Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
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 | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 39,478,212 | |
Entity File Number | 001-39269 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-1787157 | |
Entity Address, Address Line One | 240 E. Grand Ave | |
Entity Address, Address Line Two | 2nd Floor | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 388-5600 | |
Document Quarterly Report | true | |
Document Transition Report | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 112,644 | $ 226,006 |
Short-term investments | 121,978 | 10,973 |
Prepaid expenses and other current assets | 4,463 | 3,543 |
Total current assets | 239,085 | 240,522 |
Long-term investments | 21,577 | 43,386 |
Property and equipment, net | 2,463 | 2,413 |
Other assets | 11,937 | 12,321 |
Total assets | 275,062 | 298,642 |
Current liabilities: | ||
Accounts payable | 888 | 1,886 |
Accrued liabilities | 10,929 | 13,265 |
Total current liabilities | 11,817 | 15,151 |
Other long-term liabilities | 10,166 | 10,515 |
Total liabilities | 21,983 | 25,666 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding at March 31, 2022 and December 31, 2021 | ||
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 39,438,602 and 39,430,120 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 4 | 4 |
Additional paid-in capital | 522,144 | 518,183 |
Accumulated deficit | (268,267) | (245,108) |
Accumulated other comprehensive loss | (802) | (103) |
Total stockholders' equity | 253,079 | 272,976 |
Total liabilities and stockholders' equity | $ 275,062 | $ 298,642 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 39,438,602 | 39,430,120 |
Common stock, shares, outstanding | 39,438,602 | 39,430,120 |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses: | ||
Research and development | $ 16,828 | $ 11,697 |
General and administrative | 6,430 | 4,856 |
Total operating expenses | 23,258 | 16,553 |
Loss from operations | (23,258) | (16,553) |
Other income: | ||
Interest income, net | 99 | 44 |
Total other income | 99 | 44 |
Net loss | (23,159) | (16,509) |
Other comprehensive gain (loss): | ||
Unrealized (loss) gain on investments | (699) | 48 |
Comprehensive loss | $ (23,858) | $ (16,461) |
Net loss per share, basic and diluted | $ (0.59) | $ (0.45) |
Weighted-average shares outstanding, basic and diluted | 39,431,722 | 36,679,684 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Gain (Loss) |
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 | ||||
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 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, 2021 | $ 272,976 | $ 4 | $ (103) | (245,108) | |
Beginning Balance (in shares) at Dec. 31, 2021 | 39,430,120 | 39,430,120 | 518,183 | ||
Exercise of common stock options | $ 16 | $ 16 | |||
Exercise of common stock options (in shares) | 8,482 | 8,482 | |||
Stock-based compensation expense | $ 3,945 | 3,945 | |||
Unrealized (loss) gain on investments | (699) | (699) | |||
Net loss | (23,159) | (23,159) | |||
Ending Balance at Mar. 31, 2022 | $ 253,079 | $ 4 | $ 522,144 | $ (268,267) | $ (802) |
Ending Balance (in shares) at Mar. 31, 2022 | 39,438,602 | 39,438,602 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (23,159) | $ (16,509) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 251 | 229 |
Stock-based compensation expense | 3,945 | 2,744 |
Amortization of premium on investments, net | 42 | 441 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (536) | 1,432 |
Accounts payable and accrued other liabilities | (3,261) | (3,238) |
Net cash used in operating activities | (22,718) | (14,901) |
Cash flows from investing activities: | ||
Acquisitions of property and equipment | (723) | (182) |
Purchases of investments | (99,937) | (25,171) |
Sales and maturities of investments | 10,000 | 66,000 |
Net cash provided by (used in) investing activities | (90,660) | 40,647 |
Cash flows from financing activities: | ||
Proceeds from stock option exercises | 16 | 16 |
Net cash provided by financing activities | 16 | 16 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (113,362) | 25,762 |
Cash, cash equivalents and restricted cash at beginning of period | 226,474 | 78,446 |
Cash, cash equivalents and restricted cash at end of period | 113,112 | 104,208 |
Cash and cash equivalents | 112,644 | 104,208 |
Restricted cash included in other assets | 468 | |
Total cash, cash equivalents and restricted cash | $ 113,112 | $ 104,208 |
Description of the Business
Description of the Business | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, the Company had an accumulated deficit of $ 268.3 million. Through March 31, 2022, all of the Company’s financial support has been provided by proceeds from the issuance of common stock and 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 includes 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. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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. Governments have taken various actions in response to the COVID-19 pandemic, including the issuance of stay-at-home orders and physical distancing guidelines. Accordingly, businesses have adjusted, reduced or suspended certain operating activities. Disruptions caused by the COVID-19 pandemic have impacted the Company, including the temporary suspension or delayed enrollment of patients in the Company’s clinical trials. The future impacts of the COVID-19 pandemic 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, 2021, 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, 2021 and 2020 , 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. Stock-Based Compensation Stock-based compensation expense represents the grant date fair value of employee, officer, director and non-employee stock option and restricted stock unit grants, estimated in accordance with the applicable accounting guidance and recognized over the vesting period, which approximates the requisite service period of the awards. The Company recognizes forfeitures as they occur. The fair value of stock options is estimated using a Black-Scholes-Merton valuation model on the date of grant. This method requires certain assumptions be used as inputs, such as a risk-free interest rate, expected volatility of the Company’s common stock and expected term of the option before exercise. The risk-free interest rate is based on U.S. Treasury instruments with maturities similar to the expected term. The expected volatility is computed using historical volatility for a period equal to the expected term. Given the limited period of time the Company's stock has been traded, expected volatility is based on the Company's historical volatility and the historical volatility of a group of similar companies that are publicly traded. The expected term represents the length of time the stock options are expected to be outstanding. Because the Company does not have sufficient exercise behavior, it determines the expected term assumption using the simplified method, which is an average of the contractual term of the option and its vesting period. Options granted have a maximum contractual term of ten years and generally vest over a four year period. The fair value of restricted stock units is equal to the closing price of the Company's stock on the date of grant. Restricted stock units generally vest over a three year period. Recently Issued Accounting Pronouncements There are no recently issued accounting pronouncements that would materially impact the Company’s financial statements and related disclosures . |
License Agreements
License Agreements | 3 Months Ended |
Mar. 31, 2022 | |
License Agreements [Abstract] | |
License Agreements | 3. License Agreements 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 in the ORIC Territory, defined as worldwide other than in the People’s Republic of China, Hong Kong, Macau and Taiwan. 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 of $ 5.0 million in cash 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 entered into between the parties on October 19, 2020. The number of shares issued pursuant to the stock issuance 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 will 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 could 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. 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 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. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): March 31, 2022 December 31, 2021 Lab equipment $ 5,466 $ 5,305 Leasehold improvements 1,710 1,710 Computer hardware and software 257 247 Furniture and fixtures 259 140 Total property and equipment, gross 7,692 7,402 Less accumulated depreciation ( 5,229 ) ( 4,989 ) Total property and equipment, net $ 2,463 $ 2,413 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued clinical and manufacturing costs $ 6,308 $ 5,678 Accrued compensation 2,162 4,798 Lease liabilities - short-term 2,024 1,926 Other accruals 435 863 Total accrued liabilities $ 10,929 $ 13,265 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 6. Investments The Company's available-for-sale investments consisted of the following (in thousands): March 31, 2022 Amortized Unrealized Unrealized Estimated Short-term U.S. treasury securities $ 120,971 $ — $ ( 423 ) $ 120,548 Certificates of deposit 1,438 — ( 8 ) 1,430 Short-term investments $ 122,409 $ — $ ( 431 ) $ 121,978 Long-term U.S. treasury securities $ 21,458 $ — $ ( 361 ) $ 21,097 Certificates of deposit 490 — ( 10 ) 480 Long-term investments $ 21,948 $ — $ ( 371 ) $ 21,577 December 31, 2021 Short-term U.S. treasury securities $ 10,014 $ — $ ( 1 ) $ 10,013 Certificates of deposit 961 — ( 1 ) 960 Short-term investments $ 10,975 $ — $ ( 2 ) $ 10,973 Long-term U.S. treasury securities $ 42,517 $ — $ ( 98 ) $ 42,419 Certificates of deposit 970 — ( 3 ) 967 Long-term investments $ 43,487 $ — $ ( 101 ) $ 43,386 The Company has determined that there were no material declines in fair value of its investments due to credit-related factors as of March 31, 2022 and December 31, 2021 . Credit loss is limited due to the nature of the investments. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Money market funds (1) $ 112,644 $ 112,644 $ — $ — $ 112,644 U.S. treasury securities 141,645 141,645 — — 141,645 Certificates of deposit 1,910 1,910 — — 1,910 Total $ 256,199 $ 256,199 $ — $ — $ 256,199 December 31, 2021 Money market funds (1) $ 226,006 $ 226,006 $ — $ — $ 226,006 U.S. treasury securities 52,432 52,432 — — 52,432 Certificates of deposit 1,927 1,927 — — 1,927 Total $ 280,365 $ 280,365 $ — $ — $ 280,365 (1) Included in cash and cash equivalents in accompanying balance sheets. No transfers between levels occurred during either of the reporting periods presented. |
Equity Incentive Plans and Stoc
Equity Incentive Plans and Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans and Stock-Based Compensation | . Equity Incentive Plans and Stock-Based Compensation As of March 31, 2022, there were 2,421,252 shares available for future issuance under the 2020 Equity Incentive Plan and 500,000 shares available for future issuance under the 2022 Inducement Equity Incentive Plan, which was adopted on March 1, 2022. The 2020 Equity Incentive Plan provides for the grants of stock options and other equity-based awards to employees, non-employee directors and consultants of the Company. The 2022 Inducement Equity Incentive Plan provides for the grants of equity-based awards to individuals not previously employees or non-employee directors of the Company. The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for the periods presented (in thousands): Three Months Ended 2022 2021 Research and development $ 1,568 $ 1,067 General and administrative 2,377 1,677 Total stock-based compensation expense $ 3,945 $ 2,744 Stock Options The following table summarizes the stock option activity for the three months ended March 31, 2022: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2021 5,268,320 $ 14.16 Granted 1,333,234 9.48 Exercised ( 8,482 ) 1.88 Forfeited and cancelled ( 168,748 ) 17.87 Outstanding at March 31, 2022 6,424,324 $ 13.10 8.2 $ 5,487 Exercisable at March 31, 2022 2,812,462 $ 9.29 7.2 $ 5,037 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: Three Months Ended 2022 2021 Risk-free interest rate 1.47 % - 1.70 % 0.6 % - 0.9 % Expected volatility 82.98 % - 83.59 % 88.38 % - 88.43 % Expected term (in years) 6.08 6.08 Expected dividend yield 0 % 0 % The Company recognized stock-based compensation expense related to the vesting of stock option s of $ 3.7 million and $ 2.7 million during the three months ended March 31, 2022 and 2021, respectively. The total unrecognized compensation expense related to outstanding unvested stock-option awards as of March 31, 2022, was $ 39.8 million, which is expected to be recognized over a weighted-average remaining service period of 2.9 years. Restricted Stock Units The following table summarizes the restricted stock unit activity for the three months ended March 31, 2022: Number of Shares Weighted- Outstanding at December 31, 2021 — $ — Granted 221,078 9.45 Vested — — Forfeited ( 3,348 ) 9.48 Outstanding at March 31, 2022 217,730 $ 9.45 The Company recognized stock-based compensation expense related to the vesting of restricted stock units of $ 0.1 million during the three months ended March 31, 2022. The Company did not grant restricted stock units in 2021. Total unrecognized compensation expense related to restricted stock units as of March 31, 2022, was $ 1.9 million, which is expected to be recognized over a weighted-average remaining service period of 2.7 years. Employee Stock Purchase Plan The company recognized stock-based compensation expense of $ 0.1 million related to the Employee Stock Purchase Plan (ESPP) for the three months ended March 31, 2022 . There was no ESPP expense for the three months ended March 31, 2021. 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 March 31, 2022 2021 Options to purchase common stock 6,424,324 5,067,230 Non-vested restricted stock units 217,730 — Total 6,642,054 5,067,230 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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. Governments have taken various actions in response to the COVID-19 pandemic, including the issuance of stay-at-home orders and physical distancing guidelines. Accordingly, businesses have adjusted, reduced or suspended certain operating activities. Disruptions caused by the COVID-19 pandemic have impacted the Company, including the temporary suspension or delayed enrollment of patients in the Company’s clinical trials. The future impacts of the COVID-19 pandemic 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, 2021, 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, 2021 and 2020 , 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. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense represents the grant date fair value of employee, officer, director and non-employee stock option and restricted stock unit grants, estimated in accordance with the applicable accounting guidance and recognized over the vesting period, which approximates the requisite service period of the awards. The Company recognizes forfeitures as they occur. The fair value of stock options is estimated using a Black-Scholes-Merton valuation model on the date of grant. This method requires certain assumptions be used as inputs, such as a risk-free interest rate, expected volatility of the Company’s common stock and expected term of the option before exercise. The risk-free interest rate is based on U.S. Treasury instruments with maturities similar to the expected term. The expected volatility is computed using historical volatility for a period equal to the expected term. Given the limited period of time the Company's stock has been traded, expected volatility is based on the Company's historical volatility and the historical volatility of a group of similar companies that are publicly traded. The expected term represents the length of time the stock options are expected to be outstanding. Because the Company does not have sufficient exercise behavior, it determines the expected term assumption using the simplified method, which is an average of the contractual term of the option and its vesting period. Options granted have a maximum contractual term of ten years and generally vest over a four year period. The fair value of restricted stock units is equal to the closing price of the Company's stock on the date of grant. Restricted stock units generally vest over a three year period. |
Recently Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements There are no recently issued accounting pronouncements that would materially impact the Company’s financial statements and related disclosures . |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): March 31, 2022 December 31, 2021 Lab equipment $ 5,466 $ 5,305 Leasehold improvements 1,710 1,710 Computer hardware and software 257 247 Furniture and fixtures 259 140 Total property and equipment, gross 7,692 7,402 Less accumulated depreciation ( 5,229 ) ( 4,989 ) Total property and equipment, net $ 2,463 $ 2,413 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued clinical and manufacturing costs $ 6,308 $ 5,678 Accrued compensation 2,162 4,798 Lease liabilities - short-term 2,024 1,926 Other accruals 435 863 Total accrued liabilities $ 10,929 $ 13,265 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, 2022 Amortized Unrealized Unrealized Estimated Short-term U.S. treasury securities $ 120,971 $ — $ ( 423 ) $ 120,548 Certificates of deposit 1,438 — ( 8 ) 1,430 Short-term investments $ 122,409 $ — $ ( 431 ) $ 121,978 Long-term U.S. treasury securities $ 21,458 $ — $ ( 361 ) $ 21,097 Certificates of deposit 490 — ( 10 ) 480 Long-term investments $ 21,948 $ — $ ( 371 ) $ 21,577 December 31, 2021 Short-term U.S. treasury securities $ 10,014 $ — $ ( 1 ) $ 10,013 Certificates of deposit 961 — ( 1 ) 960 Short-term investments $ 10,975 $ — $ ( 2 ) $ 10,973 Long-term U.S. treasury securities $ 42,517 $ — $ ( 98 ) $ 42,419 Certificates of deposit 970 — ( 3 ) 967 Long-term investments $ 43,487 $ — $ ( 101 ) $ 43,386 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Money market funds (1) $ 112,644 $ 112,644 $ — $ — $ 112,644 U.S. treasury securities 141,645 141,645 — — 141,645 Certificates of deposit 1,910 1,910 — — 1,910 Total $ 256,199 $ 256,199 $ — $ — $ 256,199 December 31, 2021 Money market funds (1) $ 226,006 $ 226,006 $ — $ — $ 226,006 U.S. treasury securities 52,432 52,432 — — 52,432 Certificates of deposit 1,927 1,927 — — 1,927 Total $ 280,365 $ 280,365 $ — $ — $ 280,365 (1) Included in cash and cash equivalents in accompanying balance sheets. |
Equity Incentive Plans and St_2
Equity Incentive Plans and Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Option Activity | The following table summarizes the stock option activity for the three months ended March 31, 2022: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2021 5,268,320 $ 14.16 Granted 1,333,234 9.48 Exercised ( 8,482 ) 1.88 Forfeited and cancelled ( 168,748 ) 17.87 Outstanding at March 31, 2022 6,424,324 $ 13.10 8.2 $ 5,487 Exercisable at March 31, 2022 2,812,462 $ 9.29 7.2 $ 5,037 |
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 March 31, 2022 2021 Options to purchase common stock 6,424,324 5,067,230 Non-vested restricted stock units 217,730 — Total 6,642,054 5,067,230 |
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: Three Months Ended 2022 2021 Risk-free interest rate 1.47 % - 1.70 % 0.6 % - 0.9 % Expected volatility 82.98 % - 83.59 % 88.38 % - 88.43 % Expected term (in years) 6.08 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 the periods presented (in thousands): Three Months Ended 2022 2021 Research and development $ 1,568 $ 1,067 General and administrative 2,377 1,677 Total stock-based compensation expense $ 3,945 $ 2,744 |
Summary of Restricted Stock Unit Activity | The following table summarizes the restricted stock unit activity for the three months ended March 31, 2022: Number of Shares Weighted- Outstanding at December 31, 2021 — $ — Granted 221,078 9.45 Vested — — Forfeited ( 3,348 ) 9.48 Outstanding at March 31, 2022 217,730 $ 9.45 |
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 | Mar. 31, 2022USD ($)Segments | Dec. 31, 2021USD ($) |
Description Of Business [Line Items] | ||||||
Number of operating segment | Segments | 1 | |||||
Accumulated deficit | $ 268,267 | $ 245,108 | ||||
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 | $ 50,000 | |||||
Sale of Stock, Price Per Share | $ / shares | $ 19.25 | |||||
At-The-Market Sales Agreement and Offering | Maximum | ||||||
Description Of Business [Line Items] | ||||||
Sale of Stock, Consideration Received on Transaction | $ 150,000 | |||||
Common Stock | ||||||
Description Of Business [Line Items] | ||||||
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 | |||||
Common Stock | Initial Public Offering | ||||||
Description Of Business [Line Items] | ||||||
Shares of common stock issued | shares | 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 | $ 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 | $ 48,100 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Options granted, maximum contractual term | 10 years | |
Adjustment to opening balance of accumulated deficit | $ (268,267) | $ (245,108) |
Share-based Payment Arrangement, Option [Member] | Two Thousand Twenty Equity Incentive Plan And Two Thousand Fourteen Equity Incentive Plan [Member] | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Option vesting period | 4 years | |
Restricted Stock Units (RSUs) [Member] | Two Thousand Twenty Equity Incentive Plan And Two Thousand Fourteen Equity Incentive Plan [Member] | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Restricted stock units | 3 years |
License Agreements - Additional
License Agreements - Additional Information (Details) $ / shares in Units, $ in Thousands | Oct. 19, 2020USD ($)Product$ / sharesshares | Aug. 03, 2020USD ($)Product$ / sharesshares | Mar. 31, 2022USD ($)shares | Dec. 31, 2021USD ($)shares |
License Agreements [Line Items] | ||||
Number of licensed products obliged to develop and commercialize | Product | 1 | 1 | ||
Upfront payment shares issued | shares | 39,438,602 | 39,430,120 | ||
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 | 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 | 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 7,692 | $ 7,402 |
Less accumulated depreciation | (5,229) | (4,989) |
Total property and equipment, net | 2,463 | 2,413 |
Lab Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 5,466 | 5,305 |
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 | 257 | 247 |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 259 | $ 140 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accrued Liabilities, Current [Abstract] | ||
Accrued clinical and manufacturing costs | $ 6,308 | $ 5,678 |
Accrued compensation | 2,162 | 4,798 |
Lease liabilities - short-term | 2,024 | 1,926 |
Other accruals | 435 | 863 |
Total accrued liabilities | $ 10,929 | $ 13,265 |
Investments - Schedule of Cost,
Investments - Schedule of Cost, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Value of Available for Sale Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Short-term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 122,409 | $ 10,975 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (431) | (2) |
Estimated Fair Value | 121,978 | 10,973 |
Long Term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 21,948 | 43,487 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (371) | (101) |
Estimated Fair Value | 21,577 | 43,386 |
U.S. Treasury Securities | Short-term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 120,971 | 10,014 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (423) | (1) |
Estimated Fair Value | 120,548 | 10,013 |
U.S. Treasury Securities | Long Term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 21,458 | 42,517 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (361) | (98) |
Estimated Fair Value | 21,097 | 42,419 |
Certificates of deposit | Short-term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 1,438 | 961 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (8) | (1) |
Estimated Fair Value | 1,430 | 960 |
Certificates of deposit | Long Term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 490 | 970 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (10) | (3) |
Estimated Fair Value | $ 480 | $ 967 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | $ 256,199 | $ 280,365 |
Money Market Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 112,644 | 226,006 |
U.S. Treasury Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 141,645 | 52,432 |
Certificates of deposit | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 1,910 | 1,927 |
Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 256,199 | 280,365 |
Level 1 | Money Market Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 112,644 | 226,006 |
Level 1 | U.S. Treasury Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 141,645 | 52,432 |
Level 1 | Certificates of deposit | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 1,910 | 1,927 |
Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Level 2 | Money Market Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Level 2 | U.S. Treasury Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Level 2 | Certificates of deposit | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Level 3 | Money Market Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Level 3 | U.S. Treasury Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Level 3 | Certificates of deposit | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 256,199 | 280,365 |
Fair Value | Money Market Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 112,644 | 226,006 |
Fair Value | U.S. Treasury Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | 141,645 | 52,432 |
Fair Value | Certificates of deposit | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Assets, Fair Value | $ 1,910 | $ 1,927 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
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) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 3,945 | $ 2,744 |
Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total unrecognized compensation expense related to outstanding unvested stock-based awards | $ 39,800 | |
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period | 2 years 10 months 24 days | |
Stock-based compensation expense | $ 3,700 | 2,700 |
Restricted Stock Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total unrecognized compensation expense related to outstanding unvested stock-based awards | $ 1,900 | |
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period | 2 years 8 months 12 days | |
Stock-based compensation expense | $ 100 | |
2020 Equity Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares available for future issuance | 2,421,252 | |
2022 Inducement Equity Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares available for future issuance | 500,000 | |
Employee Stock Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 100 | $ 0 |
Equity Incentive Plans and St_4
Equity Incentive Plans and Stock-Based Compensation - Summary of Option Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options outstanding, Beginning Balance | shares | 5,268,320 |
Options, Granted | shares | 1,333,234 |
Options, Exercised | shares | (8,482) |
Options, Forfeited and cancelled | shares | (168,748) |
Options outstanding, Ending Balance | shares | 6,424,324 |
Options, Exercisable | shares | 2,812,462 |
Weighted Average Exercise Price, Options outstanding Beginning Balance | $ / shares | $ 14.16 |
Weighted Average Exercise Price, Granted | $ / shares | 9.48 |
Weighted Average Exercise Price, Exercised | $ / shares | 1.88 |
Weighted Average Exercise Price, Forfeited and Cancelled | $ / shares | 17.87 |
Weighted Average Exercise Price, Options outstanding Ending Balance | $ / shares | 13.10 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 9.29 |
Weighted Average Remaining Contractual Term (in years), Options outstanding | 8 years 2 months 12 days |
Weighted Average Remaining Contractual Term (in years), Exercisable | 7 years 2 months 12 days |
Aggregate Intrinsic Value, Options outstanding | $ | $ 5,487 |
Aggregate Intrinsic Value, Exercisable | $ | $ 5,037 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti dilutive securities excluded from computation of net loss per share | 6,642,054 | 5,067,230 |
Non-vested restricted stock units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti dilutive securities excluded from computation of net loss per share | 217,730 | |
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 | 6,424,324 | 5,067,230 |
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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate, minimum | 1.47% | 0.60% |
Risk-free interest rate, maximum | 1.70% | 0.90% |
Expected volatility, minimum | 82.98% | 88.38% |
Expected volatility, maximum | 83.59% | 88.43% |
Expected term (in years) | 6 years 29 days | 6 years 29 days |
Expected dividend yield | 0.00% | 0.00% |
Equity Incentive Plans and St_7
Equity Incentive Plans and Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Outstanding, beginning of period | shares | 0 |
Granted | shares | 221,078 |
Vested | shares | 0 |
Forfeited | shares | 3,348 |
Shares Outstanding, end of period | shares | 217,730 |
Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares | $ 0 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 9.45 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 9.48 |
Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 9.45 |
Equity Incentive Plans and St_8
Equity Incentive Plans and Stock-Based Compensation - Summary of Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 3,945 | $ 2,744 |
Research and development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 1,568 | 1,067 |
General and administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 2,377 | $ 1,677 |