PMV Pharmaceuticals (PMVP) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 08, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity File Number	001-39539
Entity Registrant Name	PMV PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3218129
Entity Address, Address Line One	8 Clarke Drive
Entity Address, Address Line Two	Suite 3
Entity Address, City or Town	Cranbury
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08512
City Area Code	609
Local Phone Number	642-6670
Title of 12(b) Security	Common stock, par value $0.00001
Trading Symbol	PMVP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,665,428
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001699382
Amendment Flag	false

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 99,850	$ 172,467
Restricted cash	822	822
Marketable securities, current	159,007	124,696
Prepaid expenses and other current assets	5,497	3,301
Total current assets	265,176	301,286
Property and equipment, net	9,966	3,090
Marketable securities, noncurrent	0	16,911
Right-of-use assets	9,535	10,060
Other assets	307	221
Total assets	284,984	331,568
Current liabilities:
Accounts payable	4,826	3,189
Accrued expenses	6,436	8,627
Operating lease liabilities, current	394	403
Total current liabilities	11,656	12,219
Operating lease liabilities, noncurrent	12,135	10,790
Total liabilities	23,791	23,009
Stockholders’ equity:
Preferred stock, $0.00001 par value, 5,000,000 shares authorized at September 30, 2022 and December 31, 2021.No shares issued or outstanding at September 30, 2022 and December 31, 2021.
Common stock, $0.00001 par value, 1,000,000,000 shares authorized; 45,624,860 and 45,433,684 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively.
Additional paid-in capital	483,916	476,363
Accumulated deficit	(221,698)	(167,726)
Accumulated other comprehensive loss	(1,025)	(78)
Total stockholders’ equity	261,193	308,559
Total liabilities and stockholders’ equity	$ 284,984	$ 331,568

Condensed Balance Sheets (Una_2

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	45,624,860	45,433,684
Common stock, shares outstanding	45,624,860	45,433,684

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss (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	$ 13,666	$ 9,162	$ 36,963	$ 24,326
General and administrative	5,709	5,935	18,915	15,495
Total operating expenses	19,375	15,097	55,878	39,821
Loss from operations	(19,375)	(15,097)	(55,878)	(39,821)
Other income (expense):
Interest income, net	1,124	102	1,830	343
Other income (expense), net	13	3	67	14
Total other income (expense)	1,137	105	1,897	357
Loss before (benefit) provision for income taxes	(18,238)	(14,992)	(53,981)	(39,464)
(Benefit) provision for income taxes	(9)	19	(9)	23
Net loss	(18,229)	(15,011)	(53,972)	(39,487)
Unrealized (loss) gain on available for sale investments, net of tax	(2)	7	(947)	14
Comprehensive loss	$ (18,231)	$ (15,004)	$ (54,919)	$ (39,473)
Net loss per share - basic	$ (0.40)	$ (0.33)	$ (1.18)	$ (0.88)
Net loss per share - diluted	$ (0.40)	$ (0.33)	$ (1.18)	$ (0.88)
Weighted-average common shares outstanding - basic	45,622,957	45,295,232	45,556,635	45,052,100
Weighted-average common shares outstanding - diluted	45,622,957	45,295,232	45,556,635	45,052,100

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2020	$ 359,121		$ 469,001		$ (109,880)
Balance, Shares at Dec. 31, 2020		44,777,818
Exercise of stock options	162		162
Exercise of stock options, Shares		103,351
Stock-based compensation expense	627		627
Net loss	(11,602)				(11,602)
Unrealized gain (loss) on available for sale investments	(13)			$ (13)
Balance at Mar. 31, 2021	348,295		469,790	(13)	(121,482)
Balance, Shares at Mar. 31, 2021		44,881,169
Balance at Dec. 31, 2020	359,121		469,001		(109,880)
Balance, Shares at Dec. 31, 2020		44,777,818
Net loss	(39,487)
Balance at Sep. 30, 2021	324,948		474,301	14	(149,367)
Balance, Shares at Sep. 30, 2021		45,352,207
Balance at Mar. 31, 2021	348,295		469,790	(13)	(121,482)
Balance, Shares at Mar. 31, 2021		44,881,169
Exercise of stock options and common stock issued under the 2020 ESPP	1,256		1,256
Exercise of stock options and common stock issued under the 2020 ESPP, Shares		332,398
Stock-based compensation expense	1,150		1,150
Net loss	(12,874)				(12,874)
Unrealized gain (loss) on available for sale investments	20			20
Balance at Jun. 30, 2021	337,847		472,196	7	(134,356)
Balance, Shares at Jun. 30, 2021		45,213,567
Exercise of stock options	309		309
Exercise of stock options, Shares		138,640
Stock-based compensation expense	1,796		1,796
Net loss	(15,011)				(15,011)
Unrealized gain (loss) on available for sale investments	7			7
Balance at Sep. 30, 2021	324,948		474,301	14	(149,367)
Balance, Shares at Sep. 30, 2021		45,352,207
Balance at Dec. 31, 2021	308,559		476,363	(78)	(167,726)
Balance, Shares at Dec. 31, 2021		45,433,684
Exercise of stock options	128		128
Exercise of stock options, Shares		98,708
Stock-based compensation expense	2,177		2,177
Net loss	(18,433)				(18,433)
Unrealized gain (loss) on available for sale investments	(588)			(588)
Balance at Mar. 31, 2022	291,843		478,668	(666)	(186,159)
Balance, Shares at Mar. 31, 2022		45,532,392
Balance at Dec. 31, 2021	$ 308,559		476,363	(78)	(167,726)
Balance, Shares at Dec. 31, 2021		45,433,684
Exercise of stock options, Shares	172,722
Net loss	$ (53,972)
Balance at Sep. 30, 2022	261,193		483,916	(1,025)	(221,698)
Balance, Shares at Sep. 30, 2022		45,624,860
Balance at Mar. 31, 2022	291,843		478,668	(666)	(186,159)
Balance, Shares at Mar. 31, 2022		45,532,392
Exercise of stock options and common stock issued under the 2020 ESPP	276		276
Exercise of stock options and common stock issued under the 2020 ESPP, Shares		90,218
Stock-based compensation expense	2,518		2,518
Net loss	(17,310)				(17,310)
Unrealized gain (loss) on available for sale investments	(357)			(357)
Balance at Jun. 30, 2022	276,970		481,462	(1,023)	(203,469)
Balance, Shares at Jun. 30, 2022		45,622,610
Exercise of stock options	6		6
Exercise of stock options, Shares		2,250
Stock-based compensation expense	2,448		2,448
Net loss	(18,229)				(18,229)
Unrealized gain (loss) on available for sale investments	(2)			(2)
Balance at Sep. 30, 2022	$ 261,193		$ 483,916	$ (1,025)	$ (221,698)
Balance, Shares at Sep. 30, 2022		45,624,860

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (53,972)	$ (39,487)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	7,143	3,573
Depreciation	240	230
Amortization (accretion) of premiums on marketable securities	(102)	459
Non-cash lease expense	250	644
Other, net	(86)	(17)
Change in operating assets and liabilities:
Prepaid expenses and other assets	(2,196)	(1,743)
Operating lease right-of-use assets and liabilities	1,611
Accounts payable	867	(385)
Accrued expenses	(2,191)	2,183
Net cash used in operating activities	(48,436)	(34,543)
Cash flows from investing activities:
Purchases of property and equipment	(6,346)	(1,087)
Purchases of marketable securities	(194,512)	(235,167)
Maturities of marketable securities	176,267	85,111
Net cash used in investing activities	(24,591)	(151,143)
Cash flows from financing activities:
Proceeds from the exercise of stock options and common stock issued under the 2020 ESPP	410	1,727
Net cash provided by financing activities	410	1,727
Net decrease in cash and cash equivalents	(72,617)	(183,959)
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash - beginning of period	173,289	361,422
Cash, cash equivalents, and restricted cash - end of period	100,672	177,463
Supplemental disclosures of noncash investing activities
Accrued purchases of property and equipment	$ 770
Supplemental disclosures of cash flow information
Cash paid for income taxes		$ 23

Formation and Business of the C

Formation and Business of the Company	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Formation and Business of the Company	1. Formation and Business of the Company Organization and Liquidity PMV Pharmaceuticals, Inc. (the “Company” or “We”) was incorporated in the state of Delaware in March 2013. Since inception, the Company has devoted substantially all of its time and efforts to performing research and development activities and raising capital. We are a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53. The Company’s headquarters are located at 8 Clarke Drive, Suite 3, Cranbury, New Jersey. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The Company has incurred net losses and negative cash flows from operations since its inception. During the three and nine months ended September 30, 2022, the Company incurred a net loss of $ 18,229 and $ 53,972 , respectively. For the nine months ended September 30, 2022, the Company used $ 48,436 of cash for operations. At September 30, 2022, the Company had an accumulated deficit of $ 221,698 . Cash, cash equivalents, and marketable securities were $ 258,857 as of September 30, 2022 . Management expects to incur substantial additional operating losses for the next several years and may need to obtain additional debt or equity financings in order to complete development of its products, obtain regulatory approvals, launch and commercialize its products and continue research and development programs. The Company believes it has adequate cash, cash equivalents, and marketable securities to operate for at least the next twelve months from the date of issuance of these financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) on March 1, 2022. Since the date of those financial statements, there have been no changes to its significant accounting policies. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the interim period reporting requirements of Form 10-Q and Article 10 of Regulation S-X. The condensed balance sheet as of September 30, 2022, the condensed statements of operations and comprehensive loss, and condensed statements of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and the condensed statements of cash flows for the nine months ended September 30, 2022 and 2021 are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for any interim period are not necessarily indicative of results for the year ending December 31, 2022, or for any other subsequent interim period. The condensed balance sheet as of December 31, 2021 , has been derived from our audited financial statements. 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 and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses and stock-based compensation. Actual results could differ materially from those estimates. Cash, Cash Equivalents and Marketable Securities Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security and recorded on the interest income, net line of the income statement. For the three months ended September 30, 2022 and 2021, the Company recorded $ 228 and $ 127 of amortization, respectively. For the nine months ended September 30, 2022 and 2021, the Company recorded $ 102 of accretion and $ 459 of amortization, respectively. Restricted cash as of September 30, 2022 , included a $ 822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets. Comprehensive Loss The Company presents comprehensive loss in a single statement within its financial statements. Other comprehensive loss consists of unrealized gains and losses on marketable securities, net of tax. Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. 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 the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably certain to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing leases are for office and laboratory space. The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations. Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Variable payments have been excluded from the lease liability and associated right-of-use asset. Neither of the Company’s leases contain residual value guarantees. The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. Cash and cash equivalents include a checking account and a money market account held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals. Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	3. Fair Value Measurements The Company’s financial assets consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of September 30, 2022, and December 31, 2021: As of September 30, 2022 Carrying Gross Unrealized Gains Gross Unrealized Losses Fair Quoted Significant Significant Financial assets Money market funds $ 74,369 $ — $ — $ 74,369 $ 74,369 $ — $ — Corporate securities 122,320 — ( 533 ) 121,787 — 121,787 — Government securities 61,691 — ( 492 ) 61,199 28,051 33,148 — Total financial assets $ 258,380 $ — $ ( 1,025 ) $ 257,355 $ 102,420 $ 154,935 $ — As of December 31, 2021 Carrying Gross Unrealized Gains Gross Unrealized Losses Fair Quoted Significant Significant Financial assets Money market funds $ 40,960 $ — $ — $ 40,960 $ 40,960 $ — $ — Corporate securities 227,378 3 ( 19 ) 227,362 — 227,362 — Government securities 42,307 — ( 62 ) 42,245 — 42,245 — Total financial assets $ 310,645 $ 3 $ ( 81 ) $ 310,567 $ 40,960 $ 269,607 $ — Cash Equivalents — As of September 30, 2022, the Company had cash of $ 1,502 and cash equivalents of $ 98,348 . Cash equivalents consisted of money market funds of $ 74,369 corporate debt securities of $ 4,979 and government securities of $ 19,000 . As of December 31, 2021 , the Company had cash of $ 3,508 and cash equivalents of $ 168,960 . Cash equivalents consisted of money market funds of $ 40,960 and corporate debt securities of $ 128,000 . Money market funds are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets, whereas corporate debt securities are classified within level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are observable for the asset or liability either directly or indirectly. Marketable Securities — Marketable securities of $ 159,007 as of September 30, 2022, consisted of corporate debt securities of $ 116,808 and government debt securities of $ 42,199 . There were $ 159,007 current marketable securities and no noncurrent marketable securities as of September 30, 2022 . Marketable securities of $ 141,607 as of December 31, 2021 , consisted of corporate debt securities of $ 99,362 and government debt securities of $ 42,245 . There were $ 124,696 current marketable securities and $ 16,911 noncurrent marketable securities as of December 31, 2021. As of September 30, 2022, and December 31, 2021 , aggregated gross unrealized losses of available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded.

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	4. Property and Equipment, Net September 30, December 31, Machinery & equipment 2,416 $ 2,261 Computers 13 8 Furniture & fixtures 69 9 Leasehold improvements 409 161 Assets not placed in service 9,167 2,519 Total property and equipment 12,074 4,958 Less: Accumulated depreciation ( 2,108 ) ( 1,868 ) Property and equipment, net $ 9,966 $ 3,090 Depreciation expense for the three months ended September 30, 2022 and 2021 was $ 74 and $ 80 , respectively. Depreciation expense for the nine months ended September 30, 2022 and 2021 was $ 240 and $ 230 , respectively.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consist of the following: September 30, December 31, Accrued compensation $ 2,960 $ 3,797 Accrued legal and professional services 81 — Accrued research and development costs 3,352 4,734 Other accrued liabilities 43 96 Total $ 6,436 $ 8,627

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Operating Leases In June 2015, the Company executed a noncancelable operating lease for approximately 13,000 square feet of laboratory, research and development, and office space in Cranbury, New Jersey for an initial base rent of $ 20.00 per square foot. This location operates as the Company’s current headquarters. In June 2017, the Company obtained an additional noncancelable operating lease for about 6,000 square feet of laboratory space in the same corporate center at an initial rental rate at $ 22.00 per square foot. As a result of the additional space, both leases expired June 2022 . In January 2022, the Company signed a lease extension for both leases for up to one additional year with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. Both leases include a common area maintenance expense for $ 3.00 per square foot with an increase of 3% on the first month of each calendar year during the lease term and a management fee of 3 % of the base rent. The Company is obligated to pay, on a pro-rata basis, real estate taxes and operating costs related to the premises. In August 2018, the Company executed two noncancelable operating leases. One lease for approximately 6,000 square feet for vivarium, laboratory and general office space in South Brunswick, New Jersey. The initial annual base rent is $ 15.50 per square foot and a management fee of 3 % of the base rent. The Company is obligated to pay, on a pro-rata basis, insurance premiums, real estate taxes and operating costs related to the premises. The lease expired in July 2022 . In January 2022, the Company signed a lease extension for up to one additional year with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. The second lease is for office space in Lexington, Massachusetts, that expires August 2023 , with an option to renew for a one-time, three-year extension. The initial annual base rent is $ 28.50 per square foot and will increase $ 1.00 per square foot at the end of each rent year. In 2018, the Company received a lease incentive for the buildout of 420 Bedford Street in Lexington, MA. The Company was given an allowance for $ 165 on behalf of the lessor for construction of office space. Management recognizes this allowance as a lease incentive in its Right-of-Use asset and straight-lines the allowance throughout the term of the lease. As of September 30, 2022, the remaining rent incentive pertaining to the Lexington, MA lease totaled $ 35 . In January 2021, the Company signed a lease for 50,581 square feet of office and laboratory space at One Research Way in Princeton, New Jersey. That lease term extends through 2032 , has a five-year extension option, and is intended to replace the Company’s two existing facilities and the space is expected to become the Company’s future headquarters . Payment under this lease will total $ 19,889 through May 2032 . The Company received a lease incentive of $ 4,046 from the lessor for a buildout of laboratory, vivarium, and office space, to be reimbursed to the Company in 2022. Management estimated the timing and amounts of reimbursements and included them as a reduction of lease payments when initially measuring the lease liability and right-of-use asset upon commencement. As of September 30, 2022, $ 1,612 of reimbursements were received. The components of lease cost for the three and nine months ended September 30, 2022, and 2021, are as follows, in thousands: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease cost $ 578 $ 511 $ 1,619 $ 1,180 Variable lease cost 247 158 643 470 Total lease cost $ 825 $ 669 $ 2,262 $ 1,650 Amounts reported in the balance sheet for leases where the Company is the lessee as of September 30, 2022, and December 31, 2021, are as follows, in thousands: Operating Leases: September 30, December 31, Right-of-use assets, operating leases $ 9,535 $ 10,060 Operating lease liabilities, current $ 394 $ 403 Operating lease liabilities, non-current 12,135 10,790 Total operating lease liabilities $ 12,529 $ 11,193 Weighted-average remaining lease term (years) 9.38 10.02 Weighted-average discount rate 5.75 % 5.75 % Other information related to leases for the nine months ended September 30, 2022 and 2021, respectively, as follows, in thousands: Nine Months Ended September 30, 2022 2021 Net cash paid (received) for amounts included in the measurement of lease liabilities $ ( 242 ) $ 535 Leased assets obtained in exchange for new or modified operating lease liabilities 581 10,314 Future minimum lease payments, net of reimbursements, remaining as of September 30, 2022, under operating leases by fiscal year were as follows, in thousands: Fiscal year 2022 $ ( 1,925 ) 2023 1,908 2024 1,814 2025 1,869 2026 1,925 Thereafter 11,477 Total minimum lease payments $ 17,068 Less: Amounts representing imputed interest ( 4,539 ) Present value of lease liabilities $ 12,529 Rent expense recorded during the three months ended September 30, 2022 and 2021 was $ 578 and $ 511 , respectively. Rent expense recorded during the nine months ended September 30, 2022 and 2021 was $ 1,619 and $ 1,180 , respectively. The Company currently subleases the office space at 420 Bedford Street in Lexington, MA to another company. This sublease agreement expires in August, 2023 . In April 2021, the company entered into a sublease agreement with the previous tenants of the office space at 1 Research Way in Princeton, NJ, to begin April 2021 and end June 2021 . Sublease income recorded during the three months ended September 30, 2022 and 2021 was $ 29 and $ 29 , respectively. Sublease income recorded during the nine months ended September 30, 2022 and 2021 was $ 83 and $ 89 , respectively. Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when future expenditures are probable and such expenditures can be reasonably estimated.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity The Company is authorized to issue up to 1,000,000,000 shares of common stock with a par value of $ 0.00001 per share and 5,000,000 shares of preferred stock with a par value of $ 0.00001 per share. At September 30, 2022 and December 31, 2021, there were 45,624,860 and 45,433,684 shares of common stock issued and outstanding, respectively. Common stockholders are entitled to receive dividends if and when declared by the board of directors subject to the rights of any preferred stockholders. As of September 30, 2022 , no dividends on common stock had been declared by the Company.

Stock Plan

Stock Plan	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock Plan	8. Stock Plan 2020 Equity Incentive Plan The 2020 Equity Incentive Plan (the “2020 Plan”) was approved by the board of directors on September 24, 2020. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors, and consultants. The number of shares of common stock initially reserved for issuance under the 2020 Plan is 4,406,374 , which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, in an amount equal to the least of (i) 4,406,374 shares of common stock, (ii) five percent ( 5 %) of the outstanding common stock on the immediately preceding December 31, or (iii) such number of common stock determined by the board of directors no later than the immediately preceding December 31. For 2022, the board of directors exercised its discretion under clause (iii) to increase the number of shares of common stock reserved for issuance under the 2020 Plan by a lesser amount of 1,363,084 shares, effective as of January 1, 2022. As of September 30, 2022, there were 4,727,364 shares available for issuance under the 2020 Plan. On September 9, 2022, the Company granted 374,899 Restricted Stock Units (RSUs) to employees pursuant to an employee retention program approved by the Board's compensation committee. The RSU's have graded vesting on an annual basis for two years of continuous service, as per the 2020 Plan. 2020 Employee Stock Purchase Plan The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was approved by the board of directors on September 24, 2020. A total of 400,572 shares of common stock were initially reserved for issuance under this plan, which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, to the lesser of (i) 801,504 shares of common stock, (ii) 1 % of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, or (i ii) an amount determined by the board of directors or any of its committees no later than the last day of the immediately preceding fiscal year. For 2022, the board waived the increase to the shares reserved under the 2020 ESPP. On May 20, 2022, employees exercised their right to purchase 18,454 shares under the 2020 ESPP. As of September 30, 2022 , 65,520 shares are issued or outstanding, and there were 801,464 shares available for issuance, under the 2020 ESPP. Stock Options The following table summarizes option activity for the nine-month period ended September 30, 2022: Options Outstanding Weighted- Weighted Average Aggregate Shares Average Remaining Intrinsic Available Number of Exercise Contractual Life Value for Grant Options Price (in years) (in 000s) Balances at December 31, 2021 4,951,680 4,246,007 $ 8.22 6.86 $ 68,506 Shares reserved for issuance 1,363,084 — — Options granted ( 1,296,797 ) 1,296,797 $ 16.28 RSU's granted ( 374,899 ) — — Options forfeited / cancelled 84,296 ( 84,296 ) $ 19.08 Options exercised — ( 172,722 ) $ 1.08 Balances at September 30, 2022 (unaudited) 4,727,364 5,285,786 $ 10.23 6.89 $ 28,402 At September 30, 2022 Vested and expected to vest 5,285,786 $ 10.23 6.89 $ 28,402 Exercisable 3,221,232 $ 6.37 5.71 $ 24,664 At September 30, 2022, the total compensation cost related to nonvested awards not yet recognized is $ 22,378 . The weighted-average period over which the nonvested awards is expected to be recognized is 3.0 years. The Company estimated the fair value of the options using the Black-Scholes options valuation model. The fair value of the options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value was estimated using the following assumptions: Nine Months Ended Nine Months Ended September 30, September 30, 2022 2021 Risk-free interest rate 1.48 % - 3.42 % 0.35 % - 1.22 % Expected life (in years) 5.50 - 6.44 5.50 - 6.43 Dividend yield 0 % 0 % Expected volatility 77.00 %- 81.00 % 79.00 - 79.90 % The weighted average assumptions used to estimate the fair value of stock options granted and stock purchase rights under the ESPP are as follows: Nine Months Ended Nine Months Ended September 30, September 30, 2022 2021 Risk-free interest rate 1.57 % 0.02 % Expected life (in years) 0.49 0.50 Dividend yield 0 % 0 % Expected volatility 77.00 % 79.00 % Expected Term: The Company uses the simplified method to calculate expected term described in the SEC’s Staff Accounting Bulletin No. 107, which takes into account vesting term and expiration date of the options. Volatility: Volatility is based on an average of the historical volatilities of comparable publicly traded companies for the expected term. Risk Free Interest Rate: The risk-free rate is based on the U.S. Treasury yields in effect at the time of grant for periods corresponding with the expected term of the option. Dividend Yield: The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model. Stock-based compensation expense recorded under ASC 718 related to stock options granted and common stock issued under the 2020 ESPP were allocated to research and development and general and administrative expense as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 Research and development $ 836 $ 449 $ 2,293 $ 983 General and administrative 1,612 1,347 4,850 2,590 Total stock-based compensation $ 2,448 $ 1,796 $ 7,143 $ 3,573 Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows : For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 Stock options $ 2,290 $ 1,687 $ 6,862 $ 3,260 Restricted stock units 103 — 103 — Employee stock purchase plan 55 109 178 313 Total stock-based compensation $ 2,448 $ 1,796 $ 7,143 $ 3,573 Restricted Stock Units The following table presents RSU activity under the 2020 Plan as of September 30, 2022: Number of Weighted-Average Unvested shares at December 31, 2021 — $ — Granted 374,899 13.6 Unvested shares at September 30, 2022 374,899 $ 13.6 Compensation expense totaling $ 103 was recognized for the RSUs for the three and nine months ended September 30, 2022. As of September 30, 2022, there was $ 5,004 of unrecognized compensation cost related to RSUs that are expected to vest. These costs are expected to be recognized over a weighted average remaining vesting period of 2.0 years.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes During the three and nine months ended September 30, 2022 and 2021 , the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a taxable position in the near future.

Net Loss per Share

Net Loss per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Loss per Share	10. Net Loss per Share The Company excluded all outstanding stock options and restricted stock awards at each period end from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect. The following common stock equivalents were excluded from the calculation of diluted net loss per share: As of September 30, 2022 2021 Options to purchase common stock 5,285,786 4,225,430 Unvested restricted common stock units 374,899 — Unvested employee stock purchase plan shares 801,464 811,944 Total 6,462,149 5,037,374

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Parties	11. Related Parties The Company has consulting agreements with two members of its board of directors; one of which waived his consulting fees as of September 2021. Total consulting fees paid in each of the three months ended September 30, 2022 and 2021 , were $ 19.7 and $ 29 , respectively. Total consulting fees paid in each of the nine months ended September 30, 2022 and 2021 , were $ 78 and $ 85 , respectively. There were no amounts owed under the consulting agreements as of September 30, 2022. Total consulting fees paid as of the year ended December 31, 2021, was $ 110 . In May of 2021, the two members of the board of directors were awarded 5,781 options of Company stock each, as per their updated Scientific Advisory Board agreements. There were no amounts owed under the consulting agreements as of December 31, 2021.

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 unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the interim period reporting requirements of Form 10-Q and Article 10 of Regulation S-X. The condensed balance sheet as of September 30, 2022, the condensed statements of operations and comprehensive loss, and condensed statements of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and the condensed statements of cash flows for the nine months ended September 30, 2022 and 2021 are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for any interim period are not necessarily indicative of results for the year ending December 31, 2022, or for any other subsequent interim period. The condensed balance sheet as of December 31, 2021 , has been derived from our audited financial statements.
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 and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses and stock-based compensation. Actual results could differ materially from those estimates.
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security and recorded on the interest income, net line of the income statement. For the three months ended September 30, 2022 and 2021, the Company recorded $ 228 and $ 127 of amortization, respectively. For the nine months ended September 30, 2022 and 2021, the Company recorded $ 102 of accretion and $ 459 of amortization, respectively. Restricted cash as of September 30, 2022 , included a $ 822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets.
Comprehensive Loss	Comprehensive Loss The Company presents comprehensive loss in a single statement within its financial statements. Other comprehensive loss consists of unrealized gains and losses on marketable securities, net of tax.
Leases	Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. 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 the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably certain to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing leases are for office and laboratory space. The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations. Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Variable payments have been excluded from the lease liability and associated right-of-use asset. Neither of the Company’s leases contain residual value guarantees. The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. Cash and cash equivalents include a checking account and a money market account held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals. Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values	The Company’s financial assets consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of September 30, 2022, and December 31, 2021: As of September 30, 2022 Carrying Gross Unrealized Gains Gross Unrealized Losses Fair Quoted Significant Significant Financial assets Money market funds $ 74,369 $ — $ — $ 74,369 $ 74,369 $ — $ — Corporate securities 122,320 — ( 533 ) 121,787 — 121,787 — Government securities 61,691 — ( 492 ) 61,199 28,051 33,148 — Total financial assets $ 258,380 $ — $ ( 1,025 ) $ 257,355 $ 102,420 $ 154,935 $ — As of December 31, 2021 Carrying Gross Unrealized Gains Gross Unrealized Losses Fair Quoted Significant Significant Financial assets Money market funds $ 40,960 $ — $ — $ 40,960 $ 40,960 $ — $ — Corporate securities 227,378 3 ( 19 ) 227,362 — 227,362 — Government securities 42,307 — ( 62 ) 42,245 — 42,245 — Total financial assets $ 310,645 $ 3 $ ( 81 ) $ 310,567 $ 40,960 $ 269,607 $ —

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment, Net	September 30, December 31, Machinery & equipment 2,416 $ 2,261 Computers 13 8 Furniture & fixtures 69 9 Leasehold improvements 409 161 Assets not placed in service 9,167 2,519 Total property and equipment 12,074 4,958 Less: Accumulated depreciation ( 2,108 ) ( 1,868 ) Property and equipment, net $ 9,966 $ 3,090

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Summary of Accrued Expenses	Accrued expenses consist of the following: September 30, December 31, Accrued compensation $ 2,960 $ 3,797 Accrued legal and professional services 81 — Accrued research and development costs 3,352 4,734 Other accrued liabilities 43 96 Total $ 6,436 $ 8,627

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of Components of Lease Cost	The components of lease cost for the three and nine months ended September 30, 2022, and 2021, are as follows, in thousands: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease cost $ 578 $ 511 $ 1,619 $ 1,180 Variable lease cost 247 158 643 470 Total lease cost $ 825 $ 669 $ 2,262 $ 1,650
Schedule of Amounts Reported in Consolidated Balance Sheets for Leases	Amounts reported in the balance sheet for leases where the Company is the lessee as of September 30, 2022, and December 31, 2021, are as follows, in thousands: Operating Leases: September 30, December 31, Right-of-use assets, operating leases $ 9,535 $ 10,060 Operating lease liabilities, current $ 394 $ 403 Operating lease liabilities, non-current 12,135 10,790 Total operating lease liabilities $ 12,529 $ 11,193 Weighted-average remaining lease term (years) 9.38 10.02 Weighted-average discount rate 5.75 % 5.75 %
Summary of Other Information Related to Leases	Other information related to leases for the nine months ended September 30, 2022 and 2021, respectively, as follows, in thousands: Nine Months Ended September 30, 2022 2021 Net cash paid (received) for amounts included in the measurement of lease liabilities $ ( 242 ) $ 535 Leased assets obtained in exchange for new or modified operating lease liabilities 581 10,314
Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases	Future minimum lease payments, net of reimbursements, remaining as of September 30, 2022, under operating leases by fiscal year were as follows, in thousands: Fiscal year 2022 $ ( 1,925 ) 2023 1,908 2024 1,814 2025 1,869 2026 1,925 Thereafter 11,477 Total minimum lease payments $ 17,068 Less: Amounts representing imputed interest ( 4,539 ) Present value of lease liabilities $ 12,529

Stock Plan (Tables)

Stock Plan (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of Stock Options Activity	The following table summarizes option activity for the nine-month period ended September 30, 2022: Options Outstanding Weighted- Weighted Average Aggregate Shares Average Remaining Intrinsic Available Number of Exercise Contractual Life Value for Grant Options Price (in years) (in 000s) Balances at December 31, 2021 4,951,680 4,246,007 $ 8.22 6.86 $ 68,506 Shares reserved for issuance 1,363,084 — — Options granted ( 1,296,797 ) 1,296,797 $ 16.28 RSU's granted ( 374,899 ) — — Options forfeited / cancelled 84,296 ( 84,296 ) $ 19.08 Options exercised — ( 172,722 ) $ 1.08 Balances at September 30, 2022 (unaudited) 4,727,364 5,285,786 $ 10.23 6.89 $ 28,402 At September 30, 2022 Vested and expected to vest 5,285,786 $ 10.23 6.89 $ 28,402 Exercisable 3,221,232 $ 6.37 5.71 $ 24,664
Schedule of Estimated Fair Value of Stock Options	The Company estimated the fair value of the options using the Black-Scholes options valuation model. The fair value of the options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value was estimated using the following assumptions: Nine Months Ended Nine Months Ended September 30, September 30, 2022 2021 Risk-free interest rate 1.48 % - 3.42 % 0.35 % - 1.22 % Expected life (in years) 5.50 - 6.44 5.50 - 6.43 Dividend yield 0 % 0 % Expected volatility 77.00 %- 81.00 % 79.00 - 79.90 %
Stock-based Compensation Expense Related to Options Granted and Common Stock Issued under 2020 ESPP Recorded and Allocated	Stock-based compensation expense recorded under ASC 718 related to stock options granted and common stock issued under the 2020 ESPP were allocated to research and development and general and administrative expense as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 Research and development $ 836 $ 449 $ 2,293 $ 983 General and administrative 1,612 1,347 4,850 2,590 Total stock-based compensation $ 2,448 $ 1,796 $ 7,143 $ 3,573
Schedule of Stock-based Compensation Expense by Award Type	Stock-based compensation expense by award type included within the condensed consolidated statements of operations is as follows : For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 Stock options $ 2,290 $ 1,687 $ 6,862 $ 3,260 Restricted stock units 103 — 103 — Employee stock purchase plan 55 109 178 313 Total stock-based compensation $ 2,448 $ 1,796 $ 7,143 $ 3,573
Schedule of RSU Activity Under the 2020 Plan	The following table presents RSU activity under the 2020 Plan as of September 30, 2022: Number of Weighted-Average Unvested shares at December 31, 2021 — $ — Granted 374,899 13.6 Unvested shares at September 30, 2022 374,899 $ 13.6
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of Estimated Fair Value of Stock Options	The weighted average assumptions used to estimate the fair value of stock options granted and stock purchase rights under the ESPP are as follows: Nine Months Ended Nine Months Ended September 30, September 30, 2022 2021 Risk-free interest rate 1.57 % 0.02 % Expected life (in years) 0.49 0.50 Dividend yield 0 % 0 % Expected volatility 77.00 % 79.00 %

Net Loss per Share (Tables)

Net Loss per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss per Share	The following common stock equivalents were excluded from the calculation of diluted net loss per share: As of September 30, 2022 2021 Options to purchase common stock 5,285,786 4,225,430 Unvested restricted common stock units 374,899 — Unvested employee stock purchase plan shares 801,464 811,944 Total 6,462,149 5,037,374

Formation and Business of the_2

Formation and Business of the Company - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 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	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 18,229	$ 17,310	$ 18,433	$ 15,011	$ 12,874	$ 11,602	$ 53,972	$ 39,487
Cash used in operating activities							48,436	$ 34,543
Accumulated deficit	221,698						221,698		$ 167,726
Cash, cash equivalents, and marketable securities	$ 258,857						$ 258,857

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
Accretion (amortization) of available-for-sale debt securities	$ (228)	$ (127)	$ 102	$ (459)
Restricted cash	$ 822		$ 822

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	$ 258,380	$ 310,645
Gross Unrealized Gains		3
Gross Unrealized Losses	(1,025)	(81)
Fair Value	257,355	310,567
Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	102,420	40,960
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	154,935	269,607
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	74,369	40,960
Fair Value	74,369	40,960
Money Market Funds | Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	74,369	40,960
Corporate Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	122,320	227,378
Gross Unrealized Gains		3
Gross Unrealized Losses	(533)	(19)
Fair Value	121,787	227,362
Corporate Securities | Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	121,787	227,362
Government Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Amount	61,691	42,307
Gross Unrealized Losses	(492)	(62)
Fair Value	61,199	42,245
Government Securities | Quoted Priced in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	28,051
Government Securities | Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total financial assets	$ 33,148	$ 42,245

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash	$ 1,502,000	$ 3,508,000
Cash equivalents	98,348,000	168,960,000
Marketable Securities	159,007,000	141,607,000
Marketable securities, noncurrent	0	16,911,000
Marketable securities, current	159,007,000	124,696,000
Allowance for credit losses	0	0
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	116,808,000	99,362,000
Corporate Debt Securities | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	4,979,000	128,000,000
Government Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	42,199,000	42,245,000
Government Debt Securities | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	19,000,000
Money Market Funds | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 74,369,000	$ 40,960,000

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 12,074	$ 4,958
Less: Accumulated depreciation	(2,108)	(1,868)
Property and equipment, net	9,966	3,090
Machinery & Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	2,416	2,261
Computers
Property Plant And Equipment [Line Items]
Total property and equipment	13	8
Furniture & Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	69	9
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	409	161
Assets Not Placed in Service
Property Plant And Equipment [Line Items]
Total property and equipment	$ 9,167	$ 2,519

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 74	$ 80	$ 240	$ 230

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 compensation	$ 2,960	$ 3,797
Accrued legal and professional services	81
Accrued research and development costs	3,352	4,734
Other accrued liabilities	43	96
Total	$ 6,436	$ 8,627

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	1 Months Ended				3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2022	Apr. 30, 2021	Jan. 31, 2021 USD ($) ft²	Aug. 31, 2018 ft² Lease $ / ft²	Sep. 30, 2022 USD ($) $ / ft²	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / ft²	Sep. 30, 2021 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2017 ft² $ / ft²	Jun. 30, 2015 ft² $ / ft²
Commitments And Contingencies Disclosure [Line Items]
Number of noncancelable operating leases | Lease				2
Rent expense					$ 578,000	$ 511,000	$ 1,619,000	$ 1,180,000
Cranbury, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Area of operating lease property | ft²										6,000	13,000
Initial base rent per square foot | $ / ft²										22	20
Operating lease expiration period							2022-06
Operating lease, existence of option to terminate [true false]	true
Operating lease, option to terminate	In January 2022, the Company signed a lease extension for both leases for up to one additional year with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension.
Operating lease maintenance expense per square foot | $ / ft²					3		3
Operating lease, description							Both leases include a common area maintenance expense for $3.00 per square foot with an increase of 3% on the first month of each calendar year during the lease term and a management fee of 3% of the base rent.
Management fee of base rent percentage					3%		3%
Cranbury, New Jersey | Maximum
Commitments And Contingencies Disclosure [Line Items]
Operating lease, renewal term	1 year
South Brunswick, New Jersey.
Commitments And Contingencies Disclosure [Line Items]
Area of operating lease property | ft²				6,000
Initial base rent per square foot | $ / ft²				15.50
Operating lease expiration period				2022-07
Operating lease, existence of option to terminate [true false]	true
Operating lease, option to terminate	In January 2022, the Company signed a lease extension for up to one additional year with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension.
Management fee of base rent percentage				3%
South Brunswick, New Jersey. | Maximum
Commitments And Contingencies Disclosure [Line Items]
Operating lease, renewal term	1 year
Lexington, Massachusetts
Commitments And Contingencies Disclosure [Line Items]
Initial base rent per square foot | $ / ft²				28.50
Operating lease expiration period				2023-08
Operating lease, renewal term				3 years
Initial base rent increased per square foot | $ / ft²				1
Allowance on behalf of lessor for construction of office space.									$ 165,000
Remaining rent incentives					$ 35,000		$ 35,000
Sublease expiration period							2023-08
Princeton, New Jersey
Commitments And Contingencies Disclosure [Line Items]
Operating lease, description							That lease term extends through 2032, has a five-year extension option, and is intended to replace the Company’s two existing facilities and the space is expected to become the Company’s future headquarters
Lease area of square feet | ft²			50,581
Operating Leases, extended year			2032
Operating leases, extension period			5 years
Operating lease, payments			$ 19,889,000
Operating leases extended month and year			2032-05
Tenant improvement allowance			$ 4,046,000
Reimbursements received					1,612,000		$ 1,612,000
Sublease with tenant office space starting period		2021-04
Sublease with tenant office space ending period		2021-06
Sublease income					$ 29,000	$ 29,000	$ 83,000	$ 89,000

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease cost	$ 578	$ 511	$ 1,619	$ 1,180
Variable lease cost	247	158	643	470
Total lease cost	$ 825	$ 669	$ 2,262	$ 1,650

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Amounts Reported in Consolidated Balance Sheets for Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating Leases:
Right-of-use assets, operating leases	$ 9,535	$ 10,060
Operating lease liabilities, current	394	403
Operating lease liabilities, non-current	12,135	10,790
Total operating lease liabilities	$ 12,529	$ 11,193
Weighted-average remaining lease term (years)	9 years 4 months 17 days	10 years 7 days
Weighted-average discount rate	5.75%	5.75%

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Other Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Net cash paid (received) for amounts included in the measurement of lease liabilities	$ (242)	$ 535
Leased assets obtained in exchange for new or modified operating lease liabilities	$ 581	$ 10,314

Commitments and Contingencies_5

Commitments and Contingencies - Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022	$ (1,925)
2023	1,908
2024	1,814
2025	1,869
2026	1,925
Thereafter	11,477
Total minimum lease payments	17,068
Less: Amounts representing imputed interest	(4,539)
Present value of lease liabilities	$ 12,529	$ 11,193

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares issued	45,624,860	45,433,684
Common stock, shares outstanding	45,624,860	45,433,684
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.00001	$ 0.00001
Dividends, common stock declared	$ 0

Stock Plan - Additional Informa

Stock Plan - Additional Information (Details) - USD ($)			3 Months Ended		9 Months Ended
	Sep. 09, 2022	May 20, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 01, 2022	Sep. 24, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units granted to employees					374,899
Total compensation cost related to nonvested awards not yet recognized			$ 22,378,000		$ 22,378,000
Unrecognized compensation cost, weighted average period of recognition					3 years
Dividend yield					0%	0%
Compensation expense			2,448,000	$ 1,796,000	$ 7,143,000	$ 3,573,000
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units granted to employees	374,899
Unrecognized compensation cost, weighted average period of recognition					2 years
Compensation expense			103,000		$ 103,000
Unrecognized compensation cost			$ 5,004		$ 5,004
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance			4,406,374		4,406,374
Number of additional shares reserved for issuance, minimum			4,406,374		4,406,374
Percentage of number of shares of common stock outstanding increase			5%		5%
Number of additional shares reserved for issuance, maximum							1,363,084
Shares issued					4,727,364
2020 Plan | Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period on an annual basis	2 years
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance			801,464		801,464			400,572
Employees exercised their right to purchase shares		18,454
Percentage of number of shares of common stock outstanding increase								1%
Number of additional shares reserved for issuance, maximum								801,504
Shares issued					65,520
Shares outstanding					65,520

Stock Plan - Schedule of Stock

Stock Plan - Schedule of Stock Options Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Shares Available For Grant
Shares Available for Grant, Balance	4,951,680
Shares Available for Grant, Shares reserved for issuance	1,363,084
Shares Available for Grant, Options granted	(1,296,797)
Shares Available for Grant, RSU's granted	(374,899)
Shares Available for Grant, Options forfeited / cancelled	84,296
Shares Available for Grant, Balance	4,727,364	4,951,680
Number of Options
Options	4,246,007
Options granted, Number of Options	1,296,797
Options forfeited / cancelled, Number of Options	(84,296)
Options exercised, Number of Options	(172,722)
Options Outstanding, Number of Options	5,285,786	4,246,007
Vested and expected to vest, Number of Options	5,285,786
Exercisable, Number of Options	3,221,232
Weighted Average Exercise Price
Options Outstanding, Weighted Average Exercise Price | $ / shares	$ 8.22
Options granted, Weighted Average Exercise Price | $ / shares	16.28
Options forfeited / cancelled, Weighted Average Exercise Price | $ / shares	19.08
Options exercised, Weighted Average Exercise Price | $ / shares	1.08
Options Outstanding, Weighted Average Exercise Price | $ / shares	10.23	$ 8.22
Vested and expected to vest, Weighted Average Exercise Price | $ / shares	10.23
Exercisable, Weighted Average Exercise Price | $ / shares	$ 6.37
Weighted-Average Remaining Contractual Life
Options Outstanding, Weighted-Average Remaining Contractual Life	6 years 10 months 20 days	6 years 10 months 9 days
Vested and expected to vest, Weighted-Average Remaining Contractual Life	6 years 10 months 20 days
Exercisable, Weighted-Average Remaining Contractual Life	5 years 8 months 15 days
Aggregate Intrinsic Value
Options Outstanding, Aggregate Intrinsic Value | $	$ 28,402	$ 68,506
Vested and expected to vest, Aggregate Intrinsic Value | $	28,402
Exercisable, Aggregate Intrinsic Value | $	$ 24,664

Stock Plan - Schedule of Estima

Stock Plan - Schedule of Estimated Fair Value of Stock Options (Details)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	1.48%	0.35%
Risk-free interest rate, maximum	3.42%	1.22%
Dividend yield	0%	0%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	5 years 6 months	5 years 6 months
Expected volatility	77%	79%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	6 years 5 months 8 days	6 years 5 months 4 days
Expected volatility	81%	79.90%

Stock Plan - Summary of Weighte

Stock Plan - Summary of Weighted Average Assumptions Used to Estimate Fair value of Stock Options Granted and Stock Purchase Rights Under ESPP (Details)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0%	0%
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	1.57%	0.02%
Expected life (in years)	5 months 26 days	6 months
Dividend yield	0%	0%
Expected volatility	77%	79%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	5 years 6 months	5 years 6 months
Expected volatility	77%	79%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	6 years 5 months 8 days	6 years 5 months 4 days
Expected volatility	81%	79.90%

Stock Plan - Stock-based Compen

Stock Plan - Stock-based Compensation Expense Related to Options Granted and Common Stock Issued under 2020 ESPP Recorded and Allocated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 2,448	$ 1,796	$ 7,143	$ 3,573
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	836	449	2,293	983
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 1,612	$ 1,347	$ 4,850	$ 2,590

Stock Plan - Schedule of Stock-

Stock Plan - Schedule of Stock-based Compensation Expense by Award Type (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]
Total stock-based compensation	$ 2,448	$ 1,796	$ 7,143	$ 3,573
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,290	1,687	6,862	3,260
Restricted stock units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	103		103
Employee stock purchase plan
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 55	$ 109	$ 178	$ 313

Stock Plan - Schedule of RSU Ac

Stock Plan - Schedule of RSU Activity Under the 2020 Plan (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Stock Units, Granted | shares	374,899
Number of Stock Units, Ending balance | shares	374,899
Weighted-Average Grant Date Fair Value, Granted | $ / shares	$ 13.6
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares	$ 13.6

Net Loss per Share - Schedule o

Net Loss per Share - Schedule of Common Stock Equivalents Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	6,462,149	5,037,374
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	5,285,786	4,225,430
Unvested restricted common stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	374,899
Unvested employee stock purchase plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	801,464	811,944

Related Parties - Additional In

Related Parties - Additional Information (Details)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2021 Member shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) Member	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Options awarded | shares				1,296,797
Board of Directors
Related Party Transaction [Line Items]
Number of consulting agreement members | Member	2				2
Consulting fees | $		$ 19,700	$ 29,000	$ 78,000	$ 85,000	$ 110,000
Amount owed to related party | $		$ 0		$ 0		$ 0
Options awarded | shares	5,781