Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 28, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | APPLIED MOLECULAR TRANSPORT INC. | |
Entity Central Index Key | 0001801777 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock Shares Outstanding | 38,900,625 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-39306 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 81-4481426 | |
Entity Address, Address Line One | 450 East Jamie Court | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 392-0420 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | AMTI | |
Security Exchange Name | NASDAQ |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 95,830 | $ 159,821 |
Prepaid expenses | 4,347 | 6,685 |
Other current assets | 1,131 | 594 |
Total current assets | 101,308 | 167,100 |
Property and equipment, net | 9,400 | 6,998 |
Operating lease ROU assets, net | 34,512 | 38,142 |
Finance lease ROU assets, net | 694 | 652 |
Restricted cash | 1,025 | 1,025 |
Other assets | 323 | 121 |
Total assets | 147,262 | 214,038 |
Current liabilities: | ||
Accounts payable | 2,313 | 2,211 |
Accrued expenses | 9,616 | 8,226 |
Lease liabilities, operating lease - current | 4,018 | 3,584 |
Lease liabilities, finance lease - current | 262 | 237 |
Total current liabilities | 16,209 | 14,258 |
Lease liabilities, operating lease | 32,932 | 35,785 |
Lease liabilities, finance lease | 125 | 167 |
Other liabilities | 244 | 241 |
Total liabilities | 49,510 | 50,451 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity: | ||
Common stock, $0.0001 par value, 450,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 38,898,695 and 38,619,957 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 4 | 4 |
Additional paid-in capital | 415,913 | 403,228 |
Accumulated deficit | (318,165) | (239,645) |
Total stockholders’ equity | 97,752 | 163,587 |
Total liabilities and stockholders’ equity | $ 147,262 | $ 214,038 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 38,898,695 | 38,619,957 |
Common stock, shares outstanding | 38,898,695 | 38,619,957 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses: | ||||
Research and development | $ 25,909 | $ 16,534 | $ 57,148 | $ 31,415 |
General and administrative | 10,113 | 7,093 | 21,450 | 12,692 |
Total operating expenses | 36,022 | 23,627 | 78,598 | 44,107 |
Loss from operations | (36,022) | (23,627) | (78,598) | (44,107) |
Interest income, net | 75 | 59 | 72 | 99 |
Other income (expense), net | 2 | (62) | 6 | (84) |
Net loss | $ (35,945) | $ (23,630) | $ (78,520) | $ (44,092) |
Net loss per share, basic | $ (0.93) | $ (0.62) | $ (2.03) | $ (1.20) |
Net loss per share, diluted | $ (0.93) | $ (0.62) | $ (2.03) | $ (1.20) |
Weighted-average shares of common stock outstanding, basic | 38,748,741 | 38,128,095 | 38,695,350 | 36,680,973 |
Weighted-average shares of common stock outstanding, diluted | 38,748,741 | 38,128,095 | 38,695,350 | 36,680,973 |
Comprehensive loss: | ||||
Net loss | $ (35,945) | $ (23,630) | $ (78,520) | $ (44,092) |
Other comprehensive loss: | ||||
Unrealized loss on investments | (19) | (21) | ||
Total comprehensive loss | $ (35,945) | $ (23,649) | $ (78,520) | $ (44,113) |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance at Dec. 31, 2020 | $ 131,673 | $ 4 | $ 271,000 | $ 27 | $ (139,358) |
Balance, shares at Dec. 31, 2020 | 35,121,360 | ||||
Exercise of common stock options | 397 | 397 | |||
Exercise of common stock, shares | 129,290 | ||||
Stock-based compensation expense | 1,951 | 1,951 | |||
Unrealized loss on investments | (2) | (2) | |||
Net loss | (20,462) | (20,462) | |||
Balance at Mar. 31, 2021 | 113,557 | $ 4 | 273,348 | 25 | (159,820) |
Balance, shares at Mar. 31, 2021 | 35,250,650 | ||||
Balance at Dec. 31, 2020 | 131,673 | $ 4 | 271,000 | 27 | (139,358) |
Balance, shares at Dec. 31, 2020 | 35,121,360 | ||||
Unrealized loss on investments | (21) | ||||
Net loss | (44,092) | ||||
Balance at Jun. 30, 2021 | 208,090 | $ 4 | 391,530 | 6 | (183,450) |
Balance, shares at Jun. 30, 2021 | 38,350,990 | ||||
Balance at Mar. 31, 2021 | 113,557 | $ 4 | 273,348 | 25 | (159,820) |
Balance, shares at Mar. 31, 2021 | 35,250,650 | ||||
Issuance of common stock upon follow-on offering, net of underwriters' commission and issuance costs | 112,801 | 112,801 | |||
Issuance of common stock upon follow-on offering, net of underwriters' commission and issuance costs, shares | 2,875,000 | ||||
Issuance of common stock from employee stock purchase plan | 276 | 276 | |||
Issuance of common stock from employee stock purchase plan, shares | 10,549 | ||||
Exercise of common stock options | 772 | 772 | |||
Exercise of common stock, shares | 214,791 | ||||
Stock-based compensation expense | 4,333 | 4,333 | |||
Unrealized loss on investments | (19) | (19) | |||
Net loss | (23,630) | (23,630) | |||
Balance at Jun. 30, 2021 | 208,090 | $ 4 | 391,530 | $ 6 | (183,450) |
Balance, shares at Jun. 30, 2021 | 38,350,990 | ||||
Balance at Dec. 31, 2021 | $ 163,587 | $ 4 | 403,228 | (239,645) | |
Balance, shares at Dec. 31, 2021 | 38,619,957 | 38,619,957 | |||
Exercise of common stock options | $ 60 | 60 | |||
Exercise of common stock, shares | 34,206 | ||||
Stock-based compensation expense | 6,773 | 6,773 | |||
Net loss | (42,575) | (42,575) | |||
Balance at Mar. 31, 2022 | 127,845 | $ 4 | 410,061 | (282,220) | |
Balance, shares at Mar. 31, 2022 | 38,654,163 | ||||
Balance at Dec. 31, 2021 | $ 163,587 | $ 4 | 403,228 | (239,645) | |
Balance, shares at Dec. 31, 2021 | 38,619,957 | 38,619,957 | |||
Exercise of common stock, shares | 50,279 | ||||
Net loss | $ (78,520) | ||||
Balance at Jun. 30, 2022 | $ 97,752 | $ 4 | 415,913 | (318,165) | |
Balance, shares at Jun. 30, 2022 | 38,898,695 | 38,898,695 | |||
Balance at Mar. 31, 2022 | $ 127,845 | $ 4 | 410,061 | (282,220) | |
Balance, shares at Mar. 31, 2022 | 38,654,163 | ||||
Issuance of common stock from employee stock purchase plan | 231 | 231 | |||
Issuance of common stock from employee stock purchase plan, shares | 66,497 | ||||
Exercise of common stock options | 31 | 31 | |||
Exercise of common stock, shares | 16,073 | ||||
Issuance of common stock - vesting of restricted stock units | 161,962 | ||||
Stock-based compensation expense | 5,590 | 5,590 | |||
Net loss | (35,945) | (35,945) | |||
Balance at Jun. 30, 2022 | $ 97,752 | $ 4 | $ 415,913 | $ (318,165) | |
Balance, shares at Jun. 30, 2022 | 38,898,695 | 38,898,695 |
Condensed Statements of Stock_2
Condensed Statements of Stockholders' Equity (unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Jun. 30, 2021 USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Issuance of common stock upon follow-on offering, underwriters' commission and issuance costs | $ 7,947 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Net loss | $ (78,520) | $ (44,092) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 12,363 | 6,284 |
Depreciation and amortization | 1,791 | 1,587 |
Non-cash operating lease expense | 4,510 | 1,253 |
Loss on disposal of property and equipment | 37 | |
Loss on impairment of property and equipment | 80 | 0 |
Net accretion of discounts on investments | (60) | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 2,338 | (4,658) |
Other current assets | 197 | (98) |
Other assets | (202) | 0 |
Accounts payable | (56) | (1,799) |
Accrued expenses | 1,275 | (263) |
Operating lease liabilities | (3,299) | (1,280) |
Other liabilities | 3 | 0 |
Net cash used in operating activities | (59,520) | (43,089) |
Investing activities | ||
Purchases of property and equipment | (3,923) | (514) |
Proceeds from sales and maturities of investments | 84,000 | |
Net cash (used in) provided by investing activities | (3,923) | 83,486 |
Financing activities | ||
Payments of deferred offering costs for “at-the-market” offering | (738) | 0 |
Principal payments on finance lease liabilities | (132) | (114) |
Proceeds from exercise of common stock options | 91 | 1,169 |
Proceeds from issuance of common stock from employee stock purchase plan | 231 | 276 |
Payments of issuance costs for follow-on offering | (704) | |
Proceeds from follow-on offering, net of underwriters' commission | 113,505 | |
Net cash (used in) provided by financing activities | (548) | 114,132 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (63,991) | 154,529 |
Cash, cash equivalents and restricted cash, beginning of period | 160,846 | 5,951 |
Cash, cash equivalents and restricted cash, end of period | 96,855 | 160,480 |
Supplemental cash flow data: | ||
Cash paid for interest on finance lease liabilities | 15 | 18 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Property and equipment included in accounts payable and accrued expenses | 244 | 17 |
Deferred offering costs included in accounts payable and accrued expenses | $ 29 | $ 0 |
Business and Principal Activiti
Business and Principal Activities | 6 Months Ended |
Jun. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business and Principal Activities | 1. Business and Principal Activities Description of Business 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 and respiratory biologic product candidates to treat autoimmune, inflammatory, metabolic, and other diseases. The Company’s portfolio of oral and respiratory product candidates is based on its technology platform including its most advanced product candidate, AMT-101, a gastrointestinal (GI)-selective oral fusion of interleukin-10 (IL-10) and the Company’s proprietary carrier molecule. The Company announced top-line Phase 2 results from the MARKET combination trial for AMT-101 in biologic-naïve patients with moderate-to-severe UC on July 6, 2022. 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. Liquidity and Capital Resources Management believes that its existing cash and cash equivalents as of June 30, 2022 will be sufficient to allow the Company to fund its current operating plan through at least 12 months from the date of issuance of these condensed financial statements. The Company has incurred significant losses and negative cash flows from operations since its inception. Strategic Plan Announcement In May 2022, the Company began implementing a strategic plan to focus the business on its clinical program for AMT-101 (the “Strategic Plan”). The Strategic Plan is intended to preserve capital, ensuring that we are appropriately resourced to advance AMT-101 through key development milestones. Employment Related Agreements Under the Strategic Plan, the Company has reduced its workforce by approximately 40%. Impacted employees received notice that their positions were eliminated on May 16, 2022. Impacted employees are eligible to receive severance benefits and Company funded COBRA premiums, contingent upon an impacted employee’s execution (and non-revocation) of a customary separation agreement, which includes a general release of claims against the Company. For certain employees, the Company accelerated vesting of restricted stock units (“RSUs”) to May 16, 2022 from the original vesting date of June 1, 2022. The Company recorded a credit of stock-based compensation expense of approximately $0.4 million as a result of the accelerated vesting. In connection with the Strategic Plan, the Company recognized restructuring charges of approximately $3.8 million in the three months ended June 30, 2022. As of June 30, 2022, $1.4 million was unpaid with $0.1 million and $1.3 million in accounts payable and accrued expenses, respectively. These restructuring charges are primarily related to severance payments and other employee-related separation costs of $3.3 million, contract termination fees of $0.5 million, a lease termination fee of $0.3 million, Risks and Uncertainties Since the COVID-19 virus was reported in December 2019 in Wuhan, China, the virus has spread extensively throughout the world, resulting in the World Health Organization characterizing COVID-19 as a pandemic. While significant progress in addressing the pandemic has been made with multiple vaccines and treatment options now available, the emergence of highly transmissible variants of the virus have resulted in periodic surges in infection rates around the world and a cycle of fluctuating public health restrictions designed to mitigate the spread of the virus. The extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments, which are highly uncertain and cannot be predicted, such as the spread or emergence of new variants, the duration and severity of surges in outbreaks, travel restrictions and social distancing in the United States and other countries, business closures or business disruptions, and the effectiveness of actions taken in the United States and other countries to contain and treat the disease and to address its impact, including on financial markets or otherwise. Beginning the week of March 16 th In addition, currently there is a conflict involving Russia and Ukraine. The Company’s AMT-101 Phase 2 LOMBARD trial currently includes clinical trial sites located in Ukraine, Russia, and other Eastern European countries. The Board of Directors of the Company (Board of Directors) is receiving management reports and discusses with management at board meetings macro-economic and geopolitical developments, including the Russia/Ukraine conflict and the impact on the Company’s personnel, cybersecurity, sanctions and the Company’s clinical trial sites located in the region so that the Company can be prepared to react to new developments as they arise. This conflict has and may continue to impact the Company’s ability to conduct certain of our trials in Ukraine, Russia and other Eastern European countries, and may prevent the Company from obtaining data on patients already enrolled at sites in these countries. This could negatively impact the completion of the Company’s clinical trials and/or analyses of clinical results or result in increased costs, all of which could materially harm the Company’s business. The Board of Directors is monitoring and continues to assess and monitor risks related to the Russia/Ukraine conflict. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Condensed Financial Statements (Unaudited) The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The interim condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal, recurring adjustments that are necessary to present fairly the Company’s results for the interim periods presented. The condensed balance sheet as of December 31, 2021, was derived from the Company’s audited financial statements. The results of operations during the six months ended June 30, 2022, are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any other future annual or interim period. The accompanying interim unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K, originally filed with the SEC on February 24, 2022, as amended by Form 10-K/A (Amendment No. 1) filed on March 25, 2022. 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 condensed balance sheets and expenses and income reported are affected by estimates and assumptions, which are used for, but are not limited to, estimating research and development expenses and determining the fair value of assets and liabilities, including 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 pandemic. Actual results could differ from such estimates or assumptions. 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. From time to time, 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 condensed balance sheets. 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 or develop internal manufacturing capabilities. The Company’s product candidates will require approval from the U.S. Food and Drug Administration (FDA) and/or comparable foreign regulatory agencies prior to commercialization in their respective jurisdictions. 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 and respiratory 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 collateral accounts related to two letters of credit issued on behalf of the Company for security deposits. As of June 30, 2022, the collateralized cash in connection with the letters of credit was classified as restricted cash on the condensed balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed statements of cash flows (in thousands): June 30, June 30, 2022 2021 Cash and cash equivalents $ 95,830 $ 159,455 Restricted cash 1,025 1,025 Total cash, cash equivalents and restricted cash $ 96,855 $ 160,480 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 or estimated useful life 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. The Company recorded impairment charges of $0.1 million related to laboratory and manufacturing equipment in connection with the Strategic Plan during the six months ended June 30, 2022. There was no impairment on long-lived assets during the six months ended June 30, 2021. Leases In February 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) No. 2016-02, Leases (ASC 842), and its associated amendments, that establishes a right-of-use (ROU) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months and disclose key information about leasing arrangements. The Company adopted ASC 842 on January 1, 2021 using the modified retrospective approach. Leases have been classified as either finance or operating, with classification affecting the pattern and classification of expense recognition in the condensed statements of operations and comprehensive loss. At the inception of an arrangement, the Company determines if an arrangement is, or contains, a lease based on the facts and circumstances present in that arrangement. Lease classification, recognition, and measurement are then determined at the lease commencement date. For arrangements that contain a lease, the Company (i) identifies lease and non-lease components, (ii) determines the consideration in the contract, (iii) determines whether the lease is an operating or finance lease; and (iv) recognizes lease ROU assets and liabilities. Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. Accordingly, the Company uses the incremental borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. Building improvements continue to be capitalized as leasehold improvements and are included in property and equipment, net in the condensed balance sheets . Most leases include options to renew and/or terminate the lease, which can impact the lease term. The exercise of these options is at the Company’s discretion. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company has operating leases for its corporate offices, laboratory, manufacturing and warehouse facilities, and a contract research organization (CRO) embedded lease arrangement. Fixed lease payments on operating leases are recognized as lease expense over the expected term of the lease on a straight-line basis. Variable lease expenses that are not considered fixed are recognized as incurred. Fixed and variable lease expense on operating leases is recognized within operating expenses within the Company’s condensed statements of operations and comprehensive loss. The Company has finance leases for lab and manufacturing equipment. Interest expense from fixed payments on finance leases is recognized using the effective interest method. Finance lease ROU asset amortization and interest expense are recorded within operating expenses and interest income, net, respectively, within the Company’s condensed statements of operations and comprehensive loss. The Company has elected the short-term lease exemption and, therefore, does not recognize an ROU asset or corresponding liability for lease arrangements with an original term of 12 months or less. Research and Development Expenses Research and development expenses are expensed as incurred. Research and development expenses include personnel costs related to research and development activities, materials costs, external clinical product candidate manufacturing and clinical trial 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 accrues for estimated costs of research, preclinical studies, clinical trials, and manufacturing development services performed but not yet invoiced and such accruals are included 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 including contract research organizations (CROs) and contract development and manufacturing organizations (CDMOs). The Company’s contracts, amendments thereto, statements of work and change orders 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, and taxes. Payments made to third parties under these arrangements in advance of the performance of the related services are recorded as prepaid expenses and are expensed as services are rendered. The financial terms of these arrangements are subject to negotiations, which vary from contract to contract and may result in the timing of payments 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 and/or adjusts the prepaid expenses based on estimates of work completed in accordance with the respective agreements. The Company determines the estimated costs through information obtained from third-party providers as to the progress, stage of completion or actual timeline (start-date and end-date) of the services and the agreed-upon fees to be paid for such services and corroboration with internal personnel responsible for the oversight of the research and development activities. 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 both an equity incentive plan and an employee stock purchase plan (ESPP) as long-term incentives for its employees, consultants and directors. The equity incentive plan allows for the issuance of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock grants and restricted stock units. As of June 30, 2022, no stock appreciation rights or performance-based awards were issued. The ESPP has an offering period of two years comprised of four purchase periods. The ESPP allows employees to purchase shares of the Company’s common stock each purchase period based on a percentage of their compensation subject to certain limits. 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 based on estimated grant-date fair values. The grant-date fair values for options are recorded as stock-based compensation expense on a straight-line basis over each recipient’s requisite service period, which is generally the vesting period. The grant-date fair values for the ESPP are recorded as stock-based compensation expense on a straight-line basis over the applicable purchase period. Actual forfeitures are recognized as a reduction of stock-based compensation expense in the period they occur. The Company estimates the fair value of stock options granted to employees and non-employees using the Black-Scholes model. The Company estimates the fair value of ESPP for each purchase period at the beginning of the offering period using the Black-Scholes model. The Black-Scholes model requires the input of subjective assumptions, including expected volatility, expected dividend yield, expected term and the risk-free rate of return. Fair Value Measurements 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 June 30, 2022 and December 31, 2021, fair value measurements consisted mainly of cash equivalents. The carrying amounts of these instruments approximated their fair value. 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, restricted cash, prepaid expenses, other current assets, accounts payable and accrued expenses. Comprehensive Loss Comprehensive loss includes net loss and other comprehensive income (loss) for the period. Other comprehensive income (loss) represents unrealized gains on investments and amounts recognized for net realized gain included in net loss. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, 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 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 may not have a material impact on the Company’s financial position or results of operations upon adoption. Recently Adopted Accounting Pronouncement s In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) The Company adopted the new standard on January 1, 2021 using the modified retrospective approach. The Company has elected to apply the transition method that allows companies to continue applying the guidance under the lease standard in effect at that time in the comparative periods presented in the condensed financial statements and recognize a cumulative-effect adjustment to the opening balance of accumulated deficit on the date of adoption. The Company has elected to combine lease components (for example fixed rent payments) with non-lease components (for example, common-area maintenance costs) on the facilities, lab equipment and CRO embedded lease asset classes. The Company also elected the “package of practical expedients”, which permits the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. Lastly, the Company elected a practical expedient to use hindsight in determining the lease term for all its leases. Results for reporting periods beginning after January 1, 2021 are presented under the new standard, while prior period amounts have not been adjusted and continue to be reported under the accounting standards in effect for the prior period. Upon adoption of the new lease standard on January 1, 2021, the Company capitalized operating lease ROU assets of $6.0 million, with opening adjustments of $0.5 million related to deferred rent existing as of the transition date, and $6.5 million of operating lease liabilities, within the Company’s condensed balance sheets. There was no impact to the finance lease ROU asset and the finance lease liabilities upon adoption. In connection with operating and finance leases, there was no impact to the accumulated deficit upon the adoption of the new standard on January 1, 2021. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements 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 quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, or historical pricing trends of a security relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. In addition, the Company assesses the inputs and methods used to determine the fair value and classify securities according to the fair value hierarchy. The carrying amounts of cash equivalents and investments 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 Company did not recognize an allowance for credit losses as of June 30, 2022. There were no transfers between Levels 1, 2, or 3 during the six months ended June 30, 2022. The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2022 Fair Value Gross Gross Hierarchy Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds invested in U.S. government obligations (1) Level 1 $ 94,895 $ — $ — $ 94,895 Total $ 94,895 $ — $ — $ 94,895 (1) Included in cash and cash equivalents on the condensed balance sheets December 31, 2021 Fair Value Gross Gross Hierarchy Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds invested in U.S. government obligations (1) Level 1 $ 159,010 $ — $ — $ 159,010 Total $ 159,010 $ — $ — $ 159,010 (1) Included in cash and cash equivalents on the condensed balance sheets |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 4. Balance Sheet Components Prepaid Expenses Prepaid clinical expenses were $1.7 million and $5.2 million as of June 30, 2022 and December 31, 2021, respectively. Other prepaid expenses as of June 30, 2022 and December 31, 2021 included prepaid amounts for insurance and other services. Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): June 30, December 31, 2022 2021 Laboratory and manufacturing equipment $ 11,246 $ 9,375 Leasehold improvements 5,246 2,607 Construction in progress 224 870 Computer and office equipment 508 293 Total property and equipment, gross 17,224 13,145 Accumulated depreciation (7,824 ) (6,147 ) Total property and equipment, net $ 9,400 $ 6,998 Depreciation was $0.8 million and $0.8 million during the three months ended June 30, 2022 and 2021, respectively. Depreciation was $1.7 million and $1.5 million during the six months ended June 30, 2022 and 2021, respectively. There were no disposals during the six months ended June 30, 2022 and 2021, respectively. Right-of-Use Assets, Net Right-of-use assets, net consisted of the following as of June 30, 2022 (in thousands): Operating Leases Finance Leases Total Right-of-use assets $ 39,742 $ 1,107 $ 40,849 Accumulated amortization (5,230 ) (413 ) (5,643 ) Right-of-use assets, net $ 34,512 $ 694 $ 35,206 Lease expense from operating lease right-of-use assets during the three and six months ended June 30, 2022 was $2.2 million and $4.5 million, respectively. Lease expense from operating lease right-of-use assets during the three and six months ended June 30, 2021 was $0.7 million and $1.3 million, respectively. Amortization expense from finance lease right-of-use assets during the three and six months ended June 30, 2022 was insignificant and $0.1 million, respectively. Amortization expense from finance lease right-of-use assets during the three and six months ended June 30, 2021 was insignificant and $0.1 million, respectively. Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, December 31, 2022 2021 Research and development expenses $ 4,981 $ 2,917 Compensation expenses 2,778 3,636 Professional services 1,428 881 Property and equipment 86 215 Other 343 577 Total accrued expenses $ 9,616 $ 8,226 Accrued research and development expenses were primarily related to clinical trials, preclinical studies, contract manufacturing and materials. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | 5. Leases Operating Leases In December 2016, the Company entered into an operating lease agreement for its former 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 2021, the Company obtained consent from the landlord to sublease the space. In November 2021, a sublessee took possession of the premises for the remaining lease term. The Company received a security deposit of approximately $0.2 million which is classified as restricted cash on the balance sheets. Total minimum future sublease payments for the lease term are $4.3 million. In October 2019, the Company entered into a sublease, as a lessee, for office, manufacturing and laboratory space located in South San Francisco, California. Contemporaneous with the sublease expiration, the Company vacated the premises in May 2022. In September 2020, the Company entered into a lease agreement for warehouse space in South San Francisco, California. In February 2021, the Company entered into a lease agreement for laboratory, manufacturing, warehouse and office space in South San Francisco, California. In June 2021, the Company began occupying a portion of the property. In October 2021, the Company occupied the remainder of the space as its principal office. The lease term is eight years from full occupancy, which occurred in October 2021. Under the lease agreement, the Company has two five-year renewal options. In connection with the Strategic Plan, the Company intends to sublease a portion of the premises. Finance Leases During 2019, the Company entered into three finance lease agreements for certain laboratory and manufacturing equipment. Two of the leases commenced during 2019 and the third lease commenced during 2020. During 2021, the Company entered into a finance lease agreement for certain laboratory and manufacturing equipment. The lease commenced in March 2022. The following table summarizes total lease expense during the three and six months ended June 30, 2022 and 2021 (in thousands): Condensed Statements of Operations and Comprehensive Loss Classification Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Operating lease expense Operating expenses $ 2,240 $ 4,509 $ 656 $ 1,253 Finance lease expense: Amortization of right-of-use assets Operating expenses 56 106 48 96 Interest on lease liabilities Interest income, net 8 15 9 18 Variable lease expense Operating expenses 571 1,132 262 466 Short-term lease expense Operating expenses 5 67 7 15 Total lease expense $ 2,880 $ 5,829 $ 982 $ 1,848 The following table summarizes supplemental cash flow information during the six months ended June 30, 2022 and 2021 (in thousands): Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Cash paid for amounts included in measurement of liabilities: Operating cash flows from operating leases $ 3,299 $ 1,280 Operating cash flows from finance leases 15 18 Financing cash flows from finance leases 132 114 Right-of-use asset obtained in exchange for new operating lease liability 563 5,011 Right-of-use asset obtained in exchange for new finance lease liability 148 — The following table summarizes maturities of lease liabilities and the reconciliation of lease liabilities as of June 30, 2022 (in thousands): Operating Leases Finance Leases Total 2022 (remaining six months) $ 3,484 $ 146 $ 3,630 2023 7,723 216 7,939 2024 7,433 45 7,478 2025 6,550 8 6,558 2026 6,727 — 6,727 Thereafter 19,314 — 19,314 Total undiscounted lease liabilities 51,231 415 51,646 Less: Interest (14,281 ) (28 ) (14,309 ) Total discounted lease liabilities 36,950 387 37,337 Less: Lease liabilities, current (4,018 ) (262 ) (4,280 ) Lease liabilities, non-current $ 32,932 $ 125 $ 33,057 The following table summarizes lease terms and discount rates as of June 30, 2022: Operating Leases Finance Leases Weighted-average remaining lease term (years) 6.80 1.61 Weighted-average discount rate 10.19 % 7.40 % |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
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 as of June 30 , 2022 and December 31, 202 1 , and no material legal proceedings are currently pending or threatened. 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 also maintains director and officer insurance, which may cover certain liabilities arising from the Company’s obligation to indemnify directors and officers. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification provisions and is not currently aware of any indemnification claims. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders Equity Note [Abstract] | |
Common Stock | 7. Common Stock As of June 30, 2022 and December 31, 2021, the Company was authorized to issue 450,000,000 shares of $0.0001 par value common stock. Common stockholders are entitled to dividends if and when declared by the Board of Directors. The holder of each share of common stock is entitled to one vote. As of June 30, 2022, no dividends were declared. Common stock reserved for future issuance, on an as converted basis, consisted of the following: June 30, December 31, 2022 2021 Stock options, issued and outstanding 6,260,697 4,442,864 Unvested restricted stock units 774,483 717,440 Stock options and restricted stock units, authorized for future issuance 3,720,150 2,876,270 ESPP, available for future grants 956,664 636,962 Total 11,711,994 8,673,536 On January 27, 2022, the Company entered into a Sales Agreement with SVB Leerink LLC and JMP Securities LLC, as the Company’s sales agents (the “Agents”), pursuant to which the Company may offer and sell from time to time through the Agents up to $150 million in shares (the “Shares”) of the Company’s common stock through an “at-the-market” program. The Shares will be offered and sold pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-263501) and the final prospectus supplement, which was filed on March 11, 2022. |
Stock-Based Compensation Expens
Stock-Based Compensation Expense | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation Expense | 8. Stock-Based Compensation Expense 2020 Equity Incentive Plan The Company’s 2020 Equity Incentive Plan (the “2020 Plan”) Since the date of incorporation and through June 30, 2022, the Company issued stock options and RSUs to its employees and consultants. In most instances, options and RSUs 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 vesting restrictions . The Company’s previous 2015 Equity Incentive Plan (the “2015 Plan”) and 2016 Equity Incentive Plan (the “2016 Plan”) were terminated in accordance with the Company’s IPO in June 2020. Shares subject to awards granted under the 2015 Plan and the 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. 2022 Inducement Equity Incentive Plan The Company’s 2022 Inducement Equity Incentive Plan (the “2022 Inducement Plan”) adopted in March 2022 reserved 1,000,000 shares of the Company’s common stock pursuant to equity awards granted under the 2022 Inducement Plan. The Inducement Plan provides for the grant of equity-based awards, including nonstatutory stock options, restricted stock units, restricted stock, stock appreciation rights, performance shares and performance stock units, and its terms are substantially similar to the Company’s 2020 Plan, including with respect to treatment of equity awards in the event of a “merger” or “change in control” as defined under the Inducement Plan, but with such other terms and conditions intended to comply with the Nasdaq inducement award exception or to comply with the Nasdaq acquisition and merger exception. As of June 30, 2022, 1,000,000 shares of common stock remained available for future issuance under the 2022 Inducement Plan. In accordance with the Nasdaq Listing Rules, awards under the Inducement Plan may only be made to individuals not previously employees or non-employee directors of the Company (or following such individuals’ bona fide period of non-employment with the Company), as an inducement material to the individuals’ entry into employment with the Company, or, to the extent permitted by the Nasdaq Listing Rules, in connection with a merger or acquisition. Stock-Based Compensation Expense The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed statements of operations and comprehensive loss during the three and six months ended June 30, 2022 and 2021 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Research and development $ 2,582 $ 2,190 $ 6,018 $ 3,290 General and administrative 3,008 2,143 6,345 2,994 Total stock-based compensation expense $ 5,590 $ 4,333 $ 12,363 $ 6,284 Stock Options The following summarizes stock option activity (in thousands, except share, per share, and year amounts): Stock Options Outstanding and Exercisable Total Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding as of December 31, 2021 4,442,864 $ 24.63 8.38 $ 22,850 Granted 2,520,053 7.79 Exercised (50,279 ) 1.81 Cancelled (651,941 ) 24.21 Outstanding as of June 30, 2022 6,260,697 $ 18.08 8.35 $ 510 Exercisable as of June 30, 2022 2,236,259 $ 16.44 7.14 $ 469 Weighted-average grant-date fair value of the options granted during the three and six months ended June 30, 2022 was $2.95 per share and $5.85 per share, respectively. The intrinsic value of options exercised during the three and six months ended June 30, 2022 was insignificant and $0.2 million, respectively. As of June 30, 2022, the total unrecognized stock-based compensation expense related to stock options was $49.0 million, which is expected to be recognized over a weighted-average period of approximately 2.77 years. Restricted Stock Units The following summarizes restricted stock unit activity: RSUs Outstanding Number of Shares Weighted- Average Grant Date Fair Value per Share Outstanding as of December 31, 2021 717,440 $ 14.54 Granted 419,679 7.78 Vested (161,962 ) 13.19 Cancelled (200,674 ) 13.11 Outstanding as of June 30, 2022 774,483 $ 11.53 As of June 30, 2022, the total unrecognized stock-based compensation expense related to unvested restricted stock units and awards was $8.0 million, which is expected to be recognized over a weighted-average period of approximately 2.37 years. Strategic Plan Accelerated RSU Vesting In connection with the Strategic Plan, the Company accelerated vesting from the original vesting date of June 1, 2022 to May 16, 2022 for certain employees. Vesting was accelerated for a total of 43,711 RSUs in the three months ended June 30, 2022, and 30 grantees were impacted. The Company considers the acceleration of vesting a type III (improbable-to-probable) modification as the employees were not expected to vest in the original award, but vested under the modified terms in their separation agreements. As a result of the modification, the Company reversed previously recognized stock-based compensation expense and recognized compensation cost for the modified award based on the modification date fair value of the awards, which was lower than the grant date fair value. This resulted in a credit of stock-based compensation expense of approximately $0.4 million. 2020 Employee Stock Purchase Plan Under the Company’s 2020 Employee Stock Purchase Plan (the “2020 ESPP”), employees can purchase shares of the Company’s common stock each purchase period based on a percentage of their compensation, subject to certain limits. The purchase price per share is equal to the lower of 85% of the fair market value of the Company’s common stock on the enrollment date or the purchase date. The 2020 ESPP offers a six-month look-back feature as well as an automatic rollover feature that provides for the offering period to be reset to a new lower-priced offering price if the market price of the stock at the purchase date is lower than the stock price at the initial enrollment date. In that case, the offering period is immediately cancelled after that purchase date, and a new two-year offering period is established using the then-current stock price as the base purchase price. The shares authorized for the 2020 ESPP increase annually by the lesser of (i) 628,012 shares, (ii) 1% of the Company’s common stock shares outstanding on the last day of its immediately preceding fiscal year, or (iii) such other amount as determined by the Company’s Board of Directors. Accordingly, effective January 1, 2022 and 2021, the number of shares in the 2020 ESPP increased by 386,199 and 351,214 shares, respectively, each representing 1% of the prior year end’s common stock outstanding. As of June 30, 2022, 956,664 shares of common stock remained available for future issuance under the 2020 ESPP. The Company began recording stock-based compensation expense for its ESPP on January 1, 2021. During the three and six months ended June 30, 2022, the Company recorded $0.1 million and $0.2 million, respectively, of stock-based compensation expense related to the ESPP . During the three and six months ended June 30, 2021, the Company recorded $ 0.1 million and $ million, respectively, of stock-based compensation expense related to the ESPP. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 9. Net Loss Per Share The following table sets forth the computation of the basic and diluted net loss per share (in thousands except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Numerator: Net loss $ (35,945 ) $ (23,630 ) $ (78,520 ) $ (44,092 ) Denominator: Weighted-average shares of common stock outstanding used in the calculation of basic and diluted net loss per share 38,748,741 38,128,095 38,695,350 36,680,973 Net loss per share, basic and diluted $ (0.93 ) $ (0.62 ) $ (2.03 ) $ (1.20 ) The Company’s basic net loss per share was the same as its diluted net loss per share for all the periods presented 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: June 30, 2022 2021 Total stock options outstanding 6,260,697 4,442,864 Unvested restricted stock units 774,483 717,440 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Event On July 6, 2022, the Company announced top-line Phase 2 results from its MARKET combination trial for AMT-101 in patients with moderate-to-severe ulcerative colitis. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Condensed Financial Statements (Unaudited) | Condensed Financial Statements (Unaudited) The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The interim condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal, recurring adjustments that are necessary to present fairly the Company’s results for the interim periods presented. The condensed balance sheet as of December 31, 2021, was derived from the Company’s audited financial statements. The results of operations during the six months ended June 30, 2022, are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any other future annual or interim period. The accompanying interim unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K, originally filed with the SEC on February 24, 2022, as amended by Form 10-K/A (Amendment No. 1) filed on March 25, 2022. |
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 condensed balance sheets and expenses and income reported are affected by estimates and assumptions, which are used for, but are not limited to, estimating research and development expenses and determining the fair value of assets and liabilities, including 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 pandemic. Actual results could differ from such estimates or assumptions. |
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. From time to time, 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 condensed balance sheets. 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 or develop internal manufacturing capabilities. The Company’s product candidates will require approval from the U.S. Food and Drug Administration (FDA) and/or comparable foreign regulatory agencies prior to commercialization in their respective jurisdictions. 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 and respiratory 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 collateral accounts related to two letters of credit issued on behalf of the Company for security deposits. As of June 30, 2022, the collateralized cash in connection with the letters of credit was classified as restricted cash on the condensed balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed statements of cash flows (in thousands): June 30, June 30, 2022 2021 Cash and cash equivalents $ 95,830 $ 159,455 Restricted cash 1,025 1,025 Total cash, cash equivalents and restricted cash $ 96,855 $ 160,480 |
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 or estimated useful life |
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. The Company recorded impairment charges of $0.1 million related to laboratory and manufacturing equipment in connection with the Strategic Plan during the six months ended June 30, 2022. There was no impairment on long-lived assets during the six months ended June 30, 2021. |
Leases | Leases In February 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU) No. 2016-02, Leases (ASC 842), and its associated amendments, that establishes a right-of-use (ROU) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months and disclose key information about leasing arrangements. The Company adopted ASC 842 on January 1, 2021 using the modified retrospective approach. Leases have been classified as either finance or operating, with classification affecting the pattern and classification of expense recognition in the condensed statements of operations and comprehensive loss. At the inception of an arrangement, the Company determines if an arrangement is, or contains, a lease based on the facts and circumstances present in that arrangement. Lease classification, recognition, and measurement are then determined at the lease commencement date. For arrangements that contain a lease, the Company (i) identifies lease and non-lease components, (ii) determines the consideration in the contract, (iii) determines whether the lease is an operating or finance lease; and (iv) recognizes lease ROU assets and liabilities. Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. Accordingly, the Company uses the incremental borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. Building improvements continue to be capitalized as leasehold improvements and are included in property and equipment, net in the condensed balance sheets . Most leases include options to renew and/or terminate the lease, which can impact the lease term. The exercise of these options is at the Company’s discretion. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company has operating leases for its corporate offices, laboratory, manufacturing and warehouse facilities, and a contract research organization (CRO) embedded lease arrangement. Fixed lease payments on operating leases are recognized as lease expense over the expected term of the lease on a straight-line basis. Variable lease expenses that are not considered fixed are recognized as incurred. Fixed and variable lease expense on operating leases is recognized within operating expenses within the Company’s condensed statements of operations and comprehensive loss. The Company has finance leases for lab and manufacturing equipment. Interest expense from fixed payments on finance leases is recognized using the effective interest method. Finance lease ROU asset amortization and interest expense are recorded within operating expenses and interest income, net, respectively, within the Company’s condensed statements of operations and comprehensive loss. The Company has elected the short-term lease exemption and, therefore, does not recognize an ROU asset or corresponding liability for lease arrangements with an original term of 12 months or less. |
Research and Development Expenses | Research and Development Expenses Research and development expenses are expensed as incurred. Research and development expenses include personnel costs related to research and development activities, materials costs, external clinical product candidate manufacturing and clinical trial 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 accrues for estimated costs of research, preclinical studies, clinical trials, and manufacturing development services performed but not yet invoiced and such accruals are included 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 including contract research organizations (CROs) and contract development and manufacturing organizations (CDMOs). The Company’s contracts, amendments thereto, statements of work and change orders 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, and taxes. Payments made to third parties under these arrangements in advance of the performance of the related services are recorded as prepaid expenses and are expensed as services are rendered. The financial terms of these arrangements are subject to negotiations, which vary from contract to contract and may result in the timing of payments 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 and/or adjusts the prepaid expenses based on estimates of work completed in accordance with the respective agreements. The Company determines the estimated costs through information obtained from third-party providers as to the progress, stage of completion or actual timeline (start-date and end-date) of the services and the agreed-upon fees to be paid for such services and corroboration with internal personnel responsible for the oversight of the research and development activities. 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 both an equity incentive plan and an employee stock purchase plan (ESPP) as long-term incentives for its employees, consultants and directors. The equity incentive plan allows for the issuance of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock grants and restricted stock units. As of June 30, 2022, no stock appreciation rights or performance-based awards were issued. The ESPP has an offering period of two years comprised of four purchase periods. The ESPP allows employees to purchase shares of the Company’s common stock each purchase period based on a percentage of their compensation subject to certain limits. 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 based on estimated grant-date fair values. The grant-date fair values for options are recorded as stock-based compensation expense on a straight-line basis over each recipient’s requisite service period, which is generally the vesting period. The grant-date fair values for the ESPP are recorded as stock-based compensation expense on a straight-line basis over the applicable purchase period. Actual forfeitures are recognized as a reduction of stock-based compensation expense in the period they occur. The Company estimates the fair value of stock options granted to employees and non-employees using the Black-Scholes model. The Company estimates the fair value of ESPP for each purchase period at the beginning of the offering period using the Black-Scholes model. The Black-Scholes model requires the input of subjective assumptions, including expected volatility, expected dividend yield, expected term and the risk-free rate of return. |
Fair Value Measurements | Fair Value Measurements 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 June 30, 2022 and December 31, 2021, fair value measurements consisted mainly of cash equivalents. The carrying amounts of these instruments approximated their fair value. 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, restricted cash, prepaid expenses, other current assets, accounts payable and accrued expenses. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes net loss and other comprehensive income (loss) for the period. Other comprehensive income (loss) represents unrealized gains on investments and amounts recognized for net realized gain included in net loss. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, 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 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 may not have a material impact on the Company’s financial position or results of operations upon adoption. Recently Adopted Accounting Pronouncement s In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) The Company adopted the new standard on January 1, 2021 using the modified retrospective approach. The Company has elected to apply the transition method that allows companies to continue applying the guidance under the lease standard in effect at that time in the comparative periods presented in the condensed financial statements and recognize a cumulative-effect adjustment to the opening balance of accumulated deficit on the date of adoption. The Company has elected to combine lease components (for example fixed rent payments) with non-lease components (for example, common-area maintenance costs) on the facilities, lab equipment and CRO embedded lease asset classes. The Company also elected the “package of practical expedients”, which permits the Company not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. Lastly, the Company elected a practical expedient to use hindsight in determining the lease term for all its leases. Results for reporting periods beginning after January 1, 2021 are presented under the new standard, while prior period amounts have not been adjusted and continue to be reported under the accounting standards in effect for the prior period. Upon adoption of the new lease standard on January 1, 2021, the Company capitalized operating lease ROU assets of $6.0 million, with opening adjustments of $0.5 million related to deferred rent existing as of the transition date, and $6.5 million of operating lease liabilities, within the Company’s condensed balance sheets. There was no impact to the finance lease ROU asset and the finance lease liabilities upon adoption. In connection with operating and finance leases, there was no impact to the accumulated deficit upon the adoption of the new standard on January 1, 2021. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 condensed statements of cash flows (in thousands): June 30, June 30, 2022 2021 Cash and cash equivalents $ 95,830 $ 159,455 Restricted cash 1,025 1,025 Total cash, cash equivalents and restricted cash $ 96,855 $ 160,480 |
Schedule of Estimated Useful Lives of Property, Plant and Equipment, Net | 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 or estimated useful life Property and equipment, net, consisted of the following (in thousands): June 30, December 31, 2022 2021 Laboratory and manufacturing equipment $ 11,246 $ 9,375 Leasehold improvements 5,246 2,607 Construction in progress 224 870 Computer and office equipment 508 293 Total property and equipment, gross 17,224 13,145 Accumulated depreciation (7,824 ) (6,147 ) Total property and equipment, net $ 9,400 $ 6,998 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 (in thousands): June 30, 2022 Fair Value Gross Gross Hierarchy Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds invested in U.S. government obligations (1) Level 1 $ 94,895 $ — $ — $ 94,895 Total $ 94,895 $ — $ — $ 94,895 (1) Included in cash and cash equivalents on the condensed balance sheets December 31, 2021 Fair Value Gross Gross Hierarchy Level Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds invested in U.S. government obligations (1) Level 1 $ 159,010 $ — $ — $ 159,010 Total $ 159,010 $ — $ — $ 159,010 (1) Included in cash and cash equivalents on the condensed balance sheets |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Estimated Useful Lives of Property, Plant and Equipment, Net | 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 or estimated useful life Property and equipment, net, consisted of the following (in thousands): June 30, December 31, 2022 2021 Laboratory and manufacturing equipment $ 11,246 $ 9,375 Leasehold improvements 5,246 2,607 Construction in progress 224 870 Computer and office equipment 508 293 Total property and equipment, gross 17,224 13,145 Accumulated depreciation (7,824 ) (6,147 ) Total property and equipment, net $ 9,400 $ 6,998 |
Schedule of Right-of-Use Assets, Net | Right-of-use assets, net consisted of the following as of June 30, 2022 (in thousands): Operating Leases Finance Leases Total Right-of-use assets $ 39,742 $ 1,107 $ 40,849 Accumulated amortization (5,230 ) (413 ) (5,643 ) Right-of-use assets, net $ 34,512 $ 694 $ 35,206 |
Schedule of Accrued Liabilities | Accrued expenses consisted of the following (in thousands): June 30, December 31, 2022 2021 Research and development expenses $ 4,981 $ 2,917 Compensation expenses 2,778 3,636 Professional services 1,428 881 Property and equipment 86 215 Other 343 577 Total accrued expenses $ 9,616 $ 8,226 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Summary of Lease Expense | The following table summarizes total lease expense during the three and six months ended June 30, 2022 and 2021 (in thousands): Condensed Statements of Operations and Comprehensive Loss Classification Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Operating lease expense Operating expenses $ 2,240 $ 4,509 $ 656 $ 1,253 Finance lease expense: Amortization of right-of-use assets Operating expenses 56 106 48 96 Interest on lease liabilities Interest income, net 8 15 9 18 Variable lease expense Operating expenses 571 1,132 262 466 Short-term lease expense Operating expenses 5 67 7 15 Total lease expense $ 2,880 $ 5,829 $ 982 $ 1,848 |
Summary of Supplemental Cash Flow Information | The following table summarizes supplemental cash flow information during the six months ended June 30, 2022 and 2021 (in thousands): Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 Cash paid for amounts included in measurement of liabilities: Operating cash flows from operating leases $ 3,299 $ 1,280 Operating cash flows from finance leases 15 18 Financing cash flows from finance leases 132 114 Right-of-use asset obtained in exchange for new operating lease liability 563 5,011 Right-of-use asset obtained in exchange for new finance lease liability 148 — |
Schedule of Future Minimum Payments under Noncancelable Leases | The following table summarizes maturities of lease liabilities and the reconciliation of lease liabilities as of June 30, 2022 (in thousands): Operating Leases Finance Leases Total 2022 (remaining six months) $ 3,484 $ 146 $ 3,630 2023 7,723 216 7,939 2024 7,433 45 7,478 2025 6,550 8 6,558 2026 6,727 — 6,727 Thereafter 19,314 — 19,314 Total undiscounted lease liabilities 51,231 415 51,646 Less: Interest (14,281 ) (28 ) (14,309 ) Total discounted lease liabilities 36,950 387 37,337 Less: Lease liabilities, current (4,018 ) (262 ) (4,280 ) Lease liabilities, non-current $ 32,932 $ 125 $ 33,057 |
Summary of Lease Terms and Discount Rates | The following table summarizes lease terms and discount rates as of June 30, 2022: Operating Leases Finance Leases Weighted-average remaining lease term (years) 6.80 1.61 Weighted-average discount rate 10.19 % 7.40 % |
Common Stock (Tables)
Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, December 31, 2022 2021 Stock options, issued and outstanding 6,260,697 4,442,864 Unvested restricted stock units 774,483 717,440 Stock options and restricted stock units, authorized for future issuance 3,720,150 2,876,270 ESPP, available for future grants 956,664 636,962 Total 11,711,994 8,673,536 |
Stock-Based Compensation Expe_2
Stock-Based Compensation Expense (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Components of Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed statements of operations and comprehensive loss during the three and six months ended June 30, 2022 and 2021 (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Research and development $ 2,582 $ 2,190 $ 6,018 $ 3,290 General and administrative 3,008 2,143 6,345 2,994 Total stock-based compensation expense $ 5,590 $ 4,333 $ 12,363 $ 6,284 |
Summary of Stock Option Activity | The following summarizes stock option activity (in thousands, except share, per share, and year amounts): Stock Options Outstanding and Exercisable Total Options Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding as of December 31, 2021 4,442,864 $ 24.63 8.38 $ 22,850 Granted 2,520,053 7.79 Exercised (50,279 ) 1.81 Cancelled (651,941 ) 24.21 Outstanding as of June 30, 2022 6,260,697 $ 18.08 8.35 $ 510 Exercisable as of June 30, 2022 2,236,259 $ 16.44 7.14 $ 469 |
Summary of Restricted Stock Unit Activity | The following summarizes restricted stock unit activity: RSUs Outstanding Number of Shares Weighted- Average Grant Date Fair Value per Share Outstanding as of December 31, 2021 717,440 $ 14.54 Granted 419,679 7.78 Vested (161,962 ) 13.19 Cancelled (200,674 ) 13.11 Outstanding as of June 30, 2022 774,483 $ 11.53 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 (in thousands except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Numerator: Net loss $ (35,945 ) $ (23,630 ) $ (78,520 ) $ (44,092 ) Denominator: Weighted-average shares of common stock outstanding used in the calculation of basic and diluted net loss per share 38,748,741 38,128,095 38,695,350 36,680,973 Net loss per share, basic and diluted $ (0.93 ) $ (0.62 ) $ (2.03 ) $ (1.20 ) |
Summary of Potentially Dilutive Securities | Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: June 30, 2022 2021 Total stock options outstanding 6,260,697 4,442,864 Unvested restricted stock units 774,483 717,440 |
Business and Principal Activi_2
Business and Principal Activities - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jan. 27, 2022 | May 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Business And Principal Activities [Line Items] | |||||||
Accumulated deficit | $ 318,165 | $ 318,165 | $ 239,645 | ||||
Issuance of common stock upon initial public offering and follow-on offering, net of underwriters' commission and issuance costs | $ 112,801 | ||||||
Stock-based compensation expense | 12,363 | $ 6,284 | |||||
Strategic Plan | Employee Related Agreements | |||||||
Business And Principal Activities [Line Items] | |||||||
Percentage of reduction in workforce | 40% | ||||||
Stock-based compensation expense | $ 400 | 400 | |||||
Restructuring charges | 3,800 | ||||||
Unpaid of restructuring | 1,400 | 1,400 | |||||
Strategic Plan | Employee Related Agreements | Accounts Payable | |||||||
Business And Principal Activities [Line Items] | |||||||
Unpaid of restructuring | 100 | 100 | |||||
Strategic Plan | Employee Related Agreements | Accrued Expenses | |||||||
Business And Principal Activities [Line Items] | |||||||
Unpaid of restructuring | $ 1,300 | 1,300 | |||||
Strategic Plan | Severance Payments and Other Employee-Related Separation Costs | |||||||
Business And Principal Activities [Line Items] | |||||||
Restructuring charges | 3,300 | ||||||
Strategic Plan | Contract Termination Fees | |||||||
Business And Principal Activities [Line Items] | |||||||
Restructuring charges | 500 | ||||||
Strategic Plan | Lease Termination Fee | |||||||
Business And Principal Activities [Line Items] | |||||||
Restructuring charges | 300 | ||||||
Strategic Plan | Impairment of Property and Equipment | |||||||
Business And Principal Activities [Line Items] | |||||||
Restructuring charges | $ 100 | ||||||
At The Market | Sales Agreement | Agents | |||||||
Business And Principal Activities [Line Items] | |||||||
Issuance of common stock upon initial public offering and follow-on offering, net of underwriters' commission and issuance costs | $ 150,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended | |||
Jun. 30, 2022 USD ($) Segment shares | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2021 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of reportable segment | Segment | 1 | |||
Number of operating segment | Segment | 1 | |||
Number of shares issued under share based compensation | shares | 0 | |||
Operating lease right-of-use assets | $ 34,512,000 | $ 38,142,000 | ||
Lease liabilities | 36,950,000 | |||
Finance lease ROU assets, net | 694,000 | 652,000 | ||
Finance lease liabilities | 387,000 | |||
Accumulated deficit | $ (318,165,000) | $ (239,645,000) | ||
ASU 2016-02 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Change in accounting principle accounting standards update adopted | true | |||
Change in accounting principle accounting standards update adoption date | Jan. 01, 2021 | |||
Change in accounting principle accounting standards update immaterial effect | true | |||
Operating lease right-of-use assets | $ 6,000,000 | |||
Deferred rent | 500,000 | |||
Lease liabilities | 6,500,000 | |||
Finance lease ROU assets, net | 0 | |||
Finance lease liabilities | 0 | |||
ASU 2016-02 | Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Accumulated deficit | $ 0 | |||
Strategic Plan | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Impairment of long-lived assets | $ 100,000 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 95,830 | $ 159,821 | $ 159,455 |
Restricted cash | 1,025 | $ 1,025 | 1,025 |
Total cash, cash equivalents and restricted cash | $ 96,855 | $ 160,480 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details) | 6 Months Ended |
Jun. 30, 2022 | |
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) | Jun. 30, 2022 USD ($) |
Fair Value Disclosures [Abstract] | |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Amortized Cost | $ 94,895 | $ 159,010 |
Fair Value | 94,895 | 159,010 |
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 | 94,895 | 159,010 |
Fair Value | $ 94,895 | $ 159,010 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Prepaid clinical expenses | $ 1,700,000 | $ 1,700,000 | $ 5,200,000 | ||
Depreciation expense | 800,000 | $ 800,000 | 1,700,000 | $ 1,500,000 | |
Property, plant and equipment, disposals | 0 | 0 | |||
Lease expense from operating lease right-of-use assets | 2,200,000 | 700,000 | 4,500,000 | 1,300,000 | |
Amortization expense from finance lease right-of-use asset | $ 56,000 | $ 48,000 | $ 106,000 | $ 96,000 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 17,224 | $ 13,145 |
Accumulated depreciation | (7,824) | (6,147) |
Total property and equipment, net | 9,400 | 6,998 |
Laboratory and Manufacturing Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 11,246 | 9,375 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 5,246 | 2,607 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | 224 | 870 |
Computer and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, gross | $ 508 | $ 293 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Right-of-Use Assets, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Operating Leases, Right-of-use assets | $ 39,742 | |
Operating Leases, Accumulated amortization | (5,230) | |
Operating Leases, Right-of-use assets, net | 34,512 | $ 38,142 |
Finance Leases, Right-of-use assets | 1,107 | |
Finance Leases, Accumulated amortization | (413) | |
Finance Leases, Right-of-use assets, net | 694 | $ 652 |
Right-of-use assets | 40,849 | |
Accumulated amortization | (5,643) | |
Right-of-use assets, net | $ 35,206 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Research and development expenses | $ 4,981 | $ 2,917 |
Compensation expenses | 2,778 | 3,636 |
Professional services | 1,428 | 881 |
Property and equipment | 86 | 215 |
Other | 343 | 577 |
Total accrued expenses | $ 9,616 | $ 8,226 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jul. 31, 2021 | Feb. 28, 2021 | Oct. 31, 2019 | Dec. 31, 2016 | Jun. 30, 2022 USD ($) | Dec. 31, 2021 | Dec. 31, 2019 Lease | Mar. 31, 2022 USD ($) | |
Lessee Lease Description [Line Items] | ||||||||
Operating lease expiration period | 2024-08 | |||||||
Minimum future lease payments for initial lease term | $ 51,231 | |||||||
Sublease, expiration period | 2022-05 | |||||||
Number of finance lease agreements for laboratory equipment | Lease | 3 | |||||||
New lease commencement period | 2022-03 | |||||||
Warehouse Space | Renewed Lease Agreement | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Operating lease term, option to extend | two-year renewal option through July 2031 | |||||||
Operating lease, existence of option to extend | true | |||||||
Operating lease expiration period including possible renewal options | 2031-07 | |||||||
Lessee, operating lease, description | In September 2020, the Company entered into a lease agreement for warehouse space in South San Francisco, California. In July 2021, the Company amended the lease agreement to extend the term of the lease for an additional 96 months to July 2029 and expand the leased premises. In July 2021, the Company occupied the expanded space. Under the amended lease agreement, the Company has a two-year renewal option through July 2031. | |||||||
Lessee, operating lease, renewal term | 96 months | |||||||
Lessee operating lease renewed agreement expire | 2029-07 | |||||||
Laboratory, Manufacturing, Warehouse and Office Space | ||||||||
Lessee Lease Description [Line Items] | ||||||||
Operating lease term, option to extend | two five-year renewal options | |||||||
Operating lease, existence of option to extend | true | |||||||
Lessee, operating lease, description | In February 2021, the Company entered into a lease agreement for laboratory, manufacturing, warehouse and office space in South San Francisco, California. In June 2021, the Company began occupying a portion of the property. In October 2021, the Company occupied the remainder of the space as its principal office. The lease term is eight years from full occupancy, which occurred in October 2021. Under the lease agreement, the Company has two five-year renewal options. In connection with the Strategic Plan, the Company intends to sublease a portion of the premises. | |||||||
Initial lease term | 8 years | |||||||
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 | |||||||
Security deposit | $ 200 | |||||||
Minimum future lease payments for initial lease term | $ 4,300 | |||||||
Lessee, operating lease, description | In December 2016, the Company entered into an operating lease agreement for its former 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 2021, the Company obtained consent from the landlord to sublease the space. In November 2021, a sublessee took possession of the premises for the remaining lease term. |
Leases - Summary of Lease Expen
Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease expense | $ 2,240 | $ 656 | $ 4,509 | $ 1,253 |
Finance lease expense: | ||||
Amortization of right-of-use assets | 56 | 48 | 106 | 96 |
Interest on lease liabilities | 8 | 9 | 15 | 18 |
Variable lease expense | 571 | 262 | 1,132 | 466 |
Short-term lease expense | 5 | 7 | 67 | 15 |
Total lease expense | $ 2,880 | $ 982 | $ 5,829 | $ 1,848 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash paid for amounts included in measurement of liabilities: | ||
Operating cash flows from operating leases | $ 3,299 | $ 1,280 |
Operating cash flows from finance leases | 15 | 18 |
Financing cash flows from finance leases | 132 | 114 |
Right-of-use asset obtained in exchange for new operating lease liability | 563 | $ 5,011 |
Right-of-use asset obtained in exchange for new finance lease liability | $ 148 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments under Noncancelable Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2022 (remaining six months) | $ 3,484 | |
2023 | 7,723 | |
2024 | 7,433 | |
2025 | 6,550 | |
2026 | 6,727 | |
Thereafter | 19,314 | |
Total undiscounted lease liabilities | 51,231 | |
Less: Interest | (14,281) | |
Total discounted lease liabilities | 36,950 | |
Less: Lease liabilities, current | (4,018) | $ (3,584) |
Lease liabilities, operating lease | 32,932 | 35,785 |
Finance Leases | ||
2022 (remaining six months) | 146 | |
2023 | 216 | |
2024 | 45 | |
2025 | 8 | |
Total undiscounted lease liabilities | 415 | |
Less: Interest | (28) | |
Total discounted lease liabilities | 387 | |
Less: Lease liabilities, current | (262) | (237) |
Lease liabilities, finance lease | 125 | $ 167 |
Total | ||
2022 (remaining six months) | 3,630 | |
2023 | 7,939 | |
2024 | 7,478 | |
2025 | 6,558 | |
2026 | 6,727 | |
Thereafter | 19,314 | |
Total undiscounted lease liabilities | 51,646 | |
Less: Interest | (14,309) | |
Total discounted lease liabilities | 37,337 | |
Less: Lease liabilities, current | (4,280) | |
Lease liabilities, non-current | $ 33,057 |
Leases - Summary of Lease Terms
Leases - Summary of Lease Terms and Discount Rates (Details) | Jun. 30, 2022 |
Leases [Abstract] | |
Operating Leases, Weighted-average remaining lease term (years) | 6 years 9 months 18 days |
Operating Leases, Weighted-average discount rate | 10.19% |
Finance Leases, Weighted-average remaining lease term (years) | 1 year 7 months 9 days |
Finance Leases, Weighted-average discount rate | 7.40% |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jan. 27, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) Vote $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Class Of Stock [Line Items] | ||||
Common stock, shares authorized | shares | 450,000,000 | 450,000,000 | ||
Common stock, par value | $ / shares | $ 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 | |||
Common stock, dividends declared | $ 0 | |||
Issuance of common stock upon follow-on offering, net of underwriters' commission and issuance costs | $ 112,801,000 | |||
Sales Agreement | Agents | At The Market | ||||
Class Of Stock [Line Items] | ||||
Issuance of common stock upon follow-on offering, net of underwriters' commission and issuance costs | $ 150,000,000 |
Common Stock - Schedule of Comm
Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details) - shares | Jun. 30, 2022 | Dec. 31, 2021 |
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 11,711,994 | 8,673,536 |
Stock Options, Issued and Outstanding | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 6,260,697 | 4,442,864 |
Unvested Restricted Stock Units | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 774,483 | 717,440 |
Stock Options and Restricted Stock Units, Authorized for Future Issuance | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 3,720,150 | 2,876,270 |
Employee Stock Purchase Plan, Available for Future Grants | ||
Class Of Stock [Line Items] | ||
Common stock reserved for future issuance | 956,664 | 636,962 |
Stock-Based Compensation Expe_3
Stock-Based Compensation Expense - Additional Information (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
May 16, 2022 USD ($) | Jun. 30, 2022 USD ($) grantee $ / shares shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) grantee $ / shares shares | Jun. 30, 2021 USD ($) | Dec. 31, 2021 shares | Jan. 01, 2022 shares | May 31, 2020 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock reserved for future issuance | 11,711,994 | 11,711,994 | 8,673,536 | |||||
Weighted-average grant-date fair value of the options granted | $ / shares | $ 2.95 | $ 5.85 | ||||||
Intrinsic value of options exercised | $ | $ 200 | $ 200 | ||||||
Total unrecognized stock-based compensation expense related to stock options granted | $ | 49,000 | $ 49,000 | ||||||
Total unrecognized stock-based compensation expense related to nonvested awards weighted average period of recognition | 2 years 9 months 7 days | |||||||
Stock-based compensation expense | $ | $ 5,590 | $ 4,333 | $ 12,363 | $ 6,284 | ||||
Employee Stock Purchase Plan, Available for Future Grants | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Increase in number of shares | 351,214 | 386,199 | ||||||
Outstanding stock percent | 1% | 1% | ||||||
Shares available for issuance | 956,664 | 956,664 | ||||||
Purchase price of common stock percent | 85% | |||||||
Common stock reserved for future issuance | 956,664 | 956,664 | 636,962 | |||||
Equity incentive plan term | Under the Company’s 2020 Employee Stock Purchase Plan (the “2020 ESPP”), employees can purchase shares of the Company’s common stock each purchase period based on a percentage of their compensation, subject to certain limits. The purchase price per share is equal to the lower of 85% of the fair market value of the Company’s common stock on the enrollment date or the purchase date. The 2020 ESPP offers a six-month look-back feature as well as an automatic rollover feature that provides for the offering period to be reset to a new lower-priced offering price if the market price of the stock at the purchase date is lower than the stock price at the initial enrollment date. In that case, the offering period is immediately cancelled after that purchase date, and a new two-year offering period is established using the then-current stock price as the base purchase price. | |||||||
Stock-based compensation expense | $ | $ 100 | $ 100 | $ 200 | $ 200 | ||||
Unvested Restricted Stock Units | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock reserved for future issuance | 774,483 | 774,483 | 717,440 | |||||
Total unrecognized stock-based compensation expense related to nonvested awards weighted average period of recognition | 2 years 4 months 13 days | |||||||
Total stock-based compensation expense related to unvested restricted stock units and awards | $ | $ 8,000 | $ 8,000 | ||||||
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 | |||||||
2020 Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Increase in number of shares | 1,756,068 | 1,930,997 | ||||||
Outstanding stock percent | 5% | 5% | ||||||
Shares available for issuance | 2,720,150 | 2,720,150 | ||||||
Vesting period | 4 years | |||||||
2020 Plan | 10% Stockholder | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of voting power | 10% | |||||||
2020 Plan | Stock Options | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | |||||||
2020 Plan | Unvested Restricted Stock Units | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | |||||||
2020 Plan | Minimum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Increase in number of shares | 3,140,062 | 3,140,062 | ||||||
Purchase price of common stock percent | 100% | |||||||
Percentage of exercise price of stock option on estimated fair value of shares | 110% | |||||||
2020 Plan | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Term of options | 10 years | |||||||
2022 Inducement Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock reserved for future issuance | 1,000,000 | 1,000,000 | ||||||
Strategic Plan Accelerated RSU Vesting | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Reversal of share based compensation expense | $ | $ 400 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Accelerated Vesting, Number | 43,711 | |||||||
Number of grantees impacted | grantee | 30 | 30 |
Stock-Based Compensation Expe_4
Stock-Based Compensation Expense - Summary of Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 5,590 | $ 4,333 | $ 12,363 | $ 6,284 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 2,582 | 2,190 | 6,018 | 3,290 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 3,008 | $ 2,143 | $ 6,345 | $ 2,994 |
Stock-Based Compensation Expe_5
Stock-Based Compensation Expense - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Options Outstanding, Total Options Outstanding, Beginning Balance | shares | 4,442,864 | |
Options Outstanding, Total Options Outstanding, Granted | shares | 2,520,053 | |
Options Outstanding, Total Options Outstanding, Exercised | shares | (50,279) | |
Options Outstanding, Total Options Outstanding, Cancelled | shares | (651,941) | |
Options Outstanding, Total Options Outstanding, Ending Balance | shares | 6,260,697 | 4,442,864 |
Options Outstanding, Total Options Outstanding, Exercisable as of June 30, 2022 | shares | 2,236,259 | |
Options Outstanding, Weighted-Average Exercise Price, Beginning Balance | $ / shares | $ 24.63 | |
Options Outstanding, Weighted-Average Exercise Price, Granted | $ / shares | 7.79 | |
Options Outstanding, Weighted-Average Exercise Price, Exercised | $ / shares | 1.81 | |
Options Outstanding, Weighted-Average Exercise Price, Cancelled | $ / shares | 24.21 | |
Options Outstanding, Weighted-Average Exercise Price, Ending Balance | $ / shares | 18.08 | $ 24.63 |
Options Outstanding, Weighted-Average Exercise Price, Exercisable | $ / shares | $ 16.44 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 8 years 4 months 6 days | 8 years 4 months 17 days |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years), Exercisable | 7 years 1 month 20 days | |
Options Outstanding, Aggregate Intrinsic Value | $ | $ 510 | $ 22,850 |
Options Outstanding, Aggregate Intrinsic Value, Exercisable | $ | $ 469 |
Stock-Based Compensation Expe_6
Stock-Based Compensation Expense - Summary of Restricted Stock Unit Activity (Details) - Unvested Restricted Stock Units | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Outstanding as of December 31, 2021 | shares | 717,440 |
Number of Shares, Granted | shares | 419,679 |
Number of Shares, Vested | shares | (161,962) |
Number of Shares, Cancelled | shares | (200,674) |
Number of Shares, Outstanding as of June 30, 2022 | shares | 774,483 |
Weighted-Average Grant Date Fair Value per Share, Outstanding as of December 31, 2021 | $ / shares | $ 14.54 |
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares | 7.78 |
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares | 13.19 |
Weighted-Average Grant Date Fair Value per Share, Cancelled | $ / shares | 13.11 |
Weighted-Average Grant Date Fair Value per Share, Outstanding as of June 30, 2022 | $ / shares | $ 11.53 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||||
Net loss | $ (35,945) | $ (42,575) | $ (23,630) | $ (20,462) | $ (78,520) | $ (44,092) |
Denominator: | ||||||
Weighted-average shares of common stock outstanding used in the calculation of basic net loss per share | 38,748,741 | 38,128,095 | 38,695,350 | 36,680,973 | ||
Weighted-average shares of common stock outstanding used in the calculation of diluted net loss per share | 38,748,741 | 38,128,095 | 38,695,350 | 36,680,973 | ||
Net loss per share, basic | $ (0.93) | $ (0.62) | $ (2.03) | $ (1.20) | ||
Net loss per share, diluted | $ (0.93) | $ (0.62) | $ (2.03) | $ (1.20) |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Potentially Dilutive Securities (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total stock options outstanding | 6,260,697 | 4,442,864 |
Unvested Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Total stock options outstanding | 774,483 | 717,440 |