Adicet Bio (ACET) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Entity Registrant Name	Adicet Bio, Inc.
Entity Central Index Key	0001720580
Trading Symbol	ACET
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-38359
Entity Tax Identification Number	81-3305277
Entity Address, Address Line One	200 Berkeley Street
Entity Address, Address Line Two	19th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02116
City Area Code	650
Local Phone Number	503-9095
Entity Common Stock, Shares Outstanding		42,851,342
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE

Consolidated Balance Sheets (un

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 282,679	$ 277,544
Accounts receivable--related party	29	185
Prepaid expenses and other current assets	3,029	4,709
Total current assets	285,737	282,438
Property and equipment, net	26,832	14,643
Operating lease right-of-use asset	20,991	20,358
Goodwill	19,462	19,462
Restricted cash	0	150
Other non-current assets	1,281	1,887
Total assets	354,303	338,938
Current liabilities:
Accounts payable	4,570	3,263
Contract liabilities — related party, current	0	4,805
Accrued and other current liabilities	10,242	6,682
Operating lease liability	2,409	1,567
Total current liabilities	17,221	16,317
Operating lease liability, net of current portion	19,308	19,377
Other non-current liabilities	116	115
Total liabilities	36,645	35,809
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of June 30, 2022 and December 31, 2021, respectively; none issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized as of June 30, 2022 and December 31, 2021, respectively; 40,020,755 and 39,736,914 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	4	4
Additional paid-in capital	525,894	471,449
Accumulated deficit	(208,240)	(168,324)
Accumulated other comprehensive income	0	0
Total stockholders’ equity	317,658	303,129
Total liabilities and stockholders’ equity	$ 354,303	$ 338,938

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	42,787,657	39,736,914
Common stock, shares outstanding	42,787,657	39,736,914
Preferred Stock, par value	$ 0.0001	$ 0.0001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue—related party	$ 0	$ 3,429	$ 24,990	$ 4,262
Operating expenses:
Research and development	16,570	11,926	46,231	34,285
General and administrative	6,415	5,213	19,745	15,868
Total operating expenses	22,985	17,139	65,976	50,153
Loss from operations	(22,985)	(13,710)	(40,986)	(45,891)
Interest income	1,224	4	1,581	54
Interest expense	(18)	(50)	(54)	(151)
Other expense, net	(217)	(246)	(456)	(312)
Loss before income tax provision (benefit)	(21,996)	(14,002)	(39,915)	(46,300)
Income tax provision (benefit)	0	11	0	(114)
Net loss	$ (21,996)	$ (14,013)	$ (39,915)	$ (46,186)
Weighted-average common shares used in computing net loss per share, basic	41,642,815	31,876,016	40,547,792	29,954,616
Weighted-average common shares used in computing net loss per share, diluted	41,642,815	31,876,016	40,547,792	29,954,616
Net loss per share, basic	$ (0.53)	$ (0.44)	$ (0.98)	$ (1.54)
Net loss per share, diluted	$ (0.53)	$ (0.44)	$ (0.98)	$ (1.54)
Other comprehensive loss:
Unrealized loss on marketable debt securities, net of tax	$ 0	$ 0	$ 0	$ (24)
Total other comprehensive loss	0	0	0	(24)
Comprehensive loss	$ (21,996)	$ (14,013)	$ (39,915)	$ (46,210)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Pain In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2020	$ 109,827	$ 2	$ 216,126	$ (106,325)	$ 24
Balance, shares at Dec. 31, 2020		19,677,249
Issuance of common stock upon exercise of stock options	976		976
Issuance of common stock upon exercise of stock options, shares		393,991
Issuance of common stock related to financing	143,754	$ 1	143,753
Issuance of common stock related to financing, shares		11,729,353
Exercise of warrant, shares		1,806
Stock-based compensation expense	3,043		3,043
Net income	(21,319)			(21,319)
Other comprehensive loss	(22)				(22)
Balance at Mar. 31, 2021	236,259	$ 3	363,898	(127,644)	2
Balance, shares at Mar. 31, 2021		31,802,399
Balance at Dec. 31, 2020	109,827	$ 2	216,126	(106,325)	24
Balance, shares at Dec. 31, 2020		19,677,249
Net income	(46,186)
Balance at Sep. 30, 2021	217,224	$ 3	369,732	(152,511)
Balance, shares at Sep. 30, 2021		31,955,050
Balance at Mar. 31, 2021	236,259	$ 3	363,898	(127,644)	2
Balance, shares at Mar. 31, 2021		31,802,399
Issuance of common stock upon exercise of stock options	279		279
Issuance of common stock upon exercise of stock options, shares		39,603
Stock-based compensation expense	2,659		2,659
Net income	(10,854)			(10,854)
Other comprehensive loss	(2)				$ (2)
Balance at Jun. 30, 2021	228,341	$ 3	366,836	(138,498)
Balance, shares at Jun. 30, 2021		31,842,002
Issuance of common stock upon exercise of stock options	367		367
Issuance of common stock upon exercise of stock options, shares		113,048
Stock-based compensation expense	2,529		2,529
Net income	(14,013)			(14,013)
Balance at Sep. 30, 2021	217,224	$ 3	369,732	(152,511)
Balance, shares at Sep. 30, 2021		31,955,050
Balance at Dec. 31, 2021	303,129	$ 4	471,449	(168,324)
Balance, shares at Dec. 31, 2021		39,736,914
Issuance of common stock upon exercise of stock options	93		93
Issuance of common stock upon exercise of stock options, shares		10,099
Issuance of common stock upon vesting of restricted stock, shares		224,000
Stock-based compensation expense	4,350		4,350
Net income	4,618			4,618
Shares withheld for taxes	(1,106)		(1,106)
Shares withheld for taxes, shares		(85,197)
Balance at Mar. 31, 2022	311,084	$ 4	474,786	(163,706)
Balance, shares at Mar. 31, 2022		39,885,816
Balance at Dec. 31, 2021	$ 303,129	$ 4	471,449	(168,324)
Balance, shares at Dec. 31, 2021		39,736,914
Issuance of common stock upon exercise of stock options, shares	50,176
Net income	$ (39,915)
Balance at Sep. 30, 2022	317,658	$ 4	525,894	(208,240)
Balance, shares at Sep. 30, 2022		42,787,657
Balance at Mar. 31, 2022	311,084	$ 4	474,786	(163,706)
Balance, shares at Mar. 31, 2022		39,885,816
Issuance of common stock upon exercise of stock options	183		183
Issuance of common stock upon exercise of stock options, shares		17,854
Purchase of common stock under ESPP	203		203
Purchase of common stock under ESPP Shares		16,354
Exercise of warrant, shares		100,731
Stock-based compensation expense	4,335		4,335
Net income	(22,538)			(22,538)
Balance at Jun. 30, 2022	293,267	$ 4	479,507	(186,244)
Balance, shares at Jun. 30, 2022		40,020,755
Issuance of common stock upon exercise of stock options	191		191
Issuance of common stock upon exercise of stock options, shares		23,216
Issuance of common stock upon vesting of restricted stock, shares		209,375
Stock-based compensation expense	4,191		4,191
Net income	(21,996)			(21,996)
Shares withheld for taxes	(1,355)		(1,355)
Shares withheld for taxes, shares		(77,412)
Issuance of common stock from Atm offering net of sales agent commission and fees amount	43,360		43,360
Issuance of common stock from Atm offering net of sales agent commission and fees shares , shares		2,611,723
Balance at Sep. 30, 2022	$ 317,658	$ 4	$ 525,894	$ (208,240)
Balance, shares at Sep. 30, 2022		42,787,657

Consolidated Statements of St_2

Consolidated Statements of Stockholders Equity (Parenthetical) $ in Millions	3 Months Ended
	Sep. 30, 2022 USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance cost	$ 1.6

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income (loss)	$ (39,915)	$ (46,186)
Adjustments to reconcile net loss to net cash used in operating activities:
Noncash lease expense	1,712	2,201
Depreciation and amortization expense	1,516	1,173
Stock-based compensation expense	12,876	8,231
Net amortization of premiums and accretion discounts on investments	0	10
Loss on disposal of property and equipment	55	190
Loss on disposal of lease assets	(1)	0
Amortization of deferred debt issuance costs	18	151
Impairment of in-process research and development	0	1,190
Remeasurement of contingent consideration liability	0	(980)
Changes in operating assets and liabilities:
Accounts receivable - related party	156	0
Prepaid expenses and other current assets	1,696	(462)
Other non-current assets	933	(81)
Accounts payable	556	3,079
Contract liabilities — related party	(4,805)	(3,892)
Operating lease liabilities	(1,571)	(1,104)
Accrued and other current and non-current liabilities	846	(1,128)
Net cash used in operating activities	(25,928)	(37,608)
Cash flows from investing activities
Proceeds from sales of marketable debt securities	0	7,500
Proceeds from maturities of marketable debt securities	0	2,750
Purchases of property and equipment	(10,292)	(9,968)
Net cash provided by (used in) investing activities	(10,292)	282
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	0	143,754
Proceeds from Employee Stock Purchase Plan	203	0
Proceeds from issuance of common stock pursuant to at-the-market offering, net of issuance costs	43,360	0
Proceeds from exercise of stock options	468	1,622
Taxes withheld and paid related to net share settlement of equity awards	(2,461)	0
Deferred issuance costs	(365)	(154)
Net cash provided by (used in) financing activities	41,205	145,222
Net change in cash, cash equivalents and restricted cash	4,985	107,896
Cash, cash equivalents and restricted cash, at the beginning of period	277,694	88,857
Cash, cash equivalents and restricted cash, at the end of period	282,679	196,753
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	282,679	192,226
Restricted cash	0	4,527
Cash, cash equivalents and restricted cash, at the end of period	282,679	196,753
Supplemental cash flow information
Cash received from tax refund	0	214
Supplemental disclosures of noncash investing and financing activities
Purchases of property and equipment included in accounts payable	7,111	2,585
Operating right-of-use assets obtained in exchange for operating lease liabilities	2,343	0
Adjustment to goodwill	$ 0	$ 413

Organization and Nature of Busi

Organization and Nature of Business	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	1. Organization and Nature of the Business Adicet Bio, Inc. (formerly resTORbio, Inc. (resTORbio)), together with its subsidiaries, (the Company) is a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer. The Company is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors (CARs) and adaptors (CAds), to enhance selective tumor targeting and facilitate innate and adaptive anti-tumor immune response for durable activity in patients. The Company's approach to activate, engineer, and manufacture allogeneic gamma delta T cell product candidates derived from the peripheral blood cells of unrelated donors allows it to generate new product candidates in a rapid and cost-efficient manner. Adicet Bio, Inc. (when referred to prior to the merger, Former Adicet) was incorporated in November 2014 in Delaware. On September 15, 2020, Former Adicet completed a merger with resTORbio, pursuant to which Former Adicet merged with a wholly owned subsidiary of resTORbio in an all-stock transaction with Former Adicet surviving as a wholly owned subsidiary of resTORbio and changing its name to “Adicet Therapeutics, Inc.” (Adicet Therapeutics). In connection with the merger, the Company changed its name from “resTORbio, Inc.” to “Adicet Bio, Inc.” The Company’s principal executive offices are located in Boston, Massachusetts. The Company also has another office in Redwood City, California. Adicet Bio Israel Ltd. (formerly Applied Immune Technologies Ltd.) (Adicet Israel) is a wholly owned subsidiary of the Company and is located in Haifa, Israel. Adicet Israel was founded in 2006. During 2019, the Company consolidated its operations, including research and development activities, in the United States and as a result, substantially reduced its operations in Israel. Liquidity The Company has incurred significant net operating losses and negative cash flows from operations and has an accumulated deficit of $ 208.2 million as of September 30, 2022. The Company has historically financed its operations primarily through a collaboration and licensing arrangement, public and private placements of equity securities and debt, and cash received in the merger with resTORbio. To date, none of the Company’s product candidates have been approved for sale and therefore the Company has not generated any revenue from product sales. Management expects operating losses and negative cash flows to continue for the foreseeable future, until such time, if ever, that it can generate significant sales of its product candidates currently in development. In February 2021, the Company completed an underwritten public offering of 10,575,513 shares of its common stock at a public offering price of $ 13.00 per share. The Company received net proceeds from the offering, after deducting underwriting discounts and commissions and offering expenses of approximately $ 128.8 million. In connection with the offering, the Company also entered into a stock purchase agreement with certain existing investors for $ 15.0 million of shares of the Company’s common stock at a price per share equal to the public offering price, with an initial closing for certain investors held simultaneously with the closing of the offering and a subsequent closing for certain additional investors. In December 2021, the Company closed an underwritten public offering of 7,187,500 shares of its common stock at a public offering price of $ 14.00 per share. The Company received net proceeds from the offering, after deducting underwriting discounts and commissions and offering expenses, of approximately $ 94.2 million. On March 12, 2021, the Company entered into a Capital On Demand™ Sales Agreement (the Sales Agreement) with JonesTrading Institutional Services LLC, as sales agent, to provide for the offering, issuance and sale of up to an aggregate amount of $ 75.0 million of common stock from time to time in “at-the-market” (ATM) offerings under a registration statement on Form S-3 (File No. 333-254193) filed with the U.S. Securities and Exchange Commission (the SEC), which was declared effective on March 30, 2021. In August 2022, pursuant to the Sales Agreement and subject to the limitations thereof, the Company sold an aggregate of 2,611,723 shares of common stock at $ 17.23 per share resulting in net proceeds to the Company of $ 43.4 million after deducting sales agent commissions and expenses. The Company expects that its cash and cash equivalents, including the net proceeds it received in February 2021 and December 2021 from its underwritten public offerings, the proceeds received from a stock purchase agreement with certain existing investors, as well as the proceeds received from its ATM offering, will be sufficient to fund its forecasted operating expenses, capital expenditure requirements and debt service payments for at least the next twelve months from the issuance of these interim consolidated financial statements. All of the Company’s revenue to date has been generated from a collaboration and license agreement with Regeneron Pharmaceuticals Inc, (Regeneron). The Company does not expect to generate any significant product revenue until it obtains regulatory approval of and commercializes any of the Company’s product candidates or enters into additional collaborative agreements with third parties, and it does not know when, or if, either will occur. The Company expects to continue to incur significant losses for the foreseeable future, and it expects the losses to increase as the Company continues the development of, and seeks regulatory approvals for, its product candidates and begins to commercialize any approved products. The Company is subject to all of the risks typically related to the development of new product candidates, including, but not limited to, raising additional capital, development by its competitors of new technological innovations, risk of failure in preclinical and clinical studies, safety and efficacy of its product candidates in clinical trials, the risk of relying on external parties such as contract research organizations (CROs) and contract manufacturing organizations (CMOs), the regulatory approval process, market acceptance of the Company’s products once approved, lack of marketing and sales history, dependence on key personnel and protection of proprietary technology and it may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors that may adversely affect its business. Until such time as the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operations through the sale of equity, debt financings, collaborative or other arrangements with corporate or other sources of financing. Adequate funding may not be available to the Company on acceptable terms or at all. The Company’s failure to raise capital as and when needed could have a negative impact on its financial condition and the Company’s ability to pursue its business strategies. Although the Company continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The unaudited interim consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (United States GAAP or GAAP). Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. There have been no material changes to the significant accounting policies during the nine months ended September 30, 2022 . Unaudited Interim Financial Information The accompanying unaudited consolidated financial statements as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021, have been prepared by the Company, pursuant to the rules and regulations of the SEC, for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s consolidated financial position as of September 30, 2022 and consolidated results of operations for the three and nine months ended September 30, 2022 and 2021 and consolidated cash flows for the nine months ended September 30, 2022 and 2021 have been made. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2022. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company’s cash and cash equivalents are held at one financial institution in the U.S. and one financial institution in Israel and such amounts may, at times, exceed insured limits. The Company invests its cash equivalents in money market funds. The Company limits its credit risk associated with cash equivalents by placing them with banks and institutions it believes are highly creditworthy and in highly rated investments. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials, and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from product sales. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology companies. The current COVID-19 (coronavirus) pandemic, which is impacting worldwide economic activity, poses the risk that the Company or its employees, contractors, suppliers, and other partners may be prevented from conducting business activities for an indefinite period of time, including due to shutdowns that may be requested or mandated by governmental authorities. The extent to which the coronavirus impacts the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information that will emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among others. COVID-19 may impact the timing of regulatory review and clearance of investigational new drugs (INDs) for clinical trials, the enrollment of any clinical trials that are allowed to proceed, the availability of clinical trial materials and regulatory approval and commercialization of our product candidates. COVID-19 may also impact the Company’s ability to access capital, which could negatively impact short-term and long-term liquidity. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently Adopted Accounting Pronouncements In July 2021, FASB issued ASU No. 2021-05, Lease (Topic 842), Lessors - Certain Leases with Variable Lease Payments (ASU 2021-05). ASU 2021-05 amends the lease classification requirements for lessors when classifying and accounting for a lease with variable lease payments that do not depend on a reference rate index or a rate. The update provides criteria, that if met, the lease would be classified and accounted for as an operating lease. ASU 2021-05 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. The Company adopted ASU 2021-05 in the first quarter of 2022. The impact on its consolidated financial statements and related disclosures was not material. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. For SEC filers that are eligible to be smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The Company plans to adopt the provisions of ASU 2016-13 effective January 1, 2023 and is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). The new guidance simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. SEC filers that are eligible to be smaller reporting companies should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2022. The amendment should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company plans to adopt the provisions of ASU 2017-04 effective January 1, 2023 and is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and related disclosures.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy which establishes three level of inputs that may be used to measure fair value, as follows: Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) (2) $ 147,717 $ — $ — $ 147,717 Total fair value of assets $ 147,717 $ — $ — $ 147,717 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) (2) $ 147,071 $ — $ — $ 147,071 Total fair value of assets $ 147,071 $ — $ — $ 147,071 (1) Included in cash and cash equivalents in the consolidated balance sheets. (2) Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices .

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	4. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): September 30, December 31, Prepaid insurance $ 483 $ 1,884 Prepayments to CROs 1,119 1,658 Prepaid maintenance 269 958 Prepayments to CMOs 68 115 Prepaid software subscription and licensing fees 451 63 Interest receivable 259 29 Other prepaid expenses and current assets 380 2 Total prepaid expenses and other current assets $ 3,029 $ 4,709

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	5. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): Useful life September 30, December 31, Laboratory equipment 3 $ 6,178 $ 5,502 Leasehold improvements Lesser of useful life or lease term 17,852 1,614 Furniture and fixtures 3 231 303 Construction in progress — 9,764 13,014 Computer equipment 3 172 216 Software 3 328 320 34,525 20,969 Less: Accumulated depreciation and amortization ( 7,693 ) ( 6,326 ) Property and equipment, net $ 26,832 $ 14,643 Depreciation and amortization expense was $ 0.8 million and $ 0.4 million for the three months ended September 30, 2022 and 2021, respectively. Depreciation and amortization expense was $ 1.5 million and $ 1.2 million for the nine months ended September 30, 2022 and 2021, respectively. On March 18, 2022, the Company's wholly-owned subsidiary Adicet Therapeutics entered into Change Order No. 3 (the Change Order No. 3) to a construction agreement between Adicet Therapeutics and CP Enterprises, Inc. d/b/a CP Construction (CP Construction) (the Construction Agreement). The Construction Agreement provides for pre-construction and construction services at the Company's office and laboratory space in Redwood City, California (1000 Bridge Parkway) for consideration of approximately $ 13.8 million to CP Construction, including previous change orders. The Change Order No. 3 increased the budget for the construction by approximately $ 5.3 million in order to build one good manufacturing practice (GMP) cell processing and one vector manufacturing suite in addition to controlled materials warehousing at 1000 Bridge Parkway. In June 2022, the Company moved its operations to 1000 Bridge Parkway which resulted in reclassifying $ 16.2 million from Construction in progress to Leasehold improvements for the nine months ended September 30, 2022. Construction in progress has decreased by $ 2.6 million during the three months ended September 30, 2022 , compared to the three months ended September 30, 2021 as the Company approaches completion of its building construction for 1000 Bridge Parkway.

Accrued and Other Current Liabi

Accrued and Other Current Liabilities	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Accrued and Other Current Liabilities	6. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands): September 30, December 31, Accrued compensation $ 4,566 $ 4,020 Accrued professional services 2,368 546 Accrued CMO costs 2,052 1,077 Accrued other research and development expenses 629 504 Accrued CRO costs 446 32 Accrued other liabilities 181 503 Total accrued and other liabilities $ 10,242 $ 6,682

Third Party Agreements

Third Party Agreements	9 Months Ended
	Sep. 30, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Third Party Agreements	7. Third Party Agreements Regeneron On July 29, 2016, the Company entered into a license and collaboration agreement with Regeneron, which was amended in April 2019, with such amendment becoming effective in connection with Regeneron’s investment in the Company’s Series B redeemable convertible preferred stock private placement transaction in July 2019 (as amended, the Regeneron Agreement). Financial Terms. The Company received a non-refundable upfront payment of $ 25.0 million from Regeneron upon execution of the Regeneron Agreement and an aggregate of $ 20.0 million of additional payments for research funding from Regeneron as of September 30, 2022. In addition, Regeneron may have to pay the Company additional amounts in the future consisting of up to an aggregate of $ 80.0 million of option exercise fees, as specified in the Regeneron Agreement. Regeneron must also pay the Company high single digit royalties as a percentage of net sales for immune cell products (ICPs) to targets for which it has exclusive rights, and low single digit royalties as a percentage of net sales on any non-ICP product comprising a targeting moiety generated by the Company through the use of Regeneron’s proprietary mice. The Company must pay Regeneron mid-single to low double digit, but less than teens, of royalties as a percentage of net sales of ICPs to targets for which the Company has exercised exclusive rights, and low to mid-single digit of royalties as a percentage of net sales of targeting moieties generated from the Company’s license to use Regeneron’s proprietary mice. Royalties are payable until the longer of the expiration or invalidity of the licensed patent rights or twelve (12) years from first commercial sale. At contract inception, the Company determined the transaction price of the Regeneron Agreement to be $ 55.0 million, consisting of the $ 25.0 million upfront payment and the aggregate research funding fees of $ 30.0 million payable over the research term. In order to determine the transaction price, the Company evaluated all the payments to be received during the duration of the contract. Per the terms of the original Regeneron Agreement prior to the amendment effective from July 2019, the research funding fees of $ 30.0 million were payable merely due to the passage of time and therefore did not represent a variable consideration. After the amendment became effective in July 2019, $ 20.0 million of these fees became contingent upon meeting certain development and regulatory milestones. Therefore, the Company concluded that after the amendment such potential payments became variable consideration. The receipt of the variable consideration was subject to substantial uncertainty and was therefore excluded from the transaction price upon the effective date of the amendment. Accordingly, the transaction price was reduced to $ 35.0 million in July 2019. The Company re-evaluates the transaction price if there is a significant change in facts and circumstances at least at the end of each reporting period. The Company increased the transaction price by $ 10.0 million in June 2020 to $ 45.0 million when it achieved the milestone for the selection of a clinical candidate to the second collaboration target under the Regeneron Agreement. The Company recorded a $4.0 million revenue reduction in the first quarter of 2021 as a result of an adjustment to cumulative revenue recognized due to a change in overall estimated costs primarily due to an extension of time to fulfill the combined performance obligation. During the nine months ended September 30, 2022, the Company recognized $ 5.0 million in revenue related to the performance obligations described above. The Company also recognized $ 20.0 million of revenue related to Regeneron's exercise of an option for ADI-002, which is described below, and resulted in an aggregate of $ 25.0 million recorded as revenue during the nine months ended September 30, 2022. The Company's obligations under the combined performance obligation were completed during the first quarter of 2022. The Company also evaluated whether the option provided to Regeneron represents a material right that would require separate deferral and recognition. The option exercise will provide Regeneron with a development and commercial license to develop and commercialize the optioned collaboration ICPs. The Company concluded that the $25.0 million upfront payment to the Company was not negotiated to provide incremental discount for the future option fees payable upon Regeneron’s exercise of the option. The option provides Regeneron with a license for intellectual property that will be improved from the inception of the Regeneron Agreement. In addition, the option fee is significant compared to the sum total of the upfront payment and research funding fees in the original Regeneron Agreement. Therefore, the Company determined that the option provided to Regeneron does not represent a material right and that any potential exercise of the option should be accounted as a separate contract. Hence, upon the option exercise by Regeneron the option fee would be allocated to the development and commercial license which would be the only performance obligation in that separate contract and recognized as revenue when control of the license rights is transferred to Regeneron. On January 28, 2022, Regeneron exercised its option to license the exclusive, worldwide rights to ADI-002, an allogeneic gamma delta chimeric antigen receptor (CAR) T cell therapy directed against Glypican-3, pursuant to the Regeneron Agreement. In conjunction with the exercise of the Option, Regeneron paid an exercise fee of $ 20.0 million to the Company on January 28, 2022, and the Company completed the transfer of the associated license rights to Regeneron during the first quarter of 2022. Pursuant to the Regeneron Agreement, upon Regeneron’s exercise of the option, the Company had a specified period of time to elect to co-fund future development costs of ADI-002, and to participate in any potential profits with Regeneron up to a specified co-funding percentage in various geographic regions, including on a worldwide basis (Co-Funding Option). The Company elected not to exercise its Co-Funding Option for ADI-002. Accordingly, Regeneron is responsible, at its sole cost, for all development, manufacturing and commercialization of ADI-002 and must pay the Company high single digit royalties as a percentage of any net sales of ADI-002 for a period commencing on the first commercial sale until the longer of (i) the expiration or invalidity of the licensed patent rights or (ii) a low double digit amount of years from first commercial sale. The following tables present changes in the Company’s contract liabilities for the nine months ended September 30, 2022 and 2021 (in thousands): Nine Months Ended September 30, 2022 Balance at Deductions Balance at Contract liability $ 4,805 $ ( 4,805 ) $ — Nine Months Ended September 30, 2021 Balance at Deductions Balance at Contract liability $ 13,980 $ ( 3,892 ) $ 10,088 (1) Deductions to contract liabilities relate to deferred revenue recognized as revenue during the reporting period. Deductions are shown net of additions that are the result of a reduction to cumulative revenue recognized as a result of a change in overall estimated costs, primarily due to an extension of time to fulfill the combined performance obligation, which was recorded as a change in estimate during the nine months ended September 30, 2021. As of September 30, 2022, there were no contract liabilities related to the Regeneron Agreement. Additionally, as of September 30, 2022, there was less than $ 0.1 million in contract assets which is reflected as accounts receivable-related party on the consolidated balance sheet. As of September 30, 2021, contract liabilities related to the Regeneron Agreement of $ 10.1 million was comprised of the $ 25.0 million upfront payment and additional $ 5.0 million research funding fees in each of 2017 and 2018, and $ 10.0 million for achievement of the milestone for the selection of a clinical candidate to the second collaboration target in June 2020, less $ 35.3 million of cumulative license and collaboration revenue recognized from the inception of the Regeneron Agreement as of September 30, 2021. Twist Bioscience In March 2021, the Company entered into an Antibody Discovery Agreement (the Twist Agreement) with Twist Bioscience Corporation (Twist). Under the terms of the Twist Agreement, Twist will utilize its proprietary platform technology to assist the Company with the discovery of novel antibodies related to target antigens selected by the Company. The Company maintains the sole and exclusive rights to any program antibodies discovered under the Twist Agreement and has the right to patent, assign, license or transfer any work product under the agreement. Furthermore, the Company has the right to sublicense its rights to program antibodies to third parties. The Company may terminate the Twist Agreement at any time, with or without cause, upon a specified period advance written notice. Per the terms of the agreement, the Company will pay Twist an upfront, non-refundable project initiation fee, a technology access fee, as well as a project fee for each project entered into under the agreement. Additionally, the Company will pay fees for development and regulatory milestones in the tens of millions of dollars and low single digit royalties on net sales to Twist for programs initiated under the agreement. On a cumulative basis as of September 30, 2022, the Company has incurred $ 0.8 million related to project initiation fees, technology access fees and projects fees as research and development expense related to this agreement.

License Funding and Other Agree

License Funding and Other Agreements	9 Months Ended
	Sep. 30, 2022
License Funding And Other Agreements [Abstract]
License, Funding and Other Agreements	. License, Funding and Other Agreements National Institute of Health In May 2019, the Company was awarded a 5 -year grant for up to $ 1.5 million from the National Institutes of Health (the NIH) to study RTB101 and the regulation of antiviral immunity in the elderly. The Company is entitled to use the award solely to conduct the research. The Company is solely responsible for commencing and conducting the research and will furnish periodic progress updates to the NIH throughout the term of the award. After completing the research, the Company must provide the NIH with a formal report describing the work performed and the results of the research. For funds received under the NIH funding agreement, the Company recognizes a reduction in research and development expenses in an amount equal to the qualifying expenses incurred in each period up to the amount funded by the NIH. Qualifying expenses incurred by the Company in advance of funding by the NIH are recorded in the consolidated balance sheets as other current assets. For the nine months ended September 30, 2022 , no qualifying expenses have been incurred and no thing has been funded by the NIH. On a cumulative basis as of September 30, 2022 , $ 1.3 million has been incurred and $ 1.3 million has been funded by the NIH.

Commitments and Contingences

Commitments and Contingences	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingences	9. Commitments and Contingencies Operating Leases The Company leases office and laboratory space in Redwood City, California, and Boston, Massachusetts. On June 16, 2022, Adicet Therapeutics entered into a second lease amendment with Westport Office Park, LLC (the Second Amendment). The Second Amendment further amends the lease agreement, dated as of October 31, 2018, as amended on December 30, 2020, for the premises located at 1000 Bridge Parkway in Redwood City, CA. The Second Amendment expands the space leased by Adicet Therapeutics at 1000 Bridge Parkway to include a portion of 1200 Bridge Parkway, increasing Adicet Therapeutics’ leased space by 12,204 square feet (the Expansion Space). Adicet Therapeutics will pay a monthly fee for the Expansion Space increasing annually from $ 73,000 to $ 78,000 over the thirty-six (36) month term of the Second Amendment. The Second Amendment also provides Adicet Therapeutics with an allowance to construct improvements to the Expansion Space. The initial right-of-use asset and operating lease liability for 1200 Bridge Parkway at lease commencement was $ 2.3 million. The following table presents the operating lease cost and information related to the operating lease right-of-use assets, net and operating lease liabilities for the quarter ended September 30, 2022 (in thousands): Three months ended September 30, 2022 Lease Cost Operating lease cost $ 1,108 Short-term lease cost 46 Variable lease cost — Sublease Income ( 181 ) Total lease cost $ 973 Other Information Operating cash flows used for lease liabilities $ 1,571 Weighted-average remaining lease term - operating leases 6.7 Weighted-average discount rate - operating leases 7.1 % For the nine months ended September 30, 2022, the Company recognized $ 3.1 million and $ 0.3 million in operating lease and short-term lease costs, respectively. Additionally, for the nine months ended September 30, 2022, the Company recognized $ 0.5 million in sublease income. On July 19, 2021, the Company entered into a Sublease (the Sublease Agreement) with RFS OPCO LLC (Sublessee), whereby the Company agreed to sublease to Sublessee all of the 9,501 rentable square feet of office space in Boston, Massachusetts, currently leased by the Company pursuant to the Company’s lease with 500 Boylston and 222 Berkeley Owner (DE) LLC, dated January 8, 2018, as amended (the Master Lease). The term of the Sublease Agreement started on September 1, 2021 and ends on July 30, 2026. The aggregate base rent due to the Company under the Sublease Agreement is approximately $ 3.5 million which began on October 1, 2021. Upon execution of the Sublease Agreement, the Company received a cash security deposit of $ 0.1 million from the Sublessee which is recorded as other non-current liabilities in the consolidated balance sheets. The expected sublease income as of September 30, 2022 is as follows (in thousands): September 30, 2022 $ 164 2023 671 2024 685 2025 699 2026 416 Total $ 2,635 Further, the Company remains liable for the remaining lease payments under the Master Lease, totaling $ 2.5 million, which is included in future minimum lease payments table below. The future minimum lease payments under all non-cancelable operating lease obligations as of September 30, 2022 were as follows (in thousands): September 30, 2022 $ 995 2023 4,322 2024 4,450 2025 4,096 2026 and thereafter 13,747 Total undiscounted lease payments 27,610 Less: imputed interest 5,893 Total operating lease liability 21,717 Less: current portion 2,409 Operating lease liability, net of current maturities $ 19,308

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	10. Stockholders' Equity Common Stock and Warrants The Company’s Certificate of Incorporation, as amended, authorized the Company to issue 150,000,000 shares of $ 0.0001 par value common stock as of December 31, 2021. Common stockholders are entitled to dividends if and when declared by the board of directors of the Company subject to the prior rights of the preferred stockholders. As of September 30, 2022 , no dividends on common stock had been declared by the board of directors. The Company has the following shares of common stock reserved for future issuance: September 30, December 31, Stock options available for future grant 3,093,123 1,961,338 Stock options issued and outstanding 5,862,935 3,875,317 Unvested restricted stock units 318,160 771,660 Common stock warrants issued and outstanding — 220,890 Total common stock reserved 9,274,218 6,829,205 In April 2022, a warrant holder exercised 220,890 warrants at an exercise price of $ 11.32 per warrant, which resulted in a net issuance of 100,731 shares to the warrant holder. There was no cash received by the Company as a result of this transaction. The following provides a roll forward of outstanding warrants to purchase common stock as of September 30, 2022: Issuance Date Number of Shares of Common Stock Issuable Weighted Average Exercise Price Weight Average Contractual Term (Years) Outstanding, December 31, 2021 220,890 $ 11.3177 4.66 Warrants issued — Warrants exercised 100,731 Warrants forfeited 120,159 Outstanding, September 30, 2022 —

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	11. Stock-based Compensation Stock-based Compensation Expense Total stock-based compensation expense recognized was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 1,745 $ 796 $ 5,319 $ 3,209 General and administrative 2,446 1,733 7,557 5,022 Total stock-based compensation $ 4,191 $ 2,529 $ 12,876 $ 8,231 Stock Options A summary of stock option activity for nine months ended September 30, 2022 is set forth below: Number of Weighted- Weighted- Aggregate Outstanding, December 31, 2021 3,875,317 $ 14.08 8.85 $ 13,212 Options authorized Options granted 2,219,300 $ 14.29 Options exercised ( 50,176 ) $ 9.35 Options forfeited or cancelled ( 181,506 ) $ 13.08 Outstanding, September 30, 2022 5,862,935 $ 14.23 8.55 $ 5,872 Options exercisable, September 30, 2022 1,995,850 $ 14.10 8.18 $ 2,535 Vested and expected to vest, September 30, 2022 5,862,935 $ 14.23 8.55 $ 5,872 The assumptions used in the Black Scholes Model to calculate stock-based compensation are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Fair value of common stock $ 14.16 - $ 16.89 $ 7.84 - $ 8.35 $ 11.49 - $ 19.97 $ 7.84 - $ 16.82 Expected term (years) 6.0 - 6.1 5.6 - 6.1 5.5 - 6.1 0.9 - 6.1 Volatility 79.5 % - 80.7 % 78.0 % - 78.2 % 77.4 % - 80.7 % 77.9 % - 79.8 % Risk free rates 2.7 % - 4.0 % 0.9 % - 1.2 % 1.6 % - 4.0 % 0.1 % - 1.2 % Dividend rate 0.0 % 0.0 % 0.0 % 0.0 % Restricted Stock Units In October 2021, the Company granted 560,000 RSUs with service and performance conditions to certain employees, 112,000 and 336,000 of which vested during the three months and nine ended September 30, 2022, respectively. Vesting of these awards is contingent on the occurrence of certain milestone events and fulfilment of any remaining service condition. As a result, the related compensation cost is recognized as an expense when achievement of the milestone is considered probable. The expense recognized for these awards is based on the grant date fair value of the Company's common stock multiplied by the number of units granted. The Company recognized $ 0.3 million and $ 2.0 million of related expense during the three and nine months ended September 30, 2022, respectively. The summary of RSU activity and related information for the nine months ended September 30, 2022 is set forth below: Number of Units Outstanding Weighted- Outstanding, December 31, 2021 771,660 $ 7.85 RSUs granted — — RSUs vested ( 433,375 ) $ 7.82 RSUs forfeited ( 20,125 ) $ 7.12 Outstanding, September 30, 2022 318,160 $ 7.88 Summary of Plans The Company has a 2014 Share Option Plan (the 2014 Plan), 2015 Stock Incentive Plan (the 2015 Plan), 2017 Stock Incentive Plan (the 2017 Plan), 2018 Stock Incentive Plan (the 2018 Plan), and 2018 Employee Stock Purchase Plan (the 2018 ESPP, and, collectively with the 2014 Plan, the 2015 Plan, the 2017 Plan and the 2018 Plan, the Plans). There have been no material changes in the Plans from those disclosed in Note 18 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In addition, on January 27, 2022, the Company established the 2022 Inducement Plan (the Inducement Plan) in accordance with Nasdaq Listing Rule 5635(c)(4). The 2014 Plan and 2015 Plan As of September 30, 2022 , the number of shares of common stock available for grant under the 2014 Plan and 2015 Plan is 93,599 shares. As of September 30, 2022 , an aggregate of 1,059,802 shares of Former Adicet common stock were issuable upon the exercise of outstanding stock options under the 2015 Plan at a weighted average exercise price of $ 12.01 per share and an aggregate of 185,396 shares of Former Adicet common stock were issuable upon the exercise of outstanding stock options under the 2014 Plan at a weighted average exercise price of $ 1.61 per share. The 2017 Plan and 2018 Plan As of September 30, 2022 , the number of shares of common stock available for grant under the 2017 Plan and 2018 Plan is 2,594,924 shares. As of September 30, 2022 , an aggregate of 4,140,410 shares of common stock were issuable upon the exercise of outstanding stock options under the 2017 Plan and 2018 Plan at a weighted average exercise price of $ 14.88 per share. Included in this amount was a grant of 6,410 performance stock units, 210,750 RSUs and 560,000 RSUs the Company granted in May 2021, August 2021 and October 2021, respectively. 2018 Employee Stock Purchase Plan On January 1, 2022, as a result of the foregoing evergreen provision, the number of shares of common stock available for issuance under the 2018 Employee Stock Purchase Plan (ESPP) automatically increased from 524,775 shares to 922,144 shares. During the three and nine months ended September 30, 2022, no shares and 16,354 shares were issued under the 2018 ESPP. As of September 30, 2022, 890,123 shares of common stock were available for issuance under the 2018 ESPP. Inducement Grants As of September 30, 2022, the number of shares of common stock available for grant under the Inducement Plan is 404,600 shares and an aggregate of 595,400 shares of common stock were issuable upon the exercise of inducement grants of stock options, approved by the Company in accordance with Nasdaq listing Rule 5635(c)(4) and granted under the Inducement Plan, at a weighted average exercise price of $ 14.43 per share. In addition, as of September 30, 2022, an aggregate of 362,503 shares of common stock were issuable upon the exercise of inducement grants of stock options, approved by the Company in accordance with Nasdaq listing Rule 5635(c)(4) prior to establishing the Inducement Plan, at a weighted average exercise price of $ 14.33 per share.

Net Loss per Share

Net Loss per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) per Share	12. Net Loss per Share The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net loss - basic and diluted $ ( 21,996 ) $ ( 14,013 ) $ ( 39,915 ) $ ( 46,186 ) Weighted-average shares used in computing net loss per share, basic and diluted 41,642,815 31,876,016 40,547,792 29,954,616 Net loss per share, basic and diluted ( 0.53 ) ( 0.44 ) ( 0.98 ) ( 1.54 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the period presented because including them would have been antidilutive: As of September 30, 2022 2021 Options to purchase common stock 5,862,935 4,276,356 Unvested restricted stock awards 318,160 — Common stock warrants — 220,890 Total 6,181,095 4,497,246

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes The Company recognized no income tax expense during the three and nine months ended September 30, 2022 , compared to an income tax expense of $ 11,000 and income tax benefit of $ 0.1 million during the three and nine months ended September 30, 2021, respectively. The income tax benefit during the nine months ended September 30, 2021 was due to the tax effect of the reduction in the deferred tax liability associated with the basis differences from IPR&D. The Company maintains a full valuation allowance against its deferred tax assets due to the Company’s history of losses as of September 30, 2022 .

Related Party

Related Party	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party	14. Related Party As of September 30, 2022 , Regeneron owned 883,568 shares of the Company’s common stock. Regeneron became a related party in July 2019 as a result of Series B redeemable convertible preferred stock financing. For the three and nine months ended September 30, 2022 , the Company recorded no revenue and revenue of $ 25.0 million from the Regeneron Agreement, respectively. See Note 7 for a discussion of the Regeneron Agreement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (United States GAAP or GAAP).
Significant Accounting Policies	Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. There have been no material changes to the significant accounting policies during the nine months ended September 30, 2022 .
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying unaudited consolidated financial statements as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021, have been prepared by the Company, pursuant to the rules and regulations of the SEC, for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s consolidated financial position as of September 30, 2022 and consolidated results of operations for the three and nine months ended September 30, 2022 and 2021 and consolidated cash flows for the nine months ended September 30, 2022 and 2021 have been made. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2022.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company’s cash and cash equivalents are held at one financial institution in the U.S. and one financial institution in Israel and such amounts may, at times, exceed insured limits. The Company invests its cash equivalents in money market funds. The Company limits its credit risk associated with cash equivalents by placing them with banks and institutions it believes are highly creditworthy and in highly rated investments. The Company has not experienced any losses on its deposits of cash and cash equivalents to date.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials, and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from product sales. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology companies. The current COVID-19 (coronavirus) pandemic, which is impacting worldwide economic activity, poses the risk that the Company or its employees, contractors, suppliers, and other partners may be prevented from conducting business activities for an indefinite period of time, including due to shutdowns that may be requested or mandated by governmental authorities. The extent to which the coronavirus impacts the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information that will emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among others. COVID-19 may impact the timing of regulatory review and clearance of investigational new drugs (INDs) for clinical trials, the enrollment of any clinical trials that are allowed to proceed, the availability of clinical trial materials and regulatory approval and commercialization of our product candidates. COVID-19 may also impact the Company’s ability to access capital, which could negatively impact short-term and long-term liquidity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently Adopted Accounting Pronouncements In July 2021, FASB issued ASU No. 2021-05, Lease (Topic 842), Lessors - Certain Leases with Variable Lease Payments (ASU 2021-05). ASU 2021-05 amends the lease classification requirements for lessors when classifying and accounting for a lease with variable lease payments that do not depend on a reference rate index or a rate. The update provides criteria, that if met, the lease would be classified and accounted for as an operating lease. ASU 2021-05 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. The Company adopted ASU 2021-05 in the first quarter of 2022. The impact on its consolidated financial statements and related disclosures was not material. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. For SEC filers that are eligible to be smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The Company plans to adopt the provisions of ASU 2016-13 effective January 1, 2023 and is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). The new guidance simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. SEC filers that are eligible to be smaller reporting companies should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2022. The amendment should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company plans to adopt the provisions of ASU 2017-04 effective January 1, 2023 and is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and related disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured on Recurring Basis	The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): September 30, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) (2) $ 147,717 $ — $ — $ 147,717 Total fair value of assets $ 147,717 $ — $ — $ 147,717 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds (1) (2) $ 147,071 $ — $ — $ 147,071 Total fair value of assets $ 147,071 $ — $ — $ 147,071 (1) Included in cash and cash equivalents in the consolidated balance sheets. (2) Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices .

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Summary of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): September 30, December 31, Prepaid insurance $ 483 $ 1,884 Prepayments to CROs 1,119 1,658 Prepaid maintenance 269 958 Prepayments to CMOs 68 115 Prepaid software subscription and licensing fees 451 63 Interest receivable 259 29 Other prepaid expenses and current assets 380 2 Total prepaid expenses and other current assets $ 3,029 $ 4,709

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): Useful life September 30, December 31, Laboratory equipment 3 $ 6,178 $ 5,502 Leasehold improvements Lesser of useful life or lease term 17,852 1,614 Furniture and fixtures 3 231 303 Construction in progress — 9,764 13,014 Computer equipment 3 172 216 Software 3 328 320 34,525 20,969 Less: Accumulated depreciation and amortization ( 7,693 ) ( 6,326 ) Property and equipment, net $ 26,832 $ 14,643

Accrued and Other Current Lia_2

Accrued and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Summary of Accrued and Other Current Liabilities	Accrued and other current liabilities consisted of the following (in thousands): September 30, December 31, Accrued compensation $ 4,566 $ 4,020 Accrued professional services 2,368 546 Accrued CMO costs 2,052 1,077 Accrued other research and development expenses 629 504 Accrued CRO costs 446 32 Accrued other liabilities 181 503 Total accrued and other liabilities $ 10,242 $ 6,682

Third Party Agreements (Tables)

Third Party Agreements (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Change in Company's Contract Liabilities	The following tables present changes in the Company’s contract liabilities for the nine months ended September 30, 2022 and 2021 (in thousands): Nine Months Ended September 30, 2022 Balance at Deductions Balance at Contract liability $ 4,805 $ ( 4,805 ) $ — Nine Months Ended September 30, 2021 Balance at Deductions Balance at Contract liability $ 13,980 $ ( 3,892 ) $ 10,088

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of Lease Costs and Other Information	The following table presents the operating lease cost and information related to the operating lease right-of-use assets, net and operating lease liabilities for the quarter ended September 30, 2022 (in thousands): Three months ended September 30, 2022 Lease Cost Operating lease cost $ 1,108 Short-term lease cost 46 Variable lease cost — Sublease Income ( 181 ) Total lease cost $ 973 Other Information Operating cash flows used for lease liabilities $ 1,571 Weighted-average remaining lease term - operating leases 6.7 Weighted-average discount rate - operating leases 7.1 %
Schedule Of Sublease Income	The expected sublease income as of September 30, 2022 is as follows (in thousands): September 30, 2022 $ 164 2023 671 2024 685 2025 699 2026 416 Total $ 2,635
Schedule of Future Minimum Lease Payments	The future minimum lease payments under all non-cancelable operating lease obligations as of September 30, 2022 were as follows (in thousands): September 30, 2022 $ 995 2023 4,322 2024 4,450 2025 4,096 2026 and thereafter 13,747 Total undiscounted lease payments 27,610 Less: imputed interest 5,893 Total operating lease liability 21,717 Less: current portion 2,409 Operating lease liability, net of current maturities $ 19,308

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Schedule Of Outstanding Warrants To Purchase Shares of Common Stock	The following provides a roll forward of outstanding warrants to purchase common stock as of September 30, 2022: Issuance Date Number of Shares of Common Stock Issuable Weighted Average Exercise Price Weight Average Contractual Term (Years) Outstanding, December 31, 2021 220,890 $ 11.3177 4.66 Warrants issued — Warrants exercised 100,731 Warrants forfeited 120,159 Outstanding, September 30, 2022 —
Schedule of Number of Shares of Common Stock Reserved for Future Issuance	The Company has the following shares of common stock reserved for future issuance: September 30, December 31, Stock options available for future grant 3,093,123 1,961,338 Stock options issued and outstanding 5,862,935 3,875,317 Unvested restricted stock units 318,160 771,660 Common stock warrants issued and outstanding — 220,890 Total common stock reserved 9,274,218 6,829,205

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense recognized was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 1,745 $ 796 $ 5,319 $ 3,209 General and administrative 2,446 1,733 7,557 5,022 Total stock-based compensation $ 4,191 $ 2,529 $ 12,876 $ 8,231
Summary of Stock Option Activity	Stock Options A summary of stock option activity for nine months ended September 30, 2022 is set forth below: Number of Weighted- Weighted- Aggregate Outstanding, December 31, 2021 3,875,317 $ 14.08 8.85 $ 13,212 Options authorized Options granted 2,219,300 $ 14.29 Options exercised ( 50,176 ) $ 9.35 Options forfeited or cancelled ( 181,506 ) $ 13.08 Outstanding, September 30, 2022 5,862,935 $ 14.23 8.55 $ 5,872 Options exercisable, September 30, 2022 1,995,850 $ 14.10 8.18 $ 2,535 Vested and expected to vest, September 30, 2022 5,862,935 $ 14.23 8.55 $ 5,872
Schedule of Assumptions to Estimate Fair Value of Stock Options Using Black-Scholes Option Pricing Model	The assumptions used in the Black Scholes Model to calculate stock-based compensation are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Fair value of common stock $ 14.16 - $ 16.89 $ 7.84 - $ 8.35 $ 11.49 - $ 19.97 $ 7.84 - $ 16.82 Expected term (years) 6.0 - 6.1 5.6 - 6.1 5.5 - 6.1 0.9 - 6.1 Volatility 79.5 % - 80.7 % 78.0 % - 78.2 % 77.4 % - 80.7 % 77.9 % - 79.8 % Risk free rates 2.7 % - 4.0 % 0.9 % - 1.2 % 1.6 % - 4.0 % 0.1 % - 1.2 % Dividend rate 0.0 % 0.0 % 0.0 % 0.0 %
Summary of Restricted Stock Unit Activity	The summary of RSU activity and related information for the nine months ended September 30, 2022 is set forth below: Number of Units Outstanding Weighted- Outstanding, December 31, 2021 771,660 $ 7.85 RSUs granted — — RSUs vested ( 433,375 ) $ 7.82 RSUs forfeited ( 20,125 ) $ 7.12 Outstanding, September 30, 2022 318,160 $ 7.88

Net Loss per Share (Tables)

Net Loss per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders	The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net loss - basic and diluted $ ( 21,996 ) $ ( 14,013 ) $ ( 39,915 ) $ ( 46,186 ) Weighted-average shares used in computing net loss per share, basic and diluted 41,642,815 31,876,016 40,547,792 29,954,616 Net loss per share, basic and diluted ( 0.53 ) ( 0.44 ) ( 0.98 ) ( 1.54 )
Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the period presented because including them would have been antidilutive: As of September 30, 2022 2021 Options to purchase common stock 5,862,935 4,276,356 Unvested restricted stock awards 318,160 — Common stock warrants — 220,890 Total 6,181,095 4,497,246

Organization and Nature of the

Organization and Nature of the Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	9 Months Ended		12 Months Ended
	Mar. 12, 2021	Feb. 28, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Aggregate gross proceeds			$ 0	$ 143,754
Accumulated deficit			(208,240)		$ (168,324)
Net proceeds received from offering			43,360	$ 0
Adicet Therapeutics [Member]
Schedule Of Equity Method Investments [Line Items]
Accumulated deficit			$ (208,200)
Initial Public Offering
Schedule Of Equity Method Investments [Line Items]
Number of common stock shares sold		10,575,513			7,187,500
Issuance price per shares		$ 13			$ 14
Underwriting discounts and commissions and other offering expenses		$ 128,800			$ 94,200
Net proceeds received from offering		$ 15,000
2021 Sales Agreement
Schedule Of Equity Method Investments [Line Items]
Aggregate number of shares sold			2,611,723
Sale of Stock, Price Per Share			$ 17.23
Sales agent commissions and expenses			$ 43,400
Maximum | 2021 Sales Agreement
Schedule Of Equity Method Investments [Line Items]
Aggregate gross proceeds	$ 75,000

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 19,462	$ 19,462

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets		$ 147,717	$ 147,071
Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets		147,717	147,071
Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets		0	0
Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets		0	0
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets	[1],[2]	147,717	147,071
Money Market Funds | Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets	[1],[2]	147,717	147,071
Money Market Funds | Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets	[1],[2]	0	0
Money Market Funds | Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value of assets	[1],[2]	$ 0	$ 0
[1] Included in cash and cash equivalents in the consolidated balance sheets. Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 483	$ 1,884
Prepayments to CROs	1,119	1,658
Prepaid maintenance	269	958
Prepayments to CMOs	68	115
Prepaid software subscription and licensing fees	451	63
Interest receivable	259	29
Other prepaid expenses and current assets	380	2
Total prepaid expenses and other current assets	$ 3,029	$ 4,709

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total property and equipment	$ 34,525	$ 20,969
Less: Accumulated depreciation and amortization	(7,693)	(6,326)
Property and equipment, net	26,832	14,643
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 6,178	5,502
Useful life (in years)	3 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	$ 17,852	1,614
Useful life (in years)	Lesser of useful life or lease term
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	$ 231	303
Useful life (in years)	3 years
Construction In Progress
Property Plant And Equipment [Line Items]
Total property and equipment	$ 9,764	13,014
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 172	216
Useful life (in years)	3 years
Software
Property Plant And Equipment [Line Items]
Total property and equipment	$ 328	$ 320
Useful life (in years)	3 years

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 18, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 800	$ 400	$ 1,516	$ 1,173
Decrease in construction budget	2,600		2,600
Consideration for construction					$ 13,800
Leasehold improvements	$ 16,200		$ 16,200
Increase in construction budget					$ 5,300

Accrued and Other Current Lia_3

Accrued and Other Current Liabilities - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation	$ 4,566	$ 4,020
Accrued CMO costs	2,052	1,077
Accrued professional services	2,368	546
Accrued other research and development expenses	629	504
Accrued other liabilities	181	503
Accrued CRO costs	446	32
Total accrued and other liabilities	$ 10,242	$ 6,682

Term Loan - Additional Informat

Term Loan - Additional Information (Details) - $ / shares	Apr. 30, 2022	Dec. 31, 2021
Class Of Warrant Or Right [Line Items]
Exercise price	$ 11.32	$ 11.3177

Third Party Agreements - Additi

Third Party Agreements - Additional Information (Details) - USD ($) $ in Thousands			6 Months Ended	9 Months Ended		12 Months Ended
	Jul. 31, 2019	Jul. 29, 2016	Jun. 30, 2020	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2018	Dec. 31, 2017
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Incurred costs related				$ 800
Licence agreement additional revenue recognised				5,000
Licence agreement cumulative revenue recognised					$ 35,300
Regeneron Pharmaceuticals, Inc.
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Exercise Fee Paid				20,000
Contingent Consideration fees		$ 20,000
Option exercise fee				20,000
Contract Assets				100
Agreement transaction price		55,000
Licence agreement additional revenue recognised				25,000
Research funding fee		30,000
Non refundable upfront payment received				25,000
Additional payment for research funding received		30,000		$ 20,000		$ 5,000	$ 5,000
License agreement termination description				twelve (12) years
Upfront payment		$ 25,000			25,000
Licence agreement cumulative revenue recognised			$ 10,000
Increase in estimated transaction price	$ 35,000
Contract liability				$ 0	$ 10,100
Regeneron Pharmaceuticals, Inc. | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Licence agreement additional amount payable of option exercise fees				80,000
Increase in estimated transaction price				45,000
Regeneron Pharmaceuticals, Inc. | Minimum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Increase in estimated transaction price				$ 10,000

Third Party Agreements - Summar

Third Party Agreements - Summary of Change in Company's Contract Liabilities (Details) - Contract Liability - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Balance at beginning of period		$ 4,805	$ 13,980
Additions (Deductions) (1)	[1]	(4,805)	(3,892)
Balance at end of period		$ 0	$ 10,088
[1] Deductions to contract liabilities relate to deferred revenue recognized as revenue during the reporting period. Deductions are shown net of additions that are the result of a reduction to cumulative revenue recognized as a result of a change in overall estimated costs, primarily due to an extension of time to fulfill the combined performance obligation, which was recorded as a change in estimate during the nine months ended September 30, 2021.

License Funding and Other Agr_2

License Funding and Other Agreements - Additional Information (Details) - National Institute of Health - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	May 31, 2019	Sep. 30, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Grant term	5 years
Grants receivable	$ 1,500
Qualifying expenses		$ 0
Qualifying expenses on cumulative basis		1,300
Funding Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Qualifying expenses		0
Qualifying expenses on cumulative basis		$ 1,300

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)		9 Months Ended
	Jul. 19, 2021 USD ($) ft²	Sep. 30, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)
Long Term Purchase Commitment [Line Items]
Right-of-use asset		$ 20,991,000	$ 20,358,000
Operating Lease, Liability		21,717,000
Short-term lease cost		46,000
Sublease Income		181,000
Operating lease cost		$ 1,108,000
Westport Office Park, LLC [Member]
Long Term Purchase Commitment [Line Items]
Increase of leased space | ft²		12,204
Annual rent		$ 73,000
Increase in annual rent		78,000
Right-of-use asset		2,300,000
Operating Lease, Liability		2,300,000
RFS OPCO LLC [Member]
Long Term Purchase Commitment [Line Items]
Area of Sublease | ft²	9,501
Operating Leases, Rent Expense, Sublease Rentals	$ 3,500,000
Cash security deposit received	$ 100,000
Sublease Agreement Description	The term of the Sublease Agreement started on September 1, 2021 and ends on July 30, 2026. The aggregate base rent due to the Company under the Sublease Agreement is approximately $3.5 million which began on October 1, 2021.
Boston Properties, Inc. [Member]
Long Term Purchase Commitment [Line Items]
Operating Lease, Liability		2,500,000
Short-term lease cost		300,000
Sublease Income		500,000
Operating lease cost		$ 3,100,000

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Lease Costs and Other Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,108
Short-term lease cost	46
Variable lease cost	0
Sublease Income	(181)
Lease, Cost, Total	973
Operating cash flows used for lease liabilities	$ 1,571
Weighted-average remaining lease term - operating leases	6 years 8 months 12 days
Weighted-average discount rate - operating leases	7.10%

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Sublease Income (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 164
2023	671
2024	685
2025	699
2026	416
Total	$ 2,635

Commitments and Contingencies_4

Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2022	$ 995
2023	4,322
2024	4,450
2025	4,096
2026 and thereafter	13,747
Total undiscounted lease payments	27,610
Less: imputed interest	5,893
Total operating lease liability	21,717
Less: current portion	2,409	$ 1,567
Operating lease liability, net of current portion	$ 19,308	$ 19,377

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Apr. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock, shares authorized		150,000,000	150,000,000
Exercise price	$ 11.32		$ 11.3177
Exercise of warrant, shares	220,890
Net issuance shares to warrant holder	100,731
Dividends Payable		$ 0
Common stock shares issued, par value		$ 0.0001	$ 0.0001

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Number of Shares of Common Stock Reserved for Future Issuance (Details) - shares	Sep. 30, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	9,274,218	6,829,205
Unvested Restricted Stock Units
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	318,160	771,660
Stock Options Available for Future Grant
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	3,093,123	1,961,338
Options Issued and Outstanding
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	5,862,935	3,875,317
Common Stock Warrants
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	0	220,890

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Outstanding Warrants to Purchase Shares of Common Stock (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Apr. 30, 2022
Liabilities and Equity [Abstract]
Number of Shares of Common Stock Issuable, Outstanding, December 31, 2021	220,890
Number of shares of common stock issuable, Issued	0
Number of shares of common stock issuable, Exercised	100,731
Number of shares of common stock issuable, Forfeited	120,159
Number of Shares of Common Stock Issuable, Outstanding, June 30, 2022	0	220,890
Outstanding warrants, Weighted average exercise price		$ 11.3177	$ 11.32
Warrants outstanding and exercisable, Weighted average remaining contractual term		4 years 7 months 28 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,191	$ 2,529	$ 12,876	$ 8,231
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	1,745	796	5,319	3,209
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,446	$ 1,733	$ 7,557	$ 5,022

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Number of Shares Underlying Outstanding Options, Beginning balance | shares	3,875,317
Number of Shares Underlying Outstanding Options, Options granted | shares	2,219,300
Number of Shares Underlying Outstanding Options, Options exercised | shares	(50,176)
Number of Shares Underlying Outstanding Options, Options forfeited or cancelled | shares	(181,506)
Number of Shares Underlying Outstanding Options, Ending balance | shares	5,862,935	3,875,317
Number of Shares Underlying Outstanding Options exercisable | shares	1,995,850
Number of Shares Underlying Outstanding Options, Vested and expected to vest | shares	5,862,935
Weighted-Average Exercise Price, Outstanding beginning | $ / shares	$ 14.08
Weighted-Average Exercise Price, Options granted | $ / shares	14.29
Weighted-Average Exercise Price, Options exercised | $ / shares	9.35
Weighted-Average Exercise Price, Options forfeited or cancelled | $ / shares	13.08
Weighted-Average Exercise Price, Outstanding ending | $ / shares	14.23	$ 14.08
Weighted-Average Exercise Price, Options exercisable | $ / shares	14.10
Weighted-Average Exercise Price, Vested and expected to vest | $ / shares	$ 14.23
Weighted-Average Remaining Contract Term, Outstanding	8 years 6 months 18 days	8 years 10 months 6 days
Weighted-Average Remaining Contract Term, Options exercisable	8 years 2 months 4 days
Weighted-Average Remaining Contract Term, Vested and expected to vest	8 years 6 months 18 days
Aggregate Intrinsic Value, Outstanding | $	$ 5,872	$ 13,212
Aggregate Intrinsic Value, Options exercisable | $	2,535
Aggregate Intrinsic Value, Vested and expected to vest | $	$ 5,872

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 01, 2022	Jan. 01, 2021	Oct. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Oct. 21, 2021	Aug. 31, 2021	May 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate gross proceeds						$ 0	$ 143,754
RSUs granted (includes PSUs)						2,219,300
Expense related to options granted				$ 4,191	$ 2,529	$ 12,876	$ 8,231
Weighted-Average Exercise Price, Options exercised						$ 9.35
2014 and 2015 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of common stock available for grant				93,599		93,599
2017 and 2018 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of common stock available for grant				2,594,924		2,594,924
Number of shares reserved for issuance				4,140,410		4,140,410
Weighted-Average Exercise Price, Options exercised						$ 14.88
2014 Stock Incentive Plan Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance				185,396		185,396
Weighted-Average Exercise Price, Options exercised						$ 1.61
2015 Stock Incentive Plan Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance				1,059,802		1,059,802
Weighted-Average Exercise Price, Options exercised						$ 12.01
2018 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance				890,123		890,123
Number of additional shares reserved for issuance	922,144	524,775
Number of shares available for sale under employee stock purchase plan				0		16,354
Inducement Grant
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of common stock available for grant				404,600		404,600
Number of shares reserved for issuance				595,400	362,503	595,400	362,503
Weighted-Average Exercise Price, Options exercised						$ 14.43	$ 14.33
Performance Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Vested				112,000		336,000
Number of shares of common stock available for grant										6,410
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Vested						433,375
RSUs granted (includes PSUs)			560,000
Expense related to options granted				$ 300		$ 2,000
Weighted-Average Grant Date Fair Value,Vested						$ 7.82
Number of shares of common stock available for grant								560,000	210,750

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Assumptions to Estimate Fair Value of Stock Options Using Black-Scholes Option Pricing Model (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend rate	0%	0%	0%	0%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	79.50%	78%	77.40%	77.90%
Risk free rates	2.70%	0.90%	1.60%	0.10%
Fair value of common stock	$ 14.16	$ 7.84	$ 11.49	$ 7.84
Expected term	6 years	5 years 7 months 6 days	5 years 6 months	10 months 24 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	80.70%	78.20%	80.70%	79.80%
Risk free rates	4%	1.20%	4%	1.20%
Fair value of common stock	$ 16.89	$ 8.35	$ 19.97	$ 16.82
Expected term	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days

Stock-based Compensation - Su_3

Stock-based Compensation - Summary of Restricted Stock Unit Activity (Details) - RSUs [Member]	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, December 31, 2021 | shares	771,660
RSUs granted | shares	0
RSUs Vested | shares	(433,375)
RSUs forfeited | shares	(20,125)
Outstanding September 30, 2022 | shares	318,160
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant Date Fair Value, Beginning | $ / shares	$ 7.85
Weighted-Average Grant Date Fair Value, Granted | $ / shares	0
Weighted-Average Grant Date Fair Value,Vested | $ / shares	7.82
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares	7.12
Weighted-Average Grant Date Fair Value, Ending | $ / shares	$ 7.88

Net Loss per Share - Schedule o

Net Loss per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net loss - basic and diluted	$ (21,996)	$ (14,013)	$ (39,915)	$ (46,186)
Weighted-average shares used in computing net loss per share, basic and diluted	41,642,815	31,876,016	40,547,792	29,954,616
Weighted-average shares used in computing net income (loss) per share attributable to common shareholders, diluted	41,642,815	31,876,016	40,547,792	29,954,616
Net loss per share, basic	$ (0.53)	$ (0.44)	$ (0.98)	$ (1.54)
Net loss per share, diluted	$ (0.53)	$ (0.44)	$ (0.98)	$ (1.54)

Net Loss per Share - Schedule_2

Net Loss per Share - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,181,095	4,497,246
Options To Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,862,935	4,276,356
Unvested Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	318,160	0
Common Stock Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	220,890

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Taxes Disclosure [Line Items]
Income tax provision (benefit)	$ 0	$ 11,000	$ 0	$ (114,000)
COVID-19
Income Taxes Disclosure [Line Items]
Income tax provision (benefit)	$ 0	$ 11,000	$ 0	$ (100,000)

Related Party - Additional Info

Related Party - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Redeemable convertible preferred stock	0		0		0
Revenue—related party	$ 0	$ 3,429	$ 24,990	$ 4,262
Regeneron Pharmaceuticals, Inc.
Related Party Transaction [Line Items]
Revenue—related party	$ 0		$ 25,000
Regeneron Pharmaceuticals, Inc. | Series B Convertible Preferred Stock [ Member ]
Related Party Transaction [Line Items]
Redeemable convertible preferred stock	883,568		883,568