Black Diamond Therapeutics (BDTX) 10-Q 8 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-38501
Entity Registrant Name	BLACK DIAMOND THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4254660
Entity Address, Address Line One	One Main Street, 10th Floor
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
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,228,856
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Entity Central Index Key	0001701541
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 46,603	$ 34,605
Investments	188,405	280,462
Prepaid expenses and other current assets	6,538	4,487
Total current assets	241,546	319,554
Property and equipment, net	2,893	385
Restricted cash	1,223	1,223
Right-of-use asset	28,365	8,402
Other non-current assets	99	106
Total assets	274,126	329,670
Current liabilities:
Accounts payable	4,859	2,538
Accrued expenses and other current liabilities	21,502	11,680
Total current liabilities	26,361	14,218
Non-current operating lease liability	28,817	7,694
Total liabilities	55,178	21,912
Commitments and contingencies (Note 11)	0	0
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares and 10,000,000 shares authorized at September 30, 2021 and December 31, 2020, respectively; no shares issued or outstanding at September 30, 2021 and December 31, 2020	0	0
Common stock; $0.0001 par value; 500,000,000 shares authorized at September 30, 2021 and 500,000,000 shares authorized at December 31, 2020; 36,228,856 shares issued and outstanding at September 30, 2021 and 36,078,383 shares issued and outstanding at December 31, 2020	5	5
Additional paid-in capital	436,753	425,363
Accumulated other comprehensive income	143	614
Accumulated deficit	(217,953)	(118,224)
Total stockholders' equity	218,948	307,758
Total liabilities and stockholders' equity	$ 274,126	$ 329,670

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	36,228,856	36,078,383
Common stock, shares outstanding (in shares)	36,228,856	36,078,383

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating expenses:
Research and development	$ 27,626	$ 12,929	$ 77,165	$ 30,453
General and administrative	7,738	5,551	23,627	15,934
Total operating expenses	35,364	18,480	100,792	46,387
Loss from operations	(35,364)	(18,480)	(100,792)	(46,387)
Other income (expense):
Interest expense	0	0	0	(1)
Interest income	776	1,162	2,876	2,787
Other (expense) income	(489)	(594)	(1,813)	(1,027)
Total other income (expense), net	287	568	1,063	1,759
Net loss	$ (35,077)	$ (17,912)	$ (99,729)	$ (44,628)
Net loss per share, basic (in dollars per share)	$ (0.97)	$ (0.50)	$ (2.76)	$ (1.42)
Net loss per share, diluted (in dollars per share)	$ (0.97)	$ (0.50)	$ (2.76)	$ (1.42)
Weighted average common shares outstanding, basic (in shares)	36,219,137	35,927,485	36,175,249	31,860,716
Weighted average common shares outstanding, diluted (in shares)	36,219,137	35,927,485	36,175,249	31,860,716
Comprehensive loss:
Net loss	$ (35,077)	$ (17,912)	$ (99,729)	$ (44,628)
Other comprehensive income:
Unrealized loss on investments	(68)	(137)	(471)	875
Comprehensive loss	$ (35,145)	$ (18,049)	$ (100,200)	$ (43,753)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (99,729)	$ (44,628)
Adjustment to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	10,661	5,295
Depreciation expense	82	37
Loss on disposal of property and equipment	3	0
Amortization of premium on investments	1,814	(990)
Noncash rent expense	1,331	287
Other non-cash items	(15)	0
Changes in current assets and liabilities:
Prepaid expenses and other current assets	(2,163)	(2,308)
Other non-current assets	7	(33)
Accounts payable	2,263	1,528
Amounts due to related party	0	190
Accrued expenses and other current liabilities	10,692	4,551
Non-current operating lease liability	(1,048)	(301)
Net cash used in operating activities	(76,102)	(36,372)
Cash flows from investing activities:
Purchases of equipment	(2,377)	(33)
Proceeds from sales and maturities of investments	134,331	17,765
Purchases of investments	(44,583)	(292,775)
Net cash provided by (used in) investing activities	87,371	(275,043)
Cash flows from financing activities:
Proceeds from exercise of common stock options and ESPP	729	270
Proceeds from initial public offering, net of issuance costs of $1,275	0	213,844
Net cash provided by financing activities	729	214,114
Net decrease in cash and cash equivalents	11,998	(97,301)
Cash, cash equivalents and restricted cash, beginning of period	35,828	154,721
Cash, cash equivalents and restricted cash, end of period	47,826	57,420
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	46,603	56,197
Restricted cash	1,223	1,223
Cash, cash equivalents and restricted cash, end of period	47,826	57,420
Supplemental disclosure of non-cash investing and financing activities:
Purchases of equipment included in accounts payable and accrued expenses	216	0
Conversion of preferred stock into common stock upon closing of initial public offering	0	200,573
Right-of-use assets obtained in exchange for operating lease obligation	21,484	8,274
Right-of-use asset derecognized upon early lease termination	$ 476	$ 0

Condensed Consolidated Statem_3

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_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2019		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		2,236,672
Beginning balance at Dec. 31, 2019	(47,157)	$ 1	3,812	0	(50,970)
Common stock
Unrealized gain (loss) on investments	875
Net loss	(44,628)
Ending balance (in shares) at Sep. 30, 2020		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		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
Unrealized gain (loss) 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)
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
Stock-based compensation	1,999		1,999
Unrealized gain (loss) on investments	(137)			(137)
Net loss	(17,912)				(17,912)
Ending balance (in shares) at Sep. 30, 2020		35,963,447
Ending balance at Sep. 30, 2020	$ 327,345	$ 5	422,063	875	(95,598)
Beginning balance (in shares) at Dec. 31, 2020	36,078,383	36,078,383
Beginning balance at Dec. 31, 2020	$ 307,758	$ 5	425,363	614	(118,224)
Common stock
Exercise of common stock options (in shares)		62,607
Exercise of common stock options	481		481
Vesting of restricted stock units (in shares)		4,998
Stock-based compensation (in shares)		1,224
Stock-based compensation	3,094		3,094
Unrealized gain (loss) on investments	(279)			(279)
Net loss	(30,301)				(30,301)
Ending balance (in shares) at Mar. 31, 2021		36,147,212
Ending balance at Mar. 31, 2021	$ 280,753	$ 5	428,938	335	(148,525)
Beginning balance (in shares) at Dec. 31, 2020	36,078,383	36,078,383
Beginning balance at Dec. 31, 2020	$ 307,758	$ 5	425,363	614	(118,224)
Common stock
Exercise of common stock options (in shares)	110,621
Unrealized gain (loss) on investments	$ (471)
Net loss	$ (99,729)
Ending balance (in shares) at Sep. 30, 2021	36,228,856	36,228,856
Ending balance at Sep. 30, 2021	$ 218,948	$ 5	436,753	143	(217,953)
Beginning balance (in shares) at Mar. 31, 2021		36,147,212
Beginning balance at Mar. 31, 2021	280,753	$ 5	428,938	335	(148,525)
Common stock
Exercise of common stock options (in shares)		48,014
Exercise of common stock options	184		184
Vesting of restricted stock units (in shares)		8,331
Stock-based compensation (in shares)		2,269
Stock-based compensation	4,558		4,558
Unrealized gain (loss) on investments	(124)			(124)
Net loss	(34,351)				(34,351)
Ending balance (in shares) at Jun. 30, 2021		36,205,826
Ending balance at Jun. 30, 2021	251,020	$ 5	433,680	211	(182,876)
Common stock
Vesting of restricted stock units (in shares)		13,673
Issuance of common stock related to ESPP (in shares)		6,162
Issuance of common stock related to ESPP	64		64
Stock-based compensation (in shares)		3,195
Stock-based compensation	3,009		3,009
Unrealized gain (loss) on investments	(68)			(68)
Net loss	$ (35,077)				(35,077)
Ending balance (in shares) at Sep. 30, 2021	36,228,856	36,228,856
Ending balance at Sep. 30, 2021	$ 218,948	$ 5	$ 436,753	$ 143	$ (217,953)

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2021
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 MasterKey therapies. We target undrugged oncogenic driver mutations in patients with genetically defined cancers. 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. 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 million and its shares started trading on The Nasdaq Global Select Market under the ticker symbol “BDTX.” The Company received $212 million 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. On February 1, 2021, the Company filed a shelf registration statement on Form S-3 ASR (the “Shelf”), with the Securities and Exchange Commission (the “SEC”), which covers the offering, issuance and sale of the Company’s common stock, preferred stock, debt securities, warrants and/or units of any combination thereof. The Company simultaneously entered into an Open Market Sale Agreement SM with Jefferies LLC, as sales agent, to provide for the issuance and sale by the Company of up to $150 million of its common stock from time to time through Jefferies as its sales agent (the “ATM Program”). The Shelf became automatically effective upon filing on February 1, 2021. As of September 30, 2021, no sales have been made pursuant to the ATM Program. 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 preferred and common stock. The Company expects to continue to generate operating losses for the foreseeable future. As of November 8, 2021, 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 the second half of 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 COVID-19 pandemic continues to present a substantial public health and economic challenge around the world, 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. The Company has been closely monitoring the impact of the ongoing COVID-19 pandemic on all aspects of the Company’s business, including how it has impacted and may 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 but if we or any of the third parties with whom we engage were to experience prolonged business shutdowns or other disruptions, our ability to conduct our business in the manner and on the timelines presently planned could be materially and negatively affected, which could have a material adverse impact on our business, results of operations and financial condition. The estimates of the impact on our business may change based on new information that may emerge concerning COVID-19 and the actions to contain it or treat its impact and the economic impact on local, regional, national and international markets. The extent to which COVID-19 ultimately impacts the Company’s business, results of operations or financial condition will depend on future developments, which, despite progress in vaccination efforts, remain highly uncertain and cannot be predicted with confidence, such as the duration of the COVID-19 pandemic, new strains of the virus, including the Delta variant, which may impact rates of infection and vaccination efforts, developments or perceptions regarding the safety of vaccines, new information that may emerge concerning the severity of COVID-19, and any additional preventative and protective actions taken to contain the pandemic or treat its impact, among others. In addition, a resurgence or “additional waves” of COVID-19 cases could cause other widespread or more severe impacts depending on where infection rates are highest. While certain measures have been relaxed in certain parts of the world as increasing numbers of people have received COVID-19 vaccines, others have remained in place with some areas continuing to experience renewed outbreaks and surges in infection rates. The extent to which such measures are removed or new measures are put in place will depend upon how the pandemic evolves, as well as the distribution of available vaccines, the rates at which they are administered and the emergence of new variants of the virus.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe following is a summary of significant accounting policies followed in the preparation of these condensed consolidated financial statements. 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 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 for the year ended December 31, 2020, which was filed with the SEC on March 25, 2021. 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 ongoing 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, which, despite progress in vaccination efforts, remain highly uncertain and cannot be predicted with confidence, such as the duration of the COVID-19 pandemic, new strains of the virus, including the Delta variant, which may impact rates of infection and vaccination efforts, developments or perceptions regarding the safety of vaccines, new information that may emerge concerning COVID-19, and any additional preventative and protective actions taken to contain the pandemic or treat its impact, among others. 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 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. The Company will continue to monitor the latest developments as it deals with the disruptions and uncertainties relating to the ongoing COVID-19 pandemic, including the pace of vaccinations and the emergence of new and more contagious strains of the virus, and any resulting impact on the Company’s business, financial condition, results of operations and prospects. Any resulting financial impact cannot be reasonably estimated at this time and may have a material adverse impact on the Company’s business, financial condition and results of operations. Recently adopted 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. The new standard was effective for the Company beginning January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's disclosures, financial position or results or operations upon adoption. Recently issued accounting pronouncements In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force) (“ASU-2021-04”). ASU 2021-04 clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The ASU provides guidance that will clarify whether an issuer should account for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as (1) an adjustment to equity and, if so, the related earnings per share (EPS) effects, if any, or (2) an expense and, if so, the manner and pattern of recognition. The new guidance is effective for annual and interim periods beginning after December 15, 2021, and early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact that this new guidance will have on its condensed consolidated financial statements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2021
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, 2021 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 46,603 $ — $ — $ 46,603 Investments: Commercial paper — 15,995 — 15,995 Corporate bonds — 119,756 — 119,756 U.S. Government agencies — 52,654 — 52,654 Total $ 46,603 $ 188,405 $ — $ 235,008 Fair value measurements at December 31, 2020 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 32,501 $ — $ — $ 32,501 Investments: Commercial paper — 35,559 — 35,559 Corporate bonds — 192,573 — 192,573 U.S. Government agencies — 52,330 — 52,330 Total $ 32,501 $ 280,462 $ — $ 312,963 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.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS As of September 30, 2021, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 15,993 $ 2 $ — $ 15,995 Corporate bonds 119,625 189 (58) 119,756 U.S. Government agencies 52,644 38 (28) 52,654 Total $ 188,262 $ 229 $ (86) $ 188,405 As of December 31, 2020, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 35,543 $ 21 $ (5) $ 35,559 Corporate bonds 191,977 608 (12) 192,573 U.S. Government agencies 52,328 22 (20) 52,330 Total $ 279,848 $ 651 $ (37) $ 280,462 As of September 30, 2021, all marketable securities held by the Company had remaining contractual maturities of three years or less. As of September 30, 2021, the marketable securities in a loss position had a maturity of three years or less. There have been no impairments of the Company’s assets measured and carried at fair value during the nine months ended September 30, 2021.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment, net consisted of the following: September 30, December 31, Laboratory equipment $ 751 $ 253 Furniture and fixtures 10 — Computer and office equipment 120 83 Leasehold improvements 1,707 66 Construction in process 551 147 Property and equipment 3,139 549 Less: accumulated depreciation (246) (164) Total Property and Equipment, net $ 2,893 $ 385 Depreciation expense for the nine months ended September 30, 2021 and 2020 was $82 and $37, respectively.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	9 Months Ended
	Sep. 30, 2021
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 $ 14,175 $ 5,102 Payroll and related expenses 4,864 3,729 Professional and consulting fees 2,233 1,603 Legal fees 230 199 Current portion of operating lease liability — 1,047 Total accrued expenses and other current liabilities $ 21,502 $ 11,680

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2021
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, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 2020 Stock Option and Incentive Plan The 2020 Stock Option and Incentive Plan (the “2020 Plan”) was approved by the Company’s 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 2020 Plan provides for an annual increase, to be added on the first day of each fiscal year, by up to 4% of the Company’s outstanding shares of common stock as of the last day of the prior year. On January 1, 2021, 1,443,135 shares of common stock, representing 4% of the Company’s outstanding shares of common stock as of December 31, 2020, were added to the 2020 Plan. 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 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 ESPP provides for an annual increase, to be added on the first day of each fiscal year, by up to 1% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31. The number of authorized shares reserved for issuance under the 2020 ESPP was increased by 326,364 shares effective as of January 1, 2021. Stock-based compensation expense The Company recorded stock-based compensation expense in the following award type categories included within the condensed consolidated statements of operations and comprehensive loss: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Stock options $ 2,783 $ 1,889 $ 9,793 $ 5,185 Restricted stock units 134 110 694 110 Employee Stock Purchase Plan and Other 92 — 174 — $ 3,009 $ 1,999 $ 10,661 $ 5,295 For the nine months ended September 30, 2021, the Company issued 6,688 shares of common stock out of our 2020 Plan under our policy where non-employee directors may elect to receive their compensation in the form of common stock in lieu of cash. 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 2021 2020 2021 2020 Research and development $ 732 $ 1,044 $ 4,586 $ 2,263 General and administrative 2,277 955 6,075 3,032 $ 3,009 $ 1,999 $ 10,661 $ 5,295 Options The following table summarizes the stock option activity under the Company’s equity awards plans: Options Weighted Average Exercise Price Weighted Average Remaining Life (in Years) Intrinsic Value (in thousands) Outstanding December 31, 2020 3,752,744 $ 15.71 9.0 $ 62,842 Granted 1,677,044 $ 24.32 Exercised (110,621) $ 6.02 Cancelled or forfeited (392,691) $ 23.98 Outstanding September 30, 2021 4,926,476 $ 18.22 8.1 $ 3,096 Options vested or expected to vest at September 30, 2021 4,926,476 $ 18.22 8.1 $ 3,096 Options exercisable at September 30, 2021 1,527,276 $ 13.59 7.4 $ 1,734 For the nine months ended September 30, 2021, total unrecognized compensation cost related to the unvested stock-options was $36,946, which is expected to be recognized over a weighted average period of 2.8 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. The following table summarizes restricted stock activity since January 1, 2020: Number of shares Weighted average grant date fair value Unvested restricted common stock as of January 1, 2020 — $ — Granted 61,000 $ 29.65 Vested (6,664) $ 30.00 Unvested restricted common stock as of December 31, 2020 54,336 $ 29.68 Granted 10,000 $ 28.69 Vested (27,002) $ 26.46 Cancelled or forfeited (6,667) $ 1.21 Unvested restricted common stock as of September 30, 2021 30,667 $ 29.53 The total fair value of restricted stock units vested during the nine months ended September 30, 2021 was $693. For the nine months ended September 30, 2021, total unrecognized compensation cost related to the unvested restricted stock units was $755, which is expected to be recognized over a weighted average period of 1.6 years. Employee stock purchase plan The 2020 ESPP was approved by the Company’s 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 ESPP enables eligible employees to purchase shares of the Company's common stock at the end of each six-month offering period at a price equal to 85% of the fair market value of the shares on the first business day or the last business day of the offering period, whichever is lower. Eligible employees generally included all employees. Offering periods begin on the first trading day of January and July of each year and end on the last trading day in June and December of each year, except for the first offering period which began on the first trading day in March and ended on the last trading day in June. Share purchases are funded through payroll deductions of up to 10% of an employee’s eligible compensation for each payroll period, up to $25 each calendar year. During the nine months ended September 30, 2021 and 2020, there were 6,162 and no shares, respectively, issued under the 2020 ESPP.

NET LOSS PER SHARE

NET LOSS PER SHARE	9 Months Ended
	Sep. 30, 2021
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 of the Company (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net loss $ (35,077) $ (17,912) $ (99,729) $ (44,628) Weighted average common shares outstanding, basic and diluted 36,219,137 35,927,485 36,175,249 31,860,716 Net loss per share, basic and diluted $ (0.97) $ (0.50) $ (2.76) $ (1.42) The Company’s potentially dilutive securities, which include options, unvested restricted stock and warrants to purchase common stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share 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 for the periods indicated because including them would have had an anti-dilutive effect: Nine Months Ended 2021 2020 Options to purchase common stock 4,926,476 3,639,228 Unvested restricted stock 30,667 59,334 Shares issuable under employee stock purchase plan 24,806 — Warrants to purchase common stock 10,757 10,757 4,992,706 3,709,319

LEASES

LEASES	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
LEASES	LEASES The Company has historically entered into lease arrangements for its facilities. As of September 30, 2021, 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 July 2020, the Company entered into a seven-year agreement with an option to extend for five The Company previously leased an office space in Cambridge, MA under a lease that commenced in February 2019 for approximately 2,357 square feet of office space, which was set to expire on April 30, 2022, subject to an option to extend the lease for three In December 2020, the Company entered into an eleven-year agreement to lease approximately 18,120 square feet of office and laboratory space in New York, NY. The Company has an option to extend the lease 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, 2021: Three Months Ended Nine Months Ended Lease Cost Operating lease cost $ 900 $ 1,975 Short-term lease cost 287 862 Variable lease cost 136 212 Total lease cost $ 1,323 $ 3,049 Other Operating Lease Information September 30, 2021 Gain on lease termination $ 5 Cash paid for amounts included in the measurement of lease liability 1,860 Weighted-average remaining lease term 8.9 Weighted-average discount rate 5.3 % The variable lease costs for the three and nine months ended September 30, 2021 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, 2021 were as follows: As of September 30, 2021 2021 (excluding the nine months ended September 30, 2021) $ 596 2022 2,845 2023 4,244 2024 4,359 2025 4,477 Thereafter 21,571 Total lease payments 38,092 Less: interest (8,416) Total lease liability $ 29,676

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
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. License Agreements The Company is party to license agreements, which include contingent payments. These payments will become payable if and when certain development, regulatory and commercial milestones are achieved. As of September 30, 2021, the satisfaction and timing of the contingent payments is uncertain and not reasonably estimable. 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, 2021 or December 31, 2020. 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, 2021
Retirement Benefits [Abstract]
BENEFIT PLANS	BENEFIT PLANSIn 2021, the Company transitioned from a Simplified Employee Pension (“SEP”) defined-contribution savings plan to a tax-qualified 401(k) and Profit Sharing defined contribution plan (the “401(k) Plan”). Under the 401(k) Plan, the Company provides an employer safe harbor matching contribution equal to 100% of a participant’s eligible contributions of up to 6% of eligible compensation, subject to limits established by the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). All matching contributions are fully vested when made. During the three and nine months ended September 30, 2021 and 2020 the Company contributed $207 and $772 to the 401(k) Plan and $161 and $428 to the SEP plan, respectively.

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS The Company was 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 employees of Ridgeline provided the Company with scientific consulting services. In 2020, the Company transitioned to a more limited consulting arrangement whereby Ridgeline invoiced the Company for services performed on an ongoing monthly basis. The services agreement expired December 31, 2020. There was no amount due to Ridgeline at September 30, 2021 or December 31, 2020. Total service fees incurred were $190 and $2,293, respectively, for the three and nine months ended September 30, 2020. With the expiration of the services agreement, there have been no fees incurred in 2021.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
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 MasterKey therapies. We target undrugged oncogenic driver mutations in patients with genetically defined cancers. 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. 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 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 for the year ended December 31, 2020, which was filed with the SEC on March 25, 2021. 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.
Recently adopted accounting pronouncements	Recently adopted 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. The new standard was effective for the Company beginning January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's disclosures, financial position or results or operations upon adoption. Recently issued accounting pronouncements In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force) (“ASU-2021-04”). ASU 2021-04 clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The ASU provides guidance that will clarify whether an issuer should account for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as (1) an adjustment to equity and, if so, the related earnings per share (EPS) effects, if any, or (2) an expense and, if so, the manner and pattern of recognition. The new guidance is effective for annual and interim periods beginning after December 15, 2021, and early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact that this new guidance will have on its condensed consolidated financial statements.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 46,603 $ — $ — $ 46,603 Investments: Commercial paper — 15,995 — 15,995 Corporate bonds — 119,756 — 119,756 U.S. Government agencies — 52,654 — 52,654 Total $ 46,603 $ 188,405 $ — $ 235,008 Fair value measurements at December 31, 2020 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 32,501 $ — $ — $ 32,501 Investments: Commercial paper — 35,559 — 35,559 Corporate bonds — 192,573 — 192,573 U.S. Government agencies — 52,330 — 52,330 Total $ 32,501 $ 280,462 $ — $ 312,963

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	As of September 30, 2021, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 15,993 $ 2 $ — $ 15,995 Corporate bonds 119,625 189 (58) 119,756 U.S. Government agencies 52,644 38 (28) 52,654 Total $ 188,262 $ 229 $ (86) $ 188,405 As of December 31, 2020, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 35,543 $ 21 $ (5) $ 35,559 Corporate bonds 191,977 608 (12) 192,573 U.S. Government agencies 52,328 22 (20) 52,330 Total $ 279,848 $ 651 $ (37) $ 280,462

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property and equipment, net consisted of the following: September 30, December 31, Laboratory equipment $ 751 $ 253 Furniture and fixtures 10 — Computer and office equipment 120 83 Leasehold improvements 1,707 66 Construction in process 551 147 Property and equipment 3,139 549 Less: accumulated depreciation (246) (164) Total Property and Equipment, net $ 2,893 $ 385

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2021
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 $ 14,175 $ 5,102 Payroll and related expenses 4,864 3,729 Professional and consulting fees 2,233 1,603 Legal fees 230 199 Current portion of operating lease liability — 1,047 Total accrued expenses and other current liabilities $ 21,502 $ 11,680

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation	The Company recorded stock-based compensation expense in the following award type categories included within the condensed consolidated statements of operations and comprehensive loss: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Stock options $ 2,783 $ 1,889 $ 9,793 $ 5,185 Restricted stock units 134 110 694 110 Employee Stock Purchase Plan and Other 92 — 174 — $ 3,009 $ 1,999 $ 10,661 $ 5,295 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 2021 2020 2021 2020 Research and development $ 732 $ 1,044 $ 4,586 $ 2,263 General and administrative 2,277 955 6,075 3,032 $ 3,009 $ 1,999 $ 10,661 $ 5,295
Schedule of Stock Option Activity	The following table summarizes the stock option activity under the Company’s equity awards plans: Options Weighted Average Exercise Price Weighted Average Remaining Life (in Years) Intrinsic Value (in thousands) Outstanding December 31, 2020 3,752,744 $ 15.71 9.0 $ 62,842 Granted 1,677,044 $ 24.32 Exercised (110,621) $ 6.02 Cancelled or forfeited (392,691) $ 23.98 Outstanding September 30, 2021 4,926,476 $ 18.22 8.1 $ 3,096 Options vested or expected to vest at September 30, 2021 4,926,476 $ 18.22 8.1 $ 3,096 Options exercisable at September 30, 2021 1,527,276 $ 13.59 7.4 $ 1,734
Schedule of Restricted Stock Activity	The following table summarizes restricted stock activity since January 1, 2020: Number of shares Weighted average grant date fair value Unvested restricted common stock as of January 1, 2020 — $ — Granted 61,000 $ 29.65 Vested (6,664) $ 30.00 Unvested restricted common stock as of December 31, 2020 54,336 $ 29.68 Granted 10,000 $ 28.69 Vested (27,002) $ 26.46 Cancelled or forfeited (6,667) $ 1.21 Unvested restricted common stock as of September 30, 2021 30,667 $ 29.53

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
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 of the Company (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net loss $ (35,077) $ (17,912) $ (99,729) $ (44,628) Weighted average common shares outstanding, basic and diluted 36,219,137 35,927,485 36,175,249 31,860,716 Net loss per share, basic and diluted $ (0.97) $ (0.50) $ (2.76) $ (1.42)
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 for the periods indicated because including them would have had an anti-dilutive effect: Nine Months Ended 2021 2020 Options to purchase common stock 4,926,476 3,639,228 Unvested restricted stock 30,667 59,334 Shares issuable under employee stock purchase plan 24,806 — Warrants to purchase common stock 10,757 10,757 4,992,706 3,709,319

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021: Three Months Ended Nine Months Ended Lease Cost Operating lease cost $ 900 $ 1,975 Short-term lease cost 287 862 Variable lease cost 136 212 Total lease cost $ 1,323 $ 3,049 Other Operating Lease Information September 30, 2021 Gain on lease termination $ 5 Cash paid for amounts included in the measurement of lease liability 1,860 Weighted-average remaining lease term 8.9 Weighted-average discount rate 5.3 %
Schedule of Future Minimum Lease Payments	Future minimum lease payments under the Company’s operating leases as of September 30, 2021 were as follows: As of September 30, 2021 2021 (excluding the nine months ended September 30, 2021) $ 596 2022 2,845 2023 4,244 2024 4,359 2025 4,477 Thereafter 21,571 Total lease payments 38,092 Less: interest (8,416) Total lease liability $ 29,676

NATURE OF BUSINESS AND BASIS _2

NATURE OF BUSINESS AND BASIS OF PRESENTATION (Details) $ in Thousands	Feb. 03, 2020USD ($)shares	Jan. 21, 2020	Dec. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021shares
Subsidiary, Sale of Stock [Line Items]
Reverse stock split ratio		3.01581
Number of options exercised (in shares) | shares					110,621
Gross proceeds | $				$ 212,101
IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares) | shares	12,174,263
Number of options exercised (in shares) | shares	1,587,947
Gross proceeds | $	$ 231,000
Proceeds from stock issuance, net | $	$ 212,000
Number of shares issued upon conversion (in shares) | shares	21,499,770
Open Market Sale | Maximum | Forecast
Subsidiary, Sale of Stock [Line Items]
Proceeds from stock issuance, net | $			$ 150,000

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, 2021	Dec. 31, 2020
Assets:
Total	$ 235,008	$ 312,963
Money market funds
Assets:
Cash equivalents:	46,603	32,501
Commercial paper
Assets:
Investments:	15,995	35,559
Corporate bonds
Assets:
Investments:	119,756	192,573
U.S. Government agencies
Assets:
Investments:	52,654	52,330
Level 1
Assets:
Total	46,603	32,501
Level 1 | Money market funds
Assets:
Cash equivalents:	46,603	32,501
Level 1 | Commercial paper
Assets:
Investments:	0	0
Level 1 | Corporate bonds
Assets:
Investments:	0	0
Level 1 | U.S. Government agencies
Assets:
Investments:	0	0
Level 2
Assets:
Total	188,405	280,462
Level 2 | Money market funds
Assets:
Cash equivalents:	0	0
Level 2 | Commercial paper
Assets:
Investments:	15,995	35,559
Level 2 | Corporate bonds
Assets:
Investments:	119,756	192,573
Level 2 | U.S. Government agencies
Assets:
Investments:	52,654	52,330
Level 3
Assets:
Total	0	0
Level 3 | Money market funds
Assets:
Cash equivalents:	0	0
Level 3 | Commercial paper
Assets:
Investments:	0	0
Level 3 | Corporate bonds
Assets:
Investments:	0	0
Level 3 | U.S. Government agencies
Assets:
Investments:	$ 0	$ 0

INVESTMENTS - Schedule of Marke

INVESTMENTS - Schedule of Marketable Securities (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Impairment of fair value assets	$ 0
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	188,262,000	$ 279,848,000
Unrealized Gains	229,000	651,000
Unrealized Losses	(86,000)	(37,000)
Fair Value	188,405,000	280,462,000
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,993,000	35,543,000
Unrealized Gains	2,000	21,000
Unrealized Losses	0	(5,000)
Fair Value	15,995,000	35,559,000
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	119,625,000	191,977,000
Unrealized Gains	189,000	608,000
Unrealized Losses	(58,000)	(12,000)
Fair Value	119,756,000	192,573,000
U.S. Government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	52,644,000	52,328,000
Unrealized Gains	38,000	22,000
Unrealized Losses	(28,000)	(20,000)
Fair Value	$ 52,654,000	$ 52,330,000

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment	$ 3,139		$ 549
Less: accumulated depreciation	(246)		(164)
Total Property and Equipment, net	2,893		385
Depreciation expense	82	$ 37
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment	751		253
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	10		0
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment	120		83
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	1,707		66
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment	$ 551		$ 147

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Contracted research services	$ 14,175	$ 5,102
Payroll and related expenses	4,864	3,729
Professional and consulting fees	2,233	1,603
Legal fees	$ 230	$ 199
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Current portion of operating lease liability	$ 0	$ 1,047
Total accrued expenses and other current liabilities	$ 21,502	$ 11,680

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - $ / shares	Feb. 03, 2020	Mar. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Total shares authorized (in shares)	510,000,000
Common stock, shares authorized (in shares)	500,000,000		500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000		10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001		$ 0.0001	$ 0.0001
Common stock
Class of Stock [Line Items]
Number of shares issued upon conversion (in shares)	21,499,770	21,499,770

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)	Jan. 01, 2021	Sep. 30, 2021	Sep. 30, 2020	Jan. 14, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, options		$ 36,946,000
2020 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase of authorized shares, percent of common stock outstanding	4.00%			4.00%
Number of additional shares authorized (in shares)	1,443,135
2020 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase of authorized shares, percent of common stock outstanding				1.00%
Number of additional shares authorized (in shares)	326,364
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, recognition period (in years)		2 years 9 months 18 days
Stock options | 2020 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under share-based compensation plan		6,688
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, recognition period (in years)		1 year 7 months 6 days
Fair value of units vested		$ 693,000
Unrecognized compensation cost		$ 755,000
Shares issuable under employee stock purchase plan | 2020 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under share-based compensation plan		6,162	0
Award purchase period (in months)		6 months
Maximum percent of fair market value of common stock		85.00%
Maximum employee subscription rate		10.00%
Maximum employee subscription amount		$ 25,000

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,009	$ 1,999	$ 10,661	$ 5,295
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	732	1,044	4,586	2,263
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,277	955	6,075	3,032
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,783	1,889	9,793	5,185
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	134	110	694	110
Employee Stock Purchase Plan and Other
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 92	$ 0	$ 174	$ 0

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Options
Outstanding, beginning balance (in shares)	3,752,744
Granted (in shares)	1,677,044
Exercised (in shares)	(110,621)
Canceled or forfeited (in shares)	(392,691)
Outstanding, ending balance (in shares)	4,926,476	3,752,744
Options vested or expected to vest (in shares)	4,926,476
Options exercisable (in shares)	1,527,276
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 15.71
Granted (in dollars per share)	24.32
Exercised (in dollars per share)	6.02
Cancelled or forfeited (in dollars per share)	23.98
Outstanding, ending balance (in dollars per share)	18.22	$ 15.71
Options vested or expected to vest (in dollars per share)	18.22
Options exercisable (in dollars per share)	$ 13.59
Weighted Average Remaining Life and Intrinsic Value
Options outstanding, remaining life (in years)	8 years 1 month 6 days	9 years
Options vested or expected to vest, remaining life (in years)	8 years 1 month 6 days
Options exercisable, remaining life (in years)	7 years 4 months 24 days
Options outstanding, intrinsic value	$ 3,096	$ 62,842
Options vested or expected to vest, intrinsic value	3,096
Options exercisable, intrinsic value	$ 1,734

STOCK-BASED COMPENSATION - Sc_3

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Activity (Details) - Unvested restricted stock - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Number of shares
Unvested restricted common stock, beginning balance (in shares)	54,336	0
Granted (in shares)	10,000	61,000
Vested (in shares)	(27,002)	(6,664)
Cancelled or forfeited (in shares)	(6,667)
Unvested restricted common stock, ending balance (in shares)	30,667	54,336
Weighted average grant date fair value
Unvested restricted common stock, beginning balance (in dollars per share)	$ 29.68	$ 0
Weighted-average grant-date fair value (in dollars per share)	28.69	29.65
Vested (in dollars per share)	26.46	30
Cancelled or forfeited (in dollars per share)	1.21
Unvested restricted common stock, ending balance (in dollars per share)	$ 29.53	$ 29.68

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, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net loss	$ (35,077)	$ (34,351)	$ (30,301)	$ (17,912)	$ (14,571)	$ (12,145)	$ (99,729)	$ (44,628)
Weighted average common shares outstanding, basic (in shares)	36,219,137			35,927,485			36,175,249	31,860,716
Weighted average common shares outstanding, diluted (in shares)	36,219,137			35,927,485			36,175,249	31,860,716
Net loss per share, basic (in dollars per share)	$ (0.97)			$ (0.50)			$ (2.76)	$ (1.42)
Net loss per share, diluted (in dollars per share)	$ (0.97)			$ (0.50)			$ (2.76)	$ (1.42)

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, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,992,706	3,709,319
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,926,476	3,639,228
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	30,667	59,334
Shares issuable under employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	24,806	0
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	10,757	10,757

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)contract	Dec. 31, 2020ft²	Jul. 31, 2020USD ($)ft²	Feb. 28, 2019ft²
Lessee, Lease, Description [Line Items]
Number of leases | contract	2
Gain on lease termination | $	$ 5
Principal office, lease two
Lessee, Lease, Description [Line Items]
Lease term (in years)			7 years
Lease term, optional extension (in years)			5 years
Area leased (square feet)			25,578
Letter of credit outstanding | $			$ 1,168
Principal office, lease one
Lessee, Lease, Description [Line Items]
Lease term, optional extension (in years)				3 years
Area leased (square feet)				2,357
Operating Lease, Office and Laboratory Space, NY
Lessee, Lease, Description [Line Items]
Lease term (in years)		11 years
Lease term, optional extension (in years)		5 years
Area leased (square feet)		18,120

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, 2021USD ($)	Sep. 30, 2021USD ($)
Lease Cost
Operating lease cost	$ 900	$ 1,975
Short-term lease cost	287	862
Variable lease cost	136	212
Total lease cost	$ 1,323	3,049
Other Operating Lease Information
Gain on lease termination		5
Cash paid for amounts included in the measurement of lease liability		$ 1,860
Weighted-average remaining lease term (in years)	8 years 10 months 24 days	8 years 10 months 24 days
Weighted-average discount rate	5.30%	5.30%

LEASES - Schedule of Future Min

LEASES - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2021USD ($)
ASC 842
2021 (excluding the nine months ended September 30, 2021)	$ 596
2022	2,845
2023	4,244
2024	4,359
2025	4,477
Thereafter	21,571
Total lease payments	38,092
Less: interest	(8,416)
Total lease liability	$ 29,676

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Employer contribution, matching contribution percentage			100.00%
Employer contribution, percent of each participant's salary			6.00%
Employer contribution amount	$ 207	$ 161	$ 772	$ 428

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transactions [Abstract]
Due to related parties	$ 0		$ 0		$ 0
Related party expense, service fees	$ 0	$ 190,000	$ 0	$ 2,293,000