Karuna Therapeutics (KRTX) 10-Q 8 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	KRTX
Entity Registrant Name	Karuna Therapeutics, Inc.
Entity Central Index Key	0001771917
Current Fiscal Year End Date	--12-31
Entity File Number	001-38958
Entity Tax Identification Number	27-0605902
Entity Address, Address Line One	99 High Street
Entity Address, Address Line Two	26th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	857
Local Phone Number	449-2244
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		29,953,422
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 136,096	$ 206,953
Investment securities, available-for-sale	271,318	287,038
Accounts receivable	4,750	1,750
Prepaid expenses and other current assets	11,489	21,138
Deferred offering costs	528	455
Total current assets	424,181	517,334
Restricted cash	261	261
Right-of-use lease assets - operating, net	5,580	6,453
Property and equipment, net	3,079	3,092
Other non-current assets	455	531
Total assets	433,556	527,671
Current liabilities:
Accounts payable	3,920	1,939
Accrued expenses	17,686	16,099
Current portion of operating lease liability	2,262	2,175
Total current liabilities	23,868	20,213
Operating lease liability, net of current portion	4,175	5,328
Other non-current liabilities	104	104
Total liabilities	28,147	25,645
Commitments and Contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and 0 shares outstanding as of June 30, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; 150,000,000 shares authorized at June 30, 2022 and December 31, 2021; 29,933,103 and 29,770,558 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	3	3
Additional paid-in capital	819,433	790,391
Accumulated deficit	(411,032)	(287,871)
Accumulated other comprehensive loss	(2,995)	(497)
Total stockholders’ equity	405,409	502,026
Total liabilities and stockholders’ equity	$ 433,556	$ 527,671

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	29,933,103	29,770,558
Common stock, shares outstanding	29,933,103	29,770,558

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
License revenue	$ 5,278	$ 0	$ 5,278	$ 0
Operating expenses:
Research and development	52,487	24,147	96,293	44,333
General and administrative	17,843	10,384	32,631	20,161
Total operating expenses	70,330	34,531	128,924	64,494
Loss from operations	(65,052)	(34,531)	(123,646)	(64,494)
Other income (loss), net:
Impairment loss on right-of-use assets	0	0	0	(677)
Interest income	490	106	727	249
Sublease income	147	9	286	9
Total other income (loss), net	637	115	1,013	(419)
Net loss before income taxes	(64,415)	(34,416)	(122,633)	(64,913)
Income tax provision	(528)	0	(528)	0
Net loss attributable to common stockholders	$ (64,943)	$ (34,416)	$ (123,161)	$ (64,913)
Earnings Per Share, Basic	$ (2.17)	$ (1.17)	$ (4.13)	$ (2.27)
Earnings Per Share, Diluted	$ (2.17)	$ (1.17)	$ (4.13)	$ (2.27)
Weighted Average Number of Shares Outstanding, Basic	29,896,332	29,482,511	29,851,396	28,639,210
Weighted Average Number of Shares Outstanding, Diluted	29,896,332	29,482,511	29,851,396	28,639,210

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (64,943)	$ (34,416)	$ (123,161)	$ (64,913)
Other comprehensive loss:
Unrealized losses on available-for-sale investments	(460)	(14)	(2,498)	(44)
Comprehensive loss	$ (65,403)	$ (34,430)	$ (125,659)	$ (64,957)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)	Total	Common Stock	Additional Paid In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2020	$ 338,931,000	$ 3,000	$ 482,955,000	$ (144,066,000)	$ 39,000
Beginning balance, shares at Dec. 31, 2020		26,988,458
Issuance of common stock	270,017,000		270,017,000
Issuance of common stock, shares		2,395,834
Stock-based compensation expense	5,822,000		5,822,000
Exercise of common options	671,000		671,000
Exercise of common options, shares		56,876
Other comprehensive income (loss)	(30,000)				(30,000)
Net loss	(30,497,000)			(30,497,000)
Ending balance at Mar. 31, 2021	584,914,000	$ 3,000	759,465,000	(174,563,000)	9,000
Ending balance, shares at Mar. 31, 2021		29,441,168
Beginning balance at Dec. 31, 2020	338,931,000	$ 3,000	482,955,000	(144,066,000)	39,000
Beginning balance, shares at Dec. 31, 2020		26,988,458
Net loss	(64,913,000)
Ending balance at Jun. 30, 2021	560,338,000	$ 3,000	769,319,000	(208,979,000)	(5,000)
Ending balance, shares at Jun. 30, 2021		29,543,810
Beginning balance at Mar. 31, 2021	584,914,000	$ 3,000	759,465,000	(174,563,000)	9,000
Beginning balance, shares at Mar. 31, 2021		29,441,168
Stock-based compensation expense	7,466,000		7,466,000
Exercise of common options	2,388,000		2,388,000
Exercise of common options, shares		102,642
Other comprehensive income (loss)	(14,000)				(14,000)
Net loss	(34,416,000)			(34,416,000)
Ending balance at Jun. 30, 2021	560,338,000	$ 3,000	769,319,000	(208,979,000)	(5,000)
Ending balance, shares at Jun. 30, 2021		29,543,810
Beginning balance at Dec. 31, 2021	502,026,000	$ 3,000	790,391,000	(287,871,000)	(497,000)
Beginning balance, shares at Dec. 31, 2021		29,770,558
Stock-based compensation expense	10,636,000		10,636,000
Exercise of common options	1,282,000		1,282,000
Exercise of common options, shares		60,700
Other comprehensive income (loss)	(2,038,000)				(2,038,000)
Net loss	(58,218,000)			(58,218,000)
Ending balance at Mar. 31, 2022	453,688,000	$ 3,000	802,309,000	(346,089,000)	(2,535,000)
Ending balance, shares at Mar. 31, 2022		29,831,258
Beginning balance at Dec. 31, 2021	$ 502,026,000	$ 3,000	790,391,000	(287,871,000)	(497,000)
Beginning balance, shares at Dec. 31, 2021		29,770,558
Exercise of common options, shares	162,545
Net loss	$ (123,161,000)
Ending balance at Jun. 30, 2022	405,409,000	$ 3,000	819,433,000	(411,032,000)	(2,995,000)
Ending balance, shares at Jun. 30, 2022		29,933,103
Beginning balance at Mar. 31, 2022	453,688,000	$ 3,000	802,309,000	(346,089,000)	(2,535,000)
Beginning balance, shares at Mar. 31, 2022		29,831,258
Stock-based compensation expense	12,132,000		12,132,000
Exercise of common options	4,992,000		4,992,000
Exercise of common options, shares		101,845
Other comprehensive income (loss)	(460,000)				(460,000)
Net loss	(64,943,000)			(64,943,000)
Ending balance at Jun. 30, 2022	$ 405,409,000	$ 3,000	$ 819,433,000	$ (411,032,000)	$ (2,995,000)
Ending balance, shares at Jun. 30, 2022		29,933,103

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - Public Offering $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Underwriting discounts and commissions	$ 17,250
Offering cost	$ 233

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (123,161)	$ (64,913)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	22,768	13,288
Impairment loss on right-of-use assets	0	677
Amortization of premiums and accretion of discounts on investment securities	463	423
Depreciation and amortization expense	517	164
Changes in operating assets and liabilities:
Accrued interest on investment securities	67	349
Accounts receivable	(3,000)	0
Prepaid expenses and other current assets	9,649	(1,328)
Right-of-use assets	873	583
Other non-current assets	76	(729)
Accounts payable	1,967	1,101
Accrued expenses	1,544	499
Operating lease liability	(1,066)	(325)
Deferred rent	0	35
Other non-current liabilities	0	104
Net cash used in operating activities	(89,303)	(50,072)
Cash flows from investing activities
Purchases of investment securities	(90,507)	(190,450)
Maturities of investment securities	103,199	251,947
Sales of investment securities	0	8,990
Acquisition of property and equipment	(451)	(786)
Net cash provided by investing activities	12,241	69,701
Cash flows from financing activities
Proceeds from public offering, net of underwriting discounts and commissions	0	270,250
Payment of offering costs	(69)	(233)
Proceeds from exercise of stock options	6,274	3,059
Net cash provided by financing activities	6,205	273,076
Net (decrease) increase in cash, cash equivalents and restricted cash	(70,857)	292,705
Cash, cash equivalents and restricted cash at beginning of period	207,214	53,205
Cash, cash equivalents and restricted cash at end of period	136,357	345,910
Supplemental disclosures of cash flows information
Purchases of property and equipment included in accounts payable and accrued expenses	53	702
Deferred offering costs included in accounts payable and accrued expenses	4	0
Lease liabilities arising from obtaining right-of-use assets	$ 0	$ 6,040

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	Note 1. Nature of the Business and Basis of Presentation Description of the Business Karuna Therapeutics, Inc. (the “Company”) was incorporated under the laws of the State of Delaware in July 2009 as Karuna Pharmaceuticals, Inc. and is headquartered in Boston, Massachusetts. In March 2019, the Company changed its name to Karuna Therapeutics, Inc. The Company is an innovative clinical-stage biopharmaceutical company driven to create and deliver transformative medicines for people living with psychiatric and neurological conditions. Since the Company’s inception, it has focused substantially all of its efforts and financial resources on organizing and staffing the Company, acquiring and developing its technology, raising capital, building its intellectual property portfolio, undertaking preclinical studies and clinical trials and providing general and administrative support for these activities. The Company has not generated any product revenue related to its primary business purpose to date and is subject to a number of risks similar to those of other early stage companies, including dependence on key individuals, regulatory approval of products, uncertainty of market acceptance of products, competition from substitute products and larger companies, compliance with government regulations, protection of proprietary technology, dependence on third parties, product liability, the impact of the ongoing and evolving COVID-19 coronavirus pandemic, and the need to obtain adequate additional financing to fund the development of its product candidates. The Company’s consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. The Company experienced negative operating cash flows of $ 89.3 million for the six months ended June 30, 2022 and had an accumulated deficit of $ 411.0 million as of June 30, 2022. The Company expects to continue to generate operating losses for the foreseeable future. The Company expects that its cash, cash equivalents and available-for-sale investments of $ 407.4 million as of June 30, 2022 will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the date of issuance of these consolidated financial statements. Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Karuna Securities Corporation, a Massachusetts corporation. All inter-company transactions and balances have been eliminated in consolidation. The accompanying consolidated balance sheet as of June 30, 2022 and the consolidated statements of operations, comprehensive loss, and stockholders’ equity for the three and six months ended June 30, 2022 and 2021, and the statements of cash flow for the six months ended June 30, 2022 and 2021 are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2022 and the results of its operations for the three and six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021. Certain information and footnote disclosures typically included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited consolidated interim financial statements should be read in conjunction with the Company’s consolidated financial statements as of and for the year ended December 31, 2021. The results for the three and six months ended June 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies The significant accounting policies and estimates used in preparation of the consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2021, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K. During the three and six months ended June 30, 2022, there were no material changes to the Company’s significant accounting policies. Recently Issued Accounting Pronouncements New pronouncements issued but not effective until after June 30, 2022 are not expected to have a material impact on the Company’s consolidated financial statements.

Prepaid Expenses and Other Asse

Prepaid Expenses and Other Assets and Accrued Expenses	6 Months Ended
	Jun. 30, 2022
Prepaid Expenses And Other Assets And Accrued Expenses [Abstract]
Prepaid Expenses and Other Assets and Accrued Expenses	Note 3. Prepaid Expenses and Other Assets and Accrued Expenses Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, Research and development expenses $ 10,148 $ 18,066 Insurance 45 2,364 Other 1,296 708 Total prepaid expenses and other current assets $ 11,489 $ 21,138 The Company also had other non-current assets of $ 0.5 million as of June 30, 2022 and December 31, 2021. As of June 30, 2022 , other non-current assets consisted of a security deposit of $ 0.4 million and less than $ 0.1 million in prepaid research and development and other expenses, as well as less than $ 0.1 million in deferred rent. As of December 31, 2021, other non-current assets consisted of a security deposit of $ 0.4 million, $ 0.1 million in prepaid expenses, and less than $ 0.1 million in deferred rent. Accrued expenses consisted of the following (in thousands): June 30, December 31, Research and development expenses $ 11,124 $ 8,316 Payroll and related expenses 3,843 6,989 Professional fees 2,443 543 Other 276 251 Total accrued expenses $ 17,686 $ 16,099

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity	Note 4. Stockholders’ Equity Preferred Stock On July 2, 2019, in connection with the closing of the Company’s initial public offering of its common stock ("IPO"), the Company filed its amended and restated Certificate of Incorporation, which authorizes the Company to issue up to 10,000,000 shares of preferred stock, $ 0.0001 par value per share. Through June 30, 2022 , no preferred stock has been issued. Common Stock As of June 30, 2022 , the Company’s amended and restated Certificate of Incorporation authorized the Company to issue 150,000,000 shares of common stock, $ 0.0001 par value per share. Holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders and written actions in lieu of meetings. The holders of common stock are entitled to receive dividends out of funds legally available, as declared by the board of directors. These dividends are subject to the preferential dividend rights of the holders of the Company’s preferred stock. Through June 30, 2022 , no cash dividends have been declared or paid. As of June 30, 2022 , there were 29,933,103 shares of common stock outstanding.

Zai License Agreement

Zai License Agreement	6 Months Ended
	Jun. 30, 2022
Research and Development [Abstract]
Zai License Agreement	Note 5. Zai License Agreement Terms of Agreement On November 8, 2021, the Company and Zai Lab (Shanghai) Co., Ltd. ("Zai") entered into a license agreement (the "Zai License Agreement"), pursuant to which the Company granted to Zai the right to exclusively develop, manufacture and commercialize KarXT in Greater China, including mainland China, Hong Kong, Macau, and Taiwan (the “Licensed Territory”). Zai will fund substantially all development, regulatory, and commercialization activities in the Licensed Territory. Under the terms of the Zai License Agreement, the Company received a non-refundable $ 35.0 million upfront payment and payment of certain taxes on its behalf. The Zai License Agreement also provides for the Company to receive total development and regulatory milestone payments of up to $ 80.0 million, total sales milestone payments of up to $ 72.0 million and low double-digit to high-teens tiered royalties based on annual net sales of KarXT in the Licensed Territory, subject to reduction under specified circumstances. Receipt of sales milestone payments and royalties are not contingent on any further participation by Karuna in the development of KarXT in the Licensed Territory. The Zai License Agreement will expire upon the latest of the following dates with respect to the last licensed product in any region in the Licensed Territory: (i) the date of expiration of the last valid claim covering such licensed product in such region, (ii) the date that is a specific period after the date of the first commercial sale of such licensed product in such region and (iii) the expiration date of any regulatory exclusivity for such licensed product in such region. Zai may terminate the Zai License Agreement for convenience, subject to the terms thereto, by providing written notice to Karuna, which termination will be effective following a prescribed notice period. In addition, the Company may terminate the Zai License Agreement under specified circumstances if Zai or certain other parties challenge the Company’s patent rights or if Zai or its affiliates fail to complete certain development activities with respect to the licensed product for a specified period of time, subject to specified exceptions. Either party may terminate the Zai License Agreement for the other party’s uncured material breach, with a customary notice and cure period, or insolvency. After termination or expiration, the Company is entitled to retain a worldwide, exclusive, and perpetual license from Zai to exploit the licensed product, which license would be non-exclusive after expiration (but not termination), subject to a reasonable royalty to be agreed by the parties if terminated for the Company’s uncured material breach. Revenue Recognition The Company concluded that the distinct units of account within the agreement are reflective of a vendor-customer relationship and therefore within the scope of ASC 606. Under the provisions of ASC 606, the Company identified one performance obligation. The Company provided an exclusive license to intellectual property, bundled with the associated know-how and certain professional services that are not substantive. Under the terms of the Zai License Agreement, Zai has the sole right to manufacture, or have manufactured, KarXT for use in development and commercialization in the Licensed Territory. At the election of Zai, the Company may supply KarXT to Zai at the fully burdened manufacturing cost plus a specified margin, as defined within the Zai License Agreement. This provision was determined to be an option to acquire additional goods or services at a price that approximates the stand-alone selling price for that good or service, and therefore does not represent a material right, or separate performance obligation, within the context of the Zai License Agreement. The Company determined the transaction price was equal to $ 37.0 million, which includes the upfront fee of $ 35.0 million and payments to taxing authorities on the Company’s behalf. In estimating the stand-alone selling price, the Company determined that there were no significant financing components, noncash consideration or amounts that may be refunded to the customer, and as such the total unconstrained consideration of $ 37.0 million was included in the total transaction price. License of Intellectual Property . The license to the Company's intellectual property, bundled with the associated know-how, represents a distinct performance obligation. The license and associated know-how was transferred to Zai in the fourth quarter of 2021 to satisfy this performance obligation. The Company allocated the full transaction price to the license of the Company's intellectual property, bundled with the associated know-how, and accordingly recognized revenue of $ 37.0 million as license revenue in its Consolidated Statement of Operations for the year ended December 31, 2021. Milestone Payments . The potential development and regulatory milestone payments, as well as sales milestone payments, are paid upon achievement of certain milestones as defined in the Zai License Agreement. For the three and six months ended June 30, 2022 , the Company recognized $ 5.3 million in license revenue for certain development milestones and related payments to taxing authorities on the Company's behalf. The Company recorded $ 0.5 million in foreign tax expense to income tax provision for the three and six months ended June 30, 2022. For all remaining development and regulatory milestones, which, as of June 30, 2022, can total up to $ 75 million, it was determined that their achievement is highly dependent on factors outside of the Company's control. These payments have been fully constrained until the Company concludes that achievement of the milestone is probable, and that recognition of revenue related to the milestone will not result in a significant reversal in amounts recognized in future periods, and as such have been excluded from the transaction price. At the end of each subsequent reporting period, the Company will re-evaluate the probability of achievement of each milestone and any related constraint and, if necessary, adjust its estimate of the overall transaction price. As of June 30, 2022, the Company has not recognized any revenue associated with sales milestones. Royalties . Any consideration related to royalties will be recognized if and when the related sales occur, as they were determined to relate predominantly to the license granted to Zai and, therefore, have also been excluded from the transaction price. No royalty revenue was recognized during the three and six months ended June 30, 2022. There was no revenue recorded for the three and six months ended June 30, 2021 . There was no deferred revenue as of June 30, 2022 or December 31, 2021, related to the Zai License Agreement.

Net Loss per Share

Net Loss per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss per Share	Note 6. Net Loss per Share The following table sets forth the computation of basic and diluted net loss per share of common stock for the three and six months ended June 30, 2022 and 2021 (in thousands, except share and per share data): Three Months Ended Six Months Ended 2022 2021 2022 2021 Net Loss $ ( 64,943 ) $ ( 34,416 ) $ ( 123,161 ) $ ( 64,913 ) Weighted-average shares used in computing net loss per share 29,896,332 29,482,511 29,851,396 28,639,210 Net loss per share, basic and diluted $ ( 2.17 ) $ ( 1.17 ) $ ( 4.13 ) $ ( 2.27 ) The Company’s potentially dilutive securities, which consist of stock options, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. Common Stock Equivalents As of June 30, 2022 and 2021 , stock options to purchase 5,912,840 and 5,149,172 shares of common stock, respectively, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive impact.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Note 7. Stock-based Compensation Stock Options In September 2009, the Company’s board of directors approved the 2009 Stock Incentive Plan (the “2009 Plan”) which provided for the grant of incentive stock options to employees and non-statutory stock options to directors, consultants, and non-employees of the Company. The 2009 Plan terminated in July 2019 effective upon the completion of the Company’s IPO. No additional options will be granted under the 2009 Plan. As of June 30, 2022 , there were 2,324,309 options outstanding under the 2009 Plan. In May 2019, the Company’s board of directors approved the 2019 Stock Option and Incentive Plan (the “2019 Plan”) which became effective on June 26, 2019, the date immediately prior to the date on which the registration statement related to the IPO was declared effective by the Securities and Exchange Commission ("SEC"). The 2019 Plan will expire in May 2029 . Under the 2019 Plan, the Company may grant incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units ("RSUs") and other stock-based awards. There were 1,709,832 shares of the Company’s common stock initially reserved for issuance under the 2019 Plan. The number of shares of common stock underlying awards that expire, or are terminated, surrendered, canceled or forfeited without having been fully exercised under the 2009 Plan will be added to the shares of common stock available for issuance under the 2019 Plan. In addition, the number of shares of common stock that may be issued under the 2019 Plan automatically increases on January 1 of each calendar year, commencing on January 1, 2020, by 4 % of the number of shares of common stock outstanding on the immediately preceding December 31 or such lesser amount determined by the Company’s board of directors or the compensation committee of the board of directors. As of June 30, 2022 , there were 1,568,533 common shares available for issuance and 3,588,531 options outstanding under the 2019 Plan. Options under the 2019 Plan generally vest based on the grantee’s continued service with the Company during a specified period following a grant as determined by the board of directors and expire ten years from the grant date. Awards typically vest in four years , but vesting conditions can vary based on the discretion of the Company’s board of directors. A summary of the Company’s stock option activity and related information is as follows: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 5,323,162 $ 50.04 7.7 $ 431,456 Granted 819,835 112.44 Exercised ( 162,545 ) 38.60 Forfeited ( 67,612 ) 109.69 Outstanding as of June 30, 2022 5,912,840 $ 58.32 7.6 $ 406,724 Options vested and expected to vest as of 5,912,840 $ 58.32 7.6 $ 406,724 Options exercisable as of June 30, 2022 3,649,310 $ 29.63 6.8 $ 354,494 The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest were calculated as the difference between the exercise price of the options and the publicly traded stock price of the Company’s common stock as of June 30, 2022. As of June 30, 2022 , there was $ 125.1 million of unrecognized compensation cost, which is expected to be recognized over a weighted-average period of 2.97 years. Stock-based Compensation Expense Stock-based compensation expense is classified in the statements of operations for the three and six months ended June 30, 2022 and 2021 as follows (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 General and administrative $ 6,953 $ 4,651 $ 13,059 $ 8,392 Research and development 5,179 2,815 9,709 4,896 Total stock-based compensation expense $ 12,132 $ 7,466 $ 22,768 $ 13,288

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	6 Months Ended
	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Fair Value of Financial Assets and Liabilities	Note 8. Fair Value of Financial Assets and Liabilities The following tables present information about the Company’s assets as of June 30, 2022 and December 31, 2021 that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Fair Value Measurement at June 30, 2022 Using Level 1 Level 2 Level 3 Total Cash equivalents: Money market fund $ 93,015 $ — $ — $ 93,015 Commercial paper 13,577 — — 13,577 US government agencies 17,973 — — 17,973 Investment securities: US Treasuries 117,849 — — 117,849 US government agencies 9,930 — — 9,930 Corporate debt securities — 40,887 — 40,887 Commercial paper — 102,652 — 102,652 Total $ 252,344 $ 143,539 $ — $ 395,883 Fair Value Measurement at December 31, 2021 Using Level 1 Level 2 Level 3 Total Cash equivalents: Money market fund $ 199,019 $ — $ — $ 199,019 Investment securities: U.S. Treasuries 100,043 — — 100,043 Corporate debt securities — 55,744 — 55,744 Commercial paper — 131,251 — 131,251 Total $ 299,062 $ 186,995 $ — $ 486,057 The fair values of the Company’s commercial paper and corporate debt securities are based on prices obtained from independent pricing sources. Securities with validated quotes from pricing services are reflected within Level 2, as they are primarily based on observable pricing for similar assets or other market observable inputs. Typical inputs used by these pricing services include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers or estimates of cash flow, prepayment spreads and default rates. The Company does not hold any securities classified as Level 3, which are securities valued using unobservable inputs. The Company has not transferred any investment securities between the classification levels. The estimated fair value and amortized cost of the Company’s available-for-sale investments, by contractual maturity and security type, are summarized as follows (in thousands): June 30, 2022 Amortized Unrealized Unrealized Fair Value US Treasuries (due within one year) $ 80,268 $ — $ ( 1,088 ) $ 79,180 US Treasuries (due after one year and less than two years) 39,907 — ( 1,238 ) 38,669 US government agencies (due within one year) 9,934 — ( 4 ) 9,930 Corporate debt securities (due within one year) 36,104 — ( 216 ) 35,888 Corporate debt securities (due after one year and less than two years) 5,119 — ( 120 ) 4,999 Commercial paper (due within one year) 102,981 — ( 329 ) 102,652 Total $ 274,313 $ — $ ( 2,995 ) $ 271,318 December 31, 2021 Amortized Unrealized Unrealized Fair Value U.S. Treasuries (due within one year) $ 15,137 $ — $ ( 12 ) $ 15,125 U.S. Treasuries (due after one year and less than 85,277 — ( 359 ) 84,918 Corporate debt securities (due within one year) 45,510 — ( 57 ) 45,453 Corporate debt securities (due after one year and 10,338 — ( 47 ) 10,291 Commercial paper (due within one year) 131,273 5 ( 27 ) 131,251 Total $ 287,535 $ 5 $ ( 502 ) $ 287,038 The Company has classified all of its available-for-sale investment securities, including those with maturities beyond one year, as current assets on its condensed consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. The Company is required to determine whether a decline in the fair value below the amortized cost basis of available-for-sale securities is due to credit-related factors. At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, and any significant deterioration in economic conditions. Unrealized losses on available-for-sale securities presented in the previous table have not been recognized in the consolidated statements of operations because the securities are high credit quality, investment grade securities that the Company does not intend to sell and will not be required to sell prior to their anticipated recovery, and the decline in fair value is attributable to factors other than credit losses. Based on its evaluation, the Company determined its year-to-date credit losses related to its available-for-sale securities were immaterial at June 30, 2022 and December 31, 2021 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9. Commitments and Contingencies Leases The Company entered into an agreement to lease approximately 7,050 square feet of office space in Boston, Massachusetts (“Arch Street Original Premises”) that began in December 2018 and had an original expiry in February 2023 . In January 2020, the Company entered into an amended agreement (“Amended Arch Street Lease Agreement”) to gain access to approximately 4,175 square feet of additional office space (“Arch Street Expansion Premises”) beginning in March 2020, and to extend the maturity of the agreement for the Arch Street Original Premises to December 2023 . The Amended Arch Street Lease Agreement provides for future minimum annual rental payments as defined within the agreement. Under the terms of the Amended Arch Street Lease Agreement, the Company is required to maintain a cash balance of $ 0.2 million to secure a letter of credit associated with this lease. The amount was classified as restricted cash in the consolidated balance sheets as of June 30, 2022 and December 31, 2021 . The Amended Arch Street Lease Agreement also provides for approximately $ 0.1 million in leasehold incentives which may be applied to base rent or improvements to the Arch Street Expansion Premises, subject to limitations. The Company determined the Amended Arch Street Lease Agreement represented a lease modification, and the Arch Street Original Premises and Arch Street Expansion Premises were identified as separate lease components. The extension of maturity with respect to the Arch Street Original Premises was treated as a modification not accounted for as a separate contract, in which the lease classification was reassessed, and the lease liability was remeasured. The effect of the remeasurement, in the amount of $ 0.4 million, was recorded as an adjustment to the right-of-use (“ROU”) lease asset as of February 1, 2020, the effective date of the modification. The addition of the Arch Street Expansion Premises was accounted for as a separate contract which granted the Company an additional right of use not included in the original lease, in which the lease payments increased commensurate with the standalone price for the additional right of use. As the leasehold incentives were not paid or payable at commencement, the Company will account for the incentives once the contingency is resolved. In February 2020, the Company entered into an agreement to lease approximately 5,050 square feet of office space, and furniture within the office space, in Carmel, Indiana (“Indiana Lease Agreement”), which began in June 2020 and expires in July 2023 , with the option to renew for an additional three-year term. In addition, the agreement provides an option to purchase the office furniture at the expiration of the agreement. The office space and office furniture within the Indiana Lease Agreement were each determined to represent separate lease components. Consideration for the contract was allocated to each lease component based on their relative stand-alone selling price. The options to renew the lease for an additional three-year term as well as purchase the office furniture at the expiration of the agreement were excluded from the determination of lease liabilities arising from obtaining the ROU assets, as they were not considered probable of being exercised at commencement. In March 2021, the Company entered into an agreement (“High Street Lease”) to sublease from a third party approximately 25,445 square feet of office space in Boston, Massachusetts, beginning on April 1, 2021 and expiring December 31, 2025 . The initial fixed rental rate is $ 60 per rentable square foot of the premises per annum and will increase at a rate of $ 1 per rentable square foot each year, with base rent first becoming due on July 1, 2021 . Upon signing of the High Street Lease, the Company was also required to pay the first full monthly installment of base rent of $ 0.1 million and a security deposit of $ 0.4 million. The security deposit was recorded within other non-current assets on the consolidated balance sheets as of June 30, 2022 and December 31, 2021. The first monthly installment was included as an adjustment to the ROU asset recognized upon commencement of the lease. The Company recognized an ROU asset and corresponding lease liability of approximately $ 6.2 million and $ 6.0 million, respectively, on its consolidated balance sheet as of April 1, 2021, upon commencement of the High Street Lease. For each of the lease agreements entered into or modified, the Company identified certain non-lease components. Lease and non-lease components were combined into a single lease component. In addition, all identified leases were assessed as operating leases. As the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a term equal to the lease payments in a similar economic environment, in determining the present value of lease payments for each identified lease at the lease commencement date. Simultaneous with the High Street Lease, the Company entered into an agreement (“Arch Street Original Premises Sublease”) to sublease approximately 7,050 square feet of its former Arch Street Boston headquarters to a third party from July 1, 2021 through the remainder of its current lease term, which ends on December 31, 2023 . The initial fixed rental rate is $ 59 per rentable square foot of the premises per annum, and will increase at a rate of 2 % per year, with base rent first becoming due on October 1, 2021. Upon signing of the Arch Street Original Premises Sublease, the agreement required a security deposit of $ 0.1 million which has been recorded within restricted cash on the consolidated balance sheet as of June 30, 2022. On April 30, 2021, the Company entered into an agreement ("First Expansion Premises Sublease") to sublease approximately 1,751 square feet of the Arch Street Expansion Premises to another third party from June 1, 2021 through the remainder of its current lease term, which ends on December 31, 2023 . The initial fixed rental rate is $ 61 per rentable square foot per annum and will increase at a rate of 2 % per year, with base rent commencing on June 1, 2021. On January 21, 2022, the Company entered into an agreement ("Second Expansion Premises Sublease") to sublease approximately 2,422 square feet of its Arch Street Expansion Premises to a third party from February 7, 2022 through the remainder of its current lease term, which ends on December 31, 2023 . The fixed rental rate is $ 45 per rentable square foot per annum, with base rent commencing on April 7, 2022. The components of lease cost were as follows (dollar amounts in thousands): Six Months Ended 2022 2021 Lease Cost Operating lease cost $ 1,075 $ 748 Short-term lease cost — — Sublease income ( 286 ) ( 9 ) Total lease cost $ 789 $ 739 Other Information Cash paid for amounts included in the measurement of lease liabilities $ 1,269 $ 490 Operating lease liabilities arising from obtaining right-of-use assets — 6,040 Weighted-average remaining lease term 3.06 years 3.95 years Weighted-average discount rate 5.88 % 5.91 % The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities and a reconciliation to present value of lease liabilities as of June 30, 2022 (in thousands): Year ended: December 31, 2022 $ 1,278 December 31, 2023 2,520 December 31, 2024 1,597 December 31, 2025 1,622 Total future minimum lease payments 7,017 Less imputed interest ( 580 ) Present value of lease liabilities $ 6,437 The following summarizes the annual undiscounted cash flows to be received from subleases as of June 30, 2022 (in thousands): Year ended: December 31, 2022 $ 321 December 31, 2023 648 Total future sublease payments to be received $ 969 Historically, all Company assets and liabilities belonged to a single corporate office asset group. The circumstances described above triggered a reassessment of asset grouping, such that the ROU assets associated with the Arch Street Original Premises and Arch Street Expansion Premises had their own separately identifiable cash flows and therefore their own separate asset grouping. Sublease income associated with the Arch Street office space is projected to be lower than lease payments owed by the Company for this space, and therefore impairment was indicated for this new asset group. The carrying value of these ROU assets immediately before impairment was $ 2.0 million, and the fair value of these operating lease ROU assets immediately subsequent to the impairment, calculated as the present value of the estimated future cash flows attributable to the assets, was $ 1.3 million. The Company recognized approximately $ 0.7 million in impairment losses on ROU assets within other income (loss) on the statement of operations for the six months ended June 30, 2021. Intellectual Property License with Eli Lilly and Company In May 2012, the Company entered into an exclusive license agreement (the “Lilly License Agreement”), with Eli Lilly and Company (“Eli Lilly”), pursuant to which Eli Lilly assigned to the Company all of its rights to certain patents (now expired), regulatory documentation, data records and materials related to xanomeline. The Company is also entitled to sublicense or otherwise transfer the rights granted in connection with the Lilly License Agreement. Under the Lilly License Agreement, the Company is obligated to use commercially reasonable efforts to develop, manufacture, commercialize and seek and maintain regulatory approval for xanomeline, in any formulation, for use in humans. The Company paid Eli Lilly an upfront payment of $ 0.1 million and has agreed to make milestone payments to Eli Lilly of up to an aggregate of $ 16 million upon the achievement of specified regulatory milestones and up to an aggregate of $ 54 million in commercial milestones. In addition, the Company is obligated to pay Eli Lilly tiered royalties, at rates in the low to mid single-digit percentages, on the worldwide net sales of any commercialized product on a country-by-country basis until the expiration of the applicable royalty term, which is the longer of six years from the date of first commercial sale of each licensed product within a country or data package exclusivity in such country. During the royalty term, Eli Lilly is prohibited from granting any third party rights to the patents, regulatory documentation, data records and materials that have been licensed to the Company under the Lilly License Agreement. The Lilly License Agreement will expire on the later of (i) the expiration of the last-to-expire royalty term on a licensed product-by-licensed product basis or (ii) the date on which the Company has made all milestone payments pursuant to the terms of the Lilly License Agreement, unless terminated earlier by the parties. In no event will the term of the Lilly License Agreement exceed 15 years past the anniversary of the first commercial sale of a xanomeline product. The Company may terminate the Lilly License Agreement for any reason with proper prior notice to Eli Lilly. Either party may terminate the Lilly License Agreement upon an uncured material breach by the other party. The initial upfront payment of $ 0.1 million was expensed when incurred in May 2012. As of June 30, 2022 , no regulatory or commercial milestones have been reached and, accordingly, no milestone payments have been made. Intellectual Property License with PureTech Health In March 2011, the Company entered into an exclusive license agreement (the “Patent License Agreement”) with PureTech Health, pursuant to which PureTech Health granted the Company an exclusive license to patent rights relating to combinations of a muscarinic activator with a muscarinic inhibitor for the treatment of central nervous system disorders. In connection with the Patent License Agreement, the Company has agreed to make milestone payments to PureTech Health of up to an aggregate of $ 10 million upon the achievement of specified development and regulatory milestones. In addition, the Company is obligated to pay PureTech Health low single-digit royalties on the worldwide net sales of any commercialized product covered by the licenses granted under the Patent License Agreement. In the event that the Company sublicenses any of the patent rights granted under the Patent License Agreement, the Company will be obligated to pay PureTech Health royalties within the range of 15 % to 25 % on any income the Company receives from the sublicensee, excluding royalties. The Company may terminate the Patent License Agreement for any reason with proper prior notice to PureTech Health. Either party may terminate the Patent License Agreement upon an uncured material breach by the other party. During the year ended December 31, 2021, the Company paid less than $ 0.1 million in sublicense income associated with the Zai License Agreement to PureTech Health. In December 2020, the Company paid $ 2.0 million to PureTech Health, having reached the milestone of Phase 3 clinical trial commencement. As of June 30, 2022, the remaining development and regulatory milestone payments under the Patent License Agreement total up to $ 8.0 million. The Company had no outstanding liabilities to PureTech Health related to the Patent License Agreement as of June 30, 2022 and December 31, 2021. Indemnification In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may incur charges in the future as a result of these indemnification obligations. Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. 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. Litigation The Company is no t a party to any litigation and does not have contingency reserves established for any litigation liabilities as of June 30, 2022 .

401(k) Savings Plan

401(k) Savings Plan	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
401(k) Savings Plan	Note 10. 401(k) Savings Plan The Company has a 401(k) retirement plan in which substantially all U.S. employees are eligible to participate. Eligible employees may elect to contribute up to the maximum limits, as set by the Internal Revenue Service, of their eligible compensation. The total contribution expense for the Company was $ 0.5 million and $ 0.3 million for the six months ended June 30, 2022 and 2021 , respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Karuna Securities Corporation, a Massachusetts corporation. All inter-company transactions and balances have been eliminated in consolidation. The accompanying consolidated balance sheet as of June 30, 2022 and the consolidated statements of operations, comprehensive loss, and stockholders’ equity for the three and six months ended June 30, 2022 and 2021, and the statements of cash flow for the six months ended June 30, 2022 and 2021 are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2022 and the results of its operations for the three and six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021. Certain information and footnote disclosures typically included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited consolidated interim financial statements should be read in conjunction with the Company’s consolidated financial statements as of and for the year ended December 31, 2021. The results for the three and six months ended June 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements New pronouncements issued but not effective until after June 30, 2022 are not expected to have a material impact on the Company’s consolidated financial statements.

Prepaid Expenses and Other As_2

Prepaid Expenses and Other Assets and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2022
Prepaid Expenses And Other Assets And Accrued Expenses [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, Research and development expenses $ 10,148 $ 18,066 Insurance 45 2,364 Other 1,296 708 Total prepaid expenses and other current assets $ 11,489 $ 21,138
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): June 30, December 31, Research and development expenses $ 11,124 $ 8,316 Payroll and related expenses 3,843 6,989 Professional fees 2,443 543 Other 276 251 Total accrued expenses $ 17,686 $ 16,099

Net Loss per Share (Tables)

Net Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Share of Common Stock	The following table sets forth the computation of basic and diluted net loss per share of common stock for the three and six months ended June 30, 2022 and 2021 (in thousands, except share and per share data): Three Months Ended Six Months Ended 2022 2021 2022 2021 Net Loss $ ( 64,943 ) $ ( 34,416 ) $ ( 123,161 ) $ ( 64,913 ) Weighted-average shares used in computing net loss per share 29,896,332 29,482,511 29,851,396 28,639,210 Net loss per share, basic and diluted $ ( 2.17 ) $ ( 1.17 ) $ ( 4.13 ) $ ( 2.27 )

Stock-based Compensation (Tabl

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	A summary of the Company’s stock option activity and related information is as follows: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 5,323,162 $ 50.04 7.7 $ 431,456 Granted 819,835 112.44 Exercised ( 162,545 ) 38.60 Forfeited ( 67,612 ) 109.69 Outstanding as of June 30, 2022 5,912,840 $ 58.32 7.6 $ 406,724 Options vested and expected to vest as of 5,912,840 $ 58.32 7.6 $ 406,724 Options exercisable as of June 30, 2022 3,649,310 $ 29.63 6.8 $ 354,494
Summary of Stock-based Compensation Expense	Stock-based compensation expense is classified in the statements of operations for the three and six months ended June 30, 2022 and 2021 as follows (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 General and administrative $ 6,953 $ 4,651 $ 13,059 $ 8,392 Research and development 5,179 2,815 9,709 4,896 Total stock-based compensation expense $ 12,132 $ 7,466 $ 22,768 $ 13,288

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Schedule of Fair Value Measurement on Recurring Basis and Indicates the level of Fair Value Hierarchy Utilized	The following tables present information about the Company’s assets as of June 30, 2022 and December 31, 2021 that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Fair Value Measurement at June 30, 2022 Using Level 1 Level 2 Level 3 Total Cash equivalents: Money market fund $ 93,015 $ — $ — $ 93,015 Commercial paper 13,577 — — 13,577 US government agencies 17,973 — — 17,973 Investment securities: US Treasuries 117,849 — — 117,849 US government agencies 9,930 — — 9,930 Corporate debt securities — 40,887 — 40,887 Commercial paper — 102,652 — 102,652 Total $ 252,344 $ 143,539 $ — $ 395,883 Fair Value Measurement at December 31, 2021 Using Level 1 Level 2 Level 3 Total Cash equivalents: Money market fund $ 199,019 $ — $ — $ 199,019 Investment securities: U.S. Treasuries 100,043 — — 100,043 Corporate debt securities — 55,744 — 55,744 Commercial paper — 131,251 — 131,251 Total $ 299,062 $ 186,995 $ — $ 486,057
Summary of Estimated Fair Value and Amortized Cost of Available-for-Sale Investments by Contractual Maturity	The estimated fair value and amortized cost of the Company’s available-for-sale investments, by contractual maturity and security type, are summarized as follows (in thousands): June 30, 2022 Amortized Unrealized Unrealized Fair Value US Treasuries (due within one year) $ 80,268 $ — $ ( 1,088 ) $ 79,180 US Treasuries (due after one year and less than two years) 39,907 — ( 1,238 ) 38,669 US government agencies (due within one year) 9,934 — ( 4 ) 9,930 Corporate debt securities (due within one year) 36,104 — ( 216 ) 35,888 Corporate debt securities (due after one year and less than two years) 5,119 — ( 120 ) 4,999 Commercial paper (due within one year) 102,981 — ( 329 ) 102,652 Total $ 274,313 $ — $ ( 2,995 ) $ 271,318 December 31, 2021 Amortized Unrealized Unrealized Fair Value U.S. Treasuries (due within one year) $ 15,137 $ — $ ( 12 ) $ 15,125 U.S. Treasuries (due after one year and less than 85,277 — ( 359 ) 84,918 Corporate debt securities (due within one year) 45,510 — ( 57 ) 45,453 Corporate debt securities (due after one year and 10,338 — ( 47 ) 10,291 Commercial paper (due within one year) 131,273 5 ( 27 ) 131,251 Total $ 287,535 $ 5 $ ( 502 ) $ 287,038

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Components of Lease Cost	The components of lease cost were as follows (dollar amounts in thousands): Six Months Ended 2022 2021 Lease Cost Operating lease cost $ 1,075 $ 748 Short-term lease cost — — Sublease income ( 286 ) ( 9 ) Total lease cost $ 789 $ 739 Other Information Cash paid for amounts included in the measurement of lease liabilities $ 1,269 $ 490 Operating lease liabilities arising from obtaining right-of-use assets — 6,040 Weighted-average remaining lease term 3.06 years 3.95 years Weighted-average discount rate 5.88 % 5.91 %
Schedule of Maturity Analysis of Annual Undiscounted Cash Flows of Operating Lease Liabilities and Reconciliation to Present Value of Lease Liabilities	The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities and a reconciliation to present value of lease liabilities as of June 30, 2022 (in thousands): Year ended: December 31, 2022 $ 1,278 December 31, 2023 2,520 December 31, 2024 1,597 December 31, 2025 1,622 Total future minimum lease payments 7,017 Less imputed interest ( 580 ) Present value of lease liabilities $ 6,437
Summary of Annual Undiscounted Cash Flows To Be Received from Subleases	The following summarizes the annual undiscounted cash flows to be received from subleases as of June 30, 2022 (in thousands): Year ended: December 31, 2022 $ 321 December 31, 2023 648 Total future sublease payments to be received $ 969

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Subsidiary Sale Of Stock [Line Items]
Payment of offering costs		$ 69	$ 233
Common stock value		3		$ 3
Deferred offering costs		528		455
Cash flows from operating activities		89,303	$ 50,072
Accumulated deficit		411,032		$ 287,871
Cash and cash equivalents and available-for-sale investments		$ 407,400
Common Stock
Subsidiary Sale Of Stock [Line Items]
Shares issued and sold	2,395,834

Prepaid Expenses and Other As_3

Prepaid Expenses and Other Assets and Accrued Expenses - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Research and development expenses	$ 10,148	$ 18,066
Insurance	45	2,364
Other	1,296	708
Total prepaid expenses and other current assets	$ 11,489	$ 21,138

Prepaid Expenses and Other As_4

Prepaid Expenses and Other Assets and Accrued Expenses - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other non-current assets	$ 455	$ 531
Prepaid research and development expenses	100	100
Security deposit	400	400
Deferred rent	$ 100	$ 100

Prepaid Expenses and Other As_5

Prepaid Expenses and Other Assets and Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Research and development expenses	$ 11,124	$ 8,316
Payroll and related expenses	3,843	6,989
Professional fees	2,443	543
Other	276	251
Total accrued expenses	$ 17,686	$ 16,099

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jul. 02, 2019
Class Of Stock [Line Items]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares outstanding	0	0
Common Stock, Shares, Outstanding	29,933,103	29,770,558
Common stock, shares authorized	150,000,000	150,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Dividends declared	$ 0
Initial Public Offering
Class Of Stock [Line Items]
Preferred stock, shares authorized			10,000,000
Preferred stock, par value			$ 0.0001
Preferred Stock, Shares Issued	0

Zai License Agreement (Addition

Zai License Agreement (Additional Information) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 08, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License revenue		$ 5,278	$ 0	$ 5,278	$ 0
Zai License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront Payment for License Agreement	$ 35,000
Development and Regulatory Milestone Payments Under License Agreement	80,000			75,000
Sales Milestone Payments Under License Agreement	72,000
Transaction Price of License Agreement	37,000
Initial payment	$ 35,000
License revenue		5,300	$ 0	5,300	$ 0
Deferred revenue		0		0		$ 0
Zai License Agreement [Member] | Intellectual Property License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License revenue						$ 37,000
Zai License Agreement [Member] | General and Administrative Expense [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Income tax provision Include Foreign Tax Expenses		$ 500		$ 500

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Loss	$ (64,943)	$ (58,218)	$ (34,416)	$ (30,497)	$ (123,161)	$ (64,913)
Weighted-average shares used in computing net loss per share, Basic	29,896,332		29,482,511		29,851,396	28,639,210
Weighted-average shares used in computing net loss per share, Diluted	29,896,332		29,482,511		29,851,396	28,639,210
Net loss per share, basic	$ (2.17)		$ (1.17)		$ (4.13)	$ (2.27)
Net loss per share, diluted	$ (2.17)		$ (1.17)		$ (4.13)	$ (2.27)

Net Loss Per Share - Additional

Net Loss Per Share - Additional Information (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, amount	5,912,840	5,149,172

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2020	Dec. 31, 2021	May 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares outstanding	5,912,840		5,323,162
Unrecognized compensation cost	$ 125.1
Unrecognized compensation costs, weighted average recognition period	2 years 11 months 19 days
2009 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares outstanding	2,324,309
Share based compensation arrangement by share based payment award termination date	Jul. 02, 2019
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate common shares issuable	1,568,533
Number of shares outstanding	3,588,531
Common stock reserved for future issuance				1,709,832
Automatic increase in stock issuance as percentage on outstanding stock		4%
Stock option and incentive plan expiration month and year		2029-05
Expiration period	10 years
Vesting period	4 years

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Compensation Related Costs [Abstract]
Number of Shares, Outstanding, beginning of period | shares	5,323,162
Number of Shares, Granted | shares	819,835
Number of Shares, Exercised | shares	(162,545)
Number of Shares, Forfeited | shares	(67,612)
Number of Shares, Outstanding, end of period | shares	5,912,840	5,323,162
Number of Shares, Options vested and expected to vest | shares	5,912,840
Number of Shares, Options exercisable | shares	3,649,310
Weighted-Average Exercise Price Per Share, Outstanding, beginning of period | $ / shares	$ 50.04
Weighted-Average Exercise Price Per Share, Outstanding, Granted | $ / shares	112.44
Weighted-Average Exercise Price Per Share, Outstanding, Exercised | $ / shares	38.60
Weighted-Average Exercise Price Per Share, Outstanding, Forfeited | $ / shares	109.69
Weighted-Average Exercise Price Per Share, Outstanding, end of period | $ / shares	58.32	$ 50.04
Weighted-Average Exercise Price Per Share, Options vested and expected to vest | $ / shares	58.32
Weighted-Average Exercise Price Per Share, Options exercisable | $ / shares	$ 29.63
Weighted-Average Remaining Contractual Term, Outstanding (Years)	7 years 7 months 6 days	7 years 8 months 12 days
Weighted-Average Remaining Contractual Term, Options vested and expected to vest	7 years 7 months 6 days
Weighted-Average Remaining Contractual Term, Options exercisable	6 years 9 months 18 days
Aggregate Intrinsic Value, Outstanding | $	$ 406,724	$ 431,456
Aggregate Intrinsic Value, Options vested and expected to vest | $	406,724
Aggregate Intrinsic Value, Options exercisable | $	$ 354,494

Stock-based Compensation - Su_2

Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock based compensation expense	$ 12,132	$ 7,466	$ 22,768	$ 13,288
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock based compensation expense	6,953	4,651	13,059	8,392
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock based compensation expense	$ 5,179	$ 2,815	$ 9,709	$ 4,896

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities - Schedule of Fair Value Measurement on Recurring Basis and Indicates the level of Fair Value Hierarchy Utilized (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment securities		$ 131,251
Total fair value assets	$ 395,883	486,057
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment securities	40,887	55,744
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	93,015	199,019
US Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment securities	117,849	100,043
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	13,577
Investment securities	102,652
US Government Agencies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	17,973
Investment securities	9,930
Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment securities
Total fair value assets	252,344	299,062
Fair Value, Inputs, Level 1 | Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment securities
Fair Value, Inputs, Level 1 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	93,015	199,019
Fair Value, Inputs, Level 1 | US Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment securities	117,849	100,043
Fair Value, Inputs, Level 1 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	13,577
Investment securities
Fair Value, Inputs, Level 1 | US Government Agencies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	17,973
Investment securities	9,930
Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total fair value assets	143,539	186,995
Fair Value, Inputs, Level 2 | Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment securities	40,887	55,744
Fair Value, Inputs, Level 2 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents
Fair Value, Inputs, Level 2 | US Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment securities	0
Fair Value, Inputs, Level 2 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0
Investment securities	102,652	131,251
Fair Value, Inputs, Level 2 | US Government Agencies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents
Investment securities	0
Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment securities
Total fair value assets
Fair Value, Inputs, Level 3 | Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment securities
Fair Value, Inputs, Level 3 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents
Fair Value, Inputs, Level 3 | US Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investment securities
Fair Value, Inputs, Level 3 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0
Investment securities
Fair Value, Inputs, Level 3 | US Government Agencies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents
Investment securities

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Summary of Estimated Fair Value and Amortized Cost of Available-for-Sale Investments by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 274,313	$ 287,535
Available For Sale Securities Accumulated Gross Unrealized Gains Before Tax	0	5
Available For Sale Securities Accumulated Gross Unrealized Losses Before Tax	(2,995)	(502)
Fair Value	271,318	287,038
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Due within in one year, Amortized cost	36,104	45,510
Due within one year, Amortized cost, Unrealized gains	0	0
Due within one year , Amortized cost, Unrealized losses	(216)	(57)
Due in one year or less, Fair value	35,888	45,453
Due after one year and less than two years, Amortized cost	5,119	10,338
Due after one year and less than two years, Amortized cost, Unrealized gains	0	0
Due after one year and less than two years, Amortized cost, Unrealized losses	(120)	(47)
Due after one year and less than two years, Fair value	4,999	10,291
US Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Due after one year and less than two years, Amortized cost	39,907	85,277
Due after one year and less than two years, Amortized cost, Unrealized losses	(1,238)	(359)
Due after one year and less than two years, Fair value	38,669	84,918
Due within in one year, Amortized cost	80,268	15,137
Due within one year, Amortized cost, Unrealized gains	0	0
Due within one year, Amortized cost, Unrealized losses	(1,088)	(12)
Due in one year or less, Fair value	79,180	15,125
Due after one year and less than two years, Amortized cost, Unrealized gains	0	0
US Government Agencies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Due within in one year, Amortized cost	9,934
Due within one year, Amortized cost, Unrealized gains	0
Due within one year, Amortized cost, Unrealized losses	(4)
Due in one year or less, Fair value	9,930
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Due within in one year, Amortized cost	102,981	131,273
Due within one year, Amortized cost, Unrealized gains	0	5
Due within one year , Amortized cost, Unrealized losses	(329)	(27)
Due in one year or less, Fair value	$ 102,652	$ 131,251

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Jan. 21, 2022 ft² $ / ft²

Apr. 30, 2021 ft² $ / ft²

Mar. 31, 2021 ft² $ / ft²

Feb. 29, 2020 Milestone

Jan. 31, 2020 Milestone

May 31, 2012 USD ($)

Mar. 31, 2011 USD ($)

Jun. 30, 2022 USD ($) ft²

Jun. 30, 2021 USD ($)

Jun. 30, 2022 USD ($) ft² Milestone $ / ft²

Jun. 30, 2021 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Dec. 31, 2019

Apr. 01, 2021 USD ($)

Feb. 01, 2020 USD ($)

Commitments And Contingencies [Line Items]

Restricted cash

$ 261

$ 261

$ 261

Operating lease liability remeasurement amount

$ 400

Security deposit

400

400

400

Right of use assets, net

5,580

5,580

6,453

Present value of lease liabilities

6,437

6,437

Sublicense income

5,278

$ 0

5,278

$ 0

Impairment loss on right-of-use assets

0

0

0

677

Contingency reserves for litigation

0

$ 0

PureTech Health

Commitments And Contingencies [Line Items]

Sublicense payment

100

Milestone payments

$ 2,000

Intellectual Property License Agreement | Eli Lilly and Company

Commitments And Contingencies [Line Items]

Upfront payment

$ 100

Royalty expiration term

6 years

Number of milestones reached | Milestone

0

Milestone payments

$ 0

License agreement term

15 years

Patent License | PureTech Health

Commitments And Contingencies [Line Items]

Development and Regulatory Milestone Payments Under License Agreement

$ 8,000

Outstanding liabilities

0

$ 0

0

Maximum | Intellectual Property License Agreement | Eli Lilly and Company

Commitments And Contingencies [Line Items]

Contingent milestone payments payable

$ 16,000

Commercial milestone payments payable

$ 54,000

Maximum | Patent License | PureTech Health

Commitments And Contingencies [Line Items]

Contingent milestone payments payable

$ 10,000

Percentage of royalties payable on income from sublicensee, excluding royalties

25%

Minimum | Patent License | PureTech Health

Commitments And Contingencies [Line Items]

Percentage of royalties payable on income from sublicensee, excluding royalties

15%

Office Space

Commitments And Contingencies [Line Items]

Right of use assets, net

1,300

1,300

Right of use assets, gross

$ 2,000

2,000

Impairment loss on right-of-use assets

$ 700

Office Space | Massachusetts

Commitments And Contingencies [Line Items]

No. of square feet acquired | Milestone

4,175

7,050

Lease commencement period

2018-12

Lease expiration period

2023-12

2023-02

Restricted cash

200

$ 200

$ 200

Leasehold incentives

100

100

Office Space | Boston, Massachusetts

Commitments And Contingencies [Line Items]

Sublease area of office space | ft²

25,445

Sublease commencement date

Apr. 01, 2021

Sublease Expiring Date

Dec. 31, 2025

Sublease, initial fixed rental amount per rentable square foot of premises per annum | $ / ft²

60

Sublease, initial fixed rental increase amount per rentable square foot each year | $ / ft²

1

Base rent, first rent due date

Jul. 01, 2021

Monthly installment of base rental

100

Security deposit

400

400

Right of use assets, net

$ 6,200

Present value of lease liabilities

$ 6,000

Office Space And Furniture | Carmel, Indiana

Commitments And Contingencies [Line Items]

No. of square feet acquired | Milestone

5,050

Lease commencement period

2020-06

Lease expiration period

2023-07

Headquarters | Boston, Massachusetts | Other Non-Current Liabilities

Commitments And Contingencies [Line Items]

Security deposit liability

$ 100

$ 100

Headquarters | Arch Street Boston

Commitments And Contingencies [Line Items]

Sublease commencement date

Jul. 01, 2021

Sublease square feet | ft²

7,050

7,050

Lease expiration date

Dec. 31, 2023

Sublease, initial fixed rental income per rentable square foot of premises per annum | $ / ft²

59

Sublease, initial fixed rental income increase rate per rentable square foot each year

2%

Premises

Commitments And Contingencies [Line Items]

Sublease commencement date

Feb. 07, 2022

Jun. 01, 2021

Sublease square feet | ft²

2,422

1,751

Lease expiration date

Dec. 31, 2023

Dec. 31, 2023

Sublease, initial fixed rental income per rentable square foot of premises per annum | $ / ft²

45

61

Sublease, initial fixed rental income increase rate per rentable square foot each year

2%

Commitments and Contingencies_2

Commitments and Contingencies - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lease Cost
Operating lease cost			$ 1,075	$ 748
Short-term lease cost			0	0
Sublease income	$ (147)	$ (9)	(286)	(9)
Total lease cost			789	739
Cash paid for amounts included in the measurement of lease liabilities			1,269	490
Operating lease liabilities arising from obtaining right-of-use assets			$ 0	$ 6,040
Weighted-average remaining lease term	3 years 21 days	3 years 11 months 12 days	3 years 21 days	3 years 11 months 12 days
Weighted-average discount rate	5.88%	5.91%	5.88%	5.91%

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Maturity Analysis of Annual Undiscounted Cash Flows of Operating Lease Liabilities and Reconciliation to Present Value of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
December 31, 2022	$ 1,278
December 31, 2023	2,520
December 31, 2024	1,597
December 31, 2025	1,622
Total future minimum lease payments	7,017
Less imputed interest	(580)
Present value of lease liabilities	$ 6,437

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Annual Undiscounted Cash Flows To Be Received from Subleases (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
December 31, 2022	$ 321
December 31, 2023	648
Total future sublease payments to be received	$ 969

401(k) Savings Plan - Additiona

401(k) Savings Plan - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Retirement Benefits [Abstract]
Defined contribution plan, plan name	401(k)
Total contribution expense	$ 0.5	$ 0.3