SpringWorks Therapeutics (SWTX) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-39044
Entity Registrant Name	SPRINGWORKS THERAPEUTICS, INC.
Entity Incorporation, State	DE
Entity Tax Identification Number	83-4066827
Entity Address, Street	100 Washington Blvd
Entity Address, City	Stamford
Entity Address, State	CT
Entity Address, Zip Code	06902
City Area Code	203
Local Phone Number	883-9490
Title of each class	Common Stock, par value $0.0001 per share
Trading Symbol(s)	SWTX
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		62,569,815
Entity Central Index Key	0001773427
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 115,001	$ 67,490
Marketable securities	361,706	524,722
Prepaid expenses and other current assets	7,194	7,548
Total current assets	483,901	599,760
Long-term marketable securities	0	4,794
Property and equipment, net	18,238	13,571
Operating lease right-of-use assets	6,763	4,698
Equity investment	4,814	4,193
Restricted cash	608	578
Other assets	3,005	2,648
Total assets	517,329	630,242
Current liabilities:
Accounts payable	3,454	8,010
Accrued expenses	35,281	39,242
Operating lease liabilities, current	811	483
Deferred revenue, current	2,364	3,314
Total current liabilities	41,910	51,049
Operating lease liabilities, long-term	6,796	4,768
Deferred revenue, long-term	17,182	16,233
Total liabilities	65,888	72,050
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding at June 30, 2023 and December 31, 2022.	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized, 62,679,065 and 62,453,328 shares issued and 62,564,435 and 62,423,129 shares outstanding at June 30, 2023 and December 31, 2022, respectively.	6	6
Additional paid-in capital	1,176,686	1,130,224
Accumulated deficit	(721,275)	(569,930)
Treasury stock, at cost (114,630 and 30,199 shares of common stock at June 30, 2023 and December 31, 2022, respectively).	(3,624)	(1,341)
Accumulated other comprehensive loss	(352)	(767)
Total stockholders’ equity	451,441	558,192
Total liabilities and stockholders’ equity	$ 517,329	$ 630,242

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	62,679,065	62,453,328
Common stock, shares outstanding (in shares)	62,564,435	62,423,129
Treasury stock (in shares)	114,630	30,199

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited)​ - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 35,858	$ 38,024	$ 69,382	$ 72,127
General and administrative	46,994	30,987	91,169	58,353
Total operating expenses	82,852	69,011	160,551	130,480
Loss from operations	(82,852)	(69,011)	(160,551)	(130,480)
Interest and other income (expense):
Other expense, net	(98)	(24)	(297)	(217)
Interest income, net	5,926	372	11,682	570
Total interest and other income	5,828	348	11,385	353
Equity investment loss	(901)	(387)	(2,179)	(724)
Net loss	$ (77,925)	$ (69,050)	$ (151,345)	$ (130,851)
Net loss per share, basic (usd per share)	$ (1.25)	$ (1.41)	$ (2.43)	$ (2.67)
Net loss per share, diluted (usd per share)	$ (1.25)	$ (1.41)	$ (2.43)	$ (2.67)
Weighted average number of shares outstanding, basic (in shares)	62,464,081	49,071,590	62,360,651	48,989,690
Weighted average number of shares outstanding, diluted (in shares)	62,464,081	49,071,590	62,360,651	48,989,690

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited)​ - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (77,925)	$ (69,050)	$ (151,345)	$ (130,851)
Changes in other comprehensive income:
Unrealized gain (loss) on marketable securities, net	(190)	(361)	415	(1,507)
Total changes in other comprehensive income	(190)	(361)	415	(1,507)
Comprehensive loss	$ (78,115)	$ (69,411)	$ (150,930)	$ (132,358)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common	Treasury	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2021	$ 422,396	$ 5	$ 0	$ 715,216	$ (312)	$ (292,513)
Beginning balance (in shares) at Dec. 31, 2021		49,247,985
Beginning balance (in shares) at Dec. 31, 2021			0
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	35,523			35,523
Issuance of restricted stock awards (in shares)		36,625
Forfeitures of restricted stock awards (in shares)		(7,583)
Restricted stock units vested (in shares)		24,369
Exercise of stock options	1,302			1,302
Exercise of stock options (in shares)		157,206
Shares of common stock used to satisfy tax withholding obligations (in shares)			22,430
Shares of common stock used to satisfy tax withholding obligations	(1,129)		$ (1,129)
Other comprehensive income, net of tax	(1,507)				(1,507)
Net loss	(130,851)					(130,851)
Ending balance at Jun. 30, 2022	325,734	$ 5	$ (1,129)	752,041	(1,819)	(423,364)
Ending balance (in shares) at Jun. 30, 2022		49,458,602
Ending balance (in shares) at Jun. 30, 2022			22,430
Beginning balance at Mar. 31, 2022	376,804	$ 5	$ (906)	733,477	(1,458)	(354,314)
Beginning balance (in shares) at Mar. 31, 2022		49,423,827
Beginning balance (in shares) at Mar. 31, 2022			16,210
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	18,429			18,429
Forfeitures of restricted stock awards (in shares)		(4,143)
Restricted stock units vested (in shares)		24,369
Exercise of stock options	135			135
Exercise of stock options (in shares)		14,549
Shares of common stock used to satisfy tax withholding obligations (in shares)			6,220
Shares of common stock used to satisfy tax withholding obligations	(223)		$ (223)
Other comprehensive income, net of tax	(361)				(361)
Net loss	(69,050)					(69,050)
Ending balance at Jun. 30, 2022	325,734	$ 5	$ (1,129)	752,041	(1,819)	(423,364)
Ending balance (in shares) at Jun. 30, 2022		49,458,602
Ending balance (in shares) at Jun. 30, 2022			22,430
Beginning balance at Dec. 31, 2022	$ 558,192	$ 6	$ (1,341)	1,130,224	(767)	(569,930)
Beginning balance (in shares) at Dec. 31, 2022	62,423,129	62,453,328
Beginning balance (in shares) at Dec. 31, 2022	30,199		30,199
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	$ 46,369			46,369
Forfeitures of restricted stock awards (in shares)		(11,546)
Restricted stock units vested (in shares)		201,870
Exercise of stock options	93			93
Exercise of stock options (in shares)		35,413
Shares of common stock used to satisfy tax withholding obligations (in shares)			84,431
Shares of common stock used to satisfy tax withholding obligations	(2,283)		$ (2,283)
Other comprehensive income, net of tax	415				415
Net loss	(151,345)					(151,345)
Ending balance at Jun. 30, 2023	$ 451,441	$ 6	$ (3,624)	1,176,686	(352)	(721,275)
Ending balance (in shares) at Jun. 30, 2023	62,564,435	62,679,065
Ending balance (in shares) at Jun. 30, 2023	114,630		114,630
Beginning balance at Mar. 31, 2023	$ 506,924	$ 6	$ (3,272)	1,153,702	(162)	(643,350)
Beginning balance (in shares) at Mar. 31, 2023		62,623,777
Beginning balance (in shares) at Mar. 31, 2023			100,339
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	22,974			22,974
Forfeitures of restricted stock awards (in shares)		(10,507)
Restricted stock units vested (in shares)		61,295
Exercise of stock options	10			10
Exercise of stock options (in shares)		4,500
Shares of common stock used to satisfy tax withholding obligations (in shares)			14,291
Shares of common stock used to satisfy tax withholding obligations	(352)		$ (352)
Other comprehensive income, net of tax	(190)				(190)
Net loss	(77,925)					(77,925)
Ending balance at Jun. 30, 2023	$ 451,441	$ 6	$ (3,624)	$ 1,176,686	$ (352)	$ (721,275)
Ending balance (in shares) at Jun. 30, 2023	62,564,435	62,679,065
Ending balance (in shares) at Jun. 30, 2023	114,630		114,630

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net loss	$ (151,345)	$ (130,851)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	635	298
Non-cash operating lease expense	737	559
Stock compensation expense	46,369	35,523
Equity investment loss	2,179	724
Changes in operating assets and liabilities
Prepaid expenses and other current assets	354	1,951
Other assets	(208)	22
Accounts payable	(4,835)	(1,233)
Accrued expenses	(3,069)	5,438
Lease liability	(446)	(190)
Net cash used in operating activities	(109,629)	(87,759)
Investing activities
Capital expenditures	(6,065)	(4,912)
Equity investments	(2,800)	(4,200)
Purchases of marketable securities	(212,612)	(67,953)
Proceeds from sale and maturity of debt securities	380,837	130,246
Net cash provided by investing activities	159,360	53,181
Financing activities
Treasury stock	(2,283)	(1,129)
Proceeds from stock option exercises	93	1,302
Net cash (used in) provided by financing activities	(2,190)	173
Net increase (decrease) in cash and cash equivalents	47,541	(34,405)
Cash and cash equivalents including Restricted cash, beginning of period	68,068	104,526
Cash and cash equivalents including Restricted cash, end of period	115,609	70,121
Non-cash investing activities
Right-of-use assets obtained in exchange for operating lease obligations	$ 2,637	$ 5,580

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations SpringWorks Therapeutics, Inc., together with its wholly-owned subsidiaries, collectively, the Company, is a clinical-stage biopharmaceutical company applying a precision medicine approach to acquiring, developing and commercializing life-changing medicines for underserved patient populations suffering from devastating rare diseases and cancer. The Company has a differentiated portfolio of small molecule targeted oncology product candidates and is advancing programs in both rare tumor types as well as highly prevalent, genetically defined cancers. Two of the programs are late-stage clinical product candidates: nirogacestat and mirdametinib. In December 2022, the Company submitted a New Drug Application, or NDA, to the U.S. Food and Drug Administration, or FDA, for nirogacestat for the treatment of adults with desmoid tumors. In February 2023, the NDA filing was accepted by the FDA and granted priority review with an assigned Prescription Drug User Fee Act, or PDUFA, target action date of August 27, 2023. On June 2, 2023, the FDA notified the Company that it had updated the PDUFA action date for the NDA by the standard extension period of three months to allow more time to review additional analyses of previously submitted data that had been provided by the Company in response to the FDA's information requests. The updated PDUFA action date for the NDA is November 27, 2023. The Company has incurred losses and negative operating cash flows since inception and had an accumulated deficit of $721.3 million and $569.9 million, and working capital of $442.0 million and $548.7 million, as of June 30, 2023 and December 31, 2022, respectively. The Company is subject to those risks associated with any biopharmaceutical company that has substantial expenditures for development. There can be no assurance that the Company’s development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees, advisors, consultants and vendors.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission, or SEC, and should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 28, 2023. The condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development expenses and the valuation of stock-based compensation awards. Management bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. On an ongoing basis, management evaluates its estimates, and adjusts those estimates and assumptions when facts or circumstances change. Changes in estimates are recorded in the period in which they become known. Research and Development Expenses In accordance with ASC 730, “Research and Development”, expenditures for clinical development, including upfront licensing fees and milestone payments associated with products that have not yet been approved by the FDA, are charged to research and development expense as incurred. These expenses consist of expenses incurred in performing development activities, including salaries and benefits, stock-based compensation expense, preclinical expenses, clinical trial and related clinical manufacturing expenses, contract services and other outside expenses. Expenses incurred for certain research and development activities, including expenses associated with particular activities performed by contract research organizations, investigative sites in connection with clinical trials and contract manufacturing organizations, are recognized based on an evaluation of the progress or completion of specific tasks using either time-based measures or data such as information provided to the Company by its vendors on actual activities completed or costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of expense recognition. Expenses for research and development activities incurred that have yet to be invoiced by the vendors that perform the related activities are recorded as accrued research and development expenses. Advance payments for goods or services to be received in the future for research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed. Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements that had a material impact on the Company's financial statements, and no recently issued accounting pronouncements that are expected to have a material impact on the Company's financial statements.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities The following table summarizes the Company’s available-for-sale marketable securities as of June 30, 2023 and December 31, 2022: As of June 30, 2023 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Marketable securities: Short-term investments: U.S. government securities $ 255,980 $ — $ (305) $ 255,675 Corporate debt securities 26,712 — (50) 26,662 Commercial paper 79,369 — — 79,369 Total $ 362,061 $ — $ (355) $ 361,706 As of December 31, 2022 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Marketable securities: Short-term investments: U.S. government securities $ 232,229 $ — $ (690) $ 231,539 Non-U.S. government securities 9,388 — (31) 9,357 Corporate debt securities 45,710 — (44) 45,666 Commercial paper 238,160 — — 238,160 Long-term investments: Corporate debt securities 4,796 — (2) 4,794 Total $ 530,283 $ — $ (767) $ 529,516 The Company’s marketable securities are available-for-sale securities and consist of high-quality, highly liquid debt securities including corporate debt securities, U.S. government securities, non-U.S. government securities, and commercial paper. The Company’s securities classified as short-term marketable securities mature within one year or less of the balance sheet date. Marketable securities that mature greater than one year from the balance sheet date are classified as long-term. As of June 30, 2023, the Company did not hold any investments with maturity dates greater than five years. As of, and for, the three and six months ended June 30, 2023, the Company did not have any allowance for credit losses or impairments of its marketable securities.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The fair value of the Company’s financial assets measured on a recurring basis are classified based upon a fair value hierarchy consisting of the following three levels: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets, or liabilities. Level 2 — Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the instrument. Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The fair value hierarchy is based on inputs to valuation techniques used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. As of June 30, 2023 and December 31, 2022, the Company's financial assets and liabilities measured at fair value on a recurring basis consisted of the following: As of June 30, 2023 Fair Value Hierarchy (in thousands) Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 26,408 $ 26,408 $ — $ — U.S. government securities 14,965 14,965 — — Commercial paper 1,989 — 1,989 — Short-term investments: U.S. government securities 255,676 255,676 — — Corporate debt securities 26,662 — 26,662 — Commercial paper 79,369 — 79,369 — Total $ 405,069 $ 297,049 $ 108,020 $ — As of December 31, 2022 Fair Value Hierarchy (in thousands) Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 22,494 $ 22,494 $ — $ — Short-term investments: U.S. government securities 231,539 231,539 — — Non-U.S. government securities 9,357 — 9,357 — Corporate debt securities 45,666 — 45,666 — Commercial paper 238,160 — 238,160 — Long-term investments: Corporate debt securities 4,794 — 4,794 — Total $ 552,010 $ 254,033 $ 297,977 $ — As of June 30, 2023 and December 31, 2022, the Company’s financial assets measured at fair value on a recurring basis using a market approach included cash equivalents, which consist of money market funds, and marketable securities, which consist of high-quality, highly liquid available-for-sale debt securities including corporate debt securities, U.S. government securities, non-U.S. government securities, and commercial paper. The Company’s money market funds are readily convertible into cash and the net asset value of each fund on the last day of the quarter is used to determine fair value. The U.S. government securities are classified as Level 1 and valued utilizing quoted market prices. The Company’s corporate debt securities, non-U.S. government securities, and commercial paper are classified as Level 2 and valued utilizing various market and industry inputs. The Company considers all highly liquid instruments that have maturities of three months or less when acquired to be cash equivalents. The carrying amounts for cash equivalents, accounts payable, and accrued expenses approximate fair value due to their short-term maturities.

Collaboration, Licensing and Va

Collaboration, Licensing and Variable Interest Entities	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Collaboration, Licensing and Variable Interest Entities	Collaboration, Licensing and Variable Interest Entities MapKure In June 2019, the Company announced the formation of MapKure LLC, or MapKure, an entity jointly owned by the Company and BeiGene Ltd., or BeiGene. BeiGene licensed to MapKure exclusive rights to brimarafenib (BGB-3245), an investigational oral, small molecule selective inhibitor of specific BRAF driver mutations and genetic fusions. MapKure is advancing brimarafenib through clinical development for solid tumor patients harboring BRAF driver mutations and genetic fusions that were observed to be sensitive to the compound in preclinical studies. In addition to the Company’s equity ownership in MapKure, the Company maintains a member on each of MapKure’s joint steering committee and board of directors. The Company also contributes to clinical development and other operational activities for brimarafenib through a service agreement with MapKure. In conjunction with the formation of MapKure in June 2019, the Company purchased 3,500,000 Series A preferred units of MapKure, or a 25.0% ownership interest, for $3.5 million and in June 2020, the Company purchased an additional 3,500,000 Series A preferred units of MapKure for $3.5 million, increasing its ownership interest to 38.9%, as required by the terms of the Series A unit purchase agreement. In June 2022, the Company made an additional investment in MapKure and purchased 4,200,000 Series B preferred units of MapKure for $4.2 million, pursuant to the terms of a Series B preferred unit purchase agreement. In January 2023, pursuant to terms of the Series B preferred unit purchase agreement, the Company purchased an additional 2,800,000 Series B preferred units of MapKure for $2.8 million. As of June 30, 2023, the Company’s ownership interest in MapKure was 38.9%. The Company determined that MapKure is a variable interest entity. The Company is not the primary beneficiary, as the Company does not have the power to direct the activities that most significantly impact the economic performance of MapKure. Accordingly, the Company does not consolidate the financial statements of this entity and accounts for this investment using the equity method of accounting based on a one quarter lag. The Company recognized an equity loss of $0.9 million and $2.2 million for the three and six months ended June 30, 2023, respectively and $0.4 million and $0.7 million for the three and six months ended June 30, 2022, respectively. The Company’s ownership interest in MapKure is included in Equity method investments. The balance of the Company’s investment was $4.8 million as of June 30, 2023, representing the maximum exposure to loss as a result of the Company’s involvement with MapKure. GSK Expanded Non-exclusive License and Collaboration Agreement In September 2022, the Company announced an expansion of its ongoing, non-exclusive clinical collaboration with GSK plc, formerly GlaxoSmithKline plc, or GSK, which originally commenced in June 2019. The announcement coincided with the entry by the Company and GSK into an amended and restated collaboration and license agreement, or the GSK License Agreement, for the potential continued development and commercialization of nirogacestat in combination with either belantamab mafodotin (belamaf), GSK’s antibody-drug conjugate, or ADC, targeting B-cell maturation antigen, or BCMA, or any other cytotoxic ADC targeting BCMA derived from belantamab that is controlled by GSK, either alone as a combination therapy, or together with other pharmaceutical agents. Pursuant to the terms of the GSK License Agreement and concurrent with the execution of such agreement, the Company entered into a Stock Purchase Agreement with an affiliate of GSK, Glaxo Group Limited, or GGL, under which GGL purchased 2,050,819 shares of the Company’s Common Stock, par value $0.0001 per share, or Common Stock, in a private placement transaction for an aggregate purchase price of approximately $75.0 million, or $36.57 per share. The shares were sold at a 25% premium to the volume-weighted average share price of the Common Stock for a specified 30-day period prior to entering into the Stock Purchase Agreement. The fair value of the Common Stock based on the closing price of Common Stock on the day prior to the effective date of the Stock Purchase Agreement was $55.5 million and was recorded to equity. The $19.5 million of consideration received in excess of the fair value of the Common Stock represents consideration for the license for the potential

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consists of the following: June 30, December 31, (in thousands) 2023 2022 Accrued professional fees $ 1,747 $ 1,780 Accrued compensation and benefits 12,262 19,142 Accrued research and development 15,092 12,321 Accrued other 6,180 5,999 Total accrued expenses $ 35,281 $ 39,242

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company enters into contracts in the normal course of business for clinical trials, preclinical studies, manufacturing and other services and products for operating purposes. These contracts generally provide for termination following a certain period after notice and therefore the Company believes that non-cancelable obligations under these agreements are not material. Additionally, the Company has excluded milestone or royalty payments or other contractual payment obligations as the timing and amounts of such obligations are unknown or uncertain. Leases In October 2018, the Company entered into a lease for its corporate headquarters in Stamford, CT. In January 2022, the Company amended this lease agreement to extend the lease term through April 2028, with two five-year renewal options or one ten-year renewal option. Pursuant to the amendment, the Company is entitled to $0.5 million in tenant allowances, which may be used to offset certain future capital expenditures, and the lease payments increase by 2.5% each year commencing December 1, 2022. In March 2023, the Company entered into a five-year operating lease in Research Triangle Park in Durham, NC (the location of the Company’s discovery lab and translational operations), with two consecutive five-year renewal options. The lease payments increase by 3.0% in each of the subsequent four years of the five-year operating lease term. Rental payments under the renewal period will be at current market rates for the premises. In August 2018, the Company entered into a five-year operating lease in Durham, NC, for additional office space which houses various corporate functions including clinical development operations. In May 2023, the Company amended this lease agreement to extend the lease term through September 30, 2026, with two consecutive five-year renewal options. Pursuant to the amendment, the lease payments increase by 3.0% each year, commencing October 1, 2023. As of June 30, 2023, future lease payments under non-cancelable leases with terms greater than one year are as follows: (in thousands) Operating Leases 2023 $ 369 2024 1,946 2025 1,999 2026 2,002 2027 and thereafter 2,550 Total lease payments 8,866 Less: imputed interest (1,259) Present value of lease liabilities $ 7,607 Contingencies From time to time, the Company may be involved in disputes or regulatory inquiries that arise in the ordinary course of business. When the Company determines that a loss is both probable and reasonably estimable, a liability is recorded and disclosed if the amount is material to the financial statements taken as a whole. When a material loss contingency is only reasonably possible, the Company does not record a liability, but instead discloses the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can reasonably be made. As of June 30, 2023, there was no litigation or contingency with at least a reasonable possibility of a material loss.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 2019 Equity Incentive Plan The Company's 2019 Stock Option and Equity Incentive Plan, or 2019 Equity Incentive Plan, provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards and dividend equivalent rights to the Company’s officers, employees, directors and other key persons (including consultants). The number of shares available for issuance under the 2019 Equity Incentive Plan is cumulatively increased each January 1, through and including January 1, 2030, by 5% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or such lesser number of shares determined by the Company’s compensation committee. As of June 30, 2023, there were 2,643,308 shares available for issuance in connection with future awards under the 2019 Equity Incentive Plan. Stock-Based Awards During the six months ended June 30, 2023, the Company granted 2,716,124 stock option awards to its officers, employees and directors under the 2019 Equity Incentive Plan. During the six months ended June 30, 2023, the Company awarded 1,303,359 restricted stock units to its officers, employees and directors under the 2019 Equity Incentive Plan. During the six months ended June 30, 2023, 65,709 restricted stock awards previously issued to employees of the Company were released, 201,870 restricted stock units vested and 35,413 stock options were exercised. As of June 30, 2023, there were 5,509,226 stock options vested and exercisable. In June 2019, the Company’s Chief Executive Officer, or CEO, received an award of 176,411 stock options, or the 2019 CEO Performance Award. During the six months ended June 30, 2023, 11,025 options of the 2019 CEO Performance Award became exercisable upon the satisfaction of the market condition applicable to this award. Performance Stock Units On January 5, 2023, the CEO was granted a supplemental equity award consisting of performance-based restricted stock units, or a Performance Based RSU. The Performance-Based RSU covers a target of 284,362 shares common stock and vests over a four-year performance period subject but not limited to the achievement of certain regulatory milestones and the CEO’s continued service with the Company. In addition, the target number of shares of common stock covered is subject to modification (upwards or downwards) by up to 25% based upon the relative total shareholder return of the Company’s shares compared to the NASDAQ Biotech Index as of the end of the performance period. Stock-based compensation expense included in the condensed consolidated statements of operations for each of the periods presented is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Research and development $ 8,555 $ 8,044 $ 17,474 $ 15,116 General and administrative 14,419 10,385 28,895 20,407 Total stock-based compensation expense $ 22,974 $ 18,429 $ 46,369 $ 35,523 As of June 30, 2023, the unrecognized compensation expense related to unvested stock options, restricted stock units and restricted stock awards was $150.6 million, $41.1 million and $6.5 million, respectively, which is expected to be recognized over a weighted-average remaining period of approximately 2.71 years, 2.32 years and 1.04 years, respectively. As of June 30, 2023, the Company had 11,615,871 stock options outstanding, 1,731,646 unvested restricted stock units and 144,504 unvested restricted stock awards.

Net Loss per Share

Net Loss per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss per Share	Net Loss per Share Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share are the same. The table below provides potentially dilutive securities not included in the computation of the diluted net loss per share for the periods ended June 30, 2023 and June 30, 2022, because to do so would be anti-dilutive: As of June 30, 2023 2022 Common stock options issued and outstanding 11,615,871 7,981,939 Restricted stock units subject to future vesting 1,731,646 581,360 Restricted stock awards subject to future vesting 144,504 309,913 Total potentially dilutive securities 13,492,021 8,873,212

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe Company’s unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission, or SEC, and should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 28, 2023. The condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development expenses and the valuation of stock-based compensation awards. Management bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. On an ongoing basis, management evaluates its estimates, and adjusts those estimates and assumptions when facts or circumstances change. Changes in estimates are recorded in the period in which they become known.
Research and Development Expenses	Research and Development Expenses In accordance with ASC 730, “Research and Development”, expenditures for clinical development, including upfront licensing fees and milestone payments associated with products that have not yet been approved by the FDA, are charged to research and development expense as incurred. These expenses consist of expenses incurred in performing development activities, including salaries and benefits, stock-based compensation expense, preclinical expenses, clinical trial and related clinical manufacturing expenses, contract services and other outside expenses. Expenses incurred for certain research and development activities,
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements that had a material impact on the Company's financial statements, and no recently issued accounting pronouncements that are expected to have a material impact on the Company's financial statements.

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of available-for-sale marketable securities	The following table summarizes the Company’s available-for-sale marketable securities as of June 30, 2023 and December 31, 2022: As of June 30, 2023 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Marketable securities: Short-term investments: U.S. government securities $ 255,980 $ — $ (305) $ 255,675 Corporate debt securities 26,712 — (50) 26,662 Commercial paper 79,369 — — 79,369 Total $ 362,061 $ — $ (355) $ 361,706 As of December 31, 2022 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Marketable securities: Short-term investments: U.S. government securities $ 232,229 $ — $ (690) $ 231,539 Non-U.S. government securities 9,388 — (31) 9,357 Corporate debt securities 45,710 — (44) 45,666 Commercial paper 238,160 — — 238,160 Long-term investments: Corporate debt securities 4,796 — (2) 4,794 Total $ 530,283 $ — $ (767) $ 529,516

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of financial assets subject to fair value measurements	As of June 30, 2023 and December 31, 2022, the Company's financial assets and liabilities measured at fair value on a recurring basis consisted of the following: As of June 30, 2023 Fair Value Hierarchy (in thousands) Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 26,408 $ 26,408 $ — $ — U.S. government securities 14,965 14,965 — — Commercial paper 1,989 — 1,989 — Short-term investments: U.S. government securities 255,676 255,676 — — Corporate debt securities 26,662 — 26,662 — Commercial paper 79,369 — 79,369 — Total $ 405,069 $ 297,049 $ 108,020 $ — As of December 31, 2022 Fair Value Hierarchy (in thousands) Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 22,494 $ 22,494 $ — $ — Short-term investments: U.S. government securities 231,539 231,539 — — Non-U.S. government securities 9,357 — 9,357 — Corporate debt securities 45,666 — 45,666 — Commercial paper 238,160 — 238,160 — Long-term investments: Corporate debt securities 4,794 — 4,794 — Total $ 552,010 $ 254,033 $ 297,977 $ —

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of accrued expenses	Accrued expenses consists of the following: June 30, December 31, (in thousands) 2023 2022 Accrued professional fees $ 1,747 $ 1,780 Accrued compensation and benefits 12,262 19,142 Accrued research and development 15,092 12,321 Accrued other 6,180 5,999 Total accrued expenses $ 35,281 $ 39,242

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease obligations	As of June 30, 2023, future lease payments under non-cancelable leases with terms greater than one year are as follows: (in thousands) Operating Leases 2023 $ 369 2024 1,946 2025 1,999 2026 2,002 2027 and thereafter 2,550 Total lease payments 8,866 Less: imputed interest (1,259) Present value of lease liabilities $ 7,607

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of equity-based compensation expense related to restricted stock and stock options	Stock-based compensation expense included in the condensed consolidated statements of operations for each of the periods presented is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Research and development $ 8,555 $ 8,044 $ 17,474 $ 15,116 General and administrative 14,419 10,385 28,895 20,407 Total stock-based compensation expense $ 22,974 $ 18,429 $ 46,369 $ 35,523

Net Loss per Share (Tables)

Net Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of potential common shares not included in the calculation of the diluted net loss per share	The table below provides potentially dilutive securities not included in the computation of the diluted net loss per share for the periods ended June 30, 2023 and June 30, 2022, because to do so would be anti-dilutive: As of June 30, 2023 2022 Common stock options issued and outstanding 11,615,871 7,981,939 Restricted stock units subject to future vesting 1,731,646 581,360 Restricted stock awards subject to future vesting 144,504 309,913 Total potentially dilutive securities 13,492,021 8,873,212

Nature of Operations (Details)

Nature of Operations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 721,275	$ 569,930
Working capital	442,000	548,700
Cash, cash equivalents and marketable securities	$ 476,700	$ 597,000

Marketable Securities (Details)

Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Marketable securities:
Amortized Cost	$ 362,061	$ 530,283
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(355)	(767)
Estimated Fair Value	361,706	529,516
U.S. government securities
Marketable securities:
Amortized Cost	255,980	232,229
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(305)	(690)
Estimated Fair Value	255,675	231,539
Non-U.S. government securities
Marketable securities:
Amortized Cost		9,388
Gross Unrealized Gains		0
Gross Unrealized Losses		(31)
Estimated Fair Value		9,357
Commercial paper
Marketable securities:
Amortized Cost	79,369	238,160
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	79,369	238,160
Short-term investments: | Corporate debt securities
Marketable securities:
Amortized Cost	26,712	45,710
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(50)	(44)
Estimated Fair Value	$ 26,662	45,666
Long-term investments: | Corporate debt securities
Marketable securities:
Amortized Cost		4,796
Gross Unrealized Gains		0
Gross Unrealized Losses		(2)
Estimated Fair Value		$ 4,794

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Measurements
Total financial assets	$ 405,069	$ 552,010
U.S. government securities
Fair Value Measurements
Short-term investments	255,676	231,539
Non-U.S. government securities
Fair Value Measurements
Short-term investments		9,357
Corporate debt securities
Fair Value Measurements
Short-term investments	26,662	45,666
Long term investments		4,794
Commercial paper
Fair Value Measurements
Short-term investments	79,369	238,160
Money market funds
Fair Value Measurements
Cash equivalents	26,408	22,494
U.S. government securities
Fair Value Measurements
Cash equivalents	14,965
Commercial paper
Fair Value Measurements
Cash equivalents	1,989
Level 1
Fair Value Measurements
Total financial assets	297,049	254,033
Level 1 | U.S. government securities
Fair Value Measurements
Short-term investments	255,676	231,539
Level 1 | Non-U.S. government securities
Fair Value Measurements
Short-term investments		0
Level 1 | Corporate debt securities
Fair Value Measurements
Short-term investments	0	0
Long term investments		0
Level 1 | Commercial paper
Fair Value Measurements
Short-term investments	0	0
Level 1 | Money market funds
Fair Value Measurements
Cash equivalents	26,408	22,494
Level 1 | U.S. government securities
Fair Value Measurements
Cash equivalents	14,965
Level 1 | Commercial paper
Fair Value Measurements
Cash equivalents	0
Level 2
Fair Value Measurements
Total financial assets	108,020	297,977
Level 2 | U.S. government securities
Fair Value Measurements
Short-term investments	0	0
Level 2 | Non-U.S. government securities
Fair Value Measurements
Short-term investments		9,357
Level 2 | Corporate debt securities
Fair Value Measurements
Short-term investments	26,662	45,666
Long term investments		4,794
Level 2 | Commercial paper
Fair Value Measurements
Short-term investments	79,369	238,160
Level 2 | Money market funds
Fair Value Measurements
Cash equivalents	0	0
Level 2 | U.S. government securities
Fair Value Measurements
Cash equivalents	0
Level 2 | Commercial paper
Fair Value Measurements
Cash equivalents	1,989
Level 3
Fair Value Measurements
Total financial assets	0	0
Level 3 | U.S. government securities
Fair Value Measurements
Short-term investments	0	0
Level 3 | Non-U.S. government securities
Fair Value Measurements
Short-term investments		0
Level 3 | Corporate debt securities
Fair Value Measurements
Short-term investments	0	0
Long term investments		0
Level 3 | Commercial paper
Fair Value Measurements
Short-term investments	0	0
Level 3 | Money market funds
Fair Value Measurements
Cash equivalents	0	$ 0
Level 3 | U.S. government securities
Fair Value Measurements
Cash equivalents	0
Level 3 | Commercial paper
Fair Value Measurements
Cash equivalents	$ 0

Collaboration, Licensing and _2

Collaboration, Licensing and Variable Interest Entities (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended		6 Months Ended
	Jan. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2019	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2020	Dec. 31, 2022
Schedule of Equity Method Investments
Equity investment					$ 4,814		$ 4,814			$ 4,193
Additional investment							2,800	$ 4,200
Equity investment loss					$ 901	$ 387	$ 2,179	724
Common stock, par value (usd per share)					$ 0.0001		$ 0.0001			$ 0.0001
Common stock issued					$ 6		$ 6			$ 6
GSK | Private Placement
Schedule of Equity Method Investments
Sale of stock (in shares)		2,050,819
Common stock, par value (usd per share)		$ 0.0001
Sale of stock, consideration received on transaction		$ 75,000
Sale of stock, price per share (usd per share)		$ 36.57
Premium rate paid on weighted average share price (percent)		25%
Premium term		30 days
Common stock issued		$ 55,500
Other liabilities		$ 19,500
MapKure
Schedule of Equity Method Investments
Equity investment					4,800		4,800
Equity investment loss					$ 900	$ (400)	$ 2,200	$ (700)
Series B Preferred Stock | MapKure
Schedule of Equity Method Investments
Shares acquired (in shares)			4,200,000
Additional investment			$ 4,200
Purchase obligation (in shares)	2,800,000
Unfunded obligation	$ 2,800
Series A Preferred units | MapKure
Schedule of Equity Method Investments
Shares acquired (in shares)				3,500,000					3,500,000
Equity investment				$ 3,500					$ 3,500
Ownership interest (in percent)				25%					38.90%

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued professional fees	$ 1,747	$ 1,780
Accrued compensation and benefits	12,262	19,142
Accrued research and development	15,092	12,321
Accrued other	6,180	5,999
Total accrued expenses	$ 35,281	$ 39,242

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	1 Months Ended	6 Months Ended
	Mar. 31, 2023 option	Jun. 30, 2023 USD ($)	May 31, 2023 option	Jan. 31, 2022 USD ($) option	Aug. 31, 2018
Loss Contingencies [Line Items]
Litigation or contingency expense | $		$ 0
Stamford, CT
Loss Contingencies [Line Items]
Tenant allowance | $				$ 500,000
Annual increase in lease payments (as a percent)				0.025
Research Triangle Park
Loss Contingencies [Line Items]
Number of renewal options	2
Renewal term (in years)	5 years
Term of contract	5 years
Research Triangle Park | Minimum
Loss Contingencies [Line Items]
Number of years the lease payments will increase	4 years
Research Triangle Park | Maximum
Loss Contingencies [Line Items]
Number of years the lease payments will increase	5 years
Durham, NC
Loss Contingencies [Line Items]
Number of renewal options			2
Renewal term (in years)			5 years
Annual increase in lease payments (as a percent)	0.030		0.030
Term of contract					5 years
Option One | Stamford, CT
Loss Contingencies [Line Items]
Number of renewal options				2
Renewal term (in years)				5 years
Option Two | Stamford, CT
Loss Contingencies [Line Items]
Number of renewal options				1
Renewal term (in years)				10 years

Commitments and Contingencies_2

Commitments and Contingencies - Maturities of operating lease liabilities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Operating Leases
2023	$ 369
2024	1,946
2025	1,999
2026	2,002
2027 and thereafter	2,550
Total lease payments	8,866
Less: imputed interest	(1,259)
Present value of lease liabilities	$ 7,607

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	6 Months Ended	12 Months Ended
	Jan. 05, 2023	Jun. 30, 2019	Jun. 30, 2023	Dec. 31, 2020
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares vested (in shares)			201,870
Award vesting rights (percent)	25%
CEO | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	284,362
Vesting period (in years)	4 years
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of annual increase in the shares				5%
Shares available for future issuance (in shares)			2,643,308
2019 Equity Incentive Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation expense related to restricted stock awards			$ 41.1
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period (in years)			2 years 3 months 25 days
Unvested restricted stock award outstanding (in shares)			1,731,646,000,000
2019 Equity Incentive Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Exercise of stock options (in shares)			35,413
Stock options vested and exercisable (in shares)			5,509,226
Unrecognized compensation expense related to unvested stock options			$ 150.6
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period (in years)			2 years 8 months 15 days
Stock options outstanding (in shares)			11,615,871
2019 Equity Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation expense related to restricted stock awards			$ 6.5
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period (in years)			1 year 14 days
Unvested restricted stock award outstanding (in shares)			144,504
2019 Equity Incentive Plan | Restricted Stock | Employees
Share-based Compensation Arrangement by Share-based Payment Award
Shares vested (in shares)			65,709
2019 Equity Incentive Plan | Executive Officers and Employees | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares vested (in shares)			1,303,359
2019 Equity Incentive Plan | Executive Officers and Employees | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)			2,716,124
CEO Performance Award | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Stock options vested and exercisable (in shares)			11,025
CEO Performance Award | CEO | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)		176,411

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity-based compensation expense related to restricted stock and stock options (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 22,974	$ 18,429	$ 46,369	$ 35,523
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	8,555	8,044	17,474	15,116
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 14,419	$ 10,385	$ 28,895	$ 20,407

Net Loss per Share (Details)

Net Loss per Share (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	13,492,021	8,873,212
Common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	11,615,871	7,981,939
Restricted stock units subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	1,731,646	581,360
Restricted stock awards subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	144,504	309,913