Black Diamond Therapeutics (BDTX) 10-Q 11 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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, 14th 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	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,290,901
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Entity Central Index Key	0001701541
Current Fiscal Year End Date	--12-31
Former Address
Entity Addresses [Line Items]
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 54,081	$ 65,799
Investments	125,658	143,987
Prepaid expenses and other current assets	8,565	5,917
Total current assets	188,304	215,703
Property and equipment, net	2,811	3,035
Restricted cash	1,223	1,223
Right-of-use assets	27,134	27,705
Other non-current assets	10	16
Total assets	219,482	247,682
Current liabilities:
Accounts payable	1,883	4,107
Accrued expenses and other current liabilities	17,586	19,535
Total current liabilities	19,469	23,642
Non-current operating lease liabilities	27,453	28,140
Total liabilities	46,922	51,782
Commitments and contingencies (Note 10)	0	0
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares and 10,000,000 shares authorized at March 31, 2022 and December 31, 2021, respectively; no shares issued or outstanding at March 31, 2022 and December 31, 2021	0	0
Common stock; $0.0001 par value; 500,000,000 shares authorized at March 31, 2022 and 500,000,000 shares authorized at December 31, 2021; 36,287,568 shares issued and outstanding at March 31, 2022 and 36,234,624 shares issued and outstanding at December 31, 2021	5	5
Additional paid-in capital	443,657	440,129
Accumulated other comprehensive loss	(1,775)	(414)
Accumulated deficit	(269,327)	(243,820)
Total stockholders' equity	172,560	195,900
Total liabilities and stockholders' equity	$ 219,482	$ 247,682

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	36,287,568	36,234,624
Common stock, shares outstanding (in shares)	36,287,568	36,234,624

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 17,786	$ 22,820
General and administrative	7,893	7,893
Total operating expenses	25,679	30,713
Loss from operations	(25,679)	(30,713)
Other income (expense):
Interest income	406	1,152
Other (expense) income	(234)	(740)
Total other income (expense), net	172	412
Net loss	$ (25,507)	$ (30,301)
Net loss per share, basic (in dollars per share)	$ (0.70)	$ (0.84)
Net loss per share, diluted (in dollars per share)	$ (0.70)	$ (0.84)
Weighted average common shares outstanding, basic (in shares)	36,271,291	36,123,014
Weighted average common shares outstanding, diluted (in shares)	36,271,291	36,123,014
Comprehensive loss:
Net loss	$ (25,507)	$ (30,301)
Other comprehensive income:
Unrealized loss on investments	(1,361)	(279)
Comprehensive loss	$ (26,868)	$ (30,580)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (25,507)	$ (30,301)
Adjustment to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	3,375	3,094
Depreciation expense	125	19
Amortization of premium on investments	232	720
Noncash rent expense	686	321
Other non-cash items	0	(1)
Changes in current assets and liabilities:
Prepaid expenses and other current assets	(2,648)	(2,805)
Other non-current assets	6	6
Accounts payable	(2,224)	1,991
Accrued expenses and other current liabilities	(1,958)	2,836
Non-current operating lease liabilities	(687)	(335)
Net cash used in operating activities	(28,600)	(24,455)
Cash flows from investing activities:
Purchases of equipment	(7)	(40)
Proceeds from sales and maturities of investments	37,240	45,040
Purchases of investments	(20,504)	(41,526)
Net cash provided by investing activities	16,729	3,474
Cash flows from financing activities:
Proceeds from exercise of common stock options and ESPP	153	481
Net cash provided by financing activities	153	481
Net decrease in cash and cash equivalents	(11,718)	(20,500)
Cash, cash equivalents and restricted cash, beginning of period	67,022	35,828
Cash, cash equivalents and restricted cash, end of period	55,304	15,328
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	54,081	14,105
Restricted cash	1,223	1,223
Cash, cash equivalents and restricted cash, end of period	55,304	15,328
Supplemental disclosure of non-cash investing and financing activities:
Purchases of equipment included in accounts payable and accrued expenses	0	385
Right-of-use assets obtained in exchange for operating lease obligation	$ 115	$ 5,717

Condensed Consolidated Statem_3

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, 2020		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, 2021	36,234,624	36,234,624
Beginning balance at Dec. 31, 2021	$ 195,900	$ 5	440,129	(414)	(243,820)
Common stock
Exercise of common stock options (in shares)	3,565	3,565
Exercise of common stock options	$ 11		11
Vesting of restricted stock units (in shares)		5,000
Issuance of common stock related to ESPP (in shares)		31,341
Issuance of common stock related to ESPP	142		142
Stock-based compensation (in shares)		13,038
Stock-based compensation	3,375		3,375
Unrealized gain (loss) on investments	(1,361)			(1,361)
Net loss	$ (25,507)				(25,507)
Ending balance (in shares) at Mar. 31, 2022	36,287,568	36,287,568
Ending balance at Mar. 31, 2022	$ 172,560	$ 5	$ 443,657	$ (1,775)	$ (269,327)

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2022
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. 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 its mutation, allostery, and pharmacology computational and drug discovery engine. 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 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 March 31, 2022, 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 May 11, 2022, 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 currently planned operations for at least the next 12 months from the filing date of these unaudited interim condensed consolidated financial statements. 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 is evolving, and to date has led to the implementation of various responses, including government-imposed quarantines, travel restrictions, 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 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 any future variants that may emerge, 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. 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The 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. 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 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 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 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. Recently issued accounting pronouncements The Company believes that no recently issued accounting standards will have a material impact on its consolidated financial statements, or apply to its operations.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 52,003 $ — $ — $ 52,003 Investments: Commercial paper — 20,501 — 20,501 Corporate bonds — 65,885 — 65,885 U.S. Government agencies — 39,272 — 39,272 Total $ 52,003 $ 125,658 $ — $ 177,661 Fair value measurements at December 31, 2021 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 63,730 $ — $ — $ 63,730 Investments: Corporate bonds — 104,066 — 104,066 U.S. Government agencies — 39,921 — 39,921 Total $ 63,730 $ 143,987 $ — $ 207,717 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	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS As of March 31, 2022, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 20,515 $ — $ (14) $ 20,501 Corporate bonds 66,782 6 (903) 65,885 U.S. Government agencies 40,136 — (864) 39,272 Total $ 127,433 $ 6 $ (1,781) $ 125,658 As of December 31, 2021, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Corporate bonds $ 104,261 $ 47 $ (242) $ 104,066 U.S. Government agencies 40,140 — (219) 39,921 Total $ 144,401 $ 47 $ (461) $ 143,987 As of March 31, 2022, all marketable securities held by the Company had remaining contractual maturities of one year or less, except for U.S. government agencies, corporate bonds and commercial paper with a fair value of $65,238 that had maturities of one to three years. As of December 31, 2021, all marketable securities held by the Company had remaining contractual maturities of one year or less, except for U.S. government agencies and corporate bonds with a fair value of $86,187 that had maturities of one to three years. As of March 31, 2022, the marketable securities in a loss position had a maturity of less than one year, except for U.S. government agencies, corporate bonds and commercial paper with a fair value of $65,238, that had maturities of one to three years. As of December 31, 2021, the marketable securities in a loss position had a maturity of less than one year, except for U.S. government agencies and corporate bonds, with a fair value of $86,187, that had maturities of one to three years. As of March 31, 2022, the Company reviewed its investment portfolio to assess whether the unrealized losses on its available-for-sale investments were temporary. In determining whether the decline in fair value of these securities was temporary, the Company evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis. There have been no impairments of the Company’s assets measured and carried at fair value during the three months ended March 31, 2022 and the year ended December 31, 2021.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment, net consisted of the following: March 31, December 31, Laboratory equipment $ 689 $ 682 Furniture and fixtures 17 17 Computer and office equipment 120 120 Leasehold improvements 2,479 2,437 Construction in process — 148 Property and equipment 3,305 3,404 Less: accumulated depreciation (494) (369) Total Property and Equipment, net $ 2,811 $ 3,035 Depreciation expense for the three months ended March 31, 2022 and 2021 was $125 and $19, respectively.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	3 Months Ended
	Mar. 31, 2022
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: March 31, December 31, Contracted research services $ 12,571 $ 12,192 Payroll and related expenses 2,821 5,088 Professional and consulting fees 1,401 1,935 Current portion of operating lease liability 793 320 Total accrued expenses and other current liabilities $ 17,586 $ 19,535

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
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 initial public offering (“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, 2022, 1,449,384 shares of common stock, representing 4% of the Company’s outstanding shares of common stock as of December 31, 2021, 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, 2022. 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 2022 2021 Stock options $ 3,193 $ 2,794 Restricted stock units 121 270 Employee Stock Purchase Plan and Other 61 30 $ 3,375 $ 3,094 For the three months ended March 31, 2022, the Company issued 13,038 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 2022 2021 Research and development $ 1,528 $ 1,620 General and administrative 1,847 1,474 $ 3,375 $ 3,094 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, 2021 4,903,839 $ 17.38 7.6 $ 847 Granted 1,366,350 $ 3.78 Exercised (3,565) $ 3.20 Cancelled or forfeited (347,830) $ 16.59 Outstanding March 31, 2022 5,918,794 $ 14.29 8.2 $ 56 Options vested or expected to vest at March 31, 2022 5,918,794 $ 14.29 8.2 $ 56 Options exercisable at March 31, 2022 2,082,574 $ 16.05 6.9 $ 49 For the three months ended March 31, 2022, total unrecognized compensation cost related to the unvested stock-options was $29,471, which is expected to be recognized over a weighted average period of 2.5 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 time-based restricted stock agreements covering the common stock, shares of restricted common stock are subject to a vesting schedule. The following table summarizes time-based restricted stock activity since January 1, 2022: Number of shares Weighted average grant date fair value Unvested restricted common stock as of December 31, 2021 30,667 $ 29.53 Granted 20,075 $ 3.79 Vested (5,000) $ 28.69 Unvested restricted common stock as of March 31, 2022 45,742 $ 18.32 The total fair value of time-based restricted stock units vested during the three months ended March 31, 2022 was $143. For the three months ended March 31, 2022, total unrecognized compensation cost related to the time-based unvested restricted stock units was $591, which is expected to be recognized over a weighted average period of 1.2 years. For the three months ended March 31, 2022, the Company granted to its employees 193,000 performance restricted stock units related to the achievement of certain clinical development and/or financing milestones. As of March 31, 2022, the Company had 212,000 performance restricted stock units outstanding. Recognition of stock-based compensation expense associated with performance restricted stock units commences when the performance conditions are considered probable of achievement, using management’s best estimates, which consider the inherent risk and uncertainty regarding the future outcomes of the milestones. As of March 31, 2022, for performance-based restricted stock units that were outstanding, the achievement of the milestones that had not been met was considered not probable, and therefore no expense has been recognized related to these awards in the three months ended March 31, 2022. Employee stock purchase plan 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 three months ended March 31, 2022 and 2021, there were 31,341 and no shares, respectively, issued under the 2020 ESPP.

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Net loss $ (25,507) $ (30,301) Weighted average common shares outstanding, basic and diluted 36,271,291 36,123,014 Net loss per share, basic and diluted $ (0.70) $ (0.84) 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: Three Months Ended 2022 2021 Options to purchase common stock 5,918,794 4,810,262 Unvested restricted stock 45,742 59,338 Shares issuable under employee stock purchase plan 27,572 — Warrants to purchase common stock 10,757 10,757 6,002,865 4,880,357

LEASES

LEASES	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
LEASES	LEASES The Company has historically entered into lease arrangements for its facilities. As of March 31, 2022, the Company had two operating leases with required future minimum payments. 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 months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Lease Cost Operating lease cost $ 1,059 $ 462 Short-term lease cost 19 287 Variable lease cost 257 33 Total lease cost $ 1,335 $ 782 Other Operating Lease Information March 31, 2022 March 31, 2021 Cash paid for amounts included in the measurement of lease liability $ 702 $ 370 Weighted-average remaining lease term 8.5 7.3 Weighted-average discount rate 5.3 % 5.3 % The variable lease costs for the three months ended March 31, 2022 and 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 March 31, 2022 were as follows: As of March 31, 2022 2022 (excluding the three months ended March 31, 2022) $ 1,241 2023 4,244 2024 4,359 2025 4,477 2026 4,599 Thereafter 16,972 Total lease payments 35,892 Less: interest (7,646) Total lease liability $ 28,246

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, 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 consolidated financial statements as of March 31, 2022 or December 31, 2021. 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	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
BENEFIT PLANS	BENEFIT PLANSThe Company has 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 months ended March 31, 2022 and 2021 the Company contributed $558 and $345 to the 401(k) Plan, respectively.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
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. 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 its mutation, allostery, and pharmacology computational and drug discovery engine. 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. 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 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 issued accounting pronouncements	Recently issued accounting pronouncements The Company believes that no recently issued accounting standards will have a material impact on its consolidated financial statements, or apply to its operations.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 52,003 $ — $ — $ 52,003 Investments: Commercial paper — 20,501 — 20,501 Corporate bonds — 65,885 — 65,885 U.S. Government agencies — 39,272 — 39,272 Total $ 52,003 $ 125,658 $ — $ 177,661 Fair value measurements at December 31, 2021 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 63,730 $ — $ — $ 63,730 Investments: Corporate bonds — 104,066 — 104,066 U.S. Government agencies — 39,921 — 39,921 Total $ 63,730 $ 143,987 $ — $ 207,717

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	As of March 31, 2022, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 20,515 $ — $ (14) $ 20,501 Corporate bonds 66,782 6 (903) 65,885 U.S. Government agencies 40,136 — (864) 39,272 Total $ 127,433 $ 6 $ (1,781) $ 125,658 As of December 31, 2021, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Corporate bonds $ 104,261 $ 47 $ (242) $ 104,066 U.S. Government agencies 40,140 — (219) 39,921 Total $ 144,401 $ 47 $ (461) $ 143,987

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property and equipment, net consisted of the following: March 31, December 31, Laboratory equipment $ 689 $ 682 Furniture and fixtures 17 17 Computer and office equipment 120 120 Leasehold improvements 2,479 2,437 Construction in process — 148 Property and equipment 3,305 3,404 Less: accumulated depreciation (494) (369) Total Property and Equipment, net $ 2,811 $ 3,035

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses and other current liabilities consisted of the following: March 31, December 31, Contracted research services $ 12,571 $ 12,192 Payroll and related expenses 2,821 5,088 Professional and consulting fees 1,401 1,935 Current portion of operating lease liability 793 320 Total accrued expenses and other current liabilities $ 17,586 $ 19,535

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Stock options $ 3,193 $ 2,794 Restricted stock units 121 270 Employee Stock Purchase Plan and Other 61 30 $ 3,375 $ 3,094 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 2022 2021 Research and development $ 1,528 $ 1,620 General and administrative 1,847 1,474 $ 3,375 $ 3,094
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, 2021 4,903,839 $ 17.38 7.6 $ 847 Granted 1,366,350 $ 3.78 Exercised (3,565) $ 3.20 Cancelled or forfeited (347,830) $ 16.59 Outstanding March 31, 2022 5,918,794 $ 14.29 8.2 $ 56 Options vested or expected to vest at March 31, 2022 5,918,794 $ 14.29 8.2 $ 56 Options exercisable at March 31, 2022 2,082,574 $ 16.05 6.9 $ 49
Schedule of Restricted Stock Activity	The following table summarizes time-based restricted stock activity since January 1, 2022: Number of shares Weighted average grant date fair value Unvested restricted common stock as of December 31, 2021 30,667 $ 29.53 Granted 20,075 $ 3.79 Vested (5,000) $ 28.69 Unvested restricted common stock as of March 31, 2022 45,742 $ 18.32

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Net Loss per Share	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 2022 2021 Net loss $ (25,507) $ (30,301) Weighted average common shares outstanding, basic and diluted 36,271,291 36,123,014 Net loss per share, basic and diluted $ (0.70) $ (0.84)
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: Three Months Ended 2022 2021 Options to purchase common stock 5,918,794 4,810,262 Unvested restricted stock 45,742 59,338 Shares issuable under employee stock purchase plan 27,572 — Warrants to purchase common stock 10,757 10,757 6,002,865 4,880,357

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Lease Cost Operating lease cost $ 1,059 $ 462 Short-term lease cost 19 287 Variable lease cost 257 33 Total lease cost $ 1,335 $ 782 Other Operating Lease Information March 31, 2022 March 31, 2021 Cash paid for amounts included in the measurement of lease liability $ 702 $ 370 Weighted-average remaining lease term 8.5 7.3 Weighted-average discount rate 5.3 % 5.3 %
Schedule of Future Minimum Lease Payments	Future minimum lease payments under the Company’s operating leases as of March 31, 2022 were as follows: As of March 31, 2022 2022 (excluding the three months ended March 31, 2022) $ 1,241 2023 4,244 2024 4,359 2025 4,477 2026 4,599 Thereafter 16,972 Total lease payments 35,892 Less: interest (7,646) Total lease liability $ 28,246

NATURE OF BUSINESS AND BASIS _2

NATURE OF BUSINESS AND BASIS OF PRESENTATION (Details) $ in Millions	3 Months Ended
	Jun. 30, 2022USD ($)
Open Market Sale | Maximum | Forecast
Subsidiary, Sale of Stock [Line Items]
Proceeds from stock issuance, net	$ 150

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Total	$ 177,661	$ 207,717
Money market funds
Assets:
Cash equivalents:	52,003	63,730
Commercial paper
Assets:
Investments:	20,501
Corporate bonds
Assets:
Investments:	65,885	104,066
U.S. Government agencies
Assets:
Investments:	39,272	39,921
Level 1
Assets:
Total	52,003	63,730
Level 1 | Money market funds
Assets:
Cash equivalents:	52,003	63,730
Level 1 | Commercial paper
Assets:
Investments:	0
Level 1 | Corporate bonds
Assets:
Investments:	0	0
Level 1 | U.S. Government agencies
Assets:
Investments:	0	0
Level 2
Assets:
Total	125,658	143,987
Level 2 | Money market funds
Assets:
Cash equivalents:	0	0
Level 2 | Commercial paper
Assets:
Investments:	20,501
Level 2 | Corporate bonds
Assets:
Investments:	65,885	104,066
Level 2 | U.S. Government agencies
Assets:
Investments:	39,272	39,921
Level 3
Assets:
Total	0	0
Level 3 | Money market funds
Assets:
Cash equivalents:	0	0
Level 3 | Commercial paper
Assets:
Investments:	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 ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 127,433	$ 144,401
Unrealized Gains	6	47
Unrealized Losses	(1,781)	(461)
Fair Value	125,658	143,987
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20,515
Unrealized Gains	0
Unrealized Losses	(14)
Fair Value	20,501
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	66,782	104,261
Unrealized Gains	6	47
Unrealized Losses	(903)	(242)
Fair Value	65,885	104,066
U.S. Government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	40,136	40,140
Unrealized Gains	0	0
Unrealized Losses	(864)	(219)
Fair Value	$ 39,272	$ 39,921

INVESTMENTS - Additional Inform

INVESTMENTS - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Fair value	$ 65,238,000		$ 86,187,000
Loss position fair value	65,238,000		$ 86,187,000
Impairment of fair value assets	$ 0	$ 0

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment	$ 3,305		$ 3,404
Less: accumulated depreciation	(494)		(369)
Total Property and Equipment, net	2,811		3,035
Depreciation expense	125	$ 19
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment	689		682
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	17		17
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment	120		120
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	2,479		2,437
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment	$ 0		$ 148

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Contracted research services	$ 12,571	$ 12,192
Payroll and related expenses	2,821	5,088
Professional and consulting fees	$ 1,401	$ 1,935
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	$ 793	$ 320
Total accrued expenses and other current liabilities	$ 17,586	$ 19,535

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands	Jan. 01, 2022	Mar. 31, 2022	Mar. 31, 2021	Jan. 14, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, options		$ 29,471
Stock-based compensation expense		$ 3,375	$ 3,094
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)	1,449,384
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 6 months
Stock-based compensation expense		$ 3,193	2,794
Stock options | 2020 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under share-based compensation plan		13,038
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, recognition period (in years)		1 year 2 months 12 days
Fair value of units vested		$ 143
Unrecognized compensation cost		591
Stock-based compensation expense		$ 121	$ 270
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		31,341	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
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		193,000
Units outstanding (in shares)		212,000
Stock-based compensation expense		$ 0

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,375	$ 3,094
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,528	1,620
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,847	1,474
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,193	2,794
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	121	270
Employee Stock Purchase Plan and Other
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 61	$ 30

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Options
Outstanding, beginning balance (in shares)	4,903,839
Granted (in shares)	1,366,350
Exercised (in shares)	(3,565)
Canceled or forfeited (in shares)	(347,830)
Outstanding, ending balance (in shares)	5,918,794	4,903,839
Options vested or expected to vest (in shares)	5,918,794
Options exercisable (in shares)	2,082,574
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 17.38
Granted (in dollars per share)	3.78
Exercised (in dollars per share)	3.20
Cancelled or forfeited (in dollars per share)	16.59
Outstanding, ending balance (in dollars per share)	14.29	$ 17.38
Options vested or expected to vest (in dollars per share)	14.29
Options exercisable (in dollars per share)	$ 16.05
Weighted Average Remaining Life and Intrinsic Value
Options outstanding, remaining life (in years)	8 years 2 months 12 days	7 years 7 months 6 days
Options vested or expected to vest, remaining life (in years)	8 years 2 months 12 days
Options exercisable, remaining life (in years)	6 years 10 months 24 days
Options outstanding, intrinsic value	$ 56	$ 847
Options vested or expected to vest, intrinsic value	56
Options exercisable, intrinsic value	$ 49

STOCK-BASED COMPENSATION - Sc_3

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Activity (Details) - Unvested restricted stock	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of shares
Unvested restricted common stock, beginning balance (in shares) | shares	30,667
Granted (in shares) | shares	20,075
Vested (in shares) | shares	(5,000)
Unvested restricted common stock, ending balance (in shares) | shares	45,742
Weighted average grant date fair value
Unvested restricted common stock, beginning balance (in dollars per share) | $ / shares	$ 29.53
Weighted-average grant-date fair value (in dollars per share) | $ / shares	3.79
Vested (in dollars per share) | $ / shares	28.69
Unvested restricted common stock, ending balance (in dollars per share) | $ / shares	$ 18.32

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
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (25,507)	$ (30,301)
Weighted average common shares outstanding, basic (in shares)	36,271,291	36,123,014
Weighted average common shares outstanding, diluted (in shares)	36,271,291	36,123,014
Net loss per share, basic (in dollars per share)	$ (0.70)	$ (0.84)
Net loss per share, diluted (in dollars per share)	$ (0.70)	$ (0.84)

NET LOSS PER SHARE - Schedule o

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	6,002,865	4,880,357
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	5,918,794	4,810,262
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	45,742	59,338
Shares issuable under employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	27,572	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	Jun. 15, 2021USD ($)	Mar. 31, 2022contract	Dec. 31, 2020ft²	Jul. 31, 2020USD ($)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) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease Cost
Operating lease cost	$ 1,059	$ 462
Short-term lease cost	19	287
Variable lease cost	257	33
Total lease cost	1,335	782
Other Operating Lease Information
Cash paid for amounts included in the measurement of lease liability	$ 702	$ 370
Weighted-average remaining lease term (in years)	8 years 6 months	7 years 3 months 18 days
Weighted-average discount rate	5.30%	5.30%

LEASES - Schedule of Future Min

LEASES - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2022USD ($)
ASC 842
2022 (excluding the three months ended March 31, 2022)	$ 1,241
2023	4,244
2024	4,359
2025	4,477
2026	4,599
Thereafter	16,972
Total lease payments	35,892
Less: interest	(7,646)
Total lease liability	$ 28,246

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Employer contribution, matching contribution percentage	100.00%
Employer contribution, percent of each participant's salary	6.00%
Employer contribution amount	$ 558	$ 345