Quince Therapeutics (QNCX) 10-Q 29 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	CRTX
Entity Registrant Name	Cortexyme, Inc.
Entity Central Index Key	0001662774
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		29,877,608
Entity File Number	001-38890
Entity Tax Identification Number	90-1024039
Entity Address, Address Line One	269 East Grand Ave.
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	415
Local Phone Number	910-5717
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.001 per share
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 62,207,000	$ 66,841,000
Short term investments	52,205,000	66,979,000
Prepaid expenses and other current assets	5,015,000	4,042,000
Total current assets	119,427,000	137,862,000
Property and equipment, net	303,000	427,000
Operating lease right-of-use assets, net	1,352,000	674,000
Long term investments	26,141,000	50,464,000
Other assets	193,000	39,000
Total assets	147,416,000	189,466,000
Current liabilities:
Accounts payable	2,880,000	3,555,000
Accrued expenses and other current liabilities	11,274,000	13,441,000
Total current liabilities	14,154,000	16,996,000
Long-term operating lease liabilities	610,000	208,000
Total liabilities	14,764,000	17,204,000
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000,000 authorized, no shares issued and outstanding as of September 30, 2021 and December 31, 2020
Common stock, $0.001 par value, 100,000,000 shares authorized, 29,867,263 and 29,543,222 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	30,000	29,000
Additional paid in capital	345,751,000	318,574,000
Accumulated other comprehensive income	71,000	313,000
Accumulated deficit	(213,200,000)	(146,654,000)
Total stockholders’ equity	132,652,000	172,262,000
Total liabilities and stockholders’ equity	$ 147,416,000	$ 189,466,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
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	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	29,867,263	29,543,222
Common stock, shares outstanding	29,867,263	29,543,222

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating expenses:
Research and development	$ 14,038	$ 16,983	$ 45,582	$ 45,450
General and administrative	7,639	4,929	21,192	12,591
Total operating expenses	21,677	21,912	66,774	58,041
Loss from operations	(21,677)	(21,912)	(66,774)	(58,041)
Interest income	128	406	515	1,747
Other expense, net	(157)	0	(287)	0
Net loss	(21,706)	(21,506)	(66,546)	(56,294)
Other comprehensive income (loss):
Foreign currency translation adjustments	(18)		(18)
Unrealized gain (loss) on available for sales securities	(64)	(198)	(260)	453
Total comprehensive loss	$ (21,752)	$ (21,704)	$ (66,788)	$ (55,841)
Net loss per share - basic and diluted	$ (0.73)	$ (0.73)	$ (2.25)	$ (1.94)
Weighted average shares of common stock outstanding - basic and diluted	29,767,376	29,488,739	29,637,328	29,066,006

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2019	$ 115,478	$ 27	$ 185,196	$ 60	$ (69,805)
Beginning balance, shares at Dec. 31, 2019		26,869,413
Issuance of common stock in connection with private placement, net of issuance costs of $7,310	117,628	$ 2
Issuance of common stock in connection with private placement, shares		2,500,000	117,626
Exercise of stock options	1,235		$ 1,235
Exercise of stock options, shares		124,836
Stock based compensation	9,511		9,511
Other comprehensive income (loss)	453			453
Net loss	(56,294)				(56,294)
Ending balance at Sep. 30, 2020	188,011	$ 29	313,568	513	(126,099)
Ending balance, shares at Sep. 30, 2020		29,494,249
Beginning balance at Jun. 30, 2020	205,467	$ 29	309,320	(711)	(104,593)
Beginning balance, shares at Jun. 30, 2020		29,486,269
Exercise of stock options	90		90
Exercise of stock options, shares		7,980
Stock based compensation	4,158		4,158
Other comprehensive income (loss)	(198)			(198)
Net loss	(21,506)				(21,506)
Ending balance at Sep. 30, 2020	188,011	$ 29	313,568	513	(126,099)
Ending balance, shares at Sep. 30, 2020		29,494,249
Beginning balance at Dec. 31, 2020	172,262	$ 29	318,574	313	(146,654)
Beginning balance, shares at Dec. 31, 2020		29,543,222
Exercise of stock options	5,818	$ 1	5,817
Exercise of stock options, shares		(324,041)
Stock based compensation	21,360		21,360
Other comprehensive income (loss)	(242)			(242)
Net loss	(66,546)				(66,546)
Ending balance at Sep. 30, 2021	132,652	$ 30	345,751	71	(213,200)
Ending balance, shares at Sep. 30, 2021		29,867,263
Beginning balance at Jun. 30, 2021	142,080	$ 30	333,427	117	(191,494)
Beginning balance, shares at Jun. 30, 2021		29,655,786
Exercise of stock options	4,706		4,706
Exercise of stock options, shares		211,477
Stock based compensation	7,618		7,618
Other comprehensive income (loss)	(46)			(46)
Net loss	(21,706)				(21,706)
Ending balance at Sep. 30, 2021	$ 132,652	$ 30	$ 345,751	$ 71	$ (213,200)
Ending balance, shares at Sep. 30, 2021		29,867,263

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net Loss	$ (66,546)	$ (56,294)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash rent expense	199	275
Stock based compensation	21,360	9,511
Depreciation and amortization	260	247
Amortization of premium on available for sale investments	679	429
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(973)	1,044
Other assets	(154)	8
Accounts payable	(675)	1,234
Accrued expenses and other current liabilities	(2,664)	6,004
Net cash used in operating activities	(48,514)	(37,542)
Cash flow from investing activities:
Purchase of investments	(35,778)	(183,356)
Proceeds from maturities of investments	73,947	115,141
Purchase of property and equipment	(136)	(42)
Net cash provided by / (used in) investing activities	38,033	(68,257)
Cash flows from financing activities:
Payments of finance leases	0	(32)
Proceeds from issuance of common stock upon exercise of stock options	5,818	1,235
Proceeds from private placement offering, net of issuance costs	0	117,628
Net cash provided by financing activities	5,818	118,831
Effect of exchange rate changes on cash	29	0
Net increase / (decrease) in cash and cash equivalents	(4,634)	13,032
Cash and cash equivalents at beginning of period	66,841	51,214
Cash and cash equivalents at end of period	62,207	64,246
Supplemental disclosures of non-cash information:
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 1,254	$ 620

Organization

Organization	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1. Organization Description of Business Cortexyme, Inc. (the “Company”) was incorporated in the State of Delaware in June 2012 and is headquartered in South San Francisco, California. The Company is a clinical stage biopharmaceutical company focused on developing therapeutics based on data supporting a new theory of the cause of Alzheimer’s disease and other degenerative disorders. Cortexyme is targeting a specific, infectious pathogen tied to neurodegeneration and chronic inflammation in humans and animal models. Private Investment in Public Equity (“PIPE”) In February 2020 , the Company completed a private investment in public equity transaction (“PIPE Financing”). The Company entered into Stock Purchase Agreements (the “Purchase Agreements”) with certain accredited investors, including an entity affiliated with a member of the Company’s Board of Directors, pursuant to which the Company sold and issued shares of common stock for aggregate gross proceeds of $ 125.0 million. Costs related to the offering were $ 7.4 million. Pursuant to the Purchase Agreements, the Company sold 2,500,000 common shares at $ 50.00 per common share. In connection with the PIPE Financing, the Company filed a registration statement on Form S-1 (File No. 333-237594), with the SEC registering for resale the shares of common stock issued in the PIPE Financing. The registration statement was declared effective by the SEC on April 13, 2020. Liquidity and Capital Resources The Company has incurred losses and negative cash flows from operations since inception and expects to continue to generate operating losses for the foreseeable future. As of September 30, 2021, the Company had an accumulated deficit of $ 213.2 million. Since inception through September 30, 2021, the Company has funded operations primarily with the net proceeds from the issuance of convertible promissory notes, from the issuance of redeemable convertible preferred stock, from the net proceeds from the Company’s initial public offering (the “IPO”) and from the net proceeds from the PIPE Financing. As of September 30, 2021, the Company had cash, cash equivalents, and short-term investments of $ 114.4 million, which it believes will be sufficient to fund its planned operations for a period of at least 12 months from the date of the issuance of the accompanying unaudited consolidated financial statements. The Company also has long-term investments of $ 26.1 million. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and may need to raise additional capital to fully implement its business plan. The Company may raise additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, our ability to raise additional capital may be more difficult in light of the top-line results from our Phase 2/3 GAIN Trial. If such financing is not available when needed and at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its product candidates.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Consolidation The condensed consolidated financial statements include the accounts of Cortexyme, Inc. and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the instructions of the SEC on Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the periods presented have been included. The condensed consolidated balance sheet as of September 30, 2021, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2021 and 2020, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2021 and 2020, the condensed consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020, and the financial data and other financial information disclosed in the notes to the condensed consolidated financial statements are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Form 10-K filed with the SEC on March 1, 2021. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 , or for any other future annual or interim period. Risks and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s potential drug candidates, uncertainty of market acceptance of the Company’s drug candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals. The Company’s drug candidate will require approvals from the U.S. Food and Drug Administration (FDA) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any drug candidate will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any drug candidate, it could have a materially adverse impact on the Company. In connection with the COVID-19 pandemic, governments have implemented significant measures, including closures, quarantines, travel restrictions and other social distancing directives, intended to control the spread of the virus. Companies have also taken precautions, such as requiring employees to work remotely, imposing travel restrictions, and temporarily closing businesses. To the extent that these restrictions remain in place, additional prevention and mitigation measures are implemented in the future or there is uncertainty about the effectiveness of these or any other measures to contain or treat COVID-19, there is likely to be a continuing, adverse impact on global economic conditions and consumer confidence and spending, which could materially and adversely affect the Company’s research and development, as well as operational activities. At this time, the Company continues to manage and mitigate potential disruptions to its research and future manufacturing and supply chain considerations. The Company has not experienced significant hinderances to its operations or material negative financial impacts as compared to prior periods. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments which are highly uncertain and cannot be predicted. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s consolidated financial statements relate to the stock-based awards and other issuances, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates. Significant Accounting Policies There have been no significant changes to the accounting policies during the nine months ended September 30, 2021 , as compared to the significant accounting policies described in our Annual Report on Form 10-K. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash and cash equivalents. Cash equivalents, which consist of amounts invested in money market funds, are stated at fair value. There are no unrealized gains or losses on the money market funds for the periods presented. Fair Value Measurements The fair value of the Company’s financial instruments reflects the amounts that the Company estimates that it would receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 - Inputs other than quoted prices that are observable for the assets or liability either directly or indirectly, including inputs in markets that are not considered to be active; Level 3 - Inputs that are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. Recent Accounting Pronouncements Not Yet Adopted The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements: Financial Instruments—Credit Losses: In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the principles around the recognition of credit losses by mandating entities incorporate an estimate of current expected credit losses when determining the value of certain assets. The guidance also amends reporting around allowances for credit losses on available-for-sale marketable securities. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which established that a one-time determination of the effective date for ASU 2016-13 would be based on the Company’s SEC reporting status as of November 15, 2019. The Company was a “smaller reporting company” as defined by Item 10 of Regulation S-K, and therefore, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its financial statements. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 3. Fair Value Measurements The Company measures and reports its cash equivalents and investments at fair value. Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs. Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of September 30, 2021 and December 31, 2020 are presented in the following tables (in thousands): Fair Value Measurements at September 30, 2021 Total Level 1 Level 2 Level 3 Money market funds $ 36,600 $ 36,600 $ — $ — Certificates of Deposit 13,516 — 13,516 — Repurchase Agreements 16,500 — 16,500 — Corporate notes 58,743 — 58,743 — Government and agency notes 4,215 — 4,215 — Municipal notes 2,622 — 2,622 — Total $ 132,196 $ 36,600 $ 95,596 $ — Fair Value Measurements at December 31, 2020 Total Level 1 Level 2 Level 3 Money market funds $ 15,661 $ 15,661 $ — $ — Certificates of Deposit 30,765 — 30,765 — Repurchase Agreements 15,000 — 15,000 — Corporate notes 75,426 — 75,426 — Government and agency notes 8,296 — 8,296 — Municipal notes 3,446 — 3,446 — Total $ 148,594 $ 15,661 $ 132,933 $ — The following table summarizes the available-for-sale securities (in thousands): Fair Value Measurements at September 30, 2021 Amortized Unrealized Unrealized Fair Value Money market funds $ 36,600 $ — $ — $ 36,600 Certificates of Deposit 13,487 35 ( 6 ) 13,516 Repurchase Agreements 16,500 — — 16,500 Corporate notes 58,724 38 ( 19 ) 58,743 Government and agency notes 4,212 5 ( 2 ) 4,215 Municipal notes 2,621 1 — 2,622 Total cash equivalents and investments $ 132,144 $ 79 $ ( 27 ) $ 132,196 Classified as: Cash equivalents (maturities within 90 days) $ 53,850 Short-term investments (maturities within one year) 52,205 Long-term investments (maturities beyond 1 year) 26,141 Total cash equivalents and investments $ 132,196 Fair Value Measurements at December 31, 2020 Amortized Unrealized Unrealized Fair Value Money market funds $ 15,661 $ — $ — $ 15,661 Certificates of Deposit 30,603 162 — 30,765 Repurchase Agreements 15,000 — — 15,000 Corporate notes 75,298 183 ( 55 ) 75,426 Government and agency notes 8,274 22 — 8,296 Municipal notes 3,445 1 — 3,446 Total cash equivalents and investments $ 148,281 $ 368 $ ( 55 ) $ 148,594 Classified as: Cash equivalents (maturities within 90 days) $ 31,151 Short-term investments (maturities within one year) 66,979 Long-term investments (maturities beyond 1 year) 50,464 Total cash equivalents and investments $ 148,594 As of September 30, 2021, the remaining contractual maturities of available-for-sale securities was approximately 10 months. There have been no significant realized gains or losses on available-for-sale securities for the periods presented. Based on the Company’s review of its available-for-sale securities, the Company has a limited number of available-for-sale securities in insignificant loss positions as of September 30, 2021. Management evaluates securities for other-than-temporary impair ment (OTTI) on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Investment securities are generally evaluated for OTTI under FASB Accounting Standards Codification (ASC) Topic 320, Accounting for Certain Investments in Debt and Equity Securities. OTTI under the ASC Topic 320 model, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time. The Company believes it had no other-than-temporary impairments on these securities as of September 30, 2021. The investments are classified as available-for-sale securities. At September 30, 2021 and December 31, 2020 , the balance in the Company’s accumulated other comprehensive income was comprised primarily of activity related to the Company’s available-for-sale securities. There were no realized gains or losses recognized on the sale or maturity of available-for-sale securities for the three and nine months ended September 30, 2021 and as a result, the Company did no t reclassify any amounts out of accumulated other comprehensive income for the quarter. There were no transfers between Levels 1, 2 or 3 for the period presented.

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Cash, Cash Equivalents and Investments	Note 4. Cash, Cash Equivalents and Investments The following tables categorize the fair values of cash, cash equivalents, short-term investments and long-term investments measured at fair value on a recurring basis on our balance sheets (in thousands): September 30, 2021 December 31, 2020 Cash and cash equivalents: Cash $ 8,357 $ 35,690 Money market funds 36,600 15,661 Repurchase agreements 16,500 15,000 Certificates of deposit 750 490 Total cash and cash equivalents $ 62,207 $ 66,841 Short-term investments: Certificates of deposit $ 8,575 $ 23,387 Municipal notes 1,583 2,365 Corporate notes 37,832 34,991 Government and agency notes 4,215 6,236 Total short-term investments $ 52,205 $ 66,979 Long-term investments Corporate notes $ 20,911 $ 40,435 Certificates of deposit 4,191 6,888 Municipal notes 1,039 1,081 Government and agency notes — 2,060 Total long-term investments $ 26,141 $ 50,464

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2021
Balance Sheet Components [Abstract]
Balance Sheet Components	Note 5. Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): September 30, December 31, 2021 2020 Prepaid expenses $ 472 $ 274 Prepaid insurance 1,965 964 Prepaid research and development expenses 2,083 2,110 Other current assets 495 694 Total prepaid expenses and other current assets $ 5,015 $ 4,042 Property and Equipment, Net Property and equipment, net consist of the following (in thousands): September 30, December 31, 2021 2020 Computer equipment $ 52 $ 33 Lab equipment 503 405 Finance lease right of use assets 557 557 Leasehold improvement 40 21 Office furniture 26 26 Less: accumulated amortization and depreciation ( 875 ) ( 615 ) Property and equipment, net $ 303 $ 427 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): September 30, December 31, 2021 2020 Personnel expenses $ 2,793 $ 2,415 Professional fees 401 141 Research and development expenses 7,251 10,603 Other 829 282 Total accrued expenses and other current liabilities $ 11,274 $ 13,441

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Note 6. Leases Real Estate Operating Leases In June 20 1 8, the Company entered into a three-year lease agreement with no renewal options with an investor in the Series B redeemable convertible preferred stock. The lease began on July 16, 2018 and provides 3,185 square feet of office and laboratory space in South San Francisco, California. The Company issued 114,437 shares of its Series B redeemable convertible preferred stock with a fair value of $ 1.1 million in exchange for the leased facility. No other payments are due under the lease. The common area maintenance and other operating costs are included in the base rent. 100 % of the issued shares were initially subject to a repurchase option. Pursuant to the terms of the lease, each month beginning on the one-month anniversary of the commencement date of the lease, 1/36 th of the total shares are released from the repurchase option until all shares are released over the lease period of three years . The scheduled release of shares ceased immediately upon the IPO which was a terminating event. The Company completed its IPO on May 13, 2019 and as a result, pursuant to the terms of the lease agreement, all previously unvested shares were fully vested and as part of the IPO process, all outstanding shares of the Company’s redeemable convertible preferred stock including the Series B redeemable convertible preferred stock issued in connection with the lease agreement were converted into shares of the Company’s common stock on a 1 -for-1 basis and the operating lease liability was extinguished. In May 2019, the Company entered into an amendment to the lease agreement to rent additional space in the same facility under the same terms as its existing facility lease except the terms of payment. Under the terms of the amendment, the Company paid a one-time fee of approximately $ 63,000 for the additional space and the lease agreement was set to terminate in July 2021 . No other payments were due under the lease agreement and no renewal option is available. As the entire lease was prepaid, there was no associated lease liability. In May 2020, the Company entered into a second amendment to the lease agreement to rent additional space in the same facility under the same terms as its existing facility lease except the terms of payment. Under the terms of the amendment, the Company paid rent monthly for the additional space and the lease agreement was set to terminate in July 2021 . The Company recorded an operating lease asset and liability of $ 172,000 . In May 2021, the Company entered into a third amendment to the lease agreement to extend the term of its existing facility space to July 15, 2022 under the same terms as its existing facility lease except the terms of payment. The lease amendment provides for one-year extension period under the same terms. The Company paid a security deposit of $ 105,000 , which is included in Other Assets on the September 30, 2021 condensed consolidated balance sheets. As a result of this amendment, the Company recognized an additional right-of-use asset and corresponding lease liability of $ 1.2 million. In the same agreement, the Company also agreed to rent additional space effective July 16, 2021 for a period of 12 months. The lease amendment provides for one-year extension period and is included in the lease term as it is reasonably certain that the Company will exercise the option. The Company recognized an additional right of use asset and corresponding lease liability of $ 44,000 in July 2021. Total payments under the third amendment to the lease including the additional space will be $ 1.3 million. In May 2020, the Company entered into a lease agreement to rent space in San Diego, California. The lease agreement is for three years , which commenced August 1, 2020. Total payments under the lease will be $ 337,000 . The Company paid a security deposit of $ 29,000 and is included in Other Assets on the September 30, 2021 condensed consolidated balance sheets. At the commencement of the lease, the Company recorded an operating lease asset of $ 326,000 , which consists of an operating lease liability of $ 317,000 and cash rent prepayment of $ 9,000 . The Company recognizes lease expense on a straight-line basis over the term of its operating lease. As of September 30, 2021, total future rent expense from all real estate operating leases of $ 1.3 million will be recognized over the remaining terms of 22 months on a straight-line basis over the respective lease period. Clinical Equipment Operating Lease The Company uses certain vendor supplied equipment in connection with its on-going clinical trial. The Company has analyzed the vendor agreement and determined that it contains an embedded operating lease. The Company recognizes monthly the leases costs in our research and development expenses. The right of use asset and lease liability are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company’s lease does not provide an implicit rate. The Company used an adjusted historical incremental borrowing rate, based on the information available at the approximate lease commencement date, to determine the present value of lease payments. The remaining lease expense of $ 6,000 will be recognized over the remaining lease term of approximately 2 months . Clinical Equipment Financing Lease The Company uses certain vendor supplied equipment in connection with its on-going clinical trial. The Company has analyzed the vendor agreements and determined that they contain embedded finance leases. The Company recognizes the depreciation expense in research and development expenses in the condensed consolidated statements of operations and comprehensive loss and recognizes expense on a straight-line basis starting when the equipment is placed into service until the end of the contract term ranging from 20 to 34 months . Depreciation expense of the financing lease right of use asset for the nine months ended September 30, 2021 and 2020 was $ 170,000 and $ 173,000 , respectively. Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates): September 30, 2021 December 31, 2020 Operating lease right of use asset, net $ 1,352 $ 674 Short-term operating lease liability 737 238 Long-term operating lease liability 610 208 $ 1,347 $ 446 Finance lease right of use asset 557 557 Finance lease accumulated amortization ( 507 ) ( 337 ) Total finance lease right of use asset, net $ 50 $ 220 Weighted average remaining lease term Operating leases 1.8 years 1.6 years Finance leases 0.2 years 0.9 years Weighted average discount rate Operating leases 1.88 % 2.10 % Finance leases — % — % Year ended December 31, Operating Lease 2021 (excluding the nine months ended September 30, 2021) 192 2022 756 2023 423 Total lease payments 1,371 Less: imputed interest ( 24 ) Total remaining lease liability 1,347

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 7. Stock-Based Compensation On December 4, 2014, the Company’s stockholders approved the 2014 Stock Plan (“2014 Plan”), and most recently amended the 2014 Plan on April 25, 2019. The 2014 Plan was amended, restated and re-named the 2019 Equity Incentive Plan (the “2019 Plan”), which became effective as of May 7, 2019, the day prior to the effectiveness of the registration statement filed in connection with the IPO. The remaining shares available for issuance under the 2014 Plan were added to the shares reserved for issuance under the 2019 Plan. The 2019 Plan provides for the grant of stock options (including incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, RSUs, performance units, and performance shares to the Company’s employees, directors, and consultants. The maximum aggregate number of shares that may be issued under the 2019 Plan is 7,388,053 shares of the Company’s common stock. In addition, the number of shares available for issuance under the 2019 Plan will be annually increased on the first day of each fiscal years beginning with fiscal 2020, by an amount equal to the least of (i) 2,146,354 shares of common stock; (ii) 4 % of the outstanding shares of its common stock as of the last day of its immediately preceding fiscal year; and (iii) such other amount as the Company’s Board of Directors may determine. The 2019 Plan may be amended, suspended or terminated by the Company’s Board of Directors at any time, provided such action does not impair the existing rights of any participant, subject to stockholder approval of any amendment to the 2019 Plan as required by applicable law or listing requirements. Unless sooner terminated by the Company’s Board of Directors, the 2019 Plan will automatically terminate on April 23, 2029. As of September 30, 2021, the Company had 899,925 shares available for future issuance under the 2019 Plan. Stock Options Activity for service-based stock options under the 2019 Plan is as follows: Number of Weighted Weighted Aggregate (In thousands) Balance at December 31, 2020 4,790,327 $ 25.47 8.69 $ 49,723 Options granted 675,116 62.01 Options exercised ( 324,041 ) 17.95 Options cancelled / forfeited ( 123,960 ) 47.09 Balance at September 30, 2021 5,017,442 $ 30.34 8.17 $ 307,681 Options vested and expected to vest as of September 30, 2021 5,017,442 30.34 8.17 307,681 Options exercisable as of September 30, 2021 2,144,364 $ 17.42 7.36 $ 159,205 For the three and nine months ended September 30, 2021, the Company recognized stock-based compensation expense of $ 6,685,000 and $ 18,580,000 , respectively, related to options granted to employees and non-employees. The compensation expense is allocated on a departmental basis, based on the classification of the option holder. No income tax benefits have been recognized in the statement of operations for stock-based compensation arrangements. As of September 30, 2021, total unamortized employee stock-based compensation was $ 80.4 million, which is expected to be recognized over the remaining estimated vesting period of 3.01 years. Performance Stock Options (“PSOs”) The following table summarizes activity under the Company’s PSOs from the 2019 Plan and related information: Shares Subject to Outstanding PSOs Weighted Weighted average remaining contractual life (years) Balance at December 31, 2020 675,000 $ 29.60 9.94 Balance at September 30, 2021 675,000 29.60 9.19 Outstanding 675,000 $ 29.60 9.19 Vested — — — For the three and nine months ended September 30, 2021, the Company recognized stock-based compensation expense of $ 933,000 and $ 2,780,000 , respectively, related to these PSOs. As of September 30, 2021 , total unamortized stock-based compensation related to PSOs was $ 7.1 million, which is expected to be recognized over the remaining estimated vesting period of 2.04 years. Stock-Based Compensation Expense The following table summarizes employee and non-employee stock-based compensation expense for the three and nine months ended September 30, 2021 and 2020 and the allocation within the condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 General and administrative expense $ 3,770 $ 2,261 $ 10,878 $ 4,915 Research and development expense 3,848 1,897 10,482 4,596 Total stock-based compensation $ 7,618 $ 4,158 $ 21,360 $ 9,511 Employee Stock Purchase Plan On April 24, 2019, the Company’s Board of Directors adopted its 2019 Employee Stock Purchase Plan (“2019 ESPP”), which was subsequently approved by the Company’s stockholders and became effective on May 7, 2019, the day immediately prior to the effectiveness of the registration statement filed in connection with the IPO. The 2019 ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code (the “Code”) for U.S. employees. In addition, the 2019 ESPP authorizes grants of purchase rights that do not comply with Section 423 of the Code under a separate non-423 component for non-U.S. employees and certain non-U.S. service providers. The Company has reserved 832,421 shares of common stock for issuance under the 2019 ESPP. In addition, the number of shares reserved for issuance under the 2019 ESPP will be increased automatically on the first day of each fiscal year for a period of up to ten years , starting with the 2020 fiscal year, by a number equal to the least of: (i) 536,589 shares; (ii) 1 % of the shares of common stock outstanding on the last day of the prior fiscal year; or (iii) such lesser number of shares determined by the Company’s Board of Directors. The 2019 ESPP is expected to be implemented through a series of offerings under which participants are granted purchase rights to purchase shares of the Company’s common stock on specified dates during such offerings. The Company has not yet approved an offering under the 2019 ESPP.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 8. Related Party Transactions As described in Note 1, on February 10, 2020 , the Company issued and sold shares of common stock at a purchase price of $ 50.00 per share in a private placement. In the private placement, the Company issued and sold 30,000 shares of common stock for an aggregate purchase price of $ 1,500,000 to an entity affiliated with David A. Lamond, a member of the Company’s Board of Directors. In the first quarter of 2021, the Company entered into two agreements with LifeSci Advisors, LLC for non-capital advisory consulting services. The Company’s Chief Operating Officer and Chief Financial Officer, Christopher Lowe, has an investment in a sister entity to LifeSci Advisors, LLC whose business is unrelated to the services being offered by LifeSci Advisors, LLC to the Company. For the nine months ended September 30, 2021 , the Company has incurred total expenses of $ 541,000 related to these agreements.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 9. Income Taxes The Company has a history of losses and expects to record a loss in 2021. The Company accounts for income taxes under ASC Topic 740 – Income Taxes. Under this standard, deferred tax assets and liabilities are recognized for future tax benefits or consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for significant deferred tax assets when it is more likely than not that such assets will not be realized through future operations. No provision for income taxes has been recorded due to the available net operating loss carry forwards. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the future deferred tax assets. On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") into law. On December 21, 2020, President Trump also signed into law the Consolidated Appropriations Act, 2021 ("CAA Act") which includes further COVID-19 economic relief and extension of certain expiring tax provisions. The Company has reviewed the aspects of these laws as it relates to the income taxes and has concluded that at this time, the CARES Act and CAA Act will have no material impact to the Company's 2021 provision for income taxes. The Company will continue to evaluate changes and revisions of the CARES Act and CAA Act and their impact on the Company’s financial position, results of operations and cash flows .

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	Note 10. Net Loss Per Share The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect: September 30, 2021 2020 Stock options issued and outstanding 5,017,442 3,768,925 Performance stock options 675,000 — Total 5,692,442 3,768,925

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The condensed consolidated financial statements include the accounts of Cortexyme, Inc. and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the instructions of the SEC on Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the periods presented have been included. The condensed consolidated balance sheet as of September 30, 2021, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2021 and 2020, the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2021 and 2020, the condensed consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020, and the financial data and other financial information disclosed in the notes to the condensed consolidated financial statements are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Form 10-K filed with the SEC on March 1, 2021. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 , or for any other future annual or interim period.
Risks and Uncertainties	Risks and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s potential drug candidates, uncertainty of market acceptance of the Company’s drug candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals. The Company’s drug candidate will require approvals from the U.S. Food and Drug Administration (FDA) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any drug candidate will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any drug candidate, it could have a materially adverse impact on the Company. In connection with the COVID-19 pandemic, governments have implemented significant measures, including closures, quarantines, travel restrictions and other social distancing directives, intended to control the spread of the virus. Companies have also taken precautions, such as requiring employees to work remotely, imposing travel restrictions, and temporarily closing businesses. To the extent that these restrictions remain in place, additional prevention and mitigation measures are implemented in the future or there is uncertainty about the effectiveness of these or any other measures to contain or treat COVID-19, there is likely to be a continuing, adverse impact on global economic conditions and consumer confidence and spending, which could materially and adversely affect the Company’s research and development, as well as operational activities. At this time, the Company continues to manage and mitigate potential disruptions to its research and future manufacturing and supply chain considerations. The Company has not experienced significant hinderances to its operations or material negative financial impacts as compared to prior periods. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments which are highly uncertain and cannot be predicted.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s consolidated financial statements relate to the stock-based awards and other issuances, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates.
Significant Accounting Policies	Significant Accounting Policies There have been no significant changes to the accounting policies during the nine months ended September 30, 2021 , as compared to the significant accounting policies described in our Annual Report on Form 10-K.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash and cash equivalents. Cash equivalents, which consist of amounts invested in money market funds, are stated at fair value. There are no unrealized gains or losses on the money market funds for the periods presented.
Fair Value Measurements	Fair Value Measurements The fair value of the Company’s financial instruments reflects the amounts that the Company estimates that it would receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 - Inputs other than quoted prices that are observable for the assets or liability either directly or indirectly, including inputs in markets that are not considered to be active; Level 3 - Inputs that are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements: Financial Instruments—Credit Losses: In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the principles around the recognition of credit losses by mandating entities incorporate an estimate of current expected credit losses when determining the value of certain assets. The guidance also amends reporting around allowances for credit losses on available-for-sale marketable securities. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which established that a one-time determination of the effective date for ASU 2016-13 would be based on the Company’s SEC reporting status as of November 15, 2019. The Company was a “smaller reporting company” as defined by Item 10 of Regulation S-K, and therefore, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its financial statements. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities to Fair Value Measurements on Recurring Basis	Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of September 30, 2021 and December 31, 2020 are presented in the following tables (in thousands): Fair Value Measurements at September 30, 2021 Total Level 1 Level 2 Level 3 Money market funds $ 36,600 $ 36,600 $ — $ — Certificates of Deposit 13,516 — 13,516 — Repurchase Agreements 16,500 — 16,500 — Corporate notes 58,743 — 58,743 — Government and agency notes 4,215 — 4,215 — Municipal notes 2,622 — 2,622 — Total $ 132,196 $ 36,600 $ 95,596 $ — Fair Value Measurements at December 31, 2020 Total Level 1 Level 2 Level 3 Money market funds $ 15,661 $ 15,661 $ — $ — Certificates of Deposit 30,765 — 30,765 — Repurchase Agreements 15,000 — 15,000 — Corporate notes 75,426 — 75,426 — Government and agency notes 8,296 — 8,296 — Municipal notes 3,446 — 3,446 — Total $ 148,594 $ 15,661 $ 132,933 $ —
Summary of Available-for-Sale Securities	The following table summarizes the available-for-sale securities (in thousands): Fair Value Measurements at September 30, 2021 Amortized Unrealized Unrealized Fair Value Money market funds $ 36,600 $ — $ — $ 36,600 Certificates of Deposit 13,487 35 ( 6 ) 13,516 Repurchase Agreements 16,500 — — 16,500 Corporate notes 58,724 38 ( 19 ) 58,743 Government and agency notes 4,212 5 ( 2 ) 4,215 Municipal notes 2,621 1 — 2,622 Total cash equivalents and investments $ 132,144 $ 79 $ ( 27 ) $ 132,196 Classified as: Cash equivalents (maturities within 90 days) $ 53,850 Short-term investments (maturities within one year) 52,205 Long-term investments (maturities beyond 1 year) 26,141 Total cash equivalents and investments $ 132,196 Fair Value Measurements at December 31, 2020 Amortized Unrealized Unrealized Fair Value Money market funds $ 15,661 $ — $ — $ 15,661 Certificates of Deposit 30,603 162 — 30,765 Repurchase Agreements 15,000 — — 15,000 Corporate notes 75,298 183 ( 55 ) 75,426 Government and agency notes 8,274 22 — 8,296 Municipal notes 3,445 1 — 3,446 Total cash equivalents and investments $ 148,281 $ 368 $ ( 55 ) $ 148,594 Classified as: Cash equivalents (maturities within 90 days) $ 31,151 Short-term investments (maturities within one year) 66,979 Long-term investments (maturities beyond 1 year) 50,464 Total cash equivalents and investments $ 148,594

Cash, Cash Equivalents and In_2

Cash, Cash Equivalents and Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Fair Values of Cash, Cash Equivalents, and Short-Term Investments Measured at Fair Value on Recurring Basis	The following tables categorize the fair values of cash, cash equivalents, short-term investments and long-term investments measured at fair value on a recurring basis on our balance sheets (in thousands): September 30, 2021 December 31, 2020 Cash and cash equivalents: Cash $ 8,357 $ 35,690 Money market funds 36,600 15,661 Repurchase agreements 16,500 15,000 Certificates of deposit 750 490 Total cash and cash equivalents $ 62,207 $ 66,841 Short-term investments: Certificates of deposit $ 8,575 $ 23,387 Municipal notes 1,583 2,365 Corporate notes 37,832 34,991 Government and agency notes 4,215 6,236 Total short-term investments $ 52,205 $ 66,979 Long-term investments Corporate notes $ 20,911 $ 40,435 Certificates of deposit 4,191 6,888 Municipal notes 1,039 1,081 Government and agency notes — 2,060 Total long-term investments $ 26,141 $ 50,464

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2021
Balance Sheet Components [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): September 30, December 31, 2021 2020 Prepaid expenses $ 472 $ 274 Prepaid insurance 1,965 964 Prepaid research and development expenses 2,083 2,110 Other current assets 495 694 Total prepaid expenses and other current assets $ 5,015 $ 4,042
Schedule of Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consist of the following (in thousands): September 30, December 31, 2021 2020 Computer equipment $ 52 $ 33 Lab equipment 503 405 Finance lease right of use assets 557 557 Leasehold improvement 40 21 Office furniture 26 26 Less: accumulated amortization and depreciation ( 875 ) ( 615 ) Property and equipment, net $ 303 $ 427
Schedule of Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): September 30, December 31, 2021 2020 Personnel expenses $ 2,793 $ 2,415 Professional fees 401 141 Research and development expenses 7,251 10,603 Other 829 282 Total accrued expenses and other current liabilities $ 11,274 $ 13,441

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates): September 30, 2021 December 31, 2020 Operating lease right of use asset, net $ 1,352 $ 674 Short-term operating lease liability 737 238 Long-term operating lease liability 610 208 $ 1,347 $ 446 Finance lease right of use asset 557 557 Finance lease accumulated amortization ( 507 ) ( 337 ) Total finance lease right of use asset, net $ 50 $ 220 Weighted average remaining lease term Operating leases 1.8 years 1.6 years Finance leases 0.2 years 0.9 years Weighted average discount rate Operating leases 1.88 % 2.10 % Finance leases — % — % Year ended December 31, Operating Lease 2021 (excluding the nine months ended September 30, 2021) 192 2022 756 2023 423 Total lease payments 1,371 Less: imputed interest ( 24 ) Total remaining lease liability 1,347

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Summary of Employee and Non-Employee Stock-Based Compensation Expense	Stock-Based Compensation Expense The following table summarizes employee and non-employee stock-based compensation expense for the three and nine months ended September 30, 2021 and 2020 and the allocation within the condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 General and administrative expense $ 3,770 $ 2,261 $ 10,878 $ 4,915 Research and development expense 3,848 1,897 10,482 4,596 Total stock-based compensation $ 7,618 $ 4,158 $ 21,360 $ 9,511
Service Based Stock Options
Summary of Stock Options Activity	Activity for service-based stock options under the 2019 Plan is as follows: Number of Weighted Weighted Aggregate (In thousands) Balance at December 31, 2020 4,790,327 $ 25.47 8.69 $ 49,723 Options granted 675,116 62.01 Options exercised ( 324,041 ) 17.95 Options cancelled / forfeited ( 123,960 ) 47.09 Balance at September 30, 2021 5,017,442 $ 30.34 8.17 $ 307,681 Options vested and expected to vest as of September 30, 2021 5,017,442 30.34 8.17 307,681 Options exercisable as of September 30, 2021 2,144,364 $ 17.42 7.36 $ 159,205
Performance Stock Options
Summary of Stock Options Activity	Performance Stock Options (“PSOs”) The following table summarizes activity under the Company’s PSOs from the 2019 Plan and related information: Shares Subject to Outstanding PSOs Weighted Weighted average remaining contractual life (years) Balance at December 31, 2020 675,000 $ 29.60 9.94 Balance at September 30, 2021 675,000 29.60 9.19 Outstanding 675,000 $ 29.60 9.19 Vested — — —

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Calculation of Diluted Net Loss Per Share	The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect: September 30, 2021 2020 Stock options issued and outstanding 5,017,442 3,768,925 Performance stock options 675,000 — Total 5,692,442 3,768,925

Organization - Additional Infor

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Feb. 29, 2020	Sep. 30, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Entity incorporation date		2012-06
Accumulated deficit		$ 213,200	$ 146,654
Cash, cash equivalents, and short-term investments		114,400
Long term investments		$ 26,141	$ 50,464
Private Placement
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Agreement date	Feb. 10, 2020
Issuance of stock (in shares)	2,500,000
Proceeds from issuance of common stock	$ 125,000
Costs related to offering	$ 7,400
Public offering price per share	$ 50

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021USD ($)
Money Market Funds
Summary Of Significant Accounting Policies [Line Items]
Unrealized gains or loss	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	$ 132,196	$ 148,594
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	36,600	15,661
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	13,516	30,765
Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	16,500	15,000
Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	58,743	75,426
Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	4,215	8,296
Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	2,622	3,446
Level 1
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	36,600	15,661
Level 1 | Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	36,600	15,661
Level 1 | Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 1 | Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 1 | Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 1 | Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 1 | Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 2
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	95,596	132,933
Level 2 | Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 2 | Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	13,516	30,765
Level 2 | Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	16,500	15,000
Level 2 | Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	58,743	75,426
Level 2 | Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	4,215	8,296
Level 2 | Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	2,622	3,446
Level 3
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 3 | Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 3 | Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 3 | Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 3 | Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 3 | Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 3 | Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	$ 0	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 132,144	$ 148,281
Unrealized Gains	79	368
Unrealized Losses	(27)	(55)
Financial assets and liabilities	132,196	148,594
Cash equivalents (maturities within 90 days)	53,850	31,151
Short-term investments (maturities within one year)	52,205	66,979
Long-term investments (maturities beyond 1 year)	26,141	50,464
Total cash equivalents and investments	132,196	148,594
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	36,600	15,661
Unrealized Gains	0	0
Unrealized Losses	0	0
Financial assets and liabilities	36,600	15,661
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	13,487	30,603
Unrealized Gains	35	162
Unrealized Losses	(6)	0
Financial assets and liabilities	13,516	30,765
Short-term investments (maturities within one year)	8,575	23,387
Long-term investments (maturities beyond 1 year)	4,191	6,888
Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	16,500	15,000
Unrealized Gains	0	0
Unrealized Losses	0	0
Financial assets and liabilities	16,500	15,000
Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	58,724	75,298
Unrealized Gains	38	183
Unrealized Losses	(19)	(55)
Financial assets and liabilities	58,743	75,426
Short-term investments (maturities within one year)	37,832	34,991
Long-term investments (maturities beyond 1 year)	20,911	40,435
Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	4,212	8,274
Unrealized Gains	5	22
Unrealized Losses	(2)	0
Financial assets and liabilities	4,215	8,296
Short-term investments (maturities within one year)	4,215	6,236
Long-term investments (maturities beyond 1 year)	0	2,060
Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,621	3,445
Unrealized Gains	1	1
Unrealized Losses	0	0
Financial assets and liabilities	2,622	3,446
Short-term investments (maturities within one year)	1,583	2,365
Long-term investments (maturities beyond 1 year)	$ 1,039	$ 1,081

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Other-than-temporary impairments on available-for-sale securities		$ 0
Realized gains or losses recognized on the sale or maturity of available-for-sale securities	$ 0	0
Fair value assets level 1 to level 2	0	0	$ 0
Fair value assets level 2 to level 1	$ 0	0	0
Fair value assets transfers into level 3		0	0
Fair value assets transfers out of level 3		$ 0	$ 0

Cash, Cash Equivalents and In_3

Cash, Cash Equivalents and Investments - Summary of Fair Values of Cash, Cash Equivalents, and Short-Term Investments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	$ 62,207	$ 66,841	$ 64,246	$ 51,214
Short term investments	52,205	66,979
Long term investments	26,141	50,464
Cash
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	8,357	35,690
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	36,600	15,661
Repurchase Agreements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	16,500	15,000
Certificates of Deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	750	490
Short term investments	8,575	23,387
Long term investments	4,191	6,888
Municipal Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	1,583	2,365
Long term investments	1,039	1,081
Corporate Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	37,832	34,991
Long term investments	20,911	40,435
Government and Agency Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	4,215	6,236
Long term investments	$ 0	$ 2,060

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 472	$ 274
Prepaid insurance	1,965	964
Prepaid research and development expenses	2,083	2,110
Other current assets	495	694
Total prepaid expenses and other current assets	$ 5,015	$ 4,042

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Less: accumulated amortization and depreciation	$ (875)	$ (615)
Property and equipment, net	303	427
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment	52	33
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment	503	405
Finance Lease Right of Use Assets
Property Plant And Equipment [Line Items]
Property and equipment	557	557
Leasehold Improvement
Property Plant And Equipment [Line Items]
Property and equipment	40	21
Office Furniture
Property Plant And Equipment [Line Items]
Property and equipment	$ 26	$ 26

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accrued Liabilities, Current [Abstract]
Personnel expenses	$ 2,793	$ 2,415
Professional fees	401	141
Research and development expenses	7,251	10,603
Other	829	282
Total accrued expenses and other current liabilities	$ 11,274	$ 13,441

Leases - Additional Information

Leases - Additional Information (Details)	1 Months Ended				9 Months Ended
	Jul. 31, 2021USD ($)	May 31, 2020USD ($)	May 31, 2019USD ($)	Jun. 30, 2018USD ($)ft²Investorshares	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	May 31, 2021USD ($)	Dec. 31, 2020USD ($)	May 13, 2019
Lessee Lease Description [Line Items]
Renewal options			false
Number of investors | Investor				1
Operating lease payments	$ 1,300		$ 0	$ 0
Repurchase option percentage				100.00%
Operating leases period				3 years
Operating lease payments paid for additional space			$ 63,000
Operating lease termination month and year		2021-07	2021-07
Operating lease liability	44,000	$ 172,000	$ 0		$ 1,347,000			$ 446,000
Operating lease asset	$ 44,000	$ 172,000			1,352,000		$ 1,200,000	674,000
Security deposit paid					105,000
Operating lease liability					610,000			$ 208,000
Future rent expense					1,300,000
Depreciation expense of finance lease right-of-use asset					170,000	$ 173,000
Clinical Equipment
Lessee Lease Description [Line Items]
Remaining lease expense					$ 6,000
Remaining lease term					2 months
Minimum
Lessee Lease Description [Line Items]
Finance lease amortized period on equipment service					20 months
Maximum
Lessee Lease Description [Line Items]
Operating lease remaining term on a straight-line basis					22 months
Finance lease amortized period on equipment service					34 months
San Diego, California
Lessee Lease Description [Line Items]
Lease agreement period		3 years
Operating lease payments		$ 337,000
Operating lease asset		326,000
Operating lease liability		317,000
Rent prepayment		9,000
San Diego, California | Other Assets
Lessee Lease Description [Line Items]
Security deposit paid		$ 29,000
Series B Redeemable Convertible Preferred Stock
Lessee Lease Description [Line Items]
Lease agreement period				3 years
Renewal options			false
Area under lease | ft²				3,185
Shares issued | shares				114,437
Convertible preferred stock, fair value				$ 1,100,000
Series B Redeemable Convertible Preferred Stock | IPO
Lessee Lease Description [Line Items]
Conversion of redeemable convertible preferred stock to common stock ratio									100.00%

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)	Sep. 30, 2021	Jul. 31, 2021	May 31, 2021	Dec. 31, 2020	May 31, 2020	May 31, 2019
Leases [Abstract]
Operating lease right-of-use assets, net	$ 1,352,000	$ 44,000	$ 1,200,000	$ 674,000	$ 172,000
Short-term operating lease liability	$ 737,000			$ 238,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current			Accrued Liabilities, Current
Long-term operating lease liabilities	$ 610,000			$ 208,000
Operating lease liability	1,347,000	44,000		446,000	172,000	$ 0
Finance lease right of use asset	557,000			557,000
Finance lease accumulated amortization	(507,000)			(337,000)
Total finance lease right of use asset, net	$ 50,000			$ 220,000
Weighted average remaining lease term
Operating leases	1 year 9 months 18 days			1 year 7 months 6 days
Finance leases	2 months 12 days			10 months 24 days
Weighted average discount rate
Operating leases	1.88%			2.10%
Finance leases	0.00%			0.00%
Operating Lease, Liability, Payment, Due [Abstract]
2021 (excluding the nine months ended September 30, 2021)	$ 192,000
2022	756,000
2023	423,000
Total lease payments	1,371,000
Less: imputed interest	(24,000)
Operating lease liability	$ 1,347,000	$ 44,000		$ 446,000	$ 172,000	$ 0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense related to options granted	$ 7,618,000	$ 4,158,000	$ 21,360,000	$ 9,511,000
Income tax benefits recognized			0
Unamortized employee stock-based compensation	80,400,000		$ 80,400,000
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period			3 years 3 days
Performance Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense related to options granted	933,000		$ 2,780,000
Unamortized employee stock-based compensation	7,100,000		$ 7,100,000
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period			2 years 14 days
Employees And Non Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense related to options granted	$ 6,685,000		$ 18,580,000
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate number of shares that may be issued under the plan	7,388,053		7,388,053
Increase in number of shares available for issuance as proportion of shares of common stock	2,146,354		2,146,354
Percentage of common stock outstanding			4.00%
Common stock reserved for issuance	899,925		899,925
2019 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in number of shares available for issuance as proportion of shares of common stock	536,589		536,589
Percentage of common stock outstanding			1.00%
Common stock reserved for issuance	832,421		832,421
Maximum period for common stock shares reserved for future issuance			10 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Activity for Service-based Stock Options (Details) - 2019 Plan - Service Based Stock Options	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options and Unvested Shares, beginning balance | shares	4,790,327
Number of Options and Unvested Shares, granted | shares	675,116
Number of Options and Unvested Shares, exercised | shares	(324,041)
Number of Options and Unvested Shares, cancelled / forfeited | shares	(123,960)
Number of Options and Unvested Shares, ending balance | shares	5,017,442	4,790,327
Number of Options and Unvested Shares, vested and expected to vest | shares	5,017,442
Number of Options and Unvested Shares, exercisable | shares	2,144,364
Weighted Average Exercise Price, beginning balance | $ / shares	$ 25.47
Weighted Average Exercise Price, granted | $ / shares	62.01
Weighted Average Exercise Price, exercised | $ / shares	17.95
Weighted Average Exercise Price, exercised, cancelled / forfeited | $ / shares	47.09
Weighted Average Exercise Price, ending balance | $ / shares	30.34	$ 25.47
Weighted Average Exercise Price, vested and expected to vest | $ / shares	30.34
Weighted Average Exercise Price, exercisable | $ / shares	$ 17.42
Weighted average remaining contractual life	8 years 2 months 1 day	8 years 8 months 8 days
Weighted average remaining contractual life, vested and expected to vest	8 years 2 months 1 day
Weighted average remaining contractual life, exercisable	7 years 4 months 9 days
Aggregate intrinsic value | $	$ 307,681	$ 49,723
Aggregate intrinsic value, vested and expected to vest | $	307,681
Aggregate intrinsic value, exercisable | $	$ 159,205

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Activity Under Performance Stock Options (Details) - 2019 Plan - Performance Stock Options - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Subject to Outstanding PSOs, Beginning Balance	675,000
Shares Subject to Outstanding PSOs, Ending Balance	675,000	675,000
Shares Subject to Outstanding PSOs, Outstanding	675,000
Weighted Average Exercise Price, Beginning Balance	$ 29.60
Weighted Average Exercise Price, Ending Balance	29.60	$ 29.60
Weighted Average Exercise Price, Outstanding	$ 29.60
Weighted average remaining contractual life	9 years 2 months 8 days	9 years 11 months 8 days

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Employee and Non-Employee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 7,618	$ 4,158	$ 21,360	$ 9,511
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	3,770	2,261	10,878	4,915
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 3,848	$ 1,897	$ 10,482	$ 4,596

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	Feb. 10, 2020USD ($)$ / sharesshares	Feb. 29, 2020USD ($)$ / sharesshares	Sep. 30, 2021USD ($)Agreement
LifeSci Advisors, LLC | Non-capital Advisory Consulting Services
Related Party Transaction [Line Items]
Number of agreement | Agreement			2
Related party expenses			$ 541,000
Private Placement
Related Party Transaction [Line Items]
Agreement date		Feb. 10, 2020
Issuance of stock (in shares) | shares		2,500,000
Proceeds from issuance of common stock		$ 125,000,000
Offering price per share | $ / shares		$ 50
Private Placement | David A. Lamond
Related Party Transaction [Line Items]
Agreement date	Feb. 10, 2020
Issuance of stock (in shares) | shares	30,000
Proceeds from issuance of common stock	$ 1,500,000
Offering price per share | $ / shares	$ 50

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021USD ($)
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	5,692,442,000	3,768,925,000
Stock Options Issued and Outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	5,017,442,000	3,768,925,000
Performance Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	675,000,000	0