Olema Pharmaceuticals (OLMA) 10-Q 10 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 06, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	001-39712
Entity Registrant Name	OLEMA PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-0409740
Entity Address, Address Line One	512 2nd Street, 4th Floor
Entity Address, City or Town	San Francisco
Entity Address, Country	CA
Entity Address, Postal Zip Code	94107
City Area Code	650
Local Phone Number	243-5555
Title of 12(b) Security	Common Stock
Trading Symbol	OLMA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,557,839
Entity Central Index Key	0001750284
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 50,422	$ 338,549
Marketable securities	267,722
Prepaid expenses and other current assets	2,710	3,588
Total current assets	320,854	342,137
Property and equipment, net	866	75
Other assets	510	510
Total assets	322,230	342,722
Current liabilities:
Accounts payable	385	719
Other current liabilities	7,761	3,866
Total current liabilities	8,146	4,585
Total liabilities	8,146	4,585
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2021 and December 31, 2020; no shares issued and outstanding as of June 30, 2021 and December 31, 2020.
Common stock, $0.0001 par value; 490,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 40,256,637 and 40,169,738 shares issued as of June 30, 2021 and December 31, 2020, respectively; 39,552,588 and 39,308,238 shares outstanding as of June 30, 2021 and December 31, 2020, respectively.	3	3
Additional paid-in capital	378,934	371,228
Accumulated other comprehensive loss	(14)
Accumulated deficit	(64,839)	(33,094)
Total stockholders' equity	314,084	338,137
Total liabilities and stockholders' equity	$ 322,230	$ 342,722

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	490,000,000	490,000,000
Common stock, issued (in shares)	40,256,637	40,169,738
Common stock, outstanding (in shares)	39,552,588	39,308,238

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses:
Research and development	$ 11,910	$ 1,947	$ 22,602	$ 2,742
General and administrative	4,612	539	9,370	787
Total operating expenses	16,522	2,486	31,972	3,529
Loss from operations	(16,522)	(2,486)	(31,972)	(3,529)
Other income (expense):
Interest income	117	33	228	36
Interest expense				(653)
Other income (expense)	(1)		(1)
Total other income (expense), net	116	33	227	(617)
Net loss	$ (16,406)	$ (2,453)	$ (31,745)	$ (4,146)
Net loss per share, basic	$ (0.42)	$ (0.95)	$ (0.81)	$ (1.60)
Net loss per share, diluted	$ (0.42)	$ (0.95)	$ (0.81)	$ (1.60)
Weighted average shares used to compute net loss per share, basic	39,415,330	2,593,316	39,370,809	2,593,316
Weighted average shares used to compute net loss per share, diluted	39,415,330	2,593,316	39,370,809	2,593,316

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (16,406)	$ (2,453)	$ (31,745)	$ (4,146)
Other comprehensive loss:
Net unrealized loss on marketable securities	(1)		(14)
Total comprehensive loss	$ (16,407)	$ (2,453)	$ (31,759)	$ (4,146)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Balances, at Beginning of period at Dec. 31, 2019			$ 168		$ (10,762)	$ (10,594)
Balances, at Beginning of period (in shares) at Dec. 31, 2019		2,593,316
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beneficial conversion option recognized upon issuance of 2020 convertible notes			1,054			1,054
Beneficial conversion option recognized upon repurchase of 2020 convertible notes on settlement date			(2,568)			(2,568)
Extinguishment of 2020 convertible notes			2,148			2,148
Stock-based compensation expense			154			154
Net loss					(4,146)	(4,146)
Balances, at End of period at Jun. 30, 2020			956		(14,908)	(13,952)
Balances, at End of period (in shares) at Jun. 30, 2020		2,593,316
Balances, at Beginning of period at Dec. 31, 2019	$ 9,348
Balances, at Beginning of period (in shares) at Dec. 31, 2019	4,628,215
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series B convertible preferred stock, net of issuance costs	$ 50,649
Issuance of Series B convertible preferred stock, net of issuance costs (in shares)	10,801,277
Issuance of Series B convertible preferred stock in connection with the conversion of convertible notes	$ 3,007
Issuance of Series B convertible preferred stock in connection with the conversion of convertible notes (in shares)	638,270
Balances, at End of period (in shares) at Jun. 30, 2020	16,067,762
Balances, at End of period at Jun. 30, 2020	$ 63,004
Balances, at Beginning of period at Mar. 31, 2020			802		(12,455)	(11,653)
Balances, at Beginning of period (in shares) at Mar. 31, 2020		2,593,316
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense			154			154
Net loss					(2,453)	(2,453)
Balances, at End of period at Jun. 30, 2020			956		(14,908)	(13,952)
Balances, at End of period (in shares) at Jun. 30, 2020		2,593,316
Balances, at Beginning of period at Mar. 31, 2020	$ 39,235
Balances, at Beginning of period (in shares) at Mar. 31, 2020	10,995,312
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series B convertible preferred stock, net of issuance costs	$ 23,769
Issuance of Series B convertible preferred stock, net of issuance costs (in shares)	5,072,450
Balances, at End of period (in shares) at Jun. 30, 2020	16,067,762
Balances, at End of period at Jun. 30, 2020	$ 63,004
Balances, at Beginning of period at Dec. 31, 2020		$ 3	371,228		(33,094)	338,137
Balances, at Beginning of period (in shares) at Dec. 31, 2020		39,308,238
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of early exercised stock options			61			$ 61
Vesting of early exercised stock options (in shares)		13,979				23,298
Exercise of stock options			130			$ 130
Exercise of stock options (in shares)		63,014				76,993
Issuance of shares under the employee stock purchase plan			386			$ 386
Issuance of shares under the employee stock purchase plan (in shares)		23,885
Vesting of restricted stock awards		143,472				143,472
Stock-based compensation expense			7,015			$ 7,015
Employee stock purchase plan expense			114			114
Net unrealized loss on marketable securities				$ (14)		(14)
Net loss					(31,745)	(31,745)
Balances, at End of period at Jun. 30, 2021		$ 3	378,934	(14)	(64,839)	314,084
Balances, at End of period (in shares) at Jun. 30, 2021		39,552,588
Balances, at Beginning of period (in shares) at Dec. 31, 2020	0
Balances, at End of period (in shares) at Jun. 30, 2021	0
Balances, at Beginning of period at Mar. 31, 2021		$ 3	374,467	(13)	(48,433)	326,024
Balances, at Beginning of period (in shares) at Mar. 31, 2021		39,342,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of early exercised stock options			30			30
Vesting of early exercised stock options (in shares)		6,989
Exercise of stock options			130			130
Exercise of stock options (in shares)		63,014
Issuance of shares under the employee stock purchase plan			386			386
Issuance of shares under the employee stock purchase plan (in shares)		23,885
Vesting of restricted stock awards		116,571
Stock-based compensation expense			3,871			3,871
Employee stock purchase plan expense			50			50
Net unrealized loss on marketable securities				(1)		(1)
Net loss					(16,406)	(16,406)
Balances, at End of period at Jun. 30, 2021		$ 3	$ 378,934	$ (14)	$ (64,839)	$ 314,084
Balances, at End of period (in shares) at Jun. 30, 2021		39,552,588
Balances, at End of period (in shares) at Jun. 30, 2021	0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - Parentheticals - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit)
Stock issuance costs	$ 130	$ 243

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (31,745)	$ (4,146)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	40	5
Non-cash interest expense		641
Premium amortization and discount accretion on marketable securities, net	138
Stock-based compensation expense, including employee stock purchase plan expense	7,129	154
Changes in operating assets and liabilities:
Prepaid expenses, other current assets	878	(185)
Accounts payable	(322)	89
Other current liabilities	3,893	125
Net cash used in operating activities	(19,989)	(3,317)
Cash flows from investing activities:
Purchase of equipment	(780)	(15)
Maturities of marketable securities	67,000
Purchases of marketable securities	(334,874)
Net cash used in investing activities	(268,654)	(15)
Cash flows from financing activities:
Proceeds from exercise of stock options	130
Proceeds from issuance of common stock under employee stock purchase plan	386
Proceeds from the issuance of convertible notes		3,000
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs		50,740
Net cash provided by financing activities	516	53,740
Net (decrease) increase in cash and cash equivalents	(288,127)	50,408
Cash and cash equivalents at beginning of period	338,549	68
Cash and cash equivalents at end of period	50,422	50,476
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued liabilities	63
Conversion of convertible notes into Series B convertible preferred stock		3,007
Offering costs included in other current liabilities - Series B		$ 91
Vesting of early exercised stock options	$ 61

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Nature of the Business and Basis of Presentation
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation Olema Pharmaceuticals Inc. (“Olema” or the “Company”) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of next-generation targeted therapies for women’s cancers. The Company is initially focused on developing therapies for the treatment of breast cancer. The Company’s wholly owned, lead product candidate, OP-1250, is a novel oral therapy with combined activity as both a complete estrogen receptor (“ER”) antagonist (“CERAN”) and a selective ER degrader (“SERD”). The Company is currently evaluating OP-1250 in a Phase 1/2 dose escalation and expansion trial for the treatment of recurrent, locally advanced or metastatic estrogen receptor-positive (“ER+”), human epidermal growth factor receptor 2-negative (“HER2-”) breast cancer. The Company is located in San Francisco, California and was incorporated in Delaware on August 7, 2006 under the legal name of CombiThera, Inc. and on March 25, 2009 was renamed Olema Pharmaceuticals, Inc. The Company’s principal operations are based in San Francisco, California, and it operates in one business segment and therefore has only one reportable segment. The Company is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, successful discovery and development of its product candidates, development by competitors of new technological innovations, dependence on key personnel, the ability to attract and retain qualified employees, protection of proprietary technology, compliance with governmental regulations, the impact of COVID-19, the ability to secure additional capital to fund operations and commercial success of its product candidates. OP-1250 and any future product candidates the Company may develop will require extensive nonclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Initial Public Offering In November 2020, the Company completed the initial public offering of its common stock (“IPO”). In connection with its IPO, the Company issued and sold 12,650,000 shares of its common stock, at a price to the public of $19.00 per share. As a result of the IPO, the Company received $220.6 million in net proceeds, after deducting underwriting discounts and commissions and offering costs of $19.8 million. Upon the closing of the IPO, 23,765,075 shares of outstanding convertible preferred stock were automatically converted into 23,765,075 shares of common stock with the related carrying value of $148.3 million reclassified to common stock and additional paid-in capital. In connection with the IPO, the Company amended and restated its amended and restated certificate of incorporation to change the authorized capital stock to 490,000,000 shares designated as common stock and 10,000,000 shares designated as preferred stock, all with a par value of $0.0001 per Liquidity The Company had $318.1 million of cash, cash equivalents and marketable securities at June 30 2021, which management believes is sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months from the filing date of these condensed consolidated financial statements. Impact of COVID-19 The extent of the impact of the COVID-19 pandemic on the Company’s business, operations and development timelines and plans remains uncertain, and will depend on certain developments, including the duration of the outbreak and its impact on the Company’s development activities, planned clinical trial enrollment, future trial sites, CROs, third-party manufacturers, and other third parties with whom the Company does business, as well as its impact on regulatory authorities and the Company’s key scientific and management personnel. During 2020, although the Company modified its operations and practices due to the COVID-19 pandemic and to comply with federal, state and local requirements, its business, operations and development timelines were not material adversely affected. However, the extent to which the COVID-19 pandemic may affect the Company’s business, operations and development timelines and plans in the future, including the resulting impact on its expenditures and capital needs, remains uncertain.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United Stated (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements include the accounts of Olema Pharmaceuticals, Inc. and its wholly-owned subsidiary, Olema Oncology Australia Pty Ltd incorporated on January 6, 2021. All intercompany balances and transactions have been eliminated upon consolidation. Unaudited Interim Financial Information The interim condensed consolidated balance sheet as of June 30, 2021, the statements of operations and comprehensive loss, and stockholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020, and the statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed consolidated financial statements included in this report. The financial data and the other information disclosed in these notes to the condensed consolidated financial statements related to the three- and six-month periods are also unaudited. The results of operations for the six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Form 10-K as filed with the SEC on March 17, 2021. Use of Estimates The accompanying condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of expenses during the reporting period. Significant areas that require management’s estimates include accruals of research and development expenses, including accrual of research contract costs, share-based compensation assumptions, and fair value of common stock and convertible preferred stock prior to the IPO. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents are defined as short-term, highly liquid investments with original maturities of 90 days or less at the date of purchase. Cash deposits are all in reputable financial institutions in the United States and as of June 30, 2021 and December 31, 2020, cash and cash equivalents consisted of cash on deposit with U.S. banks denominated in U.S. dollars and investments in interest bearing money market funds. Marketable Securities All marketable securities have been classified as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such designation as of each balance sheet date. Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in interest income. The cost of securities sold is based on the specific-identification method. Interest earned on marketable securities is included in interest income. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents, and marketable securities. The Company invests in a variety of financial instruments and, by its policy, limits these financial instruments to high credit quality securities issued by the U.S. government, U.S. government-sponsored agencies and highly rated banks and corporations, subject to certain concentration limits. The Company’s cash, cash equivalents, and marketable securities are held by financial institutions in the United States that management believes are of high credit quality. Amounts on deposit with individual banking institutions may at times exceed the limits insured by the Federal Deposit Insurance Corporation (“FDIC”); however, the Company has not experienced any losses on such deposits. The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers. The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company were denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company. Research and Development Costs Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred to discover, research and develop product candidates. These costs are recorded within research and development expenses in the condensed consolidated statements of operations and include personnel expenses, stock-based compensation expenses, allocated general and administrative expenses, and external costs including fees paid to consultants and clinical research organizations (“CROs”) and contract manufacturing organizations (“CMOs”), in connection with nonclinical studies and clinical trials, and other related clinical trial fees, such as for investigator fees, patient screening, laboratory work, clinical trial database management, clinical trial material management and statistical compilation and analysis. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are recorded as prepaid expenses. Such amounts are recognized as an expense as the goods are delivered or the related services are performed. Costs incurred in obtaining technology licenses are charged immediately to research and development expense if the technology licensed has not reached technological feasibility and has no alternative future uses. Research Contract Costs and Accruals The Company has from time to time entered into various research and development and other agreements with commercial firms, researchers, universities and others for provisions of goods and services. These agreements are generally cancelable, and the related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the projects, studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. Net Loss Per Common Share Basic net loss per common share is computed by dividing the net loss per common share by the weighted average number of common shares outstanding for the period without consideration of common stock equivalents. Diluted net loss per common share is computed by adjusting net loss to reallocate undistributed earnings based on the potential impact of dilutive securities, and by dividing the diluted net loss by the weighted average number of common shares outstanding for the period, including potential dilutive common shares. For purpose of this calculation, outstanding stock options, unvested restricted stock awards, contingently issuable common stock related to the 2020 Employee Stock Purchase Plan (the “ESPP”), and convertible preferred stock are considered potential dilutive common shares. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. The Company’s convertible preferred stock contractually entitled the holders of such shares to participate in dividends but did not contractually require the holders of such shares to participate in losses of the Company. Accordingly, in periods in which the Company reported a net loss, such losses were not allocated to such securities. In periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss for the three- and six-month periods ended June 30, 2021 and 2020. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB under its ASC or other standard setting bodies. The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”). Under the JOBS Act, companies have extended transition periods available for complying with new or revised accounting standards. The Company has elected to use this exemption to delay adopting new or revised accounting standards until such time as those standards apply to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. The Company expects to lose its status as an emerging growth company on December 31, 2021, when it expects to qualify as a large accelerated filer based on its market capitalization as of June 30, 2021, according to Rule 12b-2 of the Securities Exchange Act of 1934, as amended. As a result, the Company intends to adopt all accounting pronouncements currently deferred under the extended transition period available for emerging growth companies according to public company standards at December 31, 2021. The adoption dates for the new accounting pronouncements disclosed below have been presented as such. Where allowable, the Company has early adopted certain standards as described below. Recently Adopted Accounting Pronouncements In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. This standard provides guidance on the interaction between Revenue Recognition (Topic 606) and Collaborative Arrangements (Topic 808) by aligning the unit of account guidance between the two topics and clarifying whether certain transactions between collaborative participants should be accounted for as revenue under Topic 606. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted this guidance effective on January 1, 2021. The adoption did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. ASU 2018-15 requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40, Intangibles—Goodwill and Other—Internal Use Software (ASC 350-40), to determine which implementation costs to capitalize as assets or expense as incurred. The internal-use software guidance in ASC 350-40 requires that certain costs incurred during the application development stage be capitalized and other costs incurred during the preliminary project and post-implementation stages be expensed as they are incurred. A customer’s accounting for the hosting component of the arrangement is not affected by this guidance. The amendments in ASU 2018-15 are effective for fiscal years beginning after December 15, 2019 for public entities. For all other entities, the guidance is effective for annual reporting periods beginning after December 15, 2020 and interim periods within annual periods beginning after December 15, 2021. Early adoption permitted. The Company early adopted this guidance effective on January 1, 2021. The adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less may be accounted for similar to existing guidance for operating leases today. In July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements, or ASU No. 2018-11. In issuing ASU No. 2018-11, the FASB is permitting another transition method for ASU 2016-02, which allows the transition to the new lease standard by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. For non-public entities, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2021, including interim periods within those fiscal years, and early adoption is permitted. The Company expects to adopt this new guidance under ASU 2016-02 as of January 1, 2021 at December 31, 2021 on the Company’s 2021 Form 10-K filing and is in the process of completing its review of its existing lease agreements under Topic 842. The Company anticipates recording a right-of-use asset and lease liability to account for its facility leases and will record a cumulative-effect adjustment in the period of adoption. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for public companies who are SEC filers for fiscal years beginning after December 15, 2019, including interim periods within those years. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which extends the effective date of the standard for smaller reporting companies to interim and annual periods beginning after December 15, 2022. ASU 2019-11 also expands the scope of the practical expedient that allows entities to exclude the accrued interest component of amortized cost from various disclosures required by ASC 326 to also include certain disclosures required by ASC 320. Entities that elect to apply the practical expedient must disclose the total amount of accrued interest that they exclude from their disclosures of amortized cost. The amendments have the same effective dates as ASU 2016-13 for entities that have not yet adopted that standard. These standards require using a modified retrospective approach with the cumulative effect recognized as an adjustment to retained earnings. A prospective transition approach is required for debt securities that have recognized an other-than-temporary impairment prior to the effective date. The Company expects to adopt the new guidance under ASU 2016-13 as of January 1, 2021 at December 31, 2021 on the Company’s 2021 Form 10-K filing. Though

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2021
Fair Value Measurement
Fair Value Measurement	3. Fair Value Measurement The Company assesses the fair value of financial instruments based on the provisions of ASC 820, Fair Value Measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: ● Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. ● Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, 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 that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 (in thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 13,176 ​ $ — ​ $ — ​ $ 13,176 Money market funds ​ ​ 8,249 ​ ​ — ​ ​ — ​ ​ 8,249 Corporate bonds ​ ​ — ​ ​ 6,271 ​ ​ — ​ ​ 6,271 Commercial paper ​ — ​ 188,427 ​ — ​ ​ 188,427 U.S. government treasury bills ​ ​ 16,992 ​ ​ — ​ ​ — ​ ​ 16,992 Government-sponsored enterprise securities ​ - ​ 85,029 ​ — ​ ​ 85,029 Total ​ $ 38,417 ​ $ 279,727 ​ $ — ​ $ 318,144 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ ​ Gross Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Estimated (in thousands) Cost ​ Gains ​ Losses ​ Fair Value Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 50,422 ​ $ — ​ $ — ​ $ 50,422 Short-term marketable securities (<12 months to maturity) ​ ​ 213,800 ​ ​ 26 ​ ​ (3) ​ ​ 213,823 Long-term marketable securities (>12 months to maturity) ​ 53,936 ​ — ​ (37) ​ ​ 53,899 Total ​ $ 318,158 ​ $ 26 ​ $ (40) ​ $ 318,144 ​ The Company considers its marketable securities with maturities beyond one year as current assets, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. As of December 31, 2020, all of the Company’s cash and cash equivalents consisted of cash on deposit with U.S. banks denominated in U. S. dollars.

Property and Equipment, net

Property and Equipment, net	6 Months Ended
	Jun. 30, 2021
Property and Equipment, net
Property and Equipment, net	4. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 ​ 2020 Lab equipment $ 909 $ 90 Computer equipment ​ ​ 59 ​ ​ 47 Property and equipment, gross ​ ​ 968 ​ ​ 137 Less: Accumulated depreciation (102) ​ ​ (62) Property and equipment, net $ 866 ​ $ 75 ​

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2021
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 ​ 2020 Prepaid clinical trial costs ​ $ 975 ​ $ 1,148 Prepaid insurance ​ 785 ​ 1,663 Prepaid subscriptions and licenses ​ ​ 318 ​ ​ — Prepaid research contracts ​ ​ 279 ​ ​ 432 Prepaid professional services ​ ​ 124 ​ ​ — Prepaid rent ​ ​ 45 ​ ​ 196 Other 184 ​ ​ 149 Total $ 2,710 ​ $ 3,588 ​

Other Current Liabilities

Other Current Liabilities	6 Months Ended
	Jun. 30, 2021
Other Current Liabilities
Other Current Liabilities	6. Other Current Liabilities Other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, (in thousands) ​ 2021 ​ 2020 Accrued R&D related costs ​ $ 4,026 ​ $ 609 Accrued employee bonuses ​ ​ 1,330 ​ ​ 1,222 Accrued payroll related costs ​ ​ 919 ​ ​ 444 Accrued professional fees ​ ​ 696 ​ ​ 577 Early exercise of unvested stock options ​ ​ 516 ​ ​ 578 Accrued taxes ​ ​ 67 ​ ​ 198 Other 207 ​ ​ 238 Total $ 7,761 ​ $ 3,866 ​

Convertible Notes

Convertible Notes	6 Months Ended
	Jun. 30, 2021
Convertible Notes
Convertible Notes	7. Convertible Notes 2020 Convertible Notes On January 3, 2020 (“issuance date”), the Company issued convertible promissory notes (the “2020 Notes”) in the aggregate principal amount of $3.0 million. The 2020 Notes bore interest at a rate of 1.21% per annum, were unsecured and were due and payable, including accrued interest, on May 2, 2020 (“maturity date”). The Company was not permitted to prepay the outstanding principal and interest without the consent of the note holders. In the event of a default, all unpaid principal and accrued interest would become immediately due. On the issuance date the Company determined that the conversion option associated with the 2020 Notes met the definition of a beneficial conversion feature (“BCF”) as the fair value of the underlying instrument at the time of issuance exceeded the contractual conversion price. The BCF was recognized at its aggregate intrinsic value of $1.1 million as a debt discount with a corresponding credit to additional paid-in capital in the Company’s balance sheet. The debt discount was amortized over the term of the 2020 Notes through the recognition of interest expense via the effective interest method. On March 17, 2020 (the “settlement date”), the Company issued and sold 2,545,277 shares of Series B convertible preferred stock at $4.712 per share for gross proceeds of approximately $12.0 million (see Note 8, “Convertible Preferred Stock”). On the settlement date, the principal and accrued interest then outstanding under the 2020 Notes of $3.0 million were converted into 638,270 shares of Series B convertible preferred stock (“March 2020 conversion”). On the settlement date, the unamortized debt discount on the 2020 Notes was $0.4 million and the intrinsic value of the BCF was $2.6 million representing an increase of $1.5 million from the issuance date of the 2020 Notes. The March 2020 conversion was accounted for as a debt extinguishment. However, as the note holders were previous investors of the Company, the increase in the intrinsic value of the BCF was deemed to be a capital contribution and therefore not income attributable to common stockholders, and accordingly, the Company recorded the $1.5 million gain on extinguishment of the debt within additional paid-in capital.

Convertible Preferred Stock

Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2021
Convertible Preferred Stock.
Convertible Preferred Stock	8. Convertible Preferred Stock As of June 30, 2020, there were 16,067,762 shares of convertible preferred stock outstanding. Upon the closing of the Company’s IPO, each then outstanding share of convertible preferred stock was converted into one share of common stock. As of June 30, 2021 and December 31, 2020, there was no convertible preferred stock outstanding. Refer to Note 6 “Convertible Preferred Stock” included in the Annual Report on Form 10-K for the year ended December 31, 2020 filed on March 17, 2021 with the SEC.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Stock-Based Compensation
Stock-Based Compensation	9. Stock-Based Compensation ​ In 2014, the Company’s Board of Directors and stockholders approved and adopted the 2014 Stock Plan (the “2014 Plan”). The 2014 Plan was intended to advance the interests of the Company and its stockholders by providing an incentive to attract, retain and reward persons performing services for the Company and by motivating such persons to contribute to the growth and profitability of the Company. The 2014 Plan permitted the grant of options and restricted stock awards (including restricted stock purchase rights and restricted stock bonus awards). The maximum aggregate number of shares that may be subject to awards and sold under the 2014 Plan as of December 31, 2019 was 717,360 shares, which was subsequently increased to 4,842,180 in September 2020.The 2014 Plan was terminated on the date the 2020 Equity Incentive Plan (the “2020 Plan”), which is described below, became effective, and no additional awards will be made pursuant to the 2014 Plan. However, any outstanding awards granted under the 2014 Plan will remain outstanding, subject to the terms of the 2014 Plan award agreements, until such outstanding options are exercised or until any awards terminate or expire by their terms. In 2020, the Company’s Board of Directors and stockholders approved and adopted the 2020 Plan. The 2020 Plan is intended to advance the interests of the Company and its stockholders by providing an incentive to attract, retain and reward persons performing services for the Company and by motivating such persons to contribute to the growth and profitability of the Company. The maximum number of shares of common stock that may be issued under the 2020 Plan will not exceed 6,494,510 shares of the Company’s common stock, which is the sum of (i) 2,152,080 new shares, plus (ii) an additional number of shares not to exceed 4,342,430 shares, consisting of any shares of the Company’s common stock subject to outstanding stock options or other stock awards granted under the Company’s 2014 Plan that, on or after the 2020 Plan becomes effective, terminate or expire prior to exercise or settlement; are not issued because the award is settled in cash; are forfeited because of the failure to vest; or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price. In addition, the number of shares of the Company’s common stock reserved for issuance under the 2020 Plan automatically increases on January 1 of each year for a period of ten years, beginning on January 1, 2021 and continuing through January 1, 2030, in an amount equal to the lesser of (1) 5% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year, or (2) a lesser number of shares determined by the Company’s board of directors no later than December 31 of the immediately preceding year. The maximum number of shares of the common stock that may be issued on the exercise of incentive stock options under the 2020 Plan is 19,483,530 shares. The 2020 Plan permits the grant of options restricted stock awards, stock appreciation rights, restricted stock unit awards, performance awards, and other awards. The exercise price for each option and stock appreciation right is established in the discretion of the Board, provided that the exercise price of a stock option will not be less than 100% of the fair market value of the Company’s common stock on the date of grant. Specific vesting for stock options and stock appreciation rights is service related and determined in each award agreement, where stock options and stock appreciation rights are fully vested at the grant date or follow a graded vesting schedule. Stock options and stock appreciation rights granted under the Plan generally expire ten years after the date of grant. Stock Option Valuation The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. The Company lacks company-specific historical and implied volatility information. Therefore, it estimated its expected stock volatility based on the historical volatility of a publicly traded set of peer companies. For options with service- based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to nonemployees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is 0% since the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The assumptions that the Company used to determine the estimated grant-date fair value of stock options granted to employees and directors under the 2020 Plan were as follows, presented as a weighted average: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ 2021 ​ 2020 Risk-free interest rate ​ 0.62% ​ * Expected term (in years) ​ ​ 5.98 ​ ​ * Expected volatility ​ ​ 77.08% ​ ​ * Expected dividend yield — ​ ​ * ​ * There were no stock options granted during the period. Stock Option Activity The following table summarizes the stock option activity under the 2014 Plan and the 2020 Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ ​ ​ ​ ​ Number of ​ Exercise ​ Contractual ​ Aggregate ​ ​ Shares ​ Price ​ Term ​ Intrinsic Value ​ ​ ​ ​ ​ ​ (in years) ​ (in thousands) Outstanding as of December 31, 2020 4,776,908 $ 10.83 9.67 $ 177,962 Granted ​ 882,233 ​ ​ 37.12 ​ 9.69 ​ ​ — Exercised(1) ​ (76,993) ​ ​ 2.49 ​ — ​ ​ — Forfeited ​ (6,693) ​ ​ 39.03 ​ — ​ ​ — Outstanding as of June 30, 2021(2) ​ 5,575,455 ​ $ 15.07 ​ 9.26 ​ $ 80,761 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options vested and exercisable as of June 30, 2021 ​ 661,821 ​ $ 7.24 ​ 8.55 ​ $ 13,760 Options expected to vest as of June 30, 2021 ​ 4,913,634 ​ $ 16.12 ​ 9.36 ​ $ 67,001 ​ (1) Exercised amount includes vesting of early exercised options. (2) Balance as of June 30, 2021 includes 112,227 unvested early exercised stock options. Early Exercise of Stock Options In September 2020, one employee and one non-employee paid $0.6 million to early exercise 135,525 options with exercise prices ranging from $4.406 per share to $4.824 per share. As of June 30, 2021, 23,298 of such shares had vested with the remaining shares vesting over their respective terms. The terms of the 2014 Plan permit certain option holders to exercise options before their options are vested, subject to certain limitations. The early exercised options are subject to the same vesting provisions in the original stock option awards. Shares issued as a result of early exercise that have not vested are subject to repurchase by the Company upon termination of the purchaser’s employment, at the price paid by the purchaser. Such shares are not deemed to be outstanding for accounting purposes until they vest and are therefore excluded from shares outstanding and from basic and diluted net loss per share until the repurchase right lapses and the shares are no longer subject to the repurchase feature. A liability is recognized related to the cash proceeds of the unvested options and is reclassified into common stock and additional paid-in capital as the shares vest and the repurchase right lapses. Accordingly, the Company has recorded the unvested portion of the exercise proceeds of $0.5 million in other current liabilities as of June 30, 2021. Restricted Stock Awards In June 2020, the Company granted to certain employees 789,095 shares of restricted common stock (the “RSAs”) under the 2014 Plan as consideration for services with a deemed value of $2.40 per share, or $1.9 million. The following table summarizes the restricted stock activity under the Plan during the six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ Grant Date Fair Value Unvested restricted stock as of December 31, 2020 ​ 735,294 $ 2.40 Granted ​ ​ — ​ ​ — Vested ​ ​ (143,472) ​ ​ 2.40 Forfeited ​ ​ — ​ ​ — Unvested restricted stock as of June 30, 2021 ​ 591,822 ​ $ 2.40 ​ Stock-Based Compensation Expense Stock-based compensation expense related to awards granted under the 2014 Plan, including the RSAs, the 2020 Plan and the 2020 ESPP was classified in the statements of operations and comprehensive loss as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Research and development $ 2,288 $ 103 $ 4,022 $ 103 General and administrative 1,633 ​ ​ 51 3,107 ​ ​ 51 Total $ 3,921 ​ $ 154 $ 7,129 ​ $ 154 ​ 2020 Employee Stock Purchase Plan In 2020, the Company’s board of directors and stockholders approved and adopted the 2020 ESPP. The ESPP became effective immediately prior to the date of the underwriting agreement related to the IPO. The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of the common stock purchased under the ESPP is equal to the lesser of (i) 85% of the fair market value of a share of the Company’s common stock on the first day of an offering; or (ii) 85% of the fair market value of a share of the Company’s common stock on the date of purchase. Each offering period is not to exceed 27 months and includes one or more purchase periods (each a “Purchase Period”) as approved by the Company’s board of directors in the offering. The current offering period consists of two (2) six-month purchase periods (each a “Purchase Period”) during which payroll deductions of the participants are accumulated under the ESPP. The last business day of each Purchase Period is referred to as the “Purchase Date.” The first Purchase Period commenced on November 18, 2020 with a purchase date of May 15, 2021. The second Purchase Period commenced on May 16, 2021 with a purchase date of November 15, 2021. A total of 430,416 shares of common stock were initially reserved for issuance pursuant to the ESPP. The ESPP is a compensatory plan as defined by the authoritative guidance for stock-based compensation. The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock offered under the ESPP. Stock-based compensation expense related to the ESPP was $0.1 million for the three and six months ended June 30, 2021.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2021
Net Loss Per Share
Net Loss Per Share	10. Net Loss Per Share Net Loss Per Share Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (16,406) ​ $ (2,453) ​ $ (31,745) ​ $ (4,146) Denominator: ​ ​ ​ ​ Weighted average shares used to compute net loss per share, basic and diluted ​ 39,415,330 ​ 2,593,316 ​ 39,370,809 ​ 2,593,316 Net loss per share, basic and diluted ​ $ (0.42) ​ $ (0.95) ​ $ (0.81) ​ $ (1.60) ​ The potentially dilutive shares that were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 ​ ​ ​ 2021 ​ ​ 2020 Unvested restricted common stock ​ 591,822 ​ — Options to purchase common stock ​ 5,575,455 ​ 322,811 Employee stock purchase plan contingently issuable ​ ​ 5,919 ​ — Convertible preferred stock (as converted to common shares) ​ ​ — ​ ​ 16,067,762 ​ ​ ​ 6,173,196 ​ 16,390,573 ​ Included in the potentially dilutive options to purchase common stock noted above are 211,621 shares issued upon exercise of options under non-recourse notes receivable during 2015 (see Note 9, “Stock-Based Compensation”). The Company determined the purchase of the stock to be non-substantive, and as such, the shares subject to the promissory notes will not be deemed outstanding until such time as the promissory notes have been repaid. Accordingly, the Company has excluded these shares from the calculation of basic and diluted net loss per share for the three and six months ended June 30, 2020. As of December 31, 2020, all outstanding principal and accrued interest relating to the Non-Recourse Notes were settled in full by the two noteholders, and as a result, the Company issued 211,621 shares of common stock to the noteholders and included these shares in the basic and diluted net loss per share for three and six months ended June 30, 2021. Also included in the potentially dilutive options to purchase common stock are 112,227 unvested stock options that were early exercised by an employee and a non-employee in September 2020 (see Note 9, “Stock-Based Compensation”). The Company determined the early exercises to be non-substantive as the shares were subject to repurchase rights. Accordingly, the Company has excluded these shares from the calculation of basic and diluted net loss per share for the three and six months ended June 30, 2021.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies.
Commitments and Contingencies	11. Commitments and Contingencies On June 1, 2013, the Company entered into a management services agreement with MandalMed, Inc. (“MandalMed”) (the “MandalMed Services Agreement”) to lease approximately 5,762 square feet of space for the use laboratory benches, lab equipment, office space, and administrative and facilities services at a monthly fee of $6,500. The Company subsequently entered into several amendments to extend the lease term to November 2020. On November 3, 2020, the Company entered into the sixth amendment to the Mandalmed Services Agreement to extend the term to December 31, 2021 with a monthly fee of $5,600. As part of the sixth amendment, the Company leased additional space of approximately 2,130 square feet (the “Additional Space”) for a three-year period commencing on December 1, 2020 and ending on November 30, 2023. Rent for the Additional Space is $9,000 for the first year and $18,000 for the second and third years. The Company recorded rent expense of $0.1 million during the three and six months ended June 30, 2021. The rent expense under the MandalMed Services Agreement during the three and six months ended June 30, 2020 was immaterial. On August 27, 2020, the Company entered into a lease agreement with 512 2nd Street LLC to lease approximately 3,500 square feet of office space in San Francisco, California (the “Office Space Lease Agreement”). The Office Space Lease Agreement is for a period of two years commencing on September 1, 2020 and ending August 31, 2022. According to the terms of the Office Space Lease Agreement, the Company paid a $0.1 million security deposit and is required to pay monthly rent and common area charges. Monthly rent is $23,330 and $24,030 for the first and second years of the lease term, respectively. The Company recorded rent expense under the Office Space Lease Agreement of $0.1 million during the three and six months ended June 30, 2021. On December 15, 2020, the Company entered into a lease agreement with Tennieh LLC to lease approximately 9,800 square feet of office space in San Francisco, California (the “Laboratory Lease Agreement”). The Laboratory Lease Agreement is for a period of five years commencing February 1, 2021 and ending January 31, 2026. According to the terms of the Office Space Lease Agreement, the Company paid a $0.4 million security deposit and is required to pay monthly rent and common area charges. Monthly rent is $61,056 for the first year of the lease terms and increases to $68,676 by the fifth year of the lease term. The Company recorded $0.2 million and $0.3 million rent expense for under the Laboratory Lease Agreement during the three and six months ended June 30, 2021. The Company conducts research and development programs internally and through third parties that include, among others, arrangements with vendors, consultants, CMOs, and CROs. The Company has contractual arrangements in the normal course of business with these parties, however, the contracts with these parties are cancelable generally on reasonable notice within one year and the Company’s obligations under these contracts are primarily based on services performed through termination dates plus certain cancelation charges, if any, as defined in each of the respective agreements. In addition, these agreements may, from time to time, be subjected to amendments as a result of any change orders executed by the parties. As of June 30, 2021, the Company did not have material contractual commitments with respect to these arrangements. The following table summarizes the Company’s future contractual obligations and commitments related to the facility lease agreements discussed above as of June 30, 2021 (in thousands): ​ ​ ​ ​ Year Ending December 31, ​ ​ ​ 2021 (from July, 2021) $ 561 2022 1,161 2023 973 2024 ​ ​ 799 2025 822 Thereafter 69 ​ $ 4,385 ​ Clinical Collaboration and Supply Agreement On July 22, 2020, the Company entered into a non-exclusive clinical collaboration and supply agreement with Novartis Institutes for BioMedical Research, Inc. (“Novartis”) (the “Novartis Agreement”). The collaboration is focused on the evaluation of the safety, tolerability and efficacy of OP-1250 in combination with Novartis’ proprietary CDK4/6 inhibitor KISQALI® (ribociclib) and/or Novartis’ proprietary phosphatidylinositol 3-kinase inhibitor PIQRAY® (alpelisib) (collectively the “Novartis Study Drugs”) as part of the Company’s planned Phase 1b clinical trial of OP-1250 in patients with metastatic estrogen receptor-positive breast cancer. The Company will be responsible for the conduct of the clinical trials for the combined therapies in accordance with a mutually agreed development plan. As part of the collaboration, the parties granted to each other a non-exclusive, royalty- free license under certain of the parties’ respective background patent rights and other technology to use the parties’ respective study drugs in research and development, solely to the extent reasonably needed for the other party’s activities in the collaboration. All inventions and data developed in the performance of the clinical trials for the combined therapies (other than those specific to each component study drug), will be jointly owned by the parties. The Company is responsible for manufacturing, packaging and labeling OP-1250, and for packaging and labeling all drugs used in the clinical trials for the combined therapies (other than the Novartis Study Drugs). Novartis is responsible for manufacturing and delivering to the Company the Novartis Study Drugs in such quantities as reasonably needed for the clinical trials for the combined therapies. In accordance with an agreed budget, subject to certain thresholds, Novartis will reimburse the Company for a majority of the direct outside costs that the Company incurs related to conducting the activities under the agreed development plan in conducting the clinical trials for the combined therapies. The Novartis Agreement will terminate upon completion of all activities outlined in the development plan and the relevant protocols. Either party may terminate the Novartis Agreement for the uncured material breach or insolvency of the other party, if it reasonably deems it necessary in order to protect the safety, health or welfare of subjects enrolled in the clinical trials for the combined therapies due to the existence of a material safety issue, or in certain circumstances for an unresolved clinical hold with respect to either the Novartis Study Drugs or OP-1250. In addition, Novartis may terminate the Novartis Agreement if certain disputes between the parties are not resolved after following the applicable dispute resolution procedures, and the Company may terminate the Novartis Agreement in the event the Company terminates all clinical trials of the combined therapies other than due to a material safety issue or upon a clinical hold. For the six months ended June 30, 2021, costs incurred reimbursable by Novartis were not material to the condensed consolidated financial statements. Clinical Trial Agreement In November 2020, the Company entered into a non-exclusive clinical trial agreement with Pfizer Inc. (“Pfizer”) (the “Pfizer Agreement”), to evaluate the safety and tolerability of OP-1250 in combination with Pfizer’s proprietary CDK4/6 inhibitor IBRANCE® (palbociclib) in patients with recurrent, locally advanced or metastatic ER+, HER2- breast cancer in a clinical trial. Under the terms of the non-exclusive agreement, the Company will be responsible for conducting the clinical trial for the combined therapies and Pfizer is responsible for supplying IBRANCE® to the Company at no cost to the Company. The Company is responsible for manufacturing, packaging and labeling OP-1250, and for packaging and labeling all drugs used in the clinical trials for the combined therapies (other than IBRANCE® (palbociclib)). Pfizer is responsible for manufacturing and delivering to us IBRANCE® (palbociclib) in such quantities as reasonably needed for the clinical trials for the combined therapies. The Pfizer Agreement will terminate upon completion of all activities outlined in the study plan and the relevant protocols. Either party may terminate the Pfizer Agreement for the uncured material breach or insolvency of the other party, if it reasonably deems it necessary in order to protect the safety, health or welfare of subjects enrolled in the clinical trials for the combined therapies due to the existence of a material safety issue, or in certain circumstances for an unresolved clinical hold with respect to either the IBRANCE® (palbociclib) or OP-1250. In addition, either party may terminate the Pfizer Agreement if certain disputes between the parties are not resolved after following the applicable dispute resolution procedures or if either party determines to discontinue clinical development for medical, scientific, legal or other reasons. The Pfizer Agreement does not grant any right of first negotiation to participate in future clinical trials, and each of the parties retains all rights and ability to evaluate their respective compounds. Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. For all periods presented, the Company was not a party to any pending material litigation or other material legal proceedings. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board of Directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. As of June 30, 2021 and December 31, 2020, the Company had not incurred any material costs as a result of such indemnifications. Costs incurred in connection to the Pfizer Agreement are included in the Research and Development expense in the condensed consolidated statements of operations for the three and six months ended June 30, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Summary of Significant Accounting Policies
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United Stated (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements include the accounts of Olema Pharmaceuticals, Inc. and its wholly-owned subsidiary, Olema Oncology Australia Pty Ltd incorporated on January 6, 2021. All intercompany balances and transactions have been eliminated upon consolidation.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The interim condensed consolidated balance sheet as of June 30, 2021, the statements of operations and comprehensive loss, and stockholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020, and the statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair presentation of the Company’s condensed consolidated financial statements included in this report. The financial data and the other information disclosed in these notes to the condensed consolidated financial statements related to the three- and six-month periods are also unaudited. The results of operations for the six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements included in the Company’s Form 10-K as filed with the SEC on March 17, 2021.
Use of Estimates	Use of Estimates The accompanying condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of expenses during the reporting period. Significant areas that require management’s estimates include accruals of research and development expenses, including accrual of research contract costs, share-based compensation assumptions, and fair value of common stock and convertible preferred stock prior to the IPO. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are defined as short-term, highly liquid investments with original maturities of 90 days or less at the date of purchase. Cash deposits are all in reputable financial institutions in the United States and as of June 30, 2021 and December 31, 2020, cash and cash equivalents consisted of cash on deposit with U.S. banks denominated in U.S. dollars and investments in interest bearing money market funds.
Marketable Securities	Marketable Securities All marketable securities have been classified as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such designation as of each balance sheet date. Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in interest income. The cost of securities sold is based on the specific-identification method. Interest earned on marketable securities is included in interest income.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents, and marketable securities. The Company invests in a variety of financial instruments and, by its policy, limits these financial instruments to high credit quality securities issued by the U.S. government, U.S. government-sponsored agencies and highly rated banks and corporations, subject to certain concentration limits. The Company’s cash, cash equivalents, and marketable securities are held by financial institutions in the United States that management believes are of high credit quality. Amounts on deposit with individual banking institutions may at times exceed the limits insured by the Federal Deposit Insurance Corporation (“FDIC”); however, the Company has not experienced any losses on such deposits. The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers. The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company were denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred to discover, research and develop product candidates. These costs are recorded within research and development expenses in the condensed consolidated statements of operations and include personnel expenses, stock-based compensation expenses, allocated general and administrative expenses, and external costs including fees paid to consultants and clinical research organizations (“CROs”) and contract manufacturing organizations (“CMOs”), in connection with nonclinical studies and clinical trials, and other related clinical trial fees, such as for investigator fees, patient screening, laboratory work, clinical trial database management, clinical trial material management and statistical compilation and analysis. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are recorded as prepaid expenses. Such amounts are recognized as an expense as the goods are delivered or the related services are performed. Costs incurred in obtaining technology licenses are charged immediately to research and development expense if the technology licensed has not reached technological feasibility and has no alternative future uses.
Research Contract Costs and Accruals	Research Contract Costs and Accruals The Company has from time to time entered into various research and development and other agreements with commercial firms, researchers, universities and others for provisions of goods and services. These agreements are generally cancelable, and the related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the projects, studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs.
Net Loss Per Common Share	Net Loss Per Common Share Basic net loss per common share is computed by dividing the net loss per common share by the weighted average number of common shares outstanding for the period without consideration of common stock equivalents. Diluted net loss per common share is computed by adjusting net loss to reallocate undistributed earnings based on the potential impact of dilutive securities, and by dividing the diluted net loss by the weighted average number of common shares outstanding for the period, including potential dilutive common shares. For purpose of this calculation, outstanding stock options, unvested restricted stock awards, contingently issuable common stock related to the 2020 Employee Stock Purchase Plan (the “ESPP”), and convertible preferred stock are considered potential dilutive common shares. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. The Company’s convertible preferred stock contractually entitled the holders of such shares to participate in dividends but did not contractually require the holders of such shares to participate in losses of the Company. Accordingly, in periods in which the Company reported a net loss, such losses were not allocated to such securities. In periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss for the three- and six-month periods ended June 30, 2021 and 2020.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB under its ASC or other standard setting bodies. The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”). Under the JOBS Act, companies have extended transition periods available for complying with new or revised accounting standards. The Company has elected to use this exemption to delay adopting new or revised accounting standards until such time as those standards apply to private companies. As a result, the Company’s financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective date for new or revised accounting standards that are applicable to public companies. The Company expects to lose its status as an emerging growth company on December 31, 2021, when it expects to qualify as a large accelerated filer based on its market capitalization as of June 30, 2021, according to Rule 12b-2 of the Securities Exchange Act of 1934, as amended. As a result, the Company intends to adopt all accounting pronouncements currently deferred under the extended transition period available for emerging growth companies according to public company standards at December 31, 2021. The adoption dates for the new accounting pronouncements disclosed below have been presented as such. Where allowable, the Company has early adopted certain standards as described below. Recently Adopted Accounting Pronouncements In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. This standard provides guidance on the interaction between Revenue Recognition (Topic 606) and Collaborative Arrangements (Topic 808) by aligning the unit of account guidance between the two topics and clarifying whether certain transactions between collaborative participants should be accounted for as revenue under Topic 606. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted this guidance effective on January 1, 2021. The adoption did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. ASU 2018-15 requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40, Intangibles—Goodwill and Other—Internal Use Software (ASC 350-40), to determine which implementation costs to capitalize as assets or expense as incurred. The internal-use software guidance in ASC 350-40 requires that certain costs incurred during the application development stage be capitalized and other costs incurred during the preliminary project and post-implementation stages be expensed as they are incurred. A customer’s accounting for the hosting component of the arrangement is not affected by this guidance. The amendments in ASU 2018-15 are effective for fiscal years beginning after December 15, 2019 for public entities. For all other entities, the guidance is effective for annual reporting periods beginning after December 15, 2020 and interim periods within annual periods beginning after December 15, 2021. Early adoption permitted. The Company early adopted this guidance effective on January 1, 2021. The adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less may be accounted for similar to existing guidance for operating leases today. In July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements, or ASU No. 2018-11. In issuing ASU No. 2018-11, the FASB is permitting another transition method for ASU 2016-02, which allows the transition to the new lease standard by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. For non-public entities, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2021, including interim periods within those fiscal years, and early adoption is permitted. The Company expects to adopt this new guidance under ASU 2016-02 as of January 1, 2021 at December 31, 2021 on the Company’s 2021 Form 10-K filing and is in the process of completing its review of its existing lease agreements under Topic 842. The Company anticipates recording a right-of-use asset and lease liability to account for its facility leases and will record a cumulative-effect adjustment in the period of adoption. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for public companies who are SEC filers for fiscal years beginning after December 15, 2019, including interim periods within those years. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, which extends the effective date of the standard for smaller reporting companies to interim and annual periods beginning after December 15, 2022. ASU 2019-11 also expands the scope of the practical expedient that allows entities to exclude the accrued interest component of amortized cost from various disclosures required by ASC 326 to also include certain disclosures required by ASC 320. Entities that elect to apply the practical expedient must disclose the total amount of accrued interest that they exclude from their disclosures of amortized cost. The amendments have the same effective dates as ASU 2016-13 for entities that have not yet adopted that standard. These standards require using a modified retrospective approach with the cumulative effect recognized as an adjustment to retained earnings. A prospective transition approach is required for debt securities that have recognized an other-than-temporary impairment prior to the effective date. The Company expects to adopt the new guidance under ASU 2016-13 as of January 1, 2021 at December 31, 2021 on the Company’s 2021 Form 10-K filing. Though

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Measurement
Schedule of financial assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 (in thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 13,176 ​ $ — ​ $ — ​ $ 13,176 Money market funds ​ ​ 8,249 ​ ​ — ​ ​ — ​ ​ 8,249 Corporate bonds ​ ​ — ​ ​ 6,271 ​ ​ — ​ ​ 6,271 Commercial paper ​ — ​ 188,427 ​ — ​ ​ 188,427 U.S. government treasury bills ​ ​ 16,992 ​ ​ — ​ ​ — ​ ​ 16,992 Government-sponsored enterprise securities ​ - ​ 85,029 ​ — ​ ​ 85,029 Total ​ $ 38,417 ​ $ 279,727 ​ $ — ​ $ 318,144
Schedule of financial assets reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ ​ Gross Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Estimated (in thousands) Cost ​ Gains ​ Losses ​ Fair Value Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 50,422 ​ $ — ​ $ — ​ $ 50,422 Short-term marketable securities (<12 months to maturity) ​ ​ 213,800 ​ ​ 26 ​ ​ (3) ​ ​ 213,823 Long-term marketable securities (>12 months to maturity) ​ 53,936 ​ — ​ (37) ​ ​ 53,899 Total ​ $ 318,158 ​ $ 26 ​ $ (40) ​ $ 318,144

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2021
Property and Equipment, net
Schedule of property and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 ​ 2020 Lab equipment $ 909 $ 90 Computer equipment ​ ​ 59 ​ ​ 47 Property and equipment, gross ​ ​ 968 ​ ​ 137 Less: Accumulated depreciation (102) ​ ​ (62) Property and equipment, net $ 866 ​ $ 75

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Prepaid Expenses and Other Current Assets
Schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2021 ​ 2020 Prepaid clinical trial costs ​ $ 975 ​ $ 1,148 Prepaid insurance ​ 785 ​ 1,663 Prepaid subscriptions and licenses ​ ​ 318 ​ ​ — Prepaid research contracts ​ ​ 279 ​ ​ 432 Prepaid professional services ​ ​ 124 ​ ​ — Prepaid rent ​ ​ 45 ​ ​ 196 Other 184 ​ ​ 149 Total $ 2,710 ​ $ 3,588

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Other Current Liabilities
Schedule of other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, (in thousands) ​ 2021 ​ 2020 Accrued R&D related costs ​ $ 4,026 ​ $ 609 Accrued employee bonuses ​ ​ 1,330 ​ ​ 1,222 Accrued payroll related costs ​ ​ 919 ​ ​ 444 Accrued professional fees ​ ​ 696 ​ ​ 577 Early exercise of unvested stock options ​ ​ 516 ​ ​ 578 Accrued taxes ​ ​ 67 ​ ​ 198 Other 207 ​ ​ 238 Total $ 7,761 ​ $ 3,866

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Stock-Based Compensation
Schedule of fair value assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ 2021 ​ 2020 Risk-free interest rate ​ 0.62% ​ * Expected term (in years) ​ ​ 5.98 ​ ​ * Expected volatility ​ ​ 77.08% ​ ​ * Expected dividend yield — ​ ​ *
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ ​ ​ ​ ​ Number of ​ Exercise ​ Contractual ​ Aggregate ​ ​ Shares ​ Price ​ Term ​ Intrinsic Value ​ ​ ​ ​ ​ ​ (in years) ​ (in thousands) Outstanding as of December 31, 2020 4,776,908 $ 10.83 9.67 $ 177,962 Granted ​ 882,233 ​ ​ 37.12 ​ 9.69 ​ ​ — Exercised(1) ​ (76,993) ​ ​ 2.49 ​ — ​ ​ — Forfeited ​ (6,693) ​ ​ 39.03 ​ — ​ ​ — Outstanding as of June 30, 2021(2) ​ 5,575,455 ​ $ 15.07 ​ 9.26 ​ $ 80,761 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options vested and exercisable as of June 30, 2021 ​ 661,821 ​ $ 7.24 ​ 8.55 ​ $ 13,760 Options expected to vest as of June 30, 2021 ​ 4,913,634 ​ $ 16.12 ​ 9.36 ​ $ 67,001 ​ (1) Exercised amount includes vesting of early exercised options. (2) Balance as of June 30, 2021 includes 112,227 unvested early exercised stock options.
Summary of restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ Grant Date Fair Value Unvested restricted stock as of December 31, 2020 ​ 735,294 $ 2.40 Granted ​ ​ — ​ ​ — Vested ​ ​ (143,472) ​ ​ 2.40 Forfeited ​ ​ — ​ ​ — Unvested restricted stock as of June 30, 2021 ​ 591,822 ​ $ 2.40
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Research and development $ 2,288 $ 103 $ 4,022 $ 103 General and administrative 1,633 ​ ​ 51 3,107 ​ ​ 51 Total $ 3,921 ​ $ 154 $ 7,129 ​ $ 154

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Net Loss Per Share
Schedule of basic and diluted net loss per common share	Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2021 2020 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (16,406) ​ $ (2,453) ​ $ (31,745) ​ $ (4,146) Denominator: ​ ​ ​ ​ Weighted average shares used to compute net loss per share, basic and diluted ​ 39,415,330 ​ 2,593,316 ​ 39,370,809 ​ 2,593,316 Net loss per share, basic and diluted ​ $ (0.42) ​ $ (0.95) ​ $ (0.81) ​ $ (1.60)
Schedule of anti-dilutive securities excluded from computation of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30 ​ ​ ​ 2021 ​ ​ 2020 Unvested restricted common stock ​ 591,822 ​ — Options to purchase common stock ​ 5,575,455 ​ 322,811 Employee stock purchase plan contingently issuable ​ ​ 5,919 ​ — Convertible preferred stock (as converted to common shares) ​ ​ — ​ ​ 16,067,762 ​ ​ ​ 6,173,196 ​ 16,390,573

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies.
Schedule of future contractual obligations and commitments	The following table summarizes the Company’s future contractual obligations and commitments related to the facility lease agreements discussed above as of June 30, 2021 (in thousands): ​ ​ ​ ​ Year Ending December 31, ​ ​ ​ 2021 (from July, 2021) $ 561 2022 1,161 2023 973 2024 ​ ​ 799 2025 822 Thereafter 69 ​ $ 4,385

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Nov. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2021USD ($)segment$ / sharesshares	Jun. 30, 2020USD ($)	Dec. 31, 2020$ / sharesshares
Number of operating segments | segment		1
Number of reportable segments | segment		1
Number of shares converted	23,765,075
Shares issued upon conversion	23,765,075
Conversion value | $	$ 148,300		$ 3,007
Common stock, authorized	490,000,000	490,000,000		490,000,000
Preferred stock, authorized	10,000,000	10,000,000		10,000,000
Common stock, par value | $ / shares	$ 0.0001	$ 0.0001		$ 0.0001
Preferred stock, par value | $ / shares	$ 0.0001	$ 0.0001		$ 0.0001
Cash, cash equivalents and marketable securities | $		$ 318,100
IPO
Shares issued	12,650,000
Share price | $ / shares	$ 19
Net proceeds | $	$ 220,600
Offering costs | $	$ 19,800

Fair Value Measurement (Details

Fair Value Measurement (Details) - Recurring $ in Thousands	Jun. 30, 2021USD ($)
Assets
Cash	$ 13,176
Total	318,144
Level 1
Assets
Cash	13,176
Total	38,417
Level 2
Assets
Total	279,727
Money market funds
Assets
Cash	8,249
Money market funds | Level 1
Assets
Cash	8,249
Commercial paper
Assets
Marketable securities	188,427
Commercial paper | Level 2
Assets
Marketable securities	188,427
Corporate bonds
Assets
Marketable securities	6,271
Corporate bonds | Level 2
Assets
Marketable securities	6,271
U.S. Government treasury bills
Assets
Marketable securities	16,992
U.S. Government treasury bills | Level 1
Assets
Marketable securities	16,992
Government-sponsored enterprise securities
Assets
Marketable securities	85,029
Government-sponsored enterprise securities | Level 2
Assets
Marketable securities	$ 85,029

Fair Value Measurement - Market

Fair Value Measurement - Marketable Securities (Details) $ in Thousands	Jun. 30, 2021USD ($)
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	$ 318,158
Gross Unrealized Gains	26
Gross Unrealized Losses	(40)
Estimated Fair Value	318,144
Cash and cash equivalents
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	50,422
Estimated Fair Value	50,422
Short-term marketable securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	213,800
Gross Unrealized Gains	26
Gross Unrealized Losses	(3)
Estimated Fair Value	213,823
Long-term marketable securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	53,936
Gross Unrealized Losses	(37)
Estimated Fair Value	$ 53,899

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 968	$ 137
Less: Accumulated depreciation	(102)	(62)
Property and equipment, net	866	75
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	909	90
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 59	$ 47

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Prepaid Expenses and Other Current Assets
Prepaid clinical trial costs	$ 975	$ 1,148
Prepaid insurance	785	1,663
Prepaid subscriptions and licenses	318
Prepaid research contracts	279	432
Prepaid professional services	124
Prepaid rent	45	196
Other	184	149
Total	$ 2,710	$ 3,588

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other Current Liabilities
Accrued R&D related costs	$ 4,026	$ 609
Accrued employee bonuses	1,330	1,222
Accrued payroll related costs	919	444
Accrued professional fees	696	577
Early exercise of unvested options	516	578
Accrued taxes	67	198
Other	207	238
Total	$ 7,761	$ 3,866

Convertible Notes (Details)

Convertible Notes (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 17, 2020	Jan. 03, 2020	Jun. 30, 2020
Short-term Debt [Line Items]
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs			$ 50,740
Convertible Preferred Stock
Short-term Debt [Line Items]
Shares issued	2,545,277
Offering price per share	$ 4.712
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs	$ 12,000
Number of shares debt converted	638,270
2020 Notes
Short-term Debt [Line Items]
Principal amount		$ 3,000
Interest rate		1.21%
Debt converted	$ 3,000
Unamortized debt discount	400
Beneficial conversion feature	2,600	$ 1,100
Gain on extinguishment of the debt	$ 1,500

Convertible Preferred Stock (De

Convertible Preferred Stock (Details) - Convertible Preferred Stock - shares	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Convertible Preferred Stock
Convertible preferred stock, outstanding (in shares)	0	0	16,067,762	10,995,312	4,628,215
Number of common stock issued upon conversion	1

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of common stock at fair market value to be exercised	100.00%
Expiration period (in years)	10 years
2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized			4,842,180	717,360
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New shares authorized		2,152,080
Period of increase in common stock reserved for issuance		10 years
Percentage of increase in common stock reserved for issuance		5.00%
2020 Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		6,494,510
Shares available from prior equity incentive plan		4,342,430
2020 Plan | Options to purchase common stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	19,483,530

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Valuation (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Stock-Based Compensation
Risk-free interest rate	0.62%
Expected term (in years)	5 years 11 months 23 days
Expected volatility	77.08%
Expected dividend yield	0.00%
Stock options granted	882,233	0

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Number of shares
Outstanding as at beginning of period (in shares)		4,776,908
Granted (in shares)		882,233	0
Exercised (in shares)	(135,525)	(76,993)
Forfeited (in shares)		(6,693)
Outstanding as at end of period (in shares)		5,575,455		4,776,908
Options vested and exercisable as at end of period (in shares)		661,821
Options expected to vest as at end of period (in shares)		4,913,634
Weighted Average Exercise Price
Outstanding as at beginning of period (in dollars per share)		$ 10.83
Granted (in dollars per share)		37.12
Exercised (in dollars per share)		2.49
Forfeited (in dollars per share)		39.03
Outstanding at end of period (in dollars per share)		15.07		$ 10.83
Options vested and exercisable as at end of period (in dollars per share)		7.24
Options expected to vest as at end of period (in dollars per share)		$ 16.12
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life of outstanding options (in years)		9 years 3 months 3 days		9 years 8 months 1 day
Weighted Average Remaining Contractual Life of granted options (in years)		9 years 8 months 8 days
Weighted Average Remaining Contractual Life of vested and exercisable options (in years)		8 years 6 months 18 days
Weighted Average Remaining Contractual Life of expected to vest options (in years)		9 years 4 months 9 days
Intrinsic Value of outstanding options		$ 80,761		$ 177,962
Intrinsic Value of vested and exercisable options		13,760
Intrinsic Value of expected to vest options		$ 67,001
Unvested early exercised stock options		112,227

Stock-Based Compensation - Earl

Stock-Based Compensation - Early Exercise of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Sep. 30, 2020	Jun. 30, 2021
Stock-Based Compensation
Proceeds from exercise of stock options	$ 600	$ 130
Exercise of stock options (in shares)	135,525	76,993
Exercise price (in dollars per share)	$ 4.406
Exercise price (in dollars per share)	$ 4.824
Number of shares vested		23,298
Current liability from early exercises of stock options		$ 500

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Awards (Details) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2021$ / sharesshares
Number of Shares
Unvested restricted stock as at beginning of period (in shares) | shares		735,294
Vested (in shares) | shares		(143,472)
Unvested restricted stock as at end of period (in shares) | shares		591,822
Grant Date Fair Value
Unvested restricted stock as at beginning of period (in dollars per share) | $ / shares		$ 2.40
Vested (in dollars per share) | $ / shares		2.40
Unvested restricted stock as at ending of period (in dollars per share) | $ / shares		$ 2.40
Unvested restricted common stock | 2014 Plan | Share-based Payment Arrangement, Employee [Member]
Stock-Based Compensation
Value of restricted common stock granted | $	$ 1.9
Number of Shares
Granted (in shares) | shares	789,095
Grant Date Fair Value
Granted (in dollars per share) | $ / shares	$ 2.40

Stock-Based Compensation - St_3

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Stock-based compensation expense
Total stock-based compensation expense	$ 3,921	$ 154	$ 7,129	$ 154
Research and development
Stock-based compensation expense
Total stock-based compensation expense	2,288	103	4,022	103
General and administrative
Stock-based compensation expense
Total stock-based compensation expense	$ 1,633	$ 51	$ 3,107	$ 51

Stock-Based Compensation - 2020

Stock-Based Compensation - 2020 Employee Stock Purchase Plan (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020periodshares
Stock-Based Compensation
Percent of common stock at fair market value to be exercised			100.00%
Stock-based compensation expense	$ 3,921	$ 154	$ 7,129	$ 154
Employee stock purchase plan contingently issuable
Stock-Based Compensation
Percentage of eligible earnings withheld					15.00%
Percent of common stock at fair market value to be exercised					85.00%
Number of months for each purchase period					6 months
Number of purchase periods | period					2
Common stock reserved for issuance | shares					430,416
Stock-based compensation expense	$ 100		$ 100
Employee stock purchase plan contingently issuable | Maximum
Stock-Based Compensation
Offering period					27 months

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss	$ (16,406)	$ (2,453)	$ (31,745)	$ (4,146)
Denominator:
Weighted average shares used to compute net loss per share, basic	39,415,330	2,593,316	39,370,809	2,593,316
Weighted average shares used to compute net loss per share, diluted	39,415,330	2,593,316	39,370,809	2,593,316
Net loss per share, basic	$ (0.42)	$ (0.95)	$ (0.81)	$ (1.60)
Net loss per share, diluted	$ (0.42)	$ (0.95)	$ (0.81)	$ (1.60)

Net Loss Per Share - Anti-dilut

Net Loss Per Share - Anti-dilutive Effect (Details) - shares	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities		6,173,196	16,390,573
Exercise of stock options (in shares)	135,525			76,993
Unvested early exercised stock options		112,227		112,227
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities		591,822
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities		5,575,455	322,811
Exercise of stock options (in shares)				211,621	211,621
Employee stock purchase plan contingently issuable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities		5,919
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities			16,067,762

Commitments and Contingencies_2

Commitments and Contingencies (Details)	Dec. 15, 2020USD ($)ft²	Nov. 03, 2020USD ($)ft²	Aug. 27, 2020USD ($)ft²	Jun. 01, 2013USD ($)ft²	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)
MandalMed Services Agreement Area
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Area | ft²				5,762
Monthly fee		$ 5,600		$ 6,500
Rent expense					$ 100,000	$ 100,000
Mandalmed Services Agreement Additional Area
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Term of contract		3 years
Area | ft²		2,130
Office Space
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Term of contract			2 years
Area | ft²			3,500
Rent expense					100,000	100,000
Security Deposit			$ 100,000
Laboratory Lease Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Term of contract	5 years
Area | ft²	9,800
Rent expense					$ 200,000	$ 300,000
Security Deposit	$ 400,000
Year 1 | Mandalmed Services Agreement Additional Area
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Monthly fee		$ 9,000
Year 1 | Office Space
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Monthly fee			23,330
Year 1 | Laboratory Lease Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Monthly fee	61,056
Years 2 And 3 | Mandalmed Services Agreement Additional Area
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Monthly fee		$ 18,000
Year 2 | Office Space
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Monthly fee			$ 24,030
Year 5 | Laboratory Lease Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Monthly fee	$ 68,676

Commitments and Contingencies -

Commitments and Contingencies - Future Contractual Obligations and Commitments (Details) $ in Thousands	Jun. 30, 2021USD ($)
Commitments and Contingencies.
2021 (from July, 2021)	$ 561
2022	1,161
2023	973
2024	799
2025	822
Thereafter	69
Total	$ 4,385