Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
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 $0.00001 | |
Trading Symbol | PMVP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,292,015 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001699382 | |
Amendment Flag | false |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 189,423 | $ 361,422 |
Restricted cash | 822 | |
Marketable securities, current | 128,926 | |
Prepaid expenses and other current assets | 3,909 | 3,339 |
Total current assets | 323,080 | 364,761 |
Property and equipment, net | 1,253 | 569 |
Marketable securities, noncurrent | 20,613 | |
Right-of-use assets, operating leases | 10,763 | |
Other assets | 201 | 201 |
Total assets | 355,910 | 365,531 |
Current liabilities: | ||
Accounts payable | 2,369 | 1,607 |
Accrued expenses | 4,458 | 4,803 |
Operating lease liability, current | 677 | |
Total current liabilities | 7,504 | 6,410 |
Operating lease liability, noncurrent | 10,559 | |
Total liabilities | 18,063 | 6,410 |
Stockholders’ equity: | ||
Preferred stock, $0.00001 par value, 5,000,000 shares authorized at June 30, 2021 (unaudited) and December 31, 2020. No shares issued or outstanding at June 30, 2021 (unaudited) and December 31, 2020. | ||
Common stock, $0.00001 par value, 1,000,000,000 shares authorized; 45,213,567 and 44,777,818 shares issued and outstanding at June 30, 2021 (unaudited) and December 31, 2020, respectively. | ||
Additional paid-in capital | 472,196 | 469,001 |
Accumulated deficit | (134,356) | (109,880) |
Accumulated other comprehensive loss | 7 | |
Total stockholders’ equity | 337,847 | 359,121 |
Total liabilities and stockholders’ equity | $ 355,910 | $ 365,531 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 45,213,567 | 44,777,818 |
Common stock, shares outstanding | 45,213,567 | 44,777,818 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses: | ||||
Research and development | $ 7,664 | $ 5,804 | $ 15,163 | $ 11,760 |
General and administrative | 5,386 | 2,281 | 9,560 | 3,979 |
Total operating expenses | 13,050 | 8,085 | 24,723 | 15,739 |
Loss from operations | (13,050) | (8,085) | (24,723) | (15,739) |
Other income (expense): | ||||
Interest income, net | 113 | 157 | 241 | 563 |
Other income (expense) | 63 | (39) | 11 | (43) |
Total other income | 176 | 118 | 252 | 520 |
Loss before provision for income taxes | (12,874) | (7,967) | (24,472) | (15,219) |
Provision for income taxes | 4 | 2 | ||
Net loss | (12,874) | (7,967) | (24,476) | (15,221) |
Unrealized gains on marketable securities, net of tax | 20 | 88 | 7 | 8 |
Comprehensive loss | $ (12,854) | $ (7,879) | $ (24,469) | $ (15,213) |
Net loss per share -- basic and diluted | $ (0.29) | $ (2.62) | $ (0.54) | $ (5) |
Weighted-average common shares outstanding | 45,070,104 | 3,046,200 | 44,928,518 | 3,046,200 |
Condensed Statements of Convert
Condensed Statements of Convertible Preferred Stock and Stockholders' (Deficit) Equity (Unaudited) - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss (Gain) | Accumulated Deficit |
Balance at Dec. 31, 2019 | $ (70,474) | $ 4,969 | $ (3) | $ (75,440) | ||
Balance, Shares at Dec. 31, 2019 | 22,866,246 | |||||
Balance at Dec. 31, 2019 | $ 168,933 | |||||
Balance, Shares at Dec. 31, 2019 | 3,046,200 | |||||
Stock-based compensation expense | 296 | 296 | ||||
Net loss | (7,255) | (7,255) | ||||
Unrealized gain (loss) on available for sale investments | (80) | (80) | ||||
Balance at Mar. 31, 2020 | (77,513) | 5,265 | (83) | (82,695) | ||
Balance, Shares at Mar. 31, 2020 | 22,866,246 | |||||
Balance at Mar. 31, 2020 | $ 168,933 | |||||
Balance, Shares at Mar. 31, 2020 | 3,046,200 | |||||
Balance at Dec. 31, 2019 | (70,474) | 4,969 | (3) | (75,440) | ||
Balance, Shares at Dec. 31, 2019 | 22,866,246 | |||||
Balance at Dec. 31, 2019 | $ 168,933 | |||||
Balance, Shares at Dec. 31, 2019 | 3,046,200 | |||||
Net loss | (15,221) | |||||
Balance at Jun. 30, 2020 | (85,009) | 5,648 | 5 | (90,662) | ||
Balance, Shares at Jun. 30, 2020 | 22,866,246 | |||||
Balance at Jun. 30, 2020 | $ 168,933 | |||||
Balance, Shares at Jun. 30, 2020 | 3,046,200 | |||||
Balance at Mar. 31, 2020 | (77,513) | 5,265 | (83) | (82,695) | ||
Balance, Shares at Mar. 31, 2020 | 22,866,246 | |||||
Balance at Mar. 31, 2020 | $ 168,933 | |||||
Balance, Shares at Mar. 31, 2020 | 3,046,200 | |||||
Stock-based compensation expense | 383 | 383 | ||||
Net loss | (7,967) | (7,967) | ||||
Unrealized gain (loss) on available for sale investments | 88 | 88 | ||||
Balance at Jun. 30, 2020 | (85,009) | 5,648 | 5 | (90,662) | ||
Balance, Shares at Jun. 30, 2020 | 22,866,246 | |||||
Balance at Jun. 30, 2020 | $ 168,933 | |||||
Balance, Shares at Jun. 30, 2020 | 3,046,200 | |||||
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 | |||||
Exercise of stock options, Shares | 399,163 | |||||
Net loss | $ (24,476) | |||||
Balance at Jun. 30, 2021 | 337,847 | 472,196 | 7 | (134,356) | ||
Balance, Shares at Jun. 30, 2021 | 45,213,567 | |||||
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 | 1,256 | 1,256 | ||||
Exercise of stock options, 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 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (24,476) | $ (15,221) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 1,777 | 679 |
Depreciation | 150 | 182 |
Amortization of premiums on marketable securities | 332 | 147 |
Non-cash lease expense | 314 | |
Other | 43 | |
Change in operating assets and liabilities: | ||
Prepaid expenses and other assets | (570) | (44) |
Accounts payable | 762 | (1,205) |
Accrued expenses | (434) | 385 |
Net cash used in operating activities | (22,145) | (15,034) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (586) | (51) |
Purchase of marketable securities | (185,224) | (14,618) |
Maturities of marketable securities | 35,360 | 34,600 |
Net cash (used in) provided by investing activities | (150,450) | 19,931 |
Cash flows from financing activities: | ||
Payment of deferred offering costs | (124) | |
Proceeds from exercise of stock options | 1,418 | |
Net cash (used in) provided by financing activities | 1,418 | (124) |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (171,177) | 4,773 |
Cash, cash equivalents, and restricted cash | ||
Cash, cash equivalents, and restricted cash - beginning of period | 361,422 | 73,278 |
Cash, cash equivalents, and restricted cash - end of period | 190,245 | 78,051 |
Supplemental disclosures of cash flow information | ||
Cash paid for income tax | $ 4 | $ 2 |
Formation and Business of the C
Formation and Business of the Company | 6 Months Ended |
Jun. 30, 2021 | |
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”) 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. The Company is a clinical-stage oncology company pioneering the discovery and development of small molecule, tumor agnostic therapies designed to target p53 mutations. The Company’s headquarters are currently located in 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. On September 25, 2020, the Company completed an initial public offering (the “IPO”) of 13,529,750 shares of common stock, at a public offering price of $18.00 per share including the exercise in full by the underwriters of their option to purchase up to 1,764,750 additional shares of commons stock, for aggregate gross proceeds of $243,536 and its shares started trading on The Nasdaq Global Select Market under the ticker symbol “PMVP.” The Company received $223,161 in net proceeds after deducting underwriting discounts and commissions and other offering expenses payable by the Company. In connection with the closing of the IPO, all of the Company’s outstanding shares of convertible preferred stock outstanding at the time of the IPO automatically converted into 28,188,110 shares of common stock. On September 18, 2020, the Company amended its certificate of incorporation to effect a 5.2651-for-1 reverse stock split of its issued and outstanding common and convertible preferred stock. The accompanying unaudited condensed financial statements and related notes give retroactive effect to the reverse stock split for all periods presented. The Company has incurred net losses and negative cash flows from operations since its inception. During the three and six months ended June 30, 2021, the Company incurred a net loss of $12,874 and $24,476, respectively. As of June 30, 2021, the Company used $22,145 of cash for operations. At June 30, 2021, the Company had an accumulated deficit of $134,356. Cash, cash equivalents, and restricted cash at June 30, 2021 were $190,245. Short and long term marketable securities totaled $149,539 at June 30, 2021. Management expects to incur substantial additional operating losses for the next several years and will 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 and cash equivalents to operate for at least the next twelve months from the date of issuance of these unaudited condensed financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020, included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) on March 3, 2021. Since the date of those financial statements, there have been no changes to its significant accounting policies except as noted below. 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 June 30, 2021, the condensed statements of operations and comprehensive loss, and condensed statements of convertible preferred stock and stockholders’ (deficit) equity for the three and six months ended June 30, 2021 and 2020, and the condensed statements of cash flows for the six months ended June 30, 2021 and 2020 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, 202 1 or for any other subsequent interim period . The condensed balance sheet at December 31, 2020 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, the fair values of common stock, convertible preferred stock and stock-based compensation. Actual results could differ materially from those estimates. Reverse Stock Split In September 2020, the Company’s board of directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to affect a 5.2651-for-1 reverse stock split of the Company’s common stock and convertible preferred stock, which was effected on September 18, 2020. The par value of the common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. Accordingly, all common stock, convertible preferred stock, stock options, and related per share amounts in these unaudited condensed financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split. 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. As of June 30, 2021, the company’s long-term marketable debt securities have maturity dates no more than 2 years. 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’ deficit. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security. For the three months ended June 30, 2021 and 2020, the Company recorded $165 and $59 of amortization, respectively. For the six months ended June 30, 2021 and 2020, the Company recorded $332 and $147 of amortization, respectively Restricted cash as of June 30, 2021 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 assured 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. 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. Recently Issued and Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases The right-of-use lease liability for operating leases is based on the net present value of future minimum lease payments. Additionally, the right-of-use asset for operating leases is based on the lease liability adjusted for the reclassification of certain balance sheet amounts such as the long term portion of straight line rent liability and deferred lease incentives. The Company adopted the standard effective January 1, 2021 using the modified retrospective transition method. Upon adoption, the Company applied the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. The Company elected the practical expedient not to apply the recognition requirements to short-term leases, defined as a lease that at the commencement date has a lease term of 12 months or less that does not include a purchase option to purchase the underlying asset that the Company is reasonably certain to exercise. Furthermore, the Company has elected the practical expedient to not separate lease and non-lease components by class of underlying asset for its existing leases. As the Company enters into new leases, it will continue to evaluate this accounting policy for any new classes of underlying assets. Upon adoption, the Company recorded ROU assets of $970 and lease liabilities of $1,129. The standard did not have a material impact on the statement of operations or statement of cash flows. In December 2019, the FASB issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes. The new guidance simplifies the accounting for income taxes by removing several exceptions in the current standard and adding guidance to reduce complexity in certain areas, such as requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted this standard as of January 1, 2021. The adoption did not have a material impact on the Company’s financial statements. 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. In January 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a “Public Health Emergency of International Concern,” which continues to spread throughout the world. The outbreak has adversely impacted global commercial activity and contributed to significant volatility in financial markets. The COVID-19 outbreak and government responses are creating disruption in global supply chains and adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. The Company continues to monitor the impact of the COVID-19 outbreak closely. The full extent to which the COVID-19 outbreak will impact its operations or financial results remains uncertain. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
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 at June 30, 2021 and December 31, 2020: As of June 30, 2021 (unaudited) Carrying Amount Fair Value Quoted priced in active markets (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Financial assets Money market funds $ 38,865 $ 38,865 $ 38,865 $ — $ — Corporate securities 263,799 263,799 — 263,799 — Government securities 32,740 32,740 — 32,740 — Total financial assets $ 335,404 $ 335,404 $ 38,865 $ 296,539 $ — As of December 31, 2020 Carrying Amount Fair Value Quoted Priced in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets Money market funds 240,033 240,033 240,033 $ — $ — Corporate securities 120,008 120,008 — 120,008 — Total financial assets $ 360,041 $ 360,041 $ 240,033 $ 120,008 $ — Cash Equivalents — Cash equivalents of $185.9 million as of June 30, 2021 consisted of money market funds of $38.9 million and corporate debt securities of $147.0 million. Cash equivalents of $360.0 million as of December 31, 2020 consisted of money market funds of $240.0 million and corporate debt securities of $120.0 million. 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 — There were $128.9 million current marketable securities and $20.6 million noncurrent marketable securities as of June 30, 2021. There were no marketable securities as of December 31, 2020. |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, Net June 30, 2021 (unaudited) December 31, 2020 Machinery & equipment $ 2,243 $ 1,989 Computers 8 8 Furniture & fixtures 9 9 Leasehold improvements 161 73 Assets not placed in service 544 51 Total property and equipment 2,965 2,130 Less: Accumulated depreciation (1,712 ) (1,561 ) Property and equipment, net $ 1,253 $ 569 Depreciation expense for the three months ended June 30, 2021 and 2020 was $71 and $87, respectively. Depreciation expense for the six months ended June 30, 2021 and 2020 was $150 and $182, respectively. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consist of the following: June 30, 2021 (unaudited) December 31, 2020 Accrued compensation $ 2,160 $ 3,109 Accrued legal and professional services 96 — Accrued research and development costs 1,703 1,595 Other accrued liabilities 499 99 Total $ 4,458 $ 4,803 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
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 will expire June 2022, with an option to renew for an additional five-year 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 expires in July 2022, with an option for additional five-year three-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 June 30, 2021, the remaining rent incentive pertaining to the Lexington, MA lease totaled $ 83 . 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. The Company intends to complete the relocation of their headquarters from Cranbury, NJ to One Research Way in Princeton NJ in early 2022. That lease term extends through 2032, has a five-year 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 June 30, 2021, no reimbursements were received. The components of lease cost for the three and six months ended June 30, 2021 are as follows: (in thousands) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Operating lease cost $ 511 $ 668 Variable lease cost 192 311 Total lease cost $ 703 $ 979 Amounts reported in the consolidated balance sheets for leases where the Company is the lessee as of June 30, 2021 were as follows, in thousands: Operating Leases: Six Months Ended June 6/30/2021 Right-of-use assets, operating leases $ 10,763 Operating lease liabilities, current $ 677 Operating lease liabilities, non-current 10,559 Total operating lease liabilities $ 11,235 Weighted-average remaining lease term (years) 10.23 Weighted-average discount rate 5.75 % Other information related to leases for the six months ended June 30, 2021 is as follows, in thousands: Cash paid for amounts included in the measurement of lease liabilities $ 354 Leased assets obtained in exchange for new operating lease liabilities 10,314 Future minimum lease payments, net of reimbursements, remaining as of June 30, 2021 under operating leases by fiscal year were as follows, in thousands: Fiscal year 2021 $ (83 ) 2022 (2,164 ) 2023 1,833 2024 1,814 2025 1,869 Thereafter 13,402 Total minimum lease payments $ 16,671 Less: Amounts representing imputed interest (5,436 ) Present value of lease liabilities $ 11,235 Rent expense recorded during the three months ended June 30, 2021 and 2020 was $531 and $140, respectively. Rent expense recorded during the six months ended June 30, 2021 and 2020 was $668 and $326, respectively. The company currently subleases the office space at 420 Bedford Street in Lexington, MA to another company. 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. Commitments At June 30, 2021, there were no purchase commitments with third-party suppliers. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020, there were 45,213,567 and 44,777,818 shares of common stock issued and outstanding, respectively, and no shares of preferred stock issued and outstanding. 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 June 30, 2021, no dividends on common stock had been declared by the Company. |
Stock Plan
Stock Plan | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [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 , or (iii) such number of common stock determined by the board of directors no later than the immediately preceding December 31. 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 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 (iii) 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. On May 20, 2021, employees exercised their right to purchase 36,586 shares under the 2020 ESPP. As of June 30, 2021, 36,586 shares are issued or outstanding under the 2020 ESPP. 2013 Equity Incentive Plan In 2013, the Company adopted the 2013 Stock Plan (the “2013 Plan”). On September 24, 2020, this plan was replaced by the 2020 Plan, and future issuances of incentive instruments will be governed by that plan. Subject to the provisions of the 2020 Plan, the Company had the option to either forfeit or repurchase remaining shares under the 2013 Equity Incentive Plan on or after the registration date. The Company chose to forfeit the remaining shares. Stock-Based Compensation This table summarizes option activity for the six-month period ended June 30, 2021: 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, December 31, 2020 4,609,725 4,090,970 $ 3.14 7.13 $ 238,792 Options retired under 2013 Equity Plan (237,542 ) — Options granted (703,274 ) 703,274 $ 30.03 Options forfeited / cancelled 27,783 (27,783 ) $ 3.87 Options exercised — (399,163 ) $ 2.15 Balances June 30, 2021 (unaudited) 3,696,692 4,367,298 $ 7.55 7.21 $ 116,310 At June 30, 2021 Vested and expected to vest 4,367,298 $ 7.55 7.21 $ 116,310 Exercisable 2,524,025 $ 2.42 5.91 $ 80,106 At June 30, 2021, the total compensation cost related to nonvested awards not yet recognized is $17,526. The weighted-average period over which the nonvested awards is expected to be recognized is 3.4 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: Six Months Ended Year Ended June 30, December 31, 2021 2020 Risk-free interest rate 0.35% - 1.22% 0.31% - 1.51% Expected life (in years) 5.50 - 6.43 4.92 - 6.40 Dividend yield 0% 0% Expected volatility 79.00% - 79.90% 70.70% - 77.60% The weighted average assumptions used to estimate the fair value of stock options granted and stock purchase rights under the ESPP are as follows: Six Months Ended 30-Jun-21 Risk-free interest rate 0.02% Expected life (in years) 0.5 Dividend yield 0% Expected volatility 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 was allocated to research and development and general and administrative expense as follows: For the Three Months Ended For the Six Months Ended June 30, June 30, June 30, June 30, 2021 2020 2021 2020 Research and development $ 282 $ 178 $ 533 $ 320 General and administrative 868 205 1,244 359 Total stock-based compensation $ 1,150 $ 383 $ 1,777 $ 679 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes During the three months ended June 30, 2021 and 2020 and the six months ended June 30, 2021 and 2020, 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 | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 10. Net Loss per Share The Company’s convertible preferred stock does not participate in losses. 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. For the Three Months Ended For the Six Months Ended June 30, 2021 (unaudited) June 30, 2020 (unaudited) June 30, 2021 (unaudited) June 30, 2020 (unaudited) Net loss $ (12,874 ) $ (7,967 ) $ (24,476 ) $ (15,221 ) Weighted-average number of shares - basic and diluted 45,070,104 3,046,200 44,928,518 3,046,200 Net loss per share - basic and diluted $ (0.29 ) $ (2.62 ) (0.54 ) (5.00 ) |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties | 11. Related Parties The Company has consulting agreements with two members of the board of directors. The total of consulting fees paid in each of the three months ended June 30, 2021 and 2020 were $28 During the fiscal year ended December 31, 2020, an investor provided $65 of financial consulting services to the Company. The Company has paid the entirety of the fees as of December 31, 2020. No amounts were paid or owed to the investors in the six months ended June 30, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021, the condensed statements of operations and comprehensive loss, and condensed statements of convertible preferred stock and stockholders’ (deficit) equity for the three and six months ended June 30, 2021 and 2020, and the condensed statements of cash flows for the six months ended June 30, 2021 and 2020 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, 202 1 or for any other subsequent interim period . The condensed balance sheet at December 31, 2020 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, the fair values of common stock, convertible preferred stock and stock-based compensation. Actual results could differ materially from those estimates. |
Reverse Stock Split | Reverse Stock Split In September 2020, the Company’s board of directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to affect a 5.2651-for-1 reverse stock split of the Company’s common stock and convertible preferred stock, which was effected on September 18, 2020. The par value of the common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. Accordingly, all common stock, convertible preferred stock, stock options, and related per share amounts in these unaudited condensed financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split. |
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. As of June 30, 2021, the company’s long-term marketable debt securities have maturity dates no more than 2 years. 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’ deficit. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security. For the three months ended June 30, 2021 and 2020, the Company recorded $165 and $59 of amortization, respectively. For the six months ended June 30, 2021 and 2020, the Company recorded $332 and $147 of amortization, respectively Restricted cash as of June 30, 2021 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 assured 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. 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. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases The right-of-use lease liability for operating leases is based on the net present value of future minimum lease payments. Additionally, the right-of-use asset for operating leases is based on the lease liability adjusted for the reclassification of certain balance sheet amounts such as the long term portion of straight line rent liability and deferred lease incentives. The Company adopted the standard effective January 1, 2021 using the modified retrospective transition method. Upon adoption, the Company applied the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. The Company elected the practical expedient not to apply the recognition requirements to short-term leases, defined as a lease that at the commencement date has a lease term of 12 months or less that does not include a purchase option to purchase the underlying asset that the Company is reasonably certain to exercise. Furthermore, the Company has elected the practical expedient to not separate lease and non-lease components by class of underlying asset for its existing leases. As the Company enters into new leases, it will continue to evaluate this accounting policy for any new classes of underlying assets. Upon adoption, the Company recorded ROU assets of $970 and lease liabilities of $1,129. The standard did not have a material impact on the statement of operations or statement of cash flows. In December 2019, the FASB issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes. The new guidance simplifies the accounting for income taxes by removing several exceptions in the current standard and adding guidance to reduce complexity in certain areas, such as requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted this standard as of January 1, 2021. The adoption did not have a material impact on the Company’s financial statements. |
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. In January 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a “Public Health Emergency of International Concern,” which continues to spread throughout the world. The outbreak has adversely impacted global commercial activity and contributed to significant volatility in financial markets. The COVID-19 outbreak and government responses are creating disruption in global supply chains and adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. The Company continues to monitor the impact of the COVID-19 outbreak closely. The full extent to which the COVID-19 outbreak will impact its operations or financial results remains uncertain. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 at June 30, 2021 and December 31, 2020: As of June 30, 2021 (unaudited) Carrying Amount Fair Value Quoted priced in active markets (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Financial assets Money market funds $ 38,865 $ 38,865 $ 38,865 $ — $ — Corporate securities 263,799 263,799 — 263,799 — Government securities 32,740 32,740 — 32,740 — Total financial assets $ 335,404 $ 335,404 $ 38,865 $ 296,539 $ — As of December 31, 2020 Carrying Amount Fair Value Quoted Priced in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets Money market funds 240,033 240,033 240,033 $ — $ — Corporate securities 120,008 120,008 — 120,008 — Total financial assets $ 360,041 $ 360,041 $ 240,033 $ 120,008 $ — |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment, Net | June 30, 2021 (unaudited) December 31, 2020 Machinery & equipment $ 2,243 $ 1,989 Computers 8 8 Furniture & fixtures 9 9 Leasehold improvements 161 73 Assets not placed in service 544 51 Total property and equipment 2,965 2,130 Less: Accumulated depreciation (1,712 ) (1,561 ) Property and equipment, net $ 1,253 $ 569 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consist of the following: June 30, 2021 (unaudited) December 31, 2020 Accrued compensation $ 2,160 $ 3,109 Accrued legal and professional services 96 — Accrued research and development costs 1,703 1,595 Other accrued liabilities 499 99 Total $ 4,458 $ 4,803 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Components of Lease Cost | The components of lease cost for the three and six months ended June 30, 2021 are as follows: (in thousands) Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Operating lease cost $ 511 $ 668 Variable lease cost 192 311 Total lease cost $ 703 $ 979 |
Schedule of Amounts Reported in Consolidated Balance Sheets for Leases | Amounts reported in the consolidated balance sheets for leases where the Company is the lessee as of June 30, 2021 were as follows, in thousands: Operating Leases: Six Months Ended June 6/30/2021 Right-of-use assets, operating leases $ 10,763 Operating lease liabilities, current $ 677 Operating lease liabilities, non-current 10,559 Total operating lease liabilities $ 11,235 Weighted-average remaining lease term (years) 10.23 Weighted-average discount rate 5.75 % |
Summary of Other Information Related to Leases | Other information related to leases for the six months ended June 30, 2021 is as follows, in thousands: Cash paid for amounts included in the measurement of lease liabilities $ 354 Leased assets obtained in exchange for new operating lease liabilities 10,314 |
Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases | Future minimum lease payments, net of reimbursements, remaining as of June 30, 2021 under operating leases by fiscal year were as follows, in thousands: Fiscal year 2021 $ (83 ) 2022 (2,164 ) 2023 1,833 2024 1,814 2025 1,869 Thereafter 13,402 Total minimum lease payments $ 16,671 Less: Amounts representing imputed interest (5,436 ) Present value of lease liabilities $ 11,235 |
Stock Plan (Tables)
Stock Plan (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Stock Options Activity | This table summarizes option activity for the six-month period ended June 30, 2021: 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, December 31, 2020 4,609,725 4,090,970 $ 3.14 7.13 $ 238,792 Options retired under 2013 Equity Plan (237,542 ) — Options granted (703,274 ) 703,274 $ 30.03 Options forfeited / cancelled 27,783 (27,783 ) $ 3.87 Options exercised — (399,163 ) $ 2.15 Balances June 30, 2021 (unaudited) 3,696,692 4,367,298 $ 7.55 7.21 $ 116,310 At June 30, 2021 Vested and expected to vest 4,367,298 $ 7.55 7.21 $ 116,310 Exercisable 2,524,025 $ 2.42 5.91 $ 80,106 |
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: Six Months Ended Year Ended June 30, December 31, 2021 2020 Risk-free interest rate 0.35% - 1.22% 0.31% - 1.51% Expected life (in years) 5.50 - 6.43 4.92 - 6.40 Dividend yield 0% 0% Expected volatility 79.00% - 79.90% 70.70% - 77.60% |
Stock-based Compensation Expense Related to Options Granted Recorded and Allocated | Stock-based compensation expense recorded under ASC 718 related to stock options granted was allocated to research and development and general and administrative expense as follows: For the Three Months Ended For the Six Months Ended June 30, June 30, June 30, June 30, 2021 2020 2021 2020 Research and development $ 282 $ 178 $ 533 $ 320 General and administrative 868 205 1,244 359 Total stock-based compensation $ 1,150 $ 383 $ 1,777 $ 679 |
2020 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: Six Months Ended 30-Jun-21 Risk-free interest rate 0.02% Expected life (in years) 0.5 Dividend yield 0% Expected volatility 79.00% |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Net Loss per Share | For the Three Months Ended For the Six Months Ended June 30, 2021 (unaudited) June 30, 2020 (unaudited) June 30, 2021 (unaudited) June 30, 2020 (unaudited) Net loss $ (12,874 ) $ (7,967 ) $ (24,476 ) $ (15,221 ) Weighted-average number of shares - basic and diluted 45,070,104 3,046,200 44,928,518 3,046,200 Net loss per share - basic and diluted $ (0.29 ) $ (2.62 ) (0.54 ) (5.00 ) |
Formation and Business of the_2
Formation and Business of the Company - Additional Information (Details) | Sep. 25, 2020USD ($)$ / sharesshares | Sep. 18, 2020 | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Organization Consolidation And Presentation [Line Items] | |||||||||
Proceeds from issuance of common stock, gross | $ 243,536 | ||||||||
Proceeds from issuance of common stock, net | $ 223,161 | ||||||||
Reverse stock split description | 5.2651-for-1 reverse stock split of the Company’s common stock and convertible preferred stock | ||||||||
Reverse stock split conversion ratio | 5.2651 | ||||||||
Net loss | $ (12,874,000) | $ (11,602,000) | $ (7,967,000) | $ (7,255,000) | $ (24,476,000) | $ (15,221,000) | |||
Cash used in operating activities | (22,145,000) | $ (15,034,000) | |||||||
Accumulated deficit | (134,356,000) | (134,356,000) | $ (109,880,000) | ||||||
Cash, cash equivalents and restricted cash | 190,245,000 | 190,245,000 | |||||||
Short and long term marketable securities | $ 149,539,000 | $ 149,539,000 | $ 0 | ||||||
Convertible Preferred Stock | Common Stock | |||||||||
Organization Consolidation And Presentation [Line Items] | |||||||||
Reverse stock split description | 5.2651-for-1 reverse stock split of its issued and outstanding common and convertible preferred stock | ||||||||
IPO | Common Stock | |||||||||
Organization Consolidation And Presentation [Line Items] | |||||||||
Number of shares sold | shares | 13,529,750 | ||||||||
Public offering price per share | $ / shares | $ 18 | ||||||||
IPO | Convertible Preferred Stock | Common Stock | |||||||||
Organization Consolidation And Presentation [Line Items] | |||||||||
Conversion of convertible preferred stock to common stock, Shares | shares | 28,188,110 | ||||||||
Underwriters | Common Stock | |||||||||
Organization Consolidation And Presentation [Line Items] | |||||||||
Option to purchase common stock | shares | 1,764,750 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | Sep. 18, 2020 | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jan. 01, 2021USD ($) |
Summary Of Significant Accounting Policie [Line Items] | ||||||
Reverse stock split description | 5.2651-for-1 reverse stock split of the Company’s common stock and convertible preferred stock | |||||
Reverse stock split conversion ratio | 5.2651 | |||||
Amortization of available-for-sale debt securities | $ 165 | $ 59 | $ 332 | $ 147 | ||
Restricted cash | 822 | 822 | ||||
ROU assets | 10,763 | 10,763 | ||||
Lease liabilities | $ 11,235 | $ 11,235 | ||||
ASU 2016-02 | ||||||
Summary Of Significant Accounting Policie [Line Items] | ||||||
Adoption of accounting standards update [true false] | true | true | ||||
Accounting standards update, adoption date | Jan. 1, 2021 | Jan. 1, 2021 | ||||
ROU assets | $ 970 | |||||
Lease liabilities | $ 1,129 | |||||
ASU 2019-12 | ||||||
Summary Of Significant Accounting Policie [Line Items] | ||||||
Adoption of accounting standards update [true false] | true | true | ||||
Accounting standards update, adoption date | Jan. 1, 2021 | Jan. 1, 2021 | ||||
Accounting standards update, immaterial effect [true false] | true | true |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Quoted Priced in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 38,865 | $ 240,033 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 296,539 | 120,008 |
Corporate Securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 263,799 | 120,008 |
Government Securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 32,740 | |
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 | 38,865 | 240,033 |
Carrying Amount | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 335,404 | 360,041 |
Carrying Amount | Corporate Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 263,799 | 120,008 |
Carrying Amount | Government Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 32,740 | |
Carrying Amount | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 38,865 | 240,033 |
Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 335,404 | 360,041 |
Fair Value | Corporate Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 263,799 | 120,008 |
Fair Value | Government Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 32,740 | |
Fair Value | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 38,865 | $ 240,033 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 185,900,000 | $ 360,000,000 |
Marketable securities noncurrent | 20,613,000 | |
Marketable securities current | 128,926,000 | |
Marketable securities | 149,539,000 | 0 |
Corporate Debt Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 147,000,000 | 120,000,000 |
Money Market Funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 38,900,000 | $ 240,000,000 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 2,965 | $ 2,130 |
Less: Accumulated depreciation | (1,712) | (1,561) |
Property and equipment, net | 1,253 | 569 |
Machinery & Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 2,243 | 1,989 |
Computers | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 8 | 8 |
Furniture & Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 9 | 9 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 161 | 73 |
Assets Not Placed in Service | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 544 | $ 51 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation | $ 71 | $ 87 | $ 150 | $ 182 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accrued compensation | $ 2,160 | $ 3,109 |
Accrued legal and professional services | 96 | |
Accrued research and development costs | 1,703 | 1,595 |
Other accrued liabilities | 499 | 99 |
Total | $ 4,458 | $ 4,803 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2021 | Jan. 31, 2021USD ($)ft² | Aug. 31, 2018ft²Lease$ / ft² | Jun. 30, 2021USD ($)$ / ft² | Mar. 31, 2021 | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)$ / ft² | Jun. 30, 2020USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2017ft²$ / ft² | Jun. 30, 2015ft²$ / ft² | |
Commitments And Contingencies Disclosure [Line Items] | |||||||||||
Number of noncancelable operating leases | Lease | 2 | ||||||||||
Operating lease, payments | $ 354,000 | ||||||||||
Rent expense | $ 531,000 | $ 140,000 | 668,000 | $ 326,000 | |||||||
Purchase commitments | $ 0 | $ 0 | |||||||||
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, renewal term | 5 years | 5 years | |||||||||
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 | 3.00% | 3.00% | |||||||||
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, renewal term | 5 years | ||||||||||
Management fee of base rent percentage | 3.00% | ||||||||||
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 | $ 83,000 | $ 83,000 | |||||||||
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 our 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 | $ 19,600,000 | ||||||||||
Operating leases extended month and year | 2032-05 | ||||||||||
Tenant improvement allowance | $ 4,100,000 | ||||||||||
Reimbursements received | 0 | $ 0 | |||||||||
Sublease with tenant office space starting period | 2021-04 | ||||||||||
Sublease with tenant office space ending period | 2021-06 | ||||||||||
Sublease income | $ 85,000 | $ 60,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 511 | $ 668 |
Variable lease cost | 192 | 311 |
Total lease cost | $ 703 | $ 979 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Amounts Reported in Consolidated Balance Sheets for Leases (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Operating Leases: | |
Right-of-use assets, operating leases | $ 10,763 |
Operating lease liability, current | 677 |
Operating lease liability, noncurrent | 10,559 |
Total operating lease liabilities | $ 11,235 |
Weighted-average remaining lease term (years) | 10 years 2 months 23 days |
Weighted-average discount rate | 5.75% |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Other Information Related to Leases (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities | $ 354 |
Leased assets obtained in exchange for new operating lease liabilities | $ 10,314 |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2021 | $ (83) |
2022 | (2,164) |
2023 | 1,833 |
2024 | 1,814 |
2025 | 1,869 |
Thereafter | 13,402 |
Total minimum lease payments | 16,671 |
Less: Amounts representing imputed interest | (5,436) |
Present value of lease liabilities | $ 11,235 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
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 | 45,213,567 | 44,777,818 |
Common stock, shares outstanding | 45,213,567 | 44,777,818 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Dividends, common stock declared | $ 0 |
Stock Plan - Additional Informa
Stock Plan - Additional Information (Details) - USD ($) $ in Thousands | May 20, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Jan. 01, 2021 | Sep. 24, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total compensation cost related to nonvested awards not yet recognized | $ 17,526 | ||||
Weighted-average period over nonvested awards expected to be recognized | 3 years 4 months 24 days | ||||
Dividend yield | 0.00% | 0.00% | |||
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 | 5.00% | ||||
Number of additional shares reserved for issuance, maximum | 1,343,334 | ||||
Shares issued | 3,696,692 | ||||
2020 ESPP | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares reserved for issuance | 400,572 | ||||
Percentage of number of shares of common stock outstanding increase | 1.00% | ||||
Number of additional shares reserved for issuance, maximum | 801,504 | ||||
Shares issued | 36,586 | ||||
Employees exercised their right to purchase shares | 36,586 | ||||
Shares outstanding | 36,586 | ||||
Dividend yield | 0.00% |
Stock Plan - Schedule of Stock
Stock Plan - Schedule of Stock Options Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Shares Available For Grant | ||
Shares Available for Grant, Balance | 4,609,725 | |
Shares Available for Grant, Options granted | (703,274) | |
Shares Available for Grant, Options forfeited / cancelled | 27,783 | |
Shares Available for Grant, Balance | 3,696,692 | 4,609,725 |
Number of Options | ||
Options | 4,090,970 | |
Options granted, Number of Options | 703,274 | |
Options forfeited / cancelled, Number of Options | (27,783) | |
Options exercised, Number of Options | (399,163) | |
Options Outstanding, Number of Options | 4,367,298 | 4,090,970 |
Vested and expected to vest, Number of Options | 4,367,298 | |
Exercisable, Number of Options | 2,524,025 | |
Weighted Average Exercise Price | ||
Options Outstanding, Weighted Average Exercise Price | $ / shares | $ 3.14 | |
Options granted, Weighted Average Exercise Price | $ / shares | 30.03 | |
Options forfeited / cancelled, Weighted Average Exercise Price | $ / shares | 3.87 | |
Options exercised, Weighted Average Exercise Price | $ / shares | 2.15 | |
Options Outstanding, Weighted Average Exercise Price | $ / shares | 7.55 | $ 3.14 |
Vested and expected to vest, Weighted Average Exercise Price | $ / shares | 7.55 | |
Exercisable, Weighted Average Exercise Price | $ / shares | $ 2.42 | |
Weighted-Average Remaining Contractual Life | ||
Options Outstanding, Weighted-Average Remaining Contractual Life | 7 years 2 months 15 days | 7 years 1 month 17 days |
Vested and expected to vest, Weighted-Average Remaining Contractual Life | 7 years 2 months 15 days | |
Exercisable, Weighted-Average Remaining Contractual Life | 5 years 10 months 28 days | |
Aggregate Intrinsic Value | ||
Options Outstanding, Aggregate Intrinsic Value | $ | $ 116,310 | $ 238,792 |
Vested and expected to vest, Aggregate Intrinsic Value | $ | 116,310 | |
Exercisable, Aggregate Intrinsic Value | $ | $ 80,106 | |
2013 Stock Plan | ||
Shares Available For Grant | ||
Shares Available for Grant, Options retired | (237,542) |
Stock Plan - Schedule of Estima
Stock Plan - Schedule of Estimated Fair Value of Stock Options (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate, minimum | 0.35% | 0.31% |
Risk-free interest rate, maximum | 1.22% | 1.51% |
Dividend yield | 0.00% | 0.00% |
Expected volatility, minimum | 79.00% | 70.70% |
Expected volatility, maximum | 79.90% | 77.60% |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life (in years) | 5 years 6 months | 4 years 11 months 1 day |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life (in years) | 6 years 5 months 4 days | 6 years 4 months 24 days |
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) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
2020 ESPP | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 0.02% | |
Expected life (in years) | 6 months | |
Dividend yield | 0.00% | |
Expected volatility | 79.00% |
Stock Plan - Stock-based Compen
Stock Plan - Stock-based Compensation Expense Related to Options Granted Recorded and Allocated (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 1,150 | $ 383 | $ 1,777 | $ 679 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 282 | 178 | 533 | 320 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 868 | $ 205 | $ 1,244 | $ 359 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Computation of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||||
Net loss | $ (12,874) | $ (11,602) | $ (7,967) | $ (7,255) | $ (24,476) | $ (15,221) |
Weighted-average number of shares - basic and diluted | 45,070,104 | 3,046,200 | 44,928,518 | 3,046,200 | ||
Net loss per share -- basic and diluted | $ (0.29) | $ (2.62) | $ (0.54) | $ (5) |
Related Parties - Additional In
Related Parties - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
May 31, 2021Membershares | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)Membershares | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Related Party Transaction [Line Items] | ||||||
Options awarded | shares | 703,274 | |||||
Board of Directors | ||||||
Related Party Transaction [Line Items] | ||||||
Number of consulting agreement members | Member | 2 | 2 | ||||
Consulting fees | $ 28,000 | $ 28,000 | $ 56,000 | $ 56,000 | ||
Amount owed to related party | 0 | 0 | $ 0 | |||
Options awarded | shares | 5,781 | |||||
Investor | ||||||
Related Party Transaction [Line Items] | ||||||
Consulting fees | $ 65,000 | |||||
Amount owed to related party | 0 | 0 | ||||
Amount paid to related party | $ 0 | $ 0 |