Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 28, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HARP | ||
Entity Registrant Name | Harpoon Therapeutics, Inc. | ||
Entity Central Index Key | 0001708493 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Tax Identification Number | 47-3458693 | ||
Entity File Number | 001-38800 | ||
Entity Public Float | $ 263,042,761 | ||
Entity Common Stock, Shares Outstanding | 32,961,664 | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
Security Exchange Name | NASDAQ | ||
Entity Address, Address Line One | 131 Oyster Point Blvd | ||
Entity Address, Address Line Two | Suite 300 | ||
Entity Address, City or Town | South San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94080 | ||
City Area Code | 650 | ||
Local Phone Number | 443-7400 | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement, or the Proxy Statement, for the 2022 Annual Meeting of Stockholders of the registrant are incorporated by reference into Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2021 | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Redwood City, California | ||
Auditor Firm ID | 42 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | |||
Cash and cash equivalents | $ 44,687 | $ 21,170 | $ 88,736 |
Short-term marketable securities | 90,411 | 104,860 | |
Prepaid expenses and other current assets | 2,597 | 3,724 | |
Total current assets | 137,695 | 129,754 | |
Property and equipment, net | 9,248 | 10,188 | |
Long-term marketable securities | 1,522 | 23,946 | |
Operating lease right-of-use asset | 6,127 | 6,583 | |
Other assets | 860 | 1,121 | |
Total assets | 155,452 | 171,592 | |
Current liabilities | |||
Accounts payable | 2,666 | 1,572 | |
Accrued liabilities | 17,362 | 13,845 | |
Deferred revenue, current | 37,462 | 31,299 | |
Operating lease liabilities, current | 1,649 | 1,202 | |
Total current liabilities | 59,139 | 47,918 | |
Deferred revenue, noncurrent | 27,705 | 57,522 | |
Operating lease liabilities, net of current portion | 10,538 | 12,313 | |
Total liabilities | 97,382 | 117,753 | |
Commitments and contingencies (Note 6) | |||
Stockholders' equity | |||
Common stock, $0.0001 par value; 150,000,000 shares authorized at December 31, 2021 and 2020; 32,765,788 shares and 25,553,172 shares issued and outstanding at December 31, 2021 and 2020, respectively | 4 | 3 | |
Additional paid-in capital | 342,905 | 221,904 | |
Accumulated other comprehensive (loss) income | (47) | 3 | |
Accumulated deficit | (284,792) | (168,071) | |
Total stockholders' equity | 58,070 | 53,839 | $ 94,220 |
Total liabilities, convertible preferred stock and stockholders' equity | $ 155,452 | $ 171,592 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, Authorized | 150,000,000 | 150,000,000 |
Common stock, issued | 32,765,788 | 25,553,172 |
Common stock, outstanding | 32,765,788 | 25,553,172 |
Statements of Operation and Com
Statements of Operation and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | |||
Total revenue | $ 23,654 | $ 17,444 | $ 5,777 |
Operating expenses | |||
Research and development | 72,124 | 52,565 | 41,592 |
General and administrative | 18,327 | 16,210 | 22,391 |
Litigation settlement | 49,954 | 0 | 0 |
Total operating expenses | 140,405 | 68,775 | 63,983 |
Loss from operations | (116,751) | (51,331) | (58,206) |
Interest income | 240 | 1,449 | 2,676 |
Other expense | (210) | (26) | (42) |
Net loss | (116,721) | (49,908) | (55,572) |
Other comprehensive loss: | |||
Net unrealized (loss) gain on marketable securities | (50) | (38) | 41 |
Comprehensive loss | $ (116,771) | $ (49,946) | $ (55,531) |
Net loss per share, basic and diluted | $ (3.62) | $ (1.99) | $ (2.56) |
Weighted-average common shares used in computing net loss per share, basic and diluted | 32,274,362 | 25,034,947 | 21,746,461 |
Collaboration and License | |||
Revenue | |||
Total revenue | $ 23,654 | $ 17,444 | $ 5,777 |
Statements of Convertible Prefe
Statements of Convertible Preferred Stock and Stockholder's Equity - USD ($) $ in Thousands | Total | IPO | Follow on Offering | Convertible Preferred Stock | Common Stock | Common StockIPO | Common StockFollow on Offering | Additional Paid-In Capital | Additional Paid-In CapitalIPO | Additional Paid-In CapitalFollow on Offering | AOCI Attributable to Parent | Accumulated Deficit |
Beginning balance at Dec. 31, 2018 | $ (53,479) | $ 1 | $ 9,111 | $ (62,591) | ||||||||
Temporary equity, beginning balance, shares at Dec. 31, 2018 | 16,618,448 | |||||||||||
Temporary equity, beginning balance at Dec. 31, 2018 | 129,577 | $ 129,577 | ||||||||||
Beginning balance, shares at Dec. 31, 2018 | 1,211,419 | |||||||||||
Conversion of Series A, B, and C convertible preferred stock into common stock | 129,576 | $ 129,577 | $ 1 | 129,575 | ||||||||
Conversion of Series A, B, and C convertible preferred stock into common stock, shares | 16,618,448 | 16,618,448 | ||||||||||
Issuance of common stock upon exercise of warrants, shares | 563,043 | |||||||||||
Issuance of common stock | $ 70,647 | $ 1 | $ 70,646 | |||||||||
Issuance of common stock, shares | 5,769,201 | |||||||||||
Issuance of common stock for exercise of stock options | 803 | 803 | ||||||||||
Issuance of common stock for exercise of stock options, shares | 572,436 | |||||||||||
Vesting of early exercised stock options | 133 | 133 | ||||||||||
Vesting of early exercised stock options, shares | 93,336 | |||||||||||
Stock-based compensation | 2,071 | 2,071 | ||||||||||
Vesting of Founder's shares, shares | 22,181 | |||||||||||
Net loss | (55,572) | (55,572) | ||||||||||
Other comprehensive income | 41 | $ 41 | ||||||||||
Ending balance at Dec. 31, 2019 | 94,220 | $ 3 | 212,339 | 41 | (118,163) | |||||||
Ending balance, shares at Dec. 31, 2019 | 24,850,064 | |||||||||||
Issuance of common stock pursuant to ATM facility, net of offering costs | 3,032 | 3,032 | ||||||||||
Issuance of common stock pursuant to ATM facility, net Share | 192,069 | |||||||||||
Issuance of common stock for exercise of stock options | 1,644 | 1,644 | ||||||||||
Issuance of common stock for exercise of stock options, shares | 475,667 | |||||||||||
Vesting of early exercised stock options | 29 | 29 | ||||||||||
Vesting of early exercised stock options, shares | 35,372 | |||||||||||
Stock-based compensation | 4,860 | 4,860 | ||||||||||
Net loss | (49,908) | (49,908) | ||||||||||
Other comprehensive income | (38) | (38) | ||||||||||
Ending balance at Dec. 31, 2020 | 53,839 | $ 3 | 221,904 | 3 | (168,071) | |||||||
Ending balance, shares at Dec. 31, 2020 | 25,553,172 | |||||||||||
Issuance of common stock | $ 107,579 | $ 1 | $ 107,578 | |||||||||
Issuance of common stock, shares | 6,764,704 | |||||||||||
Issuance of common stock pursuant to ATM facility, net of offering costs | 2,769 | 2,769 | ||||||||||
Issuance of common stock pursuant to ATM facility, net Share | 138,153 | |||||||||||
Issuance of common stock for exercise of stock options | 1,174 | 1,174 | ||||||||||
Issuance of common stock for exercise of stock options, shares | 293,528 | |||||||||||
Vesting of early exercised stock options | 18 | 18 | ||||||||||
Vesting of early exercised stock options, shares | 16,231 | |||||||||||
Stock-based compensation | 9,462 | 9,462 | ||||||||||
Net loss | (116,721) | (116,721) | ||||||||||
Other comprehensive income | (50) | (50) | ||||||||||
Ending balance at Dec. 31, 2021 | $ 58,070 | $ 4 | $ 342,905 | $ (47) | $ (284,792) | |||||||
Temporary equity, Ending balance , shares at Dec. 31, 2021 | 0 | |||||||||||
Ending balance, shares at Dec. 31, 2021 | 32,765,788 |
Statements of Convertible Pre_2
Statements of Convertible Preferred Stock and Stockholder's Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
I P O [Member] | ||
Payments of stock issuance costs | $ 10,122 | |
Follow on Offering [Member] | ||
Payment Of underwriter discounts commissions and issuance cost | $ 7,400 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net loss | $ (116,721) | $ (49,908) | $ (55,572) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | |||
Stock-based compensation expense | 9,462 | 4,860 | 2,071 |
Depreciation and amortization | 2,190 | 2,082 | 900 |
Non cash lease expense | 456 | 432 | 1,202 |
Net amortization of discounts on marketable securities | 2,369 | 491 | (541) |
Changes in operating assets and liabilities | |||
Prepaid expenses and other assets | 1,125 | (1,179) | (1,814) |
Other assets | 468 | (359) | 3,042 |
Accounts payable | 542 | (1,228) | (1,761) |
Accrued liabilities | 2,937 | 6,151 | 4,288 |
Deferred revenue | (23,654) | 31,470 | 45,309 |
Operating lease liabilities | (1,328) | (1,428) | (15) |
Net cash (used in) provided by operating activities | (122,154) | (8,616) | (2,891) |
Cash flows from investing activities | |||
Purchases of property and equipment | (100) | (683) | (3,516) |
Purchases of marketable securities | (151,965) | (202,182) | (141,816) |
Maturities of marketable securities | 186,419 | 139,239 | 76,017 |
Net cash (used in) provided by investing activities | 34,354 | (63,626) | (69,315) |
Cash flows from financing activities | |||
Proceeds from follow-on offering, net of issuance costs | 107,580 | 3,032 | 70,646 |
Proceeds from issuance of common stock, net of issuance costs | 2,769 | ||
Proceeds from issuance of common stock in connection with employee benefit plans | 1,174 | 1,644 | 803 |
Net cash provided by financing activities | 111,523 | 4,676 | 71,449 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 23,723 | (67,566) | (757) |
Cash, cash equivalents, and restricted cash at beginning of period | 21,637 | 89,203 | 89,960 |
Cash, cash equivalents, and restricted cash at end of period | 45,360 | 21,637 | 89,203 |
Supplemental disclosures of non-cash investing and financing information | |||
Conversion of preferred stock to common stock and additional paid-in capital | 129,577 | ||
Deferred follow on offering costs included in accrued liabilities | 229 | ||
Purchases of property and equipment included in accounts payable | 1,149 | 204 | 16 |
Reclassification of employee stock liability to equity upon vesting | $ 18 | $ 29 | 133 |
Right-of-use asset obtained in exchange for lease obligation | 8,405 | ||
Modification of operating lease | (188) | ||
Tenant improvements provided by landlord | $ 5,784 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Description of Business Harpoon Therapeutics, Inc. (the “Company”) is a clinical-stage immunotherapy company developing a novel class of T cell engagers that harness the power of the body’s immune system to treat patients suffering from cancer and other diseases. T cell engagers are engineered proteins that direct a patient’s own T cells to kill target cells that express specific proteins, or antigens, carried by the target cells. Using a proprietary Tri-specific T cell Activating Construct (“TriTAC”), platform, the Company is developing a pipeline of novel T cell engagers, or TriTACs, initially focused on the treatment of solid tumors and hematologic malignancies. The Company is also developing its ProTriTAC platform, which builds upon the core elements of the TriTAC platform by utilizing a prodrug approach designed to allow T cell engagers to address cancer targets that would otherwise be limited by on-target toxicities. The Company's third proprietary technology platform, extended release TriTAC-XR, is designed to mitigate cytokine release syndrome. The Company was incorporated in Delaware in March 2015 and is headquartered in South San Francisco, California. Initial Public Offering On February 7, 2019, the Company’s registration statement on Form S-1 relating to its initial public offering (“IPO”) was declared effective by the Securities and Exchange Commission (“SEC”) and shares of its common stock began trading on the Nasdaq Global Select Market (“Nasdaq”) on February 8, 2019. The public offering price of the shares sold in the IPO was $ 14.00 per share. The IPO closed in February 2019, pursuant to which the Company sold 5,769,201 shares of common stock, for gross proceeds of approximately $ 80.8 million, including the exercise in part of the underwriters’ option to purchase additional shares. The Company received net proceeds from the IPO of approximately $ 70.7 million, after underwriting discounts, commissions and offering costs. Immediately prior to the completion of the IPO on February 12, 2019, all outstanding shares of redeemable convertible preferred stock, including preferred stock warrants, were converted into 17,181,491 shares of common stock and $ 129.6 million was reclassified from temporary equity to additional paid in capital on the balance sheet. Subsequent to the closing of the IPO, there were no shares of redeemable convertible preferred stock outstanding. Public Offering In January 2021 , the Company sold an aggregate of 6,764,704 shares of its common stock for $ 107.6 million in net proceeds after deducting underwriting discounts and commissions and offering expenses . The offering was made pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-237175), declared effective by the SEC on April 23, 2020, a base prospectus dated April 23, 2020 and the related prospectus supplement dated January 6, 2021. Liquidity Since inception, the Company has incurred significant losses and has negative cash flows from operations. As of December 31, 2021, the Company had an accumulated deficit of $ 284.8 million. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of the Company’s research and development activities. As of December 31, 2021, the Company had cash, cash equivalents, and marketable securities of $ 114.6 million, which is available to fund future operations. The Company believes that its cash, cash equivalents and marketable securities as of December 31, 2021, provide sufficient capital resources to continue its operations for at least 12 months from the issuance date of this Annual Report. The Company will need to raise additional capital to support the completion of its research and development activities. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to continue to operationalize the Company’s current technology and to advance the development of its product candidates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of stock options, the research period of the collaboration agreements with AbbVie Biotechnology Ltd. (“AbbVie”), operating lease asset and lease liabilities, income tax uncertainties and certain accruals. As of December 31, 2021, the Company has not experienced a significant financial impact directly related to the COVID-19 pandemic. See Note 1 Organization – Liquidity for more information Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the Company’s Chief Operating Decision Maker in making decisions regarding resource allocation and assessing performance. To date, the Company has viewed its operations and manages its business as one segment operating primarily in the United States. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts and are stated at fair value. There are no significant unrealized gains or losses on the money market funds for the periods presented. For the year ended December 31, 2021 and 2020, the Company classified $ 0.7 million and $ 0.5 million, respectively, as restricted cash related to a letter of credit established for an operating lease entered into in August 2018 and collateral related to a deposit for an operating lease entered into in October 2021. The restricted cash is classified in “Other assets” in the balance sheets. See Note 6 Commitments and Contingencies for more information . The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheets that sum to the total of the same amounts shown in the statement of cash flows. As of December 31, 2021 2020 2019 (in thousands) Balance Sheets Cash and cash equivalents $ 44,687 $ 21,170 $ 88,736 Restricted cash (included in other assets) 673 467 467 Cash, cash equivalents and restricted cash in Statements of Cash Flows $ 45,360 $ 21,637 $ 89,203 Marketable Securities The Company generally invests its excess cash in money market funds and investment grade short- to intermediate-term fixed income securities. Such investments are included in cash and cash equivalents, short-term marketable securities or long-term marketable securities on the balance sheets. Marketable securities with a maturity date greater than 90 days and less than one year at each balance sheet date are classified as short-term. Marketable securities with a maturity date greater than one year at each balance sheet date are classified as long-term. All of the Company’s marketable securities are considered available-for-sale and are reported at fair value with unrealized gains and losses included as a component of stockholders’ equity. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income, net on the statements of operations. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on marketable securities are included in interest income, net on the statements of operations. The cost of securities sold is determined using specific identification. The Company periodically evaluates whether declines in the fair values of its marketable securities below their amortized cost are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss, as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the marketable security or it is more likely than not it will be required to sell any marketable securities before recovery of its amortized cost basis. Factors considered include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, other publicly available information that may affect the value of the marketable security, duration and severity of the decline in value, and the Company’s strategy and intentions for holding the marketable security. Concentration of Credit Risk The Company is subject to credit risk from its portfolio of cash equivalents and marketable securities. The Company invests in money market funds through a major U.S. bank and is exposed to credit risk in the event of default by the financial institution to the extent of amounts recorded on the consolidated balance sheets. The Company invests in money market funds and investment grade short- to intermediate-term fixed income securities. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. The Company is not exposed to any significant concentrations of credit risk from these financial instruments. The goals of the Company’s investment policy, in order of priority, are as follows: preservation of principal, liquidity of investments, fiduciary control of cash and investments, prevention of inappropriate concentrations of investments, and obtaining the best yields. The Company minimizes the amount of credit exposure by investing cash that is not required for immediate operating needs in money market funds and marketable securities. Leases The Company evaluates arrangements at inception to determine if an arrangement is or contains a lease. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date of the lease based upon the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company uses an incremental borrowing rate that the Company would expect to incur for a fully collateralized loan over a similar term under similar economic conditions to determine the present value of the lease payments. The lease payments used to determine the Company’s operating lease assets may include lease incentives and stated rent increases and are recognized in the Company’s operating lease assets in the balance sheets. Operating lease liabilities are accreted over the term of the lease using the incremental borrowing rate and the associated expense is recorded to operating expenses in the statement of operations and comprehensive loss. The Company recognizes lease expenses on a straight-line basis over the lease term. Variable lease payments are recognized as the associated obligation is incurred. Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date, and established a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. The Company measures fair value based on a three-level hierarchy of inputs, of which the first two are considered observable and the last unobservable. Unobservable inputs reflect the Company’s own assumptions about current market conditions. The three-level hierarchy of inputs is as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amounts reflected in the accompanying balance sheets for cash and cash equivalents, restricted cash, short-term marketable securities, prepaid expenses, other current assets, accounts payable, accrued expenses and other current liabilities approximate their fair values due to their short-term nature. Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, generally three to five years . Leasehold improvements are amortized using the straight-line method over the shorter of the assets’ estimated useful lives or the remaining term of the lease. Depreciation and amortization begin at the time the asset is placed in service. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. There were no sales or retirement of assets for any of the periods presented. Impairment of Long-Lived Assets The Company evaluates its long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets or group of assets may not be fully recoverable. If indicators of impairment exist and the undiscounted future cash flows that the assets are expected to generate are less than the carrying amount of the assets, the Company reduces the carrying amount of the assets through an impairment charge to their estimated fair values based on a discounted cash flow approach or, when available and appropriate, to comparable market values. There were no impairments of long-lived assets for any of the periods presented. Revenue Recognition In accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”), the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods and services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of Topic 606, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into corporate collaborations under which it may obtain upfront license fees, research and development funding, and development, regulatory and commercial milestone payments and royalty payments. The Company’s performance obligations under these arrangements may include licenses of intellectual property, distribution rights, research and development services, delivery of manufactured product and/or participation on joint steering committees. Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from upfront license fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring proportional performance for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of proportional performance each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The Company recognizes collaboration revenue by measuring the progress toward complete satisfaction of the performance obligation using an input measure. In order to recognize revenue over the research and development period, the Company measures actual costs incurred to date compared to the overall total expected costs to satisfy the performance obligation. Revenues are recognized as the program costs are incurred. The Company will re-evaluate the estimate of expected costs to satisfy the performance obligation each reporting period and make adjustments for any significant changes. Milestone payments: At the inception of each arrangement that includes development, regulatory or commercial milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. Topic 606 suggests two alternatives to use when estimating the amount of variable consideration: the expected value method and the most likely amount method. Under the expected value method, an entity considers the sum of probability-weighted amounts in a range of possible consideration amounts. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. Whichever method is used, it should be consistently applied throughout the life of the contract; however, it is not necessary for the Company to use the same approach for all contracts. The Company expects to use the most likely amount method for development and regulatory milestone payments. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis. The Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability or achievement of each such milestone and any related constraint, and if necessary, adjusts its estimates of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Commercial milestones and royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and in which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue when the related sales occur. To date, the Company has not recognized any royalty revenue resulting from its collaboration arrangements. Upfront payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations (i.e. research and development services) under these arrangements. Amounts due to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. Amounts recognized as revenue prior to receipt are recorded as contract assets included in prepaid expenses and other current assets on the balance sheet. If the Company expects to have an unconditional right to receive the consideration in the next twelve months, this will be classified in current assets. Research and Development Expenses and Accrued Research and Development Costs The Company expenses research and development costs as incurred. Research and development expenses consist of personnel costs for the Company’s research and product development employees. Also included are non-personnel costs such as professional fees payable to third parties for preclinical studies, clinical trials, research services, production of materials for clinical trials, laboratory supplies and equipment maintenance and depreciation, intellectual property licenses and other consulting costs. The Company estimates preclinical and clinical study and research expenses based on the services performed, pursuant to contracts with research institutions that conduct and manage preclinical studies, clinical trials and research services and manufacturing organizations in connection with the production of materials for clinical trials on its behalf. The Company estimates these expenses based on discussions with internal management personnel and external service providers as to the progress or stage of completion of services and the contracted fees to be paid for such services. The Company records the estimated costs of research and development activities based upon the estimated amount services provided but not yet invoiced and includes these costs in development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service provides under the service agreements. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed may vary from the Company’s estimates, resulting in adjustments to expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations. Payments associated with licensing agreements to acquire exclusive license to develop, use, manufacture and commercialize products that have not reached technological feasibility and do not have alternate future use are expensed as incurred. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered. Such payments are evaluated for current or long-term classification based on when such services are expected to be received. Stock-Based Compensation The Company maintains a stock-based compensation plan as a long-term incentive for employees, consultants and members of the Company’s board of directors (the “Board”). The plan allows for the issuance of non-statutory options (“NSOs”) and incentive stock options to employees and NSOs to non-employees. Share-based payments are measured using fair-value-based measurements and recognized as compensation expense over the service period in which the awards are expected to vest. The Company’s fair-value-based measurements of awards to employees, directors and consultants as of the grant date utilize the single-option award-valuation approach, and the Company uses the straight-line method for expense attribution. The fair-value-based measurements of options granted to nonemployees are remeasured at each period end until the options vest and are amortized to expense as earned. The valuation model used for calculating the estimated fair value of stock awards is the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the Company to make assumptions and judgments about the variables used in the calculations, including the expected term (weighted-average period of time that the options granted are expected to be outstanding), the expected volatility of the Company’s common stock, the related risk-free interest rate and the expected dividend yield. The Company has elected to recognize forfeitures of share-based payment awards as they occur. Employee 401(k) Plan The Company has a qualified contributory savings plan under Section 401(k) of the Internal Revenue Code (the “Code”) covering substantially all U.S. employees of Harpoon. The 401(k) plan is designed to provide tax-deferred retirement benefits in accordance with the provisions of Section 401(k) of the Code. Eligible employees may defer up to 100 % of their eligible compensation up to the annual maximum as determined by the Internal Revenue Service. The Company’s contributions to the plan are discretionary. For the years ended December 31, 2021 and December 31, 2020, the Company made matching contributions of $ 0.4 million and $ 0.3 million, respectively. The Company did not make any matching contributions for the year ended December 31, 2019. Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. Financial statement effects of uncertain tax positions are recognized when it is more-likely-than-not, based on the technical merits of the position, that it will be sustained upon examination. Interest and penalties related to unrecognized tax benefits are included as a component of other expense. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits. The Company accounts for uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes . The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and measurement of tax benefits requires significant judgment. Judgment concerning the recognition and measurement of a tax benefit might change as new information becomes available. The Company includes any penalties and interest expense related to income taxes as a component of provision for income tax as necessary. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. As discussed in Note 10 Net Loss Per Share , the unvested portion of early exercised stock options are excluded from the computation of weighted average shares as the continuing vesting of such shares is contingent on the holders’ continued service to the Company. Diluted net loss per share is the same as basic net loss per share for each period presented, since the effects of potentially dilutive securities are antidilutive given the net loss of the Company. Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ equity that are excluded from net loss, primarily unrealized gains or losses on the Company’s marketable securities. Deferred Offering Costs At December 31, 2021, the Company had $ 0.2 million of deferred offering costs included in other assets on the balance sheet, consisting of legal, accounting and other fees and costs directly attributable to our Sales Agreement with Cantor Fitzgerald and the follow on public offering, which was completed in January 2021. The deferred offering costs attributable to the follow on public offering were offset against the gross proceeds of the follow on public offering in January 2021. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the accompanying financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. As described in “Recently Adopted Accounting Pronouncements” below, the Company early adopted ASU No. 2014-09, Revenue from Contracts with Customers (Accounting Standards Codification Topic 606), ASU No. 2016-09, Stock Compensation—Improvements to Employee Share-Based Payment Accounting, ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, and ASU No. 2016-02, (Topic 842) Leases, as the JOBS Act does not preclude an emerging growth company from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies. The Company expects to use the extended transition period for any other new or revised accounting standards during the period in which it remains an emerging growth company. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02 (Topic 842), Leases (“ASU 2016-02”). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. ASU 2016-02 requires new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. As a result of the Company having elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act, ASU 2016-02 is effective for the Company for the year ending December 31, 2020 and all interim periods thereafter. Effective January 1, 2019, the Company early adopted ASU No. 2016-02 using the alternative transition approach provided by ASU No. 2018-11. The Company elected certain practical expedients permitted under the transition guidance, including the election to carryforward historical lease classification. The Company also elected the short-term lease practical expedient, which allowed the Company to not recognize leases with a term of less than 12 months on the balance sheets. In addition, the Company elected the lease and non-lease components practical expedient, which allowed the Company to calculate the present value of the fixed payments without performing an allocation of lease and non-lease components. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles of ASC 740 in order to reduce cost and complexity of its application. The ASU removes the exception related to the incremental approach for intraperiod tax allocation as well as two exceptions related to accounting for outside basis differences of equity method investments and foreign subsidiaries. The ASU also amends the scope of ASC 740 related to a franchise tax (or similar tax) that is partially based on income; clarifies when a step-up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction; specifies that an entity is not required to allocate income tax expense to a legal entity that is both not subject to tax and disregarded by the taxing authority; and clarifies that all tax effects, both deferred and current, should be accounted for in the interim period that includes the enactment date. The ASU became effective for the Company on January 1, 2021 and did not have a material impact on the Company's financial statements. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance: ASU 2018-19 and ASU 2019-04 (collectively, Topic 326). Topic 326 requires measurement and recognition of expected credit losses for financial assets held. The amendments apply to entities which hold financial assets that are not accounted for at fair value through net income as well as loans, debt securities, accounts receivables and any other financial assets not excluded from the scope that have the contractual right to receive cash. Topic 326 requires entities to record expected credit losses for certain financial instruments, including available-for-sale securities, as an allowance that reflect the entity’s current estimate of credit losses expected to be incurred. For available-for-sale debt securities in unrealized loss positions, ASU 2016-13 requires allowances to be recorded instead of reducing the amortized cost of the investment. Under ASU 2019-10, Financial |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 3. Fair Value Measurement The following table presents information about the Company’s financial assets that are measured at fair value and indicates the fair value hierarchy of the valuation: Fair Value Measurements at December 31, 2021 Total Level 1 Level 2 Level 3 (in thousands) Assets Cash Equivalents: Money market funds $ 42,867 $ 42,867 $ — $ — Short-term marketable securities U.S. government treasuries 9,999 9,999 — — U.S. government securities 45,241 45,241 — — Corporate debt securities 23,474 — 23,474 — U.S. government agency securities 11,697 — 11,697 — Long-term marketable securities U.S. government securities 1,522 — 1,522 — Total cash equivalents and marketable securities $ 134,800 $ 98,107 $ 36,693 $ — Fair Value Measurements at December 31, 2020 Total Level 1 Level 2 Level 3 (in thousands) Assets Cash Equivalents: Money market funds $ 15,696 $ 15,696 $ — $ — U.S. government treasuries 32,497 32,497 — — Short-term marketable securities U.S. government securities 40,652 40,652 — — Corporate debt securities 21,641 — 21,641 — U.S. government agency securities 10,071 — 10,071 — Long-term marketable securities Corporate debt securities 9,080 — 9,080 — U.S. government securities 12,294 12,294 — — U.S. government agency securities 2,571 — 2,571 — Total cash equivalents and marketable securities $ 144,502 $ 101,139 $ 43,363 $ — The Company’s Level 2 securities are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly. The Company has no Level 3 assets or liabilities as of December 31, 2021 or 2020. There were no transfers between Level 1 and Level 2 during the years ended December 31, 2021 and 2020. The Company did no t have any financial liabilities subject to fair value measurements on a recurring basis as of December 31, 2021 and 2020. |
Available-for-Sale Securities
Available-for-Sale Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale Securities | 4. Available-for-Sale Securities All marketable securities were considered available-for-sale at December 31, 2021. The amortized cost, gross unrealized holding gains or losses and fair value of the Company’s marketable securities by major security type are summarized in the tables below : December 31, Amortized Cost Gross Unrealized Gross Unrealized Fair Value (in thousands) Cash equivalents Money market funds $ 42,867 — — $ 42,867 Total cash equivalents 42,867 — — 42,867 Short-term marketable securities: U.S. government treasuries 9,999 — — 9,999 U.S. government agency securities 11,697 1 ( 1 ) 11,697 U.S. government securities 45,257 — ( 16 ) 45,241 Corporate debt securities 23,495 — ( 21 ) 23,474 Total short-term marketable securities 90,448 1 ( 38 ) 90,411 Long-term marketable securities: U.S. government securities 1,532 — ( 10 ) 1,522 Total long-term marketable securities 1,532 — ( 10 ) 1,522 Total $ 134,847 $ 1 $ ( 48 ) $ 134,800 December 31, 2020 Amortized Cost Gross Unrealized Gross Unrealized Fair Value (in thousands) Cash equivalents Money market funds $ 15,696 — — $ 15,696 Total cash equivalents 15,696 — — 15,696 Short-term marketable securities: U.S. government treasuries 32,493 3 — 32,496.00 U.S. government agency securities 10,070 1 — 10,071 U.S. government securities 40,638 21 ( 8 ) 40,651 Corporate debt securities 21,650 1 ( 9 ) 21,642 Total short-term marketable securities 104,851 26 ( 17 ) 104,860 Long-term marketable securities: U.S. government agency securities 2,568 4 — 2,572 U.S. government securities 12,298 — ( 4 ) 12,294 Corporate debt securities 9,086 — ( 6 ) 9,080 Total long-term marketable securities 23,952 4 ( 10 ) 23,946 Total $ 144,499 $ 30 $ ( 27 ) $ 144,502 As of December 31, 2021, some of the Company’s marketable securities were in an unrealized loss position. The Company determined that it did have the ability and intent to hold all marketable securities that have been in a continuous loss position until maturity or recovery, thus there has been no recognition of any other-than-temporary impairment in the year ended December 31, 2021. All marketable securities with unrealized losses at December 31, 2021 balance sheet date have been in a loss position for less than twelve months or the loss is not material. All of the Company’s marketable securities have an effective maturity of less than two years . |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Property and Equipment, Net Property and equipment, net consists of the following: December 31, 2021 2020 (in thousands) Laboratory equipment $ 5,886 $ 4,636 Furniture and fixtures 585 585 Computer equipment and software 91 91 Leasehold improvements 8,872 8,872 15,434 14,184 Less: Accumulated depreciation and amortization ( 6,186 ) ( 3,996 ) Total property and equipment, net $ 9,248 $ 10,188 Depreciation and amortization expense for property and equipment amounted to $ 2.2 million, $ 2.1 million and $ 1.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. Accrued Liabilities Accrued liabilities consist of the following: December 31, 2021 2020 Accrued research and development $ 11,041 $ 8,835 Accrued personnel costs 5,238 3,860 Accrued professional and consulting fees 200 790 Accrued offering costs — 229 Other 883 131 Total accrued liabilities $ 17,362 $ 13,845 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Leases In August 2018, the Company entered into a lease agreement for the office and laboratory space in South San Francisco, California (the “Cove Lease”). The lease commencement date was July 1, 2019, at which the Company took occupancy. The Cove Lease includes an option to renew, exercisable at the Company’s sole discretion, with a renewal term for an additional period of eight years . As of December 31, 2021, the Company has not determined whether it will exercise its option to extend the lease term. Therefore, the operating lease assets and lease liabilities only contemplate the initial lease terms. The Cove Lease qualifies as an operating lease. In October 2021, the Company entered into a lease agreement for additional office space in South San Francisco, California. Upon the execution of the lease agreement, the Company provided the landlord with a security deposit of $ 0.2 million, which is included in other assets on the balance sheet. In addition, as of December 31, 2021, the lease commencement date has not yet taken effect, as such, the Company did not recognize a right of use asset and lease liability associated with this lease. The following table summarizes the presentation in the Company’s balance sheet of its operating lease (in thousands): As of December 31, Assets: Operating lease right-of-use assets $ 6,127 Liabilities Operating lease liabilities $ 1,649 Operating lease liabilities, net of current portion 10,538 Total operating lease liabilities $ 12,187 As of December 31, Assets: Operating lease right-of-use assets $ 6,583 Liabilities Operating lease liabilities $ 1,202 Operating lease liabilities, net of current portion 12,313 Total operating lease liabilities $ 13,515 The Company incurred $ 0.9 million, $ 0.7 million and $ 0.4 million in variable lease costs for each of the years ended December 31, 2021, 2020 and 2019, respectively. F uture minimum lease payments under the Cove Lease as of December 31, 2021 are as follows (in thousands): As of December 31, 2021 Operating Lease 2022 $ 2,654 2023 2,738 2024 2,825 2025 2,916 2026 3,009 Thereafter 1,270 Total future minimum lease payments 15,412 Less: Present value adjustment for minimum lease commitments ( 3,225 ) Total $ 12,187 As of December 31, 2021, the weighted average remaining lease term was 5.50 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 8.95 %. Rent expense was $ 1.7 million, $ 1.7 million and $ 2.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. Amortization of the right-of-use lease assets was $ 0.5 million, $ 0.4 million and $ 1.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. Indemnification In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance. Maverick Litigation On April 3, 2020, the Delaware Chancery Court (the "Court") issued a memorandum opinion, which related only to the Company’s ProTriTAC platform. The Court ruled in favor of the Company on claims by Maverick Therapeutics, Inc. (“Maverick”) for breach of contract and misappropriation of trade secrets and dismissed those claims. As part of that ruling, the Court determined that the Company’s ProTriTAC technology is not in a field that is subject to a four year non-compete. The Court found in favor of Millennium Pharmaceuticals, Inc. (“Millennium”) on its claim against the Company for fraud in inducing Millennium’s January 2017 investment in Maverick. The Court found that Millennium had not proved its claims for tortious interference with contract and business relations or unfair competition, and those claims were dismissed. The Court held a one-day trial on Millennium’s damages claim on September 22, 2020, and closing arguments were held December 8, 2020. On April 23, 2021, following a damages phase, the Court issued a memorandum opinion awarding Millennium $ 38.2 million in damages, plus pre-judgment interest. The Court’s opinion stated that pre-judgment interest would be calculated as set forth in 6 Del. Code Section 2301(a), which generally provides that the legal rate of interest shall be 5 % over the Federal Reserve discount rate. On May 5, 2021, the Company entered into a settlement agreement (the “Settlement Agreement”) with Millennium and Maverick to resolve the parties’ previously reported lawsuit. Pursuant to the terms of the Settlement Agreement, Millennium filed a proposed order and final judgment with the Court on May 5, 2021; the Company paid on May 5, 2021 the full amount of damages awarded by the Court, equal to $ 50.0 million, consisting of $ 38.2 million in damages plus $ 11.8 million in pre-judgment interest through May 5, 2021; and the Company, Millennium and Maverick each agreed to forego and waive its right to appeal the order and final judgment. Following execution of the Settlement Agreement, the Company is free to continue to develop its ProTriTAC platform and product candidates. The Court approved the proposed order and entered a final judgment on May 5, 2021. The $ 50.0 million litigation settlement payment is reflected in the statement of operations for year ended December 31, 2021. |
Collaboration & License Agreeme
Collaboration & License Agreements | 12 Months Ended |
Dec. 31, 2021 | |
Collaboration And License Agreements [Abstract] | |
Collaboration & License Agreements | 7. Collaboration & License Agreements Development and Option with AbbVie On November 20, 2019, the Company entered into a Development and Option Agreement with AbbVie (as amended, the “Development and Option Agreement”) in connection with the Company’s HPN217 program, which targets B cell maturation antigen, ("BCMA"). Pursuant to such agreement, the Company granted to AbbVie an option to a worldwide, exclusive license under the Company’s patents and know-how applicable to the HPN217 program to develop, manufacture, and commercialize products arising from the HPN217 program and targeting BCMA (the "HPN217 Products"). Under the Development and Option Agreement, the Company filed an Investigational New Drug Application for HPN217 and is responsible for conducting clinical development activities pursuant to a mutually agreed development plan, including conducting a Phase 1/2 clinical trial of HPN217, in order for AbbVie to determine whether it wishes to exercise its option to take a worldwide, exclusive license to such HPN217 program. Under the Development and Option Agreement, AbbVie may exercise its license option at any time during a period commencing on the effective date of the agreement and expiring after a specified period following delivery by the Company of a specified data package arising from the first Phase 1/2 trial for the HPN217 Products. Following AbbVie’s exercise of its option, and except for completion of certain development activities by the Company under the development plan, AbbVie will be solely responsible, at its cost, for the development, manufacture and commercialization of HPN217 and any other HPN217 Products. AbbVie is required to use commercially reasonable efforts to develop and obtain regulatory approval for one HPN217 Product, for at least one indication, for use in each of the United States and specified European markets. Upon execution of the Development and Option Agreement, the Company received an upfront payment of $ 30.0 million. Additionally, in June 2020, the Company received a development milestone payment of $ 50.0 million as a result of initiating its Phase 1/2 clinical trial by dosing the first patient in trial in April 2020. If AbbVie exercises its option to a worldwide, exclusive license, AbbVie will pay the Company an option exercise fee of $ 200.0 million. Following option exercise, AbbVie will be required to make further payments to the Company of up to $ 230.0 million in the aggregate for the achievement of specified development, regulatory and commercial sales milestones for HPN217 Products. The Company will also receive tiered royalties on net sales by AbbVie, its affiliates and sublicensees of HPN217 Products at percentages ranging from the high single digits to the very low double digits, subject to specified offsets and reductions. Royalties will be payable under the Development and Option Agreement on a product-by-product and country-by-country basis commencing on the date of first commercial sale of HPN217 and other HPN217 Products, and ending on the later of expiration of all valid claims of specified licensed patents in such country, expiration of regulatory exclusivity in such country, or ten years following first commercial sale of such HPN217 Product in such country. The Development and Option Agreement will terminate upon the date of the expiration of all AbbVie’s royalty payment obligations in all countries, or upon expiration of the license option period and the failure of AbbVie to exercise its license option. The Development and Option Agreement may be terminated by either party immediately for the insolvency of the other party or on 90 days’ written notice for an uncured material breach of the Development and Option Agreement by the other party. AbbVie may also terminate the Development and Option Agreement in its entirety or on a country-by-country basis for any reason on 90 days’ written notice to the Company. The Company assessed the Development and Option Agreement in accordance with Topic 606 and concluded that AbbVie is a customer under this agreement. The Company identified the following performance obligation at the inception of the Development and Option Agreement consisting of the initial development activities. The Company evaluated AbbVie’s option to obtain a worldwide exclusive license for HPN217 to determine whether it provides AbbVie with any material rights. The Company concluded that the option was not issued at a significant and incremental discount, and therefore do not provide material rights. As such, the option is excluded as a performance obligation at the outset of the agreement. At the inception of the agreement, the transaction price included the $ 30.0 million up-front consideration received in December 2019 and a development milestone of up to $ 50.0 million to be received upon dosing of the first patient in the HPN217 Phase 1/2 clinical trial within a specified time period, for a total transaction price of $ 80.0 million. In April 2020, the Company had achieved this development milestone as a result of dosing its first patient in the Phase 1/2 clinical trial of HPN 217 and received $ 50.0 million in June 2020. The remaining development, commercialization, and sales milestones along with sales-based royalties were not included in the transaction price, as these milestone amounts were fully constrained on the probability of achievement. The Company will reevaluate the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and, if necessary, adjust its estimate of the transaction price. The transaction price of $ 80.0 million, relates to a single unit of accounting. The initial development activities are considered a single unit of accounting. The Company recognizes revenue associated with the performance obligation as the initial development activities are performed using an input method, according to the costs incurred as related to the estimated costs for the development and regulatory activities to be performed through the completion of a Phase 1/2 clinical trial of HPN217. The transfer of control occurs over this time period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation. Such estimates are reviewed by the Company on a periodic basis and, if necessary, the Company will adjust the measure of performance and related revenue recognition. As of December 31, 2021, the Company had changes to the overall estimated costs to satisfy the performance obligation and as such, the Company adjusted revenue recognized relative to the measure of performance. As a result, the Company recorded additional $ 4.3 million of revenue in the fourth quarter of 2021. The Company recognized $ 18.4 million and $ 13.8 million of revenue for the year ended December 31, 2021 and 2020, respectively. As of December 31, 2021, the Company had recorded $ 46.1 million in deferred revenue, of which $ 32.4 million is classified as long-term and $ 13.6 million as short-term deferred revenue, in the accompanying balance sheet. As of December 31, 2021, the Company will recognize royalty revenue in the period of sale of the related products, if any, based on the underlying contract terms. No such amounts were recognized during the year ended December 31, 2021. Amended and Restated Discovery Collaboration Agreement with AbbVie On August 16, 2021, the Company entered into Amendment No. 1 to the Amended and Restated Discovery Collaboration and License Agreement with AbbVie, or the First Amendment, which amends the Amended and Restated Discovery Collaboration and License Agreement entered on November 20, 2019, between the Company and AbbVie (such agreement, as amended by the First Amendment, the "Restated Collaboration Agreement"). The Restated Collaboration Agreement amends and restates the Discovery Collaboration and License Agreement entered into between the Company and AbbVie, dated October 20, 2017 and amended April 3, 2019, or the Original Collaboration Agreement. Pursuant to the First Amendment, the Company and AbbVie agreed to include the ProTriTAC technology within the Restated Collaboration Agreement. Pursuant to the Original Collaboration Agreement, the Company granted to AbbVie worldwide exclusive rights to develop and commercialize products that incorporate the Company’s proprietary TriTAC technology together with soluble TCRs provided by AbbVie that bind to targets accepted by the parties. Under the terms of the Original Collaboration Agreement, AbbVie was granted the right to designate up to two targets for development of TriTAC constructs, which it selected in 2017 and 2019, respectively. Pursuant to the Restated Collaboration Agreement, AbbVie is permitted to designate two further targets, with an option to select up to four additional targets, selected during a specified period following the effective date, to be the subject of activities under the collaboration, and is granted a worldwide, exclusive license to develop and commercialize products that incorporate either the Company’s proprietary TriTAC platform technology, or (as a result of and pursuant to the First Amendment) its ProTriTAC platform technology, to pursue available T cell receptors, or TCRs and/or antibody targets. Such products may incorporate antibodies provided by AbbVie or by the Company. During a period of up to four years following the date of AbbVie’s designation of each target for the products, and subject to confirmation of target availability, the Company and AbbVie will conduct certain research and discovery activities under a mutually agreed discovery and research plan in connection with the creation and evaluation of constructs comprising the Company’s proprietary TriTAC or ProTriTAC technologies, as applicable, in conjunction with the soluble TCR or antibody sequences directed at the agreed upon targets of interest. The Company may not, including through any third party, develop or commercialize any competing product that binds to any of the included targets. As was the case under the Original Collaboration Agreement, following the discovery phase, AbbVie will be solely responsible, at its cost, for the development, manufacture and commercialization of the products that arise from the activities under the discovery plan. AbbVie is required to use commercially reasonable efforts to develop and commercialize one such product directed to each target for which the discovery activities were completed in each Major Market (as defined in the Restated Collaboration Agreement). In addition to the upfront payment of $ 17.0 million already paid under the Original Collaboration Agreement, the Company received an upfront payment of $ 20.0 million under the Restated Collaboration Agreement for AbbVie’s right to select two additional targets and an option to select up to four further targets. AbbVie will be required to make payments to the Company, upon target selection, of $ 10.0 million for each target, for up to four additional targets selected by AbbVie. For each of the up to eight targets selected, the Company is eligible to receive up to $ 300.0 million in the aggregate for the achievement of specified development, regulatory and commercial sales milestones for licensed products indicated for human therapeutic or prophylactic use. The Company will also be eligible to receive tiered royalties on net sales by AbbVie, its affiliates and sublicensees of licensed products at percentages in the mid-single digits, subject to specified offsets and reductions. Royalties will be payable under the First Amendment and Restated Collaboration Agreement on a product-by-product and country-by-country basis commencing on the date of first commercial sale of each product, and ending on the later of expiration of all valid claims of specified licensed patents in such country, expiration of regulatory exclusivity in such country or ten years following first commercial sale of such product in such country. If licensed products are developed and commercialized for diagnostic or veterinary use, or certain screening or monitoring uses, the parties have agreed to negotiate an appropriate reduction in the economic terms applicable to such non-therapeutic and prophylactic applications. The Restated Collaboration Agreement will terminate upon the date of the expiration of all AbbVie’s royalty payment obligations in all countries. The Restated Collaboration Agreement may be terminated by either party immediately for the insolvency of the other party or on 90 days ’ written notice for an uncured material breach of such agreement by the other party. AbbVie may also terminate the Restated Collaboration Agreement in its entirety or on a target-by-target or country-by-country basis for any reason on 30 days ’ written notice to the Company. In addition, AbbVie may terminate the Restated Collaboration Agreement immediately in its entirety or on a target-by-target basis if AbbVie considers in good faith that there has been a failure of the discovery or development efforts with respect to such target, or that further development or commercialization of products directed to such target is not advisable as a result of a serious safety issue. The Company assessed the Original Collaboration Agreement and Restated Collaboration Agreement including the First Amendment in accordance with Topic 606 and concluded that AbbVie is a customer under all agreements. The Company concluded that there are multiple promises under the Original Collaboration Agreement and Restated Collaboration Agreement including the First Amendment which include (1) research and development activities; (2) regulatory documentation and know-how; and (3) the license to the related technology. The Company combined these promises into a single performance obligation, as the Company is obliged to render specialized services for the research program, and other promises have either no significant value or are not distinct. The Company estimates that the $ 17.0 million upfront payment under the Original Collaboration Agreement will be recognized over a period in which ongoing research and development activities are incurred based on the projected activities to be performed over each reporting period relative to the total estimated performance period. Such estimates are reviewed by the Company on a periodic basis and, if necessary, the Company will adjust the measure of performance and related revenue recognition. At the inception of the Original Collaboration Agreement, the Company determined that the transaction price was $ 17.0 million, which was all allocated to the two initial targets. The Company has evaluated the transaction price and has determined $17.0 million is still appropriate as of December 31, 2021. For the year ended December 31, 2021, 2020 and 2019, $4.3 million, $ 3.7 million and $ 4.0 million of revenue have been recognized in the accompanying statement of operations and comprehensive loss, respectively. As of December 31, 2021, the Company had recognized the full $17.0 million upfront payment related to the initial two targets. At the inception of the Restated Collaboration Agreement, the Company determined that the transaction price included the $ 20.0 million upfront payment received in December 2019. The Company allocates $ 10.0 million to each additional target selected. The company estimates that the $ 20.0 million upfront payment under the Restated Collaboration Agreement will be recognized over a period in which ongoing research and development activities are incurred based on the projected activities to be performed over each reporting period relative to the total estimated performance period. Such estimates are reviewed by the Company on a periodic basis and, if necessary, the Company will adjust the measure of performance and related revenue recognition. As of December 31, 2021, the Company determined that a transaction price of $20.0 million was still appropriate. The Company recognized $ 0.9 million of revenue related to the upfront payment for the year ended December 31, 2021. As of December 31, 2021, the Company has recorded $ 19.1 million in deferred revenue, of which $ 14.1 million is classified as long-term and $ 5.0 million as short-term deferred revenue, in the accompanying balance sheet. The Company determined that future contingent payments that may be received related to development and regulatory milestones under the Restated Collaboration Agreement are based on the performance of AbbVie and are constrained due to the fact that it was not probable that a significant reversal of cumulative revenue would not occur, as their achievement is highly dependent on the successful completion of the research activities. Accordingly, revenue for the achievement of these milestones will be recognized in the period that it is deemed probable that the milestone will be achieved. Any consideration related to commercialization and sales milestones, and sales-based royalties will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to AbbVie and have been excluded from the transaction price. The Company will re-evaluate the transaction price in each reporting period as uncertain events are resolved or other changes in circumstances occur. As of December 31, 2020, the Company had no t recognized or earned any milestone payments under the Original Collaboration or Restated Collaboration Agreement including the First Amendment. The Company will recognize royalty revenue in the period of sale of the related products, based on the underlying contract terms. No such amounts were recognized during the year ended December 31, 2021. Collaboration and License Revenue For the years ended December 31, 2021, 2020 and 2019, collaboration and license revenue in the accompanying statements of operations and comprehensive loss is comprised of the following: Collaboration and License Revenue 2021 2020 2019 AbbVie Restated Collaboration Agreement $ 5,240 $ 3,667 $ 4,039 AbbVie Development and Option Agreement 18,414 13,777 1,738 Total collaboration and license revenue $ 23,654 $ 17,444 $ 5,777 |
Convertible Preferred Stock
Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Convertible Preferred Stock | 8. Convertible Preferred Stock As of December 31, 2018, the Company had an aggregate of 16,618,448 shares of Series A, B and C convertible preferred stock. The convertible preferred stock was classified outside of total stockholders’ equity because, in the event of certain “liquidation events” that are not solely within the control of the Company (including a merger, acquisition or sale of all or substantially all of the Company’s assets), the shares would become redeemable at the option of the holders. Convertible preferred stock consists of the following: As of December 31, 2018 Shares Issued Aggregate Shares and Carrying Liquidation Authorized Outstanding Value Preference (In thousands, except share data) Series A 15,000,000 3,050,329 $ 14,926 $ 15,008 Series B 35,000,000 7,068,184 44,906 45,166 Series C 32,000,000 6,499,935 69,745 70,004 82,000,000 16,618,448 $ 129,577 $ 130,178 On the completion of the IPO (see Note 1), all outstanding shares of convertible preferred stock were automatically converted into 16,618,448 shares of common stock. As of December 31, 2021, the Company did no t have any convertible preferred stock issued or outstanding. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Equity | 9. Equity Stock Incentive Plans 2019 Equity Incentive Plan The board of directors adopted, and the Company’s stockholders approved the Company’s 2019 Equity Incentive Plan (the “2019 Plan”) in January 2019, which became effective as of immediately prior to the execution of the underwriting agreement for the Company’s IPO in February 2019, after which, no further grants were made under the Company’s 2015 Plan. Initially, the aggregate number of shares of our common stock that may be issued pursuant to stock awards under our 2019 Plan is 5,656,381 , which is the sum of (1) 2,200,000 shares plus (2) the number of shares reserved, and remaining available for issuance, under our 2015 Plan at the time our 2019 Plan became effective and (3) the number of shares subject to stock options or other stock awards granted under our 2015 Plan that would have otherwise returned to our 2015 Plan (such as upon the expiration or termination of a stock award prior to vesting. The number of shares of our common stock reserved for issuance under our 2019 Plan will automatically increase on January 1 of each year, beginning on January 1, 2020 and continuing through and including January 1, 2029, by 5 % of the total number of shares of our capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by our board of directors. The maximum number of shares that may be issued upon the exercise of incentive stock options under our 2019 Plan is 8,000,000 shares. 2015 Equity Incentive Plan In 2015, the Company adopted the 2015 Equity Incentive Plan (the “2015 Plan”). The 2015 Plan provided for the Company to sell or issue common stock or restricted common stock, or to grant incentive stock options or nonqualified stock options for the purchase of common stock, to employees, members of the Board and consultants of the Company under terms and provisions established by the Board. Under the terms of the 2015 Plan, options may have been granted at an exercise price not less than fair market value. The Company generally grants stock-based awards with service conditions only. Options granted typically vest over a four-year period but may be granted with different vesting terms. In January 2019, the Company’s b oard of directors adopted and stockholders approved the Company’s 2019 Plan (noted above), which became effective immediately prior to the execution of the underwriting agreement for the Company’s IPO in February 2019, at which point the 2015 Plan was terminated and no further grants were made under the Company’s 2015 Plan. However, all outstanding stock awards granted pursuant to the 2015 Plan will continue to be subject to the terms and conditions as set forth in the agreements evidencing such stock award. Stock Option Activity The following summarizes option activity under the 2019 Plan and the 2015 Plan as combined: Weighted Weighted Average Number of Average Remaining Aggregate Outstanding Exercise Contractual Intrinsic Options Price Life Value (in years) (in thousands) Balance as of December 31, 2019 2,985,100 2.89 8.27 35,509 Options granted 1,147,621 14.28 Options exercised ( 414,782 ) 2.54 Options cancelled ( 88,061 ) 9.12 Balance as of December 31, 2020 3,629,878 6.38 7.88 37,498 Options granted 2,293,225 13.72 Options exercised ( 216,834 ) 2.54 Options cancelled ( 235,452 ) 12.75 Balance as of December 31, 2021 5,470,817 9.23 7.96 12,064 Vested and expected to vest as of December 31, 2021 5,470,817 9.23 7.96 12,064 Exercisable as of December 31, 2021 2,530,221 6.44 6.69 9,735 As of December 31, 2021, 1,505,456 shares were reserved by the Company to grant under the 2019 Plan. The aggregate intrinsic values of options outstanding, vested and exercisable, and vested and expected to vest were calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock, as determined by the Board of Directors. The intrinsic value of options exercised for the years ended December 31, 2021, 2020 and 2019 was $ 3.0 million, $ 5.6 million and $ 7.6 million, respectively. There is no future tax benefit related to options exercised, as the Company has accumulated net operating losses at December 31, 2021, 2020 and 2019. During the years ended December 31, 2021, 2020 and 2019, the estimated weighted-average grant-date fair value of the stock options vested was $ 4.49 , $ 2.63 and $ 1.33 per share, respectively, and the estimated weighted-average grant-date fair value of stock options granted was $ 9.69 , $ 9.63 and $ 8.91 per share, respectively. Stock-Based Compensation The fair value of employee and director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2021 2020 2019 Expected term (years) 5.94 5.99 5.86 Expected volatility 86.81 % 78.86 % 77.71 % Risk-free interest rate 0.95 % 1.03 % 2.17 % Expected dividend 0 % 0 % 0 % Prior to our IPO in February 2019, and due to no public market for the Company’s common stock, the fair value of the shares of common stock underlying stock options has historically been determined by the Board based on the fair value of the common stock at the time of grant of the option by considering a number of objective and subjective factors including important developments in the Company’s operations, valuations performed by an independent third party, sales of convertible preferred stock, actual operating results and financial performance, the conditions in the biotechnology industry and the economy in general, the stock price performance and volatility of comparable public companies, and the lack of liquidity of the Company’s common stock, among other factors. Subsequent to the completion of our IPO, the fair value of common stock underlying stock option is based on the closing price of our common stock as reported on the date of grant on the primary stock exchange on which our common stock is traded. The Black-Scholes option-pricing model requires the use of highly subjective assumptions which determine the fair value of stock-based awards. These assumptions include: Expected Term —The expected term represents the period that stock-based awards are expected to be outstanding. The expected term for option grants is determined using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the stock-based awards. Expected Volatility — The Company uses an average historical stock price volatility of comparable public companies within the biotechnology and pharmaceutical industry that were deemed to be representative of future stock price trends as the Company does not have sufficient trading history for its common stock. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Risk-Free Interest Rate —The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of option. Expected Dividend —The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero . Total stock-based compensation was as follows: Year Ended December 31, 2021 2020 2019 (in thousands) Research and development $ 4,784 $ 1,980 $ 656 General and administrative 4,678 2,880 1,415 Total stock-based compensation $ 9,462 $ 4,860 $ 2,071 Stock-based compensation related to non-employee awards, which is included in the table above, was $ 0.1 million, $ 0.2 million, and $ 0.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. In addition to the stock-based compensation expense showing in the above table, as of December 31, 2021, there is an additional $ 22.2 million of unrecognized stock-based compensation related to unvested stock options that is expected to be recognized over a weighted-average period of 2.63 years. 2019 Employee Stock Purchase Plan The board of directors adopted, and the Company’s stockholders approved, the 2019 Employee Stock Purchase Plan, (the “2019 ESPP”) in January 2019. The 2019 ESPP became effective in February 2019. The initial reserve for purchase by participating employees under the 2019 ESPP an aggregate number of shares of common stock shall not exceed 250,000 shares. The maximum aggregate number of shares of common stock that may be issued under the 2019 ESPP is 750,000 shares. Additionally, the number of shares of common stock reserved for issuance under the 2019 ESPP will increase automatically each year, beginning on January 1, 2020 and continuing through and including January 1, 2029, in an amount equal to the lesser of (i) 1 % of the total number of shares of the Registrant’s capital stock outstanding on December 31 of the preceding calendar year, (ii) 750,000 shares of Common Stock and (iii) a number of shares of Common Stock designated by action of the Registrant’s board of directors prior to the first day of any calendar year. The board of directors may act prior to the first day of any calendar year to provide that there will be no January 1 increase or that the increase will be for a lesser number of shares than would otherwise occur. Shares subject to purchase rights granted under the 2019 ESPP that terminate without having been exercised in full, the shares of Common Stock not purchased under such Purchase Right will again become available for issuance under the Plan. An employee may not be granted rights to purchase stock under the 2019 ESPP if such employee (i) immediately after the grant would own stock possessing 5 % or more of the total combined voting power or value of all classes of stock of the Company or (ii) holds rights to purchase stock under the 2019 ESPP that would accrue at a rate that exceeds $ 25,000 worth of our stock for each calendar year that the rights remain outstanding. The administrator may approve offerings with a duration of not more than 27 months , and may specify one or more shorter purchase periods within each offering. Each offering will have one or more purchase dates on which shares of common stock will be purchased for the employees who are participating in the offering. The administrator, in its discretion, will determine the terms of offerings under the 2019 ESPP. The 2019 ESPP permits participants to purchase shares of our common stock through payroll deductions with up to 15 % of their earnings. The purchase price of the shares will be not less than 85 % of the lower of the fair market value of our common stock on the first day of an offering or on the date of purchase. The Company issued 76,694 shares under the 2019 ESPP during the year ended December 31, 2021. The Company has approximately 617,000 shares reserved for future issuance as of December 31, 2021. Year Ended December 31, Year Ended December 31, 2021 2020 Expected term (years) 0.5 0.5 Expected volatility 75.47 % 98.37 % Risk-free interest rate 0.05 % 0.14 % Expected dividend 0 % 0 % Early Exercised Stock Options The terms of the 2015 Plan permit option holders to exercise stock options before they are vested, subject to certain limitations. The shares related to early exercised stock options are subject to our lapsing repurchase right upon termination of employment at the original purchase price. In order to vest, the holders are required to provide continued service to the Company. The proceeds are initially recorded in other current liabilities and are reclassified to common stock and paid-in capital as the repurchase right lapses. As of December 31, 2021 and 2020, there was $ 8,000 and $ 26,000 , respectively, recorded in other current liabilities relating to shares subject to repurchase. For accounting purposes, unvested early exercised shares are not considered issued and outstanding until the awards vest. As a result of early exercises under the 2015 Plan, 4,608 and 20,839 , shares had not vested and were subject to repurchase as of December 31, 2021 and 2020, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes December 31, 2021 2020 2019 Computed expected tax benefit (at federal statutory income tax rate of 21 %) $ ( 24,511 ) $ ( 10,481 ) $ ( 11,584 ) State tax 2,978 ( 4,231 ) ( 4,599 ) Stock compensation 534 321 ( 490 ) Tax credits 2,222 1,552 587 Change in valuation allowance 18,800 12,540 16,059 Other ( 23 ) 299 27 Total provision for income taxes $ — $ — $ — Since inception, the Company has only generated pretax losses. For the years ended December 31, 2021 and 2020, the Company recorded no provision for income taxes due to the losses incurred. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 consisted of the following: December 31, 2021 2020 (in thousands) Deferred tax assets: Net operating loss carry forwards $ 46,252 $ 28,198 Stock-based compensation 1,325 329 Deferred revenue 13,685 13,274 Lease liability 2,568 3,791 Other 927 927 Total deferred tax assets 64,757 46,519 Less: valuation allowance ( 63,462 ) ( 44,654 ) Net deferred tax assets 1,295 1,865 Fixed assets ( 8 ) ( 23 ) Right-of-use asset ( 1,287 ) ( 1,842 ) Net deferred tax assets $ — $ — The Company’s accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of its net deferred tax assets. The Company primarily considered such factors as its history of operating losses, the nature of the Company’s deferred tax assets, and the timing, likelihood and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. At present, the Company does not believe that it is more likely than not that the deferred tax assets will be realized; accordingly, a full valuation allowance has been established and no deferred tax asset is shown in the accompanying balance sheets. The valuation allowance increased by approximately $ 18.8 million and $ 12.5 million during the years ended December 31, 2021 and 2020. The Company has net operating carryforwards for federal and California income tax purposes of approximately $ 288.1 million and $ 202.8 million as of December 31, 2021 and 2020. The federal net operating loss carryforwards of $ 23.1 million, if not utilized, will expire beginning in 2035 and $ 163.4 million is carryforward indefinitely. The state net operating loss carryforwards of $ 101.6 million, if not utilized, will expire beginning in 2035 . The Company has research and development credit carryforwards for federal and California income tax purposes of approximately $ 16.2 million and $ 10.3 million as of December 31, 2021 and 2020. The federal credit carryforwards of $ 11.0 million, if not utilized, will expire beginning in 2035 . The state credit carryforwards indefinitely. Federal and California tax laws imposes significant restrictions on the utilization of net operating loss carryforwards in the event of a change in ownership of the Company, as defined by Internal Revenue Code Section 382 (“Section 382”). The Company believes a change in ownership, as defined by Section 382, has occurred but a formal study has not been completed. In addition, in the future the Company may experience ownership changes, which may limit the utilization of net operating loss carryforwards or other tax attributes. The Company has not reflected any benefit of such net operating loss carryforwards in the accompanying financial statements. The Company has established a full valuation allowance against its deferred tax assets due to the uncertainty surrounding the realization of such assets. Uncertain Tax Benefits The Company recognizes uncertain tax positions when it is more likely than not, based on the technical merits, that the position will not be sustained upon examination. No liability related to uncertain tax positions is recorded on the financial statements related to uncertain tax positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2021 2020 2019 (in thousands) Unrecognized tax benefits at January 1 $ 9,521 $ 5,844 $ 3,438 Additions for tax positions taken in the current year 5,689 3,972 2,656 Reductions for tax positions taken in the prior year ( 110 ) ( 295 ) ( 250 ) Unrecognized tax benefits at December 31 $ 15,100 $ 9,521 $ 5,844 The Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. To the extent accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the provision for income taxes in the period that such determination is made. Interest and penalties have no t been accrued for 2021, 2020 and 2019. The Company files income tax returns in the United States and California. The years 2015 through 2020 remain open to U.S. federal and state examination to the extent of the utilization of net operating loss and credit carryovers. As of December 31, 2021, the Company is not under examination by the Internal Revenue Services or any state tax jurisdiction. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. Net Loss Per Share The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: As of December 31, 2021 2020 2019 Common stock options issued and outstanding 5,470,817 3,629,878 2,985,100 ESPP shares issuable and outstanding 37,586 11,881 11,523 Early exercised stock options subject to future vesting 4,608 20,839 56,211 Total 5,513,011 3,662,598 3,052,834 The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands, except per share data): As of December 31, 2021 2020 2019 Net loss ( 116,721 ) ( 49,908 ) ( 55,572 ) Weighted-average shares used to compute basic and diluted net loss per share 32,274,362 25,034,947 21,746,461 Basic and diluted net loss per common share ( 3.62 ) ( 1.99 ) ( 2.56 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of stock options, the research period of the collaboration agreements with AbbVie Biotechnology Ltd. (“AbbVie”), operating lease asset and lease liabilities, income tax uncertainties and certain accruals. As of December 31, 2021, the Company has not experienced a significant financial impact directly related to the COVID-19 pandemic. See Note 1 Organization – Liquidity for more information |
Segment Reporting | Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the Company’s Chief Operating Decision Maker in making decisions regarding resource allocation and assessing performance. To date, the Company has viewed its operations and manages its business as one segment operating primarily in the United States. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts and are stated at fair value. There are no significant unrealized gains or losses on the money market funds for the periods presented. For the year ended December 31, 2021 and 2020, the Company classified $ 0.7 million and $ 0.5 million, respectively, as restricted cash related to a letter of credit established for an operating lease entered into in August 2018 and collateral related to a deposit for an operating lease entered into in October 2021. The restricted cash is classified in “Other assets” in the balance sheets. See Note 6 Commitments and Contingencies for more information . The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheets that sum to the total of the same amounts shown in the statement of cash flows. As of December 31, 2021 2020 2019 (in thousands) Balance Sheets Cash and cash equivalents $ 44,687 $ 21,170 $ 88,736 Restricted cash (included in other assets) 673 467 467 Cash, cash equivalents and restricted cash in Statements of Cash Flows $ 45,360 $ 21,637 $ 89,203 |
Marketable Securities | Marketable Securities The Company generally invests its excess cash in money market funds and investment grade short- to intermediate-term fixed income securities. Such investments are included in cash and cash equivalents, short-term marketable securities or long-term marketable securities on the balance sheets. Marketable securities with a maturity date greater than 90 days and less than one year at each balance sheet date are classified as short-term. Marketable securities with a maturity date greater than one year at each balance sheet date are classified as long-term. All of the Company’s marketable securities are considered available-for-sale and are reported at fair value with unrealized gains and losses included as a component of stockholders’ equity. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income, net on the statements of operations. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on marketable securities are included in interest income, net on the statements of operations. The cost of securities sold is determined using specific identification. The Company periodically evaluates whether declines in the fair values of its marketable securities below their amortized cost are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss, as well as the Company’s ability and intent to hold the marketable security until a forecasted recovery occurs. Additionally, the Company assesses whether it has plans to sell the marketable security or it is more likely than not it will be required to sell any marketable securities before recovery of its amortized cost basis. Factors considered include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, other publicly available information that may affect the value of the marketable security, duration and severity of the decline in value, and the Company’s strategy and intentions for holding the marketable security. |
Concentration of Credit Risk | Concentration of Credit Risk The Company is subject to credit risk from its portfolio of cash equivalents and marketable securities. The Company invests in money market funds through a major U.S. bank and is exposed to credit risk in the event of default by the financial institution to the extent of amounts recorded on the consolidated balance sheets. The Company invests in money market funds and investment grade short- to intermediate-term fixed income securities. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. The Company is not exposed to any significant concentrations of credit risk from these financial instruments. The goals of the Company’s investment policy, in order of priority, are as follows: preservation of principal, liquidity of investments, fiduciary control of cash and investments, prevention of inappropriate concentrations of investments, and obtaining the best yields. The Company minimizes the amount of credit exposure by investing cash that is not required for immediate operating needs in money market funds and marketable securities. |
Leases | Leases The Company evaluates arrangements at inception to determine if an arrangement is or contains a lease. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date of the lease based upon the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company uses an incremental borrowing rate that the Company would expect to incur for a fully collateralized loan over a similar term under similar economic conditions to determine the present value of the lease payments. The lease payments used to determine the Company’s operating lease assets may include lease incentives and stated rent increases and are recognized in the Company’s operating lease assets in the balance sheets. Operating lease liabilities are accreted over the term of the lease using the incremental borrowing rate and the associated expense is recorded to operating expenses in the statement of operations and comprehensive loss. The Company recognizes lease expenses on a straight-line basis over the lease term. Variable lease payments are recognized as the associated obligation is incurred. |
Fair Value Measurement | Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date, and established a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. The Company measures fair value based on a three-level hierarchy of inputs, of which the first two are considered observable and the last unobservable. Unobservable inputs reflect the Company’s own assumptions about current market conditions. The three-level hierarchy of inputs is as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying amounts reflected in the accompanying balance sheets for cash and cash equivalents, restricted cash, short-term marketable securities, prepaid expenses, other current assets, accounts payable, accrued expenses and other current liabilities approximate their fair values due to their short-term nature. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, generally three to five years . Leasehold improvements are amortized using the straight-line method over the shorter of the assets’ estimated useful lives or the remaining term of the lease. Depreciation and amortization begin at the time the asset is placed in service. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. There were no sales or retirement of assets for any of the periods presented. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates its long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets or group of assets may not be fully recoverable. If indicators of impairment exist and the undiscounted future cash flows that the assets are expected to generate are less than the carrying amount of the assets, the Company reduces the carrying amount of the assets through an impairment charge to their estimated fair values based on a discounted cash flow approach or, when available and appropriate, to comparable market values. There were no impairments of long-lived assets for any of the periods presented. |
Revenue Recognition | Revenue Recognition In accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“Topic 606”), the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods and services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of Topic 606, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into corporate collaborations under which it may obtain upfront license fees, research and development funding, and development, regulatory and commercial milestone payments and royalty payments. The Company’s performance obligations under these arrangements may include licenses of intellectual property, distribution rights, research and development services, delivery of manufactured product and/or participation on joint steering committees. Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from upfront license fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgement to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring proportional performance for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of proportional performance each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The Company recognizes collaboration revenue by measuring the progress toward complete satisfaction of the performance obligation using an input measure. In order to recognize revenue over the research and development period, the Company measures actual costs incurred to date compared to the overall total expected costs to satisfy the performance obligation. Revenues are recognized as the program costs are incurred. The Company will re-evaluate the estimate of expected costs to satisfy the performance obligation each reporting period and make adjustments for any significant changes. Milestone payments: At the inception of each arrangement that includes development, regulatory or commercial milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price. Topic 606 suggests two alternatives to use when estimating the amount of variable consideration: the expected value method and the most likely amount method. Under the expected value method, an entity considers the sum of probability-weighted amounts in a range of possible consideration amounts. Under the most likely amount method, an entity considers the single most likely amount in a range of possible consideration amounts. Whichever method is used, it should be consistently applied throughout the life of the contract; however, it is not necessary for the Company to use the same approach for all contracts. The Company expects to use the most likely amount method for development and regulatory milestone payments. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis. The Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability or achievement of each such milestone and any related constraint, and if necessary, adjusts its estimates of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Commercial milestones and royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and in which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue when the related sales occur. To date, the Company has not recognized any royalty revenue resulting from its collaboration arrangements. Upfront payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations (i.e. research and development services) under these arrangements. Amounts due to the Company are recorded as accounts receivable when the Company’s right to consideration is unconditional. Amounts recognized as revenue prior to receipt are recorded as contract assets included in prepaid expenses and other current assets on the balance sheet. If the Company expects to have an unconditional right to receive the consideration in the next twelve months, this will be classified in current assets. |
Research and Development Expenses and Accrued Research and Development Costs | Research and Development Expenses and Accrued Research and Development Costs The Company expenses research and development costs as incurred. Research and development expenses consist of personnel costs for the Company’s research and product development employees. Also included are non-personnel costs such as professional fees payable to third parties for preclinical studies, clinical trials, research services, production of materials for clinical trials, laboratory supplies and equipment maintenance and depreciation, intellectual property licenses and other consulting costs. The Company estimates preclinical and clinical study and research expenses based on the services performed, pursuant to contracts with research institutions that conduct and manage preclinical studies, clinical trials and research services and manufacturing organizations in connection with the production of materials for clinical trials on its behalf. The Company estimates these expenses based on discussions with internal management personnel and external service providers as to the progress or stage of completion of services and the contracted fees to be paid for such services. The Company records the estimated costs of research and development activities based upon the estimated amount services provided but not yet invoiced and includes these costs in development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service provides under the service agreements. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed may vary from the Company’s estimates, resulting in adjustments to expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations. Payments associated with licensing agreements to acquire exclusive license to develop, use, manufacture and commercialize products that have not reached technological feasibility and do not have alternate future use are expensed as incurred. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered. Such payments are evaluated for current or long-term classification based on when such services are expected to be received. |
Stock-Based Compensation | Stock-Based Compensation The Company maintains a stock-based compensation plan as a long-term incentive for employees, consultants and members of the Company’s board of directors (the “Board”). The plan allows for the issuance of non-statutory options (“NSOs”) and incentive stock options to employees and NSOs to non-employees. Share-based payments are measured using fair-value-based measurements and recognized as compensation expense over the service period in which the awards are expected to vest. The Company’s fair-value-based measurements of awards to employees, directors and consultants as of the grant date utilize the single-option award-valuation approach, and the Company uses the straight-line method for expense attribution. The fair-value-based measurements of options granted to nonemployees are remeasured at each period end until the options vest and are amortized to expense as earned. The valuation model used for calculating the estimated fair value of stock awards is the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the Company to make assumptions and judgments about the variables used in the calculations, including the expected term (weighted-average period of time that the options granted are expected to be outstanding), the expected volatility of the Company’s common stock, the related risk-free interest rate and the expected dividend yield. The Company has elected to recognize forfeitures of share-based payment awards as they occur. |
Employee 401(k) Plan | Employee 401(k) Plan The Company has a qualified contributory savings plan under Section 401(k) of the Internal Revenue Code (the “Code”) covering substantially all U.S. employees of Harpoon. The 401(k) plan is designed to provide tax-deferred retirement benefits in accordance with the provisions of Section 401(k) of the Code. Eligible employees may defer up to 100 % of their eligible compensation up to the annual maximum as determined by the Internal Revenue Service. The Company’s contributions to the plan are discretionary. For the years ended December 31, 2021 and December 31, 2020, the Company made matching contributions of $ 0.4 million and $ 0.3 million, respectively. The Company did not make any matching contributions for the year ended December 31, 2019. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. Financial statement effects of uncertain tax positions are recognized when it is more-likely-than-not, based on the technical merits of the position, that it will be sustained upon examination. Interest and penalties related to unrecognized tax benefits are included as a component of other expense. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits. The Company accounts for uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes . The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and measurement of tax benefits requires significant judgment. Judgment concerning the recognition and measurement of a tax benefit might change as new information becomes available. The Company includes any penalties and interest expense related to income taxes as a component of provision for income tax as necessary. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. As discussed in Note 10 Net Loss Per Share , the unvested portion of early exercised stock options are excluded from the computation of weighted average shares as the continuing vesting of such shares is contingent on the holders’ continued service to the Company. Diluted net loss per share is the same as basic net loss per share for each period presented, since the effects of potentially dilutive securities are antidilutive given the net loss of the Company. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ equity that are excluded from net loss, primarily unrealized gains or losses on the Company’s marketable securities. |
Deferred Offering Costs | Deferred Offering Costs At December 31, 2021, the Company had $ 0.2 million of deferred offering costs included in other assets on the balance sheet, consisting of legal, accounting and other fees and costs directly attributable to our Sales Agreement with Cantor Fitzgerald and the follow on public offering, which was completed in January 2021. The deferred offering costs attributable to the follow on public offering were offset against the gross proceeds of the follow on public offering in January 2021. |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the accompanying financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. As described in “Recently Adopted Accounting Pronouncements” below, the Company early adopted ASU No. 2014-09, Revenue from Contracts with Customers (Accounting Standards Codification Topic 606), ASU No. 2016-09, Stock Compensation—Improvements to Employee Share-Based Payment Accounting, ASU No. 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, and ASU No. 2016-02, (Topic 842) Leases, as the JOBS Act does not preclude an emerging growth company from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies. The Company expects to use the extended transition period for any other new or revised accounting standards during the period in which it remains an emerging growth company. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02 (Topic 842), Leases (“ASU 2016-02”). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. ASU 2016-02 requires new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. As a result of the Company having elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act, ASU 2016-02 is effective for the Company for the year ending December 31, 2020 and all interim periods thereafter. Effective January 1, 2019, the Company early adopted ASU No. 2016-02 using the alternative transition approach provided by ASU No. 2018-11. The Company elected certain practical expedients permitted under the transition guidance, including the election to carryforward historical lease classification. The Company also elected the short-term lease practical expedient, which allowed the Company to not recognize leases with a term of less than 12 months on the balance sheets. In addition, the Company elected the lease and non-lease components practical expedient, which allowed the Company to calculate the present value of the fixed payments without performing an allocation of lease and non-lease components. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles of ASC 740 in order to reduce cost and complexity of its application. The ASU removes the exception related to the incremental approach for intraperiod tax allocation as well as two exceptions related to accounting for outside basis differences of equity method investments and foreign subsidiaries. The ASU also amends the scope of ASC 740 related to a franchise tax (or similar tax) that is partially based on income; clarifies when a step-up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction; specifies that an entity is not required to allocate income tax expense to a legal entity that is both not subject to tax and disregarded by the taxing authority; and clarifies that all tax effects, both deferred and current, should be accounted for in the interim period that includes the enactment date. The ASU became effective for the Company on January 1, 2021 and did not have a material impact on the Company's financial statements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance: ASU 2018-19 and ASU 2019-04 (collectively, Topic 326). Topic 326 requires measurement and recognition of expected credit losses for financial assets held. The amendments apply to entities which hold financial assets that are not accounted for at fair value through net income as well as loans, debt securities, accounts receivables and any other financial assets not excluded from the scope that have the contractual right to receive cash. Topic 326 requires entities to record expected credit losses for certain financial instruments, including available-for-sale securities, as an allowance that reflect the entity’s current estimate of credit losses expected to be incurred. For available-for-sale debt securities in unrealized loss positions, ASU 2016-13 requires allowances to be recorded instead of reducing the amortized cost of the investment. Under ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates , the effective date for ASU 2016-13 has been deferred for credit losses for SEC filers that are eligible as a smaller reporting company. As such, the amended effective date for ASU 2016-13 is January 1, 2023. The Company is currently evaluating the effect of the adoption of this guidance on its financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheets that sum to the total of the same amounts shown in the statement of cash flows. As of December 31, 2021 2020 2019 (in thousands) Balance Sheets Cash and cash equivalents $ 44,687 $ 21,170 $ 88,736 Restricted cash (included in other assets) 673 467 467 Cash, cash equivalents and restricted cash in Statements of Cash Flows $ 45,360 $ 21,637 $ 89,203 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value and Fair Value Hierarchy of Valuation | The following table presents information about the Company’s financial assets that are measured at fair value and indicates the fair value hierarchy of the valuation: Fair Value Measurements at December 31, 2021 Total Level 1 Level 2 Level 3 (in thousands) Assets Cash Equivalents: Money market funds $ 42,867 $ 42,867 $ — $ — Short-term marketable securities U.S. government treasuries 9,999 9,999 — — U.S. government securities 45,241 45,241 — — Corporate debt securities 23,474 — 23,474 — U.S. government agency securities 11,697 — 11,697 — Long-term marketable securities U.S. government securities 1,522 — 1,522 — Total cash equivalents and marketable securities $ 134,800 $ 98,107 $ 36,693 $ — Fair Value Measurements at December 31, 2020 Total Level 1 Level 2 Level 3 (in thousands) Assets Cash Equivalents: Money market funds $ 15,696 $ 15,696 $ — $ — U.S. government treasuries 32,497 32,497 — — Short-term marketable securities U.S. government securities 40,652 40,652 — — Corporate debt securities 21,641 — 21,641 — U.S. government agency securities 10,071 — 10,071 — Long-term marketable securities Corporate debt securities 9,080 — 9,080 — U.S. government securities 12,294 12,294 — — U.S. government agency securities 2,571 — 2,571 — Total cash equivalents and marketable securities $ 144,502 $ 101,139 $ 43,363 $ — |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities at Fair Value | All marketable securities were considered available-for-sale at December 31, 2021. The amortized cost, gross unrealized holding gains or losses and fair value of the Company’s marketable securities by major security type are summarized in the tables below : December 31, Amortized Cost Gross Unrealized Gross Unrealized Fair Value (in thousands) Cash equivalents Money market funds $ 42,867 — — $ 42,867 Total cash equivalents 42,867 — — 42,867 Short-term marketable securities: U.S. government treasuries 9,999 — — 9,999 U.S. government agency securities 11,697 1 ( 1 ) 11,697 U.S. government securities 45,257 — ( 16 ) 45,241 Corporate debt securities 23,495 — ( 21 ) 23,474 Total short-term marketable securities 90,448 1 ( 38 ) 90,411 Long-term marketable securities: U.S. government securities 1,532 — ( 10 ) 1,522 Total long-term marketable securities 1,532 — ( 10 ) 1,522 Total $ 134,847 $ 1 $ ( 48 ) $ 134,800 December 31, 2020 Amortized Cost Gross Unrealized Gross Unrealized Fair Value (in thousands) Cash equivalents Money market funds $ 15,696 — — $ 15,696 Total cash equivalents 15,696 — — 15,696 Short-term marketable securities: U.S. government treasuries 32,493 3 — 32,496.00 U.S. government agency securities 10,070 1 — 10,071 U.S. government securities 40,638 21 ( 8 ) 40,651 Corporate debt securities 21,650 1 ( 9 ) 21,642 Total short-term marketable securities 104,851 26 ( 17 ) 104,860 Long-term marketable securities: U.S. government agency securities 2,568 4 — 2,572 U.S. government securities 12,298 — ( 4 ) 12,294 Corporate debt securities 9,086 — ( 6 ) 9,080 Total long-term marketable securities 23,952 4 ( 10 ) 23,946 Total $ 144,499 $ 30 $ ( 27 ) $ 144,502 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Property and Equipment, Net | Property and equipment, net consists of the following: December 31, 2021 2020 (in thousands) Laboratory equipment $ 5,886 $ 4,636 Furniture and fixtures 585 585 Computer equipment and software 91 91 Leasehold improvements 8,872 8,872 15,434 14,184 Less: Accumulated depreciation and amortization ( 6,186 ) ( 3,996 ) Total property and equipment, net $ 9,248 $ 10,188 |
Accrued Liabilities | Accrued liabilities consist of the following: December 31, 2021 2020 Accrued research and development $ 11,041 $ 8,835 Accrued personnel costs 5,238 3,860 Accrued professional and consulting fees 200 790 Accrued offering costs — 229 Other 883 131 Total accrued liabilities $ 17,362 $ 13,845 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Operating Leases in Condensed Balance Sheets | The following table summarizes the presentation in the Company’s balance sheet of its operating lease (in thousands): As of December 31, Assets: Operating lease right-of-use assets $ 6,127 Liabilities Operating lease liabilities $ 1,649 Operating lease liabilities, net of current portion 10,538 Total operating lease liabilities $ 12,187 As of December 31, Assets: Operating lease right-of-use assets $ 6,583 Liabilities Operating lease liabilities $ 1,202 Operating lease liabilities, net of current portion 12,313 Total operating lease liabilities $ 13,515 |
Schedule of Future Minimum Lease Payments Under Tizona Lease and Cove Lease | F uture minimum lease payments under the Cove Lease as of December 31, 2021 are as follows (in thousands): As of December 31, 2021 Operating Lease 2022 $ 2,654 2023 2,738 2024 2,825 2025 2,916 2026 3,009 Thereafter 1,270 Total future minimum lease payments 15,412 Less: Present value adjustment for minimum lease commitments ( 3,225 ) Total $ 12,187 |
Collaboration & License Agree_2
Collaboration & License Agreements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Collaboration And License Agreements [Abstract] | |
Schedule of Collaboration and License Revenue | For the years ended December 31, 2021, 2020 and 2019, collaboration and license revenue in the accompanying statements of operations and comprehensive loss is comprised of the following: Collaboration and License Revenue 2021 2020 2019 AbbVie Restated Collaboration Agreement $ 5,240 $ 3,667 $ 4,039 AbbVie Development and Option Agreement 18,414 13,777 1,738 Total collaboration and license revenue $ 23,654 $ 17,444 $ 5,777 |
Convertible Preferred Stock (Ta
Convertible Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Convertible Preferred Stock | Convertible preferred stock consists of the following: As of December 31, 2018 Shares Issued Aggregate Shares and Carrying Liquidation Authorized Outstanding Value Preference (In thousands, except share data) Series A 15,000,000 3,050,329 $ 14,926 $ 15,008 Series B 35,000,000 7,068,184 44,906 45,166 Series C 32,000,000 6,499,935 69,745 70,004 82,000,000 16,618,448 $ 129,577 $ 130,178 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary of Option Activity Under Equity Incentive Plan | The following summarizes option activity under the 2019 Plan and the 2015 Plan as combined: Weighted Weighted Average Number of Average Remaining Aggregate Outstanding Exercise Contractual Intrinsic Options Price Life Value (in years) (in thousands) Balance as of December 31, 2019 2,985,100 2.89 8.27 35,509 Options granted 1,147,621 14.28 Options exercised ( 414,782 ) 2.54 Options cancelled ( 88,061 ) 9.12 Balance as of December 31, 2020 3,629,878 6.38 7.88 37,498 Options granted 2,293,225 13.72 Options exercised ( 216,834 ) 2.54 Options cancelled ( 235,452 ) 12.75 Balance as of December 31, 2021 5,470,817 9.23 7.96 12,064 Vested and expected to vest as of December 31, 2021 5,470,817 9.23 7.96 12,064 Exercisable as of December 31, 2021 2,530,221 6.44 6.69 9,735 |
Summary of Fair Value of Employee and Director Stock Option Awards using a Black-Scholes Option-Pricing Model | The fair value of employee and director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2021 2020 2019 Expected term (years) 5.94 5.99 5.86 Expected volatility 86.81 % 78.86 % 77.71 % Risk-free interest rate 0.95 % 1.03 % 2.17 % Expected dividend 0 % 0 % 0 % |
Summary of Stock-based Compensation | Total stock-based compensation was as follows: Year Ended December 31, 2021 2020 2019 (in thousands) Research and development $ 4,784 $ 1,980 $ 656 General and administrative 4,678 2,880 1,415 Total stock-based compensation $ 9,462 $ 4,860 $ 2,071 |
Schedule of Fair Value of Common Stock, Employee Stock Purchase Plan, Activity | Year Ended December 31, Year Ended December 31, 2021 2020 Expected term (years) 0.5 0.5 Expected volatility 75.47 % 98.37 % Risk-free interest rate 0.05 % 0.14 % Expected dividend 0 % 0 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes Rate Reconciliation | December 31, 2021 2020 2019 Computed expected tax benefit (at federal statutory income tax rate of 21 %) $ ( 24,511 ) $ ( 10,481 ) $ ( 11,584 ) State tax 2,978 ( 4,231 ) ( 4,599 ) Stock compensation 534 321 ( 490 ) Tax credits 2,222 1,552 587 Change in valuation allowance 18,800 12,540 16,059 Other ( 23 ) 299 27 Total provision for income taxes $ — $ — $ — |
Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 consisted of the following: December 31, 2021 2020 (in thousands) Deferred tax assets: Net operating loss carry forwards $ 46,252 $ 28,198 Stock-based compensation 1,325 329 Deferred revenue 13,685 13,274 Lease liability 2,568 3,791 Other 927 927 Total deferred tax assets 64,757 46,519 Less: valuation allowance ( 63,462 ) ( 44,654 ) Net deferred tax assets 1,295 1,865 Fixed assets ( 8 ) ( 23 ) Right-of-use asset ( 1,287 ) ( 1,842 ) Net deferred tax assets $ — $ — |
Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2021 2020 2019 (in thousands) Unrecognized tax benefits at January 1 $ 9,521 $ 5,844 $ 3,438 Additions for tax positions taken in the current year 5,689 3,972 2,656 Reductions for tax positions taken in the prior year ( 110 ) ( 295 ) ( 250 ) Unrecognized tax benefits at December 31 $ 15,100 $ 9,521 $ 5,844 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect: As of December 31, 2021 2020 2019 Common stock options issued and outstanding 5,470,817 3,629,878 2,985,100 ESPP shares issuable and outstanding 37,586 11,881 11,523 Early exercised stock options subject to future vesting 4,608 20,839 56,211 Total 5,513,011 3,662,598 3,052,834 |
Summary of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands, except per share data): As of December 31, 2021 2020 2019 Net loss ( 116,721 ) ( 49,908 ) ( 55,572 ) Weighted-average shares used to compute basic and diluted net loss per share 32,274,362 25,034,947 21,746,461 Basic and diluted net loss per common share ( 3.62 ) ( 1.99 ) ( 2.56 ) |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 11, 2021 | Feb. 12, 2019 | Feb. 07, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 14, 2019 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Month and year of incorporation | 2015-03 | ||||||
Common stock shares sold | 32,765,788 | 25,553,172 | |||||
Gross proceeds from issuance of common stock | $ 107,580 | $ 3,032 | $ 70,646 | ||||
Convertible shares of common stock | 16,618,448 | ||||||
Accumulated deficit | $ (284,792) | $ (168,071) | |||||
Cash, cash equivalents and marketable securities | $ 114,600 | ||||||
Redeemable Convertible Preferred Stock | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Convertible shares of common stock | 17,181,491 | ||||||
Reclassified from temporary equity to additional paid in capital | $ 129,600 | ||||||
Convertible preferred stock, outstanding | 0 | ||||||
Common Stock | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Common stock shares sold | 6,764,704 | ||||||
Gross proceeds from issuance of common stock | $ 107,600 | ||||||
IPO | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Public offering price per share | $ 14 | ||||||
Common stock shares sold | 5,769,201 | ||||||
Gross proceeds from issuance of common stock | $ 80,800 | ||||||
Net proceeds after deducting underwriting discounts, commissions and offering costs | $ 70,700 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Summary Of Significant Accounting Policy [Line Items] | |||
Highly liquid investments purchased with maximum original maturities | 3 months | ||
Restricted cash | $ 673,000 | $ 467,000 | $ 467,000 |
Retirement of assets | 0 | 0 | $ 0 |
Impairment of long-lived assets | $ 0 | ||
Defined contribution plan, maximum annual contributions per employee | 100.00% | ||
Defined contribution plan, maximum annual contributions per employee amount | $ 400 | 300 | |
Interest or penalties charged related to unrecognized tax benefits | 0 | ||
Deferred offering costs | 200,000 | ||
Operating lease right-of-use asset | 6,127,000 | 6,583,000 | |
Total | 12,187,000 | $ 13,515,000 | |
ASC 740-10 | |||
Summary Of Significant Accounting Policy [Line Items] | |||
Interest or penalties charged related to unrecognized tax benefits | $ 0 | ||
Minimum | |||
Summary Of Significant Accounting Policy [Line Items] | |||
Property and equipment, estimated useful life | 3 years | ||
Maximum | |||
Summary Of Significant Accounting Policy [Line Items] | |||
Property and equipment, estimated useful life | 5 years | ||
United States | |||
Summary Of Significant Accounting Policy [Line Items] | |||
Number of operating segments | Segment | 1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 44,687 | $ 21,170 | $ 88,736 | |
Restricted cash (included in other assets) | 673 | 467 | 467 | |
Cash, cash equivalents and restricted cash in Statements of Cash Flows | $ 45,360 | $ 21,637 | $ 89,203 | $ 89,960 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value and Fair Value Hierarchy of Valuation (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Assets fair value | $ 134,800 | $ 144,502 |
Cash Equivalents | Money Market Funds | ||
Assets | ||
Assets fair value | 42,867 | 15,696 |
Cash Equivalents | U.S. government treasuries | ||
Assets | ||
Assets fair value | 32,497 | |
Short-term marketable securities | U.S. government agency securities | ||
Assets | ||
Assets fair value | 11,697 | 10,071 |
Short-term marketable securities | U.S. government treasuries | ||
Assets | ||
Assets fair value | 9,999 | |
Short-term marketable securities | U.S. government securities | ||
Assets | ||
Assets fair value | 45,241 | 40,652 |
Short-term marketable securities | Corporate debt securities | ||
Assets | ||
Assets fair value | 23,474 | 21,641 |
Long-term marketable securities | U.S. government agency securities | ||
Assets | ||
Assets fair value | 2,571 | |
Long-term marketable securities | U.S. government securities | ||
Assets | ||
Assets fair value | 1,522 | 12,294 |
Long-term marketable securities | Corporate debt securities | ||
Assets | ||
Assets fair value | 9,080 | |
Level 1 | ||
Assets | ||
Assets fair value | 98,107 | 101,139 |
Level 1 | Cash Equivalents | Money Market Funds | ||
Assets | ||
Assets fair value | 42,867 | 15,696 |
Level 1 | Cash Equivalents | U.S. government treasuries | ||
Assets | ||
Assets fair value | 32,497 | |
Level 1 | Short-term marketable securities | U.S. government treasuries | ||
Assets | ||
Assets fair value | 9,999 | |
Level 1 | Short-term marketable securities | U.S. government securities | ||
Assets | ||
Assets fair value | 45,241 | 40,652 |
Level 1 | Long-term marketable securities | U.S. government agency securities | ||
Assets | ||
Assets fair value | 0 | |
Level 1 | Long-term marketable securities | U.S. government securities | ||
Assets | ||
Assets fair value | 12,294 | |
Level 1 | Long-term marketable securities | Corporate debt securities | ||
Assets | ||
Assets fair value | 0 | |
Level 2 | ||
Assets | ||
Assets fair value | 36,693 | 43,363 |
Level 2 | Short-term marketable securities | U.S. government agency securities | ||
Assets | ||
Assets fair value | 11,697 | 10,071 |
Level 2 | Short-term marketable securities | Corporate debt securities | ||
Assets | ||
Assets fair value | 23,474 | 21,641 |
Level 2 | Long-term marketable securities | U.S. government agency securities | ||
Assets | ||
Assets fair value | 2,571 | |
Level 2 | Long-term marketable securities | U.S. government securities | ||
Assets | ||
Assets fair value | 1,522 | 0 |
Level 2 | Long-term marketable securities | Corporate debt securities | ||
Assets | ||
Assets fair value | 9,080 | |
Level 3 | ||
Assets | ||
Assets fair value | $ 0 | 0 |
Level 3 | Short-term marketable securities | U.S. government agency securities | ||
Assets | ||
Assets fair value | 0 | |
Level 3 | Short-term marketable securities | Corporate debt securities | ||
Assets | ||
Assets fair value | 0 | |
Level 3 | Long-term marketable securities | U.S. government agency securities | ||
Assets | ||
Assets fair value | 0 | |
Level 3 | Long-term marketable securities | U.S. government securities | ||
Assets | ||
Assets fair value | 0 | |
Level 3 | Long-term marketable securities | Corporate debt securities | ||
Assets | ||
Assets fair value | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value, assets | $ 134,800,000 | $ 144,502,000 |
Fair value, assets, level 1 to level 2 transfers, amount | 0 | 0 |
Financial liabilities fair value measurements | 0 | 0 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value, assets | 0 | 0 |
Fair value, liabilities | $ 0 | $ 0 |
Available-for-Sale Securities -
Available-for-Sale Securities - Schedule of Available-for-Sale Securities at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | $ 134,847 | $ 144,499 | |
Gross Unrealized Gain | 1 | 30 | |
Gross Unrealized Loss | (48) | (27) | |
Fair Value | 134,800 | 144,502 | |
Cash Equivalents | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 42,867 | $ 15,696 | |
Gross Unrealized Gain | 0 | 0 | |
Gross Unrealized Loss | 0 | 0 | |
Fair Value | 42,867 | 15,696 | |
Cash Equivalents | Money Market Funds | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 42,867 | 15,696 | |
Gross Unrealized Gain | 0 | 0 | |
Gross Unrealized Loss | 0 | 0 | |
Fair Value | 42,867 | 15,696 | |
Short-term marketable securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 90,448 | 104,851 | |
Gross Unrealized Gain | 1 | 26 | |
Gross Unrealized Loss | (38) | (17) | |
Fair Value | 90,411 | 104,860 | |
Short-term marketable securities | U.S. government agency securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 11,697 | 10,070 | |
Gross Unrealized Gain | 1 | 1 | |
Gross Unrealized Loss | (1) | 0 | |
Fair Value | 11,697 | 10,071 | |
Short-term marketable securities | U.S. government treasuries | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 9,999 | 32,493 | |
Gross Unrealized Gain | 0 | 3 | |
Gross Unrealized Loss | 0 | 0 | |
Fair Value | 9,999 | ||
Short-term marketable securities | U.S. government securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 45,257 | 40,638 | |
Gross Unrealized Gain | 0 | 21 | |
Gross Unrealized Loss | (16) | (8) | |
Fair Value | 45,241 | 40,651 | |
Short-term marketable securities | Corporate debt securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 23,495 | 21,650 | |
Gross Unrealized Gain | 0 | 1 | |
Gross Unrealized Loss | (21) | (9) | |
Fair Value | 23,474 | 21,642 | |
Long-term marketable securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 1,532 | 23,952 | |
Gross Unrealized Gain | 0 | 4 | |
Gross Unrealized Loss | (10) | (10) | |
Fair Value | 1,522 | 23,946 | |
Long-term marketable securities | U.S. government agency securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 2,568 | ||
Gross Unrealized Gain | 0 | 4 | |
Gross Unrealized Loss | 0 | ||
Fair Value | 2,572 | ||
Long-term marketable securities | U.S. government securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 1,532 | 12,298 | |
Gross Unrealized Gain | 0 | ||
Gross Unrealized Loss | (10) | (4) | |
Fair Value | $ 1,522 | 12,294 | |
Long-term marketable securities | Corporate debt securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 9,086 | ||
Gross Unrealized Gain | $ 0 | ||
Gross Unrealized Loss | (6) | ||
Fair Value | $ 9,080 |
Available-for-Sale Securities_2
Available-for-Sale Securities - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | |
Recognition of other-than-temporary impairment | $ 0 |
Maximum | |
Schedule Of Available For Sale Securities [Line Items] | |
Marketable securities maturity period | 2 years |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 15,434 | $ 14,184 |
Less: Accumulated depreciation and amortization | (6,186) | (3,996) |
Total property and equipment, net | 9,248 | 10,188 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 5,886 | 4,636 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 585 | 585 |
Computer Equipment and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 91 | 91 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 8,872 | $ 8,872 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |||
Depreciation and amortization expense | $ 2.2 | $ 2.1 | $ 1.6 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued research and development | $ 11,041 | $ 8,835 |
Accrued personnel costs | 5,238 | 3,860 |
Accrued professional and consulting fees | 200 | 790 |
Accrued offering costs | 0 | 229 |
Other | 883 | 131 |
Total accrued liabilities | $ 17,362 | $ 13,845 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | May 05, 2021 | Apr. 23, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies [Line Items] | |||||
Variable lease costs | $ 900,000 | $ 700,000 | $ 400,000 | ||
Weighted average remaining lease term | 5 years 6 months | ||||
Weighted average incremental borrowing rate | 8.95% | ||||
Rent expense | $ 1,700,000 | 1,700,000 | 2,500,000 | ||
Amortization of right-of-use lease assets | $ 500,000 | $ 400,000 | $ 1,200,000 | ||
Damages amount received | 4 years | ||||
Loss Contingency Damages Awarded Value | $ 38,200,000 | ||||
Legal rate of interest | 5.00% | ||||
Litigation settlement liability | $ 50,000,000 | ||||
Office Space | |||||
Commitments And Contingencies [Line Items] | |||||
Security Deposit | $ 200 | ||||
Lessee operating lease, option to extend, description | The Cove Lease includes an option to renew, exercisable at the Company’s sole discretion, with a renewal term for an additional period of eight years. | ||||
Lease term option to extend period | 8 years | ||||
Settlement Agreement | |||||
Commitments And Contingencies [Line Items] | |||||
Loss contingency, Damages paid, Value | $ 50,000,000 | ||||
Loss Contingency Damages Awarded Value | 38,200,000 | ||||
Pre judgment interest amount | $ 11,800,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Operating Leases in Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Operating lease right-of-use asset | $ 6,127 | $ 6,583 |
Liabilities | ||
Operating lease liabilities | 1,649 | 1,202 |
Operating lease liabilities, net of current portion | 10,538 | 12,313 |
Total operating lease liabilities | $ 12,187 | $ 13,515 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Payments Under Tizona Lease and Cove Lease (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments And Contingencies Disclosure [Abstract] | ||
2021 | $ 2,654 | |
2022 | 2,738 | |
2023 | 2,825 | |
2024 | 2,916 | |
2025 | 3,009 | |
Thereafter | 1,270 | |
Total future minimum lease payments | 15,412 | |
Less: Present value adjustment for minimum lease commitments | (3,225) | |
Total | $ 12,187 | $ 13,515 |
Collaboration & License Agree_3
Collaboration & License Agreements - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue, noncurrent | $ 27,705,000 | $ 27,705,000 | $ 57,522,000 | ||
Deferred revenue, current | 37,462,000 | $ 37,462,000 | 31,299,000 | ||
Collaborative Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Collaboration termination notice period | 90 days | ||||
AbbVie Inc. | Abb Vie Restated Collaboration Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Collaboration agreement upfront payment amount. | 20,000,000 | $ 20,000,000 | |||
Transaction price | $ 20,000,000 | ||||
Collaboration agreement additional payment for target selection | 10,000,000 | ||||
AbbVie Inc. | Phase 1/2 clininical trial of HPN217 | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Collaboration agreement upfront payment amount. | 30,000,000 | 30,000,000 | |||
Option exercise fee | 200,000,000 | ||||
AbbVie Inc. | Phase 1/2 clininical trial of HPN217 | Inception of Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Transaction price | 80,000,000 | 80,000,000 | |||
Up-front consideration received | 30,000,000 | ||||
Development Milestone Received | $ 50,000,000 | ||||
Revenue | 4,300,000 | ||||
AbbVie Inc. | Phase 1/2 clininical trial of HPN217 | Maximum | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Milestone payments under collaboration agreement | 50,000,000 | ||||
AbbVie Inc. | Phase 1/2 clininical trial of HPN217 | Maximum | Inception of Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Development milestone to be received | 50,000,000 | ||||
AbbVie Inc. | Development, Regulatory, and Commercial Sale Milestones For Licensed Products | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Collaboration agreement upfront payment amount. | 300,000,000 | 300,000,000 | |||
AbbVie Inc. | Development, Regulatory, and Commercial Sale Milestones For Licensed Products | Maximum | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Collaboration agreement upfront payment amount. | 230,000,000 | 230,000,000 | |||
AbbVie Inc. | Collaborative Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Collaboration agreement upfront payment amount. | 17,000,000 | 17,000,000 | |||
Revenue | 18,400,000 | 13,800,000 | |||
Deferred revenue | 46,100,000 | 46,100,000 | |||
Deferred revenue, noncurrent | 32,400,000 | 32,400,000 | |||
Deferred revenue, current | 13,600,000 | $ 13,600,000 | |||
Collaboration termination notice period | 30 days | ||||
Recognize royalty revenue | $ 0 | ||||
AbbVie Inc. | Collaborative Agreement | Abb Vie Restated Collaboration Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Collaboration agreement upfront payment amount. | 900,000 | 900,000 | |||
Transaction price | 17,000,000 | ||||
Revenue | 3,700,000 | $ 4,000,000 | |||
Deferred revenue | 19,100,000 | 19,100,000 | |||
Deferred revenue, noncurrent | 14,100,000 | 14,100,000 | |||
Deferred revenue, current | 5,000,000 | 5,000,000 | |||
Collaborative Arrangements additional payments | 10,000,000 | 10,000,000 | |||
Deferred revenue | 20,000,000 | 20,000,000 | |||
AbbVie Inc. | Research and Development Activities | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Collaboration agreement upfront payment amount. | $ 17,000,000 | 17,000,000 | |||
Werewolf Therapeutics, Inc. | Collaborative Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Milestone payments under collaboration agreement | $ 0 | ||||
Recognize royalty revenue | $ 0 |
Collaboration & License Agree_4
Collaboration & License Agreements - Schedule of Collaboration and License Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Collaboration and license revenue | $ 23,654 | $ 17,444 | $ 5,777 |
Collaboration and License | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Collaboration and license revenue | 23,654 | 17,444 | 5,777 |
Collaboration and License | Abb Vie Restated Collaboration Agreement | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Collaboration and license revenue | 5,240 | 3,667 | 4,039 |
Collaboration and License | AbbVie Development And Option Agreement | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Collaboration and license revenue | $ 18,414 | $ 13,777 | $ 1,738 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Details) - shares | 1 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | ||
Convertible shares of common stock | 16,618,448 | |
Series B Preferred Stock | ||
Class Of Stock [Line Items] | ||
Convertible preferred stock, shares issued | 16,618,448 | |
Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Convertible preferred stock, issued | 0 | |
Convertible preferred stock, outstanding | 16,618,448 | 0 |
Convertible Preferred Stock - S
Convertible Preferred Stock - Schedule of Convertible Preferred Stock (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)shares | |
Temporary Equity [Line Items] | |
Shares Authorized | shares | 82,000,000 |
Shares Issued and Outstanding | shares | 16,618,448 |
Temporary Equity Carrying Amount Attributable To Parent | $ | $ 129,577 |
Aggregate Liquidation Preference | $ | $ 130,178 |
Series A Preferred Stock | |
Temporary Equity [Line Items] | |
Shares Authorized | shares | 15,000,000 |
Shares Issued and Outstanding | shares | 3,050,329 |
Temporary Equity Carrying Amount Attributable To Parent | $ | $ 14,926 |
Aggregate Liquidation Preference | $ | $ 15,008 |
Series B Preferred Stock | |
Temporary Equity [Line Items] | |
Shares Authorized | shares | 35,000,000 |
Shares Issued and Outstanding | shares | 7,068,184 |
Temporary Equity Carrying Amount Attributable To Parent | $ | $ 44,906 |
Aggregate Liquidation Preference | $ | $ 45,166 |
Series C Preferred Stock | |
Temporary Equity [Line Items] | |
Shares Authorized | shares | 32,000,000 |
Shares Issued and Outstanding | shares | 6,499,935 |
Temporary Equity Carrying Amount Attributable To Parent | $ | $ 69,745 |
Aggregate Liquidation Preference | $ | $ 70,004 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 | Feb. 28, 2019 | |
Class Of Stock [Line Items] | |||||
Common stock, issued | 32,765,788 | 25,553,172 | |||
Expected dividend yield | 0.00% | ||||
Stock-based compensation expense | $ 9,462,000 | $ 4,860,000 | $ 2,071,000 | ||
Non-employee Awards | |||||
Class Of Stock [Line Items] | |||||
Stock-based compensation expense | 100,000 | 200,000 | $ 200,000 | ||
Early Exercised Stock Options - 2015 Plan | |||||
Class Of Stock [Line Items] | |||||
Other current liabilities relating to shares subject to repurchase | $ 8,000,000 | $ 26,000,000 | |||
Early exercised shares repurchased | 4,608 | 20,839 | |||
2015 Notes | |||||
Class Of Stock [Line Items] | |||||
Awards granted | 0 | ||||
2019 Equity Incentive Plan | |||||
Class Of Stock [Line Items] | |||||
Awards granted | 0 | ||||
Share-based compensation, common stock issued | 0 | ||||
Shares reserved for future issuance | 1,505,456 | ||||
Common stock, issued | 2,200,000 | ||||
Percentage of capital stock outstanding | 5.00% | ||||
Aggregate intrinsic value of options exercisable | $ 3,000,000 | $ 5,600,000 | $ 7,600,000 | ||
Future tax benefit related to options exercised | $ 0 | $ 0 | $ 0 | ||
Expected dividend yield | 0.00% | 0.00% | |||
2019 Equity Incentive Plan | Employee Stock Option | |||||
Class Of Stock [Line Items] | |||||
Weighted average grant date fair value of options vested | $ 4.49 | $ 2.63 | $ 1.33 | ||
Weighted average grant date fair value of options granted | $ 9.69 | $ 9.63 | $ 8.91 | ||
Unrecognized stock based compensation expense | $ 22,200 | ||||
Weighted-average period for unrecognized compensation cost to recognize | 2 years 7 months 17 days | ||||
2019 Equity Incentive Plan | Maximum | |||||
Class Of Stock [Line Items] | |||||
Share-based compensation, common stock issued | 8,000,000 | ||||
Shares reserved for future issuance | 5,656,381 | ||||
2015 Plan | |||||
Class Of Stock [Line Items] | |||||
Awards granted | 0 | ||||
Stockbased award, vesting period | 4 years | ||||
2019 Employee Stock Purchase Plan | |||||
Class Of Stock [Line Items] | |||||
Share-based compensation, common stock issued | 76,694 | ||||
Shares reserved for future issuance | 617,000 | 750,000 | |||
Percentage of capital stock outstanding | 1.00% | ||||
Share-based compensation arrangement by share-based payment award, percentage of combined voting power owned | 5.00% | ||||
Share-based compensation arrangement by share based payment award rights to purchase stock remains outstanding | $ 25,000,000 | ||||
Share-based compensation arrangement by share based payment award offerings of purchase periods | 27 months | ||||
Share-based compensation percentage of payroll deductions on purchase shares of common stock | 15.00% | ||||
Share -based compensation arrangement by share based payment award stock price percentage of fair market value | 85.00% | ||||
2019 Employee Stock Purchase Plan | Maximum | |||||
Class Of Stock [Line Items] | |||||
Share-based compensation, common stock issued | 750,000 | ||||
Shares reserved for future issuance | 250,000 |
Equity - Summary of Option Acti
Equity - Summary of Option Activity Under Equity Incentive Plan (Details) - 2019 Plan and 2015 Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Outstanding Options | |||
Outstanding Options, Beginning Balance | 3,629,878 | 2,985,100 | |
Options granted | 2,293,225 | 1,147,621 | |
Options exercised | (216,834) | (414,782) | |
Options cancelled | (235,452) | (88,061) | |
Outstanding Options, Ending Balance | 5,470,817 | 3,629,878 | 2,985,100 |
Vested and expected to vest as of December 31, 2021 | 5,470,817 | ||
Exercisable as of December 31, 2021 | 2,530,221 | ||
Weighted Average Exercise Price | |||
Outstanding Options, Weighted Average Exercise Price | $ 6.38 | $ 2.89 | |
Options granted, Weighted Average Exercise Price | 13.72 | 14.28 | |
Options exercised, Weighted Average Exercise Price | 2.54 | 2.54 | |
Options cancelled, Weighted Average Exercise Price | 12.75 | 9.12 | |
Outstanding Options, Weighted Average Exercise Price | 9.23 | $ 6.38 | $ 2.89 |
Vested and expected to vest as of December 31, 2021 | 9.23 | ||
Exercisable as of December 31, 2021 | $ 6.44 | ||
Weighted Average Remaining Contractual Life (in years) | |||
Outstanding Options, Weighted Average Remaining Contractual Life | 7 years 11 months 15 days | 7 years 10 months 17 days | 8 years 3 months 7 days |
Vested and expected to vest as of December 31, 2021 | 7 years 11 months 15 days | ||
Exercisable as of December 31, 2021 | 6 years 8 months 8 days | ||
Aggregate Intrinsic Value | |||
Options Outstanding, Aggregate Intrinsic Value | $ 12,064 | $ 37,498 | $ 35,509 |
Vested and expected to vest as of December 31, 2021 | 12,064 | ||
Exercisable as of December 31, 2021 | $ 9,735 |
Equity - Summary of Fair Value
Equity - Summary of Fair Value of Employee and Director Stock Option Awards using a Black-Scholes Option-Pricing Model (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected dividend | 0.00% | ||
Employee Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 5 years 11 months 8 days | 5 years 11 months 26 days | 5 years 10 months 9 days |
Expected volatility | 86.81% | 78.86% | 77.71% |
Risk-free interest rate | 0.95% | 1.03% | 2.17% |
Expected dividend | 0.00% | 0.00% | 0.00% |
Equity - Total Stock-based Comp
Equity - Total Stock-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation | $ 9,462 | $ 4,860 | $ 2,071 |
Research and development | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation | 4,784 | 1,980 | 656 |
General and administrative | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation | $ 4,678 | $ 2,880 | $ 1,415 |
Equity - Schedule of Fair Value
Equity - Schedule of Fair Value of Common Stock, Employee Stock Purchase Plan, Activity (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected dividend | 0.00% | ||
2019 Equity Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 months | 6 months | |
Expected volatility | 75.47% | 98.37% | |
Risk-free interest rate | 0.05% | 0.14% | |
Expected dividend | 0.00% | 0.00% | |
Employee Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 5 years 11 months 8 days | 5 years 11 months 26 days | 5 years 10 months 9 days |
Expected volatility | 86.81% | 78.86% | 77.71% |
Risk-free interest rate | 0.95% | 1.03% | 2.17% |
Expected dividend | 0.00% | 0.00% | 0.00% |
Income Taxes - Income Taxes Rat
Income Taxes - Income Taxes Rate Reconciliation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Computed expected tax benefit (at federal statutory income tax rate of 21%) | $ (24,511,000) | $ (10,481,000) | $ (11,584,000) |
State tax | 2,978,000 | (4,231,000) | (4,599,000) |
Stock compensation | 534,000 | 321,000 | (490,000) |
Tax credits | 2,222,000 | 1,552,000 | 587,000 |
Change in valuation allowance | 18,800,000 | 12,540,000 | 16,059,000 |
Other | (23,000) | 299,000 | 27,000 |
Total provision for income taxes | $ 0 | $ 0 | $ 0 |
Income Taxes - Income Taxes R_2
Income Taxes - Income Taxes Rate Reconciliation (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||||
Income tax provision | $ 0 | $ 0 | $ 0 | ||
Deferred tax assets | 0 | 0 | |||
Increase in valuation allowance | 18,800,000 | 12,500,000 | |||
Unrecognized tax benefits | 15,100,000 | 9,521,000 | 5,844,000 | $ 3,438,000 | |
Income tax examination, penalties and interest accrued | $ 0 | 0 | $ 0 | ||
Income tax examination, description | The Company files income tax returns in the United States and California. The years 2015 through 2020 remain open to U.S. federal and state examination to the extent of the utilization of net operating loss and credit carryovers. As of December 31, 2021, the Company is not under examination by the Internal Revenue Services or any state tax jurisdiction. | ||||
Scenario Forecast | |||||
Income Taxes [Line Items] | |||||
Liability for uncertain tax positions | $ 0 | ||||
Federal and California | |||||
Income Taxes [Line Items] | |||||
Net operating carryforwards | $ 288,100,000 | 202,800,000 | |||
Federal and California | Research Tax Credit Carryforward | |||||
Income Taxes [Line Items] | |||||
Research and development credit carryforwards | 16,200,000 | $ 10,300,000 | |||
Net operating loss carryforwards, subject to expiration | $ 11,000,000 | ||||
Net operating loss carryforwards, expiration year | 2035 | ||||
Federal | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards, subject to expiration | $ 23,100,000 | ||||
Net operating loss carryforwards, expiration year | 2035 | ||||
State | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards, subject to expiration | $ 101,600,000 | ||||
Net operating loss carryforwards, expiration year | 2035 | ||||
Net operating loss carryforwards, not subject to expiration | $ 163,400,000 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carry forwards | $ 46,252,000 | $ 28,198,000 |
Stock-based compensation | 1,325,000 | 329,000 |
Deferred revenue | 13,685,000 | 13,274,000 |
Lease liability | 2,568,000 | 3,791,000 |
Other | 927,000 | 927,000 |
Total deferred tax assets | 64,757,000 | 46,519,000 |
Less: valuation allowance | (63,462,000) | (44,654,000) |
Net deferred tax assets | 1,295,000 | 1,865,000 |
Fixed assets | (8,000) | (23,000) |
Right-of-use asset | (1,287,000) | (1,842,000) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at January 1 | $ 9,521 | $ 5,844 | $ 3,438 |
Additions for tax positions taken in the current year | 5,689 | 3,972 | 2,656 |
Reductions for tax positions taken in the prior year | (110) | (295) | (250) |
Unrecognized tax benefits at December 31 | $ 15,100 | $ 9,521 | $ 5,844 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Outstanding Potentially Dilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Outstanding potentially dilutive common stock equivalents | 5,513,011 | 3,662,598 | 3,052,834 |
Common Stock Options Issued and Outstanding | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Outstanding potentially dilutive common stock equivalents | 5,470,817 | 3,629,878 | 2,985,100 |
ESPP Shares Issuable and Outstanding | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Outstanding potentially dilutive common stock equivalents | 37,586 | 11,881 | 11,523 |
Early Exercised Stock Options Subject To Future Vesting | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Outstanding potentially dilutive common stock equivalents | 4,608 | 20,839 | 56,211 |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net loss | $ (116,721) | $ (49,908) | $ (55,572) |
Weighted-average common shares used in computing net loss per share, basic and diluted | 32,274,362 | 25,034,947 | 21,746,461 |
Net loss per share, basic and diluted | $ (3.62) | $ (1.99) | $ (2.56) |