Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38940 | |
Entity Registrant Name | MORPHIC HOLDING, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-3878772 | |
Entity Address, Address Line One | 35 Gatehouse Drive | |
Entity Address, Address Line Two | A2 | |
Entity Address, City or Town | Waltham | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02451 | |
City Area Code | 781 | |
Local Phone Number | 996-0955 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | MORF | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 49,742,966 | |
Entity Central Index Key | 0001679363 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 74,232 | $ 59,272 |
Marketable securities | 650,835 | 288,976 |
Accounts receivable | 0 | 455 |
Prepaid expenses and other current assets | 13,030 | 13,479 |
Total current assets | 738,097 | 362,182 |
Operating lease right-of-use assets | 2,487 | 3,514 |
Property and equipment, net | 2,280 | 2,119 |
Restricted cash | 560 | 560 |
Other assets | 178 | 214 |
Total assets | 743,602 | 368,589 |
Current liabilities: | ||
Accounts payable | 5,268 | 3,475 |
Accrued expenses | 14,030 | 13,181 |
Deferred revenue, current portion | 0 | 470 |
Total current liabilities | 19,298 | 17,126 |
Long-term liabilities: | ||
Operating lease liability, net of current portion | 1,136 | 2,344 |
Total liabilities | 20,434 | 19,470 |
Commitments and contingencies (Note 10) | ||
Stockholders’ Equity | ||
Preferred shares, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of September 30, 2023 and December 31, 2022 | 0 | 0 |
Common shares, $0.0001 par value, 400,000,000 shares authorized, 49,742,966 shares issued and outstanding as of September 30, 2023 and 38,584,678 shares issued and outstanding as of December 31, 2022 | 5 | 4 |
Additional paid‑in capital | 1,133,334 | 649,549 |
Accumulated deficit | (408,455) | (297,095) |
Accumulated other comprehensive loss | (1,716) | (3,339) |
Total stockholders’ equity | 723,168 | 349,119 |
Total liabilities and stockholders’ equity | $ 743,602 | $ 368,589 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred shares, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred shares, shares issued (in shares) | 0 | 0 |
Preferred shares, shares outstanding (in shares) | 0 | 0 |
Common shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common shares, shares issued (in shares) | 49,742,966 | 38,584,678 |
Common shares, shares outstanding (in shares) | 49,742,966 | 38,584,678 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Collaboration revenue | $ 0 | $ 2,055 | $ 521 | $ 64,673 |
Operating expenses: | ||||
Research and development | 34,364 | 25,245 | 100,532 | 77,360 |
General and administrative | 10,384 | 8,303 | 29,244 | 24,128 |
Total operating expenses | 44,748 | 33,548 | 129,776 | 101,488 |
Loss from operations | (44,748) | (31,493) | (129,255) | (36,815) |
Other income: | ||||
Interest income, net | 8,612 | 1,657 | 18,139 | 2,326 |
Other income (expense), net | 7 | (156) | 9 | (144) |
Total other income, net | 8,619 | 1,501 | 18,148 | 2,182 |
Loss before provision for income taxes | (36,129) | (29,992) | (111,107) | (34,633) |
Provision for income taxes | (83) | (29) | (253) | (31) |
Net loss | $ (36,212) | $ (30,021) | $ (111,360) | $ (34,664) |
Net loss per share, basic (in dollars per share) | $ (0.73) | $ (0.78) | $ (2.65) | $ (0.91) |
Net loss per share, diluted (in dollars per share) | $ (0.73) | $ (0.78) | $ (2.65) | $ (0.91) |
Weighted average common shares outstanding, basic (in shares) | 49,548,947 | 38,490,910 | 41,979,245 | 37,961,262 |
Weighted average common shares outstanding, diluted (in shares) | 49,548,947 | 38,490,910 | 41,979,245 | 37,961,262 |
Comprehensive loss: | ||||
Net loss | $ (36,212) | $ (30,021) | $ (111,360) | $ (34,664) |
Other comprehensive income (loss): | ||||
Unrealized holding gains (losses) on marketable securities, net of tax | 201 | (1,680) | 1,623 | (3,615) |
Total other comprehensive income (loss) | 201 | (1,680) | 1,623 | (3,615) |
Comprehensive loss | $ (36,011) | $ (31,701) | $ (109,737) | $ (38,279) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Private Placement | At-The-Market Offering | Secondary Offering | Common Shares | Common Shares Private Placement | Common Shares At-The-Market Offering | Common Shares Secondary Offering | Additional Paid‑in Capital | Additional Paid‑in Capital Private Placement | Additional Paid‑in Capital At-The-Market Offering | Additional Paid‑in Capital Secondary Offering | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Balance at beginning of period ( in shares) at Dec. 31, 2021 | 37,085,397 | |||||||||||||
Balance at beginning of period at Dec. 31, 2021 | $ 336,699 | $ 4 | $ 575,231 | $ (238,054) | $ (482) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Equity‑based compensation expense | 6,765 | 6,765 | ||||||||||||
Vesting of restricted shares (in shares) | 1,990 | |||||||||||||
Issuance of common shares upon stock option exercises (in shares) | 146,237 | |||||||||||||
Issuance of common shares upon stock option exercises | 2,127 | 2,127 | ||||||||||||
Issuance of common shares under the Employee Stock Purchase Plan (in shares) | 16,845 | |||||||||||||
Issuance of common shares under the Employee Stock Purchase Plan | 571 | 571 | ||||||||||||
Unrealized holding gains (losses) on marketable securities, net of tax | (1,310) | (1,310) | ||||||||||||
Net loss | (31,484) | (31,484) | ||||||||||||
Balance at end of period ( in shares) at Mar. 31, 2022 | 37,250,469 | |||||||||||||
Balance at end of period at Mar. 31, 2022 | 313,368 | $ 4 | 584,694 | (269,538) | (1,792) | |||||||||
Balance at beginning of period ( in shares) at Dec. 31, 2021 | 37,085,397 | |||||||||||||
Balance at beginning of period at Dec. 31, 2021 | 336,699 | $ 4 | 575,231 | (238,054) | (482) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Issuance of pre-funded warrant shares | 65 | |||||||||||||
Unrealized holding gains (losses) on marketable securities, net of tax | (3,615) | |||||||||||||
Net loss | (34,664) | |||||||||||||
Balance at end of period ( in shares) at Sep. 30, 2022 | 38,532,370 | |||||||||||||
Balance at end of period at Sep. 30, 2022 | 365,061 | $ 4 | 641,872 | (272,718) | (4,097) | |||||||||
Balance at beginning of period ( in shares) at Mar. 31, 2022 | 37,250,469 | |||||||||||||
Balance at beginning of period at Mar. 31, 2022 | 313,368 | $ 4 | 584,694 | (269,538) | (1,792) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Equity‑based compensation expense | 7,623 | 7,623 | ||||||||||||
Vesting of restricted shares (in shares) | 3,681 | |||||||||||||
Issuance of common shares upon stock option exercises (in shares) | 194,442 | |||||||||||||
Issuance of common shares upon stock option exercises | 1,573 | 1,573 | ||||||||||||
Issuance of common shares, net of issuance/offering costs (in shares) | 1,000,000 | |||||||||||||
Issuance of common shares, net of issuance/offering costs | $ 39,210 | $ 39,210 | ||||||||||||
Unrealized holding gains (losses) on marketable securities, net of tax | (625) | (625) | ||||||||||||
Net loss | 26,841 | 26,841 | ||||||||||||
Balance at end of period ( in shares) at Jun. 30, 2022 | 38,448,592 | |||||||||||||
Balance at end of period at Jun. 30, 2022 | 387,990 | $ 4 | 633,100 | (242,697) | (2,417) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Equity‑based compensation expense | 7,537 | 7,537 | ||||||||||||
Issuance of common shares upon stock option exercises (in shares) | 70,352 | |||||||||||||
Issuance of common shares upon stock option exercises | 921 | 921 | ||||||||||||
Issuance of common shares under the Employee Stock Purchase Plan (in shares) | 13,426 | |||||||||||||
Issuance of common shares under the Employee Stock Purchase Plan | 314 | 314 | ||||||||||||
Unrealized holding gains (losses) on marketable securities, net of tax | (1,680) | (1,680) | ||||||||||||
Net loss | (30,021) | (30,021) | ||||||||||||
Balance at end of period ( in shares) at Sep. 30, 2022 | 38,532,370 | |||||||||||||
Balance at end of period at Sep. 30, 2022 | $ 365,061 | $ 4 | 641,872 | (272,718) | (4,097) | |||||||||
Balance at beginning of period ( in shares) at Dec. 31, 2022 | 38,584,678 | 38,584,678 | ||||||||||||
Balance at beginning of period at Dec. 31, 2022 | $ 349,119 | $ 4 | 649,549 | (297,095) | (3,339) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Equity‑based compensation expense | 9,576 | 9,576 | ||||||||||||
Vesting of restricted shares (in shares) | 60,060 | |||||||||||||
Issuance of common shares upon stock option exercises (in shares) | 124,620 | |||||||||||||
Issuance of common shares upon stock option exercises | 1,927 | 1,927 | ||||||||||||
Issuance of common shares under the Employee Stock Purchase Plan (in shares) | 23,449 | |||||||||||||
Issuance of common shares under the Employee Stock Purchase Plan | 578 | 578 | ||||||||||||
Issuance of pre-funded warrant shares | $ 69,859 | $ 69,859 | ||||||||||||
Issuance of common shares, net of issuance/offering costs (in shares) | 848,655 | |||||||||||||
Issuance of common shares, net of issuance/offering costs | $ 29,940 | $ 29,940 | ||||||||||||
Unrealized holding gains (losses) on marketable securities, net of tax | 1,651 | 1,651 | ||||||||||||
Net loss | (36,135) | (36,135) | ||||||||||||
Balance at end of period ( in shares) at Mar. 31, 2023 | 39,641,462 | |||||||||||||
Balance at end of period at Mar. 31, 2023 | $ 426,515 | $ 4 | 761,429 | (333,230) | (1,688) | |||||||||
Balance at beginning of period ( in shares) at Dec. 31, 2022 | 38,584,678 | 38,584,678 | ||||||||||||
Balance at beginning of period at Dec. 31, 2022 | $ 349,119 | $ 4 | 649,549 | (297,095) | (3,339) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Issuance of pre-funded warrant shares | 0 | |||||||||||||
Unrealized holding gains (losses) on marketable securities, net of tax | 1,623 | |||||||||||||
Net loss | $ (111,360) | |||||||||||||
Balance at end of period ( in shares) at Sep. 30, 2023 | 49,742,966 | 49,742,966 | ||||||||||||
Balance at end of period at Sep. 30, 2023 | $ 723,168 | $ 5 | 1,133,334 | (408,455) | (1,716) | |||||||||
Balance at beginning of period ( in shares) at Mar. 31, 2023 | 39,641,462 | |||||||||||||
Balance at beginning of period at Mar. 31, 2023 | 426,515 | $ 4 | 761,429 | (333,230) | (1,688) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Equity‑based compensation expense | 10,315 | 10,315 | ||||||||||||
Vesting of restricted shares (in shares) | 1,500 | |||||||||||||
Issuance of common shares upon stock option exercises (in shares) | 390,490 | |||||||||||||
Issuance of common shares upon stock option exercises | 5,511 | 5,511 | ||||||||||||
Issuance of common stock upon exercise of pre-funded warrants (in shares) | 499,998 | |||||||||||||
Issuance of common shares, net of issuance/offering costs (in shares) | 1,216,418 | 6,133,334 | ||||||||||||
Issuance of common shares, net of issuance/offering costs | 67,201 | $ 259,061 | $ 1 | 67,201 | $ 259,060 | |||||||||
Unrealized holding gains (losses) on marketable securities, net of tax | (229) | (229) | ||||||||||||
Net loss | (39,013) | (39,013) | ||||||||||||
Balance at end of period ( in shares) at Jun. 30, 2023 | 47,883,202 | |||||||||||||
Balance at end of period at Jun. 30, 2023 | 729,361 | $ 5 | 1,103,516 | (372,243) | (1,917) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Equity‑based compensation expense | 10,534 | 10,534 | ||||||||||||
Vesting of restricted shares (in shares) | 525 | |||||||||||||
Issuance of common shares upon stock option exercises (in shares) | 65,529 | |||||||||||||
Issuance of common shares upon stock option exercises | 1,522 | 1,522 | ||||||||||||
Issuance of common shares under the Employee Stock Purchase Plan (in shares) | 11,179 | |||||||||||||
Issuance of common shares under the Employee Stock Purchase Plan | 415 | 415 | ||||||||||||
Issuance of common stock upon exercise of warrants (in shares) | 1,480,190 | |||||||||||||
Issuance of common shares, net of issuance/offering costs (in shares) | 302,341 | |||||||||||||
Issuance of common shares, net of issuance/offering costs | $ 17,347 | $ 17,347 | ||||||||||||
Unrealized holding gains (losses) on marketable securities, net of tax | 201 | 201 | ||||||||||||
Net loss | $ (36,212) | (36,212) | ||||||||||||
Balance at end of period ( in shares) at Sep. 30, 2023 | 49,742,966 | 49,742,966 | ||||||||||||
Balance at end of period at Sep. 30, 2023 | $ 723,168 | $ 5 | $ 1,133,334 | $ (408,455) | $ (1,716) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | |
Private Placement | ||||
Offering costs | $ 0.1 | |||
At-The-Market Offering | ||||
Offering costs | $ 0.4 | $ 1.4 | $ 1.3 | |
Secondary Offering | ||||
Offering costs | $ 16.9 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (111,360) | $ (34,664) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 811 | 762 |
Discount accretion and premium amortization on marketable securities | (6,684) | 1,137 |
Equity‑based compensation | 30,425 | 21,925 |
Loss on sale of marketable securities | 0 | 154 |
Change in operating assets and liabilities: | ||
Accounts receivable | 455 | 1,645 |
Prepaid expenses and other current assets | 445 | (2,031) |
Other assets | 36 | (189) |
Operating lease right-of-use assets | 1,027 | 961 |
Accounts payable | 1,936 | (519) |
Accrued expenses | 749 | (2,215) |
Deferred revenue | (470) | (61,968) |
Operating lease liability | (1,108) | (857) |
Net cash used in operating activities | (83,738) | (75,859) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (579,197) | (235,773) |
Proceeds from maturities of marketable securities | 225,645 | 173,623 |
Proceeds from sale of marketable securities | 0 | 7,146 |
Purchases of property and equipment | (1,148) | (301) |
Net cash used in investing activities | (354,700) | (55,305) |
Cash flows from financing activities: | ||
Proceeds from issuance of common shares and pre-funded warrants through the private placement | 99,799 | 0 |
Proceeds from issuance of common shares under Employee Stock Purchase Plan | 993 | 885 |
Proceeds from issuance of common shares upon stock option exercises | 8,964 | 4,556 |
Net cash provided by financing activities | 453,398 | 44,691 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 14,960 | (86,473) |
Cash and cash equivalents and restricted cash, beginning of period | 59,832 | 171,994 |
Cash and cash equivalents and restricted cash, end of period | 74,792 | 85,521 |
Non-cash activities: | ||
Purchases of property and equipment included in accounts payable and accrued expenses | 0 | 48 |
Amounts from exercise of stock options included in prepaid expenses and other current assets | 0 | 65 |
Unpaid issuance costs for the at-the-market offering included in accounts payable and accrued expenses | 33 | 40 |
At-The-Market Offering | ||
Cash flows from financing activities: | ||
Proceeds from issuance of common shares, net | 84,581 | 39,250 |
Secondary Offering | ||
Cash flows from financing activities: | ||
Proceeds from issuance of common shares, net | $ 259,061 | $ 0 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business and Basis of Presentation | Nature of the Business and Basis of Presentation Organization and Liquidity Morphic Holding, Inc. (the “Company”) was formed under the laws of the State of Delaware in August 2014. The Company is a biopharmaceutical company applying proprietary insights into integrin medicine to discover and develop potentially first-in-class oral small molecule integrin therapeutics. Integrins are a validated target class with multiple approved drugs for the treatment of serious chronic diseases. Despite significant biopharmaceutical industry investment, to the Company’s knowledge no oral small molecule integrin therapies have been approved by the U.S. Food and Drug Administration (“FDA”) or any European regulatory authority. The Company has created the Morphic integrin technology platform, or MInT Platform, by leveraging its unique understanding of integrin structure and biology, to develop a pipeline of novel product candidates designed to achieve potency, high selectivity and the pharmaceutical properties required for oral administration. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations 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. The Company expects that its cash, cash equivalents and marketable securities 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. In July 2020, the Company entered into an Open Market Sale Agreement (the “Original Agreement”) with Jefferies LLC (“Jefferies”) with respect to an at-the-market offering program under which the Company could offer and sell, from time to time at its sole discretion, shares of its common stock, having an aggregate offering amount of up to $75.0 million, referred to as Placement Shares, through Jefferies as its sales agent. The Company paid Jefferies a commission on the gross sales proceeds of any Placement Shares sold through Jefferies under the Original Agreement, and also has provided Jefferies with customary indemnification and contribution rights. On August 11, 2021, the Company entered into an Amendment No. 1 to the Original Agreement with Jefferies, establishing a new at-the-market offering (“New ATM”) with an aggregate offering amount of up to $150.0 million, also subject to a commission on the gross sales proceeds from shares of its common stock, referred to as Placement Shares, sold through Jefferies. Under the New ATM, the Company may offer and sell, from time to time at its sole discretion, Placement Shares through Jefferies as its sales agent. During the nine months ended September 30, 2023, the Company issued and sold 1,518,759 shares under the New ATM for net proceeds of approximately $84.5 million after deducting offering commissions and expenses. As of September 30, 2023, the Company had approximately $10.9 million of common stock remaining available for sale under the New ATM. In February 2023, the Company entered into a securities purchase agreement with existing investors, consisting of a board member and holder of more than 5% of the Company’s common stock and a holder of more than 5% of the Company’s common stock, pursuant to which the Company sold to the investors, in a private placement, 848,655 shares of common stock at a price of $35.35 per share (the “PIPE Shares”) and pre-funded warrants to purchase up to 1,980,198 shares of common stock at a purchase price of $35.3499 per pre-funded warrant where each pre-funded warrant has an exercise price of $0.0001 per share (the “Pre-Funded Warrants”). The Company received aggregate net proceeds of approximately $100.0 million, before deducting costs and offering expenses payable by the Company, as discussed further in Note 7. In May 2023, the Company completed an underwritten public offering of 6,133,334 shares of its common stock, which includes 800,000 shares sold upon the exercise in full of the underwriters’ option to purchase additional shares of common stock, at a price to the public of $45.00 per share. Gross proceeds from the secondary offering were approximately $276.0 million, before deducting underwriting discounts, commissions and other offering expenses payable by the Company of approximately $16.9 million, resulting in net proceeds of approximately $259.1 million. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Basis of Presentation The unaudited interim condensed consolidated financial statements include the accounts of Morphic Holding, Inc. and its wholly owned subsidiaries, Morphic Therapeutic, Inc., Morphic Therapeutic UK Ltd and Morphic Security Corporation. All intercompany balances have been eliminated in consolidation. The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. These unaudited interim condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods ended September 30, 2023 and 2022. 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, 2022, 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 February 23, 2023. Use of Estimates and Summary of Significant Accounting Policies The preparation of financial statements in accordance with GAAP requires management to make estimates and judgments that may affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the date of the financial statements and the related reporting of revenues and expenses during the reporting period. Significant estimates of accounting reflected in these consolidated financial statements include, but are not limited to, estimates related to accrued research and development expenses, the valuation of equity-based compensation, and income taxes. Actual results could differ from those estimates. Significant accounting policies The significant accounting policies used in preparation of these condensed consolidated financial statements as of and for the three and nine months ended September 30, 2023 are consistent with those discussed in Note 2 to the consolidated financial statements in the Company’s 2022 Annual Report on Form 10-K, except as described below. Common stock warrants |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities The Company has certain financial assets and liabilities that are recorded at fair value which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements: • Level 1 — Quoted market prices in active markets for identical assets or liabilities. • Level 2 — Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves. • Level 3 — Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use. At September 30, 2023, investments include U.S. Treasury securities, U.S. government-sponsored enterprise securities and corporate debt securities, including corporate bonds, which are valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. To the extent the 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 believes that the carrying amounts of the Company’s consolidated financial instruments, including prepaid expenses and other current assets, accounts receivable, accounts payable, and accrued expenses approximate fair value due to the short-term nature of those instruments. The tables below present information about the Company’s financial assets that are measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 (in thousands) and indicate the level within the fair value hierarchy where each measurement is classified. Fair Value Measurements at September 30, 2023 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 73,708 $ 73,708 $ — $ — Marketable securities: U.S. Treasury securities 575,681 — 575,681 — U.S. government-sponsored enterprise securities 54,725 — 54,725 — Corporate bonds 20,429 — 20,429 — Total assets $ 724,543 $ 73,708 $ 650,835 $ — Fair Value Measurements at December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 58,814 $ 38,942 $ 19,872 $ — Marketable securities: U.S. Treasury securities 177,932 — 177,932 — U.S. government-sponsored enterprise securities 12,396 — 12,396 — Commercial paper 9,860 — 9,860 — Corporate bonds 88,788 — 88,788 — Total assets $ 347,790 $ 38,942 $ 308,848 $ — Cash equivalents consist of money market funds as of September 30, 2023 and money market funds and U.S. Treasury securities as of December 31, 2022. The money market funds included in the tables above invest in U.S. government securities that are valued using quoted market prices. Accordingly, money market funds are categorized as Level 1 as of September 30, 2023 and December 31, 2022. The U.S. Treasury securities included in cash equivalents as of December 31, 2022 are considered highly liquid investments and mature within three months from the date of purchase. Marketable securities included in the tables above consist of U.S. Treasury securities, U.S. government-sponsored enterprise securities, commercial paper and corporate bonds, and these securities are categorized as Level 2 as of September 30, 2023 and December 31, 2022. The Company had no liabilities measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022. |
Marketable securities
Marketable securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable securities | Marketable securities The following tables summarize the Company’s investments in marketable securities classified as available-for-sale (in thousands): As of September 30, 2023 Maturity Amortized Gross Gross Aggregate Marketable securities: U.S. Treasury securities within 3 years $ 576,989 $ 4 $ (1,312) $ 575,681 U.S. government-sponsored enterprise securities less than 1 year 54,995 — (270) 54,725 Corporate bonds less than 1 year 20,542 — (113) 20,429 Total marketable securities $ 652,526 $ 4 $ (1,695) $ 650,835 As of December 31, 2022 Maturity Amortized Gross Gross Aggregate Marketable securities: U.S. Treasury securities less than 1 year $ 179,854 $ — $ (1,922) $ 177,932 U.S. government-sponsored enterprise securities within 2 years 12,500 — (104) 12,396 Commercial paper less than 1 year 9,860 — — 9,860 Corporate bonds within 2 years 90,076 — (1,288) 88,788 Total marketable securities $ 292,290 $ — $ (3,314) $ 288,976 All of the Company’s investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive loss. The Company considers all available-for-sale securities, including those with maturity dates beyond 12 months, as available to support current operational liquidity needs and therefore classifies all available-for-sale securities as current assets. The Company determined that there was no material change in the credit risk of the above securities during the three and nine months ended September 30, 2023 and 2022. As such, an allowance for credit losses was not recognized. As of September 30, 2023, the Company does not intend to sell such securities and it is not more likely than not that the Company will be required to sell the securities before recovery of its amortized cost basis. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 9 Months Ended |
Sep. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents are primarily maintained with three financial institutions located in the U.S. Deposits balances with financial institutions may exceed the Federal Deposit Insurance Corporation insurance limit of $250,000 on such deposits. The Company has not experienced losses on these accounts and does not believe it is exposed to any significant credit risk with respect to these accounts. Restricted cash consists of cash collateralizing a letter of credit in the amount of $560,000 issued to the landlord of the Company’s facility lease. The terms of the letter of credit extend beyond one year. The following table reconciles cash, cash equivalents and restricted cash per the balance sheet to the statements of cash flows (in thousands): September 30, September 30, 2023 2022 Cash and cash equivalents $ 74,232 $ 84,961 Restricted cash 560 560 Total cash, cash equivalents, and restricted cash $ 74,792 $ 85,521 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses At September 30, 2023 and December 31, 2022 accrued expenses consisted of the following (in thousands): September 30, December 31, 2023 2022 Payroll and related expenses $ 5,593 $ 6,569 Research and development activities 5,832 4,265 Current portion of operating lease liability 1,594 1,494 Other expenses 1,011 853 Total $ 14,030 $ 13,181 |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity Sale of PIPE Shares and Pre-Funded Warrants In February 2023, the Company entered into a securities purchase agreement with existing investors, pursuant to which it sold, in a private placement, the PIPE Shares and the Pre-Funded Warrants. The Pre-Funded Warrants were immediately exercisable upon issuance at an exercise price of $0.0001 per share. The Company received aggregate net proceeds of approximately $99.8 million after deducting offering expenses. The Pre-Funded Warrants generally could not be exercised if the holder’s aggregate beneficial ownership would be more than 9.99% of the total issued and outstanding shares of the Company’s common stock following such exercise. The exercise price and number of shares of common stock issuable upon the exercise of the Pre-Funded Warrants were subject to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization or similar transaction, as described in the Pre-Funded Warrants. In connection with the issuance and sale of the PIPE Shares and the Pre-Funded Warrants, the Company granted the investors certain registration rights with respect to the PIPE Shares and the shares issuable upon exercise of the Pre-Funded Warrants. The Pre-Funded Warrants were evaluated pursuant to ASC 480 and ASC 815. The Company classified the Pre-Funded Warrants as a component of permanent stockholders’ equity within additional paid-in capital and were recorded at the issuance date using a relative fair value allocation method. The Pre-Funded Warrants were equity classified because they were freestanding financial instruments that are legally detachable and separately exercisable, were immediately exercisable, did not embody an obligation for the Company to repurchase its common shares, permitted the holders to receive a fixed number of common shares upon exercise, were indexed to the Company’s common stock and met the equity classification criteria. The Company valued the Pre-Funded Warrants at issuance, concluding their sales price approximated their fair value, and allocated net proceeds from the sale proportionately to the PIPE Shares and Pre-Funded Warrants, of which $29.9 million and $69.9 million, respectively, net of issuance costs, was recorded as a component of additional paid-in capital. Common Stock Warrants During the three months ended September 30, 2023, 1,480,190 shares of common stock were issued upon the net exercise of 1,480,198 Pre-Funded Warrants. During the nine months ended September 30, 2023, 1,980,188 shares of common stock were issued upon the net exercise of 1,980,198 Pre-Funded Warrants. As of September 30, 2023, there were no Pre-Funded Warrants to purchase shares of the Company’s common stock outstanding. |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation In connection with the Company’s initial public offering in July 2019, the Company adopted the 2019 Equity Incentive Plan (the “Original 2019 Plan”) in June 2019, which replaced the 2018 Stock Incentive Plan. The board of directors adopted the Amended and Restated 2019 Equity Incentive Plan (the “A&R 2019 Plan” and, together with the Original 2019 Plan, the “2019 Plan”) on April 27, 2022, which was subsequently approved by the Company’s stockholders on June 8, 2022, to revise the total annual compensation that may be awarded to the Company’s non-employee directors thereunder. The A&R 2019 Plan provides for the grant of stock options, restricted stock awards, stock bonus awards, cash awards, stock appreciation right, restricted stock units, and performance awards to directors, officers and employees of the Company, as well as consultants and advisors of the Company. As a result of the automatic increase provision of the A&R 2019 Plan, the number of shares of common stock available for issuance thereunder increased by 1.5 million shares in January 2023. As of September 30, 2023, there were a total of 1.2 million shares available for future award grants under the A&R 2019 Plan. The Company recognized equity-based compensation expense in the condensed consolidated statements of operations and comprehensive loss, by award type, as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Stock options $ 7,935 $ 6,674 $ 22,866 $ 19,459 Restricted stock units 2,539 — 7,282 5 Employee Stock Purchase Plan 60 756 277 2,151 Restricted common stock — 107 — 310 Total $ 10,534 $ 7,537 $ 30,425 $ 21,925 The following table summarizes the allocation of equity-based compensation expense in the condensed consolidated statements of operations and comprehensive loss, by expense category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Research and development expense $ 4,988 $ 3,423 $ 14,568 $ 10,316 General and administrative expense 5,546 4,114 15,857 11,609 Total $ 10,534 $ 7,537 $ 30,425 $ 21,925 Stock Options The following table summarizes the Company’s stock option activity during the nine months ended September 30, 2023: Number of Weighted Outstanding as of December 31, 2022 5,263,553 $ 24.94 Granted 1,195,004 36.27 Exercised (580,639) 15.43 Forfeited or expired (27,323) 48.02 Outstanding as of September 30, 2023 5,850,595 $ 28.09 Options exercisable as of September 30, 2023 3,507,521 $ 22.63 Restricted Stock Units The following table summarizes the Company’s restricted stock unit activity during the nine months ended September 30, 2023: Number of Shares Weighted Unvested restricted stock units as of December 31, 2022 249,090 $ 43.85 Granted 929,080 31.85 Vested (62,085) 43.92 Forfeited (5,790) 33.41 Unvested restricted stock units as of September 30, 2023 1,110,295 $ 33.86 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. Beginning in 2022, the Tax Cuts and Jobs Act (“TCJA”) amended Section 174 and now requires U.S.-based and non-U.S.-based research and experimental expenditures to be capitalized and amortized over a period of five and 15 years, respectively, for amounts paid in tax years starting after December 31, 2021. The Company’s ability to use its operating loss carryforwards and tax credits to offset future taxable income is subject to restrictions under Sections 382 and 383 of the United States Internal Revenue Code, or the Internal Revenue Code. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant stockholders over a three-year period in excess of 50 percent, as defined under Sections 382 and 383 of the Internal Revenue Code. Such changes would limit the Company’s use of its operating loss carryforwards and tax credits. In such a situation, the Company may be required to pay income taxes, even though significant operating loss carryforwards and tax credits exist. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Guarantees and Indemnifications The Company entered, and intends to continue to enter, into separate indemnification agreements with directors, officers, and certain other key employees, in addition to the indemnification provided for in the restated certificate of incorporation and restated bylaws, as amended. These agreements, among other things, require the Company to indemnify directors, officers, and certain other key employees for certain expenses, including attorneys’ fees, judgments, penalties, fines, and settlement amounts actually incurred by these individuals in any action or proceeding arising out of their service to the Company or any of its subsidiaries or any other company or enterprise to which these individuals provide services at the Company’s request. Subject to certain limitations, the indemnification agreements also require the Company to advance expenses incurred by directors, officers, and key employees for the defense of any action for which indemnification is required or permitted. The Company has standard indemnification arrangements in its leases for laboratory and office space that require it to indemnify the landlord against any liability for injury, loss, accident, or damage from any claims, actions, proceedings, or costs resulting from certain acts, breaches, violations, or non-performance under the Company’s lease. Through September 30, 2023, the Company had not experienced any losses related to these indemnification obligations, and no material claims were outstanding. The Company does not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established. During the nine months ended September 30, 2023, there were no material changes to the Company’s contractual obligations and commitments previously disclosed in Note 11 to the consolidated financial statements appearing in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 23, 2023. Legal Proceedings The Company is not currently a party to any material legal proceedings. |
Option and License Agreements
Option and License Agreements | 9 Months Ended |
Sep. 30, 2023 | |
Option and License Agreements | |
Option and License Agreements | Option and License Agreements A detailed description of contractual terms and the Company’s accounting for agreements described below was included in the Company’s audited financial statements and notes in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on February 23, 2023. AbbVie Agreement In June 2022, AbbVie Biotechnology, Ltd. (“AbbVie”) informed the Company that it had decided to exercise its right to terminate its collaboration agreement with the Company (the “AbbVie Agreement”) for convenience. The AbbVie Agreement terminated effective December 2022. Effective upon the termination of the AbbVie Agreement, all rights and licenses granted thereunder immediately terminated and were returned to the Company. The Company recognized the $100.0 million up-front payment paid to the Company under the AbbVie Agreement as revenue as work was performed in proportion to the costs incurred. These research and development performance obligations were recognized as revenue and completed through the effective date of the termination in December 2022. No research and development costs were incurred or revenue was recognized in connection with the AbbVie Agreement during the three and nine months ended September 30, 2023. The following table summarizes research and development costs incurred and revenue recognized in connection with Company ’ s performance under the AbbVie Agreement during the three and nine months ended September 30, 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Revenue recognized $ 890 $ 60,140 Costs incurred 30 631 Janssen Agreement In February 2019, the Company entered into a research collaboration and option agreement with Janssen Pharmaceuticals, Inc. (the “Janssen Agreement”), a subsidiary of Johnson & Johnson (“Janssen”), to discover and develop novel integrin therapeutics for patients with conditions not adequately addressed by current therapies. The Janssen Agreement focused on three integrin targets, each target the subject of a research program, with a limited ability to substitute integrin targets for others, not explored by the Company, if research results were not favorable. In January 2023, Janssen informed the Company that it had decided to exercise its right to terminate the Janssen Agreement for convenience. Certain remaining research and development performance obligations under the Janssen Agreement were completed, including the termination of the third integrin research program thereunder, through the effective date of the termination in March 2023. In March 2023, the Company recognized the remaining deferred revenue allocated to the material right upon expiration of the Janssen license option. The following table summarizes research and development costs incurred and revenue recognized in connection with Company’s performance under the Janssen Agreement during the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Reimbursement revenue $ — $ 662 $ 51 $ 2,704 Upfront payment revenue — 503 470 1,829 Total revenue recognized $ — $ 1,165 $ 521 $ 4,533 Costs incurred $ — $ 530 $ 51 $ 2,258 The Company had no amounts and $0.5 million due from Janssen included in accounts receivable on the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 , respectively. As of September 30, 2023, the Company had no remaining deferred revenue related to the Janssen Agreement, as all of the performance obligations thereunder were satisfied as of March 31, 2023. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share Basic net loss per share is calculated by dividing net loss allocable to common stockholders by the weighted-average common shares outstanding during the period, without consideration of common stock equivalents. For periods with net income, diluted net income per share is calculated by adjusting the weighted-average shares outstanding for the dilutive effect of common stock equivalents, including stock options and restricted common stock and stock units outstanding for the period as determined using the treasury stock method. For purposes of the diluted net loss per share calculation, common stock equivalents are excluded from the calculation if their effect would be anti-dilutive. As such, basic and diluted net loss per share applicable to common stockholders are the same for periods with a net loss. The following tables illustrate the determination of basic and diluted loss per share for each period presented (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net loss $ (36,212) $ (30,021) $ (111,360) $ (34,664) Weighted average common shares outstanding, basic and diluted 49,548,947 38,490,910 41,979,245 37,961,262 Net loss per share, basic and diluted $ (0.73) $ (0.78) $ (2.65) $ (0.91) In February 2023, the Company sold and issued the Pre-Funded Warrants (see Note 7). The shares of common stock into which the Pre-Funded Warrants may be exercised are considered outstanding for the purposes of computing basic earnings per share because the shares may be issued for little or no consideration, and because the Pre-Funded Warrants were fully vested and immediately exercisable upon issuance. The following table sets forth the outstanding common stock equivalents, presented based on amounts outstanding at each period end, that have been excluded from the calculation of diluted net loss per share for the periods indicated because their inclusion would have been anti-dilutive (in common stock equivalent shares, as applicable): Three and Nine Months Ended September 30, 2023 2022 Restricted stock units 1,110,295 263,270 Stock options 5,850,595 5,398,968 Total 6,960,890 5,662,238 In addition to the securities listed in the table above, as of September 30, 2023 the Company had reserved 1,493,422 shares of common stock for sale under the Company’s Employee Stock Purchase Plan, which, if issued, would be anti-dilutive if included in calculation of diluted net loss per share for the three and nine months ended September 30, 2023. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Consolidation | The unaudited interim condensed consolidated financial statements include the accounts of Morphic Holding, Inc. and its wholly owned subsidiaries, Morphic Therapeutic, Inc., Morphic Therapeutic UK Ltd and Morphic Security Corporation. All intercompany balances have been eliminated in consolidation. |
Basis of Accounting | The accompanying condensed consolidated financial statements are unaudited and have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). |
Use of Estimates and Summary of Significant Accounting Policies | Use of Estimates and Summary of Significant Accounting Policies The preparation of financial statements in accordance with GAAP requires management to make estimates and judgments that may affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the date of the financial statements and the related reporting of revenues and expenses during the reporting period. Significant estimates of accounting reflected in these consolidated financial statements include, but are not limited to, estimates related to accrued research and development expenses, the valuation of equity-based compensation, and income taxes. Actual results could differ from those estimates. |
Common stock warrants | Common stock warrantsThe Company’s common stock warrants are evaluated pursuant to ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), and ASC 815, Derivatives and Hedging (“ASC 815”). The Company classifies its freestanding warrants as (i) liabilities, if the warrant terms allow settlement of the warrant exercise in cash, or (ii) equity, if the warrant terms only allow settlement in shares of common stock. Please refer to Note 7 below for the application to the Company’s pre-funded warrants. |
Fair Value of Financial Assets and Liabilities | The Company has certain financial assets and liabilities that are recorded at fair value which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements: • Level 1 — Quoted market prices in active markets for identical assets or liabilities. • Level 2 — Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves. • Level 3 — Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use. |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The tables below present information about the Company’s financial assets that are measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 (in thousands) and indicate the level within the fair value hierarchy where each measurement is classified. Fair Value Measurements at September 30, 2023 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 73,708 $ 73,708 $ — $ — Marketable securities: U.S. Treasury securities 575,681 — 575,681 — U.S. government-sponsored enterprise securities 54,725 — 54,725 — Corporate bonds 20,429 — 20,429 — Total assets $ 724,543 $ 73,708 $ 650,835 $ — Fair Value Measurements at December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 58,814 $ 38,942 $ 19,872 $ — Marketable securities: U.S. Treasury securities 177,932 — 177,932 — U.S. government-sponsored enterprise securities 12,396 — 12,396 — Commercial paper 9,860 — 9,860 — Corporate bonds 88,788 — 88,788 — Total assets $ 347,790 $ 38,942 $ 308,848 $ — |
Marketable securities (Tables)
Marketable securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investments in Marketable Securities Classified as Available-for-Sale | The following tables summarize the Company’s investments in marketable securities classified as available-for-sale (in thousands): As of September 30, 2023 Maturity Amortized Gross Gross Aggregate Marketable securities: U.S. Treasury securities within 3 years $ 576,989 $ 4 $ (1,312) $ 575,681 U.S. government-sponsored enterprise securities less than 1 year 54,995 — (270) 54,725 Corporate bonds less than 1 year 20,542 — (113) 20,429 Total marketable securities $ 652,526 $ 4 $ (1,695) $ 650,835 As of December 31, 2022 Maturity Amortized Gross Gross Aggregate Marketable securities: U.S. Treasury securities less than 1 year $ 179,854 $ — $ (1,922) $ 177,932 U.S. government-sponsored enterprise securities within 2 years 12,500 — (104) 12,396 Commercial paper less than 1 year 9,860 — — 9,860 Corporate bonds within 2 years 90,076 — (1,288) 88,788 Total marketable securities $ 292,290 $ — $ (3,314) $ 288,976 |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Reconciled Cash, Cash Equivalents, and Restricted Cash | The following table reconciles cash, cash equivalents and restricted cash per the balance sheet to the statements of cash flows (in thousands): September 30, September 30, 2023 2022 Cash and cash equivalents $ 74,232 $ 84,961 Restricted cash 560 560 Total cash, cash equivalents, and restricted cash $ 74,792 $ 85,521 |
Summary of Cash and Cash Equivalents | The following table reconciles cash, cash equivalents and restricted cash per the balance sheet to the statements of cash flows (in thousands): September 30, September 30, 2023 2022 Cash and cash equivalents $ 74,232 $ 84,961 Restricted cash 560 560 Total cash, cash equivalents, and restricted cash $ 74,792 $ 85,521 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses | At September 30, 2023 and December 31, 2022 accrued expenses consisted of the following (in thousands): September 30, December 31, 2023 2022 Payroll and related expenses $ 5,593 $ 6,569 Research and development activities 5,832 4,265 Current portion of operating lease liability 1,594 1,494 Other expenses 1,011 853 Total $ 14,030 $ 13,181 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Equity Based Compensation Expense | The Company recognized equity-based compensation expense in the condensed consolidated statements of operations and comprehensive loss, by award type, as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Stock options $ 7,935 $ 6,674 $ 22,866 $ 19,459 Restricted stock units 2,539 — 7,282 5 Employee Stock Purchase Plan 60 756 277 2,151 Restricted common stock — 107 — 310 Total $ 10,534 $ 7,537 $ 30,425 $ 21,925 The following table summarizes the allocation of equity-based compensation expense in the condensed consolidated statements of operations and comprehensive loss, by expense category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Research and development expense $ 4,988 $ 3,423 $ 14,568 $ 10,316 General and administrative expense 5,546 4,114 15,857 11,609 Total $ 10,534 $ 7,537 $ 30,425 $ 21,925 |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity during the nine months ended September 30, 2023: Number of Weighted Outstanding as of December 31, 2022 5,263,553 $ 24.94 Granted 1,195,004 36.27 Exercised (580,639) 15.43 Forfeited or expired (27,323) 48.02 Outstanding as of September 30, 2023 5,850,595 $ 28.09 Options exercisable as of September 30, 2023 3,507,521 $ 22.63 |
Summary of Restricted Stock Units | The following table summarizes the Company’s restricted stock unit activity during the nine months ended September 30, 2023: Number of Shares Weighted Unvested restricted stock units as of December 31, 2022 249,090 $ 43.85 Granted 929,080 31.85 Vested (62,085) 43.92 Forfeited (5,790) 33.41 Unvested restricted stock units as of September 30, 2023 1,110,295 $ 33.86 |
Option and License Agreements (
Option and License Agreements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Option and License Agreements | |
Summary of Costs Incurred and Revenue Recognized | The following table summarizes research and development costs incurred and revenue recognized in connection with Company ’ s performance under the AbbVie Agreement during the three and nine months ended September 30, 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Revenue recognized $ 890 $ 60,140 Costs incurred 30 631 The following table summarizes research and development costs incurred and revenue recognized in connection with Company’s performance under the Janssen Agreement during the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Reimbursement revenue $ — $ 662 $ 51 $ 2,704 Upfront payment revenue — 503 470 1,829 Total revenue recognized $ — $ 1,165 $ 521 $ 4,533 Costs incurred $ — $ 530 $ 51 $ 2,258 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Income (Loss) Per Share | The following tables illustrate the determination of basic and diluted loss per share for each period presented (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net loss $ (36,212) $ (30,021) $ (111,360) $ (34,664) Weighted average common shares outstanding, basic and diluted 49,548,947 38,490,910 41,979,245 37,961,262 Net loss per share, basic and diluted $ (0.73) $ (0.78) $ (2.65) $ (0.91) |
Summary of Common Stock Equivalent Shares | The following table sets forth the outstanding common stock equivalents, presented based on amounts outstanding at each period end, that have been excluded from the calculation of diluted net loss per share for the periods indicated because their inclusion would have been anti-dilutive (in common stock equivalent shares, as applicable): Three and Nine Months Ended September 30, 2023 2022 Restricted stock units 1,110,295 263,270 Stock options 5,850,595 5,398,968 Total 6,960,890 5,662,238 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | |||||
May 31, 2023 | Aug. 11, 2021 | May 31, 2023 | Feb. 28, 2023 | Jul. 31, 2020 | Sep. 30, 2023 | Sep. 30, 2022 | |
Subsidiary or Equity Method Investee [Line Items] | |||||||
Proceeds from issuance of common shares and pre-funded warrants through the private placement | $ 99,799 | $ 0 | |||||
ATM | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Issuance of common shares, net of issuance/offering costs (in shares) | 1,518,759 | ||||||
Sale of stock, number of shares (in shares) | 1,518,759 | ||||||
Proceeds from issuance or sale of equity | $ 84,500 | ||||||
Amount of shares remaining available for sale | 10,900 | ||||||
ATM | Open Market Sale Agreement | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Proceeds from issuance of common shares and pre-funded warrants through the private placement | $ 150,000 | $ 75,000 | $ 100,000 | ||||
Private Placement | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Sale of stock, number of shares (in shares) | 848,655 | ||||||
Proceeds from issuance or sale of equity | $ 99,800 | ||||||
Percentage of stockholders holding company stock | 5% | ||||||
Sale of stock (in dollars per share) | $ 35.35 | ||||||
Right to purchase common stock (in shares) | 1,980,198 | ||||||
Right to purchase common stock, purchase price (in dollars per share) | $ 35.3499 | ||||||
Exercise price of warrant (in dollars per share) | $ 0.0001 | ||||||
Net proceeds from secondary offering | $ 100,000 | ||||||
Follow-On Public Offering | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Sale of stock, number of shares (in shares) | 6,133,334 | ||||||
Net proceeds from secondary offering | $ 259,100 | ||||||
Purchase price (in dollars per share) | $ 45 | $ 45 | |||||
Offering costs | $ 276,000 | ||||||
Underwriters' exercise | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Sale of stock, number of shares (in shares) | 800,000 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Marketable securities | $ 650,835,000 | $ 288,976,000 |
Liabilities measured at fair value | 0 | 0 |
Fair Value on Recurring Basis | ||
Assets: | ||
Cash equivalents | 73,708,000 | 58,814,000 |
Total assets | 724,543,000 | 347,790,000 |
Fair Value on Recurring Basis | U.S. Treasury securities | ||
Assets: | ||
Marketable securities | 575,681,000 | 177,932,000 |
Fair Value on Recurring Basis | U.S. government-sponsored enterprise securities | ||
Assets: | ||
Marketable securities | 54,725,000 | 12,396,000 |
Fair Value on Recurring Basis | Commercial paper | ||
Assets: | ||
Marketable securities | 9,860,000 | |
Fair Value on Recurring Basis | Corporate bonds | ||
Assets: | ||
Marketable securities | 20,429,000 | 88,788,000 |
Fair Value on Recurring Basis | Level 1 | ||
Assets: | ||
Cash equivalents | 73,708,000 | 38,942,000 |
Total assets | 73,708,000 | 38,942,000 |
Fair Value on Recurring Basis | Level 1 | U.S. Treasury securities | ||
Assets: | ||
Marketable securities | 0 | 0 |
Fair Value on Recurring Basis | Level 1 | U.S. government-sponsored enterprise securities | ||
Assets: | ||
Marketable securities | 0 | 0 |
Fair Value on Recurring Basis | Level 1 | Commercial paper | ||
Assets: | ||
Marketable securities | 0 | |
Fair Value on Recurring Basis | Level 1 | Corporate bonds | ||
Assets: | ||
Marketable securities | 0 | 0 |
Fair Value on Recurring Basis | Level 2 | ||
Assets: | ||
Cash equivalents | 0 | 19,872,000 |
Total assets | 650,835,000 | 308,848,000 |
Fair Value on Recurring Basis | Level 2 | U.S. Treasury securities | ||
Assets: | ||
Marketable securities | 575,681,000 | 177,932,000 |
Fair Value on Recurring Basis | Level 2 | U.S. government-sponsored enterprise securities | ||
Assets: | ||
Marketable securities | 54,725,000 | 12,396,000 |
Fair Value on Recurring Basis | Level 2 | Commercial paper | ||
Assets: | ||
Marketable securities | 9,860,000 | |
Fair Value on Recurring Basis | Level 2 | Corporate bonds | ||
Assets: | ||
Marketable securities | 20,429,000 | 88,788,000 |
Fair Value on Recurring Basis | Level 3 | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Total assets | 0 | 0 |
Fair Value on Recurring Basis | Level 3 | U.S. Treasury securities | ||
Assets: | ||
Marketable securities | 0 | 0 |
Fair Value on Recurring Basis | Level 3 | U.S. government-sponsored enterprise securities | ||
Assets: | ||
Marketable securities | 0 | 0 |
Fair Value on Recurring Basis | Level 3 | Commercial paper | ||
Assets: | ||
Marketable securities | 0 | |
Fair Value on Recurring Basis | Level 3 | Corporate bonds | ||
Assets: | ||
Marketable securities | $ 0 | $ 0 |
Marketable securities (Details)
Marketable securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Marketable securities | ||
Amortized cost | $ 652,526 | $ 292,290 |
Gross unrealized holding gains | 4 | 0 |
Gross unrealized holding losses | (1,695) | (3,314) |
Aggregate estimated fair value | 650,835 | 288,976 |
Accrued interest receivable | 3,100 | 1,400 |
U.S. Treasury securities | ||
Marketable securities | ||
Amortized cost | 576,989 | 179,854 |
Gross unrealized holding gains | 4 | 0 |
Gross unrealized holding losses | (1,312) | (1,922) |
Aggregate estimated fair value | 575,681 | 177,932 |
U.S. government-sponsored enterprise securities | ||
Marketable securities | ||
Amortized cost | 54,995 | 12,500 |
Gross unrealized holding gains | 0 | 0 |
Gross unrealized holding losses | (270) | (104) |
Aggregate estimated fair value | 54,725 | 12,396 |
Commercial paper | ||
Marketable securities | ||
Amortized cost | 9,860 | |
Gross unrealized holding gains | 0 | |
Gross unrealized holding losses | 0 | |
Aggregate estimated fair value | 9,860 | |
Corporate bonds | ||
Marketable securities | ||
Amortized cost | 20,542 | 90,076 |
Gross unrealized holding gains | 0 | 0 |
Gross unrealized holding losses | (113) | (1,288) |
Aggregate estimated fair value | $ 20,429 | $ 88,788 |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash - Narrative (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) institution | |
Cash and Cash Equivalents [Abstract] | |
Number of financial institutions with balances that may exceed FDIC insurance limit | institution | 3 |
Letter of credit | $ | $ 560 |
Term of letter of credit (in years) | 1 year |
Cash, Cash Equivalents, and R_4
Cash, Cash Equivalents, and Restricted Cash - Summary of Reconciled Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 74,232 | $ 59,272 | $ 84,961 | |
Restricted cash | 560 | 560 | 560 | |
Total cash, cash equivalents, and restricted cash | $ 74,792 | $ 59,832 | $ 85,521 | $ 171,994 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Payroll and related expenses | $ 5,593 | $ 6,569 |
Research and development activities | 5,832 | 4,265 |
Current portion of operating lease liability | 1,594 | 1,494 |
Other expenses | 1,011 | 853 |
Total | $ 14,030 | $ 13,181 |
Stockholders_ Equity - Narrativ
Stockholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Feb. 28, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pre-Funded Warrants | ||||
Class of Stock [Line Items] | ||||
Proceeds from issuance of common shares, net | $ 29.9 | $ 69.9 | ||
Issuance of common stock upon exercise of pre-funded warrants (in shares) | 1,480,190 | 1,980,188 | ||
Warrants exercised (in shares) | 1,480,198 | 1,980,198 | ||
Pre- funded warrants (in shares) | 0 | 0 | ||
Private Placement | ||||
Class of Stock [Line Items] | ||||
Exercise price of warrant (in dollars per share) | $ 0.0001 | |||
Proceeds from issuance or sale of equity | $ 99.8 | |||
Percentage of ownership after transaction (as percent) | 9.99% |
Equity-Based Compensation - Nar
Equity-Based Compensation - Narrative (Details) - 2019 Equity Incentive Plan - shares shares in Millions | Sep. 30, 2023 | Jan. 31, 2023 |
Equity Based Compensation | ||
Shares available for future issuance (in shares) | 1.5 | |
Number of shares available for issuance (in shares) | 1.2 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Equity Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equity Based Compensation | ||||
Total | $ 10,534 | $ 7,537 | $ 30,425 | $ 21,925 |
Research and development expense | ||||
Equity Based Compensation | ||||
Total | 4,988 | 3,423 | 14,568 | 10,316 |
General and administrative expense | ||||
Equity Based Compensation | ||||
Total | 5,546 | 4,114 | 15,857 | 11,609 |
Stock options | ||||
Equity Based Compensation | ||||
Total | 7,935 | 6,674 | 22,866 | 19,459 |
Restricted stock units | ||||
Equity Based Compensation | ||||
Total | 2,539 | 0 | 7,282 | 5 |
Employee Stock Purchase Plan | ||||
Equity Based Compensation | ||||
Total | 60 | 756 | 277 | 2,151 |
Restricted common stock | ||||
Equity Based Compensation | ||||
Total | $ 0 | $ 107 | $ 0 | $ 310 |
Equity-Based Compensation - S_2
Equity-Based Compensation - Summary of Stock Option Activity (Details) - Stock options - $ / shares | 9 Months Ended |
Sep. 30, 2023 | |
Number of Shares | |
Outstanding at the beginning (in shares) | 5,263,553 |
Granted (in shares) | 1,195,004 |
Exercised (in shares) | (580,639) |
Forfeited or expired (in shares) | (27,323) |
Outstanding at the end (in shares) | 5,850,595 |
Options exercisable at the end (in shares) | 3,507,521 |
Weighted Average Exercise Price | |
Outstanding at the beginning (in dollars per share) | $ 24.94 |
Granted (in dollars per share) | 36.27 |
Exercised (in dollars per share) | 15.43 |
Forfeited or expired (in dollars per share) | 48.02 |
Outstanding at the end (in dollars per share) | 28.09 |
Options exercisable at the end (in dollars per share) | $ 22.63 |
Equity-Based Compensation - S_3
Equity-Based Compensation - Summary of Restricted Stock Units (Details) - 2019 Equity Incentive Plan - Restricted stock units | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Number of Shares | |
Outstanding at the beginning (in shares) | shares | 249,090 |
Granted (in shares) | shares | 929,080 |
Vested (in shares) | shares | (62,085) |
Forfeited (in shares) | shares | (5,790) |
Outstanding at the end (in shares) | shares | 1,110,295 |
Weighted Average Fair Value per Share at Issuance | |
Outstanding at the beginning (in dollars per share) | $ / shares | $ 43.85 |
Granted (in dollars per share) | $ / shares | 31.85 |
Vested (in dollars per share) | $ / shares | 43.92 |
Forfeited (in dollars per share) | $ / shares | 33.41 |
Outstanding at the end (in dollars per share) | $ / shares | $ 33.86 |
Option and License Agreements -
Option and License Agreements - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Aug. 11, 2021 | Jul. 31, 2020 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Proceeds from issuance of common shares and pre-funded warrants through the private placement | $ 99,799,000 | $ 0 | |||||
Collaboration revenue | $ 0 | $ 2,055,000 | 521,000 | 64,673,000 | |||
Costs incurred | 44,748,000 | 33,548,000 | 129,776,000 | 101,488,000 | |||
AbbVie | License | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Collaboration revenue | 0 | 890,000 | 0 | 60,140,000 | |||
Costs incurred | 0 | 30,000 | 0 | 631,000 | |||
Janssen | License | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Collaboration revenue | 0 | 1,165,000 | 521,000 | 4,533,000 | |||
Costs incurred | 0 | $ 530,000 | 51,000 | $ 2,258,000 | |||
Due from related party | $ 0 | 0 | $ 500,000 | ||||
ATM | Open Market Sale Agreement | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Proceeds from issuance of common shares and pre-funded warrants through the private placement | $ 150,000,000 | $ 75,000,000 | $ 100,000,000 |
Option and License Agreements_2
Option and License Agreements - Summary of Costs Incurred and Revenue Recognized (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Collaboration revenue | $ 0 | $ 2,055,000 | $ 521,000 | $ 64,673,000 |
Costs incurred | 44,748,000 | 33,548,000 | 129,776,000 | 101,488,000 |
AbbVie | License | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Collaboration revenue | 0 | 890,000 | 0 | 60,140,000 |
Costs incurred | 0 | 30,000 | 0 | 631,000 |
Janssen | Reimbursement revenue | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Collaboration revenue | 0 | 662,000 | 51,000 | 2,704,000 |
Janssen | Upfront payment revenue | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Collaboration revenue | 0 | 503,000 | 470,000 | 1,829,000 |
Janssen | License | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Collaboration revenue | 0 | 1,165,000 | 521,000 | 4,533,000 |
Costs incurred | $ 0 | $ 530,000 | $ 51,000 | $ 2,258,000 |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||||||
Net loss | $ (36,212) | $ (39,013) | $ (36,135) | $ (30,021) | $ 26,841 | $ (31,484) | $ (111,360) | $ (34,664) |
Weighted average common shares outstanding, basic (in shares) | 49,548,947 | 38,490,910 | 41,979,245 | 37,961,262 | ||||
Net (loss) income per share, basic (in dollars per share) | $ (0.73) | $ (0.78) | $ (2.65) | $ (0.91) |
Net Loss per Share - Summary _2
Net Loss per Share - Summary of Common Stock Equivalent Shares (Details) - shares | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti‑dilutive securities (in shares) | 6,960,890 | 5,662,238 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti‑dilutive securities (in shares) | 1,110,295 | 263,270 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti‑dilutive securities (in shares) | 5,850,595 | 5,398,968 |
Net Loss per Share - Narrative
Net Loss per Share - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti‑dilutive securities (in shares) | 6,960,890 | 5,662,238 | |
ESPP | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti‑dilutive securities (in shares) | 1,493,422 |