Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 06, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Entity File Number | 001-39539 | |
Entity Registrant Name | PMV PHARMACEUTICALS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-3218129 | |
Entity Address, Address Line One | 8 Clarke Drive | |
Entity Address, Address Line Two | Suite 3 | |
Entity Address, City or Town | Cranbury | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08512 | |
City Area Code | 609 | |
Local Phone Number | 642-6670 | |
Title of 12(b) Security | Common stock, par value $0.00001 | |
Trading Symbol | PMVP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,574,075 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001699382 | |
Amendment Flag | false |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 115,772 | $ 172,467 |
Restricted cash | 822 | 822 |
Marketable securities, current | 167,221 | 124,696 |
Prepaid expenses and other current assets | 4,225 | 3,301 |
Total current assets | 288,040 | 301,286 |
Property and equipment, net | 5,238 | 3,090 |
Marketable securities, noncurrent | 11,773 | 16,911 |
Right-of-use assets, operating leases | 9,736 | 10,060 |
Other assets | 221 | 221 |
Total assets | 315,008 | 331,568 |
Current liabilities: | ||
Accounts payable | 4,864 | 3,189 |
Accrued expenses | 6,563 | 8,627 |
Operating lease liability, current | 258 | 403 |
Total current liabilities | 11,685 | 12,219 |
Operating lease liability, noncurrent | 11,480 | 10,790 |
Total liabilities | 23,165 | 23,009 |
Stockholders’ equity: | ||
Preferred stock, $0.00001 par value, 5,000,000 shares authorized at March 31, 2022 (unaudited) and December 31, 2021. No shares issued or outstanding at March 31, 2022 (unaudited) and December 31, 2021. | ||
Common stock, $0.00001 par value, 1,000,000,000 shares authorized; 45,532,392 and 45,433,684 shares issued and outstanding at March 31, 2022 (unaudited) and December 31, 2021, respectively. | ||
Additional paid-in capital | 478,668 | 476,363 |
Accumulated deficit | (186,159) | (167,726) |
Accumulated other comprehensive loss | (666) | (78) |
Total stockholders’ equity | 291,843 | 308,559 |
Total liabilities and stockholders’ equity | $ 315,008 | $ 331,568 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 45,532,392 | 45,433,684 |
Common stock, shares outstanding | 45,532,392 | 45,433,684 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses: | ||
Research and development | $ 11,836 | $ 7,500 |
General and administrative | 6,783 | 4,174 |
Total operating expenses | 18,619 | 11,674 |
Loss from operations | (18,619) | (11,674) |
Other income (expense): | ||
Interest income, net | 229 | 128 |
Other expense | (41) | (52) |
Total other income (expense) | 188 | 76 |
Loss before provision for income taxes | (18,431) | (11,598) |
Provision for income taxes | 2 | 4 |
Net loss | (18,433) | (11,602) |
Unrealized loss on marketable securities, net of tax | (588) | (13) |
Comprehensive loss | $ (19,021) | $ (11,615) |
Net loss per share -- basic and diluted | $ (0.41) | $ (0.26) |
Weighted-average common shares outstanding | 45,466,044 | 44,785,226 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Balance at Dec. 31, 2020 | $ 359,121 | $ 469,001 | $ (109,880) | ||
Balance, Shares at Dec. 31, 2020 | 44,777,818 | ||||
Exercise of stock options | 162 | 162 | |||
Exercise of stock options, Shares | 103,351 | ||||
Stock-based compensation expense | 627 | 627 | |||
Net loss | (11,602) | (11,602) | |||
Unrealized 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, 2021 | $ 308,559 | 476,363 | (78) | (167,726) | |
Balance, Shares at Dec. 31, 2021 | 45,433,684 | ||||
Exercise of stock options, Shares | 98,708 | ||||
Exercise of stock options and common stock issued under the 2020 ESPP | $ 128 | 128 | |||
Exercise of stock options and common stock issued under the 2020 ESPP, Shares | 98,708 | ||||
Stock-based compensation expense | 2,177 | 2,177 | |||
Net loss | (18,433) | (18,433) | |||
Unrealized 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 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (18,433) | $ (11,602) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 2,177 | 627 |
Depreciation | 84 | 79 |
Amortization of premiums on marketable securities | 54 | 167 |
Non-cash lease expense | 83 | |
Change in operating assets and liabilities: | ||
Prepaid expenses and other assets | (924) | (948) |
Operating lease right-of-use assets and liabilities | 786 | |
Accounts payable | 239 | (355) |
Accrued expenses | (2,064) | (872) |
Net cash used in operating activities | (17,998) | (12,904) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (796) | (120) |
Purchase of marketable securities | (93,705) | (139,777) |
Maturities of marketable securities | 55,676 | |
Net cash (used in) investing activities | (38,825) | (139,897) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 128 | 162 |
Net cash provided by financing activities | 128 | 162 |
Net decrease in cash and cash equivalents | (56,695) | (152,639) |
Cash, cash equivalents, and restricted cash | ||
Cash, cash equivalents, and restricted cash - beginning of period | 173,289 | 361,422 |
Cash, cash equivalents, and restricted cash - end of period | 116,594 | 208,783 |
Supplemental disclosures of noncash investing activities | ||
Accrued purchases of property and equipment | 1,436 | |
Supplemental disclosures of cash flow information | ||
Cash paid for income taxes | $ 2 | $ 4 |
Formation and Business of the C
Formation and Business of the Company | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Formation and Business of the Company | 1. Formation and Business of the Company Organization and Liquidity PMV Pharmaceuticals, Inc. (the “Company” or “We”) was incorporated in the state of Delaware in March 2013. Since inception, the Company has devoted substantially all of its time and efforts to performing research and development activities and raising capital. We are a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53. The Company’s headquarters are located at 8 Clarke Drive, Suite 3, Cranbury, New Jersey. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The Company has incurred net losses and negative cash flows from operations since its inception. During the three months ended March 31, 2022, the Company incurred a net loss of $18,433 and used $17,998 of cash for operations. As of March 31, 2022, the Company had an accumulated deficit of $186,159. Cash, cash equivalents, and marketable securities were $294,766 as of March 31, 2022. Management expects to incur substantial additional operating losses for the next several years and may need to obtain additional debt or equity financings in order to complete development of its products, obtain regulatory approvals, launch and commercialize its products and continue research and development programs. The Company believes it has adequate cash, cash equivalents, and marketable securities to operate for at least the next twelve months from the date of issuance of these financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) on March 1, 2022. Since the date of those financial statements, there have been no changes to its significant accounting policies 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 March 31, 2022, the condensed statements of operations and comprehensive loss, and condensed statements of stockholders’ equity for the three months ended March 31, 2022 and 2021, and the condensed statements of cash flows for the three months ended March 31, 2022 and 2021 are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for any interim period are not necessarily indicative of results for the year ending December 31, 2022, or for any other subsequent interim period. The condensed balance sheet as of December 31, 2021, has been derived from our audited financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses and stock-based compensation. Actual results could differ materially from those estimates. The length of time and full extent to which the COVID-19 pandemic directly or indirectly impacts our business, results of operations and financial condition, including expense, the supply chain, clinical trials, research and development costs, and employee-related costs, depends on future developments that are highly uncertain, subject to change and are difficult to predict, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19 as well as the economic impact on local, regional, national and international customers and markets. 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 March 31, 2022, 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’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security. For the three months ended March 31, 2022, and 2021, the Company recorded $54 and $167 of amortization, respectively. Restricted cash as of March 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 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. 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. The Company continues to monitor the impact of the COVID-19 outbreak closely. The full extent to which the COVID-10 outbreak will impact its operations or financial results remains uncertain. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 3. Fair Value Measurements The Company’s financial assets consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of March 31, 2022, and December 31, 2021: As of March 31, 2022 Carrying Amount Gross Unrealized Gains Gross Unrealized Losses 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 $ 38,484 $ — $ — $ 38,484 $ 38,484 $ — $ — Corporate securities 202,605 3 (288 ) 202,320 — 202,320 — Government securities 52,845 1 (382 ) 52,464 38,768 13,696 — Total financial assets $ 293,934 $ 4 $ (670 ) $ 293,268 $ 77,252 $ 216,016 $ — As of December 31, 2021 Carrying Amount Gross Unrealized Gains Gross Unrealized Losses 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 $ 40,960 $ — $ — $ 40,960 $ 40,960 $ — $ — Corporate securities 227,378 3 (19 ) 227,362 — 227,362 — Government securities 42,307 — (62 ) 42,245 — 42,245 — Total financial assets $ 310,645 $ 3 $ (81 ) $ 310,567 $ 40,960 $ 269,607 $ — Cash Equivalents — As of March 31, 2022, the Company had cash of $1,498 and cash equivalents of $114,274. Cash equivalents consisted of money market funds of $38,484 and corporate debt securities of $75,790. As of December 31, 2021, the Company had cash of $3,508 and cash equivalents of $168,960. Cash equivalents consisted of money market funds of $40,960 and corporate debt securities of $128,000. Money market funds are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets, whereas corporate debt securities are classified within level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are observable for the asset or liability either directly or indirectly. Marketable Securities — Marketable securities of $178,994 as of March 31, 2022, consisted of corporate debt securities of $126,530 and government debt securities of $52,464. There were $167,221 current marketable securities and $11,773 noncurrent marketable securities as of March 31, 2022. Marketable securities of $141,607 as of December 31, 2021, consisted of corporate debt securities of $99,362 and government debt securities of $42,245. There were $124,696 current marketable securities and $16,911 noncurrent marketable securities as of December 31, 2021. As of March 31, 2022, and December 31, 2021, aggregated gross unrealized losses of available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, Net March 31, 2022 December 31, 2021 Machinery & equipment $ 2,261 $ 2,261 Computers 13 8 Furniture & fixtures 69 9 Leasehold improvements 409 161 Assets not placed in service 4,438 2,519 Total property and equipment 7,190 4,958 Less: Accumulated depreciation (1,952 ) (1,868 ) Property and equipment, net $ 5,238 $ 3,090 Depreciation expense for the three months ended March 31, 2022, and 2021 was $84 and $79, respectively. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consist of the following: March 31, 2022 December 31, 2021 Accrued compensation $ 1,759 $ 3,797 Accrued legal and professional services 280 — Accrued research and development costs 4,471 4,734 Other accrued liabilities 53 96 Total $ 6,563 $ 8,627 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Operating Leases In June 2015, the Company executed a noncancelable operating lease for approximately 13,000 square feet of laboratory, research and development, and office space in Cranbury, New Jersey for an initial base rent of $20.00 per square foot. This location operates as the Company’s current headquarters. In June 2017, the Company obtained an additional noncancelable operating lease for about 6,000 square feet of laboratory space in the same corporate center at an initial rental rate at $22.00 per square foot. As a result of the additional space, both leases will expire June 2022, with an option to renew on a month-to-month basis, with an increase in base rent as per the lease, for up to an additional year. 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. 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 to renew on a month-to-month basis, with an increase in base rent as per the lease, for up to an additional year. The second lease is for office space in Lexington, Massachusetts, that expires August 2023, with an option to renew for a one-time, three-year 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 March 31, 2022, the remaining rent incentive pertaining to the Lexington, MA lease totaled $54. 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 March 31, 2022, $786 of reimbursements were received. The components of lease cost for the three months ended March 31, 2022, and 2021 are as follows, in thousands: (in thousands) Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Operating lease cost $ 511 $ 157 Variable lease cost 197 95 Total lease cost $ 708 $ 252 Amounts reported in the balance sheet for leases where the Company is the lessee as of March 31, 2022, and December 31, 2021 were as follows, in thousands: Operating Leases: March 31, 2022 December 31, 2021 Right-of-use assets, operating leases $ 9,736 $ 10,060 Operating lease liabilities, current $ 258 $ 403 Operating lease liabilities, non-current 11,480 10,790 Total operating lease liabilities $ 11,738 $ 11,193 Weighted-average remaining lease term (years) 9.93 10.02 Weighted-average discount rate 5.75 % 5.75 % Other information related to leases for the three months ended March 31, 2022, and 2021 is as follows, in thousands: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Net cash paid for amounts included in the measurement of lease liabilities $ (358 ) $ 174 Leased assets obtained in exchange for new operating lease liabilities 10,349 - Future minimum lease payments, net of reimbursements, remaining as of March 31, 2022, under operating leases by fiscal year were as follows, in thousands: Fiscal year 2021 $ (2,251 ) 2022 1,833 2023 1,814 2024 1,869 2025 1,925 Thereafter 11,477 Total minimum lease payments $ 16,667 Less: Amounts representing imputed interest (4,929 ) Present value of lease liabilities $ 11,738 Rent expense recorded during the three months ended March 31, 2022, and 2021 was $511 and $137, 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. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity The Company is authorized to issue up to 1,000,000,000 shares of common stock with a par value of $0.00001 per share and 5,000,000 shares of preferred stock with a par value of $0.00001 per share. At March 31, 2022 and December 31, 2021, there were 45,532,392 and 45,433,684 shares of common stock issued and outstanding, respectively. Common stockholders are entitled to receive dividends if and when declared by the board of directors subject to the rights of any preferred stockholders. As of March 31, 2022, no dividends on common stock had been declared by the Company. |
Stock Plan
Stock Plan | 3 Months Ended |
Mar. 31, 2022 | |
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 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 (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. For 2022, the board waived the increase to the shares reserved under the 2020 ESPP. As of March 31, 2022, 47,066 shares are issued or outstanding, and there were 801,464 shares available for issuance, under the 2020 ESPP. Stock-Based Compensation The following table summarizes option activity for the three month period ended March 31, 2022: Options Outstanding Weighted- Weighted Average Aggregate Shares Average Remaining Intrinsic Available Number of Exercise Contractual Life Value for Grant Options Price (in years) (in 000s) Balances, December 31, 2021 4,951,680 4,246,007 $ 8.22 6.86 $ 68,506 Shares reserved for issuance 1,363,084 — — Options granted (1,091,497 ) 1,091,497 $ 16.40 Options forfeited / cancelled — — — Options exercised 98,708 (98,708 ) $ 1.29 Balances March 31, 2022 5,321,975 5,238,796 $ 10.05 7.34 $ 63,622 At March 31, 2022 Vested and expected to vest 5,238,796 $ 10.05 7.34 $ 63,622 Exercisable 2,740,691 $ 4.11 5.78 $ 46,968 At March 31, 2022, the total compensation cost related to nonvested awards not yet recognized is $25,961. The weighted-average period over which the nonvested awards is expected to be recognized is 3.3 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: Three Months Ended Three Months Ended March 31, March 31, 2022 2021 Risk-free interest rate 1.48% - 2.01% 0.65% Expected life (in years) 5.77 - 6.44 6.25 Dividend yield 0% 0% Expected volatility 77.00% 79.90% 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 March 31, March 31, 2022 2021 Research and development $ 649 $ 251 General and administrative 1,528 376 Total stock-based compensation $ 2,177 $ 627 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes During the three months ended March 31, 2022, and 2021, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a taxable position in the near future. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 10. Net Loss per Share The Company excluded all outstanding stock options and restricted stock awards at each period end from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect. For the Three Months Ended March 31, 2022 March 31, 2021 Net loss $ (18,433 ) $ (11,602 ) Weighted-average number of shares - basic and diluted 45,466,044 44,785,226 Net loss per share - basic and diluted $ (0.41 ) $ (0.26 ) |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | 11. Related Parties The Company has consulting agreements with two members of its board of directors; one of which waived his consulting fees as of September 2021. The total of consulting fees paid in each of the three months ended March 31, 2022, and 2021 were $25 and $28, respectively. There were no amounts owed under the consulting agreements as of March 31, 2022. The total of consulting fees paid as of the year ended December 31, 2021, was $110. In May of 2021, the two members of the board of directors were awarded 5,781 options of Company stock each, as per their updated Scientific Advisory Board agreements. There were no amounts owed under the consulting agreements as of March 31, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the interim period reporting requirements of Form 10-Q and Article 10 of Regulation S-X. The condensed balance sheet as of March 31, 2022, the condensed statements of operations and comprehensive loss, and condensed statements of stockholders’ equity for the three months ended March 31, 2022 and 2021, and the condensed statements of cash flows for the three months ended March 31, 2022 and 2021 are unaudited, but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for any interim period are not necessarily indicative of results for the year ending December 31, 2022, or for any other subsequent interim period. The condensed balance sheet as of December 31, 2021, has been derived from our audited financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses and stock-based compensation. Actual results could differ materially from those estimates. The length of time and full extent to which the COVID-19 pandemic directly or indirectly impacts our business, results of operations and financial condition, including expense, the supply chain, clinical trials, research and development costs, and employee-related costs, depends on future developments that are highly uncertain, subject to change and are difficult to predict, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19 as well as the economic impact on local, regional, national and international customers and markets. |
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 March 31, 2022, 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’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security. For the three months ended March 31, 2022, and 2021, the Company recorded $54 and $167 of amortization, respectively. Restricted cash as of March 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 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. |
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. The Company continues to monitor the impact of the COVID-19 outbreak closely. The full extent to which the COVID-10 outbreak will impact its operations or financial results remains uncertain. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values | The Company’s financial assets consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of March 31, 2022, and December 31, 2021: As of March 31, 2022 Carrying Amount Gross Unrealized Gains Gross Unrealized Losses 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 $ 38,484 $ — $ — $ 38,484 $ 38,484 $ — $ — Corporate securities 202,605 3 (288 ) 202,320 — 202,320 — Government securities 52,845 1 (382 ) 52,464 38,768 13,696 — Total financial assets $ 293,934 $ 4 $ (670 ) $ 293,268 $ 77,252 $ 216,016 $ — As of December 31, 2021 Carrying Amount Gross Unrealized Gains Gross Unrealized Losses 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 $ 40,960 $ — $ — $ 40,960 $ 40,960 $ — $ — Corporate securities 227,378 3 (19 ) 227,362 — 227,362 — Government securities 42,307 — (62 ) 42,245 — 42,245 — Total financial assets $ 310,645 $ 3 $ (81 ) $ 310,567 $ 40,960 $ 269,607 $ — |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment, Net | March 31, 2022 December 31, 2021 Machinery & equipment $ 2,261 $ 2,261 Computers 13 8 Furniture & fixtures 69 9 Leasehold improvements 409 161 Assets not placed in service 4,438 2,519 Total property and equipment 7,190 4,958 Less: Accumulated depreciation (1,952 ) (1,868 ) Property and equipment, net $ 5,238 $ 3,090 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consist of the following: March 31, 2022 December 31, 2021 Accrued compensation $ 1,759 $ 3,797 Accrued legal and professional services 280 — Accrued research and development costs 4,471 4,734 Other accrued liabilities 53 96 Total $ 6,563 $ 8,627 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Components of Lease Cost | The components of lease cost for the three months ended March 31, 2022, and 2021 are as follows, in thousands: (in thousands) Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Operating lease cost $ 511 $ 157 Variable lease cost 197 95 Total lease cost $ 708 $ 252 |
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 March 31, 2022, and December 31, 2021 were as follows, in thousands: Operating Leases: March 31, 2022 December 31, 2021 Right-of-use assets, operating leases $ 9,736 $ 10,060 Operating lease liabilities, current $ 258 $ 403 Operating lease liabilities, non-current 11,480 10,790 Total operating lease liabilities $ 11,738 $ 11,193 Weighted-average remaining lease term (years) 9.93 10.02 Weighted-average discount rate 5.75 % 5.75 % |
Summary of Other Information Related to Leases | Other information related to leases for the three months ended March 31, 2022, and 2021 is as follows, in thousands: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Net cash paid for amounts included in the measurement of lease liabilities $ (358 ) $ 174 Leased assets obtained in exchange for new operating lease liabilities 10,349 - |
Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases | Future minimum lease payments, net of reimbursements, remaining as of March 31, 2022, under operating leases by fiscal year were as follows, in thousands: Fiscal year 2021 $ (2,251 ) 2022 1,833 2023 1,814 2024 1,869 2025 1,925 Thereafter 11,477 Total minimum lease payments $ 16,667 Less: Amounts representing imputed interest (4,929 ) Present value of lease liabilities $ 11,738 |
Stock Plan (Tables)
Stock Plan (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock Options Activity | The following table summarizes option activity for the three month period ended March 31, 2022: Options Outstanding Weighted- Weighted Average Aggregate Shares Average Remaining Intrinsic Available Number of Exercise Contractual Life Value for Grant Options Price (in years) (in 000s) Balances, December 31, 2021 4,951,680 4,246,007 $ 8.22 6.86 $ 68,506 Shares reserved for issuance 1,363,084 — — Options granted (1,091,497 ) 1,091,497 $ 16.40 Options forfeited / cancelled — — — Options exercised 98,708 (98,708 ) $ 1.29 Balances March 31, 2022 5,321,975 5,238,796 $ 10.05 7.34 $ 63,622 At March 31, 2022 Vested and expected to vest 5,238,796 $ 10.05 7.34 $ 63,622 Exercisable 2,740,691 $ 4.11 5.78 $ 46,968 |
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: Three Months Ended Three Months Ended March 31, March 31, 2022 2021 Risk-free interest rate 1.48% - 2.01% 0.65% Expected life (in years) 5.77 - 6.44 6.25 Dividend yield 0% 0% Expected volatility 77.00% 79.90% |
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 March 31, March 31, 2022 2021 Research and development $ 649 $ 251 General and administrative 1,528 376 Total stock-based compensation $ 2,177 $ 627 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Net Loss per Share | For the Three Months Ended March 31, 2022 March 31, 2021 Net loss $ (18,433 ) $ (11,602 ) Weighted-average number of shares - basic and diluted 45,466,044 44,785,226 Net loss per share - basic and diluted $ (0.41 ) $ (0.26 ) |
Formation and Business of the_2
Formation and Business of the Company - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Net loss | $ 18,433 | $ 11,602 | |
Cash used in operating activities | 17,998 | $ 12,904 | |
Accumulated deficit | 186,159 | $ 167,726 | |
Cash, cash equivalents, and marketable securities | $ 294,766 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounting Policies [Abstract] | ||
Amortization of available-for-sale debt securities | $ 54 | $ 167 |
Restricted cash | $ 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Carrying Amount | $ 293,934 | $ 310,645 |
Gross Unrealized Gains | 4 | 3 |
Gross Unrealized Losses | (670) | (81) |
Fair Value | 293,268 | 310,567 |
Quoted Priced in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 77,252 | 40,960 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 216,016 | 269,607 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Carrying Amount | 38,484 | 40,960 |
Fair Value | 38,484 | 40,960 |
Money Market Funds | Quoted Priced in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 38,484 | 40,960 |
Corporate Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Carrying Amount | 202,605 | 227,378 |
Gross Unrealized Gains | 3 | 3 |
Gross Unrealized Losses | (288) | (19) |
Fair Value | 202,320 | 227,362 |
Corporate Securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 202,320 | 227,362 |
Government Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Carrying Amount | 52,845 | 42,307 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (382) | (62) |
Fair Value | 52,464 | 42,245 |
Government Securities | Quoted Priced in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 38,768 | |
Government Securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 13,696 | $ 42,245 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash | $ 1,498,000 | $ 3,508,000 |
Cash equivalents | 114,274,000 | 168,960,000 |
Marketable Securities | 178,994,000 | 141,607,000 |
Marketable securities noncurrent | 11,773,000 | 16,911,000 |
Marketable securities current | 167,221,000 | 124,696,000 |
Allowance for credit losses | 0 | 0 |
Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities | 126,530,000 | 99,362,000 |
Corporate Debt Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 75,790,000 | 128,000,000 |
Government Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities | 52,464,000 | 42,245,000 |
Money Market Funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 38,484,000 | $ 40,960,000 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 7,190 | $ 4,958 |
Less: Accumulated depreciation | (1,952) | (1,868) |
Property and equipment, net | 5,238 | 3,090 |
Machinery & Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 2,261 | 2,261 |
Computers | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 13 | 8 |
Furniture & Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 69 | 9 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 409 | 161 |
Assets Not Placed in Service | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 4,438 | $ 2,519 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | ||
Depreciation | $ 84 | $ 79 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Payables And Accruals [Abstract] | ||
Accrued compensation | $ 1,759 | $ 3,797 |
Accrued legal and professional services | 280 | |
Accrued research and development costs | 4,471 | 4,734 |
Other accrued liabilities | 53 | 96 |
Total | $ 6,563 | $ 8,627 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2021USD ($)ft² | Aug. 31, 2018ft²Lease$ / ft² | Mar. 31, 2022USD ($)$ / ft² | Mar. 31, 2021USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2017ft²$ / ft² | Jun. 30, 2015ft²$ / ft² | |
Commitments And Contingencies Disclosure [Line Items] | |||||||
Number of noncancelable operating leases | Lease | 2 | ||||||
Rent expense | $ 511,000 | $ 137,000 | |||||
Cranbury, New Jersey | |||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||
Area of operating lease property | ft² | 6,000 | 13,000 | |||||
Initial base rent per square foot | $ / ft² | 22 | 20 | |||||
Operating lease expiration period | 2022-06 | ||||||
Operating lease maintenance expense per square foot | $ / ft² | 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% | ||||||
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 | ||||||
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 | $ 54,000 | ||||||
Sublease expiration period | 2023-08 | ||||||
Princeton, New Jersey | |||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||
Operating lease, description | That lease term extends through 2032, has a five-year extension option, and is intended to replace the Company’s two existing facilities and the space is expected to become the Company’s future headquarters | ||||||
Lease area of square feet | ft² | 50,581 | ||||||
Operating Leases, extended year | 2032 | ||||||
Operating leases, extension period | 5 years | ||||||
Operating lease, payments | $ 19,889,000 | ||||||
Operating leases extended month and year | 2032-05 | ||||||
Tenant improvement allowance | $ 4,046,000 | ||||||
Reimbursements received | $ 786,000 | ||||||
Sublease income | $ 29,000 | $ 25,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 511 | $ 157 |
Variable lease cost | 197 | 95 |
Total lease cost | $ 708 | $ 252 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Amounts Reported in Consolidated Balance Sheets for Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Operating Leases: | ||
Right-of-use assets, operating leases | $ 9,736 | $ 10,060 |
Operating lease liabilities, current | 258 | 403 |
Operating lease liabilities, non-current | 11,480 | 10,790 |
Total operating lease liabilities | $ 11,738 | $ 11,193 |
Weighted-average remaining lease term (years) | 9 years 11 months 4 days | 10 years 7 days |
Weighted-average discount rate | 5.75% | 5.75% |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Other Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Net cash paid for amounts included in the measurement of lease liabilities | $ (358) | $ 174 |
Leased assets obtained in exchange for new operating lease liabilities | $ 10,349 |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments And Contingencies Disclosure [Abstract] | ||
2021 | $ (2,251) | |
2022 | 1,833 | |
2023 | 1,814 | |
2024 | 1,869 | |
2025 | 1,925 | |
Thereafter | 11,477 | |
Total minimum lease payments | 16,667 | |
Less: Amounts representing imputed interest | (4,929) | |
Present value of lease liabilities | $ 11,738 | $ 11,193 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares issued | 45,532,392 | 45,433,684 |
Common stock, shares outstanding | 45,532,392 | 45,433,684 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Dividends, common stock declared | $ 0 |
Stock Plan - Additional Informa
Stock Plan - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Jan. 01, 2022 | Sep. 24, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total compensation cost related to nonvested awards not yet recognized | $ 25,961 | |||
Weighted-average period over nonvested awards expected to be recognized | 3 years 3 months 18 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 | 1,363,084 | |||
Shares issued | 5,321,975 | |||
2020 ESPP | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares reserved for issuance | 801,464 | 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 | 47,066 | |||
Shares outstanding | 47,066 |
Stock Plan - Schedule of Stock
Stock Plan - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Shares Available For Grant | ||
Shares Available for Grant, Balance | 4,951,680 | |
Shares Available for Grant, Shares reserved for issuance | 1,363,084 | |
Shares Available for Grant, Options granted | (1,091,497) | |
Shares Available for Grant, Options exercised | 98,708 | |
Shares Available for Grant, Balance | 5,321,975 | 4,951,680 |
Number of Options | ||
Options | 4,246,007 | |
Options granted, Number of Options | 1,091,497 | |
Options exercised, Number of Options | (98,708) | |
Options Outstanding, Number of Options | 5,238,796 | 4,246,007 |
Vested and expected to vest, Number of Options | 5,238,796 | |
Exercisable, Number of Options | 2,740,691 | |
Weighted Average Exercise Price | ||
Options Outstanding, Weighted Average Exercise Price | $ 8.22 | |
Options granted, Weighted Average Exercise Price | 16.40 | |
Options exercised, Weighted Average Exercise Price | 1.29 | |
Options Outstanding, Weighted Average Exercise Price | 10.05 | $ 8.22 |
Vested and expected to vest, Weighted Average Exercise Price | 10.05 | |
Exercisable, Weighted Average Exercise Price | $ 4.11 | |
Weighted-Average Remaining Contractual Life | ||
Options Outstanding, Weighted-Average Remaining Contractual Life | 7 years 4 months 2 days | 6 years 10 months 9 days |
Vested and expected to vest, Weighted-Average Remaining Contractual Life | 7 years 4 months 2 days | |
Exercisable, Weighted-Average Remaining Contractual Life | 5 years 9 months 10 days | |
Aggregate Intrinsic Value | ||
Options Outstanding, Aggregate Intrinsic Value | $ 63,622 | $ 68,506 |
Vested and expected to vest, Aggregate Intrinsic Value | 63,622 | |
Exercisable, Aggregate Intrinsic Value | $ 46,968 |
Stock Plan - Schedule of Estima
Stock Plan - Schedule of Estimated Fair Value of Stock Options (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 0.65% | |
Risk-free interest rate, minimum | 1.48% | |
Risk-free interest rate, maximum | 2.01% | |
Expected life (in years) | 6 years 3 months | |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 77.00% | 79.90% |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life (in years) | 5 years 9 months 7 days | |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life (in years) | 6 years 5 months 8 days |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 2,177 | $ 627 |
Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | 649 | 251 |
General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation | $ 1,528 | $ 376 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (18,433) | $ (11,602) |
Weighted-average number of shares - basic and diluted | 45,466,044 | 44,785,226 |
Net loss per share -- basic and diluted | $ (0.41) | $ (0.26) |
Related Parties - Additional In
Related Parties - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
May 31, 2021Membershares | Mar. 31, 2022USD ($)shares | Mar. 31, 2021USD ($) | Sep. 30, 2021Member | Dec. 31, 2021USD ($) | |
Related Party Transaction [Line Items] | |||||
Options awarded | shares | 1,091,497 | ||||
Board of Directors | |||||
Related Party Transaction [Line Items] | |||||
Number of consulting agreement members | Member | 2 | 2 | |||
Consulting fees | $ | $ 25,000 | $ 28,000 | $ 110,000 | ||
Amount owed to related party | $ | $ 0 | $ 0 | |||
Options awarded | shares | 5,781 |