, level 2 to level 3 transfers, amount	0
Fair value, assets, level 3 to level 2 transfers, amount	0
Fair value, liabilities, level 2 to level 3 transfers, amount	0
Fair value, liabilities, level 3 to level 2 transfers, amount	$ 0

Marketable Securities - Summary

Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 379,298	$ 376,130
Gross Unrealized Gains		1
Gross Unrealized Losses	(3,650)	(776)
Fair Value	375,648	375,355
Corporate Debt Securities | Marketable Securities Current
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	220,349	219,414
Gross Unrealized Gains		1
Gross Unrealized Losses	(1,040)	(250)
Fair Value	219,309	219,165
Corporate Debt Securities | Marketable Securities Non-current
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	80,816	89,538
Gross Unrealized Losses	(1,387)	(403)
Fair Value	79,429	89,135
U.S. Treasury Securities | Marketable Securities Current
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	16,043	8,987
Gross Unrealized Losses	(146)	(3)
Fair Value	15,897	8,984
U.S. Treasury Securities | Marketable Securities Non-current
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	10,120	20,203
Gross Unrealized Losses	(165)	(15)
Fair Value	9,955	20,188
U.S. Government Debt Securities | Marketable Securities Current
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	10,000	5,006
Gross Unrealized Losses	(36)
Fair Value	9,964	5,006
U.S. Government Debt Securities | Marketable Securities Non-current
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	41,970	32,982
Gross Unrealized Losses	(876)	(105)
Fair Value	$ 41,094	$ 32,877

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) $ in Thousands	Mar. 31, 2022USD ($)MarketableSecurity	Dec. 31, 2021MarketableSecurity
Marketable Securities [Abstract]
Number of debt securities with remaining maturities greater than five years	0	0
Individual securities | $	$ 0
Number of marketable securities in continuous unrealized loss position for 12 months or longer		0

Marketable Securities - Summa_2

Marketable Securities - Summary of Marketable Securities in Unrealized Loss Positions (Details) $ in Thousands	Mar. 31, 2022USD ($)MarketableSecurity	Dec. 31, 2021MarketableSecurity
Schedule Of Available For Sale Securities [Line Items]
Marketable securities in continuous unrealized loss position for greater than 12 months, Number of securities | MarketableSecurity		0
Total marketable securities in unrealized loss position, Number of securities | MarketableSecurity	131
Total marketable securities in unrealized loss position, Fair Value	$ 373,152
Total marketable securities in unrealized loss position, Gross Unrealized Losses	$ (3,650)
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Marketable securities in continuous unrealized loss position for less than 12 months, Number of securities | MarketableSecurity	99
Marketable securities in continuous unrealized loss position for greater than 12 months, Number of securities | MarketableSecurity	15
Marketable securities in continuous unrealized loss position for less than 12 months, Fair Value	$ 269,361
Marketable securities in continuous unrealized loss position for greater than 12 months, Fair Value	26,881
Marketable securities in continuous unrealized loss position for less than 12 months, Gross Unrealized Losses	(2,322)
Marketable securities in continuous unrealized loss position for greater than 12 months, Gross Unrealized Losses	$ (105)
U.S. Government Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Marketable securities in continuous unrealized loss position for less than 12 months, Number of securities | MarketableSecurity	11
Marketable securities in continuous unrealized loss position for less than 12 months, Fair Value	$ 51,058
Marketable securities in continuous unrealized loss position for less than 12 months, Gross Unrealized Losses	$ (912)
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Marketable securities in continuous unrealized loss position for less than 12 months, Number of securities | MarketableSecurity	6
Marketable securities in continuous unrealized loss position for less than 12 months, Fair Value	$ 25,852
Marketable securities in continuous unrealized loss position for less than 12 months, Gross Unrealized Losses	$ (311)

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment	$ 10,190	$ 10,024
Less: accumulated depreciation	(7,164)	(6,916)
Total property and equipment, net	3,026	3,108
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment	8,249	8,276
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment	805	805
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	548	541
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment	221	223
Office Equipment
Property Plant And Equipment [Line Items]
Property and equipment	167	$ 179
Construction In Progress
Property Plant And Equipment [Line Items]
Property and equipment	$ 200

Property and Equipment - Summ_2

Property and Equipment - Summary of Depreciation Expense Related to Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Depreciation expense	$ 305	$ 451

Leases - Additional Information

Leases - Additional Information (Details)	1 Months Ended	3 Months Ended
	Nov. 30, 2021USD ($)Contract	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Lessee Lease Description [Line Items]
Right-of-use assets		$ 74,828,000	$ 31,945,000
Liabilities under lease		76,481,000
Watertown Lease
Lessee Lease Description [Line Items]
Tenant improvements	$ 2,600,000	0
Tenant improvement allowance expected to be received		$ 2,600,000
Watertown Lease | Office and Laboratory Space
Lessee Lease Description [Line Items]
Lessee operating lease, description		In July 2017, the Company entered into a lease of office and laboratory space for its headquarters at 490 Arsenal Way, Suite 200 in Watertown, Massachusetts, or the Watertown Lease.
Watertown Lease | Newly Leased Space
Lessee Lease Description [Line Items]
Amended lease commencement date	2022-01
Amended lease, rent payment commencement date	2022-03
Amended lease termination date	2032-03
Lease term of amended lease terminate period	10 years
Tenant improvements	$ 2,600,000
Extend lease term of amended lease period	5 years
Restricted cash		$ 3,300,000
Number of amended lease separate contracts | Contract	2
Right-of-use assets	$ 44,400,000
Liabilities under lease	$ 44,100,000

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs (Details) - Watertown Lease - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease cost:
Operating lease cost	$ 2,508	$ 637
Variable lease cost	348	241
Total lease cost	$ 2,856	$ 878

Leases - Summary of Lease Term

Leases - Summary of Lease Term and Discount Rate Applied In Arriving at Lease Liability (Details)	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Remaining lease term	9 years 10 months 24 days	10 years 2 months 12 days
Discount rate	5.30%	5.20%

Leases - Undiscounted Minimum F

Leases - Undiscounted Minimum Future Lease Payments Under Non-cancelable Leases (Details) $ in Thousands	Mar. 31, 2022USD ($)
Operating Lease Liabilities Payments Due [Abstract]
Remaining 2022	$ 6,263
2023	8,571
2024	8,828
2025	9,093
2026	9,366
Thereafter	61,759
Total undiscounted lease payments	103,880
Less: imputed interest	(24,757)
Less: tenant improvement allowance	(2,642)
Total operating lease liability	$ 76,481

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued expenses and other current liabilities:
Accrued research and development	$ 6,698	$ 6,863
Accrued compensation and benefits	1,843	5,084
Accrued professional fees	990	1,246
Other	309	413
Total accrued expenses and other current liabilities	$ 9,840	$ 13,606

Collaboration and License Agr_3

Collaboration and License Agreements - Additional Information (Details)	Dec. 22, 2018USD ($)Target	Sep. 30, 2021USD ($)	Aug. 31, 2021	May 31, 2021USD ($)	Dec. 31, 2018USD ($)TargetProtein	Mar. 31, 2022USD ($)TargetPerformanceobligationTargetProtein	Mar. 31, 2021USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price recognized as collaboration revenue						$ 6,267,000	$ 4,519,000
Transaction price allocated to performance obligation						$ 65,572,000
Restated Roche Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of potential targets | Target	5
Additional upfront consideration received	$ 40,000,000
Annual research plan payments receivables	$ 1,000,000
Annual research plan payments periods	3 years
Collaboration description						The collaboration is managed by a joint research committee. The Company has control over the joint research committee prior to Roche’s exercise of its option rights as to a particular target, with Roche assuming control of the joint research committee thereafter, and may terminate the Roche Agreement on a target-by-target or product-by-product basis under several scenarios, upon at least 90 days’ prior written notice.
Restated Roche Agreement | Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Option exercise fees	$ 7,000,000
Restated Roche Agreement | Minimum | Research, Development and Commercial Milestone Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive	260,000,000
Restated Roche Agreement | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Option exercise fees	20,000,000
Restated Roche Agreement | Maximum | Research, Development and Commercial Milestone Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive	275,000,000
Restated Roche Agreement | Maximum | One-Time Sales-Based Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Amount eligible to receive	150,000,000
Restated Roche Agreement | Lead Series Identification Achievement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront fees	2,000,000
Restated Roche Agreement | Good Laboratory Practice (“GLP”) Toxicology (“Tox”) Study Phase
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront fees	$ 3,000,000
Biogen License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement date					2018-12
Research agreement, period					54 months
Additional payment on extension of agreement					$ 62,500,000
Nonrefundable upfront payment						$ 45,000,000
Number of performance obligation | Performanceobligation						1
Number of targets | Target						5
Number of additional targets | Target						2
Biogen License Agreement | Research and Development Services
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price recognized as collaboration revenue						$ 55,000,000
Transaction price allocated to performance obligation						$ 25,900,000
Biogen License Agreement | Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Written notice period for termination of agreement						90 days
Biogen License Agreement | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of targeted protein degradation | Protein					5
Additional targets for development | Target					5
Biogen License Agreement | Maximum | One-Time Sales-Based Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received						$ 26,000,000
Biogen License Agreement | Maximum | Research And Development Milestones
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received						$ 35,000,000
Calico License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of performance obligation | Performanceobligation						1
Number of targets | Target						5
Research term						5 years
Upfront payment						$ 5,000,000
Annual Payments						$ 5,000,000
Research extend term			1 year
Amount payable for extend research term option		$ 1,000,000
Initial contractual term on straight line basis						5 years
Contractual term						6 years
Additional transaction price allocated to performance obligation				$ 1,000,000
Calico License Agreement | Research and Development Services
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price recognized as collaboration revenue						$ 13,000,000
Transaction price allocated to performance obligation						$ 2,200,000
Calico License Agreement | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of target proteins | TargetProtein						5
Calico License Agreement | Maximum | One-Time Sales-Based Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received						$ 65,000,000
Calico License Agreement | Maximum | Potential Research, Development and Commercial Milestone Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Payment received						132,000,000
Calico License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price allocated to performance obligation						$ 57,700,000

Collaboration and License Agr_4

Collaboration and License Agreements - Summary of Allocation of Total Transaction price and Unsatisfied Transaction Price (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction Price Allocated	$ 65,572
Transaction Price Unsatisfied	29,611
Research and Development Targets
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction Price Allocated	58,851
Transaction Price Unsatisfied	26,109
Option Rights
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction Price Allocated	6,721
Transaction Price Unsatisfied	$ 3,502

Collaboration and License Agr_5

Collaboration and License Agreements - Schedule of Revenue from Collaboration Agreements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from collaboration agreements	$ 7,654	$ 7,426
Roche Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from collaboration agreements	1,123	2,193
Biogen Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from collaboration agreements	4,716	1,880
Calico Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue from collaboration agreements	$ 1,815	$ 3,353

Collaboration and License Agr_6

Collaboration and License Agreements - Schedule of Financial Information Related to Collaboration and License Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts Receivable	$ 1,773	$ 5,716
Deferred Revenue, Current	31,266	31,800
Deferred Revenue, Net of Current	19,020	24,368
Deferred Revenue, Total	50,286	56,168
Roche Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts Receivable	500	1,215
Deferred Revenue, Current	6,021	5,601
Deferred Revenue, Net of Current	16,173	17,215
Deferred Revenue, Total	22,194	22,816
Biogen Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts Receivable		3,000
Deferred Revenue, Current	23,078	24,032
Deferred Revenue, Net of Current	2,847	6,611
Deferred Revenue, Total	25,925	30,643
Calico Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts Receivable	1,273	1,501
Deferred Revenue, Current	2,167	2,167
Deferred Revenue, Net of Current		542
Deferred Revenue, Total	$ 2,167	$ 2,709

Collaboration and License Agr_7

Collaboration and License Agreements - Schedule of Supplemental Financial Information Related to Collaboration and License Agreements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Transaction price recognized as collaboration revenue	$ 6,267	$ 4,519
Revenue recognized from performance obligations fully or partially satisfied in previous periods	$ 115

Long-term Debt and Warrant - _3

Long-term Debt and Warrant - Related Party - Additional Information (Details) - USD ($)	Jun. 05, 2020	Mar. 31, 2022
Common Stock
Long Term Debt And Warrant Liability [Line Items]
Exercise price per share		$ 8.86
Maximum | Common Stock
Long Term Debt And Warrant Liability [Line Items]
Warrant issued to purchase shares		338,784
Term Loan | Common Stock
Long Term Debt And Warrant Liability [Line Items]
Exercise price per share		$ 8.86
Term Loan | Maximum | Common Stock
Long Term Debt And Warrant Liability [Line Items]
Warrant issued to purchase shares		338,784
Credit Agreement with Perceptive Life Sciences Master Fund LTD | Term Loan
Long Term Debt And Warrant Liability [Line Items]
Aggregate principal borrowing amount	$ 20,000,000
Description of Variable Rate Basis		greater of LIBOR or 1.75%, plus 9.50%
Applicable margin rate	9.50%
Interest at variable rate		11.25%
Date until which interest only payments are made	Dec. 5, 2022
Maturity date	Jun. 5, 2024
Percentage of principal payments until maturity	2.00%
Prepayment fee		$ 2,300,000
Credit Agreement with Perceptive Life Sciences Master Fund LTD | Term Loan | Minimum
Long Term Debt And Warrant Liability [Line Items]
Balance to be maintained in bank account while debt is outstanding	$ 3,000,000
Credit Agreement with Perceptive Life Sciences Master Fund LTD | Term Loan | Tranche One
Long Term Debt And Warrant Liability [Line Items]
Aggregate principal borrowing amount	12,500,000
Amount withdrawn		$ 12,500,000
Credit Agreement with Perceptive Life Sciences Master Fund LTD | Term Loan | Tranche Two
Long Term Debt And Warrant Liability [Line Items]
Aggregate principal borrowing amount	$ 7,500,000

Long-term Debt and Warrant - _4

Long-term Debt and Warrant - Related Party - Summary of Anticipated Future Minimum Payments of Long-term Debt (Details) $ in Thousands	Mar. 31, 2022USD ($)
Long Term Debt By Maturity [Abstract]
2023	$ 3,000
2024	9,500
Total undiscounted, minimum long-term debt payments	12,500
Less: Unamortized debt issuance costs and debt discount	(1,556)
Total long-term debt—related party	$ 10,944

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Details) - USD ($)	1 Months Ended			3 Months Ended
	Nov. 30, 2021	Jun. 30, 2021	May 31, 2021	Mar. 31, 2022	Dec. 31, 2021	Oct. 31, 2020
Stockholders Equity [Line Items]
Common stock, par value per share				$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, par value per share				$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized				10,000,000	10,000,000	10,000,000
Common stock, shares authorized				150,000,000	150,000,000	150,000,000
At-the-market Offerings | Equity Distribution Agreement with Cowen and Company, LLC
Stockholders Equity [Line Items]
Issuance and sale of common stock				$ 0
At-the-market Offerings | Maximum | Equity Distribution Agreement with Cowen and Company, LLC
Stockholders Equity [Line Items]
Issuance and sale of common stock	$ 200,000,000
Common Stock
Stockholders Equity [Line Items]
Exercise price per share				$ 8.86
Number of shares withhold equivalent to aggregate exercise price			$ 3,000,000
Shares issued upon warrant exercise - related party, Shares			256,038
Common Stock | Maximum
Stockholders Equity [Line Items]
Warrant issued to purchase shares				338,784
Common Stock | Follow-on Public Offering
Stockholders Equity [Line Items]
Issued shares of common stock		4,887,500
Proceeds from follow-on public offering		$ 169,500,000
Underwriters for IPO Exercised in full Overallotment Option | Common Stock | Follow-on Public Offering
Stockholders Equity [Line Items]
Issued shares of common stock		637,500

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)shares
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs | $	$ 13.8
Share-based compensation, number of common stock issuable per RSU vested	1
Stock-based compensation, options vesting description	Stock units will vest in tranches as certain discovery milestones, clinical milestones, or specified market conditions are met.
2015 Incentive Stock Option and Grant Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation, common stock shares reserved for issuance	11,056,618
2020 Stock Option and Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation, common stock shares reserved for issuance	11,056,618
Stock-based compensation, common stock shares available for issuance	3,735,127
Unrecognized compensation costs | $	$ 93
Expected to be recognized over a weighted average period	3 years

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 8,938	$ 3,845
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3,612	1,171
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 5,326	$ 2,674

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock Option Activity (Details) - 2020 Stock Option and Incentive Plan	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock options, Outstanding as of December 31, 2021 | shares	5,983,425
Number of stock options, Granted | shares	1,576,000
Number of stock options, Exercised | shares	(52,707)
Number of stock options, Cancelled or forfeited | shares	(185,227)
Number of stock options, Outstanding as of March 31, 2022 | shares	7,321,491
Number of stock options, Options exercisable as of March 31, 2022 | shares	1,668,108
Number of stock options, Vested and expected to vest as of March 31, 2022 | shares	7,321,491
Weighted-average exercise price, Outstanding as of December 31, 2021 | $ / shares	$ 22.33
Weighted-average exercise price, Granted | $ / shares	23.57
Weighted-average exercise price, Exercised | $ / shares	4.96
Weighted-average exercise price, Cancelled or forfeited | $ / shares	30.96
Weighted-average exercise price, Outstanding as of March 31, 2022 | $ / shares	22.72
Weighted-average exercise price, Options exercisable as of March 31, 2022 | $ / shares	18.45
Weighted-average exercise price, Vested and expected to vest as of March 31, 2022 | $ / shares	$ 22.72

Stock-based Compensation - Su_2

Stock-based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Granted | shares	563,500
Shares Outstanding as of March 31, 2022 | shares	563,500
Weighted-Average Grant Date Fair Value, Granted | $ / shares	$ 25.47
Weighted-Average Grant Date Fair Value, Outstanding as of March 31, 2022 | $ / shares	$ 25.47

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax provision or benefit	$ 0	$ 0

Loss Per Share - Schedule of Co

Loss Per Share - Schedule of Computation 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]
Total anti-dilutive common stock equivalents	7,321,491	6,291,698
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents	7,321,491	5,952,914
Warrant to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive common stock equivalents		338,784

Loss Per Share - Schedule of Ba

Loss Per Share - Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (31,620)	$ (20,971)
Denominator:
Weighted-average number of shares used in computed net loss per share − basic and diluted	48,734,827	43,084,978
Net loss per share attributable to common stockholders − basic and diluted	$ (0.65)	$ (0.49)