Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 07, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
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 | One Research Way | |
Entity Address, City or Town | Princeton | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08540 | |
City Area Code | 609 | |
Local Phone Number | 642-6670 | |
Title of 12(b) Security | Common stock, par value $0.00001 | |
Trading Symbol | PMVP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 51,157,636 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001699382 | |
Amendment Flag | false |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 52,057 | $ 108,297 |
Restricted cash | 822 | 822 |
Marketable securities, current | 149,861 | 132,757 |
Prepaid expenses and other current assets | 2,556 | 5,130 |
Total current assets | 205,296 | 247,006 |
Property and equipment, net | 10,822 | 10,955 |
Marketable securities, noncurrent | 36,184 | 2,495 |
Right-of-use assets | 8,545 | 9,539 |
Other assets | 180 | 313 |
Total assets | 261,027 | 270,308 |
Current liabilities: | ||
Accounts payable | 1,678 | 2,996 |
Accrued expenses | 9,038 | 7,308 |
Operating lease liabilities, current | 0 | 528 |
Total current liabilities | 10,716 | 10,832 |
Operating lease liabilities, noncurrent | 12,699 | 13,448 |
Total liabilities | 23,415 | 24,280 |
Stockholders’ equity: | ||
Preferred stock, $0.00001 par value, 5,000,000 shares authorized at September 30, 2023 and December 31, 2022. No shares issued or outstanding at September 30, 2023 and December 31, 2022. | ||
Common stock, $0.00001 par value, 1,000,000,000 shares authorized; 51,157,636 and 45,771,332 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively. | ||
Additional paid-in capital | 532,214 | 487,516 |
Accumulated deficit | (294,247) | (241,043) |
Accumulated other comprehensive loss | (355) | (445) |
Total stockholders’ equity | 237,612 | 246,028 |
Total liabilities and stockholders’ equity | $ 261,027 | $ 270,308 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
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 | 51,157,636 | 45,771,332 |
Common stock, shares outstanding | 51,157,636 | 45,771,332 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating expenses: | ||||
Research and development | $ 13,586 | $ 13,666 | $ 42,503 | $ 36,963 |
General and administrative | 6,042 | 5,709 | 18,727 | 18,915 |
Total operating expenses | 19,628 | 19,375 | 61,230 | 55,878 |
Loss from operations | (19,628) | (19,375) | (61,230) | (55,878) |
Other income (expense): | ||||
Interest income, net | 2,984 | 1,124 | 8,005 | 1,830 |
Other income (expense), net | 4 | 13 | 24 | 67 |
Total other income (expense) | 2,988 | 1,137 | 8,029 | 1,897 |
Loss before (benefit) provision for income taxes | (16,640) | (18,238) | (53,201) | (53,981) |
(Benefit) provision for income taxes | (9) | 3 | (9) | |
Net loss | (16,640) | (18,229) | (53,204) | (53,972) |
Unrealized (loss) gain on available for sale investments, net of tax | (27) | (2) | 90 | (947) |
Comprehensive loss | $ (16,667) | $ (18,231) | $ (53,114) | $ (54,919) |
Net loss per share - basic | $ (0.34) | $ (0.4) | $ (1.13) | $ (1.18) |
Net loss per share - diluted | $ (0.34) | $ (0.4) | $ (1.13) | $ (1.18) |
Weighted-average common shares outstanding - basic | 49,047,296 | 45,622,957 | 46,889,921 | 45,556,635 |
Weighted-average common shares outstanding - diluted | 49,047,296 | 45,622,957 | 46,889,921 | 45,556,635 |
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, 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 | ||||
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 | 276 | 276 | |||
Exercise of stock options, 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 | ||||
Balance at Dec. 31, 2022 | 246,028 | 487,516 | (445) | (241,043) | |
Balance, Shares at Dec. 31, 2022 | 45,771,332 | ||||
Exercise of stock options | 12 | 12 | |||
Exercise of stock options, Shares | 3,429 | ||||
Stock-based compensation expense | 2,932 | 2,932 | |||
Net loss | (19,128) | (19,128) | |||
Unrealized gain (loss) on available for sale investments | 329 | 329 | |||
Balance at Mar. 31, 2023 | 230,173 | 490,460 | (116) | (260,171) | |
Balance, Shares at Mar. 31, 2023 | 45,774,761 | ||||
Balance at Dec. 31, 2022 | $ 246,028 | 487,516 | (445) | (241,043) | |
Balance, Shares at Dec. 31, 2022 | 45,771,332 | ||||
Exercise of stock options, Shares | 96,360 | ||||
Net loss | $ (53,204) | ||||
Balance at Sep. 30, 2023 | 237,612 | 532,214 | (355) | (294,247) | |
Balance, Shares at Sep. 30, 2023 | 51,157,636 | ||||
Balance at Mar. 31, 2023 | 230,173 | 490,460 | (116) | (260,171) | |
Balance, Shares at Mar. 31, 2023 | 45,774,761 | ||||
Exercise of stock options | 105 | 105 | |||
Exercise of stock options, Shares | 24,417 | ||||
Issuance of common stock, net of issuance costs | 2,026 | 2,026 | |||
Issuance of common stock, net of issuance costs , Shares | 344,358 | ||||
Stock-based compensation expense | 3,153 | 3,153 | |||
Net loss | (17,436) | (17,436) | |||
Unrealized gain (loss) on available for sale investments | (212) | (212) | |||
Balance at Jun. 30, 2023 | 217,809 | 495,744 | (328) | (277,607) | |
Balance, Shares at Jun. 30, 2023 | 46,143,536 | ||||
Exercise of stock options | 51 | 51 | |||
Exercise of stock options, Shares | 209,012 | ||||
Issuance of common stock, net of issuance costs | 33,095 | 33,095 | |||
Issuance of common stock, net of issuance costs , Shares | 4,805,088 | ||||
Stock-based compensation expense | 3,324 | 3,324 | |||
Net loss | (16,640) | (16,640) | |||
Unrealized gain (loss) on available for sale investments | (27) | (27) | |||
Balance at Sep. 30, 2023 | $ 237,612 | $ 532,214 | $ (355) | $ (294,247) | |
Balance, Shares at Sep. 30, 2023 | 51,157,636 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (53,204) | $ (53,972) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 9,409 | 7,143 |
Depreciation | 898 | 240 |
(Accretion) of premiums on marketable securities | (3,511) | (102) |
Non-cash lease (income) expense | (283) | 250 |
Other, net | (86) | |
Change in operating assets and liabilities: | ||
Prepaid expenses and other assets | 2,707 | (2,196) |
Operating lease right-of-use assets and liabilities | 1,611 | |
Accounts payable | (1,318) | 867 |
Accrued expenses | 1,730 | (2,191) |
Net cash used in operating activities | (43,572) | (48,436) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (765) | (6,346) |
Purchases of marketable securities | (187,147) | (194,512) |
Maturities of marketable securities | 139,955 | 176,267 |
Net cash used in investing activities | (47,957) | (24,591) |
Cash flows from financing activities: | ||
Issuance of common stock, net of issuance costs | 35,121 | |
Proceeds from the exercise of stock options | 168 | 410 |
Net cash provided by financing activities | 35,289 | 410 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (56,240) | (72,617) |
Cash, cash equivalents, and restricted cash | ||
Cash, cash equivalents, and restricted cash - beginning of period | 109,119 | 173,289 |
Cash, cash equivalents, and restricted cash - end of period | $ 52,879 | 100,672 |
Supplemental disclosures of noncash investing activities | ||
Accrued purchases of property and equipment | $ 770 |
Formation and Business of the C
Formation and Business of the Company | 9 Months Ended |
Sep. 30, 2023 | |
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 One Research Way, Princeton, 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, 2023, the Company incurred a net loss of $ 16,640 and $ 53,204 , respectively. For the nine months ended September 30, 2023, the Company used $ 43,572 of cash for operations. At September 30, 2023, the Company had an accumulated deficit of $ 294,247 . Cash, cash equivalents, and marketable securities were $ 238,102 as of September 30, 2023 . 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 the next 12 months from the date of issuance of these financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022, 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, 2023. 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, 2023, the condensed statements of operations and comprehensive loss and condensed statements of stockholders’ equity for the three and nine months ended September 30, 2023 and 2022, and the condensed statements of cash flows for the nine months ended September 30, 2023 and 2022, 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, 2023, or for any other subsequent interim period. The condensed balance sheet as of December 31, 2022 , 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, 2023 and 2022 , the Company recorded $ 1,840 and $ 228 of accretion, respectively. For the nine months ended September 30, 2023 and 2022, the Company recorded $ 3,511 and $ 102 of accretion, respectively. Restricted cash as of September 30, 2023 and December 31, 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, cash equivalents, and marketable securities. Cash and cash equivalents were held at two financial institutions. 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 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, 2023 | |
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, 2023, and December 31, 2022: As of September 30, 2023 Carrying Gross Unrealized Gains Gross Unrealized Losses Fair Quoted Significant Significant Financial assets Money market funds $ 51,803 $ — $ — $ 51,803 $ 51,803 $ — $ — Corporate securities 76,176 — ( 107 ) 76,069 2,931 73,138 — Government securities 110,223 — ( 247 ) 109,976 89,023 20,953 — Total financial assets $ 238,202 $ — $ ( 354 ) $ 237,848 $ 143,757 $ 94,091 $ — As of December 31, 2022 Carrying Gross Unrealized Gains Gross Unrealized Losses Fair Quoted Significant Significant Financial assets Money market funds $ 106,861 $ — $ — $ 106,861 $ 106,861 $ — $ — Corporate securities 103,755 21 ( 185 ) 103,591 — 103,591 — Government securities 31,942 — ( 281 ) 31,661 20,981 10,680 — Total financial assets $ 242,558 $ 21 $ ( 466 ) $ 242,113 $ 127,842 $ 114,271 $ — Cash Equivalents — As of September 30, 2023, the Company had cash of $ 254 and cash equivalents of $ 51,803 in money market funds. As of December 31, 2022 , the Company had cash of $ 1,436 and cash equivalents of $ 106,861, consisting of money market funds. Money market funds and certificates of deposit 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 $ 186,045 as of September 30, 2023, consisted of corporate debt securities of $ 76,069 and government debt securities of $ 109,976 . There were $ 149,861 current marketable securities and $ 36,184 noncurrent marketable securities as of September 30, 2023 . Marketable securities of $ 135,252 as of December 31, 2022 , consisted of corporate debt securities of $ 103,591 and government debt securities of $ 31,661 . There were $ 132,757 current marketable securities and $ 2,495 noncurrent marketable securities as of December 31, 2022. As of September 30, 2023, and December 31, 2022 , 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, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, Net September 30, December 31, Machinery & equipment 2,886 $ 2,448 Computers 13 13 Furniture & fixtures 69 69 Leasehold improvements 10,765 409 Assets not placed in service — 10,200 Total property and equipment 13,733 13,139 Less: Accumulated depreciation ( 2,911 ) ( 2,184 ) Property and equipment, net $ 10,822 $ 10,955 Depreciation expense for the three months ended September 30, 2023 and 2022 was $ 358 and $ 74 , respectively. Depreciation expense for the nine months ended September 30, 2023 and 2022 was $ 898 and $ 240 , respectively. During the nine months ended September 30, 2023, the Company disposed of $ 171 of fully depreciated fixed assets in conjunction with the move to One Research Way in Princeton, New Jersey (see Note 6). No gain or loss was recorded on these disposals. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consist of the following: September 30, December 31, Accrued compensation $ 3,770 $ 2,897 Accrued research and development costs 5,068 4,259 Accrued legal and professional services 200 152 Total $ 9,038 $ 7,308 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
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. This location operated as the Company's headquarters until March 2023. In June 2017, the Company obtained an additional noncancelable operating lease for approximately 6,000 square feet of laboratory space in the same corporate center. As a result of the additional space, both leases were set to expire in June 2022 . In January 2022, the Company signed a lease extension for both leases for up to one additional year through June 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension . The lease was terminated as of June 2023 . 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 lease was set to expire in July 2022 . In January 2022, the Company signed a lease extension for up to one additional year through July 2023, 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 expired in August 2023 . 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 replaced the Company’s two existing facilities as the Company’s headquarters in March 2023. 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 and 2023. 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. Since the inception date of the lease, $ 2,969 reimbursements were received. For the nine months ended September 30, 2023, no reimbursements were received. The components of lease cost for the three and nine months ended September 30, 2023, and 2022, are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Operating lease cost $ 366 $ 578 $ 1,559 $ 1,619 Variable lease cost 161 247 792 643 Total lease cost $ 527 $ 825 $ 2,351 $ 2,262 Amounts reported in the balance sheet for leases where the Company is the lessee as of September 30, 2023, and December 31, 2022, are as follows: Operating Leases (in thousands, except lease term and discount rate data): September 30, December 31, Right-of-use assets, operating leases $ 8,545 $ 9,539 Operating lease liabilities, current $ - $ 528 Operating lease liabilities, non-current 12,699 13,448 Total operating lease liabilities $ 12,699 $ 13,976 Weighted-average remaining lease term (years) 8.67 9.08 Weighted-average discount rate 5.75 % 5.75 % Other information related to leases for the nine months ended September 30, 2023 and 2022, respectively, as follows: Nine Months Ended September 30, (in thousands) 2023 2022 Net cash paid (received) for amounts included in the measurement of lease liabilities $ 1,842 $ ( 242 ) Leased assets obtained in exchange for new or modified operating lease liabilities 11 581 Future minimum lease payments, net of reimbursements, remaining as of September 30, 2023, under operating leases by fiscal year were as follows: Fiscal year (in thousands) 2023 $ ( 636 ) 2024 1,814 2025 1,869 2026 1,925 2027 1,983 Thereafter 9,495 Total lease payments $ 16,450 Less: Present Value Adjustment ( 3,751 ) Present value of lease payments $ 12,699 Rent expense recorded during the three months ended September 30, 2023 and 2022 was $ 366 and $ 578 , respectively. Rent expense recorded during the nine months ended September 30, 2023 and 2022 was $ 1,559 and $ 1,619 , 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, 2023 | |
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, 2023 and December 31, 2022, there were 51,157,636 and 45,771,332 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, 2023 , no dividends on common stock had been declared by the Company. ATM Program On October 4, 2021, the Company entered into an at-the-market offering program (the “ATM Program”) pursuant to which, the Company may offer and sell shares of its common stock having aggregate gross sales proceeds of up to $ 150.0 million from time to time. During the three months ended September 30, 2023, the Company sold 4,805,088 shares of common stock under the ATM Program at a weighted average price of $ 7.05 per share, for total proceeds of $ 33.1 million, net of fees. During the nine months ended September 30, 2023, the Company sold 5,149,446 shares of common stock under the ATM Program at a weighted average price of $ 6.97 per share, for total proceeds of $ 35.1 million, net of fees. As of September 30, 2023, the Company has approximately $ 113.8 million remaining in gross proceeds available for future issuances of common stock under the ATM Program. |
Stock Plan
Stock Plan | 9 Months Ended |
Sep. 30, 2023 | |
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 was 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 2023, the board's compensation committee, as the 2020 Plan administrator, 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 1,830,853 shares, effective as of January 1, 2023. As of September 30, 2023, there were 4,457,004 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 RSUs 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 400,752 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 2023, the 2020 ESPP reserved shares were increased under clause (iii) by 457,713 shares, effective as of January 1, 2023. As of September 30, 2023 , 116,018 shares are issued or outstanding, and there were 685,446 shares available for issuance, under the 2020 ESPP. Stock Options The following table summarizes option activity for the nine-month period ended September 30, 2023: 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, 2022 4,618,292 5,278,771 $ 10.40 6.82 $ 17,244 Shares reserved for issuance 1,830,853 — — Options granted ( 2,022,125 ) 2,022,125 $ 5.83 Options forfeited / cancelled 29,984 ( 29,984 ) $ 15.22 Options exercised — ( 96,360 ) $ 0.73 Balances at September 30, 2023 4,457,004 7,174,552 $ 9.22 7.14 $ 9,944 At September 30, 2023 Vested and expected to vest 7,174,552 $ 9.22 7.14 $ 9,944 Exercisable 4,055,276 $ 8.33 5.72 $ 8,898 At September 30, 2023 , the total compensation cost related to nonvested awards not yet recognized was $ 23,991 . The weighted-average period over which the nonvested awards is expected to be recognized was 2.6 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, 2023 2022 Risk-free interest rate 3.45 % - 4.18 % 1.48 % - 3.42 % Expected life (in years) 5.50 - 6.44 5.50 - 6.44 Dividend yield 0 % 0 % Expected volatility 75.2 % - 77.7 % 77.00 %- 81.00 % The weighted average assumptions used to estimate the fair value of stock purchase rights under the ESPP are as follows: Nine Months Ended Nine Months Ended September 30, September 30, 2023 2022 Risk-free interest rate 5.36 % 1.57 % Expected life (in years) 0.49 0.49 Dividend yield 0 % 0 % Expected volatility 76.50 % 77.00 % 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. 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. 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. Volatility: Volatility is based on the historical volatility of the Company's publicly traded shares for the expected term. Restricted Stock Units The following table presents RSU activity under the 2020 Plan as of September 30, 2023: Number of Weighted-Average Unvested shares at December 31, 2022 374,899 $ 13.60 Granted — — Vested ( 120,385 ) $ 13.60 Forfeited ( 10,450 ) 13.60 Unvested shares at September 30, 2023 244,064 $ 13.60 As of September 30, 2023 , there was $ 2,343 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 0.9 years. Stock-based compensation expense recorded under ASC 718 related to stock options and RSU's 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, 2023 2022 2023 2022 Research and development $ 1,500 $ 836 $ 4,139 $ 2,293 General and administrative 1,824 1,612 5,270 4,850 Total stock-based compensation $ 3,324 $ 2,448 $ 9,409 $ 7,143 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, 2023 2022 2023 2022 Stock options $ 2,644 $ 2,290 $ 7,414 $ 6,862 Restricted stock units 625 103 1,832 103 Employee stock purchase plan 55 55 163 178 Total stock-based compensation $ 3,324 $ 2,448 $ 9,409 $ 7,143 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes During the three and nine months ended September 30, 2023 and 2022 , the Company recorded a full valuation allowance on federal and state net 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, 2023 | |
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, 2023 2022 Options to purchase common stock 7,174,552 5,285,786 Unvested RSUs 244,064 374,899 Expected shares to be purchased under 2020 ESPP 74,100 49,362 Total 7,492,716 5,710,047 |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2023 | |
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 starting as of September 2021. Total consulting fees paid during the three months ended September 30, 2023 and 2022 were $ 25.0 and $ 19.7 , respectively. Total consulting fees paid during the nine months ended September 30, 2023 and 2022 were $ 66.7 and $ 78.0 , respectively. There were no amounts owed under the consulting agreements as of September 30, 2023 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023, the condensed statements of operations and comprehensive loss and condensed statements of stockholders’ equity for the three and nine months ended September 30, 2023 and 2022, and the condensed statements of cash flows for the nine months ended September 30, 2023 and 2022, 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, 2023, or for any other subsequent interim period. The condensed balance sheet as of December 31, 2022 , 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, 2023 and 2022 , the Company recorded $ 1,840 and $ 228 of accretion, respectively. For the nine months ended September 30, 2023 and 2022, the Company recorded $ 3,511 and $ 102 of accretion, respectively. Restricted cash as of September 30, 2023 and December 31, 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, cash equivalents, and marketable securities. Cash and cash equivalents were held at two financial institutions. 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 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, 2023 | |
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, 2023, and December 31, 2022: As of September 30, 2023 Carrying Gross Unrealized Gains Gross Unrealized Losses Fair Quoted Significant Significant Financial assets Money market funds $ 51,803 $ — $ — $ 51,803 $ 51,803 $ — $ — Corporate securities 76,176 — ( 107 ) 76,069 2,931 73,138 — Government securities 110,223 — ( 247 ) 109,976 89,023 20,953 — Total financial assets $ 238,202 $ — $ ( 354 ) $ 237,848 $ 143,757 $ 94,091 $ — As of December 31, 2022 Carrying Gross Unrealized Gains Gross Unrealized Losses Fair Quoted Significant Significant Financial assets Money market funds $ 106,861 $ — $ — $ 106,861 $ 106,861 $ — $ — Corporate securities 103,755 21 ( 185 ) 103,591 — 103,591 — Government securities 31,942 — ( 281 ) 31,661 20,981 10,680 — Total financial assets $ 242,558 $ 21 $ ( 466 ) $ 242,113 $ 127,842 $ 114,271 $ — |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | September 30, December 31, Machinery & equipment 2,886 $ 2,448 Computers 13 13 Furniture & fixtures 69 69 Leasehold improvements 10,765 409 Assets not placed in service — 10,200 Total property and equipment 13,733 13,139 Less: Accumulated depreciation ( 2,911 ) ( 2,184 ) Property and equipment, net $ 10,822 $ 10,955 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consist of the following: September 30, December 31, Accrued compensation $ 3,770 $ 2,897 Accrued research and development costs 5,068 4,259 Accrued legal and professional services 200 152 Total $ 9,038 $ 7,308 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023, and 2022, are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Operating lease cost $ 366 $ 578 $ 1,559 $ 1,619 Variable lease cost 161 247 792 643 Total lease cost $ 527 $ 825 $ 2,351 $ 2,262 |
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, 2023, and December 31, 2022, are as follows: Operating Leases (in thousands, except lease term and discount rate data): September 30, December 31, Right-of-use assets, operating leases $ 8,545 $ 9,539 Operating lease liabilities, current $ - $ 528 Operating lease liabilities, non-current 12,699 13,448 Total operating lease liabilities $ 12,699 $ 13,976 Weighted-average remaining lease term (years) 8.67 9.08 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, 2023 and 2022, respectively, as follows: Nine Months Ended September 30, (in thousands) 2023 2022 Net cash paid (received) for amounts included in the measurement of lease liabilities $ 1,842 $ ( 242 ) Leased assets obtained in exchange for new or modified operating lease liabilities 11 581 |
Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases | Future minimum lease payments, net of reimbursements, remaining as of September 30, 2023, under operating leases by fiscal year were as follows: Fiscal year (in thousands) 2023 $ ( 636 ) 2024 1,814 2025 1,869 2026 1,925 2027 1,983 Thereafter 9,495 Total lease payments $ 16,450 Less: Present Value Adjustment ( 3,751 ) Present value of lease payments $ 12,699 |
Stock Plan (Tables)
Stock Plan (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023: 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, 2022 4,618,292 5,278,771 $ 10.40 6.82 $ 17,244 Shares reserved for issuance 1,830,853 — — Options granted ( 2,022,125 ) 2,022,125 $ 5.83 Options forfeited / cancelled 29,984 ( 29,984 ) $ 15.22 Options exercised — ( 96,360 ) $ 0.73 Balances at September 30, 2023 4,457,004 7,174,552 $ 9.22 7.14 $ 9,944 At September 30, 2023 Vested and expected to vest 7,174,552 $ 9.22 7.14 $ 9,944 Exercisable 4,055,276 $ 8.33 5.72 $ 8,898 |
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, 2023 2022 Risk-free interest rate 3.45 % - 4.18 % 1.48 % - 3.42 % Expected life (in years) 5.50 - 6.44 5.50 - 6.44 Dividend yield 0 % 0 % Expected volatility 75.2 % - 77.7 % 77.00 %- 81.00 % |
Stock-based Compensation Expense Related to Stock Options and RSU's Granted and Common Stock Issued under 2020 ESPP Recorded and Allocated | Stock-based compensation expense recorded under ASC 718 related to stock options and RSU's 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, 2023 2022 2023 2022 Research and development $ 1,500 $ 836 $ 4,139 $ 2,293 General and administrative 1,824 1,612 5,270 4,850 Total stock-based compensation $ 3,324 $ 2,448 $ 9,409 $ 7,143 |
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, 2023 2022 2023 2022 Stock options $ 2,644 $ 2,290 $ 7,414 $ 6,862 Restricted stock units 625 103 1,832 103 Employee stock purchase plan 55 55 163 178 Total stock-based compensation $ 3,324 $ 2,448 $ 9,409 $ 7,143 |
Schedule of RSU Activity Under the 2020 Plan | The following table presents RSU activity under the 2020 Plan as of September 30, 2023: Number of Weighted-Average Unvested shares at December 31, 2022 374,899 $ 13.60 Granted — — Vested ( 120,385 ) $ 13.60 Forfeited ( 10,450 ) 13.60 Unvested shares at September 30, 2023 244,064 $ 13.60 |
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 purchase rights under the ESPP are as follows: Nine Months Ended Nine Months Ended September 30, September 30, 2023 2022 Risk-free interest rate 5.36 % 1.57 % Expected life (in years) 0.49 0.49 Dividend yield 0 % 0 % Expected volatility 76.50 % 77.00 % |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 Options to purchase common stock 7,174,552 5,285,786 Unvested RSUs 244,064 374,899 Expected shares to be purchased under 2020 ESPP 74,100 49,362 Total 7,492,716 5,710,047 |
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, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Net loss | $ 16,640 | $ 17,436 | $ 19,128 | $ 18,229 | $ 17,310 | $ 18,433 | $ 53,204 | $ 53,972 | |
Cash used in operating activities | 43,572 | $ 48,436 | |||||||
Accumulated deficit | 294,247 | 294,247 | $ 241,043 | ||||||
Cash, cash equivalents, and marketable securities | $ 238,102 | $ 238,102 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | |||||
Accretion (amortization) of available-for-sale debt securities | $ 1,840 | $ 228 | $ 3,511 | $ 102 | |
Restricted cash | $ 822 | $ 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, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Carrying Amount | $ 238,202 | $ 242,558 |
Gross Unrealized Gains | 21 | |
Gross Unrealized Losses | (354) | (466) |
Fair Value | 237,848 | 242,113 |
Quoted Priced in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 143,757 | 127,842 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 94,091 | 114,271 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Carrying Amount | 51,803 | 106,861 |
Fair Value | 51,803 | 106,861 |
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 | 51,803 | 106,861 |
Corporate Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Carrying Amount | 76,176 | 103,755 |
Gross Unrealized Gains | 21 | |
Gross Unrealized Losses | (107) | (185) |
Fair Value | 76,069 | 103,591 |
Corporate Securities | Quoted Priced in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 2,931 | |
Corporate Securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 73,138 | 103,591 |
Government Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Carrying Amount | 110,223 | 31,942 |
Gross Unrealized Losses | (247) | (281) |
Fair Value | 109,976 | 31,661 |
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 | 89,023 | 20,981 |
Government Securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 20,953 | $ 10,680 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash | $ 254,000 | $ 1,436,000 |
Cash equivalents | 51,803,000 | 106,861,000 |
Marketable Securities | 186,045,000 | 135,252,000 |
Marketable securities, noncurrent | 36,184,000 | 2,495,000 |
Marketable securities, current | 149,861,000 | 132,757,000 |
Allowance for credit losses | 0 | 0 |
Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities | 76,069,000 | 103,591,000 |
Government Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities | $ 109,976,000 | $ 31,661,000 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 13,733 | $ 13,139 |
Less: Accumulated depreciation | (2,911) | (2,184) |
Property and equipment, net | 10,822 | 10,955 |
Machinery & Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 2,886 | 2,448 |
Computers | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 13 | 13 |
Furniture & Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 69 | 69 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 10,765 | 409 |
Assets Not Placed in Service | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 10,200 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 358,000 | $ 74,000 | $ 898,000 | $ 240,000 |
Gain (loss) on disposition of property plant equipment | 0 | |||
Princeton, New Jersey | One Research Way | ||||
Property, Plant and Equipment [Line Items] | ||||
Disposed of fully depreciated fixed assets | $ 171,000 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 3,770 | $ 2,897 |
Accrued research and development costs | 5,068 | 4,259 |
Accrued legal and professional services | 200 | 152 |
Total | $ 9,038 | $ 7,308 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Jan. 31, 2022 | Jan. 31, 2021 USD ($) ft² | Aug. 31, 2018 ft² Lease | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2017 ft² | Jun. 30, 2015 ft² | |
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Number of noncancelable operating leases | Lease | 2 | ||||||||
Rent expense | $ 366 | $ 578 | $ 1,559 | $ 1,619 | |||||
Cranbury, New Jersey | |||||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||||
Area of operating lease property | ft² | 6,000 | 13,000 | |||||||
Operating lease expiration period | 2023-06 | 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 through June 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension | ||||||||
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 | ||||||||
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 through July 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. | ||||||||
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] | |||||||||
Operating lease 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 replaced the Company’s two existing facilities as the Company’s headquarters in March 2023. | ||||||||
Lease area of square feet | ft² | 50,581 | ||||||||
Operating Leases, extended year | 2032 | ||||||||
Operating leases, extension period | 5 years | ||||||||
Operating lease, payments | $ 19,889 | ||||||||
Operating leases extended month and year | 2032-05 | ||||||||
Tenant improvement allowance | $ 4,046 | ||||||||
Reimbursements received | $ 2,969 | $ 2,969 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 366 | $ 578 | $ 1,559 | $ 1,619 |
Variable lease cost | 161 | 247 | 792 | 643 |
Total lease cost | $ 527 | $ 825 | $ 2,351 | $ 2,262 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Amounts Reported in Consolidated Balance Sheets for Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Operating Leases: | ||
Right-of-use assets, operating leases | $ 8,545 | $ 9,539 |
Operating lease liabilities, current | 0 | 528 |
Operating lease liabilities, non-current | 12,699 | 13,448 |
Total operating lease liabilities | $ 12,699 | $ 13,976 |
Weighted-average remaining lease term (years) | 8 years 8 months 1 day | 9 years 29 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, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||
Net cash paid (received) for amounts included in the measurement of lease liabilities | $ 1,842 | $ (242) |
Leased assets obtained in exchange for new or modified operating lease liabilities | $ 11 | $ 581 |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
2023 | $ (636) | |
2024 | 1,814 | |
2025 | 1,869 | |
2026 | 1,925 | |
2027 | 1,983 | |
Thereafter | 9,495 | |
Total lease payments | 16,450 | |
Less: Present Value Adjustment | (3,751) | |
Present value of lease payments | $ 12,699 | $ 13,976 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 04, 2021 | Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |
Common stock, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 | |
Common stock, shares issued | 51,157,636 | 51,157,636 | 45,771,332 | |
Common stock, shares outstanding | 51,157,636 | 51,157,636 | 45,771,332 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | |
Preferred stock, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 | |
Dividends, common stock declared | $ 0 | |||
Total proceeds net of fees | $ 35,121,000 | |||
ATM Program | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Aggregate gross sales proceeds | $ 150,000,000 | |||
Common stock shares sold | 4,805,088 | 5,149,446 | ||
Weighted average price per share | $ 7.05 | $ 6.97 | ||
Total proceeds net of fees | $ 33,100,000 | $ 35,100,000 | ||
Gross proceeds available for future issuances of common stock | $ 113,800,000 | $ 113,800,000 |
Stock Plan - Additional Informa
Stock Plan - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||||
Sep. 09, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 01, 2023 | Sep. 24, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares reserved for issuance | 457,713 | ||||
Restricted stock units granted to employees | 0 | ||||
Total compensation cost related to nonvested awards not yet recognized | $ 23,991 | ||||
Unrecognized compensation cost, weighted average period of recognition | 2 years 7 months 6 days | ||||
Dividend yield | 0% | 0% | |||
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 | 10 months 24 days | ||||
Unrecognized compensation cost | $ 2,343 | ||||
2020 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares reserved for issuance | 4,406,374 | ||||
Number of additional shares reserved for issuance, minimum | 4,406,374 | ||||
Percentage of number of shares of common stock outstanding increase | 5% | ||||
Number of additional shares reserved for issuance, maximum | 1,830,853 | ||||
Shares issued | 4,457,004 | ||||
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 | 685,446 | 400,752 | |||
Percentage of number of shares of common stock outstanding increase | 1% | ||||
Number of additional shares reserved for issuance, maximum | 801,504 | ||||
Shares issued | 116,018 | ||||
Shares outstanding | 116,018 |
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, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Shares Available For Grant | ||
Shares Available for Grant, Balance | 4,618,292 | |
Shares Available for Grant, Shares reserved for issuance | 1,830,853 | |
Shares Available for Grant, Options granted | (2,022,125) | |
Shares Available for Grant, Options forfeited / cancelled | 29,984 | |
Shares Available for Grant, Balance | 4,457,004 | 4,618,292 |
Number of Options | ||
Options Outstanding, Number of Options | 5,278,771 | |
Options granted, Number of Options | 2,022,125 | |
Options forfeited / cancelled, Number of Options | (29,984) | |
Options exercised, Number of Options | (96,360) | |
Options Outstanding, Number of Options | 7,174,552 | 5,278,771 |
Vested and expected to vest, Number of Options | 7,174,552 | |
Exercisable, Number of Options | 4,055,276 | |
Weighted Average Exercise Price | ||
Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 10.40 | |
Options granted, Weighted Average Exercise Price | $ / shares | 5.83 | |
Options forfeited / cancelled, Weighted Average Exercise Price | $ / shares | 15.22 | |
Options exercised, Weighted Average Exercise Price | $ / shares | 0.73 | |
Options Outstanding, Weighted Average Exercise Price | $ / shares | 9.22 | $ 10.40 |
Vested and expected to vest, Weighted Average Exercise Price | $ / shares | 9.22 | |
Exercisable, Weighted Average Exercise Price | $ / shares | $ 8.33 | |
Weighted-Average Remaining Contractual Life | ||
Options Outstanding, Weighted-Average Remaining Contractual Life | 7 years 1 month 20 days | 6 years 9 months 25 days |
Vested and expected to vest, Weighted-Average Remaining Contractual Life | 7 years 1 month 20 days | |
Exercisable, Weighted-Average Remaining Contractual Life | 5 years 8 months 19 days | |
Aggregate Intrinsic Value | ||
Options Outstanding, Aggregate Intrinsic Value | $ | $ 9,944 | $ 17,244 |
Vested and expected to vest, Aggregate Intrinsic Value | $ | 9,944 | |
Exercisable, Aggregate Intrinsic Value | $ | $ 8,898 |
Stock Plan - Schedule of Estima
Stock Plan - Schedule of Estimated Fair Value of Stock Options (Details) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate, minimum | 3.45% | 1.48% |
Risk-free interest rate, maximum | 4.18% | 3.42% |
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 | 75.20% | 77% |
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 8 days |
Expected volatility | 77.70% | 81% |
Stock Plan - Summary of Weighte
Stock Plan - Summary of Weighted Average Assumptions Used to Estimate Fair value of Stock Purchase Rights Under ESPP (Details) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
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 | 5.36% | 1.57% |
Expected life (in years) | 5 months 26 days | 5 months 26 days |
Dividend yield | 0% | 0% |
Expected volatility | 76.50% | 77% |
Stock Plan - Schedule of RSU Ac
Stock Plan - Schedule of RSU Activity Under the 2020 Plan (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Number of Stock Units, Beginning balance | shares | 374,899 |
Number of Stock Units, Granted | shares | 0 |
Number of Stock Units, Vested | shares | (120,385) |
Number of Stock Units, Forfeited | shares | (10,450) |
Number of Stock Units, Ending balance | shares | 244,064 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 13.6 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 13.6 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 13.6 |
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 13.6 |
Stock Plan - Stock-based Compen
Stock Plan - Stock-based Compensation Expense Related to Stock Options and RSU's Granted and Common Stock Issued under 2020 ESPP Recorded and Allocated (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 3,324 | $ 2,448 | $ 9,409 | $ 7,143 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 1,500 | 836 | 4,139 | 2,293 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 1,824 | $ 1,612 | $ 5,270 | $ 4,850 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 3,324 | $ 2,448 | $ 9,409 | $ 7,143 |
Stock options | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 2,644 | 2,290 | 7,414 | 6,862 |
Restricted stock units | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 625 | 103 | 1,832 | 103 |
Employee stock purchase plan | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 55 | $ 55 | $ 163 | $ 178 |
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, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 7,492,716 | 5,710,047 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 7,174,552 | 5,285,786 |
Unvested RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 244,064 | 374,899 |
Expected shares to be purchased under 2020 ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 74,100 | 49,362 |
Related Parties - Additional In
Related Parties - Additional Information (Details) - Board of Directors | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Member | Sep. 30, 2022 USD ($) | |
Related Party Transaction [Line Items] | ||||
Number of consulting agreement members | Member | 2 | |||
Consulting fees | $ 25,000,000 | $ 19,700,000 | $ 66,700,000 | $ 78,000,000 |
Amount owed to related party | $ 0 | $ 0 |