Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Magenta Therapeutics, Inc. | |
Trading Symbol | MGTA | |
Entity Central Index Key | 0001690585 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Ex Transition Period | false | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Tax Identification Number | 81-0724163 | |
Title of 12(b) Security | Common Stock | |
Entity Interactive Data Current | Yes | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 100 Technology Square | |
Entity Address, City or Town | Cambridge | |
Entity Address, Postal Zip Code | 02139 | |
Entity Address, State or Province | MA | |
Entity File Number | 001-38541 | |
City Area Code | 857 | |
Local Phone Number | 242-0170 | |
Entity Common Stock, Shares Outstanding | 58,799,157 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 71,765 | $ 131,650 |
Marketable securities | 84,839 | 45,276 |
Prepaid expenses and other current assets | 3,635 | 3,767 |
Total current assets | 160,239 | 180,693 |
Restricted cash | 1,780 | 1,780 |
Operating lease, right-of-use asset | 25,389 | 0 |
Property and equipment, net | 6,977 | 7,461 |
Total assets | 194,385 | 189,934 |
Current liabilities: | ||
Accounts payable | 4,438 | 3,040 |
Accrued expenses and other current liabilities | 6,409 | 7,823 |
Operating lease liability, current portion | 3,246 | 0 |
Total current liabilities | 14,093 | 10,863 |
Operating lease liability, net of current portion | 29,104 | 0 |
Deferred rent | 0 | 6,399 |
Total liabilities | 43,197 | 17,262 |
Commitments and contingencies (Note 7) | ||
Stockholders' Equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding | ||
Common stock, $0.001 par value; 150,000,000 shares authorized; 58,799,157 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 59 | 59 |
Additional paid-in capital | 500,115 | 498,210 |
Accumulated other comprehensive loss | (469) | (30) |
Accumulated deficit | (348,517) | (325,567) |
Total stockholders' equity | 151,188 | 172,672 |
Total liabilities and stockholders' equity | $ 194,385 | $ 189,934 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, Shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, Shares issued | 0 | 0 |
Preferred stock, Shares outstanding | 0 | 0 |
Common stock, Par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, Shares issued | 58,799,157 | 58,799,157 |
Common stock, Shares outstanding | 58,799,157 | 58,799,157 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses: | ||
Research and development | $ 16,547 | $ 11,728 |
General and administrative | 7,287 | 6,969 |
Total operating expenses | 23,834 | 18,697 |
Loss from operations | (23,834) | (18,697) |
Interest and other income, net | 884 | 1,208 |
Net loss | $ (22,950) | $ (17,489) |
Net loss per share, basic | $ (0.39) | $ (0.36) |
Net loss per share, diluted | $ (0.39) | $ (0.36) |
Weighted average common shares outstanding, basic | 58,799,157 | 48,567,106 |
Weighted average common shares outstanding, diluted | 58,799,157 | 48,567,106 |
Comprehensive loss: | ||
Net loss | $ (22,950) | $ (17,489) |
Other comprehensive loss: | ||
Unrealized gains (losses) on marketable securities | (439) | 32 |
Total other comprehensive income (loss) | (439) | 32 |
Total comprehensive loss | $ (23,389) | $ (17,457) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2020 | $ 143,906 | $ 49 | $ 398,311 | $ (23) | $ (254,431) |
Beginning balance, shares at Dec. 31, 2020 | 48,533,135 | ||||
Vesting of restricted stock, shares | 8,466 | ||||
Issuance of common stock upon exercise of stock options | 418 | 418 | |||
Issuance of common stock upon exercise of stock options, shares | 61,604 | ||||
Stock-based compensation expense | 2,192 | 2,192 | |||
Unrealized gains (losses) on marketable securities | 32 | 32 | |||
Net loss | (17,489) | (17,489) | |||
Ending balance at Mar. 31, 2021 | 129,059 | $ 49 | 400,921 | 9 | (271,920) |
Ending balance, shares at Mar. 31, 2021 | 48,603,205 | ||||
Beginning balance at Dec. 31, 2020 | 143,906 | $ 49 | 398,311 | (23) | (254,431) |
Beginning balance, shares at Dec. 31, 2020 | 48,533,135 | ||||
Net loss | (71,100) | ||||
Ending balance at Dec. 31, 2021 | 172,672 | $ 59 | 498,210 | (30) | (325,567) |
Ending balance, shares at Dec. 31, 2021 | 58,799,157 | ||||
Stock-based compensation expense | 1,905 | 1,905 | |||
Unrealized gains (losses) on marketable securities | (439) | (439) | |||
Net loss | (22,950) | (22,950) | |||
Ending balance at Mar. 31, 2022 | $ 151,188 | $ 59 | $ 500,115 | $ (469) | $ (348,517) |
Ending balance, shares at Mar. 31, 2022 | 58,799,157 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (22,950) | $ (17,489) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 1,905 | 2,192 |
Depreciation and amortization expense | 511 | 474 |
Loss on disposal of property and equipment | 90 | |
Amortization of right-of-use-asset | 699 | |
Net amortization of premiums on marketable securities | 115 | 216 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 132 | (105) |
Accounts payable | 1,398 | (1,646) |
Accrued expenses and other current liabilities | (859) | (578) |
Operating lease liabilities | (692) | |
Deferred rent | 72 | |
Net cash used in operating activities | (19,741) | (16,774) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (27) | (7) |
Purchases of marketable securities | (40,117) | |
Maturities of marketable securities | 7,500 | |
Net cash provided by (used in) investing activities | (40,144) | 7,493 |
Cash flows from financing activities: | ||
Proceeds from exercise of common stock options | 418 | |
Net cash provided by financing activities | 418 | |
Net decrease in cash, cash equivalents and restricted cash | (59,885) | (8,863) |
Cash, cash equivalents and restricted cash at beginning of period | 133,430 | 59,932 |
Cash, cash equivalents and restricted cash at end of period | $ 73,545 | $ 51,069 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Magenta Therapeutics, Inc. (the “Company”) is a clinical-stage biotechnology company developing novel medicines designed to bring the curative power of stem cell transplants to more patients with blood cancers, genetic diseases and autoimmune diseases. The Company was incorporated under the laws of the State of Delaware in June 2015 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, the continuing impact of the novel coronavirus (“COVID-19”) The Company has a shelf registration statement on Form S-3 “at-the-market” The Company has incurred recurring losses since inception, including net losses of $23.0 million for the three months ended March 31, 2022 and $71.1 million the year ended December 31, 2021. As of March 31, 2022, the Company had an accumulated deficit of $348.5 million. The Company expects to continue to generate operating losses 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 12 months from the issuance date of these consolidated financial statements. The future viability of the Company beyond that point is dependent on its ability to raise additional capital to fund its operations. The Company will need to obtain substantial additional funding in connection with continuing operations, particularly as the Company advances its preclinical activities and clinical trials for its product candidates in development. If the Company is unable to raise capital when needed, or on attractive terms, it could be forced to delay, reduce or eliminate its research or drug development programs or any future commercialization efforts. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted 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 Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The preparation of 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 financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual for research and development expenses and the valuation of stock-based awards. 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 from those estimates. Unaudited Interim Financial Information The consolidated balance sheet at December 31, 2021 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 have been prepared by the Company pursuant to the rules and regulations of the SEC for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Company believes, however, that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in its consolidated financial statements by applying a two-step more-likely-than-not Leases Prior to January 1, 2022, the Company accounted for leases under ASC 840, Leases (“ASC 840”). Effective January 1, 2022, the Company accounts for leases under ASC 842, Leases (“ASC 842”). Therefore, as of December 31, 2021 and for the three months ended March 31 2021, the Company’s consolidated financial statements continue to be presented in accordance with ASC 840, the accounting standard originally in effect for such periods. As of and for the three months ended March 31, 2022, the Company’s consolidated financial statements are presented in accordance with ASC 842. In accordance with ASC 842, the Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines if an arrangement is a lease or contains an embedded lease at inception. For arrangements that meet the definition of a lease, the Company determines the initial classification and measurement of its right-of-use In addition to rent, the leases may require the Company to pay additional costs, such as utilities, maintenance and other operating costs, which are generally referred to as non-lease non-lease non-lease right-of-use Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the months ended March , and , the Company’s only element of other comprehensive income (loss) was unrealized gains (losses) on marketable securities. Net Loss per Share Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options. For periods in which the Company has reported net losses, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss for the three months ended March 31, 2022 and 2021. The following potential dilutive securities, presented based on amounts outstanding at each period end, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive impact: As of March 31, 2022 2021 Stock options to purchase common stock 7,580,453 6,034,047 Unvested restricted common stock and units 455,173 490,000 Shares of common stock issuable under Employee Stock Purchase Plan 36,012 15,343 8,071,638 6,539,390 Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) No. 2019-10, Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which require lessees to recognize most leases on their balance sheet as a right-of-use asset and a lease liability. In general, lease arrangements exceeding a twelve-month term must be recognized as assets and liabilities on the balance sheet. Under ASU 2016-02, a right-of-use asset and lease obligation is recorded for all leases, whether operating or financing, while the income statement reflects lease expense for operating leases and amortization and interest expense for financing leases. The FASB also issued ASU 2018-10, Codification Improvements to Topic 842 Leases , and ASU 2018-11, Targeted Improvements to Topic 842 Leases , which allows the new lease standard to be applied as of the adoption date with a cumulative-effect adjustment to the opening balance of retained earnings rather than retroactive restatement of all periods presented. The Company adopted the new leasing standards on January 1, 2022 using a modified retrospective approach applied at the beginning of the period of adoption. The Company elected the “package of practical expedients,” which permits the Company not to reassess under the new standards for prior conclusions about lease identification, lease classification and initial direct costs. The Company did not apply the hindsight practical expedient when determining the lease term for existing leases and assessing impairment of expired or existing leases. The Company elected to utilize its incremental borrowing rate based on the remaining lease term as of the date of adoption. In connection with the adoption of ASU 2016-02, right-of-use right-of-use |
Fair Value of Financial Assets
Fair Value of Financial Assets | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value of Financial Assets | 3. Fair Value of Financial Assets As of March 31, 2022, marketable securities by security type consisted of (in thousands): Amortized Gross Gross Estimated U.S. treasury notes (due within one year) $ 85,308 $ — $ (469 ) $ 84,839 Total $ 85,308 $ — $ (469 ) $ 84,839 As of December 31, 2021, marketable securities by security type consisted of (in thousands): Amortized Gross Gross Estimated U.S. treasury notes (due within one year) $ 30,213 $ — $ (20 ) $ 30,193 U.S. treasury notes (due after one year through two years) 15,093 — (10 ) 15,083 Total $ 45,306 $ — $ (30 ) $ 45,276 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 (in thousands): Fair Value Measurements at March 31, 2022 Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 72,139 $ — $ — $ 72,139 Marketable securities: U.S. treasury notes — 84,839 — 84,839 Total $ 72,139 $ 84,839 $ — $ 156,978 Fair Value Measurements at December 31, 2021 Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 131,542 $ — $ — $ 131,542 Marketable securities: U.S. treasury notes — 45,276 — 45,276 Total $ 131,542 $ 45,276 $ — $ 176,818 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Accrued Expenses and Other Current Liabilities | 4. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued external research and development expenses $ 3,525 $ 2,813 Accrued payroll and related expenses 1,634 3,346 Deferred rent, current portion — 555 Accrued professional fees 560 477 Accrued other 690 632 $ 6,409 $ 7,823 |
Stock-Based Awards
Stock-Based Awards | 3 Months Ended |
Mar. 31, 2022 | |
Stock-Based Awards | 5. Stock-Based Awards 2018 Stock Option and Incentive Plan The Company grants stock-based awards under the Magenta Therapeutics, Inc. Stock Option and Incentive Plan (the “ Plan”). The Company also has outstanding stock options under the Magenta Therapeutics, Inc. Stock Option and Grant Plan, as amended (the “ Plan”), but is no longer granting awards under the Plan. As of March , , shares of common stock were available for issuance under the Plan. Grant of Stock Options During the three months ended March 31, 2022, the Company granted options to certain employees and consultants with service-based vesting conditions for the purchase of 1,788,720 shares of common stock with a weighted average grant date fair value of $2.20 per share. Stock-based compensation expense is being recognized over the requisite service period of generally four years. Grant of Restricted Stock Units During the three months ended March 31, 2022, the Company granted 51,935 restricted stock units to certain employees with a weighted average grant date fair value of $3.19 per share. Stock-based compensation expense is being recognized over the requisite service period of four years. 2019 Employee Stock Purchase Plan Employees may elect to participate in The Magenta Therapeutics, Inc. 2019 Employee Stock Purchase Plan (the “ESPP”). The purchase price of common stock under the ESPP is equal to 85% of the lower of the fair market value of the common stock on the offering date or the exercise date. The six-month offering Stock-Based Compensation Stock-based compensation expense was classified in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2022 2021 Research and development expenses $ 527 $ 945 General and administrative expenses 1,378 1,247 $ 1,905 $ 2,192 As of March 31, 2022, unrecognized compensation expense related to unvested share-based awards with service-based vesting conditions was $20.2 million, which is expected to be recognized over a weighted average period of 2.8 years. Additionally, the Company had unrecognized compensation cost of $1.9 million related to the unvested performance restricted stock units for which the performance conditions were not considered probable of achievement as of March 31, 2022. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | 6. Leases The Company has a sublease, as amended, for up to approximately 69,000 square feet of office and laboratory space in Cambridge, Massachusetts. The sublease is subject and subordinate to a prime lease between the sublandlord and the prime landlord. The term of the sublease commenced in June 2018 and expires in February 2028. The sublandlord has the right to terminate the sublease after five years. The Company classified this sublease as an operating lease under ASC 842. The Company is obligated to pay real estate taxes and other costs related to the premises, including costs of operations and management of the leased premises. To the extent these costs are variable, they were not included in the measurement of the right-of-use As of December 31, 2021, the Company had long-term deferred rent of $6.4 million related to lease incentives and payment escalations. As of December 31, 2021, the short-term portion of deferred rent of $0.6 million was included in accrued expenses and other current liabilities. In connection with the adoption of ASC 842 on January 1, 2022, these amounts were recorded as a reduction to the operating lease, right-of-use The components of the Company’s lease expense under ASC 842 w er e Three Months Ended March 31, 2022 Operating lease cost $ 1,602 Short-term lease cost — Variable lease cost 506 $ 2,108 Supplemental disclosure of cash flow information related to the lease was as follows (in thousands): Three Months Ended March 31, 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,595 Operating lease liabilities arising from obtaining right-of-use $ — The weighted average remaining lease term and discount rate were as follows: March 31, 2022 Weighted-average remaining lease term—operating lease (in years) 5.92 Weighted-average discount rate—operating lease 11.00 % Because the interest rate implicit in the lease was not readily determinable, the Company’s estimated incremental borrowing rate was used to calculate the present value of the lease. As of March 31, 2022, the future minimum lease payments due under the noncancelable operating lease was as follows (in thousands): 2022 (nine months) $ 4,971 2023 6,936 2024 7,313 2025 7,679 2026 8,062 Thereafter 9,906 Total future minimum lease payments 44,867 Less: imputed interest (12,517 ) Total operating lease liabilities $ 32,350 The following table represents the lease liabilities on the consolidated balance sheet (in thousands): March 31, 2022 Current operating lease liability $ 3,246 Operating lease liability, net of current portion 29,104 Total operating lease liabilities $ 32,350 As previously disclosed in the Company’s Annual Report on Form 10-K ASC 840, Leases, 2022 $ 6,375 2023 6,734 2024 7,100 2025 7,455 2026 7,828 Thereafter 9,617 $ 45,109 In 2018, the Company entered into two sub-subleases sub-subleases, sub-sublease, sub-sublease sub-subleases. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies | 7. Commitments and Contingencies Leases The Company’s commitments under its leases are described in Note 6. Collaboration Agreement In March 2018, the Company entered into a collaboration agreement with Heidelberg Pharma Research GmbH (“HDPR”) whereby the parties agreed to combine the Company’s stem cell platform with proprietary antibodies across up to four exclusive targets with HDPR’s proprietary Antibody Targeted Amanitin Conjugates platform. Under the agreement, the Company may pay upfront technology access fees, research exclusivity fees and payment for research support. Additionally, upon the exercise of certain license rights, the Company may be obligated to pay HDPR development, regulatory and commercial milestone payments of up to million per target as well as royalties on net sales of products licensed under the agreement. During each of the three months ended March 31, 2022 and 2021, the Company recorded million of research and development expense related to this agreement for upfront technology access fees, research exclusivity fees and research support. During the three months ended March 31, 2022, the Company recorded Intellectual Property Licenses The Company has a license agreement with the President and Fellows of Harvard College (“Harvard”), entered into in November 2016, for an exclusive, worldwide, royalty-bearing license for certain technologies related to conditioning and mobilization. The Company is obligated to pay Harvard maintenance fees of $0.1 million annually and to reimburse qualified expenses related to the patents. The Company is also obligated to pay milestone payments of up to $7.4 million for the first two licensed products upon the achievement of certain development and regulatory milestones and to pay royalties on a product-by-product country-by-country no The Company has agreements with third parties in the normal course of business, under which it can license certain developed technologies. If the Company exercises its rights to license the respective technologies, it may be subject to additional fees and milestone payments. During the three months ended March 31, 2022, the Company recorded research and development expense of $0.1 million related to the license of certain developed technologies under these agreements. During the three months ended March 31, 2021, the Company did not incur any expense related to these licenses. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and senior management that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of March 31, 2022. Legal Proceedings The Company is not currently a party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to its legal proceedings as they are incurred. |
401(k) Savings Plan
401(k) Savings Plan | 3 Months Ended |
Mar. 31, 2022 | |
401(k) Savings Plan | 8. 401(k) Savings Plan The Company has a (k) available for participating employees who meet certain eligibility requirements. Eligible employees may defer a portion of their salary as defined by the plan. Company contributions to the plan may be made at the discretion of the board of directors of the Company. Effective , the Company began making matching contributions of up to % of eligible wages. During the three months ended March , , the Company recorded $ million of expense related to this matching contribution. |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2022 | |
Related Parties | 9. Related Parties Effective , Amy Lynn Ronneberg, the then serving President of Be The Match BioTherapies, LLC, became a member of the Company’s board of directors and subsequently was appointed Chief Executive Officer of the National Marrow Donor Program/Be The Match, or NMDP/Be The Match, organization in . The Company has collaboration agreements with the National Marrow Donor Program (as successor in interest to Be The Match BioTherapies Collection Services, LLC (formerly known as Be The Match BioTherapies, LLC)) and a research agreement with an affiliated organization, Center for International Blood and Marrow Transplant Research. In addition, in June , the Company entered into a clinical collaboration agreement with NMDP/Be The Match to evaluate the potential utility of MGTA-145 for mobilizing and collecting hematopoietic stem cells from donors in a single day and then using them for allogeneic transplants in patients. Under the terms of this agreement, the Company shall fund up to fifty percent of NMDP/Be The Match clinical trial costs and provide the trial drugs which will be included in research and development expense. For each of the three months ended March 31, 2022 and 2021, the Company recorded expense of $0.1 million related to these agreements. As of March 31, 2022 and December 31, 2021, amounts on the consolidated balance sheets related to these agreements were $0.1 million and $0.2 million, respectively, which amounts were included in accounts payable and accrued expenses and other current liabilities and less than $0.1 million which amounts were included in prepaid expenses and other current assets. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual for research and development expenses and the valuation of stock-based awards. 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 from those estimates. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The consolidated balance sheet at December 31, 2021 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 have been prepared by the Company pursuant to the rules and regulations of the SEC for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Company believes, however, that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, |
Fair Value Measurements | Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in its consolidated financial statements by applying a two-step more-likely-than-not |
Leases | Leases Prior to January 1, 2022, the Company accounted for leases under ASC 840, Leases (“ASC 840”). Effective January 1, 2022, the Company accounts for leases under ASC 842, Leases (“ASC 842”). Therefore, as of December 31, 2021 and for the three months ended March 31 2021, the Company’s consolidated financial statements continue to be presented in accordance with ASC 840, the accounting standard originally in effect for such periods. As of and for the three months ended March 31, 2022, the Company’s consolidated financial statements are presented in accordance with ASC 842. In accordance with ASC 842, the Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines if an arrangement is a lease or contains an embedded lease at inception. For arrangements that meet the definition of a lease, the Company determines the initial classification and measurement of its right-of-use In addition to rent, the leases may require the Company to pay additional costs, such as utilities, maintenance and other operating costs, which are generally referred to as non-lease non-lease non-lease right-of-use |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the months ended March , and , the Company’s only element of other comprehensive income (loss) was unrealized gains (losses) on marketable securities. |
Net Loss per Share | Net Loss per Share Basic net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options. For periods in which the Company has reported net losses, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss for the three months ended March 31, 2022 and 2021. The following potential dilutive securities, presented based on amounts outstanding at each period end, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive impact: As of March 31, 2022 2021 Stock options to purchase common stock 7,580,453 6,034,047 Unvested restricted common stock and units 455,173 490,000 Shares of common stock issuable under Employee Stock Purchase Plan 36,012 15,343 8,071,638 6,539,390 |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) No. 2019-10, |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which require lessees to recognize most leases on their balance sheet as a right-of-use asset and a lease liability. In general, lease arrangements exceeding a twelve-month term must be recognized as assets and liabilities on the balance sheet. Under ASU 2016-02, a right-of-use asset and lease obligation is recorded for all leases, whether operating or financing, while the income statement reflects lease expense for operating leases and amortization and interest expense for financing leases. The FASB also issued ASU 2018-10, Codification Improvements to Topic 842 Leases , and ASU 2018-11, Targeted Improvements to Topic 842 Leases , which allows the new lease standard to be applied as of the adoption date with a cumulative-effect adjustment to the opening balance of retained earnings rather than retroactive restatement of all periods presented. The Company adopted the new leasing standards on January 1, 2022 using a modified retrospective approach applied at the beginning of the period of adoption. The Company elected the “package of practical expedients,” which permits the Company not to reassess under the new standards for prior conclusions about lease identification, lease classification and initial direct costs. The Company did not apply the hindsight practical expedient when determining the lease term for existing leases and assessing impairment of expired or existing leases. The Company elected to utilize its incremental borrowing rate based on the remaining lease term as of the date of adoption. In connection with the adoption of ASU 2016-02, right-of-use right-of-use |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potential dilutive securities, presented based on amounts outstanding at each period end, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive impact: As of March 31, 2022 2021 Stock options to purchase common stock 7,580,453 6,034,047 Unvested restricted common stock and units 455,173 490,000 Shares of common stock issuable under Employee Stock Purchase Plan 36,012 15,343 8,071,638 6,539,390 |
Fair Value of Financial Assets
Fair Value of Financial Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of Marketable Securities by Security Type | As of March 31, 2022, marketable securities by security type consisted of (in thousands): Amortized Gross Gross Estimated U.S. treasury notes (due within one year) $ 85,308 $ — $ (469 ) $ 84,839 Total $ 85,308 $ — $ (469 ) $ 84,839 As of December 31, 2021, marketable securities by security type consisted of (in thousands): Amortized Gross Gross Estimated U.S. treasury notes (due within one year) $ 30,213 $ — $ (20 ) $ 30,193 U.S. treasury notes (due after one year through two years) 15,093 — (10 ) 15,083 Total $ 45,306 $ — $ (30 ) $ 45,276 |
Schedule of Financial Assets Measured at Fair Value on 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 (in thousands): Fair Value Measurements at March 31, 2022 Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 72,139 $ — $ — $ 72,139 Marketable securities: U.S. treasury notes — 84,839 — 84,839 Total $ 72,139 $ 84,839 $ — $ 156,978 Fair Value Measurements at December 31, 2021 Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 131,542 $ — $ — $ 131,542 Marketable securities: U.S. treasury notes — 45,276 — 45,276 Total $ 131,542 $ 45,276 $ — $ 176,818 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued external research and development expenses $ 3,525 $ 2,813 Accrued payroll and related expenses 1,634 3,346 Deferred rent, current portion — 555 Accrued professional fees 560 477 Accrued other 690 632 $ 6,409 $ 7,823 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of Stock Based Compensation Expense | Stock-based compensation expense was classified in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2022 2021 Research and development expenses $ 527 $ 945 General and administrative expenses 1,378 1,247 $ 1,905 $ 2,192 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Components of the Company's Lease Expense | The components of the Company’s lease expense under ASC 842 w er e Three Months Ended March 31, 2022 Operating lease cost $ 1,602 Short-term lease cost — Variable lease cost 506 $ 2,108 |
Schedule of Supplemental Disclosure Of Cash Flow Information Related To The Lease | Supplemental disclosure of cash flow information related to the lease was as follows (in thousands): Three Months Ended March 31, 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,595 Operating lease liabilities arising from obtaining right-of-use $ — |
Schedule of Weighted Average Remaining Lease Term And Discount Rate | The weighted average remaining lease term and discount rate were as follows: March 31, 2022 Weighted-average remaining lease term—operating lease (in years) 5.92 Weighted-average discount rate—operating lease 11.00 % |
Schedule of Future Minimum Lease Payments Due Under Noncancelable Operating Lease | As of March 31, 2022, the future minimum lease payments due under the noncancelable operating lease was as follows (in thousands): 2022 (nine months) $ 4,971 2023 6,936 2024 7,313 2025 7,679 2026 8,062 Thereafter 9,906 Total future minimum lease payments 44,867 Less: imputed interest (12,517 ) Total operating lease liabilities $ 32,350 As previously disclosed in the Company’s Annual Report on Form 10-K ASC 840, Leases, 2022 $ 6,375 2023 6,734 2024 7,100 2025 7,455 2026 7,828 Thereafter 9,617 $ 45,109 |
Schedule of Lease Liabilities | The following table represents the lease liabilities on the consolidated balance sheet (in thousands): March 31, 2022 Current operating lease liability $ 3,246 Operating lease liability, net of current portion 29,104 Total operating lease liabilities $ 32,350 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 08, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Entity incorporation date | Jun. 1, 2015 | |||
Entity incorporation state code | DE | |||
Net loss | $ (22,950) | $ (17,489) | $ (71,100) | |
Accumulated deficit | $ (348,517) | $ (325,567) | ||
Maximum [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Shelf offering value | $ 350,000 | |||
Cowen and Company LLC [Member] | Maximum [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
ATM offering value | $ 100,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, amount | 8,071,638 | 6,539,390 |
Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, amount | 7,580,453 | 6,034,047 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, amount | 455,173 | 490,000 |
Shares of common stock issuable under Employee Stock Purchase Plan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, amount | 36,012 | 15,343 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Summary Of Significant Accounting Policies [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 25,389 | $ 0 | |
Operating Lease, Liability | 32,350 | ||
Accounting Standards Update 2016-02 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating Lease, Right-of-Use Asset | 26,100 | ||
Operating Lease, Liability | $ 33,000 | ||
Deferred rent balance | $ 7,000 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets - Schedule of Marketable Securities by Security Type (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 85,308 | $ 45,306 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (469) | (30) |
Estimated Fair Value | 84,839 | 45,276 |
US Treasury Notes [Member] | Due With In One Year [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 85,308 | 30,213 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (469) | (20) |
Estimated Fair Value | $ 84,839 | 30,193 |
US Treasury Notes [Member] | Due After One Year Through Two Years [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 15,093 | |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (10) | |
Estimated Fair Value | $ 15,083 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 84,839 | $ 45,276 |
Fair Value on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 156,978 | 176,818 |
Level 1 [Member] | Fair Value on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 72,139 | 131,542 |
Level 2 [Member] | Fair Value on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 84,839 | 45,276 |
Money Market Funds [Member] | Fair Value on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 72,139 | 131,542 |
Money Market Funds [Member] | Level 1 [Member] | Fair Value on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 72,139 | 131,542 |
US Treasury Notes [Member] | Fair Value on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 84,839 | 45,276 |
US Treasury Notes [Member] | Level 2 [Member] | Fair Value on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 84,839 | $ 45,276 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued external research and development expenses | $ 3,525 | $ 2,813 |
Accrued payroll and related expenses | 1,634 | 3,346 |
Deferred rent, current portion | 555 | |
Accrued professional fees | 560 | 477 |
Accrued other | 690 | 632 |
Total | $ 6,409 | $ 7,823 |
Stock-Based Awards - Additional
Stock-Based Awards - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized stock-based compensation expense | $ 20.2 | |
Period for recognition of unrecognized expense | 2 years 9 months 18 days | |
Employees And Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 1,788,720 | |
Weighted average fair value of stock options granted | $ 2.20 | |
Share based compensation arrangement , requisite service period | 4 years | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized stock-based compensation expense | $ 1.9 | |
Restricted Stock Units (RSUs) [Member] | Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant of restricted stock | 51,935 | |
Grant weighted average grant date fair value per share | $ 3.19 | |
Share based compensation arrangement , requisite service period | 4 years | |
2018 Stock Option and Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for issuance | 4,046,204 | |
2019 Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for issuance | 713,252 | |
Percentage of purchase price of common stock under the ESPP | 85.00% | |
Common stock purchased | 0 | 0 |
Stock-Based Awards - Schedule o
Stock-Based Awards - Schedule of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock based compensation expense | $ 1,905 | $ 2,192 |
Research and Development Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock based compensation expense | 527 | 945 |
General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock based compensation expense | $ 1,378 | $ 1,247 |
Leases - Schedule of Components
Leases - Schedule of Components of the Company's Lease Expense (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Lease, Cost [Abstract] | |
Operating lease cost | $ 1,602 |
Short-term lease cost | 0 |
Variable lease cost | 506 |
Lease cost | $ 2,108 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Disclosure Of Cash Flow Information Related To The Lease (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 1,595 |
Operating lease liabilities arising from obtaining right-of-use asset | $ 0 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Remaining Lease Term And Discount Rate (Detail) | Mar. 31, 2022 |
Leases [Abstract] | |
Weighted-average remaining lease term—operating lease (in years) | 5 years 11 months 1 day |
Weighted-average discount rate—operating lease | 11.00% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Due Under Noncancelable Operating Lease (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2022 (nine months) | $ 4,971 | |
2022/2023 | 6,936 | $ 6,375 |
2023/2024 | 7,313 | 6,734 |
2024/2025 | 7,679 | 7,100 |
2025/2026 | 8,062 | 7,455 |
2026 | 7,828 | |
Thereafter | 9,906 | 9,617 |
Total future minimum lease payments | 44,867 | $ 45,109 |
Less: imputed interest | (12,517) | |
Total operating lease liabilities | $ 32,350 |
Leases - Schedule of Lease Liab
Leases - Schedule of Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Operating Lease Liabilities, Gross Difference, Amount [Abstract] | ||
Current operating lease liability | $ 3,246 | $ 0 |
Operating lease liability, net of current portion | 29,104 | $ 0 |
Total operating lease liabilities | $ 32,350 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018ft²Sublease | Jan. 01, 2022ft² | Dec. 31, 2021USD ($)ft² | |
Leases [Line Items] | ||||||
Restricted cash | $ 1,780 | $ 1,780 | ||||
Long-term deferred rent | $ 0 | 6,399 | ||||
Deferred rent, current portion | $ 555 | |||||
Property sublease, description | The Company has a sublease, as amended, for up to approximately 69,000 square feet of office and laboratory space in Cambridge, Massachusetts. The sublease is subject and subordinate to a prime lease between the sublandlord and the prime landlord. The term of the sublease commenced in June 2018 and expires in February 2028. The sublandlord has the right to terminate the sublease after five years. | |||||
Sublease termination period | 5 years | |||||
Sublease expiration period | 2028-02 | |||||
Sublease commencement period | 2018-06 | |||||
Sub Sublease [Member] | ||||||
Leases [Line Items] | ||||||
Square feet of property subject to sublease | ft² | 27,000 | 26,114 | 13,643 | |||
Number of Sub-sublease | Sublease | 2 | |||||
Rental payments receivable | $ 2,700 | |||||
Other income from sub-sublease | 800 | $ 1,200 | ||||
Office and Lab Sublease [Member] | Letter of Credit [Member] | ||||||
Leases [Line Items] | ||||||
Restricted cash | $ 1,800 | |||||
Office and Lab Sublease [Member] | Paid By Sublandlord [Member] | ||||||
Leases [Line Items] | ||||||
Payments for tenant improvements | $ 5,200 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2018 | Nov. 30, 2016 | |
Other Commitments [Line Items] | ||||
Research and development expense | $ 16,547 | $ 11,728 | ||
Achievement of Development Milestone [Member] | ||||
Other Commitments [Line Items] | ||||
Research and development expense | 2,000 | |||
Collaboration Agreement [Member] | ||||
Other Commitments [Line Items] | ||||
Research and development expense | 400 | $ 400 | ||
Collaboration Agreement [Member] | Development, Regulatory and Commercial Milestone [Member] | Per Target [Member] | Maximum [Member] | ||||
Other Commitments [Line Items] | ||||
Potential milestone payments due | $ 83,500 | |||
License Agreement With Harvard [Member] | Maintenance [Member] | Annual [Member] | Maximum [Member] | ||||
Other Commitments [Line Items] | ||||
Payment obligation | $ 100 | |||
License Agreement With Harvard [Member] | Achievement of Development and Regulatory Milestones [Member] | Maximum [Member] | ||||
Other Commitments [Line Items] | ||||
Potential milestone payments due | $ 7,400 | |||
License Agreement With Third Parties [Member] | License [Member] | ||||
Other Commitments [Line Items] | ||||
Research and development expense | $ 100 |
401(k) Savings Plan - Additiona
401(k) Savings Plan - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Retirement Benefits [Abstract] | |
Defined contribution plan,Employers matching contributions subject to time based vesting requirements | 2.00% |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.1 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - Match Bio Therapies [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Expenses paid to related party | $ 0.1 | $ 0.1 | |
Accounts Payable, Accrued Expenses and Other Current Liabilities [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts owed to related party | 0.1 | $ 0.2 | |
Prepaid Expenses and Other Current Assets [Member] | Maximum [Member] | |||
Related Party Transaction [Line Items] | |||
Prepaid expense and other current assets related parties | $ 0.1 |