Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-39620 | |
Entity Registrant Name | PRAXIS PRECISION MEDICINES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-5195942 | |
Entity Address, Address Line One | 99 High Street | |
Entity Address, Address Line Two | 30th Floor | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02110 | |
City Area Code | 617 | |
Local Phone Number | 300-8460 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | PRAX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 47,118,578 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001689548 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 62,440 | $ 138,704 |
Marketable securities | 61,300 | 137,207 |
Prepaid expenses and other current assets | 8,572 | 11,498 |
Total current assets | 132,312 | 287,409 |
Property and equipment, net | 1,077 | 1,213 |
Operating lease right-of-use assets | 3,097 | 3,653 |
Other non-current assets | 416 | 472 |
Total assets | 136,902 | 292,747 |
Current liabilities: | ||
Accounts payable | 10,122 | 10,780 |
Accrued expenses | 17,884 | 26,844 |
Operating lease liabilities | 977 | 810 |
Total current liabilities | 28,983 | 38,434 |
Long-term liabilities: | ||
Non-current portion of operating lease liabilities | 2,756 | 3,501 |
Total liabilities | 31,739 | 41,935 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued or outstanding as of September 30, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.0001 par value; 150,000,000 shares authorized; 46,864,327 shares issued and outstanding as of September 30, 2022, and 45,300,514 shares issued and outstanding as of December 31, 2021 | 5 | 5 |
Additional paid-in capital | 595,165 | 567,598 |
Accumulated other comprehensive loss | (536) | (176) |
Accumulated deficit | (489,471) | (316,615) |
Total stockholders’ equity | 105,163 | 250,812 |
Total liabilities and stockholders’ equity | $ 136,902 | $ 292,747 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 46,864,327 | 45,300,514 |
Common stock, outstanding (in shares) | 46,864,327 | 45,300,514 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating expenses: | ||||
Research and development | $ 30,439 | $ 33,139 | $ 126,711 | $ 76,746 |
General and administrative | 13,851 | 11,634 | 46,822 | 31,929 |
Total operating expenses | 44,290 | 44,773 | 173,533 | 108,675 |
Loss from operations | (44,290) | (44,773) | (173,533) | (108,675) |
Other income: | ||||
Other income, net | 345 | 73 | 677 | 201 |
Total other income | 345 | 73 | 677 | 201 |
Loss before income taxes | (43,945) | (44,700) | (172,856) | (108,474) |
Provision for income taxes | 0 | (5) | 0 | (5) |
Net loss | $ (43,945) | $ (44,705) | $ (172,856) | $ (108,479) |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.96) | $ (1) | $ (3.79) | $ (2.61) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.96) | $ (1) | $ (3.79) | $ (2.61) |
Weighted average common shares outstanding, basic (in shares) | 45,774,376 | 44,714,941 | 45,591,888 | 41,608,017 |
Weighted average common shares outstanding, diluted (in shares) | 45,774,376 | 44,714,941 | 45,591,888 | 41,608,017 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (43,945) | $ (44,705) | $ (172,856) | $ (108,479) |
Change in unrealized losses on marketable securities, net of tax | 144 | 25 | (360) | (25) |
Comprehensive loss | $ (43,801) | $ (44,680) | $ (173,216) | $ (108,504) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2020 | 38,268,543 | ||||
Beginning balance at Dec. 31, 2020 | $ 287,457 | $ 4 | $ 437,007 | $ (149,554) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 4,666 | 4,666 | |||
Issuance of common stock upon exercise of stock options (in shares) | 352,506 | ||||
Issuance of common stock upon exercise of stock options | 851 | 851 | |||
Change in unrealized loss on marketable securities, net of tax | (86) | (86) | |||
Net loss | (27,373) | (27,373) | |||
Ending balance (in shares) at Mar. 31, 2021 | 38,621,049 | ||||
Ending balance at Mar. 31, 2021 | 265,515 | $ 4 | 442,524 | (176,927) | (86) |
Beginning balance (in shares) at Dec. 31, 2020 | 38,268,543 | ||||
Beginning balance at Dec. 31, 2020 | 287,457 | $ 4 | 437,007 | (149,554) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Change in unrealized loss on marketable securities, net of tax | (25) | ||||
Net loss | (108,479) | ||||
Ending balance (in shares) at Sep. 30, 2021 | 44,784,071 | ||||
Ending balance at Sep. 30, 2021 | 295,922 | $ 5 | 553,975 | (258,033) | (25) |
Beginning balance (in shares) at Mar. 31, 2021 | 38,621,049 | ||||
Beginning balance at Mar. 31, 2021 | 265,515 | $ 4 | 442,524 | (176,927) | (86) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 5,400 | 5,400 | |||
Issuance of common stock from at-the-market public offerings, net of issuance and offering costs (in shares) | 5,750,000 | ||||
Issuance of common stock from at-the-market public offerings, net of issuance and offering costs | 98,413 | $ 1 | 98,412 | ||
Issuance of common stock upon exercise of stock options (in shares) | 322,113 | ||||
Issuance of common stock upon exercise of stock options | 809 | 809 | |||
Change in unrealized loss on marketable securities, net of tax | 36 | 36 | |||
Net loss | (36,401) | (36,401) | |||
Ending balance (in shares) at Jun. 30, 2021 | 44,693,162 | ||||
Ending balance at Jun. 30, 2021 | 333,772 | $ 5 | 547,145 | (213,328) | (50) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 6,521 | 6,521 | |||
Issuance of common stock upon exercise of stock options (in shares) | 90,909 | ||||
Issuance of common stock upon exercise of stock options | 309 | 309 | |||
Change in unrealized loss on marketable securities, net of tax | 25 | 25 | |||
Net loss | (44,705) | (44,705) | |||
Ending balance (in shares) at Sep. 30, 2021 | 44,784,071 | ||||
Ending balance at Sep. 30, 2021 | $ 295,922 | $ 5 | 553,975 | (258,033) | (25) |
Beginning balance (in shares) at Dec. 31, 2021 | 45,300,514 | 45,300,514 | |||
Beginning balance at Dec. 31, 2021 | $ 250,812 | $ 5 | 567,598 | (316,615) | (176) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 7,886 | 7,886 | |||
Issuance of common stock from at-the-market public offerings, net of issuance and offering costs (in shares) | 70,410 | ||||
Issuance of common stock from at-the-market public offerings, net of issuance and offering costs | 1,368 | 1,368 | |||
Vesting of restricted stock awards (in shares) | 81,130 | ||||
Shares withheld for taxes for vesting of restricted stock units (in shares) | (17,850) | ||||
Shares withheld for taxes for vesting of restricted stock units | (230) | (230) | |||
Issuance of common stock upon exercise of stock options (in shares) | 72,278 | ||||
Issuance of common stock upon exercise of stock options | 333 | 333 | |||
Change in unrealized loss on marketable securities, net of tax | (430) | (430) | |||
Net loss | (68,717) | (68,717) | |||
Ending balance (in shares) at Mar. 31, 2022 | 45,506,482 | ||||
Ending balance at Mar. 31, 2022 | $ 191,022 | $ 5 | 576,955 | (385,332) | (606) |
Beginning balance (in shares) at Dec. 31, 2021 | 45,300,514 | 45,300,514 | |||
Beginning balance at Dec. 31, 2021 | $ 250,812 | $ 5 | 567,598 | (316,615) | (176) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 265,662 | ||||
Change in unrealized loss on marketable securities, net of tax | $ (360) | ||||
Net loss | $ (172,856) | ||||
Ending balance (in shares) at Sep. 30, 2022 | 46,864,327 | 46,864,327 | |||
Ending balance at Sep. 30, 2022 | $ 105,163 | $ 5 | 595,165 | (489,471) | (536) |
Beginning balance (in shares) at Mar. 31, 2022 | 45,506,482 | ||||
Beginning balance at Mar. 31, 2022 | 191,022 | $ 5 | 576,955 | (385,332) | (606) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 7,611 | 7,611 | |||
Issuance of common stock under employee stock purchase plan (in shares) | 51,645 | ||||
Issuance of common stock under employee stock purchase plan | 454 | 454 | |||
Vesting of restricted stock awards (in shares) | 6,361 | ||||
Shares withheld for taxes for vesting of restricted stock units (in shares) | (2,225) | ||||
Shares withheld for taxes for vesting of restricted stock units | (17) | (17) | |||
Issuance of common stock upon exercise of stock options (in shares) | 13,143 | ||||
Issuance of common stock upon exercise of stock options | 67 | 67 | |||
Change in unrealized loss on marketable securities, net of tax | (74) | (74) | |||
Net loss | (60,194) | (60,194) | |||
Ending balance (in shares) at Jun. 30, 2022 | 45,575,406 | ||||
Ending balance at Jun. 30, 2022 | 138,869 | $ 5 | 585,070 | (445,526) | (680) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 6,730 | 6,730 | |||
Issuance of common stock from at-the-market public offerings, net of issuance and offering costs (in shares) | 1,105,006 | ||||
Issuance of common stock from at-the-market public offerings, net of issuance and offering costs | 2,962 | 2,962 | |||
Vesting of restricted stock awards (in shares) | 5,312 | ||||
Shares withheld for taxes for vesting of restricted stock units (in shares) | (1,638) | ||||
Shares withheld for taxes for vesting of restricted stock units | (6) | (6) | |||
Issuance of common stock upon exercise of stock options (in shares) | 180,241 | ||||
Issuance of common stock upon exercise of stock options | 409 | 409 | |||
Change in unrealized loss on marketable securities, net of tax | 144 | 144 | |||
Net loss | $ (43,945) | (43,945) | |||
Ending balance (in shares) at Sep. 30, 2022 | 46,864,327 | 46,864,327 | |||
Ending balance at Sep. 30, 2022 | $ 105,163 | $ 5 | $ 595,165 | $ (489,471) | $ (536) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Stockholders’ Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Payments of stock issuance costs | $ 109 | $ 229 | $ 262 | $ 575 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (172,856) | $ (108,479) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 314 | 89 |
Stock-based compensation expense | 22,227 | 16,587 |
Non-cash operating lease expense | 556 | 942 |
Amortization of premiums and discounts on marketable securities, net | 807 | 1,454 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 2,326 | 749 |
Accounts payable | (658) | 4,031 |
Accrued expenses | (8,431) | 5,481 |
Operating lease liabilities | (578) | (566) |
Other | 56 | 15 |
Net cash used in operating activities | (156,237) | (79,697) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (444) | (519) |
Purchases of marketable securities | (83,022) | (164,170) |
Maturities of marketable securities | 157,761 | 14,000 |
Net cash provided by (used in) investing activities | 74,295 | (150,689) |
Cash flows from financing activities: | ||
Payment of issuance costs for at-the-market offerings and initial public offering | (262) | (575) |
Payments of tax withholdings related to vesting of restricted stock units | (253) | 0 |
Proceeds from exercise of options and employee stock purchase plan contributions | 1,263 | 1,968 |
Net cash provided by financing activities | 5,078 | 99,873 |
Decrease in cash, cash equivalents and restricted cash | (76,864) | (130,513) |
Cash, cash equivalents and restricted cash, beginning of period | 139,720 | 297,208 |
Cash, cash equivalents and restricted cash, end of period | 62,856 | 166,695 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 62,440 | 165,679 |
Restricted cash | 416 | 1,016 |
Total cash, cash equivalents and restricted cash | 62,856 | 166,695 |
Supplemental disclosures of non-cash activities: | ||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 0 | 4,086 |
Offering costs included in accrued expenses | 0 | 68 |
Purchases of property and equipment included in accrued expenses | 0 | 116 |
Follow-on Public Offering | ||
Cash flows from financing activities: | ||
Proceed from stock offerings | 0 | 98,480 |
At-the-market Offering | ||
Cash flows from financing activities: | ||
Proceed from stock offerings | $ 4,330 | $ 0 |
Nature of the Business
Nature of the Business | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business | Nature of the Business Praxis Precision Medicines, Inc. (“Praxis” or the “Company”) is a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system ("CNS") disorders characterized by neuronal excitation-inhibition imbalance. Normal brain function requires a delicate balance of excitation and inhibition in neuronal circuits, which, when dysregulated, can lead to abnormal function and disease. The Company is applying insights from genetic epilepsies to both rare and more prevalent neurological disorders, using its understanding of shared biological targets and circuits in the brain, to develop patient-guided therapies. The Company applies a deliberate and pragmatic precision approach, leveraging a suite of translational tools including novel transgenic and predictive translational animal models and electrophysiology markers, to enable an efficient path to proof-of-concept in patients. Through this approach, the Company has established a broad CNS portfolio including multiple programs across movement disorders and epilepsy, with four clinical-stage product candidates. For its lead clinical-stage program, the Company expects to announce topline results from the Phase 2b clinical trial in essential tremor in the first quarter of 2023 and expects to initiate a Phase 2 clinical trial for the treatment of Parkinson's disease in the first quarter of 2023. The Company expects the initiation of first-in-patient studies for its lead antisense oligonucleotide epilepsy program in the fourth quarter of 2022 and its lead small molecule epilepsy program in the first quarter of 2023, as well as the launch of an additional clinical epilepsy program this year. In addition, the Company has established a robust pipeline of preclinical stage programs through internal research and in-licensing, including one of the largest portfolios of targeted epilepsy programs in the industry. Praxis was incorporated in 2015 and commenced operations in 2016. The Company has funded its operations primarily with proceeds from the issuance of redeemable convertible preferred stock and from the sale of common stock through an initial public offering, a follow-on public offering and at-the-market offerings under its shelf registration statement. From inception through September 30, 2022, the Company raised $520.8 million in aggregate cash proceeds from these transactions, net of issuance costs. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Programs currently under development will require significant additional research and development efforts, including 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 product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. Liquidity In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40) , the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued. The Company has incurred recurring losses since its inception, including a net loss of $172.9 million for the nine months ended September 30, 2022. In addition, as of September 30, 2022, the Company had an accumulated deficit of $489.5 million. The Company expects to continue to generate operating losses for the foreseeable future. The analysis of the Company’s ability to continue as a going concern for the third quarter of 2022 included consideration of the Company’s current cash needs, ongoing research and development plans which are limited to advancing product candidates through, but not beyond their current clinical trial phases, anticipated cost savings resulting from its operational cost reduction plans, including ongoing efforts to eliminate costs not related to the |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and ASUs of the FASB. The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and nine months ended September 30, 2022 are consistent with those discussed in Note 2 to the consolidated financial statements included in the Company's 2021 Annual Report on Form 10-K, other than as noted below. Unaudited Interim Condensed Consolidated Financial Information The accompanying condensed consolidated balance sheet as of September 30, 2022, the condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statements of comprehensive loss for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021 and the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of September 30, 2022, the results of its operations for the three and nine months ended September 30, 2022 and 2021 and its cash flows for the nine months ended September 30, 2022 and 2021. Financial statement disclosures for the three and nine months ended September 30, 2022 and 2021 are condensed and do not include all disclosures required for an annual set of financial statements in accordance with GAAP. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for the year ended December 31, 2022, any other interim periods, or any future year or period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, accrued and prepaid research and development expenses, stock-based compensation expense and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates. Recently Issued Accounting Pronouncements |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities The following is a summary of the Company's investment portfolio as of September 30, 2022 and December 31, 2021 (in thousands): As of September 30, 2022 Gross Unrealized Estimated Cost Gains Losses Fair Value Available-for-sale securities: Corporate debt securities $ 44,819 $ — $ (498) $ 44,321 Commercial paper 12,996 — — 12,996 Debt securities issued by U.S. government agencies 4,021 — (38) 3,983 Total securities with a maturity of one year or less $ 61,836 $ — $ (536) $ 61,300 Total available-for-sale securities $ 61,836 $ — $ (536) $ 61,300 As of December 31, 2021 Gross Unrealized Estimated Cost Gains Losses Fair Value Available-for-sale securities: Corporate debt securities $ 52,214 $ — $ (31) $ 52,183 Commercial paper 34,993 — — 34,993 Debt securities issued by U.S. government agencies 12,111 — (8) 12,103 Other debt securities 6,398 1 — 6,399 Total securities with a maturity of one year or less $ 105,716 $ 1 $ (39) $ 105,678 Corporate debt securities 31,667 — (138) 31,529 Total securities with a maturity of one to two years $ 31,667 $ — $ (138) $ 31,529 Total available-for-sale securities $ 137,383 $ 1 $ (177) $ 137,207 As of September 30, 2022, the Company had 9 securities with a total fair market value of $48.3 million in an unrealized loss position. As of December 31, 2021, the Company had 14 securities with a total fair market value of $95.8 million in an unrealized loss position. The Company believes that any unrealized losses associated with the decline in value of its securities is temporary and primarily related to the change in market interest rates since purchase, 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 was not recognized. Securities are evaluated for impairment at the end of each reporting period. The Company did not record any impairment related to its available-for-sale securities during the three and nine months ended September 30, 2022 and 2021. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsFair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. The Company categorizes financial assets measured at fair value based on a fair value hierarchy. The following fair value hierarchy is used to classify financial assets based on observable inputs and unobservable inputs used to value the financial assets: • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets; • Level 2: Quoted prices for similar assets in active markets, quoted prices in markets that are not active, or inputs which are unobservable, either directly or indirectly, for substantially the full term of the asset; or • Level 3: Prices or valuation techniques that require inputs that are both significant to the valuation of the asset and unobservable. The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values as of September 30, 2022 and December 31, 2021 (in thousands): As of September 30, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 58,218 $ — $ — $ 58,218 Marketable securities: Corporate debt securities — 44,321 — 44,321 Commercial paper — 12,996 — 12,996 Debt securities issued by U.S. government agencies 3,983 — — 3,983 $ 62,201 $ 57,317 $ — $ 119,518 As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 131,372 $ — $ — $ 131,372 Marketable securities: Corporate debt securities — 83,712 — 83,712 Commercial paper — 34,993 — 34,993 Debt securities issued by U.S. government agencies 12,103 — — 12,103 Other debt securities — 6,399 — 6,399 $ 143,475 $ 125,104 $ — $ 268,579 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following (in thousands): September 30, 2022 December 31, 2021 Accrued external research and development expenses $ 12,978 $ 17,763 Accrued personnel-related expenses 2,648 7,180 Accrued other 2,258 1,901 Total accrued expenses $ 17,884 $ 26,844 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesIn May 2021, the Company entered into a sublease agreement for office space located in Boston, Massachusetts that expires on January 31, 2026, with no option to renew or terminate early. The base rent increases by approximately 2% annually. The Company issued a letter of credit to the landlord related to the security deposit, secured by restricted cash, which is reflected within other non-current assets on the accompanying condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021. This lease qualifies as an operating lease. |
Common Stock and Preferred Stoc
Common Stock and Preferred Stock | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Common Stock and Preferred Stock | Common Stock and Preferred Stock Common Stock As of September 30, 2022 and December 31, 2021, the authorized capital stock of the Company included 150,000,000 shares of common stock, $0.0001 par value. As of September 30, 2022 and December 31, 2021, the Company did not hold any treasury shares. Shares Reserved for Future Issuance The Company has reserved the following shares of common stock for future issuance: September 30, December 31, Shares reserved for exercise of outstanding stock options 9,159,415 6,468,501 Shares reserved for future awards under the 2020 Stock Option and Incentive Plan 1,364,855 2,667,780 Shares reserved for future awards under the 2020 Employee Stock Purchase Plan 929,661 654,204 Shares reserved for vesting of restricted stock units 789,419 440,079 Total shares of authorized common stock reserved for future issuance 12,243,350 10,230,564 Preferred Stock As of September 30, 2022 and December 31, 2021, the authorized capital stock of the Company included 10,000,000 shares of undesignated preferred stock, $0.0001 par value. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation 2020 Stock Option and Incentive Plan The total number of shares of common stock authorized for issuance under the 2020 Stock Option and Incentive Plan (the "2020 Plan”) as of September 30, 2022 and December 31, 2021 was 7,449,480 shares and 5,184,455 shares, respectively. 2017 Stock Incentive Plan The total number of shares of common stock authorized for issuance under the 2017 Stock Incentive Plan (the "2017 Plan”) as of September 30, 2022 and December 31, 2021 was 5,937,763 shares. Any authorization to issue new options under the 2017 Plan was cancelled upon the effectiveness of the 2020 Plan and no further awards will be granted under the 2017 Plan. 2020 Employee Stock Purchase Plan The total number of shares of common stock authorized for issuance under the 2020 Employee Stock Purchase Plan (the "2020 ESPP”) as of September 30, 2022 and December 31, 2021 was 981,306 shares and 654,204 shares, respectively. Restricted Stock Units The following table summarizes the Company’s restricted stock unit activity: Shares Weighted Unvested as of December 31, 2021 440,079 $ 41.86 Issued 652,328 15.00 Vested (92,803) 48.11 Forfeited (210,185) 22.76 Unvested as of September 30, 2022 789,419 $ 23.42 As of September 30, 2022, total unrecognized compensation cost related to unvested restricted stock units was $14.6 million, which is expected to be recognized over a weighted-average period of 2.88 years. Stock Options The following table summarizes the Company’s stock option activity: Number of Weighted Weighted Aggregate (In years) (In thousands) Outstanding as of December 31, 2021 6,468,501 $ 16.92 Granted 3,932,802 9.29 Exercised (265,662) 3.04 $ 850 Cancelled or Forfeited (976,226) 17.99 Outstanding as of September 30, 2022 9,159,415 $ 13.94 8.49 $ 327 Exercisable as of September 30, 2022 2,993,364 $ 14.69 7.55 $ 71 Vested and expected to vest as of September 30, 2022 8,956,409 $ 13.91 8.56 $ 318 The aggregate intrinsic value of stock options outstanding, exercisable, and vested and expected to vest is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock for those stock options that had exercise prices lower than the estimated fair value of the Company’s common stock at September 30, 2022. The aggregate intrinsic value of stock options exercised is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock on the date of exercise for those stock options that had exercise prices lower than the estimated fair value of the Company’s common stock on the exercise date. Stock Option Valuation The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted to employees and non-employees on the date of grant were as follows for the three and nine months ended September 30, 2022: Three Months Ended Nine Months Ended 2022 2022 Risk-free interest rate 2.76 % 2.50 % Expected term (in years) 6.00 6.07 Expected volatility 88.08 % 89.22 % Expected dividend yield — % — % Weighted average grant-date fair value per share $ 2.16 $ 6.70 As of September 30, 2022, total unrecognized compensation cost related to unvested stock options was $53.0 million, which is expected to be recognized over a weighted-average period of 2.38 years. Stock-Based Compensation Stock-based compensation expense was allocated as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development $ 1,999 $ 2,787 $ 8,200 $ 7,136 General and administrative 4,731 3,734 14,027 9,451 Total stock-based compensation expense $ 6,730 $ 6,521 $ 22,227 $ 16,587 |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share The following potential shares of common stock, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have been anti-dilutive: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Outstanding stock options 9,159,415 6,414,070 9,159,415 6,414,070 Unvested restricted stock units 789,419 383,196 789,419 383,196 Potential shares issuable under the 2020 ESPP 48,182 — 48,182 — 9,997,016 6,797,266 9,997,016 6,797,266 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsOn September 11, 2019, the Company entered into a Cooperation and License Agreement (the “License Agreement”) with RogCon Inc. (“RogCon”). Under the License Agreement, RogCon granted to the Company an exclusive, worldwide license under RogCon’s intellectual property to research, develop and commercialize products for the treatment of all forms of epilepsy and/or neurodevelopmental disorders in each case caused by any mutation of the SCN2A gene. Pursuant to the terms of the License Agreement, the Company will conduct, at its own cost and expense, the research and development activities assigned to it under the associated research plan. In addition, the Company is responsible for reimbursing RogCon for any costs associated with research and development activities RogCon performs at the request of the Company. One of the founders of RogCon became the Company’s General Counsel in June 2020. The Company continues to reimburse RogCon for its out-of-pocket costs incurred for activities performed under the License Agreement. Expenses incurred during all periods presented were not material. As of September 30, 2022, the Company had accrued expenses of $0.3 million due to RogCon under the License Agreement. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In June 2022, the Company began a strategic realignment to focus resources on its Movement Disorders and Epilepsy franchises, which resulted in a reduction of the Company’s workforce. The Company incurred $1.0 million of costs related to the realignment, of which $0.6 million has been recognized in research and development expenses and $0.4 million has been recognized in general and administrative expenses in the condensed consolidated statement of operations during the nine months ended September 30, 2022. These costs relate to employee severance, benefits and related costs. The Company does not expect to incur any additional significant costs related to the strategic realignment. As of September 30, 2022, all of the $1.0 million costs were paid. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the condensed consolidated financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. The Company has concluded that no subsequent events have occurred that require disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and ASUs of the FASB. The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and nine months ended September 30, 2022 are consistent with those discussed in Note 2 to the consolidated financial statements included in the Company's 2021 Annual Report on Form 10-K, other than as noted below. |
Unaudited Interim Condensed Consolidated Financial Information | Unaudited Interim Condensed Consolidated Financial Information The accompanying condensed consolidated balance sheet as of September 30, 2022, the condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statements of comprehensive loss for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021 and the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of September 30, 2022, the results of its operations for the three and nine months ended September 30, 2022 and 2021 and its cash flows for the nine months ended September 30, 2022 and 2021. Financial statement disclosures for the three and nine months ended September 30, 2022 and 2021 are condensed and do not include all disclosures required for an annual set of financial statements in accordance with GAAP. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for the year ended December 31, 2022, any other interim periods, or any future year or period. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, accrued and prepaid research and development expenses, stock-based compensation expense and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting PronouncementsThe Company does not expect any recently issued accounting pronouncements to have a material impact on its financial statements |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment Portfolio | The following is a summary of the Company's investment portfolio as of September 30, 2022 and December 31, 2021 (in thousands): As of September 30, 2022 Gross Unrealized Estimated Cost Gains Losses Fair Value Available-for-sale securities: Corporate debt securities $ 44,819 $ — $ (498) $ 44,321 Commercial paper 12,996 — — 12,996 Debt securities issued by U.S. government agencies 4,021 — (38) 3,983 Total securities with a maturity of one year or less $ 61,836 $ — $ (536) $ 61,300 Total available-for-sale securities $ 61,836 $ — $ (536) $ 61,300 As of December 31, 2021 Gross Unrealized Estimated Cost Gains Losses Fair Value Available-for-sale securities: Corporate debt securities $ 52,214 $ — $ (31) $ 52,183 Commercial paper 34,993 — — 34,993 Debt securities issued by U.S. government agencies 12,111 — (8) 12,103 Other debt securities 6,398 1 — 6,399 Total securities with a maturity of one year or less $ 105,716 $ 1 $ (39) $ 105,678 Corporate debt securities 31,667 — (138) 31,529 Total securities with a maturity of one to two years $ 31,667 $ — $ (138) $ 31,529 Total available-for-sale securities $ 137,383 $ 1 $ (177) $ 137,207 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured At Fair Value On A Recurring Basis | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values as of September 30, 2022 and December 31, 2021 (in thousands): As of September 30, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 58,218 $ — $ — $ 58,218 Marketable securities: Corporate debt securities — 44,321 — 44,321 Commercial paper — 12,996 — 12,996 Debt securities issued by U.S. government agencies 3,983 — — 3,983 $ 62,201 $ 57,317 $ — $ 119,518 As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 131,372 $ — $ — $ 131,372 Marketable securities: Corporate debt securities — 83,712 — 83,712 Commercial paper — 34,993 — 34,993 Debt securities issued by U.S. government agencies 12,103 — — 12,103 Other debt securities — 6,399 — 6,399 $ 143,475 $ 125,104 $ — $ 268,579 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consisted of the following (in thousands): September 30, 2022 December 31, 2021 Accrued external research and development expenses $ 12,978 $ 17,763 Accrued personnel-related expenses 2,648 7,180 Accrued other 2,258 1,901 Total accrued expenses $ 17,884 $ 26,844 |
Common Stock and Preferred St_2
Common Stock and Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Summary of Common Stock Reserved For Future Issuance | The Company has reserved the following shares of common stock for future issuance: September 30, December 31, Shares reserved for exercise of outstanding stock options 9,159,415 6,468,501 Shares reserved for future awards under the 2020 Stock Option and Incentive Plan 1,364,855 2,667,780 Shares reserved for future awards under the 2020 Employee Stock Purchase Plan 929,661 654,204 Shares reserved for vesting of restricted stock units 789,419 440,079 Total shares of authorized common stock reserved for future issuance 12,243,350 10,230,564 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Restricted Stock Activity | The following table summarizes the Company’s restricted stock unit activity: Shares Weighted Unvested as of December 31, 2021 440,079 $ 41.86 Issued 652,328 15.00 Vested (92,803) 48.11 Forfeited (210,185) 22.76 Unvested as of September 30, 2022 789,419 $ 23.42 |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity: Number of Weighted Weighted Aggregate (In years) (In thousands) Outstanding as of December 31, 2021 6,468,501 $ 16.92 Granted 3,932,802 9.29 Exercised (265,662) 3.04 $ 850 Cancelled or Forfeited (976,226) 17.99 Outstanding as of September 30, 2022 9,159,415 $ 13.94 8.49 $ 327 Exercisable as of September 30, 2022 2,993,364 $ 14.69 7.55 $ 71 Vested and expected to vest as of September 30, 2022 8,956,409 $ 13.91 8.56 $ 318 |
Schedule of Fair Value of Stock Option Awards on the Grant Date Using the Black-Scholes Option Valuation Model | The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted to employees and non-employees on the date of grant were as follows for the three and nine months ended September 30, 2022: Three Months Ended Nine Months Ended 2022 2022 Risk-free interest rate 2.76 % 2.50 % Expected term (in years) 6.00 6.07 Expected volatility 88.08 % 89.22 % Expected dividend yield — % — % Weighted average grant-date fair value per share $ 2.16 $ 6.70 |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense was allocated as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development $ 1,999 $ 2,787 $ 8,200 $ 7,136 General and administrative 4,731 3,734 14,027 9,451 Total stock-based compensation expense $ 6,730 $ 6,521 $ 22,227 $ 16,587 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share | The following potential shares of common stock, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have been anti-dilutive: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Outstanding stock options 9,159,415 6,414,070 9,159,415 6,414,070 Unvested restricted stock units 789,419 383,196 789,419 383,196 Potential shares issuable under the 2020 ESPP 48,182 — 48,182 — 9,997,016 6,797,266 9,997,016 6,797,266 |
Nature of the Business - Additi
Nature of the Business - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 93 Months Ended | |||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||
Proceeds from issuance or sale of equity | $ 520,800 | |||||||||
Net loss | $ 43,945 | $ 60,194 | $ 68,717 | $ 44,705 | $ 36,401 | $ 27,373 | $ 172,856 | $ 108,479 | ||
Accumulated deficit | $ 489,471 | $ 489,471 | $ 489,471 | $ 316,615 |
Marketable Securities - Investm
Marketable Securities - Investment Profile (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, cost, current | $ 61,836 | $ 105,716 |
Available-for-Sale, cost, noncurrent | 31,667 | |
Total available-for-sale securities, cost | 61,836 | 137,383 |
Available-for-sale, gross unrealized gain, current, before tax | 0 | 1 |
Available-for-sale, gross unrealized gain, noncurrent, before tax | 0 | |
Total available-for-sale securities, gross unrealized gains | 0 | 1 |
Available-for-sale, gross unrealized loss, current, before tax | (536) | (39) |
Available-for-sale, gross unrealized loss, noncurrent, before tax | (138) | |
Total available-for-sale, gross unrealized losses | (536) | (177) |
Estimated fair value, available-for-sale, current | 61,300 | 105,678 |
Estimated fair value, available-for-sale, noncurrent | 31,529 | |
Total available-for-sale securities, estimated fair value | 61,300 | 137,207 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, cost, current | 44,819 | 52,214 |
Available-for-Sale, cost, noncurrent | 31,667 | |
Available-for-sale, gross unrealized gain, current, before tax | 0 | 0 |
Available-for-sale, gross unrealized gain, noncurrent, before tax | 0 | |
Available-for-sale, gross unrealized loss, current, before tax | (498) | (31) |
Available-for-sale, gross unrealized loss, noncurrent, before tax | (138) | |
Estimated fair value, available-for-sale, current | 44,321 | 52,183 |
Estimated fair value, available-for-sale, noncurrent | 31,529 | |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, cost, current | 12,996 | 34,993 |
Available-for-sale, gross unrealized gain, current, before tax | 0 | 0 |
Available-for-sale, gross unrealized loss, current, before tax | 0 | 0 |
Estimated fair value, available-for-sale, current | 12,996 | 34,993 |
Debt securities issued by U.S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, cost, current | 4,021 | 12,111 |
Available-for-sale, gross unrealized gain, current, before tax | 0 | 0 |
Available-for-sale, gross unrealized loss, current, before tax | (38) | (8) |
Estimated fair value, available-for-sale, current | $ 3,983 | 12,103 |
Other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, cost, current | 6,398 | |
Available-for-sale, gross unrealized gain, current, before tax | 1 | |
Available-for-sale, gross unrealized loss, current, before tax | 0 | |
Estimated fair value, available-for-sale, current | $ 6,399 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) $ in Millions | Sep. 30, 2022 USD ($) security | Dec. 31, 2021 USD ($) security |
Investments, Debt and Equity Securities [Abstract] | ||
Number of securities | security | 9 | 14 |
Securities, unrealized loss position, fair value | $ | $ 48.3 | $ 95.8 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 119,518 | $ 268,579 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 62,201 | 143,475 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 57,317 | 125,104 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 58,218 | 131,372 |
Money market funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 58,218 | 131,372 |
Money market funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Money market funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 44,321 | 83,712 |
Corporate debt securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Corporate debt securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 44,321 | 83,712 |
Corporate debt securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 12,996 | 34,993 |
Commercial paper | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Commercial paper | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 12,996 | 34,993 |
Commercial paper | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Debt securities issued by U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 3,983 | 12,103 |
Debt securities issued by U.S. government agencies | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 3,983 | 12,103 |
Debt securities issued by U.S. government agencies | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Debt securities issued by U.S. government agencies | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 0 | 0 |
Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 6,399 | |
Other debt securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 0 | |
Other debt securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 6,399 | |
Other debt securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 0 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued external research and development expenses | $ 12,978 | $ 17,763 |
Accrued personnel-related expenses | 2,648 | 7,180 |
Accrued other | 2,258 | 1,901 |
Total accrued expenses | $ 17,884 | $ 26,844 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | May 31, 2021 |
Office Space in Boston Massachusetts | |
Loss Contingencies [Line Items] | |
Percentage increase in annual base rent | 2% |
Common Stock and Preferred St_3
Common Stock and Preferred Stock - Additional Information (Details) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Stockholders' Equity Note [Abstract] | ||
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Treasury stock (in shares) | 0 | 0 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common Stock and Preferred St_4
Common Stock and Preferred Stock - Summary of Common Stock Reserved For Future Issuance (Details) - shares | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||
Common stock reserved for future issuance (in shares) | 12,243,350 | 10,230,564 |
Shares reserved for exercise of outstanding stock options | ||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||
Common stock reserved for future issuance (in shares) | 9,159,415 | 6,468,501 |
Share-based payment arrangement | Shares reserved for future awards under the 2020 Stock Option and Incentive Plan | ||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||
Common stock reserved for future issuance (in shares) | 1,364,855 | 2,667,780 |
Share-based payment arrangement | Shares reserved for future awards under the 2020 Employee Stock Purchase Plan | ||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||
Common stock reserved for future issuance (in shares) | 929,661 | 654,204 |
Shares reserved for vesting of restricted stock units | ||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||
Common stock reserved for future issuance (in shares) | 789,419 | 440,079 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Unvested Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation cost related to unvested restricted stock units | $ 14.6 | |
Weighted-average period (in years) | 2 years 10 months 17 days | |
Shares reserved for exercise of outstanding stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average period (in years) | 2 years 4 months 17 days | |
Unrecognized compensation expense related to unvested stock based awards | $ 53 | |
2020 Employee Stock Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 7,449,480 | 5,184,455 |
2017 Stock Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 5,937,763 | 5,937,763 |
2020 Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 981,306 | 654,204 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Unvested restricted stock units | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Shares | |
Beginning balance (in shares) | shares | 440,079 |
Issued (in shares) | shares | 652,328 |
Vested (in shares) | shares | (92,803) |
Forfeited (in shares) | shares | (210,185) |
Ending balance (in shares) | shares | 789,419 |
Weighted Average Grant Date Fair Value | |
Unvested beginning balance (in dollars per share) | $ / shares | $ 41.86 |
Issued (in dollars per share) | $ / shares | 15 |
Vested (in dollars per share) | $ / shares | 48.11 |
Forfeitures (in dollars per shares) | $ / shares | 22.76 |
Unvested ending balance (in dollars per share) | $ / shares | $ 23.42 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2022 | |
Number of Shares | |
Beginning balance (in shares) | 6,468,501 |
Granted (in shares) | 3,932,802 |
Exercised (in shares) | (265,662) |
Canceled or forfeited (in shares) | (976,226) |
Ending balance (in shares) | 9,159,415 |
Number of shares exercisable (in shares) | 2,993,364 |
Vested and expected to vest (in shares) | 8,956,409 |
Weighted Average Exercise Price per Share | |
Beginning balance (in dollars per share) | $ 16.92 |
Granted (in dollars per share) | 9.29 |
Exercised (in dollars per share) | 3.04 |
Cancelled or forfeited (in dollars per share) | 17.99 |
Ending balance (in dollars per share) | 13.94 |
Exercisable (in dollars per share) | 14.69 |
Vested and expected to vest (in dollars per share) | $ 13.91 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted average remaining contractual term outstanding | 8 years 5 months 26 days |
Weighted average remaining contractual term exercisable | 7 years 6 months 18 days |
Weighted average remaining contractual term vested and expected to vest | 8 years 6 months 21 days |
Aggregate intrinsic value exercised | $ 850 |
Aggregate intrinsic value outstanding | 327 |
Aggregate intrinsic value exercisable | 71 |
Aggregate intrinsic value vested and expected to vest | $ 318 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Fair Value of Stock Option Awards on the Grant Date Using the Black-Scholes Option Valuation Model (Details) - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.76% | 2.50% |
Expected term (in years) | 6 years | 6 years 25 days |
Expected volatility | 88.08% | 89.22% |
Expected dividend yield | 0% | 0% |
Shares reserved for exercise of outstanding stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant-date fair value per share (in dollars per share) | $ 2.16 | $ 6.70 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 6,730 | $ 6,521 | $ 22,227 | $ 16,587 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 1,999 | 2,787 | 8,200 | 7,136 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 4,731 | $ 3,734 | $ 14,027 | $ 9,451 |
Net Loss per Share - Summary of
Net Loss per Share - Summary of antidilutive securities excluded from computation of earnings per share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 9,997,016 | 6,797,266 | 9,997,016 | 6,797,266 |
Outstanding stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 9,159,415 | 6,414,070 | 9,159,415 | 6,414,070 |
Unvested restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 789,419 | 383,196 | 789,419 | 383,196 |
Potential shares issuable under the 2020 ESPP | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 48,182 | 0 | 48,182 | 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) $ in Millions | Sep. 30, 2022 USD ($) |
RogCon Inc. | |
Related Party Transaction [Line Items] | |
Due to related parties | $ 0.3 |
Restructuring (Details)
Restructuring (Details) - June 2022 Restructuring Plan $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Remaining restructuring costs | $ 1 |
Research and Development Expense | |
Restructuring Cost and Reserve [Line Items] | |
Remaining restructuring costs | 0.6 |
General and Administrative Expense | |
Restructuring Cost and Reserve [Line Items] | |
Remaining restructuring costs | $ 0.4 |