Black Diamond Therapeutics (BDTX) 10-Q 10 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 02, 2020
Cover [Abstract]
Document Type	10-Q
Entity Registrant Name	BLACK DIAMOND THERAPEUTICS, INC.
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Entity File Number	001-38501
Entity Central Index Key	0001701541
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4254660
Entity Address, Address Line One	139 Main Street
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	(617)
Local Phone Number	252-0848
Title of 12(b) Security	Common stock, par value $0.0001
Trading Symbol	BDTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		35,995,660

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 56,197	$ 154,666
Investments	276,875	0
Prepaid expenses and other current assets	3,356	1,048
Total current assets	336,428	155,714
Equipment, net	229	164
Restricted cash	1,223	55
Deferred offering costs	0	2,303
Right-of-use asset	8,463
Other non-current assets	92	59
Total assets	346,435	158,295
Current liabilities:
Accounts payable	2,932	1,964
Amounts due to related party	190	0
Accrued expenses and other current liabilities	8,219	2,899
Total current liabilities	11,341	4,863
Derivative liabilities	0	16
Non-current operating lease liability	7,749
Total liabilities	19,090	4,879
Commitments and contingencies (Note 11)	0	0
Convertible preferred stock (Note 7)	0	200,573
Stockholders' equity (deficit):
Common stock; $0.0001 par value; 500,000,000 shares authorized at September 30, 2020 and 80,000,000 shares authorized at December 31, 2019; 35,963,447 shares issued and outstanding at September 30, 2020 and 2,236,672 shares issued and outstanding at December 31, 2019	5	1
Additional paid-in capital	422,063	3,812
Accumulated other comprehensive income	875	0
Accumulated deficit	(95,598)	(50,970)
Total stockholders' equity (deficit)	327,345	(47,157)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$ 346,435	$ 158,295

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	80,000,000
Common stock, shares issued	35,963,447	2,236,672
Common stock, shares outstanding	35,963,447	2,236,672

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating expenses:
Research and development (inclusive of $190, $3,480, $2,293 and $8,497 respectively, with a related party)	$ 12,929	$ 5,634	$ 30,453	$ 14,293
General and administrative (inclusive of $0, $176, $0 and $357 respectively, with a related party)	5,551	2,514	15,934	4,695
Total operating expenses	18,480	8,148	46,387	18,988
Loss from operations	(18,480)	(8,148)	(46,387)	(18,988)
Other income (expense):
Interest expense	0	0	(1)	0
Interest income	1,162	1	2,787	21
Change in fair value of derivative liabilities	0	(1,116)	0	(6,416)
Other (expense) income	(594)	(5)	(1,027)	0
Total other income (expense), net	568	(1,120)	1,759	(6,395)
Net loss attributable to common stockholders	$ (17,912)	$ (9,268)	$ (44,628)	$ (25,383)
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share)	$ (0.50)	$ (4.50)	$ (1.42)	$ (12.36)
Weighted average common shares outstanding, basic and diluted	35,927,485	2,065,676	31,860,716	2,054,115
Comprehensive loss:
Net loss	$ (17,912)	$ (9,268)	$ (44,628)	$ (25,383)
Other comprehensive income:
Change in unrealized (loss) gain on investments	(137)	0	875	0
Comprehensive loss	$ (18,049)	$ (9,268)	$ (43,753)	$ (25,383)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Research and development, related party	$ 190	$ 3,480	$ 2,293	$ 8,497
General and administrative, related party	$ 0	$ 176	$ 0	$ 357

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (44,628)	$ (25,383)
Adjustment to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	5,295	1,133
Change in fair value of derivative liabilities	0	6,416
Depreciation expense	37	38
Accretion of discount on investments	(990)	0
Noncash rent expense	287	0
Changes in current assets and liabilities:
Prepaid expenses and other current assets	(2,308)	(270)
Other non-current assets	(33)	(25)
Accounts payable	1,528	496
Amounts due to related party	190	(453)
Accrued expenses and other current liabilities	4,551	860
Non-current operating lease liability	(301)
Net cash used in operating activities	(36,372)	(17,188)
Cash flows from investing activities:
Purchases of equipment	(33)	(19)
Proceeds from sales and maturities of investments	17,765	0
Purchases of investments	(292,775)	0
Net cash used in investing activities	(275,043)	(19)
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net	0	44,669
Proceeds from exercise of common stock options	270	0
Proceeds from initial public offering, net of issuance costs of $1,275	213,844	0
Payment of deferred offering costs	0	(408)
Net cash provided by financing activities	214,114	44,261
Net decrease in cash and cash equivalents	(97,301)	27,054
Cash, cash equivalents and restricted cash, beginning of period	154,721	51,660
Cash, cash equivalents and restricted cash, end of period	57,420	78,714
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash, cash equivalents and restricted cash, end of period	57,420	78,714
Supplemental disclosure of non-cash investing and financing activities:
Deferred offering and stock issuance costs included in accounts payable and accrued expenses and other current liabilities	0	1,169
Conversion of preferred stock	200,573	0
Right-of-use assets obtained in exchange for operating lease obligation	8,274
Line of credit for operating lease obligation	1,168	0
Series B preferred stock
Supplemental disclosure of non-cash investing and financing activities:
Conversion of preferred stock	$ 0	$ 6,393

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Statement of Cash Flows [Abstract]
Stock issuance costs	$ 1,275

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Series B preferred stock	Common stock	Additional paid-in capital	Accumulated other comprehensive income	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2018	33,668,075
Beginning balance at Dec. 31, 2018	$ 60,770
Ending balance (in shares) at Mar. 31, 2019	33,668,075
Ending balance at Mar. 31, 2019	$ 60,770
Beginning balance (in shares) at Dec. 31, 2018			2,173,684
Beginning balance at Dec. 31, 2018	(15,542)		$ 1	$ 169	$ 0	$ (15,712)
Common stock
Grant of restricted common stock awards (in shares)			46,416
Grant of restricted common stock awards	0
Stock-based compensation	91			91
Net loss	(3,828)					(3,828)
Ending balance (in shares) at Mar. 31, 2019			2,220,100
Ending balance at Mar. 31, 2019	$ (19,279)		$ 1	260	0	(19,540)
Beginning balance (in shares) at Dec. 31, 2018	33,668,075
Beginning balance at Dec. 31, 2018	$ 60,770
Ending balance (in shares) at Sep. 30, 2019	45,419,229
Ending balance at Sep. 30, 2019	$ 115,840
Beginning balance (in shares) at Dec. 31, 2018			2,173,684
Beginning balance at Dec. 31, 2018	(15,542)		$ 1	169	0	(15,712)
Common stock
Change in unrealized (loss) gain on investments	0
Net loss	(25,383)
Ending balance (in shares) at Sep. 30, 2019			2,220,100
Ending balance at Sep. 30, 2019	$ (39,792)		$ 1	1,302	0	(41,095)
Beginning balance (in shares) at Mar. 31, 2019	33,668,075
Beginning balance at Mar. 31, 2019	$ 60,770
Ending balance (in shares) at Jun. 30, 2019	33,668,075
Ending balance at Jun. 30, 2019	$ 60,770
Beginning balance (in shares) at Mar. 31, 2019			2,220,100
Beginning balance at Mar. 31, 2019	(19,279)		$ 1	260	0	(19,540)
Common stock
Stock-based compensation	192			192
Net loss	(12,287)					(12,287)
Ending balance (in shares) at Jun. 30, 2019			2,220,100
Ending balance at Jun. 30, 2019	$ (31,374)		$ 1	452	0	(31,827)
Convertible preferred stock
Issuance of series B convertible preferred stock, net (in shares)		11,751,154
Issuance of series B convertible preferred stock, net		$ 55,070
Ending balance (in shares) at Sep. 30, 2019	45,419,229
Ending balance at Sep. 30, 2019	$ 115,840
Common stock
Stock-based compensation	850			850
Change in unrealized (loss) gain on investments	0
Net loss	(9,268)					(9,268)
Ending balance (in shares) at Sep. 30, 2019			2,220,100
Ending balance at Sep. 30, 2019	$ (39,792)		$ 1	1,302	0	(41,095)
Beginning balance (in shares) at Dec. 31, 2019	64,839,353
Beginning balance at Dec. 31, 2019	$ 200,573
Convertible preferred stock
Conversion of preferred stock to common stock upon closing of the initial public offering (in shares)	(64,839,353)
Conversion of preferred stock to common stock upon closing of the initial public offering	$ (200,573)
Ending balance (in shares) at Mar. 31, 2020	0
Ending balance at Mar. 31, 2020	$ 0
Beginning balance (in shares) at Dec. 31, 2019	2,236,672		2,236,672
Beginning balance at Dec. 31, 2019	$ (47,157)		$ 1	3,812	0	(50,970)
Common stock
Conversion of preferred stock to common stock upon closing of the initial public offering (in shares)			21,499,770
Conversion of preferred stock to common stock upon closing of the initial public offering	200,573		$ 3	200,570
Issuance of common stock, net of issuance costs (in shares)			12,174,263
Issuance of common stock, net of issuance costs	212,101		$ 1	212,100
Reclassification of warrants to additional paid-in capital	16			16
Stock-based compensation	1,877			1,877
Net loss	(12,145)					(12,145)
Ending balance (in shares) at Mar. 31, 2020			35,910,705
Ending balance at Mar. 31, 2020	$ 355,265		$ 5	418,375	0	(63,115)
Beginning balance (in shares) at Dec. 31, 2019	64,839,353
Beginning balance at Dec. 31, 2019	$ 200,573
Ending balance (in shares) at Sep. 30, 2020	0
Ending balance at Sep. 30, 2020	$ 0
Beginning balance (in shares) at Dec. 31, 2019	2,236,672		2,236,672
Beginning balance at Dec. 31, 2019	$ (47,157)		$ 1	3,812	0	(50,970)
Common stock
Exercise of common stock options (in shares)	51,076
Change in unrealized (loss) gain on investments	$ 875
Net loss	$ (44,628)
Ending balance (in shares) at Sep. 30, 2020	35,963,447		35,963,447
Ending balance at Sep. 30, 2020	$ 327,345		$ 5	422,063	875	(95,598)
Beginning balance (in shares) at Mar. 31, 2020	0
Beginning balance at Mar. 31, 2020	$ 0
Ending balance (in shares) at Jun. 30, 2020	0
Ending balance at Jun. 30, 2020	$ 0
Beginning balance (in shares) at Mar. 31, 2020			35,910,705
Beginning balance at Mar. 31, 2020	355,265		$ 5	418,375	0	(63,115)
Common stock
Stock-based compensation	1,419			1,419
Change in unrealized (loss) gain on investments	1,012				1,012
Net loss	(14,571)					(14,571)
Ending balance (in shares) at Jun. 30, 2020			35,910,705
Ending balance at Jun. 30, 2020	$ 343,125		$ 5	419,794	1,012	(77,686)
Ending balance (in shares) at Sep. 30, 2020	0
Ending balance at Sep. 30, 2020	$ 0
Common stock
Exercise of common stock options (in shares)			51,076
Exercise of common stock options	270			270
Vesting of restricted stock units (in shares)			1,666
Vesting of restricted stock units	0
Stock-based compensation	1,999			1,999
Change in unrealized (loss) gain on investments	(137)				(137)
Net loss	$ (17,912)					(17,912)
Ending balance (in shares) at Sep. 30, 2020	35,963,447		35,963,447
Ending balance at Sep. 30, 2020	$ 327,345		$ 5	$ 422,063	$ 875	$ (95,598)

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS AND BASIS OF PRESENTATION	NATURE OF BUSINESS AND BASIS OF PRESENTATION Black Diamond Therapeutics, Inc. (the “Company”) is a precision oncology medicine company pioneering the discovery and development of small molecule, tumor-agnostic therapies. The Company was originally organized as a limited liability company in December 2014 under the name ASET Therapeutics LLC. In September 2016, the Company was converted to a corporation under the laws of the State of Delaware under the name ASET Therapeutics, Inc. The Company changed its name to Black Diamond Therapeutics, Inc. in January 2018. Since its inception, the Company has devoted substantially all of its efforts to raising capital, obtaining financing, and incurring research and development costs related to the development of BDTX-189 and its earlier-stage pipeline programs as well as its mutation, allostery, and pharmacology computational and discovery platform. The Company is subject to risks and uncertainties common to early stage companies in the biotechnology industry. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s technology will be obtained, that any products developed will obtain necessary government regulatory approval or that any products, if approved, will be commercially viable. The Company operates in an environment of rapid technological innovation and substantial competition from pharmaceutical and biotechnological companies. In addition, the Company is dependent upon the services of its employees, consultants and service providers including a related party Ridgeline Therapeutics GmbH (“Ridgeline”). 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 January 21, 2020, the Company effected a 1-for-3.01581 reverse stock split of the Company’s common stock. All shares, stock options, warrants and per share information presented in the condensed consolidated financial statements have been adjusted to reflect the reverse stock split on a retroactive basis for all periods presented. There was no change in the par value of the Company’s common stock. On February 3, 2020, the Company completed an initial public offering (the “IPO”) of 12,174,263 shares of its common stock, including the exercise in full by the underwriters of their option to purchase up to 1,587,947 additional shares of common stock, for aggregate gross proceeds of $231,311 and its shares started trading on The Nasdaq Global Select Market under the ticker symbol “BDTX.” The Company received $212,101 in net proceeds after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. Upon closing of the IPO, all of the Company's outstanding shares of convertible preferred stock automatically converted into 21,499,770 shares of common stock. The accompanying condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets, and the satisfaction of liabilities and commitments in the ordinary course of business. Historically, the Company has funded its operations primarily with proceeds from the sale of convertible preferred stock. The Company expects to continue to generate operating losses for the foreseeable future. As of November 10, 2020, the issuance date of the condensed consolidated financial statements, the Company expects that its cash, cash equivalents and investments will be sufficient to fund its operating expenses and capital requirements into 2023. The Company may seek additional funding through private or public equity financings, debt financings, collaborations, strategic alliances, and marketing, distribution or licensing arrangements. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into collaborations or other arrangements. The terms of any financing may adversely affect the holdings or the rights of the Company's stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. The ongoing global outbreak of the novel coronavirus disease (“COVID-19”), which began in December 2019, was reported to have surfaced in Wuhan, China, and has since spread to other regions and countries worldwide. The COVID-19 pandemic is evolving, and to date has led to the implementation of various responses, including government-imposed quarantines, stay-at-home orders, travel restrictions, mandated business closures and other public health safety measures. Such orders, restrictions and recommendations, and the perception that additional orders, restrictions or recommendations could occur, have resulted in widespread closures of businesses not deemed “essential,” work stoppages, slowdowns and delays, work-from-home policies, travel restrictions and cancellation of events. The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of the Company’s business, including how it has and will continue to impact the Company’s operations and the operations of its suppliers, vendors and business partners, and may take further precautionary and preemptive actions as may be required by federal, state or local authorities. In addition, the Company has taken steps to minimize the current environment’s impact on its business and strategy, including devising contingency plans and securing additional resources from third party service providers. Furthermore, for the safety of the Company’s employees and families, the Company has introduced enhanced safety measures for scientists to be present in its labs and increased the use of third party service providers for the conduct of certain experiments and studies for research programs. Certain of the Company’s third party service providers have also experienced shutdowns or other business disruptions. The Company does not yet know the full extent of potential delays or impacts on the Company’s business, clinical trials, research programs, healthcare systems or the global economy and cannot presently predict the scope and severity of any potential business shutdowns or disruptions. The extent to which COVID-19 ultimately impacts the Company’s business, results of operations or financial condition will depend on future developments, which remain highly uncertain and cannot be predicted with confidence, such as the duration of the outbreak, new information that may emerge concerning the severity of COVID-19 or the effectiveness of actions taken to contain the pandemic or treat its impact, among others. In addition, a recurrence or “additional waves” of COVID-19 cases could cause other widespread or more severe impacts depending on where infection rates are highest. While states and jurisdictions have rolled back “stay at home” and quarantine orders and reopened in phases, it is difficult to predict what the lasting impact of the pandemic will be, and any prolonged material disruption to the Company’s employees or third party service providers could negatively impact the Company’s ability to conduct business in the manner and on the timelines presently planned, which could have a material adverse impact on the Company’s business, results of operations and financial condition.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and its wholly owned subsidiaries, Black Diamond Therapeutics (Canada), Inc. and Black Diamond Therapeutics Security Corporation, after elimination of all significant intercompany accounts and transactions. Unaudited interim financial information The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this Quarterly Report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on March 24, 2020. In the opinion of the Company’s management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included. Use of estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses, the valuation of common stock and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, 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 markets. The Company has considered the impact of COVID-19 on estimates within its financial statements and there may be changes to those estimates in future periods. As of the date of issuance of these unaudited condensed consolidated financial statements, the Company has not experienced material business disruptions or incurred impairment losses in the carrying value of its assets as a result of the pandemic and is not aware of any specific related event or circumstance that would require it to update its estimates. Deferred offering costs As of December 31, 2019, the Company recorded deferred offering costs of $2,303. The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process preferred stock or common stock financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction to the carrying value of convertible preferred stock or in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering. Should a planned equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the condensed consolidated statements of operations and comprehensive loss. After consummation of the IPO, which closed on February 3, 2020, these costs were recorded in stockholders' equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering. Investments Investments consist of marketable securities with original maturities greater than 90 days. The Company has classified its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices. Unrealized gains and losses are reported as the accumulated other comprehensive items in stockholders’ equity. Amortization and accretion of premiums and discounts are recorded in other income (expense). Realized gains or losses on debt securities are included in interest income or interest expense, respectively. If any adjustment to fair value reflects a decline in value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is other than temporary and, if so, marks the investment to market on the Company’s statement of operations and comprehensive income (loss). Restricted cash Cash accounts that are restricted as to withdrawal or usage are presented as restricted cash. Restricted cash includes amounts held as security deposits in the form of letters of credit for the Company’s leased facilities. Comprehensive loss Comprehensive loss is composed of net loss and other comprehensive income (loss). Other comprehensive income (loss) consists of unrealized gains and losses on investments. Leases Effective January 1, 2020, the Company adopted Accounting Standards Updated (“ASU”) No. 2016-02, Leases (Topic 842) (“ASU 2016-02” or “ASC 842”), using the modified retrospective method and utilized the effective date as its date of initial application, with prior periods presented in accordance with previous guidance under ASC 840, Leases (“ASC 840”). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and current and non-current lease liabilities, as applicable. Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Prospectively, the Company will adjust the right-of-use assets for straight-line rent expense or any incentives received and remeasure the lease liability at the net present value using the same incremental borrowing rate that was in effect as of the lease commencement or transition date. The Company has elected not to recognize leases with an original term of one year or less on the condensed consolidated balance sheet. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. Assumptions made by the Company at the commencement date are re-evaluated upon occurrence of certain events, including a lease modification. A lease modification results in a separate contract when the modification grants the lessee an additional right of use not included in the original lease and when lease payments increase commensurate with the standalone price for the additional right of use. When a lease modification results in a separate contract, it is accounted for in the same manner as a new lease. The Company elected the following practical expedients, which must be elected as a package and applied consistently to all of its leases at the transition date (including those for which the entity is a lessee or a lessor): i) the Company did not reassess whether any expired or existing contracts are or contain leases; ii) the Company did not reassess the lease classification for any expired or existing leases (that is, all existing leases that were classified as operating leases in accordance with ASC 840 are classified as operating leases, and all existing leases that were classified as capital leases in accordance with ASC 840 are classified as finance leases); and iii) the Company did not reassess initial direct costs for any existing leases. For leases that existed prior to the date of initial application of ASC 842 (which were previously classified as operating leases), a lessee may elect to use either the total lease term measured at lease inception under ASC 840 or the remaining lease term as of the date of initial application of ASC 842 in determining the period for which to measure its incremental borrowing rate. In transition to ASC 842, the Company utilized the remaining lease term of its leases in determining the appropriate incremental borrowing rates. In accordance with ASC 842, components of a lease should be split into three categories: lease components, non-lease components, and non-components. The fixed and in-substance fixed contract consideration (including any consideration related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components. Entities may elect not to separate lease and non-lease components. The Company has elected to account for lease and non-lease components together as a single lease component for all underlying assets and allocate all of the contract consideration to the lease component only. Recently issued accounting pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes-Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for annual periods beginning after December 15, 2020 and interim periods within, with early adoption permitted. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The Company is currently assessing the impact of this standard on our financial condition and results of operations.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values: Fair value measurements at September 30, 2020 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 52,018 $ — $ — $ 52,018 Investments: Commercial paper — 69,968 — 69,968 Corporate bonds — 186,863 — 186,863 U.S. Government agencies — 20,044 — 20,044 Total $ 52,018 $ 276,875 $ — $ 328,893 Fair value measurements at December 31, 2019 using: Level 1 Level 2 Level 3 Total Assets: Money market funds $ 24,157 $ — $ — $ 24,157 Total $ 24,157 $ — $ — $ 24,157 Liabilities: Derivative liabilities $ — $ — $ 16 $ 16 Total $ — $ — $ 16 $ 16 When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure fair value. The valuation technique used to measure fair value for the Company's Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. There were no transfers in or out of Level 3 categories in the periods presented. Valuation of derivative liabilities The fair value of the derivative liabilities related to the warrants to purchase series A convertible preferred stock is based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. Upon completion of the IPO in February 2020, the warrants to purchase series A convertible preferred stock converted to warrants to purchase 10,757 shares of common stock and the fair value of the derivative liability was reclassified to additional paid-in capital. As a result, we will no longer remeasure the fair value of the warrant liability at each reporting date. Derivative liabilities consisted of the following: September 30, Balance - December 31, 2019 $ 16 Reclassification to additional paid-in capital in connection with IPO (16) Balance - September 30, 2020 $ —

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS As of September 30, 2020, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 69,860 $ 108 $ — $ 69,968 Corporate bonds 186,098 765 — 186,863 U.S. Government agencies 20,042 2 — 20,044 Total $ 276,000 $ 875 $ — $ 276,875 As of December 31, 2019, the Company did not hold any investments.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Equipment, net consisted of the following: September 30, December 31, Laboratory equipment $ 226 $ 218 Computer and office equipment 83 58 Construction in process 69 — Equipment 378 276 Less: accumulated depreciation (149) (112) Total Equipment, net $ 229 $ 164 Depreciation expense for the nine months ended September 30, 2020 and 2019 was $37 and $38, respectively.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	9 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: September 30, December 31, Contracted research services $ 1,088 $ 434 Payroll and related expenses 2,733 1,182 Professional and consulting fees 3,141 984 Legal fees 320 299 Current portion of operating lease liability 937 — Total accrued expenses and other current liabilities $ 8,219 $ 2,899

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the board of directors. Upon closing of the IPO on February 3, 2020, all of the preferred stock converted into an aggregate of 21,499,770 shares of common stock. On February 3, 2020, in connection with the closing of the IPO, the Company filed an amended and restated certificate of incorporation, which, among other things, restated the number of shares of all classes of stock that the Company has authority to issue to 510,000,000 shares, of which (i) 500,000,000 shares shall be a class designated as common stock, par value $0.0001 per share, and (ii) 10,000,000 shares shall be a class designated as undesignated preferred stock, par value $0.0001 per share.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 2017 Equity Incentive Plan The Company’s 2017 Employee, Director and Consultant Equity Incentive Plan, as amended (the “2017 Plan”), provided for the Company to grant qualified incentive options, nonqualified options, stock grants and other stock-based awards to employees and non-employees to purchase the Company’s common stock. Upon the effectiveness of the 2020 Plan (as defined below), no further issuances were made under the 2017 Plan. 2020 Stock Option and Incentive Plan The 2020 Stock Option and Incentive Plan (the “2020 Plan”) was approved by our board of directors on December 5, 2019, and the Company’s stockholders on January 14, 2020 and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. 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 initially reserved for issuance under the 2020 Plan is 6,665,891, which shall be cumulatively increased on January 1, 2021 and each January 1 thereafter by 4% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or such lesser number of shares determined by the Company’s board of directors or compensation, nomination, and corporate governance committee of the board of directors. 2020 Employee Stock Purchase Plan The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was approved by the Company’s board of directors on December 5, 2019, and our stockholders on January 14, 2020, and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. A total of 326,364 shares of common stock were initially reserved for issuance under this plan, which shall be cumulatively increased on January 1, 2021 and each January 1 thereafter by 1% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or such lesser number of shares determined by the Company’s board of directors or compensation, nomination and corporate governance committee of the board of directors. Stock-based compensation expense The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Research and development $ 1,044 $ 738 $ 2,263 $ 984 General and administrative 955 112 3,032 149 $ 1,999 $ 850 $ 5,295 $ 1,133 Options During the nine months ended September 30, 2020, the Company granted options to purchase 1,351,593 shares of common stock. The total fair value of options vested during the nine months ended September 30, 2020 was $2,043. As of September 30, 2020, there were 3,639,228 options outstanding, 39,763 options were forfeited and 51,076 options were exercised during the period. The weighted-average grant-date fair value per share of options granted during the nine months ended September 30, 2020 was $14.47. For the nine months ended September 30, 2020, total unrecognized compensation cost related to the unvested stock-options was $26,283, which is expected to be recognized over a weighted average period of 3.0 years. Restricted stock units The fair values of restricted stock units are based on the market value of the Company’s stock on the date of the grant. Under terms of the restricted stock agreements covering the common stock, shares of restricted common stock are subject to a vesting schedule. During the nine months ended September 30, 2020, the Company granted 61,000 restricted stock units during the period. The total fair value of restricted stock units vested during the nine months ended September 30, 2020 was $50. As of September 30, 2020, there were 59,334 restricted stock units outstanding and 1,666 units were vested during the period. The weighted-average grant-date fair value per share of restricted stock units granted during the nine months ended September 30, 2020 was $29.65. For the nine months ended September 30, 2020, total unrecognized compensation cost related to the unvested restricted stock units was $1,631, which is expected to be recognized over a weighted average period of 2.2 years.

NET LOSS PER SHARE

NET LOSS PER SHARE	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE Net loss per share The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Net loss attributable to common stockholders $ (17,912) $ (9,268) $ (44,628) $ (25,383) Weighted average common shares outstanding, basic and diluted 35,927,485 2,065,676 31,860,716 2,054,115 Net loss per share, basic and diluted $ (0.50) $ (4.50) $ (1.42) $ (12.36) The Company’s potentially dilutive securities, which include options, unvested restricted stock, convertible preferred stock and warrants to purchase convertible preferred stock, have been excluded from the computation of diluted net loss per share attributable to common stockholders as the effect would be to reduce the net loss per share attributable to common stockholders. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding 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: Nine Months Ended 2020 2019 Options to purchase common stock 3,639,228 1,608,411 Unvested restricted stock 59,334 125,497 Preferred stock (as converted to common stock) — 15,060,346 Warrants to purchase shares of series A preferred stock (as converted to common stock) — 10,757 3,698,562 16,805,011

LEASES

LEASES	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
LEASES	LEASES The Company has historically entered into lease arrangements for its facilities. As of September 30, 2020, the Company had two operating leases with required future minimum payments. In applying the transition guidance under ASC 842, the Company determined the classification of these leases to be operating leases and recorded right-of-use assets and lease liabilities as of the effective dates. The Company’s leases generally do not include termination or purchase options. Operating Leases In February 2019, the Company entered into an agreement to lease approximately 2,357 square feet of office space for its principal office, which is located in Cambridge, MA. The lease expires on April 30, 2022, subject to an option to extend the lease for three In July 2020, the Company entered into a seven-year agreement with an option to extend for five The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating lease for the three and nine months ended September 30, 2020: Three Months Ended Nine Months Ended Lease Cost Operating lease cost $ 274 $ 386 Short-term lease cost 211 476 Variable lease cost 9 31 Total lease cost $ 494 $ 893 Other Operating Lease Information September 30, 2020 Cash paid for amounts included in the measurement of lease liability $ 167 Weighted-average remaining lease term 7.4 Weighted-average discount rate 5.4 % The variable lease costs for the three and nine months ended September 30, 2020 include common area maintenance and other operating charges. As the Company’s leases do not provide an implicit rate, the Company utilized its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Future minimum lease payments under the Company’s operating leases as of September 30, 2020 were as follows: As of September 30, 2020 2020 (excluding the nine months ended September 30, 2020) $ 266 2021 1,485 2022 1,351 2023 1,306 2024 1,339 Thereafter 4,829 Total lease payments 10,576 Less: interest (1,891) Total lease liability $ 8,685 As of December 31, 2019, future minimum lease payments under the Company’s lease obligations under ASC 840 were as follows: Years Ending December 31, 2020 $ 223 2021 228 2022 77 2023 — Total $ 528

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We enter into contracts in the normal course of business with contract research organizations ("CROs"), contract manufacturing organizations ("CMOs") and other third parties for preclinical research studies, clinical trials and testing and manufacturing services. These contracts do not contain minimum purchase commitments and are cancelable upon prior written notice. Payments due upon cancellation consist only of payments for services provided or expenses incurred, including noncancelable obligations of service providers, up to the date of cancellation. Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any indemnification arrangements that could have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of September 30, 2020 or December 31, 2019. Legal proceedings The Company is not currently party to and is not aware of any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings.

BENEFIT PLANS

BENEFIT PLANS	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
BENEFIT PLANS	BENEFIT PLANSIn 2018 the Company established a Simplified Employee Pension (“SEP”) defined-contribution savings plan. This plan covers substantially all employees who meet minimum age and service requirements. The Company provides contributions of 6% of each participant’s salary. Employees are immediately and fully vested in the Company’s contribution. During the three and nine months ended September 30, 2020 and 2019, the Company contributed $161, $428, $64 and $125 to the plan, respectively.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONSThe Company is party to a services agreement, which was entered into in March 2017 and amended in November 2017 and March 2020, with Ridgeline. Ridgeline is an entity owned by one of the Company’s investors, whereby an individual who is a Company director and was executive officer until September 2019 and other employees of Ridgeline provide the Company with scientific consulting services. The services agreement is effective until December 31, 2020. Under the November 2017 amended services agreement the Company paid Ridgeline $950 per month, which was reconciled on a quarterly basis with the actual expenses incurred by Ridgeline on its behalf. In connection with the March 2020 amendment to the services agreement, the Company transitioned to a more limited consulting arrangement whereby Ridgeline invoices the Company for services performed on an ongoing monthly basis. Total amounts due to related party were $190 as of September 30, 2020. Total prepaids with Ridgeline were $916 as of December 31, 2019. Total service fees incurred were $190, $2,293, $3,656 and $8,854, for the three and nine months ended September 30, 2020 and 2019, respectively.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Principles of consolidation and unaudited interim financial information	Black Diamond Therapeutics, Inc. (the “Company”) is a precision oncology medicine company pioneering the discovery and development of small molecule, tumor-agnostic therapies. The Company was originally organized as a limited liability company in December 2014 under the name ASET Therapeutics LLC. In September 2016, the Company was converted to a corporation under the laws of the State of Delaware under the name ASET Therapeutics, Inc. The Company changed its name to Black Diamond Therapeutics, Inc. in January 2018. Since its inception, the Company has devoted substantially all of its efforts to raising capital, obtaining financing, and incurring research and development costs related to the development of BDTX-189 and its earlier-stage pipeline programs as well as its mutation, allostery, and pharmacology computational and discovery platform. The Company is subject to risks and uncertainties common to early stage companies in the biotechnology industry. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s technology will be obtained, that any products developed will obtain necessary government regulatory approval or that any products, if approved, will be commercially viable. The Company operates in an environment of rapid technological innovation and substantial competition from pharmaceutical and biotechnological companies. In addition, the Company is dependent upon the services of its employees, consultants and service providers including a related party Ridgeline Therapeutics GmbH (“Ridgeline”). 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. Principles of consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and its wholly owned subsidiaries, Black Diamond Therapeutics (Canada), Inc. and Black Diamond Therapeutics Security Corporation, after elimination of all significant intercompany accounts and transactions. Unaudited interim financial information The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this Quarterly Report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on March 24, 2020. In the opinion of the Company’s management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included.
Principles of consolidation	Principles of consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of the Company and its wholly owned subsidiaries, Black Diamond Therapeutics (Canada), Inc. and Black Diamond Therapeutics Security Corporation, after elimination of all significant intercompany accounts and transactions.
Use of estimates	Use of estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses, the valuation of common stock and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.
Deferred offering costs	Deferred offering costsAs of December 31, 2019, the Company recorded deferred offering costs of $2,303. The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process preferred stock or common stock financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction to the carrying value of convertible preferred stock or in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering. Should a planned equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the condensed consolidated statements of operations and comprehensive loss. After consummation of the IPO, which closed on February 3, 2020, these costs were recorded in stockholders' equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering.
Investments	Investments Investments consist of marketable securities with original maturities greater than 90 days. The Company has classified its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices. Unrealized gains and losses are reported as the accumulated other comprehensive items in stockholders’ equity. Amortization and accretion of premiums and discounts are recorded in other income (expense). Realized gains or losses on debt securities are included in interest income or interest expense, respectively.
Restricted cash	Restricted cash Cash accounts that are restricted as to withdrawal or usage are presented as restricted cash. Restricted cash includes amounts held as security deposits in the form of letters of credit for the Company’s leased facilities.
Comprehensive loss	Comprehensive loss Comprehensive loss is composed of net loss and other comprehensive income (loss). Other comprehensive income (loss) consists of unrealized gains and losses on investments.
Leases	Leases Effective January 1, 2020, the Company adopted Accounting Standards Updated (“ASU”) No. 2016-02, Leases (Topic 842) (“ASU 2016-02” or “ASC 842”), using the modified retrospective method and utilized the effective date as its date of initial application, with prior periods presented in accordance with previous guidance under ASC 840, Leases (“ASC 840”). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and current and non-current lease liabilities, as applicable. Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Prospectively, the Company will adjust the right-of-use assets for straight-line rent expense or any incentives received and remeasure the lease liability at the net present value using the same incremental borrowing rate that was in effect as of the lease commencement or transition date. The Company has elected not to recognize leases with an original term of one year or less on the condensed consolidated balance sheet. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. Assumptions made by the Company at the commencement date are re-evaluated upon occurrence of certain events, including a lease modification. A lease modification results in a separate contract when the modification grants the lessee an additional right of use not included in the original lease and when lease payments increase commensurate with the standalone price for the additional right of use. When a lease modification results in a separate contract, it is accounted for in the same manner as a new lease. The Company elected the following practical expedients, which must be elected as a package and applied consistently to all of its leases at the transition date (including those for which the entity is a lessee or a lessor): i) the Company did not reassess whether any expired or existing contracts are or contain leases; ii) the Company did not reassess the lease classification for any expired or existing leases (that is, all existing leases that were classified as operating leases in accordance with ASC 840 are classified as operating leases, and all existing leases that were classified as capital leases in accordance with ASC 840 are classified as finance leases); and iii) the Company did not reassess initial direct costs for any existing leases. For leases that existed prior to the date of initial application of ASC 842 (which were previously classified as operating leases), a lessee may elect to use either the total lease term measured at lease inception under ASC 840 or the remaining lease term as of the date of initial application of ASC 842 in determining the period for which to measure its incremental borrowing rate. In transition to ASC 842, the Company utilized the remaining lease term of its leases in determining the appropriate incremental borrowing rates. In accordance with ASC 842, components of a lease should be split into three categories: lease components, non-lease components, and non-components. The fixed and in-substance fixed contract consideration (including any consideration related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components. Entities may elect not to separate lease and non-lease components. The Company has elected to account for lease and non-lease components together as a single lease component for all underlying assets and allocate all of the contract consideration to the lease component only.
Recently issued accounting pronouncements	Recently issued accounting pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes-Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for annual periods beginning after December 15, 2020 and interim periods within, with early adoption permitted. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The Company is currently assessing the impact of this standard on our financial condition and results of operations.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values: Fair value measurements at September 30, 2020 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 52,018 $ — $ — $ 52,018 Investments: Commercial paper — 69,968 — 69,968 Corporate bonds — 186,863 — 186,863 U.S. Government agencies — 20,044 — 20,044 Total $ 52,018 $ 276,875 $ — $ 328,893 Fair value measurements at December 31, 2019 using: Level 1 Level 2 Level 3 Total Assets: Money market funds $ 24,157 $ — $ — $ 24,157 Total $ 24,157 $ — $ — $ 24,157 Liabilities: Derivative liabilities $ — $ — $ 16 $ 16 Total $ — $ — $ 16 $ 16
Reconciliation of Fair Value Liabilities	Derivative liabilities consisted of the following: September 30, Balance - December 31, 2019 $ 16 Reclassification to additional paid-in capital in connection with IPO (16) Balance - September 30, 2020 $ —

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	As of September 30, 2020, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 69,860 $ 108 $ — $ 69,968 Corporate bonds 186,098 765 — 186,863 U.S. Government agencies 20,042 2 — 20,044 Total $ 276,000 $ 875 $ — $ 276,875

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Equipment, net consisted of the following: September 30, December 31, Laboratory equipment $ 226 $ 218 Computer and office equipment 83 58 Construction in process 69 — Equipment 378 276 Less: accumulated depreciation (149) (112) Total Equipment, net $ 229 $ 164

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses and other current liabilities consisted of the following: September 30, December 31, Contracted research services $ 1,088 $ 434 Payroll and related expenses 2,733 1,182 Professional and consulting fees 3,141 984 Legal fees 320 299 Current portion of operating lease liability 937 — Total accrued expenses and other current liabilities $ 8,219 $ 2,899

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation	The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Research and development $ 1,044 $ 738 $ 2,263 $ 984 General and administrative 955 112 3,032 149 $ 1,999 $ 850 $ 5,295 $ 1,133

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Computation of Net Loss per Share	The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Net loss attributable to common stockholders $ (17,912) $ (9,268) $ (44,628) $ (25,383) Weighted average common shares outstanding, basic and diluted 35,927,485 2,065,676 31,860,716 2,054,115 Net loss per share, basic and diluted $ (0.50) $ (4.50) $ (1.42) $ (12.36)
Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share	The Company excluded the following potential common shares, presented based on amounts outstanding 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: Nine Months Ended 2020 2019 Options to purchase common stock 3,639,228 1,608,411 Unvested restricted stock 59,334 125,497 Preferred stock (as converted to common stock) — 15,060,346 Warrants to purchase shares of series A preferred stock (as converted to common stock) — 10,757 3,698,562 16,805,011

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Summary of Lease Cost and Other Operating Lease Information	The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating lease for the three and nine months ended September 30, 2020: Three Months Ended Nine Months Ended Lease Cost Operating lease cost $ 274 $ 386 Short-term lease cost 211 476 Variable lease cost 9 31 Total lease cost $ 494 $ 893 Other Operating Lease Information September 30, 2020 Cash paid for amounts included in the measurement of lease liability $ 167 Weighted-average remaining lease term 7.4 Weighted-average discount rate 5.4 %
Schedule of Future Minimum Lease Payments	Future minimum lease payments under the Company’s operating leases as of September 30, 2020 were as follows: As of September 30, 2020 2020 (excluding the nine months ended September 30, 2020) $ 266 2021 1,485 2022 1,351 2023 1,306 2024 1,339 Thereafter 4,829 Total lease payments 10,576 Less: interest (1,891) Total lease liability $ 8,685
Schedule of Future Minimum Lease Payments	As of December 31, 2019, future minimum lease payments under the Company’s lease obligations under ASC 840 were as follows: Years Ending December 31, 2020 $ 223 2021 228 2022 77 2023 — Total $ 528

NATURE OF BUSINESS AND BASIS _2

NATURE OF BUSINESS AND BASIS OF PRESENTATION (Details) $ in Thousands	Feb. 03, 2020USD ($)shares	Jan. 21, 2020	Mar. 31, 2020USD ($)	Sep. 30, 2020shares
Subsidiary, Sale of Stock [Line Items]
Reverse stock split		3.01581
Number of options exercised (in shares)				51,076
Gross proceeds | $			$ 212,101
IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares sold	12,174,263
Number of options exercised (in shares)	1,587,947
Gross proceeds | $	$ 231,311
Proceeds from stock issuance, net | $	$ 212,101
Number of shares issued upon conversion	21,499,770

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Deferred offering costs	$ 0	$ 2,303

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Total	$ 328,893	$ 24,157
Liabilities:
Derivative liabilities		16
Total		16
Money market funds
Assets:
Cash equivalents:	52,018	24,157
Commercial paper
Assets:
Investments:	69,968
Corporate bonds
Assets:
Investments:	186,863
U.S. Government agencies
Assets:
Investments:	20,044
Level 1
Assets:
Total	52,018	24,157
Liabilities:
Derivative liabilities		0
Total		0
Level 1 | Money market funds
Assets:
Cash equivalents:	52,018	24,157
Level 1 | Commercial paper
Assets:
Investments:	0
Level 1 | Corporate bonds
Assets:
Investments:	0
Level 1 | U.S. Government agencies
Assets:
Investments:	0
Level 2
Assets:
Total	276,875	0
Liabilities:
Derivative liabilities		0
Total		0
Level 2 | Money market funds
Assets:
Cash equivalents:	0	0
Level 2 | Commercial paper
Assets:
Investments:	69,968
Level 2 | Corporate bonds
Assets:
Investments:	186,863
Level 2 | U.S. Government agencies
Assets:
Investments:	20,044
Level 3
Assets:
Total	0	0
Liabilities:
Derivative liabilities		16
Total		16
Level 3 | Money market funds
Assets:
Cash equivalents:	0	$ 0
Level 3 | Commercial paper
Assets:
Investments:	0
Level 3 | Corporate bonds
Assets:
Investments:	0
Level 3 | U.S. Government agencies
Assets:
Investments:	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details)	Feb. 29, 2020shares
Common stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of shares into which the warrant may be converted	10,757

FAIR VALUE MEASUREMENTS - Recon

FAIR VALUE MEASUREMENTS - Reconciliation of Fair Value Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 16
Reclassification to additional paid-in capital in connection with IPO	(16)
Ending balance	$ 0

INVESTMENTS - Schedule of Marke

INVESTMENTS - Schedule of Marketable Securities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 276,000,000
Unrealized Gains	875,000
Unrealized Losses	0
Fair Value	276,875,000	$ 0
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	69,860,000
Unrealized Gains	108,000
Unrealized Losses	0
Fair Value	69,968,000
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	186,098,000
Unrealized Gains	765,000
Unrealized Losses	0
Fair Value	186,863,000
U.S. Government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20,042,000
Unrealized Gains	2,000
Unrealized Losses	0
Fair Value	$ 20,044,000

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Equipment	$ 378		$ 276
Less: accumulated depreciation	(149)		(112)
Total Equipment, net	229		164
Depreciation expense	37	$ 38
Laboratory equipment
Property, Plant and Equipment [Line Items]
Equipment	226		218
Computer and office equipment
Property, Plant and Equipment [Line Items]
Equipment	83		58
Construction in process
Property, Plant and Equipment [Line Items]
Equipment	$ 69		$ 0

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Contracted research services	$ 1,088	$ 434
Payroll and related expenses	2,733	1,182
Professional and consulting fees	3,141	984
Legal fees	320	299
Current portion of operating lease liability	937
Total accrued expenses and other current liabilities	$ 8,219	$ 2,899

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - $ / shares	Feb. 03, 2020	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Total shares authorized	510,000,000
Common stock, shares authorized	500,000,000		500,000,000	80,000,000
Common stock, par value (in dollars per share)	$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001
Common stock
Class of Stock [Line Items]
Number of shares issued upon conversion	21,499,770	21,499,770

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2020	Jan. 14, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,351,593
Fair value of options vested	$ 2,043
Number of options outstanding (in shares)	3,639,228
Number of options forfeited (in shares)	39,763
Number of options exercised (in shares)	51,076
Weighted-average grant-date fair value per share of options granted (in dollars per share)	$ 14.47
Unrecognized compensation cost, options	$ 26,283
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares reserved		6,665,891
Increase of authorized shares, percent of common stock outstanding		4.00%
2020 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares reserved		326,364
Increase of authorized shares, percent of common stock outstanding		1.00%
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, recognition period	3 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, recognition period	2 years 2 months 12 days
Units granted (in shares)	61,000
Fair value of units vested	$ 50
Units outstanding (in shares)	59,334
Units vested (in shares)	1,666
Weighted-average grant-date fair value (in dollars per share)	$ 29.65
Unrecognized compensation cost	$ 1,631

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,999	$ 850	$ 5,295	$ 1,133
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,044	738	2,263	984
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 955	$ 112	$ 3,032	$ 149

NET LOSS PER SHARE - Computatio

NET LOSS PER SHARE - Computation of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (17,912)	$ (14,571)	$ (12,145)	$ (9,268)	$ (12,287)	$ (3,828)	$ (44,628)	$ (25,383)
Weighted average common shares outstanding, basic and diluted	35,927,485			2,065,676			31,860,716	2,054,115
Net loss per share, basic and diluted (in dollars per share)	$ (0.50)			$ (4.50)			$ (1.42)	$ (12.36)

NET LOSS PER SHARE - Schedule o

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share (Details) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,698,562	16,805,011
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,639,228	1,608,411
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	59,334	125,497
Preferred stock (as converted to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	15,060,346
Warrants to purchase shares of series A preferred stock (as converted to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	10,757

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)contract	Jul. 31, 2020USD ($)ft²	Feb. 28, 2019ft²
Lessee, Lease, Description [Line Items]
Number of leases | contract	2
Minimum lease payments due	$ 10,576
Principal office, lease one
Lessee, Lease, Description [Line Items]
Area leased (square feet) | ft²			2,357
Lease term, optional extension			3 years
Principal office, lease two
Lessee, Lease, Description [Line Items]
Area leased (square feet) | ft²		25,578
Lease term, optional extension		5 years
Lease term		7 years
Minimum lease payments due		$ 17,048
Letter of credit outstanding		$ 1,168

LEASES - Summary of Lease Cost

LEASES - Summary of Lease Cost and Other Operating Lease Information (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Lease Cost
Operating lease cost	$ 274	$ 386
Short-term lease cost	211	476
Variable lease cost	9	31
Total lease cost	$ 494	893
Other Operating Lease Information
Cash paid for amounts included in the measurement of lease liability		$ 167
Weighted-average remaining lease term	7 years 4 months 24 days	7 years 4 months 24 days
Weighted-average discount rate	5.40%	5.40%

LEASES - Schedule of Future Min

LEASES - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASC 842
2020 (excluding the nine months ended September 30, 2020)	$ 266
2021	1,485
2022	1,351
2023	1,306
2024	1,339
Thereafter	4,829
Total lease payments	10,576
Less: interest	(1,891)
Total lease liability	$ 8,685
ASC 840
2020		$ 223
2021		228
2022		77
2023		0
Total		$ 528

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Retirement Benefits [Abstract]
Employer contribution, percent of each participant's salary			6.00%
Employer contribution amount	$ 161	$ 64	$ 428	$ 125

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 30, 2017	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Due to related parties		$ 190,000		$ 190,000
Prepaids with related party						$ 916,000
Related party expense, service fees		$ 190,000	$ 3,656,000	$ 2,293,000	$ 8,854,000
Ridgeline | Monthly service agreement
Related Party Transaction [Line Items]
Related party transaction, monthly transaction amount	$ 950,000