ORIC Pharmaceuticals (ORIC) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
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	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		36,696,216
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, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 104,208	$ 78,446
Short-term investments	173,933	215,154
Prepaid expenses and other current assets	1,960	3,097
Total current assets	280,101	296,697
Property and equipment, net	1,969	1,981
Other assets	1,890	319
Total assets	283,960	298,997
Current liabilities:
Accounts payable	606	757
Accrued liabilities	7,070	8,245
Total current liabilities	7,676	9,002
Other long-term liabilities	209	219
Total liabilities	7,885	9,221
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.0001 par value; 200,000,000 shares authorized at March 31, 2021 and December 31, 2020; no shares issued and outstanding at March 31, 2021 and December 31, 2020
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2021 and December 31, 2020; 36,690,826 shares and 36,672,415 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	4	4
Additional paid-in capital	458,956	456,196
Accumulated deficit	(182,902)	(166,393)
Accumulated other comprehensive gain (loss)	17	(31)
Total stockholders' equity	276,075	289,776
Total liabilities and stockholders' equity	$ 283,960	$ 298,997

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 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	36,690,826	36,672,415
Common stock, shares, outstanding	36,690,826	36,672,415

STATEMENTS OF OPERATIONS AND CO

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating expenses:
Research and development	$ 11,697	$ 7,254
General and administrative	4,856	1,925
Total operating expenses	16,553	9,179
Loss from operations	(16,553)	(9,179)
Other income:
Interest income, net	44	241
Other income		66
Total other income	44	307
Net loss	(16,509)	(8,872)
Other comprehensive loss:
Unrealized gain on available-for-sale securities	48
Comprehensive loss	$ (16,461)	$ (8,872)
Net loss per share, basic and diluted	$ (0.45)	$ (4.46)
Weighted-average shares outstanding, basic and diluted	36,679,684	1,988,861

STATEMENTS OF CONVERTIBLE PREFE

STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive 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, 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		18,411
Stock-based compensation expense	$ 2,744			2,744
Net loss	(16,461)				(16,509)	48
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		36,690,826

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (16,509)	$ (8,872)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	229	250
Stock-based compensation expense	2,744	527
Amortization of discount on investments, net	441
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,432	53
Accounts payable and accrued other liabilities	(3,238)	(237)
Net cash used in operating activities	(14,901)	(8,279)
Cash flows from investing activities:
Acquisitions of property and equipment	(182)	(4)
Purchases of investments	(25,171)
Sales and maturities of investments	66,000
Proceeds from notes receivable		193
Net cash provided by investing activities	40,647	189
Cash flows from financing activities:
Payment of deferred offering costs		(1,639)
Proceeds from stock option exercises	16	12
Net cash provided by (used in) financing activities	16	(1,627)
Net increase (decrease) in cash and cash equivalents	25,762	(9,717)
Cash and cash equivalents, beginning of period	78,446	89,159
Cash and cash equivalents, end of period	104,208	79,442
Supplemental disclosure of non-cash investing and financing activities:
Amounts accrued for purchase of property and equipment	$ 78	101
Unpaid deferred offering costs		$ 675

Description of the Business

Description of the Business	3 Months Ended
	Mar. 31, 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 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, 2021, the Company had an accumulated deficit of $182.9 million. Through March 31, 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. 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. 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.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 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 three months ended March 31, 2021 are not necessarily indicative of future results, particularly in light of the novel coronavirus (COVID-19) and its impact on domestic and global economies. 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. Beginning the week of March 16, 2020, the majority of the Company’s workforce began working from home. Disruptions caused by the COVID-19 pandemic, including 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. Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) under its accounting standard codifications (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) Codification Improvements to Topic 842, Leases Leases (Topic 842): Targeted Improvements 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 included in 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 our balance sheet at March 31, 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 not 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 debt securities 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	3 Months Ended
	Mar. 31, 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. 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’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, eighteen-month 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 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, 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. 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	3 Months Ended
	Mar. 31, 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): March 31, 2021 December 31, 2020 Lab equipment $ 4,612 $ 4,396 Leasehold improvements 1,710 1,710 Computer hardware and software 220 220 Furniture and fixtures 141 140 Total property and equipment, gross 6,683 6,466 Less accumulated depreciation (4,714 ) (4,485 ) Total property and equipment, net $ 1,969 $ 1,981

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2021
Accrued Liabilities Current [Abstract]
Accrued Liabilities	5. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accrued clinical and manufacturing costs $ 2,213 $ 3,072 Lease liabilities - short-term 1,855 — Accrued compensation 1,686 3,723 Other accruals 1,316 904 Deferred rent - short-term — 546 Total accrued liabilities $ 7,070 $ 8,245

Short-Term Investments

Short-Term Investments	3 Months Ended
	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Short-Term Investments	6. Short-Term Investments 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 The cost, gross unrealized holding gains, gross unrealized holding losses and fair value of available-for-sale investments by types and classes of security at March 31, 2021 and December 31, 2020 consisted of the following At March 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value U.S. treasury securities $ 173,916 $ 17 $ — $ 173,933 Total $ 173,916 $ 17 $ — $ 173,933 At December 31, 2020 U.S. treasury securities $ 215,185 $ — $ (31 ) $ 215,154 Total $ 215,185 $ — $ (31 ) $ 215,154 The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. These securities have not been in a continuous loss position for more than 12 months. Further, the Company does not generally intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis which may be at maturity. None of the Company’s available-for-sale investments had maturities of greater than 12 months at March 31, 2021 and December 31, 2020. 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, 2021 and December 31, 2020.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 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 nonrecurring 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 the short-term nature of these instruments. The Company’s investments, which may include money market funds and available-for-sale investment securities consisting of U.S. treasury securities, 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 as of March 31, 2021 and December 31, 2020 (in thousands): Fair Value Measurement at End of Period Using: Fair Value Quoted Market Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total At March 31, 2021 Money market funds (1) $ 104,208 $ 104,208 $ — $ — $ 104,208 U.S. treasury securities 173,933 173,933 — — 173,933 Total $ 278,141 $ 278,141 $ — $ — $ 278,141 At 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 sheets. No transfers between

Equity Incentive Plans and Stoc

Equity Incentive Plans and Stock-Based Compensation	3 Months Ended
	Mar. 31, 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 March 31, 2021, there were 2,174,521 shares available for future issuance under the 2020 Equity Incentive Plan. The following table summarizes the option activity for the three months ended March 31, 2021: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 3,996,174 $ 9.03 8.5 $ 99,107 Granted 1,105,667 29.90 Exercised (18,411 ) 0.80 Forfeited and cancelled (16,200 ) 19.06 Outstanding at March 31, 2021 5,067,230 $ 13.58 8.6 $ 62,225 Exercisable at March 31, 2021 1,419,764 $ 3.51 7.6 $ 29,883 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, 2021 2020 Options to purchase common stock 5,067,230 2,658,953 Convertible preferred stock — 19,278,606 Total 5,067,230 21,937,559 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: Three Months Ended March 31, 2021 2020 Stock price $29.83 - $35.67 — Risk-free interest rate 0.6% - 0.9% — Expected volatility 88.38% - 88.43% — Expected term (in years) 6.08 — Expected dividend yield — — The total unrecognized compensation expense related to outstanding unvested stock-based awards as of March 31, 2021, was $41.8 million, which is expected to be recognized over a weighted-average remaining service period of 2.93 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 March 31, 2021 2020 Research and development $ 1,067 $ 273 General and administrative 1,677 254 Total stock-based compensation expense $ 2,744 $ 527

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Operating Leases The Company leases certain office and lab space in South San Francisco, California under a non-cancelable operating lease, with a term through May 2022 five-year In March 2019, the Company entered into a lease agreement for office space in San Diego, California under a non-cancelable operating lease with a 13-month term. In October 2019, the lease was amended to increase the office space and extend the term until May 2021. The lease was further amended in November 2020 to extend the lease term until December 2021. The operating lease right-of-use assets and liabilities on the Company’s balance sheet for the period ended March 31, 2021 related to the Company’s facility leases. Upon adoption of ASC 842, facilities leases were classified as operating leases which resulted in recording right-of-use assets and lease liabilities of approximately $1.7 million and $2.5 million, respectively, as of January 1, 2021. The right-of-use assets are recorded on the balance sheet in other assets. The lease liabilities amount was included in other current liabilities and long-term operating lease liabilities for approximately $1.9 million and $0.6 million, respectively. Certain of our facility leases require us to pay property taxes, insurance and common area maintenance. While these payments are not included as part of our lease liabilities, they are recognized as variable lease cost in the period they are incurred. Operating lease costs under all operating leases including office spaces for the three months ended March 31, 2021 was approximately $0.3 million. Cash paid for all operating leases for the three months ended March 31, 2021 was $0.5 million. The weighted average discount rate used was 8.2%. The weighted-average remaining lease term for all operating leases was 1.06 years. Future lease payments of operating lease liabilities as of March 31, 2021 were as follows (in thousands): Operating Leases 2021 remaining 9 months $ 1,464 2022 686 Total minimum lease payments 2,150 Less: interest 85 Present value of lease liabilities $ 2,065 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)	3 Months Ended
	Mar. 31, 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 three months ended March 31, 2021 are not necessarily indicative of future results, particularly in light of the novel coronavirus (COVID-19) and its impact on domestic and global economies. 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. Beginning the week of March 16, 2020, the majority of the Company’s workforce began working from home. Disruptions caused by the COVID-19 pandemic, including 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.
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 standard codifications (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) Codification Improvements to Topic 842, Leases Leases (Topic 842): Targeted Improvements 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 included in 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 our balance sheet at March 31, 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 not 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 debt securities 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).

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): March 31, 2021 December 31, 2020 Lab equipment $ 4,612 $ 4,396 Leasehold improvements 1,710 1,710 Computer hardware and software 220 220 Furniture and fixtures 141 140 Total property and equipment, gross 6,683 6,466 Less accumulated depreciation (4,714 ) (4,485 ) Total property and equipment, net $ 1,969 $ 1,981

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Accrued Liabilities Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accrued clinical and manufacturing costs $ 2,213 $ 3,072 Lease liabilities - short-term 1,855 — Accrued compensation 1,686 3,723 Other accruals 1,316 904 Deferred rent - short-term — 546 Total accrued liabilities $ 7,070 $ 8,245

Short-Term Investments (Tables)

Short-Term Investments (Tables)	3 Months Ended
	Mar. 31, 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 cost, gross unrealized holding gains, gross unrealized holding losses and fair value of available-for-sale investments by types and classes of security at March 31, 2021 and December 31, 2020 consisted of the following At March 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value U.S. treasury securities $ 173,916 $ 17 $ — $ 173,933 Total $ 173,916 $ 17 $ — $ 173,933 At December 31, 2020 U.S. treasury securities $ 215,185 $ — $ (31 ) $ 215,154 Total $ 215,185 $ — $ (31 ) $ 215,154

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 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 as of March 31, 2021 and December 31, 2020 (in thousands): Fair Value Measurement at End of Period Using: Fair Value Quoted Market Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total At March 31, 2021 Money market funds (1) $ 104,208 $ 104,208 $ — $ — $ 104,208 U.S. treasury securities 173,933 173,933 — — 173,933 Total $ 278,141 $ 278,141 $ — $ — $ 278,141 At 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 sheets.

Equity Incentive Plans and St_2

Equity Incentive Plans and Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Option Activity	The following table summarizes the option activity for the three months ended March 31, 2021: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 3,996,174 $ 9.03 8.5 $ 99,107 Granted 1,105,667 29.90 Exercised (18,411 ) 0.80 Forfeited and cancelled (16,200 ) 19.06 Outstanding at March 31, 2021 5,067,230 $ 13.58 8.6 $ 62,225 Exercisable at March 31, 2021 1,419,764 $ 3.51 7.6 $ 29,883
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, 2021 2020 Options to purchase common stock 5,067,230 2,658,953 Convertible preferred stock — 19,278,606 Total 5,067,230 21,937,559
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 March 31, 2021 2020 Stock price $29.83 - $35.67 — Risk-free interest rate 0.6% - 0.9% — Expected volatility 88.38% - 88.43% — Expected term (in years) 6.08 — Expected dividend yield — —
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 March 31, 2021 2020 Research and development $ 1,067 $ 273 General and administrative 1,677 254 Total stock-based compensation expense $ 2,744 $ 527

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Summary of Future Lease Payments of Operating Lease Liabilities	Future lease payments of operating lease liabilities as of March 31, 2021 were as follows (in thousands): Operating Leases 2021 remaining 9 months $ 1,464 2022 686 Total minimum lease payments 2,150 Less: interest 85 Present value of lease liabilities $ 2,065
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	Nov. 17, 2020USD ($)$ / sharesshares	Apr. 28, 2020USD ($)$ / sharesshares	Mar. 31, 2021USD ($)Segment$ / shares	Dec. 31, 2020USD ($)
Description Of Business [Line Items]
Number of operating segments | Segment			1
Accumulated deficit			$ 182,902	$ 166,393
Maximum
Description Of Business [Line Items]
Price per share of common stock | $ / shares			$ 35.67
Minimum
Description Of Business [Line Items]
Price per share of common stock | $ / shares			$ 29.83
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
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
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

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Lease liabilities	$ 2,065,000
Adjustment to opening balance of accumulated deficit	$ (182,902,000)		$ (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)	Oct. 19, 2020USD ($)Product$ / sharesshares	Aug. 03, 2020USD ($)Product$ / sharesshares	Oct. 31, 2020USD ($)	Aug. 31, 2020USD ($)	Mar. 31, 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					36,690,826	36,672,415
Upfront payment value					$ 4,000	$ 4,000
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				$ 13,000,000
Mirati Therapeutics, Inc | Private Placement | Common Stock
License Agreements [Line Items]
Upfront payment shares issued | shares		588,235
Upfront payment value		$ 13,000,000
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	$ 111,000,000
Voronoi Inc. | Commercial Milestone
License Agreements [Line Items]
License agreement maximum milestone payment obligation to pay	225,000,000
Voronoi Inc. | Success Based Milestones
License Agreements [Line Items]
License agreement, additional milestone payment	$ 272,000,000
Voronoi Inc. | Private Placement
License Agreements [Line Items]
License agreement charge related to acquired assets			$ 11,800,000
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			6,800,000
License agreement cash payment related to acquired assets charge			$ 5,000,000
Voronoi Inc. | Private Placement | Common Stock
License Agreements [Line Items]
Upfront payment shares issued | shares	283,259
Upfront payment value	$ 6,800,000
Issue price per share | $ / shares	$ 28.24
Premium percentage	25.00%
Upfront cash payment	$ 5,000,000

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 6,683	$ 6,466
Less accumulated depreciation	(4,714)	(4,485)
Total property and equipment, net	1,969	1,981
Lab Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	4,612	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	220	220
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 141	$ 140

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Accrued clinical and manufacturing costs	$ 2,213	$ 3,072
Lease liabilities - short-term	1,855
Accrued compensation	1,686	3,723
Other accruals	1,316	904
Deferred rent - short-term		546
Total accrued liabilities	$ 7,070	$ 8,245

Short-Term Investments - Schedu

Short-Term 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, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 173,916	$ 215,185
Unrealized Gains	17
Unrealized Losses		(31)
Estimated Fair Value	173,933	215,154
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	173,916	215,185
Unrealized Gains	17
Unrealized Losses		(31)
Estimated Fair Value	$ 173,933	$ 215,154

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, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	$ 278,141	$ 293,600
Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	104,208	78,446
U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	173,933	215,154
Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	278,141	293,600
Level 1 | Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	104,208	78,446
Level 1 | U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	173,933	215,154
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	278,141	293,600
Fair Value | Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	104,208	78,446
Fair Value | U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, Fair Value	$ 173,933	$ 215,154

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 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	3 Months Ended
	Mar. 31, 2021USD ($)shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation expense related to outstanding unvested stock-based awards | $	$ 41.8
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period	2 years 11 months 4 days
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance | shares	2,174,521

Equity Incentive Plans and St_4

Equity Incentive Plans and Stock-Based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options outstanding, Beginning Balance	3,996,174
Options, Granted	1,105,667
Options, Exercised	(18,411)
Options, Forfeited and cancelled	(16,200)
Options outstanding, Ending Balance	5,067,230	3,996,174
Options, Exercisable	1,419,764
Weighted Average Exercise Price, Options outstanding Beginning Balance	$ 9.03
Weighted Average Exercise Price, Granted	29.90
Weighted Average Exercise Price, Exercised	0.80
Weighted Average Exercise Price, Forfeited and Cancelled	19.06
Weighted Average Exercise Price, Options outstanding Ending Balance	13.58	$ 9.03
Weighted Average Exercise Price, Exercisable	$ 3.51
Weighted Average Remaining Contractual Term (in years), Options outstanding	8 years 7 months 6 days	8 years 6 months
Weighted Average Remaining Contractual Term (in years), Exercisable	7 years 7 months 6 days
Aggregate Intrinsic Value, Options outstanding	$ 62,225	$ 99,107
Aggregate Intrinsic Value, Exercisable	$ 29,883

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, 2021	Mar. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	5,067,230	21,937,559
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share		19,278,606
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	5,067,230	2,658,953

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)	3 Months Ended
	Mar. 31, 2021$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	0.60%
Risk-free interest rate, maximum	0.90%
Expected volatility, minimum	88.38%
Expected volatility, maximum	88.43%
Expected term (in years)	6 years 29 days
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price	$ 29.83
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price	$ 35.67

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
	Mar. 31, 2021	Mar. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,744	$ 527
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,067	273
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,677	$ 254

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Nov. 30, 2020	Oct. 31, 2019	Mar. 31, 2021	Jan. 01, 2021	Mar. 31, 2019
Loss Contingencies [Line Items]
Lease liabilities			$ 2,065
Lease liabilities included in other current liabilities			1,855
Lease liabilities included in long-term operating lease liabilities			600
Operating lease costs			300
Cash paid for operating lease			$ 500
Weighted average discount rate			8.20%
Weighted-average remaining lease term			1 year 21 days
ASU No. 2016-02
Loss Contingencies [Line Items]
Right-of-use assets				$ 1,700
Lease liabilities				$ 2,500
South San Francisco, California
Loss Contingencies [Line Items]
Operating lease expiration date			May 31, 2022
Operating lease, renewal term			5 years
San Diego, California
Loss Contingencies [Line Items]
Operating lease, term of contract					13 months
Extend the lease term	December 2021	May 2021

Commitment and Contingencies _2

Commitment and Contingencies - Summary of Future Lease Payments of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021 remaining 9 months	$ 1,464
2022	686
Total minimum lease payments	2,150
Less: interest	85
Present value of lease liabilities	$ 2,065

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