Repare Therapeutics (RPTX) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 31, 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
Trading Symbol	RPTX
Entity Registrant Name	Repare Therapeutics Inc.
Entity Central Index Key	0001808158
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,937,795
Title of 12(b) Security	Common shares, no par value
Security Exchange Name	NASDAQ
Entity File Number	001-39335
Entity Incorporation, State or Country Code	A8
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	7210 Frederick-Banting
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	St-Laurent
Entity Address, State or Province	QC
Entity Address, Country	CA
Entity Address, Postal Zip Code	H4S 2A1
City Area Code	857
Local Phone Number	412-7018
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 275,834	$ 334,427
Marketable securities	6,255	7,439
Research and development tax credits receivable	2,598	2,580
Income tax receivable	799	0
Other receivables	1,010	654
Prepaid expenses	3,242	6,314
Total current assets	289,738	351,414
Property and equipment, net	5,124	5,604
Operating lease right-of-use assets	6,456	7,491
Other assets	497	586
Deferred tax assets	6,229	3,620
TOTAL ASSETS	308,044	368,715
CURRENT LIABILITIES:
Accounts payable	4,991	2,302
Accrued expenses and other current liabilities	20,459	18,622
Operating lease liability, current portion	2,135	1,721
Deferred revenue, current portion	11,855	11,921
Income tax payable	0	523
Total current liabilities	39,440	35,089
Operating lease liability, net of current portion	4,495	5,592
Deferred revenue, net of current portion	38,592	39,613
TOTAL LIABILITIES	82,527	80,294
SHAREHOLDERS’ EQUITY
Preferred shares, no par value per share; unlimited shares authorized as of September 30, 2021 and December 31, 2020, respectively; 0 shares issued and outstanding as of September 30, 2021, and December 31, 2020, respectively	0	0
Common shares, no par value per share; unlimited shares authorized as of September 30, 2021 and December 31, 2020; 37,133,938 and 36,902,924 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	481,380	480,699
Additional paid-in capital	27,253	17,988
Accumulated deficit	(283,116)	(210,266)
Total shareholders’ equity	225,517	288,421
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 308,044	$ 368,715

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock par value	$ 0	$ 0
Preferred stock shares authorized	Unlimited	Unlimited
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common stock par value	$ 0	$ 0
Common stock shares authorized	Unlimited	Unlimited
Common stock shares issued	41,923,472	41,850,162
Common stock shares outstanding	41,923,472	41,850,162

Condensed Consolidated Statemen

Condensed Consolidated 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
Revenue:
Collaboration agreements	$ 679	$ 279	$ 1,087	$ 445
Operating expenses:
Research and development, net of tax credits	31,475	20,205	57,933	36,714
General and administrative	7,938	6,741	16,717	11,978
Total operating expenses	39,413	26,946	74,650	48,692
Loss from operations	(38,734)	(26,667)	(73,563)	(48,247)
Other income, net
Realized and unrealized gain (loss) on foreign exchange	141	(94)	124	(125)
Interest income	544	38	673	102
Other expense	(11)	(7)	(19)	(14)
Total other income (expense), net	674	(63)	778	(37)
Loss before income taxes	(38,060)	(26,730)	(72,785)	(48,284)
Income tax recovery (expense)	(33)	421	(65)	558
Net loss and comprehensive loss	(38,093)	(26,309)	(72,850)	(47,726)
Net loss attributable to common shareholders-basic	(38,093)	(26,309)	(72,850)	(47,726)
Net loss attributable to common shareholders-diluted	$ (38,093)	$ (26,309)	$ (72,850)	$ (47,726)
Net loss per share attributable to common shareholders--basic	$ (0.91)	$ (0.71)	$ (1.74)	$ (1.29)
Net loss per share attributable to common shareholders-diluted	$ (0.91)	$ (0.71)	$ (1.74)	$ (1.29)
Weighted-average common shares outstanding-basic	41,899,509	37,036,683	41,880,666	36,977,040
Weighted-average common shares outstanding-diluted	41,899,509	37,036,683	41,880,666	36,977,040

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	2020 Employee Share Purchase Plan	Common Shares	Common Shares 2020 Employee Share Purchase Plan	Additional Paid-in Capital	Additional Paid-in Capital 2020 Employee Share Purchase Plan	Accumulated Deficit
Balance at Dec. 31, 2020	$ 286,830		$ 384,313		$ 5,875		$ (103,358)
Balance, Shares at Dec. 31, 2020			36,902,924
Exercise of stock options	183		$ 297		(114)
Exercise of stock options, Shares			87,786
Share-based compensation expense	2,057				2,057
Net loss and comprehensive loss	(21,417)						(21,417)
Balance at Mar. 31, 2021	267,653		$ 384,610		7,818		(124,775)
Balance, Shares at Mar. 31, 2021			36,990,710
Balance at Dec. 31, 2020	286,830		$ 384,313		5,875		(103,358)
Balance, Shares at Dec. 31, 2020			36,902,924
Net loss and comprehensive loss	(47,726)
Balance at Jun. 30, 2021	245,089		$ 385,454		10,719		(151,084)
Balance, Shares at Jun. 30, 2021			37,109,506
Balance at Mar. 31, 2021	267,653		$ 384,610		7,818		(124,775)
Balance, Shares at Mar. 31, 2021			36,990,710
Exercise of stock options	449		$ 731		(282)
Exercise of stock options, Shares			115,497
Share-based compensation expense	3,183				3,183
Issuance of common shares	113		$ 113
Issuance of common shares, Shares			3,299
Net loss and comprehensive loss	(26,309)						(26,309)
Balance at Jun. 30, 2021	245,089		$ 385,454		10,719		(151,084)
Balance, Shares at Jun. 30, 2021			37,109,506
Balance at Dec. 31, 2021	288,421		$ 480,699		17,988		(210,266)
Balance, Shares at Dec. 31, 2021			41,850,162
Exercise of stock options	28		$ 46		(18)
Exercise of stock options, Shares			12,235
Share-based compensation expense	4,755				4,755
Issuance of common shares under the 2020 Employee Share Purchase Plan		$ 213		$ 303		$ (90)
Issuance of common shares under the 2020 Employee Share Purchase Plan, Shares				16,807
Net loss and comprehensive loss	(34,757)						(34,757)
Balance at Mar. 31, 2022	258,660		$ 481,048		22,635		(245,023)
Balance, Shares at Mar. 31, 2022			41,879,204
Balance at Dec. 31, 2021	$ 288,421		$ 480,699		17,988		(210,266)
Balance, Shares at Dec. 31, 2021			41,850,162
Exercise of stock options, Shares	56,503
Net loss and comprehensive loss	$ (72,850)
Balance at Jun. 30, 2022	225,517		$ 481,380		27,253		(283,116)
Balance, Shares at Jun. 30, 2022			41,923,472
Balance at Mar. 31, 2022	258,660		$ 481,048		22,635		(245,023)
Balance, Shares at Mar. 31, 2022			41,879,204
Exercise of stock options	205		$ 332		(127)
Exercise of stock options, Shares			44,268
Share-based compensation expense	4,745				4,745
Net loss and comprehensive loss	(38,093)						(38,093)
Balance at Jun. 30, 2022	$ 225,517		$ 481,380		$ 27,253		$ (283,116)
Balance, Shares at Jun. 30, 2022			41,923,472

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows From Operating Activities:
Net loss and comprehensive loss for the period	$ (72,850)	$ (47,726)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	9,500	5,240
Depreciation expense	1,039	734
Non-cash lease expense	1,091	748
Foreign exchange gain	(136)	(13)
Amortization of premiums on marketable securities	34	54
Deferred tax	(2,609)	(626)
Changes in operating assets and liabilities:
Prepaid expenses	3,072	4,622
Research and development tax credits receivable	(31)	(627)
Other receivables	(358)	556
Other non-current assets	89
Accounts payable	2,698	1,155
Accrued expenses and other current liabilities	3,334	4,509
Operating lease liability, current portion	460	(272)
Income taxes	(1,322)	44
Operating lease liability, net of current portion	(1,123)	(238)
Deferred revenue	(1,087)	(445)
Net cash used in operating activities	(58,199)	(32,285)
Cash Flows From Investing Activities:
Purchases of property and equipment	(2,056)	(1,201)
Proceeds from maturities of marketable securities	5,150	3,750
Purchase of marketable securities	(4,000)	(3,438)
Net cash used in investing activities	(906)	(889)
Cash Flows From Financing Activities:
Proceeds from exercise of stock options	233	632
Proceeds from issuance of common stock under the 2020 Employee Share Purchase Plan	213
Net cash provided by financing activities	446	632
Effect of exchange rate fluctuations on cash held	66	(1)
Net Decrease In Cash And Cash Equivalents And Restricted Cash	(58,593)	(32,543)
Cash and cash equivalents and restricted cash at beginning of period	334,427	326,396
Cash and cash equivalents and restricted cash at end of period	275,834	293,853
Reconciliation Of Cash And Cash Equivalents And Restricted Cash
Cash and cash equivalents	275,834	293,635
Restricted cash		218
Total cash and cash equivalents and restricted cash	275,834	293,853
Supplemental Disclosure Of Cash Flow Information:
Property and equipment purchases incurred but not yet paid	222	38
Right-of-use asset obtained in exchange for new operating lease liability	$ 56	$ 705

Organization and Nature of Busi

Organization and Nature of Business	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	1. Organization and Nature of Business Repare Therapeutics Inc. (“Repare” or the “Company”) is a precision medicine oncology company focused on the development of synthetic lethality-based therapies for patients with cancer. The Company was incorporated under the Canada Business Corporations Act on September 6, 2016 . On June 23, 2020, immediately prior to the completion of its initial public offering (the “IPO”), the Company was continued as a corporation under the Business Corporations Act (Québec) . The Company’s common shares are listed on the Nasdaq Global Select Market under the ticker symbol “RPTX”.

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 Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2021, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2022, the consolidated results of its operations for the three and six months ended June 30, 2022 and 2021, its statements of shareholders’ equity for the three and six months ended June 30, 2022 and 2021 and its consolidated cash flows for the six months ended June 30, 2022 and 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the accompanying notes for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2022 (the “Annual Report”). The condensed consolidated balance sheet data as of December 31, 2021 presented for comparative purposes was derived from the Company’s audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the operating results to be expected for the full year or for any other subsequent interim period. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021 included in the Annual Report. There have been no changes to the Company's significant accounting policies since the date of the audited consolidated financial statements for the year ended December 31, 2021 included in the Annual Report. Principles of Consolidation These unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary, Repare Therapeutics USA Inc. (“Repare USA”), which was incorporated under the laws of Delaware on June 1, 2017. The financial statements of Repare USA are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group transactions, balances, income, and expenses are eliminated in full upon consolidation. Smaller Reporting Company We qualify as a “smaller reporting company” under the Exchange Act as of June 30, 2022 because the market value of our common shares held by non-affiliates was less than $560 million as of June 30, 2022 and our revenue for the year ended December 31, 2021 were less than $100 million. As a smaller reporting company, we may rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. For so long as we remain a smaller reporting company, we are permitted and intend to rely on such exemptions from certain disclosure and other requirements that are applicable to other public companies that are not smaller reporting companies. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, estimates related to revenue recognition, accrued research and development expenses, share-based compensation, right-of-use assets and lease liabilities and income taxes. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. The Company bases its estimates on historical experience and other market specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could materially differ from those estimates. Changes in estimates are recorded in the period in which they become known. COVID-19 Pandemic With the continued spread of the ongoing COVID-19 pandemic, including variants of COVID-19, the Company established a cross-functional task force and has implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on its employees and its business, including its preclinical studies and its ongoing and planned clinical trials. The Company has taken measures to secure its research and development activities, while work in its laboratories and facilities has been re-organized to reduce risk of COVID-19 transmission. While the Company is experiencing limited financial impacts at this time, given the global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the COVID-19 pandemic, the Company’s business, financial condition, and results of operations could be materially adversely affected. The Company cannot predict the ultimate impact, if any, of the COVID-19 pandemic related to both known and unknown risks, including future quarantines, closures and other restrictions resulting from the pandemic. The Company continues to monitor the COVID-19 pandemic as it evolves its business continuity plans, clinical development plans and response strategy. The Company’s clinical trial sites may be affected by the COVID-19 outbreak due to prioritization of hospital resources toward the COVID-19 outbreak, travel or quarantine restrictions imposed by governments, and the inability to access sites for initiation, patient enrollment and monitoring. As a result, patient screening, new patient enrollment, monitoring and data collection may be affected or delayed. The Company is aware that several clinical sites involved in its clinical studies temporarily stopped or delayed enrolling new patients, with exemptions if appropriate, and it is possible that these or other clinical sites may be similarly affected in the future. These developments may delay the Company’s clinical trial timelines. Some of the Company’s third-party manufacturers, which it uses for the supply of materials for product candidates or other materials necessary to manufacture product to conduct preclinical tests and clinical trials, and contract research organizations may be impacted by COVID-19. Should they experience disruptions, such as temporary closures or suspension of services, the Company would likely experience delays in advancing clinical trials. As of the date of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from these estimates, and any such differences may be material to the Company’s consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of June 30, 2022 and December 31, 2021: Description Financial Assets Quoted Significant Significant (in thousands) As of June 30, 2022 Assets Cash equivalents Money market funds $ 218,740 $ 218,740 $ — $ — Marketable securities U.S. Treasury notes 6,255 6,255 — — Total financial assets $ 224,995 $ 224,995 $ — $ — As of December 31, 2021 Assets Cash equivalents Money market funds $ 2,535 $ 2,535 $ — $ — Marketable securities U.S. Treasury notes 7,439 7,439 — — Total financial assets $ 9,974 $ 9,974 $ — $ — When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure the fair value. The valuation technique used to measure fair value for the Company’s Level 1 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, the Company is required to make judgements about assumptions market participants would use to estimate the fair value of a financial instrument. During the six months ended June 30, 2022 , there were no transfers between fair value measure levels.

Cash and Cash Equivalents and M

Cash and Cash Equivalents and Marketable Securities	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Cash and Cash Equivalents and Marketable Securities	4. Cash and Cash Equivalents and Marketable Securities As of June 30, 2022 and December 31, 2021, cash and cash equivalents and marketable securities were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) As of June 30, 2022 Money market funds included in cash and $ 218,740 $ — $ — $ 218,740 Marketable securities: U.S. Treasury notes 6,255 — — 6,255 Total $ 224,995 $ — $ — $ 224,995 As of December 31, 2021 Money market funds included in cash and $ 2,535 $ — $ — $ 2,535 Marketable securities: U.S. Treasury notes 7,439 — — 7,439 Total $ 9,974 $ — $ — $ 9,974 The amortized cost of marketable securities at June 30, 2022 is equal to their fair value. Accordingly, no unrealized gains or losses were recognized in the six months ended June 30, 2022 and 2021. The maturities of the Company’s money market funds included in cash and cash equivalents, and marketable securities is less than one year.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of June 30, 2022 and December 31, 2021 consisted of the following: June 30, December 31, (in thousands) Accrued compensation and benefits $ 3,694 $ 4,867 Accrued research and development expense 15,106 11,272 Accrued professional services 844 387 Accrued property and equipment purchases 222 1,719 Other 593 377 Total accrued expenses and other current liabilities $ 20,459 $ 18,622

Collaboration and License Agree

Collaboration and License Agreement	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration and License Agreement	6. Collaboration and License Agreement In May 2020, the Company entered into a collaboration and license agreement with Bristol-Myers Squibb Company (“Bristol Myers Squibb”), pursuant to which the Company and Bristol Myers Squibb have agreed to collaborate in the research and development of potential new product candidates for the treatment of cancer (the “BMS Agreement”). The Company is providing Bristol Myers Squibb access to a selected number of its existing screening campaigns and novel campaigns. The Company is responsible for carrying out early-stage research activities directed to identifying potential targets for potential licensing by Bristol Myers Squibb, in accordance with a mutually agreed upon research plan, and will be solely responsible for such costs. The collaboration consists of programs directed to both druggable targets and to targets commonly considered undruggable to traditional small molecule approaches. Upon Bristol Myers Squibb’s election to exercise its option to obtain exclusive worldwide licenses for the subsequent development, manufacturing and commercialization of a program, Bristol Myers Squibb will then be solely responsible for all such worldwide activities and costs. The collaboration term will expire 42 months after the effective date of the BMS Agreement. The BMS Agreement will expire, assuming that Bristol Myers Squibb has exercised at least one option for a program, on a licensed product-by-licensed product and country-by-country basis on expiration of the applicable royalty term and in its entirety upon expiration of the last royalty term. Either party may terminate earlier upon an uncured material breach of the agreement by the other party, or the insolvency of the other party. Additionally, Bristol Myers Squibb may terminate the BMS Agreement for any or no reason on a program-by-program basis upon specified written notice. Under the terms of the BMS Agreement, Bristol Myers Squibb paid the Company an initial nonrefundable upfront fee of $ 50.0 million in June 2020. The Company is also entitled to receive up to $ 301.0 million in total milestones on a program-by-program basis, consisting of $ 176.0 million in the aggregate for certain specified research, development and regulatory milestones and $ 125.0 million in the aggregate for certain specified commercial milestones. The Company is further entitled to a tiered percentage royalty on annual net sales ranging from high-single digits to low-double digits, subject to certain specified reductions. The Company assessed the BMS Agreement in accordance with ASC 606, Revenue from Contracts with Customers, and concluded that Bristol Myers Squibb is a customer based on the agreement structure. At inception, the Company identified several performance obligations under the BMS Agreement, being (i) research activities for each campaign over the collaboration term, as well as (ii) a selected number of material rights associated with options to obtain exclusive development, manufacturing, and commercial licenses to targets identified. The Company determined that the options to obtain the exclusive development, manufacturing and commercialization licenses were material rights under ASC 606 because there are minimal amounts to be paid to the Company upon exercise of such options. The Company determined that the transaction price at the onset of the BMS agreement is the total non-refundable upfront payment received of $ 50.0 million. Additional consideration is to be paid to the Company upon the exercise of options to license targets and future milestone payments. The Company utilized the most likely method approach and concluded that these amounts were constrained as they represent option fees and milestone payments that can only be achieved subsequent to option exercises. As such, the Company excluded this additional consideration from the transaction price. The Company has allocated the transaction price of $ 50.0 million to each performance obligation based on the relative stand-alone selling price of each performance obligation at inception, which was determined based on each performance obligation’s estimated stand-alone selling price. The Company has determined the estimated stand-alone selling price at contract inception of the research activities based on internal estimates of the costs to perform the services, inclusive of a reasonable profit margin. Significant inputs used to determine the total costs to perform the research activities included the length of time required, the internal hours expected to be incurred on the services and the number and costs of various studies that will be performed to complete the research plan. The Company determined the estimated stand-alone selling price at contract inception of the material rights associated with options to obtain exclusive licenses to druggable targets and undruggable targets based on the fees Bristol Myers Squibb would pay to exercise these options, the probability-weighted value of expected future cash flows associated with each license related to each target and the probability that these options would be exercised by Bristol Myers Squibb. In developing such estimates, the Company also considered applicable market conditions and relevant entity-specific factors, including those factors contemplated in negotiating the agreement, probability of success and the time needed to commercialize a product candidate pursuant to the associated license. Based on the relative stand-alone selling price, the allocation of the transaction price to the separate performance obligations was as follows: Performance obligation Transaction price (in thousands) Research services $ 6,405 Options to license druggable target lesions 31,148 Options to license undruggable targets 12,447 Total transaction price $ 50,000 Revenue associated with the options has been deferred and will be recognized at the point in time when options to license are exercised by Bristol Myers Squibb or upon expiry of such options. Revenue associated with the research activities has been deferred and will be recognized on a proportional performance basis over the period of service for research activities, being the collaboration term, using input-based measurements of total costs of research incurred to estimated proportion performed. Progress towards completion is remeasured at the end of each reporting period. The Company recognized $ 0.7 million and $ 0.3 million for the three months ended June 30, 2022 and 2021, respectively, and $ 1.1 million and $ 0.4 million for the six months ended June 30, 2022 and 2021, respectively, as revenue associated with the BMS Agreement in relation to research activities performed. In October 2021, the Company received notification from Bristol Myers Squibb of their option exercise for two druggable targets directed at a single synthetic lethal lesion, pursuant to the terms of the BMS Agreement. As a result, the Company recognized $ 6.5 million as revenue in the fourth quarter of 2021 with regards to the achievement of the performance obligation from Bristol Myers Squibb and the related option fees received. No amounts were recognized in the three and six months ended June 30, 2022 and 2021. As of June 30, 2022, there was $ 41.4 million (December 31, 2021 - $ 42.5 million ) of deferred revenue related to the BMS Agreement, of which $ 2.8 million (December 31, 2021 - $ 2.9 million ) was classified as current and $ 38.6 million (December 31, 2021 - $ 39.6 million ) was classified as non-current in the condensed consolidated balance sheet based on the period the services are expected to be performed and the expected timing of potential option exercises.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	7. Leases The Company has historically entered into lease arrangements for its facilities. As of June 30, 2022 , the Company had four operating leases with required future minimum payments. The Company’s leases generally do not include termination or purchase options. Operating Leases The following tables contain a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Operating Leases Lease Costs Operating lease costs $ 615 $ 424 $ 1,231 $ 843 Short-term lease costs 8 2 16 5 Variable lease costs 33 54 100 110 Total lease costs $ 656 $ 480 $ 1,347 $ 958 Six Months Ended 2022 2021 (in thousands, except as specified otherwise) Other Operating Lease Information Operating cash flows used for operating leases $ 802 $ 605 Right-of-use assets obtained in exchange for new operating lease liability $ 56 $ 705 Weighted-average remaining lease term (in years) 2.91 3.90 Weighted-average discount rate 4.0 % 4.6 %

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	8. Share-Based Compensation 2020 Employee Share Purchase Plan In June 2020, the Company’s board of directors adopted, and the Company’s shareholders approved the 2020 Employee Share Purchase Plan (the “ESPP”). The maximum number of common shares that may be issued under the ESPP was initially 327,000 . Additionally, the number of shares reserved and available for issuance under the ESPP automatically increases each January 1, beginning on January 1, 2021 and each January 1 thereafter through January 31, 2030, by the lesser of (1) 1.0 % of the total number of common shares outstanding on December 31 of the preceding calendar year, (2) 3,300,000 common shares, or (3) such smaller number of common shares as the Company’s board of directors may designate. As of June 30, 2022 , the number of common shares that may be issued under the ESPP is 1,087,781 . The ESPP enables eligible employees to purchase common shares of the Company at the end of each offering period at a price equal to 85 % of the fair market value of the shares on the first business day or the last business day of the offering period, whichever is lower. Participation in the ESPP is voluntary. Eligible employees become participants in the ESPP by enrolling in the plan and authorizing payroll deductions. At the end of each offering period, accumulated payroll deductions are used to purchase the Company’s shares at the discounted price. The Company makes no contributions to the ESPP. A participant may withdraw from the ESPP or suspend contributions to the ESPP. If the participant elects to withdraw during an offering, all contributions are refunded as soon as administratively practicable. If a participant elects to withdraw or suspend contributions, they will not be able to re-enroll in the current offering but may elect to participate in future offerings. The ESPP purchases only whole shares of the Company’s shares. The Company’s first ESPP offering period began February 16, 2021 and ended on August 15, 2021, with subsequent offering periods on a rolling six-month basis. The Company issued 16,807 common shares under the ESPP during the six months ended June 30, 2022 at an average price per share of $ 12.71 . Cash received from purchases under the ESPP for the six months ended June 30, 2022 was $ 0.2 million. Option Plan and 2020 Plan In December 2016, as further amended in December 2017 and September 2019, the Company adopted the Repare Therapeutics Inc. Option Plan (the “Option Plan”) for the issuance of share options and other share-based awards to directors, officers, employees or consultants. The Option Plan authorized up to 4,074,135 shares of the Company’s common shares to be issued. In June 2020, the Company’s board of directors adopted, and the Company’s shareholders approved the 2020 Equity Incentive Plan (the “2020 Plan”). The 2020 Plan became effective on the effective date of the IPO, at which time the Company ceased granting awards under the Option Plan. The 2020 Plan allows the Company’s compensation committee to grant equity-based and cash-based incentive awards to the Company’s officers, employees, directors and consultants. A total of 3,600,000 common shares were initially reserved for issuance under the 2020 Plan, plus the number of shares (not to exceed 3,807,448 shares) consisting of (i) 298,605 common shares that were available for the issuance of awards under the Option Plan at the time the 2020 Plan became effective, which ceased to be available for future issuance under the Option Plan at such time and (ii) any shares subject to outstanding options or other share awards that were granted under the Option Plan that terminate or expire prior to exercise or settlement; are forfeited because of the failure to vest; or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price. In addition, the number of shares reserved and available for issuance under the 2020 Plan automatically increases each January 1, beginning on January 1, 2021 and each January 1 thereafter through January 1, 2030, by 5 % of the outstanding number of common shares on the immediately preceding December 31, or such lesser number of shares as determined by the Company’s board of director s. As of June 30, 2022 , the number of common shares reserved for issuance under the 2020 Plan is 7,922,525 . Total outstanding stock options as of June 30, 2022 was as follows: 2022 Number of Weighted Outstanding at beginning of period 5,322,591 $ 14.76 Granted 2,883,567 $ 14.54 Exercised ( 56,503 ) $ 4.12 Cancelled or forfeited ( 175,252 ) $ 19.00 Outstanding at end of period 7,974,403 $ 14.66 During the six months ended June 30, 2022, an aggregate of 56,503 options were exercised at a weighted-average exercise price of $ 4.12 per share, for aggregate proceeds of $ 0.2 million . As a result, an amount of $ 0.1 million previously included in additional paid-in capital related to the exercised options has been credited to common shares and deducted from additional paid-in capital. The fair value of stock options, and the assumptions used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows, presented on a weighted average basis: Three Months Ended Six Months Ended 2022 2021 2022 2021 Risk-free interest rate 2.92 % 0.92 % 2.00 % 0.72 % Expected terms (in years) 5.59 5.59 5.97 5.99 Expected volatility 78.85 % 76.44 % 78.55 % 75.59 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Share-Based Compensation Share-based compensation expense was allocated as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Research and development $ 2,440 $ 1,441 $ 4,751 $ 2,428 General and administrative 2,305 1,742 4,749 2,812 Total share-based compensation expense $ 4,745 $ 3,183 $ 9,500 $ 5,240 Share-based compensation expense by type of award was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Stock options $ 4,695 $ 3,122 $ 9,407 $ 5,148 ESPP 50 61 93 92 Total share-based compensation expense $ 4,745 $ 3,183 $ 9,500 $ 5,240 As of June 30, 2022 , there was $ 49.0 million of unrecognized share-based compensation expense related to unvested stock options to be recognized over a weighted average period of 2.2 years.

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 summarizes the computation of basic and diluted net loss per share attributable to common shareholders of the Company: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands, except share and per share amounts) Numerator: Net loss attributable to common shareholders $ ( 38,093 ) $ ( 26,309 ) $ ( 72,850 ) $ ( 47,726 ) Net loss attributable to common shareholders—basic and diluted $ ( 38,093 ) $ ( 26,309 ) $ ( 72,850 ) $ ( 47,726 ) Denominator: Weighted-average number of common shares outstanding—basic 41,899,509 37,036,683 41,880,666 36,977,040 Net loss per share attributable to common shareholders—basic $ ( 0.91 ) $ ( 0.71 ) $ ( 1.74 ) $ ( 1.29 ) The Company’s potentially dilutive securities, which include options, have been excluded from the computation of diluted net loss per share attributable to common shareholders as the effect would be to reduce the net loss per share attributable to common shareholders. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common shareholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended Six Months Ended 2022 2021 2022 2021 Options to purchase common shares 7,974,403 5,258,005 7,974,403 5,258,005

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events (a) Roche Collaboration and License Agreement On June 1, 2022, the Company entered into a collaboration and license agreement (the “Roche Agreement”) with Hoffmann-La Roche Inc. and F. Hoffmann-La Roche Ltd (collectively, “Roche”) regarding the development and commercialization of the Company’s product candidate camonsertib (also known as RP-3500) and specified other ATR (Ataxia-Telangiectasia and Rad3-related protein kinase) inhibitors (the “Licensed Products”). The transaction was subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary closing conditions, which were met on July 13, 2022. The Company granted Roche a worldwide, exclusive, sublicensable license to develop, manufacture, and commercialize the Licensed Products. Roche will assume development of camonsertib with the potential to expand development into additional tumors and multiple combination studies. The Company has agreed to complete specified ongoing clinical trials at the Company’s expense. The Company also retained the right to conduct specified clinical trials of camonsertib in combination with the Company’s PKMYT1 compound (also known as RP-6306). Under the terms of the Roche Agreement, the Company received an upfront payment of $ 125 million in July 2022, and is eligible to receive up to $ 1.172 billion in potential clinical, regulatory, commercial and sales milestones, including an estimated $55 million in potential near-term payments, and royalties on global net sales ranging from high-single-digits to high-teens. The Roche Agreement also provides the Company with the ability to opt-in to a 50/50 U.S. co-development and profit share arrangement, including participation in U.S. co-promotion if U.S. regulatory approval is received. If the Company chooses to exercise its co-development and profit share option, it will continue to be eligible to receive certain clinical, regulatory, commercial and sales milestone payments, in addition to full ex-U.S. royalties. The Company is currently assessing the accounting implications from the Roche Agreement which became effective on July 13, 2022 upon the clearance of the closing conditions. The Company does not expect a cash tax impact from the closing of the Roche Agreement as it should have sufficient tax losses to cover the impact. (b) Sales Agreement On August 4, 2022, the Company entered into a Common Shares Sales Agreement, or the Sales Agreement, with Cowen and Company, LLC, or Cowen, as sales agent, pursuant to which the Company may offer and sell, from time to time, common shares, or the ATM Shares. The ATM Shares to be sold under the Sales Agreement, if any, will be issued and sold pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-257668), which was declared effective by the Securities and Exchange Commission, or SEC, on April 25, 2022, up to a maximum aggregate amount of $ 125.0 million. The Company will file a prospectus supplement with the SEC on August 4, 2022 in connection with the offer and sale of the ATM Shares pursuant to the Sales Agreement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2021, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2022, the consolidated results of its operations for the three and six months ended June 30, 2022 and 2021, its statements of shareholders’ equity for the three and six months ended June 30, 2022 and 2021 and its consolidated cash flows for the six months ended June 30, 2022 and 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the accompanying notes for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2022 (the “Annual Report”). The condensed consolidated balance sheet data as of December 31, 2021 presented for comparative purposes was derived from the Company’s audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the operating results to be expected for the full year or for any other subsequent interim period. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021 included in the Annual Report. There have been no changes to the Company's significant accounting policies since the date of the audited consolidated financial statements for the year ended December 31, 2021 included in the Annual Report.
Principles of Consolidation	Principles of Consolidation These unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary, Repare Therapeutics USA Inc. (“Repare USA”), which was incorporated under the laws of Delaware on June 1, 2017. The financial statements of Repare USA are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group transactions, balances, income, and expenses are eliminated in full upon consolidation.
Smaller Reporting Company	Smaller Reporting Company We qualify as a “smaller reporting company” under the Exchange Act as of June 30, 2022 because the market value of our common shares held by non-affiliates was less than $560 million as of June 30, 2022 and our revenue for the year ended December 31, 2021 were less than $100 million. As a smaller reporting company, we may rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. For so long as we remain a smaller reporting company, we are permitted and intend to rely on such exemptions from certain disclosure and other requirements that are applicable to other public companies that are not smaller reporting companies.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, estimates related to revenue recognition, accrued research and development expenses, share-based compensation, right-of-use assets and lease liabilities and income taxes. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. The Company bases its estimates on historical experience and other market specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could materially differ from those estimates. Changes in estimates are recorded in the period in which they become known.
COVID-19 Pandemic	COVID-19 Pandemic With the continued spread of the ongoing COVID-19 pandemic, including variants of COVID-19, the Company established a cross-functional task force and has implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on its employees and its business, including its preclinical studies and its ongoing and planned clinical trials. The Company has taken measures to secure its research and development activities, while work in its laboratories and facilities has been re-organized to reduce risk of COVID-19 transmission. While the Company is experiencing limited financial impacts at this time, given the global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the COVID-19 pandemic, the Company’s business, financial condition, and results of operations could be materially adversely affected. The Company cannot predict the ultimate impact, if any, of the COVID-19 pandemic related to both known and unknown risks, including future quarantines, closures and other restrictions resulting from the pandemic. The Company continues to monitor the COVID-19 pandemic as it evolves its business continuity plans, clinical development plans and response strategy. The Company’s clinical trial sites may be affected by the COVID-19 outbreak due to prioritization of hospital resources toward the COVID-19 outbreak, travel or quarantine restrictions imposed by governments, and the inability to access sites for initiation, patient enrollment and monitoring. As a result, patient screening, new patient enrollment, monitoring and data collection may be affected or delayed. The Company is aware that several clinical sites involved in its clinical studies temporarily stopped or delayed enrolling new patients, with exemptions if appropriate, and it is possible that these or other clinical sites may be similarly affected in the future. These developments may delay the Company’s clinical trial timelines. Some of the Company’s third-party manufacturers, which it uses for the supply of materials for product candidates or other materials necessary to manufacture product to conduct preclinical tests and clinical trials, and contract research organizations may be impacted by COVID-19. Should they experience disruptions, such as temporary closures or suspension of services, the Company would likely experience delays in advancing clinical trials. As of the date of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from these estimates, and any such differences may be material to the Company’s consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis	The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of June 30, 2022 and December 31, 2021: Description Financial Assets Quoted Significant Significant (in thousands) As of June 30, 2022 Assets Cash equivalents Money market funds $ 218,740 $ 218,740 $ — $ — Marketable securities U.S. Treasury notes 6,255 6,255 — — Total financial assets $ 224,995 $ 224,995 $ — $ — As of December 31, 2021 Assets Cash equivalents Money market funds $ 2,535 $ 2,535 $ — $ — Marketable securities U.S. Treasury notes 7,439 7,439 — — Total financial assets $ 9,974 $ 9,974 $ — $ —

Cash and Cash Equivalents and_2

Cash and Cash Equivalents and Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of Cash and Cash Equivalents and Marketable Securities	As of June 30, 2022 and December 31, 2021, cash and cash equivalents and marketable securities were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) As of June 30, 2022 Money market funds included in cash and $ 218,740 $ — $ — $ 218,740 Marketable securities: U.S. Treasury notes 6,255 — — 6,255 Total $ 224,995 $ — $ — $ 224,995 As of December 31, 2021 Money market funds included in cash and $ 2,535 $ — $ — $ 2,535 Marketable securities: U.S. Treasury notes 7,439 — — 7,439 Total $ 9,974 $ — $ — $ 9,974

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities as of June 30, 2022 and December 31, 2021 consisted of the following: June 30, December 31, (in thousands) Accrued compensation and benefits $ 3,694 $ 4,867 Accrued research and development expense 15,106 11,272 Accrued professional services 844 387 Accrued property and equipment purchases 222 1,719 Other 593 377 Total accrued expenses and other current liabilities $ 20,459 $ 18,622

Collaboration and License Agr_2

Collaboration and License Agreement (Tables)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Transaction Price Performance Obligations	Based on the relative stand-alone selling price, the allocation of the transaction price to the separate performance obligations was as follows: Performance obligation Transaction price (in thousands) Research services $ 6,405 Options to license druggable target lesions 31,148 Options to license undruggable targets 12,447 Total transaction price $ 50,000

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Summary of Lease Costs	The following tables contain a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three and six months ended June 30, 2022 and 2021: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Operating Leases Lease Costs Operating lease costs $ 615 $ 424 $ 1,231 $ 843 Short-term lease costs 8 2 16 5 Variable lease costs 33 54 100 110 Total lease costs $ 656 $ 480 $ 1,347 $ 958
Summary of Other Operating Lease Information	Six Months Ended 2022 2021 (in thousands, except as specified otherwise) Other Operating Lease Information Operating cash flows used for operating leases $ 802 $ 605 Right-of-use assets obtained in exchange for new operating lease liability $ 56 $ 705 Weighted-average remaining lease term (in years) 2.91 3.90 Weighted-average discount rate 4.0 % 4.6 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Outstanding Stock Options	Total outstanding stock options as of June 30, 2022 was as follows: 2022 Number of Weighted Outstanding at beginning of period 5,322,591 $ 14.76 Granted 2,883,567 $ 14.54 Exercised ( 56,503 ) $ 4.12 Cancelled or forfeited ( 175,252 ) $ 19.00 Outstanding at end of period 7,974,403 $ 14.66
Schedule of Fair Value of Stock Options Determined on Grant Date Using Black Scholes Option-Pricing Model	The fair value of stock options, and the assumptions used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows, presented on a weighted average basis: Three Months Ended Six Months Ended 2022 2021 2022 2021 Risk-free interest rate 2.92 % 0.92 % 2.00 % 0.72 % Expected terms (in years) 5.59 5.59 5.97 5.99 Expected volatility 78.85 % 76.44 % 78.55 % 75.59 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 %
Schedule of Share-based Compensation Expense	Share-based compensation expense was allocated as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Research and development $ 2,440 $ 1,441 $ 4,751 $ 2,428 General and administrative 2,305 1,742 4,749 2,812 Total share-based compensation expense $ 4,745 $ 3,183 $ 9,500 $ 5,240 Share-based compensation expense by type of award was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Stock options $ 4,695 $ 3,122 $ 9,407 $ 5,148 ESPP 50 61 93 92 Total share-based compensation expense $ 4,745 $ 3,183 $ 9,500 $ 5,240

Net Loss per Share (Tables)

Net Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Net Loss Per Share Attributable To Common Shareholders	The following table summarizes the computation of basic and diluted net loss per share attributable to common shareholders of the Company: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands, except share and per share amounts) Numerator: Net loss attributable to common shareholders $ ( 38,093 ) $ ( 26,309 ) $ ( 72,850 ) $ ( 47,726 ) Net loss attributable to common shareholders—basic and diluted $ ( 38,093 ) $ ( 26,309 ) $ ( 72,850 ) $ ( 47,726 ) Denominator: Weighted-average number of common shares outstanding—basic 41,899,509 37,036,683 41,880,666 36,977,040 Net loss per share attributable to common shareholders—basic $ ( 0.91 ) $ ( 0.71 ) $ ( 1.74 ) $ ( 1.29 )
Computation of Diluted Net Loss Per Share in Attributable to Common Shareholders Indicate to Anti Diluted Effect	The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended Six Months Ended 2022 2021 2022 2021 Options to purchase common shares 7,974,403 5,258,005 7,974,403 5,258,005

Organization and Nature of Bu_2

Organization and Nature of Business - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022
Organization and Nature of Business [Line Items]
Entity incorporation, date of incorporation	Sep. 06, 2016

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Total financial assets	$ 224,995	$ 9,974
Money Market Funds
Assets
Total financial assets	218,740	2,535
U.S. Treasury Notes
Assets
Total financial assets	6,255	7,439
Quoted Prices in Active Markets for identical Assets (Level 1)
Assets
Total financial assets	224,995	9,974
Quoted Prices in Active Markets for identical Assets (Level 1) | Money Market Funds
Assets
Total financial assets	218,740	2,535
Quoted Prices in Active Markets for identical Assets (Level 1) | U.S. Treasury Notes
Assets
Total financial assets	$ 6,255	$ 7,439

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Jun. 30, 2022 USD ($)
Fair Value Disclosures [Abstract]
Fair value, assets, transfers between levels	$ 0

Cash and Cash Equivalents and_3

Cash and Cash Equivalents and Marketable Securities - Summary of Cash and Cash Equivalents and Marketable Securities (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 224,995,000	$ 9,974,000
Unrealized Gains	0	0	$ 0
Unrealized Losses	0	0	$ 0
Fair Value	224,995,000	9,974,000
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	218,740,000	2,535,000
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	218,740,000	2,535,000
U.S. Treasury Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	6,255,000	7,439,000
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	$ 6,255,000	$ 7,439,000

Cash and Cash Equivalents and_4

Cash and Cash Equivalents and Marketable Securities - Additional Information (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Unrealized gains	$ 0	$ 0	$ 0
Unrealized losses	$ 0	$ 0	$ 0

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 3,694	$ 4,867
Accrued research and development expense	15,106	11,272
Accrued professional services	844	387
Accrued property and equipment purchases	222	1,719
Other	593	377
Total accrued expenses and other current liabilities	$ 20,459	$ 18,622

Collaboration and License Agr_3

Collaboration and License Agreement - Additional Information (Details) - Bristol-Myers Squibb Company - USD ($)	1 Months Ended		3 Months Ended			6 Months Ended
	Jun. 30, 2020	May 30, 2020	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 31, 2020
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Non-refundable upfront payment received			$ 50,000,000			$ 50,000,000
Options to License Druggable Target Lesions
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Non-refundable upfront payment received			31,148,000			31,148,000
Collaboration and License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration term expiration period		42 months
Initial nonrefundable upfront fee received	$ 50,000,000
Non-refundable upfront payment received								$ 50,000,000
Deferred revenue recognized			700,000		$ 300,000	1,100,000	$ 400,000
Revenue Recognized			0	$ 6,500,000	$ 0	0	$ 0
Deferred revenue			41,400,000	42,500,000		41,400,000
Deferred revenue, current			2,800,000	2,900,000		2,800,000
Deferred revenue, noncurrent			$ 38,600,000	$ 39,600,000		$ 38,600,000
Collaboration and License Agreement | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments entitled to be received								301,000,000
Collaboration and License Agreement | Maximum | Research, Development and Regulatory Milestones
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments entitled to be received								176,000,000
Collaboration and License Agreement | Maximum | Commercial Milestones
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments entitled to be received								$ 125,000,000

Collaboration and License Agr_4

Collaboration and License Agreement - Schedule of Transaction Price Performance Obligations (Details) - Bristol-Myers Squibb Company $ in Thousands	Jun. 30, 2022 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price	$ 50,000
Research Activities
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price	6,405
Options to License Druggable Target Lesions
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price	31,148
Options to License Undruggable Targets
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Transaction price	$ 12,447

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jun. 30, 2022 Lease
Lessee Lease Description [Line Items]
Number of operating leases	4
Lessee, operating lease, existence of option to terminate	false

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lease Costs
Operating lease costs	$ 615	$ 424	$ 1,231	$ 843
Short-term lease costs	8	2	16	5
Variable lease costs	33	54	100	110
Total lease costs	$ 656	$ 480	$ 1,347	$ 958

Leases - Summary of Other Opera

Leases - Summary of Other Operating Lease Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating cash flows used for operating leases	$ 802	$ 605
Right-of-use asset obtained in exchange for new operating lease liability	$ 56	$ 705
Weighted-average remaining lease term (in years)	2 years 10 months 28 days	3 years 10 months 24 days
Weighted-average discount rate	4%	4.60%

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued		41,923,472				41,923,472		41,850,162
Share-based compensation expense		$ 4,745		$ 3,183		$ 9,500	$ 5,240
Weighted average exercise price, Granted						$ 14.54
Number of options exercised						56,503
Options, weighted-average exercise price						$ 4.12
Aggregate proceeds from exercise of options						$ 233	$ 632
Unrecognized share-based compensation expense related to unvested stock options		$ 49,000				$ 49,000
Unrecognized share-based compensation expense related to unvested stock options, weighted average period						2 years 2 months 12 days
Decrease in additional paid-in capital as exercised options credited to common shares						$ 100
Common Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options exercised		44,268	12,235	115,497	87,786
2020 Employee Share Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		1,087,781				1,087,781
Annual increases in number of shares available for issuance as percentage of outstanding shares common stock on final day of preceding calendar year	1%
Annual increases in number of shares available for issuance maximum number of common stock issued	3,300,000
Purchase price of shares as percentage of fair market value of common stock on date of purchase	85%
Common stock shares issued	0	16,807				16,807
Shares issued, price per share		$ 12.71				$ 12.71
Cash received from purchases under ESPP						$ 200
2020 Employee Share Purchase Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance	327,000
Option Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance	298,605
Option Plan | Common Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares ceased granting	4,074,135
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		7,922,525				7,922,525
2020 Equity Incentive Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance	3,807,448
Annual increases in number of shares available for issuance as percentage of outstanding shares common stock on final day of preceding calendar year	5%
Shares of common stock initially reserved for future issuance	3,600,000

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Outstanding Stock Options (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of shares, Outstanding at beginning of period | shares	5,322,591
Number of shares, Granted | shares	2,883,567
Number of shares, Exercised | shares	(56,503)
Number of shares, Cancelled or forfeited | shares	(175,252)
Number of shares, Outstanding at end of period | shares	7,974,403
Weighted average exercise price, Outstanding at beginning of period | $ / shares	$ 14.76
Weighted average exercise price, Granted | $ / shares	14.54
Weighted average exercise price, Exercised | $ / shares	4.12
Weighted average exercise price, Cancelled or forfeited | $ / shares	19
Weighted average exercise price, Outstanding at end of period | $ / shares	$ 14.66

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Fair Value of Stock Options Determined on Grant Date Using Black Scholes Option-Pricing Model (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	2.92%	0.92%	2%	0.72%
Expected terms (in years)	5 years 7 months 2 days	5 years 7 months 2 days	5 years 11 months 19 days	5 years 11 months 26 days
Expected volatility	78.85%	76.44%	78.55%	75.59%
Expected dividend yield	0%	0%	0%	0%

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Share-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 share-based compensation expense	$ 4,745	$ 3,183	$ 9,500	$ 5,240
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	2,440	1,441	4,751	2,428
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	2,305	1,742	4,749	2,812
Stock Options
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	4,695	3,122	9,407	5,148
Two Thousand Twenty Employee Share Purchase Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total share-based compensation expense	$ 50	$ 61	$ 93	$ 92

Net Loss per Share - Summary of

Net Loss per Share - Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net loss attributable to common shareholders	$ (38,093)	$ (26,309)	$ (72,850)	$ (47,726)
Net loss attributable to common shareholders-basic	(38,093)	(26,309)	(72,850)	(47,726)
Net loss attributable to common shareholders-diluted	$ (38,093)	$ (26,309)	$ (72,850)	$ (47,726)
Denominator:
Weighted-average common shares outstanding-basic	41,899,509	37,036,683	41,880,666	36,977,040
Weighted-average common shares outstanding-diluted	41,899,509	37,036,683	41,880,666	36,977,040
Net loss per share attributable to common shareholders--basic	$ (0.91)	$ (0.71)	$ (1.74)	$ (1.29)
Net loss per share attributable to common shareholders-diluted	$ (0.91)	$ (0.71)	$ (1.74)	$ (1.29)

Net Loss per Share - Computatio

Net Loss per Share - Computation of Diluted Net Loss Per Share in Attributable to Common Shareholders Indicate to Anti Diluted Effect (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Options to Purchase Common Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	7,974,403	5,258,005	7,974,403	5,258,005

Subsequent Events (Additional I

Subsequent Events (Additional Information) (Details) - Subsequent Events - USD ($) $ in Millions	Aug. 04, 2022	Jul. 13, 2022
Roche Agreement
Subsequent Event [Line Items]
Upfront payment		$ 125
Roche Agreement | Research, Development and Regulatory Milestones
Subsequent Event [Line Items]
Milestones payments		$ 1,172
Sales Agreement | Maximum | Common Shares
Subsequent Event [Line Items]
Aggregate offering price	$ 125