Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 09, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-39370 | |
Entity Registrant Name | Nkarta, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-4515206 | |
Entity Address, Address Line One | 6000 Shoreline Court | |
Entity Address, Address Line Two | Suite 102 | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 415 | |
Local Phone Number | 582-4923 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | NKTX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 32,906,550 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001787400 |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 24,421 | $ 96,692 |
Short-term investments, available-for-sale | 255,382 | 218,221 |
Prepaid expenses and other current assets | 4,132 | 3,922 |
Total current assets | 283,935 | 318,835 |
Restricted cash | 452 | 413 |
Property and equipment, net | 11,350 | 9,350 |
Operating lease right-of-use assets | 12,050 | 8,505 |
Other long-term assets | 1,324 | 547 |
Total assets | 309,111 | 337,650 |
Current liabilities | ||
Accounts payable | 2,161 | 1,176 |
Operating lease liabilities, current portion | 2,287 | 1,402 |
Accrued and other current liabilities | 5,808 | 6,253 |
Total current liabilities | 10,256 | 8,831 |
Operating lease liabilities, net of current portion | 10,408 | 7,517 |
Other long-term liabilities | 65 | 82 |
Total liabilities | 20,729 | 16,430 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity | ||
Preferred stock | ||
Common stock | 3 | 3 |
Additional paid-in capital | 447,302 | 439,235 |
Accumulated other comprehensive income | 6 | 3 |
Accumulated deficit | (158,929) | (118,021) |
Total stockholders’ equity | 288,382 | 321,220 |
Total liabilities and stockholders’ equity | $ 309,111 | $ 337,650 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses | ||||
Research and development | $ 15,957 | $ 7,862 | $ 29,496 | $ 15,122 |
General and administrative | 5,677 | 2,493 | 11,618 | 4,642 |
Total operating expenses | 21,634 | 10,355 | 41,114 | 19,764 |
Loss from operations | (21,634) | (10,355) | (41,114) | (19,764) |
Other income (expense), net: | ||||
Change in fair value of preferred stock purchase right liability | (40,741) | (40,163) | ||
Interest income | 104 | 27 | 214 | 152 |
Other income (expense), net | (5) | 4 | (8) | 4 |
Total other income (expense), net | 99 | (40,710) | 206 | (40,007) |
Net loss | (21,535) | (51,065) | (40,908) | (59,771) |
Comprehensive loss: | ||||
Net loss | (21,535) | (51,065) | (40,908) | (59,771) |
Other comprehensive gain (loss) | (28) | 4 | 3 | 3 |
Comprehensive loss | $ (21,563) | $ (51,061) | $ (40,905) | $ (59,768) |
Net loss per share, basic and diluted | $ (0.66) | $ (30.06) | $ (1.25) | $ (36.13) |
Weighted average shares used to compute net loss per share, basic and diluted | 32,827,365 | 1,698,560 | 32,783,730 | 1,654,304 |
CONDENSED STATEMENTS OF CONVERT
CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Income) Loss | Accumulated Deficit | Convertible Preferred Stock |
Beginning Balance at Dec. 31, 2019 | $ (25,482) | $ 1 | $ 1,179 | $ (2) | $ (26,660) | |
Temporary Equity, Beginning Balance, Shares at Dec. 31, 2019 | 27,283,973 | |||||
Temporary Equity, Beginning Balance at Dec. 31, 2019 | $ 59,815 | |||||
Beginning Balance, Shares at Dec. 31, 2019 | 1,600,601 | |||||
Vesting of shares of common stock subject to repurchase | 14 | 14 | ||||
Vesting of shares of common stock subject to repurchase, Shares | 17,494 | |||||
Issuance of common stock upon exercise of stock option, net of repurchase | 1 | 1 | ||||
Issuance of common stock upon exercise of stock option, net of repurchase, Shares | 2,871 | |||||
Share-based compensation expense | 482 | 482 | ||||
Unrealized gain (loss) on short-term investments | (1) | (1) | ||||
Net loss | (8,706) | (8,706) | ||||
Ending Balance at Mar. 31, 2020 | (33,692) | $ 1 | 1,676 | (3) | (35,366) | |
Temporary Equity, Ending Balance, Shares at Mar. 31, 2020 | 27,283,973 | |||||
Temporary Equity, Ending Balance at Mar. 31, 2020 | $ 59,815 | |||||
Ending Balance, Shares at Mar. 31, 2020 | 1,620,966 | |||||
Beginning Balance at Dec. 31, 2019 | (25,482) | $ 1 | 1,179 | (2) | (26,660) | |
Temporary Equity, Beginning Balance, Shares at Dec. 31, 2019 | 27,283,973 | |||||
Temporary Equity, Beginning Balance at Dec. 31, 2019 | $ 59,815 | |||||
Beginning Balance, Shares at Dec. 31, 2019 | 1,600,601 | |||||
Net loss | (59,771) | |||||
Ending Balance at Jun. 30, 2020 | (83,890) | $ 1 | 2,539 | 1 | (86,431) | |
Temporary Equity, Ending Balance, Shares at Jun. 30, 2020 | 27,283,973 | |||||
Temporary Equity, Ending Balance at Jun. 30, 2020 | $ 59,815 | |||||
Ending Balance, Shares at Jun. 30, 2020 | 1,750,501 | |||||
Beginning Balance at Mar. 31, 2020 | (33,692) | $ 1 | 1,676 | (3) | (35,366) | |
Temporary Equity, Beginning Balance, Shares at Mar. 31, 2020 | 27,283,973 | |||||
Temporary Equity, Beginning Balance at Mar. 31, 2020 | $ 59,815 | |||||
Beginning Balance, Shares at Mar. 31, 2020 | 1,620,966 | |||||
Vesting of shares of common stock subject to repurchase | 12 | 12 | ||||
Vesting of shares of common stock subject to repurchase, Shares | 19,110 | |||||
Issuance of common stock upon exercise of stock option, net of repurchase | 285 | 285 | ||||
Issuance of common stock upon exercise of stock option, net of repurchase, Shares | 110,425 | |||||
Share-based compensation expense | 566 | 566 | ||||
Unrealized gain (loss) on short-term investments | 4 | 4 | ||||
Net loss | (51,065) | (51,065) | ||||
Ending Balance at Jun. 30, 2020 | (83,890) | $ 1 | 2,539 | 1 | (86,431) | |
Temporary Equity, Ending Balance, Shares at Jun. 30, 2020 | 27,283,973 | |||||
Temporary Equity, Ending Balance at Jun. 30, 2020 | $ 59,815 | |||||
Ending Balance, Shares at Jun. 30, 2020 | 1,750,501 | |||||
Beginning Balance at Dec. 31, 2020 | 321,220 | $ 3 | 439,235 | 3 | (118,021) | |
Beginning Balance, Shares at Dec. 31, 2020 | 32,627,963 | |||||
Vesting of shares of common stock subject to repurchase | 9 | 9 | ||||
Vesting of shares of common stock subject to repurchase, Shares | 15,802 | |||||
Issuance of common stock upon exercise of stock option, net of repurchase | 756 | 756 | ||||
Issuance of common stock upon exercise of stock option, net of repurchase, Shares | 154,489 | |||||
Share-based compensation expense | 3,347 | 3,347 | ||||
Unrealized gain (loss) on short-term investments | 31 | 31 | ||||
Net loss | (19,373) | (19,373) | ||||
Ending Balance at Mar. 31, 2021 | 305,990 | $ 3 | 443,347 | 34 | (137,394) | |
Ending Balance, Shares at Mar. 31, 2021 | 32,798,254 | |||||
Beginning Balance at Dec. 31, 2020 | $ 321,220 | $ 3 | 439,235 | 3 | (118,021) | |
Beginning Balance, Shares at Dec. 31, 2020 | 32,627,963 | |||||
Issuance of common stock upon exercise of stock option, net of repurchase, Shares | 194,354 | |||||
Net loss | $ (40,908) | |||||
Ending Balance at Jun. 30, 2021 | 288,382 | $ 3 | 447,302 | 6 | (158,929) | |
Ending Balance, Shares at Jun. 30, 2021 | 32,852,861 | |||||
Beginning Balance at Mar. 31, 2021 | 305,990 | $ 3 | 443,347 | 34 | (137,394) | |
Beginning Balance, Shares at Mar. 31, 2021 | 32,798,254 | |||||
Vesting of shares of common stock subject to repurchase | 9 | 9 | ||||
Vesting of shares of common stock subject to repurchase, Shares | 15,575 | |||||
Issuance of common stock upon exercise of stock option, net of repurchase | 256 | 256 | ||||
Issuance of common stock upon exercise of stock option, net of repurchase, Shares | 39,032 | |||||
Share-based compensation expense | 3,690 | 3,690 | ||||
Unrealized gain (loss) on short-term investments | (28) | (28) | ||||
Net loss | (21,535) | (21,535) | ||||
Ending Balance at Jun. 30, 2021 | $ 288,382 | $ 3 | $ 447,302 | $ 6 | $ (158,929) | |
Ending Balance, Shares at Jun. 30, 2021 | 32,852,861 |
CONDENSED STATEMENT OF CASH FLO
CONDENSED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | |||
Net loss | $ (40,908) | $ (59,771) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Share-based compensation expense | 7,037 | 1,048 | |
Depreciation and amortization | 667 | 281 | |
Accretion and amortization of premiums and discounts on investments, net | 1,576 | (32) | |
Non-cash lease expense | 231 | 178 | |
Change in fair value of preferred stock purchase right liability | $ 40,741 | 40,163 | |
Changes in operating assets and liabilities: | |||
Prepaid expenses and other assets | (987) | (368) | |
Accounts payable and accrued and other liabilities | 285 | (27) | |
Net cash used in operating activities | (32,099) | (18,528) | |
Cash flows from investing activities | |||
Purchases of property and equipment | (2,411) | (4,812) | |
Purchases of short-term investments | (86,234) | (3,577) | |
Maturities of short-term investments | 47,500 | 16,100 | |
Net cash provided by (used in) investing activities | (41,145) | 7,711 | |
Cash flows from financing activities | |||
Proceeds from stock option exercises | 1,012 | 287 | |
Proceeds from early exercise of stock options | 12 | ||
Liability to related party | 10,245 | ||
Payments of deferred offering costs | (2,440) | ||
Net cash provided by financing activities | 1,012 | 8,104 | |
Net decrease in cash and cash equivalents | (72,232) | (2,713) | |
Cash, cash equivalents, and restricted cash beginning of period | 97,105 | 20,875 | |
Cash, cash equivalents, and restricted cash end of period | 18,162 | 24,873 | 18,162 |
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet: | |||
Cash and cash equivalents | 17,749 | 24,421 | 17,749 |
Restricted cash | 413 | 452 | 413 |
Total cash, cash equivalents and restricted cash | $ 18,162 | $ 24,873 | $ 18,162 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Description of the Business Nkarta, Inc. (“Nkarta” or the “Company”) was incorporated in the State of Delaware in July 2015. The Company is a biopharmaceutical company developing engineered natural killer (“NK”) cells to treat cancer. The Company is focused on leveraging the natural potent power of NK cells to identify and kill abnormal cells and recruit adaptive immune effectors to generate responses that are specific and durable. Nkarta is combining its NK expansion platform technology with proprietary cell engineering technologies to generate an abundant supply of NK cells, engineer enhanced NK cell recognition of tumor targets, and improve persistence for sustained activity in the body for the treatment of cancer. Nkarta’s goal is to develop off-the-shelf NK cell therapy product candidates to improve outcomes for patients. The Company’s operations are based in South San Francisco, California and it operates in one segment. Liquidity and Management Plans The accompanying unaudited condensed financial statements have been prepared assuming that the Company will continue as a going concern. However, since inception, he Company has devoted substantially all of its efforts to organizing and staffing, business planning, raising capital, conducting preclinical studies and initiating clinical studies, and has not realized substantial revenues from its planned principal operations. In addition, the Company has a limited operating history, has incurred operating losses since inception and expects that it will continue to incur net losses into the foreseeable future as it continues its research and development activities. As of June 30, 2021, the Company had an accumulated deficit of $158.9 million and cash, cash equivalents, restricted cash and short-term investments of $280.3 million. Management plans to continue to incur substantial costs in order to conduct research and development activities and additional capital will be needed The Company intends to raise such capital through d ebt or equity financings or other arrangements to fund operations |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 have been prepared in accordance with U.S. generally accepted accounting principle (“U.S. GAAP”) for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results expected for the full year or any subsequent interim period. The condensed balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2020, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed by the Company with the Securities and Exchange Commission (the “SEC”) on March 25, 2021. COVID-19 Pandemic The COVID-19 pandemic has caused disruptions in the global economy and has affected and may continue to affect the Company’s business and operations. The extent of the impact of the COVID-19 pandemic on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, the development and spread of more contagious and/or vaccine-resistant variants, the effectiveness of actions taken in the United States and other countries to contain, vaccinate against, and treat the disease, and its impact on the Company’s current and planned preclinical studies and clinical trials, employees and vendors, all of which are uncertain and cannot be predicted. The extent to which the COVID-19 pandemic may impact the Company’s financial condition or results of operations is uncertain. In response to the pandemic, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law on March 27, 2020. The CARES Act, among other things, includes tax provisions relating to refundable payroll tax credits, deferment of employer’s social security payments, net operating loss utilization and carryback periods, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The CARES Act had no impact on the Company’s income tax provision for the year ended December 31, 2020. The Company continues to evaluate the impact of the CARES Act on its financial position, results of operations and cash flows. The Company currently does not expect to apply for loans or grants under the CARES Act. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to preclinical studies, fair value of assets and liabilities, share-based compensation and income taxes. Management bases its estimates on historical experience, knowledge of current events and actions it may undertake in the future that management believes to be reasonable under the circumstances. Actual results may differ from these estimates and assumptions. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss by the sum of the weighted average number of common shares plus the potential dilutive effects of potential dilutive securities outstanding during the period. Potential dilutive securities are excluded from diluted earnings or loss per share if the effect of such inclusion is antidilutive. The Company’s potentially dilutive securities, which include convertible preferred stock prior to the conversion of such shares to common stock, unvested common stock, and outstanding stock options under the Company’s equity incentive plan, have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. Recent Accounting Pronouncements Income Taxes. In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12—Income Taxes (Topic 740): which simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Topic 740 related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates. This standard is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted this standard in the first quarter of 2021 using the prospective method, and the adoption did not have a material impact on the Company’s financial statements. There were no other significant updates to the recently issued accounting standards other than as disclosed herewith for the six months ended June 30, 2021. Although there are several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 3. Net Loss Per Share The following tables summarize the computation of the basic and diluted net loss per share (in thousands except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (21,535 ) $ (51,065 ) $ (40,908 ) $ (59,771 ) Denominator: Weighted average common shares outstanding 32,879,406 1,815,833 32,843,343 1,775,961 Less: weighted average unvested common stock issued upon early exercise of common stock options (52,041 ) (117,273 ) (59,613 ) (121,657 ) Weighted average shares used to compute net loss per share, basic and diluted 32,827,365 1,698,560 32,783,730 1,654,304 Net loss per share, basic and diluted $ (0.66 ) $ (30.06 ) $ (1.25 ) $ (36.13 ) The following table summarizes the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their inclusion would be anti-dilutive: As of June 30, 2021 2020 Common stock options 4,293,442 2,424,747 Unvested common stock upon early exercise of common stock options 46,849 124,888 Convertible preferred stock — 7,374,034 4,340,291 9,923,669 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 4. Fair Value of Financial Instruments The following tables summarize the fair value of the Company’s financial instruments (in thousands): Fair Value Measurements Using June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds $ 21,331 $ 21,331 $ — $ — Short-term investments: Corporate debt securities $ 89,989 $ — $ 89,989 — Commercial paper 44,981 — 44,981 — U.S. Government securities 120,412 — 120,412 — Total short-term investments 255,382 — 255,382 — Total $ 276,713 $ 21,331 $ 255,382 $ — Fair Value Measurements Using December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds $ 94,631 $ 94,631 $ — $ — Short-term investments: Corporate debt securities $ 48,614 $ — $ 48,614 — Commercial paper 63,445 — 63,445 — U.S. Government securities 106,162 — 106,162 — Total short-term investments 218,221 — 218,221 — Total $ 312,852 $ 94,631 $ 218,221 $ — Cash Equivalents and Short-Term Investments Financial assets measured at fair value on a recurring basis consist of the Company’s cash equivalents and short-term investments. Cash equivalents consisted of money market funds and short-term investments consisted of commercial paper, U.S. Government securities and corporate bonds. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers. Investments are classified as Level 1 within the fair value hierarchy if their quoted prices are available in active markets for identical securities. Investments in money market funds of $21.3 million and $94.6 million as of June 30, 2021 and December 31, 2020, respectively, were classified as Level 1 instruments and were included in cash and cash equivalents. Investments in marketable securities are valued using Level 2 inputs. Level 2 securities are initially valued at the transaction price and subsequently valued and reported upon utilizing inputs other than quoted prices that are observable either directly or indirectly, such as quotes from third-party pricing vendors. Fair values determined by Level 2 inputs, which utilize data points that are observable such as quoted prices, interest rates and yield curves, require the exercise of judgment and use of estimates, that if changed, could significantly affect the Company’s financial position and results of operations. The marketable securities of $255.4 million and $218.2 million as of June 30, 2021 and December 31, 2020, respectively, were classified as Level 2 instruments and were included in short-term investments. Accrued interest receivable related to short-term investments was $1.4 million and $1.1 million as of June 30, 2021 and December 31, 2020, respectively, and included as part of prepaid expenses and other current assets in the condensed balance sheets. The following tables summarize the Company’s short-term investments accounted for as available-for-sale securities as of June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 Maturity (in years) Amortized Cost Unrealized Losses Unrealized Gains Estimated Fair Value Corporate debt securities 1 year or less $ 90,000 $ (14 ) $ 3 $ 89,989 Commercial paper 1 year or less 44,981 — — 44,981 U.S. Government securities 1 year or less 120,395 17 120,412 Total $ 255,376 $ (14 ) $ 20 $ 255,382 December 31, 2020 Maturity (in years) Amortized Cost Unrealized Losses Unrealized Gains Estimated Fair Value Corporate debt securities 1 year or less $ 48,616 $ (6 ) $ 4 $ 48,614 Commercial paper 1 year or less 63,445 — — 63,445 U.S. Government securities 1 year or less 106,157 (7 ) 12 $ 106,162 Total $ 218,218 $ (13 ) $ 16 $ 218,221 The Company has classified all of its available-for-sale investment securities as current assets on the condensed balance sheets based on the highly liquid nature of these investment securities and because these investment securities are considered available for use in current operations. The Company considers whether unrealized losses have resulted from a credit loss or other factors. The unrealized losses on the Company’s available-for-sale securities as of June 30, 2021 and December 31, 2020 were caused by fluctuations in market value and interest rates as a result of the economic environment and not credit risk. The Company concluded that an allowance for credit losses was unnecessary as of June 30, 2021 and that there were no impairments as of December 31, 2020. It is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery of their cost basis or recovery of fair value. Unrealized gains and losses are included in accumulated other comprehensive income There was no realized gain or loss on available-for-sale securities in the periods presented. The Company uses the specific identification method to determine the cost basis of investments sold. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets are comprised of the following (in thousands): June 30, 2021 December 31, 2020 Prepaid expenses $ 2,420 $ 2,586 Other current assets 1,712 1,336 Total prepaid expenses and other current assets $ 4,132 $ 3,922 Property and Equipment, Net Property and equipment, net is comprised of the following (in thousands): June 30, 2021 December 31, 2020 Leasehold improvements $ 3,413 $ 1,984 Furniture and fixtures 523 322 Research equipment 8,051 4,892 Computers and software 124 124 Construction in progress 1,337 3,459 Total property and equipment 13,448 10,781 Less accumulated depreciation and amortization (2,098 ) (1,431 ) Total property and equipment, net $ 11,350 $ 9,350 Depreciation and amortization expense were $0.4 million and $0.7 million for the three and six months ended June 30, 2021, respectively, and $0.1 million and $0.3 million for the three and six months ended June 30, 2020, respectively. Accrued and Other Current Liabilities Accrued other current liabilities are comprised of the following (in thousands): June 30, 2021 December 31, 2020 Accrued compensation $ 3,422 $ 3,534 Accrued research and development costs 1,297 1,675 Accrued property and equipment 156 117 Other accrued and current liabilities 933 927 Total accrued and other liabilities $ 5,808 $ 6,253 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | 6. Leases The Company has operating leases for its corporate office, laboratory space, manufacturing facility, and dedicated space in a vivarium in South San Francisco, California. Rent expense, which is recognized on a straight-line basis over the term of each lease, was $0.7 million and $1.2 million for the three and six months ended June 30, 2021, respectively, and $0.5 million and $0.9 million for the three and six months ended June 30, 2020, respectively. The total cash paid for operating leases included in the operating cash flows was $0.6 million and $1.0 million for the three and six months ended June 30, 2021, respectively, and $0.4 million and $0.8 million for the three and six months ended June 20, 2020, respectively. The weighted-average remaining lease term was 7.2 years for the corporate office and laboratory space leases as of June 30, 2021. The weighted-average discount rate was 9.2% as of June 30, 2021. In May 2020, the Company signed an amendment to its office and laboratory facilities lease. The amended lease provides for an eight-year seven-year In January 2021, the Company signed a third amendment to its corporate office and laboratory facilities lease which provides for lease of additional space in the same building. The lease of this additional space commenced in April 2021 and expires in March 2024. The other terms of the existing lease remain unchanged. In July 2021, the Company entered into a new lease for corporate office, manufacturing and laboratory space located in South San Francisco, California. See Note 11, “Subsequent Events” for additional information. Maturities of operating lease liabilities under existing operating leases as of June 30, 2021 were as follows (in thousands): Year ending December 31, Amount 2021 (remaining six months) $ 1,201 2022 2,288 2023 2,285 2024 2,184 2025 2,200 2026 and thereafter 7,322 Total future minimum lease payments 17,480 Less imputed interest (4,785 ) Present value of net minimum lease payments $ 12,695 Operating lease liabilities: Current 2,287 Non-current 10,408 Total lease liability $ 12,695 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments & Contingencies Guarantee Agreement The Company has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that limits its exposure and enables the Company to recover a portion of any future amounts under certain circumstances and subject to deductibles and exclusions. The Company had no liabilities recorded for these agreements as of June 30, 2021 and December 31, 2020. Letters of Credit As of June 30, 2021, the Company has a $0.5 million letter of credit agreement with a financial institution that is used as collateral for the Company’s corporate headquarters’ operating lease. The letter of credit automatically renews annually without amendment unless cancelled by the financial institutions within 30 days of the annual expiration date. |
CRISPR Collaboration Agreement
CRISPR Collaboration Agreement | 6 Months Ended |
Jun. 30, 2021 | |
Collaboration Agreement [Abstract] | |
CRISPR Collaboration Agreement | 8. CRISPR Collaboration Agreement On May 5, 2021, the Company entered into a research collaboration agreement (the “CRISPR Agreement”) with CRISPR Therapeutics (“CRISPR”) to co-develop and co-commercialize an engineered CAR-NK product candidate targeting the CD70 tumor antigen and a second novel NK plus T cell (“NK+T”) product candidate. In addition, the Company will receive a license from CRISPR for up to five CRISPR-Cas9 gene editing targets that can be engineered into an unlimited number of its own NK cell products. CRISPR also has an option to co-develop and co-commercialize a future CAR-NK program. Under the terms of the CRISPR Agreement, the Company and CRISPR share equally all research and development costs and potential profits worldwide related to the CD70 CAR-NK product candidate, NK+T product candidate, and the potential future CAR-NK program (collectively, “Collaboration Products”). For the NK+T program, CRISPR is responsible for gene-editing activities and T cell related activities, and Nkarta is responsible for NK cell related activities. There were an insignificant amount of costs incurred pursuant to the CRISPR agreement in the quarter ended June 30, 2021. For each non-collaboration product candidate incorporating a gene editing target licensed from CRISPR, the Company would retain worldwide rights and may be required to make potential future payments based on the achievement of development and regulatory approval milestones totaling less than mid-twenty million dollars |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 9. Share-Based Compensation Equity Incentive Plan The Company’s 2020 Performance Incentive Plan (the “2020 Plan”) became effective upon the consummation of the Company’s initial public offering (“IPO”). Upon the effectiveness of the 2020 Plan, no further grants may be made under the Company’s 2015 Equity Incentive Plan (the “2015 Plan”). The Company’s 2020 Plan allows for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, stock bonuses, restricted stock, stock units and other forms of awards including cash awards to its officers, directors, employees, consultants and advisors. A total of 4,295,638 shares of the Company’s common stock is authorized for issuance with respect to awards granted under the 2020 Plan. The share limit will automatically increase on the first trading day in January of each year (commencing in 2021) by an amount equal to the lesser of (1) 5% of the total number of outstanding shares of the Company’s common stock on the last trading day in December in the prior year, or (2) such lesser number as determined by the Company’s board of directors. Any shares subject to awards granted under the 2020 Plan or the 2015 Plan that are not paid, delivered or exercised before they expire or are canceled or terminated, or otherwise fail to vest, as well as shares used to pay the purchase or exercise price of such awards or related tax withholding obligations, will become available for new award grants under the 2020 Plan. The following table summarizes the option activity under the 2020 Plan and 2015 Plan during the six months ended June 30, 2021: Number of shares Weighted- average exercise price Weighted- average remaining contractual term (in years) Outstanding at December 31, 2020 3,640,715 $ 11.00 9.0 Granted 862,847 48.74 Exercised (194,354 ) 5.21 Forfeited (15,766 ) 18.31 Outstanding at June 30 4,293,442 $ 18.82 8.8 Exercisable at June 30 1,079,227 $ 11.15 8.4 Vested and expected to vest at June 30 4,293,442 $ 18.82 8.8 The weighted-average grant date fair value of stock option grants was $ 33.04 Employee Stock Purchase Plan The Company’s 2020 Employee Stock Purchase Plan (the “ESPP”), became effective upon the consummation of the IPO. A total of 622,652 shares of the Company’s common stock is initially available for issuance under the ESPP. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15 % of their eligible compensation, subject to any plan limitations. The ESPP provides for six-month offering periods, and at the end of each offering period, employees are able to purchase shares at 85 % of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. As of June 30 , 2021 , no shares had been issued under the ESPP, and the full number of shares authorized under the ESPP Plan was available for issuance purposes . Liability for Early Exercise of Restricted Stock Options Shares subject to repurchase by the Company were 46,849 Share-Based Compensation Expense Share-based compensation expense for the three and six months ended June 30, 2021 and 2020 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 1,744 $ 229 $ 3,314 $ 424 General and administrative 1,946 337 3,723 624 Total share-based compensation $ 3,690 $ 566 $ 7,037 $ 1,048 The total unrecognized compensation cost related to unvested share-based awards was $43.5 million, which is expected to be recognized over a weighted-average remaining service period of 3.22 years as of June 30, 2021. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes There was no provision for income taxes recorded during the three and six months ended June 30, 2021 and 2020. The Company’s deferred tax assets continue to be fully offset by a valuation allowance . |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events On July 9, 2021, the Company entered into a lease agreement for corporate office, manufacturing and laboratory space located in South San Francisco, California with an expiration date approximately twelve years after the lease commencement date. The Company will become responsible for paying rent on the lease commencement date. The Company’s monthly installment of base rent for the new premises will start at approximately $0.6 million commencing on the lease commencement date and will increase on an annual basis up to a maximum monthly base rent of approximately $0.8 million. The Company expects to pay base rent of approximately $98.8 million over the lease term. In addition to base rent, the Company is responsible for payment of direct expenses, which include operating, insurance and tax expenses. The lease also provides for certain tenant improvement allowances of up to approximately $25.2 million for tenant improvements and certain infrastructure upgrades in connection with the initial buildout of the premises, approximately $4.4 million of which, if utilized, would need to be repaid by the Company over the lease term |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 have been prepared in accordance with U.S. generally accepted accounting principle (“U.S. GAAP”) for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results expected for the full year or any subsequent interim period. The condensed balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2020, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed by the Company with the Securities and Exchange Commission (the “SEC”) on March 25, 2021. |
COVID-19 Pandemic | COVID-19 Pandemic The COVID-19 pandemic has caused disruptions in the global economy and has affected and may continue to affect the Company’s business and operations. The extent of the impact of the COVID-19 pandemic on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, the development and spread of more contagious and/or vaccine-resistant variants, the effectiveness of actions taken in the United States and other countries to contain, vaccinate against, and treat the disease, and its impact on the Company’s current and planned preclinical studies and clinical trials, employees and vendors, all of which are uncertain and cannot be predicted. The extent to which the COVID-19 pandemic may impact the Company’s financial condition or results of operations is uncertain. In response to the pandemic, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law on March 27, 2020. The CARES Act, among other things, includes tax provisions relating to refundable payroll tax credits, deferment of employer’s social security payments, net operating loss utilization and carryback periods, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The CARES Act had no impact on the Company’s income tax provision for the year ended December 31, 2020. The Company continues to evaluate the impact of the CARES Act on its financial position, results of operations and cash flows. The Company currently does not expect to apply for loans or grants under the CARES Act. |
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 amounts reported in the Company’s financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to preclinical studies, fair value of assets and liabilities, share-based compensation and income taxes. Management bases its estimates on historical experience, knowledge of current events and actions it may undertake in the future that management believes to be reasonable under the circumstances. Actual results may differ from these estimates and assumptions. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss by the sum of the weighted average number of common shares plus the potential dilutive effects of potential dilutive securities outstanding during the period. Potential dilutive securities are excluded from diluted earnings or loss per share if the effect of such inclusion is antidilutive. The Company’s potentially dilutive securities, which include convertible preferred stock prior to the conversion of such shares to common stock, unvested common stock, and outstanding stock options under the Company’s equity incentive plan, have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Income Taxes. In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12—Income Taxes (Topic 740): which simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Topic 740 related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates. This standard is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted this standard in the first quarter of 2021 using the prospective method, and the adoption did not have a material impact on the Company’s financial statements. There were no other significant updates to the recently issued accounting standards other than as disclosed herewith for the six months ended June 30, 2021. Although there are several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share | The following tables summarize the computation of the basic and diluted net loss per share (in thousands except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (21,535 ) $ (51,065 ) $ (40,908 ) $ (59,771 ) Denominator: Weighted average common shares outstanding 32,879,406 1,815,833 32,843,343 1,775,961 Less: weighted average unvested common stock issued upon early exercise of common stock options (52,041 ) (117,273 ) (59,613 ) (121,657 ) Weighted average shares used to compute net loss per share, basic and diluted 32,827,365 1,698,560 32,783,730 1,654,304 Net loss per share, basic and diluted $ (0.66 ) $ (30.06 ) $ (1.25 ) $ (36.13 ) |
Summarizes the Outstanding Potentially Dilutive Securities Excluded in Calculation of Diluted Net Loss Per Share | The following table summarizes the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their inclusion would be anti-dilutive: As of June 30, 2021 2020 Common stock options 4,293,442 2,424,747 Unvested common stock upon early exercise of common stock options 46,849 124,888 Convertible preferred stock — 7,374,034 4,340,291 9,923,669 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Summary of Fair Value of Financial Instrument | The following tables summarize the fair value of the Company’s financial instruments (in thousands): Fair Value Measurements Using June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds $ 21,331 $ 21,331 $ — $ — Short-term investments: Corporate debt securities $ 89,989 $ — $ 89,989 — Commercial paper 44,981 — 44,981 — U.S. Government securities 120,412 — 120,412 — Total short-term investments 255,382 — 255,382 — Total $ 276,713 $ 21,331 $ 255,382 $ — Fair Value Measurements Using December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds $ 94,631 $ 94,631 $ — $ — Short-term investments: Corporate debt securities $ 48,614 $ — $ 48,614 — Commercial paper 63,445 — 63,445 — U.S. Government securities 106,162 — 106,162 — Total short-term investments 218,221 — 218,221 — Total $ 312,852 $ 94,631 $ 218,221 $ — |
Short-term investments | |
Schedule of Short-term Investments | The following tables summarize the Company’s short-term investments accounted for as available-for-sale securities as of June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 Maturity (in years) Amortized Cost Unrealized Losses Unrealized Gains Estimated Fair Value Corporate debt securities 1 year or less $ 90,000 $ (14 ) $ 3 $ 89,989 Commercial paper 1 year or less 44,981 — — 44,981 U.S. Government securities 1 year or less 120,395 17 120,412 Total $ 255,376 $ (14 ) $ 20 $ 255,382 December 31, 2020 Maturity (in years) Amortized Cost Unrealized Losses Unrealized Gains Estimated Fair Value Corporate debt securities 1 year or less $ 48,616 $ (6 ) $ 4 $ 48,614 Commercial paper 1 year or less 63,445 — — 63,445 U.S. Government securities 1 year or less 106,157 (7 ) 12 $ 106,162 Total $ 218,218 $ (13 ) $ 16 $ 218,221 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets are comprised of the following (in thousands): June 30, 2021 December 31, 2020 Prepaid expenses $ 2,420 $ 2,586 Other current assets 1,712 1,336 Total prepaid expenses and other current assets $ 4,132 $ 3,922 |
Schedule of Property and Equipment, Net | Property and equipment, net is comprised of the following (in thousands): June 30, 2021 December 31, 2020 Leasehold improvements $ 3,413 $ 1,984 Furniture and fixtures 523 322 Research equipment 8,051 4,892 Computers and software 124 124 Construction in progress 1,337 3,459 Total property and equipment 13,448 10,781 Less accumulated depreciation and amortization (2,098 ) (1,431 ) Total property and equipment, net $ 11,350 $ 9,350 |
Schedule of Accrued Other Current Liabilities | Accrued other current liabilities are comprised of the following (in thousands): June 30, 2021 December 31, 2020 Accrued compensation $ 3,422 $ 3,534 Accrued research and development costs 1,297 1,675 Accrued property and equipment 156 117 Other accrued and current liabilities 933 927 Total accrued and other liabilities $ 5,808 $ 6,253 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities under existing operating leases as of June 30, 2021 were as follows (in thousands): Year ending December 31, Amount 2021 (remaining six months) $ 1,201 2022 2,288 2023 2,285 2024 2,184 2025 2,200 2026 and thereafter 7,322 Total future minimum lease payments 17,480 Less imputed interest (4,785 ) Present value of net minimum lease payments $ 12,695 Operating lease liabilities: Current 2,287 Non-current 10,408 Total lease liability $ 12,695 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following table summarizes the option activity under the 2020 Plan and 2015 Plan during the six months ended June 30, 2021: Number of shares Weighted- average exercise price Weighted- average remaining contractual term (in years) Outstanding at December 31, 2020 3,640,715 $ 11.00 9.0 Granted 862,847 48.74 Exercised (194,354 ) 5.21 Forfeited (15,766 ) 18.31 Outstanding at June 30 4,293,442 $ 18.82 8.8 Exercisable at June 30 1,079,227 $ 11.15 8.4 Vested and expected to vest at June 30 4,293,442 $ 18.82 8.8 |
Summary of Share-based Compensation Expense | Share-based compensation expense for the three and six months ended June 30, 2021 and 2020 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 1,744 $ 229 $ 3,314 $ 424 General and administrative 1,946 337 3,723 624 Total share-based compensation $ 3,690 $ 566 $ 7,037 $ 1,048 |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)Segment | Dec. 31, 2020USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Number of operating segments | Segment | 1 | |
Accumulated deficit | $ 158,929 | $ 118,021 |
Cash, cash equivalents restricted cash and short-term investments | $ 280,300 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Polices - Additional Information (Details) - ASU 2019-12 | Jun. 30, 2021 |
Accounting Policies [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Mar. 31, 2021 |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||||
Net loss | $ (21,535) | $ (19,373) | $ (51,065) | $ (8,706) | $ (40,908) | $ (59,771) |
Denominator: | ||||||
Weighted average common shares outstanding | 32,879,406 | 1,815,833 | 32,843,343 | 1,775,961 | ||
Less: weighted average unvested common stock issued upon early exercise of common stock options | (52,041) | (117,273) | (59,613) | (121,657) | ||
Weighted average shares used to compute net loss per share, basic and diluted | 32,827,365 | 1,698,560 | 32,783,730 | 1,654,304 | ||
Net loss per share, basic and diluted | $ (0.66) | $ (30.06) | $ (1.25) | $ (36.13) |
Net Loss Per Share - Summarizes
Net Loss Per Share - Summarizes the Outstanding Potentially Dilutive Securities Excluded in Calculation of Diluted Net Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 4,340,291 | 9,923,669 |
Common Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 4,293,442 | 2,424,747 |
Unvested Common Stock Upon Early Exercise of Common Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 46,849 | 124,888 |
Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 7,374,034 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Fair Value of Financial Instrument (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Money market funds | $ 21,331 | $ 94,631 |
Total short-term investments | 255,382 | 218,221 |
Total | 276,713 | 312,852 |
Commercial Paper | ||
Assets: | ||
Total short-term investments | 44,981 | 63,445 |
Corporate Debt Securities | ||
Assets: | ||
Total short-term investments | 89,989 | 48,614 |
U.S. Government Securities | ||
Assets: | ||
Total short-term investments | 120,412 | 106,162 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Money market funds | 21,331 | 94,631 |
Total | 21,331 | 94,631 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Total short-term investments | 255,382 | 218,221 |
Total | 255,382 | 218,221 |
Significant Other Observable Inputs (Level 2) | Commercial Paper | ||
Assets: | ||
Total short-term investments | 44,981 | 63,445 |
Significant Other Observable Inputs (Level 2) | Corporate Debt Securities | ||
Assets: | ||
Total short-term investments | 89,989 | 48,614 |
Significant Other Observable Inputs (Level 2) | U.S. Government Securities | ||
Assets: | ||
Total short-term investments | $ 120,412 | $ 106,162 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Impairments | $ 0 | |
Realized gain or loss on available-for-sale securities | $ 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Funds | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Investments | 21,300,000 | 94,600,000 |
Significant Other Observable Inputs (Level 2) | Short-term investments | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Marketable securities | 255,400,000 | 218,200,000 |
Accrued interest receivable | $ 1,400,000 | $ 1,100,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Short-term Investments Accounted as Available-for-sale Securities (Details) - Short-term investments - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for sale securities, Amortized Cost | $ 255,376 | $ 218,218 |
Available for sale securities, Unrealized Losses | (14) | (13) |
Available for sale securities, Unrealized Gains | 20 | 16 |
Available for sale securities,Estimated Fair Value | 255,382 | 218,221 |
Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for sale securities, Amortized Cost | 44,981 | 63,445 |
Available for sale securities,Estimated Fair Value | $ 44,981 | $ 63,445 |
Commercial Paper | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Maturity (in years) | 1 year | 1 year |
U.S. Government Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for sale securities, Amortized Cost | $ 120,395 | $ 106,157 |
Available for sale securities, Unrealized Losses | (7) | |
Available for sale securities, Unrealized Gains | 17 | 12 |
Available for sale securities,Estimated Fair Value | $ 120,412 | $ 106,162 |
U.S. Government Securities | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Maturity (in years) | 1 year | 1 year |
Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for sale securities, Amortized Cost | $ 90,000 | $ 48,616 |
Available for sale securities, Unrealized Losses | (14) | (6) |
Available for sale securities, Unrealized Gains | 3 | 4 |
Available for sale securities,Estimated Fair Value | $ 89,989 | $ 48,614 |
Corporate Debt Securities | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Maturity (in years) | 1 year | 1 year |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid expenses | $ 2,420 | $ 2,586 |
Other current assets | 1,712 | 1,336 |
Total prepaid expenses and other current assets | $ 4,132 | $ 3,922 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 13,448 | $ 10,781 |
Less accumulated depreciation and amortization | (2,098) | (1,431) |
Total property and equipment, net | 11,350 | 9,350 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 3,413 | 1,984 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 523 | 322 |
Research Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 8,051 | 4,892 |
Computers and Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 124 | 124 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 1,337 | $ 3,459 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | ||||
Depreciation and amortization expense | $ 0.4 | $ 0.1 | $ 0.7 | $ 0.3 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Accrued Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued compensation | $ 3,422 | $ 3,534 |
Accrued research and development costs | 1,297 | 1,675 |
Accrued property and equipment | 156 | 117 |
Other accrued and current liabilities | 933 | 927 |
Total accrued and other liabilities | $ 5,808 | $ 6,253 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2021 | May 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lessee Lease Description [Line Items] | ||||||
Rent expense | $ 0.7 | $ 0.5 | $ 1.2 | $ 0.9 | ||
Cash paid for operating leases | $ 0.6 | $ 0.4 | $ 1 | $ 0.8 | ||
Weighted-average discount rate | 9.20% | 9.20% | ||||
Corporate Office and Laboratory Space | ||||||
Lessee Lease Description [Line Items] | ||||||
Weighted-average remaining lease term | 7 years 2 months 12 days | 7 years 2 months 12 days | ||||
Renewal term | 7 years | |||||
Corporate Office and Laboratory Facilities | ||||||
Lessee Lease Description [Line Items] | ||||||
Lease term | 8 years | |||||
Lease expiration year | 2029 | |||||
Operating lease, existence of option to extend | true | |||||
Lessee option to extend description | The lease amendment also includes an extension of the lease term for the existing office and laboratory space beginning on May 1, 2020 and expiring in January 2029. The lease agreement includes an option to extend the lease for an additional seven-year term | |||||
Corporate Office and Laboratory Facilities | Third amendment | ||||||
Lessee Lease Description [Line Items] | ||||||
Lessee option to extend description | The lease of this additional space commenced in April 2021 and expires in March 2024. The other terms of the existing lease remain unchanged | |||||
Lease expiration month and year | 2024-03 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 (remaining six months) | $ 1,201 | |
2022 | 2,288 | |
2023 | 2,285 | |
2024 | 2,184 | |
2025 | 2,200 | |
2026 and thereafter | 7,322 | |
Total future minimum lease payments | 17,480 | |
Less imputed interest | (4,785) | |
Present value of net minimum lease payments | 12,695 | |
Operating lease liabilities: | ||
Operating lease liabilities, current portion | 2,287 | $ 1,402 |
Operating lease liabilities, net of current portion | 10,408 | $ 7,517 |
Total lease liability | $ 12,695 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||
Liabilities recorded for agreements | $ 0 | $ 0 |
Agreement with Financial Institution | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding amount | $ 500,000 | |
Letter of credit notice period by financial institution before annual expiration date | 30 days |
CRISPR Collaboration Agreement
CRISPR Collaboration Agreement - Additional Information (Details) - Research Collaboration Agreement | May 05, 2021CRISPR-Cas9 | Jun. 30, 2021USD ($) |
Development and Regulatory Approval Milestones | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Potential future payments | totaling less than mid-twenty million dollars | |
Amount paid under the agreement | $ 0 | |
Amounts owed under the agreement. | $ 0 | |
NK Cell Products | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Number of non-exclusive rights to gene editing targets | CRISPR-Cas9 | 5 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted average grant date fair value of stock option | $ 33.04 | |
Other long-term liabilities | $ 65 | $ 82 |
Unrecognized compensation cost | $ 43,500 | |
Unrecognized compensation cost, expected to be recognized over weighted average remaining service period | 3 years 2 months 19 days | |
Restricted Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares subject to repurchase | 46,849 | 77,393 |
Other long-term liabilities | $ 100 | $ 100 |
2020 Employee Stock Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of common stock available for issuance | 622,652 | |
Maximum percentage of employee compensation eligible for plan | 15.00% | |
Offering period | 6 months | |
Commons stock purchase price as percentage of fair value | 85.00% | |
Shares issued | 0 | |
2020 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of common stock authorized for issuance | 4,295,638 | |
Increase in share limit as percentage of outstanding shares of common stock on last trading day in prior year | 5.00% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Option Activity (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of shares, outstanding beginning balance | shares | 3,640,715 | |
Number of shares, granted | shares | 862,847 | |
Number of shares, exercised | shares | (194,354) | |
Number of shares, forfeited | shares | (15,766) | |
Number of shares, outstanding ending balance | shares | 4,293,442 | 3,640,715 |
Number of shares, exercisable | shares | 1,079,227 | |
Number of shares, vested and expected to vest | shares | 4,293,442 | |
Weighted-average exercise price, outstanding beginning balance | $ / shares | $ 11 | |
Weighted-average exercise price, granted | $ / shares | 48.74 | |
Weighted-average exercise price, exercised | $ / shares | 5.21 | |
Weighted-average exercise price, forfeited | $ / shares | 18.31 | |
Weighted-average exercise price, outstanding ending balance | $ / shares | 18.82 | $ 11 |
Weighted-average exercise price, exercisable | $ / shares | 11.15 | |
Weighted-average exercise price, vested and expected to vest | $ / shares | $ 18.82 | |
Weighted-average remaining contractual term (in years), outstanding balance | 8 years 9 months 18 days | 9 years |
Weighted-average remaining contractual term (in years), exercisable | 8 years 4 months 24 days | |
Weighted-average remaining contractual term (in years), vested and expected to vest | 8 years 9 months 18 days |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 3,690 | $ 566 | $ 7,037 | $ 1,048 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 1,744 | 229 | 3,314 | 424 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 1,946 | $ 337 | $ 3,723 | $ 624 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event | Jul. 09, 2021USD ($) |
Subsequent Event [Line Items] | |
Lessee, operating lease, term of contract | 12 years |
Monthly base rent | $ 600,000 |
Maximum monthly base rent after increase on annual basis | 800,000 |
Expects to pay base rent over the lease term. | 98,800,000 |
Cash received for tenant improvement allowances to be repaid | 4,400,000 |
Maximum | |
Subsequent Event [Line Items] | |
Tenant improvement allowances yet to receive | 25,200,000 |
Letter of Credit | |
Subsequent Event [Line Items] | |
Security deposit | $ 1,600,000 |