Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | ORIC PHARMACEUTICALS, INC. | |
Trading Symbol | ORIC | |
Entity Central Index Key | 0001796280 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 39,381,866 | |
Entity File Number | 001-39269 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-1787157 | |
Entity Address, Address Line One | 240 E. Grand Ave | |
Entity Address, Address Line Two | 2nd Floor | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 388-5600 | |
Document Quarterly Report | true | |
Document Transition Report | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 241,126 | $ 78,446 |
Short-term investments, available-for-sale | 48,393 | 215,154 |
Prepaid expenses and other current assets | 3,330 | 3,097 |
Total current assets | 292,849 | 296,697 |
Investments, available-for-sale | 6,956 | |
Property and equipment, net | 1,825 | 1,981 |
Other assets | 12,550 | 319 |
Total assets | 314,180 | 298,997 |
Current liabilities: | ||
Accounts payable | 419 | 757 |
Accrued liabilities | 11,484 | 8,245 |
Total current liabilities | 11,903 | 9,002 |
Other long-term liabilities | 10,741 | 219 |
Total liabilities | 22,644 | 9,221 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding at September 30, 2021 and December 31, 2020 | ||
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 39,331,585 and 36,672,415 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 4 | 4 |
Additional paid-in capital | 513,871 | 456,196 |
Accumulated deficit | (222,337) | (166,393) |
Accumulated other comprehensive loss | (2) | (31) |
Total stockholders' equity | 291,536 | 289,776 |
Total liabilities and stockholders' equity | $ 314,180 | $ 298,997 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares, issued | 0 | 0 |
Preferred stock, shares, outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares, issued | 39,331,585 | 36,672,415 |
Common stock, shares, outstanding | 39,331,585 | 36,672,415 |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating expenses: | ||||
Research and development | $ 12,899 | $ 8,831 | $ 40,113 | $ 23,808 |
Acquired in-process research and development | 12,971 | 12,971 | ||
General and administrative | 5,557 | 3,800 | 15,953 | 9,125 |
Total operating expenses | 18,456 | 25,602 | 56,066 | 45,904 |
Loss from operations | (18,456) | (25,602) | (56,066) | (45,904) |
Other income: | ||||
Interest income, net | 30 | 10 | 107 | 276 |
Other income | 44 | 15 | 184 | |
Total other income | 30 | 54 | 122 | 460 |
Net loss | (18,426) | (25,548) | (55,944) | (45,444) |
Other comprehensive gain (loss): | ||||
Unrealized (loss) gain on available-for-sale investments | (5) | (29) | 29 | (29) |
Comprehensive loss | $ (18,431) | $ (25,577) | $ (55,915) | $ (45,473) |
Net loss per share, basic and diluted | $ (0.47) | $ (0.84) | $ (1.49) | $ (2.52) |
Weighted-average shares outstanding, basic and diluted | 39,008,114 | 30,314,904 | 37,471,740 | 18,022,068 |
STATEMENTS OF CONVERTIBLE PREFE
STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands | Total | Initial Public Offering | Convertible Preferred Stock | Common Stock | Common StockInitial Public Offering | Additional Paid-in Capital | Additional Paid-in CapitalInitial Public Offering | Accumulated Deficit | Accumulated Other Comprehensive Gain (Loss) |
Beginning Balance at Dec. 31, 2019 | $ 178,058 | ||||||||
Beginning Balance (in shares) at Dec. 31, 2019 | 19,278,606 | ||||||||
Beginning Balance at Dec. 31, 2019 | $ (90,084) | $ 2,606 | $ (92,690) | ||||||
Beginning Balance (in shares) at Dec. 31, 2019 | 1,984,222 | ||||||||
Exercise of common stock options | 12 | 12 | |||||||
Exercise of common stock options (in shares) | 13,433 | ||||||||
Stock-based compensation expense | 527 | 527 | |||||||
Net loss | (8,872) | (8,872) | |||||||
Ending Balance at Mar. 31, 2020 | $ 178,058 | ||||||||
Ending Balance (in shares) at Mar. 31, 2020 | 19,278,606 | ||||||||
Ending Balance at Mar. 31, 2020 | (98,417) | 3,145 | (101,562) | ||||||
Ending Balance (in shares) at Mar. 31, 2020 | 1,997,655 | ||||||||
Beginning Balance at Dec. 31, 2019 | $ 178,058 | ||||||||
Beginning Balance (in shares) at Dec. 31, 2019 | 19,278,606 | ||||||||
Beginning Balance at Dec. 31, 2019 | (90,084) | 2,606 | (92,690) | ||||||
Beginning Balance (in shares) at Dec. 31, 2019 | 1,984,222 | ||||||||
Unrealized (loss) gain on available-for-sale investments | (29) | ||||||||
Ending Balance at Sep. 30, 2020 | 184,375 | $ 3 | 322,535 | (138,134) | (29) | ||||
Ending Balance (in shares) at Sep. 30, 2020 | 30,545,165 | ||||||||
Beginning Balance at Mar. 31, 2020 | $ 178,058 | ||||||||
Beginning Balance (in shares) at Mar. 31, 2020 | 19,278,606 | ||||||||
Beginning Balance at Mar. 31, 2020 | (98,417) | 3,145 | (101,562) | ||||||
Beginning Balance (in shares) at Mar. 31, 2020 | 1,997,655 | ||||||||
Issuance of common stock | $ 138,000 | $ 1 | $ 137,999 | ||||||
Issuance of common stock (in shares) | 8,625,000 | ||||||||
Exercise of common stock options | 39 | 39 | |||||||
Exercise of common stock options (in shares) | 23,200 | ||||||||
Stock-based compensation expense | 1,381 | 1,381 | |||||||
Issuance costs associated with initial public offering | $ (12,790) | $ (12,790) | |||||||
Conversion to common stock | $ (178,058) | ||||||||
Conversion to common stock (in shares) | (19,278,606) | ||||||||
Conversion to common stock | 178,058 | $ 2 | 178,056 | ||||||
Conversion to common stock (in shares) | 19,278,606 | ||||||||
Net loss | (11,024) | (11,024) | |||||||
Ending Balance at Jun. 30, 2020 | |||||||||
Ending Balance (in shares) at Jun. 30, 2020 | |||||||||
Ending Balance at Jun. 30, 2020 | 195,247 | $ 3 | 307,830 | (112,586) | |||||
Ending Balance (in shares) at Jun. 30, 2020 | 29,924,461 | ||||||||
Exercise of common stock options | 53 | 53 | |||||||
Exercise of common stock options (in shares) | 32,469 | ||||||||
Stock-based compensation expense | 1,681 | 1,681 | |||||||
Issuance of common stock related to acquisition | 12,971 | 12,971 | |||||||
Issuance of common stock related to acquisition, shares | 588,235 | ||||||||
Unrealized (loss) gain on available-for-sale investments | (29) | (29) | |||||||
Net loss | (25,548) | (25,548) | |||||||
Ending Balance at Sep. 30, 2020 | 184,375 | $ 3 | 322,535 | (138,134) | (29) | ||||
Ending Balance (in shares) at Sep. 30, 2020 | 30,545,165 | ||||||||
Beginning Balance at Dec. 31, 2020 | $ 289,776 | $ 4 | 456,196 | (166,393) | (31) | ||||
Beginning Balance (in shares) at Dec. 31, 2020 | 36,672,415 | 36,672,415 | |||||||
Exercise of common stock options | $ 16 | 16 | |||||||
Exercise of common stock options (in shares) | 18,411 | ||||||||
Stock-based compensation expense | 2,744 | 2,744 | |||||||
Unrealized (loss) gain on available-for-sale investments | 48 | 48 | |||||||
Net loss | (16,509) | (16,509) | |||||||
Ending Balance at Mar. 31, 2021 | 276,075 | $ 4 | 458,956 | (182,902) | 17 | ||||
Ending Balance (in shares) at Mar. 31, 2021 | 36,690,826 | ||||||||
Beginning Balance at Dec. 31, 2020 | $ 289,776 | $ 4 | 456,196 | (166,393) | (31) | ||||
Beginning Balance (in shares) at Dec. 31, 2020 | 36,672,415 | 36,672,415 | |||||||
Exercise of common stock options (in shares) | 61,768 | ||||||||
Unrealized (loss) gain on available-for-sale investments | $ 29 | ||||||||
Ending Balance at Sep. 30, 2021 | $ 291,536 | $ 4 | 513,871 | (222,337) | (2) | ||||
Ending Balance (in shares) at Sep. 30, 2021 | 39,331,585 | 39,331,585 | |||||||
Beginning Balance at Mar. 31, 2021 | $ 276,075 | $ 4 | 458,956 | (182,902) | 17 | ||||
Beginning Balance (in shares) at Mar. 31, 2021 | 36,690,826 | ||||||||
Exercise of common stock options | 58 | 58 | |||||||
Exercise of common stock options (in shares) | 24,786 | ||||||||
Stock-based compensation expense | 3,213 | 3,213 | |||||||
Unrealized (loss) gain on available-for-sale investments | (14) | (14) | |||||||
Net loss | (21,009) | (21,009) | |||||||
Ending Balance at Jun. 30, 2021 | 258,323 | $ 4 | 462,227 | (203,911) | 3 | ||||
Ending Balance (in shares) at Jun. 30, 2021 | 36,715,612 | ||||||||
Issuance of common stock | 50,000 | 50,000 | |||||||
Issuance of common stock (in shares) | 2,597,402 | ||||||||
Issuance costs associated with offering of common stock | (1,852) | 1,852 | |||||||
Exercise of common stock options | 99 | 99 | |||||||
Exercise of common stock options (in shares) | 18,571 | ||||||||
Stock-based compensation expense | 3,397 | 3,397 | |||||||
Unrealized (loss) gain on available-for-sale investments | (5) | (5) | |||||||
Net loss | (18,426) | (18,426) | |||||||
Ending Balance at Sep. 30, 2021 | $ 291,536 | $ 4 | $ 513,871 | $ (222,337) | $ (2) | ||||
Ending Balance (in shares) at Sep. 30, 2021 | 39,331,585 | 39,331,585 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (55,944) | $ (45,444) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 668 | 736 |
Stock-based compensation expense | 9,354 | 3,589 |
Non-cash stock consideration, acquisition | 12,971 | |
Loss on fixed asset disposals | 2 | |
Amortization of premium on investments, net | 1,201 | 33 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | 1,010 | (1,599) |
Accounts payable and accrued other liabilities | 452 | 2,271 |
Net cash used in operating activities | (43,257) | (27,443) |
Cash flows from investing activities: | ||
Acquisitions of property and equipment | (550) | (256) |
Purchases of investments | (32,866) | (124,640) |
Sales and maturities of investments | 191,500 | |
Proceeds from notes receivable | 193 | |
Net cash provided by (used in) investing activities | 158,084 | (124,703) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 50,000 | 138,000 |
Issuance costs associated with financings | (1,852) | (12,692) |
Payment of deferred offering costs | (394) | |
Proceeds from stock option exercises | 173 | 104 |
Net cash provided by financing activities | 48,321 | 125,018 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 163,148 | (27,128) |
Cash, cash equivalents and restricted cash at beginning of period | 78,446 | 89,159 |
Cash, cash equivalents and restricted cash at end of period | 241,594 | 62,031 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Amounts accrued for purchase of property and equipment | $ 42 | 132 |
Conversion of preferred stock to common stock | $ 178,058 |
Description of the Business
Description of the Business | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of the Business | 1. Description of the Business ORIC Pharmaceuticals, Inc. (ORIC or the Company) is a clinical-stage biopharmaceutical company dedicated to improving patients’ lives by O vercoming R esistance I n C ancer . The Company was incorporated in Delaware in August 2014 and has offices in South San Francisco and San Diego, California. The Company’s principal operations are in the United States and the Company operates in one segment. Since inception, the Company has devoted its primary efforts to raising capital, internal research and development activities and business development efforts, and has incurred significant operating losses and negative cash flows from operations. In August 2020, the Company licensed from Mirati Therapeutics, Inc. development and commercialization rights to an allosteric inhibitor program directed towards the polycomb repressive complex 2 (PRC2) and in October 2020, the Company licensed from Voronoi Inc. development and commercialization rights to a brain penetrant, orally bioavailable, irreversible inhibitor designed to selectively target epidermal growth factor receptor (EGFR) and human epidermal growth factor receptor 2 (HER2) with high potency against exon 20 insertion mutations. As of September 30, 2021, the Company had an accumulated deficit of $ 222.3 million. Through September 30, 2021, all of the Company’s financial support has been provided by proceeds from the issuance of common stock and from the sale of convertible preferred stock. As the Company continues its expansion, it may seek additional financing and/or strategic investments, however, there can be no assurance that any additional financing or strategic investments will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it will most likely be required to reduce its plans and/or certain discretionary spending, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. The accompanying financial statements do not include any adjustments that might be necessary if it were unable to continue as a going concern. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date of the issuance of these financial statements. At-The-Market Sales Agreement and Offering On May 6, 2021, the Company entered into an "at the market" (ATM) sales agreement with Jefferies LLC as the Company's sales agent, under which the Company may offer and sell from time to time up to $ 150 million of shares of the Company's common stock in negotiated transactions or transactions that are deemed to be an ATM offering. On July 8, 2021, the Company raised gross proceeds of $ 50.0 million through the sale of 2,597,402 shares in an ATM offering, with participation based on unsolicited interest received from a healthcare specialist fund. The Company sold such shares at a purchase price per share of $ 19.25 , a premium to the market price at the time of sale. After deducting commissions and other offering expenses related to the ATM offering of $ 1.9 million, the net proceeds to the Company from the transaction were $ 48.1 million . Secondary Public Offering On November 17, 2020, the Company completed a secondary public offering selling 5,796,000 shares of common stock, which included the full exercise by the underwriters of their option to purchase up to 756,000 additional shares, at a price of $ 23.00 per share, resulting in gross proceeds of $ 133.3 million. After deducting underwriting discounts and commissions and other offering expenses related to the secondary public offering of approximately $ 8.5 million, the net proceeds to the Company from the transaction were $ 124.8 million. Initial Public Offering and Related Transaction On April 28, 2020, the Company completed an initial public offering (IPO) selling 8,625,000 shares of common stock, which included the full exercise by the underwriters of their option to purchase up to 1,125,000 additional shares, at a price of $ 16.00 per share resulting in gross proceeds of $ 138.0 million. After deducting underwriting discounts and commissions and other offering expenses related to the IPO of $ 12.8 million, the net proceeds to the Company from the transaction were $ 125.2 million. In connection with the IPO, all shares of convertible preferred stock outstanding at the time of the IPO converted into 19,278,606 shares of common stock. On April 21, 2020, the Company amended its certificate of incorporation to effect a one-for- four reverse stock split of its issued and outstanding common and convertible preferred stock. The accompanying financial statements and related notes give retroactive effect, where applicable, to the reverse stock split. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP, have been omitted. The accompanying unaudited financial statements include all known adjustments necessary for a fair presentation of the results as required by GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the interim period are not necessarily indicative of future results. In March 2020, the World Health Organization declared the novel coronavirus disease, or COVID-19, outbreak a global pandemic. To limit the spread of COVID-19, governments have taken various actions including the issuance of stay-at-home orders and physical distancing guidelines. Accordingly, businesses have adjusted, reduced or suspended operating activities. A portion of the Company’s workforce continues to work from home. Disruptions caused by the COVID-19 pandemic, including the effects of the stay-at-home orders and work-from-home policies, have impacted productivity, have resulted in increased operational expenses, certain adjustments to the operations of the Company’s clinical trials, the temporary suspension of enrollment of new patients at certain of the Company’s clinical trial sites, and delays in certain supply chain activities and collecting and analyzing data from patients in the Company’s clinical trials, and may further disrupt the business and delay the development programs and regulatory timelines, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. As a result, research and development expenses and general and administrative expenses may vary significantly if there is an increased impact from COVID-19 on the costs and timing associated with the conduct of the clinical trials and other related business activities. The accompanying unaudited financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020, which are included in the Company’s Annual Report on Form 10-K filed with the SEC. Furthermore, the Company’s significant accounting policies are disclosed in the audited financial statements for the periods ended December 31, 2020 and 2019, included in the Company’s Annual Report on Form 10-K. Since the date of those financial statements, there have been no changes to its significant accounting policies, except as noted below. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase that are readily convertible into cash as cash equivalents. These investments may include money market funds, securities issued by U.S. Government agencies, corporate debt securities and commercial paper. Cash that is restricted and not available for general operations is considered restricted cash. The Company's restricted cash is in connection to property leases and restrictions will be removed at the respective lease expiration. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the balance sheet to the total of the amount presented in the statement of cash flows, in thousands: Nine Months Ended September 30, 2021 2020 Cash and cash equivalents $ 241,126 $ 62,031 Restricted cash included in other assets 468 — Total cash, cash equivalents and restricted cash presented in the statement of cash flows $ 241,594 $ 62,031 Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) under its accounting standards codification (ASC) or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase by the lessee. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. ASC 842 provides a lessee with an option to not account for leases with a term of 12 months or less as leases in the scope of the new standard. ASC 842 supersedes the previous leases standard, ASC 840 Leases. ASC 842 requires a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued supplemental adoption guidance and clarification to ASC 842 within ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . ASU No. 2018-11 provides another transition method in addition to the existing modified retrospective transition method by allowing entities to initially apply the new leasing standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of accumulated deficit in the period of adoption. On January 1, 2021, the Company early adopted ASC 842 using the modified retrospective approach. Accordingly, prior period financial information and disclosures have no t been adjusted and continue to be reported in accordance with the Company’s historical accounting under the previous lease standard. In addition, the Company elected the package of practical expedients available for existing contracts, which allowed it to carry forward historical assessments of lease identification, lease classification, and initial direct costs. As a result of adopting ASC 842, the Company recognized right-of-use assets and lease liabilities of $ 1.7 million and $ 2.5 million, respectively, on January 1, 2021 , which are related to our facility operating leases (Note 9). The difference between the right-of-use assets and lease liabilities is primarily attributed to the elimination of deferred rent and unamortized lease incentives. There was no adjustment to the opening balance of accumulated deficit as a result of the adoption of ASC 842. The Company determines if an arrangement is or contains a lease at inception. The Company’s operating leases with an initial term greater than one year are accounted for with operating lease right-of-use assets, operating lease liabilities and operating lease liabilities, less current portion, which are included in other assets, accrued liabilities and other long-term liabilities, respectively, on the balance sheet as of September 30, 2021. Right-of-use assets represent the right to use an underlying asset during the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date, based on the present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses its incremental borrowing rate which represents an estimated rate of interest that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The Company’s operating leases may include options to extend the lease which are included in the lease term when it is reasonably certain that we will exercise a renewal option. Operating lease expense is recognized on a straight-line basis over the expected lease term. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) (ASC 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The guidance is effective for public business entities for annual periods beginning after December 15, 2019, including interim periods within those years. For all other entities, the standard is effective for annual periods beginning after December 15, 2022 and interim periods, therein. Early adoption is permitted. The Company early adopted the new standard in the first quarter of 2021, using the modified retrospective approach. The adoption did no t have a material impact on its financial statements. In accordance with ASU 2016-13, the Company will no longer evaluate whether its available-for-sale investments in an unrealized loss position are other than temporarily impaired. Instead, the Company will assess whether such unrealized loss positions are credit-related. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Unrealized gains and losses that are not credit-related are included in accumulated other comprehensive income (loss). |
License Agreements
License Agreements | 9 Months Ended |
Sep. 30, 2021 | |
License Agreements [Abstract] | |
License Agreements | 3. License Agreements Mirati License Agreement On August 3, 2020, the Company entered into a license agreement (Mirati License Agreement) with Mirati Therapeutics, Inc (Mirati). Under the Mirati License Agreement, Mirati granted the Company a worldwide, exclusive, sublicensable, royalty-free license under Mirati’s rights to certain patents and patent applications directed to certain small molecule compounds that bind to and inhibit PRC2 and certain related know-how, in each case, to develop and commercialize certain licensed compounds and licensed products incorporating any such compounds. Under the Mirati License Agreement, the Company is wholly responsible for development and commercialization of licensed products. In addition, the Company is obligated to use commercially reasonable efforts to develop and commercialize at least one licensed product in certain major markets. The Company’s financial obligation under the Mirati License Agreement was comprised of an upfront payment of 588,235 shares of ORIC common stock, valued at approximately $ 13.0 million based upon the closing price of the Company’s common stock on the acquisition date. The number of shares issued was based on a price of $ 34.00 per share, representing a premium of 10 % to the 60-day trailing volume-weighted average trading price of the Company’s common stock. The shares were issued in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, for transactions by an issuer not involving any public offering. During the eighteen-month period following the date of the agreement, Mirati is subject to certain transfer restrictions, and the parties agreed to negotiate and enter into a registration rights agreement, with respect to the shares. The Company is not obligated to pay Mirati milestones or royalties. Unless earlier terminated, the Mirati License Agreement will continue in effect on a country-by-country and licensed product-by-licensed product basis until the later of (a) the expiration of the last valid claim of a licensed patent covering such licensed product in such country or (b) ten years after the first commercial sale of such licensed product in such country. Following the expiration of the Mirati License Agreement, the Company will retain its licenses under the intellectual property Mirati licensed to it on a royalty-free basis. ORIC and Mirati may each terminate the Mirati License Agreement if the other party materially breaches the terms of such agreement, subject to specified notice and cure provisions, or enters into bankruptcy or insolvency proceedings. Mirati may terminate the agreement if the Company challenges any of the patent rights licensed to the Company by Mirati or it discontinues development of licensed products for a specified period of time. The Company also has the right to terminate the Mirati License Agreement without cause by providing prior notice to Mirati. The Company recorded the transaction as an asset purchase as management concluded that all of the value received was related to a single identifiable asset. Further, as the asset was in early development at the time the license was acquired, the Company concluded that there was no alternative future use for the asset and recorded a charge to acquired in-process research and development at the closing of the transaction in August 2020 for the full $ 13.0 million value assigned to the shares issued in connection with Mirati License Agreement. Voronoi License Agreement On October 19, 2020, the Company entered into a license and collaboration agreement (Voronoi License Agreement) with Voronoi Inc. (Voronoi). The Voronoi License Agreement gives the Company access to Voronoi’s preclinical stage EGFR and HER2 exon 20 insertion mutation program, including a lead product candidate now designated as ORIC-114. Under the Voronoi License Agreement, Voronoi granted the Company an exclusive, sublicensable license under Voronoi’s rights to certain patent applications directed to certain small molecule compounds that bind to EGFR and HER2 with one or more exon 20 insertion mutations and certain related know-how, in each case, to develop and commercialize certain licensed compounds and licensed products incorporating any such compound worldwide (other than in the People’s Republic of China, Hong Kong, Macau and Taiwan) (the ORIC Territory). Under the Voronoi License Agreement, Voronoi has the right to perform certain mutually agreed upon development activities. Except for Voronoi's right to participate in such development activities, the Company is wholly responsible for development and commercialization of licensed products in the ORIC Territory. In addition, the Company is obligated to use commercially reasonable efforts to develop and commercialize at least one licensed product in certain major markets in the ORIC Territory. The Company’s financial obligations under the Voronoi License Agreement included an upfront payment comprised of a $ 5.0 million cash payment and the issuance to Voronoi of 283,259 shares of the Company’s common stock, valued at approximately $ 6.8 million, issued pursuant to a stock issuance agreement (Stock Agreement) entered into between the parties on October 19, 2020. The number of shares issued pursuant to the Stock Agreement was based on a price of $ 28.24 per share, representing a premium of 25 % to the 30-day trailing volume weighted average trading price of the Company’s common stock. The shares were issued in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, for transactions by an issuer not involving any public offering. Under the Voronoi License Agreement, Voronoi will be responsible for certain research and development costs up to a predetermined threshold. Upon achievement of the predetermined threshold, Voronoi has the option to opt-out of participation in and funding of future development activities. If Voronoi decides not to exercise the opt-out provision, the parties would share certain future research and development costs equally in the Republic of Korea. The Company is also obligated to make milestone payments to Voronoi upon the achievement of certain events. Upon the achievement of certain development and regulatory milestones with respect to the first licensed product, the Company is obligated to pay Voronoi up to a maximum of $ 111.0 million. Upon the achievement of certain commercial milestones with respect to the first licensed product, the Company is obligated to pay Voronoi up to a maximum of $ 225.0 million. If the Company pursues a second licensed product, the Company would pay Voronoi up to an additional $ 272.0 million in success-based milestones. In addition, the Company is obligated to pay royalties on net sales of licensed products in the ORIC Territory. Unless earlier terminated, the Voronoi License Agreement will continue in effect until the expiration of all royalty payment obligations. Following the expiration of the Voronoi License Agreement, the Company will retain its licenses under the intellectual property Voronoi licensed to it on a royalty-free basis. The Company and Voronoi may each terminate the Voronoi License Agreement if the other party materially breaches the terms of such agreement, subject to specified notice and cure provisions, or enters into bankruptcy or insolvency proceedings. Voronoi may also terminate the agreement if the Company discontinues development of licensed products for a specified period of time. The Company also has the right to terminate the Voronoi License Agreement without cause by providing prior notice to Voronoi. If Voronoi terminates the Voronoi License Agreement for cause, or if the Company terminates the Voronoi License Agreement without cause, then the Company is obligated to grant a nonexclusive license to Voronoi under certain of the Company’s patents and know-how and to assign to Voronoi certain of its regulatory filings for licensed compounds and licensed products. The Company recorded the transaction as an asset purchase as management concluded that all of the value received was related to a specific identifiable asset related to EGFR and HER2. Further, as the asset was in early development at the time the license was acquired, the Company concluded that there was no alternative future use for the asset and recorded a charge to acquired in-process research and development expense of $ 11.8 million at the closing of the transaction in October 2020, which consisted of the $ 5.0 million cash payment plus the $ 6.8 million value assigned to the shares issued in connection with Voronoi License Agreement. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): September 30, 2021 December 31, 2020 Lab equipment $ 4,641 $ 4,396 Leasehold improvements 1,710 1,710 Computer hardware and software 212 220 Furniture and fixtures 140 140 Total property and equipment, gross 6,703 6,466 Less accumulated depreciation ( 4,878 ) ( 4,485 ) Total property and equipment, net $ 1,825 $ 1,981 |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities Current [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): September 30, 2021 December 31, 2020 Accrued clinical and manufacturing costs $ 5,748 $ 3,072 Lease liabilities - short-term 1,798 — Accrued compensation 3,263 3,723 Other accruals 675 904 Deferred rent - short-term — 546 Total accrued liabilities $ 11,484 $ 8,245 |
Investments, Available-for-Sale
Investments, Available-for-Sale | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Investments, Available-for-Sale | 6. Investments, Available-for-Sale The Company’s investment policy defines allowable investments and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. In accordance with the Company’s investment policy, it has invested funds in available-for-sale investments as of September 30, 2021 and December 31, 2020. The Company's available-for-sale investments consisted of the following (in thousands): September 30, 2021 Amortized Unrealized Unrealized Estimated U.S. treasury securities $ 47,656 $ 1 $ — $ 47,657 Certificates of deposit 736 — — 736 Short-term investments, available-for-sale $ 48,392 $ 1 $ — $ 48,393 U.S. treasury securities $ 6,006 $ — $ ( 3 ) $ 6,003 Certificates of deposit 953 — — 953 Investments, available-for-sale $ 6,959 $ — $ ( 3 ) $ 6,956 December 31, 2020 U.S. treasury securities $ 215,185 $ — $ ( 31 ) $ 215,154 Short-term investments, available-for-sale $ 215,185 $ — $ ( 31 ) $ 215,154 The Company has determined that there were no material declines in fair value of its investments due to credit-related factors as of September 30, 2021 and December 31, 2020 . Credit loss is limited due to the nature of the investments. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or no nrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair-value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s interest receivable, included in prepaid expenses and other current assets, accounts payable and accrued liabilities are generally considered to be representative of their fair value because of their short-term nature. The Company’s investments, which may include money market funds and available-for-sale investments consisting of U.S. treasury securities, certificates of deposit and high-quality, marketable debt instruments of corporations and government sponsored enterprises, are measured at fair value in accordance with the fair value hierarchy. Following are the major categories of assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements Fair Value Level 1 Level 2 Level 3 Total September 30, 2021 Money market funds (1) $ 241,126 $ 241,126 $ — $ — $ 241,126 U.S. treasury securities 53,660 53,660 — — 53,660 Certificates of deposit 1,689 1,689 — — 1,689 Total $ 296,475 $ 296,475 $ — $ — $ 296,475 December 31, 2020 Money market funds (1) $ 78,446 $ 78,446 $ — $ — $ 78,446 U.S. treasury securities 215,154 215,154 — — 215,154 Total $ 293,600 $ 293,600 $ — $ — $ 293,600 (1) Included in cash and cash equivalents in accompanying balance sheet. No transfers between levels occurred during either of the reporting periods presented. |
Equity Incentive Plans and Stoc
Equity Incentive Plans and Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans and Stock-Based Compensation | 8. Equity Incentive Plans and Stock-Based Compensation As of September 30, 2021, there were 1,938,448 shares available for future issuance under the 2020 Equity Incentive Plan. The following table summarizes the option activity for the nine months ended September 30, 2021: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2020 3,996,174 $ 9.03 8.5 $ 99,107 Granted 1,534,842 27.42 Exercised ( 61,768 ) 2.86 Forfeited and cancelled ( 209,302 ) 21.20 Outstanding at September 30, 2021 5,259,946 $ 13.99 8.2 $ 47,735 Exercisable at September 30, 2021 2,149,552 $ 6.34 7.3 $ 31,542 The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Options to purchase common stock 5,259,946 3,959,693 5,259,946 3,959,693 Total 5,259,946 3,959,693 5,259,946 3,959,693 Stock-Based Compensation Expense The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes Merton option pricing model with the following assumptions: Nine Months Ended 2021 2020 Stock price $ 16.61 - $ 35.67 $ 16.00 - $ 35.92 Risk-free interest rate 0.60 % - 1.15 % 3.17 % - 4.45 % Expected volatility 82.88 % - 88.43 % 88.01 % - 95.11 % Expected term (in years) 5.50 - 6.08 5.50 - 6.08 Expected dividend yield 0 % 0 % The total unrecognized compensation expense related to outstanding unvested stock-based awards as of September 30, 2021, was $ 38.6 million, which is expected to be recognized over a weighted-average remaining service period of 2.64 years . The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for stock options for the periods presented (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Research and development $ 1,250 $ 592 $ 3,608 $ 1,406 General and administrative 2,147 1,089 5,746 2,183 Total stock-based compensation expense $ 3,397 $ 1,681 $ 9,354 $ 3,589 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Operating Leases The Company has operating leases for office and lab space in South San Francisco, California and office space in San Diego, California. In August 2021, the Company entered into a lease amendment for the South San Francisco facility that extended the lease term until May 2028 . The lease amendment includes the option to extend the lease for one additional year. In October 2021, the Company entered into a lease amendment for the current San Diego facility that extended the lease expiration from December 2021 to February 2022 . Additionally, in September 2021, the Company entered into a lease agreement for a new San Diego facility with a term of 36 months that is expected to commence in February 2022. The leases may require the Company to pay property taxes, insurance and common area maintenance. These payments are recognized as variable lease costs in the period they are incurred and are not included within lease liabilities. As a result of the lease amendment for the South San Francisco facility, the Company's operating lease right-of-use assets and lease liabilities increased during the quarterly period. The right-of-use assets were $ 12.0 million as of September 30, 2021 and are recorded in the balance sheet in other assets. Lease liabilities are recorded in accrued liabilities and other long-term liabilities in the balance sheet and as of September 30, 2021 were $ 1.8 million and $ 10.7 million, respectively. Operating lease costs for the three and nine months ended September 30, 2021 were approximately $ 0.5 million and $ 1.2 million, respectively. Cash paid for our operating leases for the nine months ended September 30, 2021 was $ 1.5 million. The weighted average discount rate used was 8.2 % and the weighted-average remaining lease term for all operating leases was 6.61 years. Future lease payments of operating lease liabilities as of September 30, 2021 were as follows (in thousands): Operating Leases 2021 remaining 3 months $ 492 2022 1,956 2023 2,390 2024 2,474 2025 2,561 Thereafter 6,432 Total minimum lease payments 16,305 Less: interest 3,766 Present value of lease liabilities $ 12,539 Future minimum lease payments under non-cancelable operating leases as of December 31, 2020 were as follows (in thousands): Year ending December 31, Operating Leases 2021 $ 1,942 2022 686 Total minimum lease payments $ 2,628 Litigation From time to time, the Company may be involved in legal proceedings arising in the ordinary course of business. The Company believes there is no threatened litigation or litigation pending that could have, individually or in the aggregate, a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP, have been omitted. The accompanying unaudited financial statements include all known adjustments necessary for a fair presentation of the results as required by GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the interim period are not necessarily indicative of future results. In March 2020, the World Health Organization declared the novel coronavirus disease, or COVID-19, outbreak a global pandemic. To limit the spread of COVID-19, governments have taken various actions including the issuance of stay-at-home orders and physical distancing guidelines. Accordingly, businesses have adjusted, reduced or suspended operating activities. A portion of the Company’s workforce continues to work from home. Disruptions caused by the COVID-19 pandemic, including the effects of the stay-at-home orders and work-from-home policies, have impacted productivity, have resulted in increased operational expenses, certain adjustments to the operations of the Company’s clinical trials, the temporary suspension of enrollment of new patients at certain of the Company’s clinical trial sites, and delays in certain supply chain activities and collecting and analyzing data from patients in the Company’s clinical trials, and may further disrupt the business and delay the development programs and regulatory timelines, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. As a result, research and development expenses and general and administrative expenses may vary significantly if there is an increased impact from COVID-19 on the costs and timing associated with the conduct of the clinical trials and other related business activities. The accompanying unaudited financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020, which are included in the Company’s Annual Report on Form 10-K filed with the SEC. Furthermore, the Company’s significant accounting policies are disclosed in the audited financial statements for the periods ended December 31, 2020 and 2019, included in the Company’s Annual Report on Form 10-K. Since the date of those financial statements, there have been no changes to its significant accounting policies, except as noted below. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase that are readily convertible into cash as cash equivalents. These investments may include money market funds, securities issued by U.S. Government agencies, corporate debt securities and commercial paper. Cash that is restricted and not available for general operations is considered restricted cash. The Company's restricted cash is in connection to property leases and restrictions will be removed at the respective lease expiration. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the balance sheet to the total of the amount presented in the statement of cash flows, in thousands: Nine Months Ended September 30, 2021 2020 Cash and cash equivalents $ 241,126 $ 62,031 Restricted cash included in other assets 468 — Total cash, cash equivalents and restricted cash presented in the statement of cash flows $ 241,594 $ 62,031 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) under its accounting standards codification (ASC) or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase by the lessee. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of their classification. ASC 842 provides a lessee with an option to not account for leases with a term of 12 months or less as leases in the scope of the new standard. ASC 842 supersedes the previous leases standard, ASC 840 Leases. ASC 842 requires a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued supplemental adoption guidance and clarification to ASC 842 within ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . ASU No. 2018-11 provides another transition method in addition to the existing modified retrospective transition method by allowing entities to initially apply the new leasing standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of accumulated deficit in the period of adoption. On January 1, 2021, the Company early adopted ASC 842 using the modified retrospective approach. Accordingly, prior period financial information and disclosures have no t been adjusted and continue to be reported in accordance with the Company’s historical accounting under the previous lease standard. In addition, the Company elected the package of practical expedients available for existing contracts, which allowed it to carry forward historical assessments of lease identification, lease classification, and initial direct costs. As a result of adopting ASC 842, the Company recognized right-of-use assets and lease liabilities of $ 1.7 million and $ 2.5 million, respectively, on January 1, 2021 , which are related to our facility operating leases (Note 9). The difference between the right-of-use assets and lease liabilities is primarily attributed to the elimination of deferred rent and unamortized lease incentives. There was no adjustment to the opening balance of accumulated deficit as a result of the adoption of ASC 842. The Company determines if an arrangement is or contains a lease at inception. The Company’s operating leases with an initial term greater than one year are accounted for with operating lease right-of-use assets, operating lease liabilities and operating lease liabilities, less current portion, which are included in other assets, accrued liabilities and other long-term liabilities, respectively, on the balance sheet as of September 30, 2021. Right-of-use assets represent the right to use an underlying asset during the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date, based on the present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses its incremental borrowing rate which represents an estimated rate of interest that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. The Company’s operating leases may include options to extend the lease which are included in the lease term when it is reasonably certain that we will exercise a renewal option. Operating lease expense is recognized on a straight-line basis over the expected lease term. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) (ASC 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. The amendments in Update 2016-13 added Topic 326, Financial Instruments—Credit Losses, and made several consequential amendments to the Codification. Update 2016-13 also modified the accounting for available-for-sale debt securities, which must be individually assessed for credit losses when fair value is less than the amortized cost basis, in accordance with Subtopic 326-30, Financial Instruments— Credit Losses—Available-for-Sale Debt Securities. The guidance is effective for public business entities for annual periods beginning after December 15, 2019, including interim periods within those years. For all other entities, the standard is effective for annual periods beginning after December 15, 2022 and interim periods, therein. Early adoption is permitted. The Company early adopted the new standard in the first quarter of 2021, using the modified retrospective approach. The adoption did no t have a material impact on its financial statements. In accordance with ASU 2016-13, the Company will no longer evaluate whether its available-for-sale investments in an unrealized loss position are other than temporarily impaired. Instead, the Company will assess whether such unrealized loss positions are credit-related. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Unrealized gains and losses that are not credit-related are included in accumulated other comprehensive income (loss). |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the balance sheet to the total of the amount presented in the statement of cash flows, in thousands: Nine Months Ended September 30, 2021 2020 Cash and cash equivalents $ 241,126 $ 62,031 Restricted cash included in other assets 468 — Total cash, cash equivalents and restricted cash presented in the statement of cash flows $ 241,594 $ 62,031 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): September 30, 2021 December 31, 2020 Lab equipment $ 4,641 $ 4,396 Leasehold improvements 1,710 1,710 Computer hardware and software 212 220 Furniture and fixtures 140 140 Total property and equipment, gross 6,703 6,466 Less accumulated depreciation ( 4,878 ) ( 4,485 ) Total property and equipment, net $ 1,825 $ 1,981 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): September 30, 2021 December 31, 2020 Accrued clinical and manufacturing costs $ 5,748 $ 3,072 Lease liabilities - short-term 1,798 — Accrued compensation 3,263 3,723 Other accruals 675 904 Deferred rent - short-term — 546 Total accrued liabilities $ 11,484 $ 8,245 |
Investments, Available-for-Sa_2
Investments, Available-for-Sale (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Cost, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Value of Available for Sale Investments | The Company's available-for-sale investments consisted of the following (in thousands): September 30, 2021 Amortized Unrealized Unrealized Estimated U.S. treasury securities $ 47,656 $ 1 $ — $ 47,657 Certificates of deposit 736 — — 736 Short-term investments, available-for-sale $ 48,392 $ 1 $ — $ 48,393 U.S. treasury securities $ 6,006 $ — $ ( 3 ) $ 6,003 Certificates of deposit 953 — — 953 Investments, available-for-sale $ 6,959 $ — $ ( 3 ) $ 6,956 December 31, 2020 U.S. treasury securities $ 215,185 $ — $ ( 31 ) $ 215,154 Short-term investments, available-for-sale $ 215,185 $ — $ ( 31 ) $ 215,154 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | Following are the major categories of assets measured at fair value on a recurring basis (in thousands): Fair Value Measurements Fair Value Level 1 Level 2 Level 3 Total September 30, 2021 Money market funds (1) $ 241,126 $ 241,126 $ — $ — $ 241,126 U.S. treasury securities 53,660 53,660 — — 53,660 Certificates of deposit 1,689 1,689 — — 1,689 Total $ 296,475 $ 296,475 $ — $ — $ 296,475 December 31, 2020 Money market funds (1) $ 78,446 $ 78,446 $ — $ — $ 78,446 U.S. treasury securities 215,154 215,154 — — 215,154 Total $ 293,600 $ 293,600 $ — $ — $ 293,600 (1) Included in cash and cash equivalents in accompanying balance sheet. |
Equity Incentive Plans and St_2
Equity Incentive Plans and Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Option Activity | The following table summarizes the option activity for the nine months ended September 30, 2021: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2020 3,996,174 $ 9.03 8.5 $ 99,107 Granted 1,534,842 27.42 Exercised ( 61,768 ) 2.86 Forfeited and cancelled ( 209,302 ) 21.20 Outstanding at September 30, 2021 5,259,946 $ 13.99 8.2 $ 47,735 Exercisable at September 30, 2021 2,149,552 $ 6.34 7.3 $ 31,542 |
Summary of Outstanding Shares of Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Share | The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Options to purchase common stock 5,259,946 3,959,693 5,259,946 3,959,693 Total 5,259,946 3,959,693 5,259,946 3,959,693 |
Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions | The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes Merton option pricing model with the following assumptions: Nine Months Ended 2021 2020 Stock price $ 16.61 - $ 35.67 $ 16.00 - $ 35.92 Risk-free interest rate 0.60 % - 1.15 % 3.17 % - 4.45 % Expected volatility 82.88 % - 88.43 % 88.01 % - 95.11 % Expected term (in years) 5.50 - 6.08 5.50 - 6.08 Expected dividend yield 0 % 0 % |
Summary of Total Stock-based Compensation Expense | The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for stock options for the periods presented (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Research and development $ 1,250 $ 592 $ 3,608 $ 1,406 General and administrative 2,147 1,089 5,746 2,183 Total stock-based compensation expense $ 3,397 $ 1,681 $ 9,354 $ 3,589 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Future Lease Payments of Operating Lease Liabilities | Future lease payments of operating lease liabilities as of September 30, 2021 were as follows (in thousands): Operating Leases 2021 remaining 3 months $ 492 2022 1,956 2023 2,390 2024 2,474 2025 2,561 Thereafter 6,432 Total minimum lease payments 16,305 Less: interest 3,766 Present value of lease liabilities $ 12,539 |
Summary of Future Minimum Lease Payments under Non-cancelable Operating Leases | Future minimum lease payments under non-cancelable operating leases as of December 31, 2020 were as follows (in thousands): Year ending December 31, Operating Leases 2021 $ 1,942 2022 686 Total minimum lease payments $ 2,628 |
Description of the Business - A
Description of the Business - Additional Information (Details) $ / shares in Units, $ in Thousands | Jul. 08, 2021USD ($)$ / sharesshares | May 06, 2021USD ($) | Nov. 17, 2020USD ($)$ / sharesshares | Apr. 28, 2020USD ($)$ / sharesshares | Sep. 30, 2021USD ($)shares | Jun. 30, 2020shares | Sep. 30, 2021USD ($)Segments | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Description Of Business [Line Items] | |||||||||
Number of operating segments | Segments | 1 | ||||||||
Accumulated deficit | $ 222,337 | $ 222,337 | $ 166,393 | ||||||
Proceeds from issuance of common stock pursuant to public offering | $ 50,000 | $ 138,000 | |||||||
At-The-Market Sales Agreement and Offering | |||||||||
Description Of Business [Line Items] | |||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 2,597,402 | ||||||||
Proceeds from issuance of common stock pursuant to public offering | $ 50,000 | ||||||||
Sale of Stock, Price Per Share | $ / shares | $ 19.25 | ||||||||
At-The-Market Sales Agreement and Offering | Maximum | |||||||||
Description Of Business [Line Items] | |||||||||
Sales of common stock | $ 150,000 | ||||||||
Common Stock | |||||||||
Description Of Business [Line Items] | |||||||||
Shares of common stock issued | shares | 2,597,402 | ||||||||
Proceeds from issuance of common stock pursuant to initial public offering | $ 138,000 | ||||||||
Underwriting discounts and commissions and other offering expenses | 12,800 | ||||||||
Net proceeds from IPO | $ 125,200 | ||||||||
Convertible preferred stock outstanding converted into shares of common stock | shares | 19,278,606 | ||||||||
Reverse stock split | one-for-four | ||||||||
Reverse stock split ratio | 0.25 | ||||||||
Common Stock | Initial Public Offering | |||||||||
Description Of Business [Line Items] | |||||||||
Shares of common stock issued | shares | 8,625,000 | 8,625,000 | |||||||
Price per share of common stock | $ / shares | $ 16 | ||||||||
Common Stock | Option to Purchase Additional Shares | Maximum | |||||||||
Description Of Business [Line Items] | |||||||||
Shares of common stock issued | shares | 756,000 | 1,125,000 | |||||||
Common Stock | Secondary Public Offering | |||||||||
Description Of Business [Line Items] | |||||||||
Shares of common stock issued | shares | 5,796,000 | ||||||||
Price per share of common stock | $ / shares | $ 23 | ||||||||
Underwriting discounts and commissions and other offering expenses | $ 8,500 | ||||||||
Gross proceeds from secondary public offering excluding underwriting discounts and commissions and other offering expenses | 133,300 | ||||||||
Proceeds from issuance of common stock pursuant to public offering | $ 124,800 | ||||||||
Common Stock | At-The-Market Sales Agreement and Offering | |||||||||
Description Of Business [Line Items] | |||||||||
Underwriting discounts and commissions and other offering expenses | $ 1,900 | ||||||||
Proceeds from issuance of common stock pursuant to public offering | $ 48,100 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 241,126 | $ 78,446 | $ 62,031 | |
Restricted cash included in other assets | 468 | |||
Total cash, cash equivalents and restricted cash presented in the statement of cash flows | $ 241,594 | $ 78,446 | $ 62,031 | $ 89,159 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | Sep. 30, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Right-of-use assets | $ 12,000,000 | ||
Lease liabilities | 12,539,000 | ||
Adjustment to opening balance of accumulated deficit | $ (222,337,000) | $ (166,393,000) | |
ASU No. 2016-02 | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Right-of-use assets | $ 1,700,000 | ||
Lease liabilities | 2,500,000 | ||
Change in accounting principle, accounting standards update, early adoption | true | ||
Change in accounting principle, accounting standards update, adopted | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 | ||
Change in accounting principle, accounting standards update, immaterial effect | true | ||
ASU No. 2016-02 | Cumulative Effect, Period of Adoption, Adjustment | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Adjustment to opening balance of accumulated deficit | $ 0 | ||
ASU No. 2016-13 | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Change in accounting principle, accounting standards update, early adoption | true | ||
Change in accounting principle, accounting standards update, immaterial effect | true |
License Agreements - Additional
License Agreements - Additional Information (Details) $ / shares in Units, $ in Thousands | Oct. 19, 2020USD ($)Product$ / sharesshares | Aug. 03, 2020USD ($)Product$ / sharesshares | Oct. 31, 2020USD ($) | Aug. 31, 2020USD ($) | Sep. 30, 2021USD ($)shares | Dec. 31, 2020USD ($)shares |
License Agreements [Line Items] | ||||||
Number of licensed products obliged to develop and commercialize | Product | 1 | 1 | ||||
Upfront payment shares issued | shares | 39,331,585 | 36,672,415 | ||||
Upfront payment value | $ 4 | $ 4 | ||||
Mirati Therapeutics, Inc | ||||||
License Agreements [Line Items] | ||||||
Number of period the agreement in effect | 10 years | |||||
Mirati Therapeutics, Inc | Private Placement | Acquired In-Process Research and Development Expense | ||||||
License Agreements [Line Items] | ||||||
License agreement shares issued value related to acquired assets charge | $ 13,000 | |||||
Mirati Therapeutics, Inc | Private Placement | Common Stock | ||||||
License Agreements [Line Items] | ||||||
Upfront payment shares issued | shares | 588,235 | |||||
Upfront payment value | $ 13,000 | |||||
Issue price per share | $ / shares | $ 34 | |||||
Premium percentage | 10.00% | |||||
Stock transfer restrictions period | 18 months | |||||
Voronoi Inc. | Development And Regulatory Milestone | ||||||
License Agreements [Line Items] | ||||||
License agreement maximum milestone payment obligation to pay | $ 111,000 | |||||
Voronoi Inc. | Commercial Milestone | ||||||
License Agreements [Line Items] | ||||||
License agreement maximum milestone payment obligation to pay | 225,000 | |||||
Voronoi Inc. | Success Based Milestones | ||||||
License Agreements [Line Items] | ||||||
License agreement, additional milestone payment | $ 272,000 | |||||
Voronoi Inc. | Private Placement | ||||||
License Agreements [Line Items] | ||||||
License agreement charge related to acquired assets | $ 11,800 | |||||
Voronoi Inc. | Private Placement | Acquired In-Process Research and Development Expense | ||||||
License Agreements [Line Items] | ||||||
License agreement shares issued value related to acquired assets charge | 6,800 | |||||
License agreement cash payment related to acquired assets charge | $ 5,000 | |||||
Voronoi Inc. | Private Placement | Common Stock | ||||||
License Agreements [Line Items] | ||||||
Upfront payment shares issued | shares | 283,259 | |||||
Upfront payment value | $ 6,800 | |||||
Issue price per share | $ / shares | $ 28.24 | |||||
Premium percentage | 25.00% | |||||
Upfront cash payment | $ 5,000 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 6,703 | $ 6,466 |
Less accumulated depreciation | (4,878) | (4,485) |
Total property and equipment, net | 1,825 | 1,981 |
Lab Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 4,641 | 4,396 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 1,710 | 1,710 |
Computer Hardware and Software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 212 | 220 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 140 | $ 140 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities Current [Abstract] | ||
Accrued clinical and manufacturing costs | $ 5,748 | $ 3,072 |
Lease liabilities - short-term | 1,798 | |
Accrued compensation | 3,263 | 3,723 |
Other accruals | 675 | 904 |
Deferred rent - short-term | 546 | |
Total accrued liabilities | $ 11,484 | $ 8,245 |
Investments, Available-for-Sa_3
Investments, Available-for-Sale - Schedule of Cost, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Value of Available for Sale Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Short-term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investments, available-for-sale, Amortized Cost | $ 48,392 | $ 215,185 |
Investments, available-for-sale, Unrealized Gains | 1 | |
Investments, available-for-sale, Unrealized Losses | (31) | |
Investments, available-for-sale, Estimated Fair Value | 48,393 | 215,154 |
Long Term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investments, available-for-sale, Amortized Cost | 6,959 | |
Investments, available-for-sale, Unrealized Losses | (3) | |
Investments, available-for-sale, Estimated Fair Value | 6,956 | |
U.S. Treasury Securities | Short-term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investments, available-for-sale, Amortized Cost | 47,656 | 215,185 |
Investments, available-for-sale, Unrealized Gains | 1 | |
Investments, available-for-sale, Unrealized Losses | (31) | |
Investments, available-for-sale, Estimated Fair Value | 47,657 | $ 215,154 |
U.S. Treasury Securities | Long Term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investments, available-for-sale, Amortized Cost | 6,006 | |
Investments, available-for-sale, Unrealized Losses | (3) | |
Investments, available-for-sale, Estimated Fair Value | 6,003 | |
Certificates of deposit | Short-term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investments, available-for-sale, Amortized Cost | 736 | |
Investments, available-for-sale, Estimated Fair Value | 736 | |
Certificates of deposit | Long Term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investments, available-for-sale, Amortized Cost | 953 | |
Investments, available-for-sale, Estimated Fair Value | $ 953 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | $ 296,475 | $ 293,600 |
Money Market Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 241,126 | 78,446 |
U.S. Treasury Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 53,660 | 215,154 |
Certificates of deposit | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 1,689 | |
Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 296,475 | 293,600 |
Level 1 | Money Market Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 241,126 | 78,446 |
Level 1 | U.S. Treasury Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 53,660 | 215,154 |
Level 1 | Certificates of deposit | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 1,689 | |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 296,475 | 293,600 |
Fair Value | Money Market Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 241,126 | 78,446 |
Fair Value | U.S. Treasury Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 53,660 | $ 215,154 |
Fair Value | Certificates of deposit | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | $ 1,689 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Transfer between level 1 to 2 | $ 0 | $ 0 |
Transfer between level 2 to 1 | 0 | 0 |
Transfer between level 2 to 3 | 0 | 0 |
Transfer between level 3 to 2 | 0 | 0 |
Transfer between level 1 to 3 | 0 | 0 |
Transfer between level 3 to 1 | $ 0 | $ 0 |
Equity Incentive Plans and St_3
Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($)shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total unrecognized compensation expense related to outstanding unvested stock-based awards | $ | $ 38.6 |
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period | 2 years 7 months 20 days |
2020 Equity Incentive Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares available for future issuance | shares | 1,938,448 |
Equity Incentive Plans and St_4
Equity Incentive Plans and Stock-Based Compensation - Summary of Option Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Options outstanding, Beginning Balance | shares | 3,996,174 | |
Options, Granted | shares | 1,534,842 | |
Options, Exercised | shares | (61,768) | |
Options, Forfeited and cancelled | shares | (209,302) | |
Options outstanding, Ending Balance | shares | 5,259,946 | 3,996,174 |
Options, Exercisable | shares | 2,149,552 | |
Weighted Average Exercise Price, Options outstanding Beginning Balance | $ / shares | $ 9.03 | |
Weighted Average Exercise Price, Granted | $ / shares | 27.42 | |
Weighted Average Exercise Price, Exercised | $ / shares | 2.86 | |
Weighted Average Exercise Price, Forfeited and Cancelled | $ / shares | 21.20 | |
Weighted Average Exercise Price, Options outstanding Ending Balance | $ / shares | 13.99 | $ 9.03 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 6.34 | |
Weighted Average Remaining Contractual Term (in years), Options outstanding | 8 years 2 months 12 days | 8 years 6 months |
Weighted Average Remaining Contractual Term (in years), Exercisable | 7 years 3 months 18 days | |
Aggregate Intrinsic Value, Options outstanding | $ | $ 47,735 | $ 99,107 |
Aggregate Intrinsic Value, Exercisable | $ | $ 31,542 |
Equity Incentive Plans and St_5
Equity Incentive Plans and Stock-Based Compensation - Summary of Outstanding Shares of Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti dilutive securities excluded from computation of net loss per share | 5,259,946 | 3,959,693 | 5,259,946 | 3,959,693 |
Options to Purchase Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti dilutive securities excluded from computation of net loss per share | 5,259,946 | 3,959,693 | 5,259,946 | 3,959,693 |
Equity Incentive Plans and St_6
Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions (Details) - Stock Option - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate, minimum | 0.60% | 3.17% |
Risk-free interest rate, maximum | 1.15% | 4.45% |
Expected volatility, minimum | 82.88% | 88.01% |
Expected volatility, maximum | 88.43% | 95.11% |
Expected dividend yield | 0.00% | 0.00% |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock price | $ 16.61 | $ 16 |
Expected term (in years) | 5 years 6 months | 5 years 6 months |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock price | $ 35.67 | $ 35.92 |
Expected term (in years) | 6 years 29 days | 6 years 29 days |
Equity Incentive Plans and St_7
Equity Incentive Plans and Stock-Based Compensation - Summary of Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 3,397 | $ 1,681 | $ 9,354 | $ 3,589 |
Research and development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 1,250 | 592 | 3,608 | 1,406 |
General and administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 2,147 | $ 1,089 | $ 5,746 | $ 2,183 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2021 | Aug. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Jan. 01, 2021 | |
Lessor, Lease, Description [Line Items] | |||||
Accrued Liabilities | $ 1,800 | $ 1,800 | |||
Lease liabilities | 12,539 | 12,539 | |||
Long-term Debt | 10,700 | 10,700 | |||
Operating lease costs | $ 500 | 1,200 | |||
Cash paid for operating lease | $ 1,500 | ||||
Weighted average discount rate | 8.20% | 8.20% | |||
Weighted-average remaining lease term | 6 years 7 months 9 days | 6 years 7 months 9 days | |||
Right-of-use assets | $ 12,000 | $ 12,000 | |||
ASU No. 2016-02 | |||||
Lessor, Lease, Description [Line Items] | |||||
Lease liabilities | $ 2,500 | ||||
Right-of-use assets | $ 1,700 | ||||
South San Francisco, California | |||||
Lessor, Lease, Description [Line Items] | |||||
Operating lease, renewal term | 1 year | 1 year | |||
Extend the lease term | May 2028 | ||||
San Diego, California | |||||
Lessor, Lease, Description [Line Items] | |||||
Operating lease, renewal term | 36 months | 36 months | |||
Extend the lease term | February 2022 |
Commitment and Contingencies _2
Commitment and Contingencies - Summary of Future Lease Payments of Operating Lease Liabilities (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2021 remaining 3 months | $ 492 |
2022 | 1,956 |
2023 | 2,390 |
2024 | 2,474 |
2025 | 2,561 |
Thereafter | 6,432 |
Total minimum lease payments | 16,305 |
Less: interest | 3,766 |
Present value of lease liabilities | $ 12,539 |
Commitment and Contingencies _3
Commitment and Contingencies - Summary of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2021 | $ 1,942 |
2022 | 686 |
Total minimum lease payments | $ 2,628 |