Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 28, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | ONCORUS, INC. | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001671818 | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity File Number | 001-39575 | |
Entity Address, Address Line One | 50 Hampshire Street | |
Entity Address, Address Line Two | Suite 401 | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Tax Identification Number | 47-3779757 | |
Entity Address, Postal Zip Code | 02139 | |
Entity Incorporation, State or Country Code | DE | |
City Area Code | (857) | |
Local Phone Number | 320-6400 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 25,749,205 | |
Security Exchange Name | NASDAQ | |
Trading Symbol | ONCR | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 159,920 | $ 130,305 |
Prepaid expenses and other current assets | 2,769 | 3,086 |
Total current assets | 162,689 | 133,391 |
Property and equipment, net | 9,412 | 4,173 |
Right-of-use asset | 40,018 | 41,372 |
Restricted cash | 2,877 | 2,877 |
Other assets | 614 | 450 |
Total assets | 215,610 | 182,263 |
Current liabilities: | ||
Accounts payable | 1,959 | 1,245 |
Accrued expenses | 7,701 | 3,738 |
Lease liability - current portion | 1,084 | 993 |
Other current liabilities | 8 | |
Total current liabilities | 10,744 | 5,984 |
Lease liability - net of current portion | 42,234 | 41,615 |
Total liabilities | 52,978 | 47,599 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value; authorized — 10,000 shares at June 30, 2021 and December 31, 2020; issued and outstanding — no shares at June 30, 2021 and December 31, 2020 | ||
Common stock, $0.0001 par value; authorized - 100,000 shares at June 30, 2021 and December 31, 2020; issued and outstanding - 25,741 and 22,599 shares at June 30, 2021 and December 31, 2020, respectively | 3 | 2 |
Additional paid-in capital | 320,645 | 264,487 |
Accumulated deficit | (158,016) | (129,825) |
Total stockholders’ equity | 162,632 | 134,664 |
Total liabilities and stockholders’ equity | $ 215,610 | $ 182,263 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated 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 or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 25,741,000 | 22,599,000 |
Common Stock, Shares Outstanding | 25,741,000 | 22,599,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses: | ||||
Research and development | $ 10,660 | $ 6,741 | $ 19,107 | $ 12,633 |
General and administrative | 4,889 | 2,007 | 9,111 | 4,059 |
Total operating expenses | 15,549 | 8,748 | 28,218 | 16,692 |
Loss from operations | (15,549) | (8,748) | (28,218) | (16,692) |
Other income (expense): | ||||
Change in fair value of Series B tranche rights | (625) | (625) | ||
Other expense | (9) | (20) | ||
Interest income | 21 | 8 | 27 | 136 |
Total other income (expense), net | 21 | (626) | 27 | (509) |
Net loss and comprehensive loss | (15,528) | (9,374) | (28,191) | (17,201) |
Accretion of discount and dividends on redeemable convertible preferred stock | (2,725) | (5,450) | ||
Net loss attributable to common stockholders | $ (15,528) | $ (12,099) | $ (28,191) | $ (22,651) |
Net loss per share attributable to common stockholders—basic and diluted | $ (0.60) | $ (12.09) | $ (1.13) | $ (22.67) |
Weighted-average number of common shares outstanding—basic and diluted | 25,684 | 1,001 | 24,851 | 999 |
Consolidated Statements of Rede
Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Series A-1 Redeemable Convertible Preferred Stock [Member] | Series B Redeemable Convertible Preferred Stock [Member] |
Balance at Dec. 31, 2019 | $ 63,494 | $ 53,138 | ||||
Balance (in shares) at Dec. 31, 2019 | 76,499,992 | 62,535,183 | ||||
Balance (in shares) at Dec. 31, 2019 | 988,700 | |||||
Balance at Dec. 31, 2019 | $ (74,297) | $ (74,297) | ||||
Series A-1 and Series B preferred stock dividends and accretion | (2,725) | $ (308) | (2,417) | $ 1,570 | $ 1,155 | |
Stock-based compensation expense | 303 | 303 | ||||
Vesting of restricted common stock | 8,855 | |||||
Exercise of options to purchase common stock | 5 | 5 | ||||
Exercise of options to purchase common stock (Shares) | 1,572 | |||||
Net loss | (7,827) | (7,827) | ||||
Balance at Mar. 31, 2020 | $ 65,064 | $ 54,293 | ||||
Balance (in shares) at Mar. 31, 2020 | 76,499,992 | 62,535,183 | ||||
Balance (in shares) at Mar. 31, 2020 | 999,127 | |||||
Balance at Mar. 31, 2020 | (84,541) | (84,541) | ||||
Balance at Dec. 31, 2019 | $ 63,494 | $ 53,138 | ||||
Balance (in shares) at Dec. 31, 2019 | 76,499,992 | 62,535,183 | ||||
Balance (in shares) at Dec. 31, 2019 | 988,700 | |||||
Balance at Dec. 31, 2019 | (74,297) | (74,297) | ||||
Series A-1 and Series B preferred stock dividends and accretion | (5,450) | |||||
Proceeds from issuance of common stock, net of issuance costs | ||||||
Net loss | (17,201) | |||||
Balance at Jun. 30, 2020 | $ 66,634 | $ 55,448 | ||||
Balance (in shares) at Jun. 30, 2020 | 76,499,992 | 62,535,183 | ||||
Balance (in shares) at Jun. 30, 2020 | 1,004,288 | |||||
Balance at Jun. 30, 2020 | (96,324) | (96,324) | ||||
Balance at Mar. 31, 2020 | $ 65,064 | $ 54,293 | ||||
Balance (in shares) at Mar. 31, 2020 | 76,499,992 | 62,535,183 | ||||
Balance (in shares) at Mar. 31, 2020 | 999,127 | |||||
Balance at Mar. 31, 2020 | (84,541) | (84,541) | ||||
Series A-1 and Series B preferred stock dividends and accretion | (2,725) | (316) | (2,409) | $ 1,570 | $ 1,155 | |
Stock-based compensation expense | 316 | 316 | ||||
Vesting of restricted common stock | 5,161 | |||||
Net loss | (9,374) | (9,374) | ||||
Balance at Jun. 30, 2020 | $ 66,634 | $ 55,448 | ||||
Balance (in shares) at Jun. 30, 2020 | 76,499,992 | 62,535,183 | ||||
Balance (in shares) at Jun. 30, 2020 | 1,004,288 | |||||
Balance at Jun. 30, 2020 | (96,324) | (96,324) | ||||
Balance (in shares) at Dec. 31, 2020 | 22,599,048 | |||||
Balance at Dec. 31, 2020 | 134,664 | $ 2 | 264,487 | (129,825) | ||
Proceeds from issuance of common stock, net of issuance costs | 52,983 | 52,983 | ||||
Stock issued during the period (shares) | 3,000,000 | |||||
Stock-based compensation expense | 1,172 | 1,172 | ||||
Vesting of restricted common stock | 5,171 | |||||
Exercise of options to purchase common stock | 98 | 98 | ||||
Exercise of options to purchase common stock (Shares) | 22,470 | |||||
Net loss | (12,663) | (12,663) | ||||
Balance (in shares) at Mar. 31, 2021 | 25,626,689 | |||||
Balance at Mar. 31, 2021 | 176,255 | $ 3 | 318,740 | (142,488) | ||
Balance (in shares) at Dec. 31, 2020 | 22,599,048 | |||||
Balance at Dec. 31, 2020 | 134,664 | $ 2 | 264,487 | (129,825) | ||
Series A-1 and Series B preferred stock dividends and accretion | ||||||
Proceeds from issuance of common stock, net of issuance costs | $ 52,983 | |||||
Exercise of options to purchase common stock (Shares) | 131,167 | |||||
Net loss | $ (28,191) | |||||
Balance (in shares) at Jun. 30, 2021 | 25,741,072 | |||||
Balance at Jun. 30, 2021 | 162,632 | $ 3 | 320,645 | (158,016) | ||
Balance (in shares) at Mar. 31, 2021 | 25,626,689 | |||||
Balance at Mar. 31, 2021 | 176,255 | $ 3 | $ 318,740 | (142,488) | ||
Series A-1 and Series B preferred stock dividends and accretion | ||||||
Stock-based compensation expense | 1,656 | |||||
Vesting of restricted common stock | 5,170 | 1,656,000 | ||||
Exercise of options to purchase common stock | 249 | $ 0 | $ 249 | |||
Exercise of options to purchase common stock (Shares) | 109,213 | |||||
Net loss | (15,528) | (15,528) | ||||
Balance (in shares) at Jun. 30, 2021 | 25,741,072 | |||||
Balance at Jun. 30, 2021 | $ 162,632 | $ 3 | $ 320,645 | $ (158,016) |
Consolidated Statements of Re_2
Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' (Deficit) Equity (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Payments of stock issuance costs | $ 4,017 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net loss | $ (28,191) | $ (17,201) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 817 | 628 |
Stock-based compensation | 2,828 | 619 |
Change in fair value of Series B tranche rights | (625) | |
Changes in: | ||
Prepaid expenses and other assets | 151 | (933) |
Operating lease right-of-use asset | 1,354 | 229 |
Accounts payable | 676 | 953 |
Accrued expenses and other current liabilities | 116 | 41 |
Operating lease liability | 711 | (584) |
Net cash used in operating activities | (21,538) | (15,623) |
Investing activities | ||
Purchase of property and equipment | (2,177) | (747) |
Net cash used in investing activities | (2,177) | (747) |
Financing activities | ||
Proceeds from exercise of options to purchase common stock | 347 | 5 |
Proceeds from issuance of common stock, net of issuance costs | 52,983 | |
Net cash provided by financing activities | 53,330 | 5 |
Increase (decrease) in cash and cash equivalents | 29,615 | (16,365) |
Cash, cash equivalents and restricted cash at beginning of period | 133,182 | 45,286 |
Cash, cash equivalents and restricted cash at end of period | 162,797 | 28,921 |
Supplemental disclosure of non-cash investing and financing activities | ||
Purchase of property and equipment in accrued expenses and accounts payable | 3,878 | 179 |
Accretion of discount and dividends on preferred stock | $ 5,450 |
Nature of the Business and Liqu
Nature of the Business and Liquidity | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of the Business and Liquidity | 1. Nature of the Business and Liquidity Oncorus, Inc. (the “Company”) is a clinical stage biopharmaceutical company focused on developing next-generation viral immunotherapies to transform outcomes for cancer patients. Using its two platforms, the Company is developing a pipeline of intratumorally and intravenously administered product candidates designed to selectively attack and kill tumor cells. The Company’s operations to date have focused on organization and staffing, business planning, raising capital, acquiring and developing the Company’s technology, establishing the Company’s intellectual property portfolio, identifying potential product candidates and undertaking preclinical studies, commencing a clinical trial and manufacturing scale-up activities. The Company does not have any product candidates approved for sale and has not generated any revenue from product sales. The Company’s product candidates are subject to long development cycles and the Company may be unsuccessful in its efforts to develop, obtain regulatory approval for or market its product candidates. On September 25, 2020, the Company effected a 1-for-12.0874 reverse stock split of its issued and outstanding common stock and a proportional adjustment to the existing conversion ratios for the outstanding shares of Series A-1 redeemable convertible preferred stock (“Series A-1”), and the Series B redeemable convertible preferred stock (“Series B”). Accordingly, all share and per share amounts for all periods presented in the accompanying unaudited interim condensed consolidated financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the reverse stock split, including reclassification of par, additional paid-in capital and accumulated deficit amounts as a result of the split adjustment. On October 6, 2020, the Company completed an initial public offering (“IPO”), in which the Company issued and sold 5,800,000 shares of its common stock at a public offering price of $ 15.00 per share. On October 14, 2020, the Company sold an additional 757,991 shares of common stock at $ 15.00 per share pursuant to the underwriters’ partial exercise of their option to purchase additional shares of common stock. The total gross proceeds from the IPO were $ 98.4 million and the Company raised approximately $ 88.3 million in net proceeds after deducting underwriting discounts and commissions and offering expenses payable by the Company. Upon the closing of the IPO, all of the outstanding shares of convertible preferred stock automatically converted into 14,951,554 shares of common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of preferred stock outstanding. In February 2021, the Company completed a follow-on public offering of its common stock in which it sold 3,000,000 shares at an offering price of $ 19.00 per share, resulting in gross proceeds of $ 57.0 million and net proceeds of $ 53.0 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, possible failure of preclinical studies or clinical trials, the need to obtain marketing approval for its product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, the need to successfully commercialize and gain market acceptance of any of the Company’s products that are approved and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing, and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure, and extensive compliance-reporting capabilities. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The Company expects to continue to incur losses from operations for the foreseeable future and additional capital will be required to fund future operations. The Company expects that its cash and cash equivalents as of June 30, 2021 will be sufficient to fund its operating expenses and capital expenditure requirements through at least the next 12 months from the date these financial statements were issued. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals and estimates that impact the financial statements) which are considered necessary to present fairly the Company’s financial position as of June 30, 2021, its results of operations for the three and six months ended June 30, 2021 and 2020, its changes in redeemable preferred convertible preferred stock and stockholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020 and its cash flows for the six months ended June 30, 2021 and 2020. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2020, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 10, 2021. The condensed consolidated balance sheet data as of December 31, 2020 presented for comparative purposes was derived from the Company’s audited consolidated financial statements but does not include all disclosures required by GAAP. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results to be expected for the full year or for any other subsequent interim period. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2020, included in the Annual Report on Form 10-K and, since that date, there have been no changes to the Company’s significant accounting policies. COVID-19 Pandemic With the ongoing COVID-19 global pandemic, the Company has implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on its employees and its business, including its preclinical studies and its ongoing clinical trial. The Company has taken measures to secure its research and development activities, while work in its laboratories and facilities has been re-organized to reduce risks of COVID-19 transmission. Given the global impact and the other risks and uncertainties associated with the pandemic, the Company’s business, financial condition and results of operations could be materially adversely affected. The Company continues to closely monitor the COVID-19 pandemic and evolve its business continuity plans, clinical development plans and response strategy to mitigate any potential impact. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements. Going Concern At each reporting period, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company is required to make certain additional disclosures if it concludes substantial doubt exists and it is not alleviated by the Company’s plans or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern. Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements of the Company include the accounts of its wholly owned subsidiary, Oncorus Securities Corporation. All intercompany transactions have been eliminated in consolidation. The Company has one operating segment. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, the estimated fair value of the Company’s common stock and share-based awards utilized for stock-based compensation purposes, accrued expenses, and amounts of expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. Deferred Offering Costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances as deferred offering costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. Concentration of Credit Risk and of Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company has all of its cash at one financial institution, that management believes to be of high credit quality, in amounts that exceed federally insured limits. Cash equivalents consist of money market funds that invest primarily in U.S. government-backed securities and treasuries. The Company is dependent upon a third-party contract manufacturer and third-party contract research organizations for the performance of portions of its testing for pre-clinical and clinical studies. The Company believes that its relationships with these organizations are satisfactory, and that alternative suppliers of these services are available in the event of the loss of one or more of these suppliers. Restricted Cash The Company maintains a balance in a segregated bank account in connection with a letter of credit for the benefit of the landlord in connection with an operating lease. As of June 30, 2021, restricted cash consisted of $ 2.9 million held for the benefit of the landlord. This amount has been classified as part of non-current assets on the Company's unaudited interim condensed consolidated balance sheets. The Company includes its restricted cash balance in the cash, cash equivalents and restricted cash reconciliation of operating, investing, and financing activities in the unaudited interim condensed consolidated statements of cash flows. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the unaudited interim condensed consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim condensed consolidated statements of cash flows (in thousands): June 30, 2021 2020 (in thousands) Cash and cash equivalents $ 159,920 $ 28,921 Restricted cash 2,877 — Total cash, cash equivalents and restricted cash shown in the unaudited interim consolidated statements of cash flows $ 162,797 $ 28,921 Fair Value Measurements Certain assets and liabilities of the Company are carried at fair value under GAAP. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1 —Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 —Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly, such as quoted market prices, interest rates, and yield curves. Level 3 —Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent a valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s cash and cash equivalents, classified within Level 1, are valued using net asset value per share for the money market funds. The tranche rights granted to the Series B stockholders were classified within Level 3 of the fair value hierarchy because they were valued using significant inputs not observable in the market. The valuation of the tranche rights used assumptions the Company believed would be made by a market participant. The Company assessed these estimates on an ongoing basis as additional data impacting the assumptions was obtained. Refer to Note 6 for additional information regarding the valuation of the tranche rights. The Company believes that the carrying amounts of prepaid expenses, other current assets, accounts payable, and accrued expenses approximate their fair value due to the short-term nature of those instruments. Operating Leases During the quarter ended December 31, 2020, the Company early adopted ASC Topic 842, “Leases” (“ASC 842”) using the revised modified retrospective approach as of January 1, 2020. The unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2020 have been retroactively adjusted to reflect the adoption of ASC 842, including retroactive adjustments to the unaudited interim condensed consolidated statement of cash flows and certain additional footnote disclosures as included herein. The adoption of ASC 842 had no material impact to the Company’s unaudited condensed consolidated statement of operations and comprehensive loss for the three and six months ended June 30, 2020. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on specific facts and circumstances, the existence of an identified asset(s), if any, and the Company’s control over the use of the identified asset(s), if applicable. The lease liability is measured at the present value of future lease payments, discounted using the discount rate as of the lease commencement date. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the incremental borrowing rate, which is the rate incurred to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The Company recognizes a corresponding lease right of use (“ROU”) asset, initially measured as the amount of lease liability, adjusted for any initial lease costs or lease payments made before or at the commencement of the lease, and reduced by any lease incentives. The Company’s leases consist of only operating leases. Operating leases are recognized on the balance sheet as ROU lease assets, lease liabilities current and lease liabilities non-current. Fixed rents are included in the calculation of the lease balances while certain variable costs paid for certain operating and pass-through costs are excluded. Lease expense is recognized over the expected term on a straight-line basis. Recently Issued Accounting Pronouncements There have been no recently issued accounting pronouncements other than those described in the Company’s audited financial statements as of and for the year ended December 31, 2020, and the notes thereto, which are included in the 2020 Annual Report on Form 10-K filed with the SEC on March 10, 2021. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): FAIR VALUE MEASUREMENTS LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Assets: Money market funds (included in cash and cash equivalents) $ 158,066 $ — $ — $ 158,066 $ 158,066 $ — $ — $ 158,066 FAIR VALUE MEASUREMENTS LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Assets: Money market funds (included in cash and cash equivalents) $ 126,056 $ — $ — $ 126,056 $ 126,056 $ — $ — $ 126,056 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | 4. Leases The Company has an operating lease in Cambridge, Massachusetts for its corporate headquarters. The lease will expire in January 2024 and includes an optional extension for an additional 3 year period. The Company also has an operating lease for manufacturing and laboratory space in Andover, Massachusetts that expires in December 2036. The Company has two options to extend the term of the lease for a period of 10 years each. As of June 30, 2021, the Company had not exercised its options to extend the lease term for either lease. The Company agreed to provide the landlord with a $ 2.9 million letter of credit as support for its obligations under the Andover lease. The lease provides a lease incentive in the form of reimbursable leasehold improvements of approximately $ 13.2 million. As construction related to leasehold improvements is performed over the life of the lease, the right-of-use asset and lease liability will be adjusted on a prospective basis to reflect any payments relating to the lease incentive. As of June 30, 2021, the Company has capitalized $ 4.6 million of leasehold improvement costs of which none have been reimbursed by the lease incentive. The lease payments include fixed base rent payments and variable rents for certain shared facility operating and other costs. During the three and six months ended June 30, 2021 and 2020, the Company recognized total rent expense of $ 1.4 million, $ 0.3 million, $ 2.8 million, and $ 0.5 million, respectively, related to the leases described above. The amount of variable rent expense and rent for short-term leases for the three and six months ended June 30, 2021 and 2020 was $ 0.5 million, $ 0.1 million, $ 0.8 million, and $ 0.3 million, respectively. Other supplemental information related to leases was as follows: SIX MONTHS ENDED 2021 2020 Weighted average remaining lease term 14.0 years 3.6 years Weighted average discount rate 8.5 % 12.0 % Cash paid for amounts included in the measurement of lease liabilities (in thousands) $ 762 $ 740 Maturities of operating lease liabilities were as follows as of June 30, 2021 (in thousands): Year Amount 2021 $ 1,388 2022 5,316 2023 5,686 2024 4,240 2025 4,317 Thereafter 56,956 Total lease payments 77,903 Less imputed interest ( 34,585 ) Total lease liabilities $ 43,318 Current portion 1,084 Long-term portion 42,234 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses At June 30, 2021 and December 31, 2020, accrued expenses consisted of the following (in thousands): JUNE 30, DECEMBER 31, Accrued research and development costs $ 1,674 $ 1,369 Accrued leasehold improvement costs 3,840 — Accrued compensation 1,227 1,661 Accrued professional fees 735 568 Miscellaneous accrued expenses 225 140 Total accrued expenses $ 7,701 $ 3,738 |
Series B Tranche Rights
Series B Tranche Rights | 6 Months Ended |
Jun. 30, 2021 | |
Warrants And Rights Note Disclosure [Abstract] | |
Series B Tranche Rights | 6. Series B Tranche Rights Included in the terms of the purchase agreement for the Series B (“Series B Purchase Agreement”) entered into in August 2019 were Series B tranche rights (“Series B Tranche Rights”) granted to the purchasers of the Series B. The Series B Tranche Rights provided the holders with the right to purchase additional shares of Series B, in a second tranche, upon either the achievement by the Company of certain clinical development milestones for the Company’s primary clinical candidate, as set forth in the Series B Purchase Agreement, or upon the election of certain holders of the Series B prior to August 5, 2021. In the second tranche, the Company had the ability to sell up to 41,690,117 shares of Series B at $ 0.8597 per share. The Company reached the clinical development milestones set forth in the Series B Purchase Agreement in September 2020 and the Company sold 41,690,117 shares of Series B at $ 0.8597 per share, resulting in total gross proceeds to the Company of $ 35.8 million. At the time of issuance, the Series B Tranche Rights met the definition of a freestanding financial instrument, as the Series B Tranche Rights were both legally detachable and separately exercisable from the Series B. In addition, the Company determined at the time of issuance that the Series B Tranche Rights met the definition of a liability (or in some circumstances, an asset) because the Series B Tranche Rights (i) embodied an obligation to repurchase the Company’s equity shares and (ii) may have required the Company to settle the obligation by transferring assets. As a result, upon issuance, the respective Series B Tranche Rights were initially recorded at fair value and were subsequently re-measured at the end of each reporting period until settlement. Changes in the fair value were recognized as a component of other income (expense) in the consolidated statements of operations and comprehensive loss. At December 31, 2019 and at the end of each reporting period prior to settlement in September 2020, the estimated fair value of the Series B Tranche Rights was determined using a probability weighted present value model that considered the probability of triggering the Series B Tranche Rights through achievement of the clinical development milestones specified in the Series B Purchase Agreement. The Company converted the future values to their present values using a discount rate it considered to be appropriate for probability adjusted cash flows. The estimates were based, in part, on subjective assumptions. Significant assumptions for the Series B Tranche Rights valuation at December 31, 2019 and June 30, 2020 included an 85 % and 90 % probability of achieving the clinical development milestones, respectively, and a discount rate of 1.9 % and 0.2 %, respectively. A rollforward of the Series B Tranche Rights liability for the six months ended June 30, 2020 is as follows (in thousands): SERIES B Balance at December 31, 2019 $ 1,876 Change in fair value 625 Balance at June 30, 2020 $ 2,501 |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | 7. Redeemable Convertible Preferred Stock Upon the closing of the IPO on October 6, 2020, all of the outstanding shares of Series A-1 and Series B automatically converted into an aggregate of 14,951,554 shares of common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of preferred stock outstanding. In connection with the closing of the IPO, the Company changed its authorized capital to include 10,000,000 shares of undesignated preferred stock with a par value of $ 0.0001 per share. Issuance of Series B Redeemable Convertible Preferred Stock In August 2019, the Company authorized and agreed to sell 92,477,021 shares of Series B in two tranches. The first tranche closed on dates between August 5, 2019 and August 27, 2019. On those dates, the Company sold a total of 55,486,215 shares of Series B at $ 0.8597 per share, for gross proceeds to the Company of $ 47.7 million. In November 2019, the Company authorized and agreed to sell 11,748,279 additional shares of its Series B to new investors on the same terms and conditions as the previous sale of Series B. The first tranche of this sale occurred on November 27, 2019, in which the Company sold 7,048,968 shares of Series B for gross proceeds of $ 6.1 million. The Company paid $ 0.4 million of issuance costs related to these sales. In September 2020, the Company achieved the second tranche milestones related to the clinical development of its lead product candidate, ONCR-177. Upon achievement of the milestones, the Series B investors became obligated to purchase additional shares of Series B in a second tranche closing and the Company issued an aggregate of 41,690,117 shares of Series B at $ 0.8597 per share, for gross proceeds to the Company of $ 35.8 million. A description of the rights and privileges of the Series B and Series A-1 prior to their conversion to common stock upon the IPO in October 2020 can be found in the Company’s Annual Report filed on Form 10-K with the SEC on March 10, 2021. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2021 | |
Statement Of Stockholders Equity [Abstract] | |
Common Stock | 8. Common Stock Each share of common stock is entitled to one vote . The holders of shares of common stock are entitled to receive dividends, if and when declared by the Board of Directors. Prior to the IPO, the voting, dividend, and liquidation rights of the holders of common stock were subject to, and qualified by, the rights, powers, and preferences of the holders of Series B and Series A-1. Upon the closing of the IPO, Company changed its authorized capital stock to include 100,000,000 shares designated as common stock with a par value of $ 0.0001 per share. Restricted Stock The Company issued restricted stock to its founders and certain officers of the Company. In general, the shares of restricted stock vest over a four-year period, with 25 % of the shares vesting after one year, followed by monthly vesting over the remaining three years. A summary of non-vested restricted stock during the six months ended June 30, 2021 is as follows: AMOUNT WEIGHTED-AVERAGE Balance at December 31, 2020 17,234 $ 1.57 Repurchases — — Issuances — — Vested ( 10,341 ) 1.57 Balance at June 30, 2021 6,893 $ 1.57 Common Stock Warrants The Company issued warrants to purchase common stock (the “Common Stock Warrants”) in connection with a preferred stock financing in March 2016. The Common Stock Warrants allow for the holders to purchase 71,544 shares of common stock at $ 1.21 per share. As of June 30, 2021, all of the Common Stock Warrants were fully exercisable. The Common Stock Warrants expire in 2031. Reserved Shares The Company had reserved shares of common stock for the conversion or exercise of the following securities: JUNE 30, DECEMBER 31, Exercise of Common Stock Warrants 71,544 71,544 Exercise of options to purchase common stock 3,636,492 2,790,746 Vesting of restricted stock 6,893 17,234 Shares available for issuance under the 2020 Plan 2,277,423 2,123,440 Total 5,992,352 5,002,964 |
Equity Incentive Plan
Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plan | 9. Equity Incentive Plan The Company adopted the 2016 Equity Incentive Plan, as amended, (the “2016 Plan”) on March 31, 2016. The 2016 Plan provided for the granting of stock options, restricted stock awards, restricted stock units, stock appreciation rights and other stock awards to employees, directors and non-employees. All option awards were granted with an exercise price equal to or greater than the market price of the Company’s stock at the date of grant. Option awards generally vest over three to four years . Certain option awards provide for accelerated vesting if there is a change in control as defined in the 2016 Plan. The provisions of the 2016 Plan allow for early exercises for options that have not yet vested. Early exercises have historically been for a de minimis number of shares. On September 23, 2020, the Company adopted the 2020 Equity Incentive Plan (“the 2020 Plan”), which became effective upon the execution of the underwriting agreement related to the IPO and serves as the successor to the 2016 Plan. The 2020 Plan authorizes the award of stock options, restricted stock awards, stock appreciation rights, restricted stock units, cash awards, performance awards and stock bonus awards. The number of shares reserved for issuance under the 2020 Plan will increase automatically on January 1 of each fiscal year, starting on January 1, 2021 and ending on and including January 1, 2030, by the number of shares equal to 5 % of the aggregate number of outstanding shares of common stock as of the immediately preceding December 31, or a lesser number of shares as may be determined by the board of directors (or an authorized committee thereof). At June 30, 2021, there were 2,277,423 shares of common stock available for issuance under the 2020 Plan. On January 1, 2021, the number of shares reserved for issuance under the 2020 Plan automatically increased by 1,130,896 shares of common stock. On September 23, 2020, the Company adopted the 2020 Employee Stock Purchase Plan, or the ESPP, which became effective upon the execution of the underwriting agreement related to the IPO. The Company initially reserved 280,000 shares of common stock for sale under the ESPP. The aggregate number of shares reserved for sale under the ESPP will increase automatically on January 1st of each fiscal year starting on January 1, 2021 and ending on and including January 1, 2030, by the number of shares equal to the lesser of (a) 1% of the total number of shares of common stock outstanding on the last day of the fiscal year prior to the date of such automatic increase and (b) 560,000 shares, provided that prior to the date of any such increase, the board of directors may determine a lesser number of shares for such increase. In December 2020, the board of directors determined that there would be no automatic increase in the number of shares of common stock reserved under the ESPP on January 1, 2021. As of June 30, 2021 the Company had not commenced any offering periods under the ESPP. Total stock-based compensation (including both stock option awards and restricted stock awards) was classified as follows on the unaudited interim condensed consolidated statements of operations: THREE MONTHS ENDED SIX MONTHS ENDED 2021 2020 2021 2020 (in thousands) General and administrative $ 1,029 $ 170 $ 1,768 $ 340 Research and development 627 146 1,060 279 Total stock-based compensation $ 1,656 $ 316 $ 2,828 $ 619 Total stock-based compensation by award type was as follows: THREE MONTHS ENDED SIX MONTHS ENDED 2021 2020 2021 2020 (in thousands) Restricted stock $ 8 $ 9 $ 16 $ 17 Stock options 1,648 307 2,812 602 Total stock-based compensation $ 1,656 $ 316 $ 2,828 $ 619 In December 2020, the Company granted an employee an option to purchase 113,000 shares of the Company’s common stock having an exercise price per share equal to the fair value of the Company’s common stock on the date of grant. This grant is included in the outstanding options in the summary table below. The option grant includes three separate tranches (each representing 33.33 % of the total grant) that will each vest four years from the date of grant and are subject to accelerated vesting in the event that the Company achieves certain defined milestones related to the Company’s manufacturing efforts. As of June 30, 2021, the Company determined that the requisite service period of the award is four years and recorded $ 0.3 million of stock-based compensation expense for the six months ended June 30, 2021. Accelerated vesting was not considered to be probable at June 30, 2021. A summary of option activity for the six months ended June 30, 2021 is presented below: SHARES WEIGHTED WEIGHTED- AGGREGATE Outstanding at December 31, 2020 2,790,746 $ 8.13 Granted 1,023,109 $ 16.32 Exercised ( 131,167 ) $ 2.62 Canceled, expired or forfeited ( 46,196 ) $ 11.22 Outstanding at June 30, 2021 3,636,492 $ 10.60 8.61 $ 19,157 Vested and expected to vest at June 30, 2021 3,636,492 $ 10.60 8.61 $ 19,157 Exercisable at June 30, 2021 1,068,798 $ 3.29 7.37 $ 11,283 The weighted average grant date fair value per share of options granted to employees, directors and non-employee consultants during the six months ended June 30, 2021 and 2020 was $ 11.69 and $ 4.86 , respectively. The total intrinsic value of options exercised was $ 1.7 million and $ 0.01 million for the six months ended June 30, 2021 and 2020, respectively. Total unrecognized stock-based compensation expense related to options amounted to $ 22.3 million at June 30, 2021 and is expected to be recognized over a weighted-average period of 3.3 years. The total fair value of restricted shares vested was $ 0.02 million during each of the six months ended June 30, 2021 and 2020. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses costs related to such legal proceedings as incurred. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. Net Loss Per Share The following securities that could potentially dilute basic net loss per share in the future were not included in the computation of diluted net loss per share for the periods presented, because to do so would have been antidilutive: SIX MONTHS ENDED 2021 2020 Series A-1 — 6,328,894 Series B — 5,173,569 Outstanding stock options 3,636,492 2,135,884 Restricted stock 6,893 27,576 Common stock warrants 71,544 71,544 Total 3,714,929 13,737,467 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events The Company has evaluated subsequent events from the balance sheet date through the date on which these financial statements were issued. Subsequent to the issuance of the financial statements, there were no events that occurred that required disclosure in, or revision to, the financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals and estimates that impact the financial statements) which are considered necessary to present fairly the Company’s financial position as of June 30, 2021, its results of operations for the three and six months ended June 30, 2021 and 2020, its changes in redeemable preferred convertible preferred stock and stockholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020 and its cash flows for the six months ended June 30, 2021 and 2020. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2020, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 10, 2021. The condensed consolidated balance sheet data as of December 31, 2020 presented for comparative purposes was derived from the Company’s audited consolidated financial statements but does not include all disclosures required by GAAP. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results to be expected for the full year or for any other subsequent interim period. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2020, included in the Annual Report on Form 10-K and, since that date, there have been no changes to the Company’s significant accounting policies. |
COVID-19 Pandemic | COVID-19 Pandemic With the ongoing COVID-19 global pandemic, the Company has implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on its employees and its business, including its preclinical studies and its ongoing clinical trial. The Company has taken measures to secure its research and development activities, while work in its laboratories and facilities has been re-organized to reduce risks of COVID-19 transmission. Given the global impact and the other risks and uncertainties associated with the pandemic, the Company’s business, financial condition and results of operations could be materially adversely affected. The Company continues to closely monitor the COVID-19 pandemic and evolve its business continuity plans, clinical development plans and response strategy to mitigate any potential impact. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements. |
Going Concern | Going Concern At each reporting period, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company is required to make certain additional disclosures if it concludes substantial doubt exists and it is not alleviated by the Company’s plans or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern. |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements of the Company include the accounts of its wholly owned subsidiary, Oncorus Securities Corporation. All intercompany transactions have been eliminated in consolidation. The Company has one operating segment. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, the estimated fair value of the Company’s common stock and share-based awards utilized for stock-based compensation purposes, accrued expenses, and amounts of expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. |
Deferred Offering Costs | Deferred Offering Costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances as deferred offering costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. |
Concentration of Credit Risk and of Significant Suppliers | Concentration of Credit Risk and of Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company has all of its cash at one financial institution, that management believes to be of high credit quality, in amounts that exceed federally insured limits. Cash equivalents consist of money market funds that invest primarily in U.S. government-backed securities and treasuries. The Company is dependent upon a third-party contract manufacturer and third-party contract research organizations for the performance of portions of its testing for pre-clinical and clinical studies. The Company believes that its relationships with these organizations are satisfactory, and that alternative suppliers of these services are available in the event of the loss of one or more of these suppliers. |
Restricted Cash | Restricted Cash The Company maintains a balance in a segregated bank account in connection with a letter of credit for the benefit of the landlord in connection with an operating lease. As of June 30, 2021, restricted cash consisted of $ 2.9 million held for the benefit of the landlord. This amount has been classified as part of non-current assets on the Company's unaudited interim condensed consolidated balance sheets. The Company includes its restricted cash balance in the cash, cash equivalents and restricted cash reconciliation of operating, investing, and financing activities in the unaudited interim condensed consolidated statements of cash flows. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the unaudited interim condensed consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim condensed consolidated statements of cash flows (in thousands): June 30, 2021 2020 (in thousands) Cash and cash equivalents $ 159,920 $ 28,921 Restricted cash 2,877 — Total cash, cash equivalents and restricted cash shown in the unaudited interim consolidated statements of cash flows $ 162,797 $ 28,921 |
Fair Value Measurements | Fair Value Measurements Certain assets and liabilities of the Company are carried at fair value under GAAP. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1 —Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 —Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly, such as quoted market prices, interest rates, and yield curves. Level 3 —Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent a valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s cash and cash equivalents, classified within Level 1, are valued using net asset value per share for the money market funds. The tranche rights granted to the Series B stockholders were classified within Level 3 of the fair value hierarchy because they were valued using significant inputs not observable in the market. The valuation of the tranche rights used assumptions the Company believed would be made by a market participant. The Company assessed these estimates on an ongoing basis as additional data impacting the assumptions was obtained. Refer to Note 6 for additional information regarding the valuation of the tranche rights. The Company believes that the carrying amounts of prepaid expenses, other current assets, accounts payable, and accrued expenses approximate their fair value due to the short-term nature of those instruments. |
Operating Leases | Operating Leases During the quarter ended December 31, 2020, the Company early adopted ASC Topic 842, “Leases” (“ASC 842”) using the revised modified retrospective approach as of January 1, 2020. The unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2020 have been retroactively adjusted to reflect the adoption of ASC 842, including retroactive adjustments to the unaudited interim condensed consolidated statement of cash flows and certain additional footnote disclosures as included herein. The adoption of ASC 842 had no material impact to the Company’s unaudited condensed consolidated statement of operations and comprehensive loss for the three and six months ended June 30, 2020. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on specific facts and circumstances, the existence of an identified asset(s), if any, and the Company’s control over the use of the identified asset(s), if applicable. The lease liability is measured at the present value of future lease payments, discounted using the discount rate as of the lease commencement date. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the incremental borrowing rate, which is the rate incurred to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The Company recognizes a corresponding lease right of use (“ROU”) asset, initially measured as the amount of lease liability, adjusted for any initial lease costs or lease payments made before or at the commencement of the lease, and reduced by any lease incentives. The Company’s leases consist of only operating leases. Operating leases are recognized on the balance sheet as ROU lease assets, lease liabilities current and lease liabilities non-current. Fixed rents are included in the calculation of the lease balances while certain variable costs paid for certain operating and pass-through costs are excluded. Lease expense is recognized over the expected term on a straight-line basis. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements There have been no recently issued accounting pronouncements other than those described in the Company’s audited financial statements as of and for the year ended December 31, 2020, and the notes thereto, which are included in the 2020 Annual Report on Form 10-K filed with the SEC on March 10, 2021. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash in the unaudited interim condensed consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim condensed consolidated statements of cash flows (in thousands): June 30, 2021 2020 (in thousands) Cash and cash equivalents $ 159,920 $ 28,921 Restricted cash 2,877 — Total cash, cash equivalents and restricted cash shown in the unaudited interim consolidated statements of cash flows $ 162,797 $ 28,921 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): FAIR VALUE MEASUREMENTS LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Assets: Money market funds (included in cash and cash equivalents) $ 158,066 $ — $ — $ 158,066 $ 158,066 $ — $ — $ 158,066 FAIR VALUE MEASUREMENTS LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Assets: Money market funds (included in cash and cash equivalents) $ 126,056 $ — $ — $ 126,056 $ 126,056 $ — $ — $ 126,056 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Other Supplemental Information Related to Leases | Other supplemental information related to leases was as follows: SIX MONTHS ENDED 2021 2020 Weighted average remaining lease term 14.0 years 3.6 years Weighted average discount rate 8.5 % 12.0 % Cash paid for amounts included in the measurement of lease liabilities (in thousands) $ 762 $ 740 |
Summary of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities were as follows as of June 30, 2021 (in thousands): Year Amount 2021 $ 1,388 2022 5,316 2023 5,686 2024 4,240 2025 4,317 Thereafter 56,956 Total lease payments 77,903 Less imputed interest ( 34,585 ) Total lease liabilities $ 43,318 Current portion 1,084 Long-term portion 42,234 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Expenses | At June 30, 2021 and December 31, 2020, accrued expenses consisted of the following (in thousands): JUNE 30, DECEMBER 31, Accrued research and development costs $ 1,674 $ 1,369 Accrued leasehold improvement costs 3,840 — Accrued compensation 1,227 1,661 Accrued professional fees 735 568 Miscellaneous accrued expenses 225 140 Total accrued expenses $ 7,701 $ 3,738 |
Series B Tranche Rights (Tables
Series B Tranche Rights (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Series B Tranche Rights liability | A rollforward of the Series B Tranche Rights liability for the six months ended June 30, 2020 is as follows (in thousands): SERIES B Balance at December 31, 2019 $ 1,876 Change in fair value 625 Balance at June 30, 2020 $ 2,501 |
Common Stock (Tables)
Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Non-vested Restricted Stock Activity | A summary of non-vested restricted stock during the six months ended June 30, 2021 is as follows: AMOUNT WEIGHTED-AVERAGE Balance at December 31, 2020 17,234 $ 1.57 Repurchases — — Issuances — — Vested ( 10,341 ) 1.57 Balance at June 30, 2021 6,893 $ 1.57 |
Summary of Reserved Shares of Common Stock | The Company had reserved shares of common stock for the conversion or exercise of the following securities: JUNE 30, DECEMBER 31, Exercise of Common Stock Warrants 71,544 71,544 Exercise of options to purchase common stock 3,636,492 2,790,746 Vesting of restricted stock 6,893 17,234 Shares available for issuance under the 2020 Plan 2,277,423 2,123,440 Total 5,992,352 5,002,964 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Total Stock-based Compensation Including Both Stock Option Awards and Restricted Stock | Total stock-based compensation (including both stock option awards and restricted stock awards) was classified as follows on the unaudited interim condensed consolidated statements of operations: THREE MONTHS ENDED SIX MONTHS ENDED 2021 2020 2021 2020 (in thousands) General and administrative $ 1,029 $ 170 $ 1,768 $ 340 Research and development 627 146 1,060 279 Total stock-based compensation $ 1,656 $ 316 $ 2,828 $ 619 Total stock-based compensation by award type was as follows: THREE MONTHS ENDED SIX MONTHS ENDED 2021 2020 2021 2020 (in thousands) Restricted stock $ 8 $ 9 $ 16 $ 17 Stock options 1,648 307 2,812 602 Total stock-based compensation $ 1,656 $ 316 $ 2,828 $ 619 |
Summary of Option Activity | A summary of option activity for the six months ended June 30, 2021 is presented below: SHARES WEIGHTED WEIGHTED- AGGREGATE Outstanding at December 31, 2020 2,790,746 $ 8.13 Granted 1,023,109 $ 16.32 Exercised ( 131,167 ) $ 2.62 Canceled, expired or forfeited ( 46,196 ) $ 11.22 Outstanding at June 30, 2021 3,636,492 $ 10.60 8.61 $ 19,157 Vested and expected to vest at June 30, 2021 3,636,492 $ 10.60 8.61 $ 19,157 Exercisable at June 30, 2021 1,068,798 $ 3.29 7.37 $ 11,283 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following securities that could potentially dilute basic net loss per share in the future were not included in the computation of diluted net loss per share for the periods presented, because to do so would have been antidilutive: SIX MONTHS ENDED 2021 2020 Series A-1 — 6,328,894 Series B — 5,173,569 Outstanding stock options 3,636,492 2,135,884 Restricted stock 6,893 27,576 Common stock warrants 71,544 71,544 Total 3,714,929 13,737,467 |
Nature of the Business and Li_2
Nature of the Business and Liquidity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 17, 2021 | Oct. 14, 2020 | Oct. 06, 2020 | Sep. 25, 2020 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Accounting Policies [Line Items] | ||||||||
Reverse stock split description | 1-for-12.0874 | |||||||
Stock issued during period, shares, new issues | 3,000,000 | |||||||
Share issue price | $ 19 | |||||||
Gross proceeds from issuance initial public offering | $ 98,400 | |||||||
Proceeds from issuance of initial public offer | $ 88,300 | |||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||||
Proceeds from issuance of common stock, gross | $ 57,000 | |||||||
Proceeds from issuance of common stock, net of issuance costs | $ 53,000 | $ 52,983 | $ 52,983 | |||||
Common Stock [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Stock issued during period, shares, new issues | 3,000,000 | |||||||
Convertible preferred stock, shares | 14,951,554 | |||||||
IPO [Member] | ||||||||
Accounting Policies [Line Items] | ||||||||
Stock issued during period, shares, new issues | 757,991 | 5,800,000 | ||||||
Share issue price | $ 15 | $ 15 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)Segment | Jun. 30, 2020USD ($) | |
Accounting Policies [Abstract] | ||
Number of operating segments | Segment | 1 | |
Restricted cash | $ | $ 2,877 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 159,920 | $ 130,305 | $ 28,921 | |
Restricted cash | 2,877 | |||
Total cash, cash equivalents and restricted cash shown in the unaudited interim consolidated statements of cash flows | $ 162,797 | $ 133,182 | $ 28,921 | $ 45,286 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value On a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | $ 158,066 | $ 126,056 |
Money market funds (included in cash and cash equivalents) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | 158,066 | 126,056 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | 158,066 | 126,056 |
Level 1 [Member] | Money market funds (included in cash and cash equivalents) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets | $ 158,066 | $ 126,056 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lessee Lease Description [Line Items] | ||||
Operating lease terms of contract | 3 years | 3 years | ||
Lessee, operating lease, option to extend | The Company has two options to extend the term of the lease for a period of 10 years each. | |||
Pledged letter of credit | $ 2.9 | $ 2.9 | ||
Lease incentive related to reimbursable leasehold improvements | 13.2 | 13.2 | ||
Leasehold improvement costs capitalized | 4.6 | |||
Office Space [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Rent expense for lease | 1.4 | $ 0.3 | 2.8 | $ 0.5 |
Lab Space [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Rent expense for lease | 1.4 | 0.3 | 2.8 | 0.5 |
Variable Rent Expense [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Rent expense for lease | 0.5 | 0.1 | 0.8 | 0.3 |
Short Term Lease Expense [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Rent expense for lease | $ 0.5 | $ 0.1 | $ 0.8 | $ 0.3 |
Leases - Summary of Other Suppl
Leases - Summary of Other Supplemental Information Related to Leases (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||
Weighted average remaining lease term | 14 years | 3 years 7 months 6 days |
Weighted average discount rate | 8.50% | 12.00% |
Cash paid for amounts included in the measurement of lease liabilities (in thousands) | $ 762 | $ 740 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Lease Liabilities Payments Due [Abstract] | ||
2021 | $ 1,388 | |
2022 | 5,316 | |
2023 | 5,686 | |
2024 | 4,240 | |
2025 | 4,317 | |
Thereafter | 56,956 | |
Total lease payments | 77,903 | |
Less imputed interest | (34,585) | |
Total lease liabilities | 43,318 | |
Lease liability - current portion | 1,084 | $ 993 |
Lease liability - net of current portion | $ 42,234 | $ 41,615 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accrued research and development costs | $ 1,674 | $ 1,369 |
Accrued leasehold improvement costs | 3,840 | |
Accrued compensation | 1,227 | 1,661 |
Accrued professional fees | 735 | 568 |
Miscellaneous accrued expenses | 225 | 140 |
Total accrued expenses | $ 7,701 | $ 3,738 |
Series B Tranche Rights - Addit
Series B Tranche Rights - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Aug. 31, 2019 | |
Series B Tranche Rights [Member] | Measurement Input Probability Of Achievement [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Warrants and rights outstanding measurement | 90.00% | 85.00% | ||
Series B Tranche Rights [Member] | Measurement Input, Discount Rate [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Warrants and rights outstanding measurement | 0.20% | 1.90% | ||
Series B Redeemable Convertible Preferred Stock [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Temporary Equity, Shares Authorized | 41,690,117 | 92,477,021 | ||
Share price | $ 0.8597 | |||
Series B Redeemable Convertible Preferred Stock [Member] | Tranche Two [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Issuance of Series B preferred stock (Shares) | 41,690,117 | |||
Share price | $ 0.8597 | |||
Proceeds from issuance of Series B preferred stock and tranche liability | $ 35.8 |
Series B Tranche Rights - Summa
Series B Tranche Rights - Summary of Series B Tranche Rights Liability (Detail) - Series B Tranche Rights [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Beginning Balance | $ 1,876 |
Change in fair value | 625 |
Ending Balance | $ 2,501 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock - Additional information (Detail) - USD ($) $ / shares in Units, $ in Millions | Nov. 27, 2019 | Aug. 27, 2019 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Oct. 06, 2020 | Nov. 30, 2019 | Aug. 31, 2019 |
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | |||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Series B Redeemable Convertible Preferred Stock [Member] | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Temporary Equity, Shares Authorized | 41,690,117 | 92,477,021 | ||||||
Temporary equity, additional shares authorized | 11,748,279 | |||||||
Share price | $ 0.8597 | |||||||
Series B Redeemable Convertible Preferred Stock [Member] | Tranche One [Member] | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Issuance of Series B preferred stock (Shares) | 7,048,968 | 55,486,215 | ||||||
Share price | $ 0.8597 | |||||||
Proceeds from issuance of Series B preferred stock and tranche liability | $ 6.1 | $ 47.7 | ||||||
Payments of redeemable convertible preferred stock issuance costs | $ 0.4 | |||||||
Series B Redeemable Convertible Preferred Stock [Member] | Tranche Two [Member] | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Issuance of Series B preferred stock (Shares) | 41,690,117 | |||||||
Share price | $ 0.8597 | |||||||
Proceeds from issuance of Series B preferred stock and tranche liability | $ 35.8 | |||||||
Common Stock [Member] | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Convertible preferred stock, shares | 14,951,554 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Common stock, voting rights | Each share of common stock is entitled to one vote | |
Common Stock Shares Authorized | 100,000,000 | 100,000,000 |
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 |
Warrants or rights, number of shares called | 71,544 | 71,544 |
Common Stock Warrants [Member] | ||
Warrants or rights, number of shares called | 71,544 | |
Warrants or rights, exercise price | $ 1.21 | |
Restricted Stock [Member] | Founders [Member] | ||
Share based payment award, award vesting period | 4 years | |
Share-based payment award, award vesting percentage | 25.00% |
Common Stock - Summary of Non-V
Common Stock - Summary of Non-Vested Restricted Stock Activity (Detail) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Balance at December 31, 2020 | shares | 17,234 |
Vested | shares | (10,341) |
Balance at June 30, 2021 | shares | 6,893 |
Balance at December 31, 2020 | $ / shares | $ 1.57 |
Vested | $ / shares | 1.57 |
Balance at June 30, 2021 | $ / shares | $ 1.57 |
Common Stock - Summary of Reser
Common Stock - Summary of Reserved Shares of Common Stock (Detail) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
Exercise of Common Stock Warrants | 71,544 | 71,544 |
Exercise of options to purchase common stock | 3,636,492 | 2,790,746 |
Shares available for issuance under the 2020 Plan | 2,277,423 | 2,123,440 |
Total | 5,992,352 | 5,002,964 |
Exercise of Options to Purchase Common Stock [Member] | ||
Exercise of options to purchase common stock | 3,636,492 | 2,790,746 |
Restricted Stock [Member] | ||
Vesting of restricted stock | 6,893 | 17,234 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2021 | Sep. 23, 2020 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares available for issuance under the 2020 Plan | 2,123,440 | 2,277,423 | 2,277,423 | ||||
Common stock reserved for future issuance | 5,002,964 | 5,992,352 | 5,992,352 | ||||
Share based payment awards options granted | 1,023,109 | ||||||
Share-based payment arrangement, expense | $ 1,656 | $ 316 | $ 2,828 | $ 619 | |||
Aggregate intrinsic value, Exercisable | 11,283 | $ 11,283 | |||||
Unrecognized compensation expense related to stock options weighted average period | 3 years 3 months 18 days | ||||||
Fair value of restricted shares vested | $ 20 | 20 | |||||
Restricted Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based payment arrangement, expense | 8 | $ 9 | $ 16 | $ 17 | |||
2016 Plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted average grant date fair value of options granted | $ 11.69 | $ 4.86 | |||||
Aggregate intrinsic value, options exercised | $ 1,700 | $ 10 | |||||
Unrecognized compensation expense related to stock options | $ 22,300 | $ 22,300 | |||||
2016 Plan [Member] | Restricted Stock [Member] | Minimum [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share based payment award, award vesting period | 3 years | ||||||
2016 Plan [Member] | Restricted Stock [Member] | Maximum [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share based payment award, award vesting period | 4 years | ||||||
2016 Plan [Member] | Performance Share [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share based payment award, award vesting period | 4 years | ||||||
Share based payment awards options granted | 113,000 | ||||||
Share based payment award, requisite service period | 4 years | ||||||
Share-based payment arrangement, expense | $ 300 | ||||||
2016 Plan [Member] | Performance Share [Member] | Share-based payment arrangement, tranche one [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based payment award, award vesting percentage | 33.33% | ||||||
2016 Plan [Member] | Performance Share [Member] | Share-based payment arrangement, tranche two [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based payment award, award vesting percentage | 33.33% | ||||||
2016 Plan [Member] | Performance Share [Member] | Share-based payment arrangement, tranche three [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based payment award, award vesting percentage | 33.33% | ||||||
2020 Plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares available for issuance under the 2020 Plan | 2,277,423 | 2,277,423 | |||||
Share based payments shares increase decrease | 1,130,896 | ||||||
2020 Plan [Member] | Restricted Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share based payment award description | The number of shares reserved for issuance under the 2020 Plan will increase automatically on January 1 of each fiscal year, starting on January 1, 2021 and ending on and including January 1, 2030, by the number of shares equal to 5% of the aggregate number of outstanding shares of common stock as of the immediately preceding December 31, or a lesser number of shares as may be determined by the board of directors (or an authorized committee thereof). | ||||||
Share based payments shares increase/decrease | 500.00% | ||||||
Employee stock purchase plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share based payment award description | The aggregate number of shares reserved for sale under the ESPP will increase automatically on January 1st of each fiscal year starting on January 1, 2021 and ending on and including January 1, 2030, by the number of shares equal to the lesser of (a) 1% of the total number of shares of common stock outstanding on the last day of the fiscal year prior to the date of such automatic increase and (b) 560,000 shares, provided that prior to the date of any such increase, the board of directors may determine a lesser number of shares for such increase. | ||||||
Share based payments shares increase decrease | 0 | 560,000 | |||||
Common stock reserved for future issuance | 280,000 |
Equity Incentive Plan - Summary
Equity Incentive Plan - Summary of Total Stock-based Compensation Including Both Stock Option Awards and Restricted Stock (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share based compensation expenses | $ 1,656 | $ 316 | $ 2,828 | $ 619 |
Restricted Stock [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share based compensation expenses | 8 | 9 | 16 | 17 |
Exercise of Options to Purchase Common Stock [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share based compensation expenses | 1,648 | 307 | 2,812 | 602 |
General and Administrative [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share based compensation expenses | 1,029 | 170 | 1,768 | 340 |
Research and Development [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share based compensation expenses | $ 627 | $ 146 | $ 1,060 | $ 279 |
Equity Incentive Plan - Summa_2
Equity Incentive Plan - Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Shares, Outstanding | 2,790,746 |
Shares, Granted | 1,023,109 |
Shares, Exercised | (131,167) |
Shares, Canceled, expired or forfeited | (46,196) |
Shares, Outstanding | 3,636,492 |
Shares, Vested and expected to vest | 3,636,492 |
Shares, Exercisable | 1,068,798 |
Weighted average exercise price, Outstanding | $ 8.13 |
Weighted average exercise price, Granted | 16.32 |
Weighted average exercise price, Exercised | 2.62 |
Weighted average exercise price, Canceled, expired or forfeited | 11.22 |
Weighted average exercise price, Outstanding | 10.60 |
Weighted average exercise price, Vested and expected to vest | 10.60 |
Weighted average exercise price, Exercisable | $ 3.29 |
Weighted- Average remaining contractual term (years), Outstanding | 8 years 7 months 9 days |
Weighted- Average remaining contractual term (years), Vested and expected to vest | 8 years 7 months 9 days |
Weighted- Average remaining contractual term (years), Exercisable | 7 years 4 months 13 days |
Aggregate intrinsic value, Outstanding | $ 19,157 |
Aggregate intrinsic value, Vested and expected to vest | 19,157 |
Aggregate intrinsic value, Exercisable | $ 11,283 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities dilute basic net loss per share | 3,714,929 | 13,737,467 |
Series A-1 [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities dilute basic net loss per share | 6,328,894 | |
Series B [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities dilute basic net loss per share | 5,173,569 | |
Outstanding Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities dilute basic net loss per share | 3,636,492 | 2,135,884 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities dilute basic net loss per share | 6,893 | 27,576 |
Outstanding Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive Securities dilute basic net loss per share | 71,544 | 71,544 |