Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 01, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PRLD | |
Entity Registrant Name | PRELUDE THERAPEUTICS INC | |
Entity Central Index Key | 0001678660 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 47,955,005 | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-39527 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 81-1384762 | |
Entity Address, Address Line One | 200 Powder Mill Road | |
Entity Address, City or Town | Wilmington | |
Entity Address, State or Province | DE | |
Entity Address, Postal Zip Code | 19803 | |
City Area Code | 302 | |
Local Phone Number | 467-1280 | |
Document Quarterly Report | true | |
Document Transition Report | false |
BALANCE SHEETS (UNAUDITED)
BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 18,201 | $ 30,605 |
Marketable securities | 154,054 | 171,123 |
Prepaid expenses and other current assets | 3,008 | 2,652 |
Total current assets | 175,263 | 204,380 |
Restricted cash | 4,044 | 4,044 |
Property and equipment, net | 5,371 | 4,908 |
Right-of-use asset | 1,360 | 1,792 |
Prepaid expenses and other non-current assets | 12,282 | 5,376 |
Total assets | 198,320 | 220,500 |
Current liabilities: | ||
Accounts payable | 7,082 | 6,777 |
Accrued expenses and other current liabilities | 11,190 | 13,093 |
Operating lease liability | 1,390 | 1,832 |
Total current liabilities | 19,662 | 21,702 |
Other liabilities | 3,361 | 3,361 |
Total liabilities | 23,023 | 25,063 |
Commitments (Note 8) | ||
Stockholders’ equity: | ||
Additional paid-in capital | 537,966 | 531,682 |
Accumulated other comprehensive (loss) | (398) | (1,692) |
Accumulated deficit | (362,276) | (334,558) |
Total stockholders’ equity | 175,297 | 195,437 |
Total liabilities and stockholders’ equity | 198,320 | 220,500 |
Voting Common Stock | ||
Stockholders’ equity: | ||
Common stock | 4 | 4 |
Non-voting Common Stock | ||
Stockholders’ equity: | ||
Common stock | $ 1 | $ 1 |
BALANCE SHEETS (PARENTHETICAL)
BALANCE SHEETS (PARENTHETICAL) (UNAUDITED) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Voting Common Stock | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 487,149,741 | 487,149,741 |
Common stock, shares, issued | 36,514,218 | 36,496,994 |
Common stock, shares, outstanding | 36,514,218 | 36,496,994 |
Non-voting Common Stock | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 12,850,259 | 12,850,259 |
Common stock, shares, issued | 11,402,037 | 11,402,037 |
Common stock, shares, outstanding | 11,402,037 | 11,402,037 |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating expenses: | ||
Research and development | $ 21,834 | $ 22,821 |
General and administrative | 7,281 | 7,467 |
Total operating expenses | 29,115 | 30,288 |
Loss from operations | (29,115) | (30,288) |
Other income, net | 1,397 | 823 |
Net loss | $ (27,718) | $ (29,465) |
Per share information: | ||
Net loss per share of common stock, basic | $ (0.58) | $ (0.63) |
Net loss per share of common stock, diluted | $ (0.58) | $ (0.63) |
Weighted average common shares outstanding, basic | 47,737,190 | 47,066,427 |
Weighted average common shares outstanding, diluted | 47,737,190 | 47,066,427 |
Comprehensive loss | ||
Net loss | $ (27,718) | $ (29,465) |
Unrealized gain (loss) on marketable securities, net of tax | 1,294 | (1,602) |
Comprehensive loss | $ (26,424) | $ (31,067) |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Common Stock Voting Common Stock | Common Stock Non-voting Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2021 | $ 285,897 | $ 4 | $ 1 | $ 505,723 | $ (711) | $ (219,120) |
Beginning balance (shares) at Dec. 31, 2021 | 36,200,299 | 11,402,037 | ||||
Issuance of common stock upon exercise of stock options | 153 | 153 | ||||
Issuance of common stock upon exercise of stock options, (shares) | 93,032 | |||||
Unrealized gain (loss) on marketable securities, net of tax | (1,602) | (1,602) | ||||
Stock-based compensation expense | 6,829 | 6,829 | ||||
Net loss | (29,465) | (29,465) | ||||
Ending balance at Mar. 31, 2022 | 261,812 | $ 4 | $ 1 | 512,705 | (2,313) | (248,585) |
Ending balance (shares) at Mar. 31, 2022 | 36,293,331 | 11,402,037 | ||||
Beginning balance at Dec. 31, 2022 | 195,437 | $ 4 | $ 1 | 531,682 | (1,692) | (334,558) |
Beginning balance (shares) at Dec. 31, 2022 | 36,496,994 | 11,402,037 | ||||
Issuance of common stock upon exercise of stock options & vesting of RSUs | $ 28 | 28 | ||||
Issuance of common stock upon exercise of stock options & vesting of RSUs, (shares) | 17,224 | |||||
Issuance of common stock upon exercise of stock options, (shares) | 15,974 | |||||
Unrealized gain (loss) on marketable securities, net of tax | $ 1,294 | 1,294 | ||||
Stock-based compensation expense | 6,256 | 6,256 | ||||
Net loss | (27,718) | (27,718) | ||||
Ending balance at Mar. 31, 2023 | $ 175,297 | $ 4 | $ 1 | $ 537,966 | $ (398) | $ (362,276) |
Ending balance (shares) at Mar. 31, 2023 | 36,514,218 | 11,402,037 |
STATEMENTS OF CASH FLOWS (UNAUD
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows used in operating activities: | ||
Net loss | $ (27,718) | $ (29,465) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 278 | 307 |
Noncash lease expense | 432 | 411 |
Stock-based compensation | 6,256 | 6,829 |
Amortization of premium and discount on marketable securities, net | (446) | 748 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (355) | 93 |
Accounts payable | 374 | 2 |
Accrued expenses and other liabilities | (1,903) | (401) |
Long-term prepaid expenses and other long-term assets | (6,610) | |
Operating lease liabilities | (442) | (419) |
Net cash used in operating activities | (30,134) | (21,895) |
Cash flows provided by (used in) investing activities: | ||
Purchases of marketable securities | (7,191) | |
Proceeds from maturities of marketable securities | 26,000 | |
Purchases of property and equipment | (810) | (952) |
Net cash provided by investing activities | 17,999 | 153 |
Cash flows provided by financing activities: | ||
Payment of offering costs | (297) | |
Proceeds from the issuance of common stock in connection with the exercise of stock options | 28 | 153 |
Net cash (used in) provided by financing activities | (269) | 41,548 |
Net (decrease) increase in cash and cash equivalents | (12,404) | 19,806 |
Cash, cash equivalents, and restricted cash at beginning of period | 34,649 | 35,872 |
Cash, cash equivalents, and restricted cash at end of period | 22,245 | 55,678 |
Supplemental disclosures: | ||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 928 | |
Property and equipment in accounts payable | 21 | 354 |
Unrealized gain(loss) on marketable securities | $ 1,294 | $ (1,602) |
Background
Background | 3 Months Ended |
Mar. 31, 2023 | |
Background [Abstract] | |
Background | 1. Background Prelude Therapeutics Incorporated (the “Company”) is a clinical-stage fully integrated oncology company built on a foundation of drug discovery excellence to deliver novel precision cancer medicines to underserved patients. Since beginning operations in 2016, the Company has devoted substantially all its efforts to research and development, conducting preclinical and clinical studies, recruiting management and technical staff, administration, and raising capital. |
Risks and Liquidity
Risks and Liquidity | 3 Months Ended |
Mar. 31, 2023 | |
Risks And Liquidity [Abstract] | |
Risks and Liquidity | 2. Risks and liquidity The Company is subject to a number of risks common to early-stage companies in the biotechnology industry. Principal among these risks are the uncertainties in the development process, development of the same or similar technological innovations by competitors, protection of proprietary technology, dependence on key personnel, compliance with government regulations and approval requirements, and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive pre-clinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure, and extensive compliance-reporting capabilities. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s technology will be obtained, that any products developed will obtain necessary government regulatory approval, or that any approved products will be commercially viable. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and contractors. Since its inception, the Company has incurred operating losses and had an accumulated deficit of $ 362.3 million at March 31, 2023. The Company has no revenue to date and devotes its efforts to research and development. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its product candidates currently in development. The Company believes that its cash, cash equivalents, and marketable securities as of March 31, 2023 will be sufficient to fund its operating expenses and capital expenditure requirements into the fourth quarter of 2024. To fund its operating expenses and capital expenditure requirements after that date, the Company plans to seek additional funding through public or private equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into strategic alliances or other arrangements on favorable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain funding, the Company could be required to delay, reduce or eliminate research and development programs, product portfolio expansion or future commercialization efforts, which could adversely affect its business prospects. Inflation has the potential to adversely affect our liquidity, business, financial condition and results of operations by increasing our overall cost structure. The existence of inflation in the economy has resulted in, and may continue to result in, higher interest rates and capital costs, supply shortages, increased costs of labor, components, manufacturing and shipping, as well as weakening exchange rates and other similar effects. As a result of inflation, we have experienced, and may continue to experience cost increases. Although we may take measures to mitigate the effects of inflation, if these measures are not effective, our business, financial condition, results of operations and liquidity could be materially adversely affected. Even if such measures are effective, there could be a difference between the timing of when these beneficial actions impact our results of operations and when the costs of inflation are incurred. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of significant accounting policies The summary of significant accounting policies included in the Company’s financial statements for the year ended December 31, 2022 can be found in “Note 3. Summary of significant accounting policies” of the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 15, 2023. Those policies have not materially changed. Basis of presentation The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The accompanying unaudited interim financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended December 31, 2022 found in the Company's Annual Report on Form 10-K filed with the SEC on March 15, 2023. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of estimates The preparation of the unaudited interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the unaudited interim financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of the revisions are reflected in the accompanying unaudited interim financial statements in the period they are determined to be necessary. The most significant estimate relates to accrued clinical trial expenses. Income taxes Based upon the historical and anticipated future losses, management has determined that the deferred tax assets generated by net operating losses and research and development credits do not meet the more likely than not threshold for realizability. Accordingly, a full valuation allowance has been recorded against the Company’s net deferred tax assets as of March 31, 2023 and December 31, 2022. Cash, Cash Equivalents and Restricted cash The Company’s cash equivalents include short-term highly liquid investments with an original maturity of 90 days or less when purchased and are carried at fair value in the accompanying balance sheets. Restricted cash consists of a letter of credit with Silicon Valley Bank, a division of First Citizens Bank, for the benefit of the landlord in connection with the Company’s Chestnut Run Lease. See Note 8 for further details. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet that total to the amounts shown in the statement of cash flows: (in thousands) March 31, December 31, Cash and cash equivalents $ 18,201 $ 30,605 Restricted cash 4,044 4,044 Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 22,245 $ 34,649 Marketable Securities The Company’s marketable securities consist of investments in corporate debt securities and United States (“U.S.”) government debt securities that are classified as available-for-sale. The securities are carried at fair value with the unrealized gains and losses, net of tax, included in accumulated other comprehensive income (loss), a component of stockholders’ equity. Realized gains and losses as well as credit losses, if any, on marketable securities are included in the Company’s statements of operations. The Company classifies marketable securities that are available for use in current operations as current assets on the balance sheets. Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. The weighted-average number of shares of common stock outstanding used in the basic net loss per share calculation does not include unvested restricted stock awards as these instruments are considered contingently issuable shares until they vest. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise of securities, such as stock options, and the effect from unvested restricted stock awards and restricted stock units which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. The Company’s unvested restricted stock awards entitle the holder to participate in dividends and earnings of the Company, and, if the Company were to recognize net income, it would have to use the two-class method to calculate earnings per share. The two-class method is not applicable during periods with a net loss, as the holders of the unvested restricted stock awards have no obligation to fund losses. The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: March 31, 2023 2022 Unvested restricted stock awards 131,468 514,641 Unvested restricted stock units 163,750 20,000 Stock options 11,868,020 8,541,017 Employee stock purchase plan 51,837 40,127 12,215,075 9,115,785 Amounts in the above table reflect the common stock equivalents. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these unaudited interim financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 4. Marketable Securities The following is a summary of the Company’s marketable securities. (in thousands) Amortized Cost Gross unrealized gain Gross unrealized loss Fair Value March 31, 2023: Marketable securities Corporate debt securities $ 144,740 $ 387 $ ( 766 ) $ 144,361 U.S. government securities 9,712 — ( 19 ) $ 9,693 Total $ 154,452 $ 387 $ ( 785 ) $ 154,054 December 31, 2022 Marketable securities Corporate debt securities $ 163,208 $ 7 $ ( 1,672 ) $ 161,543 U.S. government securities 9,607 — ( 27 ) 9,580 Total $ 172,815 $ 7 $ ( 1,699 ) $ 171,123 The Company’s marketable securities generally have contractual maturity dates of 10 months or less. As of March 31, 2023 , the Company had 17 securities with a total fair market value of $ 138.5 million in an unrealized loss position. The Company believes that any unrealized losses associated with the decline in value of its securities is temporary, is primarily related to market factors and believes that it is more likely than not that it will be able to hold its debt securities to maturity. Therefore, the Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity and an allowance for credit losses was not recognized. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 5. Fair Value of Financial Instruments Fair value is the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value determination in accordance with applicable accounting guidance requires that a number of significant judgments be made. Additionally, fair value is used on a nonrecurring basis to evaluate assets for impairment or as required for disclosure purposes by applicable accounting guidance on disclosures about fair value of financial instruments. Depending on the nature of the assets and liabilities, various valuation techniques and assumptions are used when estimating fair value. The Company follows the provisions of ASC 820, Fair Value Measurement, for financial assets and liabilities measured on a recurring basis. The guidance requires fair value measurements be classified and disclosed in one of the following three categories: • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. • Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities. • Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis: Fair value measurement at reporting date using (in thousands) Quoted prices Significant Significant March 31, 2023: Assets: Cash equivalents (Money Market Funds) $ 17,461 $ — $ — Marketable securities Corporate debt securities — 144,361 — U.S. government securities 9,693 Total $ 17,461 $ 154,054 $ — December 31, 2022 Assets: Cash equivalents (Money Market Funds) $ 25,996 $ — $ — Marketable securities Corporate debt securities — 161,543 — U.S. government securities — 9,580 — Total $ 25,996 $ 171,123 $ — |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: (in thousands) March 31, December 31, Compensation and related benefits $ 3,111 $ 5,682 Research and development 7,191 6,887 Other 888 524 $ 11,190 $ 13,093 |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Common Stock | 7. Common Stock The Company has two classes of common stock; “voting common stock” and “non-voting common stock.” The holders of the voting common stock are entitled to one vote for each share of voting common stock held at all meetings of stockholders . Except as otherwise required by law, the holders of non-voting common stock shall not be entitled to vote at any meetings of stockholders (or written actions in lieu of meetings) and the shares of non-voting common stock shall not be included in determining the number of shares voting or entitled to vote on any matter. Unless required by law, there shall be no cumulative voting. Any holder of non-voting common stock may elect to convert each share of non-voting common stock into one fully paid and non-assessable share of voting common stock at any time by providing written notice to the Company; provided that as a result of such conversion, such holder, together with its affiliates and any members of a Schedule 13(d) group with such holder, would not beneficially own in excess of 9.99 % of the Company’s common stock immediately prior to and following such conversion, unless otherwise as expressly provided for in the Company’s restated certificate of incorporation. However, this ownership limitation may be increased (not to exceed 19.99 %) or decreased to any other percentage designated by such holder of non-voting common stock upon 61 days’ notice to the Company. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments | 8. Commitments Leases The Company leases office and laboratory space in Wilmington, Delaware under a noncancelable lease (the “Lease”). Future minimum annual lease payments under the Lease at March 31, 2023 are as follows: (in thousands) 2023 (remaining) $ 1,446 Total undiscounted lease payments 1,446 Less imputed interest ( 56 ) Current and noncurrent lease liability $ 1,390 In August 2022, we entered into an amendment (the “Lease Amendment”) to the lease agreement for office and lab space at Chestnut Run Plaza in Wilmington, Delaware (the “Chestnut Run Lease”). The Chestnut Run Lease has a commencement date of the earlier of (i) the Landlord Work Substantial Completion Date (as such term is defined in the Chestnut Run Lease), or (ii) the date the Company takes possession of the premises for the conduct of the Company’s business (the “Commencement Date”). The Chestnut Run Lease premises includes approximately 81,000 rentable square feet, located at Chestnut Run Plaza in Wilmington, Delaware (the Premises). Under the terms of the Chestnut Run Lease, the landlord will provide an allowance towards the cost of completing tenant improvements for the premises. The Company concluded that the improvements resulting from both the landlord's build-out and the tenant improvements are the landlord's assets for accounting purposes. Costs incurred by the Company related to the tenant improvements in excess of the landlord's allowance will be treated as prepaid rent and will increase the right-of-use asset once the accounting commencement date occurs. As of March 31, 2023, the Company recorded $ 6.5 million of prepaid rent. Upon the Commencement Date, the Company will recognize a right-of-use asset and operating lease liability in accordance with ASC 842, Leases. The Chestnut Run Lease has an initial term of 162 months with 3 five-year extension options and certain expansion rights. The estimated rent payments related to the Chestnut Run Lease are as follows: (in thousands) 2023 (remaining) $ — 2024 1,712 2025 2,860 2026 2,998 2027 3,073 2028 3,149 Thereafter 28,844 The Company paid a security deposit for the Chestnut Run Lease in the form of a letter of credit with Silicon Valley Bank, a division of First Citizens Bank, of $ 4.0 million, which is included in the balance sheet as restricted cash as of March 31, 2023 . The security deposit may be reduced to $ 0.5 million over time in accordance with the terms of the Chestnut Run Lease. In connection with the Company’s expansion of operations in the State of Delaware, the Company was approved for a grant from the State of Delaware in 2021 that will provide up to $ 5.5 million in reimbursements over three years for the development of lab space in addition to increasing jobs in Delaware to meet specific targeted levels through 2023 . During the third quarter of 2022, the Company was approved for an additional grant from the State of Delaware for the development of lab space in the amount of $ 1.0 million. In 2022, the Company received cash of $ 3.4 million from the grants for the development of lab space. The Company has deferred the recognition of these grant funds as they relate to capitalized costs and has classified them as long-term liabilities on the balance sheet. The Company will recognize the grant funds in other income as grant income over the useful life of the related assets. If, after two years from the disbursement date, the incurred costs for lab space are less than the $ 3.4 million received, the Company is required to pay back the difference between total funds received and allowable costs incurred. Additionally, if the Company leaves the State of Delaware within five years of the disbursement, the Company is required to return an amount equal to the amount of grant funds disbursed on a pro-rated basis. Rent expense was $ 0.5 million for both the three months ended March 31, 2023 and 2022. Employment Agreements The Company entered into employment agreements with key personnel providing for compensation and severance in certain circumstances, as defined in the respective employment agreements. 401(k) Defined Contribution Plan The Company sponsors a 401(k) defined‑contribution plan covering all employees. Participants are permitted to contribute up to 100 % of their eligible annual pretax compensation up to an established federal limit on aggregate participant contributions. The Company provides a match of a maximum amount of 3 % of the participant’s compensation. For both the three months ended March 31, 2023 and 2022 , the Company made matching contributions of $ 0.2 million. Other Research and Development Arrangements The Company enters into agreements with CROs to assist in the performance of research and development activities. Expenditures to CROs will represent a significant cost in clinical development for the Company. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation The Company has two equity incentive plans: the 2016 Equity Incentive Plan, as amended, and the 2020 Equity Incentive Plan. New awards can only be granted under the 2020 Equity Incentive Plan (the “Plan”) and as of March 31, 2023 , 5,040,915 shares were available for future grants. The number of shares of the Company’s common stock that may be issued pursuant to rights granted under the Plan shall automatically increase on January 1st of each year, commencing on January 1, 2021, and continuing for ten years , in an amount equal to five percent of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year, subject to the discretion of the board of directors or compensation committee to determine a lesser number of shares shall be added for such year. The Plan provides for the granting of common stock, incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units and/or stock appreciation rights to employees, directors, and other persons, as determined by the Company’s board of directors. The Company’s stock options vest based on the terms in each award agreement, generally over four-year periods with 25 % of options vesting after one year and then monthly thereafter, and have a term of ten years . The Company measures stock-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations: Three Months Ended (in thousands) 2023 2022 Research and development $ 2,991 $ 3,200 General and administrative 3,265 3,629 $ 6,256 $ 6,829 Stock Options The following table summarizes stock option activity for the periods indicated: Number Weighted Weighted Outstanding at January 1, 2023 9,390,930 $ 12.08 8.31 Granted 2,691,898 $ 7.02 Exercised ( 15,974 ) $ 1.77 Forfeited ( 198,834 ) $ 19.69 Outstanding at March 31, 2023 11,868,020 $ 10.82 8.47 Exercisable at March 31, 2023 4,106,669 $ 12.07 7.33 At March 31, 2023 , the aggregate intrinsic value of outstanding options and exercisable options was $ 9.1 million and $ 6.6 million, respectively. The following table summarizes information about stock options outstanding at March 31, 2023 under the Plan: Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Average Weighted Number Weighted $ 0.31 - $ 4.88 2,927,179 7.37 $ 2.74 1,675,468 $ 1.77 $ 4.89 - $ 7.50 3,889,718 9.71 6.62 18,700 5.97 $ 7.51 - $ 13.04 3,207,179 8.04 11.86 1,552,831 12.32 $ 13.05 - $ 88.98 1,843,944 8.31 30.66 859,670 31.80 11,868,020 4,106,669 The weighted-average grant date fair value of options granted was $ 5.12 and $ 7.62 per share for the three months ended March 31, 2023 and 2022 , respectively. The aggregate intrinsic value of options exercised was $ 72 thousand for the three months ended March 31, 2023 . The Company recorded stock-based compensation expense of $ 5.9 million and $ 6.5 million for the three months ended March 31, 2023 and 2022, respectively, related to stock options. As of March 31, 2023 , the total unrecognized compensation expense related to unvested stock option awards was $ 56.0 million, which the Company expects to recognize over a weighted-average period of 2.56 years. The fair value of each option was estimated on the date of grant using the weighted average assumptions in the table below: Three months ended 2023 2022 Expected volatility 83.55 % 84.57 % Risk-free interest rate 3.80 % 1.97 % Expected life (in years) 6.05 6.06 Expected dividend yield — — Restricted Stock Awards and Units The Company issues restricted stock awards (“RSA”) to employees that generally vest over a four-year period with 25 % of awards vesting after one year and then monthly thereafter. Any unvested shares will be forfeited upon termination of services. The fair value of an RSA is equal to the fair market value price of the Company’s common stock on the date of grant. RSA expense is recorded on a straight-line basis over the vesting period. The following table summarizes activity related to RSA stock-based payment awards: Number of Weighted-average Unvested balance at January 1, 2023 201,716 $ 2.81 Vested ( 70,248 ) $ 2.41 Unvested balance at March 31, 2023 131,468 $ 3.02 The Company recorded stock-based compensation expense of $ 0.2 million for both the three months ended March 31, 2023 and 2022, related to RSAs. As of March 31, 2023 , the total unrecognized expense related to all RSAs was $ 0.4 million, which the Company expects to recognize over a weighted-average period of 0.92 years. The Company granted restricted stock units (“RSU”) to employees that generally vest over a four-year period with 25 % of awards vesting after one year and then quarterly thereafter. Any unvested units will be forfeited upon termination of services. The following table summarizes activity related to RSU stock-based payment awards: Number of Weighted-average Unvested balance at January 1, 2023 165,000 $ 6.08 Vested ( 1,250 ) $ 18.32 Unvested balance at March 31, 2023 163,750 $ 5.99 The Company recorded stock-based compensation expense of $ 72 thousand and $ 24 thousand for the three months ended March 31, 2023 and 2022, respectively, related to RSUs. At March 31, 2023 , the total unrecognized expense related to the RSUs was $ 0.8 million, which the Company expects to recognize over 2.86 years. Employee Stock Purchase Plan The Company has an Employee Stock Purchase Plan (the “ESPP”), which, as of March 31, 2023 , had 1,789,149 shares of common stock reserved for future issuance. The number of shares of the Company’s common stock that may be issued pursuant to rights granted under the ESPP shall automatically increase on January 1st of each year and continuing for ten years beginning in 2021, in an amount equal to one percent of the total number of shares of all classes of the Company’s common stock outstanding on December 31st of the preceding calendar year, subject to the discretion of the board of directors or compensation committee to determine a lesser number of shares shall be added for such year. On January 1, 2023, 478,990 shares were added to the ESPP. Under the ESPP, eligible employees can purchase the Company’s common stock through accumulated payroll deductions at such times as are established by the compensation committee. Eligible employees may purchase the Company’s common stock at 85 % of the lower of the fair market value of the Company’s common stock on the first day of the offering period or on the last day of the offering period. Eligible employees may contribute up to 15 % of their eligible compensation. Under the ESPP, a participant may not accrue rights to purchase more than $ 25,000 worth of the Company’s common stock for each calendar year in which such right is outstanding. The ESPP is considered compensatory under the FASB stock compensation rules. Accordingly, share-based compensation expense is determined based on the option’s grant-date fair value as estimated by applying the Black Scholes option-pricing model and is recognized over the withholding period. The Company recognized share-based compensation expense of $ 0.1 million for both the three months ended March 31, 2023 and 2022 related to the ESPP. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The accompanying unaudited interim financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended December 31, 2022 found in the Company's Annual Report on Form 10-K filed with the SEC on March 15, 2023. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). |
Use of estimates | Use of estimates The preparation of the unaudited interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the unaudited interim financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of the revisions are reflected in the accompanying unaudited interim financial statements in the period they are determined to be necessary. The most significant estimate relates to accrued clinical trial expenses. |
Income taxes | Income taxes Based upon the historical and anticipated future losses, management has determined that the deferred tax assets generated by net operating losses and research and development credits do not meet the more likely than not threshold for realizability. Accordingly, a full valuation allowance has been recorded against the Company’s net deferred tax assets as of March 31, 2023 and December 31, 2022. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted cash The Company’s cash equivalents include short-term highly liquid investments with an original maturity of 90 days or less when purchased and are carried at fair value in the accompanying balance sheets. Restricted cash consists of a letter of credit with Silicon Valley Bank, a division of First Citizens Bank, for the benefit of the landlord in connection with the Company’s Chestnut Run Lease. See Note 8 for further details. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet that total to the amounts shown in the statement of cash flows: (in thousands) March 31, December 31, Cash and cash equivalents $ 18,201 $ 30,605 Restricted cash 4,044 4,044 Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 22,245 $ 34,649 |
Marketable Securities | Marketable Securities The Company’s marketable securities consist of investments in corporate debt securities and United States (“U.S.”) government debt securities that are classified as available-for-sale. The securities are carried at fair value with the unrealized gains and losses, net of tax, included in accumulated other comprehensive income (loss), a component of stockholders’ equity. Realized gains and losses as well as credit losses, if any, on marketable securities are included in the Company’s statements of operations. The Company classifies marketable securities that are available for use in current operations as current assets on the balance sheets. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. The weighted-average number of shares of common stock outstanding used in the basic net loss per share calculation does not include unvested restricted stock awards as these instruments are considered contingently issuable shares until they vest. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise of securities, such as stock options, and the effect from unvested restricted stock awards and restricted stock units which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. The Company’s unvested restricted stock awards entitle the holder to participate in dividends and earnings of the Company, and, if the Company were to recognize net income, it would have to use the two-class method to calculate earnings per share. The two-class method is not applicable during periods with a net loss, as the holders of the unvested restricted stock awards have no obligation to fund losses. The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: March 31, 2023 2022 Unvested restricted stock awards 131,468 514,641 Unvested restricted stock units 163,750 20,000 Stock options 11,868,020 8,541,017 Employee stock purchase plan 51,837 40,127 12,215,075 9,115,785 Amounts in the above table reflect the common stock equivalents. |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these unaudited interim financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet that total to the amounts shown in the statement of cash flows: (in thousands) March 31, December 31, Cash and cash equivalents $ 18,201 $ 30,605 Restricted cash 4,044 4,044 Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 22,245 $ 34,649 |
Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-average Shares of Common Stock Outstanding | The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: March 31, 2023 2022 Unvested restricted stock awards 131,468 514,641 Unvested restricted stock units 163,750 20,000 Stock options 11,868,020 8,541,017 Employee stock purchase plan 51,837 40,127 12,215,075 9,115,785 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Marketable Securities | The following is a summary of the Company’s marketable securities. (in thousands) Amortized Cost Gross unrealized gain Gross unrealized loss Fair Value March 31, 2023: Marketable securities Corporate debt securities $ 144,740 $ 387 $ ( 766 ) $ 144,361 U.S. government securities 9,712 — ( 19 ) $ 9,693 Total $ 154,452 $ 387 $ ( 785 ) $ 154,054 December 31, 2022 Marketable securities Corporate debt securities $ 163,208 $ 7 $ ( 1,672 ) $ 161,543 U.S. government securities 9,607 — ( 27 ) 9,580 Total $ 172,815 $ 7 $ ( 1,699 ) $ 171,123 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis: Fair value measurement at reporting date using (in thousands) Quoted prices Significant Significant March 31, 2023: Assets: Cash equivalents (Money Market Funds) $ 17,461 $ — $ — Marketable securities Corporate debt securities — 144,361 — U.S. government securities 9,693 Total $ 17,461 $ 154,054 $ — December 31, 2022 Assets: Cash equivalents (Money Market Funds) $ 25,996 $ — $ — Marketable securities Corporate debt securities — 161,543 — U.S. government securities — 9,580 — Total $ 25,996 $ 171,123 $ — |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: (in thousands) March 31, December 31, Compensation and related benefits $ 3,111 $ 5,682 Research and development 7,191 6,887 Other 888 524 $ 11,190 $ 13,093 |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Operating Lease, until December 31,2023 | |
Schedule of Future Minimum Annual Lease Payments Under Lease | Future minimum annual lease payments under the Lease at March 31, 2023 are as follows: (in thousands) 2023 (remaining) $ 1,446 Total undiscounted lease payments 1,446 Less imputed interest ( 56 ) Current and noncurrent lease liability $ 1,390 |
Chestnut Run Lease | |
Schedule of Future Minimum Annual Lease Payments Under Lease | The estimated rent payments related to the Chestnut Run Lease are as follows: (in thousands) 2023 (remaining) $ — 2024 1,712 2025 2,860 2026 2,998 2027 3,073 2028 3,149 Thereafter 28,844 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock-Based Compensation Expense Recorded in Statements of Operations | The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations: Three Months Ended (in thousands) 2023 2022 Research and development $ 2,991 $ 3,200 General and administrative 3,265 3,629 $ 6,256 $ 6,829 |
Summary of Stock Option Activity | The following table summarizes stock option activity for the periods indicated: Number Weighted Weighted Outstanding at January 1, 2023 9,390,930 $ 12.08 8.31 Granted 2,691,898 $ 7.02 Exercised ( 15,974 ) $ 1.77 Forfeited ( 198,834 ) $ 19.69 Outstanding at March 31, 2023 11,868,020 $ 10.82 8.47 Exercisable at March 31, 2023 4,106,669 $ 12.07 7.33 |
Summary of Information about Stock Options Outstanding | The following table summarizes information about stock options outstanding at March 31, 2023 under the Plan: Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Average Weighted Number Weighted $ 0.31 - $ 4.88 2,927,179 7.37 $ 2.74 1,675,468 $ 1.77 $ 4.89 - $ 7.50 3,889,718 9.71 6.62 18,700 5.97 $ 7.51 - $ 13.04 3,207,179 8.04 11.86 1,552,831 12.32 $ 13.05 - $ 88.98 1,843,944 8.31 30.66 859,670 31.80 11,868,020 4,106,669 |
Schedule of Fair Value of Each Option Estimated on Date of Grant Using Weighted Average Assumptions | The fair value of each option was estimated on the date of grant using the weighted average assumptions in the table below: Three months ended 2023 2022 Expected volatility 83.55 % 84.57 % Risk-free interest rate 3.80 % 1.97 % Expected life (in years) 6.05 6.06 Expected dividend yield — — |
Summary of Activity related to RSA Stock-Based Payment Awards | The following table summarizes activity related to RSA stock-based payment awards: Number of Weighted-average Unvested balance at January 1, 2023 201,716 $ 2.81 Vested ( 70,248 ) $ 2.41 Unvested balance at March 31, 2023 131,468 $ 3.02 |
Summary of Activity related to RSU Stock-Based Payment Awards | The following table summarizes activity related to RSU stock-based payment awards: Number of Weighted-average Unvested balance at January 1, 2023 165,000 $ 6.08 Vested ( 1,250 ) $ 18.32 Unvested balance at March 31, 2023 163,750 $ 5.99 |
Risks and Liquidity - Additiona
Risks and Liquidity - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Risks And Liquidity [Abstract] | ||
Accumulated deficit | $ (362,276) | $ (334,558) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Cash and cash equivalents | $ 18,201 | $ 30,605 |
Restricted cash | 4,044 | 4,044 |
Total cash, cash equivalents, and restricted cash shown in statement of cash flows | $ 22,245 | $ 34,649 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-average Shares of Common Stock Outstanding (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 12,215,075 | 9,115,785 |
Restricted Stock Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 131,468 | 514,641 |
Unvested Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 163,750 | 20,000 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 11,868,020 | 8,541,017 |
Employee Stock Purchase Plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 51,837 | 40,127 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Marketable Securities [Line Items] | ||
Marketable securities, Amortized cost | $ 154,452 | $ 172,815 |
Marketable securities, Gross unrealized gain | 387 | 7 |
Marketable securities, Gross unrealized loss | (785) | (1,699) |
Marketable securities, Fair value | 154,054 | 171,123 |
Corporate Debt Securities | ||
Marketable Securities [Line Items] | ||
Marketable securities, Amortized cost | 144,740 | 163,208 |
Marketable securities, Gross unrealized gain | 387 | 7 |
Marketable securities, Gross unrealized loss | (766) | (1,672) |
Marketable securities, Fair value | 144,361 | 161,543 |
U.S. Government Securities | ||
Marketable Securities [Line Items] | ||
Marketable securities, Amortized cost | 9,712 | 9,607 |
Marketable securities, Gross unrealized loss | (19) | 27 |
Marketable securities, Fair value | $ 9,693 | $ 9,580 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) $ in Millions | Mar. 31, 2023 USD ($) Security |
Investments Debt And Equity Securities [Abstract] | |
Number of marketable securities | Security | 17 |
Securities fair market value unrealized loss position | $ | $ 138.5 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value measurement, assets | $ 154,054 | $ 171,123 |
Corporate Debt Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value measurement, assets | 144,361 | 161,543 |
U.S. Government Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value measurement, assets | 9,693 | 9,580 |
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value measurement, assets | 17,461 | 25,996 |
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Funds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value measurement, assets | 17,461 | 25,996 |
Recurring Basis | Significant other observable inputs (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value measurement, assets | 154,054 | 171,123 |
Recurring Basis | Significant other observable inputs (Level 2) | Corporate Debt Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value measurement, assets | 144,361 | 161,543 |
Recurring Basis | Significant other observable inputs (Level 2) | U.S. Government Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value measurement, assets | $ 9,693 | $ 9,580 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Payables And Accruals [Abstract] | ||
Compensation and related benefits | $ 3,111 | $ 5,682 |
Research and development | 7,191 | 6,887 |
Other | 888 | 524 |
Accrued expenses and other current liabilities | $ 11,190 | $ 13,093 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - Common Stock | 3 Months Ended |
Mar. 31, 2023 | |
Class Of Stock [Line Items] | |
Common stock, voting rights | The holders of the voting common stock are entitled to one vote for each share of voting common stock held at all meetings of stockholders |
Minimum | |
Class Of Stock [Line Items] | |
Beneficial ownership percentage | 9.99% |
Maximum | |
Class Of Stock [Line Items] | |
Beneficial ownership percentage | 19.99% |
Commitments - Additional Inform
Commitments - Additional Information (Details) $ in Millions | 1 Months Ended | 3 Months Ended | |
Aug. 31, 2022 ft² Extension | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Other Commitments [Line Items] | |||
Prepaid rent | $ 6.5 | ||
Rent expense | 0.5 | $ 0.5 | |
Reimbursements for development of lab space | $ 5.5 | ||
Reimbursements for development of lab space period | 3 years | ||
Reimbursements for development of lab space expiration year | 2023 | ||
Additional grant for development of lab space | $ 1 | ||
Grant for development of lab space | $ 3.4 | ||
Defined contribution plan, maximum annual contributions per employee, percent | 100% | ||
Defined contribution plan, employer matching contribution, percent of employee's gross pay | 3% | ||
Defined contribution plan, employer discretionary contribution amount | $ 0.2 | $ 0.2 | |
Maximum | |||
Other Commitments [Line Items] | |||
Disbursement incurred costs for lab space | 3.4 | ||
Chestnut Run Lease | |||
Other Commitments [Line Items] | |||
Lease renewal period | 5 years | ||
Area of lease premises | ft² | 81,000 | ||
Initial term of lease | 162 months | ||
Number of lease extensions | Extension | 3 | ||
Chestnut Run Lease | Letter of Credit | Silicon Valley Bank | |||
Other Commitments [Line Items] | |||
Security deposit | 4 | ||
Chestnut Run Lease | Letter of Credit | Pro Forma | |||
Other Commitments [Line Items] | |||
Security deposit | $ 0.5 |
Commitments - Schedule of Futur
Commitments - Schedule of Future Minimum Annual Lease Payments Under Lease (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Operating Lease Until December 30 2023 | |
Lease Liability [Line Items] | |
2023 (remaining) | $ 1,446 |
Total undiscounted lease payments | 1,446 |
Less imputed interest | (56) |
Current and noncurrent lease liability | 1,390 |
Chestnut Run Lease | |
Lease Liability [Line Items] | |
2024 | 1,712 |
2025 | 2,860 |
2026 | 2,998 |
2027 | 3,073 |
2028 | 3,149 |
Thereafter | $ 28,844 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) | 3 Months Ended | |||
Mar. 31, 2023 USD ($) Plan $ / shares shares | Mar. 31, 2022 USD ($) $ / shares | Mar. 31, 2021 USD ($) | Jan. 01, 2023 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of equity incentive plans | Plan | 2 | |||
Aggregate intrinsic value of outstanding options | $ 9,100,000 | |||
Aggregate intrinsic value of exercisable options | 6,600,000 | |||
Stock-based compensation expense | $ 6,256,000 | $ 6,829,000 | ||
Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average grant date fair value of options granted | $ / shares | $ 5.12 | $ 7.62 | ||
Aggregate intrinsic value of options exercised | $ 72,000 | |||
Stock-based compensation expense | 5,900,000 | $ 6,500,000 | ||
Total unrecognized compensation expense related to unvested stock option awards | $ 56,000,000 | |||
Total unrecognized compensation expense, weighted-average period | 2 years 6 months 21 days | |||
Restricted Stock Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Stock-based compensation expense | $ 200,000 | $ 200,000 | ||
Total unrecognized compensation expense, weighted-average period | 11 months 1 day | |||
Share-based payment arrangement, nonvested award, unrecognized expense | $ 400,000 | |||
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Stock-based compensation expense | $ 72,000 | 24,000 | ||
Total unrecognized compensation expense, weighted-average period | 2 years 10 months 9 days | |||
Share-based payment arrangement, nonvested award, unrecognized expense | $ 800,000 | |||
2020 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares available for future grants | shares | 5,040,915 | |||
Terms of award | The number of shares of the Company’s common stock that may be issued pursuant to rights granted under the Plan shall automatically increase on January 1st of each year, commencing on January 1, 2021, and continuing for ten years, in an amount equal to five percent of the total number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year, subject to the discretion of the board of directors or compensation committee to determine a lesser number of shares shall be added for such year. | |||
Award term | 10 years | |||
Percentage of shares outstanding used to calculate annual increase in number of shares that can be issued | 5% | |||
2020 Equity Incentive Plan | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
2020 Equity Incentive Plan | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
2020 Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares available for future grants | shares | 1,789,149 | |||
Terms of award | The number of shares of the Company’s common stock that may be issued pursuant to rights granted under the ESPP shall automatically increase on January 1st of each year and continuing for ten years beginning in 2021, in an amount equal to one percent of the total number of shares of all classes of the Company’s common stock outstanding on December 31st of the preceding calendar year, subject to the discretion of the board of directors or compensation committee to determine a lesser number of shares shall be added for such year. | |||
Award term | 10 years | |||
Percentage of shares outstanding used to calculate annual increase in number of shares that can be issued | 1% | |||
Stock-based compensation expense | $ 100,000 | $ 100,000 | ||
Common stock additional capital shares reserved for future issuance | shares | 478,990 | |||
Eligible employees purchase common stock percentage of lower of fair market value | 85% | |||
Participants accrue rights to purchase maximum common stock amount | $ 25,000 | |||
2020 Employee Stock Purchase Plan | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Eligible employees contribution percentage | 15% | |||
Vesting After One Year | Restricted Stock Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage of stock options vested | 25% | |||
Vesting After One Year | Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage of stock options vested | 25% | |||
Vesting After One Year | 2020 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage of stock options vested | 25% |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Recorded in Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 6,256 | $ 6,829 |
Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 2,991 | 3,200 |
General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 3,265 | $ 3,629 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of shares, Outstanding at beginning of period | 9,390,930 | |
Number of shares, Granted | 2,691,898 | |
Number of shares, Exercised | (15,974) | |
Number of shares, Forfeited | (198,834) | |
Number of shares, Outstanding at end of period | 11,868,020 | 9,390,930 |
Number of shares, Exercisable at March 31, 2023 | 4,106,669 | |
Weighted average exercise price per share, Outstanding at beginning of period | $ 12.08 | |
Weighted average exercise price per share, Granted | 7.02 | |
Weighted average exercise price per share, Exercised | 1.77 | |
Weighted average exercise price per share, Forfeited | 19.69 | |
Weighted average exercise price per share, Outstanding at end of period | 10.82 | $ 12.08 |
Weighted average exercise price per share, Exercisable at March 31,2023 | $ 12.07 | |
Weighted average remaining contractual term (years), Outstanding | 8 years 5 months 19 days | 8 years 3 months 21 days |
Weighted average remaining contractual term (years), Exercisable | 7 years 3 months 29 days |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Information about Stock Options Outstanding (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options Outstanding, Number | shares | 11,868,020 |
Options Exercisable, Number Exercisable | shares | 4,106,669 |
$0.31 - $4.88 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of Exercise Prices, Minimum | $ 0.31 |
Range of Exercise Prices, Maximum | $ 4.88 |
Options Outstanding, Number | shares | 2,927,179 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 7 years 4 months 13 days |
Options Outstanding, Weighted Average Exercise Price | $ 2.74 |
Options Exercisable, Number Exercisable | shares | 1,675,468 |
Options Exercisable, Weighted Average Exercise Price | $ 1.77 |
$4.89 - $7.50 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of Exercise Prices, Minimum | 4.89 |
Range of Exercise Prices, Maximum | $ 7.50 |
Options Outstanding, Number | shares | 3,889,718 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 9 years 8 months 15 days |
Options Outstanding, Weighted Average Exercise Price | $ 6.62 |
Options Exercisable, Number Exercisable | shares | 18,700 |
Options Exercisable, Weighted Average Exercise Price | $ 5.97 |
$7.51 - $13.04 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of Exercise Prices, Minimum | 7.51 |
Range of Exercise Prices, Maximum | $ 13.04 |
Options Outstanding, Number | shares | 3,207,179 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 8 years 14 days |
Options Outstanding, Weighted Average Exercise Price | $ 11.86 |
Options Exercisable, Number Exercisable | shares | 1,552,831 |
Options Exercisable, Weighted Average Exercise Price | $ 12.32 |
$13.05 - $88.98 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Range of Exercise Prices, Minimum | 13.05 |
Range of Exercise Prices, Maximum | $ 88.98 |
Options Outstanding, Number | shares | 1,843,944 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 8 years 3 months 21 days |
Options Outstanding, Weighted Average Exercise Price | $ 30.66 |
Options Exercisable, Number Exercisable | shares | 859,670 |
Options Exercisable, Weighted Average Exercise Price | $ 31.80 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Fair Value of Each Option Estimated on Date of Grant Using Weighted Average Assumptions (Details) - Stock Options | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected volatility | 83.55% | 84.57% |
Risk-free interest rate | 3.80% | 1.97% |
Expected life (in years) | 6 years 18 days | 6 years 21 days |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Activity related to RSA Stock-Based Payment Awards (Details) - Restricted Stock Awards | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares, Unvested balance at beginning of period | shares | 201,716 |
Number of shares, Vested | shares | (70,248) |
Number of shares, Unvested balance at end of period | shares | 131,468 |
Weighted-average grant date fair value, Unvested balance at beginning of period | $ / shares | $ 2.81 |
Weighted-average grant date fair value, Vested | $ / shares | 2.41 |
Weighted-average grant date fair value, Unvested balance at end of period | $ / shares | $ 3.02 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Activity related to RSU Stock-Based Payment Awards (Details) - Restricted Stock Units | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares, Unvested balance at beginning of period | shares | 165,000 |
Number of shares, Vested | shares | (1,250) |
Number of shares, Unvested balance at end of period | shares | 163,750 |
Weighted-average grant date fair value, Unvested balance at beginning of period | $ / shares | $ 6.08 |
Weighted-average grant date fair value, Vested | $ / shares | 18.32 |
Weighted-average grant date fair value, Unvested balance at end of period | $ / shares | $ 5.99 |