Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020 | |
Cover [Abstract] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | Applied Molecular Transport Inc. |
Entity Central Index Key | 0001801777 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 5,843 | $ 12,727 |
Short-term investments | 124,026 | 19,676 |
Prepaid expenses | 1,311 | 532 |
Deferred offering costs | 366 | |
Other current assets | 321 | 152 |
Total current assets | 131,501 | 33,453 |
Property and equipment, net | 8,447 | 4,091 |
Long-term investments | 249 | |
Restricted cash | 108 | 108 |
Other assets | 127 | 632 |
Total assets | 140,183 | 38,533 |
Current liabilities: | ||
Accounts payable | 3,174 | 2,666 |
Accrued expenses | 4,173 | 1,315 |
Deferred rent, current | 83 | 13 |
Capital lease obligations, current | 232 | 42 |
Total current liabilities | 7,662 | 4,036 |
Deferred rent | 444 | 526 |
Capital lease obligations | 404 | 58 |
Total liabilities | 8,510 | 4,620 |
Commitments and contingencies (Note 6) | ||
Convertible preferred stock | 105,615 | |
Stockholders’ equity (deficit): | ||
Common stock, $0.0001 par value, 450,000,000 and 32,000,000 shares authorized as of December 31, 2020 and 2019, respectively; 35,121,360 and 7,360,738 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 4 | 1 |
Additional paid-in capital | 271,000 | 1,078 |
Accumulated other comprehensive income | 27 | 13 |
Accumulated deficit | (139,358) | (72,794) |
Total stockholders’ equity (deficit) | 131,673 | (71,702) |
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) | $ 140,183 | 38,533 |
Series A Convertible Preferred Stock | ||
Current liabilities: | ||
Convertible preferred stock | 32,826 | |
Series B Convertible Preferred Stock | ||
Current liabilities: | ||
Convertible preferred stock | 30,921 | |
Series C Convertible Preferred Stock | ||
Current liabilities: | ||
Convertible preferred stock | $ 41,868 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Convertible preferred stock, shares authorized | 13,966,292 | |
Convertible preferred stock, shares issued | 13,966,292 | |
Convertible preferred stock, shares outstanding | 0 | 13,966,292 |
Convertible preferred stock, liquidation value | $ 105,974,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 450,000,000 | 32,000,000 |
Common stock, shares issued | 35,121,360 | 7,360,738 |
Common stock, shares outstanding | 35,121,360 | 7,360,738 |
Series A Convertible Preferred Stock | ||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 |
Convertible preferred stock, shares authorized | 0 | 5,157,213 |
Convertible preferred stock, shares issued | 0 | 5,157,213 |
Convertible preferred stock, shares outstanding | 0 | 5,157,213 |
Convertible preferred stock, liquidation value | $ 0 | $ 33,000,000 |
Series B Convertible Preferred Stock | ||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 |
Convertible preferred stock, shares authorized | 0 | 3,992,919 |
Convertible preferred stock, shares issued | 0 | 3,992,919 |
Convertible preferred stock, shares outstanding | 0 | 3,992,919 |
Convertible preferred stock, liquidation value | $ 0 | $ 31,025,000 |
Series C Convertible Preferred Stock | ||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 |
Convertible preferred stock, shares authorized | 0 | 4,816,160 |
Convertible preferred stock, shares issued | 0 | 4,816,160 |
Convertible preferred stock, shares outstanding | 0 | 4,816,160 |
Convertible preferred stock, liquidation value | $ 0 | $ 41,949,000 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating expenses: | ||
Research and development | $ 53,936 | $ 24,316 |
General and administrative | 12,746 | 3,974 |
Total operating expenses | 66,682 | 28,290 |
Loss from operations | (66,682) | (28,290) |
Interest income, net | 229 | 273 |
Other expense, net | (111) | (26) |
Net loss | $ (66,564) | $ (28,043) |
Net loss per share, basic and diluted | $ (2.91) | $ (3.81) |
Weighted-average shares of common stock outstanding, basic and diluted | 22,878,325 | 7,360,738 |
Comprehensive loss: | ||
Net loss | $ (66,564) | $ (28,043) |
Other comprehensive income (loss): | ||
Net unrealized gains on investments | 33 | 13 |
Amounts recognized for net realized gain included in net loss | (19) | |
Total comprehensive loss | $ (66,550) | $ (28,030) |
Statements of Convertible Prefe
Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Series A Convertible Preferred Stock | Series B Convertible Preferred Stock | Series C Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Balance at Dec. 31, 2018 | $ (44,140) | $ 1 | $ 610 | $ (44,751) | ||||
Convertible preferred stock balance, shares at Dec. 31, 2018 | 5,157,213 | 3,992,919 | ||||||
Convertible preferred stock balance at Dec. 31, 2018 | $ 32,826 | $ 30,921 | ||||||
Balance, shares at Dec. 31, 2018 | 7,360,738 | |||||||
Issuance of Series C convertible preferred stock, net of issuance costs of $81 | $ 41,868 | |||||||
Issuance of Series C convertible preferred stock, net of issuance costs of $81, shares | 4,816,160 | |||||||
Stock-based compensation expense | 468 | 468 | ||||||
Unrealized gain on investments | 13 | $ 13 | ||||||
Net loss | (28,043) | (28,043) | ||||||
Balance at Dec. 31, 2019 | $ (71,702) | $ 1 | 1,078 | 13 | (72,794) | |||
Convertible preferred stock balance, shares at Dec. 31, 2019 | 13,966,292 | 5,157,213 | 3,992,919 | 4,816,160 | ||||
Convertible preferred stock balance at Dec. 31, 2019 | $ 105,615 | $ 32,826 | $ 30,921 | $ 41,868 | ||||
Balance, shares at Dec. 31, 2019 | 7,360,738 | 7,360,738 | ||||||
Conversion of convertible preferred stock into common stock | $ 105,615 | $ 1 | 105,614 | |||||
Conversion of convertible preferred stock into common stock, shares | (5,157,213) | (3,992,919) | (4,816,160) | |||||
Conversion of convertible preferred stock into common stock | $ (32,826) | $ (30,921) | $ (41,868) | |||||
Conversion of convertible preferred stock into common stock, shares | 13,966,292 | |||||||
Issuance of common stock upon initial public offering, net of underwriters’ commission and issuance costs of $16,477 | 160,623 | $ 1 | 160,622 | |||||
Issuance of common stock upon initial public offering, net of underwriters' commission and issuance costs, shares | 12,650,000 | |||||||
Exercise of common stock options | $ 631 | $ 1 | 630 | |||||
Exercise of common stock, shares | 1,144,330 | 1,144,330 | ||||||
Stock-based compensation expense | $ 3,056 | 3,056 | ||||||
Unrealized gain on investments | 33 | |||||||
Net unrealized gain(loss) on investments | 14 | 14 | ||||||
Net loss | (66,564) | (66,564) | ||||||
Balance at Dec. 31, 2020 | $ 131,673 | $ 4 | $ 271,000 | $ 27 | $ (139,358) | |||
Convertible preferred stock balance, shares at Dec. 31, 2020 | 0 | 0 | 0 | 0 | ||||
Balance, shares at Dec. 31, 2020 | 35,121,360 | 35,121,360 |
Statements of Convertible Pre_2
Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Issuance of common stock upon initial public offering, underwriters' commission and issuance costs | $ 16,477 | |
Series C Convertible Preferred Stock | ||
Issuance of convertible preferred stock, issuance costs | $ 81 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | ||
Net loss | $ (66,564) | $ (28,043) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 3,056 | 468 |
Depreciation | 1,842 | 706 |
Loss on disposal of property and equipment | 2 | |
Net accretion of discounts on investments | (116) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (779) | (316) |
Other current assets | (315) | (98) |
Other assets | 505 | (468) |
Accounts payable | 840 | (363) |
Accrued expenses | 2,647 | 1,009 |
Deferred rent, current | 70 | 13 |
Capital lease obligations, current | 42 | |
Deferred rent | (82) | 25 |
Capital lease obligations | 58 | |
Net cash used in operating activities | (58,894) | (26,967) |
Investing activities | ||
Purchases of investments | (188,207) | (20,620) |
Proceeds from sales and maturities of investments | 84,236 | 639 |
Purchases of property and equipment | (5,315) | (2,153) |
Net cash used in investing activities | (109,286) | (22,134) |
Financing activities | ||
Proceeds from issuance of common stock upon initial public offering, net of underwriters' commission | 164,703 | |
Payment of issuance costs for initial public offering | (3,948) | |
Proceeds from exercise of common stock options | 631 | |
Principal payments on capital lease obligations | (90) | (88) |
Proceeds from issuance of convertible preferred stock | 41,868 | |
Payment of issuance costs for convertible preferred stock | (132) | |
Net cash provided by financing activities | 161,296 | 41,648 |
Net decrease in cash, cash equivalents and restricted cash | (6,884) | (7,453) |
Cash, cash equivalents and restricted cash beginning of year | 12,835 | 20,288 |
Cash, cash equivalents and restricted cash end of year | 5,951 | 12,835 |
Supplemental cash flow data: | ||
Cash paid for interest on capital lease obligations | 14 | 2 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Conversion of convertible preferred stock into common stock | 105,615 | |
Equipment acquired through capital lease | 626 | |
Property and equipment included in accrued expenses and accounts payable | $ 506 | 394 |
Issuance costs for initial public offering included in accounts payable | $ 234 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Principal Activities | 1. Organization and Principal Activities Business Description Applied Molecular Transport Inc. (the Company) is a clinical-stage biopharmaceutical company leveraging its proprietary technology platform to design and develop a pipeline of novel oral biologic product candidates to treat autoimmune, inflammatory, metabolic, and other diseases. The Company is building a portfolio of oral product candidates based on its technology platform including its most advanced product candidate, AMT-101, interleukin-10 (IL-10) AMT-101 AMT-126, GI-selective interleukin-22 (IL-22) Since the date of incorporation in Delaware on November 21, 2016, the Company has devoted substantially all of its resources to research and development activities, including research activities such as drug discovery, preclinical studies, and clinical trials as well as development activities such as the manufacturing of clinical and research material, establishing and maintaining an intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. Initial Public Offering On June 4, 2020, the Company’s registration statement on Form S-1 No. 333-238464) Liquidity and Capital Resources Management believes that its existing cash, cash equivalents, and investments as of December 31, 2020 will be sufficient to allow the Company to fund its current operating plan through at least the next 12 months. The Company has incurred significant losses and negative cash flows from operations since its inception. As of December 31, 2020, the Company had an accumulated deficit of $139.4 million and does not expect positive cash flows from operations in the foreseeable future. The Company expects to incur significant and increasing losses until regulatory approval is granted and successful commercialization is achieved for any of its product candidates. Regulatory approval is not guaranteed and may never be obtained. The Company has historically financed its operations primarily through private placements of its convertible preferred stock and sale of common stock upon the completion of the IPO. The Company may seek to raise capital through debt financings, private or public equity financings, license agreements, collaborative agreements or other arrangements with other companies, or other sources of financing. There can be no assurance that such financing will be available or will be at terms acceptable to the Company. Risks and Uncertainties Since the COVID-19 COVID-19 COVID-19 th COVID-19 stay-at-home COVID-19 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates on historical experience and market-specific or other relevant assumptions that it believes are reasonable under the circumstances. Assets and liabilities reported in the Company’s balance sheet and expenses and income reported are affected by estimates and assumptions, which are used for, but are not limited to, determining the fair value of assets and liabilities, including research and development expenses, common stock valuation, income tax uncertainties, and measurement of stock-based compensation expense. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts of the COVID-19 Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and investments. The Company invests in U.S. Treasury securities. The Company maintains bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents, and investments to the extent recorded in the balance sheet. The Company has not experienced any losses on its deposits of cash, cash equivalents, and investments. The Company is subject to a number of risks similar to other early-stage biopharmaceutical companies, including, but not limited to, the need to obtain adequate additional funding, possible failure of current or future preclinical studies or clinical trials, its reliance on third parties to conduct its clinical trials, the need to obtain regulatory and marketing approvals for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s product candidates, protection of its proprietary technology, and the need to secure and maintain adequate manufacturing arrangements with third parties. If the Company does not successfully commercialize or partner any of its product candidates, it will be unable to generate product revenue or achieve profitability. Operating Segment The Company operates and manages its business as one reportable and operating segment, which is the business of designing and developing a pipeline of novel oral biologic product candidates to treat autoimmune, inflammatory, metabolic, and other diseases. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating and evaluating financial performance. Cash and Cash Equivalents Cash and cash equivalents are held in accounts at financial institutions. Such deposits have and will continue to exceed federally insured limits in the foreseeable future. The Company considers all highly liquid investments purchased with original maturities of 90 days or less from the purchase date to be cash equivalents. Cash equivalents consist of amounts invested in money market funds exclusively composed of U.S. government obligations. Restricted Cash The Company has cash in a collateral account related to a letter of credit issued on behalf of the Company for the security deposit on the subleased property in South San Francisco. As of December 31, 2020, the collateralized cash in connection with the letter of credit was classified as restricted cash on the balance sheet based on the terms of the sublease agreement. The sublease term expires in May 2022 unless extended. Subsequent to December 31, 2020, the Company established a second collateral account related to a new lease it entered into. See Note 10, Subsequent Event. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statements of cash flows (in thousands): As of December 31, 2019 2020 Cash and cash equivalents $ 12,727 $ 5,843 Restricted cash 108 108 Total cash, cash equivalents and restricted cash $ 12,835 $ 5,951 Investments The Company’s investments have been classified and accounted for as available-for-sale Property and Equipment, Net Property and equipment are presented at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method. Depreciation begins at the time the asset is placed in service. Maintenance and repairs are charged to expense as incurred and costs of major replacement or improvement are capitalized. The Company’s estimated useful lives of its property and equipment are as follows: Laboratory and manufacturing equipment 5 years Computer and office equipment 3 years Leasehold improvements Shorter of remaining lease term Impairment of Long-Lived Assets The Company evaluates the carrying amount of its long-lived assets whenever events or changes in circumstances indicate that the assets may not be recoverable. An impairment loss is recognized when the remaining book value of an asset is not recoverable. There was no impairment of long-lived assets during the years ended December 31, 2020 and 2019. Leases The Company may enter into lease agreements that are classified as either operating or capital leases under Accounting Standards Codification (ASC) 840, Leases Research and Development Expenses Research and development expenses are charged to expense as incurred. Research and development expenses include personnel costs related to research and development activities, materials costs, external clinical drug product manufacturing costs, outside services costs, repair, maintenance and depreciation costs for research and development equipment, as well as facility costs for laboratory space used for research and development activities. Accrued Research and Development Expenses The Company records accruals for estimated costs of research, preclinical studies, clinical trials, and manufacturing development, within accrued expenses which are significant components of research and development expenses. A substantial portion of the Company’s ongoing research and development activities is conducted by third-party service providers, contract research organizations (CROs) and contract development and manufacturing organizations (CDMOs). The Company’s contracts with the CROs and CDMOs generally include fees such as initiation fees, reservation fees, costs related to animal studies and safety tests, verification run costs, materials and reagents expenses, taxes, etc. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company accrues the costs incurred under agreements with these third parties based on estimates of actual work completed in accordance with the respective agreements. The Company determines the estimated costs through discussions with internal personnel and external service providers as to the progress, stage of completion or actual timeline (start-date and end-date) of If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts accrued expenses or prepaid expenses accordingly, which impact research and development expenses. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period. To date, there have not been any material adjustments to the Company’s prior estimates of research and development expenses. Stock-Based Compensation Expense The Company maintains an equity incentive plan as a long-term incentive for employees, consultants, and directors. The plan allows for the issuance of incentive stock options, non-statutory The Company accounts for stock-based compensation expense by measuring and recognizing compensation expense for all share-based payments made to employees and non-employees The Company estimates the fair value of stock options granted to employees and non-employees Income Taxes The Company accounts for income taxes using the asset and liability method. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns subject to a determinable valuation allowance. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained during an audit. It is the Company’s policy to classify interest and penalties related to unrecognized tax benefits as a component of income tax expense. Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurement establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. The Company determined the fair value of financial assets and liabilities using the fair value hierarchy that describes three levels of inputs that may be used to measure fair value, as follows: • Level 1—Quoted prices in active markets for identical assets and liabilities; • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of December 31, 2020 and 2019, fair value measurements consisted mainly of cash equivalents and investments. The carrying amounts of these instruments approximate their fair value. Comprehensive Loss Comprehensive loss includes net loss and other comprehensive income (loss) for the period. Other comprehensive income (loss) consists of unrealized gains on investments and amounts recognized for net realized gain included in net loss. Deferred Offering Costs Deferred offering costs, consisting of legal, accounting, and filing fees directly related to the IPO, were capitalized and offset against proceeds from the IPO upon the completion of the offering. For the year ended December 31, 2019, $0.4 million of deferred offering costs were incurred. Upon completion of the IPO in June 2020, approximately $4.1 million of deferred offering costs were offset against the IPO proceeds classified in additional paid-in Emerging Growth Company Status The Company is an emerging growth company (EGC) as defined in the JOBS Act and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts EGCs from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded if and when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) 2016-02), right-of-use 2018-10, Codification Improvements to Topic 842, Leases 2018-11, Leases (Topic 842): Targeted Improvements 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates 2016-02 non-public In October 2020, the FASB issued ASU 2020-10, 2020-10 Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12 2019-12 In August 2018, the FASB issued ASU 2018-13, Disclosure Framework (Topic 820)—Changes to the Disclosure Requirements for Fair Value Measurement In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13 available-for-sale available-for-sale 2016-13 2016-13 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements As of December 31, 2020 and 2019, the Company held $124.0 million and $19.9 million, respectively, of investment securities, comprised of U.S. Treasury securities. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Financial instruments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding The carrying amounts of cash equivalents and marketable securities approximate their fair value based upon quoted market prices. Certain of the Company’s financial instruments are recorded at amounts that approximate their fair value, rather than at fair value on a recurring basis, due to their liquid or short-term nature, such as cash, accounts payable and accrued expenses. The unrealized losses on short-term investments as of December 31, 2020 were insignificant. The Company does not believe that these unrealized losses are credit related but are rather a reflection of current market yields and/or current marketplace bid/ask spreads. The Company has not recognized an allowance for credit losses as of December 31, 2020. The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2020 (in thousands): December 31, 2020 Fair Value Hierarchy Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash equivalents Money Market Funds Invested in U.S. government obligations (1) Level 1 $ 4,844 $ — $ — $ 4,844 Short-term and long-term investments U.S. Treasury securities Level 2 123,998 28 — 124,026 Total $ 128,842 $ 28 $ — $ 128,870 (1) Included in cash and cash equivalents on the balance sheet The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2019 (in thousands): December 31, 2019 Fair Value Amortized Gross Gross Fair Value Cash equivalents Money Market Funds Invested in U.S. government obligations (1) Level 1 $ 69 $ — $ — $ 69 Short-term and long-term investments U.S. Treasury securities Level 2 19,912 13 — 19,925 Total $ 19,981 $ 13 $ — $ 19,994 (1) Included in cash and cash equivalents on the balance sheet There were no transfers between Levels 1, 2, or 3 during the years ended December 31, 2020 and 2019, respectively. |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 4. Balance Sheet Components Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): December 31, 2019 2020 Laboratory and manufacturing equipment $ 3,062 $ 8,022 Leasehold improvements 242 2,550 Capital leases 188 959 Computer and office equipment 202 201 Construction in progress 2,080 162 5,774 11,894 Accumulated depreciation (1,683 ) (3,447 ) Total property and equipment, net $ 4,091 $ 8,447 Depreciation was $1.8 million and $0.7 million for the years ended December 31, 2020 and 2019, respectively. Capital leases consisted of laboratory and manufacturing equipment subject to capital leases. Depreciation on capital lease assets was insignificant for the years ended December 31, 2020 and 2019, respectively. Accumulated depreciation on capital lease assets was $0.1 million as of December 31, 2020 and insignificant as of December 31, 2019. There were insignificant disposals during the year ended December 31, 2020. Accrued Expenses Accrued expenses consisted of the following (in thousands): December 31, 2019 2020 Compensation expense $ 694 $ 2,389 Research and development expense 621 1,303 Professional services — 241 Property and equipment — 125 Other — 115 Total accrued expenses $ 1,315 $ 4,173 Accrued research and development expenses were primarily related to clinical trials, preclinical studies, contract manufacturing, and materials. |
Capital Structure
Capital Structure | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Capital Structure | 5. Capital Structure Common Stock As of December 31, 2020 and 2019, the Company was authorized to issue 450,000,000 shares and 32,000,000 shares of $0.0001 par value common stock, respectively. Common stockholders are entitled to dividends if and when declared by the Board of Directors of the Company (Board of Directors). The holder of each share of common stock is entitled to one vote. Since the Company’s inception, no dividends have been declared or paid by the Company. Common stock reserved for future issuance, on an as converted basis, consisted of the following: December 31, 2019 2020 Stock options, issued and outstanding 2,143,368 3,506,599 Stock options, authorized for future issuance 1,435,402 3,369,246 Employee stock purchase plan, available for future grants — 314,006 Series A convertible preferred stock 5,157,213 — Series B convertible preferred stock 3,992,919 — Series C convertible preferred stock 4,816,160 — Total 17,545,062 7,189,851 Convertible Preferred Stock Issued and outstanding convertible preferred stock and its principal terms as of December 31, 2019 were as follows (in thousands, except for share and per share amounts): As of December 31, 2019 Series Shares Authorized Shares Issued and Outstanding Original Issue Price Per Share Aggregate Liquidation Amount Net Carrying Value Series A 5,157,213 5,157,213 $ 6.3988 $ 33,000 $ 32,826 Series B 3,992,919 3,992,919 $ 7.7700 31,025 30,921 Series C 4,816,160 4,816,160 $ 8.7100 41,949 41,868 Total 13,966,292 13,966,292 $ 105,974 $ 105,615 Immediately prior to the closing of the IPO, all outstanding shares of the Company’s convertible preferred stock converted into 13,966,292 shares of common stock and the related carrying value was reclassified to common stock and additional paid-in Optional Conversion Each share of convertible preferred stock was convertible, at the option of the holder, into such number of fully paid shares of common stock as is determined by dividing the original issue price by the conversion price in effect at the time of conversion. As of December 31, 2019 and prior to the closing of the IPO, the initial conversion price per share of convertible preferred stock was equivalent to the original issue price and as such convert on a one-for-one The respective applicable conversion price was subject to adjustment upon any future stock splits or stock combinations, reclassifications or exchanges of similar stock, upon a reorganization, merger or consolidation of the Company, upon the issuance or sale by the Company of common stock for consideration less than the applicable conversion price. Mandatory Conversion Each share of Series A, Series B and Series C was automatically convertible into the number of shares of common stock determined in accordance with the conversion rate upon the earlier of (i) the closing of an IPO in which the offering price per share was not less than $13.065 (as adjusted for recapitalizations) and the aggregate gross cash proceeds were at least $50.0 million, or (ii) written request for such conversion from the holders of a majority shares of convertible preferred stock then outstanding, voting together as a single class. Mandatory conversion pursuant to the clause (ii) also required a separate approval from the holders of a majority of Series B and the holders of a majority of Series C then outstanding. Liquidation Preference In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, the holders of convertible preferred stock was entitled to receive, out of the assets of the Company, prior and in preference to any distribution to the holders of the common stock, an amount equal to the original issuance prices of each series and all declared but unpaid dividends, if any. If the assets and funds to be distributed among the holders of convertible preferred stock were insufficient to permit the payment to such holders, then the entire assets and funds of the Company legally available for distribution would have been distributed ratably among the holders of convertible preferred stock in proportion to the preferential amount each such holder is otherwise entitled to receive. After the payment to the holders of convertible preferred stock of the full preferential amount specified above, any remaining assets of the Company would have been distributed pro rata among the holders of common stock. Dividends The holders of the outstanding shares of convertible preferred stock were entitled to receive noncumulative dividends of $0.5119 per share of Series A, $0.6216 per share of Series B, and $0.6968 per share of Series C if and when declared by the Board of Directors. Such dividends were payable in preference to any dividends for common stock declared by the Board of Directors. No dividends were declared between date of incorporation and prior to the closing of the IPO. Voting Each holder of convertible preferred stock was entitled to the number of votes equal to the number of shares of common stock into which such shares of convertible preferred stock could then be converted as of the record date. The holders of Series A, Series B and Series C each voting as a separate series, were entitled to elect one director to the Board of Directors. Additionally, holders of common stock, voting as a separate class, had the right to elect two directors to the Board of Directors. All common and preferred stockholders, voting together as a single class on an as-converted |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Contingencies From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company was not subject to any material legal proceedings during the years ended December 31, 2020 and 2019, and no material legal proceedings are subsequently outstanding or pending. Indemnification In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. As permitted under Delaware law and in accordance with its bylaws, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its officers and directors. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments that the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company is not currently aware of any indemnification claims. The Company also maintains director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and officers. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of December 31, 2020 and 2019. Operating Leases In December 2016, the Company entered into an operating lease agreement for its principal office in South San Francisco, California. The lease term expires in August 2024. Under the lease agreement, the Company has two three-year renewal options through August 2030. In October 2019, the Company entered into a sublease, as lessee, for office and laboratory space in South San Francisco, California. The sublease term expires in May 2022. Under the lease agreement, the Company has a five-year renewal option through May 2027. In September 2020, the Company entered into a lease agreement for warehouse space in South San Francisco, California. The lease term expires in September 2021. Under the lease agreement, the Company has two six-month In February 2021, the Company entered into a new lease agreement. See Note 10. Subsequent Event. Rent expense was $2.0 million and $1.5 million for the years ended December 31, 2020 and 2019, respectively. Capital Leases During 2020, the Company commenced a new capital lease for certain laboratory equipment. The Company entered the agreement for this lease during 2019. During 2019, the Company entered into two capital lease agreements for certain laboratory equipment. As of December 31, 2020, the Company’s future minimum payments under noncancelable leases were as follows (in thousands): Year Ended December 31, Operating Lease Commitments Capital Lease Commitments Total 2021 $ 2,123 $ 274 $ 2,397 2022 1,699 254 1,953 2023 1,457 171 1,628 2024 1,000 — 1,000 Thereafter — — — Total future minimum lease payments $ 6,279 $ 699 $ 6,978 COVID-19 The full extent of the impact of the COVID-19 COVID-19. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes No provision for, or benefit from, income taxes was recorded for the years ended December 31, 2020 and 2019. The Company has established a full valuation allowance against its net deferred tax assets due to the uncertainty regarding the realization of such assets. All losses to date have been incurred domestically. The effective income tax rate of the Company’s provision for income taxes differed from the federal statutory rate as follows: Year Ended December 31, 2019 2020 Statutory income tax rate 21.0 % 21.0 % Stock-based compensation expense (0.3 ) 8.2 Tax credits 4.7 1.8 State income tax 9.8 1.2 Other (0.1 ) — Valuation allowance (35.1 ) (32.2 ) Total effective income tax rate — % — % Significant components of deferred tax assets for federal and state income taxes were as follows (in thousands): December 31, 2019 2020 Deferred tax assets: Net operating losses $ 19,214 $ 37,785 Tax credits 3,545 5,805 Accrued expenses 345 617 Stock-based compensation expense 52 350 Other current assets 6 6 Total deferred tax assets 23,162 44,563 Deferred tax liabilities: Property and equipment, net (25 ) — Total deferred tax liabilities (25 ) — Valuation allowance (23,137 ) (44,563 ) Net deferred tax assets $ — $ — In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in response to the COVID-19 Realization of future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. Due to the Company’s history of operating losses and future sources of taxable income, the Company believes that the recognition of the deferred tax assets is currently not more likely than not to be realized and, accordingly, have provided a full valuation allowance against net deferred tax assets. For the years ended December 31, 2020 and 2019, the net increase in the valuation allowance was $21.4 million and $9.9 million, respectively. As of December 31, 2020, the Company had federal net operating loss carryforwards of $156.0 million, of which $13.3 million federal net operating losses generated before January 1, 2018 will begin to expire in 2036. Federal net operating losses of $142.7 million generated after December 31, 2017 will carryforward indefinitely. As of December 31, 2020, the Company had state net operating loss carryforwards of $69.0 million, which will begin to expire in 2036. As of December 31, 2020, the Company had federal general business credits from research and development expenses totaling $4.9 million, as well as state research and development credits of $3.1 million. The federal credits will begin to expire in 2037, if not utilized. The state research and development tax credits can be carried forward indefinitely. The amount of benefit from net operating loss and tax credit carryforwards may be impaired or limited in certain circumstances. Events which may cause a limitation in the amount of net operating losses and tax credits the Company can utilize include a cumulative ownership change of more than 50%, as defined by Internal Revenue Code Section 382, over a three-year testing period. The Company performed a Section 382 analysis through December 31, 2020. Although the Company has experienced an ownership change in the past, it did not result in a limitation that will materially reduce the total amount of net operating loss carryforwards and credits that can be utilized. Subsequent ownership changes may result in limitations on the Company’s ability to utilize the losses in future periods. The Company files U.S. federal and state tax returns with varying statutes of limitations. Due to net operating loss and credit carryforwards, all of the tax years since the date of incorporation through the 2020 tax year remain subject to examination by the U.S. federal and some state authorities. The actual amount of any taxes due could vary significantly depending on the ultimate timing and nature of any settlement. Uncertain Tax Benefits The Company uses the “more likely than not” criterion for recognizing the income tax benefit of uncertain income tax positions and establishing measurement criteria for income tax benefits. It is reasonably possible that certain unrecognized tax benefits may increase or decrease within the next 12 months as of December 31, 2020 due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities. The Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months as of December 31, 2020. A reconciliation of the beginning and ending amounts of unrecognized tax benefits was as follows (in thousands): Year Ended December 31, 2019 2020 Gross unrecognized tax benefit as of January 1 $ 390 $ 1,012 Additions for tax positions taken in the current year 407 626 Reductions for tax positions taken in the current year — (139 ) Additions for tax positions taken in prior years 215 — Gross unrecognized tax benefit as of December 31 $ 1,012 $ 1,499 None of the unrecognized tax benefits at December 31, 2020 or December 31, 2019 would affect the effective tax rate due to the Company’s valuation allowance position. During the years ended December 31, 2020 and 2019, no interest or penalties were required to be recognized relating to unrecognized tax benefits. In the event the Company should need to recognize interest and penalties related to unrecognized income tax liabilities, this amount will be recorded as an accrued expense and an increase to income tax expense. |
Equity Incentive Plan and Stock
Equity Incentive Plan and Stock-Based Compensation Expense | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plan and Stock-Based Compensation Expense | 8. Equity Incentive Plan and Stock-Based Compensation Expense 2015 Equity Incentive Plan In 2015, prior to the Company’s conversion to a C-corporation, In connection with its 2016 conversion to a C-corporation, 2016 Equity Incentive Plan The Company adopted the 2016 Plan, which provided for the granting of incentive stock options (ISO), non-statutory Options under the 2016 Plan could have been granted for periods of up to 10 years and at prices no less than 100% of the estimated fair value of the underlying shares of common stock on the date of grant as determined by the Board of Directors provided that the exercise price of an ISO and NSO granted to a 10% stockholder shall not be less than 110% of the estimated fair value of the shares on the date of grant. The 2016 Plan required that options be exercised no later than 10 years after the grant. Options granted to employees generally vest ratably on a monthly basis over four years, subject to cliff vesting restrictions. In March 2020, the Company reserved for issuance of 1,250,000 shares of common stock pursuant to the 2016 plan. The Company’s 2016 Plan was terminated subsequent to its IPO in June 2020; however, shares subject to awards granted under the 2016 Plan continue to be governed by the 2016 Plan. During 2020, 576,670 previously authorized and unissued shares from the 2015 plan and the 2016 plan expired. 2020 Equity Incentive Plan The Company adopted the 2020 Equity Incentive Plan (the 2020 Plan) effective on the day prior to the effectiveness of the registration statement on Form S-1 Since the date of incorporation and through December 31, 2020, the Company issued stock options to its employees and consultants. In most instances, the options vest over a four-year period, subject to continuing service. Options under the 2020 Plan may be granted for periods of up to 10 years and at prices no less than 100% of the estimated fair value of the underlying shares of common stock on the date of grant as determined by the Board of Directors provided that the exercise price of an ISO and NSO granted to a 10% stockholder shall not be less than 110% of the estimated fair value of the shares on the date of grant. The 2020 Plan requires that options be exercised no later than 10 years after the grant. Options granted to employees generally vest ratably on a monthly basis over four years, subject to cliff vesting restrictions. 2020 Employee Stock Purchase Plan The Company’s Board of Directors adopted and the Company’s stockholders approved, effective on the day prior to the effectiveness of the registration statement on Form S-1 Non-423 Subject to adjustment in the case of certain capitalization events, 314,006 shares of the Company’s common stock were available for purchase at adoption of the ESPP. Pursuant to the ESPP, the annual share increase pursuant to the evergreen provision is determined based on the least of (i) 628,012 shares, (ii) 1% of the Company’s common stock outstanding as of December 31 of the immediately preceding year, or (iii) such number of shares as determined by the Company’s Board of Directors. As of December 31, 2020, 314,006 shares of common stock remained available for issuance under the ESPP. During the years ended December 31, 2020 and 2019, the Company recognized no stock-based compensation expense related to the ESPP. The following summarizes stock option activity (in thousands, except share, per share and year amounts): Options Outstanding Shares Available for Grant Total Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding as of January 1, 2019 1,803,912 1,774,858 $ 0.84 $ 2,815 Granted (773,688 ) 773,688 2.38 Cancelled 405,178 (405,178 ) 1.81 Outstanding as of December 31, 2019 1,435,402 2,143,368 $ 1.22 7.30 $ 10,555 Additions 4,441,405 — $ — Granted (2,598,319 ) 2,598,319 7.82 Exercised — (1,144,330 ) 0.55 Cancelled 90,758 (90,758 ) 3.43 Outstanding as of December 31, 2020 3,369,246 3,506,599 $ 6.27 8.79 $ 85,975 Exercisable as of December 31, 2020 — 951,438 $ 3.06 8.02 $ 26,364 Weighted-average grant-date fair value of the options granted during the years ended December 31, 2020 and 2019 was $5.88 per share and $1.61 per share, respectively. The intrinsic value of the options exercised during the years ended December 31, 2020 and 2019 was $29.5 million and zero, respectively. As of December 31, 2020, the total stock-based compensation expense related to options granted but not yet amortized was $13.0 million and will be recognized over a weighted-average period of approximately 2.84 years. Fair Value Measurement The Company estimated the fair value of stock options using the Black-Scholes option pricing model. The fair value of employee and non-employee The fair value of the shares of common stock underlying stock options has historically been determined by the Board of Directors. Because there has been no public market for the Company’s common stock, the Board of Directors has determined the fair value of the common stock at the time of grant of the option by considering a number of objective and subjective factors including: external market conditions affecting the pharmaceutical and biotechnology industry and trends within the industry; the Company’s stage of development; the rights, preferences and privileges of the Company’s convertible preferred stock relative to those of the Company’s common stock; the prices at which the Company sold shares of its convertible preferred stock; the Company’s financial condition and operating results, including levels of available capital resources; the progress of the Company’s research and development efforts and business strategy; equity market conditions affecting comparable public companies; general U.S. market conditions; and the lack of marketability of the Company’s common stock. The Black-Scholes option-pricing model requires the use of highly subjective assumptions which determine the fair value of stock-based awards. These assumptions include: • Risk-free interest rate • Expected volatility • Expected term time-to-vesting • Expected dividend yield For options granted to non-employee The fair value of each employee stock option grant during the years ended December 31, 2020 and 2019 was estimated using the following weighted-average assumptions: Year Ended December 31, 2019 2020 Risk-free interest rate 2.3 % 0.6 % Expected volatility 70.0 % 75.6 % Expected term (years) 6.08 6.10 Expected dividend yield — — Stock-Based Compensation Expense In May 2020, the Board of Directors approved a one-time repricing of certain stock options granted to our service providers with a per share exercise price of $6.14 under our 2016 Plan. Pursuant to such approval, in May 2020, the exercise price of 1,998,677 stock options (including any cancelled stock options) were automatically repriced to $4.61 per share, which the Board of Directors determined represented the fair value of the Company’s common stock as of the date of the repricing. As a result of the repricing, the weighted-average exercise price for options granted during the six months ended June 30, 2020 decreased from $6.48 per share to $5.18 per share. The Company used the Black-Scholes option pricing model to estimate the fair value of the modified option grants immediately before and immediately after the modification in order to determine the increase in the fair value of $0.5 million for the modified option grants, which is recognized over the weighted-average remaining requisite service period of 3.3 years. The following table summarizes the components of stock-based compensation expense recognized in the Company’s statement of operations and comprehensive loss during 2020 and 2019 (in thousands): Year Ended December 31, 2019 2020 Research and development $ 338 $ 1,943 General and administrative 130 1,113 Total stock-based compensation expense $ 468 $ 3,056 |
Net Loss and Net Loss Per Share
Net Loss and Net Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss, Net Loss Per Share and Unaudited Pro Forma Net Loss Per Share | 9. Net Loss and Net Loss Per Share The following table sets forth the computation of the basic and diluted net loss per share (except share and per share amounts): Year Ended December 31, 2019 2020 Numerator: Net loss $ (28,043 ) $ (66,564 ) Denominator: Weighted-average shares of common stock outstanding used in the calculation of basic and diluted net loss per share 7,360,738 22,878,325 Net loss per share, basic and diluted $ (3.81 ) $ (2.91 ) Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all common stock equivalents outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: December 31, 2019 2020 Total stock options outstanding 2,143,368 3,506,599 Series A convertible preferred stock 5,157,213 — Series B convertible preferred stock 3,992,919 — Series C convertible preferred stock 4,816,160 — Total 16,109,660 3,506,599 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Event In February 2021, the Company entered into an agreement to lease approximately 84,321 square feet of laboratory, manufacturing, warehouse and office space in South San Francisco, California. Pursuant to the lease agreement, the lease term is estimated to commence in October 2021. The initial lease term is eight years from the commencement date and includes optional two five-year extensions. Annual lease payments during the first year are approximately $4.2 million. Annual lease payments during the second year are approximately $5.7 million with increases of approximately 3% each year. The Company has paid a security deposit of approximately $0.9 million and will classify the amount as restricted cash on the Company’s balance sheet. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates on historical experience and market-specific or other relevant assumptions that it believes are reasonable under the circumstances. Assets and liabilities reported in the Company’s balance sheet and expenses and income reported are affected by estimates and assumptions, which are used for, but are not limited to, determining the fair value of assets and liabilities, including research and development expenses, common stock valuation, income tax uncertainties, and measurement of stock-based compensation expense. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts of the COVID-19 |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and investments. The Company invests in U.S. Treasury securities. The Company maintains bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents, and investments to the extent recorded in the balance sheet. The Company has not experienced any losses on its deposits of cash, cash equivalents, and investments. The Company is subject to a number of risks similar to other early-stage biopharmaceutical companies, including, but not limited to, the need to obtain adequate additional funding, possible failure of current or future preclinical studies or clinical trials, its reliance on third parties to conduct its clinical trials, the need to obtain regulatory and marketing approvals for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s product candidates, protection of its proprietary technology, and the need to secure and maintain adequate manufacturing arrangements with third parties. If the Company does not successfully commercialize or partner any of its product candidates, it will be unable to generate product revenue or achieve profitability. |
Operating Segment | Operating Segment The Company operates and manages its business as one reportable and operating segment, which is the business of designing and developing a pipeline of novel oral biologic product candidates to treat autoimmune, inflammatory, metabolic, and other diseases. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating and evaluating financial performance. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are held in accounts at financial institutions. Such deposits have and will continue to exceed federally insured limits in the foreseeable future. The Company considers all highly liquid investments purchased with original maturities of 90 days or less from the purchase date to be cash equivalents. Cash equivalents consist of amounts invested in money market funds exclusively composed of U.S. government obligations. |
Restricted Cash | Restricted Cash The Company has cash in a collateral account related to a letter of credit issued on behalf of the Company for the security deposit on the subleased property in South San Francisco. As of December 31, 2020, the collateralized cash in connection with the letter of credit was classified as restricted cash on the balance sheet based on the terms of the sublease agreement. The sublease term expires in May 2022 unless extended. Subsequent to December 31, 2020, the Company established a second collateral account related to a new lease it entered into. See Note 10, Subsequent Event. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statements of cash flows (in thousands): As of December 31, 2019 2020 Cash and cash equivalents $ 12,727 $ 5,843 Restricted cash 108 108 Total cash, cash equivalents and restricted cash $ 12,835 $ 5,951 |
Investments | Investments The Company’s investments have been classified and accounted for as available-for-sale |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are presented at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method. Depreciation begins at the time the asset is placed in service. Maintenance and repairs are charged to expense as incurred and costs of major replacement or improvement are capitalized. The Company’s estimated useful lives of its property and equipment are as follows: Laboratory and manufacturing equipment 5 years Computer and office equipment 3 years Leasehold improvements Shorter of remaining lease term |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates the carrying amount of its long-lived assets whenever events or changes in circumstances indicate that the assets may not be recoverable. An impairment loss is recognized when the remaining book value of an asset is not recoverable. There was no impairment of long-lived assets during the years ended December 31, 2020 and 2019. |
Leases | Leases The Company may enter into lease agreements that are classified as either operating or capital leases under Accounting Standards Codification (ASC) 840, Leases |
Research and Development Expenses | Research and Development Expenses Research and development expenses are charged to expense as incurred. Research and development expenses include personnel costs related to research and development activities, materials costs, external clinical drug product manufacturing costs, outside services costs, repair, maintenance and depreciation costs for research and development equipment, as well as facility costs for laboratory space used for research and development activities. |
Accrued Research and Development Expenses | Accrued Research and Development Expenses The Company records accruals for estimated costs of research, preclinical studies, clinical trials, and manufacturing development, within accrued expenses which are significant components of research and development expenses. A substantial portion of the Company’s ongoing research and development activities is conducted by third-party service providers, contract research organizations (CROs) and contract development and manufacturing organizations (CDMOs). The Company’s contracts with the CROs and CDMOs generally include fees such as initiation fees, reservation fees, costs related to animal studies and safety tests, verification run costs, materials and reagents expenses, taxes, etc. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company accrues the costs incurred under agreements with these third parties based on estimates of actual work completed in accordance with the respective agreements. The Company determines the estimated costs through discussions with internal personnel and external service providers as to the progress, stage of completion or actual timeline (start-date and end-date) of If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts accrued expenses or prepaid expenses accordingly, which impact research and development expenses. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period. To date, there have not been any material adjustments to the Company’s prior estimates of research and development expenses. |
Stock-Based Compensation Expense | Stock-Based Compensation Expense The Company maintains an equity incentive plan as a long-term incentive for employees, consultants, and directors. The plan allows for the issuance of incentive stock options, non-statutory The Company accounts for stock-based compensation expense by measuring and recognizing compensation expense for all share-based payments made to employees and non-employees The Company estimates the fair value of stock options granted to employees and non-employees |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns subject to a determinable valuation allowance. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained during an audit. It is the Company’s policy to classify interest and penalties related to unrecognized tax benefits as a component of income tax expense. |
Fair Value Measurement | Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurement establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. The Company determined the fair value of financial assets and liabilities using the fair value hierarchy that describes three levels of inputs that may be used to measure fair value, as follows: • Level 1—Quoted prices in active markets for identical assets and liabilities; • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of December 31, 2020 and 2019, fair value measurements consisted mainly of cash equivalents and investments. The carrying amounts of these instruments approximate their fair value. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes net loss and other comprehensive income (loss) for the period. Other comprehensive income (loss) consists of unrealized gains on investments and amounts recognized for net realized gain included in net loss. |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs, consisting of legal, accounting, and filing fees directly related to the IPO, were capitalized and offset against proceeds from the IPO upon the completion of the offering. For the year ended December 31, 2019, $0.4 million of deferred offering costs were incurred. Upon completion of the IPO in June 2020, approximately $4.1 million of deferred offering costs were offset against the IPO proceeds classified in additional paid-in |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an emerging growth company (EGC) as defined in the JOBS Act and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts EGCs from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded if and when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. |
Recent Accounting Pronouncements and Recently Adopted Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) 2016-02), right-of-use 2018-10, Codification Improvements to Topic 842, Leases 2018-11, Leases (Topic 842): Targeted Improvements 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates 2016-02 non-public In October 2020, the FASB issued ASU 2020-10, 2020-10 Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12 2019-12 In August 2018, the FASB issued ASU 2018-13, Disclosure Framework (Topic 820)—Changes to the Disclosure Requirements for Fair Value Measurement In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13 available-for-sale available-for-sale 2016-13 2016-13 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statements of cash flows (in thousands): As of December 31, 2019 2020 Cash and cash equivalents $ 12,727 $ 5,843 Restricted cash 108 108 Total cash, cash equivalents and restricted cash $ 12,835 $ 5,951 |
Schedule of Estimated Useful Lives of Property and Equipment | The Company’s estimated useful lives of its property and equipment are as follows: Laboratory and manufacturing equipment 5 years Computer and office equipment 3 years Leasehold improvements Shorter of remaining lease term |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2020 (in thousands): December 31, 2020 Fair Value Hierarchy Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash equivalents Money Market Funds Invested in U.S. government obligations (1) Level 1 $ 4,844 $ — $ — $ 4,844 Short-term and long-term investments U.S. Treasury securities Level 2 123,998 28 — 124,026 Total $ 128,842 $ 28 $ — $ 128,870 (1) Included in cash and cash equivalents on the balance sheet The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2019 (in thousands): December 31, 2019 Fair Value Amortized Gross Gross Fair Value Cash equivalents Money Market Funds Invested in U.S. government obligations (1) Level 1 $ 69 $ — $ — $ 69 Short-term and long-term investments U.S. Treasury securities Level 2 19,912 13 — 19,925 Total $ 19,981 $ 13 $ — $ 19,994 (1) Included in cash and cash equivalents on the balance sheet |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Property and equipment, net, consisted of the following (in thousands): December 31, 2019 2020 Laboratory and manufacturing equipment $ 3,062 $ 8,022 Leasehold improvements 242 2,550 Capital leases 188 959 Computer and office equipment 202 201 Construction in progress 2,080 162 5,774 11,894 Accumulated depreciation (1,683 ) (3,447 ) Total property and equipment, net $ 4,091 $ 8,447 |
Schedule of Accrued Liabilities | Accrued expenses consisted of the following (in thousands): December 31, 2019 2020 Compensation expense $ 694 $ 2,389 Research and development expense 621 1,303 Professional services — 241 Property and equipment — 125 Other — 115 Total accrued expenses $ 1,315 $ 4,173 |
Capital Structure (Tables)
Capital Structure (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Schedule of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance, on an as converted basis, consisted of the following: December 31, 2019 2020 Stock options, issued and outstanding 2,143,368 3,506,599 Stock options, authorized for future issuance 1,435,402 3,369,246 Employee stock purchase plan, available for future grants — 314,006 Series A convertible preferred stock 5,157,213 — Series B convertible preferred stock 3,992,919 — Series C convertible preferred stock 4,816,160 — Total 17,545,062 7,189,851 |
Schedule of Issued and Outstanding Convertible Preferred Stock and its Principal Terms | Issued and outstanding convertible preferred stock and its principal terms as of December 31, 2019 were as follows (in thousands, except for share and per share amounts): As of December 31, 2019 Series Shares Authorized Shares Issued and Outstanding Original Issue Price Per Share Aggregate Liquidation Amount Net Carrying Value Series A 5,157,213 5,157,213 $ 6.3988 $ 33,000 $ 32,826 Series B 3,992,919 3,992,919 $ 7.7700 31,025 30,921 Series C 4,816,160 4,816,160 $ 8.7100 41,949 41,868 Total 13,966,292 13,966,292 $ 105,974 $ 105,615 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments under Noncancelable Leases | As of December 31, 2020, the Company’s future minimum payments under noncancelable leases were as follows (in thousands): Year Ended December 31, Operating Lease Commitments Capital Lease Commitments Total 2021 $ 2,123 $ 274 $ 2,397 2022 1,699 254 1,953 2023 1,457 171 1,628 2024 1,000 — 1,000 Thereafter — — — Total future minimum lease payments $ 6,279 $ 699 $ 6,978 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Provision for Income Taxes Differed from Federal Statutory Rate | The effective income tax rate of the Company’s provision for income taxes differed from the federal statutory rate as follows: Year Ended December 31, 2019 2020 Statutory income tax rate 21.0 % 21.0 % Stock-based compensation expense (0.3 ) 8.2 Tax credits 4.7 1.8 State income tax 9.8 1.2 Other (0.1 ) — Valuation allowance (35.1 ) (32.2 ) Total effective income tax rate — % — % |
Schedule of Significant Components of Deferred Tax Assets for Federal and State Income Taxes | Significant components of deferred tax assets for federal and state income taxes were as follows (in thousands): December 31, 2019 2020 Deferred tax assets: Net operating losses $ 19,214 $ 37,785 Tax credits 3,545 5,805 Accrued expenses 345 617 Stock-based compensation expense 52 350 Other current assets 6 6 Total deferred tax assets 23,162 44,563 Deferred tax liabilities: Property and equipment, net (25 ) — Total deferred tax liabilities (25 ) — Valuation allowance (23,137 ) (44,563 ) Net deferred tax assets $ — $ — |
Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits was as follows (in thousands): Year Ended December 31, 2019 2020 Gross unrecognized tax benefit as of January 1 $ 390 $ 1,012 Additions for tax positions taken in the current year 407 626 Reductions for tax positions taken in the current year — (139 ) Additions for tax positions taken in prior years 215 — Gross unrecognized tax benefit as of December 31 $ 1,012 $ 1,499 |
Equity Incentive Plan and Sto_2
Equity Incentive Plan and Stock-Based Compensation Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following summarizes stock option activity (in thousands, except share, per share and year amounts): Options Outstanding Shares Available for Grant Total Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding as of January 1, 2019 1,803,912 1,774,858 $ 0.84 $ 2,815 Granted (773,688 ) 773,688 2.38 Cancelled 405,178 (405,178 ) 1.81 Outstanding as of December 31, 2019 1,435,402 2,143,368 $ 1.22 7.30 $ 10,555 Additions 4,441,405 — $ — Granted (2,598,319 ) 2,598,319 7.82 Exercised — (1,144,330 ) 0.55 Cancelled 90,758 (90,758 ) 3.43 Outstanding as of December 31, 2020 3,369,246 3,506,599 $ 6.27 8.79 $ 85,975 Exercisable as of December 31, 2020 — 951,438 $ 3.06 8.02 $ 26,364 |
Schedule of Weighted-Average Assumptions Used for Estimating Fair Value of Each Employee Stock Option | The fair value of each employee stock option grant during the years ended December 31, 2020 and 2019 was estimated using the following weighted-average assumptions: Year Ended December 31, 2019 2020 Risk-free interest rate 2.3 % 0.6 % Expected volatility 70.0 % 75.6 % Expected term (years) 6.08 6.10 Expected dividend yield — — |
Summary of Components of Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense recognized in the Company’s statement of operations and comprehensive loss during 2020 and 2019 (in thousands): Year Ended December 31, 2019 2020 Research and development $ 338 $ 1,943 General and administrative 130 1,113 Total stock-based compensation expense $ 468 $ 3,056 |
Net Loss and Net Loss Per Sha_2
Net Loss and Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of the basic and diluted net loss per share (except share and per share amounts): Year Ended December 31, 2019 2020 Numerator: Net loss $ (28,043 ) $ (66,564 ) Denominator: Weighted-average shares of common stock outstanding used in the calculation of basic and diluted net loss per share 7,360,738 22,878,325 Net loss per share, basic and diluted $ (3.81 ) $ (2.91 ) |
Summary of Potentially Dilutive Securities | Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all common stock equivalents outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: December 31, 2019 2020 Total stock options outstanding 2,143,368 3,506,599 Series A convertible preferred stock 5,157,213 — Series B convertible preferred stock 3,992,919 — Series C convertible preferred stock 4,816,160 — Total 16,109,660 3,506,599 |
Organization and Principal Ac_2
Organization and Principal Activities - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 09, 2020 | Jun. 04, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Organization And Principal Activities [Line Items] | ||||
Offering costs paid | $ 3,948 | |||
Net proceeds from offering | 164,703 | |||
Accumulated deficit | $ 139,358 | $ 72,794 | ||
Common Stock | ||||
Organization And Principal Activities [Line Items] | ||||
Share issued | 12,650,000 | |||
Conversion of convertible preferred stock into common stock, shares | 13,966,292 | |||
Common Stock | Initial Public Offering | ||||
Organization And Principal Activities [Line Items] | ||||
Share issued | 12,650,000 | |||
Share price | $ 14 | |||
Share issued with exercise by underwriters | 1,650,000 | |||
Conversion of convertible preferred stock into common stock, shares | 13,966,292 | 13,966,292 | ||
Aggregate offering price for shares sold | $ 177,100 | |||
Underwriting discounts and commissions | 12,400 | |||
Offering costs paid | 4,100 | $ 200 | ||
Net proceeds from offering | $ 160,600 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Oct. 31, 2019 | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)Segmentshares | Dec. 31, 2019USD ($)shares | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of reportable segment | Segment | 1 | |||
Number of operating segment | Segment | 1 | |||
Sublease, expiration period | 2022-05 | 2022-05 | ||
Impairment of long-lived assets | $ 0 | $ 0 | ||
Number of shares issued under share based compensation | shares | 0 | 0 | ||
Deferred offering costs | $ 366,000 | |||
ASU 2019-12 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 | |||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | |||
ASU 2018-13 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 | |||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | |||
ASU 2016-13 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 | |||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | |||
Initial Public Offering | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Deferred offering costs offset against IPO proceeds in additional paid-in capital | $ 4,100,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Cash and cash equivalents | $ 5,843 | $ 12,727 |
Restricted cash | 108 | 108 |
Total cash, cash equivalents and restricted cash | $ 5,951 | $ 12,835 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Laboratory and Manufacturing Equipment | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 5 years |
Computer and Office Equipment | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 3 years |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | Shorter of remaining lease term or estimated useful life |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value assets transfers from level 1 to level 2 | $ 0 | $ 0 |
Fair value assets transfers from level 2 to level 1 | 0 | 0 |
Fair value liabilities transfers from level 1 to level 2 | 0 | 0 |
Fair value liabilities transfers from level 2 to level 1 | 0 | 0 |
Fair value assets transfers into level 3 | 0 | 0 |
Fair value assets transfers out of level 3 | 0 | 0 |
Fair value liabilities transfers into level 3 | 0 | 0 |
Fair value liabilities transfers out of level 3 | 0 | 0 |
U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment securities | 124,000,000 | $ 19,900,000 |
Allowance for credit losses | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 128,842 | $ 19,981 |
Gross Unrealized Gains | 28 | 13 |
Fair Value | 128,870 | 19,994 |
Level 1 | Money Market Funds Invested in U.S. Government Obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 4,844 | 69 |
Fair Value | 4,844 | 69 |
Level 2 | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | 123,998 | 19,912 |
Gross Unrealized Gains | 28 | 13 |
Fair Value | $ 124,026 | $ 19,925 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 11,894 | $ 5,774 |
Accumulated depreciation | (3,447) | (1,683) |
Total property and equipment, net | 8,447 | 4,091 |
Laboratory and Manufacturing Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 8,022 | 3,062 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 2,550 | 242 |
Capital Leases | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 959 | 188 |
Computer and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 201 | 202 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 162 | $ 2,080 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | ||
Depreciation expense | $ 1,842 | $ 706 |
Accumulated depreciation on capital lease assets | $ 100 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Compensation expense | $ 2,389 | $ 694 |
Research and development expense | 1,303 | 621 |
Professional services | 241 | |
Property and equipment | 125 | |
Other | 115 | |
Total accrued expenses | $ 4,173 | $ 1,315 |
Capital Structure - Additional
Capital Structure - Additional Information (Details) | Jun. 09, 2020shares | Jun. 04, 2020USD ($)$ / sharesshares | Dec. 31, 2020Vote$ / sharesshares | Dec. 31, 2020USD ($)Vote$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018shares |
Class Of Stock [Line Items] | ||||||
Common stock, shares authorized | 450,000,000 | 450,000,000 | 32,000,000 | |||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common stock, voting rights | The holder of each share of common stock is entitled to one vote. | |||||
Number of voting rights for each common stock held | Vote | 1 | 1 | ||||
Common stock, dividends declared or paid | $ | $ 0 | |||||
Convertible preferred stock, shares outstanding | 0 | 0 | 13,966,292 | |||
Series A Convertible Preferred Stock | ||||||
Class Of Stock [Line Items] | ||||||
Convertible preferred stock, shares outstanding | 0 | 0 | 5,157,213 | 5,157,213 | ||
Non-cumulative dividend, convertible preferred stock | $ / shares | $ 0.5119 | |||||
Series B Convertible Preferred Stock | ||||||
Class Of Stock [Line Items] | ||||||
Convertible preferred stock, shares outstanding | 0 | 0 | 3,992,919 | 3,992,919 | ||
Non-cumulative dividend, convertible preferred stock | $ / shares | $ 0.6216 | |||||
Series C Convertible Preferred Stock | ||||||
Class Of Stock [Line Items] | ||||||
Convertible preferred stock, shares outstanding | 0 | 0 | 4,816,160 | |||
Non-cumulative dividend, convertible preferred stock | $ / shares | $ 0.6968 | |||||
Common Stock | ||||||
Class Of Stock [Line Items] | ||||||
Conversion of convertible preferred stock into common stock, shares | 13,966,292 | |||||
Initial Public Offering | ||||||
Class Of Stock [Line Items] | ||||||
Preferred stock mandatory conversion into common stock offering price trigger | $ / shares | $ 13.065 | |||||
Minimum proceeds from mandatory conversion triggers of preferred stock into common stock | $ | $ 50,000,000 | |||||
Initial Public Offering | Common Stock | ||||||
Class Of Stock [Line Items] | ||||||
Conversion of convertible preferred stock into common stock, shares | 13,966,292 | 13,966,292 |
Capital Structure - Schedule of
Capital Structure - Schedule of Common Stock Reserved for Future Issuance (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 7,189,851 | 17,545,062 |
Stock Options, Issued and Outstanding | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 3,506,599 | 2,143,368 |
Stock Options, Authorized for Future Issuance | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 3,369,246 | 1,435,402 |
Employee Stock Purchase Plan, Available for Future Grants | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 314,006 | |
Series A Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 5,157,213 | |
Series B Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 3,992,919 | |
Series C Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 4,816,160 |
Capital Structure - Schedule _2
Capital Structure - Schedule of Issued and Outstanding Convertible Preferred Stock and its Principal Terms (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Temporary Equity [Line Items] | |||
Convertible preferred stock, shares authorized | 13,966,292 | ||
Convertible preferred stock, shares issued | 13,966,292 | ||
Convertible preferred stock, shares outstanding | 0 | 13,966,292 | |
Convertible preferred stock, liquidation value | $ 105,974,000 | ||
Convertible preferred stock | $ 105,615,000 | ||
Series A | |||
Temporary Equity [Line Items] | |||
Convertible preferred stock, shares authorized | 0 | 5,157,213 | |
Convertible preferred stock, shares issued | 0 | 5,157,213 | |
Convertible preferred stock, shares outstanding | 0 | 5,157,213 | 5,157,213 |
Original Issue Price Per Share | $ 6.3988 | ||
Convertible preferred stock, liquidation value | $ 0 | $ 33,000,000 | |
Convertible preferred stock | $ 32,826,000 | $ 32,826,000 | |
Series B | |||
Temporary Equity [Line Items] | |||
Convertible preferred stock, shares authorized | 0 | 3,992,919 | |
Convertible preferred stock, shares issued | 0 | 3,992,919 | |
Convertible preferred stock, shares outstanding | 0 | 3,992,919 | 3,992,919 |
Original Issue Price Per Share | $ 7.7700 | ||
Convertible preferred stock, liquidation value | $ 0 | $ 31,025,000 | |
Convertible preferred stock | $ 30,921,000 | $ 30,921,000 | |
Series C | |||
Temporary Equity [Line Items] | |||
Convertible preferred stock, shares authorized | 0 | 4,816,160 | |
Convertible preferred stock, shares issued | 0 | 4,816,160 | |
Convertible preferred stock, shares outstanding | 0 | 4,816,160 | |
Original Issue Price Per Share | $ 8.7100 | ||
Convertible preferred stock, liquidation value | $ 0 | $ 41,949,000 | |
Convertible preferred stock | $ 41,868,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Oct. 31, 2019 | Dec. 31, 2016 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)Lease | |
Lessee Lease Description [Line Items] | |||||
Operating lease expiration period | 2024-08 | ||||
Sublease, expiration period | 2022-05 | 2022-05 | |||
Sublease, renewal term | 5 years | ||||
Sublease expiration period including possible renewal options | 2027-05 | ||||
Rent expense | $ | $ 2 | $ 1.5 | |||
Number of capital lease agreements for laboratory equipment | Lease | 2 | ||||
Warehouse Space | |||||
Lessee Lease Description [Line Items] | |||||
Operating lease expiration period | 2021-09 | ||||
Operating lease term, option to extend | two six-month renewal options through September 2022. | ||||
Operating lease, existence of option to extend | true | ||||
Operating lease expiration period including possible renewal options | 2022-09 | ||||
Lessee, operating lease, description | In September 2020, the Company entered into a lease agreement for warehouse space in South San Francisco, California. The lease term expires in September 2021. Under the lease agreement, the Company has two six-month renewal options through September 2022. In February 2021, the Company entered into a new lease agreement. See Note 10. Subsequent Event. | ||||
Lease Agreement | |||||
Lessee Lease Description [Line Items] | |||||
Operating lease term, option to extend | two three-year renewal options through August 2030 | ||||
Operating lease, existence of option to extend | true | ||||
Operating lease expiration period including possible renewal options | 2030-08 | ||||
Lessee, operating lease, description | In December 2016, the Company entered into an operating lease agreement for its principal office in South San Francisco, California. The lease term expires in August 2024. Under the lease agreement, the Company has two three-year renewal options through August 2030. |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments under Noncancelable Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Operating Lease Commitments, 2021 | $ 2,123 |
Operating Lease Commitments, 2022 | 1,699 |
Operating Lease Commitments, 2023 | 1,457 |
Operating Lease Commitments, 2024 | 1,000 |
Operating Lease Commitments, Total future minimum lease payments | 6,279 |
Capital Lease Commitments, 2021 | 274 |
Capital Lease Commitments, 2022 | 254 |
Capital Lease Commitments, 2023 | 171 |
Capital Lease Commitments, Total future minimum lease payments | 699 |
Operating and Capital Lease Commitments, 2021 | 2,397 |
Operating and Capital Lease Commitments, 2022 | 1,953 |
Operating and Capital Lease Commitments, 2023 | 1,628 |
Operating and Capital Lease Commitments, 2024 | 1,000 |
Operating and Capital Lease Commitments, Total future minimum lease payments | $ 6,978 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax [Line Items] | |||
Provision for, or benefit from, income taxes | $ 0 | $ 0 | |
Net increase in valuation allowance | $ 21,400,000 | 9,900,000 | |
Income tax examination description | Due to net operating loss and credit carryforwards, all of the tax years since the date of incorporation through the 2020 tax year remain subject to examination by the U.S. federal and some state authorities. | ||
Significant changes to unrecognized tax benefits over next 12 months | $ 0 | ||
Interest or penalties recognized relating to unrecognized tax benefits | 0 | 0 | |
Tax impact related to unrecognized tax benefit in relation to valuation allowance positions | $ 0 | $ 0 | |
Minimum | |||
Income Tax [Line Items] | |||
Cumulative ownership percentage change | 50.00% | ||
Federal | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards | $ 156,000,000 | ||
Federal | General Business Credits | |||
Income Tax [Line Items] | |||
Tax credit carryforward | $ 4,900,000 | ||
Tax credit carryforward expiration year | 2037 | ||
State | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards | $ 69,000,000 | ||
Operating loss carryforwards expiration year | 2036 | ||
State | Research and Development Credits | |||
Income Tax [Line Items] | |||
Tax credit carryforward | $ 3,100,000 | ||
Operating Losses Generated after December 31, 2017 | |||
Income Tax [Line Items] | |||
Operating loss carryforwards percentage of taxable income limitation | 80.00% | ||
Operating Losses Generated after December 31, 2017 | Federal | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards | 142,700,000 | ||
Operating Losses Generated before January 1, 2018 | Federal | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards | $ 13,300,000 | ||
Operating loss carryforwards expiration year | 2036 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Provision for Income Taxes Differed from Federal Statutory Rate (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Statutory income tax rate | 21.00% | 21.00% |
Stock-based compensation expense | 8.20% | (0.30%) |
Tax credits | 1.80% | 4.70% |
State income tax | 1.20% | 9.80% |
Other | (0.10%) | |
Valuation allowance | (32.20%) | (35.10%) |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Deferred Tax Assets for Federal and State Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating losses | $ 37,785 | $ 19,214 |
Tax credits | 5,805 | 3,545 |
Accrued expenses | 617 | 345 |
Stock-based compensation expense | 350 | 52 |
Other current assets | 6 | 6 |
Total deferred tax assets | 44,563 | 23,162 |
Deferred tax liabilities: | ||
Property and equipment, net | (25) | |
Total deferred tax liabilities | (25) | |
Valuation allowance | $ (44,563) | $ (23,137) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Gross unrecognized tax benefit as of January 1 | $ 1,012 | $ 390 |
Additions for tax positions taken in the current year | 626 | 407 |
Reductions for tax positions taken in the current year | (139) | |
Additions for tax positions taken in prior years | 215 | |
Gross unrecognized tax benefit as of December 31 | $ 1,499 | $ 1,012 |
Equity Incentive Plan and Sto_3
Equity Incentive Plan and Stock-Based Compensation Expense - Additional Information (Details) - USD ($) | May 31, 2020 | May 14, 2020 | May 31, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Award granted | 2,598,319 | 773,688 | ||||||
Common stock reserved for future issuance | 7,189,851 | 17,545,062 | ||||||
Share expirations during period | 576,670 | |||||||
Shares available for issuance | 3,369,246 | 1,435,402 | 1,803,912 | |||||
Stock-based compensation expense | $ 3,056,000 | $ 468,000 | ||||||
Weighted-average grant-date fair value of the options granted | $ 5.88 | $ 1.61 | ||||||
Intrinsic value of options exercised | $ 29,500,000 | $ 0 | ||||||
Total stock-based compensation expense related to options granted but not yet amortized | $ 13,000,000 | |||||||
Total stock-based compensation expense related to options weighted average period of recognition | 2 years 10 months 2 days | |||||||
Options granted in period weighted average exercise price | $ 7.82 | $ 2.38 | ||||||
Increase in fair value of modified option grants | $ 500,000 | |||||||
Remaining requisite service period | 3 years 3 months 18 days | |||||||
Employee Stock Purchase Plan, Available for Future Grants | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Purchase price of common stock percent | 85.00% | |||||||
Common stock reserved for future issuance | 314,006 | |||||||
Shares available for issuance | 314,006 | 314,006 | 314,006 | |||||
Outstanding stock percent | 1.00% | |||||||
Stock-based compensation expense | $ 0 | $ 0 | ||||||
Maximum | Employee Stock Purchase Plan, Available for Future Grants | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Discount rate | 15.00% | |||||||
Minimum | Employee Stock Purchase Plan, Available for Future Grants | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Increase in number of shares | 628,012 | 628,012 | ||||||
2015 Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Award granted | 0 | |||||||
Equity Incentive plan term | In connection with its 2016 conversion to a C-corporation, each outstanding stock option agreement under the 2015 Plan was assumed by it and converted into stock options covering shares of its common stock rather than Class B common stock of its predecessor entity. Except with respect to the shares underlying such options, no other terms were amended with respect to such stock option agreements. | |||||||
2016 Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | |||||||
Common stock reserved for future issuance | 1,250,000 | |||||||
Number of stock option approved for one-time repricing | 1,998,677 | |||||||
Options granted in period weighted average exercise price | $ 6.48 | $ 6.14 | $ 5.18 | |||||
Stock options exercise price at the repricing date | $ 4.61 | |||||||
2016 Plan | 10% Stockholder | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of voting power | 10.00% | |||||||
2016 Plan | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Term of options | 10 years | |||||||
2016 Plan | Minimum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Purchase price of common stock percent | 100.00% | |||||||
Percentage of exercise price of stock option on estimated fair value of shares | 110.00% | |||||||
2020 Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Equity Incentive plan term | Shares subject to awards granted under the 2015 Plan or 2016 Plan were added to the available shares in the 2020 Plan. Shares subject to awards granted under the 2015 Plan and 2016 Plan that are repurchased by, or forfeited to, the Company will also be reserved for issuance under the 2020 Plan | |||||||
Vesting period | 4 years | |||||||
Common stock reserved for future issuance | 3,768,075 | |||||||
2020 Plan | 10% Stockholder | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of voting power | 10.00% | |||||||
2020 Plan | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Term of options | 10 years | |||||||
2020 Plan | Minimum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Purchase price of common stock percent | 100.00% | |||||||
Percentage of exercise price of stock option on estimated fair value of shares | 110.00% |
Equity Incentive Plan and Sto_4
Equity Incentive Plan and Stock-Based Compensation Expense - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Options Outstanding, Shares Available for Grant, Beginning Balance | 1,435,402 | 1,803,912 | |
Options Outstanding, Shares Available for Grant, Granted | (2,598,319) | (773,688) | |
Options Outstanding, Shares Available for Grant, Cancelled | 90,758 | 405,178 | |
Options Outstanding, Shares Available for Grant, Ending Balance | 3,369,246 | 1,435,402 | |
Options Outstanding, Shares Available for Grant, Additions | 4,441,405 | ||
Options Outstanding, Total Options Outstanding, Beginning Balance | 2,143,368 | 1,774,858 | |
Options Outstanding, Total Options Outstanding, Granted | 2,598,319 | 773,688 | |
Options Outstanding, Total Options Outstanding, Cancelled | (90,758) | (405,178) | |
Options Outstanding, Total Options Outstanding, Ending Balance | 3,506,599 | 2,143,368 | |
Options Outstanding, Total Options Outstanding, Exercised | (1,144,330) | ||
Options Outstanding, Total Options Outstanding, Exercisable as of December 31, 2020 | 951,438 | ||
Options Outstanding, Weighted-Average Exercise Price, Beginning Balance | $ 1.22 | $ 0.84 | |
Options Outstanding, Weighted-Average Exercise Price, Granted | 7.82 | 2.38 | |
Options Outstanding, Weighted-Average Exercise Price, Cancelled | 3.43 | 1.81 | |
Options Outstanding, Weighted-Average Exercise Price, Ending Balance | 6.27 | $ 1.22 | |
Options Outstanding, Weighted-Average Exercise Price, Exercised | 0.55 | ||
Options Outstanding, Weighted-Average Exercise Price, Exercisable as of December 31, 2020 | $ 3.06 | ||
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 8 years 9 months 14 days | 7 years 3 months 18 days | |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years), Exercisable | 8 years 7 days | ||
Options Outstanding, Aggregate Intrinsic Value | $ 85,975 | $ 10,555 | $ 2,815 |
Options Outstanding, Aggregate Intrinsic Value, Exercisable | $ 26,364 |
Equity Incentive Plan and Sto_5
Equity Incentive Plan and Stock-Based Compensation Expense - Schedule of Weighted-Average Assumptions Used for Estimating Fair Value of Each Employee Stock Option (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Risk-free interest rate | 0.60% | 2.30% |
Expected volatility | 75.60% | 70.00% |
Expected term (years) | 6 years 1 month 6 days | 6 years 29 days |
Equity Incentive Plan and Sto_6
Equity Incentive Plan and Stock-Based Compensation Expense - Summary of Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 3,056 | $ 468 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 1,943 | 338 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 1,113 | $ 130 |
Net Loss and Net Loss Per Sha_3
Net Loss and Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | ||
Net loss | $ (66,564) | $ (28,043) |
Denominator: | ||
Weighted-average shares of common stock outstanding used in the calculation of basic and diluted net loss per share | 22,878,325 | 7,360,738 |
Net loss per share, basic and diluted | $ (2.91) | $ (3.81) |
Net Loss and Net Loss Per Sha_4
Net Loss and Net Loss Per Share - Summary of Potentially Dilutive Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of net loss per share | 3,506,599 | 16,109,660 |
Total Stock Options Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of net loss per share | 3,506,599 | 2,143,368 |
Series A Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of net loss per share | 5,157,213 | |
Series B Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of net loss per share | 3,992,919 | |
Series C Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of net loss per share | 4,816,160 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Lease Agreement $ in Millions | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2021USD ($)ft² | Dec. 31, 2016 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | |||
Lessee operating lease existence of option to extend | true | ||
Lessee operating lease option to extend | two three-year renewal options through August 2030 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Area of land subjected to lease | ft² | 84,321 | ||
Initial lease term | 8 years | ||
Lessee operating lease existence of option to extend | true | ||
Lessee operating lease option to extend | optional two five-year extensions | ||
Annual lease payments during the first year | $ 4.2 | ||
Annual lease payments during the second year | $ 5.7 | ||
Percentage increase in annual lease payments each year | 3.00% | ||
Security deposit | $ 0.9 |